Sep 092021
 


Pablo Picasso Science and Charity 1897

 

RFK, Jr.: ‘Complete Obliteration Of Critical Thinking’ (JTN)
The Lie Of ‘All Unvaccinated’ (Denninger)
Open Letter to the Unvaccinated (Ocla)
Arizona AG: Tuscon Vaccine Mandate Is Illegal (B911)
Biden To Lay Out New Coronavirus Strategy As Delta Variant Cases Rise (JTN)
White House Signals New COVID-19 Measures Coming For Unvaccinated (ET)
Health Authorities Confiscate Alcohol Deliveries To Sydney Tower (Sky)
Melbourne Clinic Offers Ivermectin Despite It Not Being Approved (G.)
“COVID Zero” New Zealand Is Now A Full-Blown Police State (JS)
Children Are Not Covid-19 Super Spreaders: Time To Go Back To School (BMJ)
AFP Fact Check Accidentally Makes The Case For Ivermectin (Twitchy)
The Role Of Iron In The Pathogenesis Of Covid-19 (SD)
Yellen: US On Track To Default On National Debt In October (Hill)

 

 

 

 

 

 

 

 

Kory Fauci AiDS

 

 

“Among 378,048 death certificates from 2020 listing COVID-19 as a cause of death, 5.5% listed COVID-19 without codes for any other conditions .. ”

RFK, Jr.: ‘Complete Obliteration Of Critical Thinking’ (JTN)

Political activist Robert Kennedy Jr. warned that a “society in fear” due to the COVID-19 pandemic could result in the “complete obliteration of critical thinking.” Kennedy, who spoke at the Ron Paul Institute’s conference, noted that only a small fraction of the individuals comprising the CDC’s COVID-19 death total died primarily from COVID-19. “Among 378,048 death certificates from 2020 listing COVID-19 as a cause of death, 5.5% listed COVID-19 without codes for any other conditions,” according to the CDC. “The people who died, 96% of them, had almost 400 reasons that might have killed them,” Kennedy said during a session titled the Pandemic and the Road to Totalitarianism. “You know, the manipulation of the death certificates. The manipulation of the PCR test.

“All of these mechanics appear to be deliberately manipulated to put our population in a state of fear — and what happens when you have a population in fear? The complete obliteration of critical thinking.” Under the program that Congress passed for reimbursement of funeral costs for COVID-19 tests, applicants were allowed to retroactively supplement their relatives’ death certificates with documentation showing COVID-19 was a contributing cause of death if it was not originally listed. “Applicants who incurred COVID-19-related funeral expenses between Jan. 20 and May 16, 2020,” FEMA explained in a June 29 release, “will be able to submit a death certificate that does not attribute the death to COVID-19 along with a signed statement from the certifying official listed on the death certificate, coroner, or medical examiner linking the death to COVID-19. The written statement must show causal pathway, or an explanation, linking the cause of death listed on the death certificate to the virus and should be submitted with the death certificate.”

Kennedy, a lawyer, said there is “no pandemic exemption” in the U.S. Constitution. He pointed out that government officials ordered churches closed across the country but allowed liquor stores to remain open as “essential businesses.” “There’s no protection of liquor stories in the United States Constitution,” he said. “There is protection of churches. They abolished religious exemptions.” Kennedy also mentioned that millions of small businesses were ordered to close during the pandemic without due process in “direct violation of the Constitution.” “They got rid of property rights,” he said.

Canada
https://twitter.com/i/status/1435445919453958154

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“Don’t throw your life away.”

The Lie Of ‘All Unvaccinated’ (Denninger)

Here’s truth folks…. Remember, you get monoclonal antibodies if infected, symptomatic and at risk of severe outcomes. When I got Covid-19 last month I did not qualify since I was not any of >65 (58 isn’t good enough), fat, diabetic, hypertensive or one of the few other listed “things” that quality you irrespective of age. I did not get vaccinated, I got Covid-19 and recovered, obviously, or I wouldn’t be writing this, and now have very strong natural immunity. At this point I thus have neither any fear of Covid-19 or any reason to be vaccinated.

Got that folks? The 23 people were all promised they would not get sick as the inducement to get vaccinated. All 23 of them were symptomatic and at high risk. Every single one of those people was also exactly as contagious to others as were the 27. 48% of Texas is vaccinated. 46% of these recipients were vaccinated. There is no statistical difference between the percentage of vaccinated people in the State of Texas and the percentage of people receiving monoclonal antibodies for symptomatic and at-risk-of-severe Covid-19 patients among this group of 50 who are vaccinated. It is statistically identical. The debate is over folks. You were conned America.

You were told to roll up your sleeve and take the risk of clotting disorders, heart damage, heart attacks, strokes and other serious, even life-threatening adverse reactions based on the lie that doing so would (1) prevent you from getting Covid, (2) prevent you from infecting others with Covid, and (3) keep you from having a symptomatic and potentially-serious outcome if exposed to Covid. All three were LIES and are being repeated to this day by Biden, Fauci, the CDC and your local and State Health Departments. Any “mandate” predicated on these lies was and is in fact a felony assault with a reasonable expectation of serious bodily harm or death to your person and should have been, and should be today, met with whatever level of force is necessary to cause the person issuing said mandate to STOP on an immediate basis. THE VACCINES DO NOT PREVENT INFECTION, TRANSMISSION OR THE RISK OF SEVERE OUTCOMES. ENOUGH!

PS: Before you do something stupid like get a “booster” answer this — why would you believe the third jab will work when you were told the other two would — and the people doing so lied? When, in addition, there is evidence that the manufacturers knew this would happen and rigged the trials to conceal it? What data do you have (none!) on whether the risk of serious adverse events rises with each successive injection, and why would you be so stupid as to believe a single thing these people say after being screwed by the very same people? I remind you: Never in the past has there been a successful vaccine for coronaviruses. All previous attempts have failed during trials, which took years to discover, either by mutational escape or worse, enhancement in those who got the injection(s). Don’t throw your life away.

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Good.

Open Letter to the Unvaccinated (Ocla)

You are not alone! As of 28 July 2021, 29% of Canadians have not received a COVID-19 vaccine, and an additional 14% have received one shot. In the US and in the European Union, less than half the population is fully vaccinated, and even in Israel, the “world’s lab” according to Pfizer, one third of people remain completely unvaccinated. Politicians and the media have taken a uniform view, scapegoating the unvaccinated for the troubles that have ensued after eighteen months of fearmongering and lockdowns. It’s time to set the record straight. It is entirely reasonable and legitimate to say ‘no’ to insufficiently tested vaccines for which there is no reliable science. You have a right to assert guardianship of your body and to refuse medical treatments if you see fit. You are right to say ‘no’ to a violation of your dignity, your integrity and your bodily autonomy.

It is your body, and you have the right to choose. You are right to fight for your children against their mass vaccination in school. You are right to question whether free and informed consent is at all possible under present circumstances. Long-term effects are unknown. Transgenerational effects are unknown. Vaccine-induced deregulation of natural immunity is unknown. Potential harm is unknown as the adverse event reporting is delayed, incomplete and inconsistent between jurisdictions. You are being targeted by mainstream media, government social engineering campaigns, unjust rules and policies, collaborating employers, and the social-media mob. You are being told that you are now the problem and that the world cannot get back to normal unless you get vaccinated. You are being viciously scapegoated by propaganda and pressured by others around you. Remember; there is nothing wrong with you.

You are inaccurately accused of being a factory for new SARS-CoV-2 variants, when in fact, according to leading scientists, your natural immune system generates immunity to multiple components of the virus. This will promote your protection against a vast range of viral variants and abrogates further spread to anyone else. You are justified in demanding independent peer-reviewed studies, not funded by multinational pharmaceutical companies. All the peer-reviewed studies of short-term safety and short-term efficacy have been funded, organized, coordinated, and supported by these for-profit corporations; and none of the study data have been made public or available to researchers who don’t work for these companies. You are right to question the preliminary vaccine trial results. The claimed high values of relative efficacy rely on small numbers of tenuously determined “infections.”

The studies were also not blind, where people giving the injections admittedly knew or could deduce whether they were injecting the experimental vaccine or the placebo. This is not acceptable scientific methodology for vaccine trials. You are correct in your calls for a diversity of scientific opinions. Like in nature, we need a polyculture of information and its interpretations. And we don’t have that right now. Choosing not to take the vaccine is holding space for reason, transparency and accountability to emerge. You are right to ask, ‘What comes next when we give away authority over our own bodies?’ Do not be intimidated. You are showing resilience, integrity and grit. You are coming together in your communities, making plans to help one another and standing for scientific accountability and free speech, which are required for society to thrive. We are among many who stand with you.

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“COVID-19 vaccinations should be a choice, not a government mandate.”

Arizona AG: Tuscon Vaccine Mandate Is Illegal (B911)

The City of Tucson announced Tuesday that it will be putting its COVID-19 vaccine mandate for its employees on pause after the state’s attorney general declared it illegal. Attorney General Mark Brnovich says that his office determined the City of Tucson’s COVID-19 vaccine mandate for public employees does violate state law for purposes of S.B. 1487, and also is in direct conflict with the Governor’s Executive Order 2021-18. Therefore, Tucson must rescind or amend the ordinance to come into compliance with state law, or lose millions of dollars in state funding. “Tucson’s vaccine mandate is illegal, and the city could be held liable for attempting to force employees to take it against their beliefs,” said Attorney General Mark Brnovich. “COVID-19 vaccinations should be a choice, not a government mandate.”

Through a “S.B. 1487” investigation, the AGO determined Tucson’s Ordinance 11869, which mandates COVID-19 vaccines for city employees, violates state law and thus the city cannot require public employees to obtain a COVID-19 vaccine. The legislature’s intent was clear when it passed S.B. 1824 earlier this year – government entities from the local to state level cannot mandate COVID-19 vaccines. This law was further supplemented by the Governor’s Executive Order 2021-18 (E.O. 2021-18) in August 2021.In the AGO’s opinion, Tucson public employees could rely in good faith on E.O. 2021-18 and state law to refuse the city’s COVID-19 vaccine mandate.

Today, the AGO officially notified the City of Tucson that its COVID-19 vaccine ordinance is in violation of state law and must be rescinded or amended. As expressly provided in S.B. 1487, if the City of Tucson does not rescind its policy within the next 30 days, the AGO will notify the Arizona Treasurer, who will withhold the city’s portion of state shared revenue until it comes into compliance. Additionally, the AGO believes the City of Tucson could subject itself to potential liability claims if it were to take adverse action against an employee who relies on E.O. 2021-18 and state law to refuse the vaccine.

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Oh wait, the vaccines DO work:

“More than 20,000 people have died in the U.S. from the virus in the past two weeks, a figure that is up nearly 70% from the two weeks prior.”

Biden To Lay Out New Coronavirus Strategy As Delta Variant Cases Rise (JTN)

President Joe Biden is expected Thursday to lay out a new, six-point strategy to confront the novel coronavirus, including the highly contagious Delta variant. Biden will meet with his COVID-19 advisers Wednesday. A recent wave of cases, owing largely to Delta, has created a new challenge for the Biden administration as the school year begins anew and hospitals in some areas become overwhelmed. Press Secretary Jen Psaki says the strategy, to be presented aboard Air Force One, will work “across the public and private sectors to help continue to get the pandemic under control.” It is unclear whether the new strategy will include any sort of new mandates.


“We need to continue to take more steps to make sure districts are prepared and make sure communities across the country are prepared,” Psaki said. Last week, the United States hit 40 million recorded COVID-19 cases. More than 20,000 people have died in the U.S. from the virus in the past two weeks, a figure that is up nearly 70% from the two weeks prior. Officials are aiming to begin distributing coronavirus vaccine booster shots the week of Sept. 20, following a Sept. 17 meeting of the Food and Drug Administrtion, during which advisers will consider a possible third Pfizer shot.

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“..the federal government lacks the authority to mandate vaccines for everyone..”

White House Signals New COVID-19 Measures Coming For Unvaccinated (ET)

Ahead of President Joe Biden’s announcement Thursday about new COVID-19 measures, White House press secretary Jen Psaki said that there may be new measures that will be imposed on unvaccinated people. “There are six steps the president’s announcing, there will be new components,” Psaki told reporters on Wednesday. “Some of that will be related to access to testing, some will be related to mandates, some will be related to how we ensure kids will be protected in schools.” When asked about how the new steps would impact Americans’ lives, Psaki said that “it depends on if you’re vaccinated or not.” Psaki provided few details on what mandates could be imposed on unvaccinated Americans.

On Tuesday, she told reporters on Air Force One that the federal government lacks the authority to mandate vaccines for everyone. “There will be new components that sure, will of course impact people across the country, but we’re also all working together to get the virus under control, to return to our normal lives,” Psaki also said, without elaborating, on Wednesday. Biden, who was scheduled to meet with his COVID-19 advisers on Wednesday, delivered a speech about six months ago saying the United States has “made real progress” against the virus. Since that date, about 142 million Americans have received COVID-19 vaccines and about 950,000 people are getting vaccinated each day, according to data provided by the Centers for Disease Control and Prevention (CDC).

Data released daily by the CDC’s COVID-19 tracker suggests that the United States’ new cases and deaths may have hit a plateau or is on the decline. The seven day-average for cases as of Tuesday was 140,000 and deaths were 1,022, respectively, while as of Sept. 1, the seven-day average for cases was 156,000 and deaths were 1,141, respectively. The president’s speech on Thursday could make reference to a recent announcement from the heads of several federal health agencies that third doses of the Moderna and Pfizer vaccines, or booster shots, would be provided around Sept. 20. However, the Food and Drug Administration has yet to approve the booster doses.

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“Residents are now allowed to receive a ration of one of the following per day: six beers or pre-mixed drinks, one bottle of wine, or one 375ml bottle of spirits..”

To wash down the horse dewormer.

Health Authorities Confiscate Alcohol Deliveries To Sydney Tower (Sky)

NSW Health has confiscated bottles of spirits and large quantities of alcohol from residents living in a locked-down apartment block in Sydney’s Inner West in an attempt to limit the number of drinks consumed every day. Mission Australia’s Common Ground Facility in Camperdown was placed into lockdown for two weeks on September 2 after four tenants tested positive. Residents are now allowed to receive a ration of one of the following per day: six beers or pre-mixed drinks, one bottle of wine, or one 375ml bottle of spirits, according to NCA NewsWire. Residents of the social housing block are frustrated care parcels sent from friends and families are being searched through. “They are searching all bags and things coming into the building… They confiscated a series of gifts,” Common Ground resident Robin Elhaj told NCA NewsWire.


“So things like bottles of spirits, we weren’t allowed to have those and we still (aren’t).” Excess alcohol is being confiscated until lockdown rules are lifted. NSW Health says the limiting the amount of alcohol consumed aims to “ensure the safety of health staff and residents”. “We know the experience of a lockdown is very challenging for everyone living and working at Common Ground. Mission Australia is fully engaged with tenants and is providing support to them within the parameters of NSW Health and Police guidelines” Mission Australia’s CEO James Toomey said in a statement. “We continue to work alongside NSW Health, NSW Police, DCJ, cleaners and other tenancy support teams and local community organisations to ensure the safety of tenants and staff, and to ensure support and supplies are provided to people living at Common Ground during the lockdown.”

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Makes you wonder what Aussies treat their horses with.

Melbourne Clinic Offers Ivermectin Despite It Not Being Approved (G.)

A medical clinic in Melbourne’s eastern suburbs has been offering patients off-label prescriptions for the anti-parasite drug ivermectin to treat Covid-19, despite a lack of evidence for its use in treating the virus. The clinic set up a dedicated online page to apply for a consultation to be prescribed the drug to treat Covid-19 on its website after receiving an “influx of ivermectin inquiries”. The clinic says there is no guarantee a prescription for ivermectin will be given, and it will depend on a risk assessment on issues such as location, work, contact with Covid-positive people and medical history. Each consultation costs $85 and does not include a Medicare rebate.

The clinic was listed as a Tier 1 exposure site on Tuesday, after a Covid-positive case attended on 2 September. A caller to ABC Melbourne on Wednesday, who identified themselves as a hospital worker, expressed concern about people taking the drug, stating some had had “negative outcomes” and had to be admitted to hospital. Ivermectin is only approved for use in Australia for medical issues such as river blindness, scabies and roundworm infections. Medical practitioners can legally prescribe the medication off-label, but the Therapeutic Goods Administration has advised against using the drug to treat Covid-19 outside of clinical trial settings.

The National Covid-19 Clinical Evidence Taskforce, which examines studies of the drug around the world, said in late August that “there remains significant uncertainty whether ivermectin is more effective and safer than standard care in treating patients with Covid-19”. The clinic is one of several believed to be prescribing ivermectin off-label to treat Covid-19 in Australia, however, sympathetic GPs usually do not promote offering the service, instead their details tend to be shared among private groups on Facebook and Telegram.

The Royal Australian College of General Practitioners president, Dr Karen Price, said while RACGP did not consider its role to be looking over the shoulders of every GP, she advised ivermectin had not received regulatory approval in Australia for use as an anti-viral treatment. “In fact, the advice from the health experts is 100% clear – do not use ivermectin for the treatment of Covid-19,” she said. “The status of other drugs, such as sotrovimab, is very different. That is an example of a new drug for the treatment of Covid-19 that has passed through the rigorous testing safety procedures of the Therapeutic Goods Administration.

Oz doctors

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Good luck.

“COVID Zero” New Zealand Is Now A Full-Blown Police State (JS)

New Zealand, the last of the dedicated “COVID Zero” nations on earth, has completed its transformation into a full-blown tyrannical regime, and shockingly, it has come with the consent of the vast majority of Kiwis. Once hailed as the media and “public health experts’” favorite COVID-19 managerial “success story,” the puff pieces have been increasingly hard to find, as Wellington has spawned a dystopian concoction of insane, despotic government edicts, claimed as an absolutely necessary part of their everlasting fight against a disease with a 99.8% recovery rate. Just observe what has happened in the Five Eyes partner nation during this week alone:

1) Virtually the entire country is once again under an indefinite lockdown, after a few COVID-19 cases were reported throughout the nation. A single case necessitates a “snap lockdown,” in which all rights of millions of citizens are immediately restricted and indefinitely subject to the containment of a seasonal respiratory disease. The current lockdown has been extended over Auckland until at least mid September, with many predicting a much lengthier sentence. According to past precedent, Kiwis will not receive their freedom back until — this is the truly insane part of Zero COVID — there is zero community spread of COVID-19. And the second another case pops up on the radar, the entire country goes back to square one of the Zero COVID protocol.

2) A man is being shamed by his countrymen for having the audacity to “escape” from a government-sanctioned COVID internment camp. The camps have been described in a more positive, but false light by the press and government officials as “quarantine hotels,” but it is most certainly an internment facility, as leaving is not allowed, and it carries a fine and lengthy prison sentence. The Hill reported: “The person was charged with failing to comply with New Zealand’s coronavirus health order. Under a new law passed last year, he could face a fine or up to six months in jail if convicted.”

3) The country’s police and military services are installing security checkpoints throughout New Zealand in an effort to make sure citizens are not traveling during the lockdown. Freely traveling during the lockdown now carries a massive fine and/or prison sentence as punishment. New Zealand is now the only country in the world left that is dedicated to COVID Zero, the pursuit of the total elimination of a virus from their nation, which has been under a government-sanctioned self-siege since the beginning of 2020. All of the other nations that attempted to pursue the pseudoscience behind COVID Zero have failed in catastrophic fashion. New Zealand has transformed from a highly-touted COVID “success story” to a full-fledged house of horrors, and sadly, there is no end in sight to the ongoing madness.

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From 2020.

Children Are Not Covid-19 Super Spreaders: Time To Go Back To School (BMJ)

[..] most public health interventions have assumed children with comorbidities such as primary or secondary immune dysfunction or respiratory/cardiac illness to be at increased risk, and in the UK this has led to advice for these children to shield completely, as for adults known to be at risk. Many paediatric specialists are concerned that a blanket assumption that immune-suppressed children of any kind are all at increased risk will cause considerable long-term educational and social harm to these children. At the current time, children do not appear to be super spreaders. Sero-surveillance data will not be available to confirm or refute these findings prior to the urgent policy decisions that need to be taken in the next few weeks such as how and when to re-open schools. Policies for non-pharmacological interventions involving children are going to have to be made on a risk–benefit basis with current evidence available.


Governments worldwide should allow all children back to school regardless of comorbidities. Detailed surveillance will be needed to confirm the safety of this approach, despite recent analysis demonstrating the ineffectiveness of school closures in the recent past. The media highlight of a possible rare new Kawasaki-like vasculitis that may or may not be due to SARS-CoV2 does not change the fact that severe COVID-19 is as rare as many other serious infection syndromes in children that do not cause schools to be closed. Individualised risk assessment and decision-making by clinicians should occur for those considered at exceptional risk (such as in immediately after bone marrow transplant) or where there are other older family members at significant risk.

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“I think we’re in a situation where we can afford to give them this treatment”

AFP Fact Check Accidentally Makes The Case For Ivermectin (Twitchy)

There are claims circulating on social media that Japan approved ivermectin for use in treating COVID-19 but, as this fact check from the AFP makes clear, that’s just not true. What the fact check does say, however, is that Haruo Ozaki, chairman of the Tokyo Medical Association did, explain why a doctor might prescribe ivermectin to treat COVID-19: “Social media posts suggest that Japan’s government recommends using antiparasitic drug ivermectin to treat Covid-19, citing remarks by the chairman of the Tokyo Medical Association. This is misleading; while he cautiously supported the treatment, the association does not represent the country’s government, which has not endorsed ivermectin for that use.” Ozaki went on to say that since we’re in a crisis, “I think we’re in a situation where we can afford to give them this treatment”:

In the video included in the tweet, Ozaki compares the number of Covid-19 cases and mortality rate in African countries that distributed ivermectin once a year for its anti-parasitic properties to those that did not. “I believe the difference is clear. Of course, one cannot conclude that ivermectin is effective on the basis of these figures, but when we have all these elements, we cannot say that ivermectin is absolutely not effective, at least not me,” he says. “We can do other studies to confirm its efficacy, but we are in a crisis situation. With regards to the use of ivermectin, it is obviously necessary to obtain the informed consent of the patients, and I think we’re in a situation where we can afford to give them this treatment,” Ozaki adds.

The fact check also noted that clinical trials of the drug are ongoing: “Clinical trials are ongoing around the world to find out its potential effects on Covid-19 patients, but a recent spike in ivermectin prescriptions prompted the US Centers for Diseases Control and Prevention (CDC) to release a statement warning of the potential harmful effects of the drug if misused.” So, not a “horse dewormer,” CNN?

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Key supplements that may chelate iron from the body include:
Turmeric.
Quercetin.
Resveratrol.
Green Tea.
Milk Thistle (potentially)*

The Role Of Iron In The Pathogenesis Of Covid-19 (SD)

Iron overload is increasingly implicated as a contributor to the pathogenesis of COVID-19. Indeed, several of the manifestations of COVID-19, such as inflammation, hypercoagulation, hyperferritinemia, and immune dysfunction are also reminiscent of iron overload. Although iron is essential for all living cells, free unbound iron, resulting from iron dysregulation and overload, is very reactive and potentially toxic due to its role in the generation of reactive oxygen species (ROS). ROS react with and damage cellular lipids, nucleic acids, and proteins, with consequent activation of either acute or chronic inflammatory processes implicated in multiple clinical conditions. Moreover, iron-catalyzed lipid damage exerts a direct causative effect on the newly discovered nonapoptotic cell death known as ferroptosis.


Unlike apoptosis, ferroptosis is immunogenic and not only leads to amplified cell death but also promotes a series of reactions associated with inflammation. Iron chelators are generally safe and are proven to protect patients in clinical conditions characterized by iron overload. There is also an abundance of evidence that iron chelators possess antiviral activities. Furthermore, the naturally occurring iron chelator lactoferrin (Lf) exerts immunomodulatory as well as anti-inflammatory effects and can bind to several receptors used by coronaviruses thereby blocking their entry into host cells. Iron chelators may consequently be of high therapeutic value during the present COVID-19 pandemic.

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Autumn ritual.

