Menu Icon

Automatic Earth in Athens – The Big Feast

Jan 012023
 
 January 1, 2023  Posted by at 7:23 pm Finance Tagged with: , , , , , ,  6 Responses »


Nicolas Poussin A Dance to the Music of Time 1634-36

 

 

The Monastiraki Kitchen wanted to present the best Christmas dinner ever (until next Christmas) for our clients. The Big Feast. A meal for Kings and Queens. Partly because of our Automatic Earth readers’ donations, I think we got quite a ways there. Even if the dinner happened yesterday, December 31, instead of Christmas.

The Automatic Earth readers were responsible for buying €450 worth of steaks, meaning a good sized steak for 450 people (sometimes we make good deals). And we also bought tons of cookies, and charcoal, etc. Ask Filothei, she knows the details. I decided I’ll let the photos tell the story this time, not me. Here we go:

Apart from the usual food, and this time the steaks, Christmas at Monastiraki is always a time for gift bags. Hundreds of them. They contain lots of sweets, but also soaps, shampoo, warm socks and gloves etc. Very popular. We are so grateful to all those who contribute.

 

 

Really, lots of gift bags.

 

 

A crazy amount of sweets. Carloads.

 

 

And the steaks. Ever tried to prepare 450 of them?

 

 

It’s a lot.

 

 

Did I mention there were sweets? The bakers who donate these are saints. We are dealing with homeless people, for whom steaks and cakes and good chocolate are dreams. Well, Christmas is the time to make dreams come true.

 

 

And all this is dragged to the square by the crew.

 

 

Who then do the last preparations.

 

 

Yeah, Monastiraki Square is a bit magical at times.

 

 

And it’s also busy…

 

 

Before the food arrives. Gift bags! We have gift bags!

 

 

Yes. Popular.

 

 

The girl crew.

 

 

Did I mention we have sweets?

 

 

 

Thank you all soo much for making this possible. It counts. It makes a real difference. It’s a community effort. Even if you’re in Tennessee, you are part of that community.

I’ll end with the usual play:

 

 

 

Most of you will know the drill of this by now: any Paypal donations ending in $0.99 or $0.37 go straight to the Monastiraki kitchen, while other donations go to the Automatic Earth -which also badly needs them. (Note: a lot of Automatic Earth donations also end up at the kitchen).

I dislike few things more than asking people for money, even though the Automatic Earth now runs primarily on donations, and there’s some sweet justice in that as well, in depending on people’s appreciation of what we do, instead of ad revenues.

But I cannot do this on my own right now. The Monastiraki kitchen will realistically need about €1,500 per month (not all from my readers). I don’t have that to spare. So I’m calling on you. Unashamedly, because I know there is no reason to be ashamed of the cause.

I love all you people, and I’m sorry I can’t thank you all individually who have supported -and still do- the Monastiraki kitchen and the Automatic Earth all this time, and I ask you to keep on doing just that. The details for donations on Paypal and Patreon, for both causes, are in the top of the two sidebars of this site. Could not be much easier. If you’d rather send a check, go to our Store and Donations page. Bitcoin: 1HYLLUR2JFs24X1zTS4XbNJidGo2XNHiTT.

Love you. Thank you. This kitchen would not exist without you, these people would not get fed.

 

 


Monastiraki Square

 

 

 

We try to run the Automatic Earth on donations. Since ad revenue has collapsed, you are now not just a reader, but an integral part of the process that builds this site. Thank you for your support.

 

 

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

 

Automatic Earth in Athens June 2022

Jun 122022
 
 June 12, 2022  Posted by at 1:21 pm Finance Tagged with: , , , , , ,  2 Responses »


Evelyn De Morgan Night and Sleep 1878

 

 

Yes, yes, I know, high time for another update on the Monastiraki kitchen you have been so wonderfully, gracefully supporting for 7 years now (I first got here in June 2015). First of all, we are doing great, the level of commitment of the crew is unprecedented, very happy with that, it’s rare. I remember in 2015 there were 51 NGOs “helping” the refugees on Lesbos, for millions of EU funded euros, but the Monastiraki kitchen is something entirely different. Give your time, your money, your love. We want no official status, no subsidies, no CEO who makes a ton of money, we just do it.

BUT: see, if you have “just” your family to feed, you’ll be scared seeing prices for food and energy rise. When you feed 500 people, it’s a whole different story. And a much scarier one. Because I realize that there is no way prices will not rise much more. Rising energy prices -which have yet to be reflected in store prices- guarantee that, and so does the slim edge on which many people here already live. We will go from feeding 500 people to 600-700?!, and the food for every one of them will cost 40-50% more than it did before. That is our future.

 

I saw this report a few days ago on RT (so no link, RT’s only on my phone in Greece), and scary as it looks, it still downplays matters a lot -because it’s based on “official” numbers”. Inflation at 11%? Well, not in my supermarket, it’s more like prices have almost doubled. But look at the energy costs that even official numbers cite:

Inflation in Greece surged to 11.3% year-on-year in May from 10.2% recorded in the previous month, according to the latest data from the Hellenic Statistical Authority (ELSTAT). According to ELSTAT, natural gas prices saw an annual surge of 172.7%, while electricity bills increased 80.2% and expenses for heating oil grew by 65.1%. The cost of housing reportedly soared 35% year-on-year, transportation prices were up 18.8%, while prices for food and non-alcoholic beverages jumped by 12.1%.

Foods included in the ‘household basket’ saw the biggest price increases with oil and fat rising by 23.2% and dairy by 14.1%. Prices for meat, bread and cereal, and vegetables increased by 13.8%, 13.4%, and 13%, respectively. Meanwhile, prices for fresh fruit grew by 10.8%. Coffee and tea, juice and other beverages, and sweets saw price hikes of 6.3%, 5.6%, and 4.7%, respectively. The price of fish rose 4.1%, while that of alcohol saw an increase of 2.1%.

Greece’s annual EU-harmonized inflation also saw a sharp rise to 10.5% in May from 9.1% in April, further squeezing disposable incomes. EU-harmonized inflation is an index of components used across the EU to measure inflation in a consistent way.

The reality of food prices is a much more grim. In my last article on the kitchen, Dec ’21, I said prices were up 35% from a year ago. Since then, beautiful Filothei -who does the shopping- says this is what happened to prices for our staples:

• Mince meat + 37%
• Pasta + 38%
• Cheese +50%
• Tomato paste +27%
• Vegetables + 50%
• Plates: the aluminum ones we used are up over 100%, we -hope we- found a cheaper plastic solution, but still +40%

 

 

On top of that, there are the energy prices. If and when electricity is up 80%, and heating oil 65%, it doesn’t take much brain capacity to figure out that an already battered population is in for a world of trouble. So for us, not only are prices rising, so will -and is- our client base. Double whammy. Already 500 meals instead of 250. Already our new reality, and there is no end in sight. The influence of rising energy costs on food prices will take another 6 months or so to seep through. That is not included in today’s prices! But it will be. And there is no guarantee any government can control any of it, let alone the Greek one. I must admit it scares me at times. At this point we even must worry also about the Monastiraki kitchen crew members; are they alright? Do they have a place to live, food to eat?

 

Here’s the money we have spent from your donations since my last Monastiraki kitchen article on December 12:

• Dec 21 €400 plates, €50 spices
• Dec 28 €1,500 checks supermarket
• Mar 2 2022 €109.20 table (old one was broken, must be foldable, easy to transport)
• Mar 22 2022 €400 plates
• April 12 €320 olive oil, 3×19 liters tins, 1 free , excellent quality organic oil – From the nuns in the convent that also owns our home base, which we can use for free. We have an agreement that we will fix it up, but that would cost €5000 or so, and with prices rising as they do, even if we had the money, we couldn’t spend it on that. Which means we still have no fridge, no safe storage for food (mice, insects). Double edged sword.-
• Water : We made a deal with a store to buy 100 bottles of cold water for €30 every week (18 weeks=€540). Summers here are hot, it’s simply needed. No running water on the square, no fridge, got to be practical.
• June 7 €1500 checks supermarket

 

 

I asked Filothei why €1,000 in supermarket checks we bought in September lasted 3 months, and €1,500 from December lasted 5 months. As prices rose 30% or more. Her reply, basically, is that we went though much of our storage supply. That doesn’t appear to me to be the way to go if you already know things will only get more expensive. Storage should be full, even if we have to store the pasta under our beds. Filothei thinks it will take €450-€550 to replenish the storage, we’ll do that ASAP. So the €1,500 we spent on checks last week is really only €1,000. Important details.

 

 

Also, I should never forget the local people who support the kitchen. There is a baker who sends over enough bread for everyone. Another baker sends over tons of fantastic sweets, luxurious pies etc., every week (€100 each time?). They wish to remain anonymous. And there are many like them. The store where we get the water sends over food for vegetarians, to name one example. Plus, of course, most vegetables come from Filothei’s organic garden (how big does a garden have to be before you call it a farm?!). It’s a brilliant operation, and I’m proud to be part of it.

We are a lucky kitchen. Because of all these people, and because of you. Thank you. I’ll end with the usual play:

 

 

 

Most of you will know the drill of this by now: any Paypal donations ending in $0.99 or $0.37 go straight to the Monastiraki kitchen, while other donations go to the Automatic Earth -which also badly needs them. (Note: a lot of Automatic Earth donations also end up at the kitchen).

I dislike few things more than asking people for money, even though the Automatic Earth now runs primarily on donations, and there’s some sweet justice in that as well, in depending on people’s appreciation of what we do, instead of ad revenues.

But I cannot do this on my own right now. The Monastiraki kitchen will realistically need about €1,500 per month (not all from my readers). I don’t have that to spare. So I’m calling on you. Unashamedly, because I know there is no reason to be ashamed of the cause.

I love all you people, and I’m sorry I can’t thank you all individually who have supported -and still do- the Monastiraki kitchen and the Automatic Earth all this time, and I ask you to keep on doing just that. The details for donations on Paypal and Patreon, for both causes, are in the top of the two sidebars of this site. Could not be much easier. If you’d rather send a check, go to our Store and Donations page. Bitcoin: 1HYLLUR2JFs24X1zTS4XbNJidGo2XNHiTT.

Love you. Thank you. This kitchen would not exist without you, these people would not get fed.

 

 

 

 

 

We try to run the Automatic Earth on donations. Since ad revenue has collapsed, you are now not just a reader, but an integral part of the process that builds this site. Thank you for your support.

 

 

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

 

Automatic Earth in Athens Christmas 2021

Dec 122021
 
 December 12, 2021  Posted by at 2:25 pm Finance Tagged with: , , , , , , , , ,  6 Responses »


Giovanni Bellini The Feast of the Gods c1514 (completed by his disciple, Titian, 1529)

 

 

Yes, it’s high time again for an update on the Monastiraki kitchen, which the Automatic Earth has been – in various iterations- supporting since June 2015. One issue I have is that the main activity of the kitchen, cooking food, is the same all the time, so how do you write an interesting story about it several times a year, for 6,5 years now?

Let’s see how far we get this time. The kitchen runs more than ever, it is thriving, and expanding too. One thing that stood out this year was the wildfires that hit near Athens in 2021 in the first half of August. The Monastiraki kitchen was very active in the fall-out of those fires, in several different locations around the city.

A lot of food needed to be prepared, not only for the direct victims, people who lost their homes etc., but also for the firemen- and women who came from all over Europe to help fight the fires. The Greek government doesn’t appear to be very adept at tackling the logistics such an event brings along, so it relies on charity movements to fill in for it.

There were a number of groups, not just our kitchen, involved, the Love Van/ Scouts Of New Eritrea/ 4×4 Ekalis, and even our old friend Konstantinos and O Allos Anthropos. Together they were preparing 10,000 meals per day, plus salads and fruits, and cooking 16 hours a day. It looked something like this (I think I count 8 pots running simultaneously):

 

 

That photo was taken on the large island of Evia, northeast of Athens, 180 km long and 50 km wide at its widest point, which sustained enormous damage from the fires. It will take many years, perhaps decades, to recover.

Cooking on Evia also looked something like this. In Filothei’s own words: “After 16 hours cooking non stop, the gypsy was with out shoes, like that”.

 


 

That photo is a nice lead-in to my next topic. Look at the size of that pot. We have since bought a much bigger one, because we had to. The old 100 liter pot was simply not big enough anymore, the law of supply and demand. It took a while to find one at a good price, for a few months the best deal we could find was €700. But eventually we got one for €175. It lacks a protective layer above the bottom, but I understand that is not strictly necessary (bit more cleaning).

Turned out the guy we bought it from knew about the kitchen, and was very happy to help; he delivered it personally, gave us a lid for free, all good. If you compare the size of the pot in Filothei’s barefoot photo above with this next one, you get an idea of how big that thing is.

 

 

We went from a 100 liter pot to a 220 liter one, from 200+ meals tot 440+ meals per cooking. We still use the smaller one as well, of course, if the need is there. Two weeks ago, for instance, the kitchen made 641 meals in one cooking. Part of that was for a “sister-kitchen” in the port city of Piraeus, where there are also a lot of homeless people.

Piraeus is not only a very large commercial port, it is also home to all the ferries that service the Greek islands, and therefore a major tourism hub. And of course the authorities don’t want the tourists to see the homeless, so they have a hard life out there.

The pots side by side look like this, to give you another comparison:

 

 

And yes, it must obviously be thoroughly cleaned after each cooking:

 

 

Just as obviously, making 2-3 times more food is also going to cost a lot more. In summer, most of the vegetables will come from Filothei’s massive garden, but right now, that is a lot less. On top of that, prices at the supermarket for vegetables as well as the staples we buy there with the checks I purchase with your donations, pasta, canned tomatoes, meat, cheese, we checked it vs a year ago, are up by about 35% overall. So are the plates we use. Sign of the times.

We still have some money left from donations, thanks mainly to Ms. Barefoot Penny-Pincher, but I will still appeal to your Christmas spirit, so we can start 2022 in good spirits too.

In other words, the Monastiraki kitchen is thriving like never before, and your help will be needed to let it continue to do that. We expect to ultimately double the output to at least 400 meals twice a week, and if the Greek government insists on taking away €100 a month from everyone over 60 who has not been vaxxed, while a pension is €730 monthly, who knows how much more we will need to do?

I haven’t talked at all about the Covid restrictions and mandates that are being implemented here all the time, but they are pretty strict, and as always, it is guaranteed that a society’s weakest members, the homeless, will in the end bear the brunt of them.

I’m not going to vent my own view on the entire situation, either here abroad, we do that enough every day, but this is an aspect I think we should all keep in mind: the main victims of any such event are always the same: the children, the elderly and the poorest. And in the case of Covid, that risks remaining hidden by the complaints of everyone else, because everyone feels like a victim.

 

 

One more thing: at some point in spring, the crew wanted to make me a T-shirt, like they made for themselves, the ones you can see in some of the photos, and here:

 

 

And I said: why don’t we make T-shirts for all the homeless clients too? They have more use for it than I do, and the visibility is good. The idea died because Ms. Penny-Pincher thought it was too expensive at €4 a piece, but I will make sure it is revived at some point. Make 200 for the homeless, and 200 to sell on the Automatic Earth site, with revenue going to the kitchen. Sounds pretty good. It must be organized, and I’m not going to be the one packaging and sending them, but we’ll find a solution for that.

