Nov 202023
 
 November 20, 2023  Posted by at 8:04 pm Finance Tagged with: , , , , , , ,  23 Responses »


Vincent van Gogh Still life with bible 1885

 

 

We, in the western world, need to start paying real attention. Not to what our governments proclaim, but to what is really happening. And those are two very different things. When we read that the average age of the ~20k Palestinians massacred in the last month is FIVE YEARS OLD, we cannot shrug that off. When we see the footage of children dying outside of their incubators because the power has been cut off, or we see that patients have their wounds infected with maggots, we can’t just look the other way.

Because if we do, we’re back 80 years in time, straight into the Holocaust. Just with the roles of victims and perpetrators reversed. How could we possibly accept such a thing? Sure, there was the US in Vietnam and neighboring countries 50-60 years ago. Remember what stopped that ? It was shown on TV! But 50 years later, the TV doesn’t have the same effect anymore. Networks block the dead babies and maggots, so do social media, and we continue our daily lives as if everything’s normal.

But picking up where the Holocaust left off is not normal. Remember “never again”? We’re still involved in a war that killed 400,000+ young Ukrainians for no purpose at all. Never again? It sounds more like “give it to me one more time”.

I live in the EU, and they have never had any position of their own on anything. Which is not surprising, because their leaders are all selected, not elected. Lagarde, Borrell and Von der leyen are all US lapdogs. So the EU economy is -fast- going down the drain. Hey, there’s no-one to protect it! I’ve asked before, -half- jokingly: should we move to Russia? Their economy is doing fine.

Talking about Russia: I don’t like Putin and Xi’s silence on the new Holocaust. I get that they don’t want to be part of some new world war, but just like you and me, they also are responsible for maggots and dead babies. We all are. All of mankind, all of humanity. It’s Putin and Xi’s humanity too that is getting lost.

It appears that that is what we need to re-find: humanity. Simply, the space within ourselves that binds us to other people. Normally, people will recognize that concept. But not today -or in 1944. If you live in a country whose government supports Israel in its efforts to kill babies and entire populations, what are you supposed to think? That you must support your government? Most people would be inclined to say yes.

But how about the babies? C’mon, I am convinced that 99% of people are much better than this. They just have to learn to stand up.

 

 

 

 

Support the Automatic Earth in virustime with Paypal, Bitcoin and Patreon.

 

 

 

 

 

Nov 262021
 


Pablo Picasso Bather on the beach 1920

 

Ignorant and Afraid (eugyp)
Ex-England Star Wonders If Football Player Collapses Linked To Vaccine (RT)
Ethics of Vaccine Refusal (BMJ)
WHO Calls Special Meeting To Discuss New Covid Variant (CNBC)
Former WHO Director Warns Making Vaccines Mandatory Could Cause Riots (SN)
COVID-19 Vaccine For Babies And Toddlers Could Be Approved Early 2022 (CBC)
Media Tells Americans to Check Vaccine Status of Thanksgiving Dinner Guests (SN)
EU Moves To Place Covid Booster Jabs At Heart Of Travel Rules (G.)
No, You Cuck. This Is How (Denninger)
FDA Report Finds All-Cause Mortality Higher Among Vaccinated (INN)
Marines Face Defining Moment Ahead of Vaccine Mandate Deadline (USN)
Missouri Judge Says Covid-19 Public Health Orders Must Be Lifted (Hill)
Pfizer Vaccine Linked To 26 New Cases Of Myocarditis In Australia (DT)
365 Studies Prove the Efficacy of Ivermectin and HCQ in Treating COVID-19 (GP)
Centrist Dems Sink Biden’s Nominee For Top Bank Regulator (Axios)

 

 

 

 

Heart attacks

 

 

Mount Sinai Long Beach hospital
https://twitter.com/i/status/1463610474482872320

 

 

“Merkel’s remarkable virus paranoia, quietly acknowledged by the press now for months, explains her fixation on social isolation, closures and curfews as the only acceptable pandemic policies.”

Ignorant and Afraid (eugyp)

I’ve mentioned this episode a few times: On 11 March 2020, Angela Merkel held a press conference where she remarked that the best hope was to slow the spread of SARS-2, and that 70% of Germans could be infected. The Italian lockdown was only a few days old, and it was plainly not Merkel’s intent to go down the path of mass containment. The United Kingdom, Germany, Sweden and likely a few other countries too still planned for an ordinary approach to Corona, with minimal mitigations. All the while, though, Team Lockdown was hard at work behind the scenes, to bend policy in their direction. As a leaked email from 20 March shows, German medical bureaucrats deputised by the Ministry of the Interior were soon consulting experts on how best to instil “fear and a willingness to obey in the population.”

Because Western governments doubted their capacity to enforce Chinese-style lockdowns outright, fomenting mass panic became a non-pharmaceutical intervention in its own right. The histrionic media messaging has continued to this day, and it has contributed to a profoundly important division in our society: There are on the one hand those people in essential roles, who have endured exposure to Corona from the beginning, and most of whom have had the virus by now. And there are on the other hand those in Martin Kulldorf’s “laptop class,” that is to say well-off urban professionals, who have spent most of the last 21 months at home, hiding from a virus that many of them believe is approximately as dangerous as SARS. Mass infections among these people are only starting to happen right now.

As members of this privileged, sheltered class, politicians and bureaucrats have absorbed the virus hysteria that they helped seed in their social milieu. In the beginning, Merkel did not especially fear the possibility of mass infections in Germany. Six months of press hysteria later, in October 2020, she had grown accustomed to carrying two plastic envelopes in her bag. One was for the careful, hygienic disposal of used surgical masks. The other carried precious new ones, whenever she judged her current mask had reached a dangerous state of virus saturation. [..] Merkel’s remarkable virus paranoia, quietly acknowledged by the press now for months, explains her fixation on social isolation, closures and curfews as the only acceptable pandemic policies.

She is a 67 year-old sedentary woman who likely suffers from one or more undisclosed health problems. And she is surrounded by other older, unfit government officials, like 73 year-old interior minister Horst Seehofer, who nearly died of a B19 virus infection in 2002, and so has a reason to fear viral infection. For months and months, all of these people have been taking every possible personal precaution – including house-arresting the entire domestic populations of the countries they govern – in the vain hope of escaping Corona. You could feel their collective relief when the vaccines were rolled out. All of them eagerly accepted vaccination. Merkel even provided pictures of her personal yellow vaccine pass to the press, with the stamp documenting her first dose of AstraZeneca. (Her purpose, in part, was to allay public concerns over the propensity of AstraZeneca to cause blood clots.)

Read more …

Not allowed to ask.

Ex-England Star Wonders If Football Player Collapses Linked To Vaccine (RT)

Former England and Manchester City player Trevor Sinclair has been criticized online after asking if the recent collapse of a professional footballer may have been linked to the Covid vaccine.Sinclair won 12 caps for England and is remembered for a 14-year stint in the Premier League that began at his most associated club, Queens Park Rangers. Now acting as a pundit in his post-playing days, he made controversial remarks on popular UK radio station TalkSport. On Tuesday, Scottish Sheffield United star John Fleck was rushed to hospital after a scare in his team’s 1-0 victory over Reading. The following evening, in a Champions League clash against Real Madrid, Sheriff Tiraspol’s winger Adama Traore went to the turf clutching his chest and had to be helped off the pitch by medical staff.

Elsewhere, Barcelona’s Sergio Aguero is tipped to retire after a heart incident earlier this month, while Danish midfielder Christian Eriksen suffered a high-profile incident at the European Championships in the summer. But even though there has been no evidence that these occurrences were connected to the Covid vaccine, Sinclair seemingly suggested a link. “I think everyone wants to know if he has had the Covid vaccine,” the 48-year-old began on Fleck. Later on Twitter, he also added: “Everyone I speak to about these heart problems suffered by footballers (which worryingly seem to be happening more regularly) are they linked to Covid vaccines or not??”. Sinclair was widely-attacked for the comments. “This is an inappropriate place to ask that question,” Sinclair was informed.”You are begging for conspiracy theories. Ask a doctor. Ask a medical researcher.

“Do your own research online, being careful of the reliability of the sources. Everything I’ve read says NO.” “Pretty irresponsible stuff to post, Trevor,” said another do-gooder.”If vaccines had anything to do with this, then surely millions of us would be having new heart problems every day all over the world. And we’re not.””Eh, so you came up with an idea and are now asking people on social media if your imagination is reality,” was another criticism.But not everyone jumped on the bandwagon. “We don’t know Trevor as TalkSport cut you off when you asked,” came one reply to his Twitter post.

“Fair play to you for having the balls to ask the question. “Yes Trevor, don’t ask questions or think for yourself ever again,” it was suggested in support, after another user told him to think before he tweets.”All these comments are trying to be politically correct, grow a pair and say it how it is,” demanded another outspoken voice. “One major side effect of the vaccine is inflammation of the heart. Yet we’re supposed to think these sudden cases are a coincidence.”

https://twitter.com/i/status/1463966084428709900

Read more …

“Restrictions on freedoms can be justified only if they are reasonably necessary to preserve what makes human life worth living, because freedom is a necessary condition of a life worth living and, therefore, worth preserving.”

Ethics of Vaccine Refusal (BMJ)

Arguments in favour of mandatory universal vaccination rely on the premise that everyone who can be vaccinated has a moral obligation to do so for the sake of those who cannot be vaccinated due to age or certain immune system disorders, or because the public health benefits of universal vaccination are so profound that to refuse vaccination would be unethical. This line of reasoning underpins the ‘obligation to vaccinate’ (OTV) range of arguments. Brennan1 formulates a broadly representative OTV-type argument in terms of an ‘enforceable moral principle that prohibits people from participating in the collective imposition of unjust harm or risk of harm’.

Brennan begins by positing that (A) certain vaccines have a low incidence of side effect and are effective at preventing serious illness; (B) it would be a disaster if a large majority of individuals failed to receive various vaccines; (C) individual freedoms can be overridden to prevent a disaster; therefore, (D) ‘it is permissible to force individuals to receive certain vaccines against dangerous illnesses’. The argument seems to imply that non-vaccination is a sufficient condition of a disaster (would make the disaster imminent) that mandating mass vaccination is a sufficient condition of preventing the disaster, and that the overriding of individual freedoms could not result in a disaster of a different kind. None of these conditions can be assumed to be true.

We could also infer from the above premises that anything conceived of as harm could be classified as a ‘disaster’ and this would automatically give someone a legitimate right to override the freedoms of others, but this is absurd. We must, therefore, conclude that C is false: individual freedoms cannot be overridden just to prevent a disaster. Restrictions on freedoms can be justified only if they are reasonably necessary to preserve what makes human life worth living, because freedom is a necessary condition of a life worth living and, therefore, worth preserving. This is a conceptually appealing formula, but since the criterion of reasonable necessity is as elastic as the notion of disaster, it does not tell us much about practical moral obligations.

Brennan sidesteps this problem by proceeding to hone an OTV-type argument just in virtue of preventing ‘the collective imposition of unjust harm or risk of harm’. The reference to unjust harm makes his moral premise intuitively true but also compels us to identify the underlying injustice. Given that the existing vaccination technology is not risk-free (even if serious adverse reactions are rare) the alleged moral OTV implies that we have an obligation to reduce the risk to the health of others by accepting an increased or unknown health risk to ourselves. If I must accept an increased risk to myself in order to reduce the risk to others, because everyone has a moral obligation to do so, then justice demands that others must also accept an increased risk to themselves in order to reduce the risk to me, therefore, contradiction. This impasse can be resolved only by taking into account what set of ‘risk-permitting rules would tend to benefit everyone as individuals’1; a crucial question to which I will return.

Read more …

Very little is known, which is a great reason to panic.

WHO Calls Special Meeting To Discuss New Covid Variant (CNBC)

The World Health Organization is monitoring a new variant with numerous mutations to the spike protein, scheduling a special meeting Friday to discuss what it may mean for vaccines and treatments, officials said Thursday. The variant, called B.1.1.529, has been detected in South Africa in small numbers, according to the WHO. “We don’t know very much about this yet. What we do know is that this variant has a large number of mutations. And the concern is that when you have so many mutations, it can have an impact on how the virus behaves,” Dr. Maria Van Kerkhove, WHO’s technical lead on Covid-19, said in a Q&A that was livestreamed on the organization’s social media channels. The monitoring of the new variant comes as Covid cases surge around the world heading into the holiday season, with the WHO reporting hot spots in all regions and particularly in Europe.

South African scientists have detected more than 30 mutations to the spike protein, the part of the virus that binds to cells in the body, South African scientist Tulio de Oliveira said in a media briefing hosted by the South Africa Department of Health on Thursday. The B.1.1.529 variant contains multiple mutations associated with increased antibody resistance, which may reduce the effectiveness of vaccines, along with mutations that generally make it more contagious, according to slides he presented at the briefing. Other mutations in the new variant haven’t been seen until now, so scientists don’t yet know whether they are significant or will change how the virus behaves, according to the presentation. The variant has spread rapidly through the Gauteng province, which contains the country’s largest city of Johannesburg.

“Especially when the spike happens in Gauteng, everybody travels in and out of Gauteng from all corners of South Africa. So it’s a given that in the next few days, the beginning of rising positivity rate and numbers is going to be happening. It’s a matter of days and weeks before we see that,” South Africa Minister of Health Joe Phaahla said during the briefing. The variant has also been detected in Botswana and Hong Kong, Phaahla said. “Right now, researchers are getting together to understand where these mutations are in the spike protein and the furin cleavage site, and what that potentially may mean for our diagnostics or therapeutics and our vaccines,” Van Kerkhove said. She said there are fewer than 100 full genome sequences of the new mutation.

Read more …

Not could, will. Just try.

Former WHO Director Warns Making Vaccines Mandatory Could Cause Riots (SN)

Former World Health Organization director Anthony Costello warns that making COVID-19 vaccines mandatory could cause “riots.” Costello, a professor of global health and sustainable development at University College London, made the comments in response to numerous European countries continuing to experience COVID case surges. Although insisting that mandatory vaccinations is a “debate we can have,” Costello said it might sweep up more of the “indifferent” people, but that there were potentially explosive ramifications. “But you will repel a lot of people who lack trust in government and in vaccines. And you may start to see the unpleasant civil disobedience and riots they’ve had across Europe,” he added.


Meanwhile, WHO official Robb Butler called for other European countries to consider making vaccines mandatory. Doing so “can, but does not always, increase uptake,” argued Butler, adding, “We believe it’s time to have that conversation from both an individual and a population-based perspective. It’s a healthy debate to have.” Numerous countries have already seen large scale civil unrest in response to attempts by governments to impose new lockdowns and compulsory vaccinations. Austrians face fines and even prison time if they refuse to get jabbed after a February deadline.

Read more …

Warped “logic”: immune systems must fight off the vaccine.

“Children do have a robust immune system and I expect that they will mount a good immune response to the vaccine as well..”

COVID-19 Vaccine For Babies And Toddlers Could Be Approved Early 2022 (CBC)

Canada’s chief public health officer says COVID-19 vaccines for babies and toddlers could be approved early in the new year, depending on how clinical trials play out. In an interview with CBC Radio-Canada, Dr. Theresa Tam said a vaccine for some of Canada’s youngest people could be a turning point in the fight against COVID-19. “Children do have a robust immune system and I expect that they will mount a good immune response to the vaccine as well,” she said. “And for their parents as well, it’s sort of offering them some further hope.” In a major vaccine milestone, children aged five to 11 started to receive their first doses this week after Health Canada approved Pfizer-BioNTech’s vaccine for that age group. Meanwhile, that company is running clinical trials for those aged six months to just under five years.


Moderna is waiting for Health Canada approval on its COVID-19 vaccine for children aged six to 11, and is also in the midst of recruiting younger children for a clinical trial. “I can’t tell you exactly when those results will be available,” Tam said of the trials. “It depends on how many people they recruit and how fast the trials go. But I think all of that is well underway.” Tam said she anticipates seeing results from Pfizer-BioNTech for those aged two to five first. The doctor said she’s hoping to see some trial data toward the end of this year. “Which means for the youngest age group, the most likely timeline is optimistically at the beginning of next year,” she said.

Read more …

“..millions of households may need their own Thanksgiving bouncer..”

