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Debt Rattle November 1 2024

Nov 012024
 
 November 1, 2024  Posted by at 9:30 am Finance Tagged with: , , , , , , , , , ,  50 Responses »


Paul Klee Carnival in the snow 1923

 

• White House Overrode Stenographers, Altered “Garbage” Transcript (ZH)
• Is the Left Preparing for War If Trump Wins? (Lee Smith)
• Kamala Harris’ Bizarre Marketing Campaign Appeals To The Worst In Humanity (ZH)
• FBI Ran ‘Honeypot’ Operation On 2016 Trump Campaign – Whistleblower (RT)
• Facebook Files Reveal the Coordinated Effort to Bury the Laptop Story (Turley)
• RFK Jr. Explains Plan for Reforming the CIA (HUSA)
• Lawsuit Over $1 Million Giveaways on Hold After Elon Musk’s Legal Maneuver (ET)
• Why the Cancel Campaign Targeting Jeff Bezos Could Backfire (Turley)
• County Clerk Confirms Voting Booth ‘Glitch’ Shifted Trump Votes To Kamala (ZH)
• Voter Confidence Rattled As Voting Machines Malfunction Across Illinois (JTN)
• Biden Goes On Baby-Mouthing Spree At White House Halloween Party (ZH)
• BRICS post-Kazan: A Laboratory of the Future (Pepe Escobar)
• BRICS Grows, Adding 13 New ‘Partner Countries’ (Norton)
• In Georgia and Moldova, it’s Oxi for NATO and the EU (Karganovic)
• Genocidal Scorecard (Chris Hedges)
• Israel’s Attacks On Iran Were An Apocalyptic Error By Netanyahu (Jay)
• Tightening Russian Oil Sanctions Threatens Global Economy – Le Monde (RT)

 

 

 

 

This IS genuinely funny
https://twitter.com/i/status/1851781793524879778

RFK

J6

Rogan
https://twitter.com/i/status/1851849883986137583

Elon

Kamala

Discord

O’Reilly

Go Vote
https://twitter.com/i/status/1851835337783357821

A warning from Mike Maloney

 

 

 

 

 

 

“..any edits to the official transcript would have to be approved by their supervisor, the head of the stenographer’s office – who was unavailable.”

• White House Overrode Stenographers, Altered “Garbage” Transcript (ZH)

In a mad scramble to cover for President Biden calling half of the country “garbage,” White House press officials altered the official transcript, overriding official stenographers who objected to the alterations, the Associated Press reports. According to the pre-altered transcript, Biden said “The only garbage I see floating out there is his supporters — his — his demonization of Latinos is unconscionable, and it’s un-American.” However White House press office added an apostrophe, reading “supporter’s” rather than “supporters,” in order to peddle the falsehood that Biden was criticizing comic Tony Hinchcliffe, who referred to the US island territory of Puerto Rico as a “floating island of garbage.” The change was made after the press office “conferred with the president,” according to an internal email from the head of the stenographers’ office that was obtained by The AP.

The authenticity of the email was confirmed by two government officials who spoke on condition of anonymity to discuss internal matters. The supervisor, in the email, called the press office’s handling of the matter “a breach of protocol and spoliation of transcript integrity between the Stenography and Press Offices.” -AP According to the email, the press office demanded that stenographers quickly produce a transcript of Biden’s call with Latino activists to discuss Hinchicliffe’s comments, while Biden’s social media team posted on X that he was not calling all Trump supporters garbage – and that he was specifically referring to the “hateful rhetoric about Puerto Rico spewed by Trump’s supporter at his Madison Square Garden rally.” The two-person stenography team on duty that evening, a “typer” and a “proofer” said that any edits to the official transcript would have to be approved by their supervisor, the head of the stenographer’s office – who was unavailable.

Because of this, the White House press office went ahead and published an altered transcript on the White House website and distributed it to the press and social media in a mad scramble. The supervisor did not like that… “If there is a difference in interpretation, the Press Office may choose to withhold the transcript but cannot edit it independently,” wrote the supervisor, adding “Our Stenography Office transcript — released to our distro, which includes the National Archives — is now different than the version edited and released to the public by Press Office staff.” The supervisor, a career White House employee, raised concerns about the alteration in an email to White House communications director Ben LaBolt, press secretary Karine Jean-Pierre, and other officials. “Regardless of urgency, it is essential to our transcripts’ authenticity and legitimacy that we adhere to consistent protocol for requesting edits, approval, and release,” he wrote.

The alteration was done as the White House scrambled to respond to a cascade of press inquiries over Biden’s comments – which completely upstaged Kamala Harris’ closing argument speech outside the White House. As journalist Michael Shellenberger points out, it was likely illegal. Biden’s comment was a gift to the Trump campaign, which immediately capitalized on it – fundraising off the quote, while Trump himself held a photo op inside a garbage truck on Wednesday.

Harris also moved to quickly distance herself from Biden’s comments, telling reporters “I strongly disagree with any criticism of people based on who they vote for.” Meanwhile, House Republicans have been discussing launching an investigation into the fabrication – with House Republican Conference Chairwoman Elise Stefanik, R-(NY), and House Oversight and Accountability Chairman James Comer, R-(KY), on Wednesday accusing the White House of “releasing a false transcript” of Biden’s remarks, and called on White House counsel Ed Siskel to retain documents and internal communications related to Biden’s remarks and the transcript. “White House staff cannot rewrite the words of the President of the United States to be more politically on message,” the lawmakers wrote, noting that it may have been a violation of the Presidential Records Act of 1978.

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“Thus, it is best understood in the context of recent accounts promising, or urging, violence after the November vote.”