 

 

Merry Christmas to you all from everyone at the Monastiraki kitchen -there’s often about 20 of them-. And once again: we couldn’t do it without you. I’ll end with the same bit I did last time, the donation details.

 

 

 

 

Most of you will know the drill of this by now: any Paypal donations ending in $0.99 or $0.37 go straight to the Monastiraki kitchen, while other donations go to the Automatic Earth -which also badly needs them. (Note: a lot of Automatic Earth donations also end up at the kitchen).

I dislike few things more than asking people for money, even though the Automatic Earth now runs primarily on donations, and there’s some sweet justice in that as well, in depending on people’s appreciation of what we do, instead of ad revenues.

But I cannot do this on my own right now. The Monastiraki kitchen will realistically need about €1,500 per month. I don’t have that to spare. So I’m calling on you. Unashamedly, because I know there is no reason to be ashamed of the cause.

I love all you people, and I’m sorry I can’t thank you all individually who have supported -and still do- the Monastiraki kitchen and the Automatic Earth all this time, and I ask you to keep on doing just that. The details for donations on Paypal and Patreon, for both causes, are in the top of the two sidebars of this site. Could not be much easier. If you’d rather send a check, go to our Store and Donations page. Bitcoin: 1HYLLUR2JFs24X1zTS4XbNJidGo2XNHiTT.

Love you. Thank you. This kitchen would not exist without you, these people would not get fed.

 

 

 

We try to run the Automatic Earth on donations. Since ad revenue has collapsed, you are now not just a reader, but an integral part of the process that builds this site. Thank you for your support.

 

 

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

 

Automatic Earth in Athens Spring 2021

Mar 262021
 
 March 26, 2021  Posted by at 8:38 pm Finance Tagged with: , , , , , , , ,  8 Responses »


Filothei Skitzi Strapping girl 2021

 

 

Yesterday was Greece’s version of Independence Day, in their case the day the War of Independence from the Ottoman empire started in 1821. Unfortunately, it was so brutally cold -for Greece, that is, at 0ºC- that festivities were “dampened”. Moreover, due to Covid restrictions, people were barred from attending the traditional military parade (due to 1821, and having Turkey as a neighbor, many Greeks still love having an army) in the streets of Athens.

The only ones “allowed” to watch the parade were now the likes of Prince Charles and his horse wife, plus some ambassadors etc. While after almost 5 months of severe lockdown, and spring on the horizon, people really needed some relief in the form of a party. And a national party works best for that. Oh well, spring will come soon, and then soon after that, 39.9ºC. That’s where the weather service always seems to stop counting. It’s like the Y2K bug. A running gag.

I was re-reading the last things I wrote about the Monastiraki kitchen, November and December 2020, just to get back in the spirit, and to find things that I have already talked about, so as not to repeat myself. Cooking food is not the most exciting activity in the world by itself, to write about, or to film, as I always notice when I happenstance upon some TV cooking show.

 

What’s interesting about the social kitchen we run here is all the stories around it, not the cooking itself. I -and you, my readers- have been supporting this initiative for almost 6 years already, imagine that!. Many things have happened, many things have changed along the way, and wouldn’t you know, in the hardest time of all, the lockdowns that take everyone’s breath and life away, being involved in “the kitchen” -as we call it- feels better than ever.

It’s not just that the homeless need us more than ever before, though that is undoubtedly true, it’s also that the volunteers who work in the kitchen get even more of a sense of pride and self-worth from doing something that really changes human lives. Don’t underestimate the loss of pride, of having a goal in life, there are so many facets to this, of not being able to do your job for 5 months. And then to be able to contribute to helping the neediest people in your society, it gains a whole new meaning.

After a year of lockdowns, off and on, societies that have lived through them will irreparably change, even if the people that live in them, will not recognize that now. Most people still think of a return to “normal”. There will be no such thing. Once governments stop propping up businesses and workers financially, which they will have to, there will be a flood of unemployment and business closures. We will need a new “paradigm”, but that will take time.

Greece depends on tourism and hospitality to a much larger extent than most economies. And tourism won’t come back to former heights, this year or next. The virus is not gone, and vaccinating everyone will not solve the issue. Not that politicians and “experts” won’t pretend it will. Greece will win back some part of its tourism industry, but that risks bringing more virus into the country. And tourists, like the British, will be told not to come, by their own governments. Some “repair”, but far short of full.

So once the bars and restaurants open here, they are going to start firing people. The government is well aware of this, and talks about 100s of 1000s of job losses. This will happen everywhere, but in an economy so dependent on hospitality, much more. Summer will feel sort of okay, but after that, we will have many more clients in the Monastiraki kitchen. It’s as clear as day.

 

 

 

Filothei and I went to purchase €1,000 more in supermarket checks, from your donations, on Tuesday. She managed to spread the first €1,000 worth out over 3 months. Me, I like that she is aware of value, respect etc., but I also say sometimes that it’s alright to spend some money. For her, it‘s about every penny, every comma. But that has disadvantages as well: she spends so much time trying to get the best deal on everything that at some point I am sure that her time could be spent in a better way. And that people will understand that.

Example: the kitchen needs plates. We had a donation, 2 years ago, from a company that makes them, of 21,000 plates (they were misprints). We want, in industry terms, “bio-boxes”. As in, not plastic, but paper/cardboard. Those plates are now gone, and we need more. But these things are expensive, and Filothei thinks all donations should go to buying food. I agree, but at the same time, a social kitchen must do what it should do. I personally think some company should donate them to us, and they can put their logo on it, and feel good about supporting us, but in lockdown, no companies make any money. And we still need the plates.

We will buy maybe 6,000 of them soon, and pay maybe €600 for that, and yes, it’s not food, but it’s necessary. In these times, you can look at these companies’ websites, and their products, but most “bio-boxes” are for sandwiches, not hot meals. Yeah, entirely new issues for me too 😉 And all the companies are closed too, so it’s very hard to go check them out. That’s when you realize how crazy these times really are.

 

Other things we did this winter: we bought an umbrella. I told you the place where the cooking takes place is a little stone yard, with no roof. I also said we would pay the €200 for the umbrella with €100 from donations and I would pay the rest. And then it took 40 days, 30 phone calls, and people from the kitchen going there themselves, to finally get it. Welcome to the lockdown economy .

 

 

But isn’t it beautiful? It covers almost the entire yard. Yeah, again, it’s money not spent on food, but it’s needed nonetheless. It has been on several occasions already, and it will be there for years to come. Money well spent.

 

 

Another thing I bought is more facemasks, I paid for those myself, not from your donations. I don’t like the mandates for them much, with people wearing masks outside in the street, that doesn’t make much sense. But for the kitchen, with people working close together, and later handing out the food to the homeless, it does. Risk assessment. Only, wear the best ones then, why wouldn’t you? Why wear a sock on your face when you can get actual protection? These are FFP3 masks, in US terms that would be N95+, they have extra strips inside to connect them to your face, and their active ingredient is activated carbon, not salt. Why not do it well if you do it anyway?

 

 

Oh wait, that’s true, Filothei last week made 60 kilos (!) of lemon marmalade (which probably took 70 kilos of sugar) to hand out, because “the homeless need sugar and salt when it’s cold outside”.

 

 

We are up to 2 cookings a week at Monastiraki now, plus another one at Piraeus that depends on our staples to a large extent. And we’re not going to stop, or halt, or pause. Yes, the summer weather will relieve the pressure somewhat on the “immediate front”, but we need to look ahead too. The economic troubles won’t go away, and neither will the virus. And the people to be first hurt by that are always the same, the poorest, and their legions are growing. And that’s why we do what we do. This team is unbeatable. Despite all the police threats of fines and prison and what not, people always show up for “work”, and the food always gets delivered.

And we do it with love. Lots of it.

 

I’ll leave you with the same last paragraphs I’ve used the past few times when I wrote about the Monastiraki kitchen. You know how this works.

 

 

Most of you will know the drill of this by now: any Paypal donations ending in $0.99 or $0.37 go straight to the Monastiraki kitchen, while other donations go to the Automatic Earth -which also badly needs them. (Note: a lot of Automatic Earth donations also went to the kitchen this winter).

I dislike few things more than asking people for money, even though the Automatic Earth now runs primarily on donations, and there’s some sweet justice in that as well, in depending on people’s appreciation of what we do, instead of ad revenues.

But I cannot do this on my own right now. The Monastiraki kitchen will realistically need about €1,500 per month. I don’t have that to spare. So I’m calling on you. Unashamedly, because I know there is no reason to be ashamed of the cause.

I love all you people, and I’m sorry I can’t thank you all individually who have supported -and still do- the Monastiraki kitchen and the Automatic Earth all this time, and I ask you to keep on doing just that. The details for donations on Paypal and Patreon, for both causes, are in the top of the two sidebars of this site. Could not be much easier. If you’d rather send a check, go to our Store and Donations page. Bitcoin: 1HYLLUR2JFs24X1zTS4XbNJidGo2XNHiTT.

Love you. Thank you. This kitchen would not exist without you, these people would not get fed.

 

 

 

We try to run the Automatic Earth on donations. Since ad revenue has collapsed, you are now not just a reader, but an integral part of the process that builds this site. Thank you for your support.

 

 

Support the Automatic Earth in virustime. Click at the top of the sidebars to donate with Paypal and Patreon.

 

Debt Rattle March 19 2021

Mar 192021
 
 March 19, 2021  Posted by at 8:38 am Finance Tagged with: , , , , , , , ,  35 Responses »


Camille Corot Study for “The Destruction of Sodom” 1843

 

• Biden’s Tough-Guy Flexing At ‘Soulless Killer’ Putin Would Be Funny If.. (RT)
• Putin Challenges Biden To A Live Public ‘Discussion’ (JTN)
• Biden ‘Clearly Doesn’t Want Good Relations’ With Russia – Kremlin (RT)
• A Brief List Of Official Russia Claims That Proved To Be Bogus (Taibbi)
• Journalists Yesterday Spread a Significant Lie All Over Twitter (Greenwald)
• US and China Publicly Rebuke Each Other In First Major Talks Of Biden Era (G.)
• Covid Spiking In Over A Dozen States—Most With High Vaccination Rates (F.)
• Norwegian Scientists Say AstraZeneca DID Cause Blood Clots (RT)
• Your Unvaccinated Kid Is Like a Vaccinated Grandma (Oster)
• How The US Military Subverted The Afghan Peace Agreement (GZ)
• FBI Now Probing Cuomo’s Corporate Immunity Law (DO)
• Without Trump, Is A “Depression In Television” Coming? (Taibbi)
• Building or Unbuilding America? (Nomi Prins)
• Growth Of US Homelessness During 2020 Was Devastating – HUD (NPR)

 

 

 

 

My thought exactly. He made the whole thing up. Or rather, someone did it for him.

• Biden’s Tough-Guy Flexing At ‘Soulless Killer’ Putin Would Be Funny If.. (RT)

[..] the likelihood of the Biden-Putin meeting occurring as described by Joe Biden is slim to none. When Biden made his trip to the Kremlin in 2011, he was fronting for the Obama administration’s “reset” with Russia. There was no opportunity, or need, for Biden’s faux machismo. The two men did meet, but as part of delegations discussing the possibility for improving relations. Not only would Biden’s insulting verbal flexing have been wildly inappropriate and inconsistent with the larger policy objectives of his visit, but it ran counter to his own feelings, expressed at the time, about Russia. “Russia has the best engineers in the world,” Biden said in a press conference after his meeting with Putin (who was serving as Russia’s prime minister, not president, at the time.) “Russia has intellectual capital. Russia is a great nation.”

These are not words one utters after telling a Russian leader in private that he has “no soul.” Biden’s struggle with the truth is well known, so it should come as no surprise to anyone that he possibly made up a meeting with Putin. Biden has been caught plagiarizing a speech delivered by former British Labour Party leader Neil Kinnock, lied about his academic record and accomplishments, and manufactured from whole cloth a narrative that has him participating in the civil rights movement of the 1960s. Biden’s lies all have one goal in common: to make him out to be that which he is not. So, too, his apparent lie about calling Putin soulless. Biden is desperate to be a ‘tough guy’. But for that reputation to stick vis-à-vis Putin, there had to be a ‘showdown’ moment, where the good guy faced off against the bad guy and called him out.

Since no such event exists, Biden had to make one up. And, like most of his lies, Biden repeats them long enough and often enough that they take on a life of their own, embraced as fact by unquestioning journalists. In his interview with Stephanopoulos, Biden raised the findings of the DNI report, and his conversation with Putin. “He will pay a price. We had a long talk, he and I. I know him relatively well and the conversation started off [like this]: I said, ‘I know you and you know me. If I establish this occurred, then be prepared.’”

Biden does not know Putin well at all. If he did, he would know that the last thing that would give the Russian leader pause were the fanciful tough-guy posturing of a geriatric president. There is little doubt that the Biden administration will impose additional sanctions against Russia in the days and weeks to come, citing the report as justification. There is also little doubt that these sanctions will have no impact whatsoever on the policies and practices of the Russian government. But that is not the point. Biden is not flexing for the benefit of Putin. His audience is the American people, and part and parcel of a coordinated campaign designed to drive home his mantra that “America is back.”

Read more …

Biden’s too busy.

• Putin Challenges Biden To A Live Public ‘Discussion’ (JTN)

Russian President Vladimir Putin has suggested that he and American President Joe Biden engage in a live public “discussion.” The Russian leader’s proposal comes after Biden, when asked earlier this week during an ABC News interview whether he believes Putin is a killer, responded that he does believe that. A U.S. intelligence report indicates that Putin authorized influence operations related to the 2020 U.S. election, and during the interview Biden said that Putin “will pay a price.” Biden said that he told Putin: “If I establish this occurred, then be prepared.”

The intelligence report states in part: “We assess that Russian President Putin authorized, and a range of Russian government organizations conducted, influence operations aimed at denigrating President Biden’s candidacy and the Democratic Party, supporting former President Trump, undermining public confidence in the electoral process, and exacerbating sociopolitical divisions in the US.” “I’ve just thought of this now,” the Russian president told a Russian state television reporter, according to ABC News. “I want to propose to President Biden to continue our discussion, but on the condition that we do it basically live, as it’s called. Without any delays and directly in an open, direct discussion. It seems to me that would be interesting for the people of Russia and for the people of the United States.”

Putin suggested that the “discussion” with Biden could be held on Friday or Monday: “I don’t want to put this off for long. I want to go the taiga this weekend to relax a little,” Putin said. “So we could do it tomorrow or Monday. We are ready at any time convenient for the American side.” When asked during Thursday’s press briefing if the idea is one that the administration would consider, White House Press Secretary Jen Psaki told the reporter she would need to “get back to you if that is something we are entertaining,” and noted that Biden will be busy in Georgia on Friday.

Read more …

Recalling your ambassador is a serious step.

