Jun 222019
 
 June 22, 2019  Posted by at 9:48 am Finance Tagged with: , , , , , , , , , , , ,  


Pablo Picasso Composition (Minotaur And Woman) 1 1936

 

The Dow Is On Pace For Its Best June Return In 80 Years (MW)
US Banks Clear First Hurdle Of Federal Reserve’s Annual Stress Test (R.)
Carney Rejects Boris Johnson’s No-Deal Brexit Trade Claim (G.)
Just One Week Left To Save British Steel (G.)
Crude Steel Production: China Knocks the Socks off Rest of the World (WS)
China State Media Urges US To Drop Win-At-All-Costs Trade Stance (R.)
Crazyland (Kunstler)
Hong Kong Protesters ‘Besiege’ Police HQ (AFP)
Bernie Sanders Faces Mounting Opposition From Moderate Democrats (G.)
UN Rights Chief Says Venezuela Should Release Jailed Opponents (AFP)
Lethal Plastic Trash Now Common In Greece’s Whales (AP)

 

 

As three quarters of Americans live paycheck to paycheck. The Dow is virtual reality.

The Dow Is On Pace For Its Best June Return In 80 Years (MW)

U.S. stock benchmarks enjoyed a nearly unfettered run-up toward records on the week — with the rally pausing briefly Friday — on the back of the Federal Reserve’s easier monetary-policy stance. Recent gains have put the Dow Jones Industrial Average in position to ring up its best June gain of 7.7% since 1938 when the blue-chip benchmark surged an eye-popping 24.3% on the month, according to Dow Jones Market Data. The S&P 500 index is on track for its best June return, with a gain of about 7.2%, since 1955 when the broad-market benchmark rose 8.2%, while the Nasdaq Composite Index was on track for a 7.8% return in June, which would represent its best June since a 16.6% gain back in 2000.


The S&P 500 notched its first record close since April 30 on Friday, while the Dow is off less than 1% short of its Oct. 3 all-time closing peak. The rally for equities has been partly supported by the Fed, which concluded its Wednesday rate-setting meeting by signaling a willingness too trim rates as soon as the end of the July 30-31 gathering to curb the effects of tariff clashes between the U.S. and international trade partners, notably China, that have roiled global economies and threaten to disrupt global supply chains.

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US banks, too, are virtual reality.

US Banks Clear First Hurdle Of Federal Reserve’s Annual Stress Test (R.)

The 18 largest banks operating in the United States took the first step toward doling out capital on dividends, share buybacks and other investments on Friday, after clearing the first stage of their yearly health checks with the U.S. Federal Reserve that assess their ability to weather a major economic downturn. The central bank said lenders, including JPMorgan Chase & Co, Citigroup Inc, Goldman Sachs, Morgan Stanley and Bank of America Corp, would face losses of $410 billion under its most severe recession scenario ever, but levels of high-quality capital would still be well above regulatory minimums. “The nation’s largest banks are significantly stronger than before the crisis and would be well-positioned to support the economy even after a severe shock,” Fed Vice Chairman Randal Quarles said in a statement.


The Fed said hypothetical losses were broadly comparable to results from prior years, with the most significant loan losses seen in credit cards, followed by commercial and industrial loans. Friday’s results, the first of the two-part annual “stress test,” showed the country’s biggest lenders could meet minimum Fed standards based on information they submitted to the regulator. But banks could still stumble next Thursday, when the Fed announces whether it will permit banks to dish out dividends and buy back shares. That second test is more rigorous, assessing whether it is safe for banks to implement their capital plans. It also reviews operational controls and risk management. All eyes are on Deutsche Bank, which is bracing for potentially its fourth flunking in five years amid ongoing turmoil in its U.S. operations. Last year, the Fed failed the bank, citing “material weaknesses” in its data capabilities and capital planning.

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He’s saying Boris is lying.

Carney Rejects Boris Johnson’s No-Deal Brexit Trade Claim (G.)

The Bank of England governor, Mark Carney, has said that the UK would be hit automatically by tariffs on exports to the EU in a no-deal Brexit, rejecting a claim made by Boris Johnson that this could be avoided. Tory leadership candidate Johnson said this week that tariffs would not necessarily have to be paid if the UK left the EU without a deal because the UK could rely on article 24 of the general agreement on tariffs and trade (Gatt). Some Brexit supporters have claimed that the Gatt, a treaty under the auspices of the World Trade Organization (WTO), would allow a “standstill” in which tariffs are avoided, even in the absence of any agreement on trade.


Many trade experts say this is not the case without agreement from both sides. Carney cited the head of the WTO and Liam Fox, the minister for international trade who backed the Vote Leave campaign in 2016, to contradict Johnson. Talking to the BBC, Carney said: “Gatt 24 applies if you have an agreement, not if you’ve decided not to have an agreement or have been unable to come to an agreement. “Not having an agreement with the EU means that there are tariffs automatically because the Europeans have to apply the same rules to us as they apply to everyone else. If they were to decide not to put in place tariffs they also have to lower their tariffs with the United States, with the rest of the world. And the same would hold for us.”

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Should a government spend hundreds of millions to save its steel industry?

Just One Week Left To Save British Steel (G.)

A frontrunner to buy British Steel has been deterred by the government’s refusal to provide backing for investment in the Scunthorpe steelworks, amid concern there is just a week left to save the company. The government’s Insolvency Service, which is funding British Steel’s operations while seeking a buyer, has given bidders until 30 June to make an offer for the company, whose financial failure last month put 4,500 jobs at risk. About a dozen firms are thought to have made tentative approaches and the deadline could be extended if any ask for more time to draft a takeover plan. But the Guardian understands that Liberty House, previously considered among the most likely to buy British Steel, has cooled its interest after failing to secure government support, including loan guarantees to fund investment.


Liberty wants to convert Scunthorpe’s blast furnaces, which make steel from scratch, into more cost-effective electric arc furnaces that can use recycled steel to make similar products. But the plan would require a major outlay, which according to a person with knowledge of the situation would be in the “low hundreds of millions”. The source said there was a “lack of enthusiasm” in government for the steps that would be required to convert the steelworks. Government officials are understood to be unwilling to provide loan guarantees or help retrain staff who might lose their jobs, although such measures are thought to fall within state aid rules.

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Depending solely on China for steel may not be the way to go either.

Crude Steel Production: China Knocks the Socks off Rest of the World (WS)

In the year 2018, China alone produced 928 Mt of crude steel, up 6.6% up from 2017. This represented 51.3% of annual global production. In the first four months of 2019, China’s crude steel production jumped 10.3% year-over-year to 315 million metric tonnes, bringing its share to 52.5% of global production. For April alone, China’s production soared 12.8% year-over-year to 85 Mt, and its share of global production reached 54.2%. That’s the new record. The US, by comparison, the fourth largest crude steel producer, maintained its minuscule 4.7% share of global production over the 12-month period.


Vietnam, which in April moved up to 15th place, from 17th place for the year 2018, booked a huge jump of 42% in crude steel production in the first four months this year compared to 2018. For now, it’s still only a small producer with a share of less than 1% of global production. In the rest of the world without China, production over the first four months in 2019 declined by 0.6% year-over-year. The chart shows the monthly production of China (red) and the rest of the world (black), including the US in 2018 and 2019; in addition as a memo entry, just to see where we are, I added US production (green):

China’s steel production began surging out of near-nowhere in the late 1990s to end up outproducing the entire rest of the world, according to the data by the World Steel Association.

China’s mostly state-owned steel giants just kept on producing during the Financial Crisis, whether there was demand or not, causing prices to dive. Its market share jumped from 38% in 2008 to 47% in 2009. And its share has continued to grow. The chart below shows the global share of production in China and in North American (US, Canada, and Mexico):

No country comes even close to China’s crude steel production. For example, its production is 11 times the amount produced in the US. But second and third place are just a hair apart. In 2017 India was in third place. In 2018, it moved into second place with 106.5 Mt., having outproduced Japan (104.3 Mt). The US is in fourth place (86.6 Mt). Canada is in 18th place:

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Preparing for a meeting the Chinese way.

China State Media Urges US To Drop Win-At-All-Costs Trade Stance (R.)

Instead of waging a trade war with China, the United States should drop its win-at-all-costs mentality and consider the interests of its own people as well as the global community, the official People’s Daily said an editorial on Saturday. The Chinese Communist Party’s newspaper urged the United States to cancel all tariffs on Chinese goods, saying the only way to resolve trade issues was through “equal dialogue”. Hopes that the two sides can rekindle negotiations were raised in the run-up to a meeting next week between President Xi Jinping and U.S. President Donald Donald Trump in Japan, where they will both attend a Group of 20 summit.


The Office of the U.S. Trade Representative is holding seven days of hearings from manufacturers and other businesses likely to be affected by a new round of tariffs on $300 billion worth of Chinese imports proposed by U.S. President Donald Trump. The People’s Daily said all previous hearings had shown “overwhelming” opposition to tariff increases from all walks of life, but it had made no difference. “It seems that some people in the United States are waving the tariff stick in order to strengthen their so-called ‘industrial competitive advantage’,” it said. “They do not consider public opinion, do not consider national conditions, and do not take the international economic order into account. They just want the renown as ‘winners’ but cannot understand the fact that they basically cannot win.”

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Tucker Carlson now appears to be Trump’s main foreign adviser. And he’s ripping into Bolton.

Crazyland (Kunstler)

Surfing the cable channels the evening before my Friday a.m. blog duties, I came upon Sean Hannity at Fox News completely losing his shit in a colloquy with Geraldo Rivera about the Iran drone incident. “Bomb the crap out of them!” Mr. Hannity ranted, several times, the veins in his neck throbbing visibly on the high-def screen. I thought I was having an acid flashback to Doctor Strangelove. Geraldo himself seemed a bit nonplussed and embarrassed by Mr. Hannity’s tantrum, but his attempts to calm down the raving anchorman only ramped up the hysteria. One wondered: are there any adult producers off-screen on that network?


Perhaps the Golden Golem of Greatness, our president, who is also known to follow the Cable TV news, witnessed the cringeworthy incident and realized that every other head-of-state on this nervous planet would also see it, and might infer he was doing the bidding of a crazed boob-tube performer if he actually went forward with an air strike. Earlier, he’d told reporters, “You’ll soon find out,” what the USA’s response to the drone shoot-down would be. He should have just kept his mouth shut. Planes and ships were on their way to the bottleneck in the Persian Gulf known as the Straits of Hormuz. Before they could deliver any payloads, Mr. Trump called the whole thing off suggesting that maybe some “loose and stupid” Colonel Borat type on Iran’s side had gone rogue in the incident.

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Doesn’t look as if they will go away before getting what they demand.

Hong Kong Protesters ‘Besiege’ Police HQ (AFP)

Hong Kong police on Saturday slammed anti-government protesters for besieging their headquarters, calling the demonstration “illegal and irrational” as they vowed to pursue the ringleaders. “Police have shown the greatest tolerance of protesters who assembled outside PHQ (police headquarters) but their means of expressing views has become illegal, irrational and unreasonable,” the city’s police said in a statement. “Police will stringently follow up on these illegal activities.” Thousands of protesters blockaded the police headquarters throughout Friday and into the small hours of Saturday morning, the latest manifestation of angry demonstrations sweeping the city.


The international finance hub has been rocked by the worst political unrest since its 1997 handover to China. Millions have marched this month to oppose a proposed law that would have allowed extraditions to the Chinese mainland. Officers had used tear gas and rubber bullets last week to clear protesters during a massive demonstration outside the city’s parliament, sparking widespread anger against the police force. [..] During Friday’s demonstrations outside their headquarters, large crowds of protesters blockaded entrances, taped over CCTV cameras and shouted at police. Many chanted “release the righteous” and “shame on police thugs” — references to those detained during violence last week between demonstrators and the police. Officers remained inside their fortified building throughout.

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“The corporate wing of the Democratic party is publicly ‘anybody but Bernie’.”

Bernie Sanders Faces Mounting Opposition From Moderate Democrats (G.)

Moderate Democrats have stepped up their opposition to Bernie Sanders as part of a concerted effort to isolate him from the sprawling field of otherwise “mainstream” and “electable” presidential candidates running for their party’s nomination in 2020. Last week, Sanders delivered a searing defense of democratic socialism that set himself apart from the rest of the Democratic party, whose opposition he said he not only anticipated but welcomed. Days later, at a gathering of nearly 250 political moderates convened by the centrist thinktank Third Way in South Carolina, some of the party’s most prominent center-left voices took the bait.

“I believe a gay midwestern mayor can beat [Donald] Trump. I believe an African American senator can beat Trump. I believe a western governor, a female senator, a member of Congress, a Latino Texan or a former vice-president can beat Trump,” said Jon Cowan, president of Third Way, hours before Donald Trump formally launched his re-election campaign with a rally in Orlando, Florida, on Tuesday. “But I don’t believe a self-described democratic socialist can win.” In speeches and on panels over the course of two sticky days in Charleston earlier this week, moderate lawmakers, strategists and donors inveighed against the Vermont senator’s populist economic vision.

The approach elevated a conversation that has largely taken place behind closed doors about how to thwart Sanders, who moderates believe would alienate crucial voting blocs in a general election. “He has made it his mission to either get the nomination or to remake the party in his image as a democratic socialist,” Cowan told the Guardian. “That is an existential threat to the future of the Democratic party for the next generation.” [..] “The cat is out of the bag,” Sanders tweeted on Wednesday, sharing a Politico story about how mainstream Democrats are warming to Elizabeth Warren, his closest ideological ally. “The corporate wing of the Democratic party is publicly ‘anybody but Bernie’.”

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Free the coup plotters so they can do it again?!

UN Rights Chief Says Venezuela Should Release Jailed Opponents (AFP)

UN High Commissioner for Human Rights Michelle Bachelet called on Venezuela to release jailed dissidents Friday and said the crisis-wracked country faced a “serious” humanitarian situation. Her comments came at the end of a three-day visit to the country on the invitation of embattled President Nicolas Maduro, who has faced allegations of cracking down on political opponents amid rampant hyperinflation and shortages of basic goods. “I call on the authorities to release all those who are detained or deprived of their liberty for exercising their civil rights in a peaceful manner,” said Bachelet, referring to the hundreds of Maduro government opponents who are currently incarcerated.

The UN rights chief met relatives of these detainees, many of whom are accused of “conspiracy” to overthrow the government. She also spoke with relatives of people who died during the anti-Maduro protests of 2017. Rights groups had pushed Bachelet to raise the issue of 715 people they say have been jailed for political reasons, a claim Maduro’s government rejects. [..] Bachelet has previously criticized the government’s response to the crisis and called for Caracas to respect “everyone’s fundamental right to peaceful assembly and freedom of expression.”

Yet it was the Maduro government who invited her to Venezuela, saying the visit would be an opportunity to show its adherence to human rights and the “negative repercussions” of sanctions that prevent it from selling its oil to the United States. Bachelet has also been critical of US sanctions against Maduro imposed by President Donald Trump, raising concerns that restrictions on trade with Venezuela could have negative repercussions for the general population in a country where 96 percent of the budget is based on oil. During her visit, Bachelet also met with opposition leader Juan Guaido, who is recognized as Venezuela’s interim president by some 50 countries, including the United States.

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“..an 8-meter (26-foot) pregnant sperm whale was found dead off Sardinia in March with 22 kilograms (48.5 pounds) of plastic in its stomach..”

Lethal Plastic Trash Now Common In Greece’s Whales (AP)

A study of whales and dolphins that have washed up dead in Greece over a 20-year period has found alarmingly high levels of plastic trash — mostly bags — in the animals’ stomachs, which can condemn them to a slow and painful death. In the worst case, a researcher said Friday, a 5.3-meter (17-foot) young sperm whale beached on the Aegean island of Mykonos had swallowed 135 plastic items weighing a total of 3.2 kilograms (7 pounds). This blocked its stomach, grossly distending it, while the animal itself was emaciated and had starved to death. Sperm whales are an endangered species already at high risk in the Mediterranean from deadly collisions with ships, entanglement in drift fishing nets and noise pollution from oil and gas exploration.


The study published in the Marine Pollution Bulletin, which organizers say was the first on such a scale in the Mediterranean, found that sperm whales were also the species worst affected by plastic ingestion. Six out of ten specimens were found to have consumed plastics according to Alexandros Frantzis, scientific director of the Athens-based Pelagos Cetacean Research Institute that conducted the research. “The amount of (debris) we found is very high, and should set off an alarm,” he told The Associated Press. “It is now something common. … It’s not just that some random animal swallowed plastic.” Frantzis is a prominent whale and dolphin expert known for first linking fatal whale beachings to the use of military sonar by warships. In a separate incident outside the scope of the Greek study, an 8-meter (26-foot) pregnant sperm whale was found dead off Sardinia in March with 22 kilograms (48.5 pounds) of plastic in its stomach.


Researchers Alexandros Frantzis and Voula Alexiadou lie on a tennis court next to the plastic that was in the stomach of a dead sperm whale found on the Aegean Sea island of Mykonos. The collection includes a Greek souvlaki restaurant bag, Turkish trash bags and biscuit packaging. (Pelagos Cetacean Research Institute via AP)

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May 142019
 
 May 14, 2019  Posted by at 8:55 am Finance Tagged with: , , , , , , , , , , , , , ,  


Pablo Picasso Napping 1932

 

AG Barr Appoints US Attorney To Investigate FBI/DOJ Spying On Trump (ZH)
Who Were the Mueller Report’s Hired Guns? (RCI)
US Accuses Iran Of Attack On Saudi Tankers (ZH)
Sweden Wants To Extradite Assange Over Rape Allegation (R.)
Lewinsky Scandal Beginning Of The End Of American Journalism – Taibbi (SHTF)
The CNN Search Engine? Google Favors Stories From Liberal News Sites (RT)
The Trend is Not Your Friend (Jim Kunstler)
US Police Raid Venezuelan Embassy To Evict Pro-Maduro Activists (RT)
Britain Risks Heading To US Levels Of Inequality – Angus Deaton (G.)
Theresa May Remains Opposed To Any Form Of Brexit Referendum (G.)
Uber & Lyft IPOs Turn into Colossal Flops (WS)
California Jury Awards Couple $2 Billion In Monsanto/Bayer Cancer Trial (RT)
Bayer Says Monsanto Likely Kept Files On Influential People Across Europe (R.)
German Failure on the Road to a Renewable Future (Spiegel)
415.26 Parts Per Million: CO2 Levels Hit Historic High (AFP)

 

 

To what extent can US intelligence take care of its own? We’re about to find out.

AG Barr Appoints US Attorney To Investigate FBI/DOJ Spying On Trump (ZH)

Attorney General William Barr has appointed US Attorney John H. Durham of Connecticut to examine the origins of the Trump-Russia investigation to determine if the FBI’s spying on the Trump campaign was “lawful and appropriate,” according to Fox News. The move comes as the Trump administration has demanded answers over the use of “informants” on his 2016 campaign. According to Fox, Barr is “serious” and has assembled a team from the DOJ to participate in the probe, adding that Durham is known as a “hard-charging, bulldog” prosecutor according to their source.

“Sources familiar with matter say the focus of the probe includes the pre-transition period – prior to Nov. 7, 2016 – including the use and initiation of informants, as well as potential Foreign Intelligence Surveillance Act (FISA) abuses. An informant working for U.S. intelligence posed as a Cambridge University research assistant in September 2016 to try extracting any possible ties between the Trump campaign and Russia from George Papadopoulos, then a Trump foreign policy adviser, it emerged earlier this month. Papadopoulos told Fox News the informant tried to “seduce” him as part of the “bizarre” episode. Durham previously has investigated law enforcement corruption, the destruction of CIA videotapes and the Boston FBI office’s relationship with mobsters. He is set to continue to serve as the chief federal prosecutor in Connecticut.” -Fox News

Of note – in January House Republicans Jim Jordan and Mark Meadows wrote to Durham, saying that they had “discovered” he was “investigating former FBI General Counsel James Baker” over unauthorized leaks to the media, adding “We know the DOJ and FBI departed from traditional investigative and prosecutorial practices, and insufficiently adhered to the Foreign Intelligence Surveillance Act (FISA). Durham has a history of serving as a special prosecutor, investigating wrongdoing among national security officials – including the FBI’s ties to a Boston crime boss, as well as accusations of CIA detainee abuse. According to the report, Durham’s review would run in parallel with the ongoing DOJ probe by Inspector General (IG) Michael Horowitz. Meanwhile, Republicans have been seeking answers from US Attorney for Utah, John Huber, who was appointed by former AG Jeff Sessions to review FBI and DOJ surveillance abuses, as well as authorities’ handling of the probe into the Clinton Foundation.

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Mueller and Steele. A fine pair. If Mueller really worked with Steele and Fusion GPS, he should be investigated, because he knew they were Hillary assets.

Who Were the Mueller Report’s Hired Guns? (RCI)

[..] The arrangement has led congressional investigators, government watchdog groups and others to speculate that the private investigators and researchers who worked for the special counsel’s office might have included Christopher Steele and Fusion GPS, the private research firm that hired Steele to produce the Russia collusion dossier for the Clinton campaign. U.S. Rep. Devin Nunes, the top Republican on the House Intelligence Committee, said the report should be renamed “The Mueller Dossier,” because he says it contains a lot of similar innuendo. Even though Mueller failed to corroborate key allegations leveled in the dossier, Nunes said his report twists key facts to put a collusion gloss on events.

He also asserted that it selectively quotes from Trump campaign emails and omits exculpatory information in ways that cast the campaign’s activities in the most sinister light. Steele’s 17-memo dossier alleged that the Trump campaign was involved in “a well-developed conspiracy of cooperation” with the Russian government to rig the 2016 presidential election in Trump’s favor. It claimed this conspiracy “was managed on the Trump side by Campaign Chairman Paul Manafort, who was using foreign policy adviser Carter Page and others as intermediaries.” Specifically, the dossier accused Page of secretly meeting with Kremlin officials in July 2016 to hatch a plot to release dirt on Hillary Clinton. And it accused Manafort of being corrupted by Russian President Vladimir Putin through his puppets in the Ukraine.

Likewise, Mueller’s report focuses on Manafort and Page and whether they “committed crimes by colluding with Russian government officials with respect to the Russian government’s efforts to interfere with the 2016 presidential election.” [..] Mueller’s team worked closely with dossier author Steele, a long-retired British intelligence officer who worked for the Clinton campaign. Mueller’s investigators went to London to consult with Steele for at least two days in September 2017 while apparently using his dossier as an investigative road map and central theory to his collusion case. Steele now runs a private research and consulting firm in London, Orbis Business Intelligence. It’s not clear if Mueller’s office paid Steele, but recently released FBI records show the bureau previously made a number of payments to him, and at one point during the 2016 campaign offered him $50,000 to continue his dossier research. Steele was also paid through the Clinton campaign, earning $168,000 for his work on the dossier.

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“Oh, and that would be the Persian Gulf for those wondering, not the Gulf of Tonkin..”

US Accuses Iran Of Attack On Saudi Tankers (ZH)

Update: Just as everyone with half a frontal lobe had expected, the WSJ reported late on Monday that according to an initial U.S. assessment, “Iran was likely behind the attack” on the two Saudi Arabian oil tankers and two other vessels damaged over the weekend near the Strait of Hormuz, a U.S. official said, a finding that, whether confirmed or not, will certainly inflame military tensions in the Gulf and likely result in a global proxy war that drags in the US, China and Russia. Oh, and that would be the Persian Gulf for those wondering, not the Gulf of Tonkin, which is where another famous False Flag naval incident occurred. Furthermore, as we predicted would happen on Sunday, this “official assessment”, was the first suggestion by any nation that Iran was responsible for the attack and follows a series of U.S. warnings against “aggression” by Iran or its allies and proxies against military or commercial vessels in the region.

Some more details from the WSJ: “The U.S. official, who declined to be identified, didn’t offer details about what led to the assessment or its implications for a possible U.S. response. The U.S. has said in the past week that it was sending an aircraft carrier, an amphibious assault ship, a bomber task force and an antimissile system to the region after it alleged intelligence showed Iran posed a threat to its troops. “If they do anything, they will suffer greatly. We’ll see what happens with Iran,” President Trump said while meeting with Hungary’s Prime Minister Viktor Orban at the White House earlier on Monday.”

The assessment, predictable from a mile away, squares perfectly with CIA veteran Mike Pompeo’s warning from just two days before the alleged attack, in which he said that “The regime in Tehran should understand that any attacks by them or their proxies of any identity against US interests or citizens will be answered with a swift and decisive US response,” the US Secretary of State wrote in a statement warning that Iran should not mistake US “restraint” for a “lack of resolve,” and criticizing Iran for “an escalating series of threatening actions and statements in recent weeks.”

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There was a preliminary investigation. The case was closed three times. The word “rape” never came up until propaganda started.

Sweden is a country full of very sick people. I haven’t seen even one raise their voice. Avoid Sweden. Don’t buy IKEA.

Sweden Wants To Extradite Assange Over Rape Allegation (R.)

Sweden reopened an investigation into a rape allegation against WikiLeaks founder Julian Assange on Monday and will seek to extradite him from Britain, a potential setback to efforts by the United States to put him on trial over a huge release of secret documents. Deputy Chief Prosecutor Eva-Marie Persson told a news conference in Stockholm she would continue a preliminary investigation that was dropped in 2017 without charges being brought after Assange took refuge in the Ecuadorean embassy in London. Assange, who denies the accusation, was arrested in Britain last month after spending seven years hiding inside the embassy.


The Swedish prosecutor said she would request Assange be detained in his absence on probable cause for an allegation of rape and that her office would issue a European arrest warrant – the start of the extradition process. The United States is also seeking to extradite him on conspiracy charges relating to the public release by Wikileaks of a cache of secret documents, including assessments of foreign leaders, wars and security matters. The British courts will have to rule on the two extradition requests, with Home Secretary Sajid Javid having the final say on which one takes precedence. “I am well aware of the fact that an extradition process is ongoing in the UK and that he could be extradited to the US,” Persson said.

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Yes, true. But is it all about anger? Or is the anger merely a substitute for identity and belonging?

Lewinsky Scandal Beginning Of The End Of American Journalism – Taibbi (SHTF)

In a new “On Contact” episode, host Chris Hedges and Taibbi dive into the roots of the decay of journalism in the United States, which preys on prejudices and fear while pitting people against each other and paving the way for demagogues. According to RT, Taibbi says this all started back when Bill Clinton was president. From Monica Lewinski to Hillary Clinton, the coverage of major news stories by the U.S. media has grown increasingly strident, with cable channels no longer trying to project a picture of objectivity but “selling a story that makes people angry,” Taibbi, an award-winning journalist, and author says. Taibbi says that the result of this journalistic decay and emotional fear mongering is a public addicted to hating each other.


