Feb 202022
 
 February 20, 2022  Posted by at 9:42 am Finance Tagged with: , , , , , , , , , ,  130 Responses »


Vincent van Gogh On the outskirts of Paris near Montmartre 1887

 

Geert Vanden Bossche: Why The COVID Vaccine Is A Bad Idea For Kids (Loesch)
Omicron A Wolf In Sheep’s Clothing (Vanden Bossche)
Vaccinating Teens for COVID Is Literally ‘Heartbreaking’ (Setty)
More Attractive People Have Stronger Immune Systems, Study Says (SF)
Leaders of Freedom Convoy Charged With “Mischief” (CTH)
Alberta Premier Files Legal Challenge To End Trudeau’s Emergencies Act (ES)
U.S. ‘People’s Convoy’ Ready To Roll On Wednesday (JTN)
West Promised Not To Expand NATO – Der Spiegel (RT)
Does NATO Really Pose A Threat To Russia? (Diesen)
US Doubles Downs on Russian ‘Invasion’ Rhetoric (Lauria)
“Operation Cyclone: Ukraine Edition” – Is This The Real Plan? (O’Reilly)
The Washington Post: The Voice of the CIA (Paul Craig Roberts)
Ruling Against Trump Leaves More Questions Than Answers On Free Speech (Turley)
How Trains Abolished By Switzerland Are Now Back In Business In Greece (Bersi)
Zuckerberg’s Facebook Empire Collapsing (RT)
Why Canada Will Become a Dictatorship Under Trudeau (Dickin)

 

 

Jim Rickards @JamesGRickards
Brexit never had to happen except David Cameron called a referendum and lost. Freedom Convoys never had to happen except Trudeau and Fascist Freeland refused to listen. The coming general strike and supply chain collapse is on them. The elites sure are dumb.

https://twitter.com/i/status/1494832194573021186

 

 

The Ontario Superior Court of Justice asked self-custody wallet provider @nunchuk_io to disclose user information and freeze user’s bitcoin. This was the team’s response.

 

 

Bill Gates: Sadly

 

 

“By vaccinating children with this mRNA ‘vaccine’, you are actually suppressing their own robust immune system, making them vulnerable to other diseases.”

Geert Vanden Bossche: Why The COVID Vaccine Is A Bad Idea For Kids (Loesch)

Dana (@DLoesch / @DanaLoeschRadio) talks with Dr. Geert Vanden Bossche (@GVDBossche on Twitter, and @GVandenBossche on GETTR), who has a PHD in virology – Certified Expert in microbiology and infectious diseases – with a long standing career in human vaccinology, and Dr. Vanden Bossche talks about the fact that it isn’t even necessary to inject children with this mRNA ‘vaccine’, as the FDA and Dr. Fauci (along with the pharmaceutical companies) want to do. He has previously pointed out that this virus is an infection in children, like the flu – and not a disease. By vaccinating children with this mRNA ‘vaccine’, you are actually suppressing their own robust immune system, making them vulnerable to other diseases.


Dr. Vanden Bossche mentions that these vaccinations will not – and CANNOT – eliminate a virus, but that our own immune systems CAN. The worldwide government push to inject these people, is actually making people more vulnerable, and any mandate needs to stop immediately. Governments doing this, are actually forcing this virus to evolve and avoid elimination, which certainly keeps the virus going indefinitely.

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“..Omicron has the capacity to evolve into a much less benign variant..”

Omicron A Wolf In Sheep’s Clothing (Vanden Bossche)

Given the high and steadily increasing vaccine coverage rates in large parts of the world and the ongoing mass vaccination of children and continuation of booster campaigns, I am of the opinion that Omicron has the capacity to evolve into a much less benign variant, regardless of whether or not infection prevention measures are relaxed or lifted.

A coronavirus (CoV) can only replicate and mutate. The widely held belief that during the course of a pandemic viruses tend to become more infectious but less virulent is a myth—one kept alive by those who don’t understand the evolutionary dynamics of a pandemic. The latter are fully dependent upon the outcome of the interplay between the virus and the host immune system at a population level. Abiding by this ‘rule’ is the sole qualifier necessary to be an expert of viral pandemics. For several months I’ve been warning that continued mass vaccination and high vaccine coverage rates would prevent SARS-CoV-2 (SC-2) from generating sufficient herd immunity to control, let alone end, the current pandemic. The advent of Omicron hasn’t changed my mind, on the contrary!

Now that mass vaccination campaigns have quickly rendered the virus resistant to the adaptive immune response (cfr. Omicron), I am fearful that this may have a snowball effect. I’ve been postulating that the mechanism of innate immune adaptation to viral exposure (i.e., through a process of epigenetic changes referred to as ‘training’) is compromised in the vaccinated population and I am now predicting that the resulting burden of infectivity will cause massive population-level immune pressure on Omicron. In an attempt to overcome high immune pressure on Omicron’s infectiousness, natural selection of viral mutants that are capable of resisting both the acquired SC-2-specific and the CoV-reactive innate immune response in vaccinees is likely to occur.

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This post-vaccine reaction may represent an overly exuberant immune response..”

Vaccinating Teens for COVID Is Literally ‘Heartbreaking’ (Setty)

Pathologists who examined the autopsies of two teenage boys who died days after receiving Pfizer’s COVID-19 vaccine concluded the vaccine caused the teens’ deaths. The three pathologists, two of whom are medical examiners, published their findings Feb. 14 in an early online release article, “Autopsy Histopathologic Cardiac Findings in Two Adolescents Following the Second COVID-19 Vaccine Dose,” in the Archives of Pathology and Laboratory Medicine. The authors’ findings were conclusive. Two teenage boys were pronounced dead in their homes three and four days after receiving the second Pfizer-BioNTech COVID-19 dose. There was no evidence of active or previous COVID-19 infection. The teens had negative toxicology screens (i.e. no drugs or poisons were present in their bodies).

These boys died from the vaccine. Histopathological examination of their cardiac tissue revealed an important new finding: Neither heart demonstrated evidence of typical myocarditis. Instead, the authors found evidence of microscopic changes consistent with a different form of heart injury called toxic cardiomyopathy. They wrote: “The myocardial injury seen in these post-vaccine hearts is different from typical myocarditis and has an appearance most closely resembling a catecholamine-mediated stress (toxic) cardiomyopathy.” [..] The pathologists determined there was a different mechanism of heart injury at play in these two boys, distinct from a purely infectious process that would result directly from a viral infection like COVID-19.

This is an important finding. There may be a way to distinguish cardiac injury resulting from a SARS-COV-2 infection from cardiac injury where the vaccine predisposes the patient to stress cardiomyopathy before contracting COVID-19. However, the authors are careful not to assume that cardiac injuries from COVID-19 and COVID-19 vaccines can always be sorted out under the microscope. They explain that stress cardiomyopathy, or “broken heart syndrome,” may also occur in a rare hyperinflammatory state that is known to occur in COVID-19 infection as well: “This post-vaccine reaction may represent an overly exuberant immune response and the myocardial injury is mediated by similar immune mechanisms as described with SARS-COV-2 and multisystem inflammatory syndrome (MIS-C) cytokine storms.”

Yeadon

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“..men and women have very different ideas about what makes a face attractive and healthy..”

More Attractive People Have Stronger Immune Systems, Study Says (SF)

The beautiful people get all the breaks. A new study finds an interesting link between how attractive someone is and the strength of their immune system. A team at Texas Christian University found that when people had to rate a group of photos based on the attractiveness of each person’s face, they consistently rated individuals with stronger immune health as more attractive than other photos in the study. Although beauty is often in the eye of the beholder, researchers say there has been a historical link between what societies consider attractive and reproductive success. The TCU team theorized that, because certain evolutionary traits tie into more mating success, people who seem more attractive to others may also appear healthier to the opposite sex.

To test that theory, researchers gathered 159 men and women and photographed each one without makeup and while displaying a neutral expression on their face. Study authors then took blood samples from each person to measure their levels of white blood cells — which battle disease and infections. The team then brought in 492 other people to rate members of the opposite sex in these photos based on their attractiveness. The volunteers did not have any information on each person’s immune health and only had that one neutral photo to base their rating on. Results show people with stronger immune systems were rated as being more attractive by the 492 volunteers.

“The current research suggests that a relationship between facial attractiveness and immune function is likely to exist,” corresponding author Summer Mengelkoch and her team write in the journal Proceedings of the Royal Society B. Interestingly, the study finds men and women have very different ideas about what makes a face attractive and healthy. Researchers found that, on average, women rated men with higher levels of NK (natural killer) cells as more attractive. These cells play a key role in fighting off and killing bacteria. Men, on the other hand, found women with lower NK cell levels in their blood more attractive. Study authors believe the reason for this is women with lower NK levels generally have higher estrogen levels — a hormone important to sexual reproduction.

As for which features are likely to stand out and attract attention, researchers found a not-so-surprising list of qualities people look for in a pretty face. “Features such as clear skin, prominent cheekbones, bright eyes, and full, red lips have been deemed attractive throughout recorded human history,” the researchers write.

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“..y’all do realize we are talking about invoking the Emergency War Measures Act against people charged with mischief, right?“

Leaders of Freedom Convoy Charged With “Mischief” (CTH)

The need for control is a reaction to fear. What does the government of Prime Minister Justin Trudeau fear so much that he invoked the first ever declaration of the Emergency War Measures Act? A group of middle class Canadians who challenged him. That’s it. That’s the sum total of the Trudeau justification. Need proof? Well, here’s the lead organizer of the Trucker rebellion, Tamara Lich, who triggered the declaration of a national emergency and invocation of the federal Emergency Act. What heinous crime against the state was she charged with? “Counseling to Commit the Offense of Mischief“. Think about it.

No, seriously, think about it. It is true that she may later be charged with removing mattress tags. However, for right now, the biggest domestic terrorist in the history of Canadian politics is currently charged with the same offense as if she stole the lids off the shampoo bottles at the hotel where the Liberal Party of Canada was holding their national convention. If the charge of “mischief” rings a bell for some of you, it’s likely because a very famous duo was previously charged with the same criminal offenses.

The Canadian Parliament is currently debating whether or not the members within government will support the use of the Emergency Act. The members of Parliament are spending hours waxing philosophically, with tremendous seriousness, about the need to support the same declaration that is used when Canada would decide to go to war with another country. And they are doing this because blue collar workers have infiltrated the capital city with a demand to remove COVID mandates. The crimes against the truckers are so serious, they require the invocation of the most massive weapon that can be deployed to remove the constitutional freedoms of Canadian citizens, in an effort to protect them from grave and serious harm stemming from… …. people charged with “MISCHIEF”.


It would be nice if someone, anyone, in the Canadian Parliament stood up and made this simple point. “Um, hey folks… ahem… I don’t mean to be all captain obvious and stuff… and I certainly do not want to deflate your sense of self-importance…. or the seriousness of the debate. However, that said, y’all do realize we are talking about invoking the Emergency War Measures Act against people charged with mischief, right?“

The cops don’t want to

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A bit half-ass. If the House votes on Monday/Tuesday to support Trudeau, what’s Kenney going to do? Or a judge?

Alberta Premier Files Legal Challenge To End Trudeau’s Emergencies Act (ES)

Alberta Premier Jason Kenney and his UCP government are so disgusted by the federal Liberals’ imposition of the Emergencies Act to end the truckers’ blockade of downtown Ottawa that they will file a legal challenge in Federal Court in Ottawa early next week to end Prime Minister Justin Trudeau’s arbitrary and high-handed action. In an exclusive interview with Postmedia, Kenney said the use of Canada’s most powerful law was “unjustified in the circumstances,” an “overreach,” a violation of due process and “an intrusion into provincial jurisdiction.” As a consequence, lawyers representing the Alberta government will be asking judges not to overturn the act, but rather to suspend its use in the current situation.

The premier doesn’t want anyone to misunderstand his motives. “The situation in Ottawa is serious. Law and order has to be restored.” Protesters cannot be allowed to blockade the core of any Canadian city, much less our capital, Kenney explained, no matter what their cause. “But the Emergencies Act was designed to come into effect at the failure of the state,” at a time when it was possible our democratic institutions might fall. “However, there is no insurrection or coup,” Kenney said pointedly. “Police services already have all the powers they need through provincial authority. All the tools already exist” to clear the blockade and restore order, Kenney believes. The feds, for instance, don’t need the power to “seize and freeze” people’s bank accounts and other assets.

The banking provisions of the Emergencies Act were, according to Kenney, “designed to interrupt terrorism financing,” to choke off the money supply of radical cells plotting attacks within Canada. Now, according to the premier, the Trudeau government is instead using those provisions to harass “people whose opinions they disagree with.” Federal Justice Minister David Lametti even hinted on CTV that the feds are even considering having financial institutions freeze the accounts of anyone who used a credit card to donate a few dollars to the convoy.Kenney thinks if the Trudeau-ites are allowed to get away with freezing the finances of their political opponents, even if only for a few days “it sets a very dangerous precedent.” “Let’s stick to the basics here — the basics of law enforcement.”

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“..the exact location will be announced closer to the start of the event because of the “paramount” concern for operational security.”

U.S. ‘People’s Convoy’ Ready To Roll On Wednesday (JTN)

The “People’s Convoy,” a U.S. trucker protest against COVID-19 mandates, is set to begin on Wednesday in California. Inspired by the Canadian truckers’ “Freedom Convoy,” the People’s Convoy is expecting about 1,000 trucks to start the journey east, with more joining along the way. “We’re going to be starting the convoy out of Barstow, California,” Maureen Steele, the national organizer of the movement, told Newsmax, explaining that the exact location will be announced closer to the start of the event because of the “paramount” concern for operational security. “The Canadian convoy was pretty organic when it happened,” Steele said. “Ours, they had a month’s notice, so our concern is disruptive groups coming in. We’re trying to just prepare for counter-protests and to take safety precautions for that.”

Truckers can register with their license plates on the organizers’ website “so we know exactly who is in the convoy and to make sure that it’s going to be a safe ride,” she explained. According to the website, the organization is calling for the “declaration of a national emergency concerning the COVID-19 pandemic be lifted immediately and our cherished Constitution reign supreme.” The website has its own donation link instead of using GoFundMe or other crowdfunding services. Steele clarified that donations for the convoy will be held with a private bank to prevent them from being frozen by governmental opposition. “So our funds should not be able to be frozen or hijacked, and all the money is being held by this third-party firm, so we can assure that it absolutely gets to the truckers and it’s clean,” she said.

“That’s why it took so long. We have such an infrastructure built for this operation. It took us a while before we could come out.” The towns where the convoy plans to stop will be announced about 24 hours prior to their arrival for precautionary purposes, Steele said, but she did confirm that they will stop in Arizona and Texas. A few trucks will be ahead of the convoy “just to check in with law enforcement in towns ahead of the convoy, that if we’re going to be marshaling there that evening, to make sure they’re prepared for a massive convoy to roll into town,” Steele said.

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Of course they did.

West Promised Not To Expand NATO – Der Spiegel (RT)

A newly discovered document from March 1991 shows US, UK, French, and German officials discussing a pledge made to Moscow that NATO would not expand to Poland and beyond. Its publication by the German magazine Der Spiegel on Friday comes as expansion of the US-led bloc has led to a military standoff in Eastern Europe. The minutes of a March 6, 1991 meeting in Bonn between political directors of the foreign ministries of the US, UK, France, and Germany contain multiple references to “2+4” talks on German unification in which the Western officials made it “clear” to the Soviet Union that NATO would not push into territory east of Germany.

“We made it clear to the Soviet Union – in the 2+4 talks, as well as in other negotiations – that we do not intend to benefit from the withdrawal of Soviet troops from Eastern Europe,” the document quotes US Assistant Secretary of State for Europe and Canada Raymond Seitz. “NATO should not expand to the east, either officially or unofficially,” Seitz added. A British representative also mentions the existence of a “general agreement” that membership of NATO for eastern European countries is “unacceptable.” “We had made it clear during the 2+4 negotiations that we would not extend NATO beyond the Elbe [sic],” said West German diplomat Juergen Hrobog. “We could not therefore offer Poland and others membership in NATO.”

The minutes later clarified he was referring to the Oder River, the boundary between East Germany and Poland. Hrobog further noted that West German Chancellor Helmut Kohl and Foreign Minister Hans-Dietrich Genscher had agreed with this position as well. The document was found in the UK National Archives by Joshua Shifrinson, a political science professor at Boston University in the US. It had been marked “Secret” but was declassified at some point. Shifrinson tweeted on Friday he was “honored” to work with Der Spiegel on the document showing that “Western diplomats believed they had indeed made a NATO non-enlargement pledge.”


Screenshot of the minutes of a March 6, 1991 meeting of US, UK, French and German diplomats discussing NATO and Eastern Europe © screenshot via Kommersant

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“The concept of escalation dominance refers to the ability to increase military pressure and possibly resort to limited use of force, based on the logic that the stakes can be continuously increased until the other side is compelled to capitulate.”

Does NATO Really Pose A Threat To Russia? (Diesen)

Russia has laid down its red lines, insisting that NATO expansion towards its borders poses an unacceptable challenge to its policy of so-called “indivisible security.” As the US-led military bloc insists it exists solely to defend its members, Moscow’s requests for mutual security assurances have revealed the two sides no longer even speak the same language. Western governments committed themselves to a new defensive doctrine in all the main pan-European security agreements signed in the 1990s. The principle of “indivisible security” was explicitly defined in these agreements as the “commitment not to pursue national security interests at the expense of others,” which reflected the larger objective of ending the dividing lines in Europe.

Although, Russia was weak in the 1990s and the West could ignore these security guarantees by expanding NATO. Russia has now recovered, established firm red lines, and has demanded security guarantees based on these existing pan-European security agreements. The US and NATO, however, insist that “indivisible security” is interpreted as the right to choose alliance membership freely. The creative re-interpretation of very specific agreements does not clarify how the expansion of Cold War military alliances would achieve the overarching objective of ending the Cold War legacy of dividing lines in Europe.

[..] not long ago, it was commonplace across the West to argue that President Trump could start a major war with another great power. More recently, US Senator Roger Wicker casually suggested that America could engage in a war with Russia over Ukraine, in which even the use of nuclear weapons should not be taken off the table. Evelyn Farkas, the former US deputy assistant secretary of defense for Russia, Ukraine, Eurasia in the Obama administration, and former senior adviser to the Supreme Allied Commander in NATO, also penned an op-ed in which she argued that “The US Must Prepare for War Against Russia over Ukraine.”

Even if Washington would not follow the reckless advice of going to war with Russia, the growing US military presence along Russian borders can give the US escalation dominance. The concept of escalation dominance refers to the ability to increase military pressure and possibly resort to limited use of force, based on the logic that the stakes can be continuously increased until the other side is compelled to capitulate. With the knowledge that the US could defeat Russia in a war, the US could use its ability to escalate tensions to compel Russia to capitulate on strategically important issues.

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“..hundreds of millions of dollars in NATO lethal aid is being sent, supposedly for defense, but which Vershinin said could be intended instead for an offensive that could potentially set a trap for Russia.”

Yes. But Putin has seen this coming from miles away, too.

US Doubles Downs on Russian ‘Invasion’ Rhetoric (Lauria)

The U.S. began in November to portray the Russian troop deployment as an invasion force and has since worked its message into a crescendo of daily warnings of an imminent attack. In Spring 2021, Russia made a similar deployment near the Ukraine border and yet there were no Washington cries of invasion then. So what changed? This time the Russian troop movement coincided with Moscow presenting draft treaty proposals to the U.S. and NATO drawing a deep redline after decades of objecting to the Western military alliance moving ever closer to Russia, a country that was invaded by and defeated the largest European powers of the 19th and 20th centuries. The U.S. reacted to these bold proposals by changing the subject. They moved from the defensive to offense with a supreme distraction: the maniacal mantra of “the Russians are coming.”

NATO routinely carries out military deployments and exercises near Russia’s borders. Moscow never screams “invasion” when U.S. war planes practice cruise missile strikes at the Russian frontier. Instead Russia presented proposals that would see: • NATO roll back forward troop deployments from former Warsaw Pact states, now NATO members; • NATO would not admit Ukraine and Georgia as members and • The U.S. would remove long-range missiles in Romania and Poland and not deploy new ones in Ukraine. The U.S. and NATO have so far rejected the Russian draft treaties out of hand, except on the missile issue, which Washington is ready to negotiate (Joe Biden has promised not to deploy missiles in Ukraine.)

The New York Times could not, however, stop itself from mocking Russia on Thursday with a story, which it seems to have just discovered, headlined, “On the Edge of a Polish Forest, Where Some of Putin’s Darkest Fears Lurk: A U.S. missile facility in Poland is at the heart of an issue animating the Kremlin’s calculations over whether to go to war against Ukraine.” Instead of withdrawing forward NATO deployments from Eastern Europe, the U.S. delivered a slap in the face by sending more NATO troops to the east. This was supposed to be in response to the alleged Russian threat to Ukraine, where no U.S. or NATO troops are being deployed.

Instead hundreds of millions of dollars in NATO lethal aid is being sent, supposedly for defense, but which Vershinin said could be intended instead for an offensive that could potentially set a trap for Russia. In Blinken’s scenario, “The government will issue proclamations declaring that Russia must respond to defend Russian citizens or ethnic Russians in Ukraine. Next, the attack is planned to begin.” If Russian regular units enter Donbass to protect ethnic Russians and Russian citizens there from the offensive, that would be the invasion the U.S. is screaming about. It would unleash the “mother of all sanctions,” as a U.S. Senate sanctions bill against Russia has been called.

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“..tying Russia down for the foreseeable future in an Iraq-style military quagmire..”

“Operation Cyclone: Ukraine Edition” – Is This The Real Plan? (O’Reilly)

Ukraine has been under the rule of the successive US-EU friendly governments of Petro Poroshenko and Volodymyr Zelensky since the 2014 Euromaidan, a CIA and MI6-orchestrated regime change operation launched in response to then-Ukrainian President Viktor Yanukovych’s November 2013 decision to suspend an EU trade deal in favour of pursuing closer ties with the Russian Federation. With the ongoing collapse of the global COVID-19 media narrative following the highly coincidental timing of last month’s World Economic Forum Davos Agenda virtual event, a hypothetical Russian invasion of Ukraine has now taken centre stage amongst corporate media outlets with a track record of promoting war and regime change in countries refusing to kowtow to the demands of the US-NATO hegemony.

A media narrative which has seen thousands of US and British troops being deployed to Eastern Europe as a result – a highly provocative action and one, that should even a minor miscalculation occur amidst the current tensions, could easily escalate into a full-blown military conflict between East and West. Recent comments by current Ukrainian President Zelensky however, in which he poured cold water over the idea of a Russian invasion of Ukraine, as well as the recent supply of over 90 tonnes of weaponry to Kiev by the United States amidst the current tensions, and US President Joe Biden stating himself that Washington would not engage militarily with Russia, would suggest that although the possibility of the current crisis inadvertently spiralling into a global conflict between Russia and NATO remains, that that is not the current intention of the West.

Rather, a plan seemingly exists to provoke Russia into intervening in the eastern Donbass region of Ukraine to protect the predominantly ethnic Russian inhabitants of the breakaway Republics of Donetsk and Luhansk, before drawing Moscow into a wider guerrilla conflict in the rest of Ukraine, the second-largest country in Europe, with the intentions of tying Russia down for the foreseeable future in an Iraq-style military quagmire.

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“If I were Putin and I wanted Ukraine, I would just take it. I would say, you Americans took Iraq and Libya. The Israelis stole Palestine. I’m taking Ukraine.”

The Washington Post: The Voice of the CIA (Paul Craig Roberts)

The Washington Post has always been a CIA asset. The CIA used the Washington Post to orchestrate the Watergate narrative used to drive President Nixon out of office. The CIA wanted Nixon gone, because Nixon was threatening the military/security complex’s budget and power by making arms control agreements with the Soviets and by opening to China. The CIA was afraid to assassinate Nixon because of the suspicion it was under for assassinating President Kennedy and Senator Kennedy. So the CIA used the Washington Post to assassinate Nixon politically. The entire history of the Washington Post is one of fake news. The latest fake news from the disinformation sheet claims that the Russian troop pullback is a “deliberate ruse to mislead the United States and other world powers” about Russia’s planned invasion of Ukraine. “Anonymous US intelligence sources” (the CIA) are cited as the source.

First of all, the Russian troops were part of an exercise, not an invasion plan. But push this fact aside and ask yourself what is the point of Russia concealing its plans? If Russia wants to invade Ukraine, no one on earth can do anything whatsoever about it. So why hide it? Indeed, with satellites overhead a force concentrated for invasion cannot be hidden. The presstitute who wrote the story and the CIA that dictated it are thinking in WW II terms when modern surveillance capabilities did not exist. Ask yourself also why Russia needs to create a false flag attack in order to justify invading Ukraine. If Russia wants Ukraine, Russia has plenty of up front reasons.

One is to prevent Ukraine from being a NATO member and hosting US missile bases on Russia’s border. Another is that Ukraine is part of Russia and had been for 300 years until the Americans broke it off from Russia when Russia was to weak to do anything about it. Another reason is that Ukraine has violated the Minsk Agreement and continues to attack the Russian population in the Donbass region. In actual fact, Russia doesn’t need any excuse, because no one can stop them. Also ask yourself what is the point of an excuse. No matter how good it is, Washington and NATO would not believe it. The excuse would do no good and serve no purpose. In fact an excuse would be worse than no excuse, because the excuse would simply result in the endless refutation of the excuse. If I were Putin and I wanted Ukraine, I would just take it. I would say, you Americans took Iraq and Libya. The Israelis stole Palestine. I’m taking Ukraine.

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“Judge Mehta’s opinion seems to reinforce the view that Trump’s speech was protected, too.”

Ruling Against Trump Leaves More Questions Than Answers On Free Speech (Turley)

A “one-of-a-kind case.” Judge Amit Mehta’s description of the litigation against four principal speakers at the Jan. 6 Trump rally may have been as much a prayer as a portrayal. As famed Supreme Court justice Oliver Wendell Holmes once said, “Hard cases make bad law” — and the litigation against President Trump and his associates is a hard case that just proved Holmes right. In consolidated cases brought by Democratic members of Congress and Capitol Police officers, Judge Mehta ruled on motions to dismiss by the former president, his son Donald Jr., former Trump counsel Rudy Giuliani and Rep. Mo Brooks (R-Ala.), as well as several extremist groups like the Oath Keepers. The judge dismissed the claims of a violent conspiracy against Trump Jr. and Giuliani, and he invited Brooks to file a motion to dismiss on the same grounds. He rejected arguments that their speeches at the rally caused the subsequent rioting in the Capitol.

Yet, while admitting that the case raised difficult constitutional questions, he declined to dismiss the claim against Trump. The ruling will now allow a long-awaited appeal on core constitutional questions, including the protections for inflammatory speech. Most analysts expected that groups like the Oath Keepers would likely remain in the lawsuit, given their active role in the rioting and the recent charges of seditious conspiracy filed against them. The most controversial parties were the speakers at the rally near the White House before the riot. The judge’s 112-page opinion makes easy work of dismissing the claims against the other speakers. These speeches were reckless but constitutionally protected. Giuliani’s declaration — “Let’s have trial by combat” — has been cited by some critics as a clear incitement to an insurrection, but the judge found such arguments were implausible and that Giuliani’s words “were not likely” to cause a riot.

He also found that Trump Jr.’s comments on the election were “protected speech,” and he rejected claims that Brooks urging Trump’s supporters to “start taking names and kicking ass” could be the basis for liability. I previously wrote that the claims against these four Jan. 6 speakers might find “a sympathetic trial judge” but that “they will likely fail on appeal, even if they survive the trial level litigation.” All but one of those claims are now dismissed on the trial level. Moreover, Judge Mehta’s opinion seems to reinforce the view that Trump’s speech was protected, too. The judge could well be reversed on the threshold question of immunity, raised by Trump, that presidents cannot be sued for speaking on matters of public interest. Mehta was honest in saying that “this is not an easy issue” and that “the alleged facts of this case are without precedent.”

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The EU forced Greece to sell its national rail operator for €45 million. And pay the foreign buyer €50 million a year.

How Trains Abolished By Switzerland Are Now Back In Business In Greece (Bersi)

Delays, breakdowns, cancellations… For years, ETR 470 trains were the biggest headache of the Swiss railways. In the end, the Swiss sent them for scrap. But the Italian railways — which has been running all Greek passenger trains since 2017 — presented the very same trains as state-of-the-art. “Stay away from these trains,” say executives who know them first hand. So why is this train — that has repeatedly put passengers in danger in the past — getting a new lease of life? Twenty years ago, the Swiss press dubbed the ETR 470 train — serving the Milan-Switzerland route — ‘Pannenzug’, meaning ‘breakdown train’. Meanwhile, the website that documented its problems was named CessoAlpino, meaning (in elegant translation) ‘Alpine toilet’.