• Biden ‘Clearly Doesn’t Want Good Relations’ With Russia – Kremlin (RT)

The Kremlin has claimed that comments from American President Joe Biden, in which he said he believes his Russian counterpart, Vladimir Putin, to be a “killer,” is proof Washington isn’t serious about relations with the country. Speaking to journalists on Thursday, Kremlin spokesman Dmitry Peskov said there was no precedent for the remarks in the history of the two nations. “These are very bad statements by the US president,” he added. “He clearly doesn’t want to establish a relationship with our country, and we will proceed on that basis.” In the TV interview with ABC, which aired on Wednesday, Biden was asked by chief anchor George Stephanopoulos whether he thought Putin was “a killer.” “Mmm hmm, I do,” he replied.

He added that he had warned the Russian leader that the US would take action if it found evidence of Moscow meddling in the country’s 2020 presidential election. “He will pay a price,” Biden said. “We had a long talk, he and I… I know him relatively well. And the conversation started off, I said, ‘I know you and you know me. If I establish this occurred, then be prepared.’” A joint report by Washington’s spy agencies, published the day before, alleged that Russia was behind a campaign to “denigrate” Biden’s reputation during the campaign. The Kremlin has blasted the allegations, insisting it had not engaged in political smears against any candidates.

On Wednesday evening, Russia’s ambassador to the US, Anatoly Antonov, was recalled to Moscow for talks on the future of ties with Washington. Foreign Ministry spokeswoman Maria Zakharova said that consultations were needed “to analyze what to do and where to head in the context of relations with the US.” The remarks have sparked a wave of criticism from Russian officials. The speaker of the country’s parliament, Vyacheslav Volodin, added his voice to those claiming the remarks were indicative of a diplomatic rift. The top politician argued that “this is a tantrum that comes from powerlessness. Putin is our president, attacking him is an attack on our country.”

Read more …

“We’ve spent the last five years watching as anonymous officials make major Russia-related claims, only to have those evidence-free claims fizzle.”

• A Brief List Of Official Russia Claims That Proved To Be Bogus (Taibbi)

The Office of the Director of National Intelligence (ODNI) has released a much-hyped, much-cited new report on “Foreign Threats to the 2020 Elections.” The key conclusion: “We assess that Russian President Putin authorized, and a range of Russian government organizations conducted, influence operations aimed at denigrating President Biden’s candidacy and the Democratic Party, supporting former President Trump, [and] undermining public confidence in the electoral process…” The report added Ukrainian legislator Andrey Derkach, described as having “ties” to “Russia’s intelligence services,” and Konstantin Kilimnik, a “Russian influence agent” (whatever that means), used “prominent U.S. persons” and “media conduits” to “launder their narratives” to American audiences.

The “narratives” included “misleading or unsubstantiated allegations against President Biden” (note they didn’t use the word “false”). They added a small caveat at the end: “Judgments are not intended to imply that we have proof that shows something to be a fact.” As Glenn Greenwald already pointed out, the “launder their narratives” passage was wolfed down by our intelligence services’ own “media conduits” here at home, and regurgitated as proof that the “Hunter Biden laptop story came from the Kremlin,” even though the report didn’t mention the laptop story at all. Exactly one prominent reporter, Chris Hayes, had the decency to admit this after advancing the claim initially. With regard to the broader assessment: how many times are we going to do this? We’ve spent the last five years watching as anonymous officials make major Russia-related claims, only to have those evidence-free claims fizzle.

From the much-ballyhooed “changed RNC platform” story (Robert Mueller found no evidence the changed Republican platform was “undertaken at the behest of candidate Trump or Russia”), to the notion that Julian Assange was engaged in a conspiracy with the Russians (Mueller found no evidence for this either), to Michael Cohen’s alleged secret meetings in Prague with Russian conspirators (“not true,” the FBI flatly concluded) to the story that Trump directed Cohen to lie to Congress (“not accurate,” said Mueller), to wild stories about Paul Manafort meeting Assange in the Ecuadorian embassy, to a “bombshell” tale about Trump foreknowledge of Wikileaks releases that blew up in CNN’s face in spectacular fashion, reporters for years chased unsubstantiated claims instead of waiting to see what they were based upon.

The latest report’s chief conclusions are assessments about Derkach and Kilimnik, information that the whole world knew before this report was released. Hell, even Rudy Giuliani, whose meeting with Derkach is supposedly the big scandal here, admitted there was a “50/50 chance” the guy was a Russian spy. Kilimnik meanwhile has now been characterized as having “ties” to Russian intelligence (Mueller), and as a “Russian intelligence officer” (Senate Intelligence Committee), and is now back to being a mere “influence agent.” If he is Russian intelligence, then John McCain’s International Republican Institute (where Kilimnik worked), as well as embassies in Kiev and Moscow (where Kilimnik regularly gave information, according to the New York Times), have a lot of explaining to do.

Read more …

“..these career spies and propagandists, led by Obama CIA Director and serial liar John Brennan..”

• Journalists Yesterday Spread a Significant Lie All Over Twitter (Greenwald)

Journalists with the largest and most influential media outlets disseminated an outright and quite significant lie on Tuesday to hundreds of thousands of people, if not millions, on Twitter. While some of them were shamed into acknowledging the falsity of their claim, many refused to, causing it to continue to spread up until this very moment. It is well worth examining how they function because this is how they deceive the public again and again, and it is why public trust in their pronouncements has justifiably plummeted. The lie they told involved claims of Russian involvement in the procurement of Hunter Biden’s laptop. In the weeks leading up to the 2020 election, The New York Post obtained that laptop and published a series of articles about the Biden family’s business dealings in Ukraine, China and elsewhere.

In response, Twitter banned the posting of any links to that reporting and locked The Post out of its Twitter account for close to two weeks, while Facebook, through a long-time Democratic operative, announced that it would algorithmically suppress the reporting. The excuse used by those social media companies for censoring this reporting was the same invoked by media outlets to justify their refusal to report the contents of these documents: namely, that the materials were “Russian disinformation.” That claim of “Russian disinformation” was concocted by a group of several dozen former CIA officials and other operatives of the intelligence community devoted to defeating Trump.

Immediately after The Post published its first story about Hunter Biden’s business dealings in Ukraine that traded on his influence with his father, these career spies and propagandists, led by Obama CIA Director and serial liar John Brennan, published a letter asserting that the appearance of these Biden documents “has all the classic earmarks of a Russian information operation.” News outlets uncritically hyped this claim as fact even though these security state operatives themselves admitted: “We want to emphasize that we do not know if the emails…are genuine or not and that we do not have evidence of Russian involvement — just that our experience makes us deeply suspicious that the Russian government played a significant role in this case.” Even though this claim came from trained liars who, with uncharacteristic candor, acknowledged that they did not “have evidence” for their claim, media outlets uncritically ratified this assertion.

Read more …

Blinken got his ass handed to him.

• US and China Publicly Rebuke Each Other In First Major Talks Of Biden Era (G.)

The United States and China have clashed over human rights during their first face-to-face high-level talks since Joe Biden took office, with one senior Chinese official urging the US to address “deep-seated” issues such as racism, and accusing his American counterparts of “condescension”.Any hopes that the meeting, in Anchorage, would reset bilateral ties after years of tensions over trade and cyber security during Donald Trump’s presidency evaporated when US secretary of state Antony Blinken and national security adviser Jake Sullivan opened their meeting with China’s top diplomat Yang Jiechi and state councillor Wang Yi.

After Blinken referred to rising global concern over Beijing’s human rights record, Yang said: “We hope that United States will do better on human rights. The fact is that there are many problems within the United States regarding human rights, which is admitted by the US itself,” he said in a 15-minute speech that appeared to irritate Blinken. He added that US human rights issues were “deep-seated … they did not just emerge over the past four years, such as Black Lives Matter”. In his opening remarks Blinken had said world leaders had voiced “deep satisfaction” that the US was re-engaging with the international community after four years of Trump’s “America First” doctrine. “I’m also hearing deep concern about some of the actions your government is taking.”

Blinken, who added he had heard similar sentiments during his visits this week to Japan and South Korea, said the Biden administration and its allies were united in pushing back against China’s increasing authoritarianism and assertiveness at home and abroad. In response, Yang angrily demanded that the US stop pushing its own version of democracy at a time when it was dealing with discontent among its own population. “We believe that it is important for the United States to change its own image and to stop advancing its own democracy in the rest of the world,” he said. “Many people within the United States actually have little confidence in the democracy of the United States.” “China will not accept unwarranted accusations from the US side,” Yang said, adding that recent developments had plunged relations “into a period of unprecedented difficulty” that “has damaged the interests of our two peoples.”

Read more …

Get healthy.

• Covid Spiking In Over A Dozen States—Most With High Vaccination Rates (F.)

Coronavirus cases are again spiking in 13 U.S. states, according to an analysis of trends over the past week, including some states among the highest in vaccination rates as health experts warn more contagious variants of Covid-19 will soon dominate the United States. An Axios analysis found Michigan by far leading the way in new cases, with the 7-day rolling average spiking by more than 53%. Michigan is above the U.S. average in terms of vaccination rate, according to Johns Hopkins University, but cases, positivity rate and hospitalizations are all on the rise. State health officials have placed the blame on highly contagious new variants now spreading in the state, as health experts caution national vaccination efforts are a race against the contagious strains.

Other states among the highest in vaccination rates, including West Virginia, Maine and Montana are also dealing with case spikes. Only two of the states with rising cases—Mississippi and New Hampshire—are below the U.S. average in terms of vaccination rate, according to Johns Hopkins. Top health officials, including Dr. Anthony Fauci and CDC Director Dr. Rochelle Walensky, have said a variant that originated in the U.K. could become the dominant strain in the U.S. by the end of the month. That strain is believed to be some 56% more contagious and perhaps twice as deadly than the existing dominant strain in the United States. Health experts say the country is continuing to move in the right direction as a whole, with the vaccine effort hopefully ending the pandemic this year.

But what had been a rapid national case decline starting in January has slowed significantly over the past few weeks, with the U.S. continuing to average over 50,000 new cases a day, a plateau level Fauci said “concerns me.” Top health officials and President Joe Biden are also advising against expansive reopening measures that states are putting into effect, including some that have decided to lift mask mandates.

Read more …

“The clotting in those patients was triggered by a very specific “strong immune response” likely caused as a result of the AstraZeneca jab..”

• Norwegian Scientists Say AstraZeneca DID Cause Blood Clots (RT)

Norwegian scientists have linked the AstraZeneca vaccine and blood clots – a condition seen in some people that led countries around the world to halt its use. But British and Dutch medics say there’s no evidence for such a link. “The cause of our patients’ condition has now been found,” Pal Andre Holme, the head of a research group at the Oslo University Hospital, told Norway’s VG media outlet. He was referring to the cases of three health workers under the age of 50 who suffered from severe blood clotting after receiving the AstraZeneca jab. One of the medics then died on Monday. The clotting in those patients was triggered by a very specific “strong immune response” likely caused as a result of the AstraZeneca jab, Holme explained.

In collaboration with the University Hospital of North Norway, Holme’s team detected specific antibodies that “activate” platelets and in some cases can lead to blood clots. Asked by VG if the vaccine was the “most likely” cause of this specific immune response, Holme said he believes “there is no other thing” in the history of the three individual patients which would generate such a response. None of the three patients had a history of similar health issues before, he said. I am pretty sure it is these antibodies that are the cause and I see no other reason than that it is the vaccine that triggers them.

The professor still admitted that such side effects are likely to be very rare since “we are talking about very specific antibodies.” Norway halted the use of the AstraZeneca jab in its vaccination campaign alongside many other European nations. Some 120,000 Norwegians already received the jabs produced by the British-Swedish company. According to Norwegian media, “very few” serious side effects were reported by those vaccinated to date. [..] Norwegian scientists revealed the results of their analysis just as the British medical regulator, MHRA, said that it found no evidence that could prove the link between the Oxford-AstraZeneca vaccine and blood clotting.

“This type of blood clot can occur naturally in people who have not been vaccinated, as well as in those suffering from COVID-19,” the MHRA CEO, Dr. June Raine, said in a statement, adding that her agency’s “thorough and careful review” showed that blood clots in veins of affected persons are occurring just as often as they would “in the absence of vaccination.”

Read more …

But you still want to vaccinate all kids?

• Your Unvaccinated Kid Is Like a Vaccinated Grandma (Oster)

Different vaccines yield different results, but all of the vaccines approved by the FDA (Pfizer-BioNTech’s, Moderna’s, and Johnson & Johnson’s) are very effective, which is why the CDC has indicated that vaccinated individuals can interact unmasked with other vaccinated individuals. It hasn’t yet commented on flying, but I’m guessing the CDC will relax its flying advisories for vaccinated individuals in the next few weeks. It will continue to recommend masks, for the sake of protecting the unvaccinated population, because the science on transmission by the vaccinated is still hazy. Now think about your child. The CDC has published some risk assessments by age. For comparison’s sake, I’ll phrase the findings the way I would the results of a vaccine trial:

Being a child aged 5 to 17 is 99.9 percent protective against the risk of death and 98 percent protective against hospitalization. For children 0 to 4, these numbers are 99.9 percent (death) and 96 percent (hospitalization). The central goal of vaccination is preventing serious illness and death. From this standpoint, being a child is a really great vaccine. Your unvaccinated first grader appears to have about as much protection from serious illness as a vaccinated grandmother. Comparisons are more difficult when it comes to the risk of any infection at all. An Israeli study undergoing peer review found that the Pfizer vaccine reduces infection in asymptomatic cases by about 90 percent, and in symptomatic cases by almost 94 percent.

Child case counts haven’t been well documented, in part because asymptomatic infection appears to be so common among kids. However, the available data suggest that children are less likely than adults to contract the coronavirus, but more likely to contract it than a vaccinated grandmother. (Below, I’ll address the latest thinking on variants, and research on the possible long-term effects of less-than-serious infections, which remains murky, and controversial.) This news may feel a little mixed: Yes, kids are protected from serious illness, just like their vaccinated grandparents, but they are not as protected from contracting the virus at all. Here is where the concept of herd immunity comes in to save the summer. If the Israeli Pfizer study is anywhere near right, then case rates will fall once a large share of adults are vaccinated. They are likely to fall a lot as the virus finds fewer and fewer receptive hosts.

Read more …

Must have war.

• How The US Military Subverted The Afghan Peace Agreement (GZ)

In an exclusive interview with The Grayzone Col. Douglas Macgregor, a former senior advisor to the Acting Secretary of Defense, revealed that President Donald Trump shocked the US military only days after the election last November by signing a presidential order calling for the withdrawal of all remaining US troops from Afghanistan by the end of the year. As Macgregor explained to The Grayzone, the order to withdraw was met with intense pressure from the Chairman of the Joint Chiefs of Staff, Gen. Mark M. Milley, which caused the president to capitulate. Trump agreed to withdraw only half of the 5,000 remaining troops in the country. Neither Trump’s order nor the pressure from the JCS Chairman was reported by the national media at the time.


The president’s surrender represented the Pentagon’s latest victory in a year-long campaign to sabotage the US-Taliban peace agreement signed in February 2020. Military and DOD leaders thus extended the disastrous and unpopular 20-year US war in Afghanistan into the administration of President Joseph Biden. The subversion of the peace agreement with the Taliban initiated by the US military leadership in Washington and Afghanistan began almost as soon as Trump’s personal envoy Zalmay Khalilzad negotiated a tentative deal in November 2019. The campaign to undermine presidential authority was actively supported by then-Secretary of Defense Mark Esper.