Media Tells Americans to Check Vaccine Status of Thanksgiving Dinner Guests (SN)

On the eve of Thanksgiving, media outlets urged Americans to perform COVID tests and check the vaccination status of Thanksgiving dinner guests before allowing them into their homes.Yes, really. During a segment on CBS Mornings, psychologist Lisa Damour was asked how nervous Thanksgiving hosts should bring up the subject of vaccination status when welcoming friends and family. “It might be a difficult conversation before people step into your house to say, ‘whoa, wait a minute, where’s your card, what’s your status?’ before you walk into my home,” the host of the show said. “This is tough because people are all over the map on this,” responded Damour. “They’re also all over the map with their risk tolerance. But the rapid tests have made this a lot easier. Whatever people’s vaccination status is, we can actually confirm safety on the spot.”

“If the situation feels weird, maybe make it kind of fun,” she added. “And say, ‘we’re going to start with hors d’oeuvres in the garage. You know, we’ll have drinks, we’ll do our rapid tests, and then come on in,’ right?” You can make it playful, make it fun, and then be able to enjoy the holiday because you’re not worried about safety.” Let’s just take a moment to sympathize with people who are attending Thanksgiving dinner today at a relative’s house who is so paranoid about a virus with a 99.9% survival rate, they want to perform medical tests on their own family members before letting them in. Good luck to those people.

Meanwhile, Axios published an article suggesting that hosts should deploy “Thanksgiving bouncers” to deal with people who fail to comply. “No one really wants this job, but millions of households may need their own Thanksgiving bouncer. The cover charge is a negative COVID test, done ahead of arrival or outside the front door,” the article states. “Normalizing rapid tests is a practical way to help extended families feel a little more normal around the holiday dinner table.” The piece went on to encourage hosts to inform guests ahead of time that they will “be testing everyone at the door for their own safety.” No thanks, think I’ll be staying home this year.

Read more …

“The current system, under which countries are added and removed from a safe list, will be dropped, a change officials think offers more certainty.” Huh?

EU Moves To Place Covid Booster Jabs At Heart Of Travel Rules (G.)

People hoping to travel to the European Union next year will have to get a booster jab once their original Covid vaccines are more than nine months old, under new proposals from Brussels. On Thursday, the European Commission proposed a nine-month limit for vaccine validity that would apply for travel within and to the EU. If the plans are approved by EU ministers, from 10 January 2022 non-EU travellers will be required to show proof of an EU-approved booster jab once their original vaccine status is more than nine months old. Similarly, travellers between the member states would have to meet the same requirement to avoid Covid tests, quarantine and other restrictions. The Commission hopes to avoid a confusing mixture of rules across the 27 member states, as governments scramble to tighten restrictions on everyday life following a surge in coronavirus infections.

The plans were unveiled on Thursday as the European Medicines Agency approved the use of the Pfizer-BioNTech vaccine for children aged five to 11, opening the way for governments to extend vaccination campaigns. The EU regulator recommended two injections three weeks apart in the upper arm for primary-school children, at one-third of the adult dose. The latest EU proposals prioritise vaccinated people, as Brussels moves to classify travellers according to individual health and vaccine status, rather than their country of departure. From 1 March 2022, EU member states would only permit entry to vaccinated, recovered or essential travellers, such as lorry drivers. The current system, under which countries are added and removed from a safe list, will be dropped, a change officials think offers more certainty.

The recommendation to make booster jabs necessary after nine months for non-EU non-essential travellers is part scientific advice, part practical policy. Immunity wanes after six months, but EU officials added an extra three to allow governments to get booster-shot programmes up and running. The EU executive also wants to allow entry for travellers with non-EU approved vaccines that are recognised by the World Health Organization, such as China’s Sinopharm and Sinovac and the AstraZeneca vaccine made by the Serum Institute of India. The EU has only approved four vaccines: Pfizer-BioNTech, AstraZeneca (produced in Europe), Janssen (Johnson & Johnson) and Moderna. Most EU member states only permit entry to people with EU-approved vaccines. Under the new proposals, travellers to the EU with a WHO-approved vaccine that is not EU approved, could enter the EU, but would have to produce a negative Covid-test.

Read more …

“Hospitals cannot be allowed to become prisons where patients are denied rights they would otherwise have.”

No, You Cuck. This Is How (Denninger)

**** you Daniel. “The family of Sun Ng will definitely have a meaningful Thanksgiving this year thanks to an attorney, a judge, and a doctor who bucked the system and enabled him to get ivermectin when he was at death’s doorstep. Imagine how many thousands of others are missing at this year’s Thanksgiving dinner thanks to the satanic effort to block this lifesaving drug – both outpatient and for those close to death?” It’s not just Ivermectin. These *******s are filling people with Remdesivir, which I remind you failed three times previously, including in a clinical trial for Ebola, a virus that kills half of those who get it. Distribution of patients into that treatment arm was stopped because of safety problems; in other words it was killing people more than the virus itself did, so they stopped using it partway through.

Today hospitals are being paid bounties — yes, actual bonuses — if they use this drug on all Covid-19 patients. So the answer isn’t this: “There is an immediate need for every attorney general to do battle with these hospitals and every legislature to pass a law specifically barring hospitals from blocking any patient from seeking the use of an FDA-approved drug at the direction of a physician to treat COVID. Hospitals cannot be allowed to become prisons where patients are denied rights they would otherwise have.” The way you stop it is simple: Charge the hospital administrators with felony manslaughter for each and every Covid-19 patient who dies and is either (1) denied medication they, their family or their physicians want to use OR (2) is given Remdesivir, which generates a rebuttable presumption that the drug killed them and not the virus.

Said presumption can be rebutted by autopsy if and only if their kidneys and liver are not damaged, which is what the drug does. Charge the hospital administrators with felony manslaughter for everyone they kill this way and watch their tune change immediately. Oh, and people will stop dying of Covid-19 too. Until and unless you advocate and in fact demand that **** you Mr. Auschwitz.

Read more …

The winter of excess deaths is coming. And nobody knows why.

FDA Report Finds All-Cause Mortality Higher Among Vaccinated (INN)

The clinical trials of Pfizer’s coronavirus vaccine found that the all-cause mortality rate of the vaccinated group was higher than that of the control group, months after the trials were launched, according to a recently released FDA report. According to the report, which was released by the US Food and Drug Administration to provide background information on its August 2021 decision to grant full approval for the Pfizer-BioNTech coronavirus vaccine after offering limited emergency authorization of use in last December, six months after the vaccine’s clinical trial began, the total number of deaths reported in the vaccinated group was nearly one-quarter higher than the number of deaths in the placebo group. The report emphasized that “None of the deaths were considered related to vaccination.”

Just under 22,000 participants were included in each group, with half receiving the coronavirus vaccine, and half receiving a saline solution injection. The initial results of the clinical trials suggested a high-level of efficacy for the vaccine in preventing symptomatic cases of COVID-19, an in particular, serious illness from COVID – but lacked significant data on all-cause mortality, due to the short time-frame and small number of total deaths. A follow-up assessment of participants completed on March 13th of this year looked at the overall health outcomes of the trial participants, six months after they received either the COVID vaccine or the saline solution injection. While Pfizer in July released partial data on the outcomes from the six-month assessment ending March 13th, the new FDA report includes more comprehensive data, and shows a significantly higher number of all-cause fatalities among the vaccinated cohort.

The Pfizer report in late July of this year showed effectively equal all-cause fatality rates between the vaccine and placebo cohorts six months after the tests were conducted, with 15 deaths among the nearly 22,000 vaccine recipients, versus 14 deaths among the nearly 22,000 placebo recipients. Most of the total 29 deaths in both groups were not related to the coronavirus; of the deaths in both groups, three fatalities were listed as being related to the virus; two in the placebo group and one in the vaccinated group. The FDA report, however, revealed a larger number of deaths by all causes in both groups, with 17 deaths among the control group and 21 in the vaccinated cohort.

Read more …

“The idea of rejecting an order, that’s counter to Marine Corps culture.”

Marines Face Defining Moment Ahead of Vaccine Mandate Deadline (USN)

The Marine Corps faces a defining moment leading up to its Monday deadline for all Marines to have received a coronavirus vaccine, with reports of a significant number who have refused the shot clashing with the service’s meticulously crafted image as the military’s most disciplined fighting force – and its most potent. Roughly 10,000 of its 186,000-strong active duty force are positioned to miss the deadline the Department of the Navy set for all Marines and sailors to become fully vaccinated, according to the latest data, representing the highest proportion of any of the military services potentially to violate direct orders from the chain of command. Even those who may have waited until the final weeks to begin the vaccination process will ultimately miss the deadline, which requires Marines to have completed the two-week vaccination process.

The 38,000 Marine Corps reservists face a later deadline of Dec. 28. Marine Corps headquarters has so far declined to say how many have applied for or been granted exemptions – a bureaucratic process to accommodate religious, medical or administrative concerns that has taken on outsized relevance in the age of coronavirus vaccine skepticism – or how it will punish those who outright refuse to receive the shot. A spokesman says it continues to study the scope of the issue. But those with deep experience in the corps and its place in the wider military say it has already suffered from the initial refusals, with the potential for greater damage after next week. “For decades the Marine Corps has been about the expeditionary force and readiness.

‘First to Fight,’ ‘Send the Marines’ – all those slogans about how they have to be ready to go on a moment’s notice,” says David Lapan, a former Marine Corps officer and later a spokesman for the Pentagon and Department of Homeland Security. “The Marine Corps prides itself on its discipline and following orders,” he adds. “The idea of rejecting an order, that’s counter to Marine Corps culture.” The Navy, by comparison, facing the same deadlines neared 100 percent vaccination early this month – matching a trend it has maintained in recent months following the catastrophic fallout of outbreaks that sidelined Navy ships early in the pandemic. The Office of Management and Budget revealed Wednesday that 92 percent of the entire federal workforce – including the military – had been vaccinated, with 4 percent receiving exemptions. The mandate takes on a different meaning for the Defense Department, however, as it was issued as a formal order by each service member’s chain of command.

Read more …

“.. Among those who filed the lawsuit was Ben Brown, who is running for state Senate in Missouri and owns Satchmo’s Bar and Grill..”

Missouri Judge Says Covid-19 Public Health Orders Must Be Lifted (Hill)

A Missouri judge ruled that local health officials can no longer issue COVID-19 safety orders, which he said infringe upon the constitutional separation of powers between branches of government, reported the St. Louis Post-Dispatch. The ruling from Cole County Circuit Court Judge Daniel Green means local health regulations throughout Missouri are struck down and rendered obsolete, reported the Post-Dispatch. “This case is about whether Missouri’s Department of Health and Senior Services regulations can abolish representative government in the creation of public health laws, and whether it can authorize closure of a school or assembly based on the unfettered opinion of an unelected official. This court finds it cannot,” said Green, according to the Post-Dispatch.


“Missouri’s local health authorities have grown accustomed to issuing edicts and coercing compliance. It is far past time for this unconstitutional conduct to stop,” added Green, a Republican who was first elected as county judge in 2010. The lawsuit was originally filed in 2020 and claimed that state health officials were overstepping their authority by issuing coronavirus mitigation measures such as quarantines and business closures, reported the Post-Dispatch. Among those who filed the lawsuit was Ben Brown, who is running for state Senate in Missouri and owns Satchmo’s Bar and Grill, which he fought to keep open during the pandemic against St. Louis County officials’ orders, reported the Post-Dispatch. Brown posted about the ruling on Tuesday on his Twitter account, where he wrote, “The age of mandates and forced quarantine of students by local health departments in our state is over!” and “Freedom wins!”

Read more …

Be open about it. It’s the only thing that will work.

Pfizer Vaccine Linked To 26 New Cases Of Myocarditis In Australia (DT)

The number of cases of heart inflammation linked to the Pfizer Covid vaccine in Australia has risen to 341 from about 23.9 million doses. There were 26 new cases of the rare side effect known as myocarditis reported in the week ending November 21. There was also one new blood clots case linked to the AstraZeneca vaccine following a first dose. It involved a 67-year-old woman from Victoria. The new case increased the total Thrombosis with thrombocytopenia syndrome (TTS) or blood clots cases to 164 out of 13.4 million doses. Of these 148 (81 confirmed, 62 probable) related to a first dose and 21 to a second dose (six confirmed, 15 probable).


Eight people have died as a result of blood clots – six of these were women. There have also been a total of 150 reports of suspected Guillain-Barre Syndrome (GBS) occurring after vaccination with AstraZeneca, a rare but sometimes serious immune disorder affecting the nerves. And a total of 90 reports of suspected immune thrombocytopenia (ITP) following vaccination with AstraZeneca, a rare immune reaction that can occur after a viral infection or vaccination when platelets, which help blood to clot, are mistakenly destroyed. [..] Myocarditis is reported in one to two in every 100,000 people who receive Pfizer, although it is more common in young men and teenage boys after the second dose (five to 11 cases per 100,000 doses).

Read more …

Poorly written, but still..

365 Studies Prove the Efficacy of Ivermectin and HCQ in Treating COVID-19 (GP)

There have now been 67 Ivermectin COVID-19 controlled studies that show a 67% improvement in COVID patients. [..] Dr. Robert Malone, the inventor of the mRNA vaccines, accused Dr. Fauci and others of lying and causing the death of over 500,000 Americans by preventing HCQ and Ivermectin, and other treatments from COVID-19 patients. Dr. Malone is right. It is well documented that Dr. Fauci and top US doctors conspired to disqualify and condemn hydroxychloroquine as a COVID-19 treatment. Millions died as a result of this. As TGP reported earlier — It wasn’t just Fauci but all of the top US medical leaders who were in on the hydroxychloroquine lie. Dr. Meryl Nass, MD, broke this story in The Defender. According to Dr. Nass, the top health officials were all in on the conspiracy against hydroxychloroquine.

“Fauci runs the NIAID, Collins is the NIH director (nominally Fauci’s boss) and Farrar is director of the Wellcome Trust. Farrar also signed the Lancet letter. And he is chair of the WHO’s R&D Blueprint Scientific Advisory Group, which put him in the driver’s seat of the WHO’s Solidarity trial, in which 1,000 unwitting subjects were overdosed with hydroxychloroquine in order to sink the use of that drug for COVID. Farrar had worked in Vietnam, where there was lots of malaria, and he had also been involved with SARS-1 there. He additionally was central in setting up the UK Recovery trial, where 1,600 subjects were overdosed with hydroxychloroquine.

Even if Farrar didn’t have some idea of the proper dose of chloroquine drugs from his experience in Vietnam, he, Fauci and Collins would have learned about such overdoses after Brazil told the world about how they mistakenly overdosed patients in a trial of chloroquine for COVID. The revelation was made in an article published in the JAMA in mid-April 2020. Thirty-nine percent of the subjects in Brazil who were given high doses of chloroquine died, average age 50.Yet the Solidarity and Recovery hydroxychloroquine trials continued into June, stopping only after their extreme doses were exposed. Fauci made sure to control the treatment guidelines for COVID that came out of the NIAID, advising against both chloroquine drugs and ivermectin. Fauci’s NIAID also cancelled the first large-scale trial of hydroxychloroquine treatment in early disease, after only 20 of the expected 2,000 subjects were enrolled.”

Read more …

A curious story. She wants big changes.

Centrist Dems Sink Biden’s Nominee For Top Bank Regulator (Axios)

Five Democratic senators have told the White House they won’t support Saule Omarova to head the Office of the Comptroller of the Currency, effectively killing her nomination for the powerful bank-regulator position. The defiant opposition from a broad coalition of senators reflects the real policy concerns they had with Omarova, a Cornell University law professor who’s attracted controversy for her academic writings about hemming in big banks. Their opposition also hints at a willingness of some Democratic senators to buck the White House on an important nomination, even if it hands Republicans a political — and symbolic — victory. Republicans have attacked the Kazakh-born scholar in remarkably personal terms, and turned her nomination into a proxy battle over how banks should be regulated.