Two former officials familiar with this train, who were contacted by Investigate Europe and Reporters United, find it hard to believe that the five remaining ETR 470s not sent to the scrapyard are now being touted as the future of the Athens-Thessaloniki rail link — the most important route in the Mediterranean country. “The advice from Switzerland: hands off these trains,” says Walter Finkbohner, former secretary of the board of directors of Cisalpino AG, the subsidiary of Italian and Swiss railways that bought the ETR 470s from the manufacturer, Fiat Ferroviaria in the 1990s. “Buy proven trains or new trains. There is nothing for free in life,” he adds. But Greece is not in a position to accept such recommendations, nor to choose which rolling stock circulates on its tracks, since its railways were fully privatised five years ago, as required by its creditors.

The Italian state company Ferrovie dello Stato Italiane (FSI) bought 100% of TRAINOSE, the Greek rail operator, for a mere €45 million. The privatisation contract remains secret, but people familiar with its terms, such as the current vice-minister for infrastructure and transport, Giorgos Karayannis, dub it “colonial”. This is unusually strong language from a member of a conservative government. The Greek transport ministry has agreed to subsidise the Italian company to the tune of €50 million a year to run certain routes, as outlined in a Public Service Obligations (PSO) contract.

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“The $240 billion loss in market capitalization was the largest one-day loss in US corporate history.”

Zuckerberg’s Facebook Empire Collapsing (RT)

Once the world’s sixth largest firm with a valuation of over $1 trillion, Facebook’s parent company Meta finished Thursday’s trading with a value of $565 billion. According to data compiled by Bloomberg, the social media giant has tumbled out of the world’s 10 largest companies by market value, hammered by its worst monthly stock decline ever.

The stock rout has placed Mark Zuckerberg’s company in 11th place behind Chinese Tencent Holdings. Chip giant Taiwan Semiconductor Manufacturing Company (TSMC) holds the ninth spot. The list of the world’s most-valuable companies, ranked by market capitalization, includes Apple, Microsoft, Aramco, Alphabet, Amazon, Tesla, Berkshire Hathaway, and Nvidia. Data shows that the value wiped out by the selloff in Meta’s shares exceeds the market caps of all but eight companies in the S&P 500 Index. Meta’s share price is down about 40% year-to-date after the company reported two weeks ago that its social media platform Facebook lost about one million users from the third quarter to the fourth quarter of 2021. That’s the first such decline for the company in its 18-year history.

Meta’s stock plummeted 26.4% on February 3 after the company released its weaker-than-expected outlook. The $240 billion loss in market capitalization was the largest one-day loss in US corporate history. CEO Mark Zuckerberg’s personal net worth is down more than $46 billion from the beginning of the year, he’s currently worth $78.8 billion.

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Originally published in the Prince Arthur Herald.
12/12/2014 12:59pm EST | Updated February 11, 2015

Why Canada Will Become a Dictatorship Under Trudeau (Dickin)

It’s becoming clearer as the days of Trudeau’s Liberals wear on: if elected Prime Minister, Justin Trudeau would turn Canada into a dictatorship. This is the man who admitted he “admires China’s basic dictatorship.” It wasn’t just a sarcastic comment – he seriously said that he admires the dictatorship because they can get things done quickly. And it’s becoming clearer that Trudeau not only admires the dictatorship — he runs the Liberal Party like one too. How else can one explain the police-enforced acclamation of Andrew Leslie as the Liberal candidate for Orleans? Even with hundreds of Liberals attending the meeting to show their support for another candidate (and former Trudeau leadership rival), it was clear from the beginning that Leslie was Trudeau’s hand-picked favourite, and certainly wouldn’t be stopped by pesky processes like “democracy.”

Just the imagery of Trudeau’s chosen candidate being selected with police intervention is scary. It shows that Trudeau doesn’t just admire China’s dictatorship — he would practice one if he had the chance. The nomination in Orleans is only the latest rigged “open nomination.” Despite Trudeau’s promises to actually, you know, practice democracy, at least a half dozen Liberal nominations have been rigged or tampered with through the direct intervention of Trudeau’s office: mysteriously disqualifying candidates, changing nomination dates, paperwork going “missing,” and using dirty “back-room” politics to ensure the leader’s candidate is chosen at any cost. But those are only Liberal candidates; surely Trudeau would loosen his grip on his caucus colleagues once they’ve been elected, wouldn’t he? Unfortunately, no.

The Liberal caucus randomly learned one morning early last year that their leader had come up with a new diktat: that all Liberals would be expected, no, required, to vote pro-choice. When Trudeau’s pathetic attempted defence (that they were “the party of the Charter,” obviously missing those small sections about freedom of conscience and religion) agitated more than a few Liberal MPs, he attempted to invent some weird “grandfathering” rule. But then he went back on that too. The result is that Liberal MPs who dare question the diktat of Trudeau are being punished. Those who dare disagree have already been punished, resigned, or indicated that they won’t seek another term in office — at least not under the iron fist of Trudeau.

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Very eloquent protester


https://twitter.com/i/status/1493408984270835714

 

 

 

 

 

 

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Oct 292021
 
 October 29, 2021  Posted by at 9:05 am Finance Tagged with: , , , , , ,  80 Responses »


Paul Gauguin Haymaking in Brittany 1889

 

Rates Among ‘Fully Vaccinated’ are Now Higher Than ‘Not Vaccinated’ (TP)
85% of Covid-19 Deaths & 75% of Hospitalisations among Fully Vaccinated (TE)
A.30 Variant ‘Efficiently Evades’ Antibodies Induced By Pfizer & AstraZeneca (RT)
The Treason of the Healers (BI)
Fast-Selling COVID-19 Treatment Avigan Made Available in UAE
Molnupiravir: Covid Wonder Drug or Money-Making Scam? (OffG)
There Are No Arguments on the Other Side (eugyppius)
Zuckerberg Announces Fantasy World Where Facebook Is Not Horrible (Vice)

 

 

The richer, and the more vaccines, the higher the covid counts

 

 

 

 

Ladapo

https://twitter.com/i/status/1453534072521756678

 

 

“The “pandemic of the unvaccinated” phrase is officially dead ”

Rates Among ‘Fully Vaccinated’ are Now Higher Than ‘Not Vaccinated’ (TP)

The American people have been inundated with the phrase “pandemic of the unvaccinated” as the White House has embarked on a relentless push for universal Covid ‘vaccination’ for months regardless of medical necessity. But new data out of the United Kingdom throws into question whether vaccination is a public health matter at all, given that the so-called vaccines’ ability to slow the spread is dubious at best. The United Kingdom’s data, although flawed, are still some of the most useful data in the world for investigating Covid rates and vaccination effects. The public health agency is direct about noting stunning developments in the case rates.

“The rate of a positive COVID-19 test is substantially lower in vaccinated individuals compared to unvaccinated individuals up to the age of 29,” Public Health England’s latest report notes. “In individuals aged greater than 30, the rate of a positive COVID-19 test is higher in vaccinated individuals compared to unvaccinated.” “This is likely to be due to a variety of reasons, including differences in the population of vaccinated and unvaccinated people as well as differences in testing patterns,” the report added. The adjusted data here show that there are more Covid-19 ‘cases’ per 100,000 in the vaccinated group than in the unvaccinated group for persons over age 30 years old.


Whether you want to blame the routine asymptomatic testing regime or the public health authorities ignoring natural immunity, these data can be interpreted as meaning that the vaccines are failing to appreciably slow the spread. Another thing it means: The “pandemic of the unvaccinated” phrase is officially dead.

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“But yet again the difference between the vaccinated and unvaccinated gets much worse when it comes to deaths allegedly related to Covid-19.”

85% of Covid-19 Deaths & 75% of Hospitalisations among Fully Vaccinated (TE)

The latest official Public Health data shows that the fully vaccinated accounted for 85% of Covid-19 deaths in the past four weeks, whilst also accounting for 75% of Covid-19 hospitalisations and 61% of alleged Covid-19 cases from September 25th through to October 22nd. The Covid-19 Statistical Report is a weekly report on Covid-19 data published by Public Health Scotland, and the latest update published October 27th confirms that things are getting worse for the fully vaccinated population by the week whilst things improve for the not-vaccinated population. Table 23 of the report confirms that the majority of Covid-19 cases were among the fully vaccinated population in the week beginning October 16th 2021, accounting for 10,992 cases. Whilst the not-vaccinated population accounted for just over half the amount, recording 5,756 cases.

The totals number of cases by vaccination status as confirmed by the above table between September 25th and October 22nd 2021 were as follows –
Not-vaccinated population = 27,511 cases
Partly vaccinated population = 3,621 cases
Fully-vaccinated population = 38,474 cases
This means the vaccinated population accounted for 61% of Covid-19 cases between September 25th and October 22nd, whilst the not-vaccinated population accounted for 39%.

However, the difference between the vaccinated and unvaccinated gets much worse when it comes to hospitalisations, with the fully vaccinated now accounting for the majority of Covid-19 hospitalisations since at least July 2021. The above table shows that the not-vaccinated over-60’s accounted for just 10% of Covid-19 hospitalisations between September 25th and October 22nd, whilst the vaccinated over 60’s accounted for 90%. A similar trend can also be seen in the 30 to 59 year-old age group with the not-vaccinated accounting for just 33% of Covid-19 hospitalisations, whilst the vaccinated accounted for 67%.

The totals number of hospitalisations by vaccination status for all age groups between September 25th and October 22nd 2021 as confirmed by table 24 of the PHS report were as follows –
Not-vaccinated population = 584
Partly vaccinated population = 81
Fully vaccinated population = 1672
This means the vaccinated population accounted for 75% of Covid-19 hospitalisations between September 25th and October 22nd 2021, whilst the not-vaccinated accounted for just 25%.

But yet again the difference between the vaccinated and unvaccinated gets much worse when it comes to deaths allegedly related to Covid-19.

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Have they developed anything at all specific for new variants?

A.30 Variant ‘Efficiently Evades’ Antibodies Induced By Pfizer & AstraZeneca (RT)

The A.30 variant of the coronavirus, detected in Angola and Sweden, is highly resistant to antibodies induced by the Pfizer and AstraZeneca vaccines, a new lab study has shown. A team from Germany looked at the rare A.30 variant that was first recorded in Tanzania and later detected in several patients in Angola and Sweden this spring. They compared the mutation to the Beta and Eta variants. Beta was chosen because it has “the highest level” of resistance to antibodies, the researchers said. According to the study published in the peer-reviewed journal Cellular & Molecular Immunology this week, the A.30 variant showed improved ability to enter most host cells, including kidney, liver, and lung cells.


The mutation “enters certain cell lines with increased efficiency and evades antibody-mediated neutralization,” the study found. “In summary, A.30 exhibits a cell line preference not observed for other viral variants and efficiently evades neutralization by antibodies elicited by ChAdOx1 nCoV-19 [AstraZeneca] or BNT162b2 [Pfizer] vaccination.” The variant also proved to be resistant to monoclonal drug Bamlanivimab, which is used for Covid-19 treatment, but was vulnerable to a cocktail of Bamlanivimab and Etesevimab. A.30 has so far not been listed by the World Health Organization (WHO) as a variant of interest or concern, due to its low prevalence.

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“..like the hierarchically-minded “good students” they were and are, they simply assume that someone somewhere up the chain of power has actually read things about these matters..”

The Treason of the Healers (BI)

There was, of course the long campaign of intellectual terror waged by Lysenko and his acolytes in the Soviet Union and the large-scale buy-in—much bigger than is still generally acknowledged or admitted—by German physicians of the genocidal program of “Nazi medicine” during the 30s and 40s. And here at home, we have more than enough disgusting cases of medical abuse (forced lobotomies, the Tuskegee Study, MK Ultra, Oxycontin to name just a few) to keep a forensic journalist or historian of medical crime busy for a lifetime. But when it comes to acknowledging this, things are much the way they are when it comes to acknowledging the serial crimes of the US empire.

It is—as Harold Pinter said in addressing this last matter in his Nobel speech—as if, “It never happened. Nothing ever happened. Even while it was happening it wasn’t happening. It didn’t matter. It was of no interest.” And because we have largely ignored these outrages against human dignity and the core ethos of healing—explaining them away the very few times when they are mentioned with the ever-useful “a few bad apples” meme—we find ourselves completely flat footed before the dangers of a new expert-led imposition of highly questionable public health policies, as well as a medical cadre that is more arrogant and less capable of personal and collective insight than one could have ever believed to be possible.

Emblematic of this new reality was a “dialogue” about Covid containment I recently had with a doctor friend who insisted in the inimitably declamatory fashion of his caste that: “We know what we have to do to control Covid. Just use masks and social distancing.” When I expressed skepticism about this and asked him whether he, like me, had read the available science on the effectiveness of those approaches to containment, he ignored me. And when I again asked if he had read the science he said: “You can cite all the trivia you want, but we know this is what works”. Indeed, I am more and more convinced that most practicing physicians have read precious few studies on the clinical treatment of Covid or the effectiveness of the public health measures that were invented out of whole cloth in March of 2020 to combat the spread of the disease.

Rather, like the hierarchically-minded “good students” they were and are, they simply assume that someone somewhere up the chain of power has actually read things about these matters, subjected them to critique, and decided they all made perfect sense. Indeed, never has Thomas Kuhn’s portrayal of the drone-like and paradigm-enslaved thinking of most working scientists looked more true. How else can we explain the fact that so many physicians have sat by silently while blatant anti-science and anti-logic nonsense is proffered to the public day after day by their media colleagues, and worse yet, have, in numerous cases, organized and led campaigns to silence the minority in their ranks who have the courage to challenge these absurd claims and the policies they make possible?

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“Avigan is the branded version of Favipiravir..”

Fast-Selling COVID-19 Treatment Avigan Made Available in UAE

AiPharma owned Global Response Aid (GRA) and Pharmax, both leading Dubai-based healthcare solutions providers, have partnered to supply the proven COVID-19 treatment, Avigan (Favipiravir), in the UAE. It allows patients with mild to moderate symptoms to be treated at home, easing the pressure on hospitals. Favipiravir was added to the list of approved therapeutics in the Dubai Health Authority’s (DHA) National Guidelines for Clinical Management and Treatment of COVID-19 in June 2020. The DHA recognises the drug as an effective treatment option for patients diagnosed with COVID-19. Avigan is the branded version of Favipiravir, a broad-spectrum anti-viral in oral tablet form originally developed by FujiFilm Toyama Chemical and approved in Japan for pandemic influenza.

Avigan has received full marketing authorization or emergency use authorisation in a number of markets as a treatment for COVID-19 including Mexico, India, Indonesia, Thailand, United Arab Emirates and Malaysia, with many other countries buying the drug under compassionate use programmes including the United Kingdom,, Greece, Hungary and Saudi Arabia. Worldwide sales of Avigan have risen from $9m in Q1 to more than $150m in Q3 2021. It has and continues to be stockpiled by governments and in the past 12 months 80m tablets have been stockpiled GRA, which has joint marketing and distribution rights to Avigan globally outside Japan, China and Russia, is now dealing with unprecedented demand for the drug. Third-quarter 2021 orders have topped more than $150M and continue to grow.

Pharmax, one of the region’s leading manufacturers and distributors of high-quality medications, has partnered with GRA to lead Avigan regulatory, sales and distribution efforts in the UAE. Together, Pharmax and GRA delivered 1.2 million tablets to the Emirates this week for Abu Dhabi-based ADQ’s affiliate RAFED. Since delivery of this order, RAFED has awared a further tender for millions of tablets. “We have been working with the GRA and AiPharma teams to bring Avigan to the UAE to meet the patient and market demand for an effective COVID-19 treatment,” said Dr. Madhukar Tanna, CEO of Pharmax. “Bringing this drug to the UAE market has never been more vital given the current and potential future surges of COVID-19.”

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“This unapproved (yes, unapproved) drug costs $700 per course and the US government has just agreed to buy 1.7m courses. That’s a 1.2 BILLION dollar investment.”

Molnupiravir: Covid Wonder Drug or Money-Making Scam? (OffG)

What happens when you fail in your attempts to create a vaccine for “Covid-19” and then realize you’ve just missed out on a billion-dollar profit-making opportunity? You hurriedly develop a new drug, rush it through a clinical trial (which you yourself design to ensure good results), and then announce it to the world as the Covid cure we’ve all been waiting for, except no one’s been waiting for it because Covid isn’t any more deadly than the flu, and can be treated by easy-to-procure, inexpensive means (if it exists at all). But governments are too stupid to know that and you own most of the corrupt politicians making the decisions, so who cares? As long as they’re willing to invest in your new concoction, it doesn’t even have to be necessary, or safe, or effective, or ethical…

Yes, I’m talking about “Molnupiravir”, Merck’s latest poison being promoted as an effective treatment against covid-19 (hang on, I thought that’s what the vaccines were for?). This unapproved (yes, unapproved) drug costs $700 per course and the US government has just agreed to buy 1.7m courses. That’s a 1.2 BILLION dollar investment. The deal is part of the Biden administration’s pledge to “respond to the health needs of the public”, but, in actuality, it’s simply a money-siphoning operation, with the American public coming off second best. Molnupiravir is being sold to the public as the next big breakthrough in Covid-19 treatment off the back of what appears to be a SINGLE study, which was never even completed. Furthermore, the study was conducted by Merck (the makers of the drug), who chose not to disclose any adverse events. If that isn’t suspicious enough, the study was never published in a peer-reviewed journal.

Media press releases are apparently the new standard when it comes to evaluating medical treatments. After all, why would you wait for independent confirmation of your results or objective peer-review when you can get paid journalists, without a shred of medical expertise, to convince the public that they need your new drug?

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The experts are everywhere.

There Are No Arguments on the Other Side (eugyppius)

On 3 September, noted German virologist and Corona astrologer Christian Drosten made a series of curious remarks on his state radio podcast. He argued that “scientists should … start thinking about whether it’s … harmful to argue too strongly for [antigen] testing of the vaccinated,” musing that “the vaccinated should also see some advantages from being vaccinated in daily life.” He also expressed hope that the vaccines would in the end make Corona indistinguishable from the common cold, and went so far as to say that he personally hoped for multiple post-vaccination infections: “Immunity from infection,” he said, “is more robust in the long run. My goal as virologist Drosten, is … I want to have vaccine immunity and then, on top of that, I want to have my first infection, and my second, and my third at some point.”

Drosten is basically Germany’s Fauci. He devised the world’s first PCR test for SARS-2, and he has advocated tirelessly for all of the most noxious containment policies. Until the vaccines arrived, he loved nothing so much as mass testing, closed schools, and lockdowns. At one point he even gave a bizarre speech comparing himself to Friedrich Schiller, in which he claimed that this giant of German literature would’ve also worn a mask, and proposed we all live our lives as if we’ve just tested positive for Corona and everyone we meet is old and vulnerable. With a ponderous and philosophically illiterate allusion to Immanuel Kant, he christened this lunatic principle the “pandemic imperative.”

How had a man such as this come to openly wish for multiple SARS-2 infections before millions of admiring listeners? The answer is vaccine failure. Drosten spoke after steep case spikes in the United States and Israel had shown all the world that the SARS-2 vaccines do not stop transmission. These events had destroyed all arguments for Germany’s coercive vaccination policies, along with any lingering hopes that anybody, anywhere would eradicate SARS-2. It was up to Drosten to see how these awkward facts might be sown into the tapestry of virus hysteria that he and the rest of the propaganda apparatus had spent the last 18 months spinning.

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“..grab “tickets” to a “metaverse afterparty” in which NFTs are for sale..”

Zuckerberg Announces Fantasy World Where Facebook Is Not Horrible (Vice)

Moments before announcing Facebook is changing its name to “Meta” and detailing the company’s “metaverse” plans during a Facebook Connect presentation on Thursday, Mark Zuckerberg said “some people will say this isn’t a time to focus on the future,” referring to the massive, ongoing scandal plaguing his company relating to the myriad ways Facebook has made the world worse. “I believe technology can make our lives better. The future will be built by those willing to stand up and say this is the future we want.” The future Zuckerberg went on to pitch was a delusional fever dream cribbed most obviously from dystopian science fiction and misleading or outright fabricated virtual reality product pitches from the last decade.

In the “metaverse—an “embodied” internet where we are, basically, inside the computer via a headset or other reality-modifying technology of some sort—rather than hang out with people in real life you could meet up with them as Casper-the-friendly-ghost-style holograms to do historically fun and stimulating activities such as attend concerts or play basketball. These presentations had the familiar vibe of an overly-ambitious video game reveal. In the concert example, one friend is present in reality while the other is not; the friend joins the concert inexplicably as a blue Force ghost and the pair grab “tickets” to a “metaverse afterparty” in which NFTs are for sale. This theme continued throughout as people wandered seamlessly into virtual fantasy worlds over and over, and the presentation lacked any sense of what this so-called metaverse would look like in practice.

It was flagrantly abstract, even metaphorical, showing more the dream of the metaverse than anything resembling reality. We’re told that two real people, filmed with real cameras on real couches, are in a “digital space.” When Zuckerberg reveals that Facebook is working on augmented reality glasses that could make any of this even a remote possibility, it doesn’t show any actual glasses, only “simulated footage” of augmented reality from a first-person perspective. “We have to fit hologram displays, projectors, batteries, radios, custom silicon chips, cameras, speakers, sensors to map the world around you, and more, into glasses that are five millimeters thick,” Zuckerberg says.

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Oct 152021
 


Paul Gauguin Christ in the garden of olives 1889

 

For the Right to Try (Hope)
Deaths Following Vaccination in Taiwan Exceed COVID Death Total (BA)
Go Ahead, Keep Being Stupid (Denninger)
FDA Panel Recommends Half-dose Boosters For Moderna Vaccine (JT)
Navy Announces Plans To Expel Those Refusing Vaccine, Revoke Benefits (ZH)
Workers At Los Alamos Nuclear Lab Sue Over Vaccine Mandate (JTN)
The 2020 Election Wasn’t Stolen, It Was Bought By Mark Zuckerberg (Fed.)
Blackwell: Republicans Should Have Poll Workers At Every Precinct In 2022 (JTN)
#EmptyShelvesJoe Hits Number 1 Trend On Twitter (PM)
Joe Biden Could Get Drawn Into The FBI Probe Into His Son Hunter (Fox)
Americans’ Heating Bills To Soar Up To 50% This Winter (ZH)

 

 

Hessen becomes the first federal state in Germany to allow supermarkets to bar unvaccinated persons from entry (BILD).

 

 

Highly effective

 

 

Vermont is the most vaccinated US state

 

 

 

 

Murder by judge.

For the Right to Try (Hope)

“A Fairfield Township man with COVID-19 whose wife sued to force West Chester Hospital to treat him with Ivermectin has died, according to his attorney. Jeffrey Smith died Saturday, September 25, said his attorney, Jonathan Davidson of Hamilton. Smith, 51, was diagnosed with COVID-19 in July and was in the intensive care unit at West Chester Hospital.” According to a news report published October 4, 2021, “Jeffrey Smith tested positive for COVID-19 July 9, was hospitalized, and was admitted to the intensive care unit July 15. He was put on the hospital’s COVID-19 protocol of the antiviral drug, Remdesivir, along with plasma and steroids. On July 27, after a period of relative stability, Jeffrey Smith’s condition began to decline. He was sedated and intubated, and placed on a ventilator on August 1.

Smith was in a medically-induced coma on August 20, according to an affidavit his wife filed with her lawsuit. ‘My husband is on death’s doorstep; he has no other options,’ she wrote, adding at another point that her husband’s chances of survival had dropped to less than 30%.” In August, Judge Gregory Howard ordered the hospital, West Chester, to honor the family’s request to treat him with Ivermectin. Judge Howard approved Dr. Fred Wagshul’s prescription of Ivermectin 30 mg daily for three weeks. Dr. Wagshul is a renowned Pulmonary Specialist who reports having treated over 2,000 patients with Ivermectin with 100% success. He heads the Lung Center of America in Dayton, Ohio.

In addition, he is a founding member of the World-Renowned Front-Line COVID-19 Critical Care Alliance (FLCCC), a non-profit group of highly-published physicians dedicated to saving lives. By the grace of God and Judge Howard, Jeffrey Smith won the court order to receive the life-saving Ivermectin for which attorney Ralph Lorigo and his team had fought at his wife’s plea. It appeared that Jeffrey Smith would be another in the string of Lorigo’s cases that received court-ordered Ivermectin and went on to enjoy a full recovery. Lorigo’s ICU cases who win court-ordered Ivermectin have more than a 90% recovery rate, unlike their chances with standard care, which is well below 50%, and in this case, less than 30%.

[..] Over thirteen days, Smith faithfully got the Ivermectin, and began to improve, said Dr. Wagshul. It looked like Ralph Lorigo had worked another miracle. And then the unthinkable occurred. A new judge ordered the Ivermectin stopped against the wishes of his wife, his family, and Dr. Wagshul. And soon after that, 51-year-old Jeffrey Smith’s life ended. Judge Michael Oster reversed the ruling before Smith could receive the entire three weeks of court-ordered Ivermectin. As a result, he only received 13 doses out of the 21 mandated by the previous order. According to Ralph Lorigo, lead attorney, “they were planning to begin weaning off the ventilator.”

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Taiwan was doing fine. And then the vaccines came.

Deaths Following Vaccination in Taiwan Exceed COVID Death Total (BA)

Since the onset of the COVID-19 pandemic, few nations have been lauded as much for their management of the disease as Taiwan has. Since the first cases of COVID-19 in the country were reported in February 2020, only 16,313 infections and 846 deaths have been recorded. Despite how successfully the nation had managed the outbreak, it still enrolled itself in the World Health Organization-led COVAX exchange program and began its first wave of vaccinations on March 22, 2021. While the nation hadn’t had even a dozen deaths attributed to COVID-19 by the time the first vaccine was administered, 836 of the 846 deaths attributed to COVID-19 have occurred since the vaccination program began. In an even more dubious display concerning the safety and effectiveness of the vaccines administered in Taiwan, the nation’s Central Epidemic Command Center (“CECC”) has stated that 850 deaths have been reported as adverse events following vaccinations. That total eclipses the number of fatalities attributed to the virus itself.


Taiwan’s vaccination campaign began much later than many other nations, a lag which many blame on political interference from China which was best illustrated by the island nation’s difficulties procuring orders of Pfizer-BioNTech’s mRNA vaccines. Despite these hurdles, the country was able to first able to procure 117,000 doses of AstraZeneca’s vaccines. Additional deliveries of 200,000 and 400,000 doses from the same manufacturer arrived the following two months before another 150,000 vaccines from Moderna were delivered in May 2021. It gave emergency approval to a domestically engineered alternative made by Medigen Vaccine Biologics Corporation with shipments from Pfizer-BioNTech and Johnson & Johnson soon following. As of October 11, 4.48 million Taiwanese, about 19% of the population, have been fully vaccinated and 13.7 million, or about 59% of population, have received on dose. The country has stated that it seeks to have 70% of its population fully vaccinated.

Yet, by the time Taiwan had approved those five vaccines for emergency use, an alarming trend began appearing. The highest seven-day average of new cases of COVID-19 observed in Taiwan before its first vaccines were deployed was just 3. By May 28, 2021, that seven-day average exploded to 597. As the rest of the world grappled with an increase in cases despite the global advancement of vaccination efforts, most those countries had record their all-time highs for new cases and deaths before any vaccines were available. One exception to that rule was seen in Israel, where the record for a highest single-day case count was recorded following the beginning of the nation’s campaign to administer third doses of the Pfizer-BioNTech vaccines in the wake of concerns of the delta variant’s impact of the efficacy of vaccines. Yet, even though Israel did surpass its previous one-day high, the amount by which it exceeded that paled in comparison to Taiwan. The seven-day average in Taiwan would not fall under 10 new cases again until September 2021. Since then, despite the increase in vaccinations, that national average has never managed to reach its pre-vaccination levels. The lowest seven-day average Taiwan has seen since it began vaccinating its citizens was recorded at 5 on September 5, 2021.

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“If your particular “circle of friends and acquaintances” hasn’t seen a spike of severe injuries, disability and mortality yet — I’ll make a prediction: It will.”

Go Ahead, Keep Being Stupid (Denninger)

Two days of FDA murderfest are on deck with the agenda items being Moderna and J&J “booster” shots. As with the Fraudzer jabs there will be no data deck submitted, no side effect profile, no disclosure of the data the manufacturers have that is not in VAERS, no reconciliation of the VAERS data with clinical experience and zero accountability for any of the people already wounded, including those mortally wounded who don’t know it yet all the way up to those already dead. The screamfest about how Covid-19 infection produces “worse” myocarditis and other cardiac complications than the vaccines will, of course, be maintained. Never mind the clinical study data that says that’s a lie:

“To analyse the impact of COVID-19 pandemics on CVD outcomes in Belo Horizonte (BH), the 6th greater capital city in Brazil, including: mortality, mortality at home, hospitalizations, intensive care unit utilization, and in-hospital mortality; and the differential effect according to sex, age range, social vulnerability, and pandemics phase.” Oh, you mean someone’s done the work? Why yes, yes they have. Oh look, we have a formal study here in Brazil. They have fat people, thin people, old people, young people, you know, humans. And like everywhere else they get cardiovascular disease. Like everywhere else they also have gotten hammered with Covid-19; indeed, they’ve been hammered worse than many other places, largely because they have an extraordinarily-stratified population and a large part of it has jack for medical care, routine or otherwise.