Americans have become addicted to the news that agrees with their bias, and it was set up that way on purpose. The only thing anyone will hear when they turn on the news are stories specifically crafted to manufacture outrage, make you hate the other side, and fuel the addiction to anger. Taibbi is the author of Hate Inc: Why Today’s Media Makes Us Despise One Another. “In this characteristically turbocharged new book, Matt Taibbi provides an insider’s guide to the variety of ways today’s mainstream media tells us lies. Part tirade, part confessional, it reveals that what most people think of as “the news” is, in fact, a twisted wing of the entertainment business. “Heading into a 2020 election season that promises to be a Great Giza Pyramid Complex of invective and digital ugliness, Hate Inc. will be an invaluable antidote to the hidden poisons dished up by those we rely on to tell us what is happening in the world.” –Hate Inc. description, Amazon

If video doesn’t show properly, please go to the Automatic Earth site

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“..CNN is stuck in a vicious cycle; criticized for focusing too much on negative Trump stories, yet not being able to stop for fear of losing more viewers.”

The moment CNN is labeled “left” is where insanity takes off.

The CNN Search Engine? Google Favors Stories From Liberal News Sites (RT)

Researchers from Northwestern University performed an “algorithm audit” of the ‘Google Top Stories’ box, which is a major driver of traffic to news publishers and therefore prime online real estate. They examined results for nearly 200 searches relating to news events for one month in late 2017 and found “a left-leaning ideological skew.” The researchers did allow some leeway for Google to defend itself, however, saying that while the left-leaning bias was detected, it is possible that the dominance of particular sources is a result of “successful strategic behavior” by those sources to achieve “algorithmic recognizability” — but whatever the reason, liberal sources still far eclipsed conservatives ones.

CNN, perhaps the outlet most-reviled by conservatives, was Google’s overall favorite source. Of the 6,302 articles appearing on Google’s ‘top stories’ during the month in focus, more than 10 percent came from CNN. The New York Times and Washington Post were up next, garnering 6.5 and 5.6 percent of the results, respectively. Fox News, the most mainstream right-wing outlet, was the source for only 3 percent of stories appearing in the top box. Then it was back to liberal outlets, with the BBC, USA Today, Los Angeles Times, The Guardian, Politico and ABC News filling out the rest of the top 10. Overall, 62.4 percent of the most common sources were left-leaning, while only 11.3 perfect were said to be right-leaning.

Ironically, despite the heavy promotion from Google in the online realm, CNN’s overall audience declined by a colossal 26 percent in April compared to a year earlier — and network boss Jeff Zucker admitted last November that CNN’s audience just “goes away” any time the channel switches from its (overwhelmingly negative) coverage of President Donald Trump to other topics. So it seems CNN is stuck in a vicious cycle; criticized for focusing too much on negative Trump stories, yet not being able to stop for fear of losing more viewers. Perhaps an even more damning indictment than Google’s detected liberal bias, however, is that nearly all (86 percent) of the stories promoted by the search giant came from just 20 sources across the entire internet, which doesn’t exactly display much of a commitment to diversity of information and opinion.

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“All that, to paraphrase the immortal words of Mr. Dylan, balances like a mattress on a bottle of wine.”

The Trend is Not Your Friend (Jim Kunstler)

By the mid-1980s, the non-OPEC world was once again swimming in oil from the last great bonanzas of the oil age: The Alaska North Slope and the North Sea. Twenty years later, they were running down. Meanwhile, the USA had fecklessly “offshored” its factories in the mistaken belief that we had entered a shimmering new digital economy of virtual business were nobody had to make real stuff. China became the world’s workshop and the USA became the world’s financial bucket-shop, churning out endless swindles and frauds. The predictable result was the financial crisis of 2008, which coincided with oil prices rising to over $140-a-barrel (and six months later they crashed, with the economy, to under $30-a-barrel).

The “recovery” from that was based on Wall Street’s premier swindle: the shale oil “miracle,” based on high-risk lending to companies that couldn’t make a red cent even while accomplishing the majestic stunt of exceeding America’s old 1970 oil production peak of around 10 million barrels-a-day (now at around 12 million). Notice, too, that the final push to 12-million barrels occurred during the last two years: thus, Mr. Trump’s miracle economy. All that, to paraphrase the immortal words of Mr. Dylan, balances like a mattress on a bottle of wine.

The China-US trade impasse, if it stands for even a few months, will crash the US economy again and it will also crash the price of shale oil back to levels that destroy oil companies. You understand, of course, that the rise of shale oil was amazingly swift, ten years, and that its fall will be similarly fast and furious. The feds may have to either bail it out or nationalize the whole shootin’ match — and that will end up as just another rat-hole we pound sand into, along with our long-running campaign to build failed states overseas. Translation: not so good for the value of the US dollar.

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Sore losers.

US Police Raid Venezuelan Embassy To Evict Pro-Maduro Activists (RT)

Pro-Maduro activists occupying the Venezuelan embassy in Washington have refused to vacate the premises in defiance of a notice threatening them with arrest and police entering the building but stopping short of evicting everyone. “We are expecting the police to come in and violate the Vienna convention with their fictional government, nongovernment claiming that we should leave,” the Embassy Civilian Protection Collective said in a video message shortly before the police arrived at the doors of the diplomatic premises to the cheers of the pro-Guaido camp outside. At least four embassy ‘protectors’ have remained inside the building and could be seen through the windows – even after police entered and left, apparently stopping short of forcefully evicting everyone – for now.


Despite their resolve to defend the diplomatic mission from “illegal seizure” by Guaido-appointed US representative Carlos Vecchio, many of the activists have left the embassy – apparently tired of the siege and worried about the threat of arrest – after a notice, which was not signed by any US government agency, urged them to “depart immediately” from the building in which they have lived for the last 34 days. “The United States does not recognize the authority of the former Maduro regime or any of its former representatives to allow any individuals to lawfully enter, remain on this property, or take any action with respect to this property,” a notice taped to the door of the building earlier in the day read.

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The Guardian tries to make this about the finance sector. It is not.

Britain Risks Heading To US Levels Of Inequality – Angus Deaton (G.)

Rising inequality in Britain risks putting the country on the same path as the US to become one of the most unequal nations on earth, according to a Nobel-prize winning economist. Sir Angus Deaton is leading a landmark review of inequality in the UK amid fears that the country is at a tipping point due to a decade of stagnant pay growth for British workers. The Institute for Fiscal Studies thinktank, which is working with Deaton on the study, said the British-born economist would “point to the risk of the UK following the US” which has extreme inequality levels in pay, wealth and health. Speaking to the Guardian at the launch of the study, he said: “There’s a real question about whether democratic capitalism is working, when it’s only working for part of the population.


“There are things where Britain is still doing a lot better [than the US]. What we have to do is to make sure the UK is inoculated from some of the horrors that have happened in the US.” His warning comes as analysis from the Trades Union Congress (TUC) showed that real wages in the finance sector had outstripped average salaries in the UK over the decade since the financial crisis. Earnings after inflation in the finance sector have grown by as much as £120 a week on average, compared with the average British worker still being about £17 a week worse off after taking account of rising living costs over the past decade. Frances O’Grady, the TUC general secretary, said: “It’s not right that pay is racing ahead in the City when most working people are still worse off than a decade ago.”

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Who cares anymore? Wait till she loses bigly in the EU elections in two weeks. Then nobody will care.

Theresa May Remains Opposed To Any Form Of Brexit Referendum (G.)

Downing Street has said the prime minister remains opposed to any form of referendum being attached to a Brexit deal, as the government prepares to enter its seventh week of talks with Labour to find a compromise. The shadow Brexit secretary, Keir Starmer, and the deputy Labour leader, Tom Watson, have said a deal is unlikely to pass without a referendum as part of the package, with up to 150 of the party’s MPs prepared to vote against an agreement without one. Key figures from both sides including Starmer, John McDonnell and Rebecca Long-Bailey, as well as the chancellor, Philip Hammond, Theresa May’s de facto deputy, David Lidington, and the environment secretary, Michael Gove, are set to meet again on Monday afternoon.


Downing Street said May had made clear her views about a second public vote: “She has said on many occasions that she is focused on delivering the result of the first referendum.” May’s spokesman declined to put a deadline on the talks but said the government was prepared to move on to a series of indicative votes in parliament if no resolution was possible. “If we were able to make progress with Labour then we would look to bring the bill before the House of Commons before the European elections,” he said. Both Labour and government sources have suggested the two sides will need to take stock on the likely progress of the talks this week, and the effectiveness of continuing discussions is likely to be discussed at cabinet on Tuesday morning.

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Scams “R” Us.

Uber & Lyft IPOs Turn into Colossal Flops (WS)

The Nasdaq composite dropped 3.4% today. In the six trading days since its peak on May 3 (8,164), it has dropped 6.3%, after a historic surge of 32% from December 24 through May 3. I mean, what did you expect? The index is now back where it had first been on June 6, 2018. Uber, which had sold its China operations and is no longer significantly tangled up in the US-China trade war, is morphing from the biggest, most hyped tech IPO in recent memory into the most colossal flop in recent memory. Shares plunged nearly 11% today to $37.10 a share. This left shares down 17.6% from its IPO price of $45, at which Uber had extracted another $8.1 billion from gullible investors. Prior investors are even deeper in the hole.


Uber extracted nearly $7 billion from institutional investors between December 2015 and February 2017 by selling them 140 million shares at $48.77 a share, over half of them to Saudi Arabia’s Public Investment Fund, and these folks are now down nearly 24%. Shares of Softbank, which also holds a large stake in Uber, fell 5.5% today. Lyft dropped another 5.7% today, to a new closing low of $48.15. Lyft had been the trailblazer this year for the hottest most hyped IPOs. On March 28, Lyft priced the IPO shares at $72 and extracted at this price about $2.3 billion in new money from IPO investors. On March 29, the first day of trading, it took hours of machinations before shares finally started trading, with a heavily mediatized “pop” of 21%, at $87.24. Then, Lyft shares plunged 10% in 4 Hours from “pop” to close. Today, shares were down 45% from the pop.

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At what point are Bayer shareholders going to protest?

California Jury Awards Couple $2 Billion In Monsanto/Bayer Cancer Trial (RT)

A US jury has awarded $2 billion in punitive damages to a California couple after concluding that Roundup weed killer caused their cancer and that Monsanto, now owned by Bayer, failed to warn them of the chemical’s health risks. Glyphosate, the signature ingredient in Roundup, was found by jury in Alameda County Superior Court to be the cause of non-Hodgkin lymphoma in both Alva and Alberta Pilliod of Livermore. The couple has used the herbicide since the 1970s. In their ruling on Monday, the jury noted that American agrochemical giant Monsanto (now owned by Germany’s Bayer AG) failed to properly warn Roundup users about potential detrimental effects to their health.


Pointing out deliberate negligence by the company, the jury went on to award $18 million in compensatory and $1 billion in punitive damages to Alva Pilliod. His wife Alberta was awarded another $37 million in compensatory and $1 billion in punitive damages. The ruling marks the third time since August 2018 that a US jury has found glyphosate to be a cause of cancer. Thousands of lawsuits with similar claims have been filed against Monsanto, which was acquired by the German pharmaceutical giant last June.

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Bayer trying to clear its name. And the press just prints it, no questions asked.

Bayer Says Monsanto Likely Kept Files On Influential People Across Europe |(R.)

Bayer said on Monday its Monsanto unit, which is being investigated by French prosecutors for compiling files of influential people such as journalists in France, likely did the same across Europe, suggesting a potentially wider problem. French prosecutors said on Friday they had opened an inquiry after newspaper Le Monde filed a complaint alleging that Monsanto – acquired by Bayer for $63 billion last year – had kept a file of 200 names, including journalists and lawmakers in hopes of influencing positions on pesticides. On Sunday, Bayer acknowledged the existence of the files, saying it does not believe any laws were broken but that it will ask an external law firm to investigate.

“It’s safe to say that other countries in Europe were affected by lists … I assume that all EU member states could potentially be affected,” Matthias Berninger, Bayer’s head of public affairs and sustainability, told journalists on Monday. While he did not say there had any illegal activity and added it was up to the external law firm to evaluate the conduct, Berninger said there were signs Monsanto had not played fairly in the use of private data. “There have been a number of cases where – as they would say in football – not the ball was played but the man, or woman, was tackled,” Berninger, who joined Bayer in January, said on a conference call.

Bayer said in its initial statement on Sunday that “Currently, we have no indication that the preparation of the lists under discussion violated any legal provisions.” It added, “Bayer will ask an external law firm to investigate the project Monsanto commissioned and evaluate the allegations. The law firm will also inform all of the persons on the lists of the information collected about them”.

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The point of my article last week was that renewables don’t scale up the way people are told to believe. Not in Germany and not elsewhere.

German Failure on the Road to a Renewable Future (Spiegel)

The German government made a key mistake when it announced the end of the nuclear era in Germany eight years ago: It announced it was turning away from nuclear power, without simultaneously initiating the end of coal. Wind turbines and solar panels were installed across the country — but the coal-fired power plants kept operating. The government set up a clean energy system alongside the dirty one. But why? Because Berlin was afraid of do anything that might harm a single company or voter. Germany has never come up with a clear strategy for the shift to renewables, fully thought out from the beginning to end. There have always been two competing concepts of the Energiewende, even before Merkel.


Politicians like former Environment Minister Jürgen Trittin, a Green Party politician who was part of the cabinet of the center-left Social Democratic (SPD) Chancellor Gerhard Schröder, were in favor of a radical shift, no matter what the cost. Others, like the SPD Economics Minister Sigmar Gabriel and his successor Peter Altmaier, from Merkel’s center-right Christian Democrats (CDU), were more concerned about German industry and job numbers. Neither side trusted the other and a stalemate ensued. Progress halted. This helps explain why the government never dared set up an Energy Ministry that might have had the ability to move things forward, and instead divided up the project among the Chancellery, the Environment Ministry and the Economics Ministry.

It is an unholy trinity that has continually followed the same pattern: The Environment Ministry surges ahead, the Economics Ministry warns of dramatic job losses and the Chancellery avoids making a decision. The expansion of Germany’s electrical grid has suffered the most from this lack of political impetus. More than a decade ago, the German government passed a resolution to quickly build the necessary high-voltage transmission lines, with experts today saying there is a need for 7,700 kilometers (4,800 miles) of such lines. But only 950 have been built. And in 2017, only 30 kilometers of lines were built across the whole country. In Berlin, one can hear the wry observation that 30 kilometers is roughly the distance that a snail can travel in a year.

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“..the increase is increasing at an increasing rate!”

415.26 Parts Per Million: CO2 Levels Hit Historic High (AFP)

Scientists in the United States have detected the highest levels of planet-warming carbon dioxide in Earth’s atmosphere since records began, sounding new alarm over the relentless rise of man-made greenhouse gas emissions..26 The Mauna Loa Observatory in Hawaii, which has tracked atmospheric CO2 levels since the late 1950s, on Saturday morning detected 415.26 parts per million (ppm). It was also the first time on record that the observatory measured a daily baseline above 415 ppm. The last time Earth’s atmosphere contained this much CO2 was more than three million years ago, when global sea levels were several metres higher and parts of Antarctica were blanketed in forest.

“It shows that we are not on track with protecting the climate at all. The number keeps rising and it’s getting higher year after year,” Wolfgang Lucht, from the Potsdam Institute for Climate Impact Research (PIK), told AFP. “This number needs to stabilise.” But far from stabilising, levels of CO2 – one of a trinity of greenhouse gases produced when fossil fuels are burnt – are climbing ever more rapidly. Ralph Keeling, director of Scripps Institution of Oceanography’s CO2 Programme, said the trend would probably continue throughout 2019 – likely to be an El Nino year in which temperatures rise due to warmer ocean currents. “The average growth rate is remaining on the high end. The increase from last year will probably be around three parts per million whereas the recent average has been 2.5 ppm,” he said. “Likely we’re seeing the effect of mild El Nino conditions on top of ongoing fossil fuel use.”

[..] “I’m old enough to remember when passing 400ppm was a big deal,” Gernot Wagner, a research associate at Harvard University, said on Twitter. “Two years ago we hit 410ppm for the first time. By now, it’s 415ppm. And oh, the increase is increasing at an increasing rate!”

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May 072019
 


Robert Rauschenberg Collection 1954-55

 

Chelsea Manning Declares She will Never Cooperate with Grand Jury (SM)
Major Mueller Report Omissions Suggest Incompetence Or A Coverup (ZH)
Mnuchin Refuses To Release Trump’s Tax Returns To Congress (R.)
A Nuclear War? Over Venezuela? (Ron Paul)
Going South (Jim Kunstler)
Fed Flags High US Business Debt, Asset Prices In Financial Report (R.)
Vancouver Housing Bust Steepens, Bank of Canada Likes “Froth” Coming Off (WS)
Why Renewables Can’t Power Modern Civilization: They Were Never Meant To (F.)
Silent Spring’s Encore (CP)
Human Society Under Urgent Threat From Loss Of Earth’s Natural Life (G.)
Humanity Must Save Insects To Save Ourselves (G.)
Humans ‘Threaten 1 Million Species With Extinction’ (BBC)

 

 

Our best, bravest and brightest. Our conscience. Look what we do to them.

Chelsea Manning Declares She will Never Cooperate with Grand Jury (SM)

Today, attorney Moira Meltzer-Cohen filed a Motion for Chelsea Manning to be released on the basis that, as she will never be convinced to cooperate with the grand jury, further confinement serves no lawful purpose and must be terminated. According to Moira Meltzer-Cohen, attorney to Chelsea Manning: “A witness who refuses to cooperate with a grand jury subpoena may be held in contempt of court, and fined or incarcerated. The only permissible purpose for confinement under the civil contempt statute is to attempt to coerce a witness to comply with the subpoena, or “purge” their contempt. If it is no longer possible to purge the contempt, either because the grand jury is no longer in existence, or because the witness is un-coercible, then confinement has been transformed from coercive into punitive, in violation of the law.

“The key issue before Judge Hilton is whether continued incarceration could persuade Chelsea to testify. Many judges have complained of the “perversity” of this law: that a witness may win their freedom by persisting in their contempt of court. However, should he agree that Chelsea will never agree to testify, he will be compelled by the law to order her release. “Since Ms. Manning is not going to agree to give testimony before the grand jury, she argues, her confinement has exceeded its permissible scope, and she must be released.

“Letters of support were submitted to the Court by Ms. Manning’s friends, family, and colleagues, including from representatives of civil liberties organizations including the ACLU, the Freedom of the Press Foundation, the Electronic Frontier Foundation, and Fight for the Future. These letters reiterate that Chelsea is a person of great moral courage, who will not be swayed into betraying her principles, even in the face of great hardship. “That her confinement has already been so arduous gives credence to her claim that she will endure great hardship rather than agree to cooperate.”

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There are more oversights than this article mentions.

Major Mueller Report Omissions Suggest Incompetence Or A Coverup (ZH)

First, according to The Federalist’s Margot Cleveland (a former law clerk of nearly 25 years and instructor at the college of business at the University of Notre Dame) – the Mueller report fails to consider whether the dossier authored by former MI6 spy Christopher Steele was Russian disinformation, and Steele was not charged with lying to the FBI. The Steele dossier, which consisted of a series of memorandum authored by the former MI6 spy, detailed intel purportedly provided by a variety of Vladimir Putin-connected sources. For instance, Steele identified Source A as “a senior Russian Foreign Ministry figure” who “confided that the Kremlin had been feeding Trump and his team valuable intelligence on his opponents, including Democratic presidential candidate Hillary Clinton.”

Other supposed sources identified in the dossier included: Source B, identified as “a former top-level Russian intelligence officer still active inside the Kremlin”; Source C, a “Senior Russian Financial Officer”; and Source G, “a Senior Kremlin Official.” -The Federalist As Cleveland posits: “Given Mueller’s conclusion that no one connected to the Trump campaign colluded with Russia to interfere with the election, one of those two scenarios must be true—either Russia fed Steele disinformation or Steele lied to the FBI about his Russian sources.”

Mueller’s second major oversight is the special counsel’s portrayal of Maltese professor Joseph Mifsud was a Russian agent – when available evidence suggests he may have been a Western agent. Weeks after returning from Moscow, Mifsud – a self-described Clinton Foundation member – ‘seeded’ the rumor that Russia had ‘dirt’ on Hillary Clinton with Trump campaign adviser George Papadopoulos on April 26, 2016, according to the Mueller report. As Rep. Devin Nunes (R-CA) noted on Fox News on Sunday, “how is it that we spend 30-plus-million dollars on this, as taxpayers and they can’t even tell us who Joseph Mifsud is?” “…this is important, because, in the Mueller dossier, they use a fake news story to describe Mifsud. In one of those stories, they cherry- pick it,” Nunes added.

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“.. it lacks “a legitimate legislative purpose.” I do wonder what the purpose is. If it has to do with Russia collusion, the ground is very slippery post-Mueller.

Mnuchin Refuses To Release Trump’s Tax Returns To Congress (R.)

U.S. Treasury Secretary Steven Mnuchin on Monday denied a leading House Democrat’s request for President Donald Trump’s tax returns, setting the stage for a lengthy court battle between lawmakers and the Trump administration. In a May 6 letter, Mnuchin told House Ways and Means Committee Chairman Richard Neal that he would not comply with the Democrat’s April 3 request, saying it lacks “a legitimate legislative purpose.”

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Ron Paul has endorsed Tulsi Gabbard. Good.

A Nuclear War? Over Venezuela? (Ron Paul)

Is President Trump about to invade Venezuela? His advisors keep telling us in ever-stronger terms that “all options are on the table” and that US military intervention to restore Venezuela’s constitution “may be necessary.” Secretary of State Mike Pompeo was on the Sunday news programs to claim that President Trump could launch a military attack against Venezuela without Congress’s approval. Pompeo said that, “[t]he president has his full range of Article II authorities and I’m very confident that any action we took in Venezuela would be lawful.” The man who bragged recently about his lying, cheating, and stealing, is giving plenty of evidence to back his claim.

The president has no Constitutional authority to start a war with Venezuela or any other country that has not attacked or credibly threatened the United States without Congressional approval. It is that simple. How ironic that Pompeo and the rest of the neocons in the Trump Administration are ready to attack Venezuela to “restore their constitution” but they could not care less about our own Constitution! While Washington has been paralyzed for two years over disproven claims that the Russians meddled in our elections to elect Trump, how hypocritical that Washington does not even hesitate to endorse the actual overturning of elections overseas!

Without Congressional authority, US military action of any kind against Venezuela would be an illegal and likely an impeachable offense. Of course those Democrats who talk endlessly of impeaching Trump would never dream of impeaching of him over starting an illegal war. Democrats and Republicans both love illegal US wars.

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” The outcome of that was two Americas: the hipsterocracy of the coastal elites and the suicidal deplorables of Flyoverland. ”

Going South (Jim Kunstler)

Buying all those cheap toaster-ovens, patio loungers, sneakers, sheet-rock screws, alarm clocks, croquet mallets… well, you name it, naturally made it uneconomical for America to make the same stuff, with all our silly-ass sentimental attachment to union wages, eight-hour workdays, and pollution regs, so we just steadily let the lights go out and the roofs fall in, and ramped up the “financialized” economy, with Wall Street parlaying Federal Reserve largess into an alternative universe of Three-Card-Monte scams using multilayered derivatives of promises to repay loans (that have poor prospects of ever being paid back). The outcome of that was two Americas: the hipsterocracy of the coastal elites and the suicidal deplorables of Flyoverland.

The hipsterocracy sustains itself on the manufactured hallucinations of the holographic economy — that is, on the production of images, TV psychodramas, news media narratives, status competitions, public relations campaigns, law firm machinations, awards ceremonies, and other signaling systems to maintain the illusion that the financialized economy has everything under control as we transform into a nirvana of ultra high tech pleasure-seeking and endless leisure. Meanwhile, out in Flyoverland, the holograms aren’t selling so well anymore. Nobody has the scratch to pay for them, not even those indentured to the neo-feudal empires of WalMart and Amazon. The children keep coming, though it’s nearly impossible for a man to support them, and increasingly the fathers just take themselves out of the picture.

The women ferment in single-parent hopelessness. The children turn more feral by each generation. All remaining economic opportunity is diverted back into the leveraged buy-out mills of the Coastal Elsewhere. Even growing food out of the land was long ago converted into an Agri-Biz hustle based on practices with no future. And now the spring weather is drowning out that hustle and driving the corporatized farms into bankruptcy. The two Americas have turned a formerly workable political system into a divorce court and for the past three years nothing of value has come out of that negotiation except more mutual grievance and animus.

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First create them, than issue a warning. End the Fed.

Fed Flags High US Business Debt, Asset Prices In Financial Report (R.)

U.S. stock prices are “elevated” and business debt is at historic levels, but the financial system overall “appears resilient” with low levels of leverage and less of a destabilizing run in key markets, the Federal Reserve said in its latest report on financial stability. “Investor appetite for risk appears elevated by several measures, and the debt loads of businesses are historically high,” the Fed said on Monday in a report that noted the 20 percent growth in leveraged loans between the start of last year and this year, and other aspects of corporate debt.

The ratio of debt to assets among publicly traded, nonfinancial firms is near a 20-year high, the Fed noted, and the share of new loans going to the most indebted companies is near peaks reached in 2014 and just before the 2007 to 2009 financial crisis. While the Fed sees the system overall as healthy, the levels of corporate debt stand out, said Fed Governor Lael Brainard. “With financial volatility easing since the end of last year, the Federal Reserve Board’s Financial Stability Report suggests stretched asset valuations and risky corporate debt merit continued vigilance against a backdrop of low-to- moderate vulnerabilities in the household and banking sectors,” Brainard said in an emailed statement.

[..] As in the last edition of its now twice-yearly report on the financial sector, the Fed cited the rapid growth of business debt and leveraged lending to corporations as a source of possible concern, noting that it could leave weaker companies stressed if the economy softens. Business debt has grown faster than the overall economy for a decade, the Fed noted, and “the elevated level of debt could leave the business sector vulnerable to a downturn in economic activity or a tightening in financial conditions.”

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Wait till that “froth” turns out to be 30-40-50%.

Vancouver Housing Bust Steepens, Bank of Canada Likes “Froth” Coming Off (WS)

Across Greater Vancouver, British Columbia, sales of all types of homes so far this year through April plunged to 6,212 homes, the lowest count since 1986, as the market is freezing up. In the city of Vancouver, condo sales – the largest segment of the market – plunged 30% in April from April last year, to merely 348 condos, the lowest since 2001, even as inventory for sale jumped by 75% to 2,191 condos. At the current rate of sales, supply soared by 168% year-over-year to 6.4 months. And prices are descending at speeding-ticket velocities: • Average price: -19% year-over-year to C$786,981 • Median price: -17% year-over-year to C$651,000 • Average price per square foot: -14% yoy to $940.


