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Debt Rattle July 21 2024

Jul 212024
 
 July 21, 2024  Posted by at 9:03 am Finance Tagged with: , , , , , , , , ,  58 Responses »


George Caleb Bingham The verdict of the people 1854

 

• Ad Urging Biden To Step Aside Will Run On Morning Joe TV Show (RT)
• Dems Plot ‘Loophole’ Of Rebellion If Biden Won’t Step Down (ZH)
• Trump Says He ‘Took A Bullet For Democracy’ (RT)
• US Secret Service Says Rejected Requests to Strengthen Trump’s Security (Sp.)
• Biden Removal From 2024 Election Could Lead to Hunter’s Prosecution (Sp.)
• Trump’s Team Preparing Ground to Undermine Harris -NYT (Sp.)
• Drone Surveillance by Trump’s Shooter Reveals Additional Security Lapses (Sp.)
• Could Trump’s Election End NATO’s Proxy War In Ukraine Against Russia? (SCF)
• Democracy Really Is Dying in Darkness—But by Whom? (Victor Davis Hanson)
• US Elections: A Democracy That Does Not Allow Opposition (Vasco)
• Erdogan Teaches His NATO Allies Some Unpleasant Truths (Amar)
• Ukraine Crisis Is Europe’s Responsibility – Trump ‘Envoy’ (RT)
• Scott Ritter: Dark Eagle Hypersonic Missiles in Europe (Sp.)
• ‘We Just Deleted Crowdstrike From All Our Systems’ – Musk (RT)
• Ultra-Processed Foods Account For Two-Thirds Of UK Children’s Calories (Ind.)

 

 

 

 

Matrix
https://twitter.com/i/status/1814504087284498937

 

 

Trump Crowdstrike

 

 

Loudon

 

 

Maher

 

 

Corey

 

 

Total stand down

 

 

5 min 2021

 

 

 

 

 

 

“..both the program and the advertising area were chosen in order to send the message directly to the 81-year-old..”

• Ad Urging Biden To Step Aside Will Run On Morning Joe TV Show (RT)

A group of concerned US voters from the Democratic Party, called ‘Pass the Torch’, has joined the campaign to pressure President Joe Biden to drop out of the 2024 race and allow another candidate to take his place. In a video prepared by the group, seven voters ask Biden to step aside to avoid losing to his Republican rival, former President Donald Trump. They urge him to “be the leader we know you are,” praising him for “saving democracy in 2020” when he was elected for his current term. “Now you have a chance to do it again. It’s time to pass the torch and let us choose a new nominee. One who can bring new energy, new hope and make sure Donald Trump never gets near the White House again,” the voters say in the ad.

The video, which was posted on YouTube earlier this week, is set to start running on Monday on MSNBC’s ‘Morning Joe’, one of Biden’s favorite shows. The advertising area would cover Biden’s Rehoboth Beach home in Delaware, where he is currently recuperating after testing positive for Covid-19 earlier in the week. Pass the Torch co-founder Aaron Regunberg told NBC on Friday that both the program and the advertising area were chosen in order to send the message directly to the 81-year-old politician. Biden has faced public scrutiny over his mental and physical decline for some time, but concerns deepened after his disastrous televised debate with Donald Trump last month. Biden mixed up words and numbers, lost his train of thought, and struggled to finish sentences.

This led to dissent within the Democratic Party, with many influential members and campaign donors asking Biden to drop out of the race. The party has also postponed the official nomination, which had been planned for this week, to sometime in August.According to reports this week, former US President Barack Obama reportedly told allies in private that Biden should end his campaign, as did Senate Majority Leader Chuck Schumer, and former House Speaker Nancy Pelosi. Reports also indicate that even Biden’s family is discussing potential avenues for him to drop out of the race. Biden has so far refused to step aside, claiming that he has the best chance of beating Trump. According to sources who spoke to NBC, the politician “feels angry” and “betrayed” at efforts to force him out of the election.

https://twitter.com/i/status/1814438062295781731

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“It’s not a loophole! That’s the process. You can vote for whoever you want,” they said, adding “I think it’s almost inevitable he drops out.”

• Dems Plot ‘Loophole’ Of Rebellion If Biden Won’t Step Down (ZH)

While Joe Biden is decidedly ‘dug in’ and isn’t going anywhere, Democrats, the party of ‘democracy is on the ballot,’ are plotting a ‘loophole’ if Biden refuses to step aside or drop out of the race. During a Friday morning Zoom call with 50 delegates, DNC delegate Elaine Kamarck said the apparent “loophole” allowing for such rebellion if convention-goers say they can no longer vote for their pledged candidate in “good conscience” despite picking them in primaries and caucuses. Kamarck, who has been on the DNC’s Rules Committee for decades, informed the 50 delegates on the call that “there’s no such thing as Joe Biden releasing his delegates. And Joe Biden gets this.” “I don’t know why the rest of the press doesn’t get it,” she said. -NY Post. According to the DNC’s rules, “Delegates elected to the national convention pledged to a presidential candidate shall in all good conscience reflect the sentiments of those who elected them.”

Kamarack said that the rules previously mandated that delegates have to vote for whoever they’re pledged to, however that changed after the 1980 convention in which Ted Kennedy and then-President Jimmy Carter were battling for the iron throne. Unlike the Republican party, Democrats can revolt at any time. Given that Biden won nearly all the pledged delegates in the primary, those delegates can say that Biden no longer “reflect[s] the sentiments of those who elected them,” and can dump him at will. “See, we’ve never had a situation quite like this where the primaries were over. Very clear-cut winner. And yet something was discovered unclosed, whatever you want to call it, after the end of the primaries that caused people to severely doubt whether or not their nominee should proceed,” she said. The Friday call was led by Kamarck on behalf of Delegates Are Democracy, a new group which launched last week to inform delegates of their options before the Aug. 19-22 convention in Chicago.

The group claims they weren’t formed to force Biden out. (Can they try not lying about one thing for once?) One anonymous delegate on the Zoom call asked how they should proceed in an open convention, to which Kamarck replied that it would be “tough” to decide. “I would start with the people who voted for you to become a delegate, see what they think and see how they think you should proceed. You probably won’t have polling. That’s very good. You may have to rely on sort of national polling,” she said. Such a revolt on the convention floor would ‘amount to a political earthquake toppling the commander in chief.’ One anonymous Democrat pushed back on the Post’s assertion that this was a loophole. “It’s not a loophole! That’s the process. You can vote for whoever you want,” they said, adding “I think it’s almost inevitable he drops out.”

“The scale of a possible revolt is unclear, with the source saying he could imagine “very few” actually joining in if Biden forges ahead — particularly if former House Speaker Nancy Pelsoi (D-Calif.), Senate Majority Leader Chuck Schumer (D-NY) and former President Barack Obama set aside their private misgivings following Biden’s disastrous June 27 debate performance. But even an unsuccessful revolt could hurt Biden going into the Nov. 5 election against former President Donald Trump, the Republican nominee. “If it’s 10 or 100 or 200, people in the media will say, ‘Oh my God, it’s a massive defection,’” he added. -NY Post. “We are so f–ked,” one senior congressional Democrat told The Post.”

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“They keep saying, ‘He’s a threat to democracy…’ I’m saying, ‘What the hell did I do for democracy? Last week, I took a bullet for democracy’.”

• Trump Says He ‘Took A Bullet For Democracy’ (RT)

Former US President and Republican nominee for the November elections, Donald Trump, addressed a crowd of supporters in the swing state of Michigan, speaking alongside his newly announced running mate, J.D. Vance. The Saturday rally in Grand Rapids was Trump’s first public campaign event since the attempt on his life last week when he narrowly avoided getting shot in the head. The gunman’s shots at the rally in Butler, Pennsylvania, grazed his ear and hit the crowd behind Trump, killing one person and injuring two others. Michigan is one of several pivotal battleground states on which the outcome of the November presidential election is expected to hinge. In the 2020 election, incumbent US President Joe Biden flipped the state’s vote, despite Trump securing it in the previous 2016 election.

“At this very moment, Democrat Party bosses are frantically trying to overthrow the results of their own party’s primaries to dump Crooked Joe Biden from the ballot,” Trump, now wearing a skin-colored bandage on his ear, told the crowd. “As you’re seeing, the Democratic Party is not the party of democracy. They’re really the enemies of democracy,” he added. They keep saying, ‘He’s a threat to democracy…’ I’m saying, ‘What the hell did I do for democracy? Last week, I took a bullet for democracy’. The Republican frontrunner took a jab at his political opponents, saying the Democrats “have no idea who their candidate is, and neither do we.”

This comes amid a rising chorus of Congressional Democrats urging their presumptive nominee to step aside and make way for another party member to run. While the 81-year-old has faced public scrutiny over his mental and physical decline for some time, apprehension deepened since his disastrous performance in last month’s televised debate against Trump. Biden, who is currently isolating in his Delaware home after contracting Covid-19, has insisted he’s still in the race and will be back on the campaign trail by next week.

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“..for two years..” They facilitated the shooting.

• US Secret Service Says Rejected Requests to Strengthen Trump’s Security (Sp.)

The US Secret Service has acknowledged that it rejected requests to strengthen former US President Donald Trump’s security with its resources for two years before the assassination attempt, The New York Times reported on Sunday, citing Anthony Guglielmi, a spokesman for the Secret Service. At the same time, Guglielmi noted that the requests for beefed-up security did not specifically concern the event in Pennsylvania where Trump was wounded in a shooting, the report said. He also added that in cases where the Secret Service was unable to provide additional security for Trump, it instead deployed state or local law enforcement officers or altered security plans to reduce the threat to Trump’s life, the report read.

The shooting took place on July 13 at a Trump rally in Butler, the US state of Pennsylvania. Trump sustained a gun wound to his right ear and was briefly hospitalized. Thomas Crooks, 20, killed a member of the audience and injured two others in the crowd before the US Secret Service neutralized him. The FBI is investigating the incident as an assassination attempt and potential domestic terrorism.

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Joe has to pardon his entire family – and himself. That may not be accepted.

• Biden Removal From 2024 Election Could Lead to Hunter’s Prosecution (Sp.)

A potential withdrawal by US President Joe Biden from the 2024 election could lead to the prosecution of himself and that of his son Hunter, including for crimes conducted in Ukraine, US antiwar activist and Global Network Against Weapons and Nuclear Power in Space Coordinator Bruce Gagnon told Sputnik. “The Biden crime family likely worries if the current president is removed from the November ticket, he and his son could well be prosecuted for multiple crimes – particularly for their crimes in Ukraine,” Gagnon said. This might lead to Biden cutting a deal to get a pardon for himself and his son as a trade-off for stepping down, Gagnon said.

Earlier on Friday, US media reported that members of the Biden family have begun discussions about the president’s potential plan to exit the election amid growing pressure on him to drop out. The White House, however, called these reports “wrong.” Former Hunter Biden business associate Anthony Bobulinski said in a congressional testimony in February that the Biden family received tens of millions of dollars from foreign actors, including in China and Ukraine, to get access to the White House. Gagnon emphasized that the recent assassination attempt on former President Donald Trump strengthened Trump’s position in the race and raised the Democrats’ concerns regarding Biden.

“Already we see the Democrats in Congress increasingly worried that it will impact their reelection races. Thus, the call for removal of Biden is growing,” Gagnon said. “It is clearly an indication that elections in the United States are not about ‘free democratic expression’ but are events controlled by competing regional oligarchs who will use any methods to win.” Gagnon expressed concern that this situation shows the United States is inching toward internal instability that could lead to the break-up of the country. “I believe it will be worse here in the United States than it was in Russia after the break-up of the former Soviet Union. We don’t have any leaders on the scale of Vladimir Putin who helped restore Russia,” Gagnon added.

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BS from NYT. KaMAla is no threat to Trump.

• Trump’s Team Preparing Ground to Undermine Harris -NYT (Sp.)

US presidential candidate Donald Trump’s campaign is preparing a strategy to undermine the rating of US Vice President Kamala Harris if she becomes the Democratic Party’s nominee for US president instead of the incumbent President Joe Biden, the New York Times reported, citing sources. In particular, the report said that shortly before the Republican convention, Trump’s team prepared a series of anti-Harris videos to show to delegates at the event and on television, but after the assassination attempt on Trump, it was decided to abandon this idea. In addition, the Republican National Committee is closely monitoring the financing of Biden’s election campaign and will be ready to file lawsuits if Harris illegally uses this funding in any way, the report said on Saturday.

On Friday, CNN said that some White House officials and members of Joe Biden’s camp were privately saying that the 81-year-old should drop out of the race. NBC reported that Biden’s family members were discussing an exit plan amid growing pressure on Biden to step aside. Biden’s dismal performance in the first campaign debate against his Republican rival in June reinforced concerns about his cognitive abilities, leading many Democratic politicians and donors to call on him to quit. The Democratic Party can theoretically replace Biden at its convention in August. So far, Biden is saying that he intends to stay in the race.

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Lots of people at the Secret Service must be fired.

• Drone Surveillance by Trump’s Shooter Reveals Additional Security Lapses (Sp.)

Thomas Matthew Crooks, the shooter who tried to kill Donald Trump at the rally in Pennsylvania, managed to fly a drone for aerial footage of the site, a few hours before the assassination attempt, the WSJ reports, citing law-enforcement officials familiar with the matter. Crooks had flown the drone on a programmed flight path several times earlier in the day on July 13, to scour the Butler Farm Show grounds ahead of the event, the officials said. The discovery has raised more serious concerns over the reliability of the security services, the outlet notes. What else has been revealed? The use of the drone was just one way in which authorities said Crooks had planned his attack. The perpetrator came to Trump’s rally with a pair of homemade bombs designed for detonation with remote control.

The authorities also found primitive explosives and a vest with three 30-round magazines in Crooks’ car. This suggests that he probably “wanted to cause greater carnage”, according to the article. Crooks had also ordered several packages labeled “hazardous materials” to be shipped to his home in the past month. He also conducted online searches for Trump rally dates, and information on Biden and the Democratic National Convention. On Saturday, a 20-year-old man tried to assassinate Trump at a campaign rally in the state of Pennsylvania, but the bullet from the gunman’s AR assault rifle grazed Trump’s right ear. US Secret Service agents killed the gunman moments after he was able to fire several rounds toward the stage, killing one spectator and critically injuring two others.

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“..JD Vance (R-Ohio) has been even more explicit in proposing that the warring parties should accept the territorial gains made by Russia – including Crimea, Donbass, Zaporozhye and Kherson provinces – and that Ukraine must accept Moscow’s demand that it remain neutral and outside of the NATO alliance..”

• Could Trump’s Election End NATO’s Proxy War In Ukraine Against Russia? (SCF)

The presidential nomination of Donald Trump and Senator JD Vance as his running mate raises the prospect of a peaceful settlement to the conflict in Ukraine. Both have been vociferous critics of the NATO proxy war and the arming of the Kiev regime. Vance has even proposed a peace settlement that is close to Moscow’s demands. Hungarian Prime Minister Viktor Orban, who is recently pushing peace diplomacy, has voiced optimism that the omens are good for a settlement later this year to the worst war in Europe since the Second World War – if Trump and Vance are elected. Only days after Donald Trump narrowly survived an assassination attempt, he was officially nominated as the Republican presidential candidate amid ecstatic scenes at the Republican National Convention in Milwaukee. After the tumult and drama over the last week – a long time in politics, as the saying goes – the Trump election campaign is in the driving seat.

His vice presidential running mate is 39 years of age and gives the Republican Party a youthful zest. Both men are very much singing from the same hymn sheet regarding their “Make America Great Again” vision. Trump has united the GOP under his leadership. All former party rivals lined up this week in Milwaukee to endorse the former real estate magnate in his bid to seek re-election to the White House in November. That helps to solidify his manifesto, which bodes well for diplomacy in Ukraine. By contrast, the election campaign of Democrat incumbent President Joe Biden has run into a ditch. This week he was self-isolating in Delaware having reportedly incurred a third-time Covid infection. Biden increasingly looks toast. His apparent mental decline – the latest gaffe this week was not remembering the name of his Secretary of Defense Lloyd Austin, referring to him haltingly as “a black man” – has provoked a crisis in the Democratic Party and the largely favorable U.S. corporate news media.

Senior figures including former President Barack Obama and House Speaker Nancy Pelosi, are reportedly urging Biden to stand down and pass the torch to a younger candidate. Panic is in the air. There are reports that Biden may throw in the towel within the next few days as the Democrats head into their National Convention to officially nominate their presidential candidate. The trouble for the Democrats is they do not have a viable alternative candidate at this late stage in the campaign – with less than four months to election day on November 7. That means there is now a serious chance that Trump could return to the White House after he lost the election in 2020, which MAGA loyalists hotly disputed as “stolen”. That election outcome turns attention to one issue in particular: the war in Ukraine. The conflict erupted in February 2022 and has cost the lives of over 500,000 Ukrainian soldiers. Under the Biden administration and aligned European NATO members, there is no sign of the war coming to an end.

Biden and European allies have pledged to keep sending weapons to Ukraine and tens of billions of dollars to prop up a hopelessly corrupt NeoNazi regime in Kiev. Trump and Vance have pitched a diametrically opposite policy on the U.S.-led NATO proxy war in Ukraine. That stance is causing the Deep State and its military-industrial complex acute anxiety. The Ukraine war racket has been a bonanza that vested interests in the U.S. ruling class do not want to end. That tension provides a plausible explanation for the attempted assassination of Trump during an open-air rally at Butler, Pennsylvania, on July 13. Salient questions remain about how the shooter, Thomas Matthew Crooks, a 20-year-old student, gained access to such a high-security position to fire his rifle at Trump. The Republican candidates have warned that the Ukraine conflict is in danger of spiraling into a nuclear world war. Trump has said that he would end the war immediately by cutting off the military aid spigot and forcing the Kiev regime to begin negotiations with Russia.

Tantalizingly, JD Vance (R-Ohio) has been even more explicit in proposing that the warring parties should accept the territorial gains made by Russia – including Crimea, Donbass, Zaporozhye and Kherson provinces – and that Ukraine must accept Moscow’s demand that it remain neutral and outside of the NATO alliance. Such a position is a breath of fresh air for its rationality. Many respected American scholars and diplomats have also recommended this historically coherent position as a solution, including Professors John Mearsheimer and Jeffrey Sachs. At least Trump and Vance seem to be cognizant of this reality, unlike the Biden administration and the rest of the Democrat Party, along with the Western media establishment and European minions who insanely push a fraudulent war to the last Ukrainian.

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X thread

• Democracy Really Is Dying in Darkness—But by Whom? (Victor Davis Hanson)

Never in modern presidential history has a political party staged a veritable inside coup to remove their current president from his ongoing candidacy for his party’s nomination and reelection. Stranger still, the very elites and grandees, who now are using every imaginable means of deposing Biden as their nominee, are the very public voices that just weeks ago insisted that candidate Biden was “sharp as a tack” and “fit as a fiddle.” And they damned any who thought otherwise! They are also the identical operators whose machinations ensured that there would not be an open Democratic primary. They demonized the few on the Left who weakly challenged Biden in the primaries. Yet now they will select a replacement candidate who likely never received a single primary vote. Note further: Biden’s impending forced abdication is not because he is non compos mentis.

Rather, the inside move is due to Biden’s disastrous debate exposure that confirmed his dementia could no longer be disguised by a conspiracy of leftist politicos and media. But far more importantly, the impetus for removal is driven by the admission that the cognitively Biden is headed for a climactic November defeat.mWere Biden now ahead in the polls by five points, these same backroom machinists would be insisting that he was still Pericles. Yet now Biden is being un-personed and Trotskyized, as we prepare the new groupthink narrative of his likely surrogate—a soon to be praised eloquent, mellifluous, and articulate Cicero-Harris. That Biden will likely remain as president until January 20, 2025, should remind the country the Left is more worried about its own next four-year continuance in power than the fate of the country that now admittedly will be guided in the next six months by a president judged unfit by his own supporters to run for the very office that he will still keep holding.

Further irony arises when those who, as supposedly guardians of democratic norms, pontificated to the country the last nine years about the Trump-Hitlerian threat to democracy. Yet now they so cavalierly work overtime on how:
a) to pull off the removal of their candidate from the November ballot on grounds of senility,
b) but not the removal of the same president from office (their own fate is more precious than our collective fate as a nation),
c) while trying to select, rather than elect, a replace candidate,
d) without ever offering any explanation, much less an apology, how a Democrat president from January 20, 2021, was daily declared vibrant, dynamic, and engaged but suddenly one day after June 27, 2024, was remanufactured as not? Perhaps as an aid and primer on Biden removal they should reread the essay by former Obama Pentagon official Rosa Books. Just 11 days after the Trump inauguration, she published in Foreign Policy, “3 Ways to Get Rid of President Trump Before 2020”.

It was a veritable manual on the various ways of removing the just inaugurated president—listing immediate alternatives to the distant 2020 election: impeachment and conviction, 25th-Amendment removal, and, barring all that, a military coup: “The fourth possibility is one that until recently I would have said was unthinkable in the United States of America: a military coup, or at least a refusal by military leaders to obey certain orders.” So, to make sense of what these self-appointed and sanctimonious protectors of democracy are trying to pull off demands an Orwellian vocabulary—memory hole, newspeak, unperson, and groupthink. Yet there is one more irony. Very soon, those who welcomed the protests of summer 2020 radicals, and exempted the rioting and violence, and then again did nothing in 2024 as mobs tore apart campuses and shut down public facilities, will host a Chicago convention—where those very same liberated forces may wreak havoc on the outside, while their backroom progenitors, with threats, money, and the media, will wreak havoc on democracy on the inside.

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“..63% of Americans thought that the two parties do such a “bad job” of popular representation that a third major party is needed..”

• US Elections: A Democracy That Does Not Allow Opposition (Vasco)

For the presidential elections in November this year, the script is the same as always: Democratic Party vs. Republican Party. Even though the majority of voters do not agree with the candidacies of Joe Biden and Donald Trump, as a Reuters/Ipsos survey on January 25 pointed out: “in general, an absolute majority of Americans (52%) are not satisfied with the system of two parties and wants a third choice.” This feeling is not new today. In 2008, when the presidential elections pitted Barack Obama (D) against John McCain (R), 47% of voters surveyed by Gallup wanted an alternative to Democrats and Republicans. In October 2023, the same institute pointed out that 63% of Americans thought that the two parties do such a “bad job” of popular representation that a third major party is needed. A third highly prestigious institute in the USA, the Pew Research Center, showed, on April 24, that 49% of voters would replace both Biden and Trump as candidates in these elections, if they had the “ability” to decide who would be the candidate for each party.

Even with such dissatisfaction, which highlights the American people’s opposition to the two-party regime, this opposition does not materialize in a political party with a chance of victory. Only on eight occasions in U.S. history (the first in 1848 and the last in 1992) has a third candidate won more than 10% of the popular vote. And only in two of them did he manage to be ahead of one of the two main candidates, but never ahead of two, that is, he never managed to get elected. These two third-way exceptions who came in second were John Breckinridge for the Lecompton Democrats in 1860 and Theodore Roosevelt for the Progressive Party in 1912. For more than a hundred years, Americans have not been given any option other than the Democratic Party candidate or the Republican Party candidate, even though, as polls show, voters demand this third option. But the pulsating U.S. democracy does not respond to the will of its citizens in its most important moment, the presidential election!

In fact, parties and candidates that try to compete with the two-party regime are systematically prevented by the electoral apparatus. Few are able to qualify to appear on electoral ballots, the criteria for which vary by state. Voting intention polls do not mention names other than those of the Democratic candidate and the Republican candidate – very few mention a third or fourth candidate. The press does not report on the activities of the other candidates, nor does it interview them. To participate in the debates promoted by the Presidential Debate Commission, the candidate must have at least 15% of the voting intentions in the polls (how, if his name is even mentioned?) and appear on a sufficient number of ballots to have a chance of winning in the Electoral College. The entire apparatus of the U.S. regime (electoral justice, institutions, press, search engines) works as if there were only two candidates: the Democrat and the Republican. And, in fact, this is the reality. The other four or five who perform the feat of overcoming difficulties to appear on the ballot do not effectively compete.

This same apparatus, headed by the U.S. government, usually demands that other countries – especially those that do not accept American interference – hold elections where all candidates have equal opportunities to win. Of course, these demands are just a ruse to force regime change in the countries to be dominated. The American regime itself does not offer any chance for the opposition to win the elections – and does not even accept international observers, just “escorts”. But not only that. The hole is much lower. The poor souls who, after much suffering, manage to run against the bipartisan machine and have no chance of winning it are actually not even a consenting opposition. They are simply not opposition.

An exponent of this thesis is Robert Kennedy Jr. He gave up his candidacy for the Democratic Party to run as an independent. But, despite having left the Democratic Party, the Democratic Party did not leave RFK Jr. Its proposals are not very different from those of the two hegemonic parties – in fact, throughout history, there has always been a bloc of Democrats and Republicans with proposals distinct from the party leadership, with a social and more isolationist inclination. The son of former senator Robert F. Kennedy and nephew of former president John F. Kennedy is not even an outsider: the most conclusive proof of this is his faithful support for the genocide promoted by the USA/Israel in Gaza. Just like Democrats and Republicans, RFK Jr. is in the pocket of the bourgeoisie that controls the American regime.

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“..NATO should pursue solutions that are both “sustainable” and in accordance with common sense. This implies a rejection – diplomatic but clear – of the idea of waging a forever war in Ukraine, because this strategy is a perfect example of what is not sustainable..”

• Erdogan Teaches His NATO Allies Some Unpleasant Truths (Amar)

On the occasion of NATO’s 75th anniversary meeting, only two leaders of NATO member states dared openly speak about issues that in a reasonable organization shaped by mutual respect that seeks the most effective and responsible policies would be the subject of intense debate among all members. The president of Türkiye, Recep Tayyip Erdogan, and the prime minister of Hungary, Viktor Orban, made their dissent clear on the eve of the meeting. A third leader, Robert Fico, the prime minister of Slovakia, issued an urgent warning afterwards, arguing that making Ukraine a NATO member – not the same as the misguided but fortunately non-binding talk about ‘irreversibility’ that the meeting proudly produced – would be a “guarantee of World War III.” Both Erdogan and Orban broke with the conformism that is the unwritten law of NATO now more than ever. Instead of simply following the often misguided and selfish lead of the US, they signaled three things:

Rational dissent on policy reflecting both reason and national interests; that such dissent is normal, useful, and should be welcome; and that they won’t join in the ideological and detrimental groupthink that suppresses dissent inside NATO, and more broadly, the Collective West. Orban delivered his dose of healthy independence through diplomacy, traveling to Kiev, Moscow, and Beijing on the eve of the summit (meeting with former and likely future US President Donald Trump was just a final touch). Erdogan made his views explicit most of all in an important set of statements in the American magazine Newsweek. Türkiye, it is worth recalling in this context, has the second-largest military in NATO. Its officers and troops have extensive experience in actual military operations, its arms industry is both growing and constantly modernizing, and last but not least, its location, spanning Europe and Western Asia and controlling access to the Black Sea, is as strategically significant as can be.

For all these reasons, it is fair to say that Erdogan’s intervention was especially important. Reminding Newsweek’s mostly American readers that Türkiye is important to NATO as well as being in solidarity with its other members, the Turkish president quickly signaled that Ankara’s commitment is not blind but rests on the assumption – or condition – that NATO should pursue solutions that are both “sustainable” and in accordance with common sense. This implies a rejection – diplomatic but clear – of the idea of waging a forever war in Ukraine, because this strategy is a perfect example of what is not sustainable. And given the ongoing human suffering, economic losses, and severe risk of regional and perhaps even global escalation that the strategy also entails, it is not reconcilable with common sense, as Erdogan spelled out explicitly later on as well.

Next, the Turkish president outlined three areas in which Ankara disagrees with its Western partners. First, regarding the fight against terrorism, Erdogan noted a profound Western failure – with Washington in the lead – to act in solidarity with Türkiye’s key national interests. From Ankara’s point of view, this is an intolerable situation that is not “consistent with the spirit of alliance.” In the realm of diplomacy, this language could not be clearer. Second, concerning the Ukraine conflict, Erdogan confirmed that Türkiye will continue its policy of not being a party to it, while instead focusing on the pursuit of peace by diplomacy and maintaining dialogue with both Ukraine and Russia. And third, with regard to the ongoing mass deaths of civilians in Gaza perpetrated by Israel and its Western helpers against the Palestinians, the Turkish president may not have used the term ‘genocide’, but his meaning was nonetheless clear.

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“..likely pick for the Secretary of State..”

• Ukraine Crisis Is Europe’s Responsibility – Trump ‘Envoy’ (RT)

Ukraine is in Europe’s “own backyard,” and solving the ongoing crisis should be considered its responsibility, a close associate of US presidential candidate Donald Trump, Richard Grenell, believes. Grenell, who held several senior diplomatic posts during Trump’s first tenure and is now widely regarded as his “envoy” and likely pick for the Secretary of State, should the Republican win the elections, made the remarks in an interview with German tabloid Bild on Friday. Among other things, the diplomat suggested Ukraine was largely the EU’s “responsibility” rather than Washington’s. “It’s in your backyard. If there was a war in Mexico, we would do most, if not all, of the job. And we certainly wouldn’t ask the Germans for help if there was a war in Mexico,” Grenell stated. “There were no wars in Europe during Donald Trump’s time in office,” he pointed out, insisting that the continent had fared better during the previous president’s administration.

Grenell also criticized the incumbent, Joe Biden, for his apparent lack of any effort to engage in diplomacy with Russia or talk to President Vladimir Putin. “Biden has not spoken to [Putin] in three years. I think talking to people is a tactic. Not the goal, not the solution – but it gets us there,” he suggested. Grenell has been rather vocal about the Ukrainian conflict lately, floating a proposal earlier this month on how exactly the hostilities could be brought to an end. The diplomat said Ukraine should not become a member of NATO any time soon, and that transforming the country into a federation of sorts with more autonomous regions could be the key to ending the hostilities. “Autonomous regions can mean a lot of things to a lot of people, but you got to work through those details,” Grenell stated during a Bloomberg News roundtable.

The proposal received a cold response in Moscow, with Russian Foreign Ministry spokeswoman Maria Zakharova dismissing it as an attempt to re-imagine the long-defunct 2014–15 Minsk Agreements. The deal, which had provided a roadmap out of the conflict in then-Ukrainian Donbass, was ultimately revealed both by Kiev and its Western backers to be a mere ruse to buy time for arming Ukraine. “Where were you, Rick, when the Minsk agreements dedicated to exactly this were on the table of the international community, and Russia did its best in support of them and called for finding a form of federalization of Ukraine to preserve its integrity?” Zakharova wrote in a Telegram post.

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“..the only one of the half-a-dozen plus US hypersonics programs anywhere near operational status..”

How near?

• Scott Ritter: Dark Eagle Hypersonic Missiles in Europe (Sp.)

Russia has vowed a military response to US’ plans to deploy strategic, ground-based missiles in Germany by 2026. Scott Ritter, a former UN weapons inspector-turned international affairs observer who literally wrote the book on arms control in Europe in the 1980s, tells Sputnik why the prospective deployment is so dangerous. The White House announced plans to deploy three types of strategic missiles in Germany last week, with the new capabilities set to include: Ground-launched Tomahawk cruise missiles, which became available to the Pentagon after the US unilaterally scrapped the Intermediate-Range Nuclear Forces (INF) Treaty with Russia in 2019. The Raytheon-manufactured missiles have a range anywhere from 460-2,500 km, and can be armed with conventional or low-to-intermediate yield nuclear warheads.