So if Covid-19 was killing people a few weeks to months later via heart attack it would show up in the numbers. This study ran through November of 2020, that is, all through the worst of the first wave, with months of time for those adverse impacts to show up and kill people. By the claims all those who got Covid-19 and recovered contributed massively to CVD deaths, right? The rate was much higher than it would otherwise be. Why, after you got Covid-19 you were much more likely to have a heart attack and die! THIS IS THE CLAIM SO WHAT WERE THE RESULTS? “Results: We found no changes in CVD mortality rates (RiR 1.01, 95%CI 0.96-1.06). However, CVD deaths occurred more at homes (RiR 1.32, 95%CI 1.20-1.46) than in hospitals (RiR 0.89, 95%CI 0.79-0.99), as a result of a substantial decline in hospitalization rates, even though proportional in-hospital deaths increased.”

Oh. What did they find related to this? That people avoided the hospital when in cardiac distress and thus the percentage of such deaths that occurred at home went up. But wait….. is this one indictment or two indictments in one study? You see, if going to the doctor or hospital saves your ass when in such a condition then the death rate from CVD should have gone up. That it was difficult to figure out why it went up is still an open question, but it should have increased, assuming said hospitals and doctors actually improved outcomes. But…. they don’t improve outcomes, do they? Need to read it again? Results: We found no changes in CVD mortality rates So said doctors and hospitals don’t help. That’s a bummer.

What’s a bigger bummer is that the jabs are killing and severely-injuring people, and not a few of them either. If your particular “circle of friends and acquaintances” hasn’t seen a spike of severe injuries, disability and mortality yet — I’ll make a prediction: It will.

Read more …

Protection for 6 weeks? Or do we have to subtract the first two here as well?

Oh, and your booster can be another vaccine too, I hear, so nobody will have any idea anymore about a specific vaccine’s efficacy.

FDA Panel Recommends Half-dose Boosters For Moderna Vaccine (JT)

The Food and Drug Administration’s advisory panel unanimously approved Thursday a booster shot of Moderna’s COVID-19 vaccine for select groups of people. According to the Associated Press, the panel of outside experts recommended booster shots be administered to people over the age of 65, people ages 16 and older who have underlying conditions causing them to be at risk of severe illness, and those whose profession puts them at risk of contracting COVID. The final category of people includes frontline workers, such as supermarket employees, healthcare professionals, and first responders.


The panel recommended booster shots at half the dosage of the original shots, advising that they can be administered six months after a person was fully vaccinated. According to NPR, some experts pointed out that the FDA has set a precedent by granting emergency use to Pfizer for its booster shots. “I support this [emergency use authorization] because we’ve already approved it for Pfizer, and I don’t see how we can possibly not approve it for Moderna and not have most U.S. folks completely confused,” said Dr. Stanley Perlman of the University of Iowa. “I think it’s a pragmatic issue.” The panel is expected to discuss booster shots for Johnson & Johnson’s vaccine on Friday.

Read more …

We’re going to lose a lot of doctors, nurses, policemen, soldiers.

Navy Announces Plans To Expel Those Refusing Vaccine, Revoke Benefits (ZH)

At the end of August the Pentagon initially announced a mandate for military personnel across all armed service branches, ordering them to “immediately begin” Covid vaccination. A memo issued by Defense Secretary Lloyd Austin at the time directed the Secretaries of the Military Departments to “immediately begin full vaccination of all members of the Armed Forces under DoD authority on active duty or in the Ready Reserve, including the National Guard, who are not fully vaccinated against COVID-19.” However, when the mandate went out it remained unclear precisely what repercussions military members would face if they don’t comply – this also as a number of lawsuits have since been filed against the DoD by troops arguing that the order violates individual medical freedom. On Thursday the US Navy made it clear to their personnel: receive the jab by November 28 for be expelled from the service.

“With Covid-19 vaccines now mandatory for all military members, the Navy has announced plans to start processing for discharge those who refuse vaccination without a pending or approved exemption,” the US Navy said in the statement. The Pentagon had so far remained ambiguous over whether servicemembers would actually be booted after the mandate cut-off date. With Thursday’s Navy announcement, other branches are expected to soon follow suit. The AFP notes that “The navy said that 98 percent of its 350,000 active duty members had begun or completed the vaccination process.” The rate among all branches combined is about equal – or just under this, but Pentagon officials worry about lagging vaccination rates in the reserves, given recent reports indicate just 80% of the reserves have had at least one dose.

The AFP report underscores that if official Pentagon policy becomes to expel troops across the board for refusing the shot, this could create a significant problem for US defense readiness, given it would inevitably involve a mass exit of troops. “If all the services take the same hard line that the navy is taking, it risks losing as many as 46,000 troops, though presumably more will accept vaccinations before the deadline,” the report underscores. What remains is the question of the terms under which they would be discharged at the end of November. The Navy said in the Thursday announcement those kicked out for not taking the vaccine “will receive no lower than a general discharge under honorable conditions.” However, there could be penalties like being forced to pay back certain training and education costs – or more significantly the loss of post military service benefits, as the official Navy guidance spells out: “This type of discharge could result in the loss of some veterans’ benefits.”

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“Workers at the lab face potential termination if they are unable to provide proof of vaccination by Friday.”

Workers At Los Alamos Nuclear Lab Sue Over Vaccine Mandate (JTN)

Workers at a nuclear laboratory in New Mexico filed a lawsuit Thursday attempting to stop a vaccine mandate from taking effect. According to The Hill, more than 100 workers at the Los Alamos National Laboratory are alleging that the laboratory’s vaccine exemption policy is too strict and that their exemptions were wrongfully denied. The New Mexico laboratory is best known for creating the atomic bomb and is one of the largest employers within the state. The plaintiffs in the lawsuit have some of the highest security clearances in the nation, and their jobs range from nuclear engineers to research technicians.


According to the Associated Press, the workers allege that the company that manages the lab, Triad National Security LLC., created a hostile work environment, as well as violated their constitutional rights by implementing a strict COVID-19 vaccine mandate. In an anecdote reported to The Hill, one worker claimed they were scolded publicly for not being vaccinated and told that his “family deserved to die.” According to the Associated Press, the management company says 96% of its workforce is vaccinated, while the plaintiffs claim this number is actually much lower. Workers at the lab face potential termination if they are unable to provide proof of vaccination by Friday.

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“..passed a staggering $419.5 million of Zuckerberg’s money into local government elections offices..”

The 2020 Election Wasn’t Stolen, It Was Bought By Mark Zuckerberg (Fed.)

During the 2020 election, Facebook CEO Mark Zuckerberg spent hundreds of millions of dollars to turn out likely Democratic voters. But this wasn’t traditional political spending. He funded a targeted, private takeover of government election operations by nominally non-partisan — but demonstrably ideological — non-profit organizations. Analysis conducted by our team demonstrates this money significantly increased Joe Biden’s vote margin in key swing states. This unprecedented merger of public election offices with private resources and personnel is an acute threat to our republic, and should be the focus of electoral reform efforts moving forward.

The 2020 election wasn’t stolen — it was likely bought by one of the world’s wealthiest and most powerful men pouring his money through legal loopholes. The Center for Technology and Civic Life (CTCL) and The Center for Election Innovation and Research (CEIR) passed a staggering $419.5 million of Zuckerberg’s money into local government elections offices, and it came with strings attached. Every CTCL and CEIR grant spelled out in great detail the conditions under which the grant money was to be used. This is not a matter of Democrats outspending Republicans. Private funding of election administration was virtually unknown in the American political system before the 2020 election.

Big CTCL and CEIR money had nothing to do with traditional campaign finance, lobbying, or other expenses that are related to increasingly expensive modern elections. It had to do with financing the infiltration of election offices at the city and county level by left-wing activists, and using those offices as a platform to implement preferred administrative practices, voting methods, and data-sharing agreements, as well as to launch intensive outreach campaigns in areas heavy with Democratic voters. For instance, CTCL/CEIR funded self-described “vote navigators” in Wisconsin to “assist voters, potentially at their front doors, to answer questions, assist in ballot curing … and witness absentee ballot signatures,” and a temporary staffing agency affiliated with Stacey Abrams called “Happy Faces” counting the votes amidst the election night chaos in Fulton County, Georgia.

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“..training ex-military to be poll workers on Election Day..”

Blackwell: Republicans Should Have Poll Workers At Every Precinct In 2022 (JTN)

Former Ohio Secretary of State Ken Blackwell is urging that all Republican candidates should follow the lead of GOP Virginia gubernatorial candidate Glenn Youngkin, who is training ex-military to be poll workers on Election Day. Youngkin’s campaign is ensuring they have poll workers — not just observers — at every precinct for the the state’s gubernatorial election in November, Blackwell explained on the John Solomon Reports podcast Wednesday. With this strategy, “any attempt to hide in the dark corners of a process and snatch this election from the voters of Virginia will be stopped dead in its tracks,” said Ohio’s former top election official. “[S]afeguarding the integrity of our elections is paramount to preserving our republic,” he continued.


“And any attempts of individual cheaters, or any attempt by the federal government to concentrate control of our elections back in one party in Washington, D.C. must be resist[ed].” Blackwell added that Virginia is the first test case “to build a strong team on the field — you know, not sideline sitters, but folks who are on the frontline.” Blackwell was asked if the Republican Party should train poll workers, like Youngkin is doing with ex-military, and have them cover every precinct in America during the 2022 midterm elections. “I’m encouraging … that battle plan to be carried out in every state,” he replied. In a country of over 3,000 counties, there are hundreds of thousands of precincts, he noted. “[W]e cannot allow what happened in 2020 to happen again,” Blackwell stressed, when “we had tens, if not hundreds of thousands, of precincts left uncovered.”

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They’re sweating by now.

#EmptyShelvesJoe Hits Number 1 Trend On Twitter (PM)

On Wednesday afternoon, #EmptyShelvesJoe became the number one trending hashtag on Twitter in the US as the country experiences shortages stemming from a supply chain crisis. Despite President Joe Biden calling himself a “Supply Commander” during his run for president, the US has been hit hard with supply chain snarls. At one point, there were 62 boats backed up at the Port of Long Beach in Los Angeles. In a Wednesday speech, Biden addressed the supply chain issues, saying he signed an executive order in February regarding the issue. Conditions have gradualy deteriorated since then.

“I know you’re hearing a lot about something called supply chains, and how hard it is to get a range of things from a toaster to sneakers to bicycles bedroom furniture. And that’s why, back in February. I signed a piece of legislation on supply chain — Executive Order on supply chains, and what we had to move on. And with the holidays coming up, you might be wondering if gifts you plan to buy will arrive on time,” said Biden. He continued: “Well, let me explain. Supply chains, essentially mean, how we make things, and how the material and parts get delivered to factory a factory, so we can manufacture things, and manufacturing here, how we move things, how a finished product moves from a factory to a store to your home.”

Biden assured residents in June that after a dismal jobs report, saying “There are going to be ups and down in jobs and economic reports, but there are going to be supply chain issues and price pressures on the way back to stability and steady growth.” White House Press Secretary Jen Psaki was asked whether the issue would get better before it got worse, but she refused to make a prediction on the matter. “I’m not going to make a prediction of that from here. We know there are a number of issues that impact the supply chain and I don’t want to make a prediction because it’s not just one issue. Certainly, increasing the capacity at… ports and increasing the number of hours will have a positive impact, there’s no question about that,” said Psaki on Wednesday.

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“With these disclosures, we have accounts being used to pay both Hunter and Joe Biden..”

Joe Biden Could Get Drawn Into The FBI Probe Into His Son Hunter (Fox)

A report published Tuesday contends that President Joe Biden could get tied up in the ongoing FBI investigation into his son Hunter Biden’s finances due to the sharing of bank accounts and payment of each other’s bills. Emails obtained by DailyMail.com from Hunter Biden’s abandoned laptop show that his business partner, Eric Schwerin, was working on Joe Biden’s tax returns and discussing the father and son paying each other’s bills. Additionally, the emails show that Schwerin fielded book deal requests for Joe Biden, who was vice-president at the time, and also managed the donation of Biden’s Senate papers to the University of Delaware.

Hunter Biden has claimed that he and his father shared a bank account and admitted last year that he was under federal investigation over his taxes. Emails show that on April 9, 2010, Schwerin wrote to Hunter: “I was dealing all afternoon with JRB’s taxes (but solved a big issue – so it was all worth it).” On June 10 of the same year, Schwerin wrote, “Your Dad’s Delaware tax refund check came today. I am depositing it in his account and writing a check in that amount back to you since he owes it to you. Don’t think I need to run it by him, but if you want to go ahead. If not, I will deposit tomorrow.” It is unknown what specifically Joe Biden owed Hunter money for.

An expert on money laundering and criminal tax law told DailyMail.com that those entanglements could drag the current president into the FBI’s investigation. “Whatever transaction you’re looking at, if there’s a connection to a family member or a friend, sure the answer is yes [they would be investigated],” the expert, a former federal prosecutor who requested not to be named, told DailyMail.com. “Obviously, if you’re talking about the President of the United States, you’d better have a pretty damn good reason to talk to that person.”

[..] JONATHAN TURLEY: With these disclosures, we have accounts being used to pay both Hunter and Joe Biden and money being reimbursed to Hunter Biden from an individual associated with a company called Rosemont Seneca. Now that’s a company that has been tied to payments from China and Russia. And so this is getting more and more serious. The question is why the Justice Department hasn’t considered the appointment of a special counsel. We know there’s a criminal investigation into the tax issues, possible money laundering. But there are also serious questions about whether the Biden family conducted an extensive influence-peddling operation involving not just Hunter but his uncle and potentially the president of the United States.

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The pandemic cost us a lot of energy.

Americans’ Heating Bills To Soar Up To 50% This Winter (ZH)

So far, Americans have been watching the money-depleting energy crisis that hit Europe and Asia with detached bemusement: after all, while US energy prices are higher, they are nowhere near the hyperinflation observed in Europe. That is about to change because as the Energy Information Administration warned this week, much higher heating bills are coming this winter. According to the IEA’s October winter fuels outlook (pdf), nearly half of U.S. households that warm their homes with mainly natural gas can expect to spend an average of 30% more on their “multi-year high” bills compared with last year. The agency added that bills would be 50% higher if the winter is 10% colder than average and 22% higher if the winter is 10% warmer than average.


The forecast rise in costs, according to the report, will result in an average natural-gas home-heating bill of $746 from Oct. 1 to March 31, compared with about $573 during the same period last year. As the Epoch Times adds, propane costs are forecasted to rise by 54%, heating oil costs to rise by 43%, natural gas costs to rise by 30%, and electricity costs to rise by 6 percent. And with natural gas consumption projected to rise by 3% this winter, households are expected to spend $746 this winter, up from $573 last winter. The increase in natural gas heating costs varies by region with the Midwest U.S. leading the price hike at a 45% increase from last winter, and the Northeast expecting a hike of 14%.

Nearly half of all U.S. households use natural gas as the primary source of heating. Households relying on heating oil over winter will spend $1,734 over winter, relative to $1,212 last winter. Houses in Northeastern regions will be more affected by the price hike as nearly one in five homes in the region rely on heating oil as their primary source of space heating. The projection is based on the Brent crude oil price, which helps determine the prices of U.S. petroleum products. “The higher forecast Brent crude oil price this winter primarily reflects a decline in global oil inventories compared with last winter as a result of global oil demand that has risen amid restrained production levels from OPEC+ countries,” according to the EIA.


While most households commonly use electricity for heating, 41% rely on electric heat pumps or heaters as their primary source for space heating. These homes should expect to spend $1,268 this winter season, relative to $1196 last year. This projection accounts for 3 percent more residential electricity demand with more Americans working from home, a colder winter, as well as a rise in fuel costs for power generation. “During the first seven months of this year, the cost of natural gas delivered to U.S. electric generators averaged $4.97/MMBtu, which is more than double the average cost in 2020,” stated EIA.

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Dec 172020
 


Vincent van Gogh Self-Portrait with Straw Hat Aug-Sep 1887

 

Assange Spoke to US State Dept to Stop Publication of Unredacted Cables (Sp.)
Julian Assange Has Formally Requested a Pardon From President Donald Trump (GP)
Pfizer To Assess Report About ‘Serious Allergic Reaction’ To Vaccine (RT)
First Glitches Emerge In COVID-Vax Rollout (ZH)
An App Could Catch 98.5% Of All COVID19 Infections. Why Isn’t It Available? (G.)
Grand County Coroner Raises Concern On Deaths Among COVID Cases (CBSDenver)
A Record 61% Of Restaurants, 35% Of Small Businesses Can’t Pay December Rent (ZH)
Where Americans Splurged & Where They Cut Back (WS)
Congress to Pass $17 Billion Bailout of Airline Shareholders & Bondholders
Cuomo v. Cuomo (Turley)
AOC: Nancy Pelosi Needs To Go (IC)
Amistad To Sue Zuckerberg For Using ‘Dark Money’ To Fund ‘Massive’ Fraud (RT)
Enter Trump: America’s First Shadow President (Tracey)
Unicef To Feed Hungry Children In UK For First Time In 70-Year History (G.)

 

 

 

 

The recording is new, but what it says is not. We’ve known for years that Assange was trying to prevent material from coming out. The key would appear to be that Guardian “journalists” David Leigh and Luke Harding wanted to write Assange’s biography, and he declined. They then published the encryption key in a book, out of spite, to damage him. The wrong guy is in Belmarsh today.

Let’s hope James O’Keeffe gets this through to Trump.

“So the material, there is an encrypted version of the materials on the internet somewhere that we do not control. One doesn’t actually need to convey the material itself, one only needs to convey the location of the material and its encryption key”, the WikiLeaks co-founder explains to Johnson.

Assange Spoke to US State Dept to Stop Publication of Unredacted Cables (Sp.)

Julian Assange has been accused of endangering US interests and assets by “recklessly” publishing unredacted US State Department diplomatic cables. The charges are denied by both by WikiLeaks and the many journalists who note that Assange ‘meticulously’ redacted documents and sought to minimise possible harm while exposing illegal actions. Audio recordings of a 2011 conversation between Julian Assange and Hillary Clinton’s State Department, published by Project Veritas, provide new insight into the extent with which the WikiLeaks publisher sought to minimise harm from the potential release of unredacted US diplomatic cables, by actors working against the express wishes of the transparency organisation.

“So the situation is that, we have intelligence that the State Department database archive of 250,000 diplomatic cables, including the classified cables, is being spread around. […] To the degree that we believe that within the next few days, it will become public and we’re not sure what the timing could be, imminently or within the next few days to a week. And, there may be some possibility to stop it”, Assange is heard explaining to Cliff Johnson, an attorney with the US State Department. “Who would be releasing these cables?” Johnson asks, “Is this WikiLeaks?”. “No,” Assange explains, adding, “We would not be releasing them. This is Daniel Domscheit-Berg, a previous employee that we suspended last August”.

The problem was that Domscheit-Berg was apparently sharing the link of the full unredacted diplomatic cables, which had been copied from the WikiLeaks website, and which could be found online. Ordinarily, the file with the full unredacted cables would have been useless as it was encrypted and would likely require years of highly-sophisticated computing to break the password through what is known in tech circles as the “brute force” method. However, the password to the encrypted file was entrusted by Assange to Guardian journalist David Leigh, who, by his own account, kept pressing the Australian born-journalist for access to the entirety of the 250,000 documents. Leigh and fellow Guardian journalist Luke Harding would in February 2011 reveal the password to the world by publishing the key as the title of one of the chapters in their book WikiLeaks: Inside Julian Assange’s War on Secrecy.

“[D]oes that mean that [Daniel Domschit-Berg] now [has] the ability…, without your control or authorisation, to make this as available as they want?” Johnson asks. “That’s correct”, Assange replies, adding “and there there’s no attempted redaction programme and no attempted harm minimisation.” “In case there are any individuals who haven’t been warned, they should be warned”, Assange stresses. Assange also explains the possibility of tracking down the encrypted files from the internet, potentially before people start using the encryption key revealed by Leigh and Harding. However, he explains that doing so is beyond the capability of WikiLeaks but that he was prepared to assist the State Department by urging other people to provide all the locations of the encrypted files. “[W]e have been calling the State Department and the embassy for over a day, trying to explain the urgency, and they have not called back other than this call”, Assange explains.

“Well, I appreciate what you’ve told us Mr Assange”, Johnson replies.

Assange

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Praying.

Julian Assange Has Formally Requested a Pardon From President Donald Trump (GP)

People from across the political spectrum have called on President Trump to pardon the WikiLeaks founder, citing the importance of the freedom to publish. Assange’s fiancé Stella Morris, the mother of his two young children, has previously called for a pardon — but a formal request was not filed with the White House until this week. Assange is imprisoned in the United Kingdom pending a decision about his extradition to the United States where he faces charges under the Espionage Act for his publication of the Iraq and Afghan War Logs. If convicted he could face a maximum sentence of 175 years for the “crime” of publishing material that the US government did not want the population to know. In 2018, President Trump’s attorneys quietly made a case in defense of WikiLeaks throughout legal filings responding to a lawsuit filed by Democrat Party donors who alleged that the campaign and former advisor Roger Stone conspired with Russians to publish the leaked Democratic National Committee emails.

Their assessment was correct. Buried within hundreds of pages of case filings, in a motion filed in October 2018, Trump lawyer Michael A. Carvin argued that under section 230 of the Communications Decency Act (47 U.S.C. § 230), “a website that provides a forum where ‘third parties can post information’ is not liable for the third party’s posted information.” “That is so even when even when the website performs ‘editorial functions’ ‘such as deciding whether to publish,’” the filing contends. “Since WikiLeaks provided a forum for a third party (the unnamed ‘Russian actors’) to publish content developed by that third party (the hacked emails), it cannot be held liable for the publication.” This defense holds true for the war log releases that Assange has been charged for publishing.

“In addition, the First Amendment generally denies the government power to punish truthful speech,” Carvin wrote. He added that privacy cannot justify these violations of core First Amendment norms. The filing then refers to the 1989 case of Florida Star v. B.J.F., in which it was determined that “punishing truthful publication in the name of privacy” is an “extraordinary measure.” The formal pardon request comes on the heels of a viral claim from a Trump ally that the president would be pardoning the publisher. While he ended up retracting his statement, claiming he had faulty sources, it was clear that it was a move that people from both sides of the political spectrum support. The tweet gained over 75,000 “likes” on Twitter in about an hour, before being retracted.

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And also: “anaphylactic shock suffered by multiple healthcare workers in the UK..” [..] The UK also reported a “possible allergic reaction” in a third recipient..

Pfizer To Assess Report About ‘Serious Allergic Reaction’ To Vaccine (RT)

A healthcare worker in Alaska has reportedly been hospitalized with a serious allergic reaction after taking Pfizer’s Covid-19 vaccine. They had no reported history of drug allergies, unlike others who’ve suffered such reactions. The afflicted individual remains in the hospital on Wednesday after suffering a powerful reaction Tuesday, three sources who had seen official reports of the victim’s health told the New York Times. The workplace or residence of the health worker have not been disclosed, nor have any more details about their health status been released, and it’s not clear if they had other, non-medical allergies, one of the sources explained.

Pfizer is “working with local health authorities” to assess the details of the report about a “potential serious allergic reaction,” the company told RT in a statement on Wednesday, pledging to “closely monitor all reports suggestive of serious allergic reactions following vaccination” and “update labeling language if needed.” They also added that “there were no safety signals of concern identified in our clinical trials, including no signal of serious allergic reactions associated with the vaccine.” The reaction was reportedly similar to the anaphylactic shock suffered by multiple healthcare workers in the UK, where the Pfizer-BioNTech jab was approved earlier this month. One of the stricken British women had a history of egg allergies, though the manufacturer has insisted there are no egg-related ingredients in its formula, and the other was said to be allergic to certain medications.

The UK also reported a “possible allergic reaction” in a third recipient, though the incident was not described in detail. UK health authorities have warned people with any history of “anaphylaxis to a vaccine, medicine, or food” away from getting the Covid-19 shot, and suggested that facilities set up to administer the vaccine be equipped with “resuscitation equipment” – guidance echoed in Pfizer’s own prescribing information. While the company did not report any allergic reactions among clinical trial participants, individuals with medical allergies and anyone who had ever suffered a “severe adverse reaction associated with a vaccine” were specifically excluded from the trials, and doctors were advised to watch for such reactions so the allergic could be routed out of the studies.

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“..roughly 900,000 fewer doses would be delivered next week than were shipped this week.”

We could roll out Vitamin D, HCQ and Ivermectin. We know much more about those than about the vaccine. But we now contend that they need to be studied more, not the vaccine.

First Glitches Emerge In COVID-Vax Rollout (ZH)

A healthcare worker in Alaska was hospitalized on Tuesday with a ‘serious allergic reaction’ after receiving Pfizer’s COVID-19 vaccine, according to the New York Times. The person, who had no known drug allergies, was still in the hospital on Wednesday morning under observation, according to the report. It is unknown whether they suffer from any other types of allergies. The Alaska resident’s reaction was reportedly similar to anaphylactic reactions two heal workers in Britain experience after receiving the Pfizer-BioNTech vaccine last week – both of whom have recovered. Of note, they both had a history of severe allergies. One, a 49-year-old woman, is allergic to eggs (which Pfizer says are not in their vaccine). The other, a 40-year-old woman is allergic to several different medications. Both routinely carry EpiPenn-like devices in case of reactions.

“After the workers in Britain fell ill, authorities there initially warned against giving the vaccines to anyone with a history of severe allergic reactions. They later clarified their concerns, changing the wording from “severe allergic reactions” to specify that the vaccine should not be given to anyone who has ever had an anaphylactic reaction to a food, medicine or vaccine. That type of reaction to a vaccine is “very rare,” they said.” -NYT. No serious adverse effects were reported during Pfizer’s US trial involving over 40,000 participants, aside from aches, fevers and other ‘minor’ side effects. As Bloomberg notes, the first hiccups in the distribution of Pfizer’s vaccine are just beginning – including a holdup on the delivery of 3,900 shots to two states, and the announcement that roughly 900,000 fewer doses would be delivered next week than were shipped this week.

“Four delivery trays of the Pfizer-BioNTech SE vaccine were pulled back from delivery to California and Alabama this week and sent back to the company because they were colder than anticipated, according to Gustave Perna, the army general who serves as Operation Warp Speed’s chief operations officer. Each of the trays can likely be used to vaccinate 975 people. Pfizer has said its formula needs to be stored at 70 degrees below zero Celsius, the equivalent of negative 94 degrees below zero Fahrenheit. These trays were found to be much colder, according to Perna.” -Bloomberg. “We were taking no chances,” said Perna during a Wednesday news briefing.

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Not sure how this would work, but let’s hear it from you.

An App Could Catch 98.5% Of All COVID19 Infections. Why Isn’t It Available? (G.)

In late September, researchers at MIT announced that they had developed an algorithm that can accurately detect Covid-19 infections over the phone. When participants in their study produced a forced cough, MIT said their AI algorithm successfully detected 98.5% of Covid-19 infections with patients who have a cough and 100% of asymptomatic cases. If released in the form of an app, the technology could mean instant Covid-19 testing anytime, any place. As they wrote in their peer-reviewed article: “AI techniques can produce a free, non-invasive, real-time, anytime, instantly distributable, large-scale Covid-19 asymptomatic screening tool to augment current approaches in containing the spread of Covid-19. Practical use cases could be for daily screening of students, workers and public as schools, jobs and transport reopen, or for pool testing to quickly alert of outbreaks in groups.”


The impact of this technology would be huge. Currently, test results can take a week to be processed. Testing delays and shortages are due to things like strains on the supply chain providing swabs and chemicals, as well as the pressures on lab technicians processing high volumes of tests. And the test only tells you if you were positive at the time, not whether you are positive now, which can lead to a false sense of security. A smartphone-based, instant Covid-19 test would be a game changer and would save countless lives. The developers say they intend to make the technology available as an app, pending regulatory approval, but there is no clear timeline for when it might be released to the public.

People treated like infants

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“..two of their five deaths related to COVID-19 were people who died of gunshot wounds..”

Grand County Coroner Raises Concern On Deaths Among COVID Cases (CBSDenver)

The Grand County coroner is calling attention to the way the state health department is classifying some deaths. The coroner, Brenda Bock, says two of their five deaths related to COVID-19 were people who died of gunshot wounds. Bock says because they tested positive for COVID-19 within the past 30 days, they were classified as “deaths among cases.” “It’s absurd that they would even put that on there,” she said. “Would you want to go to a county that has really high death numbers? Would you want to go visit that county because they are contagious. You know I might get it, and I could die if all of a sudden one county has a high death count. We don’t have it, and we don’t need those numbers inflated.”