• Is the Left Preparing for War If Trump Wins? (Lee Smith)

The propaganda campaign labeling Donald Trump as an aspiring dictator determined to use the military and national security apparatus against his political opponents is designed not to affect the upcoming election but rather to shape the post-election environment. It is the central piece of a narrative that, by characterizing Trump as a tyrant (indeed likening him to Hitler), establishes the conditions for violence — not just another attempt on Trump’s life, but political violence on a massive scale intended to destabilize the country. As I write in my forthcoming book Disappearing the President, Democratic Party research and media reports show that many senior party officials and operatives are preparing for the possibility of a Trump victory. Accordingly, planning is focused on undermining the incoming president with enough violence to rock his administration.

Prominent post-election scenarios forecast such widespread rioting that the newly elected president would be compelled to invoke the Insurrection Act. With some senior military officials refusing to follow Trump’s orders, according to the scenarios, the U.S. Armed Forces would split, leaving America on the edge of the abyss. By vilifying Trump as a despotic madman who must be stopped before he can commence his reign of terror, the regime’s propaganda apparatus not only slanders Trump but also pre-emptively threatens the reputation, as well as the livelihood and perhaps the liberty, of current military personnel. The point is to push the military against Trump: When the time comes to act, will you stand for democracy or side with a tyrant who sees the military only as an instrument to advance his personal interests?

For instance, last week the Atlantic’s editor-in-chief, Jeffrey Goldberg, quoted former Trump administration officials claiming that the Republican candidate is contemptuous of America’s armed forces and, according to Trump’s former chief of staff, John Kelly, wishes he could command the same respect that Hitler commanded from his general officers. This is not the first time that Trump has been compared to Hitler or that Kelly, a retired Marine general, turned on his former commander-in-chief. Kelly was the key source for a story published before the 2020 election, also in the Atlantic and also by Jeffrey Goldberg, that alleged Trump had called American WWII soldiers buried in French cemeteries “suckers and losers.” The veracity of Kelly’s latest revelation that Trump admires Hitler must of course be judged against the fact that he waited five years to disclose it, even if it is unlikely to have much effect on the current election cycle.

The military, and veterans of the Global War on Terror in particular, overwhelmingly support the candidate opposed to waging endless and strategically pointless foreign wars. Moreover, Trump has weathered far more damaging fabrications — like the false allegations that he had been compromised by Russian intelligence — that only galvanized support for him. The purpose of the Hitler narrative is not to alter the electoral preferences of left-wing media audiences already solidly in the anti-Trump column, but rather to justify taking extreme measures against the Republican candidate and the America First movement and ensure that the bulk of the military sides with the anti-Trump plot. Thus, it is best understood in the context of recent accounts promising, or urging, violence after the November vote.

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“If a woman or a minority votes conservative, Democrats assert that it’s because they’ve been brainwashed into it.”

• Kamala Harris’ Bizarre Marketing Campaign Appeals To The Worst In Humanity (ZH)

You can tell a lot about a political candidate and their party by their marketing campaigns. Most importantly, do they explain the views of their candidate and their policies? Or, do they simply seek to manipulate voters into believing something that’s not true? The Kamala Harris campaign has actually gone one step further in the past month with a bizarre series of ads that, when examined altogether, showcase an ideological degeneracy that appeals to the worst in humanity. While Donald Trump and conservatives are often accused of being “mean” or blunt in their rhetoric, at least it’s sincere and speaks to actual issues rather than subconscious desires. On the other hand, if you’re looking for any kind of class in a candidate, there’s none to be found among the Democrats.

Taking a page from the Edward Bernays school of advertising that taps into the grimy recesses and narcissism of the dregs of society, the marketing for Harris has been odd – It encourages dishonesty among families, relies on shaming techniques instead of critical thinking and it’s often sexually charged in the ugliest way. Some of these ads are not directly created by Harris operatives, but generally speaking most ads are approved by the candidate or political party officials before they’re released. In her most recent campaign, Harris ads attempt to sow discord among married couples, suggesting that women should hide their political views from their husbands and vote for Harris without them knowing. Or, the goal is to suggest that American men are somehow controlling their wives and coercing them into voting for Trump. In the Democrat fantasy world the only reason a woman would vote for Trump is because her husband is forcing her to. It’s a rather insulting portrayal of women, but it also taps into the leftist assumption that all minorities and women are their political property.

If a woman or a minority votes conservative, Democrats assert that it’s because they’ve been brainwashed into it. Beyond that, any man who has been married for even a short period of time is well aware of his wife’s political ideals and will not be surprised how she votes. It’s strange that the Harris camp is trying to portray voting as if it should be treated like an extra-marital affair. Of course, this is the kind of behavior that progressives commonly encourage women to engage in, it’s just weird to see it so blatantly promoted in a campaign ad. Then there’s the efforts to shame men into voting for Harris which have clearly not gone over so well. Her support among men is dismal, even among Gen Z, and this can be attributed directly to the decade long propaganda war on masculinity perpetrated by leftists. Men remember, and they’re certainly not going to vote for the same people that have called them “incels” or “rapists” or “toxic” for years.

Shaming is a traditionally feminine psychological tactic. This ad gives us an example of the reality that Democrats operate from a highly estrogenated world view and they don’t understand men in the slightest. By extension, Democrats may have made an epic blunder with this grotesque ad featuring a man masturbating in bed while watching porn, only to be disrupted by a cliche Republican invading his privacy and telling him he’s not allowed to punish his porpoise anymore. The ad itself is far creepier than the Republican it tried to lampoon, insinuating that masturbation is on the ballot and that this is something the average male voter should be focused on. For progressives, everything is about sex.