In phone call on Wednesday, Sens. Jon Tester (D-Mont.) Mark Warner (D-Va.) and Kyrsten Sinema (D-Ariz.), all members of the Senate Banking Committee, told Sen. Sherrod Brown (D-Ohio) — the panel’s chairman — of their opposition. They’re joined in opposing her by Sens. John Hickenlooper (D-Colo.) and Mark Kelly (D-Ariz.). Biden officials also have heard directly from the senators. They’re aware of their deep opposition and know Omarova faces nearly impossible odds for confirmation. Still, they continue to back her publicly. “The White House continues to strongly support her historic nomination,” a White House official told Axios. “Saule Omarova is eminently qualified for this position,” the official said. “She has been treated unfairly since her nomination with unacceptable red-baiting from Republicans like it’s the McCarthy era.”

Read more …

 

 

 

 

 

STD

 

 

Temples of the Holy Spirit

 

 

Support the Automatic Earth in virustime; donate with Paypal, Bitcoin and Patreon.

 

Nov 212021
 
 November 21, 2021  Posted by at 9:55 am Finance Tagged with: , , , , , ,  94 Responses »


Hannah Höch Cut with the Dada Kitchen Knife through the Last Weimar Beer-Belly Cultural Epoch in Germany 1919

 

2x More Vaccinated English Adults Under 60 Dying Than Unvaccinated (Berenson)
mRNA COVID Vaccines: a Warning (Circ.)
ACS Risk Biomarkers Significantly Increase After mRNA COVID-19 Vaccine (CA)
Harvard Study: Recovered Immunity Far Stronger Than Vaccine Protection (Kirsch)
French Doctors Urge Against Jabs For Healthy Children (Exp.)
Fauci: Babies, Toddlers Eligible For Covid-19 Vaccine By Early 2022 (Hill)
The War On The ‘Unvaccinated’ Aims To Destroy The Control Group (Schachtel)
FDA Produces First 91+ Pages Of Pfizer’s COVID-19 Vaccine File (Siri)
NIH Director Calls For COVID Conspiracists to be “Brought to Justice” (SN)
Navy Shipbuilder Backpedals On Vaccine Mandate (ZH)
Europe’s Covid Crisis Pits Vaccinated Against Unvaccinated (AP)
Fresh Covid Riots For Second Night Hit Dutch City(Y!)

 

 

Used to be known as healthy.

Perfect excuse to jab everyone, a variant you can’t see, or feel.

 

 

 

 

Vit. D: A hormone
https://twitter.com/i/status/1462110238316896267

 

 

Melissa Ciummei
https://twitter.com/i/status/1462209145269108747

 

 

No more questions, your honor.

2x More Vaccinated English Adults Under 60 Dying Than Unvaccinated (Berenson)

The brown line represents weekly deaths from all causes of vaccinated people aged 10-59, per 100,000 people. The blue line represents weekly deaths from all causes of unvaccinated people per 100,000 in the same age range. I have checked the underlying dataset myself and this graph is correct. Vaccinated people under 60 are twice as likely to die as unvaccinated people. And overall deaths in Britain are running well above normal. I don’t know how to explain this other than vaccine-caused mortality.

Read more …

https://www.ahajournals.org/: Mrna COVID Vaccines Dramatically Increase Endothelial Inflammatory Markers and ACS Risk as Measured by the PULS Cardiac Test: a Warning

“..the mRNA vacs dramatically increase inflammation on the endothelium and T cell infiltration of cardiac muscle and may account for the observations of increased thrombosis, cardiomyopathy, and other vascular events following vaccination.”

mRNA COVID Vaccines: a Warning (Circ.)

Our group has been using the PLUS Cardiac Test (GD Biosciences, Inc, Irvine, CA) a clinically validated measurement of multiple protein biomarkers which generates a score predicting the 5 yr risk (percentage chance) of a new Acute Coronary Syndrome (ACS). The score is based on changes from the norm of multiple protein biomarkers including IL-16, a proinflammatory cytokine, soluble Fas, an inducer of apoptosis, and Hepatocyte Growth Factor (HGF)which serves as a marker for chemotaxis of T-cells into epithelium and cardiac tissue, among other markers. Elevation above the norm increases the PULS score, while decreases below the norm lowers the PULS score.The score has been measured every 3-6 months in our patient population for 8 years. Recently, with the advent of the mRNA COVID 19 vaccines (vac) by Moderna and Pfizer, dramatic changes in the PULS score became apparent in most patients.


This report summarizes those results. A total of 566 pts, aged 28 to 97, M:F ratio 1:1 seen in a preventive cardiology practice had a new PULS test drawn from 2 to 10 weeks following the 2nd COVID shot and was compared to the previous PULS score drawn 3 to 5 months previously pre- shot. Baseline IL-16 increased from 35=/-20 above the norm to 82 =/- 75 above the norm post-vac; sFas increased from 22+/- 15 above the norm to 46=/-24 above the norm post-vac; HGF increased from 42+/-12 above the norm to 86+/-31 above the norm post-vac. These changes resulted in an increase of the PULS score from 11% 5 yr ACS risk to 25% 5 yr ACS risk. At the time of this report, these changes persist for at least 2.5 months post second dose of vac. We conclude that the mRNA vacs dramatically increase inflammation on the endothelium and T cell infiltration of cardiac muscle and may account for the observations of increased thrombosis, cardiomyopathy, and other vascular events following vaccination.

Read more …

Second take on the same study, this from thecardiologyadvisor.com.

ACS Risk Biomarkers Significantly Increase After mRNA COVID-19 Vaccine (CA)

The risk of developing acute coronary syndrome (ACS) significantly increased in patients after receiving mRNA COVID-19 vaccines, according to a report presented at the American Heart Association (AHA) Scientific Sessions 2021, held from November 13 to 15, 2021. The study included 566 men and women (1:1) aged 28-97 years, who were patients in a preventive cardiology practice. All patients received a new PULS Cardiac Test 2-10 weeks after their second COVID-19 vaccine. This test result was compared with a PULS score from 3-5 months prevaccination. The PULS Cardiac Test measures multiple protein biomarkers, including hepatocyte growth factor [HGF], soluble Fas, and IL-16, and uses the results to calculate a 5-year risk score for new ACS. The PULS score increases with above-normal elevation. All participants received this test every 3-6 months for 8 years.


From prevaccination to postvaccination, the levels of IL-16 increased from 35=/-20 to 82=/-75 above the norm. Soluble Fas showed an increase from 22±15 to 46=/-24 above the norm. HGF rose from 42±12 to 86±31 above the norm. As a result, the 5-year ACS PULS risk score increased from 11% to 25%. By the time the report was published, changes had persisted for 2.5 months or more after the second vaccine dose. The study author concluded that “mRNA [vaccines] dramatically increase inflammation on the endothelium and T cell infiltration of cardiac muscle and may account for the observations of increased thrombosis, cardiomyopathy, and other vascular events following vaccination.”

Read more …

The obvious stuff that everyone understands, but that The Science and the media keep trying to cast doubts on.

Harvard Study: Recovered Immunity Far Stronger Than Vaccine Protection (Kirsch)

A new study from Harvard (Continued Effectiveness of COVID-19 Vaccination among Urban Healthcare Workers during Delta Variant Predominance) tracked vaccinated and unvaccinated Massachusetts healthcare workers and showed 0 infections in 74,557 person-days for previously infected patients compared to 49 infections out of 830,084 person-days for fully vaccinated patients. In short, if you’ve recovered from COVID, it is completely nonsensical for you to be vaccinated. You have virtually no chance of being re-infected. Summing it up: • Recovered patients much more protected from re-infection than vaccinated patients • Recovered patients, even if they get COVID, cannot pass it on to anyone else as far as we know (as the CDC was forced to reveal under FOIA from Aaron Siri) • We don’t know if subsequently getting vaccinated after recovering will improve or degrade points 1 or 2

In short, vaccine mandates that don’t exempt those who have recovered are unethical and a danger to the health of society. They are preventing us from getting to “herd immunity” which we can achieve through allowing natural infection and treating with effective early treatment protocols. The study also concluded that the vaccine efficacy was 76.5% (95% CI: 40.9–90.6%) against Delta. Yet other data shows the vaccines do nothing or make things worse. I didn’t see an obvious flaw in this study regarding that determination. I don’t know if they used different Ct values for vaccinated or unvaccinated. If anyone sees a flaw, please comment below.

This study adds more evidence that recovered immunity >> vaccine immunity. Even if the vaccines were perfectly save, forcing everyone to get vaccinated is both unnecessary and jeopardizes public health. Even if I ignore all the other data sources and only believe this one small study, it doesn’t change my opinion on the safety of these vaccines. DO NOT GET VACCINATED. You are always better off getting COVID, getting early treatment as soon as you have symptoms (safer and more effective than any vaccine), and then you are done. This is what Aaron Rodgers did. He maximized benefits for himself, his teammates, and society. Win-win-win.

Read more …

Only those with co-morbidities.

French Doctors Urge Against Jabs For Healthy Children (Exp.)

The increase in reported cases across Europe has been used by politicians to renew their push for mass vaccination. It has also reawakened debate about the jabbing of healthy children against the virus. But the French Academy of Medicine (FAM) insists the country’s vaccine roll-out should not extend to all healthy children. It has advised that, for many children, the risk-benefit balance weighs against vaccination. The 200-year-old advisory body, quoted in 20 Minutes, said in a statement that it “recommends extending immunisation against Covid by the vaccine to children at risk of severe forms of the disease due to co-morbidities, whatever their age, as well as to other children living in their family and school environment”. It does not believe that healthy children outside of this bracket should be vaccinated against Covid.

Read more …

Fauci doesn’t speak French. And love the use of the word “eligible”, like he’s doing you a favor.

Fauci: Babies, Toddlers Eligible For Covid-19 Vaccine By Early 2022 (Hill)

Director of the National Institute of Allergy and Infectious Diseases Anthony Fauci said Thursday that though he “can’t guarantee it,” babies and toddlers aged 6 months to 5 years could be eligible for COVID-19 vaccination by spring. “Hopefully within a reasonably short period of time, likely the beginning of next year in 2022, in the first quarter of 2022, it will be available to them,” Fauci told Insider in an interview, though he cautioned that he was speculating, adding, “you’ve got to do the clinical trial.” Pfizer-BioNTech previously stated that results from their clinical trial in children in the age ranges of 2 to 5 years and 6 months to 2 years are expected as soon as the fourth quarter of this year. According to a report by ABC Tampa in late October, Pfizer expects to apply this month for approval for its COVID-19 vaccine in children ages 6 months to 5 years, the last age range in the U.S. not yet being vaccinated.

“The Food and Drug Administration and CDC won’t approve the vaccine until there’s some data showing safety and efficacy,” Philip Landrigan, a pediatrician and immunologist at Boston College, told CNN Health earlier this month. “There’s every reason to think that it will be safe, and it will be efficacious,” Landrigan added. “But the agencies need to be cautious, justifiably so, and so they’re not going to give the approval until they have the data.” According to CNN, Pfizer is the furthest along in trials for those aged 6 months to 5 years, but Moderna is also conducting studies in very young children.

“We don’t have enough data now to present it for a regulatory approach, but right now, the data are being collected and analyzed,” Fauci said when speaking to CNN earlier this month. “So we will be able to answer the question, I believe, within a reasonable period of time regarding the safety and the immunogenicity among those lower than 5 years old.” According to CNN, Johnson & Johnson is currently in the first phase three study in adolescents ages 12 to 17 years old and expect results in the coming months. The White House announced Wednesday that 10 percent of children ages 5 to 11 have received their first coronavirus shot, following the approval of the Pfizer pediatric dose.

Read more …

The main remaining control group is the children.

The War On The ‘Unvaccinated’ Aims To Destroy The Control Group (Schachtel)

I wanted to turn your attention to a side by side comparison map comparing the COVID pandemic of last year to this year. It is a true “photo is worth a million words” tweet from Rational Ground’s Woke Zombie: The symmetry is indeed amazing. And the conclusion, after over 600 days of COVID Mania, could not be more clear. Not a single “public health expert”-hailed mitigation or suppression measure, including the COVID shots, has done anything significant to solve the reality that lots of people get sick during their area’s annual respiratory season. This global war on a virus is going about as well as the War on Afghanistan went when it came to eliminating the Taliban. The lockdowns failed to stop a virus. The universal masking regime failed to stop a virus. The millions and millions of societal restrictions and business closures failed to stop a virus.

And now it’s become pretty clear that the highly-touted “miracle” mRNA shots are failing to stop a virus.. Instead of accepting this reality, world governments are doubling, tripling, and quadrupling down on the madness. Despite incredibly high compliance rates, with an estimated 7.5+ billion COVID shots delivered in arms, the mRNA “cure” has not lived up to its admittedly impossible to achieve standards. In the span of 6 months, we went from: “You’re not gonna get COVID if you have these vaccinations”. And “vaccinated people don’t get the virus and don’t get sick”. And “all three vaccines are 100 percent effective against hospitalization and death”, To our current reality of another season of lockdowns, restrictions, and the usual, nonsensical “public health measures.”


7.5+ billion shots later, those of us who’ve followed the data closely have found out that all of the aforementioned statements, endorsed by the most renowned Government Health officials in the world, were complete nonsense. Weapons-grade nonsense. They were nowhere near remotely close to even representing a scintilla of truth.

Read more …

“..in the 2 1/2 months following EUA, Pfizer received a total of 42,086 reports containing 158,893 “events.”

FDA Produces First 91+ Pages Of Pfizer’s COVID-19 Vaccine File (Siri)

Two months and one day after it was sued, and close to 3 months since it licensed Pfizer’s Covid-19 vaccine, the FDA released the first round of documents it reviewed before licensing this product. The production consisted of 91 pdf pages, one xpt file, and one txt file. You can download them here. While it is for the scientists to properly analyze, let me share one observation. One of the documents produced is a Cumulative Analysis of Post-Authorization Adverse Event Reports of [the Vaccine] Received Through 28-Feb-2021, which is a mere 2 1/2 months after the vaccine received emergency use authorization (EUA). This document reflects adverse events following vaccination that have completed Pfizer’s “workflow cycle,” both in and outside the U.S., up to February 28, 2021.

Pfizer explains, on page 6, that “Due to the large numbers of spontaneous adverse event reports received for the product, [Pfizer] has prioritised the processing of serious cases…” and that Pfizer “has also taken a [sic] multiple actions to help alleviate the large increase of adverse event reports” including “increasing the number of data entry and case processing colleagues” and “has onboarded approximately [REDACTED] additional fulltime employees (FTEs).” Query why it is proprietary to share how many people Pfizer had to hire to track all of the adverse events being reported shortly after launching its product. As for the volume of reports, in the 2 1/2 months following EUA, Pfizer received a total of 42,086 reports containing 158,893 “events.” Most of these reports were from the U.S. and disproportionately involved women (29,914 vs. 9,182 provided by men) and those between 31 and 50 years old (13,886 vs 21,325 for all other age groups combined, with another 6,876 whose ages were unknown). Also, 25,957 of the events were classified as “Nervous system disorders”.

Females between the ages of 30 and 51. Nervous system disorders. That sounds familiar. As a matter of fact, that sounds similar to the concerns raised by some of the women testifying or described in the videos below. But no cause for alarm since Pfizer explains to the FDA: “The findings of these signal detection analyses are consistent with the known safety profile of the vaccine.” So if they knew these issues were going to arise, then why didn’t they appear to have enough staff to process this expected volume of reports? The grand conclusion by Pfizer to the FDA: “The data do not reveal any novel safety concerns or risks requiring label changes and support a favorable benefit risk profile of to the BNT162b2 vaccine.”

Read more …

It may surprise you, but he’s not talking about himself, or Fauci.

NIH Director Calls For COVID Conspiracists to be “Brought to Justice” (SN)

National Institutes of Health (NIH) Director Francis Collins has angrily called for anyone who spreads “misinformation” about COVID-19 online to be “brought to justice.” “Conspiracies are winning here. Truth is losing. That’s a really serious indictment of the way in which our society seems to be traveling,” Collins told the Washington Post. Citing an onslaught of angry messages directed at Dr. Anthony Fauci, who Collins appears to believe is above criticism, the bureaucrat demanded that those responsible for such behavior should be identified and “brought to justice.” The article cited one such example of “misinformation” being Fauci’s involvement in barbaric experiments conducted on dogs by the National Institute of Allergy and Infectious Diseases (NIAID), despite the fact that such cruelty factually occurred under Fauci’s leadership.