The state health department says the Centers for Disease Control and Prevention requires them to report people who’ve died with COVID-19 in their systems because it’s crucial for public health surveillance.Colorado provides death data related to COVID-19 in two ways: Deaths due to COVID-19: This is based on CDC coding of death certificates where COVID-19 is listed as the cause of death or a significant condition contributing to death. Deaths among COVID-19 cases: This reflects people who died with COVID-19, but COVID-19 may not have been the cause of death listed on the death certificate. CDPHE explains that they are required to report deaths among COVID-19 cases to the CDC.

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When we wake up, the world will have changed beyond recognition.

A Record 61% Of Restaurants, 35% Of Small Businesses Can’t Pay December Rent (ZH)

According to the latest Alignable Rent Poll, it’s becoming increasingly difficult for small businesses everywhere to pay their rent in full and on time, given the latest COVID resurgences. The need for more federal funding is also becoming more pronounced for many of these businesses, according to the poll. These findings are based on the most recent Alignable Rent Poll conducted among 9,204 small business owners from 11/21-11/23/2020. Several B2C industries are devastated – 61% of restaurants can’t pay their rent this month. That’s up 19% from 42% in November. 35% of U.S. small businesses couldn’t pay their rent this month, up 3% from 32% in November. Beauty salons (46%) and travel/hospitality businesses (43%) round out the Top 3 most-affected businesses, but many others are in trouble.


Looking at demographics, minority-owned businesses are suffering the most, as 49% of them reported that they could not afford their rent in December. That figure is 5% higher than it was in November. Women-owned businesses are also struggling (38% of those have not paid their rent, up 3% from 35% last month). Overall, 35% of small business owners reported that they couldn’t make rent this month (up 3% from 32% in November). For minority-owned businesses, the struggle is even more pronounced: nearly half (49%) report being unable to cover their rent in December. That figure jumped 5% from 44% in November. For women-owned businesses, 35% couldn’t make rent in November and now that percentage is up to 38% in December.

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Only large chains will survive.

Where Americans Splurged & Where They Cut Back (WS)

Retail sales in November fell 1.1% from October, the second month in a row of declines, and they even fell with restaurants and bars removed from the total. Sales at nonstore retailers, the placeholder for ecommerce, eked out a new record. This is the second month now of what I called a month ago Stimulus Fatigue. But wait… the Pandemic-induced switch from services – such as airline tickets, concert tickets, hotel bookings, and haircuts – to goods – such as food & beer at home, bicycles, and consumer electronics – is still on. In November, retail sales of $547 billion (seasonally adjusted) were still up 4.1% from November last year, according to the Census Bureau this morning. And for the 11-month period, they were essentially flat ($5.70 trillion), despite the collapse in March and April:

The metric of “retail sales” measures the sale of “goods” at various establishments and online. It doesn’t measure the sale of “services,” such as airline tickets, insurance, or healthcare services. During the Pandemic, consumers splurged on durable goods and food at home like never before, as free money flooded over them from the government, and as they cut back on other spending, such as plane tickets, payments on mortgages and student loans in forbearance, and on rent, protected by the eviction bans. A refinancing boom, triggered by record low mortgage interest rates, allowed consumers to extract cash from their homes and lower their mortgage payments. Part of this money from the government, and money not spent, and money extracted from the home was spent on goods, and part of it was used to pay down credit cards, whose balances have plunged 10.3% from a year ago.


[..] The once iconic retail institution of department stores – in their heyday, many of them were locally owned – has been obviated by events including the internet. For Americans, department stores have outlived their usefulness. For mall landlords, they’ve turned into a nightmare. The #1 and # 2 mall landlords – Simon Property Group and Brookfield Property – have ganged up to buy J.C. Penney out of bankruptcy, apparently to control the decline of their malls.Since the peak in December 2000, department store sales have collapsed by 55%, despite two decades of inflation and population growth, and the Pandemic has merely accelerated the process:

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Propping up zombies. Favorite pastime.

Congress to Pass $17 Billion Bailout of Airline Shareholders & Bondholders (WS)

Airlines in the US will get another $17 billion taxpayer-funded bailout if the $748 billion “bipartisan” stimulus proposal that the four most senior Congressional leaders are discussing this afternoon makes it into law. There is a commitment now to pass something. Many items that either party wanted but that the other refused to yield on have been trimmed out of this proposal, including the $1,200 stimulus checks. But their airline bailout is in it. Democrats and Republicans may not agree on much of anything these days, but they both love to bail out airline shareholders and bondholders. And that’s what this is – dressed up as payroll protection and airline support program.

The Democratic-backed $2.2 trillion stimulus package that the House passed at the end of September but that was not taken up by the Senate included $25 billion to bail out airline shareholders and bondholders. The airline industry has been lobbying with all its might to get this money. So now, it looks like they will have to make do with $17 billion. This new bailout comes on top of the original stimulus bill, which was passed in March and which came with $25 billion in so-called payroll support for the airlines, an additional $25 billion in loans for passenger airlines, and over $10 billion in grants and loans for cargo airlines and aviation contractors. The payroll protection provisions expired on September 30, under the assumption that by then the airlines would be operating more or less back at normal.

[..] The number of passengers going through TSA checkpoints to enter the secured areas at US airports through December 14 has dropped sharply since late November. The chart shows the number of TSA checkpoint screenings in 2020 (red) and 2019 (green) per day (thin lines) and the seven-day moving averages (bold lines):

Airline shareholders feel the money. And taxpayers feel the pain. This rally comes as revenues at the largest airlines have collapsed by 60% to 70%, and as debt has piled up in previously unthinkable amounts, and as airlines continue to report huge losses and – despite massive capacity cuts and layoffs – dizzying “daily cash burn” figures. Taxpayer money props up those shares and is a basic transfer of wealth from the American public to airline shareholders and to airline bondholders. This is the same industry where the top four airlines — Delta, United, American, and Southwest — willfully blew, wasted, burned, and annihilated $45 billion on share buybacks since 2012 to enrich their shareholders, including their own executives:

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Another story that must be buried.

Cuomo v. Cuomo (Turley)

There remains a blackout on the sexual harassment allegations against Democratic Gov. Andrew Cuomo by most major media outlets. Putting aside the striking lack of interest in comparison to the allegations raised against Justice Brett Kavanaugh, the controversy from that confirmation fight could raise difficult questions for Cuomo who not only insisted that Dr. Christine Blasey Ford must be believed but demanded that Kavanaugh take a polygraph examination. It is not clear if Cuomo will now follow his own standard and take a polygraph examination arranged by others. During the Kavanaugh hearing, various Democratic leaders publicly insisted that “women must be believed” when raising sexual harassment allegations and declared Kavanaugh guilty before either he or Ford actually testified.

Senator Maxie Hirono publicly stated that Kavanaugh was not even entitled to any presumption of innocence. Indeed, Hirono insisted that men needed to “just shut up” and accept the allegations. The view that “women must be believed” changed the minute that Joe Biden was accused of sexual assault and then refused to allow the review of his papers held under seal at the University of Delaware. Suddenly, figures like Nancy Pelosi and Gov. Gretchen Whitmer insisted that they believed Biden without any review such papers or even speaking with the alleged victim (a former Biden staffer). Ethics experts like Richard Painter attacked those who suggested that the accuser might be telling the truth as endangering the election. Others like Rep. Iihan Omar, Linda Hirschman, and Lisa Bloom found an even more startling resolution: they stated that Biden was clearly a rapist, but they would still vote for him.

The allegations raised by former Biden aide Lindsey Boylan are notably easier to confirm. She stated “Yes, [Cuomo] sexually harassed me for years. Many saw it, and watched. I could never anticipate what to expect: would I be grilled on my work (which was very good) or harassed about my looks. Or would it be both in the same conversation? This was the way for years.” These are not allegations that are decades old with few, if any, witnesses. Boylan worked for the governor’s administration from 2015 to 2018 and says that there were many witnesses. Notably, the Kavanaugh hearing was in 2018.

[..] The strongest case against Cuomo may be Cuomo. In the Kavanaugh hearing, Cuomo declared Kavanaugh clearly guilty. He publicly declared “The confirmation of Judge Kavanaugh to the Supreme Court is a sad day for this country, and it will haunt us for as long as he is on the court. Today 50 senators put partisan politics over the sanctity of the highest court in the nation. In November, the American people get to respond and make their voices heard. In New York, we will not waver and will not back down. To Dr. Christine Blasey Ford and all survivors of sexual assault, we believe you and we will fight for you. The sham FBI investigation and the bigger sham, this confirmation process, have energized us to fight even harder for our shared vision for a better future for all.”

Joe Biden voting machines 2007
https://twitter.com/i/status/1338923147215638528

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That will be appreciated.

AOC: Nancy Pelosi Needs To Go (IC)

Rep. Alexandria Ocasio-Cortez believes the Democratic Party needs new leadership, telling The Intercept in an interview that it’s time for House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer to go. But the left, she said, currently has no plan on how to fill the subsequent leadership vacuum. “If you create that vacuum, there are so many nefarious forces at play to fill that vacuum with something even worse,” she told Jeremy Scahill during an interview aired Wednesday on Intercepted this week. Pelosi cruised to reelection in a virtual caucus vote last month and will face a full House floor vote for the speakership in January. She’s expected to remain speaker but has almost no room for error, after a disastrous performance in the general election cost the caucus at least a dozen seats.

With a single-digit majority, she can only afford to lose a handful of Democratic votes on the House floor or else she’ll be short of the required 218, which would then throw the contest back to the caucus. The rest of Pelosi’s octogenarian leadership team, Majority Leader Steny Hoyer and Majority Whip James Clyburn, has held these top positions for over a decade and won their slots without any opposition. On the Senate side, Schumer won reelection unanimously. Ocasio-Cortez argued that there are no viable alternatives for House or Senate leadership at the moment because the caucus’s current leaders spent a number of years concentrating power without any “real grooming of a next generation of leadership.”

“A lot of this is not just about these two personalities, but also about the structural shifts that these two personalities have led in their time in leadership,” Ocasio-Cortez said. “The structural shifts of power in the House, both in process and rule, to concentrate power in party leadership of both parties, frankly, but in Democratic Party leadership to such a degree that an individual member has far less power than they did 30, 40, 50 years ago.” This dynamic is what pushes the “really talented members of Congress that do come along” to leave or run for statewide office instead. But Pelosi has also indicated that this upcoming term could be her last, “and the left isn’t really making a plan for that either,” Ocasio-Cortez added. “So I do think that it’s something that we really need to think about.”

Tulsi Gabbard Patriot Act

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“..Zuckerberg’s money “purchased machines – Dominion and otherwise – and Zuckerberg’s funding was contributed to Secretaries of State.”

Amistad To Sue Zuckerberg For Using ‘Dark Money’ To Fund ‘Massive’ Fraud (RT)

Mark Zuckerberg poured cash into an “ecosystem” that caused widespread fraud in the 2020 presidential contest, election integrity watchdog the Amistad Project has alleged. The group will file suit against the Facebook CEO. The lawsuit, based on a report authored by the organization, will claim that Zuckerberg used $500 million of “dark money” to unlawfully tip the scales in battleground states that Democrat Joe Biden won by narrow margins, said Mark Serrano, a Trump 2020 campaign adviser who runs a communications firm that handles media relations for the Amistad Project. The lawsuit is expected to be filed by today in the District Court for the District of Columbia and will cover alleged election irregularities that took place in Wisconsin, Pennsylvania, Michigan, Arizona, and Georgia.

According to Serrano, the legal complaint takes aim at “the ecosystem” that caused “fraud on a massive level to take place” during the 2020 contest. He accused Zuckerberg of using his vast financial resources and influence to undermine the presidential election in the months leading up to, and continuing after, November 3. “A billionaire, Mark Zuckerberg, was allowed in the counting room because he funded it, and the American people were kicked out.” The lawsuit announcement coincided with the release of a report by the Amistad Project which outlines how Zuckerberg allegedly used private funding to “improperly” influence the election outcome. Amistad Project director Phill Kline said during a press conference on Wednesday that Zuckerberg funneled huge amounts of money into charities and nonprofits that lobbied officials and carried out other partisan activities that impacted the 2020 results.

“He paid for election judges, purchased drop boxes, contrary to state laws,” Kline said, adding that Zuckerberg’s money “purchased machines – Dominion and otherwise – and Zuckerberg’s funding was contributed to Secretaries of State.” This injection of hundreds of millions of dollars into the election by Zuckerberg and others “violated state election laws and resulted in an unequal distribution of funding that deprived voters of both due process and equal protection,” according to a press release issued by the Amistad Project.

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“How could a country with a mystically-endowed “exceptional” nature — the “shining city on a hill,” Ronald Reagan once proclaimed — be said to retain its “exceptional” status if its elections are, as Trump vigorously maintains, structurally and systematically fraudulent?”

Enter Trump: America’s First Shadow President (Tracey)

The Electoral College formally convened this week, and with it expired the last faint hope of Donald Trump retaining the presidency. While the outcome had never been in real doubt, Trump and innumerable Republican boosters had for six weeks kept up the mirage of frantic irresolution, with Trump issuing a daily barrage of ALL-CAPS tweets claiming that despite what you might have heard, he’d actually won. In any event, all states have now ratified their results without serious incident, and the hucksterish post-election litigation efforts undertaken by Trump’s various sundry representatives have predictably gone nowhere. Yesterday, Republican senate leader Mitch McConnell even declared Biden the “president-elect” and now the Democrat is faithfully filling his forthcoming administration with a cast of characters drawn directly from the pits of the Washington, DC Democratic Party professional class — the same people whom he openly campaigned on rehabilitating and restoring to power.

The election is well and truly over, whatever toothless protestations may continue to arise. What’s far from over, however, is the political influence of Trump. No one can say with total certainty what he’ll do when he eventually leaves office; no one can even say exactly on what terms he’s going to leave. But in just over a month now, we may face a scenario that would be a first in modern US history: an aggrieved former president making a competing claim to the presidency and refusing in perpetuity to acknowledge the reality of his defeat. In other words, a “shadow” president. Trump’s lack of compunction about doing something like this would seem to solidify his position as the most thoroughgoing “post-exceptionalist” president since at least World War II.

That is, he is entirely unmoved by the kind of bipartisan “American exceptionalism” dogma that had previously bound together the elite US political class, across partisan lines. It’s the dogma which holds that, in short, the US possesses a singular uniqueness that sets it apart in all of world history. Often blended together with notions of Christian providence, it ascribes the very foundations of the US Constitutional order with a kind of divine import. But over the last four years, Trump has thrown these old assumptions into doubt. For one thing, the Constitution certainly makes no provision for a “shadow” president. How could a country with a mystically-endowed “exceptional” nature — the “shining city on a hill,” Ronald Reagan once proclaimed — be said to retain its “exceptional” status if its elections are, as Trump vigorously maintains, structurally and systematically fraudulent?

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The failure of all failures. Why do we let it happen? Because there’s no money to be made feeding children. We never escaped the Middle Ages, or the Industrial Revolution. We’ve been standing still for centuries.

Unicef To Feed Hungry Children In UK For First Time In 70-Year History (G.)

Unicef has launched a domestic emergency response in the UK for the first time in its more than 70-year history to help feed children hit by the Covid-19 crisis. The UN agency, which is responsible for providing humanitarian aid to children worldwide, said the coronavirus pandemic was the most urgent crisis affecting children since the second world war. A YouGov poll in May commissioned by the charity Food Foundation found 2.4 million children (17%) were living in food insecure households. By October, an extra 900,000 children had been registered for free school meals. Unicef has pledged a grant of £25,000 to the community project School Food Matters, which will use the money to supply 18,000 nutritious breakfasts to 25 schools over the two-week Christmas holidays and February half-term, feeding vulnerable children and families in Southwark, south London, who have been severely impacted by the coronavirus pandemic.

The food delivery firm Abel & Cole will also provide 1.2 tonnes of fruit and veg worth £4,500 to include in the boxes. The founder and chief executive of School Food Matters, Stephanie Slater, said: “We’re so grateful to Unicef for providing this timely funding. The response to our summer breakfast boxes programme has shown us that families are really struggling and many were facing the grim reality of a two-week winter break without access to free school meals and the indignity of having to rely on food banks to feed their children. “By providing our breakfast boxes, families know that their children will have a great start to the day with a healthy nutritious breakfast.

“Our breakfast boxes programme has also shown us that the threshold for free school meal eligibility is too low to capture all the families in need of support. That’s why we’re getting behind the national food strategy call for an extension to free school meal eligibility. “We cannot continue to rely on civil society to fill the hunger gap as too many children will miss out on the nutrition they need to thrive.”

Read more …

 

 

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Oct 292020
 
 October 29, 2020  Posted by at 9:38 am Finance Tagged with: , , , , , , , , , , ,  20 Responses »


Gustav Klimt Pine forest II 1901

 

Senate Committee: All Bobulinski Materials Reviewed To Date Legitimate (DC)
Tucker Carlson: Bobulinski Documents Intercepted and Removed (sundance)
Zuckerberg: ‘I Would Guess That Our Employee Base Skews Left-Leaning’ (JTN)
Gundlach: Trump Will Win Next Week, “Some Sort Of Revolution” By 2027 (ZH)
Professor Deliberately Catches COVID19 To Test His Immune Response (ST)
Cable News October Ratings Explode As Fox News Hits Historic Highs (Hill)
CNN Won’t Run Trump Ad Warning Biden Will Raise Taxes On Middle Class (Hill)
‘Anonymous’ Anti-Trump Official Revealed As CNN Pundit Miles Taylor (Fox)
ALICE Doesn’t Work Here Anymore (CHS)
The Fed MUST Have Inflation (Rickards)
Ornstein: Impeach Amy Coney Barrett (Turley)
Bellingcat Smears OPCW Whistleblower, Journalists With False Letter (Maté)
Greece Has Protected Its Jobs Better Than The Rest Of The EU (K.)
Jack Dorsey Hires Homeless Man To Fill In For Him At Senate Hearings (BBee)

 

 

“If you can’t expose crime in the government you don’t really have a government. You have a dictatorship that is dressed up like a government.”

– Joe Rogan

 

 

Joe Rogan Greenwald

 

 

“I appreciate that the FBI has a job to do, and I am glad they are finally taking an interest in these concerning financial matters that our Committees have been investigating for months..”

Senate Committee: All Bobulinski Materials Reviewed To Date Legitimate (DC)

The Senate Homeland Security and Governmental Affairs Committee has been successful in verifying all materials reviewed so far from Hunter Biden’s ex-business partner Tony Bobulinski, the Daily Caller has learned. Committee Chairman Sen. Ron Johnson will not call Bobulinski to testify before the November 3 elections, as the committee is working to review all the information provided to the committee by Bobulinski. The information has to be verified, as it is subject to the same false information to Congress laws that verbal or written testimony does. However, a Johnson spokesperson told the Caller that all the material provided by Bobulinski that has been reviewed so far has turned out to be legitimate. The committee has “also” not come across any “signs” or evidence to suggest the content is false, the spokesperson added.


Bobulinski, who said Tuesday he believes “Joe Biden and the Biden family are compromised” in an interview with Fox News host Tucker Carlson, has turned over evidence to the FBI alleging he met twice in the past with the former vice president in regards to business with his son Hunter. The Biden family has not yet disputed this information. [..] Johnson had the chance to interview Bobulinski on Friday and released a statement shortly after saying: “I appreciate that the FBI has a job to do, and I am glad they are finally taking an interest in these concerning financial matters that our Committees have been investigating for months,” Sen. Johnson said. “I expect that Mr. Bobulinski will speak with our committee as soon as possible and fully share his insights into the Biden family’s business dealings.”

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Strange story. He has copies.

Tucker Carlson: Bobulinski Documents Intercepted and Removed (sundance)

Tucker Carlson revealed this evening that someone intercepted an envelope containing documents of evidence supporting the claims by Tony Bobulinski. The documents were mailed by a “well known overnight transport” company and mysteriously were removed in transit from New York to LA. I have a hunch what happened…. but first, WATCH:

Tucker missing documents

I review this story from a position that I cannot fully explain. However, I have personal experience -recent experience- with a similar and rather unusual situation that cannot be explained by any method other than DHS surveillance. So here’s what I think took place. The package, likely a Fed-X delivery, was intercepted by FBI agents using mechanisms for tracking and surveillance that open targeting through portals connected to DHS. As an outcome of the U.S. Patriot Act, the U.S. Dept. of Homeland Security has an agreement in place with mail shipping companies, public/private services, that essentially allows them a portal to track all in-state and interstate mail deliveries.

The FBI has access to this data network in the same way the FBI has access to federal transportation records. Just like when you book a flight and DHS portals are open that allow FBI to track your movements domestically. This type of portal is also accessed in private company transportation like Uber, Lyft etc. DHS, and as a consequence the FBI, can easily track your whereabouts. Without much hesitation I will bet the FBI was monitoring the communication of Bobulinski, and by extension the entire Tucker Carlson production network. Once the shipment was known to be taking place, the DHS portals are opened; the package is tracked; and the FBI moves in to intercept the delivery.

The transport company doesn’t need to be participating because they are essentially unneeded. Their system network is connected to the FBI. That’s the likely scenario. Wanna bet?

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Every time these people come in for questioning, nothing happens.

Zuckerberg: ‘I Would Guess That Our Employee Base Skews Left-Leaning’ (JTN)

Under questioning from Wisconsin Republican Sen. Ron Johnson, Facebook CEO Mark Zuckerberg told the Senate Commerce Committee on Wednesday that the employees at his company “skew left-leaning.” “Would you say that the political ideology of the employees at your company is, let’s say, 50:50, conservative versus liberal progressive or do you think it’s closer to 90% liberal and 10% conservative?” Johnson asked during a hearing with the CEOs of Facebook, Twitter and Google on Section 230 of the Communications Decency Act. “I don’t know the makeup of our employees because it’s not something we ask or focus on,” Twitter CEO Jack Dorsey responded. “It’s not something I look for.”

In response to the same question, Google CEO Sundar Pichai said more than 50% of Google’s 100,000 employees are from outside of California. “It does tend to be proportionate to the areas that we are in,” he said. Facebook CEO Mark Zuckerberg said: “I don’t know the exact number but I would guess that our employee base skews left-leaning.” According to OpenSecrets.org, the employees of Facebook, Google and Twitter favored Democrats over Republicans with political contributions in this election cycle. Johnson also asked Dorsey and Zuckerberg if they had “any evidence” that the New York Post’s recent reporting on content from a laptop belonging to Hunter Biden was based on Russian disinformation.

“We don’t,” Dorsey said. Later in the hearing, GOP Sen. Roger Wicker, the committee chairman, asked Zuckerberg if he has evidence that Russia was the source of the information in the New York Post’s reporting. “I would rely on the FBI to make that assessment,” Zuckerberg said but added that he personally does not have that evidence. “I do not, myself.”

@tedcruz and @jack

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“Some people will hedge their bets and split their vote towards retaining the Republican Senate because they view Biden as risky..”

Gundlach: Trump Will Win Next Week, “Some Sort Of Revolution” By 2027 (ZH)

Back at the start of 2016, when nobody else would even consider such an outcome, DoubleLine Capital CEO Jeff Gundlach shocked the economic, financial and political establishments when during the January Barron’s roundtable of that year, he predicted that Donald Trump would become the next US president. He was right. Fast forward to today when one week before the elections, and in an environment when most polls predict that Biden will crush Trump and where Nate Silver gives Trump just as 13% chance of defeating Trump, Jeffrey Gundlach is predicting another victory for President Donald Trump.


As Financial Advisor magazine reported, during a Tuesday webcast as part of Schwab’s 2020 IMPACT conference, Gundlach said that despite polls, analysis and betting odds that suggest otherwise, Trump is likely to outpace former Democratic vice president Joe Biden in the contest. “The polls right now say he isn’t going to win, but they said that four years ago,” said Gundlach referring to the following chart. “Mind you, my conviction is way lower than it was four years ago. But back in [that period], when Trump was little more than an asterisk in the betting odds, I predicted he was going to win. This one is much more murky, but in my eyes, it favors a Trump win.”

Addressing the elephant in the room, Gundlach said that public political polls are often “designed to create impressions” rather than illustrate reality, said Gundlach, and shouldn’t be trusted. He also argued that many Trump voters are unwilling to engage with pollsters and the media because they fear retribution for their political beliefs, also known as the “shy voter” phenomenon according to which “Over 10% Of Trump Voters Won’t Admit Preferences To Pollsters.” Biden also faces an enthusiasm problem, said Gundlach. Gundlach then went on to crush hopes of a Blue Wave, arguing that Republicans will likely keep the Senate regardless of who wins – mainly because of uncertainty around Biden.


“Some people will hedge their bets and split their vote towards retaining the Republican Senate because they view Biden as risky,” said Gundlach, who noted that Trump is often portrayed as riskier than Biden. And yet, in the four years of his presidency, there have been no international conflicts, despite some outrageous and bellicose language. “You might dislike Trump or some of his policies, but risk is not what you’re getting with him, particularly compared to turning the presidency over to another party, and particularly when that party’s candidate isn’t saying what some of his policy positions are.”

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“His conclusion is that there will be no collective immunity to coronavirus despite earlier hopes. The virus is here to stay for a long while, and while vaccines may give immunity this is likely to be temporary.”

Professor Deliberately Catches COVID19 To Test His Immune Response (ST)

Alexander Chepurnov had already recovered once when he re-infected himself in an experiment. The virologist experimented with his own health to check how long the body’s immune response lasted after his first bout of COVID-19. A former researcher at the Vector Centre of Virology and Biotechnology who currently works at the Institute of Clinical and Experimental Medicine, Chepurnov was first infected at the end of February 2020. ‘I was on my way to a skiing holiday from Siberia to France with a stopover in Moscow,’ he said. ‘After getting to the mountains I felt unwell with a high fever and sharp chest pain. My sense of smell has gone, too.’ It was impossible back then to do a COVID-19 test in Europe, he told Komsomolskaya Pravda newspaper in Novosibirsk.

He cut the holiday short, returned home to Novosibirsk, and was promptly diagnosed with double pneumonia. A month later in March he did a test which showed antibodies to Covid, confirming that he had been infected with the new virus. ‘I was the first in my team who had COVID-19,’ he said. ‘We started to follow the way antibodies ‘behaved’, how strong they were, and how long they stayed in the body. ‘The observation showed that they were fast to decrease. By the end of the third month from the moment I felt sick the antibodies were no longer detected.’ The scientist, 68 when he was first hit by COVID-19, said that he wanted to study the probability of getting re-infected.

To test the strength of his own immune response, Chepurnov deliberately exposed himself to COVID-19-positive patients wearing no protection. ‘My body’s defence fell exactly six months after I got the first infection. The first sign was a sore throat. The nasopharyngeal PCR smear immediately showed a positive reaction to COVID-19 on the 27th cycle, and two days later already on the 17th cycle, which corresponds to a high viral titre’, Chepurnov said of the second bout. The second illness was more acute, with Chepurnov needing hospitalisation after his saturation fell below 93. ‘For five days, my body temperature remained above 39C,’ he said. ‘I lost the sense of smell, my taste perception changed.

‘On the sixth day of the illness, the CT scan of the lungs was clear, and three days after the scan the X-ray showed double pneumonia. ‘The virus went away rather quickly – after two weeks it was no longer detected in the nasopharyngeal or in other samples.’ His conclusion is that there will be no collective immunity to coronavirus despite earlier hopes. The virus is here to stay for a long while, and while vaccines may give immunity this is likely to be temporary. ‘We need a vaccine that can be used multiple times, a recombinant vaccine will not suit,’ he said. ‘Once injected with the adenoviral vector-based vaccine we won’t be able to repeat it because the immunity against the adenoviral carrier will keep interfering.’

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I’d be more interested in seeing these numbers for social media.

Cable News October Ratings Explode As Fox News Hits Historic Highs (Hill)

Cable news ratings exploded in October across Fox News, CNN and MSNBC as all three networks saw record numbers for the month, with Fox News having the highest-rated month in cable news history, according to Nielsen Media Research. The month included a positive coronavirus test for the president, who was briefly hospitalized, and a fever pitch on the presidential campaign trail. The month also included a presidential debate, a vice presidential debate and multiple town hall events. Fox News led the way with a whopping 4.9 million total viewers in prime time, the highest number in the history of cable news dating back 40 years. MSNBC was second with 2.7 million viewers, followed by CNN with 2.4 million.


The top five shows for the month included Fox’s “Tucker Carlson Tonight” with an average of 5.3 million viewers, followed by “Hannity” with 5.2 million and “The Five” with 4.1 million despite airing before prime time in the 5 p.m. EDT slot. “The Ingraham Angle” delivered an average of just over 4 million total viewers, finishing fourth overall, with MSNBC’s “Rachel Maddow Show” rounding out the top five with 3.7 million. All three of the major cable news networks also saw substantial growth when compared to the same month last year. Fox News was up 83 percent year-over-year in total viewers and 139 percent in the key 25-54 demographic that advertisers covet most in prime time. CNN saw a 98 percent increase in total viewers when compared to October 2019, and a 116 percent jump in the demographic, while MSNBC is up 38 percent in total viewers and 45 percent in the younger category.