Yellen: US On Track To Default On National Debt In October (Hill)

Treasury Secretary Janet Yellen on Wednesday warned congressional leaders that the U.S. is on track to default on the national debt in October if the White House and Congress are unable to raise the debt limit. In a Wednesday letter, Yellen said that the Treasury Department would likely run out of cash and exhaust “extraordinary” measures to keep the federal government within its legal borrowing limit at some point next month. “Once all available measures and cash on hand are fully exhausted, the United States of America would be unable to meet its obligations for the first time in our history,” Yellen said.

“Given this uncertainty, the Treasury Department is not able to provide a specific estimate of how long the extraordinary measures will last. However, based on our best and most recent information, the most likely outcome is that cash and extraordinary measures will be exhausted during the month of October,” she continued. Yellen wrote the letter to Speaker Nancy Pelosi (D-Calif.), House Minority Leader Kevin McCarthy (R-Calif.), Senate Majority Leader Charles Schumer (D-N.Y.) and Senate Minority Leader Mitch McConnell (R-Ky.). The Treasury Department has taken so-called extraordinary measures to prevent the U.S. from defaulting on the national debt since the federal debt limit was reimposed on Aug. 1. If the Treasury Department runs out of ways to stave off a default without borrowing more money, the inability of the U.S. to pay its debts could send debilitating shockwaves through the financial system.

Yellen urged lawmakers for months to raise the debt limit before it was reimposed in August, warning that a delay could “cause irreparable damage to the U.S. economy and global financial markets.” She has since pleaded with Congress to give Treasury the ability to pay debts already approved by previous presidents and congressional majorities. “Waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States,” Yellen wrote.

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Street art.

 

 

 

 

US before high fructose syrup

NY1960s

 

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Jun 072021
 
 June 7, 2021  Posted by at 8:48 am Finance Tagged with: , , , , , ,  72 Responses »


Vincent van Gogh Daubigny’s garden 1890

 

Was the Whole Pandemic About the Vaccine? (Mercola)
Unthinkable Thoughts… (Josh Mitteldorf)
‘Damning’ Science Shows Covid-19 Likely Engineered In Lab: – Experts (NYP)
Virologist Who Told Fauci Virus Potentially Engineered Nukes 5,000 Tweets (ZH)
Fauci Told World Leaders Last Spring Virus Could Have Come From Wuhan Lab (DM)
Ivermectin Confirmed As Covid Treatment By Bombay High Court (FSoir)
California County COVID Death Toll 25% Lower After Counting Method Change (ZH)
Children Are ‘Vulnerable Host’ For Covid As Cases Recede – US Expert (G.)
Greek Minister Nods For Post-Vaccination Privileges (K.)
‘Pygmy Possum’ Leaders Impose One Punishing Lockdown After Another (RT)
Oh Lordy, Yellen Comes Out for Higher Interest Rates (WS)

 

 

PCR sensitivity

 

 

“McCullough points out that a number of countries are already talking about making the as-yet unlicensed COVID-19 vaccine compulsory, meaning anyone and everyone can be forced to take it against their will.”

Was the Whole Pandemic About the Vaccine? (Mercola)

In my opinion Dr. Peter McCullough is one of the most courageous well credentialed academic physicians out there and I hope to interview him soon. He is vice chief of internal medicine at Baylor University Medical Center and despite his impeccable credentials, he has been vilified for stating during the very beginning of the COVID-19 pandemic, that it was all about the vaccine and getting a global mass vaccination campaign underway. “All roads lead to the vaccine,” McCullough said in a recent interview with stakeholders banking on countries mandating the vaccine worldwide. McCullough points out that a number of countries are already talking about making the as-yet unlicensed COVID-19 vaccine compulsory, meaning anyone and everyone can be forced to take it against their will. “That’s how bad stakeholders want vaccination,” McCullough says. “They do want a needle in every arm. But why?” That’s the million-dollar question right there.

[..] Considering the U.S. Vaccine Adverse Events Reporting System (VAERS) has logged more deaths following COVID-19 vaccination than all available vaccines combined from mid-1997 until the end of 201316 — a period of 15 1/2 years — one has to wonder why our leaders are so insistent on everyone getting these experimental gene therapies. They’re even pushing for former COVID-19 patients to get the jab, even though they already have superior permanent immunity17 and studies show they have a far higher risk of severe side effects from the COVID jab. If it’s really about protecting the public against COVID-19, why aren’t recovered COVID patients — whose protection is far superior to vaccine-induced immunity — offered some sort of immunity passport or granted access to sporting events or education that is now only granted to those with vaccine certificates?

What’s more, North Carolina has now passed legislation that allows children as young as 12 to get the COVID vaccine without parental consent. Think about that. As of May 21, 2021, 4,406 Americans had died after the COVID vaccine including three teenagers and 12-year-olds are now being encouraged to make a life and death decision without their parents? As noted by McCullough, historically, the threshold at which an experimental vaccine program is shut down is 25 to 50 deaths, yet here we are, with over 4,000 deaths being reported in the U.S. and many thousands more in Europe.

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“..if it came from a laboratory (whether it leaked or was deliberately released) the spike protein might be actually be the agent of damage. There are several reasons to suspect that this is the case.”

Unthinkable Thoughts… (Josh Mitteldorf)

The spike protein is the part of the virus structure that interfaces with the host cell. SARS 1 and SARS 2 viruses both have spike proteins that bind to a human cell receptor called ACE-2, common in lung cells but also present in other parts of the body. Binding to the cell’s ACE-2 receptor is like the wolf knocking at the door of Little Red Riding Hood’s grandmother. “Hello, grandmama. I’m your granddaughter. Please let me in.” The virus is a wolf wearing a red cape and hood, pretends to be an ACE-2 enzyme molecule seeking entrance to the cell. In order to enter the cell, the virus must break off from the spike protein and leave it at the doorstep, so to speak. This is an important and difficult step, as it turns out. Unique to the SARS-CoV-2 virus is a trick for making the separation. Just at the edge of the protein is a furin cleavage site.

Furin is an enzyme that snips protein molecules, and it is common in our bodies, with legitimate metabolic uses. A furin cleavage site is a string of 4 particular amino acids that calls to furin, “hey — come over here. I’m a protein that needs snipping.” The most compelling evidence for a laboratory origin of COVID is that coronaviruses don’t have furin cleavage sites, and until last year, this trick has never evolved naturally. The classical understanding of a viral or bacterial disease is this: A parasite is an organism that uses the host’s resources for its own reproduction. It is evolved to reproduce efficiently. If it has co-evolved with the host, it may be evolved to spare the host’s health, or even to promote it, because this is the optimal long-term strategy for any predator or parasite.

But newly-emerged parasites can do well for awhile even if they disable or kill their hosts, and this is the kind of disease that is most damaging to us. The damage is done because the (young) virus’s strategy is to reproduce rapidly and disperse itself into the environment where it can find new hosts. The virus has no interest in harming the host, and was not evolved to this end, but this is a side-effect of commandeering the body’s resources for its own reproduction. A bioweapon virus is designed to cause a certain kind of harm. What kind of harm? It depends on the projected use for the weapon. Doesn’t the virus have to reproduce? Probably, for most weapon applications; but a bioweapon is not necessarily designed for rapid reproduction. A bioweapon can be designed as a “sleeper” to remain dormant for months or years, or to cause incremental disability over a long period.

If COVID had evolved naturally, we would expect that its spike protein would be adapted to mate well with the human ACE-2 receptor. There’s no reason to suspect it being otherwise biologically active. But if COVID is engineered, it may be that the spike protein itself has been designed to make us sick. One reason this is significant is that the vaccines have all been designed around the spike protein, assuming that the spike protein were metabolically neutral. If the virus had been naturally evolved, this is a reasonable assumption. But if it came from a laboratory (whether it leaked or was deliberately released) the spike protein might be actually be the agent of damage. There are several reasons to suspect that this is the case.

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“Why did it replicate the choice the lab’s gain-of-function researchers would have made?”

‘Damning’ Science Shows Covid-19 Likely Engineered In Lab: – Experts (NYP)

“Damning” science strongly suggests that COVID-19 is a man-made monster, optimized in a lab for maximum infectivity before hitting the outside to catastrophic effect, two experts said Sunday. Writing in an opinion piece for The Wall Street Journal, Dr. Steven Quay and Richard Muller pointed to two key pieces of evidence to support the claim, which has increasingly gained steam after long being derided as little more than speculation. The first relates to the nature of gain-of-function research, in which microbiologists tweak a virus’ genome to alter its properties, such as making it more transmissible or more lethal.

Of the 36 possible genome pairings that can produce two arginine amino acids in a row — which results in boosting a virus’ lethality — the one most commonly used in gain-of-function research is CGG-CGG, or double CGG, wrote Quay and Muller. “The insertion sequence of choice is the double CGG,” wrote Quay, the founder of Atossa Therapeutics, and Muller, a former top scientist at the Lawrence Berkeley National Laboratory, who now teaches physics at the University of California’s Berkeley campus. “That’s because it is readily available and convenient, and scientists have a great deal of experience inserting it,” they wrote. “An additional advantage of the double CGG sequence compared with the other 35 possible choices: It creates a useful beacon that permits the scientists to track the insertion in the laboratory.”

The pair noted that the double CGG sequence has never been found naturally among the entire group of coronaviruses that includes CoV-2, which causes COVID-19. But, in what Quay and Muller called a “damning fact,” it was found in CoV-2. “Proponents of zoonotic origin must explain why the novel coronavirus, when it mutated or recombined, happened to pick its least favorite combination, the double CGG,” they wrote. “Why did it replicate the choice the lab’s gain-of-function researchers would have made?

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And then tweeted that it was an automated process.

Virologist Who Told Fauci Virus Potentially Engineered Nukes 5,000 Tweets (ZH)

A California virologist who told Anthony Fauci that COVID-19 looks ‘potentially engineered’ and ‘inconsistent with expectations from evolutionary theory’ – only to later reverse course and publish a ‘natural origin’ paper 8 weeks later (before receiving a multi million-dollar NIH grant) has deleted more than 5,000 tweets. Kristian G. Anderson who runs the Andersen Lab in La Jolla, CA, wrote in a Feb. 1 email to Fauci “The unusual features of the virus make up a really small part of the genome, less than 0.1 percent, so one has to look really closely at all the sequences to see that some of the features (potentially) look engineered,” adding that he and his team found “the genome inconsistent with expectations from evolutionary theory.”

Anderson was responding to an article sent to him by Fauci exploring the origins of the virus. The next day, Fauci sent an urgent email to his deputy, Hugh Auchincloss, with the subject “IMPORTANT,” writing “Hugh, it is essential that we speak this a.m. Keep your cell phone on. … Read this paper as well as the email that I will forward. You will have tasks today that must be done.” The document attached was titled “Baric, Shi, et al – Nature medicine – SARS gain of function.pdf.” So right after one of Fauci’s trusted scientific advisers suggests COVID-19 could be man-made (while Fauci and associates publicly dismissed the possibility as a conspiracy theory), he shot a research paper concerning gain of function research – which Fauci was funding at the Wuhan Institute of Virology – to his deputy.

And now Anderson has deleted more than half of his tweets. Anderson claims that his old tweets are ‘auto deleted’ – which would suggest a rolling, automated process – not the sudden disappearance of over 5,000 tweets preceding March 7, 2021. The deleted tweets come as internet sleuths begin to unravel Anderson’s involvement with Fauci and the NIH.

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Is Gottlieb turning his back on Fauci?

Fauci Told World Leaders Last Spring Virus Could Have Come From Wuhan Lab (DM)

The former head of the Food and Drug Administration, Scott Gottlieb, has said Dr. Anthony Fauci told world leaders in the spring of 2020 that the coronavirus may have escaped from a lab in Wuhan, China. U.S. researchers around that time still were considering whether the virus came from a lab break, and Fauci told the health leaders gathered that the newly identified strain of the coronavirus ‘looked unusual,’ according to Gottlieb. The disclosure from the former FDA chief comes as an increasing number of mainstream scientists and media figures no longer are parroting the line from the Chinese Communist Party that the virus came from a bat. Even President Joe Biden has ordered government agencies to investigate the possibility that it might have come from a lab.

Now, Gottlieb says Fauci last year at least considered that COVID-19 could have come from a lab – before closing ranks around the idea that it occurred naturally. Gottlieb, who served under President Donald Trump, said a former senior member of the Trump administration told him at the time of Fauci’s 2020 talk. Gottlieb said he’d recently reconfirmed with that person that Fauci had given the talk. ‘I think early on, when they looked at the strain, they had suspicions,’ Gottlieb recalled Sunday on CBS Face the Nation, speaking of U.S. scientists. ‘And it takes time to do that analysis, and that dispelled some of those suspicions,’ he added.

Meanwhile, Gottlieb said it was a mistake to only look at the virus from a scientific perspective: It also needs to be examined from a national security lens, he said. ‘A scientific mindset looks at the virus and the virus’ behavior and draws a conclusion,’ he said. ‘A national security assessment looks at that and then looks at the behavior of the Chinese government, the behavior of the lab, other evidence around the lab – including the infections we now know took place – and that changes the overall assessment,’ he said.

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Google translate.

Ivermectin Confirmed As Covid Treatment By Bombay High Court (FSoir)

In India, the Ministry of Health included ivermectin as part of the treatment of Covid19 as early as April 2021 and confirmed this on several occasions, including in its last recommendation. The Minister of Health therefore did not follow the advice of the WHO not to use ivermectin . India, after a scientific review of the existing evidence, followed suit with Senegal, which had not followed the WHO advice on hydroxychloroquine with continuous use in combination with another molecule since March 2020.” We do not blindly follow the WHO” declared Prof. Moussa Seydi, head of the infectious diseases department at Fann hospital in Dakar.

As several Indian states continue to prescribe ivermectin with success, WHO chief scientist Soumya Swaminathan tweeted on May 10 that the United Nations agency advises against the use of the drug to treat patients with the disease. COVID-19, except in clinical trials. The tweet included a press release issued by the company that makes the drug, Merck, saying it had found no evidence to support the use of ivermectin in the treatment of COVID-19. The Indian Bar’s response was direct – a formal notice before action demanding accountability from the 51-page scientific director who takes up the various arguments in favor of ivermectin and especially questions why the scientific director tweeted a old Merck press release while on March 31, 2021 she herself issued a WHO opinion on ivermectin. This really raises questions.

A few weeks ago a group of Indian lawyers, whose sponsors are not yet identified, attacked the decision by the state of Goa to include ivermectin as part of the treatment against the Covid19 thus following national guidelines. The reasons given in the procedure were that the WHO had not approved the use of ivermectin. The Goa government has therefore produced a response brief thus confirming that the rationale for WHO’s advice not to use ivermectin is flawed. This thesis is based on a lot of evidence including the contradictory analysis of the WHO opinion made by the FLCCC of Dr Pierre Kory . It is therefore a first for a government to take a legal position in favor of early treatment.

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Easy as pie.

California County COVID Death Toll 25% Lower After Counting Method Change (ZH)

The number of COVID-19 deaths in Alameda County, California, fell by about 25 percent after health officials changed their methodology for total mortality count, removing those that were not a “direct result” of the disease, or “in whom death caused by COVID-19 could not be ruled out.” The county’s COVID-19 dashboard, following an update on June 4 to reflect the total number of COVID-19 deaths using the state’s death reporting definition, shows 1,223 deaths were caused by the CCP (Chinese Communist Party) virus, 411 fewer than what it previously reported. “Alameda County previously included any person who died while infected with the virus in the total COVID-19 deaths for the County,” the county’s public health department said in a press release.

For example, someone who tested positive for the virus before dying in a car accident would still have been counted toward the COVID-19 death toll . “Aligning with the State’s definition will require Alameda County to report as COVID-19 deaths only those people who died as a direct result of COVID-19, with COVID-19 as a contributing cause of death, or in whom death caused by COVID-19 could not be ruled out,” the health officials said, noting that their system of reporting COVID-19 deaths on the dashboard and to the state was implemented early in the pandemic, before the state established guidelines for how deaths should be classified.

Alameda County Health Officer Dr. Nicholas Moss told the Mercury News that his department was aware of the inconsistency between the county and state’s numbers, but they had to put off the change because of a major surge in infections during the winter. “We just weren’t able to move as quickly on this as we would’ve liked, but we felt it was important and sometimes better late than never,” he said.

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Meant to sell vaccines, the article becomes an ad for Mississippi, 50th and last among states in vaccinations.

Children Are ‘Vulnerable Host’ For Covid As Cases Recede – US Expert (G.)

A US public health expert has warned that though cases of Covid-19 are at their lowest rates for months and much of the country is returning to normal life, young Americans are still “a vulnerable host” for the coronavirus. Dr Richina Bicette, associate medical director at Baylor College of Medicine in Houston, told CNN children were now accounting for nearly 25% of US cases. “As adults get vaccinated and become more protected and immune,” she said, “the virus is still in the community looking for a vulnerable host and pediatric patients fit that description.” Children aged 12 and above are eligible to receive the Pfizer-BioNTech vaccine, one of three in US use. Federal authorities will this week debate extending vaccines to children aged 11 and under.

Centers for Disease Control and Prevention (CDC) data shows that 52% of the US population over the age of 12 has had at least one vaccine dose and 42% is fully protected. The Biden administration wants 70% of US adults to have received at least one shot by 4 July. A range of incentives are being offered. Deaths in the US have slowed drastically, the toll a little under 590,000. But with virus variants causing problems as other countries reopen, experts have voiced concern over slowing rates of vaccination, particularly in Republican states. On Sunday the Republican governor of Mississippi, Tate Reeves, appeared on CNN’s State of the Union. Mississippi is 50th and last among states in vaccinations, with 30% of residents fully protected and 40.5% aged 12 and older having received at least one dose, according to the CDC.

The states with the highest vaccination rates are Vermont (80.6% – with a Republican governor, Phil Scott), Hawaii (78.6%) and Massachusetts (76.8%). “I believe the vaccine works,” Reeves said. “I believe it’s safe. I believe it’s effective. I took my first dose in January, as did my wife, on TV live, and I have encouraged Mississippians to do the same. “But I also want to point out that President Biden’s goals for 4 July or otherwise are arbitrary to say the least.” Reeves said his focus was on providing “quality care” for people with Covid-19 – and trumpeted a steep decline in hospitalisations. “At our peak, we had 1,444 individuals in the hospital,” he said. “Today, we have 131. We’re down 90%. At our peak, we had 2,400 cases per day over a seven-day period. Over the last seven days, we have had barely 800 cases in total.

“And so, for that entire year period, the goalpost was, let’s reduce the number of cases. And we have been successful at doing that. The question is, why? “We have had a million Mississippians that have gotten the vaccine, but we have also had 320,000 Mississippians that have tested positive for the virus. Many people believe that somewhere between four and five times more people have gotten the virus that have not tested [positive]. “And so we have got probably a million or so Mississippians that have natural immunity. And because of that, there is very, very, very little virus in our state. But we’re still working to get the vaccine distributed, and hope we will continue to do so.”

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These people don’t know what they’re doing.

Greek Minister Nods For Post-Vaccination Privileges (K.)

Greece may soon grant privileges to individuals inoculated against Covid-19. Speaking on Skai radio on Monday, Development Minister Adonis Georgiadis said such measures could be introduced only when vaccine supply has outpaced demand in the country. “We need to be certain that one did not get vaccinated because one did not want to do so, not because one could not schedule a [vaccination] appointment,” the conservative minister said. Georgiadis predicted that this would happen in the next two or three weeks. He did not specify what these privileges could be. In comments made on Sunday, Alternate Interior Minister Stelios Petsas also said that giving special privileges to vaccinated individuals could be used as an incentive to boost Greece’s nationwide inoculation program.

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“910 people in a population of 25 million have died from Covid-19, with just one single death – that of a returning traveller – in the last six months.”

‘Pygmy Possum’ Leaders Impose One Punishing Lockdown After Another (RT)

Having all but sealed the international borders until mid-2022, Oz reached a new high, or low, this week when Victoria, the most densely populated state, had a seven-day snap lockdown extended to a fortnight using the logic of one lockdown to prevent another lockdown, after alarm bells were raised when two people tested positive (later proven false positives) for the virus. Currently, there are 70 active cases of Covid in Victoria. Common sense went out the window. The state premier took refuge behind public health officials, just like everywhere else, citing a pressing need to crush a variant of the virus before it took hold. Melbourne’s four million residents were told to stay indoors for another week. The fourth lockdown for my home state, for a weary population that had already endured more than 100 gruelling days of enforced isolation over summer.

The latest move is cruel, cowardly and downright stupid. But you won’t convince the politicians that they need to try some leadership, because they are cowering in fear from what they have come to fearfully refer to as “a beast,” despite the fact that just 910 people in a population of 25 million have died from Covid-19, with just one single death – that of a returning traveller – in the last six months. Right now, Australia’s more than 7,000 critical-care beds remain empty and just 17 people nationwide are lying in hospitals suffering from Covid infection. Yet still, the leaders are ramping up the fear.

[..] Queensland Premier Annastacia Palaszczuk raised the idea of a fervent regionalism when she declared the state’s hospitals were “for our people.” This meant that a seriously ill woman pregnant with twins who lived in New South Wales was denied urgent medical treatment by her nearest hospital because it lay across the state border in Queensland. She lost one of her unborn babies thanks to political grandstanding. Only the politicians of Sydney, the New South Wales capital, have come out of this with any sort of credit seemingly determined to live with the disease and a staunch refusal to panic. Now that’s the Aussie spirit! Because elsewhere, it really does appear that crushing Covid-19 infection is the only thing that matters, despite the numbers of people who are vaccinated or even if anyone is even sick.

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Is it that they know it’s inevitable, so they might as well act as if they wanted it?

Oh Lordy, Yellen Comes Out for Higher Interest Rates (WS)

Starting in 2018, President Trump harangued and hammered Fed Chair Jerome Powell to end Quantitative Tightening and to cut interest rates, and Powell buckled and did his infamous “180.” And now suddenly – unless this gets walked backed again tomorrow – we’ve got the opposite. Treasury Secretary Janet Yellen said in an interview with Bloomberg News on Sunday that higher interest rates would “actually be a plus for society’s point of view and the Fed’s point of view.” Under Fed Chair Yellen, the Fed hiked interest rates five times, starting in December 2015. Yellen departed in February 2018 as Trump had refused to reappoint her, and instead replaced her with Powell. At the time, the sixth rate-hike was already baked in for the March 2018 meeting. She is no stranger to rate hikes.

Now Yellen – presumably with the backing of President Biden – is supporting Powell on rate hikes, which is a dramatic shift from the prior administration. The issue in the interview was inflation and whether or not it would be fired up further by the federal government’s $4 trillion additional spending spread over 10 years, adding $400 billion per year in extra spending. Yellen said that this would not be enough for inflation to over-run. And she said that the current “spurt” in prices powered by the stimulus would fade next year – toeing the line that the biggest burst of inflation in three decades that blew through the Fed’s target by a big margin would just be “temporary.”

But, and here it comes: If the current burst of inflation turns out to be not temporary and triggers more persistent inflation, and thereby higher interest rates, it would be a good thing. “If we ended up with a slightly higher interest rate environment, it would actually be a plus for society’s point of view and the Fed’s point of view,” she told Bloomberg News. “We’ve been fighting inflation that’s too low and interest rates that are too low now for a decade,” she said. “We want them to go back to” a normal interest rate environment, “and if this helps a little bit to alleviate things then that’s not a bad thing – that’s a good thing.”

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Mar 072021
 
 March 7, 2021  Posted by at 10:14 am Finance Tagged with: , , , , , , , , ,  29 Responses »


Vincent van Gogh Red Vineyards at Arles 1888

 

American Rescue Plan Could Set Stage for $4 Trillion of Debt (CRFB)
Yellen Coddles Up to Powell on Rising Long-Term Yields (WS)
Italy’s Government Is Outsourcing Its Economic Strategy To McKinsey (Jac.)
US Covid Cases Continue To Decline After Brief Plateau (JTN)
Connecticut Lifting All Covid-19 Capacity Restrictions On Businesses (F.)
The Nightingale Alternative (Gillian Dymond)
Trump Sends Legal Notice To GOP To Stop Using His Name (Pol.)
Congressmen Demand Twitter’s Internal Docs Regarding Trump Censorship (JTN)
Is China Hacking Random Servers To Put Itself Into A Bad Light? (MoA)
Bitcoin Could Soon Run Head First Into US Money Laundering Laws (ZH)
The Dark Side Of “Eating Lower On The Food Chain” (Turchin)
Mobile Devices Alter Children’s Minds, Change How They Perceive The World (JTN)

 

 

 

 

Jack Posobiec: Trump sent $1800 stimulus out, Biden sent $1400 but if you look closely you may start to notice the media being slightly biased about this story.