“Buyers have become increasingly hesitant, particularly for unbuilt product such as pre-sale condo assignments and new unfinished development in general, says Steve Saretsky, a Vancouver Realtor and author behind Vancity Condo Guide, in his April report. “This is prompting condo developers to increase bonuses and incentives as unsold inventory begins to pile up at presale centers across the lower mainland.” The average price per square foot – historically “a very consistent and reliable price metric with much less volatility,” Saretsky says – has now dropped 16% from the peak in January 2018:

Sales of detached houses in the city of Vancouver dropped to 130 houses, the worst April in decades, down 69% from 2015. The chart below shows the number of sales for each April going back to the 1990s – a sign the market has frozen up, that buyers are unwilling to get anywhere near sellers’ aspirational asking prices, and deals are not happening:

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See my article yesterday.

Why Renewables Can’t Power Modern Civilization: They Were Never Meant To (F.)

Now comes a major article in the country’s largest newsweekly magazine, Der Spiegel, titled, “A Botched Job in Germany” (“Murks in Germany”). The magazine’s cover shows broken wind turbines and incomplete electrical transmission towers against a dark silhouette of Berlin. “The Energiewende — the biggest political project since reunification — threatens to fail,” write Der Spiegel’s Frank Dohmen, Alexander Jung, Stefan Schultz, Gerald Traufetter in their a 5,700-word investigative story (the article can be read in English here). Over the past five years alone, the Energiewende has cost Germany €32 billion ($36 billion) annually, and opposition to renewables is growing in the German countryside.

“The politicians fear citizen resistance” Der Spiegel reports. “There is hardly a wind energy project that is not fought.” In response, politicians sometimes order “electrical lines be buried underground but that is many times more expensive and takes years longer.” As a result, the deployment of renewables and related transmission lines is slowing rapidly. Less than half as many wind turbines (743) were installed in 2018 as were installed in 2017, and just 30 kilometers of new transmission were added in 2017. Solar and wind advocates say cheaper solar panels and wind turbines will make the future growth in renewables cheaper than past growth but there are reasons to believe the opposite will be the case.

Der Spiegel cites a recent estimate that it would cost Germany “€3.4 trillion ($3.8 trillion),” or seven times more than it spent from 2000 to 2025, to increase solar and wind three to five-hold by 2050. Between 2000 and 2018, Germany grew renewables from 7% to 39% of its electricity. And as much of Germany’s renewable electricity comes from biomass, which scientists view as polluting and environmentally degrading, as from solar. Of the 7,700 new kilometers of transmission lines needed, only 8% has been built, while large-scale electricity storage remains inefficient and expensive. “A large part of the energy used is lost,” the reporters note of a much-hyped hydrogen gas project, “and the efficiency is below 40%… No viable business model can be developed from this.”

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Almost 60 years ago. We’re blind deaf and dumb.

Silent Spring’s Encore (CP)

Rachel Carson’s famous and brilliant book Silent Spring (1962), which single-handedly ignited the environmental movement, has never been more relevant than it is today. A mimeo of Silent Spring is scheduled for publication by the UN, as the most comprehensive study of life on the planet ever undertaken, an 1,800-page study by the world’s leading scientists that spells out in detail the results of a massive study of the world’s ecosystems. The conclusion: Nature is in “steep decline.” According to Mike Barrett, WWF’s executive director of conservation and science: “All of our ecosystems are in trouble. This is the most comprehensive report on the state of the environment. It irrefutably confirms that nature is in steep decline.”


Interestingly enough, in days of yore, Silent Spring’s opening chapter, “A Fable for Tomorrow,” described a fictional flourishing town in the heartland of America with its splendid natural beauty; however, within only a few pages, that alluring picturesque community degenerates: “A grim specter has crept upon us almost unnoticed….” Thereafter, Silent Spring turns non-fictional as it informs its reading public, i.e., the radicalized Sixties, that 500 new chemicals “… annually find their way into actual use in the U.S. alone to which the bodies of men and animals are required somehow to adapt each year, chemicals totally outside the limits of biologic experience.”

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A few pieces on the UN report.

“The biomass of wild mammals has fallen by 82%, natural ecosystems have lost about half their area and a million species are at risk of extinction..”

Human Society Under Urgent Threat From Loss Of Earth’s Natural Life (G.)

Human society is in jeopardy from the accelerating decline of the Earth’s natural life-support systems, the world’s leading scientists have warned, as they announced the results of the most thorough planetary health check ever undertaken. From coral reefs flickering out beneath the oceans to rainforests desiccating into savannahs, nature is being destroyed at a rate tens to hundreds of times higher than the average over the past 10m years, according to the UN global assessment report. The biomass of wild mammals has fallen by 82%, natural ecosystems have lost about half their area and a million species are at risk of extinction – all largely as a result of human actions, said the study, compiled over three years by more than 450 scientists and diplomats.

Two in five amphibian species are at risk of extinction, as are one-third of reef-forming corals, and close to one-third of other marine species. The picture for insects – which are crucial to plant pollination – is less clear, but conservative estimates suggest at least one in 10 are threatened with extinction and, in some regions, populations have crashed. In economic terms, the losses are jaw-dropping. Pollinator loss has put up to $577bn (£440bn) of crop output at risk, while land degradation has reduced the productivity of 23% of global land. The knock-on impacts on humankind, including freshwater shortages and climate instability, are already “ominous” and will worsen without drastic remedial action, the authors said.

“The health of the ecosystems on which we and other species depend is deteriorating more rapidly than ever. We are eroding the very foundations of economies, livelihoods, food security, health and quality of life worldwide,” said Robert Watson, the chair of the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (Ibpes). “We have lost time. We must act now.”

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Save insects? You want to have Monsanto lose its business?

“While we humans have doubled our population in the past 40 years, the number of insects has been reduced by almost half..”

“The rate of insect extinction is eight times faster than that of mammals, birds and reptiles. ”

Humanity Must Save Insects To Save Ourselves (G.)

Humanity must save insects, if not for their sake, then for ourselves, a leading entomologist has warned. “Insects are the glue in nature and there is no doubt that both the [numbers] and diversity of insects are declining,” said Prof Anne Sverdrup-Thygeson, at the Norwegian University of Life Sciences. “At some stage the whole fabric unravels and then we will really see the consequences.” On Monday, the largest ever assessment of the health of nature was published and warned starkly that the annihilation of wildlife is eroding the foundations of human civilisation. The IPBES report said: “Insect abundance has declined very rapidly in some places … but the global extent of such declines is not known.”


A Notch-horned Cleg, a type of horsefly. Photograph: Rebecca Cole/Alamy

It said the available evidence supports a “tentative” estimate that 10% of the 5.5m species of insect thought to exist are threatened with extinction. The food and water humanity relies upon are underpinned by insects but Sverdrup-Thygeson’s new book, Extraordinary Insects, spends many of its pages on how wonderful and weird insects are. “The first stage is to get people to appreciate these little creatures,” said Sverdrup-Thygeson. Many appear to defy the normal rules of life. Some fruit flies can be beheaded and live normally for several days more, thanks to mini-brains in each joint. Then there are the carpet beetles that can effectively reverse time, by reverting to younger stages of development when food is scarce.


Others are bizarrely constructed. Some butterflies have ears in their mouths, one has an eye on its penis, while houseflies taste with their feet. Insect reproduction is also exotic. The southern green shield bug can maintain sex for 10 days, while another type of fruit fly produces sperm that are 20 times longer than its own body.

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Lip service will be paid.

Humans ‘Threaten 1 Million Species With Extinction’ (BBC)

Three years in the making, this global assessment of nature draws on 15,000 reference materials, and has been compiled by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES). It runs to 1,800 pages. The brief, 40-page “summary for policymakers”, published today at a meeting in Paris, is perhaps the most powerful indictment of how humans have treated their only home. It says that while the Earth has always suffered from the actions of humans through history, over the past 50 years, these scratches have become deep scars. The world’s population has doubled since 1970, the global economy has grown four-fold, while international trade has increased 10 times over.


Getty Images

To feed, clothe and give energy to this burgeoning world, forests have been cleared at astonishing rates, especially in tropical areas. Between 1980 and 2000, 100 million hectares of tropical forest were lost, mainly from cattle ranching in South America and palm oil plantations in South East Asia. Faring worse than forests are wetlands, with only 13% of those present in 1700 still in existence in the year 2000. Our cities have expanded rapidly, with urban areas doubling since 1992. All this human activity is killing species in greater numbers than ever before. According to the global assessment, an average of around 25% of animals and plants are now threatened. Global trends in insect populations are not known but rapid declines in some locations have also been well documented.


All this suggests around a million species now face extinction within decades, a rate of destruction tens to hundreds of times higher than the average over the past 10 million years. “When we laid it all out together I was just shocked to see how extreme the declines are in terms of species and in terms of the contributions that nature is providing to people.” The assessment also finds that soils are being degraded as never before. This has reduced the productivity of 23% of the land surface of the Earth. Our insatiable appetites are producing a mountain of waste. Plastic pollution has increased ten-fold since 1980. Every year we dump 300-400 million tonnes of heavy metals, solvents, toxic sludge and other wastes into the waters of the world.

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Money doesn’t talk, it swears
– Bob Dylan

 

 

 

 

May 062019
 


James Ensor The intrigue 1890

 

The Fight to Defend the Conscience of America (Hayase)
Bolton and Pompeo, Rachel Maddow’s Latest Resistance Heroes (ZH)
Trump Says Mueller Should Not Testify Before Congress (Ind.)
The Big Lie That Barr Lied (McCarthy)
Trump Says 10% China Tariff Rising To 25% On Friday (ZH)
US, Russia Butt Heads Over Venezuela (AFP)
US Deploying Carrier, Bombers To Middle East To ‘Deter Iran’ (R.)
US May Review Ties With Countries Deemed Anti-israel (R.)
Engineers Say Boeing Pushed To Limit 737 MAX Safety Testing (ST)
Boeing Knew Of 737 MAX Safety System Glitch Year Before Deadly Crash (AFP)
Bernie Sanders Says Obama’s Presidency An “A+” Compared To Trump (Hill)
Bernie Sanders Calls For Breaking Up Big Agriculture Monopolies (AP)
Climate Change and the Nobel Prize in Economics (Steve Keen)
The End of Ice (IC)

 

 

“..we are now clear what this US extradition case against Assange is all about. This prosecution of Assange and the detainment of Manning are assaults on our conscience.”

The Fight to Defend the Conscience of America (Hayase)

America represented a new land for freedom-loving people around the world to come together in, to form a new union governed not by the King, but by a rule of law. Yet, despite these ideals, America was never a democracy. From the onset, it contained internal contradiction manifested in the genocide of natives, the slavery of blacks and the suppression of women. But the words in the Declaration of Independence were a promise and the Constitution was meant to be its fulfillment. The conscience of ordinary people was a vital link that could fill the gap and create a democracy. Out of conscience springs the power of We the People that could truly perform checks and balances of our government.

When the laws themselves become unjust, conscience reminds us of our duty to break these laws in order to uphold our ideals. In our history, we have seen individuals who fought to keep those words of promise through their acts of civil disobedience. Dr. Martin Luther King, Jr., who demonstrated extraordinary courage for the struggle of Black people to fight against racist laws once said: “Cowardice asks the question, ‘Is it safe?’ Expediency asks the question, ‘Is it politic?’ Vanity asks the question, ‘Is it popular?’ But, conscience asks the question, ‘It it right?’ And there comes a time when one must take a position that is neither safe, nor politic, nor popular, but one must take it because one’s conscience tells one that it is right.”

Decades after the civil rights movement, a young US soldier in her act of delivering information to WikiLeaks, risked her life to carry on this American tradition of civil disobedience. As a consequence, she was sentenced to 35 years in prison and served seven years until her sentence was commuted in 2017. Now, by refusing to testify against a publisher at a secret grand jury targeting WikiLeaks, she is once again sent back to jail. After having witnessed Manning confessing her role as the WikiLeaks whistleblower at her court-martial, the late attorney Michael Ratner acknowledged how locking her up “for even a day is to lock up the conscience of our nation”. [..] So, we are now clear what this US extradition case against Assange is all about. This prosecution of Assange and the detainment of Manning are assaults on our conscience.

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Someone find a toilet to flush that woman through.

Bolton and Pompeo, Rachel Maddow’s Latest Resistance Heroes (ZH)

This is were three years of failed Russiagate conspiracy theorizing and fixation leads you — into the arms of fanatical endless war proponent John Bolton: “John Bolton God bless you, good luck..” one can now hear on “resistance” network MSNBC prime time. MSNBC’s Rachel Maddow is now championing neocon national security adviser John Bolton’s “humanity” given he apparently went loose cannon this past week, vowing to confront Russia over Venezuela even as his boss President Trump downplayed Moscow’s role in the crisis after a Friday phone call with Putin. “This is what John Bolton, human being, thought his job was this week,” Maddow said on her show Friday night.

Both Pompeo and Bolton had clearly gone a bit rogue with their overly bellicose Venezuela comments, while Trump appeared to be more restrained — and for Maddow this was of course cause for championing the neocon interventionist line: “Hey, John Bolton, hey, Mike Pompeo, are you guys enjoying your jobs right now?” she questioned. On Friday Trump had said following the phone call, Putin is “not looking at all to get involved in Venezuela other than he’d like to see something positive happen in Venezuela, and I feel the same way.” Maddow, who once prided herself on slamming and deconstructing Bush-era regime change wars, now finds Trump not jingoistic enough. She stridently questioned:

“How do you come to work anymore if you’re John Bolton? Right, regardless of what you thought about John Bolton before this, his whole career and his track record, I mean, just think of John Bolton as a human being. This is what John Bolton, human being, thought his job was this week.” She further cut to a clip of Bolton criticizing Russia’s alleged military involvement in Venezuela to prop up Maduro, because apparently uber-hawk Bolton is now a “fearless truth-teller” in Maddow’s world. “You thought that was your job,” Maddow said. “But it turns out not at all, not after Vladimir Putin gets done with President Trump today.”

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He’s just trolling them now: “No redos for the Dems!”

Trump Says Mueller Should Not Testify Before Congress (Ind.)

Donald Trump has urged Special Counsel Robert Mueller not to testify to the US Congress about his report on Russian interference in the 2016 election. The president’s latest comments arrived after he said he would not allow former White House counsel Don McGahn – a prominent figure in the special counsel’s nearly 400-page report – to testify to the House as it continues probing election interference and the Trump campaign’s interactions with Russian operatives. “After spending more than $35,000,000 over a two year period, interviewing 500 people, using 18 Trump Hating Angry Democrats & 49 FBI Agents – all culminating in a more than 400 page Report showing NO COLLUSION – why would the Democrats in Congress now need Robert Mueller to testify,” Mr Trump said in a tweet.


“Are they looking for a redo because they hated seeing the strong NO COLLUSION conclusion?” he continued. “There was no crime, except on the other side (incredibly not covered in the Report), and NO OBSTRUCTION. Bob Mueller should not testify. No redos for the Dems!” The special counsel’s report found numerous examples of potential obstruction of justice on the part of the president, including instances in which he asked Mr McGahn to fire Mr Mueller after his appointment in 2017.

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“Barr has known Mueller for nearly 30 years..”

It’s Mueller’s team, not the man himself, who have added the “confusion”.

Still wondering at what point the Dems are really going to turn against Mueller.

The Big Lie That Barr Lied (McCarthy)

Barr has known Mueller for nearly 30 years; when Mueller was the Criminal Division chief in the Bush 41 Justice Department, he reported to Barr, who was attorney general. It should come as no surprise, then, that Barr was not getting his information from Mueller’s staff; he was getting it from Mueller directly. Nor should it come as any surprise that, before releasing his March 24 letter to the public, Barr gave Mueller an opportunity to review it; nor that Mueller declined that opportunity — given that he knows Barr well, and knew Barr would not misrepresent the report (especially given that the report would soon be public).

Three days after Barr announced the report’s conclusions, Mueller sent his letter, undoubtedly written by his staff. Mueller could simply have called Barr on the phone, as he has done a million times; but the staff’s partisan Democrats wanted a letter, which makes for much better leak material. (The letter was, in fact, strategically leaked to the Washington Post Tuesday night, right before Barr’s Wednesday morning Senate testimony.) The day after receiving Mueller’s March 27 letter, Barr called Mueller and pointedly asked whether he was claiming that Barr’s March 24 letter articulating Mueller’s findings was inaccurate. Mueller responded that he was making no such claim — he was, instead, irritated by the press coverage of Barr’s letter.

Mueller suggested the publication of additional information from the report, including the report’s own executive summaries, to explain more about why he decided not to resolve the obstruction issue. But he did not claim Barr had misrepresented his findings. Again, Barr’s contact was with Mueller, not Mueller’s team. His exchanges with Mueller gave Barr no basis to know about any objection to his description of the report’s findings — from Mueller or anyone else. The fact that Mueller’s staff was leaking like a sieve to the Times, the Washington Post, and NBC News does not mean they were sharing with the attorney general what the Times described as “their simmering frustrations.” That is what Barr said in answer to Crist’s question about the report’s findings. But to avoid the misimpression that he was parsing words deceptively, Barr volunteered his perception that Mueller’s staff wanted more information from the report to be publicized.

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Xi can’t afford to lose face.

Trump Says 10% China Tariff Rising To 25% On Friday (ZH)

So much for months and months of constant leaks, headlines, tweets, and press reports that US-China trade talks are going great, and are imminent amid an ocean of “optimism” (meant solely to sucker in amateurs into the most obvious bull headfake since 1987). Just after noon on Sunday, President Trump tweeted that 10% tariffs paid by China on $200 billion in goods will rise to 25% on Friday, and that – contrary to what he himself and his chief economist, Larry Kudlow has said for months, talks on a trade deal have been going too slowly. And, just to underscore his point, Trump also threatened to impose 25% tariffs on an additional $325 billion of Chinese goods “shortly.”


With the tariff rate on numerous goods originally set at 10% and set to more than double in 2019, Trump postponed that decision after China and the US agreed to sit down for trade talks; following Trump’s tweet it is now confirmed that trade talks have hit an impasse and that escalation will be needed to break the stalemate. It was as recently as Friday that Vice President Mike Pence told CNBC that Trump remained hopeful that he could strike a deal with China (at the same time as he was urging for a rate cut from the Fed). Curiously, on Wednesday, the White House – clearly hoping to sucker in even more naive bulls to buy stocks at all time highs – said the latest round of talks had moved Beijing and Washington closer to an agreement. Press secretary Sarah Sanders said, “Discussions remain focused toward making substantial progress on important structural issues and re-balancing the US-China trade relationship.”

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Pompeo and Lavrov meet this week. The latter is the far superior diplomat.

US, Russia Butt Heads Over Venezuela (AFP)

US Secretary of State Mike Pompeo pressed Sunday for Russia to get out of Venezuela, while his Russian counterpart, Sergei Lavrov, called on Washington to “abandon its irresponsible plans” in the crisis-wracked country. The push and shove set the stage for a Pompeo meeting with Lavrov in Finland this week, and belied the conciliatory tone taken by US President Donald Trump on Friday after what he said was “a very good conversation” with Russian President Vladimir Putin. The top level contacts follow the failure of a US-backed uprising this week aimed at ousting Venezuela’s President Nicolas Maduro, which Pompeo has blamed on Russia.


The secretary has said Maduro had been ready to flee to Havana but the Russians, who had flown military advisers to Caracas to shore up his socialist government, talked him out of it. “The Russians must get out,” Pompeo said in an interview Sunday with ABC’s “This Week.” “I’m going to meet with Foreign Minister Lavrov in recent days. It’s very clear, we want the Russians out, we want the Iranians out, we want the Cubans out. It’s very clear,” he said. Trump undercut Pompeo’s position on Friday, telling reporters that Putin had assured him “he is not looking to get involved in Venezuela other than he’d like to see something positive happen for Venezuela.” “And I feel the same way,” Trump added.

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So after that complete failure in Venezuela, they turn against a country they could never defeat even in the best of times. Putin and Xi will tell them all about it.

US Deploying Carrier, Bombers To Middle East To ‘Deter Iran’ (R.)

The Trump administration is deploying a carrier strike group and bombers to the Middle East in response to troubling “indications and warnings” from Iran and to show the United States will retaliate with “unrelenting force” to any attack, national security adviser John Bolton said on Sunday. With tensions already high between Washington and Tehran, a U.S. official said the deployment has been ordered “as a deterrence to what has been seen as potential preparations by Iranian forces and its proxies that may indicate possible attacks on U.S. forces in the region.”However, the official, speaking on condition of anonymity, said the United States was not expecting any imminent Iranian attack.


Bolton – who has spearheaded an increasingly hawkish U.S. policy on Iran – said the decision, which could exacerbate problems between the two countries, was meant to send a “clear and unmistakable message” of U.S. resolve to Tehran. Though he cited no specific Iranian activities that have raised new concerns, Iran has recently warned it would block the Strait of Hormuz if it was barred from using the strategic waterway. About a fifth of the oil consumed globally passes through the strait. “The United States is not seeking war with the Iranian regime, but we are fully prepared to respond to any attack, whether by proxy, the Islamic Revolutionary Guard Corps or regular Iranian forces,” Bolton said in a statement.

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And here’s why there’s that new Iran threat.

US May Review Ties With Countries Deemed Anti-israel (R.)

The United States may review its ties with countries it deems as being anti-Israel after what a U.S. envoy said on Sunday was a shift in policy toward equating anti-Zionism with anti-Semitism. U.S. Secretary of State Mike Pompeo said in a March speech that anti-Zionism – opposition to Israel’s existence as a homeland for the Jewish people – was a form of anti-Semitism, or hostility toward Jews, that was on the rise worldwide and that Washington would “fight it relentlessly”. The State Department’s special envoy for monitoring and combating anti-Semitism, Elan Carr, said this U.S. position could spell reviews of ties with foreign governments or leaders.


“The United States is willing to review its relationship with any country, and certainly anti-Semitism on the part of a country with whom we have relations is a deep concern,” he told Reuters during a visit to Israel. “I will be raising that issue in bilateral meetings that I am undertaking all over the world,” he said. “That is something we are going to have frank and candid conversations about – behind closed doors.”

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This is not a little business dispute. 346 lives were lost because of this.

Engineers Say Boeing Pushed To Limit 737 MAX Safety Testing (ST)

In 2016, as Boeing raced to get the 737 MAX certified by the Federal Aviation Administration (FAA), a senior company engineer whose job was to act on behalf of the FAA balked at Boeing management demands for less stringent testing of the fire-suppression system around the jet’s new LEAP engines. That June he convened a meeting of all the certification engineers in his unit, who collectively agreed with his assessment. Management initially rejected their position, and only after another senior engineer from outside the MAX program intervened did managers finally agree to beef up the testing to a level the engineer could accept, according to two people familiar with the matter. But his insistence on a higher level of safety scrutiny cost Boeing time and money.

Less than a month after his peers had backed him, Boeing abruptly removed him from the program even before conducting the testing he’d advocated. The episode underscores what The Seattle Times found after a review of documents and interviews with more than a dozen current and former Boeing engineers who have been involved in airplane certification in recent years, including on the 737 MAX: Many engineers, employed by Boeing while officially designated to be the FAA’s eyes and ears, faced heavy pressure from Boeing managers to limit safety analysis and testing so the company could meet its schedule and keep down costs.

That pressure increased when the FAA stopped dealing directly with those designated employees — called “Authorized Representatives” or ARs — and let Boeing managers determine what was presented to the regulatory agency. “The ARs have nobody supporting them. Nobody has their backs,” said one former Authorized Representative who worked on the 737 MAX and who provided details of the engineer’s removal from the program. “The system is absolutely broken.”

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They knew, and still a plane crashed. Then they really knew. But they still let another plane crash. Time to go after these people personally.

Boeing Knew Of 737 MAX Safety System Glitch Year Before Deadly Crash (AFP)

Boeing engineers identified a fault with a pilot warning system on its 737 MAX aircraft in 2017, a year before the deadly Lion Air crash, the company said Sunday. Boeing said that management was unaware of the issue until the crash in Indonesia, which killed 189 people, and the planes were not grounded until after another of the type operated by Ethiopian Airlines went down several months later, leaving a further 157 people dead. According to Boeing, a supposedly standard piece of equipment that tells pilot about disagreements between angle of attack (AOA) indicators – which measure the plane’s angle vis-a-vis oncoming air to warn of impending stalls – did not in fact activate unless an additional optional indicator was purchased by airlines.


That left airlines that did not buy the optional indicator – including both Lion Air and Ethiopian Airlines – without the safety feature. Faulty angle of attack indicator information may have played a role in both of the deadly crashes, causing the 737 MAX anti-stall system to unnecessarily activate and push the nose down toward the ground even as pilots fought to maintain altitude. “In 2017, within several months after beginning 737 MAX deliveries, engineers at Boeing identified that the 737 MAX display system software did not correctly meet the AOA Disagree alert requirements,” the aircraft manufacturer said in a statement.

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Bye bye Bernie, we hardly knew ya.

Sarah Abdallah has this covered: ”Obama gets an “A+” for bombing #Libya to smithereens and turning what was once Africa’s most prosperous country into a balkanized, failed state now ruled by jihadists who sell Black Africans in open air slave markets.”

Bernie Sanders Says Obama’s Presidency An “A+” Compared To Trump (Hill)

Sen. Bernie Sanders (I-Vt.), a 2020 presidential contender, said Sunday that he wouldn’t give former President Barack Obama a “grade” on his presidency. Speaking to ABC News’s “This Week” host Jon Karl, Sanders conceded that Obama gets an “A+” in his book compared to President Trump. “Barack Obama was a very, very good president,” Sanders said. “What grade would you give him?” Karl asked. “I’m not going to give him a grade,” the Vermont senator continued. “Compared to the guy you have in the White House now, I’ll give him an A+.” Karl then noted that Trump and Republicans have expressed eagerness to run against Sanders and his ideology as a socialist, and asked Sanders if it was time for him to “disavow that label.”


“Anytime you do things for the people and you stand up to the wealthy and powerful, you’ll be labeled this that and the other thing,” Sanders said. “All of the issues that we have talked about, these are ideas that in one form or another are in fact supported by the American people.” Polls have repeatedly showed Sanders, who lost the Democratic presidential nomination to Hillary Clinton in 2016, as a front-runner in the 2020 race. He is expected to go head-to-head with Obama’s former Vice President Joe Biden, who has worked to tie himself closely to the former president since launching his campaign.

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After the arms industry, Big Ag is the biggest power block.