A root obsession of narcissists, sexual gratification is a core value for them and sexual identity a proxy making up for a lack of any legitimate personality. Furthermore, the conservative efforts against pornography are specifically aimed at enforcing age limits online so that children don’t have access (a pervasive problem in the digital era). It’s a reasonable position, but Democrats desperately want kids to have access to sexual content for some reason. Sticking with the theme of sexual gratification, let’s not forget this little gem of an ad which features a black man trying to match with women on a fake dating show, only to be denied by all of them because he says he’s not voting. The message? Vote for Harris or you won’t get laid.

The marketing is also aimed at women, much like the voting in secret ad, teaching them to treat men like the enemy unless those men vote Democrat. There are dozens of other ads like this beyond those listed here, with a host of Dem candidates following Kamala’s lead. This is truly the dark side of political content, reducing voters down to their most base animal instincts and avoiding any mention of actual policy. To be sure, Democrats understand the mentality of their core supporters well, but these ads would not appeal to anyone outside of the most rabid leftist activists. For posterity, the Harris marketing campaign should be studied as a window into the progressive mind; future generations should be dissecting this material for decades to come as an example of one of the most unsettling chapters in American political history.

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“Trump had just announced his first presidential campaign and neither he nor anyone on his campaign team was suspected of any crimes. Nevertheless, Comey ordered two “honeypot” agents to infiltrate Trump’s team..”

• FBI Ran ‘Honeypot’ Operation On 2016 Trump Campaign – Whistleblower (RT)

Former FBI Director James Comey personally ordered “honeypot” spies to infiltrate Donald Trump’s 2016 presidential campaign, according to an agency whistleblower. The off-the-books operation was described by the agency insider as a “fishing expedition” to find wrongdoing among Trump’s team. The operation was “personally directed” by Comey and launched in June 2015 without any case file being created in the FBI’s database, according to a whistleblower report handed to the Republican-led House Judiciary Committee on Tuesday and seen by the Washington Times. At the time, Trump had just announced his first presidential campaign and neither he nor anyone on his campaign team was suspected of any crimes. Nevertheless, Comey ordered two “honeypot” agents to infiltrate Trump’s team on the campaign trail with the aim of extracting damning information from adviser George Papadopoulos, the report claimed.

A “honeypot” agent refers to an attractive woman who uses a sexual or romantic relationship to gather intelligence from a target. Comey’s operation took place a year before the FBI’s ‘Crossfire Hurricane’ investigation into the Trump campaign’s alleged contacts with Russia, which later morphed into Special Counsel Robert Mueller’s two-year ‘Russiagate’ probe. According to the whistleblower, the honeypot operation was kept “off the books” to conceal it from the US Justice Department’s inspector general, who later determined that Comey knowingly lied when submitting evidence to obtain a warrant to surveil Trump’s campaign. Papadopoulos was eventually questioned by the FBI and in 2017 pled guilty to making false statements to agents regarding his alleged contacts with Russia the year before.

He served 12 days in federal prison in 2018, and has claimed ever since that he was entrapped by FBI agents posing as Russians with damaging information on Trump’s 2016 opponent, Hillary Clinton. He complained about sloppy FBI agents “dropping information in my lap that I did not want regarding Hillary Clinton’s emails in the hands of the Russians” during the Crossfire Hurricane probe, and claimed to have been targeted by at least one “honeypot” beforehand. However, Papadopoulos thought that the woman was working for the CIA and “affiliated with Turkish intelligence,” he said in 2019. The operation was canceled when a newspaper obtained a photograph of one of the agents and was about to publish it, the whistleblower claimed.

The FBI allegedly contacted the newspaper claiming that the woman in question was an informant, and not an agent, and would be killed if the photo was released, successfully preventing its publication. One of the agents was then allegedly transferred to the CIA so she would not be available as a potential witness. “The FBI employee personally observed one or more employees in the FBI being directed to never discuss the operation with anyone ever again, which included talking with other people involved in the operation,” the report states. The Judiciary Committee told the Washington Times that it “plans to look into” the report. Trump fired Comey in 2017, describing him as a “liar” and a “slimeball.”

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“When we get hauled up to [Capitol] [H]ill to testify on why we influenced the 2020 elections, we can say we have been meeting for YEARS with USG [the U.S. government] to plan for it.”

• Facebook Files Reveal the Coordinated Effort to Bury the Laptop Story (Turley)

In a new report released by the House Judiciary Committee’s Subcommittee on the Weaponization of Government, Facebook executives are shown following the lead of the FBI, which gave them prior warnings to prepare to spike such stories before the election. The FBI knew that the laptop was authentic. They had possession of the laptop, and American intelligence concluded that it was not Russian disinformation. One Microsoft employee wrote, “FBI tipped us all off last week that this Burisma story was likely to emerge,” However, these communications also show a knowing effort to appease Biden and Harris and effectively assist them in their election efforts. Facebook’s then-Vice President of Global Affairs Nick Clegg reportedly wrote to Vice President of Global Public Policy Joel Kaplan, “[o]bviously, our calls on this could colour the way an incoming Biden administration views us more than almost anything else.”

One of the most interesting communications came from a Facebook employee who recognized that they would be accused of seeking to influence the election: “When we get hauled up to [Capitol] [H]ill to testify on why we influenced the 2020 elections, we can say we have been meeting for YEARS with USG [the U.S. government] to plan for it.” The Facebook files go beyond influencing the election. At one point, Nick Clegg, the company’s president of global affairs, asked, “Can someone quickly remind me why we were removing—rather than demoting/labeling—claims that Covid is man made.” The Vice President in charge of content policy responded, “We were under pressure from the administration and others to do more. We shouldn’t have done it.”