Kevin Gosztola: Jobless benefits were $600/week for 4 months in the COVID-19 relief that passed under Trump in March 2020. Biden and Senate Democrats are cutting jobless benefits for citizens in crisis to $300/week for same period—half of what passed in GOP-controlled Senate.

 

 

 

 

Already, people will get $1,400 checks, while the rescue will cost them some $5,700 each.

American Rescue Plan Could Set Stage for $4 Trillion of Debt (CRFB)

The American Rescue Plan Act is estimated to cost over $1.9 trillion through 2031, but the ultimate price tag could be twice as high if some of the policies in the bill are extended beyond their current expiration dates. The bill includes several extensions of tax credits that supporters have previously proposed on a permanent basis and several temporary economic relief measures that are slated to end before the economy has fully recovered. If the tax credits were made permanent and these relief measures were extended for the duration of the crisis, it would raise the total cost of the bill to $3.8 trillion through 2031, or $4.1 trillion with interest.

Several measures in the $1.9 trillion American Rescue Plan Act that provide temporary relief are likely to be extended past their expiration dates. Most significantly, expanded unemployment benefits would expire at the end of August (though that may soon be changed to September), after which all unemployed workers would lose the benefit supplement and many would lose benefits entirely. In addition, a 15 percent increase in Supplemental Nutrition Assistance Program (SNAP) benefits would end in September, after which benefits would immediately snap back to their previous level. Other smaller relief efforts also end abruptly. Extensions of these policies are likely in our view. While the actual cost would depend on the length and nature of those extensions, we believe a reasonable extension and phase-out scenario could cost roughly $300 billion.

More substantially, the American Rescue Plan Act includes one- or two-year versions of several longstanding policy priorities of President Biden’s or Congressional Democrats’. It includes over $100 billion for a one-year expansion of the Child Tax Credit (CTC), which increases the credit from $2,000 to $3,000 (or $3,600 for children under age 6) and makes it fully refundable. The bill also includes a $15 billion, one-year expansion of the Earned Income Tax Credit (EITC) for childless workers that many have been seeking for years, and an $8 billion expansion of the Child and Dependent Care Tax Credit (CDCTC), which closely matches President Biden’s campaign proposal to increase the maximum credit from $2,100 to $8,000 and from covering 35 percent of expenses to 50 percent of expenses. Finally, the legislation includes a $35 billion, 2-year increase in Affordable Care Act premium subsidies that closely matches a similar proposal in President Biden’s campaign plan and $10 billion in small Medicaid expansions that last five years.

Making the expanded CTC permanent would cost an additional $1.1 trillion, assuming the expiring provisions in the Tax Cuts and Jobs Act (TCJA), which boosted the credit from $1,000 to $2,000 and eliminated the dependent exemption, are eventually extended or the policy is modified after 2026. Relative to current law, we estimate this would cost more like $1.5 trillion. Meanwhile, making the EITC and CDCTC extensions permanent would cost over $200 billion, and making the health care provisions permanent would cost about $250 billion. Altogether, we estimate these potential extensions would cost $1.9 trillion before interest, boosting the overall cost of the bill to $4.1 trillion when interest is included.

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“The Wall Street crybabies are clamoring for this because massive highly leveraged bets on Treasury securities are producing massive losses.”

Yellen Coddles Up to Powell on Rising Long-Term Yields (WS)

It seems to be a rare sight that a Treasury Secretary and a Fed Chair color-coordinate their comments about rising long-term yields. On Friday, Treasury Secretary Janet Yellen in an interview on PBS NewsHour echoed what Fed Chair Jerome Powell had said on Thursday in an interview with the Wall Street Journal. When Yellen was asked about the rising long-term yields that the crybabies on Wall Street are getting so nervous about, Yellen said in her quiet manner: “Long term interest rates have gone up some, but mainly I think because market participants are seeing a stronger recovery, as we have success with getting people vaccinated and a strong fiscal package that’s going to get people back to work.” “Rising interest rates don’t concern you?” she was then asked.


“I think they’re a sign that the economy is getting back on track, and market participants see that, and they expect a stronger economy,” Yellen said. “And instead of inflation lingering below levels that are desirable for years on end, they’re beginning to see inflation get back to a normal range of around 2%.” And inflation may rise more than that, but it’s going to be transitory, she said. So on Friday, the Treasury 10-year yield rose to 1.57%, still ludicrously low, given the outlook on inflation, and given the Fed’s insistence that it will let inflation run over 2% – as measured by “core PCE,” the inflation measure that nearly always produces the lowest inflation readings in the US. But that 1.57% was nevertheless the highest since February 14, 2020:

The spread between the Treasury 2-year yield (0.14%) and the 10-year yield (1.57%) widened to 1.43 percentage points. By this measure, the yield curve is the steepest since November 2015:

This rise in the 10-year yield has set off clamoring among the crybabies on Wall Street for the Fed to do something to bring them down. They have already outlined the remedies, including prominently another “Operation Twist,” where the Fed sells Treasury securities with short maturities and buys Treasury securities with long maturities. This concentrated buying of long-dated Treasuries would raise their prices and thereby push down their yields. The Wall Street crybabies are clamoring for this because massive highly leveraged bets on Treasury securities are producing massive losses.

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This must be crossing some line.

Italy’s Government Is Outsourcing Its Economic Strategy To McKinsey (Jac.)

Upon its formation last month, Mario Draghi’s new government was heralded by almost all Italian and international media as a rescue operation. Where the former European Central Bank (ECB) chief Draghi had “saved the euro” in the 2010s, most outlets gushed over “Super Mario” and his plan to “save Italy” by splashing a mooted €209 billion in European recovery fund cash while “reforming” its lackluster economy. The kind of “reforms” this meant went unmentioned — and after all, this government bears no relation to voter decisions, or the coalitions that ran in the last general election. But for the fourth time since the 1990s, a president called on a technocrat from the world of finance and banking to form a cabinet, halfway through a parliament. Eight of Draghi’s twenty-three ministers are unelected technocrats, in a so-called government of experts.

If these figures are not party-political, they have similar backgrounds and instincts. Economy minister Daniele Franco is a former Bank of Italy official who drafted the famous 2011 ECB letter instructing the government to implement privatizations and cut back collective bargaining. Former Vodafone CEO Vittorio Colao — today innovation and digital transition minister — is a former partner at private consultants McKinsey & Company. Now, it has been revealed that McKinsey is going to be tasked with writing Italy’s economic plan for the coming period, to be submitted for review by the European Commission at the end of next month. Notorious for its role in the Enron scandal as well as the 2008 financial crisis — as it promoted the boundless securitization of mortgage assets — and the botched vaccine rollout in France, the firm is now being called on to shape the Draghi government’s “reform” agenda.

La Repubblica, the country’s leading center-left daily, gushed over the move. “Faced with a race against time,” Draghi’s government “has assumed the position of a private corporation faced with a new business opportunity that isn’t part of its core activities.” While this same paper reported on March 1 that the need for “hurry” meant Draghi himself would write the recovery plan, together with finance minister Franco, this has now been outsourced. The suggestion that this is a purely “technical” collaboration — that McKinsey’s choices will not be political — is patently absurd, not least given that this claim is also widely made for Draghi’s “technical” government itself. For decades, the imposition of neoliberal recipes in Italy has been advanced through this same procedure, with the agenda advanced by privatizers couched in the dogma of “unavoidable choices.”

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And still nobody knows why?!

US Covid Cases Continue To Decline After Brief Plateau (JTN)

Daily new COVID-19 cases in the United States have continued declining after a brief plateau following a sharp drop from the beginning of the year. Cases have declined steeply since early January, baffling scientists who are struggling to explain the unexpected drop in COVID activity, particularly after weeks of dire warnings from health officials about the potential for a post-holiday spike. That decline leveled out in late February, with daily average case numbers appearing to be on a slightly upward trajectory at one point, leading experts to warn that positive test results could be preparing to explode again.


Yet cases appear to be dropping again, according to several data sources. The COVID Tracking Project indicates that daily average case numbers began slowly decreasing again around Feb. 27 and have continued on that downward trend over the past week. Likewise, the data website Worldometers also identifies average daily case numbers beginning a new decline at right around the same day. According to COVID Tracking, COVID-19 hospitalizations have continued on a seemingly unabated downward trajectory since early January, on Friday reaching levels not seen since late October.

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Not all restrictions.

Connecticut Lifting All Covid-19 Capacity Restrictions On Businesses (F.)

Connecticut will lift all capacity limits on certain businesses including restaurants, gyms, offices and houses of worship starting March 19, Gov. Ned Lamont announced Thursday, going further than most other Democratic-led states to roll back Covid-19 restrictions even as public health officials advise governors not to do so. Restaurants, retail businesses, libraries, personal services, indoor recreation facilities, gyms, fitness centers, museums, aquariums, zoos, offices and houses of worship will all have their capacity limits repealed. Social distancing protocols will still be in place and face masks will be required, and there will be some restrictions: theaters will remain restricted to 50% capacity, restaurants are limited to eight people per table and must close at 11 p.m. and bars that only serve beverages will still be closed entirely.


The state’s mask mandate will remain in effect. Gathering limits on social and recreational gatherings will also be increased March 19 to 25 people indoors and 100 people outdoors at a private residence, or 100 people indoors and 200 outdoors at a commercial venue. On April 2, the state will open outdoor amusement parks, open indoor stadiums at 10% capacity and increase occupancy at outdoor event venues to 50% capacity or up to 10,000 people. Connecticut will be one of only a few Democratic-led states to have such relaxed capacity restrictions: Virginia does not have capacity restrictions at restaurants or places of worship but does at gyms, Wisconsin’s capacity limit order has expired and Kansas’ restrictions are determined by county, with many having few or no limits.

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“..depriving us all of autonomy and of the comforting, real-world support of friends and family, and robbing the less fortunate among us of health, of livelihoods, and, in the worst cases, of life itself.”

The Nightingale Alternative (Gillian Dymond)

It is a year now since I last took a train: a short return trip, from Leamington Spa to Oxford. On the journey out, I was lucky enough to find a seat in which, for some forty minutes, I shared the air with my fellow travellers. At Oxford station I rubbed shoulders with a multiplicity of strangers as I joined the throng surging towards the exit and proceeding slowly through the congested barriers, then made my way along busy streets, brushing against other human beings on the narrow pavements. At the Ashmolean I met a friend, and together we mingled freely with the rest of the visitors at the well-frequented Rembrandt exhibition, then chatted at length over a late lunch in the museum café, where the tables – disdaining any hint of anti-social distancing – were full to capacity.

Later, after a walk through Christchurch Meadow and along the river, exchanging smiles and occasionally the odd word with those I passed along the way, I spent some time browsing the shelves of Blackwell’s in daring proximity with other booklovers before deciding on a purchase and braving the jostle of the station platform to board a packed train back to Leamington. It was a very ordinary day – a day passed without fear as I came into contact with numerous unknown people, some of whom, no doubt, were suffering from the common cold or harbouring incipient or suppressed symptoms of influenza or even of Covid-19 (which, as we now know, had already been on the loose for several, possibly many, months at that time). Not for a moment did this disturb me.

Like all those in good health and unafflicted by obsessive-compulsive disorder, I judged the hasard of stepping out boldly into the microbial soup which surrounds and permeates our existence to be a risk worth taking in exchange for the spontaneous social interaction without which human beings cannot thrive. I never guessed that this could be the last time I would be free to enjoy a day of such unexceptionable pleasures. True, rumblings of the pandemic had been growing over the previous weeks, but memories of previous damp squibs – SARS, bird flu, swine flu – which the worst-case speculations of computer-modellers had repeatedly failed to ignite encouraged me to hope that present reports from China and Italy, too, would soon fade into a penumbra of failed sensationalism.

[..] And the lockdowns, distancing and masking began. For close on a year now official statistics and figures spun out by a team of approved government experts into webs of cautionary speculation have justified rule by decree, depriving us all of autonomy and of the comforting, real-world support of friends and family, and robbing the less fortunate among us of health, of livelihoods, and, in the worst cases, of life itself. To anyone with the most rudimentary understanding of economic interdependence, the consequences of this decision to quarantine the whole nation were obvious from the start, and were uncannily favourable to the objectives of Agendas 21 and 2030, as handed down from the UN, via national administrations, to local governments throughout the world: but the people of the UK, it seemed, were convinced by the official “narrative”, thousands of them assembling on their doorsteps each Thursday evening to shake their fists at The Virus, and demonstrate solidarity with the NHS.

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Ha ha!

“As one of President Trump’s MOST LOYAL supporters, I think that YOU, deserve the great honor of adding your name to the Official Trump ‘Thank You’ Card.”

Trump Sends Legal Notice To GOP To Stop Using His Name (Pol.)

Lawyers for former President DONALD TRUMP sent out cease-and-desist letters Friday to the three largest fundraising entities for the Republican Party — the RNC, NRCC and NRSC — for using his name and likeness on fundraising emails and merchandise, a Trump adviser tells Playbook. We reported yesterday that Trump was furious that his name has been bandied about by organizations that help Republicans who voted to impeach him — without his permission. Trump, who made his fortune in licensing, has always been sensitive to how his name has been used to fundraise and support members, even while in office.

On Friday, the RNC sent out two emails asking supporters to donate as a way to add their name to a “thank you” card for Trump. “President Trump will ALWAYS stand up for the American People, and I just thought of the perfect way for you to show that you support him!” the email states. “As one of President Trump’s MOST LOYAL supporters, I think that YOU, deserve the great honor of adding your name to the Official Trump ‘Thank You’ Card.” A follow-up email was sent hours later to “President Trump’s TOP supporters” warning of a deadline of 10 hours to get their names on the card.

None of the committees returned a request for comment. But privately GOP campaign types say it’s impossible not to use Trump’s name, as his policies are so popular with the base. If Trump really wants to help flip Congress, they argue he should be more generous. His team, however, sees this differently. “President Trump remains committed to the Republican Party and electing America First conservatives, but that doesn’t give anyone – friend or foe – permission to use his likeness without explicit approval,” said a Trump adviser.

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They’ll refuse.

Congressmen Demand Twitter’s Internal Docs Regarding Trump Censorship (JTN)

Two Republican representatives are renewing a demand that Twitter hand over internal documents regarding its decisions to censor and moderate content on its platforms, accusing the tech company of harboring significant bias against a large part of its user base. Reps. Jim Jordan and Ken Buck claimed in a letter to Twitter CEO Jack Dorsey this week that Twitter itself has played “a leading role in silencing and censoring political speech of conservative Americans.” The letter repeats a request that Jordan lodged last summer with which Twitter reportedly did not comply.


“In recent months, Twitter throttled the dissemination of a mainstream newspaper article critical of then-candidate Joe Biden’s son,” they wrote in the letter, “and later took the unprecedented step of de-platforming the sitting President of the United States. If Twitter can do this to the President of the United States, it can do it to any American for any reason.” The politicians demanded that Twitter hand over “an accounting of all content moderation decisions made by Twitter over the past year for users located within the United States, including which Twitter rule or policy the user allegedly violated and the content of the moderated tweet,” as well as “all documents and communications” related to its decision to censor several of then-President Donald Trump’s tweets last year.

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“Why would a state sponsored hacking campaign, especially from China, actually want that? Why would China want to attract more negative news about its country?”

Is China Hacking Random Servers To Put Itself Into A Bad Light? (MoA)

In January 2021, through its Network Security Monitoring service, Volexity detected anomalous activity from two of its customers’ Microsoft Exchange servers. Volexity identified a large amount of data being sent to IP addresses it believed were not tied to legitimate users. A closer inspection of the IIS logs from the Exchange servers revealed rather alarming results. … Through its analysis of system memory, Volexity determined the attacker was exploiting a zero-day server-side request forgery (SSRF) vulnerability in Microsoft Exchange (CVE-2021-26855). The attacker was using the vulnerability to steal the full contents of several user mailboxes. This vulnerability is remotely exploitable and does not require authentication of any kind, nor does it require any special knowledge or access to a target environment. The attacker only needs to know the server running Exchange and the account from which they want to extract e-mail.

The hackers used four different zero-day security holes in Exchange Server products. A zero-day security hole is one that was previously unknown and has never been used before. To find new zero-day security holes is difficult and expensive. But after they are found and made operational they are often easy to use. Whoever did this hack has invested quite some effort. Besides extracting emails the hackers also installed backdoors that give them remote access to the hacked Exchange systems. On March 2 Microsoft released patches for the four security holes. In its release it accused China of being behind the hack:

“Today, we’re sharing information about a state-sponsored threat actor identified by the Microsoft Threat Intelligence Center (MSTIC) that we are calling Hafnium. Hafnium operates from China, and this is the first time we’re discussing its activity. It is a highly skilled and sophisticated actor. Historically, Hafnium primarily targets entities in the United States for the purpose of exfiltrating information from a number of industry sectors, including infectious disease researchers, law firms, higher education institutions, defense contractors, policy think tanks and NGOs. While Hafnium is based in China, it conducts its operations primarily from leased virtual private servers (VPS) in the United States.”

[..] The attribution Microsoft makes is in light of the above quite weak. The direct attacks came from rented virtual private servers within the U.S. These were, says Microsoft, operated through machines in China. But how does Microsoft know who has actually control over those machines in China? Could they not be hacked too? Couldn’t the real actors sit anywhere on this planet and access them through the Internet? Microsoft also says that its attribution is “based on observed victimology, tactics and procedures”. The victims are described as “infectious disease researchers, law firms, higher education institutions, defense contractors, policy think tanks and NGOs”.

For a state sponsored campaign, especially one that burns four expensive zero-days, that victimology is unusually wide. It practically guaranteed that the attack would be detected fairly soon. “Tactics and procedures” are something that is even harder to attribute than the code used in the attack. Microsoft details some of these: “HAFNIUM has previously compromised victims by exploiting vulnerabilities in internet-facing servers, and has used legitimate open-source frameworks, like Covenant, for command and control. Once they’ve gained access to a victim network, HAFNIUM typically exfiltrates data to file sharing sites like MEGA.

This hack used legitimate open source tools that are widely available and are also used by many cybercrime organizations and secret services. What then are the specific ‘tactics and procedures’ which attribute this to China? Microsoft won’t say. There is also a fact that the hackers have gone into overdrive as soon as Microsoft released the patches. They now infect any system they can find. That surely will result in an extreme amount of international publicity. Why would a state sponsored hacking campaign, especially from China, actually want that? Why would China want to attract more negative news about its country? Could there be some other country that has an interest in pushing public accusations against China by linking it to massive global hacking campaign?

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Governments and central banks want control.

Bitcoin Could Soon Run Head First Into US Money Laundering Laws (ZH)

Among the challenges in regulating bitcoin will be the Biden administration’s handling of recent anti-money laundering laws put into place by the Trump administration pertaining to bitcoin and cryptocurrencies. The rules, implemented at the last-minute by the Trump administration, seek requirements for financial services firms to report identities of cryptocurrency holders, according to Bloomberg. The point of the rules is to stop attempts to use crypto as a means of transferring money illicitly. Lobbying against the regulations are “heavyweights from both K Street and Wall Street”, according to Bloomberg, including Fidelity and the U.S. Chamber of Commerce. The Chamber of Commerce has said the rule would have “unintended long-term consequences” on the virtual currency industry.

Also lobbying against the rule have been “Republican lawmakers, including former Representative Cynthia Lummis, who is now a Wyoming senator; Arkansas Senator Tom Cotton and Democratic Representative Tulsi Gabbard of Hawaii”. The rules were implemented by the Financial Crimes Enforcement Network or FinCEN, after President Trump lost the 2020 election. The move drew criticism and even the threat of lawsuits from pro-crypto trade groups. The rule would require filings to the Treasury every time a customer moves at least $10,000 worth of virtual currency into a wallet not hosted at an exchange. These are similar to the reports that banks already send under existing AML laws when customers take out $10,000 or more in cash.

The regulation would also require banks and exchanges to keep records of customers who send $3,000 or more of virtual currencies to someone else’s unhosted wallet. Obviously, such regulation would maim one of bitcoin’s biggest “assets”: the ability to transfer money anonymously and “outside the system”. Should Treasury Secretary Janet Yellen move forward with the rules, crypto services could wind up becoming more expensive – and some cryptocurrencies could even disappear altogether.

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Nice take.

The Dark Side Of “Eating Lower On The Food Chain” (Turchin)

Nine years ago I made one of the most consequential decisions of my life—I switched to the so-called Paleo Diet (“paleo” is a bit misleading, as I explain in the post). Had I not done so, I would certainly have contributed to the rising obesity statistics for the United States. Within six months of switching to Paleo diet I lost 20 pounds before equilibrating at my current weight. But weight is actually the least important thing. Much more important was a dramatic improvement of my general health I experienced in the months since switching. I feel better today than ten years ago, despite being (obviously enough) ten years older. The major change was eating much higher on the food chain. The only way to get protein on a purely plant-based diet is to eat grains and pulses, which means wheat and beans.

But those are precisely the foods elimination of which resulted in my health improvement. I sometimes unknowingly consume small amounts of wheat, when a restaurant chef uses flour for the sauce (despite explicit entreaties not do so). The next day I know that I had been poisoned. The other thing is that it’s not just protein deficiency. Your body doesn’t need that much protein. The biggest problem with purely plant diet is that you don’t get enough healthful fat. Instead you end up poisoning yourself with seed oils. This is why I watch with increasing alarm the current trend to “cancel” meat. Last year the town of Cambridge, home of one of two best universities in UK, banned meat. So Cambridge is now off my list of places to go to (fortunately, I visited it years ago, when it was still safe for carnivores).

I am very worried that the veganism tide will continue spreading, leaving us carnivores on reservations (or even driving people following Paleo diet to extinction). Somebody is sure to immediately accuse me that I don’t care about the environment. Au contraire. Some of the most depressing environments that I’ve seen are giant agricultural fields (e.g. driving through Iowa).

Compare it to what they looked like before:

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“..children who frequently use mobile devices are more likely to process stimuli on a “local” level, for example they “process the details” of an image first rather than the overall image itself.”

Mobile Devices Alter Children’s Minds, Change How They Perceive The World (JTN)

Researchers in Hungary this week announced the findings of studies into what effects digital devices have on young minds, concluding that the increased usage of such technology has changed how younger individuals interact with the world around them. In a press release, scientists at Eötvös Loránd University said that children of the “Alpha Generation,” or those born after 2010, “typically grow up with mobile devices in their hands” which “seems to change how they perceive the world.” Summarizing their findings, the Hungarian researchers claim that children who frequently use mobile devices are more likely to process stimuli on a “local” level, for example they “process the details” of an image first rather than the overall image itself.


The results “show that the type of experiences children meet matters much,” the release said, “because at this age the brain is very plastic, so such massive early exposure may have a significant long-term effect.” “The atypical attentional style in mobile user children is not necessarily bad,” one of the scholars commented, “but different for sure, and we cannot ignore this – for example in pedagogy.

Read more …

 

 

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Jan 262021
 


James McNeill Whistler Harmony in Blue and Silver: Trouville 1865

 

EU Threatens To Block Covid Vaccine Exports Amid AstraZeneca Shortfall (G.)
COVID19 Has Cost Global Workers $3.7 Trillion In Lost Earnings – ILO (G.)
House Delivers Impeachment Article To Senate (ZH)
Joe Biden On Donald Trump’s Impeachment Trial: ‘It Has To Happen’ (G.)
Sen. Leahy To Preside Over Trump’s Second Impeachment Trial (JTN)
Democrats Have Released A Roadmap To One-Party Rule (RCP)
Poll: Trump ‘Patriot Party’ Would Win 23% Of Voters, Drop GOP To Third (JTN)
Democrat Sens. Manchin, Sinema Won’t Back Elimination Of The Filibuster (JTN)
Janet Yellen Confirmed As Treasury Secretary (Axios)
Twitter Launches Birdwatch, A Wikipedia-Style Approach To Fight Misinformation (F.)
Ex-CIA Engineer Tells Judge He’s Incarcerated Like An Animal (Ind.)
Leon Black To Step Down From Apollo Global After Epstein Investigation (F.)
Flying Blind (Jim Kunstler)
Let Nuke Plants Run for 100 Years? (CP)

 

 

We passed 100 million cases overnight.