Bernie Sanders Calls For Breaking Up Big Agriculture Monopolies (AP)

Democratic presidential candidate Bernie Sanders on Sunday proposed a sweeping agriculture and rural investment plan to break up big agriculture monopolies and shift farm subsidies toward small family farmers. “I think a farmer that produces the food we eat may be almost as important as some crook on Wall Street who destroys the economy,” Sanders said during a campaign event in Osage, a town of fewer than 4,000 people. “Those of us who come from rural America have nothing to be ashamed about, and the time is long overdue for us to stand up and fight for our way of life.” Sanders’ plan expands on themes that have been central to his presidential campaign in Iowa since the start, including his emphasis on rural America and pledge to take on and break up big corporations.

During his Sunday speech, Sanders outlined the dire circumstances confronting rural America — population decline, school and hospital closures and rising addiction and suicide rates in many rural counties nationwide — as the impetus for his policy. His plan includes a number of antitrust proposals, including breaking up existing agriculture monopolies and placing a moratorium on future mergers by big agriculture companies. He would also ban “vertically integrated” agribusinesses — companies that control multiple levels of production and processing of a product. One of his competitors in the Democratic race, Massachusetts Sen. Elizabeth Warren, included several of those antitrust planks in the agriculture policy she released in March.

But Sanders’ policy is more expansive than just targeting major agriculture corporations — he’s also proposing greater government involvement in setting price controls and managing supply and demand of agriculture commodities. His plan calls for a shift from the current farm subsidy system toward a “parity system,” which means “setting price floors and matching supply with demand so farmers are guaranteed the cost of production and family living expenses.” Critics of the farm bill have argued that the current government subsidy system favors large family farms and corporate farms over small family farms, and Sanders’ policy aims to make that distribution more equal.

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Don’t think my friend Steve used to talk much about the topic, though a bit more recently, but this is a good find.

Nordhaus got the Fauxbel BECAUSE of his climate change work, and it’s a complete shambles. Who, me, surprised?

Climate Change and the Nobel Prize in Economics (Steve Keen)

The policy action that the Gilet Jaunes oppose, and the policy inaction that Extinction Rebellion deride, are both the products of economists—and most specifically, the economist who was awarded the Nobel Prize in Economics for his work on Climate Change, William Nordhaus. Nordhaus agrees that man-made Climate Change is happening—he is not a “Climate Change Denialist”. However, his research actually encourages policymakers not to take the action that Extinction Rebellion demands, or anything like it. He instead recommends managing Global Warming so that the Earth’s temperature will stabilize at 4 degrees above pre-industrial levels in the mid-22nd century.


Figure 1: Slide 6 in Nordhaus’s 2018 Nobel Prize Lecture (annotated)

Nordhaus also argued that the policy Extinction Rebellion recommends, of restrict Global Warming to 1.5 degrees—even if it is done over the next century, rather than the next six years as Extinction Rebellion demands—would cost the global economy more than 50 trillion US dollars, while yielding benefits of well under US$5 trillion. How is it possible that the optimal temperature for the planet is 4 degrees above pre-industrial levels—and that damages from that level of warming would amount to under 10% of global GDP—when it would also be “catastrophic to all life on Earth”?


Figure 2:Slide 7 in Nordhaus’s 2018 Nobel Prize Lecture

How is it possible that Global Warming of 1.5 degrees would reduce global GDP by a few trillion US dollars—less than 5% of what it would have been in the absence of Global Warming—while the policies to achieve that limit, even if executed over a century rather than just five years, would cost over ten times as much? It isn’t. Instead, either Extinction Rebellion’s claims are vastly overblown, or Nordhaus’s estimates of the economic damages from Global Warming drastically understate the dangers. Both are possible, of course. But categorically, Nordhaus’s estimates of the potential economic damage from Global Warming are nonsense. They are also one of the key reasons why policymakers have not taken the threat seriously. If Extinction Rebellion is going to make policymakers take Climate Change seriously, then one of their first targets must be Nordhaus and his DICE model.

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So you got this former war reporter saying:

“A willingness to live without hope allows me to accept the heartbreaking truth of our situation, however calamitous it is. Grieving for what is happening to the planet also now brings me gratitude for the smallest, most mundane things..”

But that of course is entirely useless to a teenager.

The End of Ice (IC)

Dahr Jamail’s latest book, “The End of Ice: Bearing Witness and Finding Meaning in the Path of Climate Disruption,” stitches together personal introspection and gut-wrenching interviews with leading climate experts. The rapidly receding glaciers of Denali National Park, home to the highest peak in North America, inspired the book’s title. “Seven years of climbing in Alaska had provided me with a front-row seat from where I could witness the dramatic impact of human-caused climate disruption,” Jamail writes.


With vividly descriptive storytelling, Jamail pushes further north into the Arctic Circle where warming is occurring at double speed. He surveys rapid changes in the Pribilof Islands, where indigenous communities have had to contend with die-offs affecting seabirds, fur seals, fish, and more — a collapsing food web. The story continues in the fragile Great Barrier Reef, utterly ravaged by the warming ocean. South Florida is faring no better: Jamail finds that 2.46 million of the state’s acreage will be submerged within his lifetime. Experts are aghast everywhere Jamail visits. In the Amazon, rich in biodiversity, the consequences are especially enormous.

[..] The threat of looming biosphere apocalypse is deeply troubling, panic-inducing, and this all-encompassing environmental, economic, and spiritual problem leaves one feeling helpless and grief-stricken. “The End of Ice” takes on the full weight of the catastrophe at hand. Jamail carries the reader’s emotional pain by acutely expressing his own. “A willingness to live without hope allows me to accept the heartbreaking truth of our situation, however calamitous it is. Grieving for what is happening to the planet also now brings me gratitude for the smallest, most mundane things,” Jamail explains. “I have found that it’s possible to reach a place of acceptance and inner peace, while enduring the grief and suffering that are inevitable as the biosphere declines.”


“The End of Ice” readers won’t find calls for technology-based solutions, politicians, mitigating emissions, or the Green New Deal to save us. “This global capitalist experiment, this experiment of industrialization and burning fossil fuels rampantly is an utter, abject failure,” Jamail told The Intercept. He believes it is time to start adapting. We should act like the climate crisis has arrived and, most significantly, reconnect to the planet.

Read more …

 

 

May 012019
 


Gustave Courbet The desperate man (self portrait) 1852

 

Maduro Claims Victory Over ‘Deranged’ Coup Attempt (G.)
Zero Percent of Elite Commentators Oppose Regime Change in Venezuela (FAIR)
About That Letter That Mueller Wrote To Barr… (ZH)
The Real ‘Bombshells’ Are About to Hit Their Targets (Kelly)
Why Are Clapper and Brennan Not in Jail?
Wall Street Puts Nearly $2 Billion in American Politics in 2016-18 Cycle
iPhone Sales Fall 17% In First Quarter (G.)
Australia House Prices Continue To Fall, Clearing Way For Rate Cut (SMH)
Tesla Filing Shows Results Were Goosed By A Surge In Credits (LAT)
Julian Assange’s Confinement And Arrest Are A Scandal (Maurizi)
Extradition of Julian Assange Threatens Us All (VIPS)
Canadian Threat Level At America Raised From “Miffed” To “Peeved” (Exp.)
Climate Crisis Facing Australian Rainforests Likened To Coral Bleaching (SMH)

 

 

The things we do for oil.

“‘Maduro had a plane on the tarmac and was ready to leave this morning’, claims @SecPompeo without offering evidence. But as Pompeo admitted just last week, telling lies was (and some may say still is) one of his key job requirements”.

Maduro Claims Victory Over ‘Deranged’ Coup Attempt (G.)

Nicolás Maduro claimed his troops have thwarted a botched attempt to topple him masterminded by Venezuela’s “coup-mongering far right” and Donald Trump’s deranged imperialist “gang”. In an hour-long address to the nation on Tuesday night – his first since the pre-dawn uprising began – Maduro accused opposition leader Juan Guaidó and his political mentor Leopoldo López of seeking to spark an armed confrontation that might be used as a pretext for a foreign military intervention. However, “loyal and obedient” members of Venezuela’s Bolivarian armed forces had put down the mutiny within hours of it starting shortly after 4am, Maduro claimed, in direct contradiction to Guaidó’s earlier remark that the president no longer had military backing.

By noon there only remained a small group of plotters who had chosen “the path of betrayal … [and] handed their souls over to the coup-mongering far right”. “They failed in their plan. They failed in their call, because the people of Venezuela want peace,” Maduro said, surrounded by Venezuela’s military and political elite. “We will continue to emerge victorious … in the months and years ahead. I have no doubt about it.” Maduro said the plotters would “not go unpunished” and said they would face criminal prosecutions “for the serious crimes that have been committed against the constitution, the rule of law and the right to peace”.


[..] Maduro called Tuesday’s “coup-mongering adventure” part of a US-backed plot to destroy the Bolivarian revolution he inherited after Hugo Chávez’s death in 2013. “I truly believe … that the United States of America has never had a government as deranged as this one,” he said, calling Guaidó and his team “useful idiots” of the empire. He also scotched claims from the US secretary of state, Mike Pompeo, that he had been preparing to flee Venezuela for Cuba on Tuesday morning, until he was told to stay put by his Russian backers. “Señor Pompeo, please,” Maduro said.

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Propaganda works.

Zero Percent of Elite Commentators Oppose Regime Change in Venezuela (FAIR)

A FAIR survey of US opinion journalism on Venezuela found no voices in elite corporate media that opposed regime change in that country. Over a three-month period (1/15/19–4/15/19), zero opinion pieces in the New York Times and Washington Post took an anti–regime change or pro-Maduro/Chavista position. Not a single commentator on the big three Sunday morning talkshows or PBS NewsHour came out against President Nicolás Maduro stepping down from the Venezuelan government. Of the 76 total articles, opinion videos or TV commentator segments that centered on or gave more than passing attention to Venezuela, 54 (72 percent) expressed explicit support for the Maduro administration’s ouster.

Eleven (14 percent) were ambiguous, but were only classified as such for lack of explicit language. Reading between the lines, most of these were clearly also pro–regime change. Another 11 (14 percent) took no position, but many similarly offered ideological ammo for those in support. The Times published 22 pro–regime change commentaries, three ambiguous and five without a position. The Post also spared no space for the pro-Chavista camp: 22 of its articles expressed support for the end to Maduro’s administration, eight were ambiguous and four took no position. Of the 12 TV opinions surveyed, 10 were pro-regime change and two took no position.


[..] This comes despite the existence of millions of Venezuelans who support Maduro—who was democratically elected twice by the same electoral system that won Juan Guaidó his seat in the National Assembly—and oppose US/foreign intervention. FAIR (2/20/19) has pointed out corporate media’s willful erasure of vast improvements to Venezuelan life under Chavismo, particularly for the oppressed poor, black, indigenous and mestizo populations. FAIR has also noted the lack of discussion of US-imposed sanctions, which have killed at least 40,000 Venezuelans between 2017–18 alone, and continue to devastate the Venezuelan economy.

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Mueller worried about media coverage.

“House Democrats, who have expressed distrust in the attorney general, are set to vote on Wednesday to allow House Judiciary Committee lawyers to question Barr at Thursday’s hearing.”

About That Letter That Mueller Wrote To Barr… (ZH)

In what the WaPo breathlessly reports late on Tuesday was a rebuke and “complaint” to Attorney General William Barr, special counsel Robert Mueller sent a letter to the AG in late March, just days after Barr sent out his summary to Congress, in which Mueller stated that Barr’s 4-page summary to Congress on the sweeping Russia investigation failed to “fully capture the context, nature, and substance” of Mueller’s work and conclusions, citing a copy of the letter it had obtained using its trusted deep intel sources. Pouring more fuel on the fire, the always pithy Axios adds that “this revelation about Mueller’s dissatisfaction with the characterization of his report will likely escalate the growing rift over Barr’s handling of the special counsel’s investigation.

[..] Or maybe not, and perhaps the WaPo/NYT report is not “so bad” if one actually reads it, because once the breathless WaPo finally does come up for air, we get to paragraph 13 – a point by which most readers have turned out – to read the following real punchline in the WaPo report: “When Barr pressed Mueller on whether he thought Barr’s memo to Congress was inaccurate, Mueller said he did not…” So, Mueller felt there was confusion… but he did not think the memo was inaccurate. Wait, what’s going on here and how is this even a story? Well, if we read the rest of the above sentence, we find the true object of Mueller’s “complaint”: “[Mueller] felt that the media coverage of it was misinterpreting the investigation, officials said.”

Which means that, as the WaPo itself reports, what Mueller was really angry with was the coverage of his report by media such as… the WaPo and the NYT?? The irony, it burns. [..] throughout a subsequent 15 minutes telephone conversation between the special counsel and the attorney general, Mueller’s main worry was “that the public was not getting an accurate understanding of the obstruction investigation.” This goes back to what Mueller’s letter requested: “that Barr release the 448-page report’s introductions and executive summaries, and made some initial suggested redactions for doing so, according to Justice Department officials,” the WaPo writes. What happened then? A few weeks later Barr did just that..

[..] tomorrow Barr is scheduled to testify on Wednesday before the Senate Judiciary Committee about the investigation, and the entire article is meant to focus on the headlines of the WaPo (and NYT) article, and certainly not on paragraph 13 which, not only refutes the prevailing tone that Barr did something wrong, but in fact exonerates him. But that won’t have any impact on tomorrow’s hearing which is now assured to be a complete kangaroo court.

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FISAgate. Get ready.

The Real ‘Bombshells’ Are About to Hit Their Targets (Kelly)

In the next several weeks, Inspector General Michael Horowitz is expected to issue his summation of the potential abuse of the Foreign Intelligence Surveillance Act by top officials in the Obama Administration and holdovers in the early Trump Administration who were overseeing the investigation of Donald Trump’s presidential campaign. And the perpetrators of the so-called FISAgate scandal now are scrambling for cover as the bad news looms. Horowitz announced last March that his office would examine the Justice Department’s conduct “in applications filed with the U.S. Foreign Intelligence Surveillance Court (FISC) relating to a certain U.S. person.” That U.S. person is Trump campaign associate Carter Page.

In October 2016, just two weeks before the presidential election, the Justice Department submitted an application to the FISC seeking authorization to wiretap Page. The court filing accused Page, a Naval Academy graduate and unpaid campaign advisor, of being an agent of Russia. The application cited the infamous Steele dossier—unsubstantiated political propaganda that had been funded by the Hillary Clinton campaign and Democratic National Committee—as its primary source of evidence. But the specific political origin of the dossier intentionally was omitted in the court filing. (Robert Mueller similarly tap danced around the role of Fusion GPS, the political consulting firm that hired Christopher Steele to create the dossier. Mueller never mentioned the name “Fusion GPS” in the 448-page document, referring to it only vaguely as “the firm that produced the Steele reporting.”)


Former FBI Director James Comey and former Deputy Attorney General Sally Yates signed the original FISA application. It was renewed three times; subsequent signers included former acting FBI Director Andrew McCabe and Deputy Attorney General Rod Rosenstein. If there’s one document that represents the malevolence, chicanery and arrogance of the original Trump-Russia collusion fraudsters, it’s the Page FISA application. But—to borrow a favorite term of the collusion truthers—the “walls are closing in” on the FISA abusers.

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Senator Rand Paul: “Subpoena Clapper & Brennan! Demand they answer whether they leaked classified information to the Washington Post. Examine their call records and lock them up if evidence proves them to be the leakers.”

Why Are Clapper and Brennan Not in Jail?

The clearest of all the laws concerning U.S. intelligence is Section 798, 18 U.S. Code—widely known in the Intelligence Community as “the Comint Statute,” or “the 10 and 10.” Unlike other laws, this is a “simple liability” law. Motivation, context, identity, matter not at all. You violate it, you are guilty and are punished accordingly.

Here it is: (a) Whoever knowingly and willfully communicates, furnishes, transmits, or otherwise makes available to an unauthorized person, . . . any classified information— (1) concerning the nature, preparation, or use of any code, cipher, or cryptographic system of the United States or any foreign government; or (2) concerning the design, construction, use, maintenance, or repair of any device, apparatus, or appliance used or prepared or planned for use by the United States …or (3) concerning the communication intelligence activities of the United States or any foreign government; or (4) obtained by the processes of communication intelligence . . . Shall be fined under this title or imprisoned not more than ten years, or both.


On December 9 and 10, 2016, the New York Times and the Washington Post independently reported that anonymous senior intelligence officials had told them that, based on intercepted communications, the intelligence agencies agreed that Russia had hacked the Democratic National Committee to help Donald Trump win the election. Their evidence was the fact of their access to U.S communications intelligence. A flood of subsequent stories also cited allegations by “senior intelligence officials” that “intercepted communications” and “intercepted calls” showed that “members of Donald J. Trump’s 2016 presidential campaign and other Trump associates had repeated contacts with senior Russian intelligence officials in the year before the election.” Incontrovertibly, the officials who gave these stories to the Times and Post violated the Comint Statute, and are subject to the “10 and 10” for each count.

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$2.5 million every single day for two years. That’s $1.9 billion.

Wall Street Puts Nearly $2 Billion in American Politics in 2016-18 Cycle

Wall Street poured at least $1.9 billion into the political process, the largest-ever amount for a non-presidential year, according to a new report by Americans for Financial Reform. This sum outstrips the total of $1.4 billion, in the 2013-14 election cycle, by 36 percent. The figure, which includes contributions to campaign committees and leadership PACs ($922 million) and lobbying expenditures ($957 million), reflects a massive rush of pro-industry nominees and legislation over the last two years, at a time when the biggest banks made $100 billion in profits for the first time. Industry subsequently spent heavily to influence what became one of the hardest-fought mid-term campaigns in decades.


“The last election cycle demonstrated yet again that Wall Street political spending produces policies that will do lasting financial damage to most Americans, including massive tax cuts for big banks, fewer consumer and investor protections, and other policies that that drive inequality and economic vulnerability,” said Lisa Donner, executive director, Americans for Financial Reform. “Year after year, big money in politics helps Wall Street rig the system in its own favor, and against the rest of us, and insulate itself from accountability, even though voters across party lines oppose so many of the policies it seeks.”

The 63-page report, “Wall Street Money in Washington,” draws on a special data set compiled by the Center for Responsive Politics for AFR in order to provide a more precise look at financial services industry spending. The set excludes spending by health insurers, who work to influence a different group of issues than, for example, banks. As the data does not include “dark money” that goes mostly unreported, the actual sums of Wall Street spending are surely much higher.

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So Apple buys back another $75 billion and shares rise 5%. But of course.

iPhone Sales Fall 17% In First Quarter (G.)

Apple’s iPhone sales fell 17% in the first three months of the year as the company’s flagship product continued to struggle. The tech company reported revenues of $31.05bn in iPhone revenues for the quarter, the majority of the $58.bn in revenues Apple brought in over the three months. The news was less gloomy than expected and Apple’s shares spiked 5% in after hours trading as Apple announced it was buying back another $75bn of its shares. The company made a profit of $11.6bn – ahead of expectations. But this quarter marked another quarterly decline in profit and revenue as the company struggled to move beyond the iPhone. In January Apple reported its first decline in revenues and profits in over a decade as slowing sales of iPhones and an economic slowdown in China took their toll.


Those results came after chief executive Tim Cook shocked investors by issuing Apple’s first profits warning since 2002 citing “the magnitude of the economic deceleration, particularly in greater China.” The company has stopped reporting unit sales of iPhones – leaving analysts searching other sources of data for their estimates. Most don’t expect a recovery in sales until the next generation of phones, using the super-fast 5G network, are launched, likely to be in 2020. In the meantime Apple is repositioning itself as a services and software company as well as the manufacturer of hardware. “Investors are slowly shifting their focus away from the iPhone cycle and valuing the company more based on the ecosystem of hardware, software, and services, but it will take several years for this to become consensus,” Gene Munster, managing partner of Loup Ventures, wrote in a blog post this week.

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Why? Maybe prices are far too high. Why would you want to keep them that way?

Australia House Prices Continue To Fall, Clearing Way For Rate Cut (SMH)

The national property market is enduring its biggest fall in values since the global financial crisis, being led down by double-digit drops in Sydney and Melbourne. New analysis by CoreLogic shows house values in Sydney dropped 0.8 per cent in April to be down by 11.8 per cent over the past 12 months. The situation is worse in Melbourne where values fell by 0.7 per cent last month to be down 12.6 per cent over the past year. Overall dwelling values in Sydney dropped by 0.7 per cent to be 10.9 per cent lower over the year. Since their peak in September 2017, Sydney dwelling values have fallen by 14.5 per cent.


In Melbourne, dwelling values dropped by 2.6 per cent to be 10 per cent down over the past 12 months. They have fallen by 10.9 per cent since their peak. National dwelling values were down by 0.5 per cent in the month to be down by 7.2 per cent on an annual basis, the largest drop since the 12 months to February 2009. Every capital city except Canberra suffered a fall in house prices last month with Hobart, which had been the nation’s strongest market, seeing a 1.2 per cent drop in April. Canberra, where values lifted last month, and Hobart are the only two capitals where prices are still growing above the inflation rate on an annual basis.

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Subsidies “R” Us.

Tesla Filing Shows Results Were Goosed By A Surge In Credits (LAT)

Tesla’s financial results released last week didn’t mention that the automaker’s revenue included $200 million collected from regulatory credits. When Chief Executive Elon Musk answered questions from analysts, he didn’t point that out, either. The number was buried in the official government filing known as Form 10-Q that Tesla filed Monday with the Securities and Exchange Commission. Without the revenue spike – which is unlikely to be repeated, analysts say – the company’s first-quarter loss would have been much deeper than the $702 million that Tesla reported. Gross margins on Tesla’s cars, a key measure of manufacturing profitability and efficiency, would have taken a significant hit. Bernstein analyst Toni Sacconaghi’s reaction? “Egad,” he said in a note to investors.


Tesla’s shares fell 1.2% to $238.69 on Tuesday. The $235.14 closing price Friday was its lowest in more than two years. The new data add to Tesla’s already bleak financial picture. The $702-million loss followed a $139-million profit in the previous quarter. Sales fell sharply. Automotive revenue plunged 41%, to $3.7 billion from $6.3 billion in the previous quarter, as vehicle deliveries dropped to 63,000 from 90,700 the previous quarter. Operating cash flow turned negative — a net $640 million going out the door over the three months compared to a positive $1.23 billion in the previous period. Cash on hand dropped from $3.69 billion at the end of last quarter to $2.2 billion, including $920 million to pay off convertible bonds.

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“.. they replied to me and my lawyers that they had destroyed the emails, even though the case is still ongoing, very high-profile and controversial.”

Julian Assange’s Confinement And Arrest Are A Scandal (Maurizi)

In the summer of 2015, when Julian Assange had already spent three years inside the embassy, I decided it was important to access the full documentation on his case to try to reconstruct it using factual information. It was at that point that I filed my comprehensive FOIA request on the Julian Assange and WikiLeaks case in four jurisdictions. I ran up against a real rubber wall, one so persistent that have been forced to sue the Swedish and British authorities. The documents I have managed to obtain after a lengthy FOIA litigation, which is still ongoing, provide indisputable evidence of the UK’s role in helping to create the legal and diplomatic quagmire which has kept Julian Assange arbitrarily detained since 2010, as established by the United Nations Working Group on Arbitrary Detention (UNWGAD.)

It was the UK Crown Prosecution Service which advised the Swedish prosecutors against the only judicial strategy that could have brought the Swedish rape investigation to a quick closure: questioning Assange in London, rather than trying to extradite him to Stockholm. It was the Crown Prosecution Service which tried to dissuade the Swedish prosecutors from dropping the case in 2013. Why did the Crown Prosecution Service act this way? And why did the Crown Prosecution Service write to their Swedish counterpart: “Please do not think that the case is being dealt with as just another extradition request”?


When I tried to dig into these facts, I discovered crucial gaps in the Crown Prosecution Service’s documents and asked the Service to provide an explanation for them. Their answer was rather incredible: they replied to me and my lawyers that they had destroyed the emails, even though the case is still ongoing, very high-profile and controversial. The Crown Prosecution Service which destroyed the records is the very same agency in charge of handling the extradition request from the United States, as well as from Sweden, if the Swedish prosecutors reopen the case before the statute of limitations on the rape allegations expires. Will anyone demand transparency and accountability from the Crown Prosecution Service in their handling of the Assange case from the very beginning?

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“It takes two to speak the truth–one to speak and one to hear.”

Extradition of Julian Assange Threatens Us All (VIPS)

Retaliation against Julian Assange over the past decade plus replicates a pattern of ruthless political retaliationagainst whistleblowers, in particular those who reveal truths hidden by illegal secrecy. U.S. law prohibits classifying information “in order to conceal inefficiency, violations of law, or administrative error; to prevent embarrassmentto a person, organization, or agency.” Whether U.S. authorities successfully prosecute Assange, accept a desperate plea deal or keep him tied up with endless litigation, they will succeed in sending the same chilling message to all journalists that they send to potential whistleblowers: Do not embarrass us or we’ll punish you—somehow, someday, however long it takes.

In that respect, one could say damage to journalism already has been done but the battle is not over. This extension of a whistleblower reprisal regime onto a publisher of disclosures poses an existential threat to all journalists and to the right of all people to speak and hear important truths. The U.S. indictment of Julian Assange tests our ability to perceive a direct threat to free speech, and tests our will to oppose that threat.Without freedom of press and the right and willingness to publish, whistleblowers even disclosing issues of grave, life and death public safety, will be like a tree falling in the forest with no one to hear.


The great American writer Henry David Thoreau wrote, “It takes two to speak the truth–one to speak and one to hear.” Today, it takes three to speak the truth–one to speak, one to hear, and one to defend the first two in court. If the U.S. Government has its way, there will be no defense, no truth.

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Real title: “Canada FURY after The Simpsons MOCKS Justin Trudeau amid scandal – ‘COMPLETE disrespect’”

I don’t know what to think of this. You decide. Onion? It’s actually the Express in the UK.

Canadian Threat Level At America Raised From “Miffed” To “Peeved” (Exp.)

Viewers were left disgusted after the word “Newfie” was used in the episode titled ‘D’Oh Canada’. The term is decades old and is considered an offensive, derogatory term for people in Newfoundland and Labrador. According to CTV News, it is commonly used to imply someone is stupid or foolish. The country’s Prime Minister Justin Trudeau also appeared in the episode. During the episode, which aired on Sunday night, the Simpsons family travel to Niagara Falls. Somehow Lisa Simpson ends up falling over the famous waterfall, which separates the US and Canada. In the controversial scene, Lisa stands next to some Canadian youngsters and says: “I’m sure you treat all people equally.”


One says: “Except the Québécois,” before others add, “and the Newfies. “Stupid Newfies.” The scene then cuts to Springfield youngster Ralph Wiggum who says “I’m a Newfie” before clubbing the head of a stuffed baby seal. Twitter erupted with fury following the show’s airing. One said: “I can take a joke. “When, however, it is complete disrespect disguised as a joke, I take exception.” Some also criticised the show for targeting seal hunters. The Simpsons has a long and often contentious past. Most recently the show was condemned for its portrayal of Apu Nahasapeemapetilon, who many now see as racist stereotyping.