The SM-6 – a long-range surface-to-air-missile system which can be launched from the US Army’s new Typhon Mid-Range Capability (MRC) missile system, or the Aegis Ashore air and missile defense systems the US has deployed in Romania and Poland. Manufactured by Raytheon. Firing range of 240-460 km. Unnamed ‘hypersonic’ capabilities widely speculated to be the Army’s Dark Eagle Long-Range Hypersonic Weapon (LRHW) – the only one of the half-a-dozen plus US hypersonics programs anywhere near operational status. Developed by Lockheed Martin. Reported range up to 3,000 km. Payload unknown. “It’s the Dark Eagle that is perhaps the most destabilizing,” former weapons inspector and US Marine Corps intelligence officer Scott Ritter told Sputnik. “While it is not a nuclear-capable missile, it is a system that has the ability to strike deep inside Russia with precision hypersonic warheads that are virtually impossible to intercept,” Ritter explained.

With such a system, the observer noted, Pentagon planners and hawks in Washington may be tempted to launch aggression against Russian military and leadership targets. This would be in line with the DoD’s long-running Conventional Prompt Strike (formally Prompt Global Strike) initiative – a program which has been in the works since the 2000s. “This is an extraordinarily destabilizing development, and Russia has said it will respond,” Ritter said, noting that while “the specifics of a Russian response aren’t known,” it’s possible that it may include resuming development of the RS-26 Rubezh – a solid-fueled intermediate-range ballistic missile with a nuclear multiple independently targetable reentry vehicle (MIRV) or maneuverable reentry vehicle (MaRV) payload. “It’s believed that Russia could bring this system back into operation and deploy it in short order. The RS-26 is a road-mobile system that has the ability of carrying three Avangard hypersonic [glide vehicle] warheads that are nuclear-capable,” Ritter said.

The former weapons inspector, who wrote a book on his experiences working with the On-Site Inspection Agency in the late 1980s to verify the USSR’s compliance with the then-recently ratified INF Treaty – which was designed to dramatically reduce nuclear tensions in Europe by eliminating all US and Soviet ground-launched missiles in the 500-5,500 km range, told Sputnik that Washington’s plans to deploy missiles in Germany again are eerily familiar to him. “We’ve gone back in time. It’s back to the 1980s, back to a situation where the United States and NATO and Russia once again face off with weapons that are inherently destabilizing. One mistake, one miscalculation, one misjudgment could lead to a situation where these missiles are fired in anger, and this would lead to the potential of a general nuclear exchange between the United States and Russia,” Ritter warned.

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Every large company should follow suit.

• ‘We Just Deleted Crowdstrike From All Our Systems’ – Musk (RT)

SpaceX and Tesla CEO Elon Musk has revealed that his companies stopped using web/cloud-based antivirus platform CrowdStrike in the wake of Friday’s global Windows 10 outage. The cyber-security firm has admitted that the massive failures were caused by a recent update that conflicted with Microsoft systems. The IT meltdown affected Windows 10 users around the world, including airports, banks, and broadcasters. According to aviation analytics firm Cirium, at least 4,295 flights were grounded globally due to the outage. The worldwide glitch also hit a number of media outlets, including the UK-based Sky News – which went off the air for a while – as well as the Australian-based ABC, SBS, Channel 7, Channel 9, and News Corp Australia.

Responding to a post on X (formerly Twitter) on Friday, Musk wrote: “We just deleted Crowdstrike from all our systems.” Satya Nadella, the executive chairman and CEO of Microsoft, confirmed on X that a CrowdStrike update was to blame for Friday’s outage, adding that Microsoft was providing “customers [with] technical guidance and support to safely bring their systems back online.” Musk replied to the statement, saying: “This gave a seizure to the automotive supply chain.” Commenting on a Financial Times report on the global Windows 10 outage, the US-based billionaire said in a separate post that this was the “biggest IT fail ever.” The tech tycoon also concurred with Christopher Stanley, the head of security engineering at X and a principal security engineer at SpaceX, who described Friday’s events as a “wake up reminder that you shouldn’t have an internet connected privileged binary running on your production systems.”

“What was a bad update could have easily been a massive adversary backdoor. A third party vendor will always be the weakest link,” he warned. Speaking to NBC on Friday, CrowdStrike CEO George Kurtz said his company is “deeply sorry for the impact that we’ve caused to customers, to travelers, to anyone affected” by the outage. “We’ve identified it very quickly… The systems come back online as they are rebooted,” he stated, adding that CrowdStrike is working with its customers to help them return to normal operations.

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If you think “poor nutritional value” is the main isssue here, you are not an expert.

• Ultra-Processed Foods Account For Two-Thirds Of UK Children’s Calories (Ind.)

Ultra-processed foods account for two-thirds of the daily calorie intake of children in Britain, research suggests. Experts found that UPFs make up a significant proportion of the diets of 11 to 18-year-olds and are eaten more by white youngsters and those from deprived backgrounds. UPFs have been linked to poor health, such as through an increased risk of obesity and heart disease. They often contain high levels of saturated fat, salt and sugar and additives, which experts say leaves less room in people’s diets for more nutritious foods. Examples of UPFs include ice cream, processed meats, crisps, mass-produced bread, breakfast cereals, biscuits and fizzy drinks. UPFs tend to include additives and ingredients that are not often used when people cook from scratch, such as preservatives, emulsifiers and artificial colours and flavours.

In the new study, from the University of Cambridge and the University of Bristol, experts looked at four-day food diaries from almost 3,000 children aged 11 to 18 in the UK National Diet and Nutrition Survey between 2008/09 and 2018/19. The study found typical UPF consumption was 861g per day, or 66% of daily energy intake. However, the study also found that, between 2008 and 2019, UPF intake fell from 67.7% to 62.8% of total energy intake. The researchers suggested this may be due to increased health campaigns urging people to cut down on sugar or fatty foods, and the UK Government’s sugar tax which cut the amount of sugar in drinks. Data past 2019 was not looked at in the study.

Dr Yanaina Chavez-Ugalde, study author from the University of Cambridge, said: “Adolescents’ food patterns and practices are influenced by many factors, including their home environment, the marketing they are exposed to and the influence of their friends and peers. “But adolescence is also an important time in our lives where behaviours begin to become ingrained. “It’s clear from our findings that ultra-processed foods make up the majority of adolescents’ diets, and their consumption is at a much higher level than is ideal, given their potential negative health impacts.” Dr Esther van Sluijs, also from Cambridge, said: “Ultra-processed foods offer convenient and often cheaper solutions to time and income-poor families, but unfortunately many of these foods also offer poor nutritional value.

Read more …

 

 

 

 

Kingfisher
https://twitter.com/i/status/1814674121562767625

 

 

Mahi

 

 

Hummingbird
https://twitter.com/i/status/1814579045935259792

 

 

Snapping
https://twitter.com/i/status/1814601149925695731

 

 

 

 

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

 

 

 

 

 

Debt Rattle May 4 2023

May 042023
 
 May 4, 2023  Posted by at 8:57 am Finance Tagged with: , , , , , , , ,  43 Responses »


Pablo Picasso The first communion 1896 (he was 14-15)

 

• Medvedev Urges ‘Physical Removal’ Of Zelensky (RT)
• Kremlin Accuses Ukraine Of Trying To Assassinate Putin (RT)
• Zelenskyy: Ukraine To Receive Combat Aircraft After Start Of Offensive (Az.)
• US in Talks on Establishing Military Bases in Finland (Antiwar)
• Russia To Retaliate In Case NATO Uses Finnish Territory – Zakharova (TASS)
• The ‘Clash Of Civilizations’ Is Already Underway (Fomenko)
• EU Bans Ukraine Grain Exports To Five Members (RT)
• RFK Jr Shares Opinion On Key US Mistake With Russia (RT)
• RFK Jr Pledges To Pardon Assange (RT)
• The US Dollar is Finished (Paul Craig Roberts)
• Pepe Escobar: Global De-Dollarization Nearing ‘Crossroads Moment’ (Sputnik)
• South American Nations Seek To Avoid Dollar (RT)
• Asian Nations Sign Pact To Shift Away From Dollar (RT)
• Who Is Winning The Scramble For Africa? (Fazi)
• PacWest Craters 60% On Report It Is Seeking Buyers Or Capital Raise (ZH)
• God Save Us All: Britain Is About To Get The King It Deserves (Marche)

 

 

 

 

Racist Biden

 

 

 

 

McLuhan

 

 

Gervais

 

 

https://twitter.com/djuric_zlatko/status/1653654163388088320

‘The Anglo-Saxons have not abandoned their plans to build a unipolar world, they want to destroy or weaken Russia, but do not take into account its power;
‘Experiments to revive neo-Nazi ideology in the West must be harshly suppressed, they lead to a global catastrophe;
‘The situation in the U.S. is becoming turbulent and unmanageable;
‘The U.S. intends to use Ukraine only as a territory with resources and does not seek to preserve it as a state;
‘European politics is in the deepest moral and intellectual decline;
‘The U.S., using NATO mechanisms, in fact, occupied Europe, European officials obediently carry out the military tasks of the alliance;
‘The U.S. has not seen combat on its continent in nearly 160 years, so American elites easily talk about the need to arm themselves and prepare for the resumption of atomic testing;
‘The West continues to steadily increase political, military and economic pressure on Russia;
‘Many U.S. and European citizens feel good about Russia and could become Russian citizens if they wanted to;
Russia continues to uphold traditional values that have been trampled in the U.S., so the number of Americans wishing to move here is only growing;
‘The West uses terrorist and extremist organizations against Russia;
‘The U.S. is not shy about speaking about the use of Russia’s water resources by all nations of the world;
‘EU officials ignore the arguments of professional environmentalists about the benefits of cooperation with Russia in the field of energy.
 

 

 

 

They’re trying to make you believe Russia did this, like Nordstream. I was going to wait and see. And then I read this:

“The Ukrainian postal service has already released a stamp design showing the Kremlin in flames, however, just as they did after the Crimean Bridge bombing last October – also denied by Zelensky and his government.”

• Medvedev Urges ‘Physical Removal’ Of Zelensky (RT)

Former Russian president Dmitry Medvedev drew a comparison between Ukraine and Nazi Germany on Wednesday, after two drones targeted the Kremlin. The vice-chair of the national security council urged Moscow to retaliate against President Vladimir Zelensky. “After today’s terrorist act, there are no options left but the physical removal of Zelensky and his clique,” Medvedev wrote on Telegram. “We don’t need him to sign [their] unconditional surrender. Hitler, as it is known, didn’t sign his either. There will always be someone like Admiral Doenitz to sit in as president,” he added, in reference to the Nazi officer who officially replaced Hitler after he committed suicide in April 1945 and presided over Germany’s capitulation. Medvedev’s ire was provoked by last night’s drone attack on Moscow, which Russia blamed on Ukraine. Two UAVs exploded over the Kremlin and the Russian Senate, with authorities saying they were brought down by air defenses. There were no injuries or reports of damage.

Russian President Vladimir Putin was not in the Kremlin at the time, working from another residence instead. “We consider this a premeditated terrorist action and an attempt against the Russian president,” the Kremlin said in a statement after the incident, adding that “Russia reserves the right to retaliate in a manner, place and time of its choosing.” City authorities in Moscow and St. Petersburg have already responded by imposing a ban on drone flights. Medvedev was president of Russia between 2008 and 2012, and then prime minister until 2020. Currently, he serves as the deputy chair of the national security council, which is formally chaired by Putin. Despite his prior reputation as a moderate liberal, he has been far more hawkish on Ukraine than the official Kremlin.

Last week, for example, Medvedev advocated “mass destruction of personnel and military equipment”and a “maximum military defeat” of Kiev once the much-hyped Ukrainian counteroffensive begins, arguing that the “Nazi regime in Kiev” must be “completely dismantled” and “former Ukraine”entirely demilitarized. Kiev has officially denied having anything to do with the drones. Zelensky insisted that Ukraine fights on its own territory and has no weapons to reach Moscow. His aide, Mikhail Podoliak, insisted Ukraine was fighting “an exclusively defensive war” and claimed the Kremlin attack was the work of “local resistance forces” in Russia. The Ukrainian postal service has already released a stamp design showing the Kremlin in flames, however, just as they did after the Crimean Bridge bombing last October – also denied by Zelensky and his government.

Read more …

If this had been the White House the US would strike hard.

• Kremlin Accuses Ukraine Of Trying To Assassinate Putin (RT)

Russia says it downed two drones that were targeting the Kremlin in Moscow last night and accused Ukraine of attempting to kill President Vladimir Putin. The Kremlin said the drones were disabled by special services using electronic radar assets. Mr Putin was not in the Kremlin at the time, his spokesman Dmitry Peskov told the state news agency, adding there was no material damage to buildings. Ukraine says it is making no comment. Unverified footage on Russian social media showed smoke over central Moscow in the early hours of Wednesday. In a statement, the Kremlin said: “Last night, the Kyiv regime attempted to carry out a strike on the Kremlin residence of the President of the Russian Federation with unmanned aerial vehicles.”


It said it regarded this “as a planned terrorist act and an assassination attempt on the president”, and Russia “reserves the right to take retaliatory measures wherever and whenever is deemed necessary”. Mr Putin had not been hurt and his schedule would continue as normal, the statement said. Fragments of the drones had fallen on the Kremlin site but no-one had been hurt, it said. The Kremlin also noted the incident had come shortly before Russia’s 9 May Victory Day parade, which foreign dignitaries were expected to attend. The Ukrainian presidential office told the BBC it was not commenting at this time.

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“But we like your planes…”

• Zelenskyy: Ukraine To Receive Combat Aircraft After Start Of Offensive (Az.)

Partners will provide Ukraine with combat aircraft after the start of the offensive of its armed forces, President Volodymyr Zelenskyy said at a press conference with President of Finland Sauli Niinisto, Report informs referring to UNIAN. The president of Finland noted that the country is ready to provide its own fighter jets to Ukraine. He noted that Finland does not have F-16 aircraft, but there are Hornet fighters, but they are very old, and there are not very many of them. “The Finnish position is geographically significantly different from many European countries and NATO countries… Now we are replacing outdated Hornets with F-35s. These are very large purchase volumes for a country like us,” he said.


At the same time, the president of Finland added that his country could not give Ukraine its Hornets before it received new aircraft, and by that time the Hornets would already be unusable. “But we like your planes…” Zelenskyy replied. He once again stressed that Ukraine needs combat aircraft. Prime Minister of Ukraine Denys Shmyhal said in early April that the Ukrainian counteroffensive could begin in the summer.

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NATO on Russia’s borders.

• US in Talks on Establishing Military Bases in Finland (Antiwar)

The US and Finland are working out a deal that would allow the US to establish a military presence in the Nordic country, as Helsinki is now a member of NATO. According to Newsweek, Finnish Foreign Ministry official Mikael Antell confirmed the two nations are negotiating a Defense Cooperation Agreement that may allow for the construction of significant military infrastructure on Finnish soil. The potential agreement would not include nuclear weapons, although Finnish officials have previously not ruled out hosting nukes. The US has nuclear weapons stationed in five NATO countries under the alliance’s nuclear sharing program but not in any nations that became members after the end of the Cold War. Antell said the potential DCA “enables troops to enter the country, stay on the ground, the pre-storage of material and possible infrastructure investments through the funds granted by the US Congress to the Pentagon.”


The US and Finland have been in talks on the DCA since last fall, and discussions on the deal took place in Helsinki last week. “The agreement also defines the facilities and areas where the cooperation would be focused,” Antell said. “They are basically military areas and garrisons. In principle, there can be more than one, but the discussions are still open in this regard.” Finland shares an over 800-mile border with Russia, and its ascension into NATO means the region will become further militarized. Moscow has plans to beef up its military presence near the border in western Russia and has said it will take more steps to respond to the expansion of NATO infrastructure in Finland.

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Finland has been warned.

• Russia To Retaliate In Case NATO Uses Finnish Territory – Zakharova (TASS)

Russia will be forced to take military-technical and other retaliatory measures if NATO uses Finland’s territory, Russian Foreign Ministry Spokeswoman Maria Zakharova said. “We are closely following NATO’s plans regarding Finland. We confirm that Russia will be forced to take retaliatory measures of both military-technical and other nature to curb threats to our national security that appear in this connection,” the diplomat said at the briefing on Wednesday, commenting on the plans to conclude an agreement allowing the US military to use Finnish territory. The spokeswoman also pointed out that Moscow regarded such plans as Helsinki’s loss of sovereignty. “However, both Finland itself and NATO must realize that pumping Northern Europe with troops will only contribute to growing military and political tensions in this region as well,” Zakharova concluded.

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“The concept of “globalization” has shifted from being a West-dominated phenomenon, no longer synonymous with “Westernization,” to a more diverse one which the US and collective West realize they no longer control.”

• The ‘Clash Of Civilizations’ Is Already Underway (Fomenko)

For the past 400 years or so, Western nations have dominated the world. European empires, as well as the United States, subjugated nations and built colonial states across the globe. This was done primarily for economic reasons, allowing these countries to enrich themselves at the expense of colonies and creating vast commercial empires which were enforced by military power. Such imperialists framed themselves as benevolent guardians who represented a higher form of civilization and values which they were “bringing” to the colonized. Thus, as they spread their empires throughout Africa, Latin America, the Indian subcontinent, Asia, and elsewhere. Westerners also sought to expand their ideology and value systems. It is because of this that “Westernization” and “globalization” have effectively meant the same thing, as the empires of old were the ones that brought the world together through the economic and trading system they created.

But starting in the 20th century, many of the countries which were colonized by the West started to resist their oppressors, and movements for independence and liberation surged. One such movement, of course, was the rise of the Communist Party in China led by Mao Zedong, and every movement he inspired. While the US triumphed in the original Cold War and ushered in a new wave of globalization, styled as Pax-Americana, that era has now come to an end. This is because the world has changed, specifically through the emergence of China as a global power. The concept of “globalization” has shifted from being a West-dominated phenomenon, no longer synonymous with “Westernization,” to a more diverse one which the US and collective West realize they no longer control.

In other words, “globalization” is no longer a one-way road whereby the West imposes its values unilaterally on the rest of the world in conjunction with economic dominance. Countries such as China, as seen through programs such as the Belt and Road Initiative, are able to benefit from it too. This is where the new “clash of civilizations” comes in, precisely because China has gained the ability to challenge the West’s vision for the world on a scale never seen before, and even surpassing that of the former Soviet Union. Contemporary China frames itself as a model within a multipolar order, seeking to reject the Western-centric version which has dominated the world for centuries and allowed these countries to exploit and change others. In doing so, China refuses “Westernization” and positions itself as its own “civilizational pole.”

Of course, it is not alone, and Beijing finds support from many nations that have similarly been “net losers” and subject to colonialism, and who all seek a fairer international system. For example, this has great appeal to countries in Africa, the Middle East, Latin America, South Asia and, of course, Russia. Many of these countries see the onslaught of Western values not only as historical threats to their national sovereignty, but also to their own cultural identity. Why, for example, is a country such as the United Arab Emirates, a traditional Western partner, now so pro-China? As a highly conservative Arab state, it views the pursuit of Western liberalism as a threat to its own Islamic values, and sees support in a Chinese state which, even espousing a different ideology, encourages plurality and respect for different civilizations as opposed to Western evangelism.

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And then act like it’s their idea to begin with…

“exceptional and temporary preventive measures on imports” of the four items to “alleviate logistical bottlenecks”

• EU Bans Ukraine Grain Exports To Five Members (RT)

The European Union has blocked the import of Ukrainian wheat, maize, rapeseed and sunflower seed to five member states for at least a month. The measure went into effect on Tuesday evening and is scheduled to expire June 5, unless it is extended. The European Commission announced the “exceptional and temporary preventive measures on imports” of the four items to “alleviate logistical bottlenecks” in Bulgaria, Hungary, Poland, Romania and Slovakia. The EU regulation supersedes the state-level bans enacted by some of those governments. Kiev can still use “a common customs transit procedure” to export the grain and seed-oil components to other EU member states or outside the bloc, but cannot sell them to the five “frontline” countries.

Sofia, Budapest, Warsaw and Bratislava had “committed to lift their unilateral measures” on the four items “and any other products coming from Ukraine,” the Commission said. In return the EU will provide “financial support” to their farmers. No number was provided in Tuesday evening’s statement, but media reports last week spoke of a €100 million ($110 million) package. According to the Commission, the measure was enacted to address the concerns of farmers in the five border countries, while upholding the EU’s “strong commitment to support Ukraine and preserve its capabilities to export its grains” described as “critical to feed the world and keep food prices down” in the face of “Russian aggression.” The same justification was invoked last year, when the EU suspended tariffs on imports of Ukrainian agricultural goods.

Kiev has argued that letting Ukraine export its grain via the EU and the Black Sea Initiative would help countries in Africa and Asia dependent on food imports. In practice, the arrangement flooded the EU with cheap raw materials, endangering the livelihoods of farmers in neighboring countries, whose work is highly regulated by Brussels.The EU did not mention any of that in its announcement, however, saying only that the imports resulted in “saturated storage capacities and logistical chains.” Meanwhile, Russian grain and fertilizer remain blocked from reaching the rest of the world, because the US and EU sanctions against Moscow’s shipping industry have closed off all avenues for their transportation. Russia has warned that, unless that part of the Black Sea Initiative is implemented, it will stop participating in the deal.

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“What is the purpose of NATO other than to oppose Russia? If you’re addressing Russia in a hostile way from the beginning, of course their reaction is going to be hostile back..”

• RFK Jr Shares Opinion On Key US Mistake With Russia (RT)

Instead of listening to Russian President Vladimir Putin’s warnings about “red lines,” the US has repeatedly crossed them, Robert F. Kennedy Jr. said in an interview published on Wednesday. The Democrat running for US president also said Washington should have either invited Moscow to NATO or dismantled the anti-Russian alliance after the Cold War. “We should have listened to Putin over many years. We made a commitment to Russia, to Gorbachev, that we would not move NATO one inch to the east. Then we went in, and we lied,” Kennedy told the outlet UnHerd. Instead of offering to integrate Russia into the West, as many diplomats urged in 1991, the US expanded NATO to its borders. “What is the purpose of NATO other than to oppose Russia? If you’re addressing Russia in a hostile way from the beginning, of course their reaction is going to be hostile back,” Kennedy said.

He described what happened in Kiev in 2014 as “essentially a coup d’etat” supported by the US, recalling the infamous phone call in which Victoria Nuland was “handpicking a new cabinet” hostile to Moscow. “If Mexico did that and then started killing – they killed 14,000 Russians in Donbass, the Ukrainian government – if Mexico did that to expatriate Americans, we’d invade in a second,” Kennedy said, adding that Putin “repeatedly told us: these are red lines, you’re crossing.” American leaders should be able to “put yourself in the other guy’s shoes,” just like his uncle John F. Kennedy did during the Cuban Missile Crisis in 1962, stepping back from the brink of nuclear war, which all of his advisers were pushing for.

Kennedy condemned the “barbaric and illegal invasion” of Ukraine and called Putin a ‘gangster’, a ‘thug’ and a ‘bully’, but said the conflict needed to be settled quickly, because the US had already “sacrificed 300,000” Ukrainians in battle. While the White House presented aiding Kiev as a humanitarian mission, “every step that we’ve taken has been to enlarge the conflict and to maximize bloodshed,” he said. “Let’s be honest: It’s a US war against Russia, to essentially sacrifice the flower of Ukrainian youth in an abattoir of death and destruction for the geopolitical ambition of the neocons” to see regime change in Moscow, Kennedy said. He added that the people who created the problem weren’t capable of settling it. Asked about his proposed solution, Kennedy said that something like the Minsk accords, agreeing to keep Ukraine out of NATO, and removing nuclear missile launchers from Russia’s borders might work.

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“The America I love doesn’t imprison dissidents.”

• RFK Jr Pledges To Pardon Assange (RT)

US presidential candidate Robert F. Kennedy Jr. has vowed to pardon “brave truth-tellers” including WikiLeaks founder Julian Assange, who is currently being held in a British high security prison as he fights extradition to America. The US “actively persecutes journalists and whistleblowers” instead of championing free speech, Democratic contender Kennedy tweeted on Tuesday. “This isn’t the Soviet Union. The America I love doesn’t imprison dissidents.” The Australian-born Assange is effectively facing a lifetime sentence for his role in the leaks by US military whistleblower Chelsea Manning. Assange was arrested in Britain in 2019 after Ecuador revoked his political asylum, allowing police to enter its embassy in London, where he had been holed up for seven years.

Assange was then sent to Belmarsh prison, a facility ordinarily used to house some of the most dangerous criminals in the UK. Kennedy, who is seeking the Democratic Party’s nomination for the 2024 presidential election, said he would pardon both Assange and Manning. The latter spent seven years in US custody after leaking troves of classified materials to WikiLeaks in 2010, but had her sentence commuted by then-President Barack Obama in 2017. The US government has accused Assange of encouraging and facilitating Manning and is aiming to extradite him for trial. Assange’s defenders have argued that his trial would set a dangerous precedent, and that his actions were no different from other publishers of classified documents who sought to protect their sources.

Kennedy named a number of “other brave truth-tellers” who deserve similar exoneration, including Edward Snowden, who now resides in Russia. Instead of prosecuting them, the presidential hopeful pledged he would “investigate the corruption and crimes they exposed.” Kennedy is among three people to have formally announced their bids for the Democratic nomination. While incumbent President Joe Biden is the frontrunner, Kennedy is polling at 19%, with author Marianne Williamson trailing at 9%, according to a recent Fox News survey. The Biden administration has said it has no plans to drop the charges against Assange, despite calls by media freedom advocates. Critics have accused Washington of hypocrisy, citing its habit of lecturing other nations over press freedoms.

Read more …

“Are You Ready for High Inflation and Collapsing Living Standards?”

• The US Dollar is Finished (Paul Craig Roberts)

The decision to offshore US manufacturing was an economy-wrecking decision. The goods that Apple, Nike, Levi, and all the others make in China and Asia enter the US as imports when they are marketed in the US. The US, having moved its manufacturing offshore, has little to export to cover the trade deficit resulting from imports. By using their trade surpluses with the US to purchase US Treasuries, foreigners financed the US budget deficit and US wars. As countries increasingly settle their trade imbalances in other currencies, foreign demand for US debt is declining. The consequence is that the supply of dollars is increasing, but the demand for them is falling. This means a drop in the exchange value of the dollar, which means a rise in import prices. The worst inflations are caused by the decline in the exchange rate of a currency. It is an inflation that the central bank cannot fight by throwing people out of work.


This is America’s future, and I don’t mean in ten years. I have been warning of this development, but the presstitute media does not report any facts unfriendly to the official narratives, everyone of which is a lie. The US can hold on for a while longer by having the Japanese, European, and British central banks print their currencies with which to purchase dollars, thus cushioning the dollar’s decline. But the consequence is that these currencies also will fall in value relative to those outside the dollar system. In other words, the plight of the dollar will spread throughout the empire. Wall Street, greedy corporate executives and boards, and incompetent policymakers in Washington offshored US manufacturing and made the US import-dependent. Next they destroyed the dollar as world reserve currency and thereby doomed the dollar to devaluation against other currencies, and this will destroy US power.

Read more …

“The combination of aggressive US sanctions policy and reckless government spending have dramatically reduced the greenback’s international appeal.”

• Pepe Escobar: Global De-Dollarization Nearing ‘Crossroads Moment’ (Sputnik)

De-dollarization is heading for a breakthrough due to rising global discontent with US ‘casino capitalism’, Pepe Escobar, geopolitical analyst and veteran journalist, told Sputnik News. “It’s a gigantic snowball all over the world. We cannot even keep up with it,” Pepe Escobar said in an interview with the New Rules podcast. “It’s very important what is going to be discussed at the BRICS summit in South Africa. This will probably be the crossroads moment where things are going to then go.” Escobar explained that a growing number of countries in the Global South were doing the math and concluding that the US dollar was not a safe bet. The combination of aggressive US sanctions policy and reckless government spending have dramatically reduced the greenback’s international appeal.

“If you want to analyze the patterns these past two decades, you need to understand the fact that, if you are rich in commodities and if you are a productive capitalist nation and you decide to issue a currency, it will be internationally respected because people will know it’s based on facts, actual provenance, actual wealth,” he said. “That’s contrary to the system that we have now, which I have been calling it ‘casino capitalism’ for years. It’s futures, it’s bets, it’s suppositions. It may go right or wrong. If you lose, you lose it all. The house mostly always wins because the house is the one who prints the currency. It’s backed by nothing, literally, by a country that owes $30 trillion [in national debt] now and it will never be able to repay it.” To make matters even worse, the US Federal Reserve’s aggressive interest rate hikes has made borrowing in dollars expensive for almost everyone in the world.

Prior to the Fed’s move, Kristalina Georgieva, managing director of the International Monetary Fund, warned in January 2022 that the US raising interest rates could backfire on the global economy and especially on countries with higher levels of dollar-denominated debt. The ongoing US banking crisis threatens to further destabilize international financial markets. No country in the world wants to “catch a cold” when the US economy “sneezes,” as memories of the 2008 financial crisis linger. “They say, ‘look, why do we have to be subjected to this kind of arrangement?’ And of course, before, as we all know, it was ‘the Empire of bases’, over 800 military bases all over the world, ‘the power of the financial markets’, ‘the power of soft culture’, ‘the power of cancel culture’, but the Global South is not intimidated anymore. I think this is the first [time] in this new millennium. We never had this before in the past two and a half centuries, at least,” Escobar said.

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“I made a commitment to my friend Alberto Fernandez that I will do every and any sacrifice so we can help Argentina in this difficult moment.”

• South American Nations Seek To Avoid Dollar (RT)

The presidents of Argentina and Brazil have announced plans to continue working on the development of a mechanism allowing them to avoid using the US dollar in bilateral trade. Crisis-hit Argentina is seeking to rebuild its reserves to cover trade costs and future debt repayments as a key component of a major debt deal with international creditors. Brazilian President Luiz Inacio Lula da Silva and his Argentinian counterpart Alberto Fernandez were expected this week to reveal the new mechanism allowing Argentine firms to continue trading with Brazil without draining dollars from the country’s reserves. However, the leaders announced following a meeting on Tuesday that the plan still needed to be fine-tuned.

“The meeting was long, difficult and we will carry out many more meetings,” Lula said alongside Fernandez, as quoted by the Associated Press. “I made a commitment to my friend Alberto Fernandez that I will do every and any sacrifice so we can help Argentina in this difficult moment.” The proposed scheme reportedly includes a line of credit to finance Brazilian businesses that export to Argentina, aimed at avoiding the use of US dollars in settlements. According to Brazilian Finance Minister Fernando Haddad, the two nations are studying possible guarantees in order for Brazil’s government to provide financing.

“They’ve made the decision to help make sure that Brazilian companies continue exporting to Argentina and they had asked us to do some homework, which we have already done, and have to do with the necessary guarantees,” Fernandez said. He added that Economy Ministry officials will be meeting their Brazilian counterparts next week to discuss the details. Earlier this year, Argentina sealed an agreement with China that allows companies in the debt-laden nation to pay for Chinese imports in yuan. Buenos Aires owes $44 billion to the International Monetary Fund (IMF). The nation is currently renegotiating the agreement signed with the fund last year to restructure some of its loans.

Read more …

Lots of BRICS+ candidates.

• Asian Nations Sign Pact To Shift Away From Dollar (RT)

The central banks of South Korea and Indonesia have signed a memorandum of understanding to promote bilateral trade in national currencies, moving away from the US dollar as an intermediary. The step is expected to help South Korean and Indonesian corporations to lower transaction costs and exposure to exchange rate risks, the central banks of the two nations said in a joint statement. The Bank of Indonesia and the Bank of Korea highlighted that they would continue to strengthen collaboration through information-sharing and regular discussions, as the two nations seek to boost financial ties. The agreement was signed on the sidelines of the 26th ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting that kicked off in the South Korean city of Incheon on May 2.