 

 

And off to the bullfight we go. Still not a word on HCQ, ivermectin or even vitamin D. Is it really just incompetence?

EU Threatens To Block Covid Vaccine Exports Amid Astrazeneca Shortfall (G.)

The EU has threatened to block exports of coronavirus vaccines to countries outside the bloc such as Britain, after AstraZeneca was accused of failing to give a satisfactory explanation for a huge shortfall of promised doses to member states. The pharmaceutical company’s new distribution plans were said to be “unacceptable” after it “surprisingly” informed the European commission on Friday that there would be significant shortfalls on the original schedule. The EU has been due to receive 100m doses in the first quarter of this year. But it is feared that the bloc will only receive half of that despite making large advance purchases ahead of authorisation of the vaccine by the European medicines agency.

In a heated call with AstraZeneca’s chief executive, Pascal Soriot, on Monday, the European commission president, Ursula von der Leyen, said the company must live up to its contractual obligations. The EMA is expected to authorise the vaccine by the end of this week. Von der Leyen’s spokesperson said: “She made it clear that she expects AstraZeneca to deliver on the contractual arrangements foreseen in the advance purchasing agreement. “She reminded Mr Soriot that the EU has invested significant amounts in the company up front precisely to ensure that production is ramped up even before the conditional market authorisation is delivered by the European Medicines Agency. “Of course, production issues can appear with the complex vaccine, but we expect the company to find solutions and to exploit all possible flexibilities to deliver swiftly.”

The EU’s health commissioner, Stella Kyriakides, made a televised statement to express her frustration at the company’s behaviour, warning that the answers so far provided had not been satisfactory. Late on Monday evening following discussions with executives representing the pharmaceutical company, Kyriakides tweeted: “Discussions with AstraZeneca today resulted in dissatisfaction with the lack of clarity and insufficient explanations. “EU member states are united: vaccine developers have societal and contractual responsibilities they need to uphold. “With our member states, we have requested from [Astrazeneca] a detailed planning of vaccine deliveries and when distribution will take place to member states. Another meeting will be convened on Wednesday to discuss the matter further.”

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On the bright side, at least we know where those trillions are. Safely in the hands of Bezos, Musk et al.

COVID19 Has Cost Global Workers $3.7 Trillion In Lost Earnings – ILO (G.)

The economic blow from Covid-19 has cost workers around the world $3.7tn (£2.7tn) in lost earnings, after the pandemic wiped out four times the number of working hours lost in the 2008 financial crisis, according to the UN’s labour body. The International Labour Organization (ILO) said women and younger workers had borne the brunt of job losses and reductions in hours, and warned that people in sectors hardest-hit by the crisis – such as hospitality and retail – risked being left behind when the economy recovers. Sounding the alarm that entrenched levels of inequality risked becoming a defining feature of the economic rebound from Covid-19, the Geneva-based agency said that governments around the world needed to take urgent action to support those at the heart of the storm.

In its annual analysis of the global jobs market, it said 8.8% of working hours were lost in 2020 relative to the end of 2019, equivalent to 255m full-time jobs. This is approximately four times bigger than the damage suffered by workers as a consequence of the 2008-9 financial crisis. These “massive losses” resulted in an 8.3% decline in global labour income, before government support measures are included, according to the ILO, equivalent to $3.7tn in earnings – about 4.4% of global GDP. Women have been more affected than men by the disruption to the jobs market, with female workers more likely to drop out of work altogether and stop looking for a new job. Younger workers have also been particularly hard hit, either losing jobs, dropping out of the labour force or delaying the search for a first job.

The ILO said there were some encouraging signs of recovery at the start of 2021 as the Covid-19 vaccine is gradually deployed around the world. However, it still estimated the continuing economic fallout would lead to a 3% loss of working hours globally in 2021 compared with the end of 2019, equivalent to 90m full-time jobs. In a pessimistic scenario, which assumes slow progress on vaccination, working hours would fall by 4.6% this year, while on an optimistic path the world economy would still lose 1.3% of working hours.

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They’re so hungry for blood they can’t see how ridiculous they look.

House Delivers Impeachment Article To Senate (ZH)

The House delivered its single impeachment article against former President Donald Trump to the Senate on Monday, setting the stage for a February 8 trial. Just three Senate Republicans were present during the formal delivery of the article; Mitch McConnell, Mitt Romney and Roger Marshall. Senators will get sworn in as jurors on Tuesday, according to a previous statement by Senate Majority Leader Chuck Schumer (D-NY), while both the impeachment managers who will argue the House Democrats’ case, and Trump’s defense team, will have time to draft and file legal briefs, according to CNBC. “The managers, headed by lead manager Rep. Jamie Raskin, D-Md., carried the article across the Capitol to the Senate on Monday in masked pairs as part of a formal procession. As Raskin read the charge against Trump, a smattering of senators wearing face coverings looked on from within the chamber.” -CNBC

Ironically, Trump – the only president to be impeached twice by the House – is unlikely to be convicted according to none other than President Biden, who told CNN he believed the outcome would be different if Trump had six months left in office – but that he doubts the required 17 GOP senators will vote to convict. Which begs the question if the entire exercise is moot, then why do it as it will only further polarize the already deeply divided US society and certainly not help the “unity” that Biden is allegedly striving to achieve. Trump was charged by the House with incitement of insurrection at the US Capitol on Jan. 6 by, as House Democrats claim, ‘falsely claiming that widespread election fraud cost him the 2020 election,’ and then encouraging his supporters to show up and challenge the electoral college count.

According to the article, Trump “threatened the integrity of the democratic system, interfered with the peaceful transition of power, and imperiled a coequal branch of Government,” and “thereby betrayed his trust as President, to the manifest injury of the people of the United States.”

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Twitter comment:

“DC will stay under military occupation while the opposition leader is put on trial..”

Joe Biden On Donald Trump’s Impeachment Trial: ‘It Has To Happen’ (G.)

The impeachment trial of Donald Trump “has to happen”, Joe Biden told CNN on Monday. While acknowledging the effect it could have on his agenda, the president said there would be “a worse effect if it didn’t happen”. Biden said he didn’t think enough Republican senators would vote for impeachment to convict, though he also said the outcome might well have been different if Trump had had six months left in his term. “The Senate has changed since I was there, but it hasn’t changed that much,” Biden said. The US House on Monday delivered its article of impeachment against Trump to the Senate, setting the stage for Trump’s second impeachment trial and the first ever Senate trial of a former US president.


Trump has been charged with inciting the attack on the US Capitol on 6 January, when an assault by a violent pro-Trump mob lead to the deaths of five people. Monday’s delivery and formal reading of the charge marks the opening of the trial, although arguments are set to start the week of 8 February. Republicans and Democrats last week agreed to a two-week delay to the start of the proceedings to allow both sides to prepare arguments and give senators a fortnight to negotiate vital legislation to mitigate the impact of the coronavirus and consider Biden’s cabinet appointments. Following Trump’s impeachment in the House on 13 January, Biden had said he hoped senators would “deal with their constitutional responsibilities on impeachment while also working on the other urgent business of this nation”.

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Judge, jury and henchman. Where’s the impartiality? Isn’t that required in a trial?

Sen. Leahy To Preside Over Trump’s Second Impeachment Trial (JTN)

Vermont Democratic Sen. Patrick Leahy is presiding over the upcoming impeachment trial of former President Trump in the Democratic-led Senate, the lawmakers announced in a statement on Monday. Chief Justice John Roberts presided over the first impeachment trial against Trump, which centered on his phone conversation with Volodymyr Zelensky, the president of Ukraine, in which he brought up Hunter Biden’s work with a Ukrainian gas company while his father, Joe Biden, was U.S. vice president. Leahy, the new Senate president pro tempore, voted in favor of convicting Trump on both articles of impeachment during the first trial against Trump in February 2020. Trump was ultimately acquitted by the Republican-led Senate.


“The president pro tempore has historically presided over Senate impeachment trials of non-presidents. When presiding over an impeachment trial, the president pro tempore takes an additional special oath to do impartial justice according to the Constitution and the laws,” Leahy said in a statement on Monday. “It is an oath that I take extraordinarily seriously.” Leahy also said he considers holding the president pro tempore position “one of the highest honors and most serious responsibilities” of his political career. “When I preside over the impeachment trial of former President Donald Trump, I will not waver from my constitutional and sworn obligations to administer the trial with fairness, in accordance with the Constitution and the laws,” he said.

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“Mark Zuckerberg alone poured $419 million into this scheme.”

Democrats Have Released A Roadmap To One-Party Rule (RCP)

The Democrats appear intent on instituting one-party rule in the United States. They’re trying to use the U.S. Capitol riots as an excuse to criminalize dissent and banish conservative voices from the public sphere, and at the same time they’re hoping to use their temporary, razor-thin majority in Congress to rewrite the rules governing our elections in a way designed to keep the Democratic Party entrenched in power for decades to come. In the House, Democrats have revived sweeping election reform legislation that died in the Senate during the previous session, perhaps hoping they can browbeat enough Republicans into going along with them. If that happens, the “Grand Old Party” of Abraham Lincoln might as well disband, because Republicans would never have any hope of regaining a congressional majority or controlling the White House under the rules that HR 1 would put in place.

Although the Constitution explicitly places state legislatures in charge of managing federal elections, HR 1 seeks to use the power of the purse to bludgeon the states into conforming to a centralized system pioneered in California and other deep-blue states. Congress can’t technically compel the states to change their voting laws, but seasoned politicians know that the states have become dependent on federal money to run their elections, and can’t afford to pick up the tab themselves. To make matters worse, HR 1 declares that Congress possesses “ultimate supervisory power over Federal elections” — an extraordinary usurpation of governmental authority that the Founders specifically assigned to the states. The 2020 election witnessed private interests dictating the manner in which the election was conducted in the nation’s urban cores.

Mark Zuckerberg alone poured $419 million into this scheme. The goal of centralizing power in the hands of the federal government has long been at the heart of liberal politics, and this legislation demonstrates why. HR 1 would codify the very practices — many of them currently illegal in most states — that created widespread irregularities in the 2020 elections and contributed greatly to public mistrust of the electoral process. In 2020, state and local officials used the COVID-19 pandemic as justification to ignore or deliberately violate state election laws. If HR 1 is enacted, they won’t need any such excuse in 2022 because the states will have no choice but to implement policies such as legalized ballot harvesting, early voting, and universal mail-in voting, as well as repeal of voter ID laws, signature-matching laws, and other ballot security measures.

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Democrats’ wet dream.

Poll: Trump ‘Patriot Party’ Would Win 23% Of Voters, Drop GOP To Third (JTN)

A hypothetical “Patriot Party” led by former President Donald Trump would win the support of almost a quarter — 23% — of the electorate, bumping the GOP down to third place with just 17%, according to a new Just the News poll with Scott Rasmussen. The startling survey result comes amid reports that Senate Republican support for convicting Trump in an impeachment trial is fast eroding. A Trump third party could provoke a pivotal realignment in American politics. With the support of 46% of registered voters in the new poll, Democrats would reap the benefits of a fractured opposition and entrench themselves as the nation’s dominant party — even without majority support.

Among “very conservative” voters — who make up a disproportionately large bloc within the Republican primary electorate — a Trump Patriot Party crushes the GOP 55%-24%. Should Trump remain in the GOP, his wide lead among these highly motivated voters affords him great leverage to influence the direction of the party by wielding the threat of conservative primary challenges against establishment Republicans ill at ease with the former president’s combative brew of conservatism infused with populism and nationalism. Despite Trump’s outperformance in 2020 of recent GOP presidential candidates among minorities, African-American and Hispanic voters effectively split evenly between the GOP and a Patriot Party in the the new poll.

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Move the goalposts.

Democrat Sens. Manchin, Sinema Won’t Back Elimination Of The Filibuster (JTN)

Democratic Sens. Joe Manchin and Kyrsten Sinema will not back the elimination of the filibuster. “I do not support doing away with the filibuster under any condition. It’s not who I am,” West Virginia’s Manchin said on Monday, according to The Hill. “If I haven’t said it very plain, maybe Sen. McConnell hasn’t understood, I want to basically say it for you. That I will not vote in this Congress, that’s two years, right? I will not vote” to alter the filibuster, the senator said in an interview on Monday, according to Politico. Sinema of Arizona is also unwilling to support nixing the filibuster. According to the Washington Post, a Sinema spokesperson said that the lawmaker is “against eliminating the filibuster, and she is not open to changing her mind about eliminating the filibuster.” “The Senate filibuster has evolved over the course of its history into a de facto supermajority requirement, necessitating 60 votes to end debate and advance legislation,” according to the Post.

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Vicious circles: as Fed president, she lowered interest rates, which as Treasury Secretary she can now use to excuse “acting big”.

Janet Yellen Confirmed As Treasury Secretary (Axios)

The Senate voted 84-15 to confirm Janet Yellen as Treasury secretary on Monday. Yellen is the first woman to serve as Treasury secretary, a Cabinet position that will be crucial in helping steer the country out of the pandemic-induced economic crisis. Yellen previously served as the first female chair of the Council of Economic Advisers under President Clinton and the first female chair of the Federal Reserve under President Obama. Her confirmation as Treasury secretary makes her the first person to have held all three economic power positions in the federal government. Yellen told senators during her confirmation hearings that her immediate focus would be pandemic relief. With her confirmation, she can immediately start negotiating and working with Congress to pass President Biden’s $1.9 trillion coronavirus relief proposal.


“The damage has been sweeping, and as the President-elect said last Thursday, our response must be, too,” Yellen said last week. Yellen also endorsed Biden’s tax reform plan in her testimony, but she said the administration’s top legislative priority would be economic stimulus, with infrastructure not too far behind. “The focus right now is on providing relief and on helping families keep a roof over their heads and food on the table, and not on raising taxes.” “Neither the president-elect nor I propose this relief package without an appreciation for the country’s debt burden. But right now, with interest rates at historic lows, the smartest thing we can do is act big.”

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Big Bird is watching you.

Twitter Launches Birdwatch, A Wikipedia-Style Approach To Fight Misinformation (F.)

In a significant attempt to overhaul how it moderates content, Twitter on Monday unveiled Birdwatch, a pilot program to crowdsource fact-checks to combat misinformation. Birdwatch will allow regular users, called “Birdwatchers,” to identify tweets they think have misinformation and write notes with more information and context, which is similar to Wikipedia, where registered volunteers write, update and edit articles for accuracy. Anyone can apply to be a Birdwatcher, and the only requirements are a valid phone number, email and no recent violations of Twitter’s rules. Birdwatch notes will appear beneath a tweet, and in an effort to prevent people from gaming the system, Birdwatchers will be able to rate the effectiveness of each note, impacting the note’s ranking.

The program is currently a pilot, and is only available via a separate website, but eventually the company wants to expand Birdwatch to the rest of Twitter. During the pilot, Twitter said it wants to focus on making Birdwatch “resistant to manipulation attempts and ensure “it isn’t dominated by a simple majority or biased based on its distribution of contributors.” “We believe this approach has the potential to respond quickly when misleading information spreads, adding context that people trust and find valuable. Eventually we aim to make notes visible directly on Tweets for the global Twitter audience, when there is consensus from a broad and diverse set of contributors,” Twitter Vice President Keith Coleman said in a blog post.

Twitter has long been under pressure to prevent misinformation from spreading on its platform. But it wasn’t until this year that the company took more aggressive action. Twitter fact-checked tweets from former president Donald Trump and other politicians about Covid-19, mail-in voting and the election results. Those labels linked to news organizations or other institutions offering credible information. The social network eventually banned Trump entirely, citing tweets that could incite more violence following the Capitol riot. The intention of Birdwatch, though, is to expand those efforts beyond “circumstances where something breaks our rules or receives widespread public attention,” Coleman said.

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Gitmo in Manhattan.

“Schulte has been in solitary confinement and not been outdoors in over two years..”

“Schulte’s filthy cell, the size of a parking space, is infested with rodents, rodent droppings, cockroaches and mold and there is no heating, air conditioning or functioning plumbing..”

Ex-CIA Engineer Tells Judge He’s Incarcerated Like An Animal (Ind.)

A former CIA software engineer charged with leaking government secrets to WikiLeaks says it’s cruel and unusual punishment that he’s awaiting trial in solitary confinement, housed in a vermin-infested cell of a jail unit where inmates are treated like “caged animals ” Joshua Schulte, 32, has asked a Manhattan federal judge to force the federal Bureau of Prisons to improve conditions at the Metropolitan Correction Center, where he has been held for over two years under highly restrictive conditions usually reserved for terrorism defendants. In court papers Tuesday, Schulte maintained he is held in conditions “below that of impoverished persons living in third world countries.” “It is barbaric and inhumane to lock human beings into boxes for years and years — it is a punishment worse than death,” the court filing said.

Last year, a jury deadlocked on espionage charges alleging that Schulte stole a massive trove of the agency’s hacking tools and gave it to the organization that publishes news leaks. He was convicted of lesser charges of contempt of court and making false statements. He is scheduled for another trial on espionage charges in June in what was said to be the largest leak in CIA history involving classified information. Afterward, he faces a separate trial on child pornography charges. He has pleaded not guilty to all charges. In his 20s, Schulte, originally from Lubbock, Texas, worked as a coder at the CIA’s headquarters in Langley, Virginia, where digital sleuths design computer code to spy on foreign adversaries.

The so-called Vault 7 leak published in March 2017 by WikiLeaks revealed how the CIA hacked Apple and Android smartphones in overseas spying operations and efforts to turn internet-connected televisions into listening devices. After a yearlong probe, investigators blamed Schulte, who had already left the agency after falling out with colleagues and supervisors and moved to New York City to work at a news agency. At trial, a prosecutor called the leaks “devastating to national security.” A defense lawyer said the materials could have been accessed and stolen by hundreds of people. Juror Alexis Anthony said she never thought the evidence was strong enough to convict Schulte of espionage-related charges.

According to the court papers, Schulte has been in solitary confinement and not been outdoors in over two years under special administrative measures designed to severely restrict an inmate’s communications and interactions with others. Prosecutors say the measures are necessary after Schulte tried to leak even more classified information using a contraband cellphone that had been smuggled into the jail. They said he declared an “information war” and was “prepared to burn down the United States government.” Schulte’s filthy cell, the size of a parking space, is infested with rodents, rodent droppings, cockroaches and mold and there is no heating, air conditioning or functioning plumbing, the court papers said, while sunlight is blocked by a blacked out window. Television access is permitted for one hour per week.

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“Black paid Epstein a stunning $158 million in fees for services..”

Leon Black To Step Down From Apollo Global After Epstein Investigation (F.)

Leon Black, the billionaire co-founder of private equity giant Apollo Global Management, will be stepping down from his role as CEO of the $433 billion in assets firm. Black, who will remain as chairman, will be replaced by co-founder Marc Rowan by mid-year. The announcement of changed leadership came on Monday evening as Apollo released findings of an investigation directed by its board of directors into Black’s relationship with Jeffrey Epstein, the deceased financier who was criminally charged with human trafficking in 2019. Apollo said its investigation, conducted by law firm Dechert, found “no evidence that Mr. Black was involved in any way with Mr. Epstein’s criminal activities at any time.”

However, the report did show that Black paid Epstein a stunning $158 million in fees for services, loaned him over $30 million in loans and made a $10 million donation to Epstein’s charity, all figures that are multiples of what was previously reported. While the changing of guard atop one of the world’s largest private equity firms was characterized as part of its succession planning—Black is turning 70 this year and has been one of Wall Street’s most feared dealmakers for decades—it is also a maneuver by Apollo to move past well over a year of Epstein-related questions, which have slowed the firm’s growth, sunk its stock at times, and been a troubling mystery for its investors.

Black is the most prominent Wall Street A-lister connected to Epstein, a disgraced financier who was convicted and jailed for sex trafficking charges in 2008. After a Miami Herald investigation into Epstein in 2018, it was revealed that his trafficking operation was far greater than the public had known due to a sweetheart deal he cut with Florida prosecutors. The Herald found Epstein’s alleged trafficking was international and included numerous victims who came forward with allegations. The investigation, which won reporter Julia K. Brown a Pulitzer prize, caused prosecutors to reopen their investigations of Epstein, and exposed deep ties between Epstein, Wall Street power players like Black and well connected politicians and heads of state.

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“There will be plenty of work for former professors of Intersectionality in the sorghum fields.”

Flying Blind (Jim Kunstler)

Growing food and getting it to markets is the most critical activity. Poor Bill Gates, addled by his fortune, has bought up something like a quarter-million acres of farmland. His grandiosity prompts him to believe he can organize farming on the super-giant scale — Walmart for corn and turnips. Nothing could be further from the real coming trend: a reduction of scale and scope of farming and of the distribution supply lines that serve it. Poor Bill doesn’t seem to realize that the oil-and-gas-based “inputs” (fertilizers, pesticides) won’t be there for him, nor will the million-dollar diesel-powered combines. Nor the trucking industry. He could do more good for mankind getting into the mule business. (He won’t. Lacks razzle-dazzle.)

The transition between the old giant agri-biz model of farming and the emergent system of small-scaled farms based on human and animal labor will be arduous and disorderly in the early going. A lot of people will miss a lot of meals, and you know what that means. Working on a farm will be one way to make sure you get enough to eat. But also consider all the businesses that have to be created from scratch on the local level to serve the logistics of farming. You are already seeing many food products unavailable in the supermarkets. That will become more distressingly obvious in the disorders of 2021. When food deliveries to the supermarkets get really spotty, the farmers’ markets will not just be for schmoozing over lattes and almond croissants.

For those perhaps not paying attention, Covid-19 has destroyed what remains of education, especially the public school system. It was already moribund, waiting to crash, reduced to a pension racket for teachers. Going forward, the money won’t be there to operate these giant centralized schools and their yellow buses (while paying out pensions). The virus has kick-started exactly the kind of home-schooling pod system (several families combining) that can be reorganized into small-scale schooling for people who want it. People who don’t want it can move into their future without knowing how to read or do arithmetic. We’ll finally get a good test of the noble savage hypothesis. As for the colleges and universities, their business models are toast. They’ll be downscaling and shuttering as far ahead as the eye can see. Whatever remains will be more like finishing schools for neo-medieval ladies and gentlemen — and, by the way, the distinction between men and women will be reestablished. Why? Because reality insists on it. There will be plenty of work for former professors of Intersectionality in the sorghum fields.

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“..when they began being built were not seen as running for more than 40 years because of radioactivity embrittling metal parts and otherwise causing safety problems..”

Let Nuke Plants Run for 100 Years? (CP)

The U.S. Nuclear Regulatory Commission held a “public meeting” last week on what it titled “Development of Guidance Documents To Support License Renewal For 100 Years Of Plant Operation.” Comments from the “public” were strongly opposed to the NRC’s desire for it to let nuclear power plants run for a century. “I request you pause and consider before you go ahead on this reckless path,” testified Michel Lee, chairman of the New York-based Council on Energy & Conservation Policy. “Our position and that of our constituents is a resounding no,” declared Paul Gunter, director of the Reactor Oversight Project at the national organization Beyond Nuclear.

“It’s time to stop this whole nuke con job,” said Erica Grey, nuclear issues chair of the Virginia Sierra Club. There is “no solution” to dealing with nuclear waste, she said. It is “unethical to continue to make the most toxic waste known to mankind.” And, “renewable energy” with solar and wind “can power the world.” Jan Boudart, a board member of the Chicago-based Nuclear Energy Information Service, spoke, too, of the lack of consideration of nuclear waste. Cited was the higher likelihood of accidents with plants permitted to run for 100 years. Whether the NRC—often called the Nuclear Rubberstamp Commission—listens is highly unlikely considering its record of rubberstamping whatever has been sought by other nuclear promoters in government and the nuclear industry.

Nuclear power plants when they began being built were not seen as running for more than 40 years because of radioactivity embrittling metal parts and otherwise causing safety problems. So operating licenses were limited to 40 years. But with the major decline of nuclear power—the U.S. is down to 94 plants from a high of 129 and only two are now under construction—the nuclear promoters in the U.S. government and nuclear industry are pushing to let nuclear power plants run for 100 years to somehow keep nuclear power going.