Read more …

“Critics say that the immunity law removed a key deterrent to corporate malfeasance, and victims and their families were subsequently stripped of their legal rights.”

• FBI Now Probing Cuomo’s Corporate Immunity Law (DO)

Federal law enforcement officials are scrutinizing New York Gov. Andrew Cuomo’s controversial move to help his donor shield nursing home executives from legal consequences during the COVID-19 pandemic, according to a new report. The probe follows a Daily Poster investigative series detailing how one of Cuomo’s biggest donors, the Greater New York Hospital Association (GNYHA) — a lobby group that represents hospital systems and nursing home operators — said it “drafted and aggressively advocated for” the corporate immunity provision. Cuomo’s administration quietly inserted the measure into his state’s budget as thousands lay dying from COVID-19 in New York nursing homes.

Critics say that the immunity law removed a key deterrent to corporate malfeasance, and victims and their families were subsequently stripped of their legal rights. Cuomo’s original executive order shielding front line health care workers from lawsuits was widely reported, but not the governor’s separate budget language extending immunity to hospital and nursing home corporations’ executives and board members. On Thursday, THE CITY disclosed that federal investigators looking into Cuomo’s handling of nursing home policy are now specifically asking questions about the immunity provision. The New York news outlet reports:

“FBI investigators probing the Cuomo administration’s handling of nursing homes during the pandemic last spring are seeking information about a state budget provision that gave operators legal immunity, THE CITY has learned. In recent weeks, FBI officials have been looking to interview members of Gov. Andrew Cuomo’s staff and other state officials about the eleventh-hour addition to the state budget last March, according to three people familiar with the matter. The measure granted nursing homes and hospitals broad legal protections against lawsuits and criminal liability for care provided to residents and patients during the pandemic. FBI officials started to make house calls this month, showing up at people’s residences and leaving business cards, according to the three sources. Investigators’ questions have focused primarily on the nursing home immunity provision and how it “got in the state budget,” said one legislative source, who did not want to be named because of the ongoing probe.”

Read more …

Not coming, but already here.

• Without Trump, Is A “Depression In Television” Coming? (Taibbi)

[..] the Democratic Party’s response to Trump — which involved multiple efforts to remove him, premised on the idea that every day he spent in the Oval Office was an existential threat to humanity — allowed stations to turn every day of the Trump years into a baby-down-a-well story (the baby was democracy). Between the Mueller investigation, two impeachments, the Kavanaugh confirmation, multiple border crises, the “Treason in Helsinki” fiasco, and a hundred other tales, every day could be pitched as a drop-everything emergency. Add the partisan rooting angle, and you had ratings gold. Imagine three or four dozen Super Bowls a year, each one played in the middle of a category 5 hurricane, and you come close to grasping the magnitude of the gift that Donald Trump was to MSNBC, Fox, and CNN.

Six or seven years ago, it was common to see CNN or MSNBC fall outside the top 20 rated cable networks, below titans like Disney, USA, TBS, and the History Channel. By 2020, the three top networks on cable — not just news networks, but overall — were Fox News, MSNBC, and CNN. The fact that news ate away so much of the market share of the entertainment business in the Trump years raises questions about what exactly we were watching. Jump in your Dr. Who police box and go back to 2014, the last year Trump was not a major political figure. The cable news genre had what Variety described as an “overall down year.” It was a particularly grim time for CNN and MSNBC:

Total Primetime Viewers, 2014 Change
Fox News 1.779 million (even)
MSNBC 600,000 (down 8%)
CNN 528,000 (down 8%)
HLN 337,000 (down 16%)

CNN exemplified the pre-Trump dilemma. In 2011, the network’s average primetime viewership was 689,000. That dropped to 670,000 in 2012, and the year after that, in 2013, it fell all the way to 568,000, a 20-year low. Imagine the pucker factor at Time Warner the next year, when CNN’s entire 8-11 p.m. programming slate dropped 8% off that 20-year dip. 2013 was CNN’s first year under the management of Jeff Zucker, whose career arc leading into the Trump years was a dazzling study in failing upward. He was named head of NBC Entertainment in 2000, and rode the successes of a handful of shows — including, notably, The Apprentice — into a job as CEO of NBC Universal, where he presided over one of the most disastrous tenures of any TV executive in history. Under his leadership, NBC dropped to fourth behind ABC, CBS, and Fox, amid catastrophic decisions like trying to move Jay Leno into primetime.

When Zucker moved to CNN, he trumpeted a new plan to save the news. This is from Politico in 2013: “Zucker has told staff he wants to “broaden the definition of what news is,” meaning more sports, more entertainment, more human interest stories — and, at times, less politics.” That didn’t work out so well in 2014, though to be fair to Zucker, the ratings narrative started reversing at least somewhat before Trump jumped on the scene. But the first giant leap forward for the business as a whole came in 2015, when CNN’s average primetime audience soared to 730,000, a 30% increase, in significant part because it hosted two Republican debates starring Trump.

The news business had never seen anything like the Trump effect. The first Republican debate on Fox drew 25 million viewers and was the most-watched non-sports event in the history of cable, while the second debate drew 23 million and was merely the top show in the history of CNN. Taking note of all this was Trump himself, whose poll numbers were dipping a bit at the end of 2015. Some were predicting his demise. To this, Trump snapped, “I’m not a masochist,” and promised he’d pull out if his numbers worsened. However, he said, if he did, “There’d be a major collapse of television ratings,” adding a poisonous prediction: “It would become a depression in television.”

Read more …

“The cost of what we need but haven’t done to modernize our infrastructure has expanded to $5.6 trillion over the last 20 years ($3 trillion in the last decade alone)”

• Building or Unbuilding America? (Nomi Prins)

During the Trump years, the phrase “Infrastructure Week” rang out as a sort of Groundhog Day-style punchline. What began in June 2017 as a failed effort by The Donald’s White House and a Republican Senate to focus on the desperately needed rebuilding of American infrastructure morphed into a meme and a running joke in Washington. Despite the focus in recent years on President Trump’s failure to do anything for the country’s crumbling infrastructure, here’s a sad reality: considered over a longer period of time, Washington’s political failure to fund the repairing, modernizing, or in some cases simply the building of that national infrastructure has proven a remarkably bipartisan “effort.”

After all, the same grand unfulfilled ambitions for infrastructure were part and parcel of the Obama White House from 2009 on and could well typify the Biden years, if Congress doesn’t get its act together (or the filibuster doesn’t go down in flames). The disastrous electric grid power outages that occurred during the recent deep freeze in Texas are but the latest example of the pressing need for infrastructure upgrades and investments of every sort. If nothing is done, more people will suffer, more jobs will be lost, and the economy will face drastic consequences. Since the mid-twentieth century, when most of this country’s modern infrastructure systems were first established, the population has doubled. Not only are American roads, airports, electric grids, waterways, railways and more distinctly outdated, but today’s crucial telecommunications sector hasn’t ever been subjected to a comprehensive broadband strategy.

Worse yet, what’s known as America’s “infrastructure gap” only continues to widen. The cost of what we need but haven’t done to modernize our infrastructure has expanded to $5.6 trillion over the last 20 years ($3 trillion in the last decade alone), according to a report by the American Society of Civil Engineers (ASCE). Some estimates now even run as high as $7 trillion. In other words, as old infrastructure deteriorates and new infrastructure and technology are needed, the cost of addressing this ongoing problem only escalates. Currently, there is a $1-trillion backlog of (yet unapproved) deferred-maintenance funding floating around Capitol Hill. Without action in the reasonable future, certain kinds of American infrastructure could, like that Texas energy grid, soon be deemed unsafe.

Read more …

Make the right to housing a law.

• Growth Of US Homelessness During 2020 Was Devastating – HUD (NPR)

The nation’s homeless population grew last year for the fourth year in a row. On a single night in January 2020, there were more than 580,000 individuals who were homeless in the United States, a 2% increase from the year before. The numbers, released by the Department of Housing and Urban Development Thursday, do not reflect the impact of the pandemic. “And we know the pandemic has only made the homelessness crisis worse,” HUD Secretary Marcia Fudge said in a video message accompanying the report. She called the numbers “devastating” and said the nation has a “moral responsibility to end homelessness.” Among the report’s more sobering findings: homelessness among veterans and families did not improve for the first time in many years.


Also, more than 106,000 children were homeless during the once-a-year count, conducted in most communities across the nation. While the majority of homeless children were in shelters or transitional housing, almost 11,000 were living outside. As has been the case for years, a disproportionate share of those experiencing homelessness were Black — about 39% of the total, though African Americans make up about 13% of the nation’s overall population. Twenty-three percent of those who were homeless last year identified as Hispanic or Latino. California was home to the largest number of people experiencing homelessness — 161,548 — according to the 2020 count. A quarter of all homeless individuals in the United States were living in either New York City or Los Angeles. For the first time since the government began doing the annual count, the number of single adults living outside — 209,413 — exceeded the number of individuals living in shelters — 199,478.

Read more …

 

 

We try to run the Automatic Earth on donations. Since ad revenue has collapsed, you are now not just a reader, but an integral part of the process that builds this site. Thank you for your support.

 

 

It is a mark of prudence never to place our complete trust in those who have deceived us even once.
~ Rene Descartes

 

 

Support the Automatic Earth in virustime. Click at the top of the sidebars to donate with Paypal and Patreon.

 

Automatic Earth in Athens Christmas 2020

Dec 172020
 
 December 17, 2020  Posted by at 6:56 pm Finance Tagged with: , , , , , , , , ,  4 Responses »


Filothei Skitzi Human puzzle on COVID19 days 2020

 

 

I know, I know, I’ve been largely silent about most “usual suspect topics” lately, other than in the Debt Rattles, but I must admit, those topics have been draining me, along with the full lockdown here in Greece. I understand why politicians want to do lockdowns, but I also understand why they shouldn’t.

Lockdowns drain life out of societies and communities, and there’s no guarantee that this life will ever come back. As I wrote earlier today, when we wake back up, the world will have changed beyond recognition. And we cannot NOT ask if that is worth the price we pay.

A vaccine is hurriedly being promoted and rolled out that is drowning in question marks, while skipping much of what is considered normal in vaccine development. As things like vitamin D, HCQ and ivermectin are cast in a media cloud of doubt, though there are no such questions about them. Vaccine: no time for research. Everything else: years more research needed.

As for the other main topic in recent months, the US elections, all I see is people calling each other traitors and seditionists planning coups, and that has gone too far now. Let the legal process play out and the dice roll, and stop the clickbaiting propaganda. People are getting hurt.

In that light, I’d much prefer to write about better and happier things, and the Monastiraki kitchen in Athens is certainly one of those. It’s Christmas time, a time you’re supposed to care about, and for, people. I told you I’d have an update, and here it is. I think I’ll let the photos do most of the talking this time.

 

First of all, things haven’t gotten any easier out there. The lockdown, the police and the homeless are a strange combination. 100 people gathering to wait for a meal is no longer acceptable. So now the team have to go look for many of them. That takes time, because some are quite far away, but at least they know where to find most. These are crazy days, and everyone’s just simply trying their best.

I told you about the Greek athletes’ Love Van initiative last time, and they delivered: tons of winter coats and blankets and sleeping bags and shoes. It was plain to see that the police were standing by wondering what their orders were, but decided that denying people a warm coat was not in their job prescription. It was a wonderful little mess and anarchy for the hour it lasted, though.

But there is always the lingering fear that we, or everyone, might get arrested, or fined €300 each. There are still plenty regular kitchen volunteers who don’t come in because of that fear. They simply don’t have that kind of money.

 

 

 

In reaction to my November 20 article Automatic Earth in Athens November 2020, our very very generous readers donated some €3,000. That is inevitably an estimate because of the way Paypal donations work. I used to take the approximate amount in US dollars, and presume those were euros. But that was when the exchange rate was $1.10 or lower. Today, it’s $1.22.

And that’s not all. Paypal takes a percentage of every donation (2-4%?!), and then more when the dollars are converted to euros (their rate is over $1.26 right now). We could apply for charity status, but then we would have to 1) set up a separate account for the kitchen and 2) be registered as a charity in either the US or EU, which requires a ton of paperwork, rules, regulations, obligations.

We’re not going to do that, for much of the same reasons we won’t register the kitchen as an NGO. We want to be independent. Even if that costs some money. I’ll continue to round off everything in favor of the kitchen, and pay the difference myself, as long as it is somewhat reasonable.

 

 

 

On to happier tidings. The private space I told you about where the cooking takes place now is a small stone yard without a roof.

 

 

And since it rains in winter sometimes, we decided to buy one of those big umbrellas you see outside bars and restaurants, it seems the only way to get some shelter while cooking. They’re €200. I said we’ll use €100 from the donations, and I’ll pay the other half. That way we involve all of you to an extent, in day-to-day operations. Maybe we’ll even need two, but we’ll tackle that as the time comes.

 

 

Also, I purchased our first new €1,000 batch of supermarket checks (50x€20) on Tuesday, paid for with your fresh donations (Filothei and I are both painfully camera-shy, but the Acropolis in the background more than makes up for that ;-):

 

 

And Filothei did a big shopping trip with the checks yesterday:

 

 

 

 

What I didn’t know last time is that the kitchen still has a pretty solid amount of staples in storage, oil, pasta, tomato paste etc. That takes away some of the pressure, and it will be needed.

 

 

 

And then of course, wouldn’t you know, the crew decided they’re going to add a second day every week to cook. Purely led by increased demand and need. Not a huge surprise, that need is everywhere, just look at US and UK foodbanks. But we will still need to find a way to fund it. Nudge nudge wink wink. Someone like Filothei just says: we will do what must be done, whereas I then say: and how are we going to do that? You know, at €240 per meal? You just doubled the costs…

And still I’m pretty sure we indeed will make it happen, just because we have to. We must find a way, and therefore we will, with your help. And a bit of good cheer goes a long way:

 

 

Those Santa hats are brilliant, they change the entire mood and picture. As do these facemasks for the homeless, made by girls who themselves are too “vulnerable” healthwise to come in, but still want to contribute. I love those things:

 

 

Same goes for the winterhats (can you say “tuque”?)

 

 

As the cherry on the pie, and because everyone deserves a real Christmas, especially if they live on the streets, and very especially in a lockdown, we’re going to hand all our clients a big package of sweets for the festive season.

 

 

And then if you’ll allow me, I’ll repeat my last paragraph of the November 20 article, With one main difference: twice the meals will mean twice the costs, by and large. But hey, it’s Christmas. The time when miracles come true!

Sure, I’m a little apprehensive about January and February, with the Christmas hope and spirit gone, and temperatures dipping, but I also know that 4 days from now, the days will start getting longer again in our hemisphere.

 

 

Most of you will know the drill of this by now: any Paypal donations ending in $0.99 or $0.37 go straight to the Monastiraki kitchen, while other donations go to the Automatic Earth -which also badly needs them, especially for Christmas-. (Note: a lot of Automatic Earth donations also went to the kitchen the past month).