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“..the ad has been approved to run on ABC, AMC, Cooking, CBS, Comcast, DIY, Discovery, ESPN, Food Network, Fox, HGTV, History, Lifetime and The Weather Channel.”

CNN Won’t Run Trump Ad Warning Biden Will Raise Taxes On Middle Class (Hill)

CNN has informed the largest outside group supporting President Trump’s reelection that it will not run one of its new ads, saying the ad is false because it warns Democratic nominee Joe Biden will raise taxes on the middle class and implies that Speaker Nancy Pelosi (D-Calif.) supports socialist policies. The ad, from America First Action (AFA), says Biden “sided with socialists,” while showing pictures of Pelosi and Rep. Alexandria Ocasio-Cortez (D-N.Y.). The narrator of the ad also warns that Biden will “raise taxes on the middle class” and that “his liberal agenda will cost millions of jobs.” America First Action says the ad has been approved to run on ABC, AMC, Cooking, CBS, Comcast, DIY, Discovery, ESPN, Food Network, Fox, HGTV, History, Lifetime and The Weather Channel.

But in an email, an account executive at Warner Media said the clearance team rejected it. “WarnerMedia Commercial Clearance has not accepted America First Action’s advertisement ‘We Are America’ for its networks as the ad does not meet its commercial clearance standards,” the email states. “Specifically, the ad asserts that Biden will raise taxes on the middle class. That claim is not adequately substantiated and has been judged false by independent fact-checkers. The advertisement also mischaracterizes Nancy Pelosi as a socialist.” [..] In a letter to lawyers at Warner Media, an attorney representing AFA accused the media company of censoring normal political speech that is “at the very least a matter worthy of debate.”

“While AFA’s opponents are, of course, permitted to purchase air time to try to rebut AFA’s claims, it is not the job of your network to censor a statement that is factually supported and relates to an important issue in the upcoming election,” wrote Stephen Kenny of Jones Day. “Indeed, every other cable network is currently airing AFA’s ad. If you continue to decline to air the ad, please let us know why the factual support outlined above is insufficient.”

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The New York Times offers anonymous editorial space to complete nobodies these days. Sweet Jesus. Anything to smear Trump.

‘Anonymous’ Anti-Trump Official Revealed As CNN Pundit Miles Taylor (Fox)

The anonymous senior Trump administration official who authored the infamous New York Times op-ed in 2018 declaring to be part of the “resistance” revealed himself on Wednesday to be former Department of Homeland Security chief of staff Miles Taylor. Taylor, who previously came forward as a critic of President Trump and a supporter of Joe Biden in August, explained that he wrote his 2019 book “A Warning” as Anonymous as a “caution to voters that it wasn’t as bad as it looked inside the Trump administration – it was worse.” “While I claim sole authorship of the work, the sentiments expressed within it were widely held among officials at the highest levels of the federal government,” Taylor wrote in a statement published on Medium. “In other words, Trump’s own lieutenants were alarmed by his instability.”

Taylor was hired by CNN as a contributor in September. However, it is now known that he lied to the network by denying authorship of the op-ed during an Aug. 21 interview with his now-colleague Anderson Cooper. “There was an op-ed, there was a book by someone calling themselves ‘Anonymous.’ Are you aware of who that is?” Cooper asked. “I’m not,” Taylor responded. “Look, that was a parlor game that happened in Washington D.C. of a lot of folks trying to think of who that might be. I’ve got my own thoughts about who that might be, but-” “You’re not Anonymous,” Cooper interjected. “I wear a mask for two things, Anderson: Halloweens and pandemics. So, no,” Taylor answered.

[..] According to CNN anchor Jake Tapper, who broke the news on his network on Wednesday afternoon, “We did not know this until today. [..] White House Press Secretary Kayleigh McEnany released a statement knocking Taylor as a “low-level, disgruntled former staffer,” as well as “a liar and a coward who chose anonymity over action and leaking over leading. “He was ineffective and incompetent during his time as DHS Chief of Staff which is why he was promptly fired after only serving in this role for a matter of weeks,” McEnany added. “It is appalling a low-ranking official would be granted anonymity and it is clear the New York Times is doing the bidding of Never-Trumpers and Democrats.”

White House Chief of Staff Mark Meadows also piled on the former Trump official. You have got to be kidding me. Miles Taylor? That’s who the New York Times granted an anonymous editorial article? I’ve seen more exciting reveals in Scooby-Doo episodes. What a monumental embarrassment,” Meadows tweeted.

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“ALICE will never go back to her insecure, low-wage job, ever.”

ALICE Doesn’t Work Here Anymore (CHS)

Meet ALICE: Asset Limited, Income Constrained, Employed, at least she was employed until the pandemic presented impossible choices between taking care of her children and their education, and her aging parents, and keeping her demanding, low-wage job. Though it doesn’t fit in with the cute mythology of “capitalism” that apologists love to promote, ALICE wasn’t working to get ahead–she was working to barely survive in an economy where wages have stagnated for decades and recently lost ground at an alarming rate as costs for everything from rent to childcare to utilities have soared while her hours have been cut.

This is the neofeudalism I’ve often described here: the modern-day equivalent of the landless (i.e. owns no capital) serf is a landless (i.e. owns no capital) debt-serf with student loans, an auto loan and credit card debt and income that is constrained by globalization, financialization and the scarcity of high-paying work that isn’t reserved for insiders and the privileged few who chose their wealthy, well-educated, socially connected parents wisely. Lacking capital and any realistic means of acquiring any, the debt-serf has only labor to sell, and in a globalized world in which everyone selling their labor is competing globally for work producing tradable goods and services, ordinary labor has lost purchasing power for the past 45 years (see charts below).

The dominance of Big Tech monopoly platforms has created new fields for the exploitation of ordinary labor in the low-paid gig economy and fulfillment centers. The traditional neofeudal fiefdoms (retail outlets, hospitality and restaurants) have been hit by the pandemic pullback in consumer spending, and the other low-wage fiefdoms (fast food and domestic service) have been in structural decline for years. Meanwhile, the owners of the Financial Nobility’s fiefdoms and Big Tech monopolies have enjoyed unprecedented gains in income and wealth (see charts below) as wages’ share of the economy has declined for decades, in effect transferring trillions from labor to the Financial Nobility.

This neofeudal arrangement is about to change as Universal Basic Income (UBI) or its equivalent becomes the accepted status quo solution to neofeudalism’s soaring inequality. Since there’s no limit to how much currency can be created by the Federal Reserve, then why not distribute enough “free money” to the serfs to tamp down the brewing revolt? What the political class and the Financial Nobility don’t yet grasp (due to their complete disconnect from neofeudal daily life) is that ALICE will never go back to her insecure, low-wage job, ever. No matter how meager the UBI, permanent unemployment, stimulus or whatever the political class calls the distribution of “Fed free money,” ALICE will find a way to escape the bonds of neofeudal serfdom.

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But can’t create it, or print it. I’m not a fan of using all sorts of different kids of inflation, but in this case the point remains the same.

The Fed MUST Have Inflation (Rickards)

The Fed says that “price stability” is part of their dual mandate and they are committed to maintaining the purchasing power of the dollar. But the Fed has a funny definition of price stability. Common sense says price stability should be zero inflation and zero deflation. A dollar five years from now should have the same purchasing power as a dollar today. Of course, this purchasing power would be “on average,” since some items are always going up or down in price for reasons that have nothing to do with the Fed. And how you construct the price index matters also. It’s an inexact science, but zero inflation seems like the right target. But the Fed target is 2%, not zero. If that sounds low, it’s not. Inflation of 2% cuts the purchasing power of a dollar in half in 35 years and in half again in another 35 years.


That means in an average lifetime of 70 years, 2% will cause the dollar to 75% of its purchasing power! Just 3% inflation will cut the purchasing power of a dollar by almost 90% in the same average lifetime. But for the Fed, there’s a problem: They can’t produce 2% inflation. Inflation depends on consumer psychology. We have not had much consumer price inflation, but we have had huge asset price inflation. The “inflation” is not in consumer prices; it’s in asset prices. The printed money has to go somewhere. Instead of chasing goods, investors have been chasing yield. Inflation would help diminish the real value of the debt, but central banks have obviously proved impotent at generating inflation. Now central banks face the new depression and more deflation with few policy options to fight it.

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” There is not a single case in history where such a recusal of the justice has occurred under this type of flimsy claim.”

Ornstein: Impeach Amy Coney Barrett (Turley)

My column this morning in the Hill discussed a call by columnist and professor Norm Ornstein to impeach Amy Coney Barrett if she does not yield to a demand to recuse herself from any election challenge before the Court. A demand for such recusal was filed yesterday in the Supreme Court. Ornstein’s call for impeachment is the latest unhinged response to Barrett nomination and further decouples our national debate from any sense rationality and restraint. Ornstein declared on Twitter: “If Amy Coney Barrett goes on the Court and immediately votes for PA voter suppression, she should quickly be impeached. Trump asked her openly to act to tilt the scales of the election.”

I have already addressed the recusal calls as entirely baseless. Recusal under these circumstances would create a dangerous precedent for future nominees who are pressured to recuse solely to influence the outcome of pending or expected cases. There is not a single case in history where such a recusal of the justice has occurred under this type of flimsy claim. Barrett has no personal, professional, or financial interest in pending election cases. We have had only one justice ever impeached in our history. That was Samuel Chase in 1804 and he was acquitted by the Senate in 1805.

The Chase case is a telling point of comparison. Like today, the politics of the time were lethal and hysterical. Chase was a highly partisan Federalist who was tainted by the use of the Alien and Sedition Acts to attack political critics during the Administration of John Adams. The impeachment, supported by Thomas Jefferson, was based on Chase’s presiding on controversial trials for figures like James Callender. Despite the Federalist being in the minority in the Senate, the senators overwhelmingly rejected the case against Chase. It remains to be seen if we have a bipartisan majority of senators equally committed to the integrity of the Court and the Constitution today.

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Bellingcat is a dangerous arm of US, UK intelligence. We will see that soon again in the MH17 mess.

Bellingcat Smears OPCW Whistleblower, Journalists With False Letter (Maté)

Bellingcat, the NATO member state-funded website that has participated in a propaganda effort to accuse Syria of a chemical weapons attack in April 2018 and justify the US-led bombing that followed, has published a new falsehood-ridden attack on an OPCW whistleblower whose suppressed findings exposed the pro-war deception. According to Bellingcat, a leak that it has obtained not only “proves that a chemical attack did occur,” in the Syrian city of Douma in April 2018, but also, “shows that any notion of a cover-up at the OPCW is false.” Contrary to Bellingcat’s account, the website has only added a new chapter to the OPCW cover-up scandal by publishing an article beset with multiple demonstrable falsehoods and outlandish or unsupported claims.

It also features a malicious effort to dox and discredit a veteran, highly-regarded OPCW inspector who challenged the censorship of his team’s investigation. The anonymously authored Bellingcat article’s problems begin with its very premise, which turns out to be a blatant falsehood. The article is based on excerpts of a leaked draft letter that, Bellingcat claims, was sent in June 2019 by OPCW Director General Fernando Arias to Brendan Whelan, a member of the OPCW’s Douma team. However, The Grayzone can reveal that the text that Bellingcat published was never actually sent to Whelan. Indeed, the text of the letter featured by Bellingcat was actually an unsent draft that Whelan never received. This fact dismantles the heart of the NATO state-backed website’s argument.

Dr. Whelan, a 16-year OPCW veteran, first challenged the censorship of his team’s investigation in June 2018, weeks after the OPCW team returned from Syria. A series of leaks show that Whelan and the other OPCW inspectors who deployed to Syria found evidence that undermined allegations of a chemical attack in Douma. Yet their data was suppressed, and, when the censorship was challenged, the inspectors were removed from their own investigation. The cover-up coincided with pressure on the OPCW from the U.S. government, which had bombed Syria, along with the UK and France, in April 2018 based on the pretext that the Syrian government was culpable. The OPCW’s final report in March 2019 omitted the suppressed findings and strongly implied Syrian government guilt.

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Well, it’s something.

Greece Has Protected Its Jobs Better Than The Rest Of The EU (K.)

The Greek government’s measures to protect workers from the effects of the pandemic have served as a shield against unemployment, according to the course of the jobless rate in Greece and the rest of the European Union as revealed by Eurostat figures. In the second quarter of the year, when most of the bloc was in lockdown, the share of workers in Greece who lost their job was below 2% of those employed, against over 6.5% in Spain and between 3.5% and 5% in Italy. Across most EU countries, that rate ranged between 2% and 3.5%, according to an experimental study by the bloc’s statistical service.


Greece achieved that thanks to the introduction of contract suspensions and the subsidy of 534 euros per month to each worker furloughed, which is continuing for more than 160,000 recipients. This puts this country among the member-states that proved best at protecting jobs in the April-June period. On Thursday 116,860 workers will receive the special-purpose compensation for September, adding up to €58 million, and another 41,504 will collect a total of €10.6 million through the Syn-Ergasia labor subsidy program.

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“Don’t harsh my mellow, man. I’m doing this for a couple bags of blow and a $20, man. You suck!”

Jack Dorsey Hires Homeless Man To Fill In For Him At Senate Hearings (BBee)

Jack Dorsey was summoned to the Senate’s hearing on Big Tech today, but he was tripping on acid with the spider-monkeys off the southern coast of St. Bart’s, so he quickly called up his office and had his people hire a homeless man hanging out in front of Twitter’s headquarters to fill in for him. The hobo was holding up a sign reading “Will Go to Senate Hearing for Crack,” and Dorsey’s assistants quickly hired him for the hearing. “Yeah, uh, censorship, I like that. That’s good stuff,” said the hobo to the confused panel. “The apocalypse is coming, man. The signs are all around us!”

“Sorry, Mr., uh, Dorsey, we were expecting a professional-looking CEO, but you’re clearly just a hobo off the streets of San Francisco,” said Senator Mike Lee. “Couldn’t you at least have taken a shower before talking to the United States Senate?” “Hey, bro, chill out,” the hobo responded. “Don’t harsh my mellow, man. I’m doing this for a couple bags of blow and a $20, man. You suck!” For his part, Mark Zuckerberg programmed a lookalike android to testify.

Ron Johnson @jack

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May 252018
 


Wassily Kandinsky Moscow Red Square 1916

 

Riskiest Junk Bonds Still Blissful in La-La Land, High-Grade Bonds Bleed (WS)
When Rates Go Up, Stuff Blows Up (Dillian)
Where America’s Debt Slaves Are the Most Vulnerable (WS)
North Korea Says Still Open To Talks After Trump Cancels Summit (R.)
Brilliant Strategy Of Offering North Korea “The Libya Model” Falls Through (CJ)
About $1.2 Billion In Cryptocurrency Stolen Since 2017 (R.)
Zuckerberg Set Up Fraudulent Scheme To ‘Weaponise’ Data, Court Case Alleges (G.)
Facebook Accused Of Conducting Mass Surveillance Through Its Apps (G.)
EU Officials Tear Into UK’s ‘Fantasy’ Brexit Negotiating Strategy (Ind.)
Italy’s Belligerent New Coalition Is Bad News For The EU (Marsili)
Greece’s Post-Bailout Program Contains At Least 20 Milestones For 2018-2022 (K.)
How Rural America Became A Hospital Desert (G.)

 

 

Perhaps not a good time to chase yield?

Riskiest Junk Bonds Still Blissful in La-La Land, High-Grade Bonds Bleed (WS)

High-grade corporate bonds have had a hard time. Yields have surged as prices have fallen. The S&P bond index for AA-rated corporate bonds is down 3.2% so far this year. Losses are concentrated on bonds with maturities of 15 years and over. They’re down 7%, according to Bloomberg. As prices have declined, yields have surged, with the average AA yield now at 3.47%, up from around 2.2% in mid to late-2016:

In the chart above of the ICE BofAML US AA Effective Yield Index, I marked some key events, in terms of the bond yield:
• The election in November 2016, after which the yield spiked.
• In December 2016, the Fed’s second rate hike in this cycle. This was when the Fed got serious and added an increasingly more hawkish – or less dovish – tone. But the market blew it off, yield fell again, and bonds returned to la-la-land.
• In September 2017, the Fed announced details of its QE unwind, and yields began to rise again and then started spiking in late-2017. This was when the bond market got serious.

But at the riskiest end of the spectrum, with corporate bonds rated CCC or below (deep into junk), there is no such pain. In fact, the S&P bond index for CCC rated bonds is up 4.3% so far this year. They’ve had a blistering 82%-run since February 2016, when Wall Street decided that the oil bust was over and plowed new money into junk-rated energy companies. The average yield of bonds rated CCC or lower is now at 9.78%, down from 12.5% in December 2016, when the Fed got serious, and down from 22% during the peak of the oil bust:

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Looking for the third victim.

When Rates Go Up, Stuff Blows Up (Dillian)

When rates go up sharply, stuff blows up, because lots of people are negatively exposed to higher rates. Households, corporates, and governments are all negatively exposed to higher rates, in different degrees. Back in 1994, we found that it was Mexico, Procter & Gamble, and Orange County, California who all suffered because of higher interest rates. Where does the risk live today? We will soon find out. There is a playbook for when interest rates go up. Rising interest rates do not necessarily cause a recession per se, but they are usually found at the scene of the crime. There was no recession in 1994, but the financial world shivered. Today, we have rising rates and a more-hawkish Fed which has shown no signs of letting up.

As usual, emerging markets are puking their guts out. I was in Argentina last week and saw the carnage first-hand. The Argentine peso declined a smooth 20% in a week. Meanwhile, Turkish President Recep Erdogan is calling himself an “enemy of interest rates.” He is an FX trader’s dream. Of course, there are idiosyncratic things going on in Argentina and Turkey, but all EM currencies and stock markets have been getting hit hard. Emerging markets was a consensus pick at the beginning of 2018, so it is making some people look a bit foolish.

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“..the ratio of non-housing consumer debt to disposable income – the burden these consumers carry on the backs in relationship to their incomes – is higher than ever..”

Where America’s Debt Slaves Are the Most Vulnerable (WS)

Many consumers are debt free and have lots of money and good jobs. Other consumers have large amounts of debt, lousy jobs or no jobs, and are paying for groceries by charging them on their credit cards. Credit problems always involve the most vulnerable consumers. During the mortgage crisis, the delinquency rate peaked at 11.5% in 2010. It wasn’t the 60% of homeowners that had significantly payed down their mortgages or owed no money on their homes who triggered that event. It was the financial mayhem among the smaller portion of the most exposed and most vulnerable. For a different view of the burden of debt, let’s look at non-housing consumer debt, because this is where the music is playing right now.

To eliminate for a moment the impact of interest rates, let’s look at the amount of debt – not the monthly payments – as percent of disposable income. And suddenly, the risks emerge a little more clearly. At year-end 2017, the ratio of non-housing debt – revolving credit such as credit card balances, plus auto loans and student loans – to disposable income reached a new record of 26.3%, up from 23% at the end of 2010, and up from 24% in 2007, the peak before it all came apart during the Great Recession:

So the ratio of non-housing consumer debt to disposable income – the burden these consumers carry on the backs in relationship to their incomes – is higher than ever, and only historically low interest rates have kept it manageable. But interest rates are now rising, and many of these consumer debts have variable rates. This explains a phenomenon that is already appearing: How this toxic mix – rising interest rates and record high consumer debt in relationship to disposable income – has now started to bite the most vulnerable consumers once again. And for them, debt service is getting very difficult. In Q1, the delinquency rate on credit card debt at banks other than the largest 100 – so at the 4,788 smaller banks – spiked to 5.9%, higher than at the peak during the Financial Crisis, and the credit-card charge-off rate spiked to 8%.

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They seem more than open.

North Korea Says Still Open To Talks After Trump Cancels Summit (R.)

North Korea responded on Friday with measured tones to U.S. President Donald Trump’s decision to call off a historic summit with leader Kim Jong Un scheduled for next month, saying Pyongyang hoped for a “Trump formula” to resolve the standoff over its nuclear weapons program. On Thursday, Trump wrote a letter to Kim to announce his withdrawal from what would have been the first-ever meeting between a serving U.S. president and a North Korean leader in Singapore on June 12. “Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it would be inappropriate, at this time, to have this long-planned meeting,” Trump wrote.

Trump’s announcement came after repeated threats by North Korea to pull out of the summit over what it saw as confrontational remarks by U.S. officials. Friday’s response by North Korean Vice Foreign Minister Kim Kye Gwan was more conciliatory, specifically praising Trump’s efforts. “We have inwardly highly appreciated President Trump for having made the bold decision, which any other U.S. presidents dared not, and made efforts for such a crucial event as the summit,” Kim said in a statement carried by state media. “We even inwardly hoped that what is called “Trump formula” would help clear both sides of their worries and comply with the requirements of our side and would be a wise way of substantial effect for settling the issue,” he said, without elaborating.

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Caitlin: “..Pence blathered something about it being “a fact”, not a threat, but that is because he is a fake plastic doll manufactured by Raytheon. ..”

Brilliant Strategy Of Offering North Korea “The Libya Model” Falls Through (CJ)

Three days before President Trump announced him as the new National Security Advisor, deranged mutant death walrus John Bolton appeared on Radio Free Asia and said of negotiations with North Korea, “I think we should insist that if this meeting is going to take place, it will be similar to discussions we had with Libya 13 or 14 years ago.” Bolton has been loudly and publicly advocating “the Libya model” with the DPRK ever since. “I think we’re looking at the Libya model of 2003, 2004,” Bolton said on Face the Nation last month, and said the same on Fox News Sunday in case anyone failed to get the message.

Bolton never bothered to refine his message by saying, for example, “Without the part where we betray and invade them and get their leader mutilated to death in the streets.” He just said they’re doing Libya again. This was what John Bolton was saying before he was hired, and this was what John Bolton continued to say after he was hired. This was what John Bolton was hired to do. He was hired to sabotage peace and facilitate death and destruction. That is what he does. That is what he is for. Can openers open cans, John Bolton starts wars. You don’t buy a can opener to rotate your tires, and you don’t hire John Bolton to facilitate peace. It should have surprised no one, then, when the administration saw Bolton’s Libya comments and raised him a canceled peace talk.

“You know, there were some talk about the Libya model last week,” Vice President Pence told Fox News on Saturday. “And you know, as the president made clear, you know, this will only end like the Libya model ended if Kim Jong-un doesn’t make a deal.” “Some people saw that as a threat,” Fox’s Martha MacCallum replied, because there is no other way it could possibly be interpreted. Pence blathered something about it being “a fact”, not a threat, but that is because he is a fake plastic doll manufactured by Raytheon.

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The comments here on GDPR are at least as interesting.

About $1.2 Billion In Cryptocurrency Stolen Since 2017 (R.)

Criminals have stolen about $1.2 billion in cryptocurrencies since the beginning of 2017, as bitcoin’s popularity and the emergence of more than 1,500 digital tokens have put the spotlight on the unregulated sector, according to estimates from the Anti-Phishing Working Group released on Thursday. The estimates were part of the non-profit group’s research on cryptocurrency and include reported and unreported theft. “One problem that we’re seeing in addition to the criminal activity like drug trafficking and money laundering using cryptocurrencies is the theft of these tokens by bad guys,” Dave Jevans, chief executive officer of cryptocurrency security firm CipherTrace, told Reuters in an interview. Jevans is also chairman of APWG.

Of the $1.2 billion, Jevans estimates that only about 20 percent or less has been recovered, noting that global law enforcement agencies have their hands full tracking down these criminals. Their investigations of criminal activity will likely take a step back with the European Union’s new General Data Protection Regulation, which takes effect on Friday. “GDPR will negatively impact the overall security of the internet and will also inadvertently aid cybercriminals,” said Jevans. “By restricting access to critical information, the new law will significantly hinder investigations into cybercrime, cryptocurrency theft, phishing, ransomware, malware, fraud and crypto-jacking,” he added.

GDPR, which passed in 2016, aims to simplify and consolidate rules that companies need to follow in order to protect their data and to return control of personal information to EU citizens and residents. The implementation of GDPR means that most European domain data in WHOIS, the internet’s database of record, will no longer be published publicly after May 25. WHOIS contains the names, addresses and email addresses of those who register domain names for websites.

WHOIS data is a fundamental resource for investigators and law enforcement officials who work to prevent thefts, Jevans said. He noted that WHOIS data is crucial in performing investigations that allow for the recovery of stolen funds, identifying the persons involved and providing vital information for law enforcement to arrest and prosecute criminals. “So what we’re going to see is that not only the European market goes dark for all of us; so all the bad guys will flow to Europe because you can actually access the world from Europe and there’s no way you can get the data anymore,” Jevans said.

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Facebook makes contradictory claims: First, it says it’s a neutral platform. But then it also wants full freedom to edit.

Interesting court case: the claim is Facebook stiffed 40,000 (!) companies. Reason why? It completely missed the shift to smartphones, and its ads were not ready for that at all.

Zuckerberg Set Up Fraudulent Scheme To ‘Weaponise’ Data, Court Case Alleges (G.)

Mark Zuckerberg faces allegations that he developed a “malicious and fraudulent scheme” to exploit vast amounts of private data to earn Facebook billions and force rivals out of business. A company suing Facebook in a California court claims the social network’s chief executive “weaponised” the ability to access data from any user’s network of friends – the feature at the heart of the Cambridge Analytica scandal.A legal motion filed last week in the superior court of San Mateo draws upon extensive confidential emails and messages between Facebook senior executives including Mark Zuckerberg. He is named individually in the case and, it is claimed, had personal oversight of the scheme.

Facebook rejects all claims, and has made a motion to have the case dismissed using a free speech defence. It claims the first amendment protects its right to make “editorial decisions” as it sees fit. Zuckerberg and other senior executives have asserted that Facebook is a platform not a publisher, most recently in testimony to Congress. Heather Whitney, a legal scholar who has written about social media companies for the Knight First Amendment Institute at Columbia University, said, in her opinion, this exposed a potential tension for Facebook. “Facebook’s claims in court that it is an editor for first amendment purposes and thus free to censor and alter the content available on its site is in tension with their, especially recent, claims before the public and US Congress to be neutral platforms.”

The company that has filed the case, a former startup called Six4Three, is now trying to stop Facebook from having the case thrown out and has submitted legal arguments that draw on thousands of emails, the details of which are currently redacted. Facebook has until next Tuesday to file a motion requesting that the evidence remains sealed, otherwise the documents will be made public.

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Somewhat oddly similar to the article above, also Guardian. Facebook is up against people who actually DO understand the field.

Facebook Accused Of Conducting Mass Surveillance Through Its Apps (G.)

Facebook used its apps to gather information about users and their friends, including some who had not signed up to the social network, reading their text messages, tracking their locations and accessing photos on their phones, a court case in California alleges. The claims of what would amount to mass surveillance are part of a lawsuit brought against the company by the former startup Six4Three, listed in legal documents filed at the superior court in San Mateo as part of a court case that has been ongoing for more than two years. A Facebook spokesperson said that Six4Three’s “claims have no merit, and we will continue to defend ourselves vigorously”. Facebook did not directly respond to questions about surveillance.

Documents filed in the court last week draw upon extensive confidential emails and messages between Facebook senior executives, which are currently sealed. Facebook has deployed a feature of California law, designed to protect freedom of speech, to argue that the case should be dismissed. Six4Three is opposing that motion. The allegations about surveillance appear in a January filing, the fifth amended complaint made by Six4Three. It alleges that Facebook used a range of methods, some adapted to the different phones that users carried, to collect information it could use for commercial purposes.

“Facebook continued to explore and implement ways to track users’ location, to track and read their texts, to access and record their microphones on their phones, to track and monitor their usage of competitive apps on their phones, and to track and monitor their calls,” one court document says.

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All over the place.

EU Officials Tear Into UK’s ‘Fantasy’ Brexit Negotiating Strategy (Ind.)

Brexit negotiations have begun to dramatically sour after months of deadlock, with exasperated EU officials tearing into Britain’s “fantasy” negotiating strategy and warning that Theresa May’s latest customs plan would ruin any chance of progress. This week’s latest meetings are understood to have produced no progress on the core issues of the Northern Ireland border and customs, with last year’s business-like start to discussions having given way to bitter behind-the-scenes briefings. One senior EU official said the UK still lacked negotiating positions on a wide variety of issues and that in others it was “chasing the fantasy of denying the consequences of Brexit in a given policy area” – while a UK government source accused Brussels of trying to “insult” the British negotiating team.