Read more …

 

 

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Jan 022021
 
 January 2, 2021  Posted by at 10:06 am Finance Tagged with: , , , , , , , , , ,  53 Responses »


Pierre-Auguste Renoir Les Grands Boulevards 1875

 

Israel Zooms Past 1 Million Vaccinations In Sprint To Vanquish Pandemic (ToI)
100s Of Israelis Get Infected With COVID19 After Receiving Pfizer Vaccine (RT)
Fauci Says Mandatory COVID19 Vaccines Possible For Travel, School (NYP)
Fauci Says US Will Not Delay Second Doses Of COVID Vaccine (G.)
The Missing Flu Riddle: ‘Influenza Has Been Renamed COVID’ (JTN)
2 Minnesota Lawmakers Demand Nationwide Audit of COVID19 Deaths (ET)
All Primary Schools In London To Remain Closed After U-turn (G.)
Ireland Covid Cases Surge As Health Official Warns Virus Is ‘Absolutely Rampant’ (G.)
Judge Rejects Election Lawsuit Against VP Pence (JTN)
Janet Yellen Made Millions In Wall Street, Corporate Speeches (Pol.)
Paper Dollars in Circulation Globally Spike amid Hot Demand (WS)
Schumer Begins 2021 Promising To Fight – Then Immediately Surrenders (DP)
Forecast 2021 (Jim Kunstler)

 

 

 

 

ISRAEL: 11.5%; UK: 1.39%; US: 0.84%; GLOBAL AVERAGE: 0.13%

Israel Zooms Past 1 Million Vaccinations In Sprint To Vanquish Pandemic (ToI)

Israel has vaccinated 1 million people against COVID-19, more than a tenth of its population, Prime Minister Benjamin Netanyahu said Friday, as the country’s inoculation drive cemented its status as the world’s most rapid thus far. Netanyahu was on hand to mark what he said was the millionth Israeli to receive a vaccine, in the Arab town of Umm al-Fahm. Netanyahu called it a moment of “great excitement.” “We are breaking all of the records. We brought millions of vaccines to the State of Israel,” he said. We are ahead of the entire world… with our excellent HMOs.” Arabs make up around 20 percent of Israel’s population and have been relatively slow to embrace the vaccination campaign, prompting Netanyahu to launch a series of visits to Arab localities, his first in years, in what is also seen by many as an attempt to score political points ahead of the March elections.


Netanyahu said that “it’s important for me that the Arab public in Israel will get vaccinated quickly” as “it’s saving lives.” He delivered the same message at a vaccination center in Tira, another Arab town, on Thursday. The Jewish state has so far greatly outpaced other countries, per capita, with 11.55% of the population inoculated, according to statistics from the Our World in Data website operated by Oxford University. Second place is held by Bahrain with 3.45%, followed by the UK with 1.39% (though the latter’s data is a few days old). The US stands at 0.84%. The world average is 0.13%. Israel is currently in its third nationwide lockdown to contain the outbreak. It has reported more than 426,000 cases and at least 3,338 deaths since the pandemic began.

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Not great PR.

100s Of Israelis Get Infected With COVID19 After Receiving Pfizer Vaccine (RT)

With the vaccine not providing immediate immunity to the coronavirus, over two hundred Israeli citizens have been diagnosed with the disease days after getting the Pfizer/BioNTech jabs, local media reported. The number of those who got Covid-19 despite being vaccinated was at around 240 people, according to data from Channel 13 News. The Pfizer/BioNTech vaccine, which the Israeli health authorities rely on, doesn’t contain the coronavirus and can’t infect the recipient. But time is needed for the genetic code in the drug to train the immune system to recognize and attack the disease.

The course of the US-made vaccine requires two shots. According to the studies, immunity to Covid-19 increases only eight to ten days after the first injection and eventually reaches 50 percent. The second jab is administered 21 days from the first one, while the declared immunity of 95 percent is achieved only a week after that. And, of course, there’s still a five percent chance of getting infected even if the vaccine is at its full potential. Israeli news outlets which reported the figures urged the public to remain vigilant and thoroughly follow all Covid-19 precautions during the month after the first shot of the vaccine is administered.

The Jewish state is currently undertaking a massive vaccination campaign, which already saw over one million people or almost 12 percent of the population getting the Pfizer/BioNTech jab. That’s the largest span per capita in the world, according to Oxford University. The first phase of the program aims to immunize medics and elderly people before expanding on to other categories. Around one in a thousand people have reported mild side effects after the injection, including weakness, dizziness and fever as well as pain, swelling and redness in the spot where the shot was given. Only a few dozen of them required medical attention, the Health Ministry said.

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A passport stating you had a jab that doesn’t protect people around you. Logic?

Fauci Says Mandatory COVID19 Vaccines Possible For Travel, School (NYP)

Dr. Anthony Fauci said it’s possible that COVID-19 vaccines will become mandatory in order to travel to other countries or attend school. “Everything will be on the table for discussion,” Fauci, who will be chief medical adviser to President-elect Joe Biden, told Newsweek. The director of the National Institute of Allergy and Infectious Diseases stressed that it’s “not up to me to make a decision,” but added that “these are all things that will be discussed [under the Biden administration].” “I’m not sure [the COVID-19 vaccine] going to be mandatory from a central government standpoint, like federal government mandates,” Fauci said, though he added that he’s “sure” that some individual institutions will require the shot.


Fauci said vaccine requirements in schools are “possible,” but they would come from mandates at the state or city level. “A citywide school system might require it in some cities but not other cities. And that’s what I mean by things not being done centrally but locally,” Fauci said. In regard to travel, Fauci said the US could potentially issue COVID-19 vaccine passports — similar to the ones planned for Israel that would allow residents to travel abroad without being tested for coronavirus. The coronavirus vaccine might also become required by other countries to go there, Fauci said. “So we, in this country, don’t require [people] to get a yellow fever vaccine when you go someplace. It’s the place to which you are going that requires it,” he said.

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The UK is playing around with what the producer says should be done.

Fauci Says US Will Not Delay Second Doses Of COVID Vaccine (G.)

The American infectious disease expert Dr Anthony Fauci has said he does not agree with the UK’s approach of delaying the second dose of the Pfizer/BioNTech vaccine. On Friday, Dr Fauci told CNN that the United States would not be following in the UK’s footsteps and would follow Pfizer and BioNTech’s guidance to administer the second dose of its vaccine three weeks after the first. Despite an outcry from doctors, the UK’s chief medical officers defended their plans this week to delay the second dose of the Pfizer/BioNTech vaccine to patients, meaning people would now wait up to 12 weeks. The change is to prioritise giving more people their first dose.


Dr Fauci told CNN: “We know from the clinical trials that the optimal time is to give it on one day and for [the Moderna jab which is also approved in the US] wait 28 days and for Pfizer 21 days later.” He added that while you can “make the argument” for stretching out the doses, he would not be in favour of doing that. Pfizer and BioNTech also warned that the two doses were crucial to achieving maximum protection against Covid, saying that they did not have evidence that the first dose alone would protect patients after three weeks. In the UK, the new move will apply to people who were expecting to have their second dose of the Pfizer/BioNTech vaccine after 4 January. Patients getting the first jab of the newly approved AstraZeneca/Oxford vaccine will also have to wait up to 12 weeks.

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The numbers are stark:

“This week one year ago, the positive clinical rate was 22%, where now it stands at 0.1%.”

The Missing Flu Riddle: ‘Influenza Has Been Renamed COVID’ (JTN)

Rates of influenza have remained persistently low through late 2020 and into 2021, cratering from levels a year ago and raising the puzzling specter of sharply reduced influenza transmission rates even as positive tests for COVID-19 have shattered numerous records over the last several weeks. Where have all the flu cases gone? Epidemiologist Knut Wittkowski thinks he can answer the riddle. “Influenza has been renamed COVID in large part,” said the former head of biostatistics, epidemiology and research design at Rockefeller University. “There may be quite a number of influenza cases included in the ‘presumed COVID’ category of people who have COVID symptoms (which Influenza symptoms can be mistaken for), but are not tested for SARS RNA,” Wittkowski told Just the News on Thursday.


Those patients, he argued, “also may have some SARS RNA sitting in their nose while being infected with Influenza, in which case the influenza would be ‘confirmed’ to be COVID.” The Centers for Disease Control and Prevention’s weekly influenza surveillance tracker reports that the cumulative positive influenza test rate from late September into the week of Dec. 19 stands at 0.2% as measured by clinical labs. That’s compared to a cumulative 8.7% from a year before. The weekly comparisons are even starker: This week one year ago, the positive clinical rate was 22%, where now it stands at 0.1%. Those low numbers continue trends observed earlier in the year in which flu rates have remained at near-zero levels. The trend is not limited to the U.S. Worldwide, health authorities have all reported sharply decreased influenza levels throughout what is normally peak flu season in the northern hemisphere.

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Of course you must have this.

2 Minnesota Lawmakers Demand Nationwide Audit of COVID19 Deaths (ET)

Two Minnesota legislators who believe their state’s COVID-19 death count is inaccurate are calling for a nationwide audit to find out how many people died from something other than the CCP (Chinese Communist Party) virus but were added to the pandemic death totals. Republican State Rep. Mary Franson said she has enlisted a team to examine data provided by Minnesota’s health department. Her team allegedly found that COVID-19 was blamed for some deaths clearly not linked to the respiratory disease. “We found clear-cut examples from the Minnesota Department of Health’s own files—public records—of suicide, a drowning, an auto accident where the passenger was ejected from the vehicle, we found dementia … and strokes,” Franson said during an interview with Fox News, adding that she was “so shocked at what I found that I just could not keep silent.”


“The citizens of our country are being led in fear, and that fear is leading them to make irrational decisions based on the governors with their shutdowns,” she added. “So we need this audit. We need the truth.” Franson was joined by Republican State Sen. Scott Jensen, a practicing physician. Jensen has become the subject of two state probes earlier this year for arguing that the federal and state guidelines on reporting COVID-19 deaths could pressure local authorities to misclassify and inflate their numbers, and that doctors and hospitals are motivated to do so for more health care dollars. “If you could hit a threshold of 161 admissions to your hospital with COVID-19 diagnosis between January and June, you received $77,000 of additional money for each one of those admissions” through the CARES Act, Jensen told Fox News. “I don’t think there’s any questions that reverse incentives have been created.”

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Make it up as you go along.

All Primary Schools In London To Remain Closed After U-turn (G.)

All primary schools in London are to remain closed for the start of the new term after the government bowed to protests and legal pressure from the capital’s local authorities. Under the government’s initial plan, secondary schools and colleges were set to be closed to most pupils for the first two weeks of January, while primary schools within 50 local authorities in London and the south of England were also told to keep their doors shut until 18 January. But the list omitted several London areas where Covid-19 transmission rates remain high including the borough of Haringey, whose leaders said they were prepared to defy the government and support any schools that decided to close to protect staff and pupils.


The protests from local authority leaders came to a head with a letter to the education secretary, Gavin Williamson, from nine London authorities asking for their primary schools to be closed to all except vulnerable children and those whose parents were key workers. The action provoked an emergency Cabinet Office meeting on New Year’s Day, which signed off on the revision, adding the remaining 10 London education authorities to the government’s “contingency areas”. Dr Mary Bousted, joint general secretary of the National Education Union, said primaries across the country should close. “What is right for London is right for the rest of the country,” she said. “It is time for the government to protect its citizens, and in particular its children, by shutting all primary schools for two weeks in order for the situation to be properly assessed, schools made much safer and children and their families protected.”

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“The virus is absolutely rampant now in the community. Everybody is at extreme risk of contracting the virus.”

Ireland Covid Cases Surge As Health Official Warns Virus Is ‘Absolutely Rampant’ (G.)

Ireland is bracing for 9,000 more Covid cases to be added to the official tally as the system struggles to handle a surge in positive results, with health officials warning hospitals will not be able to cope if the trend continues. The sharp rise in positive results led to delays in formal reporting, said Professor Philip Nolan from the National Public Health Emergency Team (NPHET), though he said it “does not affect case management or contact tracing or our overall monitoring and modelling of the pandemic”. On Thursday, NPHET estimated the number of positive tests still pending registration was 4,000, more than doubling to 9,000 the following day. On Friday, Ireland formally reported a daily record 1,754 confirmed cases, surpassing 1,500 daily cases for the fourth day in a row. Chief medical officer Dr Tony Holohan said the biggest worry was the rapid rise in hospitalisations.


“We are now admitting between 50 to 70 people a day to our hospital system. Unfortunately, we expect this to get worse before it gets better. Our health system will not continue to cope with this level of impact.” “We have also seen a significant increase in positive laboratory tests in recent days reflecting a true increase in the incidence of the disease as well as the delay in people coming forward for testing over the Christmas period. As our systems catch up with these effects it places significant pressure on our reporting system.” On New Year’s Eve, Ireland entered a level-five lockdown, with non-essential shops closing, a 5km travel limit, restrictions on household gatherings and schools staying closed. Paul Reid, CEO of the Health Service Executive (HSE), told RTÉ Radio 1: “The virus is absolutely rampant now in the community. Everybody is at extreme risk of contracting the virus.”

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“..the Court lacks subject matter jurisdiction over this case and must dismiss the action..”

Judge Rejects Election Lawsuit Against VP Pence (JTN)

A federal judge dismissed a lawsuit Friday night against Vice President Mike Pence filed by a Texas congressman seeking to reject Joe Biden’s electors when Congress certifies the election next week. U.S. District Judge Jeremy Kernodle ruled that Rep. Louie Gohmert lacked standing to bring the legal action that would prevent Pence from confirming Joe Biden’s electoral victory. “Plaintiff Louie Gohmert, the United States Representative for Texas’s First Congressional District, alleges at most an institutional injury to the House of Representatives. Under well-settled Supreme Court authority, that is insufficient to support standing,” the judge ruled.


“The other Plaintiffs, the slate of Republican Presidential Electors for the State of Arizona (the “Nominee-Electors”), allege an injury that is not fairly traceable to the Defendant, the Vice President of the United States, and is unlikely to be redressed by the requested relief. Accordingly, as explained below, the Court lacks subject matter jurisdiction over this case and must dismiss the action,” he added.

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… and you ain’t in it..

Janet Yellen Made Millions In Wall Street, Corporate Speeches (Pol.)

In the past two years, President-elect Joe Biden’s pick to be Treasury secretary, Janet Yellen, has raked in more than $7.2 million in speaking fees from Wall Street and large corporations including Citi, Goldman Sachs, Google, City National Bank, UBS, Citadel LLC, Barclays, Credit Suisse, Salesforce and more. Yellen’s financial disclosure is one of three filed by the Biden team at the end of 2020 that could become politically problematic with the left wing of the Democratic Party when confirmation hearings begin in January. A Biden transition official said they filed the forms “mid-week” before the Office of Government Ethics posted the forms late Thursday, New Year’s Eve.

Yellen, the former chair of the Federal Reserve, brought in nearly $1 million giving nine speeches to Citi alone. She earned more than $800,000 speaking to Citadel, a hedge fund founded by the Republican megadonor Ken Griffin. She also spoke to the law and lobbying firm Pillsbury Winthrop Shaw Pittman. In addition to Yellen, Antony Blinken, Biden’s nominee to be secretary of State, disclosed the clients he advised through WestExec Advisors, the consulting firm he co-founded with other Obama administration alumni. Those clients included the investment giant Blackstone, Bank of America, Facebook, Uber, McKinsey & Company, the Japanese conglomerate SoftBank, the pharmaceutical company Gilead, the investment bank Lazard, Boeing, AT&T, the Royal Bank of Canada, LinkedIn and the venerable Sotheby’s auction house.

The disclosures cracked open WestExec’s closely held client list, which the firm had previously refused to divulge. WestExec has paid Blinken nearly $1.2 million over the past two years, according to the filing, with another estimated $250,000 to $500,000 owed for his work this year.

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To the mattresses.

Paper Dollars in Circulation Globally Spike amid Hot Demand (WS)

The amount of “currency in circulation” – the paper dollars wadded up in people’s pockets and purses, stuffed under mattresses, or packed into suitcases and safes overseas – jumped again in the week ended December 30 to a new record of $2.09 trillion, according to the Federal Reserve’s balance sheet, where currency in circulation is a liability, not an asset. This was up by 16%, or by $293 billion, from February before the Pandemic. The amount has doubled since 2011. This amount of currency in circulation is a function of demand – and that demand has been red hot: US Banks have to have enough paper dollars on hand to satisfy demand at ATMs and bank branches.

Foreign banks will also request paper dollars from their correspondent banks in the US, or return unneeded cash to them. When there is demand for paper dollars, banks buy more of them from the Fed. They pay for them usually with Treasury securities they hold or with excess reserves they have on deposit at the Fed. The surge of paper dollars is a sign of hoarding, not of increased payments. In the US, the share of paper dollars for payments has been declining for years, replaced by electronic payment methods, such as credit and debit cards, PayPal, Zelle and similar systems, all kinds of smartphone-based payment systems, the automated clearinghouse (ACH) system, and checks every now and then.


During periods of uncertainty, people load up on cash, as they have done leading up to Y2K, during the Financial Crisis, and now during the Pandemic. But much of the hoarding of US dollars takes place overseas, with demand for those paper dollars then winding its way to the US banking system via the correspondent banks. These paper dollars also lubricate all kinds of corruption, drug trafficking, and other activities – and laundering this cash is a big profitable industry.

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The stench….

Schumer Begins 2021 Promising To Fight – Then Immediately Surrenders (DP)

Senator Bernie Sanders spent New Year’s morning making one last attempt to halt the defense bill in order to force Republican leader Mitch McConnell allow a vote on $2,000 checks — and Democratic leader Chuck Schumer spent the morning treating everyone like we’re gullible idiots. “I just took to the floor again to demand a vote on $2000 survival checks,” Schumer declared, and he slammed Republican lawmakers for objecting. He promised: “Democrats will not stop fighting.” Then moments later, Schumer and most Senate Democrats surrendered — live on C-Span for everyone to see, they obediently voted for McConnell’s motion to move forward the defense bill for final passage, so that the Senate can close down without any vote on the $2,000 checks. Most Democrats then voted for final passage as well.

Put another way: Schumer tweeted out his promise to fight for starving Americans, while knowing that moments later he would be on live television surrendering to Republicans. Democrats didn’t even muster enough votes on the procedural motions to keep it close enough to force Georgia incumbents Kelly Loeffler and David Perdue off the campaign trail to help McConnell — a scenario that could have provided a huge boost to Democratic candidates Jon Ossoff and Raphael Warnock, who have been campaigning hard for the $2,000 checks.

[..] Schumer, House Speaker Nancy Pelosi and president-elect Joe Biden played particularly pernicious roles helping McConnell slash the original stimulus bill in half. And Schumer’s behavior today — pretending to be fighting hard, while voting with McConnell — was the icing on the cake. Liberal pundits and billionaire-owned media corporations outed themselves as absurdly-detached elitists — making the fake argument that the $2,000 survival checks might go to some people who don’t really need help, and the baffling claim that Americans will probably just save the checks because they can’t go to restaurants (which are still fully open in most states) or travel on airplanes (yes, people are still flying).

The only players who come off well in any of this are the handful of Democratic senators who had the guts to vote against all of McConnell’s key procedural motions (Sanders, Markey, Merkley, Warren, Wyden and Van Hollen) and rank-and-file House Democrats who were willing to use their power to pass the $2,000 checks (and yeah, Pelosi deserves some credit for quickly delivering the $2,000 checks amendment to the Senate).

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A long column.

Forecast 2021 (Jim Kunstler)

Life in the USA, and other “advanced” nations will reset, but not in the way that most people blabbering about “the Great Reset” think or say it will. Surely, there are groups, gangs, claques, and covens of people in the world who have some consensual agreement about how things might work, and how they would run them to their benefit, in their hypothetical ideal disposition of things. For instance, the so-called “Davos Crowd.” What are they? A convocation of bankers, market movers, politicians, business moguls, tech entrepreneurs, Hollywood catamites, black ops runners, and PR errand boys who have plenty of financial and political mojo in their own realms, but not enough collectively to carry out the kind of global coup that comprises the standard paranoid Great Reset fantasy.

That they meet-up in an ultra-luxurious setting out of a James Bond movie every year stokes terrific fascination, envy, anger, and paranoia that they are capable of anything beyond a festival of ass-kissing, mutual self-congratulation, and status-jockeying, which are the actual activities at the Davos meet-up. For another thing, in the USA, at least, there are too many pissed-off people with small arms, hardened by years of proffered bad faith and dishonesty from the political/media/higher-ed complex, to just bend over and take it up the back-door from a gang of seditious, would-be aristo-totalitarians with lèse-majesté dreams of nostalgie-de-la-boue Marxist redemption. If you have any doubt about how disruptive angry people with small arms and lots of ammo might be to condescending elites, just review the events in the Middle East the past twenty years and imagine those dynamics transferred to Kansas.

What does the “reset” fantasy supposedly include? A “new world order,” a phantasm of a unified world government, which is preposterous because the macro-trend at this moment of history worldwide is the opposite of consolidation and centralization of power, but rather breakup, downscaling, and re-localization. Why? As you saw in the Econ chapter, because the scale, pitch, and range of all our activities must be reduced to survive in the post-industrial conditions of resource and capital scarcity. And it will happen whether we like it or not and despite anybody’s objections. What else is in the Reset grab-bag? Supposedly a single world currency, also absurd for reasons already stated — unless you are talking about gold and silver, which may eventually become the universally-accepted medium of exchange (and store of value, index of price) if the post-industrial contraction is severe and destructive enough.

But fuggeddabowt “digital currencies,” especially in the USA because too many people are “un-banked,” or otherwise depend on cash-money in the informal “gray” economy of just-getting-by (and there will be a lot more of these types as the middle-class gets pounded further down into the mud), plus a large cohort of digitally-capable people just plain ornery about being herded into an IRS surveillance cul-de-sac — and the whole lot of them will fight like hell to prevent government-sponsored crypto-dollars from replacing what used to be considered money. And, if, in the unlikely event that rebellion fails, it’s back to gold and silver by default — and that might literally mean by default.

Read more …

 

 

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Jun 192019
 


Gustave Courbet The village maidens 1852

 

I intentionally start writing this mere minutes away from Fed chair Jay Powell’s latest comments. Intentionally, because the importance ascribed to those comments only means we have gotten so far removed from what capitalism and free markets are supposed to be about, that it’s pathetic. The comments mean something for rich socialists, but nothing for the man in the street. Or, rather, they mean that the man in the street will get screwed worse for longer.

And it’s not just the Fed, all central banks have it and do it. They play around with rates and definitions and semantics until the cows can never come home again. And they have such levels of control over their respective societies and economies that the mere use of the word “markets” should result in loud and unending ridicule. There are no markets, because there is no price discovery, the Fed and ECB and BOJ got it all covered. Any downside risks, that is.

But it doesn’t, because the people who pretend they’re in those markets hang on central banks’ every word for their meal tickets. These are the same people we once knew as traders and investors, but who today function only as rich socialists sucking the Fed’s teats for ever more mother’s milk.

Our economic systems have been destroyed by our central bankers. Who pretend they’re saving them. And we all eat it up hook line and sinker. Because the rich bankers and their media have no reasons to counter Fed or ECB actions and word plays, and because anyone who’s not a rich banker or investor is kept by the media from understanding those reasons.

 

What the Fed and ECB have done, and the BOJ, between Greenspan and Bernanke and Yellen and Powell and Draghi and Kuroda, is they have made it impossible for economies to let zombies go to die as they should. They have instead kept those zombies, banks, corporations, alive to the point where they are today a very big live threat to those economies, and growing. Look at Deutsche Bank.

How healthy do you think your economy can be if all the wealthy people are focused on whether Powell uses the word “patient” or not in his notes? Why would a vibrant company or entrepreneur give a flying damn about whether he does or not use a certain word? There is no reason.

But we have let our central banks take over, and that’s what they did. And it will be very hard to take back that power, but we will have to. Because central banks, while pretending to guard over the entire economy, in fact only protect the interests of commercial banks, and rich “investors”. And then tell you it’s the same difference.

There’s a case to be made that Paul Volcker was right when he raised US interest rate in the 1980s, but after Volcker it’s only been one big power and money grab for Wall Street, starting with Alan Greenspan and the housing bubble he blew. The Oracle my behind.