While Collins didn’t specify precisely what he meant by “brought to justice,” Pfizer CEO Albert Bourla previously asserted that individuals who spread false information about COVID vaccines are “criminals” who “have literally cost millions of lives.” That’s an interesting benchmark given that it was once considered false to claim that COVID vaccines didn’t stop the vaccinated spreading COVID, which is now an all too obvious fact. Quite what constitutes “misinformation” about COVID-19 is anyone’s guess given that several things that turned out to be plausible or true, such as the origin of the virus behind the Wuhan lab, were once deemed to be “misinformation.” It seems likely that whatever the National Institutes of Health, Anthony Fauci or Pfizer deem to be “misinformation” will become the standard. As we previously highlighted, efforts to brand those who question the safety and efficacy of products manufactured by pharmaceutical corporations that have been plagued by a myriad of historical scandals are also underway in the UK.

Read more …

1,000s such stories. We get to see just a handful.

Navy Shipbuilder Backpedals On Vaccine Mandate (ZH)

A federal subcontractor to the US Navy reversed course over the vaccine mandate this week, and announced that most workers will not longer be required to get the Covid-19 vaccine. Huntington Ingalls Industries, parent company of Newport News Shipbuilding made the announcement on Tuesday night notifying employees that they will no longer have to comply with a January 4 deadline. “..with respect to Ingalls Shipbuilding and Newport News Shipbuilding, our customer has confirmed that our contracts do not include a requirement to implement the mandate,” reads the letter. “In light of this development, we are hereby suspending the deadline for vaccination, except where specific Technical Solutions contracts require it.” The shipyard initially announced that all 25,000 employees would need to be fully vaccinated by Dec. 8 as a “condition of continued employment,” only to move it to January – and now, not at all.


Some shipyard employees feel ‘tricked’ however, as they “only got the vaccine because of the mandate,” according to WTKR. “They made me get it and then lifted it,” said Newport News Shipyard employee, Deshawn Royal. “I didn’t want to get it, but they said I had to get it or we were going to get fired. And then they lifted it. Y’all did us wrong.” Another employee, Rodney Apop, said that a lot of co-workers feel the same way. “They went ahead and jumped, and they didn’t have the choice to do it,” he said. “And now when they take [the mandate] away, they wish they had known so they didn’t have to.” Employees speculate the suspension came after workers threatened to quit. “You’re gonna lose your people,” said Royal. “Not everybody is gonna get it. It’s not worth a lot of people’s money to get injected with something they don’t want.”

Read more …

It’s the politicians and the media that pit them against each other.

But yeah, let’s talk Christmas. What would Joseph and Mary be doing in a world of vaccine mandates imposed by the Romans? Would Jesus get jabbed in the manger?

Europe’s Covid Crisis Pits Vaccinated Against Unvaccinated (AP)

This was supposed to be the Christmas in Europe where family and friends could once again embrace holiday festivities and one another. Instead, the continent is the global epicenter of the Covid-19 pandemic as cases soar to record levels in many countries. With infections spiking again despite nearly two years of restrictions, the health crisis increasingly is pitting citizen against citizen — the vaccinated against the unvaccinated. Governments desperate to shield overburdened healthcare systems are imposing rules that limit choices for the unvaccinated in the hope that doing so will drive up rates of vaccinations. Austria on Friday went a step further, making vaccinations mandatory as of Feb. 1. “For a long time, maybe too long, I and others thought that it must be possible to convince people in Austria, to convince them to get vaccinated voluntarily,” Austrian Chancellor Alexander Schallenberg said.

He called the move “our only way to break out of this vicious cycle of viral waves and lockdown discussions for good.” While Austria so far stands alone in the European Union in making vaccinations mandatory, more and more governments are clamping down. Starting Monday, Slovakia is banning people who haven’t been vaccinated from all nonessential stores and shopping malls. They also will not be allowed to attend any public event or gathering and will be required to test twice a week just to go to work. “A merry Christmas does not mean a Christmas without Covid-19,” warned Prime Minister Eduard Heger. “For that to happen, Slovakia would need to have a completely different vaccination rate.” He called the measures “a lockdown for the unvaccinated.”

Slovakia, where just 45.3% of the 5.5 million population is fully vaccinated, reported a record 8,342 new virus cases on Tuesday. It is not only nations of central and eastern Europe that are suffering anew. Wealthy nations in the west also are being hit hard and imposing restrictions on their populations once again. “It is really, absolutely, time to take action,” German Chancellor Angela Merkel said on Thursday. With a vaccination rate of 67.5%, her nation is now considering mandatory vaccinations for many health professionals. Greece, too, is targeting the unvaccinated. Prime Minister Kyriakos Mitsotakis announced a battery of new restrictions late Thursday for the unvaccinated, keeping them out of venues including bars, restaurants, cinemas, theaters, museums and gyms, even if they have tested negative.

“It is an immediate act of protection and, of course, an indirect urge to be vaccinated,” Mitsotakis said. The restrictions enrage Clare Daly, an Irish EU legislator who is a member of the European parliament’s civil liberties and justice committee. She argues that nations are trampling individual rights. “In a whole number of cases, member states are excluding people from their ability to go to work,” Daly said, calling Austria’s restrictions on the unvaccinated that preceded its decision Friday to impose a full lockdown “a frightening scenario.” Even in Ireland, where 75.9 % of the population are fully vaccinated, she feels a backlash against holdouts. “There’s almost a sort of hate speech being whipped up against the unvaccinated,” she said.

Read more …

“People want to live, that’s why we’re here..”

But the media just give you the burning cars, because people who just want to live are evil anti-vaxxers.

Fresh Covid Riots For Second Night Hit Dutch City(Y!)

Fresh rioting broke out late Saturday over the Dutch government’s coronavirus measures, with rioters throwing stones and fireworks at police, and setting fire to bicycles as protests turned violent for a second night in the Netherlands. Officers in riot gear charged groups of protesters in The Hague, while a water cannon was used to put out a fire at a busy intersection. Police patrolled on horseback and on bicycles. Police arrested several people in a working class neighbourhood of the city after a day of protests elsewhere in the country which were mainly peaceful, AFP correspondents saw. But the atmosphere changed late on Saturday, with groups of youths pelting officers in The Hague and also in the central town of Urk, as well as cities in the southern Limburg province, the NOS public broadcaster said.

“These people out here are protesting about 2G (restrictions on the unvaccinated) and the lockdown,” Hague pizza shop owner Ferdi Yilmaz told AFP as he surveyed the damage to his shop. “They are angry about it,” said Yilmaz, who added police dragged people out of his shop and “hit me on the head for no reason.” On Friday night, at least two people were injured after police fired shots at protesters and 51 were arrested after an “orgy” of violence in Rotterdam. The Netherlands went back into Western Europe’s first partial lockdown of the winter last Saturday with at least three weeks of curbs, and is now planning to ban unvaccinated people from entering some venues, the so-called 2G option.

Earlier several thousand protesters angry at the latest measures gathered in Amsterdam on Saturday, despite one group earlier in the day having cancelled their rally because of the previous night’s violence. Another thousand marched through the southern city of Breda near the Belgian border, carrying banners with slogans such as “No Lockdown”. Organisers said they opposed Prime Minister Mark Rutte’s plans to exclude the unvaccinated from bars and restaurants. “People want to live, that’s why we’re here,” said organiser Joost Eras. But “we’re not rioters. We come in peace,” he said.

Read more …

 

 

 

 

 

 

 

Final battle
https://twitter.com/i/status/1462158262749450240

 

 

State lines

 

 

Support the Automatic Earth in virustime; donate with Paypal, Bitcoin and Patreon.

 

Jun 112019
 


While filming “The African Queen” everyone fell sick from drinking the water except for Humphrey Bogart and John Huston, who drank whiskey

 

 

Luke Harding is a former journalist for the Guardian. I say former because while he is still writing for the paper, he lost his one remaining shred of credibility last November with an article about Paul Manafort visiting Julian Assange multiple times in the Ecuadorian Embassy in London, which soon was discredited as badly as an article can be, but has still not been retracted or corrected by the paper.

If you get caught in that kind of nonsense, you’re surely not a journalist. Of course that was just one in an endless list of blubber that Harding produced about the likes of Assange and Trump. And Putin of course. And now he’s back with more. About Putin.

Somewhere in this new article by Luke Harding and Jason Burke for the venerable publication, they say that Russia only became interested in Africa in 2014. And obviously you know you can stop reading right there. Russia’s been interested in Africa for decades. Because it’s laden with resources. Because everybody else is there to get to those resources.

But Harding manages to write up a piece that makes Russia’s interest terribly suspicious and menacing. Because, you know, Skripal. The Russians did it. He’s basing this on docs he claims to have seen, but doesn’t provide, given to him by an “investigative unit” based in London and funded by Mikhail Khodorkovsky, Putin’s worst domestic enemy.

 

Leaked Documents Reveal Russian Effort To Exert Influence In Africa

Russia is seeking to bolster its presence in at least 13 countries across Africa by building relations with existing rulers, striking military deals, and grooming a new generation of “leaders” and undercover “agents”, leaked documents reveal.

There are 54 countries in Africa today. Russia SEEKS to bolster its presence in 13. Scary! At the same time, how many countries do you think France has a presence in? Or UK, Italy, US? How about China? And now that we’re on the subject, what do you think they’re all taking out of Africa, leaving the people behind with nothing?

And Russia is supposed to be the threat? You ever heard about Belgian King Leopold and the Congo, and the millions of deaths he caused? 60 years ago there were still African children paraded out in ”human zoos” in Belgium. But Russia is the threat?! How about a history lesson or two?

The mission to increase Russian influence on the continent is being led by Yevgeny Prigozhin, a businessman based in St Petersburg who is a close ally of the Russian president, Vladimir Putin. One aim is to “strong-arm” the US and the former colonial powers the UK and France out of the region. Another is to see off “pro-western” uprisings, the documents say.


In 2018 the US special counsel Robert Mueller indicted Prigozhin, who is known as “Putin’s chef” because of his Kremlin catering contracts. According to Mueller, his troll factory ran an extensive social media campaign in 2016 to help elect Donald Trump.

Prigozhin is a caterer who runs a troll factory. Not saying this is impossible, but it’s certainly poorly written.

The Wagner group – a private military contractor linked to Prigozhin – has supplied mercenaries to fight in Ukraine and Syria. The documents show the scale of Prigozhin-linked recent operations in Africa, and Moscow’s ambition to turn the region into a strategic hub.

What operations? Catering operations?

Multiple firms linked to the oligarch, including Wagner, are known by employees as the “Company”. Its activities are coordinated with senior officials inside Russia’s foreign and defence ministries, the documents suggest.

And we have a picture of the beast. Not scary enough? We’ll get one where he eats babies.

 


Yevgeny Prigozhin in Vladivostok in 2016. Photograph: Mikhail Svetlov/Getty Images

Putin showed little interest in Africa in the 2000s. But western sanctions imposed in 2014 over the annexation of Crimea have driven Moscow to seek new geopolitical friends and business opportunities.

Oh yeah, sure, Russia only started looking at Africa in 2014. See, stop reading right there…

Russia has a military presence and peacekeeping mission in Central African Republic. CAR is described as “strategically important” and a “buffer zone between the Muslim north and Christian south”. It allows Moscow to expand “across the continent”, and Russian companies to strike lucrative mineral deals, the documents say.


On 24 May the Kremlin announced it was dispatching a team of army specialists to the neighbouring Democratic Republic of the Congo. According to Dmitry Peskov, Putin’s press spokesman, they will service Russian-made military equipment. So far Moscow has signed military cooperation deals with about 20 African states.

The west, France, UK, US, has literally raped the Congo, richer than any other place on earth in resources, for many many decades. And now that Russia starts looking, the west gets a dumb fcuk like Harding to write up a scare story about it.

Five days later the Kremlin said it would host the first ever Russia-Africa summit in October in the Black Sea resort of Sochi. Putin and Egypt’s president, Abdel Fatah al-Sisi, will chair the event. About 50 African leaders are due to attend. The aim is to foster political, economic and cultural cooperation.

The leaked documents were obtained by the Dossier Center, an investigative unit based in London. The centre is funded by Mikhail Khodorkovsky, the Russian businessman and exiled Kremlin critic.

Prigozhin has been approached for comment. He has previously denied any links to the troll factory and has said of Wagner that it does not exist. Putin has previously said that entities linked to Prigozhin do not constitute the Russian state.

A map from December 2018 seen by the Guardian shows the level of cooperation between the “Company” and African governments, country by country. Symbols indicate military, political and economic ties, police training, media and humanitarian projects, and “rivalry with France”. Five is the highest level; one is the lowest.

The closest relations are with CAR, Sudan and Madagascar – all put at five. Libya, Zimbabwe and South Africa are listed as four, according to the map, with South Sudan at three, and DRC, Chad and Zambia at two.

Other documents cite Uganda, Equatorial Guinea and Mali as “countries where we plan to work”. Libya and Ethiopia are flagged as nations “where cooperation is possible”. The Kremlin has recently stepped up its ground operation in Libya. Last November the Libyan commander Khalifa Haftar travelled to Moscow and met the defence minister, Sergei Shoigu. Prigozhin was spotted at the talks. Egypt is described as “traditionally supportive”.

 


 

We don’t get to hear where Khodorkovsky got the docs from or how reliable they are, and we don’t get to see any of them. We have to believe Luke Harding on his blue eyes. But even then, is there anything shocking here for the non-Skripal crowd? Or is Harding just once more doing the MI6’s job for them?

The graphic gives an overview of “Company” activities and achievements. It claims credit in CAR for getting of rid of politicians who are “orientated to France”, including national assembly representatives and the foreign minister. This appears to be Charles-Armel Doubane, sacked in December. It has “strengthened” the army and set up newspapers and a radio station. Russia is an “83% friend”, it says.

In Madagascar the new president, Andry Rajoelina, won election with “the Company’s support”, the map says. Russia “produced and distributed the island’s biggest newspaper, with 2 million copies a month”, it adds. Rajoelina denies receiving assistance.

Another key territory is Sudan. Last year Russian specialists drew up a programme of political and economic reform, designed to keep President Omar al-Bashir in power. It included a plan to smear anti-government protesters, apparently copy-pasted from tactics used at home against the anti-Putin opposition. (One memo mistakenly says “Russia” instead of “Sudan”.)

One ploy was to use fake news and videos to portray demonstrators in Khartoum and other Sudanese cities as “anti-Islam”, “pro-Israel” and “pro-LGBT”. The government was told to increase the price of newsprint – to make it harder for critics to get their message out – and to discover “foreigners” at anti-government rallies.

I love it when people like Harding use the term “fake news”. Because he’s the very person who’s been caught producing just that, in the Manafort-visits-Assange article mentioned above. That was 100% fake.

Now, don’t get me wrong please. Of course Russia tries to play out factions and parties and countries against one another. Like all others do. They may do it in Sudan, in Comoros, examples Harding makes claims about, and elsewhere:

[..] Other suggestions in the documents include trans-African road and rail-building schemes. A railway could be built linking Dakar in Senegal with Port Sudan in Sudan, along the “old hajj [pilgrimage] route”. A separate 2,300-mile (3,700km) toll road was proposed connecting Port Sudan with Douala in Cameroon. Neither has so far happened.


A plan to revive “pan-African consciousness” appears closely modelled on the idea of Russkiy Mir, or Russian world. The concept has become fashionable under Putin and signifies Russian power and culture extended beyond current borders.

Have you ever seen purer baloney? Russia trying to get Africa to unite because that would look like some ancient idea of turning the whole world Russian? Maybe Stalin has such ideas, but he was Soviet, not Russian, and Putin, who is Russian, doesn’t have it, as you can grasp from his military expenditures. All Putin wants is to keep Russia safe from American and NATO invasions.

One working paper is titled “African world”. It calls for a developing “African self-identity”. It recommends collecting a database of Africans living in the US and Europe, which might be used to groom “future leaders” and “agents of influence”. The eventual goal is a “loyal chain of representatives across African territory”, the March 2018 paper says.

That little paragraph says it all. There’s not one little letter in there that poses any threat to anyone.