Another Brussels official close to talks told The Independent they had been warned internally that there would probably be no progress by the June meeting of the European Council – which would throw off the timetable and raise the risk of a disastrous “no deal”. News that Theresa May wants to align the whole UK with the customs union and single market on a time-limited basis until 2023 as a backstop to solve the Irish border issue was particularly poorly received in Brussels. The Prime Minister is due to actually announce the new policy in the comings weeks, but people familiar with the talks confirmed it had already been raised by UK negotiators. The European Commission’s negotiators have already rejected the plan before its public announcement

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Then agan, Tsipras folded too…

Italy’s Belligerent New Coalition Is Bad News For The EU (Marsili)

As Giuseppe Conte is asked to form Italy’s next government, I walk out of a screening of Loro, the controversial portrayal of Silvio Berlusconi by Oscar-winning director Paolo Sorrentino. With images of drug-fuelled sex parties still in my mind, the uproar that accompanies the announcement about Conte appears odd. Italy has endured more than 30 years of dreadful governments. For much of the last two decades the country was led by a convicted tax fraudster. Before that, it was led by Bettino Craxi, a politician so corrupt that he ended his days as a fugitive in Tunisia. Why worry now? Part of the answer lies in the outsider nature of the new governing parties. Italian elites have traditionally been very adept at assimilating political newcomers.

Who, in turn, have been willingly co-opted by the system. But the new coalition of the Five Star Movement and far-right League appears peculiarly unconnected to Italy’s high establishment: the risk of loss of influence is real enough. Previous governments were quick to guarantee policy continuity, maintaining a neoliberal economic stance, overall respect for EU obligations, and a US-aligned foreign policy. The coalition promises to break away from this consensus, ushering in an era of fiscal expansion, resentment at Italy’s eurozone membership and closer ties to Russia. The key question now is: will the new government abandon its fiery stance or stick to it? Both alternatives are unfortunately dreadful.

The capitulation scenario is a familiar one. Just like Alexis Tsipras, who turned into a reliable implementer of austerity measures in Greece, so Conte’s government might decide to set aside its promises. The gulf is wide: the coalition programme contains at least €60bn of additional yearly expenses, or 3.5% of Italy’s GDP, while the EU is demanding a 0.6% deficit reduction for 2018. A bargain might look strikingly similar to what Matteo Renzi has achieved in recent years: a moderate loosening of deficit targets allowing for an insignificant fiscal expansion. In other words: business as usual.

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Cuts, cuts, cuts, taxes and sell-offs.

Greece’s Post-Bailout Program Contains At Least 20 Milestones For 2018-2022 (K.)

The sweeping agreement for the conclusion of the fourth bailout review, publicized early on Thursday by the European Commission, contains binding commitments for Greece until 2022. It more or less constitutes an extension to the bailout agreement for another four years, but without the inflow of money, while rendering the coalition government’s rhetoric regarding a “clean exit” and its so-called “holistic plan for growth” irrelevant. The text uploaded by the Commission on its website leaves open the possibility for the income tax discount reduction to be brought forward by 12 months to January 2019, and provides for the monitoring of the deal’s implementation in the context of the enhanced surveillance to be agreed in the next Eurogroup meeting on June 21.

Besides the almost 90 milestones that need to be implemented in the next three weeks for the completion of the program, the government is undertaking at least 20 post-program obligations to be applied by 2022. The post-program milestones start from the fiscal side: Apart from the well-known primary budget surplus of 3.5% of GDP, the adjusted bailout agreement calls for additional interventions should any court decisions annul any austerity measures in place.

The text also contains the reduction of pensions from 2019 to save 1% of GDP, the full abolition of the EKAS benefit for people on low pensions, the completion of the National Cadaster by June 2021, the implementation of privatizations such as the gas network operator (DESFA), the 17% stake in PPC, and the Elliniko development, among others, and ceilings on civil servant employment and salaries by 2022. The document further refers to the need to improve labor mediation to avert recourse to arbitration, the completion of the process for hiring general and special secretaries for ministries, and the immediate transfer of railway property company GAIAOSE and the company managing the Olympic Sports Center of Athens to the privatizations hyperfund.

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Don’t let accountants run your health care.

How Rural America Became A Hospital Desert (G.)

It makes sense to sell this old place now, but he can’t bring himself to leave her ashes. Barry Gibbs lives alone in a single-story home among the loblollies of Hyde County in eastern North Carolina. The army veteran collects a small disability check after he tore tendons in his shoulder during a fall at his maintenance job at the local school. He winces every time he stands up. He’s 64 years old and the closest hospital is more than an hour away, a distance he came to understand too damn well on the day she needed help. Their wedding portrait still hangs on the living room wall. It’s one of those 1980s shots with the laser beam backgrounds, her hair big and his mustache combed, his hand on her shoulder.

The interior of the house is almost as she left it four years ago: white oak floors, paintings of black bears, family Christmas photos on end tables. Outside along the driveway, a line of cypress trees shades a headstone that marks where Barry cut a ditch and spread Portia’s ashes, right where she asked to be. Everybody called her Po. She was picking up sticks from the yard on 7 July 2014, five days shy of her 49th birthday, when she felt a sharp pain in her chest. Six days earlier, their community hospital had closed. Pungo district hospital was 47 miles west of their house, in Belhaven, and had served the county since 1949, back when crab-picking plants and lumber mills kept these small waterfront communities working.

If you’re an accountant, hospitals are only as good as the number of paying patients. Belhaven’s population is about half what it was then. And Hyde county is now the fifth-sparsest county on the east coast, with nine people per square mile. This spongy stretch of North Carolina’s inner banks represents the suffering side of a modern migration pattern in which southern cities are flourishing, but rural areas are shrinking and losing healthcare options. Since 2010, 53 rural hospitals have closed in 11 southern states, compared with 30 in the other 39 states.

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Apr 112018
 


Jan van Eyck The Last Judgement (detail) 1430

 

Hussman’s Script For A 60% Tumble In The Stock Market (MW)
World Trade System In Danger Of Being Torn Apart – Lagarde (G.)
Eurocontrol Warns Airlines Of Possible Missile Strikes Into Syria (R.)
Russian Envoy: Any US Missiles Fired At Syria Will Be Shot Down (R.)
We All Need To Unite Against War In Syria (CJ)
Zuckerberg Deflects Senators’ Questions, Gets $3 Billion For The Effort (MW)
Ban Targeted Advertising (Dayen)
EU Top Court Backs France Ban Of Uber (AFP)
Barclays Says Bitcoin Behaves Like An Infectious Disease (BBG)
The Failures of Anti-Trumpism (NYT)
Save the Children Faces Formal Investigation Over Staff Misconduct (G.)
Greece at Bottom of Eurozone Growth Rate (GR)
More Than Half Your Body Is Not Human (BBC)

 

 

“Investment is about valuation. Speculation is about psychology,” Hussman said. “Both factors are unfavorable here.”

Hussman’s Script For A 60% Tumble In The Stock Market (MW)

Enjoy days like this while they last, warns longtime bear John Hussman, because the volatility we’re seeing on the Dow and the S&P 500 only serves to reinforce his pessimistic view that the stock market is careening toward a painful drop of at least 60% and a decade or more of zero to negative returns. “We’re observing the very early effects of risk-aversion in a hypervalued market,” the Hussman Trust president wrote in his latest missive. “To some extent, the actual news events are irrelevant. I certainly wouldn’t gauge market risk by monitoring the day-to-day news on potential tariffs or even prospects for rate changes by the Fed.”

For those of you feeling a bit queasy because of what Hussman describes as the “rather minimal level of volatility” we’ve seen lately, it’s time to make some changes and rebalance your portfolio with some hedges, or at least lighten up by adding cash. “But do so knowing one thing in advance: you will experience regret,” he says. “If the market advances after you rebalance, you’ll regret having sold anything. If the market declines after you rebalance, you’ll regret not having sold more.”

The driving factor he frequently cites for the top-heavy market is that the Fed’s quantitative easing has inflated valuations to unsustainable levels, and as the free money goes away, the bottom will fall out, leaving a trail of blown-up investors in its wake. “Investment is about valuation. Speculation is about psychology,” Hussman said. “Both factors are unfavorable here.” He used this chart or the median price/revenue ratio of S&P components to show just how overvalued stocks are at this point, even after the recent tumble:

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Because the trade system benefits everyone, right?

World Trade System In Danger Of Being Torn Apart – Lagarde (G.)

The head of the IMF has warned of “darker clouds looming” for the global economy amid simmering trade tensions between the US and China, urging governments around the world to steer clear of protectionism or face negative consequences. Christine Lagarde said the current system for world trade was “in danger of being torn apart”, with the potential to upset the present global economic upswing and make consumers poorer. Speaking in Hong Kong amid signs the standoff could be abating, Lagarde said it would be an “inexcusable, collective policy failure” for world trade to break down with nations erecting punitive tariff systems against their rivals. “Let us redouble our efforts to reduce trade barriers and resolve disagreements without using exceptional measures,” she said.

[..] Using language that could be interpreted as a veiled attack on Trump in the speech ahead of the meeting, Lagarde said nations could make domestic policy changes to address trade imbalances and use international forums to settle disputes. “We can all do more – but we cannot do it alone,” she said. “Unfair trade practices have little impact on a country’s overall trade deficit with the rest of the world. That imbalance is driven by the fact that a country spends above its income.” Identifying the US as an example of a nation that could benefit from reforms, she said Washington could help tackle its trade imbalances by gradually curbing public spending and by increasing revenue, which she said would help reduce future fiscal deficits.

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Jamming.

Eurocontrol Warns Airlines Of Possible Missile Strikes Into Syria (R.)

Pan-European air traffic control agency Eurocontrol on Tuesday warned airlines to exercise caution in the eastern Mediterranean due to the possible launch of air strikes into Syria in next 72 hours. Eurocontrol said that air-to-ground and/or cruise missiles could be used within that period and there was a possibility of intermittent disruption of radio navigation equipment. U.S. President Donald Trump and Western allies are discussing possible military action to punish Syria’s President Bashar Assad for a suspected poison gas attack on Saturday on a rebel-held town that long had held out against government forces.

Trump on Tuesday canceled a planned trip to Latin America later this week to focus instead on responding to the Syria incident, the White House said. Trump had on Monday warned of a quick, forceful response once responsibility for the Syria attack was established. The Eurocontrol warning on its website did not specify the origin of any potential missile threat. “Due to the possible launch of air strikes into Syria with air-to-ground and/or cruise missiles within the next 72 hours, and the possibility of intermittent disruption of radio navigation equipment, due consideration needs to be taken when planning flight operations in the Eastern Mediterranean/Nicosia FIR area,” it said, referring to the designated airspace.

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Clear as that.

Russian Envoy: Any US Missiles Fired At Syria Will Be Shot Down (R.)

Russia’s ambassador to Lebanon said any U.S. missiles fired at Syria would be shot down and the launch sites targeted, a step that could trigger a major escalation in the Syrian war. Russian Ambassador Alexander Zasypkin, in comments broadcast on Tuesday evening, said he was referring to a statement by Russian President Vladimir Putin and the Russian armed forces chief of staff. The Russian military said on March 13 that it would respond to any U.S. strike on Syria, targeting any missiles and launchers involved in such an attack. Russia is Syrian President Bashar al-Assad’s most powerful ally.

The United States and its allies are considering whether to hit Syria over a suspected poison gas attack that medical relief organizations say killed dozens of people in the rebel-held town of Douma near Damascus on Saturday. “If there is a strike by the Americans, then…the missiles will be downed and even the sources from which the missiles were fired,” Zasypkin told Hezbollah’s al-Manar TV, speaking in Arabic. He also said a clash “should be ruled out and therefore we are ready to hold negotiations”.

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Yes, we do. But it’s very late in the game.

We All Need To Unite Against War In Syria (CJ)

Last night Fox’s Tucker Carlson did what may have been the most amazing thing that has ever happened on American television. As the drums of war beat louder than they have in years, Carlson stared right into the camera and did the exact opposite of what every mainstream US pundit is doing right now: he told the truth. He told the truth about Syria. He told the truth about Yemen. He told the truth about the alleged chemical weapons attack in Douma. He told the truth about the bipartisan war machine which drops all pretense of opposition the instant it’s time for bloodshed. He told the truth about what war is, what it costs, and what it does to our world.

He stood in stark, unequivocal opposition to the trajectory the Trump administration appears to be moving along. And he did it on Fox News. I have a deep and abiding hatred in my heart for Fox News and all things Murdoch. I will never forget nor forgive the key role the Murdoch press played in deceiving our world into the unimaginable evil that was the Iraq invasion. But if I’d held a reflexive rejection of anything with the Fox News logo in the corner, I never would have seen Carlson’s epic monologue, never would have shared it with my social media following, never would have embedded it in this article, and this bright flash of truth would have been diminished by that much in the impact it was able to have on public consciousness.

And I know that there are many leftists who declined to help spread awareness of that Carlson monologue based solely on the fact that he’s a conservative pundit on a conservative network who has said things they disagree with in the past. This is stupid. We should be able to throw any weapon at all at the war machine, not fight with one hand tied behind our backs just because we don’t like conservatives.

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It was even worse than imagined.

Zuckerberg Deflects Senators’ Questions, Gets $3 Billion For The Effort (MW)

Mark Zuckerberg has come far since the early days of Facebook, and that growth was extremely apparent in how deftly the chief executive dealt with several hours of inscrutable questioning by U.S. senators Tuesday over the social network’s role in presidential election-meddling and the Cambridge Analytica data scandal. Wearing a conservative suit and light blue tie, an outfit he would rarely wear in Silicon Valley, Zuckerberg sat ramrod straight in his witness chair for most of the many hours of questions. He responded to each questioner by first addressing them as senator or chair. He looked earnest and serious for almost every question, even during some of the laughable questions from some of the less tech-savvy members of the Senate, such as the one by Sen. Orrin Hatch, who asked how Facebook makes money if it doesn’t charge users anything.

“Senator, we run ads,” Zuckerberg said with a smile. That calm response was in marked contrast to when Zuckerberg faced another type of grilling, at the All Things D conference in 2010, when he gave vague and rambling answers about Facebook’s changes to its privacy controls at the time, and had to take off his famous hoodie while wiping sweat from his face under the lights on stage. Part of his preparedness for the Senate hearing, where he managed to repeat several core phrases that the company has been perpetuating in the media, came as a result of Facebook’s information bombardment over the past month.

Some of the company’s obvious talking points have been repeated throughout the past weeks, such as how sorry Zuckerberg is, how much control Facebook users actually do have over their own data, how Facebook is trying to build a positive community and constant reminders of how the company started in a Harvard University dorm when he was 19. According to the New York Times, Facebook hired a team of experts to give Zuckerberg — who can be combative and defensive — a crash course in humility and charm ahead of the hearing in sessions that included mock hearings with its communications team and outside advisers. That preparation paid off: After the first two hours of questions were nearing an end and there was a call for a potential break, Zuckerberg took a sip of water and said he could keep going for a bit longer.

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Exactly. Stop that and all the Facebok nonsense stops. But those in power don’t want it to stop.

Ban Targeted Advertising (Dayen)

For the first 35 years of my life, like most Americans, I was exposed to lots of advertising. I absorbed billboards and print ads and direct mailers and television commercials and radio jingles. I learned about available products and services, and chose which ones I wanted. Some businesses I patronized survived and others didn’t. The economy mostly proceeded apace. Then, over the last decade, this form of marketing became seen as insufficient—or rather, the rise of digital media made a more invasive form of marketing too irresistible. Instead of having to cast a wide net in searching for potential customers, advertisers now could know every intimate detail about those customers beforehand.

They began targeting people geographically and behaviorally, based on common interests or things they liked in social media or what they wrote in emails to friends. The surveillance economy was born. The surveillance economy should die. This manner of advertising doesn’t serve the public and it’s not even clear it serves advertisers. It facilitates monopoly, as those with the biggest data troves receive all the ad dollars. That centralizes the potential for and magnitude of abuse, with Big Data used to discriminate against groups, steer vulnerable people to financial scams, and meddle in U.S. elections.

Cambridge Analytica’s scraping of 87 million user profiles through a simple personality quiz, and then weaponizing that information on behalf of Donald Trump’s presidential campaign, revealed how information on social media is inherently insecure. Now Facebook CEO Mark Zuckerberg is appearing before Congress on Tuesday to explain how this won’t happen again. But instead of leaving regulation to Facebook, or devising one Rube Goldberg scenario after another to try to protect consumer data, the U.S. can take one simple, legal step to roll back this dystopian nightmare: ban targeted advertising.

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App or transport?

EU Top Court Backs France Ban Of Uber (AFP)

The EU’s top court on Tuesday backed the right of member states like France to ban a service by ridesharing firm Uber without notifying Brussels, in a fresh setback to the US giant. The European Court of Justice ruled in favour of France’s ban of the UberPop service, which links amateur drivers with customers, comparing it to a December decision backing traditional taxi firms in the Spanish city of Barcelona. “Member States may prohibit and punish, as a matter of criminal law, the illegal exercise of transport activities in the context of the UberPop service, without notifying the Commission in advance,” the European Court of Justice ruled. [..]

Uber France is facing criminal proceedings in a court in the northern French city of Lille for its UberPop service. It argues that member states like France were required to notify the European Commission about the criminal legislation under which the case was brought because it concerned a technical regulation of an information society service. But the court of justice said the French case resembled one it ruled on in December when it classified Uber as an ordinary transportation company instead of an app and should be regulated as such. “In the Court’s view, the UberPop service offered in France is essentially identical to the service provided in Spain,” the court of justice statement said.

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True or not, a nice angle.

Barclays Says Bitcoin Behaves Like An Infectious Disease (BBG)

Is the rise of Bitcoin analogous to the spread of an infectious disease? Analysts at Barclays saw enough similarities to develop a pricing model for the cryptocurrency that takes its cues from the world of epidemiology. Their diagnosis: Bitcoin has probably peaked. The Barclays model divides the pool of potential Bitcoin investors into three groups: susceptible, infected and immune. It assumes that as prices rise, “infections” spread by word-of-mouth (nobody likes missing out when their friends and colleagues are getting rich). Barclays analysts led by Joseph Abate in New York explained the rest in a note to clients on Tuesday:

“As more of the population become asset holders, the share of the population available to become new buyers – the potential ‘host’ population – falls, while the share of the population that are potential sellers (‘recoveries’) increases. Eventually, this leads to a plateauing of prices, and progressively, as random shocks to the larger supply population push up the ratio of sellers to buyers, prices begin to fall. That induces speculative selling pressure as price declines are projected forward exponentially.” A similar dynamic plays out with infectious diseases when the so-called immunity threshold is reached, “the point at which a sufficient portion of the population becomes immune such that there are no more secondary infections,” the analysts wrote.

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Does David Brooks realize that anti-Trumpism, of which he’s a proud supporter, is what won Da Doland da election?

The Failures of Anti-Trumpism (NYT)

Over the past year, those of us in the anti-Trump camp have churned out billions of words critiquing the president. The point of this work is to expose the harm President Trump is doing, weaken his support and prevent him from doing worse. And by that standard, the anti-Trump movement is a failure. We have persuaded no one. Trump’s approval rating is around 40%, which is basically unchanged from where it’s been all along. We have not hindered him. Trump has more power than he did a year ago, not less. With more mainstream figures like H. R. McMaster, Rex Tillerson and Gary Cohn gone, the administration is growing more nationalist, not less. We have not dislodged him.

For all the hype, the Mueller investigation looks less and less likely to fundamentally alter the course of the administration. We have not contained him. Trump’s takeover of the Republican Party is complete. 89% of Republicans now have a positive impression of the man. According to an NBC News/Wall Street Journal poll, 59% of Republicans consider themselves more a supporter of Trump than of the Republican Party. On trade, immigration, entitlement reform, spending, foreign policy, race relations and personal morality, this is Trump’s party, not Reagan’s or anyone else’s. A lot of us never-Trumpers assumed momentum would be on our side as his scandals and incompetences mounted. It hasn’t turned out that way.

I almost never meet a Trump supporter who has become disillusioned. I often meet Republicans who were once ambivalent but who have now joined the Trump train. National Review was once staunchly anti-Trump, and many of its writers remain so, but, tellingly, N.R. editor Rich Lowry just had a column in Politico called “The Never Trump Delusion” arguing that Trump is not that big a departure from the Republican mainstream. The surest evidence of Trump’s dominance is on the campaign trail. As The Times’s Jonathan Martin reported, many Republicans, including Ted Cruz, are making the argument that if Democrats take over Congress, they will impeach the president. In other words, far from ignoring Trump, these Republicans are making defending him the center of their campaigns.

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Et tu, Brute?

Save the Children Faces Formal Investigation Over Staff Misconduct (G.)

Save the Children, the global charity mired in allegations that it failed to investigate sexual abuse and inappropriate behaviour by staff, is to be formally investigated by the Charity Commission. In a statement announcing a statutory inquiry, the commission said it had been prompted by “concerns about the charity’s handling, reporting and response to serious allegations of misconduct and harassment against senior staff members in 2012 and 2015”. The commission describes a statutory inquiry as its “most serious form of engagement” with a charity.

The news, announced on Tuesday night, will be another blow for the charity two months after it emerged that both Justin Forsyth, its former chief executive, and Brendan Cox, the former policy director and widower of the MP Jo Cox, left the charity in 2015 following allegations of misconduct. The two men knew each other from their years working for Gordon Brown and the Labour party. After he left Save the Children, Forsyth went on to a senior role at Unicef. He resigned in February after the reports of inappropriate behaviour emerged. Cox also resigned from the charities More in Common and the Jo Cox Foundation, set up in the aftermath of his wife’s murder.

The commission, which itself has been criticised for failing to follow up allegations involving the charities it polices, has been working with Save the Children since the facts about Forsyth and Cox emerged in the wake of the scandal involving Oxfam workers in Haiti. Save the Children is already reviewing its workplace culture and the implementation of recommendations made by a previous review. But the Charity Commission said its recent work with it, and new information from other sources that has recently come into the regulator’s possession, meant that the commission wanted to make further inquiries.

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It’s crazy to think the Greek economy is growing.

Greece at Bottom of Eurozone Growth Rate (GR)

Greece’s growth was the lowest among eurozone countries for 2017, with a GDP rise of just 1.4% while the eurozone average was 2.3%, according to European Central Bank figures. The ECB annual report released on Monday showed Ireland at the top of the growth chart among eurozone member states with a 5% GDP increase. Overall, 2017 was a year of growth for the whole of the single-currency bloc. According to the report, the main reason Greece fared so low in 2017 was that it showed only 0.1% growth in private consumption, compared to an average 1.6% increase in the rest of eurozone states.

At the same time, Greece showed a 1.1% decline in government spending, while the average in the euro area was a 1.2% increase. In terms of per capita GDP at current prices and adjusted for the cost of living, Greeks have an average annual income of €19,900 ($24,527) compared to €54,600 for each Irish citizen. In Portugal, average income amounted to €23,100, compared to €18,100 before the economic crisis. In Cyprus, the average income was €24,600 compared to €29,900 before the crisis. The “before the economic crisis” figures refer to the 1999-2008 period. On average in the euro area, per capita GDP stood at €31,700 according to the latest figures (2016), compared to €24,400 before the crisis.

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Bugs as drugs. “Originally it was thought our cells were outnumbered 10 to one.”

Well, our genes are outnumbered 1000 to 1.

More Than Half Your Body Is Not Human (BBC)

More than half of your body is not human, say scientists. Human cells make up only 43% of the body’s total cell count. The rest are microscopic colonists. Understanding this hidden half of ourselves – our microbiome – is rapidly transforming understanding of diseases from allergy to Parkinson’s. The field is even asking questions of what it means to be “human” and is leading to new innovative treatments as a result. “They are essential to your health,” says Prof Ruth Ley, the director of the department of microbiome science at the Max Planck Institute, “your body isn’t just you”. No matter how well you wash, nearly every nook and cranny of your body is covered in microscopic creatures.

This includes bacteria, viruses, fungi and archaea (organisms originally misclassified as bacteria). The greatest concentration of this microscopic life is in the dark murky depths of our oxygen-deprived bowels. Prof Rob Knight, from University of California San Diego, told the BBC: “You’re more microbe than you are human.” Originally it was thought our cells were outnumbered 10 to one. “That’s been refined much closer to one-to-one, so the current estimate is you’re about 43% human if you’re counting up all the cells,” he says. But genetically we’re even more outgunned. The human genome – the full set of genetic instructions for a human being – is made up of 20,000 instructions called genes. But add all the genes in our microbiome together and the figure comes out between two and 20 million microbial genes.

[..] Antibiotics and vaccines have been the weapons unleashed against the likes of smallpox, Mycobacterium tuberculosis or MRSA. That’s been a good thing and has saved large numbers of lives. But some researchers are concerned that our assault on the bad guys has done untold damage to our “good bacteria”. Prof Ley told me: “We have over the past 50 years done a terrific job of eliminating infectious disease. “But we have seen an enormous and terrifying increase in autoimmune disease and in allergy. “Where work on the microbiome comes in is seeing how changes in the microbiome, that happened as a result of the success we’ve had fighting pathogens, have now contributed to a whole new set of diseases that we have to deal with.”

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Mar 282018
 


Edvard Munch Spring in Johan Karl Street 1944

 

Steen Jakobsen Fears 30% Market Correction With Consumer ‘Maxed Out’ (CNBC)
China Says Kim Jong Un Agrees To Denuclearize Korean Peninsula (R.)
All The Personal Data That Facebook/Google Collect (Curran)
Mark Zuckerberg Agrees To Testify Before Congress Over Data Scandal (G.)
37 State Attorneys General Demand Answers From Zuckerberg (ZH)
Zuckerberg’s Refusal To Testify Before UK MPs ‘Absolutely Astonishing’ (G.)
Jimmy Carter: Trump Hiring Bolton ‘A Disaster For Our Country’ (USAT)
Brexit Referendum Won Through Fraud – Whistleblower (G.)
Austria Draws Scorn for Sitting Out Russian Diplomat Expulsions (BBG)
160 Countries Want To See Proof In Skripal Case – Russia’s UK Embassy (RT)
Tesla Just Months From A Total Collapse – Hedge Fund (MW)
The Missing Economic Measure: Wealth, not GDP (OWiD)

 

 

Goldilocks and Frankenstein.

Steen Jakobsen Fears 30% Market Correction With Consumer ‘Maxed Out’ (CNBC)

Stock markets could see a hefty fall in the coming months due to a slew of trends that point to a downturn in the global economy, one economist told CNBC. Steen Jakobsen, the often-bearish chief economist at Danish investment house Saxo Bank, cited several factors including growing credit loans, a widening fiscal deficit in the U.S., doubts over infrastructure spending plans and a potential trade war. “All the data we’ve seen over the last few weeks has basically been that the consumer is maxed out, we’ve seen that in credit card loans as well, so I think the consumer is done spending the money,” he told CNBC Tuesday. New data Tuesday showed that U.S. consumer confidence declined in March, falling below expectations and breaking a two month streak of gains.

“I think overall we have been pricing in for Goldilocks and we are closer to Frankenstein to be honest,” he said. He added that in a scenario of a potential sudden economic recession, he sees a possible market correction of between 25 and 30%. Jakobsen highlighted a “Goldilocks” scenario that he feels traders are mistakenly pricing in to markets, where fresh economic data are either not too hot or not too cold. Overall, the global economy is currently experiencing lower levels of unemployment and higher growth. Looking at 2018 in particular, many analysts hoped for strong global growth on the back of higher inflation and higher investment, but according to Jakobsen, these drivers “aren’t actually materializing.”

Instead, Jakobsen made a reference to the novel “Frankenstein,” arguing that the economy had been skewed by central bankers, who have injected trillions of dollars into the global economy to boost growth and investment. The first quarter of 2018 “started at more than 5% expected GDP; we are now significantly less than 2% for the (first quarter) expected, so I don’t really see things happening in the growth area,” Jacobsen added. “We’ve been at 2% exactly since the financial crisis, I don’t think we’re going to deviate from that,” he said.

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Again, he says it’s what his father and grandfather wanted. Perfect way to save face.

China Says Kim Jong Un Agrees To Denuclearize Korean Peninsula (R.)

China said on Wednesday it won a pledge from North Korean leader Kim Jong Un to denuclearize the Korean peninsula during a meeting with President Xi Jinping, who pledged in return that China would uphold its friendship with its isolated neighbor. After two days of speculation, China announced on Wednesday that Kim had visited Beijing and met Xi during what the official Xinhua news agency called an unofficial visit from Sunday to Wednesday. The trip was Kim’s first known journey abroad since he assumed power in 2011 and is believed by analysts to serve as preparation for upcoming summits with South Korea and the United States.

Beijing has traditionally been the closest ally of secretive North Korea, but ties have been frayed by North Korea’s pursuit of nuclear weapons and China’s backing of tough U.N. sanctions in response. Xinhua cited Kim as telling Xi that the situation on the Korean peninsula is starting to improve because North Korea has taken the initiative to ease tensions and put forward proposals for peace talks. “It is our consistent stand to be committed to denuclearisation on the peninsula, in accordance with the will of late President Kim Il Sung and late General Secretary Kim Jong Il,” Kim Jong Un said, according to Xinhua. North Korea is willing to talk with the United States and hold a summit between the two countries, he said.