 

Japan is only just beginning to assess the damage Kuroda and Abenomics have done, and that’s at a point where both these men are still in power, and hell bent on doing more of the same. Something all central banks have in common; there are very few tools in their boxes, so they just repeat and repeat even as they fail. And that failure, by the way, is inevitable.

The Bank of Japan by now owns half the country, and they just want to do more. Kuroda’s plan to get rid of deflation was to force the Japanese to spend their money/savings. But the fully predictable result was that the grandmas did the exact opposite: they clued into the fact that if he wanted that, they had reason to be afraid, and so they sat on their money. And now it’s ten years later.

 

Draghi is going to leave in a few months’ time, and he’ll lower rates even more (towards 0º Kelvin), even if he knows that’s a really bad idea (it is), because at this point it’s about his legacy (after me, the flood). Same thing that Bernanke, Yellen did, clueless intellectuals who told themselves they had a grip on this. They never came near. That’s why they were elected, for being clueless. Wall Street doesn’t want Fed heads who know.

The pivotal moment was when Bernanke said they were running into “uncharted territory”, and then never looked back and started pretending he knew where he was. He didn’t and none of them ever did since. But they have academic degrees, and they’re willing to sell their souls for money, so there you are.

 

Central banks, or let’s say handing them the powers that we have, are the worst thing we have ever invented, and that’s saying something in the age of Pompeo and Bolton and Trump and the Clintons. The latter may take us into war with Iran, or any other country from a long list, but central banks are set to destroy our societies and economies from within.

It’s real simple: your central bank does NOT serve your interests. So get rid of it. Don’t wonder whether it’ll use the word “patient” or raise or lower rates by 25 or 50 points, get rid of the entire thing. There’s nothing there that benefits you, it only ever benefits bankers.

Now, of course, if you’re a banker…..

 

Note: I knicked the headline from something Tyler Durden said yesterday, that central banks are back to square minus zero. Too good to let go. Draghi back to square one, but then again not. Central banks should be abolished.

 

 

 

 

 

Feb 272019
 


Salvador Dali Remorse – Sphinx Embedded in the Sand 1931

 

Michael Cohen Testimony: Trump A ‘Racist’, ‘Cheat’ And ‘Conman’ (G.)
3 Days That Will Decide Brexit – March 12-14th Will Seal Britain’s Fate (Exp.)
UK Economy Could Be 9% Weaker Under No-Deal Brexit – Government (G.)
The UK Doesn’t Have The Right Pallets For Exporting To The EU (BI)
The War on Venezuela is Built on Lies (Pilger)
Survival of the Richest (Nomi Prins)
Hey Yellen, It Was Trump Who Was Right (Every)
Now that Housing Bubble #2 Is Bursting…How Low Will It Go? (CHS)
Russia’s Share Of European Gas Market Surges To Almost 37%, Dwarfing LNG (RT)
UK Hunger Survey To Measure Food Insecurity (G.)
Glyphosate Found In 95% Of Wine And Beer (Ind.)
Am I The Only One Who’s Terrified About The Warm Weather? (G.)

 

 

Lots of wet panties, male and female, today in anticipation of Michael Cohen’s testimony. Of course, it’s been leaked, full text is here. A few quotes:

I may once again be in a party of one, but I think it’s awfully weak, it’s grasping for stuff rather than conveying it. First, there’s the inevitable Assange link:

In July 2016 [..] Mr. Stone told Mr. Trump that he had just gotten off the phone with Julian Assange and that Mr. Assange told Mr. Stone that, within a couple of days, there would be a massive dump of emails that would damage Hillary Clinton’s campaign. Mr. Trump responded by stating to the effect of “wouldn’t that be great.”

Anything related to Assange, whether from Mueller or Cohen, lacks credibility as long as he can’t defend himself against it. And Trump merely says: wouldn’t that be great? Not exactly the stuff of collusion or conspiracy.

Just as inevitable in smear campaigns: Trump the racist.

Mr. Trump is a racist. The country has seen Mr. Trump court white supremacists and bigots. You have heard him call poorer countries “shitholes.” While we were once driving through a struggling neighborhood in Chicago, he commented that only black people could live that way. And, he told me that black people would never vote for him because they were too stupid.

Calling a country a shithole is not racist. The policies that have created a situation in which many shithole countries are populated by black people stem from many decades of US/Europe policies that predate Trump. The rest is not racist either, if you look closer. Perhaps Trump is a bit racist, like so many Americans. But Cohen’s prepared words don’t show that.

Also: Trump doesn’t tell the full truth about his wealth. But Michael Cohen always has…

It was my experience that Mr. Trump inflated his total assets when it served his purposes, such as trying to be listed among the wealthiest people in Forbes, and deflated his assets to reduce his real estate taxes.

Gee, lock him up. I don’t get it. There’s so much wrong with Trump, but politics and media have singled out Russia collusion, and then failed to prove a thing about it, and now they switch to ‘racist conman’, with the weakest of accusations. I swear, they might as well all be working for the Donald.

Michael Cohen Testimony: Trump A ‘Racist’, ‘Cheat’ And ‘Conman’ (G.)

Michael Cohen is to accuse Donald Trump of being a “conman” and a “cheat” who had advanced knowledge that a longtime adviser was communicating with WikiLeaks during the 2016 campaign, according to opening testimony he will deliver to Congress on Wednesday. Cohen’s prepared remarks, confirmed by the Guardian, include a series of explosive allegations about the presidential campaign. The president’s former lawyer, who will publicly testify before the House oversight committee on Wednesday, will state that Trump was told by Roger Stone that WikiLeaks would publish emails stolen from the Democratic National Committee and Hillary Clinton’s campaign.

“In July 2016, days before the Democratic convention, I was in Mr Trump’s office when his secretary announced that Roger Stone was on the phone. Mr Trump put Mr Stone on the speakerphone,” Cohen’s opening statement reads. “Mr Stone told Mr Trump that he had just gotten off the phone with Julian Assange and that Mr Assange told Mr Stone that, within a couple of days, there would be a massive dump of emails that would damage Hillary Clinton’s campaign. Mr Trump responded by stating to the effect of ‘wouldn’t that be great.’” The remarkable allegations by Cohen go further than what has been made public thus far by the special counsel investigation into potential collusion between the Trump campaign in Moscow.

Cohen will also suggest his instructions to lie to Congress about a possible Trump Tower deal in Moscow during the 2016 campaign came from the president – albeit not directly. “In conversations we had during the campaign, at the same time I was actively negotiating in Russia for him, he would look me in the eye and tell me there’s no business in Russia and then go out and lie to the American people by saying the same thing,” Cohen will say. “In his way, he was telling me to lie.” “Mr Trump did not directly tell me to lie to Congress. That’s not how he operates,” he will add.

Read more …

Humor me and please read this. It’s so confusing that you almost forget it’s also complete madness.

3 Days That Will Decide Brexit – March 12-14th Will Seal Britain’s Fate (Exp.)

In a dramatic statement to the House of Commons, Mrs May confirmed that she will put her Withdrawal Agreement – including whatever additional assurances she has secured from Brussels – to a “meaningful vote” by March 12. If that fails, MPs will be offered two separate votes the following day – one on a no-deal Brexit, and the other on requesting an extension to the two-year Article 50 negotiation process to delay EU withdrawal beyond March 29. The sequence of votes will be proposed in an amendable motion tabled by the Prime Minister for debate and vote in the Commons on Wednesday. To uproar in the Commons, Mrs May told MPs: “They are commitments I am making as Prime Minister and I will stick by them, as I have previous commitments to make statements and table amendable motions by specific dates.”

Deputy Political Editor for Sky News Beth Rigby tweeted of Mrs May’s speech: “This really is a big shift. “May has finally played her cards and sided with the Europhile wing of her party .. “Vote for her deal (March 12) Vote for no-deal (March 13) Vote for delay (March 14) .. “Only yesterday she refused to even acknowledge there might have to be a delay to Brexit.”

Mrs May has declared a meaningful vote will take place by March 12, where MPs will vote on her Brexit deal. Should this deal not be voted through, on March 13, MPs will then be offered two separate votes by March 13 on whether the UK leaves with no deal or delays Brexit beyond March 29. The delay will then be voted on March 14, when a motion would be brought forward on whether Parliament wishes to seek a short limited extension to Article 50. If the House votes for an extension, this extension will have to be approved by the House with the EU and then necessary legislation will be brought forward to change the exit date.

[..] In her statement to MPs following a Cabinet meeting with senior colleagues at 10 Downing Street, Theresa May said she wanted to set out “three further commitments” to the Commons. She said: “First, we will hold a second meaningful vote by Tuesday, March 12 at the latest. “Second, if the Government has not won a meaningful vote by Tuesday, March 12, then it will – in addition to its obligations to table a neutral amendable motion under Section 13 of the EU Withdrawal Act – table a motion to be voted on by Wednesday March 13 at the latest, asking this House if it supports leaving the EU without a Withdrawal Agreement and a framework for a future relationship on March 29.

“So the United Kingdom will only leave without a deal on March 29 if there is explicit consent in the House for that outcome. “Third, if the House, having rejected the deal negotiated with the EU, then rejects leaving on March 29 without a Withdrawal Agreement and future framework, the Government will on March 14 bring forward a motion on whether Parliament wants to seek a short, limited extension to Article 50.” The Prime Minister also said she still believes she will be able to secure a deal: “I’ve had a real sense from the meetings I’ve had, and the conversations I’ve had in recent days, that we can achieve that deal. “It’s within our grasp to leave with a deal on March 29 and that’s where all of my energies are going to be focused.”

Read more …

Scared yet? Because that’s the idea.

UK Economy Could Be 9% Weaker Under No-Deal Brexit – Government (G.)

The government has issued a bleak warning over a no-deal Brexit, estimating the UK economy could be 9% weaker in the long run, businesses in Northern Ireland might go bust and food prices will increase. In an official document only published after repeated demands by the former Conservative MP Anna Soubry, the government also revealed it was behind on contingency planning for a third of “critical projects” in relation to business and trade. The latest no-deal notice states:

• The economy would be 6%-9% smaller over the next 15 years than it otherwise might have been, in the event of no deal, in line with Bank of England forecasts. • The flow of goods through Dover would be “very significantly reduced for months”. • With 30% of food coming from the EU, prices are likely to increase and there is a risk that panic buying might create shortages. • Only six of the 40 planned international trade agreements have been signed.

The document was published just hours after Theresa May was forced to promise two key votes, allowing MPs the option to reject no deal and to potentially delay Brexit for a short period, following pressure from remain-minded cabinet ministers. The prime minister set out a timetable that includes a vote on her Brexit deal by 12 March; if that fails, a vote the following day to support no deal, and if that also fails, a vote on 14 March on extending article 50. The delay is likely to further agitate the Tory party’s Eurosceptics, with Brexiter ministers including Andrea Leadsom and Liz Truss expressing their frustration over the issue in cabinet on Tuesday morning. Speaking in the House of Commons on Tuesday, May did not specify the length of any delay, saying only that she would prefer it to be the shortest possible. An extension beyond the end of June would involve the UK taking part in the European parliament elections.

[..] The no-deal notice said customs checks alone could cost businesses £13bn a year and that it was impossible to predict the impact of new tariffs. It said this was partly because the government’s communications to businesses and individuals about the need to prepare for no deal had not been effective. [..] The EU, which would treat the UK as a third country in the event of no deal, could impose tariffs of 70% on beef exports, 45% on lamb and 10% on cars, it said. “This would be compounded by the challenges of even modest reductions in flow at the border.”

Read more …

Absolutely fabulous.

The UK Doesn’t Have The Right Pallets For Exporting To The EU (BI)

The UK government is due to hold emergency talks with industry leaders on Tuesday after discovering that the country doesn’t have the right pallets to continue exporting goods to the European Union if it leaves without a deal next month. Under strict EU rules, pallets – wooden or plastic structures that companies use to transport large volumes of goods – arriving from non-member states must be heat-treated or cleaned to prevent contamination and have specific markings to confirm that they meet standards. Most pallets that British exporters are using do not conform to the rules for non-EU countries, or “third countries,” as EU member states follow a much more relaxed set of regulations.

The Department for Environment, Food, and Rural Affairs last week told business leaders that the UK would not have enough EU-approved pallets for exporting to the continent if it leaves without a withdrawal agreement next month. That means UK companies would be competing for a small number of pallets that meet EU rules, and those that miss out would be forced to wait for new pallets, which could take weeks to be ready. DEFRA has arranged for a conference call on Tuesday morning to discuss the pallet shortage, with 31 days until Brexit day on March 29. “It is the tiny, procedural, mundane-seeming stuff that will absolutely trip people up,” one industry figure briefed by Theresa May’s government told Business Insider, adding that the country was “not even remotely ready” for a no-deal Brexit.

Read more …

Chavez is the guy US intelligence have been chasing for so long, and still trying to get at after his death.

Got to love the man quoting world literature. Also because in the next article, Nomi Prins does the same.

The War on Venezuela is Built on Lies (Pilger)

Travelling with Hugo Chavez, I soon understood the threat of Venezuela. At a farming co-operative in Lara state, people waited patiently and with good humor in the heat. Jugs of water and melon juice were passed around. A guitar was played; a woman, Katarina, stood and sang with a husky contralto. “What did her words say?” I asked. “That we are proud,” was the reply. The applause for her merged with the arrival of Chavez. Under one arm he carried a satchel bursting with books. He wore his big red shirt and greeted people by name, stopping to listen. What struck me was his capacity to listen. But now he read. For almost two hours he read into the microphone from the stack of books beside him: Orwell, Dickens, Tolstoy, Zola, Hemingway, Chomsky, Neruda: a page here, a line or two there. People clapped and whistled as he moved from author to author.

Then farmers took the microphone and told him what they knew, and what they needed; one ancient face, carved it seemed from a nearby banyan, made a long, critical speech on the subject of irrigation; Chavez took notes. Wine is grown here, a dark Syrah type grape. “John, John, come up here,” said El Presidente, having watched me fall asleep in the heat and the depths of Oliver Twist. “He likes red wine,” Chavez told the cheering, whistling audience, and presented me with a bottle of “vino de la gente.” My few words in bad Spanish brought whistles and laughter. Watching Chavez with the people, la gente, made sense of a man who promised, on coming to power, that his every move would be subject to the will of the people. In eight years, Chavez won eight elections and referendums: a world record. He was electorally the most popular head of state in the Western Hemisphere, probably in the world.

Read more …

See? Like Pilger and Chavez, Nomi talks about literature. No space here to do this justice, please go read it. Key point: unlike the poor(er), the rich don’t live off the rewards of labor, but of that of wealth.

Survival of the Richest (Nomi Prins)

In George Orwell’s iconic 1945 novel, Animal Farm, the pigs who gain control in a rebellion against a human farmer eventually impose a dictatorship on the other animals on the basis of a single commandment: “All animals are equal, but some animals are more equal than others.” In terms of the American republic, the modern equivalent would be: “All citizens are equal, but the wealthy are so much more equal than anyone else (and plan to remain that way).” Certainly, inequality is the economic great wall between those with power and those without it. As the animals of Orwell’s farm grew ever less equal, so in the present moment in a country that still claims equal opportunity for its citizens, one in which three Americans now have as much wealth as the bottom half of society (160 million people), you could certainly say that we live in an increasingly Orwellian society.

Or perhaps an increasingly Twainian one. After all, Mark Twain and Charles Dudley Warner wrote a classic 1873 novel that put an unforgettable label on their moment and could do the same for ours. The Gilded Age: A Tale of Today depicted the greed and political corruption of post-Civil War America. Its title caught the spirit of what proved to be a long moment when the uber-rich came to dominate Washington and the rest of America. It was a period saturated with robber barons, professional grifters, and incomprehensibly wealthy banking magnates. (Anything sound familiar?) The main difference between that last century’s gilded moment and this one was that those robber barons built tangible things like railroads.

Today’s equivalent crew of the mega-wealthy build remarkably intangible things like tech and electronic platforms, while a grifter of a president opts for the only new infrastructure in sight, a great wall to nowhere. In Twain’s epoch, the U.S. was emerging from the Civil War. Opportunists were rising from the ashes of the nation’s battered soul. Land speculation, government lobbying, and shady deals soon converged to create an unequal society of the first order (at least until now). Soon after their novel came out, a series of recessions ravaged the country, followed by a 1907 financial panic in New York City caused by a speculator-led copper-market scam.

To fully grasp the nature of inequality in our twenty-first-century gilded age, it’s important to understand the difference between wealth and income and what kinds of inequality stem from each. Simply put, income is how much money you make in terms of paid work or any return on investments or assets (or other things you own that have the potential to change in value). Wealth is simply the gross accumulation of those very assets and any return or appreciation on them. The more wealth you have, the easier it is to have a higher annual income.

Read more …

Tyler got his hands on a piece by Michael Every at Dutch Rabobank.

Hey Yellen, It Was Trump Who Was Right (Every)

Rabo are already predicting a US recession in 2020, which will drag many down with it, and as the OECD now warns that swollen corporate debt piles, which central banks have so encouraged, is of ever lower quality and potentially more dangerous than it was back in 2008. 54% of investment grade bonds are now BBB-rated, up from 30% in 2008. The OECD argues “In the case of a downturn, highly leveraged companies would face difficulties in servicing their debt, which in turn, through higher default rates, may amplify the effects…Any developments in these areas will come at a time when non-financial companies in the next three years will have to pay back or refinance about USD4 trillion worth of corporate bonds. This is close to the total balance sheet of the US Federal Reserve.”

Guess what guys? China is right ahead of you on that curve – which is why it is trying to find another whale to nuke ASAP: things are looking truly ugly given many firms can’t even pay the interest on their debt, let alone the principle. And guess what else? That OECD and China warning sounds like an admission of the Minsky debt dynamic that you might have thought all central banks would have to have learned the lessons of post-GFC. Apparently not, however – because they think they already know everything. As former Fed Chair Yellen mocked yesterday, Trump doesn’t understand what the Fed’s dual mandates of price stability and stable employment are. That might well be true.

But was it the Fed or Trump who publicly called out how dangerous continuous Fed rate hikes are in a debt-laden, Minsky-teetering financial system where the yield curve is still inverted 9bps on 1s-5s even after a pause? I think Yellen will find it was Trump who was right and the Fed who was forced into a humiliating and frankly incongruous policy U-turn. So much expertise! Trump also made a similar intervention over oil prices overnight, and once again they dipped, though are opening up strongly this morning in Asia. [..] easy policy in the UK; ultra-easy policy in China; promises of more easing in Japan; an ECB U-turn to come(?); and the Fed on hold and stopping QT soon at least. And that’s with bullish markets and reasonable global growth – just wait until things head south: if all you have is a nuke, everything looks like a whale.

Read more …

Every bubble that bursts ends up below its starting level. Nicole had these graphs, Tulip, South Sea etc., that showed just that. This graph doesn’t quite do that.

Now that Housing Bubble #2 Is Bursting…How Low Will It Go? (CHS)

There are two generalities that can be applied to all asset bubbles: 1. Bubbles inflate for longer and reach higher levels than most pre-bubble analysts expected 2. All bubbles burst, despite mantra-like claims that “this time it’s different” The bubble burst tends to follow a symmetrical reversal of very similar time durations and magnitudes as the initial rise. If the bubble took four years to inflate and rose by X, the retrace tends to take about the same length of time and tends to retrace much or all of X. If we look at the chart of the Case-Shiller Housing Index below, this symmetry is visible in Housing Bubble #1 which skyrocketed from 2003-2007 and burst from 2008-2012.

Housing Bubble #1 wasn’t allowed to fully retrace the bubble, as the Federal Reserve lowered interest rates to near-zero in 2009 and bought $1+ trillion in sketchy mortgage-backed securities (MBS), essentially turning America’s mortgage market into a branch of the central bank and federal agency guarantors of mortgages (Fannie and Freddie, VA, FHA). These unprecedented measures stopped the bubble decline by instantly making millions of people who previously could not qualify for a privately originated mortgage qualified buyers. This vast expansion of the pool of buyers (expanded by a flood of buyers from China and other hot-money locales) drove sales and prices higher for six years (2012-2018).

As noted on the chart below, this suggests the bubble burst will likely run from 2019-2025, give or take a few quarters. The question is: what’s the likely magnitude of the decline? Scenario 1 (blue line) is a symmetrical repeat of Housing Bubble #2: a retrace of the majority of the bubble’s rise but not 100%, which reverses off this somewhat higher base to start Housing Bubble #3. Since the mainstream consensus denies the possibility that Housing Bubble #2 even exists (perish the thought that real estate prices could ever–gasp–drop), they most certainly deny the possibility that prices could retrace much of the gains since 2012.

More realistic analysts would probably agree that if the current slowdown (never say recession, it might cost you your job) gathers momentum, some decline in housing prices is possible. They would likely agree with Scenario 1 that any such decline would be modest and would simply set the stage for an even grander housing bubble #3. But there is a good case for Scenario 2, in which price plummets below the 2012 lows and keeps on going, ultimately retracing the entire housing bubble gains from 2003.

Read more …

Interesting how Europe smears Putin wherever it can, except where it counts.

Russia’s Share Of European Gas Market Surges To Almost 37%, Dwarfing LNG (RT)

Russia’s state-run energy major Gazprom said its share of sales of natural gas in the European Union has increased to 36.7 percent last year, rising over two percent against 34.2 percent in 2017. “In 2018, according to preliminary data, the share of gas supplies to the EU countries and Turkey has reached an all-time high and totaled 36.7 percent,” the director general of Gazprom Export Elena Burmistrova said at Gazprom’s Investor Day event, taking place in Singapore. Burmistrova added that Gazprom’s gas exports to Europe last year amounted to record 201.8 billion cubic meters, and is expected to significantly grow by 2035 due to the increasing demand.

According to a member of Gazprom’s management committee, Oleg Aksyutin, the company saw no threat to Gazprom’s business in the European market from global producers of liquefied natural gas (LNG), including the US. The company’s gas exports to Europe are reportedly three times more than the amount of LNG shipped to Europe by all global producers combined. Though the share of LNG shipments have been growing, it still makes up only 13 percent of the entire gas market, according to Burmistrova. The executive added that prices for natural gas saw a significant surge. “In 2018, in accordance with linked fuel prices, the average price of Gazprom gas increased by 24.6 percent to $245.5 for 1,000 cubic meters,” she said, stressing that in 2016 it stood at $167.

When it comes to China, one of the world’s biggest energy consumers, Gazprom is planning to become the country’s biggest supplier as soon as 2035, with the company’s share expected to reach 13 percent of Chinese overall consumption by the same year.

Read more …

It’s completely insane that any western country would have to do a Hunger Survey. Don’t fall for thinking it’s normal.

UK Hunger Survey To Measure Food Insecurity (G.)

The government is to introduce an official measure of how often low-income families across the UK skip meals or go hungry because they cannot afford to buy enough food, the Guardian can reveal. A national index of food insecurity is to be incorporated into an established UK-wide annual survey run by the Department for Work and Pensions (DWP) that monitors household incomes and living standards. Campaigners, who have been calling for the measure for three years, said the move was “a massive step forward” that would provide authoritative evidence of the extent and causes of hunger in the UK. They say food insecurity is strongly linked to poverty caused by austerity and welfare cuts and is driving widening health inequality.

Food insecurity is generally defined as experiencing hunger, the inability to secure food of sufficient quality and quantity to enable good health and participation in society, and cutting down on food because of a lack of money. The decision, which took campaigners by surprise, was revealed at an informal meeting on Tuesday attended by the DWP, the Office for National Statistics, Public Health England and the Scottish and Welsh governments, as well as a number of food poverty charities. Ministers have for years resisted calls to bring England into line with the US and Canada by measuring food insecurity. Critics said this was to avoid shedding unwanted light on the impact of welfare policy and the public health consequences of being unable to eat regularly or healthily.

Read more …

Why the hunger? Here’s why: we feed ourselves with plastics and poison.

Glyphosate Found In 95% Of Wine And Beer (Ind.)

A new study has shown that traces of a commonly-used and possibly cancerous weed killer can be found in the majority of wine and beer. Researches tested five wines and 15 beers from the US, Asia and Europe for traces of pesticide glyphosate. The research found that of the 20 samples, 19 (95 per cent) contained particles of the chemical, including products labelled as organic. The US Public Interest Research Group, which conducted the study, said the levels of the pesticide aren’t necessarily dangerous, but are still concerning. In 2015, the World Health Organisation’s International Agency categorised glyphosate as “probably carcinogenic to humans”, leading the state of California to add it to its list of chemicals that can cause cancer, which makes companies responsible for providing warnings to potential consumers.