More immediate practical measures include setting up Russian-controlled non-governmental organisations in African states and organising local meetings. It is unclear how many Prigozhin initiatives have actually gone forward. There is evidence that media projects mentioned in the documents are now up and running – albeit with marginal impact. They include a website, Africa Daily Voice, with its HQ in Morocco, and a French-language news service, Afrique Panorama, based in Madagascar’s capital Antananarivo. Russian operatives also offer thoughts on global politics. One policy paper, titled “Russian influence in Africa”, says Moscow needs to find “reliable partners among African states” and should establish military bases.

And there the whole story has fizzled out into emptiness. Yeah, it says with some vague thing about military bases, but do you know how many western military bases there are in Africa? Tons. So there’s nothing left, zero, from the original threatening tone Harding started off with, but it doesn’t matter, because who’s going to read the whole thing anyway?

Main thing is, the tone, the narrative, have been established once more. Putin is a big threat, re: Skripal and eating babies, and so are Trump and Assange. And they all work together to bring down your safety and quality of life. No, your own government doesn’t do that!

 

 

 

 

Jul 052018
 
 July 5, 2018  Posted by at 8:15 am Finance Tagged with: , , , , , , , , , , ,  3 Responses »


Vincent van Gogh Ravine 1889

 

China Warns US ‘Opening Fire’ On World With Tariff Threats (R.)
China Denies It Will Be First To Impose Tariffs On $34bn Of US Goods (G.)
Europe Turns Down Chinese Offer For Grand Alliance Against The US (ZH)
EU Reportedly Considering International Talks To Cut Car Tariffs (CNBC)
Germany’s Massive Trade Surplus ‘Is Becoming Toxic,’ Ifo Director Says (CNBC)
Tories ‘Toast’ If They Don’t Deliver On Brexit, Theresa May Warned (Sky)
There Is Only Option On The Table: Soft Brexit (G.)
UK Home Office Separating Scores Of Children From Parents (Ind.)
Bank of Japan Takes Away Punch Bowl, Balance Sheet Declines (WS)
India Is Emerging As Ground Zero Of The World’s Biggest NPL Crisis (ZH)
Kim Dotcom Loses New Zealand Extradition Appeal (AFP)
Babies (CJ)

 

 

Negotiate!

China Warns US ‘Opening Fire’ On World With Tariff Threats (R.)

The United States is “opening fire” on the world with its threatened tariffs, the Chinese government warned on Thursday, saying Beijing will respond the instant U.S. measures go into effect as the two locked horns in a bitter trade war. The Trump administration’s tariffs on $34 billion of Chinese imports are due to go into effect at 12.01 am eastern time on Friday (0401 GMT Friday), which is just after midday on Friday Beijing time. U.S. President Donald Trump has threatened to escalate the trade conflict with tariffs on as much as a total of $450 billion in Chinese goods if Beijing retaliates, with the row roiling financial markets including stocks, currencies and global trade of commodities from soy beans to coal.

China has said it will not “fire the first shot”, but its customs agency said on Thursday in a short statement that Chinese tariffs on U.S. goods will take effect immediately after Washington’s tariffs on Chinese goods kick in. Speaking at a weekly news conference, Chinese Commerce Ministry spokesman Gao Feng warned the proposed U.S. tariffs would hit international supply chains, including foreign companies in the world’s second-largest economy. “If the U.S. implements tariffs, they will actually be adding tariffs on companies from all countries, including Chinese and U.S. companies,” Gao said. “U.S. measures are essentially attacking global supply and value chains. To put it simply, the U.S. is opening fire on the entire world, including itself,” he said.

Read more …

Well, obviously.

China Denies It Will Be First To Impose Tariffs On $34bn Of US Goods (G.)

China has denied it will fire the opening salvo in an escalating trade dispute with the US, insisting that it would not bring in 25% tariffs on $34bn (£26bn) of American goods before a move from Washington. Both sides have threatened to impose similarly sized tariffs on 6 July, but because of the 12-hour time difference, it was thought the Chinese tariffs on US imports ranging from soybean to stainless steel pipes could take effect earlier. However, China’s finance ministry issued a statement on Wednesday saying that it would not be the first to levy tariffs.

“The Chinese government’s position has been stated many times. We absolutely will not fire the first shot, and will not implement tariff measures ahead of the United States doing so.” The US will implement a 25% tariff on $34bn of Chinese imports – 818 product lines ranging from cars to vaporisers and “smart home” devices – on Friday. There had been hopes the US and China might step away from the measures, but neither side has backed down. Economists have warned that the tariffs will damage economic growth and cost jobs, and could escalate into a full-blown trade war between the world’s two largest economies.

Read more …

Nonstarter.

Europe Turns Down Chinese Offer For Grand Alliance Against The US (ZH)

Publicizing its growing exasperation in dealing with president Donald Trump who refuses to halt the tit-for-tat retaliation in the growing trade war with China – which is set to officially begin on Friday when the US slaps $34 billion in Chinese exports with 25% tariffs – but has a habit of doubling down the threatened US reaction to every Chinese trade counteroffer (after all the US imports far more Chinese goods than vice versa)…China has proposed a novel idea: to form an alliance with the EU – the world’s largest trading block – against the US, while promising to open up more of China’s economy to European corporations.

The idea was reportedly floated in meetings in Brussels, Berlin and Beijing, between senior Chinese officials, including Vice Premier Liu He and the Chinese government’s top diplomat, State Councillor Wang Yi, according to Reuters. Willing to use either a carrot or a stick to achieve its goals, in these meetings China has been putting pressure on the European Union to issue a strong joint statement against President Donald Trump’s trade policies at a summit later this month. However, perhaps because China’s veneer of the leader of the free trade world is so laughably shallow – China was and remains a pure mercantilist power, whose grand total of protectionist policies put both the US and Europe to shame – the European Union has outright rejected any idea of allying with Beijing against Washington ahead of a Sino-European summit in Beijing on July 16-17.

Instead, in the tradition of every grand, if ultimately worthless meeting of the G-X nations, the summit is expected to produce a “modest communique”, which affirms the commitment of both sides to the multilateral trading system and promises to set up a working group on modernizing the WTO. Incidentally, the past two summits, in 2016 and 2017, ended without a statement due to disagreements over the South China Sea and trade. Then there is China’s “free-trade” reputation: a recent Rhodium Group report showed that Chinese restrictions on foreign investment are higher in every single sector save real estate, compared to the European Union, while many of the big Chinese takeovers in the bloc would not have been possible for EU companies in China. And while China has promised to open up, EU officials expect any moves to be more symbolic than substantive.

Read more …

Caving.

EU Reportedly Considering International Talks To Cut Car Tariffs (CNBC)

European officials are considering holding talks on a tariff-cutting deal between the world’s largest car exporters to prevent an all-out trade war with the U.S., according to the Financial Times who cited diplomats briefed on the matter. The proposal is being looked at by officials in Brussels, the administrative heartland of the European Union, ahead of a meeting between Jean-Claude Juncker, the president of the European Commission, and President Donald Trump in Washington later in July, the report published Wednesday said.

The FT reported that three diplomats, which it did not name, said the European Commission “is studying whether it would be feasible to negotiate a deal with other big car exporters such as the U.S., South Korea and Japan.” Such a move could address Trump’s complaint that the U.S. sector is unfairly treated, while reducing export costs for other participating countries’ auto sectors. “Under such a deal, participants would reduce tariffs to agreed levels for a specified set of products — a concept in international trade known as a ‘plurilateral agreement’ that lets countries strike deals on tariffs without including the entire membership of the WTO,” the FT said.

Read more …

Even Italy has a big surplus.

Germany’s Massive Trade Surplus ‘Is Becoming Toxic,’ Ifo Director Says (CNBC)

Germany exporting more than it imports is becoming a big problem for its economy, a director from the country’s closely-watched Ifo Institute said Wednesday. “(The trade surplus) is turning out to be an increasing issue, not just with the U.S. but with other trade partners as well, and also within the European Union,” Gabriel Felbermayr, the director of the Ifo Center for International Economics at the Munich-based institute, told CNBC’s “Squawk Box Europe. “The surplus is becoming toxic, and also within Germany many argue now that we need to do something about it with the purpose of lowering it. It turns out to be a liability rather than an asset.”

Germany’s export-orientated, manufacturing economy and its resulting trade surplus — the value of its exports exceeding that of its imports — has long been a subject of criticism and Berlin has been pressured to encourage more domestic spending and boost imports. Trade surpluses are viewed as encouraging trade protectionism and worsening the economic problems of other countries. Germany’s trade surplus fell in 2017 for the first time since 2009, shrinking to $300.9 billion, data published in February by the country’s Federal Statistics Office showed. Still, its trade surplus with the U.S. was $64 billion.

[..] Eric Lonergan, macro fund manager at M&G, told CNBC on Wednesday that Trump might be mollified by European countries promising to address their current account surpluses. A current account surplus is a broader measure of the trade surplus, plus earnings from foreign investments and transfer payments. “(Regarding the trade surplus) the truth is it’s not just Germany anymore — central and eastern Europe, if you look at Hungary, Poland, the Czech Republic and take them as an aggregate, were running a big current account deficit before, now they’re running a big current account surplus,” he said. “Italy’s running a big current account surplus, the periphery is — so it’s the ‘Germanification’ of the whole of greater Europe.”

Read more …

Rumor has it that Boris Johnson will resign. Maybe he’ll wait until after England lose to Sweden in the World Cup.

Tories ‘Toast’ If They Don’t Deliver On Brexit, Theresa May Warned (Sky)

Theresa May has been warned the Tories will be “toast” if they fail to deliver on their Brexit promises, as eurosceptic MPs maintain the pressure on the prime minister ahead of a crunch meeting of her top team. As the PM prepares to gather ministers at her country retreat of Chequers on Friday, she has been put on notice by the European Research Group (ERG) of Conservative backbenchers. Around 40 members of the ERG met with chief whip Julian Smith on Wednesday, reports Sky’s senior political correspondent Beth Rigby. Our correspondent said that they told Mr Smith the party will be “toast” if it “welches” on its previous Brexit promises, adding that the roughly £40bn “divorce bill” should only be paid to Brussels on condition of getting a deal.

After the meeting, Jacob Rees-Mogg, who chairs the ERG, told Sky News that Mr Smith “doesn’t determine policies” and so backbench Brexiteers remain in the dark over the government’s plans beyond media reports. Asked about suggestions the PM could propose a UK-EU deal that keeps regulatory alignment with Brussels for goods, as well as keeping the same level of tariffs as the EU, Mr Rees-Mogg warned such an agreement is “not Brexit”. He insisted continued regulatory alignment would mean the UK “cannot do trade deals with the rest of the world” and would mean “we haven’t really left the EU”. “Indeed, worse than that, we’re a vassal state because we take the EU’s rules and have no say over them,” the Leave supporter added.

Read more …

Not for the diehards.

There Is Only Option On The Table: Soft Brexit (G.)

The proverbial can has been kicked down the proverbial road ever since Britain voted to leave the European Union in 2016. Don’t get me wrong. Can-kicking has a necessary place in politics. Theresa May has often had little choice but to resort to it. But the road and the can-kicking must end at Chequers on Friday. That’s when the prime minister and her divided cabinet must finally decide what kind of relationship they seek with the EU after Brexit. In the end, May’s government faces the same two choices at Chequers that it has faced throughout all the twists and turns of the Brexit negotiations.

Either the government must embrace a form of soft Brexit that it can then persuade the rest of Europe to accept as a proper basis for good future relations – the option that May herself and the chancellor, Philip Hammond, both prefer and will put forward – or it must reject that option and prepare for a no-deal Brexit, in which all of Britain’s economic and political relations with Europe and the rest of the world become matters of pure conjecture. There are no other choices on the table. If Brexit is to go ahead, it is simply one or the other. This means, therefore, that only the first of the two choices is in fact a serious option.

If the cabinet rejects May’s and Hammond’s approach and adopts a no-deal option as government policy, there would be both a parliamentary and an extra-parliamentary revolt against it. Large businesses such as British Airways might relocate to Europe. Labour might even find an explicit anti-Brexit voice. One way or another, the no-deal approach would therefore explode on the launch pad. And Brexit might even not take place. Most ministers are neither idiots nor wreckers, so the no-deal option is not going to happen. It is even questionable as to whether any of the no-dealers will resign. The much more serious question, though, is whether the soft Brexit package that May wants to sell to the cabinet is much of a runner either.

Read more …

If they’re capable of Windrush, they can do this too.

UK Home Office Separating Scores Of Children From Parents (Ind.)

The Home Office is separating scores of children from their parents as part of its immigration detention regime – in some cases forcing them into care in breach of government policy. Schools, the NHS and social services have written letters to the department begging them to release parents from detention because of the damaging impact it is having on their children. Bail for Immigration Detainees (Bid), a charity that supports people in detention, said they have seen 170 children separated from their parents by the Home Office in the past year – and believes there are likely to be many more.While usually the youngsters remain in the care of their other parent, the charity has seen a number of cases where children are taken into local authority care as a result of the detention.

Case workers highlight that this is in breach of Home Office guidelines, which state that a child “must not be separated from both adults if the consequence of that decision is that the child is taken into care”. In one case, three young children were taken into care for several days after their dad was detained earlier this year – an experience that left them traumatised and fearful that he will be “taken away” again. Kenneth Oranyendu, 46, was detained in March while his wife was abroad for her father’s funeral. Despite the Home Office being aware of this, they kept him in detention and his four young children were forced to go into care.

Read more …

Japan’s toast without the punch bowl.

Bank of Japan Takes Away Punch Bowl, Balance Sheet Declines (WS)

In June, total assets on the Bank of Japan’s balance sheet dropped by ¥3.79 trillion yen ($34 billion) from May, to ¥537 trillion ($4.87 trillion). It was the third month-over-month drop in seven months, and the first such drops since late 2012, when the Abenomics-designed blistering “QQE” (Qualitative and Quantitative Easing) kicked off. So has the “QQE Unwind” commenced? This chart shows the month-to-month changes of the total balance sheet. Note the trend over the past 16 months and the three “QQE unwind” episodes (red):

But this sporadic balance sheet reduction and the overall “tapering” of its growth contradict the official rhetoric. Bank of Japan Governor Haruhiko Kuroda along with most of his colleagues keep insisting that the BOJ would “patiently” maintain its ultra-easy monetary policy and that it would “keep expanding the monetary base until inflation is above 2%.” The blistering asset purchases would add about ¥80 trillion ($725 billion) to the balance sheet every year. And the BOJ has repeatedly affirmed its short-term interest-rate target of a negative -0.1%.

[..][ Under QQE, the BOJ has been buying mostly Japanese government securities (JGBs and short-term bills); it also purchased corporate bonds, Japanese REITs, and equity ETFs. But now, the party appears to be ending, despite the speeches to the contrary. From the distance, however, the flattening out (tapering) of the BOJ’s assets is barely noticeable, given the magnitude of the whole pile that amounts to about 96% of Japan’s GDP (the Fed’s balance sheet amounted to about 23% of US GDP at the peak):

Read more …

I’d say China is much worse than the graph indicates.

India Is Emerging As Ground Zero Of The World’s Biggest NPL Crisis (ZH)

While bad loans in the Italian banking system have received a ton of attention from investors who fear that the Italians could inadvertently blow up the European banking union, it’s not the only financial landmine lurking among the world’s ten largest economies. To wit, while Italy has the largest percentage of non-performing loans among the world’s largest economies, India isn’t far behind and India’s economic recovery is built on an even shakier foundation. According to Bloomberg, India’s $1.7 trillion formal banking sector is presently struggling with $210 billion in bad loans, most of which are concentrated within its state-owned banks. During the 2018 fiscal year, growth slowed to 6.7%, down from the previous year’s 7.1%, back to its levels from 2014, before Modi came to power.

The state banks have been so badly mismanaged that some analysts say the country’s banking crisis is an opportunity for private sector banks, as CNBC reported. “If you take a 10-year view, currently the private sector banks’ market share is 30 percent. Probably it will become 60 percent,” Sukumar Rajah, senior managing director at Franklin Templeton Emerging Markets Equity, told CNBC. As a result, he said, “the overall health of the banking system will improve because the better banks will be a bigger portion of the market and the weaker banks will become a smaller portion of the market.”