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On and on we go.

Climate Crisis Facing Australian Rainforests Likened To Coral Bleaching (SMH)

Animals in Australia’s globally renowned wet tropics are on the brink of extinction after the hottest summer on record, according to official advice that equates the scale of the crisis to coral bleaching on the Great Barrier Reef. The extraordinary warning relates to the lush green coastal fringe spanning Townsville, Cairns and Cooktown in Queensland’s north – the Earth’s oldest rainforest and a World Heritage-listed tourist drawcard. A statement from the board of the Wet Tropics Management Authority on Tuesday said more than half of animal species endemic to the area may be extinct within decades. It called for strong global action to reduce greenhouse gas emissions and protect the ancient area for future generations.


The climate change policies of the major parties are under the microscope during the federal election campaign, as Labor and the Coalition pledge starkly different action to address the crisis. The Queensland government authority says “concerning new evidence has shown an accelerating decline” in the wet tropics’ unique rainforest animals. “Following the hottest summer ever recorded, some of the key species for which the Wet Tropics World Heritage Area was listed are at imminent risk of extinction,” the statement said. [..] Modelling has previously predicted that more than half of the area’s endemic species may be extinct by the end of this century. However the latest findings by James Cook University biodiversity professor Steve Williams suggested “these extinctions are happening even sooner”, the statement said.

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Apr 282019
 
 April 28, 2019  Posted by at 9:00 am Finance Tagged with: , , , , , , , , , , , , ,  


Giovanni Bellini Pietà c1460

 

So Where is the Swedish Warrant? (Craig Murray)
Assange’s Legal Team Files Lawsuit Against Ecuador Over Extortion (Sp.)
Putin ‘Outraged’ At Maria Butina Sentencing (BBC)
Obama White House Engaged Ukraine In Russia Collusion Narrative (Solomon)
Majority Of British Now Think Brexit Referendum Was A Bad Idea (G.)
Labour To Decide On Brexit Public Vote On Tuesday, Says Corbyn (G.)
Corbyn Launches Bid To Declare A National Climate Emergency (G.)
UK Fracking Tsar Quits After Six Months, Blames Eco Activists (G.)
Ecuador To Appeal Amazon Oil Exploration Ruling (AFP)
Guaido Makes New Appeal To Venezuela Army Ahead Of Mayday Protests (AFP)
Spanish Socialists Run For Re-Election Sunday On “Green New Deal De España”
Leftwing Activists Join Gilets Jaunes For Peaceful Paris Protest (G.)

 

 

I’ve said it before: the Swedish people are far too silent on this.

So Where is the Swedish Warrant? (Craig Murray)

If the Swedish allegations against Julian Assange were genuine and not simply a ruse to arrest him for extradition to the United States, where is the arrest warrant now from Sweden and what are the charges? Only the more minor allegation has passed the statute of limitations deadline. The major allegation, equivalent to rape, is still well within limits. Sweden has had seven years to complete the investigation and prepare the case. It is over two years since they interviewed Julian Assange in the Ecuadorean Embassy. They have had years and years to collect all the evidence and prepare the charges. So where, Swedish prosecutors, are your charges? Where is your arrest warrant?

Julian Assange has never been charged with anything in Sweden. He was merely “wanted for questioning”, a fact the MSM repeatedly failed to make clear. It is now undeniably plain that there was never the slightest intention of charging him with anything in Sweden. All those Blairite MPs who seek to dodge the glaring issue of freedom of the media to publish whistleblower material revealing government crimes, by hiding behind trumped-up sexual allegations, are left looking pretty stupid. What is the point of demanding Assange be extradited to Sweden when there is no extradition request from Sweden? What is the point in demanding he face justice in Sweden when there are no charges? Where are the charges from Sweden?

The answer to that is silence. Sweden was always a fit-up designed to get Assange to the USA. And now they don’t need it, so Sweden has quietly gone away. All the false left who were taken in by the security services playing upon a feminist mantra should take a very hard look at themselves.

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Embassy staff stole and gave away Assange documents. The story will be that these were just individuals, not a Lenin Moreno policy.

Assange’s Legal Team Files Lawsuit Against Ecuador Over Extortion (Sp.)

Assange had been residing at the Ecuadorian Embassy in London for nearly seven years before his asylum was revoked on 11 April, followed by his arrest and further extradition to the Westminster Magistrate’s Court. Julian Assange’s lawyers have filed a lawsuit against a group of Spaniards, members of staff at the Ecuadorian Embassy in London, as well as Ecuador’s Foreign Ministry over extortion, AFP reported, citing Assange’s defence team. Earlier, Spanish media reported that the group of Spaniards had got hold of Assange’s videos and personal documents, which they threatened to publish unless paid $3.3 million by the WikiLeaks team. The lawsuit was reportedly brought forward in Spain. The source also noted that an investigation into the matter was ongoing, adding that Assange was allegedly spied on in the embassy.

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How does that judge sleep at night?

What the Butina case shows us in technicolor is that the US has kangaroo justice in kangaroo courts.

Putin ‘Outraged’ At Maria Butina Sentencing (BBC)

Russian President Vladimir Putin has hit out at a US court’s sentencing of agent Maria Butina, dubbing it “an outrage” and a “travesty of justice”. Butina was sentenced to 18 months in prison on Friday after trying to infiltrate US political groups in an effort to sway American policies in favour of Moscow. The 30-year-old had pleaded guilty to conspiring to act as a foreign agent. But the Russian president said the sentence was an attempt to save face. In his first public remarks since the sentencing, Mr Putin on Saturday said it was “not clear what she was convicted of or what crime she committed”. “I think it’s a prime example of ‘saving face.’ They arrested her and put the girl in jail. But there was nothing on her, so in order not to look totally stupid they… fixed her up with an 18-month sentence to show that she was guilty of something,” he told reporters in Beijing.


Speaking to the court on Friday, Butina said: “I destroyed my own life.” The Russian gun rights activist had been in custody since her arrest in July. While initially pleading not guilty, she reversed her position after reaching a deal with prosecutors and admitted to a single count of conspiracy in December. The judge noted on Friday that Butina had provided “substantial assistance” to law enforcement. But despite Butina’s plea for leniency, the sentencing fully complied with the government’s recommendation. “This was no simple misunderstanding by a overeager foreign student,” Judge Chutkan said. The 18-month sentence includes the nine months Butina has already served. She will face immediate deportation after her sentence is complete. At the end of the sentencing, Judge Chutkan said she wished Butina “the best of luck.”

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Oh boy… Wonder what Horowitz will have on this.

Obama White House Engaged Ukraine In Russia Collusion Narrative (Solomon)

As Donald Trump began his meteoric rise to the presidency, the Obama White House summoned Ukrainian authorities to Washington to coordinate ongoing anti-corruption efforts inside Russia’s most critical neighbor. The January 2016 gathering, confirmed by multiple participants and contemporaneous memos, brought some of Ukraine’s top corruption prosecutors and investigators face to face with members of former President Obama’s National Security Council (NSC), FBI, State Department and Department of Justice (DOJ). The agenda suggested the purpose was training and coordination. But Ukrainian participants said it didn’t take long — during the meetings and afterward — to realize the Americans’ objectives included two politically hot investigations: one that touched Vice President Joe Biden’s family and one that involved a lobbying firm linked closely to then-candidate Trump.

[..] The other case raised at the January 2016 meeting, Telizhenko said, involved Burisma Holdings, a Ukrainian energy company under investigation in Ukraine for improper foreign transfers of money. At the time, Burisma allegedly was paying then-Vice President Joe Biden’s son Hunter as both a board member and a consultant. More than $3 million flowed from Ukraine to an American firm tied to Hunter Biden in 2014-15, bank records show. According to Telizhenko, U.S. officials told the Ukrainians they would prefer that Kiev drop the Burisma probe and allow the FBI to take it over. The Ukrainians did not agree. But then Joe Biden pressured Ukrainian President Petro Poroshenko to fire Ukraine’s chief prosecutor in March 2016, as I previously reported. The Burisma case was transferred to NABU, then shut down. [..] Ukraine is riddled with corruption, Russian meddling and intense political conflicts, so one must carefully consider any Ukrainian accounts.

But Telizhenko’s claim that the DOJ reopened its Manafort probe as the 2016 election ramped up is supported by the DOJ’s own documents, including communications involving Associate Attorney General Bruce Ohr, his wife, Nellie, and ex-British spy Christopher Steele. [..] Previously, Politico reported that the Ukrainian Embassy in Washington assisted Clinton’s campaign through a DNC contractor. The Ukrainian Embassy acknowledges it got requests for assistance from the DNC staffer to find dirt on Manafort but denies it provided any improper assistance. Now we have more concrete evidence that the larger Ukrainian government also was being pressed by the Obama administration to help build the Russia collusion narrative. And that onion is only beginning to be peeled. But what is already confirmed by Ukrainians looks a lot more like assertive collusion with a foreign power than anything detailed in the Mueller report.

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What they think today is irrelevant.

Majority Of British Now Think Brexit Referendum Was A Bad Idea (G.)

More than half the public – 55% – now think it would have been better never to have held the EU referendum given the difficulties of reaching an agreement on Brexit, according to the latest Opinium/Observer poll. Strikingly, more Conservative voters (49%) now think the referendum was a bad idea than believe it was the right thing to have done (43%). Among Labour supporters, 72% believe it would have been better never to have staged the vote, while 18% say it was worthwhile. The Conservatives are down 3 percentage points on 26% compared with a fortnight ago and continue to trail Labour (also down 3pts on 33%) by seven percentage points. Nigel Farage’s newly formed Brexit party, meanwhile, has established itself in a clear third place on 17%, having been included in the national poll for the first time.

The Liberal Democrats are down 2 points on 6%, the SNP unchanged on 5%, Ukip down 7 on 4%, the Greens unchanged on 4%, Change.UK (also included for the first time) is on 4% and Plaid Cymru is unchanged on 1%. When voters were asked how they intended to vote in the European elections, the news was even better for the Brexit party. Support for Nigel Farage’s new party and Labour stands level at 28% – double that for the Conservatives, on 14%. The pro-remain Liberal Democrats and ChangeUK parties both stand on 7%, while the Greens are on 6%, the SNP 5%, Ukip 3% and Plaid Cymru 1%. If a second referendum were held between the options of leaving the EU on the prime minister’s deal or remaining in the EU, 46% say they would vote to remain (unchanged on a fortnight ago) while 34% would vote to leave (down 4%).

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Jeremy pushes the blame away from himself.

Labour To Decide On Brexit Public Vote On Tuesday, Says Corbyn (G.)

Labour’s ruling body will decide on Tuesday whether the party will campaign for a public vote on any Brexit deal, Jeremy Corbyn has said on the campaign trail in leave-voting Peterborough. Almost 90 Labour MPs and MEPs, including a number of frontbenchers, wrote to the party’s National Executive Committee (NEC) to demand that its European election manifesto include a “clear commitment to a confirmatory public vote on any Brexit deal”. However, Corbyn declined to guarantee the commitment. He stressed that he was not a dictator and that the matter would be for the NEC to decide.


“The national executive will decide on Tuesday what will be in the European election manifesto, and we will reflect the decisions made [at] last year’s Labour party conference, which were for a customs union, market access and rights protection within – with – the European Union,” he said. “We would prefer to have a general election, but failing that, if we get that agreement, we are prepared to consider putting it to a confirmatory vote. That is a decision the national executive of the party will make. “It’s important that the party, which is a democratic party structure, makes those decisions. Sadly – or perhaps it’s a good thing – I’m not a dictator of the Labour party.”

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Jeremy rides the popularity waves of Extinction Rebellion and Greta Thunberg. That’s what the timing tells you.

Corbyn Launches Bid To Declare A National Climate Emergency (G.)

Labour will this week force a vote in parliament to declare a national environmental and climate change emergency as confidential documents show the government has spent only a fraction of a £100m fund allocated in 2015 to support clean air projects. Jeremy Corbyn’s party will demand on Wednesday that the country wakes up to the threat and acts with urgency to avoid more than 1.5°C of warming, which will require global emissions to fall by about 45% from 2010 levels by 2030, reaching “net zero” before 2050. The move will place Conservative MPs under pressure to back the plan, or explain why they refuse to do so, now fears over the combined problems of air pollution and climate change have risen to the top of the political agenda.

On Saturday night Corbyn said the recent wave of protests were “a massive and necessary wake-up call” that demanded “rapid and dramatic action, which only concerted government action and a green industrial revolution can deliver.” He said that if parliament backed the move and became the first national legislature to declare a climate emergency it would “trigger a wave of action from governments around the world”. [..] The motion will call for new targets on the mass rollout of renewable and low carbon energy and transport, proper funding of environmental protection, reversing species decline and developing plans to move towards a zero waste economy.

The plan comes as confidential minutes of a government advisory group obtained by the Observer show how all but a small proportion of a £100m pot allocated to Highways England to combat air pollution “on and near our roads” in 2015 has not been spent, despite a 2020 deadline. Minutes of a meeting of the Highways England designated funds advisory group from last December and marked “Sensitivity – Official”, reveal concerns at the highest level that the money may not be spent within the defined timetable. Highways England is the government company charged with operating, maintaining and improving England’s motorways and major A roads. The minutes state that a “key risk remains of fully investing all remaining air quality designated funding by the end of March 2020. By the end of October 2018 just £2.82m had been invested.”

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This woman is a certified nut. Good riddance.

UK Fracking Tsar Quits After Six Months, Blames Eco Activists (G.)

The government’s fracking tsar has quit the post after just six months, claiming policy relating to the controversial process means there is “no purpose” to her job. Natascha Engel told the business secretary, Greg Clark, that developing the industry would be “an impossible task” despite its “enormous potential”. In her resignation letter, she said environmental activists had been “highly successful” in encouraging the government to curb fracking. Engel, a former Labour MP, wrote the letter following two weeks of protests by the Extinction Rebellion group, which brought parts of London to a standstill with demands to cut emissions to zero by 2025.


She wrote: “A perfectly viable and exciting new industry that could help meet our carbon reduction targets, make us energy secure and provide jobs in parts of the country that really need them is in danger of withering on the vine – not for any technical or safety reasons, but because of a political decision.” Engel complained that a traffic light system that halts fracking when a tremor with a magnitude of 0.5 is recorded “amounts to a de facto ban”. “The UK could be on the cusp of an energy revolution the like of which we have not seen since the discovery of North Sea oil and gas,” she wrote.

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The Inter-American Court of Human Rights the judge based his decision on, also spoke out very strongly for Assange. Politicians ignore it at will.

Ecuador To Appeal Amazon Oil Exploration Ruling (AFP)

The Ecuadoran government announced Saturday it will appeal a ruling won by the country’s Waorani indigenous tribe that blocks oil companies’ entry onto ancestral Amazonian lands for exploration activities. The Ministry of Energy and Non-renewable Natural Resources said in a statement it “will appeal the decision, given that although documents and videos were presented and compliance with all standards was demonstrated, these were not taken into account.” After two weeks of deliberations, a criminal court in Puyo, central Ecuador, on Friday accepted a Waorani bid for court protection in Pastaza province to stop an oil bidding process after the government moved to open up around 180,000 hectares for exploration.


The lands are protected under Ecuador’s constitution that establishes the “inalienable, unseizable and indivisible” rights of indigenous people “to maintain possession of their ancestral lands and obtain their free adjudication.” Crucially, however, the wealth in the subsoil is owned by the state. The constitution also enshrines the need for prior consultation on any plans to exploit the underground resources, given the probable environmental and cultural impacts on tribal communities. The state reached an agreement with the Waorani over oil exploration in 2012, but the tribe’s leaders said they were duped. The judges ordered the government to conduct a new consultation, applying standards set by the Inter-American Court of Human Rights..

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Huh, what? He’s still there? Cute to see what side the impartial AFP is on.

Guaido Makes New Appeal To Venezuela Army Ahead Of Mayday Protests (AFP)

Venezuela’s opposition leader Juan Guaido used his latest mass rally on Saturday to reiterate an appeal to the army to end its support for Nicolas Maduro’s regime, and announced massive Mayday protests to oust the embattled president. Guaido told supporters at the rally in Caracas that the support of the army was “fundamental” to oust Maduro, “but time is passing and the wait cannot be eternal.” He reminded military leaders they have “a historic opportunity resting on their shoulders.” Despite support from more than 50 states who recognize him as interim president, US-backed Guaido has been unable to affect Maduro’s grip on the military, which continues to keep him in power, along with allies China and Russia.


Guaido will aim to keep up the street pressure on the regime with a huge Mayday protest on Wednesday that he said would be “the largest in the country’s history.” At his rally on Saturday, he held a swearing-in ceremony for “freedom commandos” — volunteers he has put in charge of organizing ongoing protests against the government. The government has also called for mass pro-Maduro demonstrations to be held as part of its annual Mayday parade. [..] Leftist firebrand Maduro has presided over a crumbling economy in which inflation is projected to soar to a mind-boggling 10 million percent this year, with millions of Venezuelans having fled in the face of a shortage of basic goods. Washington has hit Venezuela with a raft of sanctions aimed at cutting off financial support for Maduro and his top officials. An oil embargo comes into effect on Sunday.

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Wasn’t Podemos shut down by social media earlier this week? Oh, right, their WhatsApp channel.

Spanish Socialists Run For Re-Election Sunday On “Green New Deal De España”

The idea of a Green New Deal first sprouted in the U.S. — which is only fair, since we did the first New Deal, after all. Depending on the results of this weekend’s elections, though, Spain might be the first country to actually put one into place. The Spanish Socialist Workers’ Party, or PSOE, took over at the national level last summer following a corruption scandal that hobbled longtime Prime Minister Mariano Rajoy and his right-wing Popular Party, the PP. PSOE struck a tenuous bargain with the country’s regional nationalist parties, allowing party leader Pedro Sánchez to become prime minister. That agreement fell apart over budget negotiations earlier this spring, forcing Sánchez to call for a snap election that will take place on Sunday. PSOE is ahead in the polls and could potentially form a government with the left populist party Podemos, formed in 2014 out of Spain’s Occupy Wall Street-esque 15-M movement.


Should PSOE remain in power, Spain — Europe’s fifth-largest economy — could become a testing ground for rolling out a Green New Deal nationwide. Sánchez came out in support of the U.S. Green New Deal — sometimes translated as “El New Deal Verde” or “El Green New Deal de España” — in January and has campaigned on it throughout the election. Teresa Ribera, Spain’s minister for ecological transition, told me by phone earlier this month that a Green New Deal “accepts that we are in an emergency moment where we need to transform,” calling it an “opportunity to update our economy and our industry.” She sees it, too, as an opportunity to draw vital connections between income and wealth inequality and the degradation of the environment, “transforming that into a positive agenda.”

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“Organisers see the Paris demonstration as a dry run for Wednesday’s May Day rally, which will bring together several unions from different sectors…”

The gilets jaunes must be careful not to be co-opted as just another party political movement.

Leftwing Activists Join Gilets Jaunes For Peaceful Paris Protest (G.)

Thousands of trade unionists and activists from leftwing parties marched with gilet jaune (yellow vest) protesters through Paris on Saturday to present a united front against French President Emmanuel Macron’s latest reforms package. The demonstration, which passed off peacefully, came before the main gilets jaunes march in the eastern city of Strasbourg, where protesters clashed with police trying to enforce a ban in parts of the city centre. Veterans of the protests, which have been running for six months, led off the Paris march, which was organised by the militant CGT union. Many senior figures from the radical left marched with them, including Jean-Luc Melenchon, the leader of France Unbowed and one of Macron’s most vocal critics.


Welcoming this show of unity, Melenchon told BFM TV: “It’s the first time that there has been a call of this kind, that’s to say union organisations, associations and political movements.” It was a government plan to increase diesel prices and raise taxes on pensions last November that initially sparked the protests in rural France, which quickly ballooned into a full-scale anti-government rebellion. But in the early months of the movement, its leading figures resisted attempts by parties on the far left and the far right to hijack their cause for their own ends, as they saw it. [..] Organisers see the Paris demonstration as a dry run for Wednesday’s May Day rally, which will bring together several unions from different sectors.

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Apr 032019
 
 April 3, 2019  Posted by at 9:08 am Finance Tagged with: , , , , , , , , , , , , , ,  


Pablo Picasso Nude on a beach 1929

 

Julian Assange ‘Repeatedly Violated’ Asylum Terms – Ecuador President (G.)
Washington Concerned Over Maduro’s Stay in Power (TeleSur)
Venezuela’s Guaido Stripped Of Immunity, Can Face Prosecution (AFP)
Poorest Countries’ Debt Repayment Bills Soar (G.)
May To Meet Corbyn To Tackle Brexit Deadlock (BBC)
The Macho Drama Queens Of Brexit Are About To Be Knocked Out By Reality (G.)
May Bombshell Means The Little English Nationalist Revolution Is Over (Mason)
Anish Kapoor’s Brexit Artwork: Britain On The Edge Of The Abyss (G.)
Trudeau Expels Two Ex-Ministers From Ruling Party In Bid To End Scandal (R.)
Joe Biden’s 2020 Ukrainian Nightmare (Solomon)
Senate Investigates Claims Of Poor FAA Training In 737 Max Approval (CNBC)
Canada Warming At Twice The Global Rate (G.)
Toxic Air Will Shorten Children’s Lives By 20 Months (G.)

 

 

The story is basic: Lenin Moreno gets caught with his hand in the cookie jar (as revealed in the INA papers) , and seeks to use Assange as a way to deflect attention from that. Photos of his family life years ago in Europe surfaced online, and he blames Assange and WikiLeaks for that. Summary: stupid story.

But what is even worse, though nobody seems to have noticed, is that the Guardian have the story written up be none other than Dan Collyns (in Lima, Peru), who in November with Luke Harding wrote the soon fully discredited (by Robert Mueller, no less) article: Manafort Held Secret Talks With Assange In Ecuadorian Embassy.

The Guardian is officially entirely shameless. Collyns and Luke Harding still work there, as does Kathy Viner, their editor. Not one word of apology was ever uttered for making things up out of thin air just to smear people. Trump should have his people look into this.

Julian Assange ‘Repeatedly Violated’ Asylum Terms – Ecuador President (G.)

Ecuador’s president, Lenín Moreno, has said the WikiLeaks founder Julian Assange had “repeatedly violated” the conditions of his asylum in the country’s London embassy, where he has lived for close to seven years. Speaking to the Ecuadorean radio broadcasters association on Tuesday, Moreno said under the terms of his asylum “Assange cannot lie or, much less, hack into private accounts or private phones” and he could not “intervene in the politics of countries, or worse friendly countries”. Moreno fulminated that “photos of my bedroom, what I eat and how my wife and daughters and friends dance” had been circulated on social media but stopped short of directly accusing WikiLeaks of circulating hacked photos of his family and wiretapping his phone calls and private conversations.

The Ecuadorean government, however, has said it believes the whistleblowing organization shared the photos, which date back several years to when Moreno and his family lived in Geneva. Moreno’s outburst was yet another sign of the Ecuadorean president’s waning tolerance for Assange’s prolonged occupancy of the country’s London embassy since mid-2012. “We should ensure Mr Assange’s life is not at risk but he’s violated the agreement we have with him so many times,” Moreno said of the WiklLeaks founder. The Ecuadorean government directly referred to WikiLeaks in a formal complaint to the special rapporteur for the right to privacy, Joseph Cannataci, at the UN’s human rights council on Monday.

It accused the organization of using social media to spread hacked private photos and personal information from Moreno’s personal computers, tablets and other devices. WikiLeaks tweeted on Tuesday that Moreno had said he would take a decision about Assange’s fate “in the short term” after it had reported on an “offshore corruption scandal wracking his government”. Known in Ecuador as the Ina Papers, the scandal alleges Moreno corruptly benefitted from an offshore account in Panama. Moreno denies any wrongdoing.

In March, the Inter-American Commission on Human Rights rejected a lawsuit filed by Assange which argued that stringent house rules applied since October 2018 in the embassy violated “his fundamental rights and freedoms”. The legal move was also rejected by an Ecuadorean judge last year. Ecuador’s foreign minister, José Valencia, told the Guardian Assange’s conditions were in line with international law and a failure to follow them would breach the terms of his asylum. Moreno has also accused his predecessor turned arch enemy Rafael Correa of spying on him. In September 2017, months after taking office, he accused the former Ecuadorean president of planting a hidden camera in the wall of his presidential office. Correa denies any wrongdoing.

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There are Russian and Chinese “functionaries” in the country now. A military coup or invasion doesn’t appear to be the way to go.

Washington Concerned Over Maduro’s Stay in Power (TeleSur)

Maduro’s stay in power has Washington as well as various regional neighbor countries worried about the situation. It seems that Venezuela’s neighbors followed a false promise to get rid off the Venezuelan President rather quickly. According to the report, allies of the U.S. are disappointed with the result and are now questioning their decision to recognize Juan Guaido as interim president. A military invasion seems to be the only method available to accomplish their goal, and such a scenario doesn’t sit all too well with countries like Colombia and Brazil, according to the report. Self-proclaimed President Juan Guaido has also upped his rhetoric on a foreign military intervention as people start to question his own intentions.


During a rally in Los Teques, near Caracas, Guaido spoke to a crowd of people expressing his will to have a foreign power bomb his own country. “Of course, we will refer to 187. We did not speak here between the lines, here we spoke very clearly.” Referring to article 187.11 of the Venezuelan constitution, which regulates the authorization of a foreign military mission in the country. The U.S. has been shown to be growingly desperate over the situation in Venezuela. Trump’s Special Envoy to Venezuela and convicted war-criminal, Elliot Abrams, has even resorted to threats against Venezuela’s ally Russia, saying they would “pay a high price” for their support of the country.

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Doesn’t recognize the Supreme Court.

Venezuela’s Guaido Stripped Of Immunity, Can Face Prosecution (AFP)

Venezuelan lawmakers loyal to President Nicolas Maduro stripped opposition leader Juan Guaido’s immunity Tuesday – and authorized the high court to criminally prosecute him for proclaiming himself the crisis-hit country’s ruler. Guaido – whose claim is recognized by over 50 countries – had earlier expressed fears of being abducted by government agents following a request by the Supreme Court to the Constituent Assembly to lift his parliamentary immunity. Critics of the controversial two-year-old body say it was created to rubber-stamp Maduro’s decisions and sideline the opposition-controlled National Assembly.


The Constituent Assembly’s president, Diosdado Cabello, announced pro-Maduro lawmakers had unanimously authorized the Supreme Court to prosecute Guaido, leaving him also liable to be charged for breaching a January 29 government ban on leaving the country. The court had been investigating Guaido for usurping Maduro’s powers by declaring himself interim president on January 23 – a move which rapidly gained international support. “The people are determined and nothing is going to stop us,” said a defiant Guaido in response. “There is no turning back in this process.” Guaido recognizes neither the court nor the Constituent Assembly and insisted the decision was invalid.