The findings of the study coincide with the beginning of a class action lawsuit against Bayer, which acquired Monsanto last year. The suit claims that Roundup caused thousands of plaintiffs to develop non-Hodgkins lymphoma, a type of blood cancer. The first plaintiff, Ed Hardeman, testified this week, alleging that his use of the chemical on his 56 acres of land caused him to develop cancer aged 66. [..] Bayer has not commented on the results of the study, but the researchers are calling for glyphosate to be banned unless it can be proven safe.

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The earth’s weather system is far too complex to draw conclusions from a sunny day. The only things we can say about the climate must be based on long-term stats. This kind of article doesn’t help one bit, it merely points out the author literally doesn’t know what he’s talking about.

Am I The Only One Who’s Terrified About The Warm Weather? (G.)

They were everywhere in London on the weekend. The people in short sleeves or sandals. The ones with sunglasses ostentatiously hanging from the front of their shirts or balanced on top of their heads. The beer gardens and riverside pubs of the capital were heaving; corner shops ran out of ice-cream. Outside it was 17C (62F). Monday was another warm day, without a cloud in the sky, and in the late afternoon the light took on a magical, honey-coloured hue. It brought to mind one of those summer evenings you remember from childhood, when you’d be in the park all day and your parents let you stay out until bedtime, and you felt like you were doing something deliciously naughty just by being there.

Except it isn’t early summer: it’s February. And the entire developed world has not so much been doing something slightly naughty as systematically attacking the global ecosystem over a period of decades, and that’s how we go into this mess. We should try to hold on to this fact as young, posh men the nation over develop a strange delusion that anyone would want to see their elbows; this is not supposed to be happening. Less than a month ago, there was video footage of extreme cold weather coming out of Chicago. Forks supported in midair by suddenly frozen noodles, water poured from kettles instantly freezing on its way to the ground: you know the sort of thing.

OK, that was on the other side of the world, and was extreme and terrifying enough. But at least it was terrifying in the right direction. On Monday, though, the temperature hit 20.3C in Ceredigion, west Wales: the highest February temperature ever recorded in Britain and the first time the thermometer had breached 20C in winter. The BBC weather account tweeted it out with a gif of the sunshine icon and the same excitable breathlessness with which Springwatch would announce it had found a new type of vole. My response contained a single word, repeated seven times. It began with F.

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Feb 072019
 


René Magritte The Pleasure Principle (Portrait of Edward James) 1937

 

Led By Donkeys (G.)
Tusk: Special Place In Hell For Brexiteers Without Even Sketch Of A Plan (Ind.)
Corbyn Lays Out Labour’s Terms For Backing May On Brexit (G.)
Not Opposing Brexit Could Lose Labour 45 Seats (G.)
Yellen: Next Fed Move May Be A Rate Cut (CNBC)
Fed’s Quarles Sees 2019 As An ‘Interim’ Year For Bank Stress Tests (R.)
Press Needs More Than Super Bowl Ad To Fix Its Plunging Credibility (ZH)
Homo Credulus (Bowman)
French, German Farmers Must Destroy Crops After GMOs Found In Monsanto Seeds (RT)
The Killing Of Large Species Is Pushing Them Towards Extinction (G.)
Global Warming Could Exceed 1.5ºC Within Five Years (G.)

 

 

50 days to Brexit. Don’t be surprised if that whole country dissolves before our eyes.

Perfect name, good actions.

Led By Donkeys (G.)

At 5.55am, Talgarth Road, one of the major arteries into west London, is just beginning to clog up with early rush-hour traffic. A man named Dave, his white van pulled over into a loading bay, is putting up a billboard poster by the side of the carriageway. The previous one was an advert for Calvin Klein featuring the model Lara Stone. Over the course of 20 minutes, Dave covers Stone up, expertly pasting rectangles of paper over her, using a ladder for the high ones, then sweeping over with his brush. The first rectangle, in the top left corner, contains a headshot of Jacob Rees-Mogg and the beginning of his Twitter handle. As Dave lines up edges, pastes and brushes, and Stone disappears, a quote emerges from Rees-Mogg.

This one wasn’t a tweet; he said it in parliament. “We could have two referendums. As it happens, it might make more sense to have a second referendum after the renegotiation is completed.” There are three other men here, dressed in hoodies, lumberjack shirts and beanies, lurking around and admiring the work. Their work – because Richard, Adam and Chris are three of the four key people behind Led By Donkeys, the remainer guerrilla activists highlighting the hypocrisy and lies of politicians by posting their damning quotes on billboards around the country. Less guerrilla now, actually: they’ve gone legit, this hoarding is paid for. Before, they just took them over.

[..] It all began, as most good ideas do, in the pub. They were talking about the infamous David Cameron tweet – “Britain faces a simple and inescapable choice – stability and strong government with me or chaos with Ed Miliband” – which was doing the rounds again after Theresa May cancelled the vote on her deal in December. And someone said: why don’t they slap it on a billboard, make it the tweet you can’t delete? The next day, on the WhatsApp group, one of them said they had found someone who would print it out for them. They all agreed: “Let’s just fucking do it.” It was cheaper to do five, so they cobbled together four more tweets – from Michael Gove, David Davies, John Redwood and Liam Fox – not really thinking they’d ever put them up. Initial outlay was about 200 quid, plus £90 on a ladder from B&Q.

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Tusk is an idiot, but he was right when he said thet as both May and Corbyn want to Leave, there is no political leadership for Remain. But the majority of Britons by now want to Remain. Don’t underestimate the danger of this.

Tusk: Special Place In Hell For Brexiteers Without Even Sketch Of A Plan (Ind.)

A war of words has further undermined Theresa May’s mission to Brussels to rescue her Brexit deal, after the EU warned of a “special place in hell” for politicians who botched the project. Downing Street and Tory politicians hit back angrily after the extraordinary attack by Donald Tusk on those who triumphed in the referendum “without even a sketch of a plan how to carry it safely”. The prime minister’s spokesman urged people to ask whether such language was “helpful” – before noting, sarcastically, that was impossible “because he didn’t take any questions”. Andrea Leadsom, the Commons leader, condemned the comments by Mr Tusk, the European Council president, as “disgraceful” and “spiteful”, saying such behaviour “demeans him”.

Sammy Wilson, Brexit spokesman of the Democratic Unionist Party (DUP), which props up the Tories in power, went further – branding him a “devilish, trident-wielding, Euro maniac”. But pro-EU Tory Anna Soubry backed him and named Boris Johnson, David Davis and Nigel Farage as among his likely targets, for having “abdicated all responsibility”. The fury overshadowed the tough message for Ms May before she lands in Brussels on Thursday morning – that the EU will never agree to reopening the divorce deal, as she has vowed to do. The prime minister will again demand either an end date for the Irish backstop or an exit mechanism from it for there to be any hope of the Commons passing the deal. Ms May appeared to drop her third option – replacing the backstop with ill-defined “alternative arrangements”, based on unproven technology – to the anger of some Brexiteer Tories.

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Vote Corbyn, get May.

Corbyn Lays Out Labour’s Terms For Backing May On Brexit (G.)

Jeremy Corbyn has written to the prime minister, offering to throw Labour’s support behind her Brexit deal if she makes five legally binding commitments – including joining a customs union. The Labour leader held private talks with Theresa May last week for the first time since her deal was rejected by a historic margin of 230 votes in January. In a follow-up letter sent on Wednesday, he laid out in the clearest terms yet what commitments he is seeking in exchange for offering Labour support. His intervention will dismay backbench Labour MPs and grassroots activists still hoping he will switch the party’s policy towards demanding a second Brexit referendum – which is not mentioned in the letter.

And it comes as No 10 prepares to publish legislation underpinning workers’ rights, perhaps as early as next week, in an attempt to win support from Labour backbenchers. In his letter, Corbyn calls for the government to rework the political declaration setting the framework for Britain’s future relationship with the EU – and then enshrine these new negotiating objectives in UK law, so that a future Tory leader could not sweep them away after Brexit. He says the changes to the political declaration must include:

• A “permanent and comprehensive UK-wide customs union”, including a say in future trade deals.
• Close alignment with the single market, underpinned by “shared institutions”.
• “Dynamic alignment on rights and protections”, so that UK standards do not fall behind those of the EU.
• Clear commitments on future UK participation in EU agencies and funding programmes.
• Unambiguous agreements on future security arrangements, such as use of the European arrest warrant.

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Britain can no longer manage with two parties. Same as so many countries.

Not Opposing Brexit Could Lose Labour 45 Seats (G.)

A trade union affiliated with the Labour party has claimed that Jeremy Corbyn’s party could lose an additional 45 seats in a snap election if it fails to take an anti-Brexit position, in a leaked report. The report, drawn up by the transport union TSSA and including extensive polling, was sent to the leftwing pressure group Momentum. It appears to be an attempt to pile pressure on the Labour leader over Brexit. It claims that “Brexit energises Labour remain voters” disproportionately, and warns: “There is no middle way policy which gets support from both sides of the debate.” The Guardian understands that while the report was sent to Momentum, it was not commissioned or requested by the group.

Sources inside the party stressed that there were risks from turning either way on Brexit – and other polls showed a different picture. The document – marked strictly confidential – says: “There can be no disguising the sense of disappointment and disillusionment with Labour if it fails to oppose Brexit and there is every indication that it will be far more damaging to the party’s electoral fortunes than the Iraq war. “Labour would especially lose the support of people below the age of 35, which could make this issue comparable to the impact the tuition fees and involvement in the coalition had on Lib Dem support.” The document starts by pointing out that the TSSA has “supported Jeremy Corbyn’s leadership from the very beginning”.

It says that the party’s supporters view Brexit as a “Tory project”. It adds that four-fifths of them believe the current deal will hurt the British economy and 91.4% of Labour voters do not trust the government to deliver a good Brexit for people such as them.

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Only in hindsight will Americans see the damage done by these people.

Yellen: Next Fed Move May Be A Rate Cut (CNBC)

The Federal Reserve’s next move may well be an interest rate cut if weakening growth around the world starts infecting the U.S. economy, former central bank Chair Janet Yellen said Wednesday. Weakening economies in China and Europe are posing danger to an otherwise strong U.S. economy, Yellen told CNBC’s Steve Liesman during a “Power Lunch” interview. “Of course it’s possible. If global growth really weakens and that spills over to the United States where financial conditions tighten more and we do see a weakening in the U.S. economy, it’s certainly possible that the next move is a cut,” she said. “But both outcomes are possible.” The former central bank head cited “slowing global growth” as the biggest threat to the economy she once watched over. “The data from China has been recently weak, the European data has also come in weaker than expected,” she said.

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The very last people who should conduct such tests.

Fed’s Quarles Sees 2019 As An ‘Interim’ Year For Bank Stress Tests (R.)

U.S. bank stress tests conducted during an “interim” period this year will help the Federal Reserve decide what permanent changes to make to the closely followed examinations, the Fed’s point person on financial supervision Randal Quarles said on Wednesday. On Tuesday the Fed said it would make its stress testing of large banks more transparent in 2019, providing financial firms significantly more information about how their portfolios would perform under potential economic shocks. The changes respond to long-running bank complaints that the current stress-testing process is cumbersome and opaque. Less complex banks with assets between $100 billion and $250 billion, such as SunTrust Banks and Fifth Third Bancorp, do not have to face 2019 stress tests, as the Fed is moving to a two-year cycle for testing those firms.

“Our challenge now is to preserve the strength of the test, while improving its efficiency, transparency, and integration into the post-crisis regulatory framework,” Federal Reserve Vice Chairman of Supervision Randal Quarles said in remarks prepared for delivery at a Council for Economic Education event in New York. “Our experience with this ‘interim’ year will inform the move to a permanently longer testing cycle – a change that would, of course, be subject to a full notice and comment process.” The 2019 tests also include factoring in a jump to 10 percent unemployment from the current 4 percent rate, as well as elevated stress in corporate loan and commercial real estate markets in the most severe scenario.

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The press, including WaPo, have changed tactics. They no longer try for a larger audience, they make their existing readers more faithful. More subscribers, much ‘better’ targeted ads.

Press Needs More Than Super Bowl Ad To Fix Its Plunging Credibility (ZH)

Media Bias: While journalists are getting pink slips across the country, the Washington Post decided to dump a boatload of cash for a Super Bowl image ad that tried to portray the news media as national heroes. Here’s a better, and much cheaper, idea to restore the industry’s shattered reputation: Be less blatantly partisan. In the 60-second ad, Tom Hanks intones about the importance of journalists against the backdrop of historic events. Thankfully, during these times, the ad says, “There’s someone to gather the facts. To bring you the story. No matter the cost. Because knowing empowers us. Knowing helps us decide. Knowing keeps us free.” The problem with journalists today, however, is that they aren’t interested in gathering facts or empowering the public with knowledge.

Instead, they are interested mainly in pushing their agenda — a basic failing of the profession brought into high relief over the past two years. The latest IBD/TIPP Poll makes this abundantly clear. The poll asked several questions to gauge the public’s perception of the mainstream news media. What did it find? First, that fully half the country says its trust in the media decreased over the past two years. A tiny 8% say it’s increased. That includes a plurality of independents (49%). Even among Republicans, who’ve long grown accustomed to media bias, 81% say their trust in the press has dropped over the past two years. Geographically, those in the Midwest and the South are mostly likely to say their trust in the press has declined (52% and 57%, respectively) since Trump took office.

Men are far more likely than women (54% vs. 47%). And those with incomes over $75,000 (51% of home distrust the media more) more than lower-income households. These findings alone should be alarming. After all, as any corporate executive knows, you can’t run a successful business when a vast and increasing share of your customer base doesn’t trust the product you are selling. It gets worse. The poll found that more than two-thirds of the public (69%) think the news media “is more concerned with advancing its points of view rather than reporting all the facts.” Only 29% of the public disagrees with that statement. In other words, nearly seven out of 10 adults in the country think the Post ad’s blather about “gathering the facts” is bull. That includes 72% of independents, 95% of Republicans, and — surprisingly enough — 43% of Democrats.

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And how can the press pull off its tricks? Easy as pie. Edward Bernays and Goebbels.

Homo Credulus (Bowman)

Given the right circumstances… a little programing… and enough time for it all to marinate in his soft, mammalian brain… there is almost nothing Homo Credulus will not learn to embrace. Don’t believe us? Take a look at the historical record; you’ll soon wonder how we ever got this far. Sure, you’ll discover gizmos and flying contraptions… art and agriculture… music and mathematics. You’ll witness spectacular scientific breakthroughs, the number “0” and a man’s footprint on the moon. You’ll also find automobiles with so many cup holders, you won’t know where to holster your oversized 7/11 Big Gulp. But you’ll also scratch you head. Perhaps you’ll even weep. And if you think hard enough, you’ll put a few things to serious question…

“Central banks?” “Modern democracy?” “The Rosie O’Donnell Show?” How has mankind survived such atrocities? Self inflicted, no less! And why, moreover, does he rush so earnestly to repeat and replay his worst mistakes? Don’t be too hard on yourself, Dear Reader. After all, repetition is nothing new… You’ll recall that it was the Greeks who first gave the world democracy – from the Greek, demokratia, literally “Rule by ‘People’”. (And yes, it was those very same Greeks who put their own beloved Socrates to death… by a majority vote of 140-361.) Today, democracy is a cherished tenet of “the West.” It is woven into the civic religion, sewn into the social fabric. Men march off eagerly to fight for it, to proselytize it … and to die in forgotten ditches defending it. At least, that’s what they believe they’re doing. As usual, the poor saps have been duped.

The phrase “Making the world safe for democracy” was actually a marketing slogan, coined back in the 1910s, as a way to sell “The Great War” to America. Weary from their own disastrous Civil War just a few decades earlier, in which hundreds of thousands gave up the ghost, Americans were mostly inward looking at the time. That is to say, they wanted little to do with what they largely saw as a “European affair.” Polls might have indicated no appetite for battle… but the nation’s politicians were nonetheless starved for military misadventure. They sensed big profits abroad, both in manufacturing armaments and making onerous bank loans to foreign lands. Sure, “the nation” would have to fill tank and trench with warm young bodies… but very few soldiers would carry senatorial surnames along with their rifles.

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Too late already. A deliberate Monsanto policy.

French, German Farmers Must Destroy Crops After GMOs Found In Monsanto Seeds (RT)

French and German farmers have been forced to dig up thousands of hectares of rapeseed fields after authorities found an illegal GMO strain mixed in with the natural seeds they’d bought from Bayer-Monsanto. Authorities discovered the illicit seeds in three separate batches of rapeseed seeds last fall, but the public has only just been notified. While Bayer issued a recall, by the time the farmers learned of it some of the seeds had already been planted, covering 8,000 ha in France and 3,000 ha in Germany. Bayer-Monsanto estimated the number of rogue seeds at just about .005 percent of the total volume of rapeseed seeds sold to both nations under the brand name Dekalb, but each country has a ban on GMO cultivation, with strict penalties for “accidental” contamination of standard crops.

The agrochemical giant refused to estimate the total cost of the GMO contamination, which knocks out not only this season’s crop but also the next season’s, as farmers will be barred from growing rapeseed next year “to avoid re-emergence of the GMO strain,” according to Bayer-Monsanto’s French COO Catherine Lamboley. They offered to compensate farmers €2,000 per hectare, which would work out to about €20 million between both countries. The cause of the contamination is unknown, Lamboley said, claiming the seeds were produced in Argentina “in a GMO-free area” and declaring that the company “has decided to immediately stop all rapeseed production in Argentina.” The rogue GMO seeds were of a variety grown in Canada that is banned in Europe, although imported food made with the modified rapeseed is permitted for human and animal consumption as long as it is adequately labeled.

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Except those farmed.

The Killing Of Large Species Is Pushing Them Towards Extinction (G.)

The vast majority of the world’s largest species are being pushed towards extinction, with the killing of the heftiest animals for meat and body parts the leading cause of decline, according to a new study. While habitat loss, pollution and other threats pose a significant menace to large species, also known as megafauna, intentional and unintentional trapping, poaching and slaughter is the single biggest factor in their decline, researchers found. An analysis of 362 megafauna species found that 70% of them are in decline, with 59% classed as threatened by the International Union for Conservation of Nature. Direct killing by humans is the leading cause across all classes of animals, the study states.

A range of maladies including intensive agriculture, toxins and invasive competitors are also helping to trigger these declines. This situation adds to the “mounting evidence that humans are poised to cause a sixth mass extinction event”, according to the research, published in Conservation Letters. It adds that “minimizing the direct killing of the world’s largest vertebrates is a priority conservation strategy that might save many of these iconic species and the functions and services they provide.” Humans cause the deaths of large creatures in a variety of ways, from snares that entangle mountain gorillas and the poaching of elephants for ivory to the killing of the Chinese giant salamander, which can grow up to 6ft long and is considered a delicacy in Asia.

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So what are you going to do about it? Appeal to your politicians?

Global Warming Could Exceed 1.5ºC Within Five Years (G.)

Global warming could temporarily hit 1.5C above pre-industrial levels for the first time between now and 2023, according to a long-term forecast by the Met Office. Meteorologists said there was a 10% chance of a year in which the average temperature rise exceeds 1.5C, which is the lowest of the two Paris agreement targets set for the end of the century. Until now, the hottest year on record was 2016, when the planet warmed 1.11C above pre-industrial levels, but the long-term trend is upward. Man-made greenhouse gases in the atmosphere are adding 0.2C of warming each decade but the incline of temperature charts is jagged due to natural variation: hotter El Niño years zig above the average, while cooler La Ninã years zag below.

In the five-year forecast released on Wednesday, the Met Office highlights the first possibility of a natural El Niño combining with global warming to exceed the 1.5C mark. Dr Doug Smith, Met Office research fellow, said: “A run of temperatures of 1C or above would increase the risk of a temporary excursion above the threshold of 1.5C above pre-industrial levels. Predictions now suggest around a 10% chance of at least one year between 2019 and 2023 temporarily exceeding 1.5C.” Climatologists stressed this did not mean the world had broken the Paris agreement 80 years ahead of schedule because international temperature targets are based on 30-year averages.

“Exceeding 1.5C in one given year does not mean that the 1.5C goal has been breached and can be redirected towards the bin,” said Joeri Rogelj, a lecturer at the Grantham Institute. “The noise in the annual temperatures should not distract from the long-term trend.”

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Jan 062019
 


Rembrandt van Rijn Man with a falcon on his wrist (possibly St. Bavo) 1661

 

This Fed thing just keeps going on, and it needs to stop. There is nothing in the discussion about the Federal Reserve these days that has any value other than it provides even more proof that the Fed has killed off the most essential elements of what once made the US economy function. All markets, stocks, bonds, housing markets, all price discovery, all murdered. No heartbeat. Pining for the fjords.

And instead of addressing that, and I’m not even talking about addressing fixing what is wrong, all I see is neverending stuff about Jay Powell using, or not using, terms such as “patient” or “accommodative”. Like any of it means anything coming from him and his ilk. Other than for making ‘investors’ a quick buck. Like a quick buck could ever trump the survival of entire market systems.

People discussing whether Jay Powell is doing a good job all miss the point. Because Powell should not be doing that job in the first place. The Fed should not have the power to manipulate the US economy anywhere near as much as it does. Because that power is perverting America like nothing else, and the US economy will never recover as long as the Fed holds that power. Is that clear enough? Do we understand that at least?

 

Powell apparently changed his tune Friday in order to let the mirage that the stock market has become, live another day. Almost literally a day, since it will come crumbling down no matter what he does, just a day or so later. It’s all some message hidden in his use of “patience” or “accommodative”. Nothing he does will have any effect in the medium or longer term, and he knows it.

The entire US economy today is about the quick buck. It’s about tomorrow morning only because nobody has the guts to look at 10 years from now. That makes Jay Powell and his whole Federistas staff worse than useless. It makes no difference if perhaps jobs are doing well; the pre-Powell Fed launched a bubble and that bubble will burst one day, a whole series of them will.

The only good thing he can do is get out of the way and let the markets be the markets, to let them discover prices by letting people interact with people. But who exactly in the US has the power to make the Fed go away?

If you were one of the people who thought Jerome Powell was different from the rest of the Fed head honchos, the ones who preceded him, and I’m by no means just talking Greenspan, Bernanke and Yellen, you can now consider yourself corrected.

Powell is not going to keep hiking rates if a bunch of zombie markets keep falling like they did in December 2018, even though that’s just what we should want zombies to do, and even if hiking is the only way to resurrect a degree of normality and functionality into the markets.

Greenspan, Bernanke and Yellen, by the way, like Powell, just serve(d) to give the beast a human face, and one that the actual power brokers can hide behind. Over the past nigh 106 years since the blinded wagons rode to Jekyll island, the individual brokers may have died their natural deaths, but the institution they represented and served blindly, never did.

Seen in that light, the Fed was/is a kind of a forerunner of the 2010 Citizens United legislation that granted corporations the same rights as individual citizens. The -perverse- sense, that is, in which citizens do die, but corporations do not. So they are much more, and much more powerful, than citizens. Citizens Limited should have set a time limit, like the ones all corporations used to have, and the Fed should have had the shortest and strictest limit of all.

And you were worried about Brett Kavanaugh being named to the Supreme Court…

 

Just as an example of how wrong we get these things these days, Let’s turn to Sven Henrich’s piece in MarketWatch this weekend. Henrich is the founder and lead market strategist of NorthmanTrader.com, and g-d bless him, I’m sure he means well, but he gets things so upside down it’s not funny. He writes about that quick buck only, and doesn’t see the future.

It’s like Danielle DiMartino Booth writing on Twitter Friday: “In one word Powell CAVED to pressure 16 days after a taking hard line. The one thing he did do he should have done after last FOMC meeting was convey that the Fed would truly be data dependent going forward. “Gradual” needs to go. Winner: Stock Market. Loser: Powell’s Credibility”.

Danielle is great, and probably much smarter than I am, but she’s also a former Fed employee, and that brings a shade of blindness with it. What are the odds that she will state anytime soon that the Fed can only, possibly, make things worse for the American economy? I don’t think those odds are good.