Notably, Democrats opposed every effort to seek this information, and Facebook only recently relented in turning over its files years after Elon Musk ordered the release of the “Twitter files.” I raised this issue during the NCC event to counter the glowing self-appraisal of Meta over its record. Despite its claims of transparency, it refused calls from many of us for years to release these files. When finally forced by the House to do so, CEO Mark Zuckerberg made a perfunctory apology and moved on. As shown at the NCC event, it is now spinning its record as a defense of free speech.

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“RFK called Pompeo a “neocon” and said he disagreed with him on many policies, but also said he admired him, calling the former agency director brilliant.”

• RFK Jr. Explains Plan for Reforming the CIA (HUSA)

Former President John F. Kennedy threatened to “splinter [the CIA] into a thousand pieces and scatter it to the winds” before he was assassinated in 1963. JFK’s nephew, Robert F. Kennedy, Jr., wants something perhaps less dramatic. In a Trump campaign event with Tulsi Gabbard on Saturday, RFK explained his idea for reforming the CIA. According to him, reforming the CIA is as simple as splintering the “espionage” and “plans” divisions, which handle matters of intelligence and paramilitary operations, respectively. Those divisions are referred to today as the Directorate of Intelligence and Directorate of Operations. RFK said the two divisions need to be reorganized so the intelligence/espionage area has oversight of the paramilitary operations. He said his father had a similar plan when he was Attorney General.

“My father had a reform plan … Break up espionage division from the plans division, which is paramilitary division that fixes elections, buys newspapers, assassinates foreign leaders and so on,” he said. “I would break up those divisions and … put espionage division oversight of plans division.” Such a plan may seem tepid for a man who’s accused the CIA of being involved in the murder of his uncle. But RFK’s been surprisingly cordial with the agency. His daughter-in-law and campaign manager, Amaryllis Fox Kennedy, was a CIA officer for 10 years. RFK also revealed at Saturday’s campaign event in North Carolina that he had dinner with former Trump-era CIA Director Mike Pompeo. RFK called Pompeo a “neocon” and said he disagreed with him on many policies, but also said he admired him, calling the former agency director brilliant.

RFK said Pompeo told him that “The worst mistake of my public lie was not fixing CIA. I could have but I didn’t do it.” “The entire upper echelon of that agency is made of individuals who don’t believe in the institutions of the United States of America,” RFK said.

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“..has been placed on hold after lawyers for the billionaire removed the case to federal court..”

• Lawsuit Over $1 Million Giveaways on Hold After Elon Musk’s Legal Maneuver (ET)

A lawsuit brought against Elon Musk over his $1 million giveaways to randomly selected registered voters who sign a petition supporting the First and Second amendments of the Constitution has been placed on hold after lawyers for the billionaire removed the case to federal court. Philadelphia County Court of Common Pleas Judge Angelo Foglietta said on Oct. 31 that he was placing the case on hold after Musk’s lawyers late on Oct. 30 removed it to the U.S. District Court for the Eastern District of Pennsylvania. Foglietta said during a hearing at Philadelphia’s City Hall that he was divested of jurisdiction because of the move. Musk celebrated the result with a post on social media platform X, which he owns, that read “American Justice FTW [for the win].” Removing cases filed in state courts to federal court is not uncommon and is done at the prerogative of defendants under federal law. One of the requirements is that removal of a case must happen within 30 days of the filing of a complaint.

Federal judges who are assigned to the removed cases can decide whether to keep them in federal court or remand them back to state courts. Foglietta said that he would be available later in the day if the case were remanded back to him. Musk’s lawyers said in their removal notice that the case brought by Philadelphia District Attorney Larry Krasner involves significant federal issues and should thus be adjudicated by a federal judge. “While the Complaint purports to raise only state-law claims relating to public nuisance and consumer protection, D.A. Krasner’s claims, as evident on the face of the Complaint, turn principally on the allegation that Defendants are somehow unlawfully interfering with a federal election,” the lawyers said. Krasner sued Musk and his America PAC, or political action committee, recently over their daily $1 million giveaways to registered voters in Pennsylvania and other swing states. The scheme, Krasner claimed, constitutes an illegal lottery.

Krasner asked a state court to stop Musk and the America PAC from continuing the giveaways. Musk’s lawyers said in the new filing: “Plaintiff is seeking emergency relief which, in and of itself, would require judicial intervention into the progress of an ongoing federal election. This, however, a state court cannot do, as the issue of whether a federal political action committee like America PAC—which is focused on making independent expenditures to influence campaigns for federal office, not state or local offices—is exclusively governed by federal law and the First Amendment to the United States Constitution.” Krasner was present in court, but another attorney, John Summers, argued for the district attorney’s office. Summers said that the case was one about state law and should proceed in the claims court and that Musk’s attempt to remove the case was cowardly and irresponsible.

Musk, Summers alleged, was attempting to use procedural maneuvers to run out the clock and avoid accountability because the law and facts weren’t on his side. Summers also cast doubt on the idea that Musk’s giveaway was random, noting that at least four recipients have come from Pennsylvania. If the giveaway were random, Summers said, it was definitely a lottery. The PAC, he alleged, was luring people in to give it their personal information. The type of personal information it sought, he said, was often bought and sold among tech companies. A lawyer for Musk argued that his client wasn’t a proper defendant in the case and that the prosecution should focus on America PAC instead of one of its donors. Summers responded in part by highlighting Musk’s role in announcing and promoting the contest. “The 800-pound gorilla here is actually Elon Musk,” Summers told Foglietta.

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“Bezos could do for the media what Musk did for free speech..”