Some also see opportunities for investment bankers looking to underwrite corporate bond issuance in the country.. “My view is that, incrementally, a lot of long-term financing of corporate India can also be met by the corporate bond market, which has developed reasonably well,” he said. “Between the corporate bond market and the private banks, I think most of the requirements can be met as far as corporate India is concerned.” When it comes to lending directly to individuals, Prasad said that is mostly done by the private banks and non-banking financial companies.

Read more …

Can’t extradite someone who has broken none of your laws.

Kim Dotcom Loses New Zealand Extradition Appeal (AFP)

Megaupload founder Kim Dotcom suffered a major setback in his epic legal battle against online piracy charges Thursday when New Zealand’s Court of Appeal ruled he was eligible for extradition to the United States. The German national, who is accused of netting millions from his file sharing Megaupload empire, faces charges of racketeering, fraud and money laundering in the US, carrying jail terms of up to 20 years. Dotcom had asked the court to overturn two previous rulings that the Internet mogul and his three co-accused be sent to America to face charges. Instead, a panel of three judges backed the FBI-led case, which began with a raid on Dotcom’s Auckland mansion in January 2012 and has dragged on for more than six years.

The court said US authorities had “a clear prima facie case to support the allegations that the appellants conspired to, and did, breach copyright wilfully and on a massive scale for commercial gain”. Dotcom is accused of industrial-scale online piracy via Megaupload, which US authorities shut down when the raid took place. They allege Megaupload netted more than US$175 million in criminal proceeds and cost copyright owners US$500 million-plus by offering pirated content including films and music. “We are disappointed with today’s judgment by the NZ Court of Appeal in the Kim Dotcom case,” his lawyer Ira Rothken tweeted, indicating there would be an appeal to the Supreme Court.

“We have now been to three courts each with a different legal analysis – one of which thought that there was no copyright infringement at all.” Dotcom and his co-accused – Finn Batato, Mathias Ortmann, Bram van der Kolk – have denied any wrongdoing and say Megaupload was simply a case of established interests being threatened by online innovation. The website was an early example of cloud computing, allowing users to upload large files onto a server so others could easily download them without clogging up their email systems. At its height in 2011, Megaupload claimed to have 50 million daily users and account for 4% of the world’s internet traffic.

Read more …

How people are made.

Babies (CJ)

When a baby is born, its parents teach it how to eat solid foods and walk and talk, which generally works out fine. Then they start teaching the baby all the lies their parents taught them, and things start to get messy. When the baby is old enough, they send it to school, where it spends twelve years being taught lies about how the world works so that one day it will be able to watch CNN and say “Yes, this makes perfect sense” instead of “This is ridiculous” or “Why does this whole entire thing seem completely fake?” or “I want to punch Chris Cuomo in the throat.” The baby is taught history, which is the study of the ancient, leftover propaganda from whichever civilization happened to win the wars in a given place at a given time.

The baby is taught geography, so that later on when its country begins bombing another country, the baby’s country won’t be embarrassed if its citizens cannot find that country on a globe. The baby is taught obedience, and the importance of performing meaningless tasks in a timely manner. This prepares the baby for the half century of pointless gear-turning it will be expected to undertake after graduation. The baby is taught that it lives in a free country, with a legitimate electoral system which facilitates meaningful elections of actual representatives in a real government. It is never taught that those elections, representatives and government are all owned and operated by the very rich, who use them to ensure policies which make them even richer while keeping everyone else as poor as possible so that they won’t have to share political power.

It is never taught that highly secretive intelligence and defense agencies form alliances with those rich people to advance murderous and exploitative agendas for profit and power. It is never taught that the things it sees on television are mostly lies. The baby is smoothly, seamlessly funneled from uterus to full-time employment through this system, often with a little religion mixed in to really drive home the importance of obedience and meekness and the nobility of poverty.

Read more …

Waiting for my man

Dec 122015
 
 December 12, 2015  Posted by at 4:23 pm Finance Tagged with: , , , , , , ,  21 Responses »


Nickolay Lamm Jefferson Memorial under 25 feet of water

French Foreign Minister Laurent Fabius just announced, in Paris, a “legally binding agreement” that no-one has agreed the financing for. We can hear a couple thousand lawyers across the globe snicker. But it’s all the COP21 ‘oh-so-important’ climate conference managed to come up with. No surprises there. They couldn’t make the 2ºC former goal stick, so they go for 1.5ºC this time. All on red, double or nothing. Because who really cares among the leadership, just as long as the ‘targets’ are far enough away that they can’t be held accountable.

I’ve been writing the following through the past days, and wondering if I should post it, because I know so many readers of the Automatic Earth have so much emotion invested in these things, and they’re good and fine emotions. But some things must still be said regardless of consequences. Precisely because of that kind of reaction. No contract is legally binding if there’s no agreement on payment. Nobody has a legal claim on your home without it being specified that, if, when and how they’re going to pay for it.

I understand some people may get offended by some of the things I have to say about this – though not all for the same reasons either-, but please try and understand that and why the entire CON21 conference has offended me. After watching the horse and pony show just now, I thought I’d let ‘er rip:

I don’t know what makes me lose faith in mankind faster, the way we destroy our habitat through wanton random killing of everything alive, plants, animals and people, through pollution and climate change and blood-thirsty sheer stupidity, or if it is the way these things are being ‘protested’.

I’m certainly not a climate denier or anything like that, though I do think there are questions people gloss over very easily. And one of those questions has to be that of priorities. Is there anyone who has thought over whether the COP21 stage in Paris is the right one to target in protest, whatever shape it takes? Is there anyone who doesn’t think the ‘leaders’ are laughing out loud in -plush, fine wine and gourmet filled- private about the protests?

Protesters and other well-intended folk, from what I can see, are falling into the trap set for them: they are the frame to the picture in a political photo-op. They allow the ‘leaders’ to emanate the image that yes, there are protests and disagreements as everyone would expect, but that’s just a sign that people’s interests are properly presented, so all’s well.

COP21 is not a major event, that’s only what politicians and media make of it. In reality, it’s a mere showcase in which the protesters have been co-opted. They’re not in the director’s chair, they’re not even actors, they’re just extras.

I fully agree, and more than fully sympathize, with the notion of saving this planet before it’s too late. But I wouldn’t want to rely on a bunch of sociopaths to make it happen. There are children drowning every single day in the sea between Turkey and Greece, and the very same world leaders who are gathered in Paris are letting that happen. They have for a long time, without lifting a finger. And they’ve done worse -if that is possible-.

The only thing standing between the refugees and even greater and more lethal carnage are a wide, even confusingly so, array of volunteers, and the people of the Greek coastguard, who by now must be so traumatized from picking up little wide-eyed lifeless bodies from the water and the beaches, they’ll live the rest of their lives through sleepless nightmares.

Neither Obama nor Merkel nor Hollande will have those same nightmares. And let’s be honest, will you? You weren’t even there. And still, you guys are targeting a conference in Paris on climate change that features the exact same leaders that let babies drown with impunity. Drowned babies, climate change and warfare, these things all come from the same source. And you’re appealing to that very same source to stop climate change.

What on earth makes you think the leaders you appeal to would care about the climate when they can’t be bothered for a minute with people, and the conditions they live in, if they’re lucky enough to live at all? Why are you not instead protesting the preventable drownings of innocent children? Or is it that you think the climate is more important than human life? That perhaps one is a bigger issue than the other?

Moreover, the very same leaders that you for some reason expect to save the planet -which they won’t- don’t just let babies drown, they also, in the lands the refugees are fleeing, kill children and their parents on a daily basis with bombs and drones. Dozens, hundreds, if not thousands, every single day. That’s how much they care for a ‘healthy’ planet (how about we discuss what that actually is?).

And in the hallways of the CON21 conference they’ve been actively discussing plans to do more of the same, more killing, more war. Save the world, bombs away! That’s their view of the planet. And they’re supposed to save ‘the climate’?

There are a number of reasons why the CON21 conference will not move us one inch towards saving this planet. One of the biggest is outlined in just a few quoted words from a senior member of India’s delegation -nothing new, but a useful reminder.

India Opposes Deal To Phase Out Fossil Fuels By 2100

India would reject a deal to combat climate change that includes a pledge for the world to wean itself off fossil fuels this century, a senior official said, underlying the difficulties countries face in agreeing how to slow global warming.

India, the world’s third largest carbon emitter, is dependent on coal for most of its energy needs, and despite a pledge to expand solar and wind power has said its economy is too small and its people too poor to end use of the fossil fuel anytime soon. “It’s problematic for us to make that commitment at this point in time. It’s certainly a stumbling block (to a deal),” Ajay Mathur, a senior member of India’s negotiating team for Paris, told Reuters in an interview this week.

“The entire prosperity of the world has been built on cheap energy. And suddenly we are being forced into higher cost energy. That’s grossly unfair,” he said.

This means the ‘poorer’ countries, -by no means just India; China has 155 more coal plants in the pipeline despite their pollution levels moving ‘beyond index’-, the poorer counties won’t volunteer to lower their emissions unless richer nations lower theirs even a lot more. US per capita emissions are over 10 times higher than India’s, those of the EU six times. Ergo: Step 1: lower US emissions by 90%. It also means that richer nations won’t do this, because it would kill their economies.

Which, in case you haven’t noticed, are already doing very poorly, much worse than the media -let alone politicians- will tell you. In fact, the chances that the richer countries will ‘recover’ from the effects of their debt binge are about on par with those of renewable energy sources becoming cheaper than fossil fuels -barring subsidies. If only because producing them depends entirely on those same fossil fuels. All the rest of what you hear is just con.

The people of India obviously know it, and you might as well. It’s going to cost many trillions of dollars to replace even a halfway substantial part of our fossil energy use with renewables, and we already don’t have that kind of money today. We will have much less tomorrow.

Besides, despite all the talk of Big Oil turning into Big Energy, Shell et al are not energy companies, they’re oil -and gas- companies, and they’ll defend their (near) monopolies tooth and claw. Especially now that their market caps are sinking like so many stones. They have no money left to invest in anything, let alone an industry that’s not theirs. They lost some $250 billion in ‘value’ this week alone. They’re getting killed.

In the same vein, China can’t close more than a token few of its most polluting plants. China’s getting killed economically. And for all nations and corporations there’s one principle that trumps all: competitive advantage. If going ‘green’ means losing that, or even some of it, forget it. We won’t volunteer to go green if it makes us less rich.

And who do you think represents big oil -and the bankers that finance them- more than anyone else? Right, your same leaders again, who make you pay for the by now very extensive and expensive security details that keep them from having to face you. Just like they’re planning to make you pay dearly for the illusion of a world running on renewables.

Because that’s where the profit is: in the illusion.

Whatever makes most money is what will drive people’s, corporations’, and nations’ actions going forward. Saving energy and/or substituting energy sources is not what makes most money, and it will therefore not happen. Not on any meaningful scale, that is.

There will be attempts to force people to pay through the nose to soothe their consciences -which will be very profitable for those on the receiving end-, but people’s ability to pay for this is shrinking fast, so that won’t go anywhere.

The only thing that could help save this planet is for all westerners to reduce their energy use by 90%+, but, though it is theoretically and technically feasible, it won’t happen because the majority of us won’t give up even a part of our wealth, and the powers that be in today’s economies refuse to see their profits (re: power) and those of their backers go up in -ever hotter- air.

The current economic model depends on our profligate use of energy. A new economic model, then, you say? Good luck with that. The current one has left all political power with those who profit most from it. And besides, that’s a whole other problem, and a whole other issue to protest.

If you’re serious about wanting to save the planet, and I have no doubt you are, then I think you need to refocus. COP21 is not your thing, it’s not your stage. It’s your leaders’ stage, and your leaders are not your friends. They don’t even represent you either. The decisions that you want made will not be made there.

There will be lofty declarations loaded with targets for 2030, 2050 and 2100, and none of it will have any real value. Because none of the ‘leaders’ will be around to be held accountable when any of those dates will come to pass.

An imploding global economy may be your best shot at lowering emissions. But then again, it will lead to people burning anything they can get their hands on just to keep warm. Not a pretty prospect either. To be successful, we would need to abandon our current political and economic organizational structures, national governments and ‘up’, which select for the sociopaths that gather behind their heavy security details to decide on your future while gloating with glee in their power positions.

Better still, we should make it impossible for any single one of them to ever be elected to any important position ever again. For now, though, our political systems don’t select for those who care most for the world, or its children. We select for those who promise us the most wealth. And we’re willing to turn a blind eye to very many things to acquire that wealth and hold on to it.

The entire conference is just an exercise in “feel good”, on all sides. Is there anyone out there who really thinks the likes of Bill Gates and Richard Branson will do anything at all to stop this world from burning to the ground? You have any idea what their ecological footprints are?

Sometimes I think it’s the very ignorance of the protesting side that dooms this planet. There’s a huge profit-seeking sociopathic part of the equation, which has caused the problems in the first place, and there’s no serious counterweight in sight.

Having these oversized walking talking ego’s sign petitions and declarations they know they will never have to live up to is completely useless. Branson will still fly his planes, Gates will keep running his ultra-cooled server parks, and Obama and Merkel will make sure their economies churn out growth ahead of anything else. Every single country still demands growth. Whatever gains you make in terms of lower emissions will be nullified by that growth.

And in the hallways, ‘smart’ entrepreneurs stand ready to pocket a ‘smart’ profit from the alleged switch to clean energy. At the cost of you, the taxpayer. And you believe them, because you want to, and because it makes you feel good. And you don’t have the knowledge available to dispute their claims (hint: try thermodynamics).

You’re seeking the cooperation of people who let babies drown and who incessantly bomb the countries these babies and their families were seeking to escape.

I’m sorry, I know a lot of you have a lot of emotion invested in this, and it’s a good emotion, and you’re thinking this conference is really important and all, and our ‘last chance’ to save the planet. But you’ve been had, it’s as simple as that. And co-opted. And conned.

And it’s not the first time, either. All these conferences go the same way. To halt the demise of the planet, you can’t rely on the same people who cause it. Never works.

Nov 022015
 
 November 2, 2015  Posted by at 10:08 am Finance Tagged with: , , , , , , , , , , ,  13 Responses »


RLOppenheimer New flag for EU 2015

To reiterate: People are genetically biased against change, because change means potential danger. People are also genetically biased against acknowledging this bias, because they wish to see themselves as being able to cope with both change and danger. Put together, this means that when changes come, people are largely unprepared or underprepared.

Take this beyond the bias of the individual, and apply it to that of the group (s)he belongs to, the vantage point of a society, and you find the bias multiplies and becomes self-confirming. That is, the members of the group reinforce each other’s bias. When change comes in small and gradual steps, as it mostly does, this can be said to work relatively well. When it comes in large and sudden steps, trouble ensues.

This little bit of psychology 101 may seem redundant, but it is indispensable if we wish it to recognize the implications of Europe -and the entire world with it, in its slipstream- having already entered a period of change so profound it is impossible to predict what the impact will be. We can do a lot better at this than we do today, where so far the drivers of change, and indeed the changes themselves, are ignored and/or denied.

This ignorance and denial threatens to lead to a needless increase in nationalism, fascism, violence, misery, death and warfare. If we were to acknowledge that the change is inevitable, and prepare ourselves accordingly, much of this could be avoided.

There are two main engines of change that have started to transform the Europe we think we know. First, a mass migration spearheaded by the flight of refugees from regions in the world which Europeans have actively helped descend into lethal chaos. Second, an economic downturn the likes of which hasn’t been seen in 80 years or so (think Kondratieff cycle).

Negative ideas about refugees are already shaping everyday opinion and politics in many places, and this will be greatly exacerbated by the enormous economic depression that for now remains largely hidden behind desperate sleight-of-hands enacted by central bankers, politicians and media.

People, first in Europe, then globally, will need to learn to share what they have, and do with much less. This is not optional. The refugees won’t stop coming, and neither will the depression. It would be much better if people were prepared for this by those same central bankers, politicians and media, but the opposite is happening.

It’s not only individual people who are biased against change, societies are too, and that means so are those who ‘lead’ these societies. They are all motivated, consciously or not, to resist change, because their positions and their powers depend on things remaining -largely- the same.

‘Leaders’ in Brussels and various European capitals still operate on the assumption that the refugee stream is a fleeting phenomenon they can and must stop. In a sort of positive feedback loop with their populations, this idea is continuously reinforced.