Back to Sven Henrich. In essence, it’s ridiculous that a news outlet like MarketWatch still has the guts to publish a piece like his, or that someone like him has the guts to write it. Because it means there still are people, perhaps the author(s) and editors among them, who haven’t yet understood what has happened, even after 10 years and change. They are people who think the Fed can do right, that they can fix things if only they find the right policies.

We have to get rid of this illusion because the Fed will not, can not, fix what is wrong with the economy, or the ‘markets for that matter. Quite the contrary, the Fed can only make things worse. We know this because the only way the markets can be fixed, brought back to life indeed, is to let them function, and the only way they can function is when they can discover what things, stocks, bonds, homes etc., are worth, without some unit with unlimited financial power interrupting.

Central banks are founded for one reason only: to save banks from bankruptcy, invariably at the cost of society at large. They’ll bring down markets and societies just to make sure banks don’t go under. They’ll also, and even, do that when these banks have taken insane risks. It’s a battle societies can’t possibly win as long as central banks can raise unlimited amounts of ‘money’ and shove it into private banks. Ergo: societies can’t survive the existence of a central bank that serves the interests of its private banks.

Henrich:

 

Stock-Market Investors, It’s Time To Hear The Ugly Truth

For years critics of U.S. central-bank policy have been dismissed as Negative Nellies, but the ugly truth is staring us in the face: Stock-market advances remain a game of artificial liquidity and central-bank jawboning, not organic growth. And now the jig is up. As I’ve been saying for a long time: There is zero evidence that markets can make or sustain new highs without some sort of intervention on the side of central banks. None. Zero. Zilch. And don’t think this is hyperbole on my part. I will, of course, present evidence.

In March 2009 markets bottomed on the expansion of QE1 (quantitative easing, part one), which was introduced following the initial announcement in November 2008. Every major correction since then has been met with major central-bank interventions: QE2, Twist, QE3 and so on. When market tumbled in 2015 and 2016, global central banks embarked on the largest combined intervention effort in history. The sum: More than $5 trillion between 2016 and 2017, giving us a grand total of over $15 trillion, courtesy of the U.S. Federal Reserve, the European Central Bank and the Bank of Japan:

When did global central-bank balance sheets peak? Early 2018. When did global markets peak? January 2018. And don’t think the Fed was not still active in the jawboning business despite QE3 ending. After all, their official language remained “accommodative” and their interest-rate increase schedule was the slowest in history, cautious and tinkering so as not to upset the markets.

With tax cuts coming into the U.S. economy in early 2018, along with record buybacks, the markets at first ignored the beginning of QT (quantitative tightening), but then it all changed. And guess what changed? Two things. In September 2018, for the first time in 10 years, the U.S. central bank’s Federal Open Market Committee (FOMC) removed one little word from its policy stance: “accommodative.” And the Fed increased its QT program. When did U.S. markets peak? September 2018.

[..] don’t mistake this rally for anything but for what it really is: Central banks again coming to the rescue of stressed markets. Their action and words matter in heavily oversold markets. But the reality remains, artificial liquidity is coming out of these markets. [..] What’s the larger message here? Free-market price discovery would require a full accounting of market bubbles and the realities of structural problems, which remain unresolved. Central banks exist to prevent the consequences of excess to come to fruition and give license to politicians to avoid addressing structural problems.

 

is it $15 trillion, or is it 20, or 30? How much did China add to the total? And for what? How much of it has been invested in productivity? I bet you it’s not even 10%. The rest has just been wasted on a facade of a functioning economy. Those facades tend to get terribly expensive.

Western economies would have shrunk into negative GDP growth if not for the $15-20 trillion their central banks injected over the past decade. And that is seen, or rather presented, as something so terrible you got to do anything to prevent it from happening. As if it’s completely natural, and desirable, for an economy to grow forever.

It isn’t and it won’t happen, but keeping the illusion alive serves to allow the rich to put their riches in a safe place, to increase inequality and to prepare those who need it least to save most to ride out the storm they themselves are creating and deepening. And everyone else can go stuff themselves.

And sure, perhaps a central bank could have some function that benefits society. It’s just that none of them ever do, do they? Central banks benefit private banks, and since the latter have for some braindead reason been gifted with the power to issue our money, while we could have just as well done that ourselves, the circle is round and we ain’t in it.

No, the Fed doesn’t hide the ugly truth. The Fed is that ugly truth. And if we don’t get rid of it, it will get a lot uglier still before the entire edifice falls to pieces. This is not complicated stuff, that’s just what you’re made to believe. Nobody needs the Fed who doesn’t want to pervert markets and society, it is that simple.

 

 

Dec 132018
 
 December 13, 2018  Posted by at 10:36 am Finance Tagged with: , , , , , , , , , , , , , ,  4 Responses »


René Magritte After the water, the clouds 1926

 

‘Her Goose Is Cooked’ (G.)
Tory Resentment Of Irish Power Within EU (BBC)
Cohen Gets 3 Years, Says He Will Reveal All He Knows About Trump (Ind.)
Yellen, Fed Fear Corporate Debt Bubble, Investors Don’t (CNBC)
US Bank Stocks Spiral Down (WS)
ECB Worries Multiply Even As Money-Printing Presses Stop (R.)
ECB Caught Between Economic Risks And QE Exit (CNBC)
French Government To Face A No-Confidence Vote (CNBC)
Japan Picks The Character For ‘Disaster’ To Define 2018 (Tel.)
Wikileaks’ Assange Undergoes Medical Tests At Ecuador’s Urging (R.)
Assange Complains Of ‘More Subtle’ Silencing Than Khashoggi (RT)
Fentanyl Surpasses Heroin As Deadliest Drug In US (AFP)
Time Magazine Says The US ‘Remains A Free And Fair Press’ (CNBC)

 

 

Might as well do it this way. May survives confidence vote and can now prepare to defend the deal whose certain defeat made her delay Tuesday’s Parliament vote, a delay which led to the confidence vote in the first place. She still can’t win that one. It’s not so much May who is cooked, it’s the country.

‘Her Goose Is Cooked’ (G.)

No 10 will not be happy with today’s front pages, which are all about Theresa May’s survival in the no-confidence vote, but paint the win as less of a triumph for May than a pyrrhic victory. Let’s start with the good news for the prime minister. Two papers have come out in support of the her, with the Express featuring a picture of a smiling May and the headline: “Now just let her get on with it”.


Neil Henderson
(@hendopolis)

EXPRESS: Now just let her get on with it #tomorrowspaperstoday pic.twitter.com/jBhPRSqbAc

The Mail is similarly supportive: “Now let her get on with the job!”, saying that “despite two months of sabre-rattling by her hardline opponents, and deadlock over Brexit, almost two-thirds of Tory MPs backed her”.


Neil Henderson
(@hendopolis)

DAILY MAIL: Now let her get on with the job! #tomorrowspaperstoday pic.twitter.com/oaEihTtsOv

Others were less sympathetic. “Time to call it a May”, says the Sun, never one to miss the chance of putting a pun in a headline. The Sun says the prime minister was “left wounded last night after a battering by Tory Brexit rebels”.

The Sun
(@TheSun)

Tomorrow’s front page: Theresa May was left wounded after a battering by Tory Brexit rebels in a make-or-break confidence vote https://t.co/SZTSNZoCZq pic.twitter.com/3OO11Qrm85

The Mirror has: “It’s lame duck for Christmas”, saying May’s “goose is cooked”. The paper describes her as “wounded” and “battered” and says she only managed to survive the no-confidence vote “by promising not to fight the next election”.


Daily Mirror
(@DailyMirror)

Tomorrow’s front page: It’s lame duck for Christmas#tomorrowspaperstoday https://t.co/fFIeHwiekz pic.twitter.com/xL0ijW0Qzv

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Britain’s -Tory- elites still see Ireland as some backward place way beneath them. “The Irish really should know their place.”

Tory Resentment Of Irish Power Within EU (BBC)

A Tory grandee recently sidled up to me to express grave reservations about the Brexit process. “We simply cannot allow the Irish to treat us like this,” the former minister said about the negotiating tactics of the Taoiseach, Leo Varadkar. The Conservative MP was exasperated that the Republic of Ireland (population: 4.8m) has been able to shape the EU negotiating stance that has put such pressure on the UK (population: 66m). “This simply cannot stand,” the one-time moderniser told me. “The Irish really should know their place.” The remarks explained why Conservatives from both sides of the Brexit divide are so troubled by the negotiations. They also explain why Theresa May might find that any concessions from the EU over the Northern Ireland backstop may fall short of the demands of Tory MPs.

Over the last few months Tory MPs have asked in private how the Irish Republic can believe its relationship with the EU trumps its relationship with the UK. They cite economic reasons (the Irish Republic’s strong trading links with the UK) and the historical relationship. The MPs do of course acknowledge that left a troubled legacy. One minister familiar with Anglo-Irish relations points out that these Tories should bear in mind one date and one word to explain both the Irish and the EU’s approach. The date is 1973: when the Irish Republic joined the EEC at the same time as the UK and Denmark. That was the moment when Ireland took a giant political leap at the same time as the UK.

But it turned out to be arguably the biggest unilateral strategic move since Partition in the 1920s – a move that defined the modern Irish Republic as an independent state within Europe, with a wholly different approach to its larger neighbour.

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I’m afraid I missed something along the way. If you run for office in the US and someone tries to blackmail you, you can’t get rid of them, you need to have lawsuits, court cases etc., interfere with your campaign. Not doing so is illegal. But, as Candace Owens said today,

“Congress has a slush fund, made up of tax dollars, that is used to pay off & silence their alleged sexual assaults and affairs. To date, over 200 million dollars in 200 settlements have been paid since 1998. But tell us more about Trump’s possible campaign finance violations…”

Moreover, a US judge just sentenced Stormy Daniels to paying Trump’s legal costs. But he was still in the wrong? How is that possible?

Cohen Gets 3 Years, Says He Will Reveal All He Knows About Trump (Ind.)

Michael Cohen has warned that he has more to say about what he called the ”dirty deeds” of Donald Trump as the president’s former lawyer and fixer was sentenced to three years in prison for facilitating payments to two women who have had alleged affairs with Mr Trump. Cohen was sentenced to 36 months for tax fraud and for his role in the payment of hush money to porn star Stormy Daniels and the former Playboy model Karen McDougal. Both say they had affairs with Mr Trump before the 2016 presidential election. The judge in a district court in New York also handed Cohen an extra two months for lying to Congress about a proposed Trump Tower project in Russia.

The payments have implicated Mr Trump directly in criminal conduct according to a court filing from prosecutors last week, which said that Cohen was working in coordination with the president. Cohen’s adviser Lanny Davis, who was his attorney for the case, said after the sentencing that Cohen will disclose more information concerning Mr Trump, once Robert Mueller wraps up his investigation into Russian interference in the 2016 US presidential election and possible collusion with Trump campaign officials. “At the appropriate time, after Mr Mueller completes his investigation and issues his final report, I look forward to assisting Michael to state publicly all he knows about Mr Trump – and that includes any appropriate congressional committee interested in the search for truth and the difference between facts and lies,” Mr Davis said in a statement.

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Why is anyone still listening to Yellen?

Yellen, Fed Fear Corporate Debt Bubble, Investors Don’t (CNBC)

The corporate debt scaring policy experts like former Fed Chair Janet Yellen isn’t throwing too much of a fright into market participants. In fact, some of them are continuing to load up on lower-grade corporate debt because it’s managed to be a better performer than some of the investments considered to be safer. “Offense is the best defense,” Hans Mikkelsen, credit strategist at Bank of America Merrill Lynch, told clients in a note pointing out that BBB-rated companies are outperforming their A-rated counterparts. BBB is the last rung before junk, and the increasing level of company bonds going to that level is causing concern.

Some investors worry that the companies whose debt is in danger of slipping into high-yield territory will have trouble meeting their obligations during the next economic downturn. But Mikkelsen thinks those concerns are misplaced. The S&P 500 Triple-B investment-grade corporate bond index is down 2.9 percent year to date, which is not good. However, the group is outperforming the broader S&P 500/MarketAxess Investment Grade Corporate Bond Index, which is off 3.5 percent in 2018. The outperformance grows when isolating for risk-adjusted excess returns and runs counter to history when credit spreads are widening. Higher-quality bonds usually outperform in those cases, Mikkelsen noted.

“This outperformance of BBBs is noteworthy as one of [the] key investor concerns this year remains the possibility that large BBB-rated capital structures get downgraded to high yield during the next downturn,” Mikkelsen wrote. “We think this outperformance reflects in part a low recession probability being priced into credit spreads, as well as the fact that most large BBBs are unlikely to get downgraded to [high-yield] anytime soon as they tend to have stable cash flows and significant financial flexibility.”

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When do we start talking bailouts?

US Bank Stocks Spiral Down (WS)

On Tuesday, the US KBW Bank index, which tracks the largest 24 US banks and serves as a benchmark for the banking sector, dropped 1.2%, the fifth day in a row of declines, to the lowest close since September 7, 2017. The index is now back where it had been on December 1, 2016. Two years of big gains gone up in smoke. [..] But no, the index doesn’t include Goldman Sachs – which is big in other ways but not as a bank, and which has skidded 35% from its all-time peak in February. The index has now dropped 22.5% since the post-financial crisis peak on January 26:

So far in Q4, the index has dropped 14%. Unless a miraculous banking-Santa-Claus rally pulls banks out of their dive by the end of the quarter, a 14% decline would make it the worst quarterly decline since Q3 2011. If tax selling kicks in, given the losses bank-stock investors have taken so far this year, it could get worse in the coming days. Not even in Q3 2015, during the oil bust, when investors were fearing that banks would take steep losses on their loans to the oil industry, did shares drop this much.

The index is now back where it had first been a couple of years before its crazy peak in February 2007. Said peak occurred about a year before Bear Stearns toppled. During the subsequent collapse of banks stocks, it looked like the index would hit zero. After the bottom in March 2009, the Fed’s strategies to benefit the banks and those that owned them took hold, at the expense of depositors and other classes of US stake holders, such as renters or future home buyers. And it worked. But that era is now over. And the tax cut too has been baked in, and banks are left to fend for themselves:

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Those negative rates will come back to haunt Draghi. But when their damage becomes obvious, he’ll be living quietly in some splendid villa on Lake Como.

ECB Worries Multiply Even As Money-Printing Presses Stop (R.)

The European Central Bank is all but certain to formally end its lavish bond purchase scheme on Thursday but will take an increasingly dim view on growth, raising the odds that its next step in removing stimulus will be delayed. The long-flagged end of bond buys must be irreversible for the sake of credibility, but with France and Italy in political turmoil, a global trade war still looming large and growth slowing, ECB chief Mario Draghi will be keen to emphasize that other forms of support will remain. This leaves Draghi with yet another delicate balancing act: appear confident enough to justify the end of the 2.6 trillion euro ($2.95 trillion), four-year-long bond buying program, but also sound sufficiently concerned to keep investors expectations about further policy tightening relatively cool.

“Ending quantitative easing now looks more like the ammunition is running out rather than (being) based on a convincing economic outlook,” Societe Generale economist Anatoli Annenkov said. The ECB’s problem is that growth is weaker than policymakers thought even just weeks ago while the predicted rise in underlying inflation has failed to materialize, putting in doubt some of the bank’s assumptions about the broader economy. Overall inflation, the ECB’s primary objective, may be near the target now but falling oil prices suggest a dip in the months ahead and a solid rise in wages is not feeding through to prices, leaving the bank with an unexplained disconnect.

Highlighting this complication, the ECB is likely to cut growth and underlying inflation projections and may take a dimmer view on risks, all while Draghi argues that growth is merely falling back to normal after a recent run.

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What a failure Draghi has been. Same goes for all central bank heads in the past decades. They make sure banks are fine at the expense of citizens.

ECB Caught Between Economic Risks And QE Exit (CNBC)

ECB President Mario Draghi has to tread a fine line once again as he gives his latest update on euro area monetary policy on Thursday. While steering the bank out of its QE program and stressing interest rates and reinvestments going forward, Draghi is faced with an economy that may be slowing and a dreary inflation outlook. “We expect the ECB to announce at its meeting next Thursday an end to net-purchases under the APP programme,” said Natixis’ Dirk Schumacher in a note. “While there has been a clear weakening in the economic environment, the ECB will argue that the reinvestment of the stock of bond holdings will ensure a continuing accommodative policy stance justifying an end of the program,” he added.

On Thursday, the ECB also will publish its newest staff projections for economic growth and inflation for the next three years. While it is expected that the central bank will lower its outlook for growth for the next two years, the numbers are also expected to remain just punchy enough to underline the case to exit their purchase program. Another big topic for Thursday will be the design of the ECB’s reinvestments. “The ECB will likely maintain its guidance that it will fully reinvest the proceeds and thus keep its bond holdings constant ‘for an extended period of time’ and ‘for as long as necessary’ to put inflation on track towards its target,” said Florian Hense, Economist with Berenberg.

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Might work if Le Pen joins the left.

French Government To Face A No-Confidence Vote (CNBC)

Left-of-center lawmakers in France have tabled a motion of no confidence in the French government following repeated protests and scenes of violence. The “gilets jaunes” (“yellow vests”) crisis started as a demonstration against a carbon tax policy and planned fuel tax increases, but have morphed into wider discontent at the leadership of President Emmanuel Macron. Now representatives from the French Communist Party, the Socialist Party and the far-left populist movement France Unbowed (La France Insoumise) have come together to table the motion against Macron’s government.

The government of Georges Pompidou in 1962 was successfully toppled by such a motion but few believe this one will pass as Macron’s centrist La République En Marche! party enjoys a strong majority in the 577-seat house. “The French political system makes it extremely difficult to remove a President from office,” said the Deputy Director of Research at Teneo Intelligence in a note Wednesday. “The only political tool available to the opposition to expel Macron is the constitution’s impeachment procedure, which no one is currently considering,” he added.

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Seems appropriate, but what symbols are left for the much worse years to come?

Japan Picks The Character For ‘Disaster’ To Define 2018 (Tel.)

Japan has chosen the character for ‘disaster’ to symbolise 2018. The public chose the symbol following a series of natural disasters. In July, 200 people died in floods and millions were evacuated from their homes, and mere days later 65 people died in a heatwave that hospitalised more than 20,000 people. The country was also hit by an earthquake with a magnitude of 6.7 and was rocked by its strongest typhoon for 25 years. These numerous natural disasters have had an adverse effect on the Japanese economy, and the country’s GDP has gradually shrunk over the last three months, by 1.2 per cent.

The country also experienced societal problems this year, as stories of sexual harassment in the workplace and suicide rates came to light. The master of the ancient temple in Kyoto, Seihan Mori, wrote the symbol for ‘disaster’ in dark ink on traditional white washi paper to mark the vote. The competition has been run by the Kanji Aptitude Testing Foundation since 1995. In the annual poll, 21,000 of the 190,000 people who voted picked the character to summarise the years events, but the symbol for peace was a close runner-up.

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What kind of headline is this, Reuters? The UK has refused Assange medical care for years, and now you make it look like Ecuador, not Assange himself. makes it happen?

Wikileaks’ Assange Undergoes Medical Tests At Ecuador’s Urging (R.)

Wikileaks founder Julian Assange received a series of medical exams, Ecuador’s top attorney said on Wednesday, in line with a new set of rules for his asylum at the Andean country’s London embassy that prompted him to sue the government. Assange first took asylum in the embassy in 2012, but his relationship with Ecuador has grown increasingly tense, with President Lenin Moreno saying he does not like his presence in the embassy. The government in October imposed new rules requiring him to receive routine medical exams, following concerns he was not getting the medical attention he needed. The rules also ordered Assange to pay his medical and phone bills and clean up after his pet cat.

Inigo Salvador told reporters Ecuador did not have access to results of the tests, which were conducted by doctors Assange trusted, out of respect for his privacy. But he said Assange, who has sued Ecuador arguing that the new rules violate his rights, appeared coherent and lucid to him. On Wednesday, Assange appeared via videoconference in an Ecuadorean court to appeal a previous ruling that had upheld the new rules. Assange is concerned that Ecuador is seeking to end his asylum and extradite him to the United States, but Ecuador has said the United Kingdom told it he would not be extradited.

U.S. officials have acknowledged that federal prosecutors have been conducting a lengthy criminal probe into Assange and Wikileaks. Wikileaks published U.S. diplomatic and military secrets when Assange ran the operation. A lawyer for Assange said he did not know the results of the medical tests, and called on Ecuador to produce documentation proving that the UK would not extradite him to any country where his life was at risk.

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“..accused his Ecuadorean hosts of spying and feeding information to US authorities..”

Assange Complains Of ‘More Subtle’ Silencing Than Khashoggi (RT)

Julian Assange has accused his Ecuadorean hosts of spying and feeding information to US authorities, and slammed attempts to block his journalistic work as a more subtle way of silencing than the murder of Jamal Khashoggi. Suggesting there were “facts of espionage” inside the embassy, the WikiLeaks co-founder expressed concern during a hearing in Quito on Wednesday that Ecuadorean intelligence is not only spying on him, but sharing the data it has harvested with the FBI. Ecuadorean intelligence clearly spent a sizable amount of money equipping the embassy for surveillance, Assange added.

He accused Ecuadorean authorities of “comments of a threatening nature” relating to his journalistic work and compared attempts to silence him to the murder of Washington Post columnist Jamal Khashoggi, who was tortured and cut up in the Saudi embassy in Istanbul in October, but “more subtle.” The comparison elicited a harsh reaction from Ecuadorean Prosecutor General Inigo Salvador, who accused Assange of biting the hand that feeds him. Assange told the Ecuadorean court that the living conditions in the embassy were so detrimental to his health that they may put him in the hospital – and suggested that may be the point, because once he leaves the building, he’s fair game for UK and US authorities.

[..] Assange was in court appealing a strict set of rules handed down in October governing his conduct, which he has called a violation of human rights. He submitted 15 “facts of evidence” along with letters from individuals and groups barred from visiting him at the embassy. An earlier attempt to sue his hosts over the restrictive measures was ultimately dismissed by a judge last month, while Assange rejected E

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That stuff is very bad news.

Fentanyl Surpasses Heroin As Deadliest Drug In US (AFP)

The synthetic drug, fentanyl, has surpassed heroin as the deadliest drug in the United States, taking more than 18,000 lives in 2016, federal health officials said Wednesday. In 2016, the latest year for which full data is available, “29 percent of all drug overdose deaths mentioned involvement of fentanyl,” said the report from the National Center for Health Statistics, part of the US Centers for Disease Control and Prevention. Fentanyl is a powerful, synthetic narcotic that has been blamed for the deaths of rock stars including Prince and Tom Petty. It works on the brain like morphine or heroin, but is 50 to 100 times more potent, and can easily lead to overdose.

The rate of drug overdose deaths in the United States has tripled from 1999 through 2016, as the nation grapples with a persistent opioid epidemic. Fentanyl-related drug overdose deaths have doubled each year from 2013 through 2016, “from 0.6 per 100,000 in 2013 to 1.3 in 2014, 2.6 in 2015, and 5.9 in 2016,” said the report. Meanwhile, deaths from heroin and methamphetamine more than tripled from 2011 to 2016. Heroin was the top cause of drug overdose death from 2012 to 2015, said the report. The prescription painkiller Oxycodone ranked highest in 2011.

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Every word of this is broken. Time defends the MSM against Trump, but he didn’t create fake news. I like the term ‘abuse of truth’, that verges on doublespeak, as does ‘..the willingness to dismiss anything including credible news reporting as fake news”. And c’mon, free and fair press? Who believes that?

Time Magazine Says The US ‘Remains A Free And Fair Press’ (CNBC)

Despite the White House ramping up its rhetoric, the United States remains a free and fair press, Ben Goldberger the assistant managing editor of Time magazine told CNBC on Wednesday. The year 2018 has been marked by manipulation, abuse of truth, along with efforts by governments to instigate mistrust of the facts, the magazine said in an essay when it named killed and imprisoned journalists as Person of the Year for 2018 on Tuesday. “There’s no doubt that the rhetoric from the White House about the demonization of the media as ‘the enemy of the people,’ or the willingness to dismiss anything including credible news reporting as fake news, is incredibly worrisome and chilling,” Goldberger said. “But that said, I return to what I said about the United States — this remains a free and fair press.” “Journalists here enjoy legal protections that are the envy of those in virtually every other country,” he added.

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