• Why the Cancel Campaign Targeting Jeff Bezos Could Backfire (Turley)

It is not every day that you go from being Obi-Wan Kenobi to Sheev Palpatine in twenty-four hours. However, Washington Post owner Jeff Bezos now has the distinction of having Luke (Mark Hamill) lead a boycott of his “democracy dies in darkness” newspaper as the daily of the darkside. Figures like former Rep. Liz Cheney announced she was canceling her subscription as a boycott movement led a reported 200,000 to give up their subscriptions. Some like George Conway even seemed to target Bezos’ Amazon. It is a familiar pattern for many of us (on a smaller scale) who used to be associated with the left and faced cancel campaigns for questioning the orthodoxy in the media or academia. Then something fascinating happened. Bezos stood his ground. The left has made an art form of flash-mob politics, crushing opposition with the threat of economic or professional ruin. Most cave to the pressure, including business leaders like Meta’s Mark Zuckerburg.

That record came to a screeching halt when the unstoppable force of the left met the immovable object of Elon Musk. The left continues to oppose his government contracts and pressure his advertisers over his refusal to restore the prior censorship system at X, formerly Twitter. Now, the left may be creating another defiant billionaire. This week, Bezos penned an op-ed that doubled down on his decision not to endorse a presidential candidate now or in the future. Some of us have argued for newpapers to stop all political endorsements for decades. The encouraging aspect of Bezos’s column was that he not only recognized the corrosive effect of endorsements on maintaining neutrality as a media organization, but he also recognized that the Post is facing plummeting revenues and readership due to its perceived bias and activism.

I used to write regularly for the Post, and I wrote in my new book about the decline of the newspaper as part of the “advocacy journalism” movement: “Our profession is now the least trusted of all. Something we are doing is clearly not working.” Bezos previously brought in a publisher to save the Post from itself. Washington Post publisher and CEO William Lewis promptly delivered a truth bomb in the middle of the newsroom by telling the staff, “Let’s not sugarcoat it…We are losing large amounts of money. Your audience has halved in recent years. People are not reading your stuff. Right? I can’t sugarcoat it anymore.” The response was that the entire staff seemed to go into vapors, and many called for Lewis to be canned. Bezos stood with Lewis. Now, resignations and recriminations are coming from reporters and columnists alike. In a public statement, Post columnists blasted the decision and said that while maybe endorsements should be ended, not now because everyone has to oppose Trump to save democracy and journalism.

The statement produced some chuckles, given the signatories, including Phillip Bump and Jen Rubin, who have been repeatedly accused of pushing false stories and reckless rhetoric. (Rubin later denounced Bezos for his “Bulls**t explanation” and said that he was merely “bending a knee” to Trump.). Bezos could do for the media what Musk did for free speech. He could create a bulwark against advocacy journalism in one of the premier newspapers in the world. Students in “J Schools” today are being told to abandon neutrality and objectivity since, as former New York Times writer (and now Howard University journalism professor) Nikole Hannah-Jones has explained, “all journalism is activism.” After a series of interviews with over 75 media leaders, Leonard Downie Jr., former Washington Post executive editor, and Andrew Heyward, former CBS News president, reaffirmed this shift. As Emilio Garcia-Ruiz, editor-in-chief at the San Francisco Chronicle, stated: “Objectivity has got to go.”

Few can stand up to this movement other than a Bezos or a Musk. However, the left has long created their own monsters by demanding absolute fealty or unleashing absolute cancel campaigns. Simply because Bezos wants his newspaper to restore neutrality, the left is calling for a boycott of not just the Post but all of his companies. That is precisely what they did with Musk.

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“…isn’t it ‘funny’ how these ‘glitches’ are never in Trump’s favor?”

• County Clerk Confirms Voting Booth ‘Glitch’ Shifted Trump Votes To Kamala (ZH)

Earlier in the day, a video went viral of voters in Kentucky having ‘issues’ with an electronic voting machine that selected “Kamala Harris” when the voter had pressed on “Donald Trump”… Admittedly, we have seen a few of these style of clips over the past few weeks and viewed it with the same level of skepticism we usually do. However, this time is different because the local County Clerk just issued a statement on Facebook confirming the issue “did occur”… but not before he had denied it occurred. According to the Laurel County Clerk Tony Brown, the machine was taken out of service while waiting for a rep from the AG’s Office. So, the initial reaction was: “There is no vote rigging here. It’s just a vast right wing conspiracy.” Then, 3 hours later… “Ok, the voting machine was busted, but it really was just a “ballot marking device” and as long as you triple checked everything, you must have caught the error..”

Here’s the full statement: “The Attorney General’s office has been to the vote center to check the device that has been shown across social media today. In full disclosure, after several minutes of attempting to recreate the scenario, it did occur. This was accomplished by hitting some area in between the boxes. After that we tried for several minutes to do it again and could not. Since this is going out across the USA and the world, I want to explain to everyone that this is a ballot marking device. You insert your blank ballot into it to vote your specific ballot for your precinct. It shows you who you have chosen for each race and notifies you if you didn’t make a selection in a race before it allows the voter to continue to the next page. When you come to the end of the ballot it shows you how you voted in every race and issue.

It confirms with each voter that they are satisfied with their selections twice before printing the ballot. Once you receive your ballot back from the ballot marking device you can review your choices again before placing it into the scanner. If you made a mistake, you may spoil that ballot and receive another one, Kentucky Law allows two spoiled ballots only. Once you are satisfied with your ballot you may place it into the scanner, and it verifies that it has been counted.