The ASEAN+3 group consists of the ten member states of the Association of Southeast Asian Nations, which are joined by China, Japan, and South Korea. Attempts to shift away from the greenback in international trade have been gaining momentum among major economic blocs such as ASEAN and the BRICS group, which consists of Brazil, Russia, India, China, and South Africa. The step comes against the backdrop of sweeping sanctions introduced by Western nations against Russia, a major global energy producer and exporter. The head of the Indonesian central bank, Perry Warjiyo, said last month that his nation was implementing a shift away from the dollar with countries such as Thailand, Malaysia, China, and Japan. In March, Brazil and China signed an agreement to trade in their own currencies, dropping the greenback as an intermediary.

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“The West’s appeals for democracy and national independence, on the other hand, are perceived as hypocritical, given its history on the continent.”

• Who Is Winning The Scramble For Africa? (Fazi)

Reports of violence breaking out in Africa rarely raise eyebrows in the West these days. Perhaps we feel it has little to do with us, whatever the West’s historical responsibilities for the continent’s problems. But as the recent events in Sudan demonstrate, this is no longer the case. The turmoil unfolding there is of far more importance to us than we might think. While the fighting in Sudan is, on the face of it, little more than a power struggle between the two rival factions that control the country, there is also an important international and geopolitical dimension to the conflict. At its heart is the great powers’ competition for influence over the continent — what has been called the “new scramble for Africa”. Given its vast natural resources, including gold, its agricultural wealth and its geopolitically strategic location, Sudan has long attracted regional and international power plays.

In recent years, Saudi Arabia, the United Arab Emirates, Egypt and Israel have all been cultivating economic and political ties with the country’s leadership — and its two warlords in particular. One country, however, stands out for its “special relationship” with Sudan: Russia. Putin made sure to cultivate an alliance with the country’s former leader, Omar al-Bashir, deploying the infamous Wagner Group in 2017 to provide him with political and military support. More importantly, that same year, al-Bashir signed a military cooperation agreement with Russia which included allowing the Russians to establish a military base along the Red Sea, ensuring a permanent presence for the Russian Navy in a crucial region and easy access to the Indian Ocean.

Al-Bashir was overthrown in 2019, before the agreement came into play, but Russia maintained good relations with the new administration’s military leaders, especially Mohamed Hamdan Dagalo, better known as Hemedti, whose Rapid Support Forces control the country’s gold mines. The transitional military-civilian government confirmed the decision to allow Russia to establish a base in 2020, but backtracked the following year under pressure from the US. However, once the civilian members of government were purged in yet another coup, in 2021, the agreement was revived. Today, there is no indication that the issue of the naval base played a role in the recent outbreak of fighting, nor are any of the major foreign players openly backing either of the two warring factions. But if one side should explicitly align itself with, say, Russia, the conflict could easily turn into another front of the proxy war between the West and Russia, alongside Ukraine, with potentially disastrous consequences for the entire continent.

For Africa is already the stage of the New Great Game of the 21st century — the struggle between Western countries, China and Russia for influence over this immensely resource-rich, young continent predicted to be the next frontier of growth. In this game, Russia is particularly well-positioned. More so than the West, it enjoys strong historical and ideological ties with many African nations. The Soviet Union was the primary ally of several nations on the continent during the Cold War, and supported various anti-colonial and post-colonial movements; many countries are still ruled by parties that were supported by Moscow during their struggles for liberation from colonial or white supremacist rule, including Nelson Mandela’s African National Congress (ANC). The West’s appeals for democracy and national independence, on the other hand, are perceived as hypocritical, given its history on the continent. Hence Russia’s argument that the war in Ukraine is actually part of a broader struggle against Western imperialism resonates in Africa, which harbours strong grievances against the West over its colonial and neocolonial practices.

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And PacWest is not the only bank in trouble.

• PacWest Craters 60% On Report It Is Seeking Buyers Or Capital Raise (ZH)

Earlier today, when Jerome Powell openly lied to the American People during the FOMC press conference stating without a hint of irony that the US banking system is “sound and resilient”… …we balked: how could this former lawyer lie so brazenly to the American people, the narrator wondered, when in just the past few weeks we had seen over half a trillion in bank failures, making the current bank failure episode even worse than the global financial crisis? Well, as usual, the narrator was right, because while Powell’s lies were still ringing in our ears, the next regional bank collapse was on its say. Shortly after the close, Bloomberg reported that another regional, California-based bank (of course), PacWest Bancorp., was weighing a range of strategic options, including a sale.

The Beverly Hills-based bank – whose financial conditions it appears has been far worse than the Fed, which just hiked another 25bps, thought – has been working with a financial adviser and has also been considering a breakup or a capital raise, according to Bloomberg sources. While it is open to a sale, the company hasn’t started a formal auction process. According to the report, “an outright sale has been hindered because there aren’t many potential buyers interested in the entire bank, which comprises a community lender called Pacific Western Bank and some commercial and consumer lending businesses, the people said.” And similar to SVB and FRC, “a potential buyer would also have to potentially book a big loss marking down some of its loans, the people said.”

On Tuesday, PacWest tumbled 28% as investors retreated from regional bank stocks following JPMorgan’s deal on Monday for the failed First Republic Bank, a transaction which did nothing to ease concerns about regional bank viability, which was to be perfectly expected since today’s rate hike would only make the regional bank deposit run even bigger, something which was obvious to everyone…… except the Fed!

And sure enough, following the Bloomberg report, PacWest – which had $28 billion in deposits at last check (far less as of this moment) and $44 billion in assets, saw its stock plunge more than 60% after hours… Bear in mind that just a week ago, PacWest shares surged 17% after the midsize lender said deposits stabilized toward the end of March and rose in April. “Importantly, deposits stabilized in the latter part of March and rebounded nicely in April, increasing approximately $700 million subsequent to quarter-end,” President and CEO Paul Taylor said in the release Tonight’s dismal news comes six weeks after PacWest said it had shored up its access to cash by raising $1.4bn via a lending facility from Apollo-backed investment firm Atlas SP Partners.

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“Say it out loud and try not to snicker: “The coronation of Charles the Third.”

”..you’re waking up in a country where a priest is going to smear oil – vegan oil from Jerusalem – on a rather pinkish, rather broad forehead to signify one man’s status as the Lord’s anointed.”

• God Save Us All: Britain Is About To Get The King It Deserves (Marche)

Say it out loud and try not to snicker: “The coronation of Charles the Third.” In a time of post-post-colonialism, of anti-racist iconoclasm, a time in which the very notion of gender as a legitimate distinction is contested, and Christianity has been reduced to a scandal management system with costumes, a 74-year-old British gentleman will ride a fancy carriage to an old church where a few other elderly British gentlemen in gilded dresses will declare him emperor, patriarch and head of state because God says so. You might think you live in a time of truth and reconciliation, or perhaps even, if you’re feeling optimistic, progress. But this week if you’re British or a member of the 56 sovereign states that still, somehow, find themselves in the Commonwealth, you’re waking up in a country where a priest is going to smear oil – vegan oil from Jerusalem – on a rather pinkish, rather broad forehead to signify one man’s status as the Lord’s anointed.

The coronation cannot be described as a popular event. In April, various polls gauging the public mood around Charles’s ascension found that only 15% of the British population were “very interested” in the coronation. In Canada, where I live, the majority of citizens are in favor of severing ties with the monarchy altogether (up to 70% in Quebec). The crown itself seems embarrassed by all the fuss. The coronation ceremony has been curtailed, and will last a little over an hour, we’re promised, as opposed to the three hours allotted for Queen Elizabeth II. For Canada, the absurdity of the coronation is basic: we are not a British colony, but we have a British king. For the British, the national pride supposed to underlie a coronation has been exposed and harried: UK GDP cut by 4%, a lost £100bn a year in output, the pound losing a fifth of its value, all since Brexit. It’s hard to celebrate when inflation is at 10.1% and the Bank of England has to raise interest rates again, especially when it costs £100bn.

As of April, only 34% of Britons still believe that Brexit was the correct decision. And underlying the recognition of their error is a dawning realization of the failure at its root: the British people – not the press, not the politicians – failed to understand their place in the world. Nostalgia and vanity, and ultimately self-deceit, led them into a calamity which seems, at the moment, impossible to recover from. This week, on his fancy carriage ride, Charles will be surrounded by many preposterous objects. He’ll be holding the world’s largest diamond on the end of a stick. He’ll be wearing a hat with a ruby that Henry V wore into battle. He’ll be sitting on a chair over the Stone of Destiny, a stone English kings stole from the Scots almost a millennium ago. The real absurdity will be deeper, for both Canada and Britain. Charles is a symptom of twin identity crises: the man represents us, but it’s hard to think of anyone less representative. I mean, it’s all fun and games, but his face is going to be printed on my money. “God save the king!” I find myself shouting, absurdly.

Read more …

 

 

 

 

James Lindsay

 

 

 

 

Socotra
https://twitter.com/i/status/1653744699201449985

 

 

Turbine

 

 

Blue whale

 

 

 

 

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Debunking Kiev & Blinken’s Latest Lie

May 032023
 
 May 3, 2023  Posted by at 8:02 pm Finance Tagged with: , , ,  8 Responses »


Vincent van Gogh Landscape Under a Stormy Sky 1889

 

Andrew Korybko:

 

Russia blamed Ukraine for Tuesday night’s attempted assassination of President Putin after two drones attacked the Kremlin but were disabled by the security services before they harmed anyone. Kiev rejected the accusation and lied that the incident was a false flag per the innuendo pushed by Zelensky’s spokesman Nikiforov and senior advisor Podolyak. US Secretary of State Blinken echoed their claims by advising to “take anything coming out of the Kremlin with a very large shaker of salt.”

The Kremlin’s predictably declared right to retaliate “anywhere and anytime it deems necessary” guaranteed that neither of those two would admit to any knowledge of the attack, but it wasn’t foreseen that they’d both collude in concocting a false flag conspiracy theory. Their credibility was already shattered after Russia failed to go bankrupt and subsequently collapse over the past year like they predicted, so it takes a lot of chutzpah to still lie about this attack in spite of their track record.

It’s unclear who their targeted audience even is anyhow since few are expected to fall for this fake news, though there’ll of course be some who play along since they’re reacting to those officials’ dog whistles and think they need to do their part in laundering this disinformation narrative. Nikiforov said that “What happened in Moscow is obviously about escalating the mood on the eve of May 9. It’s a trick to be expected from our opponents”, but that actually doesn’t make much sense if one thinks about it.

Russians are already very patriotic ahead of this practically sacred commemoration of their people’s victory over Nazi Germany so there’s no reason for the government to stage a false flag attack against President Putin for that purpose. As for Podolyak’s claim that “This would allow Russia to justify mass strikes on Ukrainian cities, civilians and infrastructure facilities”, that also doesn’t equate with objectively existing reality either.

Leaving aside his description of these strikes as “large-scale terrorist attack[s]” that he added at the end of his relevant statement, Moscow has already been striking military-relevant infrastructure for months without having to fake an attempted assassination of the country’s leader to justify this. Moreover, these precision strikes have been applauded by the population, many of whom believe that they’re still too low-scale for their liking.

Honestly speaking, a significant share of the population can be described as members of the “patriotic opposition” in the sense that they’re displeased with the scope of the special operation and sincerely believe that it should have been expanded long ago, especially after the Crimean Bridge bombing. That’s not even to mention the pullbacks from Kharkov and Kherson Regions, let alone Kiev’s drone strikes deep inside Russia late last year, all of which they felt should have been much more fiercely responded to.

The way that they see it, Russia’s so-called “red lines” keep getting crossed without Kiev being taught the relevant lessons to deter it from ever doing so again. Something worse seems to happen every time, but the cycle of bombastic rhetoric from the Kremlin, resultantly high hopes among Russian patriots, and their inevitable disappointment continues indefinitely and appears impossible to break. It’s little wonder then that some are cynical after the latest incident and worry that there won’t be a befitting response.

These sensitive observations about the true state of socio-political affairs in Russia nowadays are being shared not for the purpose of saber-rattling, but simply to point out that there’s literally no reason for the authorities to stage a false flag incident like Kiev and Blinken ridiculously implied. Many folks have wanted the scope of the special operation to expand for a while already and some have even gone as far as lobbying for their country to enter a formal state of war in order to fully mobilize all aspects of society.

These people had been warning for months that the authorities’ prioritization of political goals over military ones, which they believe is responsible for Russia not overwhelmingly responding every time its red lines were crossed, would inevitably embolden Kiev to go even further. No patriot is happy about what just happened, but quite a few are convinced that it might have been avoided had the Kremlin reacted much more muscularly to its opponent’s prior spree of provocations up until this one.

Returning to the false flag conspiracy theory that Kiev and Blinken are propagating by innuendo, there’s no credible reason to believe this blatant lie. Considering that few are expected to fall for this fake news, it can therefore be interpreted as them provoking the Kremlin by way of mockery since nobody in their right mind would ever believe this. They both seem convinced that Russia won’t overwhelmingly or at least reciprocally respond to this assassination attempt, but patriots hope that it’ll finally surprise them.

 

 

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Debt Rattle March 29 2023

Mar 292023
 
 March 29, 2023  Posted by at 8:50 am Finance Tagged with: , , , , , , , , ,  49 Responses »


René Magritte Sixteenth of September 1956

 

• Vax Report: $147 Billion in Damage, Tens Of Millions Injured, Disabled (ZH)
• The Best Way to Protect US Troops in Syria (Ron Paul)
• Global Security Dialogue Should Replace Arms Race – Belarus (TASS)
• Bolton Issues Warning On Belarus (RT)
• Zakharova: ‘Summit For Democracy’ Reflects US’ Neocolonial Practices (TASS)
• Russia Knows Why It Fights In Ukraine, Russians Must Be Freed – Lavrov (TASS)
• Serbian President ‘Very Afraid’ About Current Situation In The World (TASS)
• Ukraine Being Obliterated – Trump (RT)
• Drone Incident Hindered US Intelligence Gathering – CNN (RT)
• Ukraine Struggles With Starlink Troubles (RT)
• US Admits To Another Failed Hypersonic Test (RT)
• Bellingcat & Mouse Game: Advance Russian Intel Of Nordstream Attack (Helmer)
• Matt Taibbi Says Democrats Ditched Free Speech (ZH)
• Jamie Dimon In Hot-Seat As Sworn Deposition Looms In Epstein Lawsuits (ZH)
• The Great Food Reset Has Begun (Fazi)
• Startling Rise In Testicular Injuries Among Woman Athletes (BBee)

 

 

 

 

Kherson Refugees Reject Western Media Claims of Russia “Kidnapping” Them

 

 

Tucker TikTok

 

 

Todd

 

 

 

 

Note: all these numbers are for 2022 alone.

• Vax Report: $147 Billion in Damage, Tens Of Millions Injured, Disabled (ZH)

A new report estimates that 26.6 million people were injured, 1.36 million disabled, and 300,000 excess deaths can be attributed to COVID-19 vaccine damages in 2022 alone, which cost the economy nearly $150 billion. Research firm Phinance Technologies, founded and operated by former Blackrock portfolio manager Ed Dowd, Yuri Nunes (PhD Physics, MSc Mathematics) and Carlos Alegria (PhD Physics, Finance), split the impact of the vaccines into four broad categories to estimate the human costs associated with the Covid-19 vaccine; no effect or asymptomatic, those who sustained injuries (mild-to-moderate outcome), those who became disabled (severe outcome), and death (extreme outcome).


Data on vaccine disabilities and injuries comes directly from the Bureau of Labor Statistics (BLS), while the excess death figures are derived from official figures on deaths in the US via two different methods. It’s important to note that people in one category (injured, for example) can move into latter categories of severity – which this analysis does not take into consideration. “We need to remember that not only are these groupings an attempt to characterize different levels of damage from the inoculations, they are not static and could interact with each other,” reads the report. “For instance, there might be individuals who had no visible effects after vaccination but nonetheless could still be impacted.” “Individuals with mild injuries from the inoculations could, over time, develop severe injuries to the extent of being disabled, or an extreme outcome such as death.”

https://twitter.com/DowdEdward/status/1640734879355682816

Estimating the economic cost: In analyzing each of the above categories, Phinance used absolute excess lost worktime to determine that the direct economic cost of vaccine injuries was $79.5 billion in 2022, and $52.2 billion for those with severe disabilities. For deaths, Phinace used the average yearly absolute rise in excess deaths since 2021, which was 0.05% for the 25-64 year-old demographic, which amounted to $5.6 billion in lost productivity. In total, they found a total “economic cost” of $147.8 billion in 2022 due to the Covid-19 vaccines.

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“Bring them home. Tomorrow. Do not wait another day!”

• The Best Way to Protect US Troops in Syria (Ron Paul)

Last week saw a sharp increase in attacks on US troops occupying northeastern Syria, with a drone strike against a US base blamed on “pro-Iran” forces and a US counter-strike said to have killed at least 19 people. After the US retaliation, another strike by “pro-Iran” forces hit a number of US sites in Syria. It may be just a matter of time before there are more strikes against the 900 US troops based in Syria against Syria’s wishes. One US contractor was killed last time. Next time it could be many more Americans. What’s behind the sudden escalation? Fundamental changes in the Middle East over the past month have highlighted how indefensible is the continued US occupation of Syria and Iraq. Take, for example, the recent historic mending of relations between former arch-enemies Saudi Arabia and Iran which was brokered by Washington’s own arch-enemy, China.

US policy in the Middle East has long been “divide and conquer,” dating back at least to the Iran/Iraq war in the 1980s. US switching sides in that war guaranteed that the maximum amount of blood was spilled and that the simmering hatreds would continue to prevent any kind of lasting peace. Then the US invaded Iraq twenty years ago and turned Iraq into an Iranian ally. That’s neocon foreign policy for you: a 100 percent failure rate. So this month China, which is interested in creating a regional transportation corridor that would include Iran, came in and instead of bombing, invading, and occupying – Washington’s modus operandi – actually brokered the restoration of diplomatic relations between Saudi Arabia and Iran. Republicans and Democrats in the US both love to attack China, but China has achieved what the US has resisted for years: peace in the region.

Should we be surprised that the continued US occupation is not welcome in the Middle East? The United States occupies that huge chunk of Syria where the oil and agriculture is located and the goal appears to be producing profits for US multinational corporations from stolen natural resources and preventing the natural wealth of Syria to be used to rebuild that country. Is it any wonder why the US is so unpopular in the Middle East? How hypocritical is it that the Biden Administration has spent $100 billion of our dollars to expel Russia from occupying proportionally less territory in Ukraine than Washington occupies in Syria? And Washington claims to stand for the “international rules-based order,” while they decimated an Iraq and Afghanistan that did not attack us, and before that a Serbia that could not have threatened us if it wanted to.

The end of the US occupation of the Middle East is upon us and the sooner we realize that the better. We have no business meddling in their politics, occupying their territory, and stealing their resources. Americans joined the US Military to defend the United States against all enemies, foreign and domestic, yet they have been manipulated by corrupt DC officials into occupying foreign lands and stealing their oil. Maybe this is why the US military cannot meet its recruitment goals? Here’s an easy way to protect US forces in Syria from further “Iran-allied” attacks: Bring them home. Tomorrow. Do not wait another day!

Syria

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“..multilateral disarmament mechanisms, non-proliferation and arms control..”

• Global Security Dialogue Should Replace Arms Race – Belarus (TASS)

Minsk is confident that the rhetoric of confrontation and the arms race should be replaced with dialogue on bolstering the architecture of global security, the press service of the Belarusian Foreign Ministry told TASS on Tuesday. “The Belarusian side is confident that to replace the confrontation rhetoric and the escalating arms race, a constructive and mutually respectful dialogue should emerge, directed at strengthening the architecture of global and regional security, multilateral disarmament mechanisms, non-proliferation and arms control, including in the nuclear sphere,” the diplomatic agency said replying to a question by TASS about the outsized reaction by a number of countries to reports on the prospective deployment of Russian tactical nuclear weapons on Belarusian soil.


“We have been urging and continue to urge all our partners to [do] this,” the Belarusian Foreign Ministry reiterated. On March 25, Russian President Vladimir Putin declared that Russia, at Minsk’s request, would deploy its tactical nuclear weapons in Belarus, precisely the way the United States deployed its own nuclear weapons on the territory of its allies. Moscow has already handed over to Minsk the nuclear-capable Iskander system. According to the Russian leader, the construction of a storage facility for tactical nuclear weapons on Belarusian territory would be completed on July 1.

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Belarus wants peace, but Bolton does not.

• Bolton Issues Warning On Belarus (RT)

Former US National Security Advisor John Bolton has warned that the Biden administration may not be taking Russian President Vladimir Putin’s pledge to move tactical nuclear weapons to Belarus seriously enough. Bolton added that he could foresee Russia and Belarus potentially merging into a single state. “[Putin] may not be bluffing here in the sense he may actually move tactical nuclear weapons into Belarus,” Bolton told CNN on Monday.Putin announced on Saturday that Russia will move some of its tactical nuclear weapons to facilities in Belarus as early as this summer. The Russian president said that he made the decision after the UK announced it would transfer toxic depleted uranium munitions to Ukraine, a move he described as “absolute recklessness.”

While Bolton is taking Putin’s words seriously, the White House has brushed them off. “We haven’t seen any movement of any tactical nuclear weapons or anything of that kind since this announcement,” National Security Council spokesman John Kirby told reporters on Monday. Anonymous US and EU security officials told Politico they haven’t seen any indication that Russia plans on moving the weapons in the immediate future. Bolton’s concerns go beyond the stationing of Russian nuclear weapons in Belarus. He told CNN that the possibility of Russia reabsorbing the entire territory of Belarus is “something I don’t think we’ve been paying enough attention to.”

Belarus was made a territory of the Russian Empire by Catherine the Great in the 18th century, and was subsequently united with Russia under the Soviet Union. Since declaring its independence from the USSR in 1990, Belarus has remained a close ally of Russia, with Minsk and Moscow signing the Union State treaty in 1999, establishing a customs union and granting each other’s citizens freedom of movement. Military cooperation between the two states has since deepened, with a 2021 doctrine establishing a joint group of forces stationed in Belarus to deter threats from the West. Russian and Belarusian troops have held multiple military drills since last year, and Russian forces pushed south into Ukraine from Belarusian territory last February. As a result, Belarus has been hit with many of the same Western sanctions as Russia.

Bolton is well known for advocating regime change and military intervention around the world, and last year called for the overthrow of Putin. However, he has persistently warned about the consequences of current US foreign policy. Before cautioning about the growing ties between Russia and Belarus, he warned earlier this month that “the Chinese, the Russians, Iran, North Korea and several others are moving to shore up their relations” amid an apparent lack of strategic objectives in Washington.

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Hungary and Turkey are not invited, but that shining model of democratic values, Ukraine, is.

• Zakharova: ‘Summit For Democracy’ Reflects US’ Neocolonial Practices (TASS)

The US-conceived ‘Summit for Democracy’ is nothing but a manifestation of Washington’s neocolonial practices, as the summit seeks to legitimize American instruments of control, Russian Foreign Ministry Spokeswoman Maria Zakharova said on Tuesday. “The so-called ‘Summit for Democracy’ is a clear manifestation of neocolonial practices in US foreign policy. Behind the efforts to organize the summit is the desire to update and legitimize the American instruments of external control and interfere in the domestic affairs of other countries, forcing everyone to see the world through the prism of the ‘rule-based order’ promoted to serve Washington’s global interests,” the diplomat pointed out in her commentary in connection with the “Summit for Democracy” organized by the United States on March 28-30 under the pretext of supporting democracy in the world.

According to Zakharova, the summit is all about forming an ideological platform for combatting those countries whom the American political elite labels as autocracies, primarily Russia and China. “Washington is trying to consolidate the Western community and bring its rivals over to its side under the slogan ‘combatting autocratic regimes’,” the diplomat stressed. “The US has decided to take thematic sessions to regional platforms and appoint co-chair countries to pretend that its pseudodemocratic summit is universal. At the same time, the whole process is controlled either by the Americans themselves or by large non-governmental organizations (NGOs). These NGOs supervise the compliance of member states with the obligations undertaken by them. Apparently, they know nothing about the principle of sovereign equality of all states based on the UN world order,” Zakharova pointed out.

The diplomat underscored that she regretted the decision of the UN Secretary General Antonio Guterres to take part in such an “unworthy spectacle.” “On the whole, it is hard to expect from the American organizers of the ‘Summit for Democracy’, as well as from their ideological partners, anything other than pompous hypocrisy amid democratic messianism and certainly anti-Russian statements in the context of the Ukrainian crisis. Especially considering the fact that the tone of the summit will be set by a former comedian (Ukrainian President Vladimir Zelensky – TASS), not a democrat, who is the head of a criminal Nazi regime which deliberately violates all democratic values in his country. The fact that such people are invited to take part in the event clearly demonstrates how far Americans are from their declared goal of promoting democratic values,” she stressed.

As the Russian Foreign Ministry Spokeswoman pointed out, Moscow was against American democracy being imposed as “infallible, the only way.” “The US has no moral right to lecture others amid chronic domestic issues. This binary way of thinking in ‘black-white’ or ‘good guys vs bad guys’ does not work in real life. And it is in no way good for building long-term relations with sovereign countries,” Zakharova emphasized. The diplomat also pointed out that a multipolar world order in international relations was actively being formed with the help of the global majority. “Responsible participants in international communication must not engage in ‘democratization’ and division. The US and its allies have to return to complying with the norms of international law and get involved in creating conditions for peaceful coexistence and mutually beneficial cooperation,” Zakharova concluded.

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“Now, this has all been thrown to the wind and to the Neo-Nazis, who now run the show in Kiev..”

• Russia Knows Why It Fights In Ukraine, Russians Must Be Freed – Lavrov (TASS)

Russia is conducting its special military operation in Ukraine to protect Russians and the Russian-speaking population, which the Kiev authorities oppress in violation of all international norms. Russia wants to free these people from any threat to their lives, traditions and families, the country’s Foreign Minister Sergey Lavrov told TASS in an interview on Tuesday. “We <…> are conducting our special military operation precisely for these people who have been oppressed in violation of all possible international norms and principles, in violation of all these norms on which Ukrainian independence is based. Ukraine enshrined in its Declaration of Independence that it wanted to be a neutral, non-aligned state. It promised to ensure the rights of all Russians and Russian-speaking peoples, as well as other ethnic minorities. It was interested in living in peace, in the spirit of good neighborliness and harmony with all its neighbors. Now, this has all been thrown to the wind and to the Neo-Nazis, who now run the show in Kiev,” Lavrov said.


“And that is why we know what we are fighting for. We know that we want to free these people from any threat the current Ukrainian authorities can pose to their lives, traditions, and families,” the top diplomat stressed. Lavrov added that “history and geography cannot be chosen,” that is why Russia has “no right to leave these people to Nazis and racists.” Russian President Vladimir Putin in his State of the Nation Address pointed out that the country’s special military operation was launched to protect the people, ensure the country’s security and eliminate the threat emanating from the Neo-Nazi Kiev regime.

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“As for our little Serbian ship, we will steer it with a firm hand to preserve peace and stability..”

• Serbian President ‘Very Afraid’ About Current Situation In The World (TASS)

Serbian President Aleksandar Vucic said on Tuesday that he was ‘very afraid’ about what is going on in the world. “I am not much of an optimist, I am a small leader of a small country. There are many leaders from big countries in Europe who know better about everything,” Vucic said at a joint news conference with Greek President Katerina Sakellaropoulou. “I fear that the consequences of this will be far worse than what we have seen so far,” he stressed. “But I am a small man from a small country, and I believe that the giants from other countries know better and can solve things. As for our little Serbian ship, we will steer it with a firm hand to preserve peace and stability,” Vucic stressed.


In February, Vucic opined that the conflict in Ukraine would only worsen over the next five to six months, eventually spiraling out of control. The president believes that after the decision to supply tanks to Ukraine, a decision to supply F-16 fighter jets will follow. On March 17, the Slovak government approved the transfer of 13 MiG-29 fighters to Ukraine, Prime Minister Eduard Heger said. At the same time, it was stressed that the fighters were transferred for defense purposes, not for attacking. The country’s Defense Ministry announced that for the shipment of MiG-29 to Kiev, Slovakia expects to be paid back by the European Union in the amount of $900 million. Earlier, Polish authorities also said they were planning to supply MiG-29 to Ukraine.

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“possible we’d be in World War III with these idiots that are doing what they are doing.”

• Ukraine Being Obliterated – Trump (RT)

Donald Trump has once again claimed that he would need just 24 hours to negotiate peace in Ukraine. Speaking to Fox News, the former US president warned of a possible nuclear escalation and urged the hostilities to be ceased immediately. “The key to that is that war has to stop now, because Ukraine is being obliterated,” Trump told host Sean Hannity in an interview on Monday. Trump compared footage from the conflict to “hundreds of these demolition sites” that he used to see as part of his construction business. “There was not a building standing,” the former US leader explained. Trump repeated his assertion that he could reach a peace deal in Ukraine within 24 hours if elected back into office. However, he declined to explain his strategy, claiming it would be “very easy” but would not work if revealed prematurely.


Trump suggested that the US presidential election might not even happen next year, arguing it was “possible we’d be in World War III with these idiots that are doing what they are doing.” Such a conflict would make the two previous world wars look like “patty cakes,” he added. The nearly hour-long interview with Hannity was Trump’s first appearance on Fox News since he announced his 2024 presidential run. The former president has a complicated relationship with the leading conservative US news channel, which he has criticized for its positive coverage of Florida Governor Ron DeSantis, his potential challenger for the Republican Party’s nomination. Hannity has been among the most outspoken Trump supporters on the network.

https://twitter.com/i/status/1640544019729252352

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“The new drone routes have kept the flights more than 40 nautical miles not only from Crimea but the Ukrainian coast as well..”

• Drone Incident Hindered US Intelligence Gathering – CNN (RT)

A decision by President Joe Biden’s administration to reroute drone flights over the Black Sea to avoid provoking a direct conflict with Russian forces has curtailed intelligence gathering on the Ukraine crisis, a senior US military official has told CNN. Flying drones at greater distances from the conflict zone and at higher altitudes has reduced the quality of the intelligence that they can gather, CNN reported on Tuesday, citing the senior official without identifying the source. The rerouting was allegedly ordered earlier this month, after a US Air Force MQ-9 Reaper drone was forced down over the Black Sea by a Russian Sukhol Su-27 fighter jet on March 14.

Although the Pentagon was publicly dismissive of Russian complaints about the drone flight, declaring that the US will continue to “fly and operate wherever international law allows,” Washington began routing its unmanned aerial vehicles (UAVs) further south, keeping them at a greater distance from the Crimean peninsula and eastern portions of the Black Sea. The rerouting was done to “avoid being too provocative,” CNN previously cited another US official as saying. However, the outlet said, there is already “an appetite” to resume flying the UAVs closer to Crimea. A Pentagon spokesman declined to comment on how, if at all, the quality of intelligence gathering in the Black Sea has been affected. “We maintain a robust ISR (intelligence, surveillance and reconnaissance) capability in the region and beyond,” he said.

The Pentagon accused Russian pilots of reckless flying, claiming that one of the jets clipped the propeller of the unmanned aircraft, causing it to go down. However, the footage purportedly shot by the drone, only showed a Sukhoi Su-27 fighter jet buzzing over it and allegedly ejecting fuel in the process. Russia denied hitting the drone or using weapons against it, and said the US aircraft was flying with its transponder switched off in a no-go zone declared by the Russian military. The new drone routes have kept the flights more than 40 nautical miles not only from Crimea but the Ukrainian coast as well, rather than the 12 miles normally recognized as the limit of a nation’s airspace, CNN said. Having moved the flights further south, it may be more difficult to return to the former routes and assert freedom of international airspace for US aircraft, the senior official said. US Navy vessels have stayed out of the Black Sea since December 2021.

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“The official representative office of Starlink in Ukraine can’t help anyone either, as it has not yet opened – although the Kiev authorities granted it the required license last summer.”