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Feature not a flaw.

Poorest Countries’ Debt Repayment Bills Soar (G.)

Debt repayments by the world’s poorest countries have doubled since 2010 to reach their highest level since just before the internationally organised write-off in 2005, campaigners have warned. The Jubilee Debt Campaign (JDC) said a borrowing spree when global interest rates were low had left many developing nations facing repayments bills that were forcing them into public spending cuts. Plunging commodity prices, a stronger dollar and rising US interest rates had combined to increase debt repayments by 85% between 2010 and 2018, the JDC said. The bid to reduce the unaffordable debts of the world’s poorest countries was prompted by grassroots activism in the late 1990s and early 2000s, first with the Jubilee 2000 campaign and then with Make Poverty History.


But the financial position of many developing nations has again deteriorated in recent years. Repayments account for more than 12% of government revenue on average, the highest level since 2004, the year before the G8 summit held at Gleneagles agreed a comprehensive package of financial assistance involving aid and debt relief. The International Monetary Fund has become increasingly concerned at the financial vulnerability of poor countries and will discuss the issue at its spring meeting in Washington DC next week. Two-fifths of low-income countries are assessed by the IMF to be at “elevated risk of debt distress”, a doubling since 2013.

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Waving that white flag.

May To Meet Corbyn To Tackle Brexit Deadlock (BBC)

Theresa May is expected to meet Jeremy Corbyn later after she said she wanted to work with the Labour leader to break the Brexit deadlock. The prime minister hopes the two of them can come up with a modified version of her deal with the EU that can secure the backing of MPs. Mr Corbyn says he wants a customs union and workers’ rights to be priorities. But Tory Brexiteer Boris Johnson has accused Mrs May of “entrusting the final handling of Brexit to Labour”. Jacob Rees-Mogg, another prominent Brexiteer, described the offer as “deeply unsatisfactory” and accused Mrs May of planning to collaborate with “a known Marxist”.


Mrs May announced her plan to meet Mr Corbyn – as well as her intention to ask the EU for an extension to the Brexit deadline – after more than seven hours of talks with her cabinet on Tuesday. BBC political editor Laura Kuenssberg says the latest move means the prime minister is likely to adopt a closer relationship with the EU – a softer Brexit – than she has agreed so far. Mr Corbyn said he was “very happy” to meet Mrs May an recognised his own “responsibility” to try to break the deadlock. But the meeting is not expected to take place before this afternoon, at the earliest, says our political editor, who was told by Mr Corbyn’s team that he was not available on Wednesday morning for talks with the PM.

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More funny than anything.

The Macho Drama Queens Of Brexit Are About To Be Knocked Out By Reality (G.)

The closer the Brexit doomsday clock ticks to midnight, the more of a certain type of machismo we get. I find it extremely encouraging. It suggests that if and when all else fails, the Brexit ultras can either fight or fuck their way out of this. Happily, not one of them feels miscast in this hypersexualised action hero role. “How are you feeling tonight?” Sky News inquired of Steve Baker, who last week was wishing he could tear down parliament and bulldoze it into the Thames. “Well, everyone knows I’m Brexit hardman Steve Baker,” came the reply from the man everyone knows needed a cuddle off Jacob Rees-Mogg after the aforementioned ’dozer speech. To me, Steve reads like a come-and-get-me plea to Game of Thrones’ Arya Stark, but we will deal with the rest of his posturing a bit later.


For now, onwards to his equally virile ERG colleague Mark Francois, who you may know serves as Second Lieutenant in the Brexit Catering Corps (Territorial). “My message to the chancellor is simple,” honked Mark, of Philip Hammond’s suggestion that Brexiters such as him not voting for Brexit was making a customs unions more likely. “Up yours!” Oh dear. I would like to say that Mark was last seen boasting about his penis size to readers of his local newspaper, but in reality that was at least 287 of his media appearances ago. Indeed, my message to the voters in Mark’s Rayleigh and Wickford constituency would be: thank you for your service. You guys basically elected a forehead vein. Mark is currently to be found bulging on TV three times an hour.

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Mason’s a bit too left for me, but he’s right here.

May Bombshell Means The Little English Nationalist Revolution Is Over (Mason)

The carefully crafted illusions the May administration were founded on have crumbled into dust. After three years of civil service expertise wasted, billions of pounds of growth lost and two years’ worth of legislative time squandered, Theresa May stopped trying to get Brexit through with Tory votes and turned to Jeremy Corbyn. Corbyn will be asked to co-author a new version of the political declaration acceptable to Labour or, failing that, to help engineer a majority in the Commons, either for a Norway-style deal or a customs union. In effect, May has bottled out of a fourth “meaningful vote”, ditched the threat of no deal completely and, in a desperate attempt to avoid an election, has thrown herself on the mercy of parliament. It should show no mercy.


Labour’s proposed Brexit deal would sign Britain up to the customs union and enter a state of “dynamic alignment” with the rules of the single market. This is not the equivalent of a Norway-style deal, because it allows Britain to participate fully in the single market – with the obligation to accept freedom of movement – but to diverge over time by paying a price in lost market access. If May can accept this to the letter, and is prepared to whip her MPs for it, splitting the Tory party for a generation, Corbyn should consider the offer. But I doubt she will do so. Indeed, I doubt she will retain a shred of authority once the Tory grassroots and backbenches understand the scale of the climbdown she has made.

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“We All Fall Down”

Anish Kapoor’s Brexit Artwork: Britain On The Edge Of The Abyss (G.)


Echoes of the trenches … Kapoor’s work, titled A Brexit, A Broxit, We All Fall Down. Photograph: Anish Kapoor

Anish Kapoor has exposed a bottomless void at the heart of Britain. You could topple in there and never stop falling. In fact, that is exactly what we have done – and solid ground still seems to be nowhere in sight. This artwork, which Kapoor has created for the Guardian, is his response to our current predicament and the new Britain that appeared after the leave vote. Although the Mumbai-born artist has given it a title – A Brexit, A Broxit, We All Fall Down – he does not wish to make any further comment about the piece, preferring to let it speak for itself. The use of colour to suggest infinite voids is one of Kapoor’s most mind-bending abilities as an artist – as a visitor to an exhibition in Portugal recently discovered.


The man actually fell into one work, a black hole in the floor of the gallery. The artist’s use of the world’s blackest paint, which is actually called Kapoor Black, made it impossible to gauge the hole’s depth. When the man fell in, it turned out to be a lot shallower than it looked, luckily for him. This wound, however, is anything but shallow. Britain has inflicted a dreadful injury on itself: a gory rip stretching from Glasgow to the south coast. Our fellow Europeans are watching aghast from across the water as we near the abyss of a no-deal Brexit. Kapoor suggests the damage is even visible from space. His artwork might serve as a warning to any passing flying saucers: avoid this riven nightmare of a nation.

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Justin vs the Whistleblowers.

Trudeau Expels Two Ex-Ministers From Ruling Party In Bid To End Scandal (R.)

Canadian Prime Minister Justin Trudeau on Tuesday sought to quell a crisis that threatens his chances of re-election, expelling from party ranks two former Cabinet members he said had undermined the ruling Liberals. Trudeau said former Justice Minister Jody Wilson-Raybould and former Treasury Board chief Jane Philpott would no longer be allowed to sit as Liberal legislators. They were also barred from running for the party in the federal election this October. The Liberals have been in turmoil since Wilson-Raybould said in February that officials had inappropriately pressured her last year while she was justice minister to ensure that construction company SNC-Lavalin Group Inc escape a corruption trial.


“The trust that previously existed between these two individuals and our team has been broken,” Trudeau told an emergency meeting of caucus. “Civil wars within parties are incredibly damaging because they signal to Canadians that we care more about ourselves than we do about them,” said Trudeau, 47, who took office in November 2015 and faces a tough re-election battle this autumn. Wilson-Raybould, who tweeted news of her ouster before Trudeau’s announcement, was demoted in January and resigned the next month. Philpott quit shortly afterward, saying she had lost confidence in how Trudeau was handling the matter.

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“I’m going to be leaving here in, I think it was about six hours. I looked at them and said: ‘I’m leaving in six hours. If the prosecutor is not fired, you’re not getting the money,’” Biden recalled telling Poroshenko.”

Joe Biden’s 2020 Ukrainian Nightmare (Solomon)

Two years after leaving office, Joe Biden couldn’t resist the temptation last year to brag to an audience of foreign policy specialists about the time as vice president that he strong-armed Ukraine into firing its top prosecutor. In his own words, with video cameras rolling, Biden described how he threatened Ukrainian President Petro Poroshenko in March 2016 that the Obama administration would pull $1 billion in U.S. loan guarantees, sending the former Soviet republic toward insolvency, if it didn’t immediately fire Prosecutor General Viktor Shokin. “I said, ‘You’re not getting the billion.’ I’m going to be leaving here in, I think it was about six hours. I looked at them and said: ‘I’m leaving in six hours. If the prosecutor is not fired, you’re not getting the money,’” Biden recalled telling Poroshenko.

“Well, son of a bitch, he got fired. And they put in place someone who was solid at the time,” Biden told the Council on Foreign Relations event, insisting that President Obama was in on the threat. Interviews with a half-dozen senior Ukrainian officials confirm Biden’s account, though they claim the pressure was applied over several months in late 2015 and early 2016, not just six hours of one dramatic day. Whatever the case, Poroshenko and Ukraine’s parliament obliged by ending Shokin’s tenure as prosecutor. Shokin was facing steep criticism in Ukraine, and among some U.S. officials, for not bringing enough corruption prosecutions when he was fired. But Ukrainian officials tell me there was one crucial piece of information that Biden must have known but didn’t mention to his audience: The prosecutor he got fired was leading a wide-ranging corruption probe into the natural gas firm Burisma Holdings that employed Biden’s younger son, Hunter, as a board member.

[..] U.S. banking records show Hunter Biden’s American-based firm, Rosemont Seneca Partners LLC, received regular transfers into one of its accounts — usually more than $166,000 a month — from Burisma from spring 2014 through fall 2015, during a period when Vice President Biden was the main U.S. official dealing with Ukraine and its tense relations with Russia. The general prosecutor’s official file for the Burisma probe — shared with me by senior Ukrainian officials — shows prosecutors identified Hunter Biden, business partner Devon Archer and their firm, Rosemont Seneca, as potential recipients of money. Shokin told me in written answers to questions that, before he was fired as general prosecutor, he had made “specific plans” for the investigation that “included interrogations and other crime-investigation procedures into all members of the executive board, including Hunter Biden.”

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WIll they fly again in 2019?

Senate Investigates Claims Of Poor FAA Training In 737 Max Approval (CNBC)

The Senate Commerce Committee is launching a probe into whistleblower complaints accusing the Federal Aviation Administration of improperly training its safety inspectors to review the Boeing 737 Max jets. “In light of recent 737 crashes in Indonesia and Ethiopia, the committee is investigating any potential connection between inadequate training and certification of Aviation Safety Inspectors who may have participated in the FSB evaluation of the 737 MAX,” Sen. Roger Wicker, R-Miss., chairman of the committee, wrote to FAA Acting Administrator Daniel Elwell on Tuesday. “Allegations from these whistleblowers include information that numerous FAA employees … had not received proper training and valid certifications.” Wicker said that the FAA may have been notified about these deficiencies as early as August 2018 and that an agency investigation into the allegations may have already been completed.

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And it makes no difference what Canada does.

Canada Warming At Twice The Global Rate (G.)

Canada is warming twice as fast as the rest of the world, a landmark government report has found, warning that drastic action is the only way to avoid catastrophic outcomes. “The science is clear – Canada’s climate is warming more rapidly than the global average, and this level of warming effectively cannot be changed,” Nancy Hamzawi, assistant deputy minister for science and technology at Environment and Climate Change Canada, told reporters on Monday. The report, released late on Monday by Environment and Climate Change Canada, paints a grim picture of Canada’s future, in which deadly heatwaves and heavy rainstorms become a common occurrence. Forty-three government scientists and academics authored the peer-reviewed report.

While global temperatures have increased 0.8C since 1948, Canada has seen an increase of 1.7C – more than double the global average. And in the Arctic, the warming is happening at a much faster rate of 2.3C, the report says. While the increased warming in the Arctic is not yet fully understood, snow and ice play a critical role in reflecting the sun’s radiation and heat. But scientists say the retreat of glaciers and disappearing sea ice both contribute to a feedback loop of warming, which is one of the factors contributing to Canada’s disproportionate temperature increase. The report suggests the majority of warming felt in Canada and around the globe is the result of burning fossil fuels.

Canada has already pledged to cut emissions by 200m tonnes by 2030 – a cornerstone of Prime Minister Justin Trudeau’s national climate strategy – largely through a federally mandated carbon tax and shuttering coal-fired plants. [..] The report makes clear that Canada faces markedly different outcomes, depending on the policies it chooses to reduce emissions. Under a scenario in which global emissions are dramatically reduced, average temperatures will rise only 3C across the country by 2100, including the Arctic region. But if countries – including Canada – fail to act aggressively, increases of 7-9 degrees are likely, and the Arctic faces the prospect of 11 degrees of warming. Under the report’s worst-case scenario, the risk of deadly heatwaves increases tenfold bring with it droughts and forest fires.

Read more …

Interesting detail: the graph does not include Europe and North America.

But man, what a brainless species.

Toxic Air Will Shorten Children’s Lives By 20 Months (G.)

The life expectancy of children born today will be shortened by 20 months on average by breathing the toxic air that is widespread across the globe, with the greatest toll in south Asia, according to a major study. Air pollution contributed to nearly one in every 10 deaths in 2017, making it a bigger killer than malaria and road accidents and comparable to smoking, according to the State of Global Air (SOGA) 2019 study published on Wednesday. In south Asia, children can expect to have their lives cut short by 30 months, and in sub-Saharan Africa by 24 months, because of a combination of outdoor air pollution caused by traffic and industry, and dirty air indoors, largely from cooking fires.


In east Asia, air pollution will shorten children’s lives by an estimated 23 months. However, the life expectancy burden is forecast to be less than five months for children in the developed world. “That the life of children is being shortened so much came as really quite a shock,” said Robert O’Keefe, the vice-president of the Health Effects Institute, which produced the report. “There is no magic bullet but governments should be taking action.”

Read more …

Mar 282019
 
 March 28, 2019  Posted by at 9:45 am Finance Tagged with: , , , , , , , , , , , ,  


Pablo Picasso Self portrait 1907

 

UK MPs Vote Down All Alternative Brexit Options (G.)
Speaker Issues Fresh Warning Over Third Vote On May’s Brexit Deal (G.)
May Vows To Resign Before Next Phase Of Brexit If Deal Is Passed (G.)
DUP Vows To Block May’s Brexit Deal After She Offers To Resign (Ind.)
Turkey Is Unraveling Fast (Colombo)
Erdogan’s Big Turkish Ambitions Could Come Tumbling Down (BBC)
MEPs Approved Controversial ‘Meme Ban’ EU Copyright Law By Accident (Ind.)
Rachel Maddow Sheds 500,000 Viewers In Post-Mueller Slump (RT)
Deutsche Bank Seeking a “Guarantee of Existence” with Monster-Merger? (WS)
‘Why Not Give Israel North & South Carolina?’ Syrian Envoy Asks US At UN (RT)
‘Leave Syria First’: Moscow Reacts To Trump’s Demand To Leave Venezuela (RT)
Monsanto Ordered To Pay $80 Million In Damages To Cancer Victim (G.)
‘Doomsday Vault’ Town Warming Quicker Than Any Other On Earth (Ind.)

 

 

They can’t agree on anything. But they will keep trying, until they find something that can be accepted, by a narrow margin. And that narrow margin will be used to push through Brexit, which was voted for by narrow margin. A recipe for disaster. This can only end well if they put it off and talk first.

UK MPs Vote Down All Alternative Brexit Options (G.)

A first attempt by MPs to find a consensus route forward for Brexit has ended in deadlock and confusion after the Commons rejected every option put forward, albeit with a near-even split on the idea of joining a customs union. Oliver Letwin, the veteran Conservative MP who led the process which allowed backbenchers to seize control of the order paper to hold a series of indicative votes, said the results were “disappointing” but he hoped a new round of votes would be held on Monday. The Speaker, John Bercow, said he would allow this to take place, prompting shouts of protests from many MPs. The Brexit secretary, Stephen Barclay, said the results strengthened the government’s view that Theresa May’s Brexit deal was the best and only way forward.


On the lack of a majority for any of the eight alternatives put to the vote on Wednesday, he said: “It demonstrates that there is not easy option here, that there is no easy way forward.” Groups of MPs had suggested 15 ideas, of which eight were selected by Bercow for votes. The closest result was a commitment for the government to negotiate a “permanent and comprehensive UK-wide customs union with the EU” in any Brexit deal. Put forward by the pro-EU Tory veteran Ken Clarke and others, it was voted down by 272 votes to 264. The only other relatively close vote was on a plan drawn up by the Labour MPs Peter Kyle and Phil Wilson, and tabled by the former foreign secretary Margaret Beckett, to require a referendum to confirm any Brexit deal. This was lost by 268 votes to 295.

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But everything hangs on that vote.

Speaker Issues Fresh Warning Over Third Vote On May’s Brexit Deal (G.)

Theresa May’s hopes of putting her Brexit deal to a third meaningful vote have hit another obstacle after John Bercow said parliamentary procedures could not be used to present it unchanged, even as more senior Eurosceptics seem to be getting behind the agreement. Amid speculation the prime minister is making a private pact to set a date to stand down when the deal goes through, more than 20 Conservative Eurosceptics have publicly suggested they will change their minds because they do not want a softer Brexit. Even if this many MPs in the European Research Group (ERG) switched, the vote would be extremely tight, but there was mounting speculation the government could table it on Thursday or Friday. This plan, however, could be scuppered after the Speaker told ministers he stood by his ruling that the twice-defeated motion could not be put to MPs again without significant change.


Bercow said he had instructed officials to block any attempts to put forward the same or similar plan using procedural rule changes, for example, by using a vote by MPs to instruct the Commons to overlook the rule behind his block. “I understand that the government may be thinking of bringing meaningful vote three before the house either tomorrow or even on Friday, if the house opts to sit that day,” Bercow told the Commons before the start of a debate on indicative votes on Brexit. “Therefore, in order that there should be no misunderstanding, I wish to make clear that I do expect the government to meet the test of change. They should not seek to circumvent my ruling by means of tabling either a notwithstanding motion or a tabling motion.

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Is it too late to say she’s too late?

May Vows To Resign Before Next Phase Of Brexit If Deal Is Passed (G.)

Theresa May has played her final desperate card to tame the Brexit rebels in her warring party, by promising to sacrifice her premiership if they back her twice-rejected Brexit deal. The beleaguered prime minister, whose authority has been shattered by the double rejection of her deal and the humiliation of a delay to Brexit day, made the offer to Tory backbenchers at a packed meeting in parliament. It came as MPs held backbench-led “indicative votes” on eight alternative Brexit options, including no deal, a referendum, a customs union and a Norway-style deal – none of which secured a majority.


May told her party’s backbench 1922 Committee: “I have heard very clearly the mood of the parliamentary party. I know there is a desire for a new approach – and new leadership – in the second phase of the Brexit negotiations, and I won’t stand in the way of that.” She added: “I am prepared to leave this job earlier than I intended in order to do what is right for our country and our party.” [..] The prime minister had hoped to remain in No 10 after exit day, and build a legacy that extended beyond the humiliations of the Brexit talks to domestic policy. But if the withdrawal agreement is passed and Britain leaves the EU in eight weeks’ time, she could now be gone before the summer – after just three years in the top job.

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The fringe group she needed after her terrible election outcome now keeps her from pushing through her deal. Poetic justice?

DUP Vows To Block May’s Brexit Deal After She Offers To Resign (Ind.)

Theresa May’s plan to secure Tory MPs’ backing for her Brexit deal by promising to resign has been blown apart after her DUP partners in government vowed to block it in a new vote. Ms May announced she will resign within weeks if Tory rebels desperate to see the back of her, allow the Brexit deal she struck with Brussels to pass through the House of Commons. The move did see Boris Johnson and other rebels finally fall into line, but within hours the boost was wiped out when DUP leader Arlene Foster branded the prime minister’s Brexit plan an “unacceptable threat” to the UK’s integrity.


With the success of Ms May’s final gambit now heavily in doubt, MPs held a series of votes to determine if any compromise can be found to break the parliamentary deadlock – but none of the eight options tested gained a majority. Earlier in the day cabinet ministers went on the airwaves to show support after Ms May’s pledge and to urge MPs to get behind her Brexit deal, but several will now ramp up preparations for a leadership contest with the PM looking fatally weakened. Several Conservatives told The Independent that with her Brexit plan on its last legs and parliament having so far failed to find an alternative, a new election now appears a very real possibility.

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Erdogan is in full scale war with financial markets, even going up against JP Morgan. The classic failure of fighting against the shorts, which is like fighting windmills. But he thinks he has a right to be god in his own country.

Turkey Is Unraveling Fast (Colombo)

This week, Turkey further roiled markets by preventing foreign banks from accessing the liras they need to close out their swap positions. That’s made it almost impossible for bankers to short the lira or exit carry trades, and forced the overnight lira rate up to about 1,000 percent from 23 percent.

Turkey’s shocking intervention this week – which sought to punish speculators who were betting against the lira – is more confirmation that the country’s financial and economic situation is spiraling out of control. The primary reason for this turmoil is the bursting of Turkey’s 15 year old credit bubble. To summarize, a credit bubble formed in Turkey starting in the early-2000s, which led to an artificial economic boom. Private sector credit grew from roughly 15% of GDP in 2003 to 70% of GDP in 2016. Surging interest rates are now bursting the credit bubble and putting an end to the artificial economic boom.


Unfortunately, Turkey’s situation is only going to get worse – a 15 year-old credit bubble doesn’t resolve in a mere six months. This week’s currency intervention will only serve to scare away foreign investors, which will contribute to the downward spiral. Turkey is just one of many emerging economies that have experienced credit bubbles in the past decade due to the stimulative actions of global central banks. Bubbles – including the one in Turkey – have caused global debt to explode by $150 trillion in 15 years and $70 trillion in 10 years. Even if you do not invest directly in Turkey, you are still likely exposed to contagion risk – welcome to the downside of globalization.

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Yup. Biggest airport in the world.

Erdogan’s Big Turkish Ambitions Could Come Tumbling Down (BBC)

The crater is the size of a football pitch, dug 50 metres (165ft) deep into the earth. Mounds of rock line the surface. The only life here is the seagulls drinking from pools of stagnant water. It was supposed to be the site of Istanbul’s gleaming new development: a grandiose mix of apartments, malls and spas in the district of Fikirtepe. The promotional video from 2010 showed a symbol of Turkey’s newfound wealth. The houses of at least 15,000 people were demolished to make way for it. Many paid deposits to buy into the project. But as financial problems hit, investors pulled out – and most of the planned buildings never materialised. All that’s left is a gaping hole of bankrupt companies and broken promises.

It is symptomatic of a wider economic slump that poses the gravest threat to Recep Tayyip Erdogan in his 16 years in power. Polls before this weekend’s local elections suggest his governing AK Party could lose control of the capital, Ankara – and perhaps even Istanbul. Over the past 16 years, Mr Erdogan has championed construction as the engine of Turkey’s growth. His so-called “mega projects” – from airports to bridges to tunnels – have transformed the country’s infrastructure. And high-rise housing developments have changed city skylines, often to the horror of architects. Construction moguls close to the president have won state tenders through political support. The industry is mired in claims of corruption and cronyism.

But with inflation now at 20% and the Turkish lira having plunged by around a third, the cost of importing raw materials and servicing foreign loans has soared – and construction companies are failing. Pana Yapi, the conglomerate running the Fikirtepe project, told the BBC “the whole country is going through an economic crisis”, arguing that it too is a victim. Cranes suspended in mid-air and half-built skyscrapers that now dot Istanbul are a sign of that crisis. Turkey entered recession last year, shrinking 3% in the final quarter. Many fear there is worse to come. “Turkey is heavily dependent on foreign-denominated debt and when that’s harder to service, that’s when you see the problems we’re in”, said Can Selcuki, general manager at Istanbul Economics Research.

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The EU will split itself off the global internet because representatives didn’t understand procedures, and can’t correct their mistakes.

MEPs Approved Controversial ‘Meme Ban’ EU Copyright Law By Accident (Ind.)

The most controversial “meme ban” part of new EU copyright law was voted through by MEPs by mistake, it has emerged. This week, the European Parliament voted to pass the new copyright regulations, which critics claim could fundamentally alter how the internet works. And one vote on those specifics of those rules appears to have been decided on the basis of MEPs who approved them by accident. During deliberations on the new regulations, MEPs were offered the chance to specifically debate the two most controversial pieces of the law: Article 11, which would stop search engines from showing snippets of text from other websites, and the renamed Article 13, which requires that tech companies ensure their users are not violating copyright and has been accused of leading to a “meme ban”.

The MEPs turned down an amendment that would have allowed them to specifically reject those parts of the law, by a very thin margin, in advance of the main vote. But now some of those politicians say they mistakenly voted the wrong way – and enough of them that it would have swung the vote. That amendment was rejected by just five votes. But at least ten MEPs said they had accidentally cast their vote the wrong way, and if they had voted it would have fallen the other way. Video taken during the vote shows the confusion among the politicians as they attempt to quickly vote on the amendments, which could have fundamentally changed the regulations that were eventually passed.

The voting records have now been fixed to show that a number of MEPs had cast the wrong votes, and registers the names of those who had intended to approve the amendment. But despte the fact that the voting records now show the corrected results, the original ones will still stand. There is no way for those MEPs to change the official vote, even though the records can be corrected.

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How is it possible she was ever the no. 1 show?

Rachel Maddow Sheds 500,000 Viewers In Post-Mueller Slump (RT)

After putting all its eggs in the Russiagate conspiracy-theory ‘basket’ only to be let down by the contents (or lack thereof) of the Mueller report, MSNBC – and its top attraction, Rachel Maddow – are hemorrhaging viewers.
Russian-collusion high priestess Rachel Maddow’s nightly news show has slipped from number one in cable news to number six since Special Counsel Robert Mueller turned in his report on Friday, hemorrhaging half a million viewers in the space of a week. An MSNBC insider spilled the beans to the Daily Beast, assuring them that no one at the network was panicking.