I dislike few things more than asking people for money, even though the Automatic Earth now runs primarily on donations, and there’s some sweet justice in that as well, in depending on people’s appreciation of what we do, instead of ad revenues.

But I cannot do this on my own right now. To get through the winter in one piece, the Monastiraki kitchen will realistically need about €1,500-2,000 per month. I don’t have that to spare. So I’m calling on you. Unashamedly, because I know there is no reason to be ashamed of the cause.

I love all you people, and I’m sorry I can’t thank you all individually who have supported -and still do- the Monastiraki kitchen and the Automatic Earth all this time, and I ask you to keep on doing just that. The details for donations on Paypal and Patreon, for both causes, are in the top of the two sidebars of this site. Could not be much easier.

Love you. Thank you. This kitchen would not exist without you, these people would not get fed.

 

 

 

We try to run the Automatic Earth on donations. Since ad revenue has collapsed, you are now not just a reader, but an integral part of the process that builds this site.

Click at the top of the sidebars for Paypal and Patreon donations. Thank you for your support.

 

 

Support the Automatic Earth in virustime, election time, all the time. Click at the top of the sidebars to donate with Paypal and Patreon.

 

Automatic Earth in Athens November 2020

Nov 202020
 
 November 20, 2020  Posted by at 8:14 pm Finance Tagged with: , , , , ,  6 Responses »


Georgia O’Keeffe Red poppy No. VI 1928

 

 

High time for another update about our support for what is now called the “Self-managed Social Kitchen Monastiraki” here in Athens (Athina). It’s again been a while, because for a long time so many things were uncertain and up in the air. I guess that is inevitable when the entire world lives through insecure times, and the homeless as always are more affected by such things than anyone else.

For the first half of the year, I wasn’t even here, I spent the first lockdown period in Holland, because I thought Greece would be more affected than it, but I was very wrong. Greece had it down then. It’s only now, 3-4 months after they opened their borders to tourism again, that things go wrong.

But the country needs revenue from tourism, it cannot keep its borders closed forever. There’s a lesson in there somewhere about what I wrote earlier, that “after 10 months, we can’t keep treating COVID as the only problem in town. That’s myopic. We need a bigger picture”.

Athens went into another full lockdown recently, and the city is devoid of life. Which will kill off another large part of the “mom-and-pop” businesses that make it function and kept it vibrant. There’s exactly two Starbucks in Athens, to name an example, one McDonald’s and one KFC, and I think they should be very proud of that. Monoculture kills life itself, both in farming and in city streets.

And countless people working in the “mom-and-pop” businesses, and in the tourist- and hospitality industries, no longer have jobs. They get some financial support, but not enough to pay all their bills. So what do they do? They go see each other indoors, where the infection risk is higher.

Still, here we are. And we have to deal with it. Back in March, the Monastiraki kitchen did that too. A lockdown doesn’t make the homeless any less hungry or needy, it makes them more so. And the boys and girls responded to that under ever more difficult circumstances. When cooking in the street was no longer viable, they devised a way to cook in a private space nearby and ride out the food to Monastiraki Square, on a cart.

 

 

Problem with that is it costs a lot more time and money, because every meal has to be individually packaged, and you now in COVID time need sanitizer and gloves and tons of bags, and facemasks. I bought a whole bunch of N95 masks for everyone a few weeks ago, because there are real risks when working close together, and then handing out the meals to the clients. I want to keep these people as safe as possible.

 

Then this summer, there was another issue. The kitchen had returned to cooking on the square, but in early August was told by municipal police that there were anonymous complaints about them “taking up public space”, and they couldn’t come back. All attempts since to find out what exactly was going on have landed nowhere. At one point some official promised he would come with a solution, only to never be heard from again.

And so, certainly with the new lockdown in place, the decision was made to keep cooking in the private place, and rolling out the food to the square. People are good at adapting. But there remains an underlying threat of the kitchen volunteers being arrested, a threat that was actually made in early August. For feeding people in need. Some world.

 

And this is a good moment to introduce Filothei, the lady and girl who is the driving force behind the kitchen now. Which she will deny, because it’s all about everyone else, not her, and because she insists she’s only 17. I began to wonder about the kitchen’s finances when I got back to Athens in June 2020, I thought they’d badly need more of the Automatic Earth funds, but they were in no hurry.

Meet Filothei 😉

 

 

Digging further, I realized we only provided some 10-15% of the funding. So where did the rest come from? It took some questioning, but sure enough, a large part of the answer is: from Filothei herself. And while that is supersweet, it also makes for a vulnerable situation. And then, of course, she got hurt a month ago when a piece of a mirror fell into (yes, into) her arm and she hasn’t been able to work her job as a physiotherapist for handicapped people since.

By the way, Filothei also has a large organic garden, which provides most of the vegetables for most of the year. For 200 meals every week! Automatic Earth readers’ donations are typically used to buy the staples, pasta, olive oil, canned tomatoes etc.

We decided to run a trial on November 16, when Filothei went to the supermarket with some of the €1,000 in coupons she still had left from what I bought in early July(!), without using anything still in stock, to see the cost for one run of 200 meals, and it showed a total of €242 (in current exchange rates, close to $300 US). While “my” coupons have paid for some €20 per week. We were both surprised at the numbers.

 

 

And no, €242 for 200 meals is not much, it’s less than €1.15 per person. While the NGO’s and charities funded by governments and the EU claim costs of €5-€10 per meal. But you still have to have the €242 every week. And it shouldn’t come from one sweetheart of a girl, or from me, or any other individual person. That’s not how you run a social kitchen operation long term.

Moreover, because of the COVID situation, other people who used to provide some funds, no longer can, because out of 30 of them “affiliated” with the kitchen, only 3 now still have jobs. When it rains, it pours.

 

 

So on November 16 we did the shopping trial, and the next day I went along for the whole cooking process, about 4 hours. November 17 is the day Greece commemorates its then military junta violently putting down a student protest at the Polytechnic university compound in 1973, and the government tightened its lockdown measures even more, fearing protests, which meant many who usually help in the kitchen were afraid to come in, fearing a €300 fine.

As did I, but hey, hard as it is to understand the details of the lockdown measures when you don’t speak the language, if others take the risk, who am I not to? There was police in full riot gear everywhere, and at the end of the day, around 7.30 pm, we had meals left. That never happens. Some of the guys later went into side streets, where the homeless were hiding from the police, and handed out dozens more meals.

 

But of course things ain’t all bad. Filothei told me yesterday about a group of people, organized in the “Love Van”, which is an organization made up of Greek athletes, that reached out to her to ask what she needs, and now promised to bring 160 winter coats and 160 sleeping bags next week to the kitchen. That’s such a grand gesture. Coat: $100 a piece, sleeping bag $100 a piece?!

 

 

Not everything is bad. And no matter how bad it gets, we will somehow make it through this. Hey, the shortest day of the year is only one month away, and after that things can only get better. But you already know what I’m going to say next: please help me, help us, help the people that need your help most.

Put the Automatic Earth, and the Monastiraki kitchen, in your Christmas donations list in 2020, and contribute to a real effort to help real people beset by real problems. These are mostly not people with drug- or alcohol problems, they are people who lost their jobs or businesses and their homes, through no fault of their own. That was true when I first got here in Spring 2015, and it’s even more so now, because COVID has killed off so many ways to carve out at least a minimum existence.

 

 

Most of you will know the drill of this by now: any donations ending in $0.99 or $0.37 go straight to the Monastiraki kitchen, while other donations go to the Automatic Earth -which also badly needs them, especially for Christmas-.

I dislike few things more than asking people for money, even though the Automatic Earth now runs primarily on donations, and there’s some sweet justice in that as well, in depending on people’s appreciation of what we do, instead of ad revenues.

But I cannot do this on my own right now. To get through the winter in one piece, the Monastiraki kitchen will realistically need about €1,000 per month. I don’t have that to spare. So I’m calling on you. In earlier times, 2016-2017, we had way more than that with Konstantinos, but both Filothei and I decided a few years back, independently from each other, that we didn’t want to work with him anymore.

So let’s see where we can get today, shall we? I want to write the perfect article with the perfect plea, but there is of course no such thing. Therefore, I will be back in a few weeks time with a reminder -and updates-, hoping that y’all have gotten the message.

I love all you people so much, and I’m sorry I can’t thank you all individually who have supported -and still do- the Monastiraki kitchen and the Automatic Earth all this time, and I ask you to keep on doing just that. The details for donations on Paypal and Patreon, for both causes, are in the top of the two sidebars of this site. Could not be much easier.

Love you. Thank you.

 

 

 

 

 

 

 

We try to run the Automatic Earth on donations. Since ad revenue has collapsed, you are now not just a reader, but an integral part of the process that builds this site.

Click at the top of the sidebars for Paypal and Patreon donations. Thank you for your support.

 

 

Turns out, the same Filothei is quite the photographer too:

Filothei Photography

 

 

Support the Automatic Earth in virustime, election time, all the time. Click at the top of the sidebars to donate with Paypal and Patreon.

 

Debt Rattle October 9 2020

Oct 092020
 
 October 9, 2020  Posted by at 8:55 am Finance Tagged with: , , , , , , , , , ,  12 Responses »


Rene Magritte Memory 1948

 

• Trump Campaign Demands In-Person Debate Against Biden Oct. 15 (F.)
• The Contested Afterlife of the Trump-Alfa Bank Story (New Yorker)
• John Durham Grand Jury Team Following Deep State Rabbit Hole (sundance)
• The 40 Key Russia Documents President Trump Must Still Declassify (JTN)
• Ruth Bader Ginsburg Opposed Packing The Supreme Court (JTN)
• The Destruction Of The World Economy By The Central Banks (GNS)
• Remdesivir Cuts COVID Recovery By 5 Days, Reduces Risk Of Death By 30% (DM)
• New York City Parents Scramble To Deal With New School Closures (R.)
• US Auto Suppliers Scramble To Fill Factory Jobs (R.)
• An Avalanche Of Bankruptcies Is Coming In The US (Barraud)
• NATO Chief Says Allies Will Leave Afghanistan Together (Y!)
• A BC Research Project Gave Homeless People $7,500 Each (CBC)

 

 

We look at the world once, in childhood. The rest is memory.
– Louise Glück (2020 Nobel Prize for Literature)

 

 

Abolish the CIA

 

 

 

 

The debate is now about having the debate.

• Trump Campaign Demands In-Person Debate Against Biden Oct. 15 (F.)

After refusing earlier in the day to participate in the October 15 presidential debate against former Vice President Joe Biden because it had been changed to a virtual format, President Trump’s campaign is now demanding an in-person event, citing his physician’s note that he has completed treatment for Covid-19. Thursday evening, Dr. Sean Conley said in a press release, “I fully anticipate the President’s safe return to public engagements” by Saturday. This prompted Bill Stepien, Trump’s campaign manager and one of the many who contracted Covid-19 from the White House, to release a statement claiming there is “no medical reason why the Commission on Presidential Debates should shift the debate to a virtual setting, postpone it or otherwise alter it in any way.”

Following Trump’s refusal to participate in the debate earlier in the day, Biden announced plans to hold a town hall with ABC News on October 15, with both sides agreeing to October 22 as the date for the second presidential debate. The Trump camp earlier said it would hold a rally in place of the debate. Conley’s note drew criticism from experts like Dr. Eric Topol, a cardiologist and professor of molecular medicine at the Scripps Research Institute, who questioned on Twitter the soundness of his assertion that Trump will be safe to engage with the public in two days given that he provided no evidence “that he is not infectious, without viral load data, without providing when/timeline he became infected.”

Much about the White House outbreak is still unknown, but the Biden campaign confirmed that the Trump campaign did not reach out to them about the president’s positive test, despite the two sharing a stage around the time of infection. Stepien claimed that the commission made the decision to move virtually to “shield Biden from another shellacking like he got two weeks ago in Cleveland.” Polls conducted after what was considered one of the worst presidential debates in recent memory due to Trump’s erratic behavior crowned Biden as the victor.

Read more …

I spent a lot of time this morning with this. First, the New Yorker story, then lawyer “sundance”‘s complete evisceration of it. Worth your time.

• The Contested Afterlife of the Trump-Alfa Bank Story (New Yorker)

Alfa Bank’s principals—Aven, Khan, and a man named Mikhail Fridman—are personally suing Fusion GPS, a research firm in Washington that had hired Christopher Steele, a former British intelligence agent, to investigate Donald Trump’s relationships in Russia before the 2016 election. The dossier that Steele assembled claimed that Aven and Fridman had been close confidants of Vladimir Putin since he was the deputy mayor of St. Petersburg, in the nineteen-nineties, when they sent him “large amounts of illicit cash.” Steele has been criticized for sloppy tradecraft, but much of the information he recorded has been neither proved nor disproved. Aven, Khan, and Fridman say that information in the dossier about the bank and its principals is false and defamatory.

They have sued Steele, as well as Buzzfeed, which first published the dossier. They also served a subpoena on Jones, the investigator, asking for all his correspondence with Fusion. (Alfa Bank has also sought to subpoena Fusion’s executives, in connection with the John Doe lawsuits.) For those defending themselves against the lawsuits, their attorneys’ power of discovery would give them extraordinary access to Alfa Bank’s records. But Aven, Khan, and Fridman claim that they do not control their own documents at the bank and cannot produce them. (Public records show that together they control more than sixty per cent of the bank.) The three men also say that they are not public figures, and are therefore entitled to stronger protections against defamation.

They made a similar argument in a U.S. court two decades ago, and it was thrown out. But the federal judge presiding over their Fusion libel case, Richard Leon, has allowed it so far, and so the suit is likely to drag on—a situation that Aven, Khan, and Fridman can afford more easily than the founders of Fusion can. According to Forbes, the three bankers are believed to have a combined net worth of about thirty billion dollars. “They could spend a million dollars a day on this and not even notice,” the lawyer involved in one of the cases said. The Alfa Bank case has also become an object of interest for federal agents working for John Durham, the prosecutor appointed by Barr. Durham’s agents have summoned some of the same computer scientists to testify before a grand jury, and are asking for the same material that Alfa Bank is seeking. (They’ve asked Jones, the investigator, to testify as well.)

Some agents told scientists that they were exploring a potential criminal charge—presumably against Max and Tea Leaves—for giving false information to the government. A number of those called to testify are seeking to quash the subpoenas, and it’s not apparent that anyone has testified so far. There is no clear evidence that the Justice Department and Alfa Bank are working together, but some people involved in the case noted a striking alignment of purpose. “There’s a heck of a lot of mutual interest,” William Taylor, an attorney for Jones, told me. More troubling is that the cases could aid the Kremlin. Although Aven has disputed reports that he is close to Putin, he told investigators for the Mueller report that he meets with the Russian President quarterly and receives what the report describes as “implicit directives.”

Read more …

“That’s where Durham/Aldenberg will ultimately be; and for transparency I have spoken with William Aldenberg about their destination..”