These ballot marking devices are set for a voter to touch Inside the whole box with the name of the candidates. In the video posted you can see us going back and forth through the names with no issues. This is the same machine used by the voter in the video. It remained at its location in the vote center and was set face down until the representative from the Attorney General’s Office arrived to investigate. There were no claims of any issues with the device prior, and none since it went back into service. The voter who posted the video did cast her ballot which she said was correct. I hate that this has occurred here in Laurel County. We strive to have accurate, secure and safe elections that we are proud to provide to our citizens. I hope all can get to the polls and make your voice heard November 5th. If you read through this entire post, thank you very much for your time.”

…isn’t it ‘funny’ how these ‘glitches’ are never in Trump’s favor?

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’don’t worry, we’ll just put it in the box, and we’ll make sure we scan them all tonight,’ uh, when everybody leaves..”

• Voter Confidence Rattled As Voting Machines Malfunction Across Illinois (JTN)

Voter confidence has been shaken with voting machines malfunctioning in several Illinois jurisdictions. In McLean County, 34 ballots were placed in what the County Clerk Kathy Michael called “an emergency bin,” which is located underneath the voting machine used to tabulate ballots. At the Eastland Mall, an early voting location, the machine “glitched” for 30 minutes. Affected voter Wayne Henrichs called the clerk’s office after putting his ballot in the bin and was connected with an assistant county clerk. “She indicated that they [the ballots in the emergency bin] are considered mail in ballots and they will be counted on election day rather than being counted early,” said Henrichs. Mclean County Elections Director Mark Senger said any ballots placed in the “emergency” bin will be tabulated after the early voting sites close. Senger said the ballots were tabulated after they closed on Tuesday, Oct. 22.

“The thing that concerned me was one: Is that really secure? Two: we are voting early for a reason and that’s to bank those votes,” said Henrichs. Such ballots are to be tabulated and witnessed by Democratic and Republican election judges, according to state law. In viral social media posts, voters say they walked out of a Schaumburg early voting site after the ballot scanner stopped working. One Schaumburg voter posted a video saying he didn’t cast his ballot after election judges told him to put his ballot in a box to be scanned later. “Well, so much for early voting. Their scanner’s broken, and they said, ’don’t worry, we’ll just put it in the box, and we’ll make sure we scan them all tonight,’ uh, when everybody leaves,” the voter said.

In another video posted on social media, election judges can be seen addressing a group of about 50 voters. A man wearing what appears to be an election judge badge made an announcement. “We have one scanner and the one scanner is broken,” the man said. “No one is going to open that [the emergency bin] up until tonight, and that’s us who take care of it. You know us, you have our badges,” said another election judge. McLean County GOP Chair Dennis Grundler was at the Eastland Mall trying to vote early on Tuesday. He said he was told to put his ballot in the emergency bin and he asked the judges for their names. The election judges didn’t give him their names. The McLean County Clerk’s Office said the law states for security purposes judges now use a letter designation instead of their name. According to the law, judges must initial ballots and they use their name/initials.

Read more …

Is there any way this is not embarrassing? For any grown up man? Let alone for the man who’s got the nuclear codes?

• Biden Goes On Baby-Mouthing Spree At White House Halloween Party (ZH)

One night after punching a new hole in the sinking ship that is the Kamala Harris campaign — and with no political future of his own to tamp down his impulse to put his mouth on children — President Joe Biden went on a baby-biting binge at a White House Halloween party on Wednesday night, leaving the internet collectively mortified. For anyone who’s somehow unaware, Biden has a long, rich history of mouthing, sniffing and grabbing children and women. This video gives just a small sampling of Biden’s uninvited touching that has fully earned him the nickname “Creepy Joe”: After multiple women came forward to say Biden had made them uncomfortable with his touching, Biden issued a video apology in 2019, saying, “Social norms are changing. I understand that, and I’ve heard what these women are saying. Politics to me has always been about making connections, but I will be more mindful of personal space in the future.”

However, with no second term on the line Wednesday night, Biden gleefully abandoned his personal-space pledge. Given his record, it would have grabbed major attention if Biden only mouthed a single baby. However, like an alcoholic falling off the wagon with great abandon, he indulged himself over and over. No doubt realizing this would be one of the last such opportunities he will ever have, the 81-year-old lame duck proceeded to mouth baby after baby that parents served up to him in a receiving line. Those parents appeared to politely tolerate their offspring being christened with presidential saliva, but we can imagine his handlers facepalming as Biden gave way to his compulsion to bestow oral affections.

[..] The baby-mouthing blitz capped quite a 24-hour stretch for Biden. On Tuesday evening, just as Kamala Harris was delivering her highly-promoted “closing argument” speech on the Capitol Ellipse, Biden undercut his replacement on the Democratic ticket by telling an audience that “the only garbage I see floating out there is [Trump’s] supporters.” The White House scrambled to claim that Biden was stuttering, and that there should be a possessive apostrophe (supporter’s) — supposedly indicating he was singling out an insult comedian at Trump’s Madison Square Garden rally who likened Puerto Rico to a pile of garbage — many people aren’t buying it, and the Trump campaign is using the gaffe to enormous advantage. Meanwhile, social media lit up over Biden’s creepy Halloween display, including a positively ghastly yet somehow fully appropriate horror-movie treatment:

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“The collective west’s incomprehension of what transpired in three historic days in Kazan only highlighted their astonishing arrogance, stupidity, and brutality..”

• BRICS post-Kazan: A Laboratory of the Future (Pepe Escobar)

Apart from establishing the 13 new partners – constituting a large, transcontinental, de facto BRICS zone – Kazan advanced two key platforms: BRICS Clear and the BRICS (Re)Insurance Company. BRICS Clear is a multilateral settlement/clearing system for both BRICS trade and trade between BRICS and their partners (as it stands, applying to 22 nations). The key aim, once again, is to bypass SWIFT. BRICS Clear will use national currencies for international trade. Everything will be transacted via a stablecoin – a unit of account – managed by the NDB, the Shanghai-based BRICS bank. As top French economist Jacques Sapir has pointed out, “trade requires insurance services (for both the contract itself and transportation); these insurance services involve reinsurance activities. With the BRICS (Re)Insurance Company, BRICS is building its independence from western insurance companies.”