• Ukraine Struggles With Starlink Troubles (RT)

Many Starlink users across Ukraine have seen their terminals stop working, the Kiev outlet Strana reported on Tuesday. According to experts who spoke to the outlet, the outage is not some nefarious plan by Elon Musk to harm Ukraine, but the result of criminals trying to scam Starlink parent company SpaceX. The typical scenario is that a terminal stops working and flashes the message “No active account,” Vladimir Stepanets, founder of a Starlink support group, told Strana. “When they contact SpaceX technical support, the terminal owners are told there were signs of fraudulent activity,” he explained. SpaceX provided the Kiev government with a number of Starlink terminals beginning in February last year, which Ukraine has used for military communications.

Musk has objected to the “weaponization” of his technology, and last month restricted Kiev’s ability to use Starlink for remotely controlling drone strikes. When one US senator complained, Musk replied that his company “will not enable escalation of conflict that may lead to WW3.” The current problem is not due to some kind of Musk censorship, experts tell Strana, but rather the consequence of scam artists exploiting the flow of Starlink donations to Ukraine. Because demand for Starlinks has always outpaced their supply, and equipment sold directly by SpaceX costs 30% more than in Poland or Czechia, many “enterprising individuals” buy the terminals there and then resell or donate them to Ukraine.

Stepanets and engineer Oleg Kutkov described the scheme by which the scammers use promotions and discounts to acquire the Starlinks, but then use “chargeback fraud” to not pay SpaceX. “Starlink can be stolen, bought for a promotion for one euro, or listed for return, and the router that comes with it is resold to Ukraine. Then the person who bought it installs the router, and the account is blocked,” Kutkov told Strana. Stepanets said “tens of thousands” of terminals were in effect stolen from SpaceX through chargeback fraud, including many operated by the Ukrainian military.

Ukrainian users have no way of knowing whether their terminal is legitimate or stolen – until it stops working. Because SpaceX blacklists accounts associated with stolen equipment, users also have no way of reloading their subscription balance, while the debt continues to accrue. Stepanets also warned users not to attempt any “life hacks” through the military or the Ministry of Digital Development. “This can have bad consequences not only for you, but for the whole country. And it definitely won’t work,” he told Strana. The official representative office of Starlink in Ukraine can’t help anyone either, as it has not yet opened – although the Kiev authorities granted it the required license last summer.

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It appears to be about the heat-resistant coating of the missiles at Mach 10-15. Only Russia found one.

• US Admits To Another Failed Hypersonic Test (RT)

The US Air Force has revealed at least the fourth failed test of a hypersonic missile system made by defense contractor Lockheed Martin, suggesting that it’s more likely to adopt a competing system built by Raytheon. “The one we just had was not a success,” Secretary of the Air Force Frank Kendall told members of a US House committee on Tuesday. “We did not get the data that we needed from that test, so they’re currently examining that to try to understand what happened.” Kendall was referring to a March 13 test of the AGM-183A Air-launched Rapid Response Weapon (ARRW), a hypersonic attack cruise missile, off the coast of Southern California. He gave no specifics on what went wrong with the launch. His comments may have come as a surprise to lawmakers because the Air Force issued a press release last week indicating that the ARRW test “met several objectives.” The release made no mention of the test’s failure.

The ARRW has been under development since 2018 and was delayed after three failed booster tests in 2021. The Air Force claimed the first successful launch of the missile last May, saying it reached speeds exceeding Mach 5, or five times the speed of sound. US forces don’t yet have a fully operational hypersonic missile system, as Washington has fallen behind Russia and China in the race to develop such weapons. Hypersonic missiles travel at speeds over Mach 5 and are highly maneuverable, making them difficult to shoot down. In light of the latest ARRW test, the Air Force is “more committed” to its other hypersonic program, the Hypersonic Attack Cruise Missile (HACM), Kendall told lawmakers. A budgeting decision on whether to adopt the ARRW is expected to be made next year, after as many as two more test launches.

The Air Force reportedly received about $423 million in research and development funding for the ARRW in the past two years, and it has requested an additional $150 million in the budget for its next fiscal year. HACM funding totaled $423 million for the current fiscal year alone, and the Air Force plans an additional $1.9 billion in spending on the program over the next five years. The HACM program has been “reasonably successful” so far, Kendall said. He added, “We see a definite role for the HACM concept. It’s compatible with more of our aircraft, and it will give us more combat capability overall.”

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“The NATO intelligence publicity department known as Bellingcat..”

• Bellingcat & Mouse Game: Advance Russian Intel Of Nordstream Attack (Helmer)

The NATO intelligence publicity department known as Bellingcat has just produced new NATO-sourced evidence of an elaborate cat-and-mouse game which the navies and air forces of Denmark, Sweden, Germany, Poland, and the US played against Russian forces in the Baltic Sea off Bornhom Island in the week before the detonation of explosives on the Nord Stream gas pipelines last September 26. Cat and mouse is also the game the NATO propaganda agencies are now playing. The aim of the intelligence, published last week by the quasi-state German media platform called T-Online, and in the Danish offshoot of Bellingcat known as Oliver Alexander, is to accuse the Russian Navy of the pipeline attack, using a mini-submarine and deep-sea divers.

This is based on NATO and US identification and tracking of a six-vessel Russian flotilla several days before the explosions – an intelligence vessel, a deep-sea operations vessel, two tugs, and heavily armed anti-ship and anti-submarine frigate and corvette. “It was precisely such mini-submarines that could have placed the explosive charges attaching it to the pipelines, experts suspected from the very start,” T-Online claims, using the hypothetical followed by a conditional plus three more hypotheticals. “If it was confirmed that the SS-750 was at the scene, the Russian Navy would probably be the prime suspect from then on. ‘It would make absolute sense to use something like the AS-26 for such an attack,” Danish corvette captain and military analyst Johannes Riber told T-Online about this matter.

‘That would be the most plausible explanation so far for what happened to the Nord Stream pipeline.’” T-Online concluded: “In official statements, the activities of the Russian navy in the days before the attacks have so far played no role. Neither the German, Danish or Swedish investigators, nor NATO or the armed forces of the Baltic Sea states wanted to comment on them when asked by T-Online. Thus, the criminal case remains unsolved for the time being, but a chain of evidence has been added. It does not point to the USA or Ukraine. Some tracks now are leading to Moscow.” [..] the evidence Bellingcat is presenting as suspicion of Russian culpability in laying the pipeline charges, should be interpreted as evidence that the Russians had advance intelligence of the pipeline attack operation, and they were investigating what they could at the time — after the charges had been laid, but before they were detonated on September 26.

Viewed in this light, the Bellingcat reports confirm how crowded the crime scene was before the crime was committed – how many naval and air force units were operating, all of them under NATO command coordination – Danish, Swedish, German, Polish, and American. A crime scene full of suspects but empty of the weapon.

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“The modern Democratic Party is not the same one that your parents or grandparents were members of in the past. It’s obsessed with starting World War 3 in Ukraine, eroding the First Amendment, dismantling the Second Amendment, and normalizing ‘woke’ culture.”

• Matt Taibbi Says Democrats Ditched Free Speech (ZH)

Independent journalist Matt Taibbi – of recent “Twitter Files” fame – has exposed the fact that civil liberties are no longer popular among Democrats. Taibbi appeared on Fox News’ “Sunday Morning Futures with Maria Bartiromo” to reiterate his perspective that the modern Democratic Party no longer represents the values of the everyday American. “About all of this — Matt, how do you feel about all of this? I know before you started discovering this bad behavior, you identified as a Democrat, and now you’ve got all of your friends, quote-unquote, in the media attacking you for exposing this,” Bartiromo asked.


“Yeah, it’s funny, I mean, I was raised in a traditional ACLU liberal, I believed in free speech all my life. That was one of the things, frankly, that attracted me to the Democratic Party when I was a kid, the idea that we were the party that believed in letting everybody have a say, and we’ll just make a better argument, and that’s how the system works,” Taibbi said. He continued, “Apparently, something very dramatic has changed in politics in America, and there’s been a shift. There’s no question about it anymore, that now the parties have had a complete reversal on how they read these issues.”

Taibbi leads a team of journalists, including Michael Shellenberger, who have been given access to Twitter Files, revealing a startling network of government agencies, think tanks, and Twitter personnel coordinating efforts to attack the First Amendment. What we’ve learned from the Twitter Files is the ever-expanding coalition of groups working with the government and social media to target and censor Americans, including government-funded organizations. Twitter files are chilling in the details and show how Democrats have weaponized government and colluded with corporations to wage war on the First Amendment.


The modern Democratic Party is not the same one that your parents or grandparents were members of in the past. It’s obsessed with starting World War 3 in Ukraine, eroding the First Amendment, dismantling the Second Amendment, and normalizing ‘woke’ culture. What caused such a significant shift in the party in just a few short years? And what kind of blowback will Taibbi get for telling these truths?

Shellenberger

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“This case was not just Jes Staley … there will be numerous documents that go far beyond his office to the executive suite.”

• Jamie Dimon In Hot-Seat As Sworn Deposition Looms In Epstein Lawsuits (ZH)

JPMorgan Chase CEO Jamie Dimon will be in the hot seat, as he is expected to be deposed under oath regarding his bank’s decision to keep deceased pedophile sex-trafficker Jeffrey Epstein as a client despite public knowledge of his status as a registered sex offender, the Financial Times reports, citing people familiar with the matter. The sworn deposition – the latest development in two combined high-profile cases, is expected to take place in May behind closed doors. The lawsuits claim that JPMorgan, which banked Epstein for 15 years from 1998 to 2013, benefited from human trafficking and ignored several internal warnings about their client’s illegal behaviour. The lender has described the claims as meritless.

The pre-trial process unearthed communications between JPMorgan employees that contained a reference to a “Dimon review” into the bank’s relationship with Epstein. The bank has denied that Dimon had any knowledge of such a review. -FT The US Virgin Islands and a group of Epstein victims claim Dimon had knowledge of Epstein’s activities based on emails exchanged between the late sex offender and former executive Jes Staley using his JPMorgan email address. “Jamie Dimon knew in 2008 that his billionaire client was a sex trafficker,” argued US Virgin Islands attorney Mimi Liu during a March hearing in front of Manhattan US District Judge Jed Rakoff, referring to the year Epstein was first criminally charged with sex crimes, CNBC reports. “If Staley is a rogue employee, why isn’t Jamie Dimon?” Liu said during the hearing to discuss the bank’s efforts to have the USVI lawsuit against the bank dismissed.

“Staley knew, Dimon knew, JPMorgan Chase knew,” Liu continued, noting that there were several cash transfers and wire transfers made by the prolific pedophile (Epstein), including several hundreds of thousands of dollars paid to several women which should have been flagged as suspicious. “They broke every rule to facilitate his sex trafficking in exchange for Epstein’s wealth, connections and referrals,” said Liu, adding “This case was not just Jes Staley … there will be numerous documents that go far beyond his office to the executive suite.”

That said, a person familiar with the bank’s internal probe into what Dimon knew says there are no records of any direct communications with Epstein, or records of discussions related to retaining him as a client. Last week Judge Rakoff denied JPMorgan’s request to dismiss the lawsuits, and allowed several claims to proceed against the bank. He also ordered JPMorgan to hand over documents between Dimon and former general counsel Steve Cutler from before 2006, the year Epstein was first arrested.

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Excellent overview from Thomas Fazi: “For now, at least, there is still time to resist the Great Food Reset.”

• The Great Food Reset Has Begun (Fazi)

France is in flames. Israel is erupting. America is facing a second January 6. In the Netherlands, however, the political establishment is reeling from an entirely different type of protest — one that, perhaps more than any other raging today, threatens to destabilise the global order. The victory of the Farmer-Citizen Movement (BBB) in the recent provincial elections represents an extraordinary result for an anti-establishment party that was formed just over three years ago. But then again, these are not ordinary times. The BBB grew out of the mass demonstrations against the Dutch government’s proposal to cut nitrogen emissions by 50% in the country’s farming sector by 2030 — a target designed to comply with the European Union’s emission-reduction rules.

While large farming companies have the means to meet these goals — by using less nitrogen fertiliser and reducing the number of their livestock — smaller, often family-owned farms would be forced to sell or shutter. Indeed, according to a heavily redacted European Commission document, this is precisely the strategy’s goal: “extensifying agriculture, notably through buying out or terminating farms, with the aim of reducing livestock”; this would “first be on a voluntary basis, but mandatory buyout is not excluded if necessary”. It is no surprise, then, that the plans sparked massive protests by farmers, who see it as a direct attack on their livelihoods, or that the BBB’s slogan — “No Farms, No Food” — clearly resonated with voters.

But aside from concerns about the impact of the measure on the country’s food security, and on a centuries-old rural way of life integral to Dutch national identity, the rationale behind this drastic measure is also questionable. Agriculture currently accounts for almost half of the country’s output of carbon dioxide, yet the Netherlands is responsible for less than 0.4% of the world’s emissions. No wonder many Dutch fail to see how such negligible returns justify the complete overhaul of the country’s farming sector, which is already considered one of the most sustainable in the world: over the past two decades, water dependence for key crops has been reduced by as much as 90%, and the use of chemical pesticides in greenhouses has been almost completely eliminated.

Farmers also point out that the consequences of the nitrogen cut would extend well beyond the Netherlands. The country, after all, is Europe’s largest exporter of meat and the second-largest agricultural exporter in the world, just behind the United States — in other words, the plan would cause food exports to collapse at a time when the world is already facing a food and resource shortage. We already know what this might look like. A similar ban on nitrogen fertiliser was conducted in Sri Lanka last year, with disastrous consequences: it caused an artificial food shortage that plunged nearly two million Sri Lankans into poverty, leading to an uprising that toppled the government.

EvaVlaar
https://twitter.com/i/status/1640787139896942612

[..] Alongside healthcare, agriculture is the main focus of the Bill and Melinda Gates Foundation, which finances several initiatives whose stated aim is to increase food security and promote sustainable farming, such as Gates Ag One, CGIAR and the Alliance for a Green Revolution in Africa. Civil society organisations, however, have accused the Foundation of using its influence to promote multinational corporate interests in the Global South and to push for ineffective (but very profitable) high-tech solutions which have largely failed to increase global food production. Nor are Gates’s “sustainable” agricultural activities limited to developing countries. As well as investing in plant-based protein companies, such as Beyond Meat and Impossible Foods, Gates has been buying huge amounts of farmland in the US, to the point of becoming the biggest private owner of farmland in the country.

The problem with the globalist trend he embodies is obvious: ultimately, small and medium-scale farming is more sustainable than large-scale industrial farming, as it is typically associated with greater biodiversity and the protection of landscape features. Small farms also provide a whole range of other public goods: they help to maintain lively rural and remote areas, preserve regional identities, and offer employment in regions with fewer job opportunities. But most importantly, small farms feed the world. A 2017 study found that the “peasant food web” — the diverse network of small-scale producers disconnected from Big Agriculture — feeds more than half of the world’s population using only 25% of the world’s agricultural resources.

Traditional farming, though, is suffering an unprecedented attack. Small and medium-scale farmers are being subjected to social and economic conditions in which they simply cannot survive. Peasant farms are disappearing at an alarming rate across Europe and other regions, to the benefit of the world’s food oligarchs — and all this is being done in the name of sustainability. At a time when almost a billion people around the world are still affected by hunger, the lesson of the Dutch farmers could not be more urgent, or inspiring. For now, at least, there is still time to resist the Great Food Reset.

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“This new wave of testicular injuries to female athletes has really come out of nowhere..”

• Startling Rise In Testicular Injuries Among Woman Athletes (BBee)

A new study indicates a disturbing trend as testicular injuries in women’s sports are increasing at an astounding rate. Researchers are baffled as these statistics have skyrocketed from literally zero reported testicular injuries among female athletes just a few years ago. “This new wave of testicular injuries to female athletes has really come out of nowhere,” said Dr. Ryan Kitchen of Boston College’s Institute of Sports Medicine. “Years ago, there were absolutely no reported testicular injuries that occurred during women’s sporting events. If only we could determine what led to this sudden rise. Such a puzzle!”

Institutions around the world have also noticed the disturbing trend and are pouring research dollars into discovering the cause, which is almost certainly a complicated issue with no easy or obvious answers whatsoever. Critics have argued that it’s not actually possible for a female athlete to suffer a testicular injury. “Yeah, that can’t happen,” said Dr. Adam Kinunen of the Restore Sanity to Sports research group. “Considering the fact that having testicles in the first place means a person is not a female, it would stand to reason that such an injury is impossible. In layman’s terms, these are dudes.”

Trans activist groups have come out in full force against anyone who dares to suggest women cannot have their testicles injured because women can’t have testicles. “EEEEEEEEEEEEEEEE!” said Sunshine Fluffsprinkle, spokesperson for Insanity Now, a trans rights group in response to the findings. “BLLRRRAAAWWRRRR FFFRRGGGTHTHTH!” At publishing time, concerned researchers in the field of sports medicine were consulting with athletic equipment manufacturers to design protective athletic cups specifically designed to protect female testicles.

Tucker trans

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This dog was spotted politely waiting by a pizza truck. He doesn’t have to say what he wants. They already know his order. It is pizza.

 

 

Ames window

 

 


There are whales alive today who were born before Moby Dick was written. Some of the bowhead whales in the icy waters off of Alaska today are over 200 years old

 

 

 

 

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

 

 

 

 

 

Debt Rattle March 16 2023

Mar 162023
 
 March 16, 2023  Posted by at 9:46 am Finance Tagged with: , , , , , , , ,  67 Responses »


Pable Picasso Le Pengouin 1907

 

• Credit Suisse Borrows $54BN From SNB: “Pre-emptively Strengthen Liquidity” (ZH)
• EU Shrugs Off Silicon Valley Bank Collapse (Pol.eu)
• Pentagon Calls Moscow Over Drone Incident (RT)
• US Drones Have No Business Near Russia – Ambassador (RT)
• Drone Incident Confirms US Involvement In Ukraine Conflict – Russia (RT)
• Moscow Responds To Lindsey Graham Threat (RT)
• Attack On Russian Plane In Neutral Airspace A Declaration Of War – Antonov (TASS)
• Antonov Expressed Russia’s Concerns Over US Activities At State Dept (TASS)
• China Comments On ‘Ukrainian Theory’ Of Nord Stream Sabotage (RT)
• Explosive Devices Found At Russian Pipeline – Transneft (RT)
• Ukraine Wants To Legalize Controversial Hacker Brigade (RT)
• How Russian Identity Was Wiped Out In What Is Now Western Ukraine (Plotnikov)
• The Tyrants Are Passing State Laws to Push CBDCs (Thomas Renz)
• GOP Candidates: Pay Attention DC (Denninger)
• Which Biden Family Member Got Cut Of $3M CCP-Linked Wire? (ZH)

 

 

 

 

 

 

RFK Haines
https://twitter.com/i/status/1635831142124339200
https://twitter.com/i/status/1636060053269512194

 

 

RFK Fauci

 

 

 

 

Tucker weapons
https://twitter.com/i/status/1636160752867221508

 

 

Bosi

 

 

Macgregor

 

 

Russian warriors

 

 

 

 

Credit Suisse is labeled systemically important, aka too big to fail. On Wall Street. But as ZH notes this loan does nothing to halt the depositor flight that made the loan necessary. What happens if someone decides to take the other side of the bet, like Soros did with the Bank of England?

• Credit Suisse Borrows $54BN From SNB: “Pre-emptively Strengthen Liquidity” (ZH)

Update (21:00ET): And so, the “bailout” arrives just a few hours before the Europe open, Credit Suisse said it’s planning to borrow from the Swiss National Bank up to CHF50 billion ($54 billion) under a covered loan facility which is “fully collateralized by high quality assets”. It wasn’t immediately clear what high quality assets CS has left to pledge but in a time of BTFP, we are confident they found something. The bank also announced offers by Credit Suisse International to repurchase certain OpCo senior debt securities for cash of up to about CHF3 billion, which will help the bank pick up a few pennies in bond discount, even as it faces tens of billions in deposit flight.

So to summarize: Credit Suisse effectively just took out a priming DIP loan, pledging its last remaining assets with the SNB, to shore up some $54BN in emergency liquidity, probably how much the bank has seen in deposit outflows. It will be very interesting on what terms those assets were pledged. Another way of saying it, is that this is a last-ditch liquidity infusion, and all it does is prevent forced asset liquidations (a la SVB). Meanwhile it does nothing to halt the depositor flight because once trust is broken, it rarely returns. The news sent Euro Stoxx 50 futures 2% higher, and pushed Emini S&P futures to session highs of 3946; 2Year yields moved up by about 20bps to 4.00% before fading the move.

That said don’t hold your breath for some breathtaking surge: once the market sees though this rescue for what it is – yet another temporary stop gap measure – it will demand much more, especially after the ECB hikes rates tomorrow which this “band-aid bailout” will allow the Central Bank to do, in the process guaranteeing an even bigger bailout down the line.

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“..acting as if there’s no crisis can sometimes be all part of the game to reassure the markets..”

• EU Shrugs Off Silicon Valley Bank Collapse (Pol.eu)

The failure over the weekend of America’s Silicon Valley Bank, which had assets of $200 billion, has prompted fears of wider meltdown, with share prices plummeting and U.S. agencies scrambling to contain the fallout and prevent runs on other lenders. In the European Union, it’s very definitely seen as something that’s happening to other people. “At the EU level, there is very limited presence of Silicon Valley Bank,” Valdis Dombrovskis, executive vice president of the European Commission, said Tuesday. “We are in touch with the relevant competent authorities, but we don’t expect much of a spillover effect.” His was just the latest in a series of chilled-out comments from leading EU figures as they looked on while the financial blowup raged.

“I don’t see any risk of contagion,” French Finance Minister Bruno Le Maire said on Monday. “We are monitoring the situation but there is no specific alert.” EU bank stocks slumped 5.84 percent on Monday in response to the demise of SVB — but rallied on Tuesday, closing back up 2.46 percent. Aside from the immediate risks of contagion, the big question is whether SVB is an idiosyncratic event or a sign of broader ailments at banks. European leaders are firmly playing things down, stressing the difficulties were unique. “The problems arise from the specific business model of the Silicon Valley Bank, and the picture here in Europe is very different,” said Paschal Donohoe, president of the Eurogroup, the gathering of eurozone finance ministers, after their latest meeting on Monday.

Of course, acting as if there’s no crisis can sometimes be all part of the game to reassure the markets. So when the EU says “nothing to see here,” those in the know — particularly those who lived through the financial turmoil a decade and a half ago — may wonder whether actually they’re just hoping that if they say it loudly enough it will become true.

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It’s good that they talk. They should do more of that. Much more.

• Pentagon Calls Moscow Over Drone Incident (RT)

US Defense Secretary Lloyd Austin reached out to his Russian counterpart, Sergey Shoigu, on Wednesday, for the first time in months, to discuss the incident in which an American spy drone went down in the Black Sea waters off Crimea. According to the Russian Defense Ministry, Shoigu told Austin that the incident was caused by the Americans violating the airspace restriction declared by Russia, with all the proper international notifications in place. Shoigu called US drone flights off the Russian coast “provocative in nature” and risked an escalation of tensions in the Black Sea. While Russia does not desire such a development, it will “continue to respond proportionately to all provocations,” Shoigu said. He added that the two nuclear powers “must act as responsibly as possible,” which includes keeping a military channel open to discuss any crisis.

Speaking at a Pentagon press briefing, Austin confirmed that he made the call, and said it was “important that great powers be models of transparency and communication.” However, he insisted the US would “continue to fly and to operate wherever international law allows.” The last time Shoigu and Austin spoke was in October 2022, according to AP. The top military officers also had a phone call about the matter, with US General Mark Milley, the chairman of the Joint Chiefs of Staff, reaching out to his Russian counterpart, General Valery Gerasimov. On Tuesday, the US European Command claimed that two Russian Su-27 jets conducted an “an unsafe and unprofessional intercept” of a MQ-9 Reaper drone, which was conducting an intelligence, reconnaissance and surveillance (ISR) mission in international waters over the Black Sea.

According to the US military, one of the planes struck the drone’s propeller, causing the operators to ditch the UAV into the water. The Russian Defense Ministry, however, said that at no point did any of the interceptors make contact with the drone, or use their on-board weapons. The UAV stalled and crashed after executing an abrupt maneuver, Moscow said. Russian ambassador to the US Anatoly Antonov said he told the State Department that US drones have no business so close to the Russian border. The drone was reportedly just 60 kilometers off the coast of Crimea when it crashed.

The US has flown drones and other surveillance aircraft near the Russian border for over a year, providing intelligence and targeting information to the Ukrainian government – along with weapons, ammunition and money – while insisting it is not a party to the conflict. Nikolai Patrushev, secretary of the Russian Security Council, said on Wednesday that the drone incident was “yet another confirmation” the US was directly involved.

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Russian Ambassador to the United States Anatoly Antonov is the de facto spokesperson for Moscow on the issue.

• US Drones Have No Business Near Russia – Ambassador (RT)

Moscow regards Tuesday’s incident in which an American drone crashed in the Black Sea as a provocation, Ambassador Anatoly Antonov said after being summoned to the State Department in Washington. Antonov met with Assistant Secretary of State for European and Eurasian Affairs Karen Donfried, who protested the “unsafe and unprofessional intercept” of the drone that resulted in its loss. “We consider this incident a provocation,” Antonov told reporters after the meeting. He said he told Donfried that US drones, planes and ships had no business being that close to Russian borders. “Could you imagine what the reaction of the US media or the Pentagon would be, if such a drone would appear near New York or San Francisco?” he asked.

Antonov described the talks with Donfried as “constructive” and said both sides shared their concerns. The US and Russia need to be “extremely cautious” how they act, given the current situation in Eastern Europe, he added. He also told Donfried that Moscow is seeking “pragmatic relations” and not conflict with the US. According to the US military, two Russian Su-27 interceptors flew dangerously close to the MQ-9 Reaper drone on Tuesday morning, spilling fuel on the drone and at one point damaging its propeller, causing the UAV to crash. The drone, they said, was on a peaceful surveillance mission in international waters. In response, the Russian Defense Ministry said the UAV stalled after executing drastic maneuvers, and that the interceptors “did not come into contact with the UAV.”

Antonov had pointed out that the drone was of a type that can carry multiple missiles and bombs. The MQ-9 was developed as a “hunter-killer” variant of the MQ-1 Predator. The US has flown drones and surveillance planes near the Russian border for over a year, providing intelligence and targeting information to the Ukrainian government – along with weapons, ammunition and money – while insisting it is not a party to the conflict. The exact location of the incident was not provided by either government. Russian media have reported that the Reaper’s last location was about 60 kilometers southwest of the Crimean port of Sevastopol.

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“..Russian fighters did not use any airborne weapons and did not come into contact with the drone..”

• Drone Incident Confirms US Involvement In Ukraine Conflict – Russia (RT)

Moscow will attempt to recover the wreckage of the American MQ-9 Reaper drone that fell into the Black Sea on Tuesday, the secretary of the Russian Security Council, Nikolai Patrushev, has announced. Speaking live on a Russian federal channel on Wednesday, the official admitted that he doesn’t know if it will be possible to get to the remains of the UAV but stressed that it was important to make an effort to find and study the wreckage. Patrushev also added that “Americans keep saying that they are not participating in the hostilities” in Ukraine and that this latest incident with the drone is “yet another confirmation that [the US] are directly involved” in the ongoing military conflict.

The secretary’s statement comes after Washington’s European Command (EUCOM) reported that one of its MQ-9 Reaper drones was brought down over the Black Sea on Tuesday morning as a result of “unsafe and unprofessional” actions by two Russian Su-27 fighter jets. The Pentagon insists that one of the Russian interceptors had “struck the propeller” of the drone while it was conducting a reconnaissance mission in international airspace. The Russian Defense Ministry has denied claims that its planes came into contact with the American drone, but reported that Aerospace Forces had recorded the flight of an American UAV over the Black Sea towards the Russian border and dispatched two interceptors to investigate.

The ministry noted that the aircraft was flying with transponders turned off and in violation of the temporary air borders established around the ongoing military operation area in Ukraine. At some point, “as a result of sharp maneuvers” the drone went into “uncontrolled flight” and crashed into the sea, the ministry reported, noting that Russian fighters did not use any airborne weapons and did not come into contact with the drone. US National Security Council coordinator for strategic communications John Kirby has since stated that the US is taking all the necessary measures to ensure that the remains of the MQ-9 Reaper drone do not fall into anyone else’s hands.

“It’s the United States’ property. We obviously don’t want to see anybody getting their hands on it beyond us,” Kirby told CNN. However, he also admitted that he’s not sure if the US will be able to recover the aircraft, because it fell into “very very deep water” in the Black Sea. “We’re still assessing whether there can be any kind of recovery effort. There may not be.”

Lavrov
https://twitter.com/i/status/1636060425417629697

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“it is not the Russian pilots who should be called out,” but rather American politicians, “who are inciting the start of an apocalyptic conflict.”

• Moscow Responds To Lindsey Graham Threat (RT)

Russia’s ambassador to the US has accused Senator Lindsey Graham of provoking “dangerous escalation” between the two countries, after the senior lawmaker urged the Pentagon to fire on Russian fighter jets. Asked about Graham’s comments on Wednesday, Ambassador Anatoly Antonov said the senator’s call to shoot down Russian aircraft went “far beyond common sense” and risked all-out war between the world’s largest nuclear powers. “This is by no means the first attempt by the notorious lawmaker to provoke a dangerous escalation in the US-Russian relations. A year ago he urged our citizens to make an assassination attempt on the president of Russia,” he said. “Does Senator Graham really believe that a direct military clash with Russia is in the interests of the voters who entrusted him with their lives and livelihood?” “Is the Capitol willing to put American citizens and the international community at risk of a full-scale nuclear war? Give us an answer, distinguished Senator!”

Graham appeared on Fox News earlier on Wednesday to discuss a recent close encounter between Russian fighter jets and a US MQ-9 Reaper drone near Crimea, calling for a tough response from President Joe Biden after the UAV was sent plunging into the Black Sea. “What would Ronald Reagan do right now? He would start shooting Russian planes down, if they were threatening our assets,” Graham told the outlet, referring to the US leader who served at the height of Cold War brinkmanship with the Soviet Union. While US officials claimed one of the Russian planes collided with the drone and caused it to crash, the Russian Defense Ministry said the unmanned vehicle went down after stalling, and never came into contact with another aircraft. Antonov went on to argue that Moscow “did everything possible to prevent this kind of incident,” including informing the international community “in good time about the boundaries of the temporary airspace regime” established in the area.

While the ambassador said it is a “shame for the Pentagon to lose an expensive piece of equipment,” he insisted “it is not the Russian pilots who should be called out,” but rather American politicians, “who are inciting the start of an apocalyptic conflict.” Washington has flown drones and surveillance craft near the Russian border on a near-constant basis over the last year, providing intelligence – along with weapons, ammunition and money – to the Ukrainian government even as it insists it is not a party to the conflict. The exact location of this week’s drone encounter was not confirmed by either government, though Russian news outlets have reported that the Reaper’s last location was about 60 kilometers (37 miles) southwest of the Crimean port of Sevastopol.

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“Russia did everything possible to prevent this kind of incident – it informed the international community in good time about the boundaries of the temporary airspace regime established for the special military operation.”

• Attack On Russian Plane In Neutral Airspace A Declaration Of War – Antonov (TASS)

A deliberate attack on a Russian aircraft in neutral airspace would be an open declaration of war against the largest nuclear power, Moscow is not seeking confrontation, Russian Ambassador to the United States Anatoly Antonov said on Wednesday. “Some lawmakers’ calls go far beyond common sense,” he said, commenting on US Senator Lindsey Graham’s (from South Karolina) threats to shoot down Russian planes approaching US aircraft in international airspace. “The Russian Ministry of Defense has explained in detail the reasons and course of actions of Russian pilots during yesterday’s incident over the Black Sea. I repeat, for those who have not gathered themselves to look at the situation objectively: our fighters did not come into contact with the American UAV,” he said, commenting on the loss of a MQ-9 American drone. “Russia did everything possible to prevent this kind of incident – it informed the international community in good time about the boundaries of the temporary airspace regime established for the special military operation.”