• John Durham Grand Jury Team Following Deep State Rabbit Hole (sundance)

A very important article was written yesterday in the New Yorker. While the topic of the article spotlights the ridiculous conspiracy theory surrounding Alfa bank, and the insufferable nonsense about Trump Tower servers having contact -electronic touch signals- with servers from the Russian banking organization, there are aspects to the story that show where the Durham probe has been forced to travel. Within the article –which everyone should read– some names are very important. The article is framed around defending the New Yorker’s previous reporting on the Alfa Bank conspiracy theory, so the intent of the article is defensive. However, the events being described in the article, and more importantly the people being outlined in the article, are accurate. Especially Daniel Jones and his lawyer William Taylor; and the connection of both to Fusion GPS and Glenn Simpson.

According to the article there are two parallel efforts underway to untangle the background of how the false Alfa Bank story was originated. One effort is a set of civil lawsuits by the owners of Alfa bank against those who created the fraudulent story that flowed through Fusion GPS, into Chris Steele’s dossier, into the FBI, and ultimately into the Buzzfeed reporting therein. The owners of the bank are taking all of these entities into court and demanding discovery of sources who framed/created the false impression. The second outlined effort is a set of subpoenas for some of the same names to appear before a grand jury being run by the John Durham probe. The witnesses are lawyered-up and attempting to avoid the grand jury subpoenas.

Part of the New Yorker story is constructed around wondering if the Alfa Bank team is working with the Durham team. That is a false narrative created for political deflection only. However, the article outlines factual evidence of the Durham grand jury; and by knowing what issues are being explored we can see -in advance- where this trail is going. Good News Pause: John Durham has a grand jury impaneled and is issuing subpoenas. Instead of me going through the Alfa Bank story, let me just take you though a process of where the Alfa Bank story ends up. That’s where Durham/Aldenberg will ultimately be; and for transparency I have spoken with William Aldenberg about their destination. Note in the New Yorker piece the subjects of the subpoenas and lawsuits are worried about being forced to identify the anonymous sources known as “Max” and “Tea Leaves”.

Additionally the group describes their worry about identifying how the electronic signals between the servers were originally discovered. Let me say up front that is where this story connects to the scandal of intelligence community “contractor” access to the NSA database. The SIGINT or signals intelligence, used to frame the false Alfa Bank story, appears to have come from entities with access to the NSA database who were doing work to assist the overall Trump-Russia narrative construction. Those unlawfully obtained findings were manipulated and unlawfully extracted; then passed along to computer scientists who had the role to provide technical support for the media to use in selling a false story. If this sounds to you like the subject matter expertise and skill of Crowdstrike and Fusion-GPS you would not be missing the target.

Read more …

No space for them here, but a pretty complete list from John Solomon. But with just 25 days left, and Wray and Haspel actively frustrating the efforts… What are the odds?

• The 40 Key Russia Documents President Trump Must Still Declassify (JTN)

President Trump earlier this week vowed complete and final transparency in the Russia probe, ordering the declassification (without redaction) of all relevant documents that show how the false Russian collusion narrative was created by Hillary Clinton operatives and then investigated for three years by the FBI. With less than four weeks to Election Day 2020, there is little time to complete the mission so that voters can understand the foreign influence, dirty tricks and misconduct that began in the last presidential election and continued for years. So Just the News put together a list of the 40 most important documents yet to be released that would help America understand what really happened and who is most culpable. Most of the documents have been sought by Congress dating all the way back to 2017 and have been withheld from public release, mostly by bureaucrats at the State Department under Secretary of State Mike Pompeo and the FBI under Director Christopher Wray.

Jim Jordan

Read more …

“George Washington in 1789 had six,” Shu said, noting that “since 1869 we’ve had nine.”

• Ruth Bader Ginsburg Opposed Packing The Supreme Court (JTN)

Attorney and legal commentator John Shu pointed out during an interview on “The Water Cooler” that the recently deceased Justice Ruth Bader Ginsburg opposed the idea of packing the Supreme Court. “Nine seems to be a good number. It’s been that way for a long time,” Ginsburg said, according to NPR. “I think it was a bad idea when President Franklin Roosevelt tried to pack the court.” Roosevelt’s plan would have permitted him to appoint six more judges, enlarging the high court to 15 people, according to the outlet. “If anything would make the court look partisan,” Ginsburg said, according to NPR, “it would be that — one side saying, ‘when we’re in power, we’re going to enlarge the number of judges, so we would have more people who would vote the way we want them to.’ “

Shu said that Democratic presidential nominee Joe Biden and his running mate Kamala Harris’s refusal to answer whether they would add more justices to the current panel shows that they intend to pursue that course of action. “The fact that she is not answering the question seems to me at least to be somewhat of an answer of what her and Biden would do,” host David Brody said. Shu agreed, and said that he believes the pair’s unwillingness to answer “in and of itself is indicative that they hope to do so.” The attorney explained that the Constitution confers on Congress the authority to determine the number of justices on the nation’s high court. “George Washington in 1789 had six,” Shu said, noting that “since 1869 we’ve had nine.”

He said that “if the Democrats succeed in taking the Senate and taking the presidency—I think it’s likely they’ll keep the House—but if the Democrats succeed, I really am afraid for the legitimacy of the Supreme Court. I’m afraid that the Democrats will make the Supreme Court look like a political body, kind of like an extra, super legislature. And the courts are just not designed to do that.”

Read more …

First, realize there are no markets. The rest will follow soon after.

• The Destruction Of The World Economy By The Central Banks (GNS)

For years, we have been warning about dire consequences if central banks continue to meddle in the economy and financial markets. In December 2013, we wrote: “There is a serious possibility that the measures taken by the central banks have already created a situation in which their actions increase rather than decrease financial instability. This is due to the fact that, if the actual price of an asset does not meet its market–based value, the true level of risk is not properly revealed.” During the “Coronavirus rescue” by the major central banks from March through June of this year, we essentially ran down the clock. No viable paths remain to escape the vicious feedback loop between central banks and financial markets—at least without serious repercussions.

Over the years, central banks have created conditions where prices in capital markets—and by implication, the resulting capital allocation structure—have become distorted to a previously unimaginable degree. This has resulted in three extremely troublesome fragilities at the heart of the world economy. First, it has led to ‘yield hunting’ among investors, who are forced to seek higher yields from riskier financial products. Secondly, it has led to a permanent central bank intervention in the financial markets, because without it a crash would surely occur. Thirdly—and this is something that has received much too little attention—the massive capital misallocations due to unnaturally low interest rates have ‘hollowed-out’ vast sectors of the global economy.

We have been focusing on the fragility of the financial markets frequently lately, so this time we will concentrate on the capital misallocation issue instead, though the two are inherently linked. In March 2019 we devoted the entirety of the Q-Review to explain why global economic growth has sputtered since 2009. We explored, extensively, the concept of creative destruction, which describes the process by which capitalist economies evolve and grow over time. In essence, creative destruction enables the flow of technical innovations into the economy through the destruction of old and inefficient production methods and enterprises, and the emergence of new, more productive firms. Moreover, we wrote that “The risk-and-reward relationship, that is, the gains and failures of the private sector drive economic progress. The first accumulates income and capital, while the second uncovers sustainable businesses, setting the stage for the creative destruction.”

In essence, this is what a capitalist economy is all about. The accumulation of capital is required to provide the funding for sustainable businesses, which provide employment, personal income and tax revenues. Price discovery in the modern capital markets is essential to accurately evaluate the risk-and-reward relationship of both real economic investments as well as those of financial assets. Price discovery thus guides the efficient allocation of capital to its most profitable employment, based on the information gathered by millions of investors. This idea is part of the bedrock of capitalist theory.

Read more …

Especially since this is the Daily Mail, please explain how this is not an advertisement.

• Remdesivir Cuts COVID Recovery By 5 Days, Reduces Risk Of Death By 30% (DM)

Remdesivir shortens the amount of recovery time from COVID-19 and decreases the risk of death, final results of a study by the National Institutes of Health (NIH) show. Researchers found that the antiviral drug reduced the recovery time for hospitalized coronavirus patients by at least five days. What’s more, the medication was shown to lower the risk of mortality from the virus by as much as 30 percent. Manufactured by California-based Gilead Sciences Inc, remdesivir is the only drug approved for emergency use in the US to treat severely ill coronavirus patients. The team, from the NIH’s National Institute of Allergy and Infectious Diseases (NIAID), says the findings not only show how remdesivir can help improve patients’ conditions but also how it may prevent them from developing severe complications.

‘The take home message is this is the first step,’ corresponding author Dr John Beigel, associate director for clinical research in the Division of Microbiology and Infectious Diseases at the NIAID, told DailyMail.com. ‘This is a significant improvement over no treatment..So this is a very important finding, it shows we can treat this, but the work is not done. This is just the first step.’ Remdesivir was developed by Gilead Sciences to treat Ebola, the deadly hemorrhagic fever that emerged in West Africa in 2014. It works by blocking an enzyme that helps the coronavirus make copies of itself and, in turn, spread throughout the body. For the final results, published in the New England Journal of Medicine, the NIAID recruited 1,062 coronavirus patients across North America, Europe and Asia.

A total of 541 patients were assigned to a 29-day course of remdesivir and the remaining 521 patients were given a placebo. The NIAID found that patients on the drug had a 50 percent shorter time to recovery than those on a placebo. Patients in the remdesivir group recovered with a median of 10 days compared to 15 days for those who were given the placebo. It also reduced the length of the hospital stay with a median of 12 days for those on the drug in comparison with 17 days for the control group.

Read more …

Main takeaway: the mayor and the Governor keep fighting each other.

• New York City Parents Scramble To Deal With New School Closures (R.)

The 6-year-old son of Jodi Cook, a Brooklyn mother of two, had just resumed in-person classes at his local elementary — only to face the closure of his school again as coronavirus cases spiked nearby. Cook said she was disappointed. Last week, public elementary schools in New York City welcomed back students to the classroom as part of Mayor Bill de Blasio’s blended learning plan after a months-long hiatus. But this week New York officials began imposing fresh restrictions to curb a worrying rise in infections in several ‘hot spots.’ “I’m disappointed because I don’t think that the location of our school really puts us in jeopardy,” Cook, a real estate broker, said on Thursday. “The neighborhood and parents are scrambling.”

The school, in the Windsor Terrace-Kensington area of Brooklyn, is located in a so-called ‘orange zone.’ Schools in those zones have been ordered shut as part of new rules imposed by New York Governor Andrew Cuomo to try to stamp out the virus in several parts of the state, including neighborhoods in Brooklyn and Queens. A group of parents and their children gathered outside the school on Thursday morning to protest, flanked by two local politicians. Its postal code was “not a Covid hotspot & the schools do not meet any of the agreed upon metrics for closing,” New York State Assembly Member Robert Carroll, who attended the protest, wrote in a Twitter post.

The mayor’s plan drew scorn from Cuomo, a fellow Democrat with whom he has often feuded. The governor on Tuesday released new color-coded maps delineating closures, sowing confusion among residents. New York is one of about 30 out of 50 U.S. states where cases have risen over the past two weeks, according to a Reuters analysis. Nationally, both cases and the number of hospitalized COVID-19 patients are rising, hitting record levels in the upper Midwest and West.

Read more …

is this because so many workers are home either sick or afraid, or is it because they expect record sales?

• US Auto Suppliers Scramble To Fill Factory Jobs (R.)

Millions of U.S. workers have lost their jobs to the pandemic, but in the auto industry, suppliers are scrambling to find enough people to staff production lines, resorting to such approaches as rewards for good attendance and at-work teachers to lure job seekers. At auto parts maker Mobex Global, Chief Executive Joe Perkins said he is boosting pay and offering bonuses to help fill 80 job openings. His engineering and machining company is running more overtime to meet rising demand. “It is the most critical issue in our company,” said Perkins, whose firm has 12 U.S. plants and counts General Motors and Ford among its customers. “We’re using almost 10 staffing companies across the plants,” he told Reuters.


“We’re using multiple jobs boards, ZipRecruiter, LinkedIn, Monster, local news stations, down to lawn signs, local papers, billboards, public transportation, church bulletins, you name it.” The U.S. auto industry usually is the first in and the last out of an economic slump. The coronavirus crisis is different. Demand for new vehicles has rebounded. But fears of catching COVID-19 and problems caring for school-age children are keeping many workers at home, compelling employers to raise pay despite the high national jobless rate, industry executives said. Many suppliers are dealing with absenteeism rates of 10-15%, said Brian Collie, head of Boston Consulting Group’s global auto practice. That has led the United Auto Workers to give the Detroit automakers more latitude on using temporary workers to cover for absent full-time employees, union President Rory Gamble told Reuters.

Read more …

An antidote to the auto suppliers story.

• An Avalanche Of Bankruptcies Is Coming In The US (Barraud)

U.S. equity markets might be reaching new record highs despite the state of corporates’ health in the U.S. keeps deteriorating. Data compiled by Bloomberg show the Covid-19 pandemic helped fuel the worst third quarter on record for large corporate bankruptcies. In the details, 70 companies with more than $50 million in liabilities sought bankruptcy protection last quarter. That compares to the 76 in the prior quarter. On Monday, Reuters also highlighted “U.S. commercial bankruptcy filings are up 33% so far this year with new cases in September surging by 78% from a year earlier as the recession triggered by the COVID-19 pandemic hits small businesses.” It added that “Chapter 11 bankruptcy filings totaled 747 last month, up from 420 a year earlier and from 525 in August, legal services firm Epiq said in a monthly report.”


 In the meantime, S&P Global Market Intelligence’s bankruptcy analysis revealed that “a total of 509 companies have gone bankrupt this year as of Oct. 4, exceeding the number of filings during any comparable period since 2010.” Several proxies, including the number of permanent job losers, confirmed that bankruptcies are on track to spike in the short term. Unfortunately, this trend is likely to continue in the coming months. According to the latest Fitch report, the “three-year 2020–2022 cumulative US default rate forecasts for term loan (LL) and high-yield (HY) bonds are 17%-20% and 15%-18%, respectively. This forecast compares with the three-year cumulative default rate of 15% for LL and 22% for HY bonds from 2008 to 2010 occurring as a result of the Great Recession.”

Read more …

NATO trumps Trump!

• NATO Chief Says Allies Will Leave Afghanistan Together (Y!)

NATO insisted Thursday that its members would consult and decide together on when to leave Afghanistan, after US President Donald Trump vowed to bring American troops home by Christmas. Trump, trailing in polls ahead of the November 3 presidential election, made his surprise announcement on Twitter on Wednesday, dramatically speeding up the timeline for ending America’s longest war. NATO Secretary General Jens Stoltenberg repeated the alliance’s longstanding position that it will end its mission in Afghanistan only when conditions on the ground permit. “We decided to go into Afghanistan together, we will make decisions on future adjustments together, and when the time is right, we will leave together,” Stoltenberg said at a news conference after talks with North Macedonian Prime Minister Zoran Zaev.


NATO went into Afghanistan following the 2001 US-led invasion to topple the Taliban in the wake of the 9/11 terror attacks. It ended its combat operations in Afghanistan in 2014 and has vastly reduced its presence on the ground, but maintains a 12,000-strong force training and advising local forces. Stoltenberg said NATO would only leave Afghanistan when it could do so without the risk of the country once again becoming a haven for militants. “We will make decisions based on the conditions on the ground, because we think it is extremely important to continue to be committed to the future of Afghanistan, because it is in our interest to preserve the long term security of Afghanistan,” he said. It is not clear whether NATO had any advance warning of Trump’s announcement, though Stoltenberg’s statement that allies would now “consult on the future of the mission” appeared to indicate that it did not.