This leads to today’s reality in which at least one baby drowns every single day (and more in the past few days) off the shores of Greece, on Europe’s borders, and easily ten times as many members of their families. Moreover, the count is accelerating fast. Weather forecasts for the coming week call for Beaufort 7 winds.

There’s no society, no civilization that allows such atrocities to happen, and is not subsequently down for the count, and bound to dissolve, crumble and disappear. Societies all need common values, based on minimum levels of humanity and compassion, just to survive. And they need a whole lot more if they wish to flourish. No such values, as we see on a daily basis, exist in Europe today.

And that means it has no future – at least not in its present EU structure. It doesn’t get simpler than that. Denied and ignored as the simple fact may have been from the start, it was always clear that the European Union, if it failed to solidly unify the continent, risked becoming a force for division. And it looks as if the first real crisis the union faces will be enough to generate that division. There’s no union in sight other than in name.

Scores of people still hail Angela Merkel for her role in the refugee crisis, but they should think again. Merkel demanded the protagonist role for herself and Germany in setting if not dictating the conditions in the Greek debt negotiations over the first half of 2015, but she’s nowhere to be seen in a leading role now.

Merkel, true, has opened German doors to refugees, but she has utterly failed in expanding any such policy to the EU as a whole. And since she’s the only recognized leader in the entire union, leaving people like Hollande and Juncker far behind, she must acknowledge responsibility if things go wrong. Being a leader doesn’t mean you get to cherry-pick your challenges, it’s a package deal. Merkel cannot today act as German leader only.

But as fast increasing numbers of refugees and their children are drowning in the Aegean, in an act of supreme cynicism Merkel last week went to China to sell Volkswagens and weapons, as well to talk about… human rights. That is to say, the human rights of Chinese people. Not those of the refugees making their way to Europe, who apparently don’t even have the right to safe passage.

It’s that safe passage that must be Europe’s first and main concern right now, not how to stop people from coming. There are many voices clamoring for the ‘Evros fence’, built by Greece three years ago on a stretch of land on its border with Turkey, to be opened, so the drownings stop.

This would seem to be a good first step to halt would should by now be labeled a refugee disaster, rather than crisis. But it’s a step that could have been taken months ago, and the fact that it hasn’t even after Merkel visited Turkey recently, doesn’t bode well. Tsipras is set to visit Turkey this week in the wake of Erdogan’s election victory yesterday, but Tsipras may not get the green light from Berlin to tear down the fence.

The best thing would perhaps be for ordinary people to organize themselves into a large group, 10,000+, travel to Evros, and tear down the fence themselves, rather than wait for politicians to do it. Perhaps the time to rely on others, politicians or otherwise, to do things, has passed.

The world has seen mass migrations before, numerous times, and Europe sure has had its share. The manner is which these migrations take place typically depends to a large extent on people’s human values and their willingness to share their wealth. What’s happening with Syrian refugees today bears some eery resemblances to the boats carrying Jewish refugees prior to WWII that were refused in many ports. Let’s not go there again.

Refugees almost always make a positive contribution to the country they resettle in, both economically and in other ways. We know that, just like we know many other things. But that doesn’t lead our reactions, fear does. And the more wealth people have, the more they seem to fear losing it.

I’ve quoted before how the German federal police warned Merkel at least 8 months ago that a million refugees would be at the country’s doorstep. And that nothing was done with this knowledge for about half a year, leaving Germany woefully unprepared when the warning turned out to be correct.

UN Geneva Director General Michael Moller puts the warning even further into the past; he says EU leaders were told about it at least two years ago.

Refugee Crisis Was Not Unexpected, Top UN Official Says

Director-General of the United Nations office in Geneva, Denmark’s Michael Moller, expresses optimism that the agency’s sustainable development goals (SDGs) will help toward ending extreme poverty but he has no illusions about the refugee crisis[..]

“The crisis we have today, we knew it was going to happen. The leaders of Europe were told it was going to happen at least two years ago. So a little prevention and a little preparation in terms of the narrative to their voters would have gone a long way.”

“This very negative, xenophobic and frankly racist narrative that we’re seeing in many countries, including my own country – I don’t recognize my own country – is unacceptable [..] one of the things that I find very puzzling is that there’s some sort of global amnesia going on. In the early 80s we had pretty much the same problem in Southeast Asia, with much bigger numbers of boat people.

It took a while and then someone decided we must deal with it in a more rational way and they came up with a plan of action which was the product of an international conference where international solidarity kicked in in a much broader way than now. Then we put in place a whole series of measures in a way that minimized the pain and over seven years we resettled 2.5 million people. I don’t see why we can’t take a page or two or three out of that book. To me what’s happening isn’t a European problem, it’s an international problem.

[Washington] are evolving as well. First of all, the number [of refugees the US would accept] was 10,000 but now they’ve upped it to 100,000. I’ve talked to some of the politicians.

[..] looking at this crisis as an isolated incident doesn’t make any sense whatsoever. We are going to have more of these things and a lot worse. The moment climate refugee problems kick in we are going to be in real trouble, unless we sit down globally and figure out structures and ways to deal with this in the future. Not to reinvent the wheel every damn time that happens, but to rethink completely the humanitarian system, because I guarantee you that it will happen again.

The refugee disaster is only the first step in a long and multi-pronged process of profound change in the lives of all citizens of -formerly- rich countries. And if we collectively screw up step 1 as badly as we have and still do, what’s going to happen when our economies fall to pieces? When our alleged ‘financial security’ crumbles, our pensions, our benefits?

Are we going to blame it all on the refugees, and vote in right wing simpletons? Too many of us undoubtedly will. Whether there’s enough decency to counter that is a toss-up. What is not is that the numbers of refugees will keep rising at the same time that our economies keep sinking.

It’s up to us, wherever we live in the world, to find the best way to deal with it. We have a choice in how we react to these developments, not in whether they happen or not.

Nov 012015
 
 November 1, 2015  Posted by at 10:52 am Finance Tagged with: , , , , , , , , ,  Comments Off on Debt Rattle November 1 2015


Unknown Drowned baby boy, Lesbos Oct 25 2015

New Tragedy In The Aegean, Sinking 11 Dead, 4 Babies (In.gr)
‘So Many Of Them Were Babies. We Saw At Least 30 Bodies In The Water’ (HRW)
Crunch Talks For Merkel On Refugee Crisis As Thousands More Arrive (Reuters)
Greek Banks Need Extra €14 Billion To Survive Dire Economic Downturn (Guardian)
Greek Bad Debt Rises Above 50% For The First Time, ECB Admits (Zero Hedge)
Cash Crisis ‘Could Close 50% Of UK Care Homes’ (Observer)
Crisis In UK Care Homes Set To ‘Dwarf The Steel Industry’s Problems’ (Observer)
China Bad Loans Estimated At 20% Or Higher vs Official 1.5% (Bloomberg)
China’s Official Factory Gauge Signals Contraction Continues (Bloomberg)
‘Lipstick’-ing The GDP Pig Amid An Epochal Global Deflationary Swoon (Stockman)
Fed Admits: ‘Something’s Going On Here That We Maybe Don’t Understand’ (ZH)
Fed Looks At Way To Shift Big-Bank Losses To Investors (AP)
Australia Should ‘Tell The Story Of The Pacific To The World’ (Guardian)

At dawn Sunday: “five are women, two are children and four infants..” Four more deaths reported since… (Google translation)

New Tragedy In The Aegean, Sinking 11 Dead (In.gr)

Without end continues the refugee drama in the Aegean Sea. This time 11 refugees died when the six meter plastic boat, which was carrying them sank while approaching rocky area in Samos Blue, in the six meters from the shore, just before they occupants disembark. From the dead five are women, two are children and four infants. Most of the dead were trapped in the cabin of plastic boat. The new wreck occurred at dawn Sunday. From the new wreck rescued 15 people. The point is boat of the Coast, volunteer groups and divers.

Read more …

Deaths of single often go unreported: “The ultimate death toll is no doubt even higher, since only families with surviving members were able to report their missing to the coast guard..”

‘So Many Of Them Were Babies. We Saw At Least 30 Bodies In The Water’ (HRW)

On Wednesday off the Greek island of Lesbos, a large Turkish fishing boat carrying some 300 people trying to reach Europe sank, causing at least seven to drown, including four children, with at least 34 still missing. The needless loss of life should be enough to outrage us all. But just as outrageous is the reality that months into Europe’s refugee crisis, Europe’s leaders still have not taken the steps necessary to help prevent such unnecessary tragedies, let alone adopt policies that could provide people fleeing war and repression with legal and safe alternatives to seek asylum in Western Europe. Turkish smugglers taking advantage of those desperately fleeing the horrors of war in Syria, Afghanistan, and Iraq promised the victims that the trip aboard a “yacht” would be safer than the more common trips in overloaded rubber dinghies.

They then packed the 300 people like sardines on both decks of the aging fishing vessel. Disaster unfolded as the boat hit rough seas and high winds at about 4 in the afternoon. Suddenly, the sheer weight of those packed on the upper deck caused it to collapse, crashing everyone down onto the lower deck. Spanish volunteer life guards, working on the beaches of Lesbos to bring in the boats safely, watched the tragedy unfold through their binoculars from a beachhead on the Greek island. A Syrian man who survived told one of the doctors who treated the survivors that the collapse of the upper deck injured many people and created a large hole in the bottom of the boat, which began filling with water. The Turkish smuggler driving the boat called his fellow smugglers, and a speedboat came to evacuate him, its occupants firing several times in the air to warn off the panicking people on the boat.

As it evacuated the skipper, the speedboat hit the fishing boat, causing it to sink almost immediately. “Suddenly, we just saw hundreds of lifejackets in the sea,” Gerard, one of the Spanish volunteer lifeguards, told me over the phone. “We rushed down to get our jet skis, and we were in the water in minutes.” For more than four hours, until long after nightfall, three Spanish lifeguards tried to rescue as many of the people in the water as they could, using only their jetskis in the rough water many kilometers offshore. They performed CPR on some right on their jetskis. Several local fishing boats also came to join the rescue efforts, pulling survivors out of the water until their decks were packed with shivering, traumatized survivors.

Both the Greek coast guard and boats under the coordination of FRONTEX, the EU’s external borders agency, joined the effort as well, but their large boats sitting high out of the water made it difficult to hoist survivors unto their decks in the rough seas. The Spanish lifeguards had to risk their lives to scramble onto the Greek coast guard ship to perform CPR on those who had lost consciousness, including a tiny baby. Their jetskis were damaged in the process. Long after nightfall, the Spanish volunteers returned to shore, themselves so chilled to the bone that they were risking hypothermia. “We passed so many lifeless bodies floating in the sea as we left the rescue area,” Gerard said, his voice still shaking a day later.

“So many of them were babies. We saw at least 30 bodies at the scene in the water.” By Thursday, 242 people had been rescued, and the Greek coast guard confirmed that at least 34 people remained missing, in addition to the seven bodies recovered from the water the evening before. The ultimate death toll is no doubt even higher, since only families with surviving members were able to report their missing to the coast guard.

Read more …

WIll Merkel pull to the right with her country?

Crunch Talks For Merkel On Refugee Crisis As Thousands More Arrive (Reuters)

Nearly 10,000 refugees continued to arrive in Germany daily, police said on Saturday, highlighting the scale of the challenge facing the country’s stretched border staff ahead of a crunch meeting between Angela Merkel and a Bavarian ally on the crisis. Chancellor Merkel will discuss refugee policy on Saturday evening with Bavarian premier Horst Seehofer, head of the Christian Social Union (CSU) and who has criticized her asylum policy and handling of the crisis. The CSU, sister party to Merkel’s Christian Democratic Union (CDU), has been outspoken about her “open doors” policy towards refugees, in part because its home state of Bavaria is the entry point for virtually all of the migrants arriving in Germany.

Berlin expects between 800,000 and a million refugees and migrants to arrive in Germany this year, twice as many as in any prior year. The huge numbers have fueled anti-immigration sentiment, with support for Merkel’s conservatives dropping to its lowest level in more than three years. There have also been a spate of right-wing attacks on shelters: police in Dresden reported two more arson attacks on Friday night on a hotel and a container, both of which were planned to house refugees and asylum seekers. On Sunday, Merkel and Seehofer will hold talks with Sigmar Gabriel, who leads the other party in her “grand coalition”, the Social Democrats (SPD).

Conservative officials believe it is likely Seehofer will come away from this weekend’s meetings with Merkel with a deal to introduce so-called ‘transit zones’ at border crossings to process refugees’ asylum requests. SPD politicians have rejected that idea, instead calling for faster registration and processing of asylum applications. The crisis has also prompted squabbling among EU states over how best to deal with the influx. European leaders last weekend agreed to cooperate to manage migrants crossing the Balkans but offered no quick fix. German Defence Minister Ursula von der Leyen said Europe needed to work together to come up with a solution to the crisis but that Germany would continue to welcome refugees. “We will not slam the door in the face of the refugees,” she said at a security conference in Bahrain.

Read more …

A lot less than was prviously announced.

Greek Banks Need Extra €14 Billion To Survive Dire Economic Downturn (Guardian)

Greece’s four main banks need to find another €14bn of reserves to ensure they could withstand an economic downturn, the ECB said on Saturday. The four banks – Alpha Bank, Eurobank, NBG and Piraeus Bank – have until 6 November to say how they intend to make up that shortfall, the ECB said. The money could come from private investors or from EU bailout funds. An ECB stress test known as a “comprehensive assessment” identified a capital shortfall of €4.4bn under a best-case scenario and €14.4bn in a worst-case situation. The shortfall is smaller than originally feared, with the most recent bailout deal setting aside up to €25bn to prop up Greece’s banks.

The ECB audit examined the quality of the banks’ assets and considered the “specific recapitalisation needs” of each institution under Greece’s EU bailout. “Overall, the stress test identified a capital shortfall across the four participating banks of €4.4bn under the baseline scenario and €14.4bn under the adverse scenario,” the ECB said. “The four banks will have to submit capital plans explaining how they intend to cover their shortfalls by 6 November. This will start a recapitalisation process under the economic adjustment programme that must conclude before the end of the year.” Increasing the banks’ capital reserves would “improve the resilience of their balance sheets and their capacity to withstand potential adverse macroeconomic shock”, the central bank added.

In August, eurozone finance ministers released €26bn of the €86bn in bailout funds that went to recapitalising Greece’s stricken banking sector and make a debt payment to the ECB. Greek banks have already been bailed out under earlier deals for the country. They suffered further losses as Greece headed towards a third bailout earlier this year. Depositors pulled billions out of the country fearing that Greece would be forced to leave the euro. Limits on withdrawals and transfers imposed in June to prevent Greek banks from collapsing remain in place, although they have been loosened.

Read more …

Now that’s a real ugly number. And austerity assures the number will get worse. What does that spell for Greek banks?

Greek Bad Debt Rises Above 50% For The First Time, ECB Admits (Zero Hedge)

According to the FT, “the bill states that bank rescue fund HFSF will have full voting rights on any shares it acquires from banks in exchange for providing state aid. Under the bill the bank rescue fund will have a more active role, assessing bank managements.

The exact mix of shares and contingent convertible bonds the HFSF will buy from banks in exchange for any fresh funds it will provide will be decided by the cabinet. The capital hole has emerged chiefly due to the rising number of Greeks unable or unwilling to repay their debt.

And therein lies the rub, because in the span of three months, Greek NPLs have risen from 47.6% of total to 51%: an increase of just over 1% in bad debt every month. Which means that whether or not the latest attempt to boost confidence by the ECB, ESM, and the Greek parliament succeeds is moot. Yes, a few hedge funds may invest funds alongside the ESM, but in the end, as the NPLs keep rising and as long as Greek debtors refuse – or simply are unable – to pay their debt or interest, the next Greek crisis is inevitable. The biggest wildcard is whether or not the Greek population will accept this latest promise of stability in its banking sector at face value: a banking sector which since July is operating under draconian capital controls.

Granted, we should point out that in the past two months the deposit outflow from banks has stopped, and even reversed modestly adding about €900 million in deposits in the past two months, although that is mostly due to the inability of households and corporations to withdraw any sizable amount of funds. The real answer whether Greek banks have been “saved” will wait until the shape of the final bank recapitalization takes place, even as NPLs continue to mount. Remember: Greek lenders are currently kept afloat only by the ECB’s ELA but there is a rush to get the recapitalization finished. If it is not done by the end of the year, new EU rules mean large depositors such as companies may have to take a hit in their accounts.