“Of course, it is a shame for the Pentagon to lose expensive piece of equipment. But in this case, the US military should redirect accusations of unprofessional actions back to themselves,” he noted. “As for the aforementioned senator, this is by no means the first attempt by the notorious lawmaker to provoke a dangerous escalation in the US-Russian relations. A year ago he urged our citizens to make an assassination attempt on the president of Russia. Does Senator Graham really believe that a direct military clash with Russia is in the interests of the voters who entrusted him with their lives and livelihood?” the Russian ambassador noted. “A deliberate attack on a Russian aircraft in neutral airspace is not just a crime under international law, but an open declaration of war against the largest nuclear power. An armed conflict between Russia and the United States would be radically different from the proxy war the Americans are waging remotely against us in Ukraine,” Antonov warned. “Is the Capitol willing to put American citizens and the international community at risk of a full-scale nuclear war? Give us an answer, distinguished Senator!”

“It is not the Russian pilots who should be called out, but American politicians who are inciting the start of an apocalyptic conflict. We do not seek a conflict with a nuclear power. We continue to maintain contacts, including through the Defense Ministry, to prevent unintentional incidents. I wish US politicians had the same attitude toward relations with Russia,” the Russian diplomat stressed. According to Russia’s Defense Ministry, Russian airspace control systems detected an American MQ-9 unmanned aerial vehicle flying near the Crimean Peninsula on Tuesday. The drone flew with its transponders turned off, violating a temporary boundary established for the special military operation, communicated to all users of international airspace, and published in accordance with international standards.

Russia’s top brass added that as a result of sharp maneuvering, the drone went into uncontrolled flight before losing altitude and crashing into the Black Sea. The ministry stressed that Russian fighter jets had not used on-board weapons, nor had they come into contact with the unmanned aerial vehicle, and returned safely to their home airfield. According to the US European Command, one of the two Russian Su-27 warplanes hit the drone’s propeller to make it crash into the Black Sea. MQ-9 Reaper is a modular reconnaissance and strike unmanned aerial vehicle engineered by General Atomics Aeronautical Systems. It is equipped with a turboprop engine and can develop a speed of more than 400 kilometer per hour. The maximal flight duration is 24 hours. The drone is capable of carrying air-to-surface and air-to-air missiles, and laser-guided bombs.

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More talk. Also good.

• Antonov Expressed Russia’s Concerns Over US Activities At State Dept (TASS)

Russian Ambassador to the US Anatoly Antonov disclosed that he discussed Russia’s concerns regarding various aspects of Washington’s activities during the meeting in the US Department of State after the incident involving a US drone in the Black Sea. “Yesterday, I was invited to the Department of State, where I had a 30-minute conversation with Assistant Secretary of State [for European and Eurasian Affairs] Karen Donfried. Notably, we talked for 15 minutes about this particular story, and 15 more minutes – about Russia’s concerns regarding various aspects of activities of the United States of America,” he said on Russian TV Wednesday. According to Antonov, the conversation was calm. “It felt like my colleague simply read out a document that she had before her eyes,” he noted.


The envoy underscored that he categorically rejected all accusations of the American side towards the Russian Armed Forces. Previously, the Russian Defense Ministry announced that the Russian Aerospace Forces detected a US MQ-9 drone flying near the Crimean Peninsula. The drone was reportedly flying with its transponder turned off and “in violation of the boundaries of the temporary airspace use area, defined in order to carry out the special military operation, which has been conveyed to all airspace users and published in accordance to the international norms.” The Defense Ministry added that the drone’s abrupt maneuvering caused it to lose control, lose altitude and crash into the water. Russian jet fighters did not use its weapons and did not collide with the drone, and successfully returned to their bases, the Ministry said.

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“We have noted that some Western media have been mysteriously quiet after Hersh reported that the US was behind the Nord Stream blast. But now these media are unusually simultaneous in making their voice heard. How would the US account for such abnormality?”

• China Comments On ‘Ukrainian Theory’ Of Nord Stream Sabotage (RT)

Chinese Foreign Ministry spokesman Wang Wenbin found it unusual that major outlets in the West uncritically embraced the claim by unnamed US officials that a “pro-Ukrainian group” was responsible for the bombing of Nord Stream natural gas pipelines. At the press briefing on Wednesday, Wang described the pipelines as “vital cross-border infrastructure projects,” whose destruction had a “serious impact on the global energy market and ecological environment.” China wants “an objective, impartial and professional investigation” into the bombing and those responsible held to account, the sooner the better, he added.

Asked to comment on the so-called “Ukrainian theory,” first put forth by anonymous US officials in the New York Times last week, Wang noted the sudden change of behavior by Western media, after they spent a month ignoring the report by journalist Seymour Hersh that blamed the US and Norway. “We have noted that some Western media have been mysteriously quiet after Hersh reported that the US was behind the Nord Stream blast. But now these media are unusually simultaneous in making their voice heard. How would the US account for such abnormality? Is there anything hidden behind the scene?” Wang said. Nord Stream 1 and 2, pipelines built under the Baltic Sea to carry Russian natural gas to Germany and onward to Western Europe, were damaged in a series of explosions in September 2022.

In early February, Hersh published a report detailing how Washington had the pipelines destroyed, describing how US divers planted the explosives and a Norwegian airplane sent the detonation signal. The US government denied all accusations, labeling Hersh’s report “utterly false and complete fiction,” while Russia and China called for an independent and transparent investigation. The Times report quoted unnamed US officials who suggested that the saboteurs were “most likely Ukrainian or Russian nationals, or some combination of the two,” citing unspecified new intelligence. The anonymous officials insisted no US or British nationals were involved, and that there was no evidence President Vladimir Zelensky or any other Ukrainian official directed the attack, either. Kiev has officially denied any responsibility for the Nord Stream blasts.

When he was shown the Times article during an interview, Hersh laughed and asked “Are they that stupid?” referring to the outlet’s anonymous sources. Nonetheless, the story was dutifully repeated by all major Western outlets. Russian president Vladimir Putin was likewise unconvinced. During an interview with Rossiya-1 on Tuesday, he dismissed as “complete nonsense” the notion that non-state actors could be behind the complex act of sabotage. The attacks could have only been “carried out by specialists, and supported by the entire power of a state possessing certain technologies,” he said.

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Not Nord Stream, but Druzhba. “..the devices were found in destroyed plastic cases of “non-industrial production” with a striking warhead in the form of steel balls..”:

• Explosive Devices Found At Russian Pipeline – Transneft (RT)

Workers at the Russian oil pipeline transport company Transneft have reportedly found several explosive devices at the Novozybkov oil-pumping station of its Druzhba pipeline in the Bryansk region near Ukraine, according to company spokesperson Igor Demin. Speaking to TASS, he stated that on Tuesday evening and on Wednesday morning, the devices were found in destroyed plastic cases of “non-industrial production” with a striking warhead in the form of steel balls. “Presumably, the destruction of the cases occurred after hitting the ground when falling from drones,” Demin suggested. He added that on Wednesday afternoon another explosive device was seen being dropped from a UAV, “likely similar to the other two [devices].”

At the same time, the Transneft representative pointed out that the Novozybkov pumping station had not been in operation throughout 2023 and that its reserve tanks are empty. Demin added that, given the steel balls found in the explosives, the perpetrators of the sabotage likely did not intend to destroy the facility but instead wanted to kill members of the civilian personnel working at the Druzhba station.The spokesperson noted that an investigation is currently underway and that nobody at the Novozybkov facility had been injured. The Druzhba (Friendship) oil pipeline is one of the longest in the world and connects eastern parts of Russia to several points in Europe, including Ukraine, Belarus, Poland and Germany. However, the pipeline has repeatedly come under attack from Kiev’s forces since Russia launched its military operation in Ukraine.

The last attack was reported on February 1, when Demin stated that a missile had landed on the territory of the Novozybkov station but ultimately failed to cause any damage or to injure any of the workers. On February 3, another attack was reported by media outlet Mash, but Transneft said it had no information on the alleged incident and that the pipeline was working normally. The pipeline segment that is apparently being targeted by Ukraine is located some 39 kilometers from the border with Russia and leads in the direction of Belarus, where it branches off into two sections, one going to Germany and Poland and the other to Ukraine, Hungary, Slovakia, Austria and the Czech Republic.

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Maybe they can take the place of the Orthodox church.

• Ukraine Wants To Legalize Controversial Hacker Brigade (RT)

Ukraine is drafting a law to legalize its controversial hacker brigade, turning an international pro-Ukrainian “hacktivist” group into a “cyber-reserve” military unit, Newsweek confirmed with a state official in an article published on Tuesday. Secretary of Ukraine’s National Coordination Center for Cybersecurity Natalia Tkachuk told Newsweek that a law regulating the “creation and functioning of cyber forces” was being fast tracked at the Ukrainian Defense Ministry. She added that this new law would be the “basis for building the state’s cyber defense capabilities, engaging cyber volunteers in these activities, and creating a cyber reserve.” Kiev currently has a volunteer hacker brigade called ‘the IT Army of Ukraine’, which it wants to take out of the legal gray area and incorporate into the armed forces in an official capacity.

The IT Army calls itself a “worldwide IT community” that represents President Vladimir Zelensky’s team and is “the supreme power in Ukraine, capable [of blocking] over 800 targets simultaneously.” They invite anyone with a phone to join and help launch distributed denial-of-service (DDoS) attacks on Russian online services, where they flood the sites with internet traffic and cause an outage. The group has claimed responsibility for crashing various Russian sites, including bringing down media websites during Vladimir Putin’s State of the Nation address last month. The IT Army has also been criticized for targeting civilian facilities, including hospitals, in their attacks, according to Newsweek. The report claims that a representative of the group has welcomed the decision to legalize their efforts, even if it meant dissolving the existing IT Army to transform into an official army unit.

This comes as Russia and Belarus signed a new digital safety agreement earlier this month to “increase the protection of the information infrastructure” and “combat destructive influences on the information resources” of the two states. At the same time, many Western outlets are issuing warnings on alleged Russian cyber warfare. Most recently, CNN said on Wednesday that Russian hackers were targeting European military and transport organizations, citing a Microsoft report. Similarly, German Interior Minister Nancy Faeser told Funke media group last month that Moscow’s hackers were a “massive danger” to Berlin.

Orthodox

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A gruesome history piece.

• How Russian Identity Was Wiped Out In What Is Now Western Ukraine (Plotnikov)

Galicia, a historical region in the West of Ukraine, is currently the center of the country’s nationalist movement. However, things were once very different. A little over a hundred years ago, representatives of opposing Russophile and pro-Ukrainian political movements competed for the loyalty of the local Ruthenian population, also known as Rusyns. Galicia’s Russophiles welcomed the beginning of the First World War as a step toward an anticipated reunion with Russia. However the Ukrainian movement remained loyal to Austria-Hungary. With the help of the latter, Vienna killed off the Rusyn intelligentsia, which it considered a “fifth column”. To accomplish this, the Hapsburgs set up concentration camps. What happened next amounted to a genocide.

By the start of the First World War, the Russophile movement in Galicia was experiencing tough times. As a result of the “divide and rule” policy implemented by the Austrians, the movement suffered a split. The oldest and most respected organizations ended up in the hands of pro-Austrian leaders who advocated Ukrainian, not Rusyn, identity. After the army of the Russian Empire crossed the border on August 18, 1914, and launched an offensive in Galicia, mass repressions swept through the region. People fell victim to the rage of the Austrian authorities over trifling matters – like possessing Russian literature, being a member of a Russian society, having a Russian education, or just sympathizing with Saint Petersburg. In some cases, people were arrested just for calling themselves Russians. Prisons were full of “enemies of the state” and “dangerous Moscow agents”, and the streets were lined with gallows.

“Those suspected of ‘Russophilia’ were hung on these trees in front of the windows. People were hung right on the trees. They would hang there for a day, then would be taken off and others would take their place… ” recounted one of the peasants in the Gorodetsky district. The repressions primarily affected the intelligentsia and Orthodox priests, most of whom completed spiritual studies in the Russian Empire. Repressions against the intelligentsia were followed by those against the general public. Anyone who was thought to sympathize with Russia or Russian culture became a suspect. This included people who had once visited Russia, read Russian newspapers, or were just known as “Russophiles.” Military courts worked around the clock and a simplified procedure of legal proceedings was introduced for cases of suspected treason.

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Renz spreads his wings beyond COVID.

• The Tyrants Are Passing State Laws to Push CBDCs (Thomas Renz)

For those that are living under a rock (or that have more interesting things to do than follow monetary policy) CBDC stands for Central Bank Digital Currency and it, along with gene therapy jabs, stands as the greatest threat to freedom on the planet. Digital currency is completely trackable and completely controllable. This means that the government and any corporation with the proper access will be able to know exactly how you spend every digital penny of your money. It also means that the government (or possibly global governments or global corporations) would have the ability to control what you spend your money on. Spend too much on gas they take some of your money for emitting too many greenhouse gases. Want to buy a gun… forget it.

If you think this sounds terrible you are not alone, nearly no one wants this. That means it is quite literally politically impossible to legislate CBDC into existence at the moment. Despite that, the control available to the many tyrants at the WEF, CCP, etc. is too tempting to resist so they are doing everything possible to leverage their control over the crooks like Biden and the many ignorant elected officials in our government to make it a reality. So, the question is, how are they doing it?

If COVID taught us anything it was that an emergency, real or faked, facilitates a lot of things that would never happen otherwise. The tyrants know this and are in the process of creating financial emergencies that will allow them to argue that there is no alternative but to implement CBDCs. The Biden Administration is implementing policy after policy that devalues the American dollar by limiting Americas ability to mine its own resources or produce its own goods while printing endless money. This will (or more likely is) facilitate an economic collapse. Meanwhile, WEF/CCP partner groups like Black Rock and Vanguard are leveraging their positions as major stakeholders in small and midsized banks to force the banks to accept terrible ESG and other risky investments that will, when combined with the inflation/devalued dollar and scarce resources, result in their collapse. This is an obvious thing to anyone that truly understands the inner-workings of banking (I ran a credit union for a number of years, was a compliance expert, and was involved in a number of national-level groups/projects).

Along with the effort to collapse the dollar and our banking system, the tyrants are also pushing legislation that can allow CBDCs to exist legally and without competition. This is being done in a VERY sneaky way because of the massive political opposition to anything CBDC-related. At this point, the major focus is on passing state-level legislation – particularly in a number of key RED states. Bills are being pushed that appear innocuous but are written to create a check-mate situation when CBDCs come into play. That way these red states won’t be able to oppose it.

BBC vaxx doc

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“That’s madness, and in a world of nuclear hellfire madness can indeed lead to you glowing in the dark..”

• GOP Candidates: Pay Attention DC (Denninger)

Yes, Russia may be a nation with a modest GDP that exports black goo to the world in order to stay alive but it is a nation with a modest GDP that exports black goo and happens to have many thousands of nuclear devices on the business end of missiles and torpedoes both on land and sea. If sufficiently threatened with political extinction I would expect them to use those rather than die in peace and if you don’t you’re more than a bit crazy. Those (like Pence) who think Russia is the schoolyard bully who threatens but doesn’t have a pistol under his jacket are even more-insane. He knows the weapons are real, of course, as does everyone else, and for anyone to believe that a sovereign nation will simply fold to an outside influence rather than use whatever they have when facing their own political extinction due to said outside influence is to be imbued with a God Complex that should, in a Representative Republic, be an instant and permanent disqualifier from any high office in this land.


Why? Because if you believe this then you must acquiesce under the principle of “All humans are created equal and are endowed by their creator with certain unalienable rights” to extend to those other nations and if it is our place to tell them what is “acceptable” in a government and remove by force those who deem not to be then the exact same principle applies to those other nations. In other words if you hold this principle then you are endorsing Putin assassinating not just the present government (all of said government, including Congress, the Justices of the Supreme Court and the Executive) but also yourself ex-ante before the election! Oh this “right”, which you arrogate to yourself and the United States, does not just extend to Putin. It also extends to Xi, never mind every other leader of every other nation. That’s madness, and in a world of nuclear hellfire madness can indeed lead to you glowing in the dark. We would be wise to reject that with finality.

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I’m getting curious: just how careless did the family become? There are 5 of them, and they all like money. I would like to know more, though, about the “two individuals tied to the Chinese Communist Party”. What ties?

• Which Biden Family Member Got Cut Of $3M CCP-Linked Wire? (ZH)

Washington DC is abuzz with speculation over which Biden family member got a cut of a $3 million wire transfer to Hunter Biden associate John “Rob” Walker, just weeks after Joe Biden was no longer Vice President in 2017.According to House Oversight Committee Chairman James Comer (R-KY) – who last week said that evidence of CCP money flowing to the Biden family was “as bad as we thought,” – revealed that bank records obtained via a subpoena have implicated a “new Biden family member” in the ongoing investigation into the first family’s finances. Comer told Fox News that Walker received a $3 million wire from two individuals tied to the Chinese Communist Party, which he then divvied up between Biden family members.

“The very next day after that wire was received, the Walker account started transferring money into three different Biden family members’ accounts, including a new Biden family member that’s never before been identified as someone being involved in the influence-peddling scheme,” Comer told host Sean Hannity (as part of several recent interviews on the network). According to Comer, GOP investigators are curious about what work Biden family members performed in exchange for the money Walker disbursed. Comer added that the $3 million wire transfer was “just the first wire that we’ve actually been able to obtain bank records on. There are many, many more.”

“The media says, ‘Well, this is a Hunter Biden investigation.’ This is an investigation of Joe Biden. And we’re investigating the Biden family and again, after this new batch of information, it expands,” Comer told “America’s Newsroom.” “There are more family members involved in this than just the president’s son. And what they’ve said in the media, ‘Oh, this was for business.’ We can’t identify any business. It appears it went into their personal account,” Comer continued, adding that he thinks that the Biden family was running an influence-peddling operation as unregistered foreign agents. “In his 2020 book, “Profiles in Corruption: Abuse of Power by America’s Progressive Elite,” investigative journalist Peter Schweizer highlighted four Biden family members in addition to Hunter who have apparently profited off their family name, as well as the connections Joe Biden has made during his nearly 50 years in politics.

Schweizer highlighted first brother James Biden’s work with HillStone International, a subsidiary of construction management firm Hill International. James Biden, according to Schweizer, joined the firm as an executive vice president just three weeks after HillStone International president Kevin Justice visited the White House in November 2010 and met with an adviser to then-Vice President Joe Biden.” -NY Post So, everything they accused the Trump family of doing?

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A little-known feature of Russia is that it has an extensive inland waterway system, known as the Unified Deep Water System of European Russia. The system links the Baltic, Black, Azov, White and Caspian seas together. Russian warships and submarines, up to a certain class (kilo-class for submarines), can theoretically access the Black Sea via this system, bypassing Turkey and the Montreux Convention.

 

 

Gates Epstein
https://twitter.com/i/status/1636159977147572224

 

 

 

 

 

 

Hawk

 

 

Sleepy friends
https://twitter.com/i/status/1635999489684127746

 

 

 

 

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Debt Rattle March 15 2023

Mar 152023
 
 March 15, 2023  Posted by at 9:40 am Finance Tagged with: , , , , , , , , ,  48 Responses »


Ray K. Metzker Marseille 1961

 

• US Drones Gather Data For Kiev’s Future Strikes On Russia – Ambassador (TASS)
• Saudi-Iranian Détente Is a Wake-Up Call for America (Walt)
• Glazyev: ‘The Road To Financial Multipolarity Will Be Long And Rocky’ (Escobar)
• Ukraine Doesn’t Have the Resources for a Counteroffensive (Antiwar)
• Russian Economic Sovereignty Increased Exponentially – Putin (RT)
• Current World Problems Began After Soviet Union’s Collapse – Putin (TASS)
• Russia In Ukraine Fights For Russian World – Putin (TASS)
• Russia Trying To Normalize Relations With Ukraine For Decades – Putin (TASS)
• The Nord Stream-Andromeda Cover Up (Scott Ritter)
• Nord Stream Blasts Staged By A State-level Actor – Putin (TASS)
• Canadian Foreign Minister Calls For “Regime Change” in Russia (SN)
• Defending Ukraine Not Key US Interest – DeSantis (RT)
• Biden Admin Blocked SVB Sale, Nationalized It, Blamed Trump For Collapse (ZH)
• Democrats Scramble To Find A Scapegoat For The Bank Crisis (ZH)
• Ken Griffin: American Capitalism Is “Breaking Down Before Our Eyes” (ZH)
• Pfizer Wants EU To Keep Paying For Unused Covid Jabs – FT (RT)

 

 


Hollywood 1931
Einstein: “What I most admire about your art, is your universality. You don’t say a word, yet the world understands you!”
Chaplin: “True. But your glory is even greater! The whole world admires you, even though they don’t understand a word of what you say.”

 

 

 

 


Ditto for 90s.

 

 

Stone Putin Trump
https://twitter.com/i/status/1635596512829886464

 

 

China warns, guardrails are coming off

 

 

 

 

Lindsey Graham

 

 

Taiwan

 

 

 

 

Where it was flying, towards Russia, with its transponder turned off. Completely ormal.

• US Drones Gather Data For Kiev’s Future Strikes On Russia – Ambassador (TASS)

US drones are collecting reconnaissance data to be used by the Kiev forces for their future strikes on the Russian territory and Russian troops, Russian Ambassador to the United States Anatoly Antonov has said. “The unacceptable actions of the United States military in the close proximity to our borders are cause for concern. We are well aware of the missions such reconnaissance and strike drones are used for,” the ambassador was quoted as saying in a communique, issued in connection with Tuesday’s US MQ-9 Reaper drone’s crash in the Black Sea.

The Russian diplomat quoted US National Security Council Coordinator for Strategic Communications John Kirby as saying that US UAVs make these kinds of overflights on a daily basis. “What do they do thousands of miles away from the United States? The answer is obvious – they gather intelligence which is later used by the Kiev regime to attack our armed forces and territory,” Antonov said. “We proceed from the fact that the United States will refrain from further speculations in the media landscape and stop making sorties near the Russian borders,” he added.

https://twitter.com/i/status/1635880585158705153

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Too late to wake up.

• Saudi-Iranian Détente Is a Wake-Up Call for America (Walt)

The détente between Saudi Arabia and Iran—with China playing a facilitating role—is not as momentous as Richard Nixon’s visit to China in 1972, Anwar Sadat’s trip to Jerusalem in 1977, or the 1939 Molotov-Ribbentrop Pact. Even so, if the agreement sticks, it’s a pretty big deal. Most importantly, it is a wake-up call for the Biden administration and the rest of the United States’ foreign-policy establishment, because it exposes the self-imposed handicaps that have long crippled U.S. Middle East policy. It also highlights how China is attempting to present itself as a force for peace in the world, a mantle that the United States has largely abandoned in recent years.

How did China pull this off? Efforts to lower the temperature between Riyadh and Tehran had been underway for some time, but China could step in and help the two parties reach agreement because its dramatic economic rise has given it a growing role in the Middle East. More importantly, China could mediate between Iran and Saudi Arabia because it has cordial, business-like ties with a majority of countries in the region. China has diplomatic relations and does business with all sides: Egypt, Saudi Arabia, Israel, the Gulf States, even Bashar al-Assad in Syria. That’s how a great power maximizes its leverage: You make it clear that you’re willing to work with others if they are willing to work with you, and your ties with others remind them that you have other options, too.

The United States, by contrast, has “special relationships” with some countries in the Middle East and no relationship at all with others, most notably Iran. The result is that client states such as Egypt, Israel, or Saudi Arabia take U.S. support for granted and treat its concerns with ill-disguised contempt, whether the issue is human rights in Egypt, the Saudi war in Yemen, or Israel’s long and brutal campaign to colonize the West Bank. At the same time, our mostly futile efforts to isolate and topple the Islamic Republic have left Washington with essentially zero capacity to shape Iran’s perceptions, actions, or diplomatic trajectory. This policy—a product of the assiduous efforts of the American Israel Public Affairs Committee, the Foundation for Defense of Democracies, etc., and well-funded Arab government lobbying efforts—may be the clearest example of an own goal in contemporary U.S. diplomacy.

By demonstrating that Washington can’t do much to advance peace or justice in the region, it has left the field wide open for Beijing. The Saudi-Iranian deal also highlights an important dimension of the emerging Sino-American rivalry: Will Washington or Beijing be seen by others as the best guide to a future world order? Given the United States’ outsized global role since 1945, Americans have become accustomed to assuming that most states will follow our lead, even when they have reservations about what we are doing. China would like to alter that equation, and portraying itself as a more likely source of peace and stability is a key part of that effort.

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“..the geoeconomics of multipolarity..”

• Glazyev: ‘The Road To Financial Multipolarity Will Be Long And Rocky’ (Escobar)

The headquarters of the Eurasian Economic Commission (EEC) in Moscow, linked to the Eurasia Economic Union (EAEU) is arguably one of the most crucial nodes of the emerging multipolar world. That’s where I was received by Minister of Integration and Macroeconomics Sergey Glazyev – who was previously interviewed in detail by The Cradle – for an exclusive, expanded discussion on the geoeconomics of multipolarity. Glazyev was joined by his top economic advisor Dmitry Mityaev, who is also the secretary of the Eurasian Economic Commission’s (EEC) science and technology council. The EAEU and EEC are formed by Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia. The group is currently engaged in establishing a series of free trade agreements with nations from West Asia to Southeast Asia.

Our conversation was unscripted, free flowing and straight to the point. I had initially proposed some talking points revolving around discussions between the EAEU and China on designing a new gold/commodities-based currency bypassing the US dollar, and how it would be realistically possible to have the EAEU, the Shanghai Cooperation Organization (SCO), and BRICS+ to adopt the same currency design. Glazyev and Mityaev were completely frank and also asked questions on the Global South. As much as extremely sensitive political issues should remain off the record, what they said about the road towards multipolarity was quite sobering – in fact realpolitik-based.

Glazyev stressed that the EEC cannot ask for member states to adopt specific economic policies. There are indeed serious proposals on the design of a new currency, but the ultimate decision rests on the leaders of the five permanent members. That implies political will – ultimately to be engineered by Russia, which is responsible for over 80 percent of EAEU trade. It’s quite possible that a renewed impetus may come after the visit of Chinese President Xi Jinping to Moscow on March 21, where he will hold in-depth strategic talks with Russian President Vladimir Putin.

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Depleted. ‘I’m afraid of the sound of the shot,’” he added.

• Ukraine Doesn’t Have the Resources for a Counteroffensive (Antiwar)

A senior Ukrainian government official told The Washington Post that Kyiv doesn’t have the resources to pull off a big counteroffensive in the coming months as Ukraine is lacking skilled troops, munitions, and other equipment. “If you have more resources, you more actively attack,” said the official, who spoke to the Post on the condition of anonymity. “If you have fewer resources, you defend more. We’re going to defend. That’s why if you ask me personally, I don’t believe in a big counteroffensive for us. I’d like to believe in it, but I’m looking at the resources and asking, ‘With what?’ Maybe we’ll have some localized breakthroughs.” The official said Ukraine doesn’t have “the people or weapons” to pull off a counteroffensive. “And you know the ratio: When you’re on the offensive, you lose twice or three times as many people. We can’t afford to lose that many people,” the official said.

The Post also spoke with a Ukrainian battalion commander who went by the name of Kupol and detailed the grim situation on the frontlines. Kupol said his battalion previously withdrew from the town of Soledar, which is near the eastern city of Bakhmut, and came under Russian control in January. Kupol said of his battalion of 500 troops, 100 were killed, and about 400 were wounded, leading to a complete turnover. He’s now being sent soldiers with no combat experience and very little training. “I get 100 new soldiers,” Kupol said. “They don’t give me any time to prepare them. They say, ‘Take them into the battle.’ They just drop everything and run. That’s it.” “Do you understand why? Because the soldier doesn’t shoot. I ask him why, and he says, ‘I’m afraid of the sound of the shot,’” he added.

The Post report said that Ukraine has sent in an influx of draftees to replace more experienced soldiers who have been killed or wounded. It said that as more Ukrainian men who didn’t volunteer fear they will get called to battle, Ukraine’s security services shut down Telegram accounts that were helping Ukrainians avoid locations where authorities were handing out draft slips. Kupol said Ukrainian forces are also fighting with very little ammunition. “You’re on the front line,” he said. “They’re coming toward you, and there’s nothing to shoot with.” The Kyiv Independent also recently spoke with Ukrainian soldiers who said they were fighting without much ammunition, training, and support.

Ukraine is taking heavy losses in its battle defending Bakhmut, but it’s keeping a tight lid on its casualty numbers. A German official said including dead and wounded, Ukraine has suffered 120,000 troops, but the number could be much higher. Despite the dire conditions for the Ukrainian troops, Kyiv is still sending untrained soldiers into what has become known as the “meat grinder” in Bakhmut. Yevgeny Prigozhin, the head of Russia’s Wagner Group, said Sunday that Ukraine was “supplying endless reserves” and that fighting was getting fiercer as Russian forces are trying to push through to the western part of the city.

Bakhmut

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“.. the fundamental foundations of Russia’s stability are now “much stronger than anyone could previously imagine.”

• Russian Economic Sovereignty Increased Exponentially – Putin (RT)

The Russian economy hasn’t collapsed due to sweeping Western restrictions, President Vladimir Putin has stated, noting that, on the contrary, its sovereignty has grown many times over. Putin, who was meeting with aircraft factory employees in Ulan-Ude, Buryatia, on Tuesday, noted the country had passed a very important stage in its development, which could be the most important result of 2022. “We have exponentially increased our economic sovereignty. After all, what did our adversary count on? That we would collapse in two or three weeks or in a month,” the Russian leader said.


“The expectation was that enterprises would cease due to our partners refusing to work with us, the financial system would collapse, tens of thousands of people would be left without work, take to the streets, protest, Russia would be shaken from the inside and collapse. That was their intention, but this did not happen,” Putin declared. He pointed out that the Russian financial system has survived, growing stronger and becoming more independent, thanks to the actions of the central bank. Putin also indicated that the unemployment rate in the country was currently at a historically low level of 3.6%, while GDP has fallen by only 1.2%. According to the Russian president, the fundamental foundations of Russia’s stability are now “much stronger than anyone could previously imagine.”

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More from Putin’s meeting with aircraft factory employees in Ulan-Ude, Buryatia.

• Current World Problems Began After Soviet Union’s Collapse – Putin (TASS)

Modern international problems began after the collapse of the Soviet Union, Russian President Vladimir Putin said while answering a question of one of the employees of the Ulan-Ude aircraft-building plant during a visit to the enterprise on Tuesday. “Of course, all the problems began after the collapse of the Soviet Union. Why? Because the then world order – in a sense it still exists today – was built after World War II by the countries that won that war. First of all, the United States and the Soviet Union,” Putin said. He recalled that the states then “distributed the zones of their influence among themselves and did not interfere with each other.” “Of course, there were enough problems, including the Caribbean crisis, but nevertheless [the USSR and the US] coexisted,” he said.


Putin stressed that the system of the bipolar world “began to crumble down” after the collapse of the USSR, when geopolitical interests turned out to be more important for the West than confrontation with the Soviet Union. “Frankly speaking, it seemed to the people of my generation, including myself, and even a little bit younger ones, that yes, it was regrettable that the Soviet Union collapsed, but nevertheless, the basis for confrontation between the former Soviet Union and modern Russia and the Western world was gone, that that basis disappeared and there were no ideological foundations for confrontation anymore,” Putin said. “It seemed that now everything would be fine forever. It turned out that this was not so. It turned out that the geopolitical interests of our <…> partners were much more important than, among other things, contradictions with the former Soviet Union,” he added.