Read more …

But we need to think they are all lazy drunks, or we ourselves will become them!

• A BC Research Project Gave Homeless People $7,500 Each (CBC)

The results of a B.C. research project that gave thousands of dollars to homeless people are in and, according to one researcher, could challenge stereotypes about people “living on the margins.” The New Leaf project is a joint study started in 2018 by Foundations for Social Change, a Vancouver-based charitable organization, and the University of British Columbia. After giving homeless Lower Mainland residents cash payments of $7,500, researchers checked on them over a year to see how they were faring. All 115 participants, ranging in age between 19 and 64, had been homeless for at least six months and were not struggling with serious substance use or mental health issues.

Of those, 50 people were chosen at random to be given the cash, while the others formed a control group that did not receive any money. “I had no expectations and really high hopes,” said Claire Williams, CEO of Foundations for Social Change, on CBC’s The Early Edition on Tuesday. What researchers found after 12 months, she said, was “beautifully surprising.” Not only did those who received the money spend fewer days homeless than those in the control group, they had also moved into stable housing after an average of three months, compared to those in the control group, who took an average of five months. Those who received the money also managed it well over the course of a year.

“We saw people retain over $1,000 for 12 months, which is remarkable in the Lower Mainland,” said Williams. On average, cash recipients spent 52 per cent of their money on food and rent, 15 per cent on other items such as medications and bills, and 16 per cent on clothes and transportation. Almost 70 per cent of people who received the payments were food secure after one month. In comparison, spending on alcohol, cigarettes and drugs went down, on average, by 39 per cent. Too often people dismiss the idea of giving homeless people money because they assume it will be mismanaged, Williams said. “It challenges stereotypes we have here in the West about how to help people living on the margins,” she said.

Read more …

 

 

We try to run the Automatic Earth on donations. Since ad revenue has collapsed, you are now not just a reader, but an integral part of the process that builds this site.

Click at the top of the sidebars for Paypal and Patreon donations. Thank you for your support.

 

 

A cat fell on my head

 

 

 

 

Support the Automatic Earth in virustime, election time, all the time. Click at the top of the sidebars for Paypal and Patreon.

 

Debt Rattle July 13 2020

Jul 132020
 
 July 13, 2020  Posted by at 10:34 am Finance Tagged with: , , , , , , , , , ,  9 Responses »


Berenice Abbott New York City at Night 1932

 

• Florida Sets Record For Single-Day Covid19 Cases As Disney World Reopens (DL)
• Who When Where: No Word On WHO Experts’ Coronavirus Trip To China (SCMP)
• One In Three South Korean COVID19 Patients Improve With Remdesivir (R.)
• Looming Evictions May Soon Make 28 Million Homeless In US (CNBC)
• “Too Big To Fail” Banks face Their Worst Quarter Since The Financial Crisis (ZH)
• Coronavirus Brings Record $1 Trillion Of New Global Corporate Debt In 2020 (R.)
• Tesla Slashes Model Y SUV Price Four Months After Launch (R.)
• Coronavirus Has Shown us How to Stop a Climate Disaster (BT)
• American Collusion: Weaponizing Media, Big-Tech, & Government (ZH)
• That Kind Of Memory Hole Is A Nightmare (Higgins)

 

 

The WHO says yesterday set a new world record. They’re two days behind Worldometer. But bad enough anyway. Florida is something else.

 

 

 

 

 

 

 

 

 

 

 

 

Ben Hunt

Ben Hunt Fauci

 

 

“This is an American tragedy.”

• Florida Sets Record For Single-Day Covid19 Cases As Disney World Reopens (DL)

Even as Disney World reopens and the Florida state government was being pushed to host in-person classes for the fall school semester, the Sunshine State is setting new records for COVID-19 cases. The Florida Department of Health reported 15,299 new coronavirus cases Sunday. That’s the highest total for any state since the pandemic started. Florida holds the dubious record for second-highest as well, coming in with 11, 434 new cases on July 4, per Johns Hopkins University. Florida’s test positivity rate is a whopping 19.60%, Johns Hopkins said.


Florida Rep. Donna Shalala said the virus is “out of control,” and said it’s likely a second economic shutdown looms. “It’s out of control across the state because our governor won’t even tell everybody to wear masks. At least in Miami-Dade county, everyone must wear a mask when they’re outside,” she told CNN Saturday night. “This is an American tragedy.” About 40 hospitals across Florida have no ICU beds available, according to state data.

Read more …

What should we expect from this? Water under the bridge.

• Who When Where: No Word On WHO Experts’ Coronavirus Trip To China (SCMP)

A World Health Organisation advance team is in the Chinese capital this weekend but few other details have been released about a mission that could lay the groundwork for an investigation into the origins of the coronavirus pandemic. The WHO said last week that two experts – an animal health specialist and an epidemiologist – would start work on Saturday but by Sunday evening there was still no word on the name of the specialists, the schedule of the trip, and their agenda. Chinese authorities did not make a statement about the visitors on the weekend and the Chinese media did not report their arrival. And no Chinese institution, including the Chinese Centre for Disease Control and Prevention, confirmed that it had or would confer with the WHO experts.


Associated Press reported that the two experts were in Beijing on Saturday and Sunday. Their mission is to work with Chinese health officials and scientists to prepare for a larger WHO-led international task force at an undisclosed date. The mission is widely seen as a way to bring more transparency and cooperation to the search for the animal origins of the virus, first identified in Wuhan in central China late last year. But the origins of the pandemic are mired in politics. Some senior members of the US administration have blamed China for the pandemic, including making unsupported claims that the virus could have emerged in a Wuhan laboratory. Chinese officials have pushed back, defending the country’s handling of the outbreak and saying the identification of the virus in China does not mean it originated there.

Read more …

This is an ad. It’s about the headline. Read the article and there’s nothing there: “More research was needed to determine if the improvement was attributable to the drug or other factors..”

• One In Three South Korean COVID19 Patients Improve With Remdesivir (R.)

One in three South Korean patients seriously ill with COVID-19 showed an improvement in their condition after being given Gilead Sciences Inc’s (GILD.O) antiviral remdesivir, health authorities said. More research was needed to determine if the improvement was attributable to the drug or other factors such as patients’ immunity and other therapies, they said. Remdesivir has been at the forefront of the global battle against COVID-19 after the intravenously administered medicine helped shorten hospital recovery times in a U.S. clinical trial. Several countries including South Korea have added the drug to the list of treatment for the disease caused by the novel coronavirus. There is no approved vaccine for it.


In its latest update on the drug, Gilead said on Friday an analysis showed remdesivir helped reduce the risk of death in severely ill COVID-19 patients but cautioned that rigorous clinical trials were needed to confirm the benefit. The Korea Centers for Disease Control and Prevention reported on Saturday results from a first group of 27 patients given remdesivir in different hospitals. Nine of the patients showed an improvement in their condition, 15 showed no change, and three worsened, KCDC deputy director Kwon Jun-wook told a briefing. The result had yet to be compared with a control group and more analysis was needed to conclude remdesivir’s benefit, Kwon said.

Read more …

This is not a fantasy, it’s set to happen. The bottom is falling out.

• Looming Evictions May Soon Make 28 Million Homeless In US (CNBC)

Emily Benfer is the chair of the American Bar Association’s Task Force Committee on Eviction and co-creator of the COVID-19 Housing Policy Scorecard with the Eviction Lab at Princeton University. CNBC: How does the eviction crisis brought on by the pandemic compare with the 2008 housing crisis? Emily Benfer: We have never seen this extent of eviction in such a truncated amount of time in our history. We can expect this to increase dramatically in the coming weeks and months, especially as the limited support and intervention measures that are in place start to expire. About 10 million people, over a period of years, were displaced from their homes following the foreclosure crisis in 2008. We’re looking at 20 million to 28 million people in this moment, between now and September, facing eviction.

CNBC: You study the intersection of housing and health. What will all these evictions mean for people’s health during the pandemic?

EB: Eviction negatively impacts the trajectory of an individual’s life, and it can do that in a permanent way. Studies have demonstrated that eviction causes increased mortality and causes respiratory distress, which in the Covid-19 pandemic can put people in even greater peril. It results in depression, suicides and other poor health outcomes. And the primary response to Covid-19 has been to shelter in place. If there’s an increase in homelessness [one economist estimates homelessness could rise by more than 40% this year], that could spread the virus.

CNBC: You’ve been keeping track of what states are doing to protect tenants, mostly through eviction moratoriums. How do you feel the efforts have fallen short?

EB: Some of the moratoriums are limited to different segments of the population, and in their duration. They were also not coupled with financial assistance to ensure that renters don’t accrue this backed-up debt and are stabilized enough to stay in their unit. Another issue is that in some states, landlords were allowed to go forward with a hearing on eviction, and even receive an order of eviction, and it was only forestalled at the execution stage. That means that there are a number of evictions that are just waiting for the sheriffs to execute. The moment the moratoriums lift, all of those families will be immediately put out. And right now, 29 states lack any state level moratorium against evictions.

Read more …

As millions of Americans will be evicted, the banks will be bailed out.

• “Too Big To Fail” Banks face Their Worst Quarter Since The Financial Crisis (ZH)

U.S. banks could be setting up for their worst quarter in more than a decade as loan loss provisions and the pandemic are set to wreak havoc on bottom lines. Next week, many of the “too big to fail” banks are set to report earnings and are likely going to show that a drop in consumer spending and higher loan losses were not offset by better trading gains. Loan-loss provisions should reach their highest levels since the financial crisis, Barclay’s predicts. Kyle Sanders, an analyst at Edward Jones, told Bloomberg: “We’ve got a full three months of the pandemic coming through the numbers now. The first quarter was rough, but it really only reflected a couple of weeks in March.”

Loan losses are expected to rise as spiking unemployment has left many unable to service, or pay back, their loans. New loans have also dried up as banks tighten their belts. Service charges and credit card fees are also likely going to fall, as large portions of the American economy were shut down for months, suffocating economic activity. And while many banking stocks have recovered somewhat, the S&P 500 Financials index is still down 26% since last December. Wells Fargo alone is down 55% this year and is expected to announce a dividend cut. Bloomberg has predicted that despite increasing provisions in the first quarter of the year, banks are still going to have their worst quarter in a decade when they report this upcoming week.


Wells Fargo Chief Financial Officer John Shrewsberry commented last month that the bank would likely set aside more for bad loans in Q2 than the $4 billion it set aside in Q1. Banks will be looking to trading and underwriting to help try and salvage the quarter. Stock and bond trading was likely up about 31% in Q2 according to estimates. JP Morgan is expected to post the largest increase of about 50%. Citigroup Inc.’s Richard Zogheb, global head of the debt capital-markets division, said he thinks there will be record volumes in trading for the quarter. This stands at odds with previous cyclical downturns, where investment banking and trading revenue would fall as much as 30%.

Read more …

Free money. Much of it will also be bailed out, so why worry?

• Coronavirus Brings Record $1 Trillion Of New Global Corporate Debt In 2020 (R.)

Companies around the world will take on as much as $1 trillion of new debt in 2020, as they try to shore up their finances against the coronavirus, a new study of 900 top firms has estimated. The unprecedented increase will see total global corporate debt jump by 12% to around $9.3 trillion, adding to years of accumulation that has left the world’s most indebted firms owing as much as many medium-sized countries. Last year also saw a sharp 8% rise, driven by mergers and acquisitions, and by firms borrowing to fund share buybacks and dividends. But this year’s jump will be for an entirely different reason – preservation as the virus saps profits. “COVID has changed everything,” said Seth Meyer, a portfolio manager at Janus Henderson, the firm that compiled the analysis for a new corporate debt index.


“Now it is about conserving capital and building a fortified balance sheet”. Companies tapped bond markets for $384 billion between January and May, and Meyer estimates that recent weeks have set a new record for debt issuance from riskier “high yield” firms with lower credit ratings. Lending markets had slammed shut for all but the most trusted firms in March, but have been opened up wide again by emergency corporate debt buying programmes from central banks like the U.S. Federal Reserve, the European Central Bank and Bank of Japan. Companies included in the new debt index already owe almost 40% more than they did in 2014, and growth in debt has comfortably outstripped growth in profits.

Read more …

“..the first time in the company’s 17-year history that one of its new vehicles turned a profit in its first quarter..”

• Tesla Slashes Model Y SUV Price Four Months After Launch (R.)

Tesla cut the price of its sport utility vehicle Model Y by $3,000, just four months after its launch, as the U.S. electric carmaker seeks to maintain sales momentum in the COVID-19 pandemic. The reduction follows price cuts in May on Tesla’s Model 3, Model X and Model S. The company headed by Elon Musk this month posted a smaller-than-expected fall in car deliveries in the second quarter, resilient results despite the pandemic that hit the global auto industry. The Model Y now starts at $49,990, down nearly 6% from its previous price of $52,990, according to the carmaker’s website.


Tesla did not immediately respond to a Reuters request for comment. The company started deliveries of the Model Y in March, promising a much-awaited crossover that will face competition from European carmakers like Volkswagen rolling out their own electric rivals. In April, Tesla had said the Model Y was already profitable, marking the first time in the company’s 17-year history that one of its new vehicles turned a profit in its first quarter.

Read more …

So we’re going to stop the climate disaster through sheer incompetence?

Sorry, but these sort of things bring out the skeptic in me like little else. I get that they mean well, but…

Let’s begin with scrapping terms like zero carbon, zero emissions and green energy. They are misleading nonsense.

“..for the first time ever, a group of intellectuals associated with Extinction Rebellion (XR) lay out a post-COVID-19 vision for the policies that could deal with the multiple crises we now face — and how a renewal of democracy is essential to save us from future health and ecological disasters. This statement is published exclusively in Byline Times by the XR ‘Brains Trust’, a group of thinkers including David Graeber, Illona Otto, Rupert Read, Jason Hickel, Steve Keen, Steve Melia, Henry Muss, George Barda and Rebecca Bowers.

• Coronavirus Has Shown us How to Stop a Climate Disaster (BT)

According to economic textbooks, the role of finance is to allocate economic resources towards best meeting future needs. In the process, we are always told, this guarantees freedom, happiness, and well-being. Global financial markets are, therefore, a kind of superior, planetary substitute for state systems of central planning. But if so, it’s hard to imagine how they could do a more disastrous job, careering from crisis to crisis, requiring endless bailouts, while concentrating most of the world’s wealth in a tiny number of hands, wiping out species after species, and, immanently, rendering large swathes of the planet uninhabitable.

The only plausible explanation is that the economic textbooks are wrong. Global financial markets aren’t really ways of directing resources towards future benefit. They aren’t even really markets. They are power arrangements, which mainly operate by colluding with Governments to extract rents, largely, by creating public and private debt. In these areas, the public and private sector become so closely entwined that it’s difficult to even distinguish them. For instance, the crisis has made clear that Governments with their own currencies are perfectly capable of creating money at will, simply by getting the Central Bank to buy bonds from the Treasury. This can either be done directly, or via the contrivance of selling them first to the finance sector and then buying them back.