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Zero Hedge with the entire Twitter thread by Dylan Curran. Does that wake you up?

All The Personal Data That Facebook/Google Collect (Curran)

The Cambridge Analytica scandal was never really about Cambridge Analytica. As we’ve pointed out, neither Facebook nor Cambridge Analytica have been accused of doing anything explicitly illegal (though one could be forgiven for believing they had, based on the number of lawsuits and official investigations that have been announced). Instead, the backlash to these revelations – which has been justifiably focused on Facebook – is so severe because the public has been forced to confront for the first time something that many had previously written off as an immutable certainty: That Facebook, Google and the rest of the tech behemoths store reams of personal data, essentially logging everything we do.

In response to demands for more transparency surrounding user data, Facebook and Google are offering users the option to view all of the metadata that Google and Facebook collect. And as Twitter user Dylan Curran pointed out in a comprehensive twitter thread examining his own data cache, the extent and bulk of the data collected and sorted by both companies is staggering. Google, Curran said, collected 5.5 gigabytes of data on him – equivalent to some 3 million Microsoft Word documents. Facebook, meanwhile, collected only 600 megabytes – equivalent to roughly 400,000 documents.

Another shocking revelation made by Curran: Even after deleting data like search history and revoking permissions for Google and Facebook applications, Curran still found a comprehensive log of his documents and other files stored on Google drive, his search history, chat logs and other sensitive data about his movements that he had expressly deleted. What’s worse, everything shown is the data cache of one individual. Just imagine how much data these companies hold in total.

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By now, shareholders may be his prime concern. Congress won’t hurt the CIA’s interests.

Mark Zuckerberg Agrees To Testify Before Congress Over Data Scandal (G.)

Facebook’s chief executive, Mark Zuckerberg, has agreed to testify before the United States Congress in the wake of a that has sent the company’s share price tumbling and prompted numerous investigations and lawsuits. Zuckerberg has accepted an invitation to testify before the House energy and commerce committee, according to an aide familiar with the discussions. A date has not yet been set, and the spokesperson for the House committee declined to confirm reports that the hearing was scheduled for 12 April. The Senate judiciary and commerce committees have also invited Zuckerberg to appear at hearings.

His decision to testify before the US Congress was first reported by CNN, and contrasts with his refusal to appear before members of parliament in the UK. The chair of a British committee of MPs on Tuesday said Zuckerberg’s decision to send other executives to the UK to answer questions on his behalf was “absolutely astonishing”. However, news of US congressional evidence paves the way for a major showdown for Zuckerberg, 33, who has come under increasing pressure from lawmakers and the general public to account for Facebook’s business practices since the company acknowledged last September that it had sold advertisements to Russian agents seeking to influence the US presidential election.

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Facebook took 30% of the loot. They sold their data perhaps thousands of times.

37 State Attorneys General Demand Answers From Zuckerberg (ZH)

37 “profoundly concerned” U.S. state and territory attorneys general fired off a letter to Facebook CEO Mark Zuckerberg on Monday, demanding answers over reports that personal user information from Facebook profiles was provided to third parties without the users’ knowledge or consent. “Most recently, we have learned from news reports that the business practices within the social media world have evolved to give multiple software developers access to personal information of Facebook users. These reports raise serious questions regarding consumer privacy”

The letter notes the 50 million Facebook profiles which may have been “misused and misappropriated by third-party software developers,” noting that Facebook “took as much as 30%” of payments made through applications used by Facebook users. “According to these reports, Facebook’s previous policies allowed developers to access the personal data of “friends” of people who used applications on the platform, without the knowledge or express consent of those “friends.” It has also been reported that while providing other developers access to personal Facebook user data, Facebook took as much as 30% of payments made through the developers’ applications by Facebook users.”

In other words – while a Facebook user may have agreed in the fine print to allowing the social media giant to hoover up their information – their “friends” did not. “These revelations raise many serious questions concerning Facebook’s policies and practices” reads the letter, which asks “were those terms of service clear and understandable, or buried in boilerplate where few users would even read them?”

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He’s just not that into you. Why talk to “the UK parliamentary committee investigating fake news” when he’s already agreed to speak to Congress?

Zuckerberg’s Refusal To Testify Before UK MPs ‘Absolutely Astonishing’ (G.)

Mark Zuckerberg has come under intense criticism from the UK parliamentary committee investigating fake news after the head of Facebook refused an invitation to testify in front of MPs for a third time. The chair, Damian Collins, said it had become more urgent the Facebook founder give evidence in person after oral evidence provided by the Cambridge Analytica whistleblower, Christopher Wylie. The MP said: “I think, given the extraordinary evidence we’ve heard so far today, it is absolutely astonishing that Mark Zuckerberg is not prepared to submit himself to questioning in front of a parliamentary or congressional hearing, given these are questions of fundamental importance and concern to his users, as well as to this inquiry.

“I would certainly urge him to think again if he has any care for people that use his company’s services.” Zuckerberg has been invited three times to speak to the committee, which is investigating the effects of fake news on UK democracy, but has always sent deputies to testify in his stead. MPs are likely to take a still dimmer view of his decision after he ultimately agreed to testify before Congress in the US. It was reported on Tuesday that the company is now considering strategy for his testimony. When the Commons committee travelled to Washington DC in February to obtain oral evidence from US companies, Facebook flew over its UK policy director rather than send a high-level executive to speak to the committee.

In response to the latest request, Facebook has suggested one of two executives could speak to parliament: Chris Cox, the company’ chief product officer, who is in charge of the Facebook news feed, or Mike Schroepfer, the chief technology officer, who heads up the developer platform. However, Theresa May declined to back Collins. Pressed by the committee chairman at the Commons liaison committee later in the day, the prime minister said “Mr Zuckerberg will decide for himself” whether to give evidence to parliament.

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The US has one sane person left. And he’s 93. Not that he’s the only one denouncing Bolton. But none of the rest do that nearly loud enough.

Jimmy Carter: Trump Hiring Bolton ‘A Disaster For Our Country’ (USAT)

Former president Jimmy Carter, one of the few U.S. officials who has traveled to North Korea and met with its leaders, expresses hope for the planned White House summit with Pyongyang but warns that President Trump may have made “one of the worst mistakes” of his tenure by naming John Bolton to the sensitive post of national security adviser. In an exclusive interview with USA TODAY, pegged to the publication of his new book titled Faith, Carter calls Bolton “a warlike figure” who backs policies the former president calls catastrophic. “Maybe one of the worst mistakes that President Trump has made since he’s been in office is his employment of John Bolton, who has been advocating a war with North Korea for a long time and even an attack on Iran, and who has been one of the leading figures on orchestrating the decision to invade Iraq,” Carter said. He called the appointment, announced last week, “a disaster for our country.”

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Perfect for Tony Blair et al. Maybe too perfect. Who cares about this guy’s views? Stick to the facts, please.

Brexit Referendum Won Through Fraud – Whistleblower (G.)

The EU referendum was won through fraud, the whistleblower Christopher Wylie has told MPs, accusing Vote Leave of improperly channelling money through a tech firm with links to Cambridge Analytica. Wylie told a select committee that the pro-Brexit campaign had a “common plan” to use the network of companies to get around election spending laws and said he thought there “could have been a different outcome had there not been, in my view, cheating”. “It makes me so angry, because a lot of people supported leave because they believe in the application of British law and British sovereignty. And to irrevocably alter the constitutional settlement of this country on fraud is a mutilation of the constitutional settlement of this country.”

Vote Leave has repeatedly denied allegations of collusion or deliberate overspending. When they , Boris Johnson, who fronted the campaign, said: “Vote Leave won fair and square – and legally. We are leaving the EU in a year and going global.” Wylie, who used to work for Cambridge Analytica, gave evidence in a nearly four-hour session before the digital, culture, media and sport select committee. He made a string of remarkable claims about Brexit and Cambridge Analytica, including that his predecessor, Dan Mursean, died mysteriously in a Kenyan hotel room in 2012 after a contract in the company turned sour. Wylie said it was striking that Vote Leave and three other pro-Brexit groups – ; Veterans for Britain, and Northern Ireland’s Democratic Unionist party – all used the services of the little-known firm Aggregate IQ (AIQ) to help target voters online.

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And Greece, Cyprus, Portugal, Bulgaria, Cyprus, Slovakia, Slovenia, Malta and Luxembourg. Belgium?!

Austria Draws Scorn for Sitting Out Russian Diplomat Expulsions (BBG)

Austria is drawing criticism from parts of the European Union for saying it couldn’t expel Russian diplomats on account of its neutrality. Chancellor Sebastian Kurz’s government, which includes nationalists that cooperate with Vladimir Putin’s party, declined to join the tough international response to a nerve-agent attack on a former Russian spy in England. Austria is a “builder of bridges between East and West” and wants to “keep channels open” to Moscow, it said. That position is “hardly compatible with EU membership” and there’s “a big difference between being part of the West and being a bridge between the West and the East,” former Swedish Foreign Minister Carl Bildt said Tuesday on Twitter.

Artis Pabriks, a former Latvian foreign minister who’s a member of the European Parliament, called Austria’s decision a “bad joke.” He asked: “Which other EU policies/decisions Kurz does not apply to Austria?” Kurz, whose People’s Party is part of the same political family as the parties of Bildt and Pabriks, said Monday that Austria backs the EU’s decision to pull its ambassador to Russia. In declining to take further measures, his government cited Austria’s neutrality, which the country adopted as a condition for ending its post-World War II occupation by the U.S., the Soviet Union, the U.K. and France in 1955.

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7 billion people do, too.

160 Countries Want To See Proof In Skripal Case – Russia’s UK Embassy (RT)

Scores of non-Western countries refuse to take the UK’s assertion that Russia was behind the incident in Salisbury at face value, demanding it present the evidence, Moscow’s embassy in London said. Some 160 states share that view. While many in the Western world, save several notable exceptions, united behind the UK as it accused Russia of poisoning the former spy with a military-grade toxic agent, many more countries have not been persuaded by the fiery rhetoric of British PM Theresa May, the spokesperson for Russia’s British embassy told Sputnik.

“Even if Mrs. May said that she was absolutely sure that Russia was responsible for the incident in Salisbury, she would have to present all evidence to Russia, the international community and the British public. This is the opinion of almost 160 countries which are not members of the Western bloc,” he said. “It is obvious that no one in the wider world would take British words for granted.” On Monday, following the lead of the UK, the US, 18 EU states and other European countries, Canada and Australia announced they would expel a number of Russian diplomats in solidarity with the UK. Washington alone ordered the expulsion of 60 diplomats, including 12 at the Russian mission to the UN, alleging they were covert intelligence operatives.

What became the largest collective expulsion of Russian diplomats in history was denounced by Moscow as an extremely unfriendly and unwarranted step. Still, there were voices in the West that refused to side with London until the evidence is laid out. Austria as well as Switzerland, both stressing their neutral country status, refused to follow suit. Cyprus, Portugal, Bulgaria, Cyprus, Slovakia, Slovenia, Malta and Luxembourg did not jump on the expulsion bandwagon either.

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Magic Muskroom.

Tesla Just Months From A Total Collapse – Hedge Fund (MW)

Unless Elon Musk “pulls a rabbit out of his hat,” Tesla will be bankrupt within four months, says John Thompson of Vilas Capital Management. “Companies eventually have to make a profit, and I don’t ever see that happening here,” he told MarketWatch. “This is one of the worst income statements I’ve ever seen and between the story and the financials, the financials will win out in this case.” Thompson manages $25 million and his Tesla short is the fund’s biggest position. To be fair, he’s been betting big against Tesla for years, which, of course, means he’s endured some brutal stretches. Last April, for instance, the stock hit a record high around the $300 mark, and Musk was right there to troll the Tesla bears.

From that point, the stock continued to break new ground, eventually topping out at $389.61. But despite Tesla’s strong performance in 2017, Thompson’s fund still managed to churn out a 65% gain for the year. Now, Tesla’s back to where it was when Musk fired off his “Shortville” tweet, and Thompson is confident his bet is about to pay off nicely. In fact, Thompson says if his prediction comes true, his fund could surge by another 50%. With that in mind, he says he’s investing $500,000 of his own money. “Tesla, without any doubt, is on the verge of bankruptcy,” he told clients in an email over the weekend.

He explained that funding will be hard to come by in the face of problems in delivering the Model 3, declining demand for the Model S and X, extreme valuation and a likely downgrade of its credit rating by Moody’s from B- to CCC. “As a reality check, Tesla is worth twice as much as Ford [estimate of the enterprise value of both companies], yet Ford made 6 million cars last year at a $7.6 billion profit while Tesla made 100,000 cars at a $2 billion loss,” Thompson said. “Further, Ford has $12 billion in cash held for ‘a rainy day’ while Tesla will likely run out of money in the next 3 months. I’ve never seen anything so absurd in my career.”

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Flows vs stocks. GDP is attractive if you want to make money with destruction.

The Missing Economic Measure: Wealth, not GDP (OWiD)

So, what is GDP? GDP is a measure of economic activity – in terms of market-based gross output – in a given period (often a year). This is of course useful in many ways. GDP growth, when captured accurately, has the potential to tell us about the pace of change and rising levels of consumption. Equally, a cessation of GDP growth can serve as an important red flag: stalling enterprises and increases in unemployed workers tend to imply hardship and losses in welfare. However, there are important changes that GDP does not shed light on, and indeed might give us incorrect signals about. Think about climate change, a critical issue that has been increasingly under the international spotlight. An economy can increase its CO2 emissions and drive up local pollutants – both clearly harmful to the long-term wellbeing of the population – while being rewarded with rising GDP figures.

Similarly, a natural disaster might harm people, destroy infrastructure, and require expensive emergency measures – yet thanks to a rise in spending, this too would temporarily register as an increase in GDP. On the flip side, beneficial endeavors such as attempting to stall the alarming rate of biodiversity loss or deforestation not only fail to register in our headline statistic; they might slow its growth. This is where wealth accounting comes in. Rather than measuring flows, as GDP does, wealth is an indicator of an economy’s underlying capital stocks. Wealth, if measured in detail, accounts for the assets such as natural capital, produced capital, and human capital that underpin growth and consumption possibilities, and in this way shows us viable development pathways.

In the event of a natural disaster or rising pollution, for example, while GDP might grow, wealth measures would alert us to the depletion of underlying physical and natural capital stocks and the need for targeted investment. A detailed enough balance sheet would thus theoretically allow for the sustainable management of an economy’s productive capital. Therefore, while GDP has little to say about whether a nation’s assets can sustain current consumption levels into the future, wealth measures can tell us exactly this. The relationship between wealth and GDP is analogous to company accounts: the balance sheet of a company describes the stock of useful assets owned by a company (akin to wealth), while the profit and loss statement describes the flows of revenue, costs, and net income that the company has been able to generate using those assets (akin to GDP).

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Mar 222018
 


Edward Hopper The Circle Theater, New York 1936

 

US Democrats Plan Crackdown On Booming Stock Buybacks (CNN)
‘Mother Of All Yield Shocks’ Is About To Crush Stocks – Stockman (MW)
Forget The Fed, Libor Is The Story Of The Year (ZH)
Fed’s Powell: Some Asset Prices Elevated, Overall Vulnerabilities ‘Moderate’ (MW)
Federal Reserve Raises Interest Rates Again Amid ‘Strong’ Jobs Market (G.)
Mark Zuckerberg Says He’s ‘Really Sorry’ (CNBC)
Facebook Shareholders Sue As Share Price Tumbles (Ind.)
App Developer Kogan Calls Facebook’s Side Of The Story A “Fabrication” (BBG)
Austrian Lawyer Took on Facebook in Europe. He’s Ready to Do It Again (BBG)
Dutch Referendum On Spy Agency Tapping Powers Result Too Close To Call (R.)
‘Scary’ That Boris Johnson Represents A Nuclear Power – Russia (RT)
Scale Of UK Problem Debt At ‘Epidemic Levels’ – Archbishop Of Canterbury (Ind.)
EU Approves Buyout Of Monsanto By German Chemical Firm Bayer (R.)

 

 

There goes the S&P 500.

US Democrats Plan Crackdown On Booming Stock Buybacks (CNN)

Democrats in Congress want to rain on Wall Street’s buyback parade. Senator Tammy Baldwin plans to introduce a bill on Thursday that would prohibit companies from repurchasing their shares on the open market, Baldwin told CNNMoney. While the legislation faces an uphill battle getting through Republican-controlled Congress, it demonstrates a growing backlash against companies using extra cash to reward shareholders instead of sharing it with workers. Buybacks, which boost stock prices by making shares scarcer, have exploded in 2018 thanks to the huge windfall created by President Trump’s new tax law. American companies like Pepsi and Cisco have announced a total of $229 billion of buybacks so far this year, according to research firm TrimTabs.

Companies are on track to buy back the largest number of shares in at least a decade. Critics say this trend is deepening the chasm between America’s rich and poor because affluent families own the vast majority of the stocks. They argue the money would be better spent by investing in the future, paying workers more or offering better benefits and retraining programs. “I fear that if we don’t act, the impact on our economy and growth is going to be horrendous,” Baldwin told CNNMoney Wednesday. “This very partisan corporate tax bill has fueled a surge in stock buybacks that is hurting economic growth and shared prosperity for workers.” The bill, which is co-sponsored by Democrats Elizabeth Warren and Brian Schatz, would explicitly “prohibit public companies from repurchasing their shares on the open market.”

It would also repeal a 1982 SEC rule that gave companies the green light to buy back vast amounts of their own stock. Since 2008, US companies have spent $5.1 trillion to buy back their own stock, according to Birinyi Associates. Between 2007 and 2016, companies in the S&P 500 devoted 54% of their profits to stock buybacks, according to research by University of Massachusetts Lowell professor William Lazonick, who advised Baldwin’s office on the legislation. “This was not good for the US economy,” said Lazonick. He called Baldwin’s proposed crackdown “hugely positive,” even for long-term shareholders who will benefit from companies investing in something “instead of simply propping up the stock price.”

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And Libor.

‘Mother Of All Yield Shocks’ Is About To Crush Stocks – Stockman (MW)

David Stockman, the so-called “Father of Reaganomics,” hasn’t been shy — or close to right — about his frantically bearish calls in recent years Just last summer, he warned of a “horrendous storm” that could take the S&P 500 index all the way down to 1,600. From there, he took it up a notch in September, saying stocks are headed for a retreat of up to 70%. Well, it’s still up at 2,700. But the market’s volatile behavior of late has emboldened some bears to refresh and even ramp up their doomsday scenarios. Stockman is one of them. “There is not a snowball’s chance in the hot place that the mother of all yield shocks can be avoided,” Stockman wrote on his blog this week.

He explains that we’re in a uniquely dangerous position, one that really couldn’t have even happened under previous administrations. “Had Lyndon Johnson, Tricky Dick, Jimmy Carter or even Ronald Reagan suggested that the Federal Reserve buy government debt at rates which exceeded annual issuance by the U.S. Treasury, as was the case during the peak years of QE, they would have been severely attacked — if not subjected to impeachment — for advocating rank financial fraud,” Stockman claimed. He said ever since former Federal Reserve Chairman Alan Greenspan “commenced the age of monetary central planning,” Wall Street has used deficits as a tool in Washington’s kit of “whatever it takes,” instead of something to be feared.

“Anything that could fuel even the appearance of short-term economic growth was embraced unthinkingly,” he said, “because ‘growth’ of any shape, form or quality became the predicate for endless increases in the stock market averages.” That’s a recipe for disaster, says Stockman.

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Whack-a-mole central bank style.

Forget The Fed, Libor Is The Story Of The Year (ZH)

We’ve been saying it for over a month: the most important, if widely underappreciated, factor for risk assets has been the surge in Libor and the blow out in the Libor-OIS spread, or short-term funding costs, which impacts everything from bank lending costs to the marginal cost of trillions in floating rate debt. Yesterday, Citi’s Matt King confirmed as much in a lengthy note explaining why the blowing out Libor, and Libor-OIS spread, are sending increasingly ominous signals: LIBOR is still the reference point for the majority of leveraged loans, interest-rate swaps and some mortgages. In addition to that direct effect, higher money market rates and weakness in risk assets are the two conditions most likely to contribute towards mutual fund outflows.

If those in turn created a further sell-off in markets, the negative impact on the economy through wealth effects could be greater even than the direct effect from interest rates. Now, another bank has joined the growing chorus of warnings over the soaring Libor and Libor-OIS. Jonathan Garner, Morgan Stanley’s Chief Strategist for Asia and Emerging Markets, told Bloomberg that the rising Libor rates is a bigger concern right now than a more hawkish Federal Reserve, and in fact, is “the story of the year.” As we have documented nearly daily, most recently yesterday, Libor has been rising since Feb. 7 for 31 consecutive sessions, reaching 2.2711% this morning, the highest since 2008. Meanwhile, its gap over risk-free rates, known as the Libor-OIS spread, has more than doubled since the end of January to 55.6 basis points, a level unseen since 2009.

“That’s a key reason why markets have struggled. The acceleration in the private borrowing market is the story of the year, not the Fed,” Garner told BloombergQuint. “What I think is really interesting is that in the private, LIBOR markets, the USD Libor has already moved far more aggressively than Fed Funds, so if you look at 6M USD Libor, it’s actually reached 2.375% whereas the Fed is likely to raise Fed Funds by a quarter of a point to 1.75%, so we’ve actually already for the interest rate that really determines corporate costs are experiencing a very significant increase in interest rates. So unless the Fed is in some ways super dovish, I think we’re already looking at a significant tightening of monetary policy in the US and in addition China is tightening monetary policy at the same time and this joint tightening is a key reason why we are so cautious on markets.”

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Jay Powell was hired to bore everyone to tears.

Fed’s Powell: Some Asset Prices Elevated, Overall Vulnerabilities ‘Moderate’ (MW)

Federal Reserve Chairman Jerome Powell on Wednesday said some asset prices are elevated but said there weren’t many risks from it to the financial system. While some asset prices are elevated, particularly “some” equity prices and pockets of commercial real estate, financial vulnerabilities are still not at extreme levels, Powell said. He didn’t identify where specifically in the stock market he saw elevated prices. “The current view of the [FOMC] is that financial stability vulnerabilities are moderate,” Powell said during his first press conference, in answer to a question from MarketWatch. It was “key,” Powell said, that the housing sector is not in bubble territory.

Powell said he was not worried about excess leverage in the financial sector. The banking sector and household balance sheets are in good shape, he said. While there are “relatively elevated levels of borrowing” in nonfinancial corporations, “nothing… suggests serious risks.” “Overall, if you put all that into a pie, what you have is moderate vulnerabilities in our view,” he added. Powell said the Fed had “some tools” to combat financial instability “and I think we certainly use them.”

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Time to quit Fed watching.

Federal Reserve Raises Interest Rates Again Amid ‘Strong’ Jobs Market (G.)

The Federal Reserve raised interest rates again on Wednesday, arguing that the US jobs market was “strong” and signalled it may accelerate the pace of increases next year. The quarter percentage point rise to a range of 1.5% to 1.75% was the sixth such increase since 2015 and comes as the Fed appears to be moving, slightly, more quickly to end an era of historically low interest rates that began during the last recession. The announcement came as the Fed chair, Jerome “Jay” Powell, gave his first press conference in the role he took over from his predecessor Janet Yellen in February. His surprise-free performance left US financial markets barely changed.

“The economic outlook has strengthened in recent months,” the Fed said in a statement. “Information received since the Federal Open Market Committee met in January indicates that the labor market has continued to strengthen and that economic activity has been rising at a moderate rate,” the Fed said in a statement. The rise, which was unanimously approved, comes after Congress passed two major bills that may spur the economy. In January Donald Trump signed off on a $1.5tn tax cut that reduces corporate and income tax rates. In February Congress agreed to a $300bn two-year increase in federal funding.

The Trump administration has claimed the tax cuts will fuel US economic growth above 3% next year, significantly above the 2.5% growth it achieved last year, but Powell said the Fed did not expect growth above 3% in the near future. “We have been through many years of growth rate around 2%,” said Powell. While there are elements in the tax cuts that could boost growth “we don’t know how big those effects will be”.

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Must have been some long sessions with the legal team. And people were asking “where’s Mark?”.

Mark Zuckerberg Says He’s ‘Really Sorry’ (CNBC)

Facebook CEO Mark Zuckerberg has explicitly apologized forthe Cambridge Analytica data scandal that’s been making headlines over the last several days. “This was a major breach of trust, and I’m really sorry that this happened,” Zuckerberg said on CNN Wednesday evening, elaborating on the statement he posted to his Facebook page earlier in the day. People had criticized Zuckerberg on social media for not explicitly apologizing in his earlier post. Zuckerberg was addressing bombshell reports by The Observer and The New York Times published over the weekend alleged that London-based firm Cambridge Analytica improperly gained access to the personal data of more than 50 million users.

Since the news broke, Facebook’s stock price has plummeted, U.K. officials have opened a probe, and U.S. lawmakers have called for Zuckerberg to appear before a panel to address its handling of user data. Zuckerberg told CNN that he would be willing to testify before Congress, though he avoided committing himself to an appearance. “What we try to do is send the person at Facebook who will have the most knowledge,” Zuckerberg said. “If that’s me, then I am happy to go.” One of the issues at the heart of the incident is whether or not Facebook has done enough to safeguard users’ personal information.

In 2013, Cambridge University researcher Aleksandr Kogan created an app called “thisisyourdigitallife” that harvested Facebook information from the roughly 300,000 people who used it as well as from their friends. Facebook changed its policies in 2014 to limit the data third-party apps could receive, but there were still tens of millions of people who would have had no idea that Kogan’s app had collected their data in the first place, or that it had ultimately been passed to Cambridge Analytica.

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If this ever comes before a real court, you get Pandora’s box. Expect Facebook to pay before a court date. And that will lower the shareholders’ shares even more.

Facebook Shareholders Sue As Share Price Tumbles (Ind.)

Facebook is being sued by US investors over the company’s tumbling share price after allegations that millions of users’ profile data had been harvested. A class-action lawsuit was filed in federal court in San Francisco on Tuesday after Facebook shares fell as much as 5.2% on Monday. By Wednesday the shares had crashed by 11%, wiping more than $57bn (£41bn) off the company’s value as it deals with the erupting privacy scandal. The undisclosed number of Facebook shareholders, led by Fan Yuan, say that they suffered losses after a whistleblower told The Observer that UK-based data company Cambridge Analytica had harvested and improperly used profile data of 50 million Facebook users.

“As a result of [Facebook’s] wrongful acts and omissions, and the precipitous decline in the market value of the company’s common shares, plaintiff and other class members have suffered significant losses and damages,” the lawsuit said. The legal action represents investors who bought Facebook shares between 3 February 2017 and 19 March 2018 – two days after news of the Cambridge Analytica scandal broke. It alleges that throughout the period, Facebook made “materially false and misleading statements regarding the company’s business, operational and compliance policies”.

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Not even that part of the narrative is true.

App Developer Kogan Calls Facebook’s Side Of The Story A “Fabrication” (BBG)

The app developer who surreptitiously gathered and shared 50 million Facebook user profiles says the company was officially notified of his actions but failed to stop it. Aleksandr Kogan, a research associate in the department of psychology at the University of Cambridge, turned over his Facebook-generated personality research to the political consulting firm Cambridge Analytica. In an email to university colleagues he called Facebook’s side of the story a “fabrication.” He said that in 2014 he used an official Facebook Inc. platform for developers to change the terms and conditions of his app from “research” to “commercial use,” and that at no point then did the social media company object.

Kogan’s position contradicts Facebook’s stance that Kogan violated the company’s terms and services and then lied about it. “We clearly stated that the users were granting us the right to use the data in broad scope, including selling and licensing the data,” Kogan wrote in a March 18 email obtained by Bloomberg. “These changes were all made on the Facebook app platform and thus they had full ability to review the nature of the app and raise issues.” [..] Kogan’s interpretation of events is potentially critical in better understanding what Facebook knew and when. [..] In the email, Kogan says that he hadn’t been interviewed by the FBI or any other law enforcement agencies, but would have no problem doing so.

He wrote that his app originally started as an academic project but turned to a commercial venture after being approached by the U.K. affiliate of Cambridge Analytica, SCL Group, around 2013. He then formed a company called Global Science Research Ltd, and changed the name of his app to GSRApp, while also modifying the privacy terms from academic to commercial.

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Sue the intelligence community. Much more effective.

Austrian Lawyer Took on Facebook in Europe. He’s Ready to Do It Again (BBG)

Seven years ago, Max Schrems took on Facebook, ultimately winning a court order that led to stricter rules on international data transfers for the social network and other American tech giants. If your company has any contact with residents of Europe, he has this message: You could be next. Regulatory changes coming this spring “open unprecedented doors,” says Schrems, a 30-year-old lawyer from Austria. “Companies looking to make extra money with people’s data are on my target list.” The EU measure, called the General Data Protection Regulation, permits mass lawsuits similar to class actions in the U.S., he says, allowing him to increase pressure on companies to protect consumer data.