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“For us, this is a struggle for our people who live on these territories,” the president stressed. “We are a multi-ethnic country. But still, this is the Russian world..”

“For us, it is a struggle for the existence of Russian statehood..”

• Russia In Ukraine Fights For Russian World – Putin (TASS)

Russia cannot abandon the Russian-speaking population and it is fighting for the Russian world in Ukraine, Russian President Vladimir Putin said on Tuesday, while answering a question from one of the employees of the Ulan-Ude Aviation Plant. “For us, this is a struggle for our people who live on these territories,” the president stressed. “We are a multi-ethnic country. But still, this is the Russian world. If you chance to have a word with the people who come from there – I’ve met some of them – they are no different from you and me! They are the same as we are. They are part of us, how can they be abandoned?” Putin added. He stressed that Russia had spent eight years trying to solve the Donbass issue peacefully, but was repeatedly fooled. “We spent eight years trying to persuade our so-called partners to resolve the Donbass issue peacefully. It has now turned out that they fooled, deceived us. They aren’t shy to say it publicly,” Putin stated.


He stressed that Russia, unlike the West, was fighting not for its geopolitical position, but for the existence of its statehood. “Whereas for our Western partners, so-called, for our opponents today – we can now say this directly – the point at issue is an improvement of the geopolitical position, then for us, bearing in mind the prehistory of the last eight to ten years, everything that is happening now is not just an improvement of some geopolitical position. <…> For us, it is a struggle for the existence of Russian statehood,” Putin said. Putin stressed that the enemy’s sole task was to shake loose the Russian state and “to tear it apart.” “For us this is not a geopolitical task, but the task of the ensuring the survival of Russian statehood and of creating conditions for the future development of our country and our children,” he concluded.

Tucker churches
https://twitter.com/i/status/1635803913960972289

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“..after 2014 the physical extermination of those who advocated the development of normal relations with Russia began.”

• Russia Trying To Normalize Relations With Ukraine For Decades – Putin (TASS)

Russia had been patiently trying to normalize situation with Ukraine for decades but the situation changed after the state coup in 2014, Russian President Vladimir Putin said on Tuesday. “As a matter of fact, we had been patiently trying to normalize relations with the modern Ukrainian state for decades,” he said at a meeting with workers of the Ulan-Ude aircraft-building plant. “The situation changed dramatically in 2014 when the West-instigate state coup was staged.” According to Putin, in its relations with Ukraine, Russia relied on those who considered themselves as part of the large Russian world, but in 2014 their extermination began.


“We relied not just on the Russian-speaking population [in Ukraine]. The whole country there is essentially Russian-speaking. We relied on those who considered themselves as part of the large Russian world, part of our culture, part of our language environment and part of our common traditions. We relied on these people,” Putin said. He stressed that “after 2014 the physical extermination of those who advocated the development of normal relations with Russia began.” The president recalled that when the problem of Crimea emerged, Russia simply could not but support those people.

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“Simply put — no decompression chamber, no dive, no story.”

• The Nord Stream-Andromeda Cover Up (Scott Ritter)

The same day the German reporting on the new Nord Stream attack narrative broke, The New York Times ran a front-page story entitled “Intelligence Suggests Pro-Ukrainian Group Sabotaged Pipelines, US Officials Say.” For the first time, The New York Times referred to Hersh’s reporting, writing, “Last month, the investigative journalist Seymour Hersh published an article on the newsletter platform Substack concluding that the United States carried out the operation at the direction of Mr. Biden,” before closing with “U.S. officials say Mr. Biden and his top aides did not authorize a mission to destroy the Nord Stream pipelines, and they say there was no U.S. involvement.” As if echoing the Biden White House denials, The New York Times led off with this:

“New intelligence reporting amounts to the first significant known lead about who was responsible for the attack on the Nord Stream pipelines that carried natural gas from Russia to Europe”. The New York Times, it seems, was more than happy about proceeding with its own anonymous intelligence sources, while dismissing Hersh’s. The problem with both the German reporting and that of The New York Times (whose source was clearly referring to the same data reported by the German reporters) is that the Andromeda narrative doesn’t hold water. Take, for instance, the Tom Clancy-like tale of derring-do that has four allegedly Ukraine-affiliated divers defy physiology by conducting dives that would require the use of a decompression chamber for them to survive an ascent of 240 feet (the depth of the Nord Stream pipelines that were destroyed).

A rule of thumb is that decompression takes approximately one day per 100 feet of seawater plus a day. This means that the team of divers would have required three days of decompression per dive. But to decompress, one needs a decompression chamber. For a dive involving two divers, the Andromeda would have to have been outfitted with either a two-person Class A decompression chamber, or two single-person Class B chambers, as well as the number of large oxygen bottles needed to operate these chambers over time. A simple examination of the interior cabin space of the Bavarian C50 yacht would quickly dispossess one of any notion that either option was viable. Simply put — no decompression chamber, no dive, no story.

[..] a standard high-explosive charge of several hundred kilograms would not be sufficient to cause the destruction that occurred on the Nord Stream pipeline. Enter Hersh, who reported that the explosives used were “shaped charges.” With a shaped charge, the energy of the explosion is focused in one direction, usually by creating a concave shape in the explosive that is them lined with a metal sheet, so that it usually achieves an armor- and/or concrete-penetrating effect. Without getting too technical, the design of an underwater shaped charge that would be sufficient to penetrate concrete-lined steel pipe at a depth of 240 feet is not common knowledge. The charge would have to be prepared by qualified explosives experts and ideally tested prior to being employed operationally to validate the design and functionality of the device. These are not tasks undertaken by a small ad hoc team of Ukrainian underwater saboteurs, but rather state-sponsored actors with access to military grade explosives and testing facilities.

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“An explosion of this kind – of such power, at such depth, can only be carried out by specialists, and supported by the entire power of a state, possessing certain technologies…”

• Nord Stream Blasts Staged By A State-level Actor – Putin (TASS)

Only a state-level actor could have pulled off such a large-scale sabotage operation, the Russian president said. Russian president Vladimir Putin has dismissed as “nonsense” recent claims that the attack on the Nord Stream natural gas pipelines might have been carried by “Ukrainian activists.” The president made the remarks on Tuesday during his visit to an aircraft plant in the capital city of Russia’s Buryatia republic, Ulan-Ude. “I’m sure this is complete nonsense. An explosion of this kind – of such power, at such depth, can only be carried out by specialists, and supported by the entire power of a state, possessing certain technologies,” Putin told reporters.

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Deaf, dumb and blind.

• Canadian Foreign Minister Calls For “Regime Change” in Russia (SN)

Canadian Foreign Minister Mélanie Joly admitted that the long term goal of western involvement in Ukraine is not merely to see Moscow defeated, but to enact “regime change” in Russia. Joly made the comments while her government announced new sanctions against the import of Russian aluminum and steel. “We’re able to see how much we’re isolating the Russian regime right now — because we need to do so economically, politically and diplomatically — and what are the impacts also on society, and how much we’re seeing potential regime change in Russia,” Joly stated. “The goal is definitely to do that, is to weaken Russia’s ability to launch very difficult attacks against Ukraine. We want also to make sure that Putin and his enablers are held to account,” she added.

Russian ambassador to Canada Oleg Stepanov reacted to Joly’s remarks by stating that they may have been a “Freudian slip of the tongue.” “What she or other decision-makers in Ottawa don’t want to recognize is that the current Russian policy is supported by the ultimate majority of the nation,” Stepanov said. A similar awkward ‘slip of the tongue’ occurred back in January when Germany’s foreign minister Annalena Baerbock acknowledged, “We are fighting a war against Russia, and not against each other.” Joly’s comments will only serve to bolster Vladimir Putin’s assertions that NATO support for Ukraine is about isolating Russia and eventually overthrowing its government. Ukrainian president Volodymyr Zelensky recently warned that if Ukraine loses then Americans “will have to send their sons and daughters” to war with Russia over the Baltic states “and they will have to fight” and “they will be dying.”

Former UK Defense Minister Sir Gerald Howarth also said last month that NATO may need to send ground forces to Ukraine. The US military-industrial complex is making massive gains as a result of the war in Ukraine and other global conflicts, with weapons manufacturers enjoying soaring profits. Data released by the State Department shows that US weapons sales to other countries rose from $103.4 billion in 2021 to $153.7 billion in 2022.

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“The Biden administration are the ones who got us into this mess.”

• Defending Ukraine Not Key US Interest – DeSantis (RT)

Becoming increasingly involved in the military confrontation between Ukraine and Russia is not a key interest for the US, Florida’s Republican governor Ron Desantis wrote in response to a question posed by Fox News host Tucker Carlson on Monday. Carlson asked several “2024 GOP hopefuls” whether opposing Russia in Ukraine was a “vital strategic interest” for the US and shared DeSantis’ response on Twitter. The governor stated that the US had many “vital national interests,” such as securing its borders, addressing the recruitment crisis within the US military, achieving energy security and independence, and “checking the economic, cultural, and military power of the Chinese Communist Party.” However, becoming “further entangled in a territorial dispute between Ukraine and Russia is not one of them,” DeSantis noted.

He added that the Biden administration’s policy of issuing virtual “blank checks” to Ukraine in order to fund the conflict for “as long as it takes,” without any defined objectives or accountability, only serves to distract from the most pressing challenges currently facing the US. The governor also blasted Washington for effectively driving Russia closer to China, which he believes represents a much greater threat than Moscow. DeSantis, who many expect to contend for the US presidency in the 2024 elections, has set himself apart from other top Republican leaders with his stance on Ukraine. Responding to the same question, former vice president Mike Pence insisted that “there is no room for Putin apologists in the Republican Party” and that Putin must be stopped to prevent Russia from moving toward Washington’s NATO allies.

Senate Minority leader Mitch McConnell has also pledged the Republican party’s commitment to the Ukrainian war effort. In his response to Carlson’s question, former president Donald Trump insisted that the conflict, which he believes would have never happened if he’d been in office, must end as soon as possible and that the US president must meet with both sides and quickly work out a deal. He also stated that while opposing Russia in Ukraine is not a vital American national strategic interest for the US, it is important for Europe. “That is why Europe should be paying far more than we are, or equal,” Trump said. Asked if the US should support regime change in Russia, the former president stated that he did not, and instead called for regime change in the United States itself. “That’s far more important,” he wrote. “The Biden administration are the ones who got us into this mess.”

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“..the Biden Admin had a whitelist of companies that were allowed to buy the failed bank & companies that weren’t.”

• Biden Admin Blocked SVB Sale, Nationalized It, Blamed Trump For Collapse (ZH)

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“..any pursuit of new QE in the face of a credit crunch would lead to an immediate spike in inflation once again, crushing the middle class..”

• Democrats Scramble To Find A Scapegoat For The Bank Crisis (ZH)

What Democrats do not seem to understand is that the easing of Dodd-Frank capital requirements was in direct response to the Federal Reserve’s announced plan to tighten liquidity and raise interest rates through 2018. With more expensive credit and a shrinking Fed balance sheet, reducing requirements for bank buffers was one of the few ways to prevent the stimulus addicted lending sector from plummeting. The extra capital also allowed banks to continue lending to companies that engage in stock buybacks, keeping stock markets afloat. With a larger capital buffer even more liquidity dries up, revealing the true economic weakness underneath that Dems have denied for the past few years. So, if Biden and the Dems get what they want (more strict capital requirements for banks), then there will be an even swifter collapse of markets and the overall economy due to lack of liquidity.

By the end of 2018, markets began to plunge anyway under the strain of higher interest rates, which led to the Fed reversing course, and this seems to be what Democrats are really hoping for. They have called for endless liquidity measures and have consistently demanded lower rates and looser monetary policy. However, when Donald Trump’s Administration called for rate cuts during his term, Dems attacked. Once again, when Republicans do it, it’s wrong; when they do it, it’s good policy. Another issue to consider is that each successive program by the Fed to employ bailouts and QE accelerates the inflation crisis. While both sides of the aisle seem to want helicopter money when they are in power so they can boast about rising stock markets and improved employment, the Dems are now facing a systemic stagflationary event; the same event they originally claimed did not exist.

This means that any pursuit of new QE in the face of a credit crunch would lead to an immediate spike in inflation once again, crushing the middle class. Are Democrats willing to accept responsibility for something like that? Not a chance. The Biden Administration has so far taken full credit for the slowdown of consumer inflation as well as the shrinking deficit, but these changes are only due to the tightening actions of the central bank which sets policy independent of the White House. Democrats can’t have it both ways – They can’t take credit for reduced inflation when the Fed tightens policy against their wishes, and then not take credit for the consequences of higher inflation when they badger the Fed to inject more stimulus. The only recourse for the political left is to somehow lay the blame on conservatives no matter which way the wind blows, inflation or deflation.

Emergency congressional hearings have been organized to determine the cause of the SVB crisis and the course of action needed. Democrats including Sen. Sharrod Brown and Rep. Maxine Waters were quick to applaud the backstop initiated by the Fed and the Treasury Department, attempting to calm market concerns and reassure investors and depositors that all is well. Maxine Waters stated that Republicans and Democrats needed to “work together to protect the safety of the financial system”, which is likely a thinly veiled assertion that Republicans must support raising the debt ceiling and commit to even more spending.

Tucker CBDC

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It’s already broken.

• Ken Griffin: American Capitalism Is “Breaking Down Before Our Eyes” (ZH)

In contrast to billionaire Bill Ackman’s praise for the federal government’s bailout of SVB depositors, Citadel founder Bill Griffin is not impressed, telling The FT that this action by US regulators shows American capitalism is “breaking down before our eyes”. As a reminder, the FDIC’s Deposit Insurance Fund normally guarantees up to $250,000 in deposits, which protects small retail customers including mom-and-pop businesses. Banks pay for this guarantee with insurance premiums, but the insurance fund isn’t intended to backstop deposits of bigger customers with more capacity to weather losses if a bank goes under. Yet, as The Wall Street Journal’s Editorial Board remarks, after venture capitalists (Democratic donors) and Silicon Valley politicians howled, the FDIC on Sunday announced it would cover uninsured deposits at SVB and Signature Bank under its “systemic risk” exception.

Apparently, Silicon Valley investors and startups are too big to lose money when they take risks. They benefited enormously from the Fed’s pandemic liquidity hose, which caused SVB’s deposits to double between 2020 and 2021. SVB paid interest of up to 5.28% on large deposits, which it used to fund loans to startups. But now the FDIC is guaranteeing a risk-free return for startups and their investors. Uninsured deposits normally take a 10% to 15% hair cut during a bank failure. Some 85% to 90% of SVB’s $173 billion in deposits are uninsured. The cost of this guarantee could be $15 billion. The White House says special assessments will be levied on banks to recoup these losses.

That means bank customers with less than $250,000 in deposits will indirectly pay for this through higher bank fees. In other words, this is an income transfer from average Americans to deep-pocketed investors. Griffin warned a year ago that price pressures will remain stubbornly persistent, forcing policymakers to need to hit the brakes “hard”, which will likely cause a recession, which, he warned, will leave the West facing “existential” problems. A year later, he was proved right as The Fed’s aggressive rate-hikes “broke something”… “The US is supposed to be a capitalist economy, and that’s breaking down before our eyes,” he said in an interview on Monday. “There’s been a loss of financial discipline with the government bailing out depositors in full,” Griffin added.

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Now do we fire Ursula?

• Pfizer Wants EU To Keep Paying For Unused Covid Jabs – FT (RT)

Pfizer has offered to extend its Covid-19 vaccine contract with the European Union while scaling back deliveries, but still expects the bloc to pay billions of euros for unused doses amid a major supply glut in some countries, the Financial Times reported. The offer prompted outrage from a handful of member states, who say the deal would serve the interests of Big Pharma over their own citizens. The contract extension would push the vaccine agreement out to 2026, with a proposed 40% reduction in the number of doses supplied as well as delays to deliveries, the Times reported on Tuesday, citing two unnamed officials. However, despite the suggested cuts, the US pharma giant still insists that it be paid for the full number of doses originally agreed upon, many of which would never be produced under the new terms.

The amendments to the deal – the full text of which has never been made public – were presented by European health commissioner Stella Kyriakides during a closed-door meeting in Brussels on Tuesday, but faced objections from some EU members. In a joint statement issued following the meeting, officials from Bulgaria, Hungary, Lithuania and Poland said they would not sign the agreement with the proposed changes, as they “do not present a final and fair solution to the problems of the Covid-19 vaccine surplus and do not meet the needs of the healthcare systems, the needs of citizens and the financial interests of the member states.”

Polish Health Minister Adam Niedzielski argued that the current Pfizer proposal would favor Big Pharma, and has called for the secretive contract to be published, questioning the role European Commission President Ursula von der Leyen played in the negotiations for the massive vaccine deal. An EU watchdog launched a probe into the negotiation and procurement process late last year, after von der Leyen’s office failed to produce personal text messages sent to Pfizer CEO Albert Bourla during the talks for nearly 2 billion vaccine doses, prompting accusations of corruption.

The 27-member bloc originally signed a joint contract with Pfizer in 2020, but since the pandemic receded, demand for vaccines has steadily dropped, leaving an overabundance across the continent. Some countries have been forced to throw away vaccines, with Germany alone tossing out some 36.6 million doses, according to public broadcaster BR24, while others are sitting on large stocks of unused shots, such as Austria, which has reported around 17.5 million in its supply. However, Czech Health Minister Vlastimil Valek pushed back on the criticisms, arguing that the “majority of countries” had agreed to the deal and that “the contract is not bad.” He added that the large stock of doses would not pose a problem as “Covid is still here” and “It will be necessary to repeat vaccination each year for a particular group of patients.”

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Wall Street 1662

 

 


“Watercolor painter Liu Yunsheng’s artworks are famous for their fluidity and transparency, as well as for the richness and complexity of their characters. Some paintings combine reality & illusion which can be described as freehand in realism”

 

 

Kestrel
https://twitter.com/i/status/1635668806990192640

 

 


The nocturnal African dung beetle Scarabaeus satyrus is the only known insect and one of the few non-human animals capable of navigating and orienting itself using the Milky Way

 

 

 

 

 

 

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Debt Rattle December 9 2019

Dec 092019
 
 December 9, 2019  Posted by at 10:14 am Finance Tagged with: , , , , , , , , , , ,  6 Responses »


Lewis Wickes Hine News of the Titanic and possible survivors 1912

 

• US Banks’ Reluctance To Lend Cash May Have Caused Repo Shock: BIS (R.)
• BIS Offers Stunning Explanation Of What Happened On Repocalypse Day (ZH)
• The Incredible Shrinking Private Sector (G.)
• Northern Ireland Customs Protocol Could Thwart Brexit Plans (G.)
• Boris Johnson’s Promise Of Brexit By End Of 2020 Torpedoed By EU Chief (Mi.)
• The Invisible Tories (Craig Murray)
• China Tells Government Offices To Remove All Foreign Computer Equipment (G.)
• NATO Seeks To “Dominate The World”, Eliminate Competitors: Lavrov (ZH)
• Russian Air Defense System Shot Down US Drone Over Libyan Capital (R.)

 

 

From what I understand, big banks moved from cash to Treasuries, which decreased the amount of cash available for lending. Hedge funds also play a role. Have they become market makers?

• US Banks’ Reluctance To Lend Cash May Have Caused Repo Shock: BIS (R.)

The unwillingness of the top four U.S. banks to lend cash combined with a burst of demand from hedge funds for secured funding could explain a recent spike in U.S. money market rates, the Bank for International Settlements said. Cash available to banks for short-term funding all but dried up in late September, and interest rates deep in the plumbing of U.S. financial markets climbed into double digits. That forced the Fed to make an emergency injection of billions of dollars for the first time since the global financial crisis more than a decade ago.

While the exact cause of the squeeze is unclear – with explanations ranging from large withdrawals for quarterly tax payments to a big settlement of a trade in U.S. Treasuries – BIS analysts said the growing reliance on the biggest U.S. banks to keep the repo market functioning may have been a big factor. The big four banks, which BIS did not name in its report, have become net providers of funds to repo markets as they account for more than half of all Treasuries held by banks in the United States at the Federal Reserve.

The repo market underpins much of the U.S. financial system, helping ensure banks have liquidity to meet their daily operational needs. In a repo trade, Wall Street firms and banks offer U.S. Treasuries and other high-quality securities as collateral to raise cash, often just overnight, to finance their trading and lending. The next day, borrowers repay the loans plus what is typically a nominal rate of interest and get their bonds back. In other words they repurchase, or repo, the bonds.

Read more …

Did the big banks know the Fed would move in? Were there conversations between JPM and the Fed prior to the move into Treasuries??

• BIS Offers Stunning Explanation Of What Happened On Repocalypse Day (ZH)

About a month ago, we first laid out how the sequence of liquidity-shrinking events that started about a year ago, and which starred the largest US commercial bank, JPMorgan, ultimately culminated with the mid-September repo explosion. Specifically we showed how JPM’s drain of liquidity via Money Markets and reserves parked at the Fed may have prompted the September repo crisis and subsequent launch of “Not QE” by the Fed in order to reduce its at risk capital and potentially lower its G-SIB charge – currently the highest of all major US banks.

Shortly thereafter, the FT was kind enough to provide confirmation that the biggest US bank had been quietly rotating out of cash, while repositioning its balance sheet in a major way, pushing more than $130bn of excess cash away from reserves in the process significantly tightening overall liquidity in the interbank market. We learned that the bulk of this money was allocated to long-dated bonds while cutting the amount of loans it holds, in what the FT dubbed was a “major shift in how the largest US bank by assets manages its enormous balance sheet.”

The moves saw the bank’s bond portfolio soar by 50%, and were prompted by capital rules that treated loans as riskier than bonds. And since JPM has been aggressively returning billions of dollars to shareholders in dividends and share buybacks each year, JPMorgan had far less room than most rivals to hold riskier assets, explaining its substantially higher G-SIB surcharge, which indicated that the Fed currently perceives JPM as the riskiest US bank for a variety of reasons. An executive at a large institutional investor told the FT that what JPM did “is incredible”, adding that “the scale of what JPMorgan is doing is mind-boggling . . . migrating out of cash into securities while loans are flat.”

The dramatic change, which occurred gradually over the year, and which may have catalyzed the spike in repo rates in September, was first flagged by JPMorgan at an investor event back in February. Then CFO Marianne Lake said that, after years of industry-leading loan growth, “we have to recognize the reality of the capital regime that we live in”. About half a year later, the rest of the world did too when the overnight general collateral rate briefly did something nobody had ever expected it to do, when it exploded from 2% to about 10% in minutes, an absolutely unprecedented move, and certainly one that was seen as impossible in a world with an ocean of roughly $1.3 trillion in reserves floating around.

[..] in a novel twist, the BIS also found that hedge funds exacerbated the turmoil in the repo market with their thirst for borrowing cash to juice up returns on their trades. Here is what the BIS said: “US repo markets currently rely heavily on four banks as marginal lenders. As the composition of their liquid assets became more skewed towards US Treasuries, their ability to supply funding at short notice in repo markets was diminished. At the same time, increased demand for funding from leveraged financial institutions (eg hedge funds) via Treasury repos appears to have compounded the strains of the temporary factors.”

Read more …

Britain.

• The Incredible Shrinking Private Sector (G.)

The latest GDP figures released on Wednesday suggest on the surface the overall economy is doing better, but further inspection highlights the underlying weakness. The domestic private sector is in a dire state, having now shrunk for four consecutive quarters – the worst result since the 1990s recession – and the economy is now more dependent on government spending to keep it afloat than at any time since the GFC . First the good news – things are better than we previously thought. The GDP figures contained some fairly significant revisions of past data, based on more accurate underlying data. Whereas in June it appeared the economy grew by just 1.5% – the worst since 2001 – now the ABS estimates in June the economy was growing at an annual rate of 1.7% and is now growing at 1.8% in trend terms:

This is good, and yet it is pretty sad really how low the bar has become to think economic growth can be called “good”. The current growth rate of 1.8% is around 1% point below the long-term trend and well below the old marker of 3% growth that used to be considered average. In the September quarter the economy grew by 0.4% (seasonally adjusted), or 0.5% (trend), still below average, but what is important is where this growth is being generated. The biggest driver was net exports – contributing 0.35% pts of that growth.

Read more …

They don’t appear to have all the details figured out.

• Northern Ireland Customs Protocol Could Thwart Brexit Plans (G.)

Northern Ireland customs arrangements may thwart Boris Johnson’s plan to leave the EU by December 2020, according to a document said to be leaked from civil servants in the Department for Exiting the EU. In the document, seen by the Financial Times, staff raised concerns about the readiness of the new customs arrangement, calling the protocol to keep part of the EU customs code in Northern Ireland, a “major” obstacle to Brexit delivery. The FT reported that the document was sent to senior Whitehall officials last week and said that implementing the Northern Ireland protocol before next December was a “strategic, political and operational challenge”.

The protocol would implement a form of customs border between Northern Ireland and the rest of the UK – an alternative arrangement to the Northern Irish “backstop” in the withdrawal agreement. Civil servants reportedly highlighted the “legal and political” repercussions both within the UK and Europe of failing to deliver Brexit on time, which Boris Johnson has made it the focal issue of his election campaign. Doubt was also cast on the free-trade agreement that Johnson has pledged to establish with the EU next year, with the document, marked “official sensitive”, reportedly stating that “delivery on the ground would need to commence before we know the outcome of negotiations”.

The government said it did not comment on leaks, but insisted that its deal with the EU would comprehensively withdraw the whole of the UK – including Northern Ireland. It reiterated its commitment to complete the process before December 2020.

Read more …

“The EU/UK future relationship cannot be settled in 11 months.”

• Boris Johnson’s Promise Of Brexit By End Of 2020 Torpedoed By EU Chief (Mi.)

Michel Barnier has torpedoed Boris Johnson’s promise that Brexit will be done and dusted by the end of next year. The Sunday Mirror has seen minutes of a private meeting between the EU’s chief Brexit negotiator and MEPs which rubbish the PM’s pledge. Mr Johnson has said he will not extend the transition period beyond 2020 – which raises the danger of the UK crashing out with no deal. Trade talks are planned after Britain formally leaves the EU on January 31. But Mr Barnier told EU Employment and Social Affairs Committee MEPs: “The EU/UK future relationship cannot be settled in 11 months.” He added that means prioritising some areas while more time will be needed for other issues such as transport.

Read more …

Dominic Cummings focuses on social media, not canvassing.

• The Invisible Tories (Craig Murray)

I live in a marginal constituency, where the excellent Joanna Cherry of the SNP has a lead of just over 1,000 over the Tories. If the most recent opinion polls are correct, the parties’ standings at this moment are similar to the result last time, the momentum is with the Tories and this should be a key Tory target. Yet I have not received one single Tory leaflet (and I live on one of the main residential streets) nor have I seen one single Tory campaigner, including when I have been out delivering leaflets for Joanna Cherry myself. Nor have I seen one single Tory poster in a house.

It is not just on TV that the Tories have been skipping interviews and debates, they seem to have eschewed any semblance of a ground campaign too, in what presumably is a key target seat for them. Boris Johnson is not popular with any of the local residents I have spoken to, and there is no enthusiasm at all for Brexit in this part of Edinburgh. In short, I am absolutely unable to square the opinion polls with the evidence of my own eyes and ears.

What is your experience?

Read more …

Sounds like quite the undertaking.

• China Tells Government Offices To Remove All Foreign Computer Equipment (G.)

China has ordered that all foreign computer equipment and software be removed from government offices and public institutions within three years, the Financial Times reports. The government directive is likely to be a blow to US multinational companies like HP, Dell and Microsoft and mirrors attempts by Washington to limit the use of Chinese technology, as the trade war between the countries turns into a tech cold war. The Trump administration banned US companies from doing business with Chinese Chinese telecommunications company Huawei earlier this year and in May, Google, Intel and Qualcomm announced they would freeze cooperation with Huawei.


By excluding China from western know-how, the Trump administration has made it clear that the real battle is about which of the two economic superpowers has the technological edge for the next two decades. This is the first known public directive from Beijing setting specific targets limiting China’s use of foreign technology, though it is part a wider move within China to increase its reliance on domestic technology.

Read more …

“We have an answer to all the threats that the Alliance is multiplying in this world.”

• NATO Seeks To “Dominate The World”, Eliminate Competitors: Lavrov (ZH)

Russian Foreign Minister Sergei Lavrov has charged NATO with wanting to “dominate the world” a day after 70th anniversary events of the alliance concluded in London. “We absolutely understand that NATO wants to dominate the world and wants to eliminate any competitors, including resorting to an information war, trying to unbalance us and China,” Lavrov said from Bratislava, the capital of Slovakia, while attending the 26th Ministerial Council of the Organization for Security and Cooperation in Europe (OSCE). He seized upon NATO leaders’ comments this week, specifically Secretary General Jens Stoltenberg, naming China as a new enemy alongside Russia. Stoltenberg declared at the summit that NATO has to “tackle the issue” of China’s growing capabilities.

Lavrov told reporters Thursday: “I think that it is difficult to unbalance us and China. We are well aware of what is happening. We have an answer to all the threats that the Alliance is multiplying in this world.” He also said the West is seeking to dominate the Middle East under the guise of NATO as well. The new accusation of ‘world domination’ comes at a crisis moment of growing and deep divisions over the future of the Cold War era military alliance, including back-and-forth comments on Macron’s “brain death” remarks, and looming questions over Turkey’s fitness to remain in NATO, and the ongoing debate over cost sharing burdens and the scope of the mission.

“Naturally, we cannot but feel worried over what has been happening within NATO,” Lavrov stated. “The problem is NATO positions itself as a source of legitimacy and is adamant to persuade one and all it has no alternatives in this capacity, that only NATO is in the position to assign blame for everything that may be happening around us and what the West dislikes for some reason.”

Read more …

Who operated each contraption?

• Russian Air Defense System Shot Down US Drone Over Libyan Capital (R.)

The U.S. military believes that an unarmed American drone reported lost near Libya’s capital last month was in fact shot down by Russian air defenses and it is demanding the return of the aircraft’s wreckage, U.S. Africa Command says. Such a shootdown would underscore Moscow’s increasingly muscular role in the energy-rich nation, where Russian mercenaries are reportedly intervening on behalf of east Libya-based commander Khalifa Haftar in Libya’s civil war. Haftar has sought to take the capital Tripoli, now held by Libya’s internationally recognized Government of National Accord (GNA). U.S. Army General Stephen Townsend, who leads Africa command, said he believed the operators of the air defenses at the time “didn’t know it was a U.S. remotely piloted aircraft when they fired on it.”


“But they certainly know who it belongs to now and they are refusing to return it. They say they don’t know where it is but I am not buying it,” Townsend told Reuters in a statement, without elaborating The U.S. assessment, which has not been previously disclosed, concludes that either Russian private military contractors or Haftar’s so-called Libyan National Army were operating the air defenses at the time the drone was reported lost on Nov. 21, said Africa Command spokesman Air Force Colonel Christopher Karns. Karns said the United States believed the air defense operators fired on the U.S. aircraft after “mistaking it for an opposition” drone. An official in Libya’s internationally recognized Government of National Accord (GNA) told Reuters that Russian mercenaries appeared to be responsible.