So, it follows, the same resources now devoted to keeping destructive industries afloat could simply be redirected to do the opposite. There is no reason not to allow fossil fuel, air travel, and much of current construction to simply collapse for lack of subsidy; redirecting the money instead to green projects, retraining, and a basic citizen’s income. The only way to guarantee humans are protected from future catastrophe then is to ensure a dramatic shift of power relations. Do we expect Governments to just go right ahead and implement this? Obviously not.

Governments are ultimately answerable to their citizens, and one thing citizens clearly don’t want, is to go back to how things were before. A recent survey found only 9% of British citizens want to return to life as it was pre-COVID-19. We can be certain there will never again be such reliance on air travel or commuting. And it’s unlikely citizens will ever again blindly accept ‘there’s just no money’ as an argument for failing to invest or to help the poor. The magic money tree was found, after all, this April.

Read more …

“..de facto gatekeepers of information..”

• American Collusion: Weaponizing Media, Big-Tech, & Government (ZH)

In late October 2016, Jason Sullivan – then chief Twitter strategist for Roger Stone, used a data-mining tool he created, Power10, to peer into the public sentiment of the election. Outgunning the antiquated polling surveys that got it so wrong, Sullivan witnessed candidate Hilary Clinton catch up to Trump two weeks before the election in real time. He then saw, a few days later, how FBI Director James Comey gave Clinton a temporary boost that helped her overtake Trump when he announced the bureau would reopen the investigation into her email scandal. Since that time, Jason Sullivan hasn’t told his story about what happened behind the scenes leading to the biggest presidential upset election in more than a century. He wasn’t able to.

That’s because the FBI swept Sullivan up in a dawn raid in early 2018, after intimidating other members of his family. The FBI hauled him off to testify under oath of perjury before the Mueller team. Surviving the FBI interrogation, Jason Sullivan retreated from the social media spotlight. That was until this June when he saw the establishment’s coordinated effort to tilt the 2020 election against President Trump, again. The COVID-19 outbreak and subsequent lockdowns gave blue states cover for an all mail-in paper election. The Black Lives Matter (BLM) and Antifa protests, looting and riots further shut down cities across the United States. Some posed the theory that funds donated to BLM flow through ActBlue, another political front company, and into the DNC.

The biggest lever in tilting the election this year, however, emerges with the collusion between the mainstream media and the tech giants as de facto gatekeepers of information. They wield tremendous power to determine what can and cannot be said, seen, shared and posted. They include Twitter, Facebook, Google and YouTube, among others. All this boils down to one objective: Censorship. Surviving the Mueller interrogation, Sullivan developed a strong opinion on both censorship and what transpired during the last presidential election. “On November 8th, 2016, all the laws of gravity were completely defied, and the legitimacy of every last one of the traditional political polls were utterly destroyed and proven beyond a shadow of a doubt to be completely inaccurate in what went down as the single biggest political upset in modern-day history,” Sullivan said.

“The DNC, Hilary Clinton, the Obama administration, all the Democrats, all the leading newspapers and publications, the establishment Republicans and the RINOs were ALL completely caught flat-footed! If any one of the traditional polls were remotely accurate, candidate Trump did not stand a snowball’s chance in hell of winning the presidential election.” Sullivan concluded his first salvo, stating, “There is no one today who will argue that Donald Trump won the presidency because of social media … not even President Trump. But social media is what allowed candidate Donald Trump to completely circumvent the mainstream media and get his message out directly to the people.”

On Twitter shadow-banning, Sullivan observed the “systemized censorship that if Twitter staff members didn’t like a user’s tweet, they would zap the user’s account, for a period of time. Meaning, everything the user would post would not show up on any of his followers news feeds. It’s like getting hit with a digital stun gun.”

Read more …

Orange Man Bad is a profit machine for left and right.

• That Kind Of Memory Hole Is A Nightmare (Higgins)

Liberals are losing their minds over the Lincoln Project, a political action committee made up of a coalition of Republican strategists and admen who raised $16.8 million this past quarter to continue their mission of making commercials and posts aimed at upsetting Donald Trump. The group has been regularly praised for its “fearlessness” and the “powerful” content of its ads, liberals say, deeming the anti-Trump commercials “MUST WATCH” because “they are driving him crazy.”

A recent example used the coronavirus pandemic to make the case that Trump is an existential threat to the country. “If we have another four years of this, will there even be (big dramatic pause) an America?” asks a passably Ronald Reagan-imitating voice actor as somber music plays in the background in the punny “Mourning in America”-titled ad that came out this week. It was celebrated by Politico’s Joanna Weiss as a “masterful nugget of compact filmmaking.” Unsurprisingly for a group of former aides to Republican campaigns and party attachés who have run in the same circles for decades, the Lincoln Project is made up of exactly the kind of people who liberals profess to loathe: a collection of right-wing ghouls dominated by angry white men with bigoted, racist views that they’ve seldom been shy about sharing.

The group is reportedly little more than a slush fund for its members. A study on the Lincoln Project from the Center for Responsive Politics in May found the group’s finances suspect, at best, and that the organization was acting as a funnel for what The Atlantic called the coalition’s “motley crew” of leadership by directing the PAC’s cash to the interests and businesses of its directors and staff. “The Lincoln Project reported spending nearly $1.4 million through March,” the Center explained. “Almost all of that money went to the group’s board members and firms run by them.”

The Lincoln Project’s Team is led by eight founders and ten senior advisors, but the group’s core four is made up of George Conway, Steve Schmidt, John Weaver, and Rick Wilson. The quartet self-importantly announced the formation of their PAC in a tedious opinion piece for the New York Times last December, claiming that Trump represents some great departure from American conservatism (beyond saying the quiet part loud) and concluded the piece by likening their consultancy-trough-feeding and make-work organization to the Union forces in the Civil War.

Read more …

 

 

We try to run the Automatic Earth on donations. Since ad revenue has collapsed, your support is now an integral part of the process.

Thank you.

 

 

 

 

The man’s making a very good point.

 

 

Support the Automatic Earth in virustime.

 

Automatic Earth (Not) In Athens

May 312020
 
 May 31, 2020  Posted by at 2:04 pm Finance Tagged with: , , , , , , , , , , , , , , ,  9 Responses »


Monastiraki Square deserted due to lockdown, Athens, Greece 2020

 

Well, actually, there is no Automatic Earth in Athens right now. But we’re working on it. And I have had a hard time finishing articles recently for some reason. It may be because it’s virustime, and it’s certainly because of the lockdown. People are social animals, and I am no exception. Living alone and working alone makes it more extreme.

Not that I have changed my mind on lockdowns; they are the only option to tame the virus under the circumstances. Still, a lockdown must be executed properly, to make it “as close to impossible as possible” for the virus to jump to new hosts, and that has only been done in very few places, either because politicians and “experts” don’t understand how and why, or they find it too inconvenient. But enough about that for the moment, even as today’s new global cases top 130,000 in yet another new record.

 

In mid-December I went from Athens to Holland, where I still rent a small apartment though I’ve been spending most of my time in Athens. I thought I’d stay a few months in the Lowlands, do some of the everyday -or every year- stuff that needs doing, taxes, medical things etc., and return to Athens in spring.

I had a ticket back to Athens from Holland on April 1, which I had bought early February, when things still seemed somewhat normal. But as the date approached, of course, we moved ever further away from normal. If I had booked a few weeks earlier, things might have worked out, but Greece implemented a very strict lockdown, so it wouldn’t have been much fun.

I could change the ticket for free until two weeks before departure, after which the cost for changing it would be close to the original ticket price. So I changed it. By then, there was a two-week mandatory full quarantine in place for new arrivals in Greece. Not very tempting, but more importantly I was thinking I didn’t want to become a burden on the Greek healthcare system.

Which according to some has shrunk by 75% (imagine that) due to EU-mandated austerity. I was thinking the odds of Greece and the Greek system being overwhelmed were much higher than that it would happen in Holland. Boy, was I wrong. The irony is that it is exactly this that made Greece adopt the strict lockdown measures it did, as early as it did, and faring so much better because of it.

For 2 months, until 2 weeks ago, everyone who was out in the street had to carry a piece of paper detailing why they were out (try that in the US!). The only valid reasons to be out were shopping for food or medicine. All stores other than supermarkets and pharmacies were closed anyway. Greece was early and strict. They didn’t feel they had a choice.

And even if so much of the healthcare system has been bulldozed, the core is still very strong, that is a major factor. The professionals (experts) running the system and advising the government are of a very high caliber, which is more than one can say of many other countries.

 

 

 

 

In Holland, it’s been a very different story. It was late to the game, and when it did decide on a lockdown, it called it an “intelligent” lockdown. Like Dutch people are smarter than others. Which, of course, people like to hear. Most stores have remained open (though not public transport), there was no mass testing, only people with obvious symptoms were tested, and the Dutch version of the CDC still maintains today that face masks don’t actually work (i.e. we are more intelligent than 4.5 billion Asians).

Like in many other countries, the lack of testing and masks really only had one reason behind it, and it wasn’t that they would not work, or that anyone believed they didn’t, it was that they didn’t have any. And then when a government says they’re not needed, the pace at which they are purchased abroad or can be produced domestically slows down too, even with all the high tech industries in the country. That way you sort of boil in your own fat.

We’re 5 months into the pandemic, and only now can one get tested without already being on the verge of death [Update May 31: still no test available without symptoms, asymptomatic carriers be damned. Should I fake symptoms?]. And only now are masks obligatory in public transport. This means the virus has become pretty much embedded, though perhaps not yet endemic, in the population.

It’s a giant gamble with the lives of your citizens when you try to hide your failure to acquire the necessary tools and implement the needed procedures, behind stories about how well “we” are really doing. The kind of gamble that politicians should at the very least by forced to quit for, but that is not going to happen.

But, more irony, they’re real popular. People buy the narrative that “this is the best we could have done”, and hang on to their lips every day for a shred of good news. That happens in many countries, of course, and, yes, it has a function: if you want to do a lockdown, above all you need a sense of unity. That it is used to hide lies and failures is almost an afterthought.

I don’t try to point out to people here -the few I see- anymore that their government has done a terrible job; they all watch the same news, and they’ve all bought the same “we’re in this together” kool-aid. Which, again, does serve a purpose, but it’s also very false. Here are the latest numbers from Worldometer:


Holland:
17.3 million people,
46,257 cases of COVID19, and
5,951 deaths.


Greece:
10.7 million people,
2,915 cases and
175 deaths.

I don’t even have to do the percentages, do I? The “successful” and “intelligent” Holland not only, 5 months in, still has an “official” worse “deaths per million population” rate than the US(!), the Dutch numbers also invariably come with the official addition that “real” numbers of both cases and deaths are much higher due to the lack of testing.

Almost as if they’re proud of it. As if it’s a waste of time to try and keep track of how and where the virus is spreading in your society, something you won’t ever know if you only test and count people who are already in hospital or dead.

 

High time for a more uplifting story. In early March, as Greece lockdown measures took hold one by one, almost all of the social kitchens were quickly shut down. But not the people the Automatic Earth has been supporting for 5 years running with your kind help. “Our” crew changed strategy as cooking in the street was no longer an option, and started preparing meals in a central place, only to drive down and hand them out fully ready in the familiar places near Monastiraki square and the Piraeus port.

And because so many other social kitchens had closed and the homeless still needed to eat (always the first to bear the brunt, no exception this time), they made -and make- a lot more meals as well than they were used to doing, and worked 4 days instead of 2, preparing some 700 meals every week.

It’s not just many more meals, but every meal takes much more time and energy to prepare than usual; each has to be packaged separately, because of course fears were that the homeless would be most susceptible to the virus. In short, they’ve all been working their behinds off. Everyone talks about heroes, and these people are mine. Let me show you with a few pictures:

Here’s Monastiraki square, deserted (with the Acropolis on top of the mountain):

 

 

Some of the crew preparing meals in the central place:

 

 

And posing (that’s Tassos doing his finest Greek Zorro):

 

 

Then there’s of course -some of- Da Boyz:

 

 

The usual hot meal in the big pot:

 

 

But lots of other things too, all individually wrapped:

 

 

Which then end up in these crates before they’re loaded into cars to be distributed.

 

 

I love this picture, these are some of the things served on Greek Easter, April 19, because the homeless, too, should celebrate:

 

 

And then the packages are handed to the people in central Athens:

 

 

And at the port of Piraeus:

 

 

Greece, like other countries, is slowly easing its lockdown, first the stores opened, last week it was terraces at bars and restaurants, and next week it will be the inside of these places too.

“The Crew” is not yet back to cooking in the streets, that will take a bit more time. I’ve been keeping in close touch with them, and it’s high time to replenish the supermarket “checks” I last arranged for in December. First thing I’ll do when I get there. Been offering it all the time, a bank transfer might have worked, but so far they manage.

Air traffic is resuming as well, bit by bit. When I changed my ticket in mid-March, I had no idea what would be realistic, and picked June 16 “out of a hat”. Not a bad guess, it turns out. June 16 became 17, and 2 days ago the Greeks said Holland is a risk country, so no flights before July, but this morning they changed that again, to mandatory testing at the airport followed by a night in a designated hotel; it now looks as if this might actually happen. Then again, 17 days is an eternity in virustime of course.

And in the process I’ll get tested, something I can’t get done in Holland. I’ve been holed up in an area of Holland with very few infections, but I’ll still have to do the train-airport-plane routine to get to Athens, all places where the danger of being infected is -relatively- high. Holland is a country the size of a postage stamp, and it still today averages more new cases than Greece has had total deaths.

 

As always when I write about the Automatic Earth in Athens project, I ask you to support it. There are still a few hundred dollars left, but I want to buy at least €1000 worth of supermarket checks, so the crew can fill their by now empty pantries and cupboards and do something extra for the clients, who haven’t had an easy time.

The way it goes is simple and identical to how we’ve always done this: you can donate through our Paypal widget at the top left corner of the site. Any donations that end in $0.99 or $0.37 go straight to the crew, other amounts go to the Automatic Earth, which also badly needs support, and which you can of course also support via Patreon, see top right corner of the site.

I am honored and proud to be associated with these people, and proud of the bonds we have forged since 2015, and I think you should be too. Together, we support the most vulnerable people, homeless and refugees, in a city still overflowing with vulnerable people (with many more added because of the virus), and we do it through a crew that doesn’t cease to amaze with their selflessness.

I don’t remember if I ever mentioned this, but a few years ago I was talking to a guy who did a project on Lesbos, maybe still does, and we were saying: many years from now, when looking back on your life, what will you be most proud of? We both concluded that this would certainly among the top in the list: supporting the weakest members of society. But I can’t do it without your help, which has been amazing all this time, and which I hope will continue in the same way that I am determined to continue to support this wonderful little shimmer of light.

 

 

We try to run the Automatic Earth on people’s kind donations. Since their revenue has collapsed, ads no longer pay for all you read, and your support is now an integral part of the interaction.

Thank you.

 

 

Support the Automatic Earth in virustime.

 

 Older Entries