If the proposed recap is insufficient – and it will be since under the surface the Greek economy continues to collapse and NPLs continue to mount – and a bank bail-in of depositors takes place (a bail-in which took place immediately in the case of Cyprus back in 2013 when Russian oligarch savings were “sacrificed” to bail out the local insolvent banking system), the next leg in the Greek bank crisis will promptly unveil itself, only this time Greece will have some 200% in debt/GDP to show for its most recent, third, bailout. Finally, the real question is: having read all of the above, dear Greek readers, will you hand over what little cash you have stuffed in your mattress to your friendly, neighborhood, soon to be recapitalized bank?

Read more …

The entire western world get bogged down under this pressure.

Cash Crisis ‘Could Close 50% Of UK Care Homes’ (Observer)

Ministers are under mounting pressure to pump more money into care for the elderly as investigations by the Observer reveal how some of the largest providers may have to pull out of supplying services because of an escalating financial crisis. Before chancellor George Osborne’s autumn statement on 25 November, Sarah Wollaston, the Conservative chair of the all-party Commons select committee on health, is calling for the government to act, saying that social care providers are reeling from rising costs and declining fees from cash-strapped local authorities. Meanwhile, the head of Care England, which represents independent care providers, claims that the care home sector is heading for a bigger crisis than the steel industry, while Chai Patel, the boss of one of Britain’s largest care home operators, HC-One, says half of Britain’s care homes could go bust.

The warnings come as residents in the 470 homes and specialist centres run by leading provider Four Seasons face uncertainty about the future of the company. Four Seasons has to make a £26m interest payment in December, but is losing money under the weight of £500m of debt. Four Seasons has insisted that it can make the payment, but bosses at rival companies warned that the industry was under unsustainable pressure. In the home care sector, where specialists look after the elderly in their own properties, the United Kingdom Homecare Association cautioned that leading providers could pull out of 55,125 care hours and 33 contracts because of the shortfall between the cost of care and the amount local authorities were paying for the service. Wollaston, a former GP, said she supported the new national living wage and moves to pay transport costs to carers, but added that the government had to recognise that both measures would increase the costs of care.

“There has been a longstanding gap in funding for social care and this will become much more severe if there is not adequate recognition of the rising costs the sector will face as a result of the living wage. Otherwise, we will see more care providers pulling out of the sector,” she said. Many problems result from the fact that local authorities, which have suffered funding cuts of more than 40% since 2010, cannot offer enough to make contracts attractive or, in many cases, viable. Many providers are turning to the private market as an alternative, where they can. Martin Green, the head of Care England, said the crisis would lead to more people ending up in hospitals and Patel, whose company runs 250 care homes, said he had given research to the government that showed that half of care homes could disappear.

Read more …

So who’s going to pay, now and in 5 years, 10 years?

Crisis In UK Care Homes Set To ‘Dwarf The Steel Industry’s Problems’ (Observer)

The ghost of Southern Cross hangs over Britain’s care home industry. Four years ago the country’s largest care home group collapsed, sparking months of uncertainty and worry for its 31,000 residents and their families, until Southern Cross’s rivals stepped forward to agree rescue deals for its 750 homes. Now, however, the industry could be rewarded by facing an even bigger crisis. While it was a set of circumstances unique to Southern Cross that laid it low in 2011 – particularly high rents for its properties and the costs of a debt mountain left by its private equity owners – today care homes across the country are feeling the squeeze. Four Seasons, which has more than 22,000 beds spread among 470 homes nationwide, is at forefront of the new crisis.

The company is owned by private equity group Terra Firma, the organisation led by financier Guy Hands that has, at various times, controlled companies as diverse as Méridien hotels, Odeon cinemas and record label EMI. It is losing millions of pound a year and struggling under £500m of debt. Four Seasons needs to make a £26m interest payment in December to satisfy creditors who could put it into administration. Terra Firma insists it will be able to make the payment, but the private equity group, trade unions, and local authorities all agree this is only the start of the problems for the care home industry. Justin Bowden, national officer at the GMB union, which represents thousands of care home employees, said: “You are looking potentially at several Southern Crosses in the next 12 months if something drastic is not done.”

Martin Green, chief executive of Care England, the body that represents independent care providers, warned that the crisis in the sector would dwarf the problems in the steel industry. “We are looking at Redcar happening twice a month if care homes go down,” he said. “These people can only be looked after in care homes and hospitals. If Jeremy Hunt thinks he has a problem with bed blocking now, it is nothing on what it is going to be like if these care homes start to close. Hospitals won’t be able to do elective care because they will be full of old people.” The problems for care homes are rooted in the gap between the costs of care and the amounts local authorities are paying for residents. There are staggering variations in fees across the country, ranging from £350 a week to as high as £750, according to consumer watchdog Which?

The Local Government Association itself estimates that there will be a £2.9bn annual funding gap in social care by the end of the decade. This gap will widen with the introduction of the national living wage next April, which will add another £1bn to the costs of care homes between now and 2020.

Read more …

“China is confronting a massive debt problem, the scale of which the world has never seen.”

China Bad Loans Estimated At 20% Or Higher vs Official 1.5% (Bloomberg)

Corporate investigator Violet Ho never put a lot of faith in the bad loan numbers reported by China’s banks. Crisscrossing provinces from Shandong to Xinjiang, she’s seen too much — from the shell game of moving assets between affiliated companies to disguise the true state of their finances to cover-ups by bankers loath to admit that loans they made won’t be recovered. “If I have one piece of advice for people worrying about the financial status of Chinese companies, it’s this: it’s right to be worried,” said Ho, senior managing director in Hong Kong for Kroll Inc., a U.S. risk consultancy. “Often a credit report for a Chinese company is not worth the paper it’s written on.”

As China’s banking industry persists with publishing delinquent-debt numbers that few have faith in – a survey in 2014 indicated that even lenders didn’t believe them – some financial analysts, too, have turned detectives to try to work out what the real numbers may be. The amount of bad debt piling up in China is at the center of a debate about whether the country will continue as a locomotive of global growth or sink into decades of stagnation like Japan after its credit bubble burst. Bank of China Ltd. reported on Thursday its biggest quarterly bad-loan provisions since going public in 2006. While the analysts interviewed for this story differ in their approaches to calculating likely levels of soured credit, their conclusion is the same: The official 1.5% bad-loan estimate is way too low.

Charlene Chu, who made her name at Fitch Ratings making bearish assessments of the risks from China’s credit explosion since 2008, is among those crunching the numbers. While corporate investigator Ho relies on her observations from hitting the road, Chu and her colleagues at Autonomous Research in Hong Kong take a top-down approach. They estimate how much money is being wasted after the nation began getting smaller and smaller economic returns on its credit from 2008. Their assessment is informed by data from economies such as Japan that have gone though similar debt explosions. While traditional bank loans are not Chu’s prime focus – she looks at the wider picture, including shadow banking – she says her work suggests that nonperforming loans may be at 20% to 21%, or even higher.

The Bank for International Settlements cautioned in September that China’s credit to gross domestic product ratio indicates an increasing risk of a banking crisis in coming years. “A financial crisis is by no means preordained, but if losses don’t manifest in financial sector losses, they will do so via slowing growth and deflation, as they did in Japan,” said Chu. “China is confronting a massive debt problem, the scale of which the world has never seen.”

Read more …

But there’s still plenty voices willing to paint rosy picstures.

China’s Official Factory Gauge Signals Contraction Continues (Bloomberg)

China’s first key indicator this quarter, an official factory gauge, missed analysts’ estimates, signaling that the manufacturing sector has yet to bottom out as global demand falters and deflationary pressures deepen. The official purchasing managers index was unchanged at 49.8 in October, the National Bureau of Statistics said Sunday, compared with the median estimate of 50 in a Bloomberg survey. It was the third straight reading below 50, the line between expansion and contraction. The official non-manufacturing PMI, a barometer of services and construction, fell to 53.1 from 53.4 in September, the weakest since December 2008. “The manufacturing sector is still contracting, though stabilizing,” and the report indicates economic momentum remains sluggish, said Liu Ligang at Australia & New Zealand Banking Group.

“We still believe the Chinese economy will experience modest rebound supported by faster infrastructure investment in November and December.” The newest data highlight the challenges confronting China’s old growth drivers. The nation’s leaders have reiterated priorities of both reforming the economy and maintaining medium- to high-speed growth in the next five years, according to a communique released by Xinhua News Agency on Thursday. The readings suggest continued monetary easing by the central bank hasn’t yet boosted smaller businesses as much as their larger, state-owned counterparts, which are able to borrow at reduced rates. “Big companies are stabilizing, while smaller ones continue to perform below the contraction-expansion line,” Zhao Qinghe, a senior statistician at NBS, wrote in a statement interpreting the data on Sunday.

“The percentage of small companies facing a financial strain is considerably higher than that of bigger companies.” The unchanged manufacturing PMI suggests “managed stabilization” as policy makers strive to balance growth, reform, and market stability, according to Zhou Hao at Commerzbank in Singapore. The manufacturing sector stabilized “somewhat” due to monetary policy easing, Zhou said, while slowing power generation, steel production and housing sales are “suggesting that the overall economy is still under downward pressure.” The employment gauges of both manufacturing and non-manufacturing sectors remained mired in contraction zone, Sunday’s report showed. China’s survey-based unemployment rate picked up slightly to around 5.2% in September, while a ratio of job supply and demand rose in the third quarter.

Read more …

Stop confusing inflation with rising prices, and things get a lot clearer.

‘Lipstick’-ing The GDP Pig Amid An Epochal Global Deflationary Swoon (Stockman)

The talking heads were busy yesterday morning powdering the GDP pig. By averaging up the “disappointing” 1.5% gain for Q3 with the previous quarter they were able to pronounce that the economy is moving forward at an “encouraging” 2% clip. And once we get through this quarter’s big negative inventory adjustment, they insisted, we will be off to the ‘escape velocity’ races. Again. No we won’t! The global economy is in an epochal deflationary swoon and the US economy has already hit stall speed. It is only a matter of months before this long-in-the-tooth 75-month old business expansion will rollover into outright liquidation of excess inventories and hoarded labor. That is otherwise known as a recession.

Its arrival will be a thundering repudiation of the lunatic monetary policies of the last seven years; and it will send into panicked shock all those buy-the-dip speculators and robo-traders who still presume the central bank is omnipotent. So forget all the averaging and seasonally maladjusted noise in yesterday’s report and peak inside at the warning signs. To begin, the year/year gain of just 2.0% was the weakest result since the first quarter of 2014. And that’s only if you believe that inflation during the last 12 months was just 0.9%, as per the GDP deflator used by the Commerce Department statistical mills. Needless to say, there are about 90 million households in America below the top 20%, which more or less live paycheck to paycheck, that would argue quite vehemently that their cost of living including medical care, housing, education, groceries, utilities and much else – has gone up a lot more than 0.9%.

So put a reasonable “deflator” on the reported “real” GDP number, and you are getting pretty close to stall speed – even before you look inside at the internals. Indeed, even before you get to the components of the “deflated” GDP figure, you need to examine an even more important number contained in yesterday’s report that was not mentioned by a single talking head. To wit, the year/year gain in nominal GDP was only 2.9%, and it represented a continuing deceleration from 3.7% in the year ending in Q2 2015 and 3.9% in the years ending in Q1 2015 and Q4 2014, respectively. In short, the US economy is sitting there with $59 trillion of credit market debt outstanding, but owing to the tides of worldwide deflation now washing up on these shores, nominal GDP growth is sinking toward the flat line.

Read more …

QE accelerates deflation.

Fed Admits: ‘Something’s Going On Here That We Maybe Don’t Understand’ (ZH)

In a somewhat shocking admission of its own un-omnipotence, or perhaps more of a C.Y.A. moment for the inevitable mean-reversion to reality, Reuters reports that San Francisco Fed President John Williams said Friday that low neutral interest rates are a warning sign of possible changes in the U.S. economy that the central bank does not fully understand. With Japan having been there for decades, and the rest of the developed world there for 6 years… Suddenly, just weeks away from what The Fed would like the market to believe is the first rate hike in almost a decade, Williams decides now it is the time to admit the central planners might be missing a factor (and carefully demands better fiscal policy)… (as Reuters reports)

“I see this as more of a warning, a red flag that there’s something going on here that isn’t in the models, that we maybe don’t understand as well as we think, and we should dig down deep deeper and try to figure this out better,” said San Francisco Federal Reserve President John Williams on Friday pointing out that low neutral interest rates are a warning sign of possible changes in the U.S. economy that the central bank does not fully understand.

Williams, who is a voting member of the Fed’s policy-setting panel through the end of the year, has said the central bank should begin to raise interest rates soon but thereafter go at a gradual pace; ironically adding that the low neutral interest rate had “pretty significant” implications for monetary policy, and put more focus on fiscal policy as a response.

“If we could come up with better fiscal policy, find a way to have the economy grow faster or have a stronger natural rate of interest, then that takes the pressure off of us to try to come up with other ways to do it, like through a large balance sheet or having a higher inflation target,” Williams said. “It also means we don’t have to turn to quantitative easing and other policies as much.”

Read more …

As long as the investors are not the big banks?!

Fed Looks At Way To Shift Big-Bank Losses To Investors (AP)

In their latest bid to reduce the chances of future taxpayer bailouts, federal regulators are proposing that the eight biggest U.S. banks build new cushions against losses that would shift the burden to investors. The Federal Reserve’s proposal put forward Friday means the mega-banks would have to bulk up their capacity to absorb financial shocks by issuing equity or long-term debt equal to prescribed portions of total bank assets. The idea is that the cost of a huge bank’s failure would fall on investors in the bank’s equity or debt, not on taxpayers. The Fed governors led by Chair Janet Yellen voted 5-0 at a public meeting to propose the so-called “loss-absorbing capacity” requirements for the banks, which include JPMorgan Chase, Citigroup and Bank of America.

The eight banks would have to issue a total of about $120 billion in new long-term debt to meet the requirements of the proposal, the Fed staff estimates. If formally adopted, most of the requirements wouldn’t take effect until 2019, and the remainder not until 2022. The new cushions would come atop rules adopted by the Fed in July for the eight banks to shore up their financial bases with about $200 billion in additional capital — over and above capital requirements for the industry. And they would be in addition to 2014 rules directing all large U.S. banks to keep enough high-quality assets on hand to survive during a severe downturn. Combined with the regulators’ previous actions, the new proposal “would substantially reduce the risk to taxpayers and the threat to financial stability stemming from the failure of these (banks),” Yellen said at the start of the meeting.

Read more …

Problem is: Australia would need to address its own role.

Australia Should ‘Tell The Story Of The Pacific To The World’ (Guardian)

Australia should “tell the story of the Pacific to the world” when global leaders sit down to climate change talks in Paris at the end of this month, Labor has said. The impact of climate change on the nations of the Pacific is a focus for both the government and opposition ahead of COP21, where governments of more than 190 nations will gather to discuss a possible new global climate accord. The opposition leader, Bill Shorten, accompanied by foreign affairs spokeswoman Tanya Plibersek and immigration spokesman Richard Marles, will visit Papua New Guinea, the Marshall Islands, and Kiribati over four days this week, while the government’s minister for international development and the Pacific, Steve Ciobo, will travel to New Caledonia, Fiji and Niue. The Labor leaders said climate change was an existential threat to some countries in the region.

“The dangerous consequences of climate change is no more evident than in the Pacific region. Pacific leaders have consistently identified climate change as the greatest threat to their livelihoods, food production, housing, security and wellbeing. “This is a serious problem that demands serious attention.” Marles, the former parliamentary secretary for Pacific island affairs, told Guardian Australia that it was important for Australia to have strong and constructive relations with its Pacific neighbours. He praised Pacific leaders, in particular Kiribati’s president, Anote Tong, for highlighting the issues being faced by Pacific nations on the international stage. “It is crucial that, in the lead-up to Paris, the world understands the problems being faced by the Pacific. And it’s important that Australia plays a role in telling that story of the Pacific to the world.”

Read more …