BRICS Clear and BRICS (Re)Insurance, in the short to middle term, will have enormous consequences for global trade and the use of US dollars and euros. Trade flows, intra-BRICS and between BRICS partners – already at least 40 percent of the global total – may rise exponentially. In parallel, western-controlled insurance and reinsurance companies will lose business. That’s de-dollarization in practice – arguably the BRICS Holy Grail. Of course, India and Brazil never refer to de-dollarization in the manner of Russia, China, and Iran, but they do support BRICS Clear. Sapir predicts that up to 2030, the BRICS Clear effect may result in the dollar share in Central Bank’s reserves falling “from 58 percent to around 35-40 percent.” Significantly, that would imply “massive sales of Treasury bonds, causing a collapse of the public bond market and significant difficulties for the US Treasury in refinancing United States debt.” The Hegemon will not take that lightly, to say the least.

These BRICS geoeconomic breakthroughs – call it lab experiments – mirror diplomatic coups such as India and China, mediated by Russia, announcing on the eve of Kazan their drive to settle bilateral troubles in the Himalayas to advance the unifying, pan-cooperation BRICS agenda. Solving geopolitical issues among member-nations is a key BRICS priority. The China–India example should translate to Iran–Saudi Arabia when it comes to their involvement in Yemen and Egypt–Ethiopia when it comes to the controversial building of a major dam in the Nile. BRICS sherpas openly admit that BRICS needs an internal institutional mechanism to solve serious problems among member-states – and, eventually, partners.

And that brings us to the ultimate incandescent tragedy: Israel’s military offensives in Gaza, Palestine, Lebanon, Yemen, Syria, and Iran. BRICS sherpas revealed that two scenarios were being actively discussed in the closed sessions, as well as the bilateral meetings. The first foresees an Iran–Israel Hot War, with Lebanon turned into a major battleground, leading to a “chain reaction” involving several Arab actors. The second scenario foresees a pan-West Asia crisis, involving not only neighboring nations but what would coalesce into coalitions – one pro-Arab, the other pro-Israeli. One wonders where dodgy actors such as Egypt and Jordan would fit in. It’s unclear how BRICS, as a multilateral organization, would react to both scenarios.

Dreadful realpolitik did not stop in its tracks to watch the BRICS high-speed train leave the Kazan station. Israel staged its puny strike on Iran immediately afterward, and the collective west pronounced the elections in Georgia null and void because they did not like the result – even though the OSCE issued a rational report about it. The collective west’s incomprehension of what transpired in three historic days in Kazan only highlighted their astonishing arrogance, stupidity, and brutality. That’s precisely the reason why the BRICS matrix is working so hard to come up with the lineaments of a new, fair international order, and despite an array of challenges, will continue to flourish.

Read more …

Thought a list might be useful.

• BRICS Grows, Adding 13 New ‘Partner Countries’ (Norton)

The Global South-led organization BRICS is growing. More and more countries support the group’s mission: to build a multipolar world, with alternative economic institutions that are more representative and democratic, not dominated by the Western powers. BRICS held a summit in Kazan, Russia in October 2024, where 13 new “partner nations” were accepted. At this historic meeting, China’s President Xi Jinping referred to BRICS as “a vanguard for advancing global governance reform” and “reform of the international financial architecture”. Bolivia’s left-wing President Luis Arce argued that “the shield of BRICS and multipolarity” can protect formerly colonized nations, helping them resist “Western unipolarity and the tyranny of the dollar”. The organization was first formed as BRIC in 2009, by Brazil, Russia, India, and China. South Africa subsequently joined in 2010, turning the group into BRICS.At the 2023 BRICS summit in Johannesburg, South Africa, several more members were invited to join.

As of October 2024, BRICS has nine members and 13 partner countries:

5 original members:
Brazil
Russia
India
China
South Africa

4 new members (invited in August 2023; officially admitted in January 2024):
Egypt
Ethiopia
Iran
United Arab Emirates

13 partner countries (accepted in October 2024):
Algeria
Belarus
Bolivia
Cuba
Indonesia
Kazakhstan
Malaysia
Nigeria
Thailand
Türkiye
Uganda
Uzbekistan
Vietnam

The expansion of BRICS has made the group into even more of a geopolitical and economic powerhouse. Together, the nine BRICS members comprise more than one-third of world GDP (measured at purchasing power parity). They have well over 40% of the planet’s population, and make up roughly 30% of global oil production. By contrast, the G7 nations comprise less than 10% of the world population and under 30% of GDP (PPP), and their share of the global economy is shrinking over time, whereas that of BRICS is increasing.

Read more …

Not at all what EU and US wanted. Or even expected.

• In Georgia and Moldova, it’s Oxi for NATO and the EU (Karganovic)

In Greek, “Oxi” means “no.” October 28 is celebrated in Greece and Cyprus as “Oxi Day.” On that date in 1940 Mussolini’s plenipotentiaries presented an ultimatum to the Greek Government to allow Axis troops to occupy its territory. The Greek Prime Minister at the time, Metaxas, replied to the brazen demand with a single word, “Oxi.” The rest is, as they say, history. Now it is the people of Georgia and Moldova, in elections and a referendum held last week, who have sent an essentially identical message to the arrogant hegemons of our day. Both Georgia and Moldova were earmarked to serve as sacrificial lambs in the collective West’s relentless war against Russia. For Georgia, a particularly self-destructive role had been envisioned. Its government was expected by the collective West to commit an act of national suicide arguably even more catastrophic than that of Germany and the associated vassal states of the European Union.