Read more …

 

 

 

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Debt Rattle July 19 2019

Jul 192019
 
 July 19, 2019  Posted by at 9:21 am Finance Tagged with: , , , , , , , , , ,  10 Responses »


Pablo Picasso Marie-Thérèse Walter 1937

 

• Trump Denounces ‘Send Her Back’ Chant About Rep. Ilhan Omar (BI)
• US Navy Ship ‘Destroyed’ An Iranian Drone – Trump (CNN)
• Iran Deputy Foreign Minister Says Tehran Has Not Lost Any Drones (R.)
• Rand Paul Angles To Become Trump’s Emissary To Iran (Pol.)
• Manhattan and DC Brace For Epstein Impact (VF)
• Beijing’s Credibility and the Baoshang Bank Dilemma (RG)
• Obscure Data Suggests China Housing Bubble Has Burst (ZH)
• Boeing Takes $4.9 Billion Charge As 737 Max Fiasco Drags On (ZH)
• Congress Must Not Cede Its Authority To Raise Debt (Hill)
• Russia Offers To Join European SWIFT-Bypass (ZH)
• More Puerto Rico Protests Planned As Governor Resists Calls To Resign (R.)
• US Lawmakers Urge Trump To Sanction Turkey (R.)
• Cyprus: American Promises, Turkish Arms, Russian Money And Missiles (Helmer)
• Merger Mania: the Military-Industrial Complex on Steroids (Hartung)
• IUCN Red List Reveals Wildlife Destruction From Treetop To Ocean Floor (G.)

 

 

Of course people will see he didn’t really denounce it, or not fast enough or strong enough, but he did say it. Whatever you think of this, Trump got what he wanted: the Dems have moved hugely to the left. And he thinks they’re much easier to defeat in elections now. They can pick Biden or Kamala, but from now on in, it’ll be: yes but what do AOC and Omar think?

• Trump Denounces ‘Send Her Back’ Chant About Rep. Ilhan Omar (BI)

President Donald Trump is distancing himself from attendees at his North Carolina rally on Wednesday who chanted about “send her back” Rep. Ilhan Omar, a US citizen who has been a strident Trump critic. In the Oval Office on Thursday, Trump said he “disagreed” with the chants, was “very unhappy” with them, and would try to stop them in the future. Omar came to America as a refugee from Somalia in the 1990s, and is a US citizen. At the rally, Trump went on an extended monologue criticizing Omar and falsely linking her to terrorism and accusing her of supporting al-Qaeda, drawing loud boos from the audience. The crowd broke into “send her back” chants after Trump accused her of “launching vicious, anti-Semitic screeds.” But if Trump was unhappy with the chants, he didn’t show it.

Read more …

But have they?

• US Navy Ship ‘Destroyed’ An Iranian Drone – Trump (CNN)

President Donald Trump said Thursday that the USS Boxer downed an Iranian drone that came within 1,000 yards of the Navy ship and ignored “multiple calls to stand down” — marking yet another escalation in the already tense situation playing out between Washington and Tehran. Speaking at the White House, Trump said the drone was “threatening the safety of the ship and the ship’s crew” in the Strait of Hormuz and was “immediately destroyed.” The drone was destroyed using electronic jamming, according to a US defense official. The crew of the Boxer took defensive action after the drone came within a threatening distance of the US ship, the official said.


“This is the latest of many provocative and hostile actions by Iran against vessels operating in international waters,” Trump added. “The United States reserves the right to defend our personnel, our facilities and interest and calls upon all nations to condemn Iran’s attempts to disrupt freedom of navigation and global commerce.” He called on other countries to condemn Iran’s action and protect their own vessels.

Read more …

“I am worried that USS Boxer has shot down their own UAS [Unmanned Aerial System] by mistake!..”

• Iran Deputy Foreign Minister Says Tehran Has Not Lost Any Drones (R.)

Iranian Deputy Foreign Minister Abbas Araqchi denied on Friday that Iran had lost a drone in the Strait of Hormuz after the United States said that a U.S. Navy ship had “destroyed” an Iranian drone. “We have not lost any drone in the Strait of Hormuz nor anywhere else. I am worried that USS Boxer has shot down their own UAS [Unmanned Aerial System] by mistake!,” Araqchi said on Twitter, referring to a U.S. warship in the strategic waterway. U.S. President Donald Trump said on Thursday that the drone had flown to within 1,000 yards (meters) of the USS Boxer and had ignored “multiple calls to stand down” in the latest episode to stir tensions in the Gulf.

Read more …

Much better than Bolton or Pompeo.

• Rand Paul Angles To Become Trump’s Emissary To Iran (Pol.)

Over a round of golf this past weekend, Sen. Rand Paul asked President Donald Trump’s blessing for a sensitive diplomatic mission. Paul proposed sitting down with Iranian Foreign Minister Javad Zarif to extend a fresh olive branch on the president’s behalf, according to four U.S. officials. The aim: to reduce tensions between the two countries. Trump signed off on the idea. With Zarif in New York City this week for U.N. meetings and private sitdowns with journalists and think-tank experts, the prospect of the dovish Kentucky senator serving as the administration’s chief diplomatic emissary has rankled many administration officials, who are expressing concern that Paul’s intervention threatens to scuttle the president’s “maximum pressure” campaign against Tehran.

It is unclear whether the senator will meet with Zarif. He and his office declined multiple requests for comment. But the president’s willingness to tap Paul as the go-between with a top Iranian official is a demonstration both of his unorthodox approach to foreign affairs and his continuing desire, even as his aides threaten to squeeze Iran until it capitulates to U.S. demands, to entice the Islamic Republic’s leaders to the negotiating table. Trump has been attempting to start negotiations with Iran for months, a campaign that has included letters to Supreme Leader Ayatollah Ali Khamenei, an attempt to use Japanese Prime Minister Shinzo Abe as an emissary to Tehran, and public comments expressing his desire to talk. Some Iranian officials have said that they are open to negotiations, but only after the administration removes sanctions. Khamenei, however, has likened talking with the U.S. to drinking “poison.”

Paul, along with Sens. Lindsey Graham (R-S.C.) and David Perdue (R-Ga.), played a round of golf with the president on Saturday at his club in Sterling, Va. The libertarian-leaning Paul has long been wary of U.S. foreign intervention, and he’s clashed with Trump administration officials over the possibility of a military conflict with Iran. When Trump last month called off retaliatory military strikes against Iran after an Iranian military official downed a U.S. drone over international waters, Paul went on the president’s favorite television network to offer unqualified praise. “It really takes a statesman to show restraint amidst a chorus of voices for war,” Paul told Fox News’ Martha MacCallum.

Read more …

How wise is Epstein’s web?

• Manhattan and DC Brace For Epstein Impact (VF)

The Jeffrey Epstein case is an asteroid poised to strike the elite world in which he moved. No one can yet say precisely how large it is. But as the number of women who’ve accused the financier (at least, that’s what he claimed to be) of sexual assault grows to grotesque levels—there are said to be more than 50 women who are potential victims—a wave of panic is rippling through Manhattan, DC, and Palm Beach, as Epstein’s former friends and associates rush to distance themselves, while gossiping about who might be ensnared. Donald Trump’s labor secretary, Alexander Acosta, architect of the original 2007 non-prosecution agreement that let Epstein off with a wrist slap, has already been forced to resign.

The questions about Epstein are metastasizing much faster than they can be answered: Who knew what about Epstein’s alleged abuse? How, and from whom, did Epstein get his supposed $500 million fortune? Why did Acosta grant Epstein an outrageously lenient non-prosecution agreement? (And what does it mean that Acosta was reportedly told Epstein “belonged to intelligence”?) But among the most pressing queries is which other famous people might be exposed for committing sex crimes. “There were other business associates of Mr. Epstein’s who engaged in improper sexual misconduct at one or more of his homes. We do know that,” said Brad Edwards, a lawyer for Courtney Wild, one of the Epstein accusers who gave emotional testimony at Epstein’s bail hearing. “In due time the names are going to start coming out.”

Likely within days, the U.S. Court of Appeals for the Second Circuit will release almost 2,000 pages of documents that could reveal sexual abuse by “numerous prominent American politicians, powerful business executives, foreign presidents, a well-known prime minister, and other world leaders,” according to the three-judge panel’s ruling. The documents were filed during a civil defamation lawsuit brought by Epstein accuser Virginia Roberts Giuffre, a former Mar-a-Lago locker-room attendant, against Epstein’s former girlfriend and alleged madam, Ghislaine Maxwell. “Nobody who was around Epstein a lot is going to have an easy time now. It’s all going to come out,” said Giuffre’s lawyer David Boies. Another person involved with litigation against Epstein told me: “It’s going to be staggering, the amount of names. It’s going to be contagion numbers.”

Read more …

Free markets? Nah…

• Beijing’s Credibility and the Baoshang Bank Dilemma (RG)

Baoshang Bank’s seizure by regulators on May 24 has created structural liquidity distribution problems in China’s interbank money market, which is vital to the financial system’s overall function. The market’s liquidity chain, with money lent from policy banks and large banks to small banks and then to non-bank financial institutions (NBFIs), remains ruptured, even as the central bank tries to piece it back together. However, authorities did not act capriciously, even if the Baoshang failure seems to have been foisted upon Chinese regulators at an awkward time.


The central bank chose explicitly to impose haircuts or discounts on corporate and interbank Baoshang depositors even while guaranteeing household and small deposits: they did not choose to fully support all depositors. By addressing some systemic risks officials necessarily create new counterparty credit risks: breaking moral hazard is difficult to do. Beijing cannot drive the probability of bank defaults back to zero, nor do they want to. Additional bank defaults have to be possible if system-wide risk taking is to be managed. The dilemma is fundamental: Does Beijing want the market to price the risk of potential bank failures, or do authorities want “stable” production of riskier and riskier forms of credit? Beijing can have one or the other, not both.

Read more …

Intriguing.

• Obscure Data Suggests China Housing Bubble Has Burst (ZH)

[..] there was a delightful surprise to appease those who are wondering whether record credit injections and more easing measures than during the financial crisis had any effect at all. To wit, China retail sales and industrial production rebounded handsomely with the former spiking 9.8% YoY – the most since March 2018. There’s just one thing though – the entire surge in retail sales (and industrial production) seems to have been triggered by an almost unprecedented sudden surge in auto sales to – who else – the government itself, in the form large, state-owned enterprises. Think Cash for Clunkers on steroids – if the clunkers belonged to the Federal Government, and the new cars purchased were made by the Government.

Yet there was one critical data set in China’s manipulated economic data spreadsheet, which failed to get the royal goalseek treatment, one with dramatic implications for the broader market. According to Commodore Research, Chinese June data showed that furniture sales in China totaled only 18.4 billion yuan last month. This marks a year-on-year decline of 14% from the 21.3 billion yuan in sales that was reported last year for June 2018’s furniture sales. This is puzzling in light of the official Chinese data according to which the local housing market continues to hum along, firing on all cylinders, with the average, 70-city primary market property price rising 10.5% Y/Y in May.

Alas, that does not seem feasible when one considers that furniture sales in China have now contracted on a year-on-year basis for eighteen straight months. What does this mean? As Commodore Research concludes, “we continue to believe that there is a good chance that the ongoing plummet in furniture sales in China is pointing to much greater weakness existing in the Chinese housing market than is generally being recognized.”

Read more …

So: $100 million for the victims and $5 billion for the airlines. Yeah, makes perfect sense.

• Boeing Takes $4.9 Billion Charge As 737 Max Fiasco Drags On (ZH)

In a long-overdue step that suggests Boeing is eager to put the 737 MAX debacle behind it, the Seattle airplane company announced it would take a $4.9 billion charge in Q2 related to the grounding of the 737 Max aircraft, which represents that troubled aircraft maker’s first estimate of the cost of compensating airlines for schedule disruptions and delays in aircraft deliveries. The charge will result in a $5.6 billion hit to pre-tax earnings when the company reports earnings on July 24, the company said in a statement issued on Thursday. There is just one problem: there is no assurance Boeing’s 737 MAX woes will end in Q2, with media reports suggesting the grounding of the jet may last into 2020.


That scenario is not being contemplated by the world’s largest commercial aircraft manufacturer, which said it assumes regulatory approval will be granted for the Max to return to global skies in the fourth quarter of this year. “This assumption reflects the company’s best estimate at this time, but actual timing of return to service could differ from this estimate,” the company said. To address the possibility of an extended grounding, Boeing said that although the charge equal to $8.74 per share, would be taken in the second quarter, the company said it expects “potential concessions or other considerations” would come “over a number of years”. As the FT notes, “concessions in such circumstances often take the form of price cuts on aircraft orders rather than cash payments.”

Read more …

History lessons.

• Congress Must Not Cede Its Authority To Raise Debt (Hill)

Last Friday Treasury Secretary Steven Mnuchin asked Congress to increase the debt limit. And so begins another contentious debate. Throughout our nation’s history, Americans have had a love-hate relationship with the national debt. Alexander Hamilton insisted that debt was the price of liberty. Without it, the young country would be unable to protect itself from foreign threats. Yet, throughout much of U.S. history, many Americans regarded debt itself as a threat, to individual freedoms. The ability to raise debt was linked directly to power, and debt issued to finance the nation’s defense was viewed as particularly dangerous—a way to enrich “monied interests” and increase the power of government at the expense of everyone else.

To impede this potential for abuse, the Constitution vested the power to take on debt and regulate currency with the people—through Congress. As a Congressman during the 1790s, James Madison argued that debt and spending were equally important issues and should be debated separately, rather than rolled together in a single bill. Moreover, he felt that to not manage debt would have be an abdication of Congress’s role representing the people. During our nation’s first 130 years, Congress authorized debt as needed to meet the challenges of the day. Government debt financed revenue shortfalls derived from wars, economic recessions or even infrastructure investments. The big difference from modern times is that, back then, once the challenge precipitating the debt was resolved, Congress turned its attention to debt eradication.

President Andrew Jackson believed that repaying debt was a symbol that the nation could sustain independence. After the Civil War, Congress turned to paying off the national debt, which eventually fell from 32 percent of GDP in 1869 to 5 percent in 1916. But America’s aversion to government debt changed throughout the 20th Century. At the forefront of this change were three major developments: the enactment of the first permanent income tax; the creation of the Federal Reserve and the onset of World War I.

Read more …

As I wrote a few weeks ago, can’t use a reserve currency as a military tool.

• Russia Offers To Join European SWIFT-Bypass (ZH)

Three weeks after a meeting between the countries who singed the Iran nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), which was ditched by US, French, British and German officials said the trade mechanism which was proposed last summer – designed to circumvent both SWIFT as well as US sanctions banning trade with Iran – called Instex, is now operational. And while we await for the White House to threaten Europe with even greater tariffs unless it ends this special purpose vehicle – it already did once back in May when it warned that anyone associated with the SPV could be barred from the U.S. financial system if it goes into effect – a response from the US is now assured, because in the biggest attack on the dollar as a reserve currency to date, on Thursday, Russia signaled its willingness to join the controversial payments channel, and has called on Brussels to expand the new mechanism to cover oil exports, the FT reported.


Moscow’s involvement in the Instex channel would mark a significant step forward in attempts by the EU and Russia to rescue a 2015 Iran nuclear deal that has been unravelling since the Trump administration abandoned it last year. ““Russia is interested in close co-ordination with the European Union on Instex,” the Russian foreign ministry told the Financial Times. “The more countries and continents involved, the more effective will the mechanism be as a whole.” … and the more isolated the US will be as a currency union meant to evade SWIFT and bypass the dollar’s reserve currency status will soon include virtually all relevant and important countries. Only China would be left outstanding; after the rest of the world’s would promptly join.

Read more …

Wednesday’s protest, the biggest so far, included singer and actor Ricky Martin and reggaeton artist Bad Bunny.

• More Puerto Rico Protests Planned As Governor Resists Calls To Resign (R.)

Massive and at times violent protests in Puerto Rico showed no sign of stopping as labor unions on Thursday organized a Friday march to keep up pressure on the governor to resign, while dozens of guns were stolen in a raid on police firearms center. Thousands of protesters have jammed streets in San Juan since Saturday, calling on Governor Ricardo Rossello to step down after the leak of a raft of controversial and vulgar text messages between him and his closest allies. The scandal comes on the heels of a federal probe into government corruption on the bankrupt island. The guns were stolen from a police station in the coastal city of Guayama, which was vandalized with graffiti calling for the governor to resign or face bullets, according to a Thursday police statement. The FBI was investigating, it said.


The political turmoil comes at a critical stage in the U.S. territory’s bankruptcy. It has also raised concerns with U.S. lawmakers who are weighing the island’s requests for billions of federal dollars for healthcare and for recovery efforts following devastating hurricanes in 2017. “Like never before, all factions of the country agree that Ricardo Rossello has to go,” Juan Cortés, president of the Central Federation of Workers, a public- and private-sector union, said in a statement. Rossello said on Thursday he continued to ask for forgiveness for what he has called “improper” but not illegal acts on his part, while affirming his commitment to remain in office.

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He’ll wait.

• US Lawmakers Urge Trump To Sanction Turkey (R.)

Republican and Democratic U.S. lawmakers pressed President Donald Trump on Thursday to impose sanctions on Turkey over its purchase of a Russian missile defence system, saying he should follow a law mandating penalties for doing business with Russia’s military. Republican Senators Rick Scott and Todd Young introduced a resolution calling for sanctions after Ankara began accepting delivery of an advanced Russian missile defence system last week, prompting the White House to announce it was removing Turkey from the F-35 fighter jet programme.


Separately, Senator Bob Menendez, the top Democrat on the Senate Foreign Relations Committee, said removing Turkey from the jet programme was not enough. “The law clearly mandates sanctions penalties for ‘significant transactions’ with the Russian Federation’s defence and intelligence sectors, which would clearly include the delivery of an S-400 system,” he said in an emailed statement. But Trump’s administration has stopped short of imposing sanctions on Turkey, despite the sweeping 2017 sanctions law, known as CAATSA. Trump has not been clear on whether his administration is considering doing so.

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And here’s why he’ll wait…

• Cyprus: American Promises, Turkish Arms, Russian Money And Missiles (Helmer)

This week a group of US senators has proposed to leave Turkey in control of the northern part of Cyprus, and force the Greek Cypriots to choose between the US and Russia for the economic and political future of the south of the island. The Senate Foreign Relations Committee agreed by a large bipartisan majority on June 25 to put into law a new Eastern Mediterranean strategy. If the bill is enacted, Cyprus will be required to decide that in exchange for American protection from Turkish military threats, including Russian-made S-400 missiles to be based in southwestern Turkey, the Cyprus Government must not allow Russian naval vessels to dock at Cypriot ports, and should block all Russian money and investments on the island.


At the same time, Greece has been told the US military intends to expand its occupation of Crete around the Souda Bay base; at Larissa Air Force Base, midway between Athens and Thessaloniki; and at other Greek locations. The proposed new law is the most comprehensive plan for American military occupation of Cyprus and Greece since the Greek civil war of the 1950s. The US plan also establishes State Department censorship of the Greek-language media in Cyprus and Greece, and threatens US sanctions against the Orthodox Church bishops of the two countries. Senator Bob Menendez, Democrat of New Jersey, initiated the new policy as an amendment to Senate Bill No. 1102, “to promote security and energy partnerships in the Eastern Mediterranean, and for other purposes.”

Menendez chaired the Foreign Relations Committee until the Republicans won control of the Senate last November. He has made a long record of legislating sanctions against Russia, while he himself has been under FBI investigation for corruption. [..] US policy in the region should be aimed, the Bill declares, at backing the development of the Cyprus offshore gas deposits, as well as future regional pipelines and liquefaction plants, in order to compete against Russian gas supplies to southern Europe. Without naming Turkey, which is currently threatening Cypriot gas exploration at sea with drilling vessels of its own, the Bill claims that Cypriot seabed exploration “must be safeguarded against threats posed by terrorist and extremist groups, including Hezbollah and any other actor in the region.”

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The real giant squid.

• Merger Mania: the Military-Industrial Complex on Steroids (Hartung)

Raytheon, already one of the top five U.S. defense contractors, is planning to merge with United Technologies. That company is a major contractor in its own right, producing, among other things, the engine for the F-35 combat aircraft, the most expensive Pentagon weapons program ever. The new firmwill be second only to Lockheed Martin when it comes to consuming your tax dollars — and it may end up even more powerful politically, thanks to President Trump’s fondness for hiring arms industry executives to run the national security state.

Just as Boeing benefited from its former Senior Vice President Patrick Shanahan’s stint as acting secretary of defense, so Raytheon is likely to cash in on the nomination of its former top lobbyist, Mike Esper, as his successor. Esper’s elevation comes shortly after another former Raytheon lobbyist, Charles Faulkner, left the State Department amid charges that he had improperly influenced decisions to sell Raytheon-produced guided bombs to Saudi Arabia for its brutal air war in Yemen. John Rood, third-in-charge at the Pentagon, has worked for both Lockheed Martin and Raytheon, while Ryan McCarthy, Mike Esper’s replacement as secretary of the Army, worked for Lockheed on the F-35, which the Project on Government Oversight (POGO) has determined may never be ready for combat.

[..] Fifty years ago, Wisconsin Senator William Proxmire identified the problem when he noted that: “the movement of high ranking military officers into jobs with defense contractors and the reverse movement of top executives in major defense contractors into high Pentagon jobs is solid evidence of the military-industrial complex in operation. It is a real threat to the public interest because it increases the chances of abuse… How hard a bargain will officers involved in procurement planning or specifications drive when they are one or two years away from retirement and have the example to look at of over 2,000 fellow officers doing well on the outside after retirement?”

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You are part of a death cult.

• IUCN Red List Reveals Wildlife Destruction From Treetop To Ocean Floor (G.)

From the tops of trees to the depths of the oceans, humanity’s destruction of wildlife is continuing to drive many species towards extinction, with the latest “red list” showing that a third of all species assessed are under threat. The razing of habitats and hunting for bushmeat has now driven seven primates into decline, while overfishing has pushed two families of extraordinary rays to the brink. Pollution, dams and over-abstraction of freshwater are responsible for serious declines in river wildlife from Mexico to Japan, while illegal logging is ravaging Madagascar’s rosewoods, and disease is decimating the American elm.

The red list, produced by the International Union for Conservation of Nature (IUCN), is the most authoritative assessment of the status of species. The list published on Thursday adds almost 9,000 new species, bringing the total to 105,732, though this is a fraction of the millions of species thought to live on Earth. Not a single species was recorded as having improved in status. A landmark planetary health check published in May concluded that human civilisation was in jeopardy from the accelerating decline of the Earth’s natural life-support systems. Wildlife populations have plunged by 60% since 1970 and plant extinctions are running at a “frightening” rate, according to scientists.

[..] Humanity’s thirst for fresh water, particularly for farming, is having an especially big impact on river and lake wildlife. The red list update reveals that more than half of the freshwater fish in Japan and over a third in Mexico are now threatened with extinction. Recent research found two-thirds of the world’s great rivers no longer flow freely. “The loss of these freshwater fish species would deprive billions of people of a critical source of food and income, and could have knock-on effects on entire ecosystems,” said William Darwall, head of the IUCN freshwater biodiversity unit.

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Twitter had restored the Unity4J account that supports Assange. How Pyrrhic is that victory?

 

 

 

 

 

Debt Rattle June 21 2019

Jun 212019
 
 June 21, 2019  Posted by at 8:44 am Finance Tagged with: , , , , , , , , , , , ,  4 Responses »


Pablo Picasso La guerre 1951

 

• Trump Approved Strikes On Iran But Cancelled Them: Reports (AlJ)
• The Drone Iran Shot Down Was a $220 Million Surveillance Monster (W.)
• The Real Meaning Of Trump’s Deplorable Aggression Against Iran (Stockman)
• Senate Blocks Arms Sales To Saudi Arabia In Bipartisan Trump Rebuke (ZH)
• More Spent On S&P 500 Buybacks Than All 2018 R&D (Axios)
• China Concerned Over Possible US Dollar Shortage Risk (SCMP)
• US Spend Ten Times More On Fossil Fuel Subsidies Than Education (F.)
• Bring on Higher Oil Prices: They’ll Boost the US Economy (WS)
• Defiant Italy Urges Changes To EU Rules (R.)
• UK Will Be ‘Diminished’ After Brexit – Dutch PM Rutte (Pol.eu)
• Ecuador Judge Frees Ola Bini, Swedish Programer Close To Assange (R.)
• Ten Cities Ask EU For Help To Fight Airbnb Expansion (G.)
• The Dangerous Methane Mystery (CP)

 

 

When something like this is leaked to multiple news outlets at the same time, isn’t it likely the White House itself does the leaking?

Kim Dotcom’s take:

Trump: Attack Iran now!
General: Iran can sink our Carrier strike group in the region.
Trump: What?
General: If we strike Iran now they can retaliate against thousands of US sailors.
Trump: WTF!
General: This isn’t Syria Sir.
Trump: Call it off.
THE END

• Trump Approved Strikes On Iran But Cancelled Them: Reports (AlJ)

US President Donald Trump approved military strikes on Friday against Iran in retaliation for the downing of an unmanned surveillance drone, but pulled back from launching the attacks, the New York Times reported. A US official told Associated Press that the military made preparations on Thursday night for limited strikes on Iran in retaliation for drone shootdown, but approval was abruptly withdrawn. The official, who was not authorised to discuss the operation publicly and spoke on condition of anonymity, said the targets would have included radars and missile batteries.


Planes were in the air and ships were in position, but no missiles fired, when the order to stand down came, the Times cited one senior administration official as saying. The abrupt reversal put a halt to what would have been Trump’s third military action against targets in the Middle East, the paper added, saying Trump had struck twice at targets in Syria, in 2017 and 2018. However, it is not clear whether attacks on Iran might still go forward, the paper said, adding that it was not known if the cancellation of strikes had resulted from Trump changing his mind or administration concerns regarding logistics or strategy.

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This thing is huge: “..a wingspan of more than 130 feet and a maximum takeoff weight of more than 16 tons..”

Why would Iran want that in its airspace?

• The Drone Iran Shot Down Was a $220 Million Surveillance Monster (W.)

Early Thursday morning, Iran shot down a United States unmanned aerial vehicle over the Strait of Hormuz, which runs between the Persian Gulf and the Gulf of Oman. Iran identified the drone as an RQ-4A Global Hawk, a $220 million UAV that acts as a massive surveillance platform in the sky. The attack marks an escalation with tensions already running high between the US and Iran—particularly because of the value and technical sensitivity of the downed drone. Iran’s Islamic Revolutionary Guard Corps said on Thursday that the Northrup Grumman-made Global Hawk—part of a multibillion-dollar program that dates back to 2001—had entered Iranian airspace and crashed in Iranian waters; US Central Command confirmed the time and general location of the attack, but insists that the drone was flying in international airspace.


Alamy

The incident comes on the heels of another situation last week in which the US accused Iran of attacking two fuel tankers in the Gulf of Oman. The US also said that Iran had attempted to shoot down a different UAV—an MQ-9 Reaper drone—but failed. The Pentagon also linked Iran to an attack on a Reaper drone in Yemen two weeks ago that caused the vehicle to crash. Thursday’s attack, though, targeted a massive and much more expensive surveillance drone, and likely represents a more definite escalation. “There’s a lot going on here, and we’re probably only seeing some of it,” says Thomas Karako, director of the Missile Defense Project at the Center for Strategic and International Studies.


“This is a more expensive, higher-altitude, more capable, long-range intelligence surveillance reconnaissance craft. If they’re shooting down aircraft in international airspace over international waters, that’s likely to elicit some kind of measured reprisal.” Global Hawks are massive surveillance platforms, in operation since 2001, with a wingspan of more than 130 feet and a maximum takeoff weight of more than 16 tons, equivalent to roughly seven shipping containers of cocaine. They have a range of more than 12,000 nautical miles, can fly at strikingly high altitudes of 60,000 feet, and can stay aloft for 34 hours straight.


U.S. military drone RQ-4A Global Hawk – Eric Harris/U.S. Air Force/Handout via REUTERS

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Iran has no army to speak of, and hardly an economy. But it does have friends.

• The Real Meaning Of Trump’s Deplorable Aggression Against Iran (Stockman)

Iran has no blue water Navy that could even get to the Atlantic and only 18,000 sailors including everyone from admirals to medics; an aging, decrepit fleet of war planes with no long range flight or refueling capabilities; ballistic missiles that mainly have a range of under 800 miles; a very limited air defense based on a Russian supplied S-300 system (not the far more capable S-400); and a land Army of less than 350,000 or approximately the size of that of Myanmar. Indeed, Iran’s defense budget of less than $15 billion amounts to just 7 days of spending compared to the Pentagon’s $750 billion; and it is actually far less even in nominal terms than Iran’s military budget under the Shah way back in the late 1970’s. In inflation-adjusted dollars, Iran’s military expenditure today is less than 25% of the level prior to the Revolution.

Whatever the foibles of today’s Iranian theocratic state, a thriving military power it is not. In fact, that’s the real irony. Mostly what comprises the core of Iran air force is left over 40-50 year-old planes that had been purchased from the US under the Shah, and which have been Jerry-rigged with bailing wire and bubble gum to stay aloft and to accommodate some modest avionics and armaments modernizations. As one analyst further noted, some of its planes were actually gifts from Saddam Hussein! Much of the IRIAF’s equipment dates back to the Shah era, or is left over from Saddam Hussein’s Iraqi air force, which flew many of its planes to Iran during the 1991 Persian Gulf War to avoid destruction. American-made F-4, F-5 and F-14 fighters dating from the 1970s remain the backbone of the Iranian air force.

So military threat has absolutely nothing to do with it. Washington is knee deep in harms’ way and on the verge of starting a war with Iran solely on account of a misguided notion that the Persian Gulf is an American Lake that needs to be policed by the US Navy; and, more crucially, that Washington has the right to control Iran’s foreign policy and determine what alliances it may and may not have in the region – including whether or not they pass muster with Bibi Netanyahu. Stated differently, the missions of protecting the oil supply lines and regulating the foreign policy of what amounts to a two-bit economic power is straight out of the playbook of Empire First. As such, it amounts to a foolish policy of putting America’s actual security last.

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When your own party turns against you, it’s time to pay attention.

• Senate Blocks Arms Sales To Saudi Arabia In Bipartisan Trump Rebuke (ZH)

The Senate voted on Thursday to block billions of dollars of armaments to Saudi Arabia in what the New York Times described as a “sharp and bipartisan rebuke of the Trump administration’s attempt to circumvent Congress” by declaring an emergency over Iran. “In the first of a series of three back-to-back votes, Republicans joined Democrats to register their growing anger with the administration’s use of emergency power to cut lawmakers out of national security decisions, as well as the White House’s unflagging support for the Saudis despite congressional pressure to punish Crown Prince Mohammed bin Salman after the killing last October of the journalist Jamal Khashoggi”. -NYT

The vote marks the sharpest division between the White House and lawmakers to date – and is the second time in recent months that the administration has faced bipartisan pushback against foreign policy. In April, both the House and Senate voted to cut off military assistance to Saudi Arabia for use in Yemen under the 1973 War Powers Act, only for Trump to veto the measure (the second of his presidency). And once again, Trump will use his veto power to override Congress: “While the Democratic-controlled House is also expected to block the sales, Mr. Trump has pledged to veto the legislation, and it is unlikely that either chamber could muster enough support to override the president’s veto”. -NYT

“This vote is a vote for the powers of this institution to be able to continue to have a say on one of the most critical elements of U.S. foreign policy and national security,” said New Jersey Democrat Sen. Bob Menendez, lead sponsor of the resolutions of disapproval. “To not let that be undermined by some false emergency and to preserve that institutional right, regardless of who sits in the White House.” 22 pending arms sales to three Arab nations were announced in late May utilizing an emergency provision contained in the Arms Export Control Act. In total, $8.1 billion in munitions are part of the sales.

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Call that an economy?

• More Spent On S&P 500 Buybacks Than All 2018 R&D (Axios)

Total research and development spending in the U.S. last year totaled $608 billion, according to data from the Federal Reserve, while corporations in the S&P 500 spent $806 billion buying back their own stock. The total for all companies was well over $1 trillion. What it means: In 2018, the 500 biggest U.S. companies spent 33% more on their stock buyback programs than the country is investing in research and development. The trend looks to be continuing this year as the U.S. is on pace to spend $642 billion on R&D in 2019 and poised to surpass last year’s $1.085 trillion total in buyback spending.

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Starting to sound serious.