“It was obviously a big couple of nights for Fox,” they said. MSNBC’s second-top-rated program, ‘The Last Word with Lawrence O’Donnell,’ was also down half a million pairs of eyes. #Resistance media reactions to Mueller’s “no more indictments” recommendation have varied wildly, from desperate pleas to “wait and see” what’s in the full report to claims that Mueller himself was compromised, or asking the wrong questions, all along. Maddow herself seems to have chosen the “denial” route:

“Can we expect President Trump and the Trump White House to finally accept the underlying factual record that Russia did in fact attack us?” she asked on Monday, interpreting the report summary of Attorney General William Barr, which found no evidence to suggest Russian collusion, as proof that the Russian menace was even more menacing than previously believed.

Maddow’s privileged status as Queen of the Russiagaters has largely insulated her from the standard journalistic responsibilities of telling the truth, fact-checking, and otherwise maintaining a reality-based narrative, but the Beast cited “many producers” at MSNBC who had noticeably backed away from other fiery preachers of the Russiagate gospel, like Malcolm “Russia has been plotting to invade the US for 20 years! Also memes are cruise missiles” Nance.

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It’s the German government trying to create a situation in which the EU/ECB catches Deutsche’s fall.

Deutsche Bank Seeking a “Guarantee of Existence” with Monster-Merger? (WS)

The chief executive of eternally troubled Too-Big-To-Fail Deutsche Bank, Christian Sewing, believes the time is ripe for a merger with its national rival, Commerzbank, combing Germany’s two biggest, most dangerous lenders. So, too does his counterpart at Commerzbank, as does US private equity firm Cerberus, which owns 3% of Deutsche Bank and 5% of Commerzbank. Germany’s Finance Minister and card-carrying social democrat Olaf Scholz is also firmly on board. Indeed, many say that he’s the one leading the charge despite the tens of thousands of job losses a merger between the two banks is guaranteed to produce. Scholz’s deputy, Joerg Kukies, has courted controversy for his previous role as co-chief executive of Goldman Sachs, which is reportedly advising Commerzbank on the proposed $28 billion tie-up.

But Kukies insists there are no conflicts of interest, which is a relief. For some time now, the German government has been exploring ways to lever a merger between the top two banks to add scale and slash expenses. As things currently stand, Deutsche Bank shows little sign of halting, let alone reversing, the “vicious cycle of declining revenues, sticky expenses, lowered ratings and rising funding costs” that the group’s CFO James von Motke says has been plaguing it. Whether lumping it together with a bank that has already been bailed out once in “a merger of weakquals,” as London-based brokerage Olivetree calls it, will help right the ship is highly debatable.

But right now, the big concern is that time is fast running out for one of Europe’s biggest and most hyper-connected lenders. Unless something drastic is done soon, the next downturn could prove fatal for an already gravely weakened Deutsche Bank whose stock has been in a death-spiral since 2007, having lost over 90% of its value, and whose price-to-book ratio — the equation often used to reflect the value that market participants attach to a company’s equity — is currently below 0.25%. Normally, when a company’s P/B ratio falls below 1, it means the market is either undervaluing it and thus it could be good value, or the company is in trouble. When the ratio slumps as low as 0.22%, as is the case with Deutsche Bank, it’s far more likely to be the latter than the former.

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The Arab world can’t let this go.

‘Why Not Give Israel North & South Carolina?’ Syrian Envoy Asks US At UN (RT)

Syria’s UN ambassador has suggested the US hand “a couple” of its own states over to Israel instead of flaunting international law and selling others’ land for favors with the Israeli lobby, like it did with the Golan Heights.
Syria’s UN Ambassador Bashar Jaafari offered a stark rebuke to the US-backed Israeli claim to the occupied Golan Heights at the UN Security Council meeting on Wednesday. Jaafari said the Trump administration does the bidding of Israeli Prime Minister Benjamin Netanyahu at the UN to curry favor with the powerful Israeli lobby in the US. In a remark that elicited a chuckle and a head-shake from his Israeli counterpart, Jaafari suggested that Washington bargain away land that is actually its to give.


Trump’s decision to back the Israeli claim to the Golan Heights comes just ahead of the Israeli general elections on April, 6 and has been widely considered as an electoral boost for Netanyahu, who is facing charges of fraud, bribery and breach of trust at home. “Don’t be misguided by thinking that one day this land will be yours due to hypocrisy or due to being a pawn in the electoral game where you bring each other support, so the Israeli can succeed in their elections and the Americans can also get support from Israeli lobbying groups in the US,” Jaafari said. The Golan Heights, seized by Israel during the 1967 Six-Day war and formally annexed in 1981, will ultimately “come back” to Syria, the Syrian diplomat said.

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“Trump upped the ante by warning Russia that “all options are open..”

‘Leave Syria First’: Moscow Reacts To Trump’s Demand To Leave Venezuela (RT)

The Trump administration should make good on its own promise to pull troops out of Syria before telling others where they should or shouldn’t be, the Russian Foreign Ministry said in reply to Washington’s threat over Venezuela. “Before they have their say in the lawful interests of other nations, I would advise the US administration to fulfill the promises that it had given to the international community,” Russian Foreign Ministry spokeswoman Maria Zakharova said, referring to US President Donald Trump’s pledge to get American troops out of Syria. The US is behaving like a “cowboy in the Louvre,” undermining international order with its “chaotic moves and unpredictable behavior,” Zakharova said.


The Russian Foreign Ministry confirmed on Wednesday that two of its military planes arrived in Venezuela as part of a 2001 military cooperation deal that does not require further approval by the Venezuelan National Assembly, which has been taken over by the opposition and the self-proclaimed ‘interim president’ Juan Guaido. The planes carrying up to 100 Russian military specialists and cargo landed outside Caracas on Saturday, prompting wild guesses in the media. Washington was incensed over the arrival of the Russian troops and denounced it as “unnecessary provocation.” Trump upped the ante by warning Russia that “all options are open” when it comes to kicking Russia out.

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They’ll just keep on appealing.

Monsanto Ordered To Pay $80 Million In Damages To Cancer Victim (G.)

A federal jury ruled that Monsanto was liable for a California man’s cancer and ordered the Roundup manufacturer to pay $80m in damages. The ruling on Wednesday, which holds the company responsible for the cancer risks of its popular weedkiller, is the first of its kind in US federal court and a major blow to Monsanto and its parent company, Bayer. A spokesperson said Bayer would appeal. In a verdict during an earlier phase of the trial, the jury in San Francisco unanimously ruled that the herbicide was a “substantial factor” in causing the cancer of Edwin Hardeman. Hardeman, a 70-year-old Santa Rosa man, was the first person to challenge Monsanto’s herbicide in a federal trial, alleging that his exposure to the glyphosate weedkiller caused him to develop non-Hodgkin’s lymphoma (NHL), a cancer that affects the immune system.


The case has attracted international attention and raised new questions about the potential health hazards of Roundup. It also challenged the conduct of Monsanto, now owned by the German pharmaceutical company Bayer. The corporation is facing more than 9,000 similar lawsuits across the US that allege Roundup has caused cancer. The jury ruled that Roundup’s design was “defective”, that the product lacked sufficient cancer warnings, and that Monsanto was negligent in its failure to warn Hardeman of the NHL risk. The jurors ordered the company to pay Hardeman $75m in punitive damages, $200,000 for past economic losses and $5.6m in non-economic losses.

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Another win for Monsanto.

‘Doomsday Vault’ Town Warming Quicker Than Any Other On Earth (Ind.)

The world’s northernmost settlement and home to what is known as the “Doomsday vault” – the subterranean Svalbard global seed vault which stores specimens of almost all the world’s seeds – is now believed to be the fastest-warming location on Earth, according to a new report. Longyearbyen, on the Norwegian island of Svalbard, had an average temperature in Svalbard was -7.8C in 1900 but since then, it has risen by 3.7C – more than three times the global average rise of about 1°C. Not only has it become significantly warmer, but wetter too, spelling trouble for the Doomsday vault as the seeds’ preservation depends on stable temperatures and bone-dry conditions.


“Svalbard is the ultimate failsafe for biodiversity of crops,” Marie Haga, the executive director of the Crop Trust told CNN. The vault was opened in 2008. Its construction was funded by the Norwegian government and built in partnership with the country’s Crop Trust and is now a secure storage unit for around a million seed samples, representing over 13,000 years of agricultural history. [..] Set deep within a mountain in a geologically inert area, there is a very low risk of earthquakes or volcanoes and similarly, Norway’s political system is also “very stable”, Ms Haga said. The seeds are stored at -18C. But the increasing likelihood of wet weather has already seen major upheaval at the site. Following heavy rainfall in October 2016, the entrance to the seed vault became half-flooded and ended up freezing into huge blocks of ice.

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Mar 042019
 
 March 4, 2019  Posted by at 10:21 am Finance Tagged with: , , , , , , , , , , , , ,  


Robert Frank London 1951-52

 

US, China Said To Appear Close To Deal To Roll Back Tariffs (R.)
Beijing To Encourage ‘Shadow’ Lending To Boost Growth – China Economist (CNBC)
Beijing Locked Down For China’s Greatest Political Spectacle (G.)
Huawei: Meng Wanzhou Sues Canadian Government Over Arrest (AP)
May Accused Of £1.6bn Brexit ‘Bribe’ Over New Fund For Deprived Towns (Ind.)
Russia Tells US It Is Ready For Bilateral Talks On Venezuela (R.)
Roger Stone Suggests In Instagram Post Robert Mueller ‘Framed’ Him (CNBC)
Donald Trump Facing Major New Investigation Into ‘Abuse Of Power’ (Ind.)
America’s Trust In Mainstream Media Hits Rock Bottom (SCF)
Trump Blames Timing Of Cohen Testimony For Collapse Of Kim Jong-Un Summit (G.)
US Voters Overwhelmingly Reject “Socialists” And Candidates “Over 75” (ZH)
Carpocalypse Now: We’re In The Endgame For Cars (BI)
Toxic Agrochemicals And Regulators’ Collusion With Industry (OffG)
Endangered Fruit Bats ‘Being Driven To Extinction’ In Mauritius (Ind.)

 

 

Can’t wait to see the details

US, China Said To Appear Close To Deal To Roll Back Tariffs (R.)

The United States and China appear close to a deal that would roll back U.S. tariffs on at least $200 billion worth of Chinese goods, as Beijing makes pledges on structural economic changes and eliminates retaliatory tariffs on U.S. goods, a source briefed on negotiations said on Sunday. U.S. President Donald Trump and Chinese President Xi Jinping could seal a formal trade deal at a summit around March 27 given progress in talks between the two countries, the Wall Street Journal reported on Sunday. In an eight-month trade war, the United States has imposed punitive tariffs on $250 billion worth of imports from China, while Beijing has hit back with tariffs on $110 billion worth of U.S. goods, including soybeans and other commodities.

The actions have roiled financial markets, disrupted manufacturing supply chains and reduced U.S. farm exports. Trump administration officials have said they expect the two presidents to “close” a deal at a summit in coming weeks at Trump’s Mar-a-Lago estate in Florida. The source briefed on the talks said that no dates for a summit had been determined, but that Beijing had reserved a 10-day window from around March 20 for a possible summit. Many details still needed to be worked out, including the terms of an enforcement mechanism to ensure that Beijing follows through on pledges to make changes to policies to better protect U.S. intellectual property, end forced technology transfers and curb industrial subsidies.

Another source familiar with the talks said that Washington and Beijing were close to agreement on non-enforcement issues, including China’s pledges to increase purchases of farm, energy and manufactured products, as well as six agreements on structural policy changes.

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Xiang Songzuo is the same economist who is December said Chinese GDP growth was just 1.67%. But openly saying that Xi is selling his soul to the shadows is quite the statement again. How’s that linked to the tariffs deal?

Beijing To Encourage ‘Shadow’ Lending To Boost Growth – China Economist (CNBC)

After tamping down on shadow banking in the last few years, China will now likely encourage such lending to boost economic growth, a Chinese economist told CNBC on Monday ahead of the country’s annual parliamentary session. “The top agenda of (the) NPC this year is to design policies to prevent further decline (of growth rate),” said Xiang Songzuo, professor at Renmin University in Beijing, referring to the National People’s Congress, which kicks off on Tuesday. “I think this year, regulators will encourage more shadow banking financing, particularly to the private sector,” said Xiang, who was previously a deputy director at the People’s Bank of China and chief economist at the Agricultural Bank of China.

Shadow banking refers to activities performed by financial firms outside the formal banking sector, and therefore subject to lower levels of regulatory oversight and higher risks. According to Xiang, Chinese officials have moved from talking about cutting debt to stabilizing the economy. China’s GDP target last year was around 6.5%. Sources have told Reuters that Beijing will likely set a growth target of between 6.0 to 6.5% in 2019. Shadow banking is “coming back,” Xiang said. In addition to spending more on infrastructure, Beijing will also need to stimulate the economy through lending, particularly to the private sector, he added. [..] Beijing will need to tread a tightrope as it faces the dilemma of what increased shadow lending could bring, said Xiang. “On the one hand, they need shadow banking to finance investment; but on the other hand, they (need to) try to control the potential risks,” he added.

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Orwell lives!

Beijing Locked Down For China’s Greatest Political Spectacle (G.)

China’s largest political event of the year, a meeting of legislative delegates and political advisers known as the “two sessions”, gets under way this week and comes at a time when Chinese leader Xi Jinping faces one of the most challenging periods since coming to power. Thousands of delegates will descend on the Great Hall of the People in Beijing while authorities go into overdrive to prevent any semblance of dissent during the two weeks of meetings of the 3,000-strong National People’s Congress (NPC) , and the Chinese People’s Political Consultative Conference (CPPCC), an advisory body. Xi faces public scrutiny against the backdrop of a slowing Chinese economy, a bruising trade war with the US, heightened international concern over Chinese tech firm Huawei, and growing global criticism over Chinese policies in Xinjiang.

[..] Debate among delegates, scholars, and political observers will be even more constrained this year. Notices ahead of the meeting instruct party members on the “right way to build the party” banning over-the-top praise of the party as well as criticism. “People can’t talk normally, and now even this kind of expression is forbidden. It shows this is a very sensitive period,” said Zhang Lifan, a historian based in Beijing who follows elite Chinese politics. “I’m afraid party committees have taken many preventive measures, to prevent any sensitive speech that can lead to a chaos during the meeting.” He believes discussion of economic issues and the trade war are inevitable. “I think there will still be some ways of talking about the political system, not in direct ways, but using the economy,” he said.

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This will hurt Canada much more than the US.

Huawei: Meng Wanzhou Sues Canadian Government Over Arrest (AP)

Meng Wanzhou, the chief financial officer of Chinese technology company Huawei, is suing the Canadian government, its border agency and the national police force over her high-profile detention. Meng claims they detained, searched and interrogated her before telling her she was under arrest. Lawyers for Meng said on Sunday they had filed a notice of civil claim in the British Columbia supreme court. Canada arrested Meng, the daughter of Huawei’s founder, at the request of the US on 1 December at Vancouver airport. US prosecutors will accuse her of misleading banks about the company’s business dealings in Iran. Meng’s lawsuit alleges that instead of immediately arresting her, authorities interrogated her “under the guise of a routine customs” examination and used the opportunity to “compel her to provide evidence and information”.

The suit also claims Canada Border Service Agency agents seized her electronic devices, obtained passwords and unlawfully viewed the contents and intentionally failed to adviser her of the true reasons for her detention. The suit said only after three hours was she told she was under arrest and had right to counsel. “This case concerns a deliberate and pre-meditated effort on the part of the defendant officers to obtain evidence and information from the plaintiff in a manner which they knew constituted serious violations of the plaintiff’s rights,” the claim says. Meng has been released on bail and is living in Vancouver awaiting extradition proceedings.

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25 days. Desperation creeps in. May is bribing Labour MPs.

May Accused Of £1.6bn Brexit ‘Bribe’ Over New Fund For Deprived Towns (Ind.)

The government has been accused of “bribing” MPs to back Theresa May‘s Brexit deal after announcing a new £1.6bn fund to help deprived towns. The “Stronger Towns Fund“ will offer investment to places that have not benefited from economic growth as much as other parts of the country, ministers said. The government said the money would be used to create jobs, train local people and boost investment, but critics said it was an attempt to convince Labour MPs in Leave-voting areas to back Ms May’s withdrawal agreement, and was not enough to offset the impact of Brexit. £1bn of the funding will be allocated to areas across the country, with more than half going to towns in the north of England. The other £600m will be available for local authorities to bid for.

Of the money being directly allocated by the government, the north west will receive the most, with £281m, followed by the west Midlands (£212m) and Yorkshire and the Humber (£197m). Announcing the fund, Ms May said: ”For too long in our country prosperity has been unfairly spread. Our economy has worked well for some places but we want it to work for all communities. “Communities across the country voted for Brexit as an expression of their desire to see change – that must be a change for the better, with more opportunity and greater control. “These towns have a glorious heritage, huge potential and, with the right help, a bright future ahead of them.”

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Doubt that Bolton is interested.

Russia Tells US It Is Ready For Bilateral Talks On Venezuela (R.)

Russia is ready to take part in bilateral talks with the United States over the issue of Venezuela, Russia’s foreign minister told his U.S. counterpart late on Saturday. The situation in Venezuela was the main topic in a phone call between Foreign Minister Sergei Lavrov and U.S. Secretary of State Mike Pompeo that took place on March 2, Russia’s foreign ministry said on its website. “In connection with Washington’s proposal to hold bilateral consultations on the Venezuelan topic, it was stated that Russia is ready to participate in this,” the ministry said in a statement.

It was “vital to be strictly guided by the principles of the UN Charter since only the Venezuelan people have the right to determine their future,” the statement said. Russia and the United States have been at loggerheads over a U.S.-led campaign for international recognition of Juan Guaido, the Venezuelan opposition leader who declared himself the interim head of state, over President Nicholas Maduro. In the phone call, initiated by the United States, Lavrov condemned the threats that Washington made towards “the country’s lawful leadership,” the ministry said, referring to Maduro.

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You can’t put Stone under quasi house arrest and expect him to be quiet. He’ll end up doing crazy stuff.

Roger Stone Suggests In Instagram Post Robert Mueller ‘Framed’ Him (CNBC)

Roger Stone on Sunday suggested he has been “framed” by special counsel Robert Mueller in an Instagram post that appeared to run afoul of a judge’s barely week-old gag order barring President Donald Trump’s longtime friend from criticizing the prosecutors in the criminal case against him. Stone deleted the only image in that multi-image post that included “Who framed Roger Stone” language shortly after CNBC emailed his lawyer to ask about it. Stone’s post was put online less than 48 hours after the judge, Amy Berman Jackson, ordered lawyers for the admitted Republican “dirty trickster” to explain why they did not tell her earlier about the planned publication of a book by Stone that could violate her gag order on him.

Stone announced on Instagram in January that he was coming out with the book, “The Myth of Russian Collusion: The Inside Story of How Trump Really Won.” In her gag order in U.S District Court in Washington, D.C., Jackson barred Stone from “making statements to the media or in public settings about the Special Counsel’s investigation or this case or any of the participants in the investigation or the case.” The gag extends to “posts on Facebook, Twitter, Instagram or any other form of social media.” If Stone violates the order, Jackson could order him jailed without bail until his trial.

Stone’s new post is comprised of a rotating series of images that ask for money to support Stone’s defense to charges that he lied to Congress and tampered with a witness. One says, “I am committed to proving my innocence. But I need your help.” Another photo, which shows a young Stone standing behind Trump years ago, says, “I’ve always had Trump’s back. Will you have mine?” Two other images tout a “Roger Stone Did Nothing Wrong” t-shirt and “Stone Cold Truth” sweatshirt.

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Nadler, Schiff, Mark Warner, they’re on a publicity tour to keep collusion alive just as it’s dying.

Donald Trump Facing Major New Investigation Into ‘Abuse Of Power’ (Ind.)

The US House Judiciary Committee will launch a probe into possible obstruction of justice and abuse of power by Donald Trump. Jerry Nadler, who chairs the committee, told ABC that the panel wanted to obtain documents from more than 60 people and entities as part of the investigation. Documents from Donald Trump Jr, the president’s son and Allen Weisselberg, the Trump Organization’s chief financial officer, are among those wanted by the panel. “We are going to initiate investigations into abuses of power, into corruption … and into obstruction of justice,” Mr Nadler said. “It’s our job to protect the rule of law.” “It’s very clear that the president obstructed justice,” he said. But the congressman added that it was too soon to consider the possibility of impeachment.

“Before you impeach somebody, you have to persuade the American public that it ought to happen,” he said. The politician said the committee would release the full list of people and organisations it would be seeking information from on Monday. He said that the president’s firing of James Comey, who at the time was leading an investigation into Russia’s alleged interference in the 2016 US election, was evidence of Mr Trump’s obstruction. The congressman also cited what he described as Mr Trump’s attempts to intimidate witnesses involved in the probe. “I am an innocent man being persecuted by some very bad, conflicted & corrupt people in a Witch Hunt that is illegal & should never have been allowed to start,” Donald Trump said on Twitter, in response to the announcement. “Despite this, great success!”

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Gee, how can it be?

America’s Trust In Mainstream Media Hits Rock Bottom (SCF)

Things are going from bad to worse for the US legacy media as its trust credentials have reached an all-time new low, as if that were possible. It has even achieved a lower trust rating than lawyers and members of Congress. The introduction to the CJR poll provided the following ominous opening: “For decades, we’ve known that Americans don’t trust the press. What we haven’t known is how people view the makings of journalism, from the use of fact checkers and anonymous sources to the question of whether money skews journalistic decision-making. This new national poll for CJR answers those questions, and points to how big the trust gap remains.” Indeed, the cynicism on the street should have every mainstream media purveyor in a state of absolute panic.

In one particular finding, it was revealed that many news consumers believe that reporters, seemingly in an effort to push forward with a political agenda, are too quick to run with a story before knowing all of the facts. This has never been more true before than in the Trump era where anything goes, so long as it trashes conservatives. We have just witnessed ample proof of that media tendency in several high-profile cases. This week, attorneys for Nick Sandmann, a student from Covington Catholic High School, filed a lawsuit against the Washington Post, seeking $250 million in damages for negligence. Sandmann and his fellow students became the target of false accusations of racism during a trip to Washington, D.C.

The mainstream media, as well as many politicians and celebrities, pushed the story that the young student, a Trump supporter, had taunted an elderly Native American Indian near the Lincoln Memorial. The story quickly fell apart, however, after video of the encounter and eyewitness accounts destroyed the media version of events. Attorneys for the boy claim that the Bezos-owned newspaper “wrongfully targeted and bullied Nicholas because he was the white, Catholic student wearing a red ‘Make America Great Again’ souvenir cap on a school field trip to the January 18 March for Life in Washington, D.C.” Todd McMurtry, one of the attorneys for the Catholic student, called the Washington Post “a weaponized news outlet that used its power and strength to destroy Nick Sandmann’s reputation.”

[..] When asked how much confidence they had in the media, almost 70 percent of Republican respondents answered “hardly any confidence at all,” while just 25 percent of Democrats held a similar opinion.

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Well, not entirely; he merely named it as a factor.

Trump Blames Timing Of Cohen Testimony For Collapse Of Kim Jong-Un Summit (G.)

US president Donald Trump has blamed that the Democrats’ decision to interview his longtime fixer, lawyer Michael Cohen, on the same day as a meeting with Kim Jong-un for the fact that the North Korea summit ended with no deal. “For the Democrats to interview in open hearings a convicted liar & fraudster, at the same time as the very important Nuclear Summit with North Korea, is perhaps a new low in American politics and may have contributed to the ‘walk.’” Trump said on Twitter, referring to his decision to walk away from what he previously said was a bad deal with Kim. “Never done when a president is overseas. Shame!” Last week in Hanoi, Trump and Kim met for the second time to try to negotiate a deal that would surrender some of North Korea’s nuclear weapons arsenal in return for sanctions relief. After talks fell apart over the issue of sanctions, Trump told a media conference “sometimes you have to walk”.

At the same time in Washington, Trump’s former aide Cohen was testifying before the US House of Representatives’ oversight committee, accusing Trump of ordering his personal attorney to make threats for him about 500 times over the past 10 years. He also called the president a liar, racist and conman. When asked about Cohen’s testimony at a press conference on Thursday in Hanoi after Trump had abruptly decided to end the summit with Kim early, the president called the allegations “incorrect” and criticised the decision to have the hearing while he was away. “I tried to watch as much as I could,” Trump said. “I wasn’t able to watch too much because I’ve been a little bit busy, but I think having a fake hearing like that and having it in the middle of this very important summit is really a terrible thing.”

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It doesn’t get more obvious.

US Voters Overwhelmingly Reject “Socialists” And Candidates “Over 75” (ZH)

[..] in the latest indication that the odds in the general election would be heavily stacked against Bernie, an NBC/Wall Street Journal poll revealed that only 25% of respondents ranked “socialist” as a desirable trait for a candidate. And only 37% said “someone over 75” would be a desirable candidate, according to Bloomberg. Meanwhile, more voters said they would accept a candidate who was gay or a lesbian, or an Independent under the age of 40. Critically, the survey showed that 41% of voters would definitely or likely vote for Trump in 2020, while 48% said they would probably vote for the Democratic candidate. But, in a possible silver lining for Sanders and his “political revolution”, 55% of voters said they would support a candidate who would implement major changes (as Trump did), vs. 42% who said they wouldn’t.

“We’re getting early signals from Democratic primary voters that they are looking for bigger change and someone who agrees with them on policy,” said Bill McInturff, a Republican pollster who worked on the survey. Republicans in the White House, Congress and in the media have made “socialism” a significant point of attack as the election draws closer, ripping proposals for expanded access to Medicare, the so-called Green New Deal, and other Democratic priorities. And though only 41% of respondents said they would support Trump in 2020, a majority said they had a favorable view of the Trump economy, and few expect a recession in the coming year. “As long as these economic numbers look like this, that always keeps an incumbent president in the race,” McInturff said.

[..] only 38% of respondents said they would support a third-party candidate in 2020. Meanwhile, Trump’s approval rating ticked higher in January from 43% to 46%. [..] Trump’s approval rating ticked up to 46 percent from 43 percent in January. He had the support of 88 percent of Republicans. Thirty-seven percent of GOP primary voters said they’d like to see another Republican challenge Trump in 2020, while 59 percent said they were opposed to that.

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I’m all for ending teh scourge that cars have become. But why do we need a bunch of US investors for that? And do these people realize that we won’t pay for the upkeep of the roads once we ditch our cars? It’s going to be public transport, not Lyft cars.

Carpocalypse Now: We’re In The Endgame For Cars (BI)

The founders of the ride-sharing app Lyft filed their IPO papers last week, and their vision for the company is dramatic. Lyft (which works a bit like Uber) is not just about getting you from A to B, they say. Rather, founders Logan Green and John Zimmer believe that car ownership is in permanent decline and they want to help it die, they write in their S-1 filing. “We believe that the world is at the beginning of a shift away from car ownership to Transportation-as-a-Service, or TaaS. Lyft is at the forefront of this massive societal change,” they told investors.