Schrems founded a group called noyb—for none of your business—that he aims to use as a vehicle for lawsuits he’ll start filing as soon as the rules kick in on May 25. He set up a crowdfunding campaign for noyb that has raised more than €300,000 ($370,000) from 2,500 contributors as well as the city of Vienna, labor unions, and small tech companies—and he already has a stack of potential complaints sitting on his desk in the small office he’s rented around the corner from Vienna’s opera house. “We will look for the bigger cases, where we’ll have the greatest impact,” he says.

[..] Schrems examined how Facebook treats customer data and says he discovered that the company didn’t fully purge information users had deleted. Although he never submitted the assignment, his research became the core of 22 complaints to data protection authorities in Ireland, Facebook’s European base. Schrems created a website called europe-v-facebook.org—but insists he bears no grudge against the social network. The company is “more of a test case,” he says. “I thought I’d write up a few complaints. I never thought it would create such a media storm.”

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Almost half of them voted to be spied on.

Dutch Referendum On Spy Agency Tapping Powers Result Too Close To Call (R.)

Dutch voters were on track to narrowly reject a nonbinding referendum granting spy agencies the power to install bulk taps on Internet traffic. With 83% of the vote counted in the early hours of Thursday, the “no” vote was 48.9%, against 47.2% “yes.” An exit poll by national broadcaster NOS had showed the yes camp narrowly winning. Though the referendum is nonbinding, Prime Minister Mark Rutte had vowed to take the result seriously, without committing to abide by the result. The tapping law has already been approved by both houses of parliament.

Dubbed the “trawling law” by opponents, the legislation will let spy agencies install taps targeting an entire geographic region or avenue of communication, store information for up to three years, and share it with allied spy agencies. Digital rights group Bits of Freedom, which had advised a “No” vote, said the law is not all bad, given that taps must be approved beforehand by an independent panel. But the group said it still fears privacy violations and urged that the law be reconsidered. Before the vote, Rutte said the law was needed to prevent terrorist attacks. “It’s not that our country is unsafe, it’s that this law will make it safer,” he said.

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You don’t compare the country that suffered most in WWII, to those who caused that suffering.

‘Scary’ That Boris Johnson Represents A Nuclear Power – Russia (RT)

British foreign minister Boris Johnson is poisoned with hatred and anger so it is scary that he represents a nuclear power, Russia’s foreign ministry spokeswoman said on Wednesday. Maria Zakharova was commenting on Johnson’s earlier statement that compared Russia’s hosting of this year’s World Cup to the 1936 Olympics in Nazi Germany. “Any such parallels and comparisons between our country, that lost millions of lives in the fight against Nazism, fought with an enemy on its own territory, and then liberated Europe [and Nazi Germany] are absolutely unacceptable,” she said, in a statement published on Facebook.

The Russian ministry spokeswoman then added that such statements are “unworthy of a head of a European state’s diplomatic service … It is clear that [Boris Johnson] is poisoned with hatred and anger,” she said, also denouncing his words as “unprofessional” and “rude.” It is “scary” that “this man is a representative of a nuclear power that bears a special responsibility for its actions in the international arena as well as for the preservation of international peace,” Zakharova said. Now “it is beyond the shadow of a doubt that all London’s actions … were aimed at setting up a spectre of an enemy out of Russia, using any, even the most absurd reasons,” Zakharova said. She then added that British politicians are now apparently seeking to fully boycott the 2018 World Cup in Russia.

Earlier on Wednesday, Johnson once again blatantly accused Russia of being behind the poisoning of the former double agent Sergei Skripal and his daughter, as he was being quizzed by the Commons foreign affairs committee. He also said he believes the comparison between the World Cup and the 1936 Olympics “is certainly right” just because the sporting event would somehow “glorify” Putin, from his point of view.

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How will Britain not be like Greece in a few years time?

Scale Of UK Problem Debt At ‘Epidemic Levels’ – Archbishop Of Canterbury (Ind.)

The scale of problem debt is at “epidemic levels”, the Archbishop of Canterbury has said. The Most Rev Justin Welby made the comments in the foreword of a report compiled by debt help charity Christians Against Poverty (CAP). The report said, on average, CAP clients’ outstanding debt equates to 96% of annual household income when they seek help. Mr Welby, the charity’s patron, says in the report: “In 2017 we have seen warnings from many of our financial institutions about the scale of consumer borrowing. “Achieving economic stability together with economic justice for all is too easily overlooked.” He continues: “The scale of problem debt in our country is at epidemic levels.

“Jesus calls us to be hope-bringers and peace-givers. Where there are still lives filled with an oppressive hopelessness, where darkness has a grip, our mission is not done.” In 2013, the archbishop voiced concerns about energy price hikes and he also said in that year that the Church of England wanted to drive payday lenders out of business through the creation of credit unions. [..] The CAP report said that for people in severe financial hardship, a home may not be a place of refuge but rather a place without food in the cupboard, without heating, hot water or working household essentials. More than 1,000 CAP clients were asked about life before they got help from the charity. The research found nearly four in 10 (37%) clients were afraid to leave the home, 60% were afraid to answer the door and 73% were too scared to answer the phone.

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One day after the report about disappearing insects and birds in France, Brussels votes for more pesticides and GMOs. Nobody wants them.

EU Approves Buyout Of Monsanto By German Chemical Firm Bayer (R.)

German conglomerate Bayer won EU antitrust approval on Wednesday for its $62.5bn (£44.5bn) buy of US peer Monsanto, the latest in a trio of mega mergers that will reshape the agrochemicals industry. The tie-up is set to create a company with control of more than a quarter of the world’s seed and pesticides market. Driven by shifting weather patterns, competition in grain exports and a faltering global farm economy, Dow and Dupont, and ChemChina and Syngenta had earlier led a wave of consolidation in the sector. Both deals secured EU approval only after the companies offered substantial asset sales to boost rivals.

Environmental and farming groups have opposed all three deals, worried about their power and their advantage in digital farming data, which can tell farmers how and when to till, sow, spray, fertilise and pick crops based on algorithms. The European Commission said Bayer addressed its concerns with its offer to sell a swathe of assets to boost rival BASF [..] “Our decision ensures that there will be effective competition and innovation in seeds, pesticides and digital agriculture markets also after this merger,” European Competition Commissioner Margrethe Vestager said in a statement. “In particular, we have made sure that the number of global players actively competing in these markets stays the same.”

[..] Vestager said the Commission, which received more than a million petitions concerning the deal, had been thorough by examining more than 2,000 different product markets and 2.7 million internal documents to produce a 1,285-page ruling. [..] Online campaigns group Avaaz criticised the EU approval. “This is a marriage made in hell. The Commission ignored a million people who called on them to block this deal, and caved in to lobbying to create a mega-corporation which will dominate our food supply,” Avaaz legal director Nick Flynn said.

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Dec 282017
 
 December 28, 2017  Posted by at 10:23 am Finance Tagged with: , , , , , , , , , ,  6 Responses »


Ansel Adams Church, Taos, Pueblo 1942

 

The Automatic Earth and its readers have been supporting refugees and homeless in Greece since June 2015. It has been and at times difficult and at all times expensive endeavor. Not at least because the problems do not just not get solved, they actually get worse. Because the people of Greece and the refugees that land on their shores increasingly find themselves pawns in political games.

Therefore, even if the generosity of our readership has been nothing short of miraculous, we must continue to humbly ask you for more support. Because our work is not done. Our latest essay on this is here: The Automatic Earth for Athens Fund – Christmas and 2018 . It contains links to all 14 previous articles on the situation.

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S&P 500 Hits Most Overbought Level In 22 Years (MW)
Peak Good Times? Stock Market Risk Spikes to New High (WS)
Russia’s Finance Minister Confirms Upcoming Bitcoin Regulations (CCN)
Bitcoin Tumbles Over Exchange-Closure Fears (BBG)
Bitcoin’s Surging Price Drives Private Investor Demand For Derivatives (BBG)
Trump Tax Reform Blew Up The Treasury Market (ZH)
The Tax Plan Could Change How Wall Street Works (BBG)
“We’ve Centralized All Of Our Data To A Guy Called Mark Zuckerberg” (HN)
The Petro-yuan Bombshell (Escobar)
John McDonnell Warns Over ‘Alarming Increase’ In UK Household Debt (G.)
Another Fukushima? Tepco Plans To Restart World’s Biggest Nuclear Plant (G.)
Children Increasingly Used As Weapons Of War – Unicef (G.)

 

 

All the lovely things that debt buys.

S&P 500 Hits Most Overbought Level In 22 Years (MW)

Following a year in which the U.S. stock market hit a record number of records and seen basically nothing in the way of pullbacks or volatility, investors have gone all-in on stocks. Exchange-traded funds, perhaps the most popular way to get exposure to broad parts of the market, have seen record-breaking inflows over the year, with both domestic and foreign-based stock funds seeing heavy interest and no major category seeing outflows. Both retail and institutional investors have gotten in on the action and are positioning in a way that suggests both see further gains ahead. The S&P 500 has rallied about 20% over 2017, on track for its best year since 2013.

According to Torsten Sløk, Deutsche Bank’s chief international economist, “U.S. retail investors say that today is the best time ever to invest in the market,” based on data from the University of Michigan consumer sentiment report, which asks about the probability of an increase in stock prices over the coming year. Younger investors in particular are warming up to equities, according to E*Trade. The latest AAII investor sentiment survey indicates that 50.5% of polled investors are bullish on the market, meaning they expect prices will be higher in six months. That’s the highest level in nearly two years, and significantly above the 38.5% historical average. The number of bullish investors has gone up by 5.5 percentage points in the last week alone, while the percentage of bearish investors has dropped to 25.6%, down 2.5 percentage points over the last week.

Optimism has gotten so high that cash balances for Charles Schwab clients reached their lowest level on record in the third quarter, according to Morgan Stanley, which wrote that retail investors “can’t stay away.” The investment bank noted a similar trend in institutional investors, who it wrote were “loading the boat on risk,” with “long/short net and gross leverage as high as we have ever seen it.”

There have been fundamental reasons for this optimism, including a strong labor market and improving economic data. Furthermore, the recently passed tax bill will cut corporate taxes, which should boost corporate profits — which have already been enjoying their fastest year of growth since 2011. However, the incessant buying has pushed valuations to levels that are not only stretched, but stretched to a historic extent. As was recently noted by LPL Financial, the relative strength index, an indicator of technical momentum, is at its highest level since 1995, which indicates the S&P 500 is at its most overbought level in 22 years.

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Thank your central banker.

Peak Good Times? Stock Market Risk Spikes to New High (WS)

Margin debt is the embodiment of stock market risk. As reported by the New York Stock Exchange today, it jumped 3.5%, or $19.5 billion, in November from October, to a new record of $580.9 billion. After having jumped from one record to the next, it is now up 16% from a year ago. Even on an inflation-adjusted basis, the surge in margin debt has been breath-taking: The chart by Advisor Perspectives compares margin debt (red line) and the S&P 500 index (blue line), both adjusted for inflation (in today’s dollars). Note how margin debt spiked into March 2000, the month when the dotcom crash began, how it spiked into July 2007, three months before the Financial-Crisis crash began, and how it bottomed out in February 2009, a month before the great stock market rally began:

Margin debt, which forms part of overall stock market leverage, is the great accelerator for stocks, on the way up and on the way down. Rising margin debt – when investors borrow against their portfolios – creates liquidity out of nothing, and much of this new liquidity is used to buy more stocks. But falling margin debt returns this liquidity to where it came from. Leverage supplies liquidity. But it isn’t liquidity that moves from one asset to another. It is liquidity that is being created to be plowed into stocks, and that can evaporate just as quickly: When stocks are dumped to pay down margin debt, the money from those stock sales doesn’t go into other stocks or another asset class, doesn’t become cash “sitting on the sidelines,” as the industry likes to say, and isn’t used to buy gold or cryptocurrencies or whatever. It just evaporates without a trace.

After stirring markets into an eight-year risk-taking frenzy, the Fed is now worried that markets have gone too far. Among the Fed governors fretting out loud over this was Dallas Fed President Robert Kaplan who recently warned about the “record-high levels” of margin debt, along with the US stock market capitalization, which, at 135% of GDP, is “the highest since 1999/2000.” “In the event of a sell-off, high levels of margin debt can encourage additional selling, which could, in turn, lead to a more rapid tightening of financial conditions,” he mused. The growth in margin debt has far outpaced the growth of the S&P 500 index in recent years. The chart below (by Advisor Perspectives) shows the percentage growth of margin debt and the S&P 500 index, both adjusted for inflation:

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Will Russia set the model for the rest of the world? Don’t be surprised if others follow.

Russia’s Finance Minister Confirms Upcoming Bitcoin Regulations (CCN)

The Russian Ministry of Finance has prepared a sweeping regulatory law that will cover many facets of cryptocurrencies like bitcoin in Russia. In an interview with state-owned television broadcaster Rossiya 24 over Christmas, Russia’s finance minister Anton Siluanov confirmed the ministry’s draft law on a regulatory framework for cryptocurrencies. The regulation, as expected, will cover bitcoin mining rules, taxation laws for adopters and guidelines for exchanges selling cryptocurrencies. As reported by Russian news source TASS, Siluanov stated: The Ministry of Finance has prepared a draft law, currently under consideration, which will determine the procedure for issuing, taxing, buying and circulation of cryptocurrency. In conjunction, the Ministry of Finance is also reportedly preparing amendments to Russian legislation toward the broader regulation of new financial technologies and digital payments.

The developments are a remarkable contrast to legislation proposed by Russia’s Finance Ministry as recently as March 2016. At the time, the ministry proposed a 7-year prison sentence for bitcoin adopters and users. Earlier in September, Siluanov called for the Russian government to accept and understand “that cryptocurrencies are real.” “There is no sense in banning them,” Siluanov said at the time, “there is a need to regulate them.” The new laws, in its draft, is expected to be submitted to the State Duma (the lower house of the Russian Parliament) tomorrow before its anticipated adoption sometime in March 2018. The new laws were fast-tracked by authorities following Russian President Vladimir Putin’s mandate to develop regulations for cryptocurrencies, mining and initial coin offerings (ICOs). The amendments to existing Russian laws to recognize cryptocurrencies will also aid in the prepping for the launch of Russia’s own national cryptocurrency – the CryptoRuble.

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Korea may be the first to copy Moscow. This is not action, it’s reaction.

Bitcoin Tumbles Over Exchange-Closure Fears (BBG)

Bitcoin resumed its tumble on Thursday after South Korea said it was eyeing options including a potential shutdown of at least some cryptocurrency exchanges to stamp out a frenzy of speculation. South Korea has been ground zero for a global surge in interest in bitcoin and other cryptocurrencies as prices surged this year, prompting the nation’s prime minister to worry over the impact on Korean youth. While there’s no immediate indication Asia’s No. 4 economy will shutter exchanges that have accounted by some measures for more than fifth of global trading, the news poses a warning as regulators the world over express concerns about private digital currencies. Bitcoin fell as much as 9% to as low as $13,828 in Asia trading, erasing modest gains after the South Korean release, composite Bloomberg pricing shows.

It’s now down about 28% from its record high reached last week. South Korea will require real-name cryptocurrency transactions and impose a ban on the offering of virtual accounts by banks to crypto-exchanges, according to a statement from the Office for Government Policy Coordination. Policy makers will review measures including the closure of crypto-exchanges suggested by the Ministry of Justice and take proper measures swiftly and firmly while monitoring the trend of the speculation. Bitcoin was trading at about a 30% premium over prevailing international rates on Thursday in Seoul – a continuing sign of the country’s obsession, and the difficulty in arbitraging between markets. “Cryptocurrency speculation has been irrationally overheated in Korea,” the government said in the statement, which comes little more than a week after the bankruptcy filing of one South Korean exchange. “The government can’t leave the abnormal situation of speculation any longer.”

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The combination of crypto and derivatives sends shivers.

Bitcoin’s Surging Price Drives Private Investor Demand For Derivatives (BBG)

Bitcoin’s surging price has driven private-investor demand for derivatives tracking the virtual currency. Trading in so-called participation notes has skyrocketed this year on Boerse Stuttgart, Europe’s largest exchange for retail derivatives. The number of executed orders jumped 22-fold from 436 in January to almost 10,000 in December.

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Beware when stirring up a complex system.

Trump Tax Reform Blew Up The Treasury Market (ZH)

Over the past week we have shown on several occasions that there once again appears to be a sharp, sudden dollar-funding liquidity strain in global markets, manifesting itself in a dramatic widening in FX basis swaps, which – in this particular case – has flowed through in the forward discount for USDJPY spiking from around 0.04 yen to around 0.23 yen overnight. As Bloomberg speculated, this discount for buying yen at future dates widened sharply as non-U.S. banks, which typically buy dollars now with sell-back contracts at a future date, scrambled to procure greenbacks for the year-end. However, as Deutsche Bank’s Masao Muraki explains, this particular dollar funding shortage is more than just the traditional year-end window dressing or some secret bank funding panic.

Instead, the DB strategist observes that the USD funding costs for Japanese insurers and banks to invest in US Treasuries – which have surged reaching a post-financial-crisis high of 2.35% on 15 Dec – are determined by three things, namely (1) the difference in US and Japanese risk-free rates (OIS), (2) the difference in US and Japanese interbank risk premiums (Libor-OIS), and (3) basis swaps, which illustrate the imbalance in currency-hedged US and Japanese investments. In this particular case, widening of (1) as a result of Fed rate hikes and tightening of dollar funding conditions inside the US (2) and outside the US (3) have occurred simultaneously. This is shown in the chart below.

What is causing this? Unlike on previous occasions when dollar funding costs blew out due to concerns over the credit and viability of the Japanese and European banks, this time the Fed’s rate hikes could be spurring outflows from the US, European, and Japanese banks’ deposits inside the US. Absent indicators to the contrary, this appears to be the correct explanation since it’s not just Yen funding costs that are soaring. In fact, at present EUR/USD basis swaps are widening more than USD/JPY basis swaps. [..] According to Deutsche, it is possible that an increase in hedged US investments by Europeans could be indirectly affecting Japan, and that market participants could also be conscious of the risk that the repatriation tax system could spur a massive flow-back into the US, of funds held overseas by US companies In fact, one can draw one particularly troubling conclusion: the sharp basis swap moves appear to have been catalyzed by the recently passed Trump tax reform.

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More ‘unintended’ consequences?!

The Tax Plan Could Change How Wall Street Works (BBG)

Leon Black recently posed a question whose answer will determine how profitable the new U.S. tax regime could make Wall Street firms like his Apollo Global Management. Publicly traded partnerships, including private equity firms Apollo, Blackstone and Carlyle Group, are taxed differently than corporations. So should they take advantage of the overhauled tax rules to pay less in taxes? Or should they use this chance to change to an Inc. from an LLC or LP, which would increase tax bills but allow them to attract investments from mutual funds that have previously been out of reach? “We’re still analyzing,’’ Black told the Goldman Sachs U.S. Financial Services Conference Dec. 6. “It’s an uncertain outcome.’’

Either way, it’s most likely a money-making outcome. The tax changes are a boon for firms such as Apollo, where Black is chief executive officer. The new lower corporate rate has made it possible for bigger publicly traded partnerships to consider the change. As it is, management fees, which typically account for 30 percent or more of their earnings, are already taxed at the corporate rate. That will drop. The legislation scarcely touched the 23.8 percent rate paid on incentive fees, also called carried interest, which incur no additional levy when paid out to shareholders. If the partnerships converted to corporations, the incentive fees would be hit with a second layer of tax when they’re paid out. That would push the combined tax rate on incentive income paid out as dividends to nearly 40 percent, according to Peter Furci, co-chair of Debevoise & Plimpton’s global tax practice.

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I’m sure this guy is smart, but he misses the point here by a mile. What has happened is the data have been centralized to the NSA and CIA and their peers. Zuckerberg is just a conduit.

“We’ve Centralized All Of Our Data To A Guy Called Mark Zuckerberg” (HN)

At its inception, the internet was a beautifully idealistic and equal place. But the world sucks and we’ve continuously made it more and more centralized, taking power away from users and handing it over to big companies. And the worst thing is that we can’t fix it – we can only make it slightly less awful. That was pretty much the core of Pirate Bay’s co-founder, Peter Sunde‘s talk at tech festival Brain Bar Budapest. TNW sat down with the pessimistic activist and controversial figure to discuss how screwed we actually are when it comes to decentralizing the internet. In Sunde’s opinion, people focus too much on what might happen, instead of what is happening. He often gets questions about how a digitally bleak future could look like, but the truth is that we’re living it.

“Everything has gone wrong. That’s the thing, it’s not about what will happen in the future it’s about what’s going on right now. We’ve centralized all of our data to a guy called Mark Zuckerberg, who’s basically the biggest dictator in the world as he wasn’t elected by anyone. Trump is basically in control over this data that Zuckerberg has, so I think we’re already there. Everything that could go wrong has gone wrong and I don’t think there’s a way for us to stop it.” One of the most important things to realize is that the problem isn’t a technological one. “The internet was made to be decentralized,” says Sunde, “but we keep centralizing everything on top of the internet.”

To support this, Sunde points out that in the last 10 years, almost every up-and-coming tech company or website has been bought by the big five: Amazon, Google, Apple, Microsoft and Facebook. The ones that manage to escape the reach of the giants, often end up adding to the centralization. We don’t create things anymore, instead we just have virtual things. Uber, Alibaba and Airbnb, for example, do they have products? No. We went from this product-based model, to virtual product, to virtually no product what so ever. This is the centralization process going on. Although we should be aware that the current effects of centralization, we shouldn’t overlook that it’s only going to get worse. There are a lot of upcoming tech-based services that are at risk of becoming centralized, which could have a huge impact on our daily lives.

[..] Feeling a bit optimistic, I asked Sunde whether we could still fight for decentralization and bring the power back to the people. His answer was simple. “No. We lost this fight a long time ago. The only way we can do any difference is by limiting the powers of these companies – by governments stepping in – but unfortunately the EU or the US don’t seem to have any interest in doing this.”

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Right in theory, but…

The Petro-yuan Bombshell (Escobar)

The website of the China Foreign Exchange Trade System (CFETS) recently announced the establishment of a yuan-ruble payment system, hinting that similar systems regarding other currencies participating in the New Silk Roads, a.k.a. Belt and Road Initiative (BRI) will also be in place in the near future. Crucially, this is not about reducing currency risk; after all Russia and China have increasingly traded bilaterally in their own currencies since the 2014 US-imposed sanctions on Russia. This is about the implementation of a huge, new alternative reserve currency zone, bypassing the US dollar. The decision follows the establishment by Beijing, in October 2015, of the China International Payments System (CIPS). CIPS has a cooperation agreement with the private, Belgium-based SWIFT international bank clearing system, through which virtually every global transaction must transit.

What matters in this case is that Beijing – as well as Moscow – clearly read the writing on the wall when, in 2012, Washington applied pressure on SWIFT; blocked international clearing for every Iranian bank; and froze $100 billion in Iranian assets overseas as well as Tehran’s potential to export oil. In the event Washington might decide to slap sanctions on China, bank clearing though CIPS works as a de facto sanctions-evading mechanism. Last March, Russia’s central bank opened its first office in Beijing. Moscow is launching its first $1 billion yuan-denominated government bond sale. Moscow has made it very clear it is committed to a long term strategy to stop using the US dollar as their primary currency in global trade, moving alongside Beijing towards what could be dubbed a post-Bretton Woods exchange system.

Gold is essential in this strategy. Russia, China, India, Brazil & South Africa are all either large producers or consumers of gold – or both. Following what has been extensively discussed in their summits since the early 2010s, the BRICS are bound to focus on trading physical gold. Markets such as COMEX actually trade derivatives on gold, and are backed by an insignificant amount of physical gold. Major BRICS gold producers – especially the Russia-China partnership – plan to be able to exercise extra influence in setting up global gold prices. [..] The current state of play is still all about the petrodollar system; since last year what used to be a key, “secret” informal deal between the US and the House of Saud is firmly in the public domain.

Even warriors in the Hindu Kush may now be aware of how oil and virtually all commodities must be traded in US dollars, and how these petrodollars are recycled into US Treasuries. Through this mechanism Washington has accumulated an astonishing $20 trillion in debt – and counting. Vast populations all across MENA (Middle East-Northern Africa) also learned what happened when Iraq’s Saddam Hussein decided to sell oil in euros, or when Muammar Gaddafi planned to issue a pan-African gold dinar. But now it’s China who’s entering the fray, following on plans set up way back in 2012. And the name of the game is oil-futures trading priced in yuan, with the yuan fully convertible into gold on the Shanghai and Hong Kong foreign exchange markets.

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The UK Labour party need to cash in now on the government’s mishandling of Brexit and the country’s economy, or risk being seen as part of that government. Corbyn et al know thay could jump in the polls by denouncing Brexit itself, but they don’t have the courage to do that. So on the no. 1 problem, they’re the same as the Tories.

John McDonnell Warns Over ‘Alarming Increase’ In UK Household Debt (G.)

John McDonnell has said the UK is in the grip of a personal debt crisis with levels of unsecured borrowing predicted to hit a record of £19,000 per household by the end of this parliament. The shadow chancellor said the increase in debt, to more than £14,000 per household this year, was alarming. Analysis from Labour shows unsecured debt is on course to exceed £15,000 per household next year and could go on to exceed £19,000 per household by 2022 if it follows the current trajectory. It is understood Labour plans to focus on the issue in the new year, warning that the continuing squeeze on wages and the high level of inflation are contributing to high levels of personal debt.

On Wednesday the Resolution Foundation, a thinktank, predicted that the stagnation in real wages was set to continue throughout 2018 and may only begin to lift towards the end of the year. McDonnell said: “The alarming increase in average household debt already means many families in our country are struggling over the Christmas period. The Tories have no real answers to tackle the debt crisis gripping our country and have no solutions to offer those struggling to get by as prices run ahead of wages. “The next Labour government will introduce a £10 per hour real living wage, scrap student fees, end the public sector pay cap and cap interest on consumer credit to build an economy for the many, not the few.”

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Why go this crazy route? Well, money of course.

Another Fukushima? Tepco Plans To Restart World’s Biggest Nuclear Plant (G.)

If a single structure can define a community, for the 90,000 residents of Kashiwazaki town and the neighbouring village of Kariwa, it is the sprawling nuclear power plant that has dominated the coastal landscape for more than 40 years. When all seven of its reactors are in operation, Kashiwazaki-kariwa generates 8.2m kilowatts of electricity – enough to power 16m households. Occupying 4.2 sq km of land along the Japan Sea coast, it is the biggest nuclear power plant in the world. But today, the reactors at Kashiwazaki-kariwa are idle. The plant in Niigata prefecture, about 140 miles (225km) north-west of the capital, is the nuclear industry’s highest-profile casualty of the nationwide atomic shutdown that followed the March 2011 triple meltdown at Fukushima Daiichi.

The company at the centre of the disaster has encountered anger over its failure to prevent the catastrophe, its treatment of tens of thousands of evacuated residents and its haphazard attempts to clean up its atomic mess. Now, the same utility, Tokyo Electric Power [Tepco], is attempting to banish its Fukushima demons with a push to restart two reactors at Kashiwazaki-kariwa, one of its three nuclear plants. Only then, it says, can it generate the profits it needs to fund the decommissioning of Fukushima Daiichi and win back the public trust it lost in the wake of the meltdown. This week, Japan’s nuclear regulation authority gave its formal approval for Tepco to restart the Kashiwazaki-kariwa’s No. 6 and 7 reactors – the same type of boiling-water reactors that suffered meltdowns at Fukushima Daiichi.

After a month of public hearings, the nuclear regulation authority concluded that Tepco was fit to run a nuclear power plant and said the two reactors met the stricter safety standards introduced after the 2011 disaster.

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What hope is there for us, if there’s none for our children? And yes, all children are our children, not just the ones that live in our homes and communities.

Children Increasingly Used As Weapons Of War – Unicef (G.)

Children caught in war zones are increasingly being used as weapons of war – recruited to fight, forced to act as suicide bombers, and used as human shields – the United Nations children’s agency has warned. In a statement summarising 2017 as a brutal year for children caught in conflict, Unicef said parties to conflicts were blatantly disregarding international humanitarian law and children were routinely coming under attack. Rape, forced marriage, abduction and enslavement had become standard tactics in conflicts across Iraq, Syria and Yemen, as well as in Nigeria, South Sudan and Myanmar. Some children, abducted by extremist groups, are abused again by security forces when they are released.

Others are indirectly harmed by fighting, through malnutrition and disease, as access to food, water and sanitation are denied or restricted. Some 27 million children in conflict zones have been forced out of school. “Children are being targeted and exposed to attacks and brutal violence in their homes, schools and playgrounds,” said Manuel Fontaine, Unicef’s director of emergency programmes. “As these attacks continue year after year, we cannot become numb. Such brutality cannot be the new normal.” Much of the fighting affecting children occurred in long-running conflicts in Africa.

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