• China Concerned Over Possible US Dollar Shortage Risk (SCMP)

Anbang Insurance Group’s plan to sell its condos at the Waldorf Astoria hotel in New York is the latest in the string of high-profile Chinese divestments that underscores China’s concern that the nation is running short of US dollars. The Chinese holding company bought the Waldorf for a record US$1.95 billion in 2014, but under pressure from the Chinese government, is reported to be seeking buyers for the 375 flats at the hotel despite a glut of unsold luxury flats in Manhattan. In total, it is aiming to shed a portfolio of assets that includes 15 hotels having, like other highly leveraged Chinese conglomerates with overseas investments, been placed under scrutiny by Beijing.

Chinese real estate mogul Wang Jianlin’s Dalian Wanda Group has dumped US$25 billion in assets since 2017, while troubled conglomerate HNA Group was forced to sell everything from Hong Kong land parcels, to its stakes in Deutsche Bank, Hilton Grand Vacations as well as its airlines. Chinese oil giant CEFC China Energy also wants to sell 100 properties worldwide. The government’s dramatic about-face from encouraging aggressive overseas acquisitions to cracking down on risky lending and overseas transfers underscores worries over the risk that the nation could run short of enough US dollars to make the interest and principal payments on its mounting debt at a time when the current account balance is coming under pressure.

“These companies are selling their assets because they don’t have enough US dollars,” said Kevin Lai, chief economist for Asia excluding Japan at Daiwa Capital Markets. “China does not want to use its US$3 trillion foreign reserves for the debt repayments, so that is why these companies need to sell their assets.” On the surface, China should be the last country to worry about a US dollar shortage given that its US$3.1 trillion worth of foreign exchange reserves is the largest help by any nation.

But analysts believe China’s reserves may be insufficient to pay for its massive imports and debt payments in response to a worse-case scenario caused by the ongoing trade war with the United States, particularly since many of its assets cannot readily be turned into cash to help the central bank to save a crashing financial system or sharp devaluation of the yuan’s exchange rate. “In reality, they don’t have as much as US$3.1 trillion of liquid reserves,” said Rabobank analyst Michael Every. “I would estimate they probably only have a little bit more liquid reserves than what they hold in US Treasuries.”

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Fuel fools.

• US Spend Ten Times More On Fossil Fuel Subsidies Than Education (F.)

A new International Monetary Fund (IMF) study shows that USD$5.2 trillion was spent globally on fossil fuel subsidies in 2017. The equivalent of over 6.5% of global GDP of that year, it also represented a half-trillion dollar increase since 2015 when China ($1.4 trillion), the United States ($649 billion) and Russia ($551 billion) were the largest subsidizers. Despite nations worldwide committing to a reduction in carbon emissions and implementing renewable energy through the Paris Agreement, the IMF’s findings expose how fossil fuels continue to receive huge amounts of taxpayer funding. The report explains that fossil fuels account for 85% of all global subsidies and that they remain largely attached to domestic policy.


Had nations reduced subsidies in a way to create efficient fossil fuel pricing in 2015, the International Monetary Fund believes that it “would have lowered global carbon emissions by 28 percent and fossil fuel air pollution deaths by 46 percent, and increased government revenue by 3.8 percent of GDP.” The study includes the negative externalities caused by fossil fuels that society has to pay for, not reflected in their actual costs. In addition to direct transfers of government money to fossil fuel companies, this includes the indirect costs of pollution, such as healthcare costs and climate change adaptation. By including these numbers, the true cost of fossil fuel use to society is reflected.

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Yeah, try and sell that to your voters.

• Bring on Higher Oil Prices: They’ll Boost the US Economy (WS)

Powered by the iffy situation in the Persian Gulf, the Strait of Hormuz, and the Gulf of Oman, with attacks on tankers and now the downing of a US drone, the price of crude oil got a little nervous in recent days. WTI jumped about 6% today to over $57 a barrel. But this was just a minor uptick in the overall scheme of things: The US, which has become the largest oil producer in the world, is in the middle of its second oil bust in five years:

P These two oil busts are largely a consequence of surging US crude oil production. During the oil bust of 2014-2016, the price of WTI collapsed by over 75%, careening from $107 per barrel to a low of $27 per barrel in 18 months, before starting to rebound. In the process, a slew of oil-and-gas drillers filed for bankruptcy. For a while it looked like the shale boom, where all the growth in production had come from, was running out of money, and therefore out of fuel. Production fell sharply from early 2015 through much of 2016, but then new money from Wall Street appeared, and production began to soar again, hitting new records all along the way.


Shale wells produce a variety of liquid hydrocarbons (they also produce gaseous hydrocarbons which are not included here). This production of crude oil and petroleum products soared from just over 7 million barrels per day (bpd) in 2010 to 16.6 million bpd currently, according to EIA data:

P The US used to be the largest net importer of crude oil and petroleum products in the world. Between 2005 and 2008, “net imports” (imports minus exports) of crude oil and petroleum products exceeded 12 million bpd. But surging production in the US has slashed imports. And recently exports have surged, and the trade in crude oil and petroleum products is now nearly balanced between the US and the rest of the world. And the net imports are heading toward zero – the point where the US imports as much as it exports. In February, net imports were down to just 176,000 barrels a day, the lowest in the EIA data going back to 1971. In March, the most recent data available, net imports were 842,000 barrels a day:

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“We have a stability and growth pact that focuses on stability and not on growth. We want to invert this order..”

• Defiant Italy Urges Changes To EU Rules (R.)

Italy’s prime minister defied European Union concern over its debt on Thursday, saying the bloc’s fiscal rules should focus on growth rather than stability, and blaming partners for unfair tax competition and excessive surpluses. Arriving at a meeting of European leaders in Brussels, Giuseppe Conte dismissed warnings over Rome’s growing debt and said Italy was complying with EU fiscal rules. “We have a stability and growth pact that focuses on stability and not on growth. We want to invert this order,” Conte told reporters. Under current rules, EU states with large public debts should gradually reduce them, but Rome’s debt increased last year and is forecast to expand further until 2020.


Conte said the Italian government will complete the assessment of its finances in a meeting on Wednesday after which he expects new estimates to point to a 2019 deficit of around 2.1% of output, below the EU commission’s expectations. It is unclear, however, whether this would be enough for the EU Commission to stop a disciplinary procedure against Italy, which Brussels has said would be warranted on the basis of 2018 data and EU forecasts. [..] At the summit where EU leaders are discussing the bloc’s top jobs for the coming years, Conte echoed belligerent tones used by Italy’s deputy prime minister and far-right leader Matteo Salvini in attacking other EU members for unfair competition. He said there was something wrong in the fact that Italian firms relocate to other EU states for tax reasons – a probable reference to low corporate levies and lenient regulatory approaches in places like Luxembourg, the Netherlands or Ireland.

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“..you are not big enough to have an important position, important enough on the world stage, on your own.”

• UK Will Be ‘Diminished’ After Brexit – Dutch PM Rutte (Pol.eu)

No U.K. prime minister would be able to mitigate the economic impact of Brexit on Britain or sustain its global power outside of the EU, especially after a no-deal exit, Dutch Prime Minister Mark Rutte warned Conservative leadership candidates today. Speaking ahead of the European Council summit in Brussels, he told BBC Radio 4’s “Today” program this morning: “With a hard Brexit — even with a normal Brexit — the U.K. will be a different country. It will be a diminished country. “It is unavoidable. Because you are not any longer part of the European Union and you are not big enough to have an important position, important enough on the world stage, on your own.”

The leader of the Netherlands, who described himself as an “Anglophile,” also said the next occupant of Downing Street must be clear about what they want from the EU if they aim to modify the so-called Political Declaration on the future relationship between the two sides; however he ruled out any reopening of the Withdrawal Agreement struck by outgoing British premier Theresa May. He dismissed claims by leadership hopeful Boris Johnson that the U.K. could be granted a Brexit transition period after a no-deal departure. “As Boris Johnson would say, Brexit is Brexit, and a hard Brexit is a hard Brexit,” Rutte said. “I don’t see how you can sweeten that.”

Home Secretary and Johnson’s rival Sajid Javid’s claim that he could renegotiate the controversial backstop plan directly with Dublin also got short shrift from Rutte, who said Ireland is an integral part of the EU and “we cannot have a backdoor” to the single market. Both Johnson and Javid have vowed to take Britain out of the EU, deal or no deal, by the current deadline of October 31 if they fail to renegotiate the exit plan with Brussels before then. The Dutch leader warned that any no-deal departure would be “chaos.” He said if a new British PM wanted an extension to continue negotiating on Brexit, something Environment Secretary Michael Gove has proposed, they would have to be clear about “making changes to the red lines the U.K. is currently holding.”

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Will the courts dare turn against Lenin Moreno?

• Ecuador Judge Frees Ola Bini, Swedish Programer Close To Assange (R.)

An Ecuadorean judge on Thursday ordered that a Swedish citizen and personal friend of WikiLeaks founder Julian Assange be freed, two months after he was detained for alleged participation in a hacking attempt on the government. But Ola Bini, a 36-year-old software developer who has lived in Ecuador for five years, remains under investigation in the case and will be barred from leaving the country, according to the court ruling. Bini was detained in April at the Quito airport before boarding a flight to Japan, hours after Ecuador withdrew asylum for Assange, who had lived at its London embassy for almost seven years while facing spying charges related to WikLeaks’ 2010 publication of secret U.S. diplomatic cables.


Ecuador’s Interior Minister Maria Paula Romo had accused him of seeking to destabilize the Andean country’s government and compromising its national security. Bini has denied those allegations, but has acknowledged being close to Assange. “His right to freedom was violated,” judge Patricio Vaca said, reading the Thursday court ruling. “We accept the habeas corpus action proposed by the Swedish citizen Ola Bini, who can be immediately freed.” Bini worked at the Quito-based Center for Digital Autonomy, an organization focusing on cybersecurity and data privacy. His lawyer, Carlos Soria, told journalists on Thursday that he would ask “international courts” to determine any “prejudice” to the case that may have resulted from his arrest. “We will take actions against everyone because the court has determined that his detention was arbitrary. Now they will have to pay,” Soria said. “We will demonstrate Ola Bini’s innocence.”

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Better do it fast.

• Ten Cities Ask EU For Help To Fight Airbnb Expansion (G.)

Ten European cities have demanded more help from the EU in their battle against Airbnb and other holiday rental websites, which they argue are locking locals out of housing and changing the face of neighbourhoods. In a joint letter, Amsterdam, Barcelona, Berlin, Bordeaux, Brussels, Krakow, Munich, Paris, Valencia and Vienna said the explosive growth of global short-stay lettings platforms must be on the agenda of the next set of European commissioners. In April the advocate general of the European court of justice found in non-binding opinion that under EU law Airbnb should be considered a digital information provider rather than a traditional real estate agent.

That status, if confirmed by the court, would allow Airbnb and similar platforms to operate freely across the bloc and, crucially, relieve them of any responsibility to ensure that landlords comply with local rules aimed at regulating holiday lets. European cities believe homes should be used first and foremost for living in, the cities said in a statement released by Amsterdam city council. Many suffer from a serious housing shortage. Where homes can be rented out more lucratively to tourists, they vanish from the traditional housing market. The cities said local authorities must be able to counter the adverse effects of the boom in short-term holiday lets, such rising rents for full-time residents and the continuing touristification of neighbourhoods, by introducing their own regulations depending on the local situation .

“We believe cities are best placed to understand their residents needs”, they said. “They have always been allowed to regulate local activity through urban planning and housing rules. The advocate general seems to imply this will no longer be possible when it comes to internet giants”. After several years of strong growth, Airbnb currently has more than 18,000 listings in Amsterdam and Barcelona, 22,000 in Berlin and nearly 60,000 in Paris. Data from the campaign group InsideAirbnb last year suggested that more than half were whole apartments or houses, and that even in cities where short-term lets were restricted by local authorities, up to 30% were available for three or more months a year.

Many cities say the short-term holiday lettings boom is contributing to soaring long-term rents, although speculation and poor social housing provision are also factors. Last year Palma de Mallorca voted to ban almost all listings after a 50% increase in tourist lets was followed by a 40% rise in residential rents.

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The Big Burp.

• The Dangerous Methane Mystery (CP)

The East Siberian Arctic Shelf (“ESAS”) is the epicenter of a methane-rich zone that could turn the world upside down. Still, the ESAS is not on the radar of mainstream science, and not included in calculations by the IPCC (Intergovernmental Panel on Climate Change), and generally not well understood. It is one of the biggest mysteries of the world’s climate puzzle, and it is highly controversial, which creates an enhanced level of uncertainty and casts shadows of doubt. The ESAS is the most extensive continental shelf in the world, inclusive of the Laptev Sea, the East Siberian Sea, and the Russian portion of the Chukchi Sea, all-in equivalent to the combined landmasses of Germany, France, Great Britain, Italy and Japan.

The region hosts massive quantities of methane (“CH4”) in frozen subsea permafrost in extremely shallow waters, enough CH4 to transform the “global warming” cycle into a “life-ending” cycle. As absurd as it sounds, it is not inconceivable. Ongoing research to unravel the ESAS mystery is found in very few studies, almost none, except by Natalia Shakhova (International Arctic Research Center, University of Alaska/Fairbanks) a leading authority, for example: “It has been suggested that destabilization of shelf Arctic hydrates could lead to large-scale enhancement of aqueous CH4, but this process was hypothesized to be negligible on a decadal–century time scale. Consequently, the continental shelf of the Arctic Ocean (AO) has not been considered as a possible source of CH4 to the atmosphere until very recently.”


[..] early-stage warning signals are clearly noticeable; ESAS is rumbling, increasingly emitting more and more CH4, possibly in anticipation of a “Big Burp,” which could put the world’s lights out, hopefully in another century, or beyond, but based upon a reading of her latest report in Geosciences, don’t count on it taking so long. Shakhova’s research is highlighted in a recent article in Arctic News: “When Will We Die?” d/d June 10, 2019, which states: “Imagine a burst of methane erupting from the seafloor of the Arctic Ocean that would add an amount of methane to the atmosphere equal to twice the methane that is already there.”

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Debt Rattle Christmas Day 2018

Dec 252018
 
 December 25, 2018  Posted by at 10:28 am Finance Tagged with: , , , , , , , , , , , ,  5 Responses »


Caravaggio Nativity with St. Francis and St. Lawrence 1600

 

• The Stock Market Just Booked Its Ugliest Christmas Eve Plunge — Ever (MW)
• Japan’s Nikkei Drops 5% After Wall Street Slide Deepens (CNBC)
• US Crude Plunges 6.7%, Settling At 18-Month Low At $42.53 (CNBC)
• ‘The Worst Is Yet To Come’: Experts Say Global Bear Market Coming (CNBC)
• In Defense of the Fed (Stephen S. Roach)
• Trump, Annoyed By Resignation Letter, Pushes Out Mattis Early (R.)
• Mnuchin Holds Calls With Heads Of America’s 6 Biggest Banks Amid Shutdown (F.)
• Facebook Is The ‘Biggest Concern’ Among The FAANGs (CNBC)
• China Won’t Resort To Massive Monetary Stimulus Next Year – PBOC (CNBC)
• Gatwick Drones Pair ‘No Longer Suspects’ (BBC)
• Gatwick Police Say They Cannot Discount Possibility There Was No Drone (Ind.)
• ‘Home Alone’: Bored Trump Tweets Up Storm During Christmas Shutdown (RT)

 

 


Bette Davis and Joan Crawford were not each other’s biggest fans

 

 

I kid you not: plenty people are blaming this on Trump, too.

• The Stock Market Just Booked Its Ugliest Christmas Eve Plunge — Ever (MW)

Never mind finding coal in your stocking for the holidays. Wall Street investors scored a rare — and unwanted — gift this year. The S&P 500 index fell by 2.7% Monday, marking the first session before Christmas that the broad-market benchmark has booked a loss of 1% or greater — ever. That statistic has been confirmed by Dow Jones Market Data, which said the largest decline in the index on the trading day before Christmas was Dec. 23 in 1933.

The Dow Jones Industrial Average finished down 653 points, or 2.9%, representing its worst decline on the session prior to Christmas in the 122-year-old blue-chip gauge’s history. Check out the table below from Dow Jones Market Data:

U.S. stock indexes ended trading at 1 p.m. Eastern Time on Christmas Eve and will be closed on Christmas. The current dynamic in the market has it set for its worst monthly and yearly decline in about a decade, amid nagging concerns that the Federal Reserve is normalizing interest rates too rapidly, and that a continuing tariff dispute between China and the U.S. could devolve and help lead to a domestic recession, as international economies are already demonstrating signs of a slowdown. Also stoking anxiety was a tweet from Treasury Secretary Steven Mnuchin to assess the health of the banking system, which has raised some questions about liquidity among those institutions that had not previously been raised. Treasury officials insist that the calls to bank executives were just a routine checkup.

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The ongoing success of Abenomics.

• Japan’s Nikkei Drops 5% After Wall Street Slide Deepens (CNBC)

Japan’s Nikkei retreated to a 20-month low on Tuesday after a slide on Wall Street deepened with a series of unnerving U.S. political developments. The Nikkei share average ended the day down 5.01 percent at 19,155.74 after brushing its lowest since late April 2017. The day’s performance put the index well into bear market territory — off more than 20 percent since its October high. Japan’s broader Topix closed 4.88 percent lower at 1,415.55 after touching 1,412.90, its weakest since November 2016.

Meanwhile, in China, the Shanghai Index posted losses of more than 2 percent by mid-day, but then gained some ground back into the afternoon. Chinese sectors lost ground across the board, led by financial shares and energy firms as oil prices slumped. So far this year, the Shanghai stock index is down about 24 percent. Those Asia moves followed Wall Street stocks extending their steep sell-off on Monday, with the S&P 500 down nearly 15 percent so far this month, as investors were rattled by the U.S. Treasury secretary’s convening of a crisis group and by other political developments.

Many financial markets in Asia, Europe and North America are closed on Tuesday for Christmas Day. “Negative sentiment has replaced logic, as is often the case during a sell-off. A third of the selling is induced by panic, another third by loss-cutting and the remaining third by speculators trying to make a profit from the market rout,” said Takashi Hiroki, chief strategist at Monex Securities in Tokyo. “The sell-off is triggered almost entirely by developments in the U.S. markets, rather than by negative factors unique to the domestic market.”

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Oil swings too much to be safe.

• US Crude Plunges 6.7%, Settling At 18-Month Low At $42.53 (CNBC)

U.S. crude plunged nearly 7 percent on Monday, hitting its lowest levels in a year and half, as the oil market fell in tandem with equities amid deepening turmoil in Washington DC. The Dow Jones Industrial Average plummeted more than 600 points, while the S&P 500 closed in bear market territory. Both stock indexes were buffeted by headlines out of Washington, including a government shutdown and President Donald Trump’s reported desire to fire Federal Reserve chair Jerome Powell over the central bank’s interest rate increases.

The selling in global risk assets on Christmas Eve deepened a nearly three-month slide in oil prices. From peak to trough, U.S. crude has fallen nearly 45 percent from its 52-week high at the start of October. Brent has fallen as much as 42 percent over the same period. “For now, there’s no place to hide in any of these markets. Oil’s being taken down with the stock market and the negative sentiment that’s sweeping across really everything, and for now the downward pressure is going to persist,” John Kilduff, founding partner at energy hedge fund Again Capital told CNBC’s “Closing Bell” on Friday.

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The so-called experts see themselves as mighty smart when all they’ve done is suck from the fed’s trough. Humbug!

• ‘The Worst Is Yet To Come’: Experts Say Global Bear Market Coming (CNBC)

Volatility on Wall Street has led shares across the globe on a wild ride in recent months, resulting in a number of stock markets dipping into bear territory. That’s set to worsen in the new year, experts told CNBC on Monday. Bear markets — typically defined as 20 percent or more off a recent peak — are threatening investors worldwide. In the U.S., the Nasdaq Composite closed in a bear market on Friday and the S&P 500 entered one on Monday. Globally, Germany’s DAX and China’s Shanghai Composite have also entered bear market levels. Major market risks remain, experts said. The Federal Reserve is likely to continue raising interest rates and worries about a global economic slowdown — made worse by a trade war between the U.S. and China — are mounting.

“I would love to be more optimistic but i just don’t see too many positives out there. I think the worst is yet to come next year, we’re still in the first half of a global equity bear market with more to come next year,” Mark Jolley, global strategist at CCB International Securities, told CNBC’s “Squawk Box.” For Jolley, the big risk lies in the credit markets. With the Fed projecting another two interest rate hikes in 2019, companies will find it increasingly difficult to service their debt causing some to default or get downgraded, he said. Such weakness in the credit markets will spill over to stocks, noted Jolley. “My core scenario will be a credit event, which will further weigh on equity markets, which will definitely weigh on high growth sectors like tech,” he said.

More generally, investors have fewer reasons to be optimistic now because the Fed tightening monetary policy means there will be less money for investments, said Vishnu Varathan, head of economics and strategy at Mizuho Bank. “There is really no conviction for markets to buy back because they’re not sure this is the bottom, and so they are thinking this is the proverbial falling knives,” Varathan told CNBC’s “Squawk Box.”

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The Fed spent the past 10 years making sure its member banks kept on making indecent amounts of money. And now they need to be defended?

• In Defense of the Fed (Stephen S. Roach)

I have not been a fan of the policies of the US Federal Reserve for many years. Despite great personal fondness for my first employer, and appreciation of all that working there gave me in terms of professional training and intellectual stimulation, the Fed had lost its way. From bubble to bubble, from crisis to crisis, there were increasingly compelling reasons to question the Fed’s stewardship of the US economy. That now appears to be changing. Notwithstanding howls of protest from market participants and rumored unconstitutional threats from an unhinged US president, the Fed should be congratulated for its steadfast commitment to policy “normalization.”

It is finally confronting the beast that former Fed Chairman Alan Greenspan unleashed over 30 years ago: the “Greenspan put” that provided asymmetric support to financial markets by easing policy aggressively during periods of market distress while condoning froth during upswings. Since the October 19, 1987 stock-market crash, investors have learned to count on the Fed’s unfailing support, which was justified as being consistent with what is widely viewed as the anchor of its dual mandate: price stability. With inflation as measured by the Consumer Price Index averaging a mandate-compliant 2.1% in the 20-year period ending in 2017, the Fed was, in effect, liberated to go for growth.

And so it did. But the problem with the growth gambit is that it was built on the quicksand of an increasingly asset-dependent and ultimately bubble- and crisis-prone US economy. Greenspan, as a market-focused disciple of Ayn Rand, set this trap. Drawing comfort from his tactical successes in addressing the 1987 crash, he upped the ante in the late 1990s, arguing that the dot-com bubble reflected a new paradigm of productivity-led growth in the US. Then, in the early 2000s, he committed a far more serious blunder, insisting that a credit-fueled housing bubble, inflated by “innovative” financial products, posed no threat to the US economy’s fundamentals. As one error compounded the other, the asset-dependent economy took on a life of its own.

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Someone better collect some pieces on Mattis from 2 years ago. Won’t look anything like the sainthood declarations he’s getting today.

• Trump, Annoyed By Resignation Letter, Pushes Out Mattis Early (R.)

U.S. President Donald Trump on Sunday said he was replacing Defense Secretary Jim Mattis two months earlier than had been expected, a move officials said was driven by Trump’s anger at Mattis’ resignation letter and its rebuke of his foreign policy. On Thursday, Mattis had abruptly said he was quitting, effective Feb. 28, after falling out with Trump over his foreign policy, including surprise decisions to withdraw all troops from Syria and start planning a drawdown in Afghanistan. Trump has come under withering criticism from fellow Republicans, Democrats and international allies over his decisions about Syria and Afghanistan, against the advice of his top aides and U.S. commanders.

The exit of Mattis, highly regarded by Republicans and Democrats alike, added to concerns over what many see as Trump’s unpredictable, go-it-alone approach to global security. Trump said Deputy Defense Secretary Patrick Shanahan would take over on an acting basis from Jan. 1. In announcing his resignation, Mattis distributed a candid resignation letter addressed to Trump that laid bare the growing divide between them, and implicitly criticized Trump for failing to value America’s closest allies, who fought alongside the United States in both conflicts. Mattis said that Trump deserved to have a defense secretary more aligned with his views.

Trump, who tweeted on Thursday that Mattis was “retiring, with distinction, at the end of February,” made his displeasure clear on Saturday by tweeting that the retired Marine general had been “ingloriously fired” by former President Barack Obama and he had given Mattis a second chance.

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The only interesting question: why go public with something so ordinary?

• Mnuchin Holds Calls With Heads Of America’s 6 Biggest Banks Amid Shutdown (F.)

No need to panic. That was the message Treasury Secretary Steven Mnuchin sought to convey after holding unscheduled Sunday afternoon calls with the heads of the largest banks in America, Jamie Dimon of JPMorgan, Brian Moynihan of Bank of America, Michael Corbat of Citigroup, Tim Sloan of Wells Fargo, David Solomon of Goldman Sachs and James Gorman of Morgan Stanley. In a statement released by Treasury, Mnuchin said these CEOs confirmed “markets continue to function properly.” These bankers also assured Mnuchin their firms have the liquidity to fund themselves and their lending activities, and reported no clearance or margin issues on their trades, Treasury said.

A decade ago, such calls and terse press releases were routine Sunday events as Treasury officials, the Federal Reserve, and bank heads worked together to stem the worst financial panic since the Great Depression. This time, however, Mnuchin’s unusual efforts come amid a growing economy where credit is flowing freely. Instead of a financial panic, his comments seemed aimed at market concerns coming from political turmoil in Washington.

On Monday, Mnuchin will convene a call with the President’s Working Group on financial markets “to discuss coordination efforts to ensure normal market operations,” bringing together the Board of Governors of the Federal Reserve System, the Securities and Exchange Commission, the Commodities Futures Trading Commission, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Commission.

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They’re all grossly overvalued.

• Facebook Is The ‘Biggest Concern’ Among The FAANGs (CNBC)

One industry analyst has sounded the alarm on Facebook, calling the company the “biggest concern” among the so-called FAANG stocks. “The digital economy operates on trust, and they’ve broken trust on so many levels,” Ray Wang, principal analyst and founder at Silicon Valley-based Constellation Research, told CNBC’s “Squawk Box” on Monday. The FAANG stocks consist of Silicon Valley tech giants Facebook, Amazon, Apple, Netflix and Google-parent Alphabet.

Wang said many of Facebook’s trust woes have been “centralized” around Chief Operating Officer Sheryl Sandberg, who was in the spotlight after a New York Times report in mid-November about the executive and the social media company’s internal operations. The Times report came on the back of a series of scandals and incidents which have mired Facebook in controversy and sent its stock sinking in 2018. As of its last close after extended hours trade on Dec. 21, the company’s stock price was more than 40 percent off its 52-week high. Asked about the possibility of Sandberg departing from Facebook, Wang said it was “in the rumor category.”

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China’s afraid of the exchange rate.

• China Won’t Resort To Massive Monetary Stimulus Next Year – PBOC (CNBC)

China will not resort to “flood-like” stimulus in monetary policy next year, although it will consider more cuts as needed to reserves held at commercial banks, local media quoted a central bank adviser as saying in a report on Tuesday. The Chinese economy will face downward pressure in 2019, while the pace of growth will gradually stabilize, the 21st Century Business Herald quoted Sheng Songcheng, an advisor to the People’s Bank of China (PBOC), as saying. “Monetary policy will remain prudent and won’t be a ‘flood.’ Otherwise, funds will likely flow into the property sector again,” Sheng was quoted as saying by the state-backed newspaper.

There remains room for further cuts in banks’ reserve requirement ratios (RRRs), and Sheng does not recommend broad-based reductions in interest rates, it said. China will bolster support next year for its economy, the world’s second-largest, by cutting taxes and keeping liquidity ample, the official Xinhua news agency said after last week’s Central Economic Work Conference, an annual closed-door gathering of party leaders and policymakers. [..] On exchange rates, the central bank adviser said China should defend the yuan at the key seven-per-dollar level. “The key threshold of seven per dollar is very important. If the yuan weakens past that crucial point, the cost of stabilizing the exchange rate will be greater,” Sheng was quoted as saying.

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The level of incompetence is sobering.

Police tell BBC News they “cannot discount the possibility that there may have been no drone at all”.

• Gatwick Drones Pair ‘No Longer Suspects’ (BBC)

A man and woman arrested in connection with drone sightings that grounded flights at Gatwick Airport have been released without charge. The 47-year-old man and 54-year-old woman, from Crawley, West Sussex, had been arrested on Friday night. Sussex Police said there had been 67 reports of drone sightings – having earlier cast doubt on “genuine drone activity”. Det Ch Supt Jason Tingley said no footage of a drone had been obtained. And he said there was “always a possibility” the reported sightings of drones were mistaken.

However, he later confirmed the reported sightings made by the public, police and airport staff from December 19 to 21 were being “actively investigated”. “We are interviewing those who have reported these sightings, are carrying out extensive house-to-house inquiries, and carrying out a forensic examination of a damaged drone found near the perimeter of the airport.” Det Ch Supt Tingley said it was “a working assumption” the device could be connected to their investigation, but officers were keeping “an open mind”.

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‘We are working with human beings saying they have seen something..’ Cue 150,000 ruined holidays.

• Gatwick Police Say They Cannot Discount Possibility There Was No Drone (Ind.)

Detectives investigating the Gatwick drone attacks which caused three days of chaos for passengers say it is possible there never were any drones. Police do not have any footage of the flying machines at the airfield and are relying on accounts from witnesses and the discovery of a damaged device. The revelation by Detective Chief Superintendent Jason Tingley came after the couple arrested by Sussex Police on Friday night were released without charge. Asked about speculation there never was a drone, he said: “Of course, that’s a possibility. We are working with human beings saying they have seen something. “Until we’ve got more clarity around what they’ve said, the detail – the time, place, direction of travel, all those types of things – and that’s a big task.”

Mr Tingley said one of the “working theories” was that the damaged drone found close to the airport in Sussex was responsible for causing the disruption. “Always look at it with an open mind, but actually it’s very basic common sense that a damaged drone, which may have not been there at a particular point in time has now been seen by an occupier, a member of the public, and then they’ve told us, ‘we’ve found this’. “Then we go and forensically recover it and do everything we can at that location to try and get a bit more information.” [..] Gatwick Airport has offered a £50,000 reward through Crimestoppers for information leading to the arrest and conviction of those responsible for the chaos.

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It doesn’t matter what anybody does, Trump still hoards the attention.

• ‘Home Alone’: Bored Trump Tweets Up Storm During Christmas Shutdown (RT)

With the US government shut down due to the dispute over funding President Donald Trump’s border wall, and his family in Florida, the chief executive has chosen to spend the Christmas holiday taking potshots at critics on Twitter. Funding for about a quarter of US government services ran out on Friday at midnight, as Senate Democrats refused to endorse a House funding bill that would’ve given Trump $5.7 billion for the border wall. Trump was supposed to celebrate Christmas at Mar-a-Lago with his family, but elected to stay in the White House instead, tweeting up a storm.

Trump tweeted twenty times on Thursday, as the shutdown loomed. He continued posting on Friday (ten), Saturday (seven) and Sunday (eight), then ramped up the schedule on Monday, with ten tweets by the early afternoon. In addition to his usual complaints about “Fake News” and Democrats, Trump has also taken aim at the Federal Reserve, praised Saudi Arabia, and dismissed Washington’s envoy to the anti-ISIS coalition as an “Obama appointee” who gave Iran $1.8 billion “in CASH” as part of the “horrific” nuclear deal. He also complained, tongue firmly in cheek, about being “all alone (poor me) in the White House waiting for the Democrats to come back and make a deal on desperately needed Border Security.”

Though Trump’s Twitter tirades usually trigger the trolls, that last one brought up a multitude of call-backs to the president’s cameo in 1992’s Christmas comedy ‘Home Alone 2: Lost in New York.’

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