“Car ownership has … economically burdened consumers. US households spend more on transportation than on any expenditure other than housing. … On a per household basis, the average annual spend on transportation is over $9,500, with the substantial majority spent on car ownership and operation.” Cars create “inequality,” they argue. “The average cost of a new vehicle in the United States has increased to over $33,000, which most American households cannot afford,” the IPO says. “We estimate over 300,000 Lyft riders have given up their personal cars because of Lyft.”

• Car sales in Britain declined 18.2% in January. It was the eighth successive month of decline. • Sales in Turkey declined 60%. •Europe-wide, sales are down around 6%. • In the US, total car registrations have declined by about 10% • Tire sales – a proxy for vehicle production – are down in China, too.

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The power of Bayer and Monsanto will make us commit collective suicide.

Toxic Agrochemicals And Regulators’ Collusion With Industry (OffG)

Dr Mason had been writing to the European Chemicals Agency (ECHA), the European Food Safety Authority (EFSA) and the EU Commission for an 18-month period, challenging them about ECHA’s positive assessment of glyphosate. Many people around the world had struggled to understand how and why the US EPA and the EFSA concluded that glyphosate is not genotoxic (damaging to DNA) or carcinogenic, whereas the World Health Organisation’s cancer agency, the IARC, came to the opposite conclusion. The IARC stated that the evidence for glyphosate’s genotoxic potential is “strong” and that glyphosate is a probable human carcinogen. While IARC referenced only peer-reviewed studies and reports available in the public literature, the EPA relied heavily on unpublished regulatory studies commissioned by pesticide manufacturers.

In fact, 95 of the 151 genotoxicity assays cited in the EPA’s evaluation were from industry studies (63%), while IARC cited 100% public literature sources. Another important difference is that the EPA focused its analysis on glyphosate in its pure chemical form, or ‘glyphosate technical’. The problem with that is that almost no one is exposed to glyphosate alone. Applicators and the public are exposed to complete herbicide formulations consisting of glyphosate plus added ingredients (adjuvants). The formulations have repeatedly been shown to be more toxic than glyphosate in isolation. The European Ombudsman has now rejected Rosemary Mason’s complaint who has in turn written a 25-page response documenting the wide-ranging impacts of glyphosate-based Roundup and other agrochemicals on human health and the environment.

She also outlines the various levels of duplicity that have allowed many of these chemicals to remain on the commercial market. Mason is led to conclude that, due to the rejection of her complaint (as with others lodged by her to the Ombudsman), the European Ombudsman Office is also part of the problem and is essentially colluding with European pesticide regulatory authorities. Mason has addressed this concern directly to Emily O’Reilly, who currently holds the post of European Ombudsman: “In your rejection of all my complaints over the last few years, it is clear that The Ombudsman’s Office is protecting the European pesticides regulatory authorities, who are in turn being controlled by the European Glyphosate Task Force…. You have turned a blind eye to the authorisation of many of the toxic pesticides that are on the market today because industry is being allowed to self-regulate.”

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The things that must be turned around. We’ve gone much too far.

“The bats – also known as flying foxes – are resorting to eating in orchards to survive because only 5 per cent of Mauritius’s native forests remain..”

Endangered Fruit Bats ‘Being Driven To Extinction’ In Mauritius (Ind.)

Scientists are suing the Mauritian government for “driving endangered fruit bats towards extinction”, after mass culls killed at least half their population. More than 50,000 of the animals are thought to have been killed in three culls since 2015, in an attempt to protect fruit in orchards. The bats – also known as flying foxes – are resorting to eating in orchards to survive because only 5 per cent of Mauritius’s native forests remain, animal experts warned. Fruit bats are vital for biodiversity as they pollinate flowers and scatter seeds, enabling trees and plants to grow and spread, according to conservationists. But populations of the flying foxes have fallen by more than 50 per cent in four years, said Vincent Florens, an ecologist at the University of Mauritius. Some believe fewer than 30,000 now remain.

Tigga Kingston, a biologist and bat specialist for the International Union for Conservation of Nature, said the fewer animals remain, the more vulnerable they will be to natural disasters, disease and habitat loss, leading to extinction. Britain’s Bat Conservation Trust has pleaded for the culls to end, citing research that found they accounted for only 10 per cent of fruit plant damage. The first cull, in 2015, killed 30,000, and in a second cull, the following year, 7,380 were targeted. The IUCN then raised the bats’ status from vulnerable to endangered. But the latest cull involved 13,000. Prof Florens said he believed the number killed is much higher than the 50,300 government figure. “The culls took place late in the year, when many mothers were pregnant or had babies,” he told National Geographic. “You shoot one bat and basically kill two.” Others were likely to have been injured and died later, he said.


At least 50,000 fruit bats have been culled in Mauritius since they have been forced to survive on orchard fruits because of deforestation (iStock )

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Mar 032019
 


Pablo Picasso The artist and his model 1926

 

US is Cleanest Dirty Shirt Among Manufacturing Giants (WS)
Trump Just Might Have Won the 2020 Election Today (Reason)
Massive Cuts Are Coming To Social Security (MW)
Balance Sheet “Error” Hits UK’s Fastest Growing, Most Popular Bank (DQ)
Brexit Supporters Give May Three Tests For EU Deal (R.)
Will Brexit Be UK’s Constitutional Moment? (IT)
Guaido To Return To Venezuela After Touring Neighbor Countries (R.)
Europe’s Leaders Are Aiding Italy’s Populists (Varoufakis)
France’s ‘Yellow Vests’ March Largely Without Violence As Tensions Ease (R.)
Chelsea Manning Ordered To Testify Before Grand Jury In Assange Probe (WaPo)
Chelsea Manning Shows Federal Grand Juries Are Tools of Repression (IC)

 

 

Great set of graphs from Wolf Richter. Makes one wonder what will happen once this becomes clear outside of graphs.

US is Cleanest Dirty Shirt Among Manufacturing Giants (WS)

The global slowdown in manufacturing progressed another notch in February. Among the top four manufacturing giants in the world, the US is the cleanest dirty shirt. Together, they produced 58% of the world’s “value added in manufacturing” in 2016: • China: $3.08 trillion (26% of global total) • US: $2.18 trillion (18% of global total) • Japan: $979 billion (8% of global total • Germany: $718 billion (6% of global total) In February, [China] manufacturing output declined for the third month in a row, and at the steepest rate since March 2016, according to the official Purchasing Managers Index (PMI), released by China’s National Bureau of Statistics. For these PMI measures, a value below 50 means “contraction,” and a value above 50 means “expansion”:

Small-sized manufacturers in China got hit the worst, with their PMI falling to 45.3, while the index for mid-sized manufacturers dropped to 46.9. Large manufacturers showed growth, at 51.5.[..] The Nikkei Japan Manufacturing PMI fell to a 32-month low of 48.9 in February. New orders declined at a quickened pace as new export orders continued to fall “amid lower sales to China.” “Deteriorating demand conditions were signaled in the February PMI survey,” according to IHS Markit, which compiles the survey. New orders for Japanese manufacturers “dropped at the fastest rate in over two-and-a-half years.” And the decline in orders was “broad-based across both domestic and foreign markets, with falling new export sales also recorded.”

The IHS Markit/BME Germany Manufacturing PMI in February dropped below 50 for the second month in a row, and at 47.6 to the lowest level – the fastest contraction – since December 2012, “showing a deepening downturn in new orders and the first drop in output in almost six years”. All sub-indices except employment were in contraction mode. Hardest hit were the intermediate and capital goods sectors. Only manufacturers of consumer goods recorded an increase in output. IHS Market added that the downturn in new orders is “gathering pace, led by a sharp and accelerated decline in export sales. The level of new business from abroad fell the most since October 2012.”

But it’s not just in Germany… The IHS Markit Eurozone Manufacturing PMI fell to 49.3. Germany led the decline. The index for Spain (49.9) entered contraction mode for the first time since November 2013. The index for Italy (47.7) was in contraction mode for the fifth month in a row, and at the lowest level since May 2013. The chart below is on the same scale as the chart for Germany above; so you can see that the peak, and the decline from the peak, have been less pronounced than in Germany alone, with the manufacturing sectors in several Eurozone countries still in expansion mode – including in France, the Netherlands, Austria, Ireland, and Greece:

Operating conditions in the US manufacturing sector in February showed “softer, but still solid improvement … amid slower expansions in output and new orders,” according to the IHS Markit US Manufacturing PMI. Backlogs were still increasing, as was employment. The index, at 53.0, shows the slowest expansion in 18 months, “with firms reporting a marked easing in production growth in February, linked to a similar slowdown in order book growth.

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Others say the CPAC speech was just rambling. Fact remains there’s no-one anywhere close to running against him, none have a chance. And that’s pretty scary when you think about it: the Democrats haven’t advanced a single inch from 2016. The only thing they can think of, after seeing Russigate die, is to dig for more smear.

But if you can’t let go of oyour echo chamber hate of Trump, how are you ever going to understand him, a prerequisite for beating him?!

Trump Just Might Have Won the 2020 Election Today (Reason)

It’s way too early to be thinking this, much less saying it, but what the hell: If Donald Trump is able to deliver the sort of performance he gave today at the Conservative Political Action Conference (CPAC), the annual meeting of right-wingers held near Washington, D.C., his reelection is a foregone conclusion. There is simply no potential candidate in the Democratic Party who wouldn’t be absolutely blown off the stage by him. I say this as someone who is neither a Trump fanboy nor a Never Trumper. But he was not simply good, he was Prince-at-the-Super-Bowl great, deftly flinging juvenile taunts at everyone who has ever crossed him, tossing red meat to the Republican faithful, and going sotto voce serious to talk about justice being done for working-class Americans screwed over by global corporations.

In a heavily improvised speech that lasted over two hours, the 72-year-old former (future?) reality TV star hit every greatest hit in his repertoire (“Crooked Hillary,” “build the wall,” “America is winning again,” and more all made appearances) while riffing on everything from the Green New Deal to his own advanced age and weird hair to the wisdom of soldiers over generals. At times, it was like listening to Robin Williams’ genie in the Disney movie Aladdin, Howard Stern in his peak years as a radio shock jock, or Don Rickles as an insult comic. When he started making asides, Trump observed, “This is how I got elected, by going off script.” Two years into his presidency and he’s just getting warmed up.

First and foremost, Trump was frequently funny and outre in the casually mean way that New Yorkers exude like nobody else in America. “You put the wrong people in a couple of positions,” he said, lamenting the appointment of Robert Mueller as a special prosecutor, “and all of a sudden they’re trying to take you out with bullshit.” He voiced Jeff Sessions in a mock-Southern accent, recusing “muhself” and asked the adoring crowd why the former attorney generally hadn’t told him he was going to do that before he was appointed.

Democrats backing the Green New Deal (GND) “are talking about trains to Hawaii,” he said. “They haven’t figured out how to get to Europe yet.” He begged the Democrats not to abandon the GND because he recognizes that the more its details and costs are discussed, the more absurd it will become. “When the wind stops blowing, that’s the end of your energy,” he said at one point. “Did the wind stop blowing, I’d like to watch television today, guys?” “We’ll go back to boats,” he said, drawing huge laughs when he added, “I don’t want to talk [the Democrats] out of [the GND], I just want to be the Republican who runs against it.”

He railed against Never-Trump Republicans: “They’re on mouth-to-mouth resuscitation,” he said, adding “they’re basically dishonest people” that no one cares about. He joked about being in the White House all alone on New Year’s because of the government shutdown. “I was in the White House and I was lonely, so I went to Iraq,” he said, recounting that when his plane was approaching the U.S. airstrip in Iraq, all lights had to be extinguished for landing. “We spend trillions of dollars in the Middle East and we can’t land planes [in Iraq] with the lights on,” he said, shaking his head in disbelief. “We gotta get out.”

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Every western country, and even China, should think about this.

Massive Cuts Are Coming To Social Security (MW)

The mother of all political battles is coming, and it’s about a wall. No, not that one. It’s another, much bigger wall. One that fewer people are talking about — so far. It’s the wall that Social Security is due to run into in just 15 years. That’s when, say Social Security’s trustees, the program’s trust fund is scheduled to run out of money. If nothing else is done, they say, after 2034 Social Security’s annual income will only be enough to pay “about three-quarters of scheduled benefits.” We’re talking about a 25% cut in payments. How big a deal will this be? As it happens, the Federal Reserve just put out a report that tackles this.

According to Fed data, at most one quarter of people currently nearing retirement are going to be able to shrug off any cuts at all in Social Security. Actually, it’s probably considerably less than one quarter. And everyone else will be in serious trouble. Half of those nearing retirement will end up in dire straits. That’s because most of them have little or nothing in private retirement plans. The country’s 401(k)s and individual retirement accounts? The old-fashioned company pension plans? Most of these assets are owned by the wealthiest 25% of the country, the Fed calculates. Between 83% and 85% of the total balance is in the hands of the highest-earning one-fourth.

For everyone else? It’s down to Social Security or bust. And that’s especially so for the bottom half of the income distribution. “Social Security is the key to understanding retirement resources for most families,” says the Fed. For example, the Fed looked at the balance sheets of those currently in their 50s who are nearing retirement. For the middle two quartiles by income — in other words, the middle 50% — Social Security accounts for somewhere between 47% and 64% of their total retirement wealth. For those in the bottom 25% it’s nearly all of it. They hold, on average, just $28,000 in private retirement plans.

[..] In 10 years’ time, when this issue becomes urgent, people in or near retirement will make up more than half the voting age population. They’ll make up and even bigger share of the actual likely voters. And those people, as we’ve just seen, can’t do without Social Security — no way, and no how. According to the U.S. Census, by 2030 those over age 65 will account for 26% of the voting age population, and those aged 45 to 59 and nearing retirement another 29%. And according to the U.S. Elections Project, in the last presidential elections just 43% of those in their 20s bothered to vote. The figure for the over 60 was 71%. Put those two things together, and by 2030 around 60% of likely voters will be over 45 — and half of those — will already be over 60. Good luck passing a 25% Social Security cut.

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“In the last five weeks the lender has lost 60% of its market cap..”

Balance Sheet “Error” Hits UK’s Fastest Growing, Most Popular Bank (DQ)

Shares of the UK’s fastest growing high street lender, Metro Bank, are in free fall. They tumbled 16% on Tuesday, 25% on Wednesday and 6.86% on Thursday, to come to rest at a price of 889 pence, the lowest since the London-based bank went public in 2016. In the last five weeks the lender has lost 60% of its market cap and is now worth just £866 million, down from £4 billion a year ago. The crisis began in earnest on January 22 when Metro’s shares crashed almost 40% — the worst one-day fall suffered by any British lender since the financial crisis — following an announcement by the bank’s management that it had incorrectly classified a huge chunk of commercial property loans and loans to commercial buy-to-rent operators that should have been among its “risk-weighted assets”.

The “error” left a gaping £900 million hole on Metro’s balance sheet. On Tuesday this week, things got even worse when the bank revealed that the Prudential Regulation Authority (PRA), the institution that had first flagged up Metro Bank’s accountancy error, and the Financial Conduct Authority (FCA) are investigating the circumstances behind the error. The bank also announced plans for a £350 million rights issue, after raising £303 million from investors last July. But investors — led perhaps by well-connected investors — have been smelling a rat since March 2018. By the time the initial disclosure whacked the shares on January 22, 2019, they’d already dropped 45%. Now they’re down 77% from March 2018:

Metro’s tribulations are a timely reminder of how important a force trust can be in the financial markets, particularly when it comes to banks. To gauge how much of a credit risk a bank could pose to market participants, including the bank’s bondholders and counterparties, investors rely on the bank’s capital ratio, which itself depends on the amount of risk assigned to each portfolio. By assigning a lower risk weight to its mortgage lending portfolio, whether by accident or intentionally, Metro left investors thinking it was safer than it actually is.

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Not going to happen. Why give the Brexiteers what they want, and thereby leave the rest of the people alone?

Brexit Supporters Give May Three Tests For EU Deal (R.)

Brexit-supporting lawmakers who voted down British Prime Minister Theresa May’s European Union withdrawal deal in January have outlined demands for a revised treaty to ensure their support, the Sunday Times newspaper said. Lawmakers overwhelmingly rejected May’s deal in January. Many were unhappy with the “Irish backstop”, insurance to prevent return of hard border controls between EU member Ireland and British-ruled Northern Ireland. Critics said it could leave the country tied to EU rules indefinitely. Britain, due to exit the bloc on March 29, is attempting to amend the deal to provide assurances that the backstop would not be indefinite.

The Sunday Times said hardline Brexit supporters from May’s Conservative Party had drawn up a document outlining three tests the deal must pass to gain their support. These are a “clearly worded, legally binding, treaty-level clause which unambiguously overrides” the text of the withdrawal agreement, with language that goes beyond emphasizing the temporary nature of the backstop and a clear means to exit the backstop if subsequent trade talks fail. [..] In a further sign that former opponents of May’s deal might now back a revised version, Graham Brady, a senior Conservative lawmaker, said he would support it with legally binding assurances on the backstop.

“Once we have that, my colleagues in parliament need to recognize the strength of feeling,” he wrote in the Mail on Sunday newspaper. “The whole country is tired of vacillation and delay. When the right compromise is offered, we should pull together behind the Prime Minister and help her to deliver our exit from the European Union on March 29.”

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No haveng a written constitution leaves you open to havening more people insisting their multiple interpretations are the only correct one.

Will Brexit Be UK’s Constitutional Moment? (IT)

Does Brexit pose a constitutional crisis for the United Kingdom? Can its constitution be remade after Brexit or is it too late for that to happen? What are the consequences for Ireland and Northern Ireland? Constitutions are the set of fundamental rules governing a political system, usually defined as a nation. Typically they are written, short and legally entrenched, making them difficult to amend. Highly untypically, the UK’s constitution is unwritten and largely uncodified, sprawling over its common law and informal political conventions – even though the word was coined when the deposed King James II was accused in 1688 of having violated the “fundamental constitution of the kingdom”.

That continuing ideology was perfectly caught when the novelist AS Byatt last year told a disbelieving German writer, Matthias Matussek, in London: “You know, we British don’t need a constitution. We are the oldest democracy in the world.” She paused briefly before continuing: “For young countries like you Germans, constitutions could very well be useful.” The unwritten rules are now precariously balanced between the doctrine of absolute parliamentary sovereignty subject in principle to the monarch, and the shift to entrenchment represented by the 2016 Scotland Act which declared its self-government permanent, only to be abolished by a popular referendum.

At a conference last week in Mansfield College Oxford on remaking the UK constitution, the political theorist Stuart White said there is a real tension between these two conceptions of parliamentary and popular sovereignty. The Brexit maxim to “take back control” draws on both the notion of reversible treaty commitments and the 2016 referendum decision to leave the European Union. They are especially difficult to reconcile in a multinational polity like the UK where there is no longer a single people or demos.

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Can he be resuscitated? Or will he be arrested?

Guaido To Return To Venezuela After Touring Neighbor Countries (R.)

Venezuelan opposition leader Juan Guaido said on Saturday he would return home after a visit to Ecuador and called for new protests next week against President Nicolas Maduro, whose government had banned him from traveling abroad. Guaido has spent the past few days touring between Latin American countries to muster support for his campaign to form a transition government and oust Maduro, whom he denounces as an illegitimate usurper. He had visited Brazil, Argentina and Paraguay after leaving Venezuela last week for Colombia to coordinate efforts there to send humanitarian aid into his country, though troops loyal to Maduro blocked a convoy of aid trucks and turned them back.

“As for the next steps for Venezuelans, I announce my return home from Ecuador,” Guaido told a news conference in the coastal town of Salinas alongside Ecuadorean President Lenin Moreno. Guaido did not say when exactly or how he would return to Venezuela. He is expected to leave Ecuador at 9.30 a.m. local time on Sunday, according to the Ecuadorean government’s schedule for his visit. His return opens the possibility that Venezuelan authorities will try to arrest him. The Supreme Court had imposed a travel ban on him after he invoked the country’s constitution on Jan 23 to assume an interim presidency, which most Western nations now recognize as legitimate.

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“The fact that Italy’s public debt has a lower credit rating than private debt is a reflection not of public debt’s intrinsic inferiority but of a political choice made by European leaders. And, by bolstering an authoritarian politician, that choice is now blowing back on them.”

Europe’s Leaders Are Aiding Italy’s Populists (Varoufakis)

Italy is now the frontline in the battle of the euro. Deputy Prime Minister Matteo Salvini is being propelled by a political tailwind that may, after the European Parliament elections in May, enhance his capacity to inflict serious damage on the European Union. What is both fascinating and disconcerting is that the xenophobia underpinning Salvini’s ever-increasing authority is being generated by the eurozone’s faulty architecture and the ensuing political blame game. In its recent report on the economic imbalances afflicting each EU member state, the European Commission blames the Italian government for its failure to rein in debt, which, it says, results in tepid income growth.

According to the Commission, the government’s reluctance to cut its budget deficit has spooked the bond markets, pushed interest rates up, and thus shrunk investment. Salvini could not be more pleased. The report presents a splendid opportunity to blame the Commission itself for Italy’s travails, by arguing that it was actually the EU’s fiscal austerity policies which constricted growth, pushed the economy to the brink of a new recession, and led to the election of the populist government now dominated by Salvini. And, as if that were not enough, it was the Commission’s threats of penalizing Italy unless it imposed even greater austerity that unnerved bond traders and pushed interest rates up.

Italy’s tragedy is that the Commission and Salvini are both right – and also both wrong. It is correct that Salvini’s announcement that the government would rescind its promise to impose pre-agreed levels of austerity alarmed investors, made Italian debt less viable, and caused capital flight. But it is also correct that the Commission’s fiscal rules, were they to be implemented fully, would have caused a recession that would have made Italian debt less viable anyway.

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BS headline. In France the protesters’ numbers are treated much as unemployment numbers are: whenever people ain’t looking, you push them down. And Reuters complies. Various videos tell a different story.

France’s ‘Yellow Vests’ March Largely Without Violence As Tensions Ease (R.)

Turnout for a 16th round of “yellow vest” protests in France on Saturday was below last week’s levels and marches were largely peaceful, in a relief for President Emmanuel Macron who has struggled to find a response to the movement. While turnout figures at midday were only half of last week, by nightfall the Interior Ministry counted a total of 39,300 protesters nationwide, of which 4,000 were in Paris. Last Saturday there had been 46,600 marchers, including 5,800 in Paris, compared with 41,000 the week before and 51,400 the week before that – well down on the more than 300,000 who marched at the start of the movement in November in a protest which degenerated into clashes with police in subsequent weeks.

Protesters marched largely peacefully on Saturday from the Arc de Triomphe to Place Denfert-Rochereau on the residential left bank, though water cannon were briefly used to douse protesters on the Champs Elysees boulevard. Tear gas and water cannon were also used in Bordeaux, and in Toulouse, where some protesters marched behind a “cacatov party” banner – a play on Molotov cocktail firebombs – encouraging people to throw “poo-bombs” at police. There were no reports of anyone being hit by a “catatov”, but the threat of excrement projectiles was of concern to reporters covering the marches in Toulouse and Paris. Large parts of central Paris were in lockdown as thousands of police cordoned off key areas around the presidential palace and government buildings.

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Word is they want Assange for harm to US operatives.

Chelsea Manning Ordered To Testify Before Grand Jury In Assange Probe (WaPo)

Chelsea Manning has been called to testify before a grand jury in the investigation of Julian Assange, officials said. The summons is one of several indicators that prosecutors remain interested in WikiLeaks‘ publication of diplomatic cables and military war logs in 2010. Prosecutors in Virginia have been pursuing a case based on conduct that predates WikiLeaks’ publication of hacked emails during the 2016 presidential campaign, and it is not clear investigators are interested in that activity. Officials discussed the investigation of Mr Assange, who founded WikiLeaks, on condition of anonymity because of the secrecy of the grand jury process.

Ms Manning, whose subpoena was first reported by the New York Times, is a former Army private who served seven years in a military prison for passing secret State Department cables and military documents to WikiLeaks before receiving a commutation from Barack Obama. Ms Manning’s attorneys have filed a motion to quash the subpoena. “I object strenuously to this subpoena, and to the grand jury process in general,” Ms Manning said in a statement. “We’ve seen this power abused countless times to target political speech. I have nothing to contribute to this case and I resent being forced to endanger myself by participating in this predatory practice.”

The subpoena was signed last month by Gordon Kromberg, a national security prosecutor on the Assange case. Mr Kromberg last month persuaded a judge to leave sealed an indictment against Mr Assange despite its inadvertent exposure in an unrelated court filing last year. Under Mr Obama, Justice Department officials had decided not to pursue charges against Mr Assange and WikiLeaks after concluding that to do so could set a precedent that paved the way for prosecuting news organisations for publishing classified information. But the case got a fresh look under Donald Trump.

Steve Vladeck, a professor at the University of Texas at Austin School of Law, said the Justice Department probably indicted Mr Assange last year to stay within the 10-year statute of limitations on unlawful possession or publication of national defence information, and is now working to add charges. “There’s nothing else that would make sense,” he said. “The heart of the controversy is, there’s never been a successful prosecution” for publishing classified information, Mr Vladeck said. “There has always been the spectre of a First Amendment defence.”

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Secret Courts and Secret Juries and Secret Documents and Secret Accusations. Nice country.

Chelsea Manning Shows Federal Grand Juries Are Tools of Repression (IC)

Chelsea Manning was subpoenaed to appear before a federal grand jury and give testimony on March 5. The whistleblower filed a motion to quash the subpoena. As such, Manning risks incarceration under the coercive operations of the federal grand jury system. For Manning, the threat of further imprisonment is a particularly brutal one. Beginning in 2010, she was arrested, court-martialed, imprisoned, and tortured for exposing some of the worst crimes and brutalities of the Iraq and Afghan wars. She was released in 2017. Given the secrecy of federal grand jury procedures, we can’t know with any certainty to which potential case the subpoena pertains, or what Manning would be asked.

But since it was issued in the Eastern District of Virginia, we can make the informed speculation that it relates to inadvertently disclosed charges filed under seal against Wikileaks founder Julian Assange in that same district. The New York Times reported that “there were multiple reasons to believe that the subpoena is related to the investigation of Mr. Assange,” including the district where the subpoena was issued and the assistant United States attorney that requested the subpoena, who is tied to the Assange prosecution. Another Assange associate, David House, told the Washington Post that he testified before the grand jury as well. “It was all related to disclosures around the war logs,” House said, a reference to the Iraq war documents that Manning released and Wikileaks published.

Manning’s decision to fight her subpoena, however, is not a question of protecting Assange, nor obstructing valid government investigations into federal crimes. Her challenge is an act of resistance against government repression and in defense of a free press.

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