Facing an obvious military debacle in Ukraine, Western strategic thinkers came up with the brilliant idea of mending the situation by using Georgia to open a second front against Russia. The Georgian army, which in 2008 was trounced by Russian armed forces when the last attempt was made to use it in a similar hare-brained scheme, was to be thrust into battle once again as cannon fodder for the benefit of foreign interests. The strategic thinkers had overlooked an important detail that cast a long shadow over the feasibility of their scheme. In 2008 it was their stooge Saakashvili who was running Georgia. Today, the situation is fundamentally different. Whilst their puppet, French-born EU citizen Salome Zourabichvili, is President, Georgia is governed by sovereignist patriots whose litmus test for judging policies is what is best for their country. Such a policy standard, of course, is utterly abhorrent to the globalist mindset. The elections in Georgia have gone terribly wrong from their point of view. The ruling sovereignist party, Georgia Dream, won with 54% of the vote. The result was duly certified by the electoral commission.

The seriousness with which the current Georgian government views non-interference in its sovereign affairs was demonstrated not long ago. Anticipating last weekend’s elections, Prime Minister Garibashvili proposed, and by a comfortable margin Parliament approved, a law mandating transparency in the financing of foreign sponsored “NGOs,” of which about 20,000 are said to be active in Georgia. Forthwith, the foreign sponsored cabal whose machinations the transparency law was designed to make public lost their nerve. President Zourabichvili, a foreign citizen herself and former French Foreign Ministry functionary whose spoken Georgian is no better than Zelensky’s Ukrainian, is herself a prime candidate for the law’s rigorous application. Foolishly, she gave the game away by refusing to exercise the presidential duty of signing the duly passed foreign agent transparency legislation so that it could go into effect. That unladylike attempt at obstruction, however, came to naught. The law was signed in her stead by the president of the Georgian Parliament.

Read more …

“..accompanied by calls from Israeli officials to “renew settlements in Gaza” and encourage the “voluntary transfer of all Gazan citizens” to other countries.”

• Genocidal Scorecard (Chris Hedges)


Bibi on Board – by Mr. Fish

United Nations report, published on Monday, lays out in chilling detail the advances made by Israel in Gaza as it seeks to eradicate “the very existence of the Palestinian people in Palestine.” This genocidal project, the report ominously warns, “is now metastasizing to the West Bank, including East Jerusalem.” The Nakba or “catastrophe,” which in 1948 saw Zionist militias drive 750,000 Palestinians from their homes, carry out more than 70 massacres and seize 78 percent of historic Palestine, has returned on steroids. It is the next and, perhaps, final chapter in “a long-term intentional, systematic, State-organized forced displacement and replacement of the Palestinians.” Francesca Albanese, the U.N. Special Rapporteur on the situation of human rights in the Palestinian territories occupied since 1967, who issued the report, titled “Genocide as colonial erasure,” makes an urgent appeal to the international community to impose a full arms embargo and sanctions on Israel until the genocide of Palestinians is halted.

She calls on Israel to accept a permanent ceasefire. She demands that Israel, as required by international law and U.N. resolutions, withdraw its military and colonists from Gaza and the West Bank, including East Jerusalem. At the very least, Israel, unchecked, should be formally recognized as an apartheid state and persistent violator of international law, Albanese states. The U.N. should reactivate the Special Committee Against Apartheid to address the situation in Palestine, and Israel’s membership in the U.N. should be suspended. Short of these interventions, Israel’s goal, Albanese warns, will likely come into fruition. “This ongoing genocide is doubtlessly the consequence of the exceptional status and protracted impunity that has been afforded to Israel.” she writes. “Israel has systematically and flagrantly violated international law, including Security Council resolutions and [International Criminal Court] ICJ orders. This has emboldened the hubris of Israel and its defiance of international law.

As the ICC Prosecutor has warned, ‘if we do not demonstrate our willingness to apply the law equally, if it is seen as applied selectively, we will be creating the conditions of its complete collapse. This is the true risk we face at this perilous moment.’” The U.N. report comes amid an Israeli blockade of northern Gaza where over 400,000 Palestinians are enduring a starvation siege and constant airstrikes in an attempt to depopulate the north. Israeli forces have killed 1,250 Palestinians in the assault, launched on October 5, a medical source told Al Jazeera. Reports from northern Gaza are difficult to obtain as internet and phone services have been cut and the few journalists on the ground continue to be killed. Israel’s ground and aerial assaults are centered on Jabaliya, Beit Lahiya and Beit Hanoun. Civil defense units say they have been barred by Israeli forces from reaching the sites of recent strikes and their crews have been attacked.

Israel has ordered Palestinians to flee to designated “safe zones,” but once in these “safe zones” they have been attacked and ordered to move to new “safe zones.” “Displaced people have been systematically chased down and targeted in shelters, including in United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) schools, 70 percent of which Israel has repeatedly attacked.” In May, Israel’s Rafah invasion caused the displacement of nearly one million Palestinians, driven into southern Gaza because of Israeli evacuation orders, into “uninhabitable wastelands of rubble, sewage and decomposing bodies,” Albanese notes. By August, 90 percent of Gaza’s population of 2.3 million Palestinians were displaced “under dire conditions,” according to the U.N.

The months of “relentless shunting of weakened humans from one unsafe area to another — fleeing bombs and bullets, with minimal chances of escape, amid loss, fear and grief, and with little access to shelter, clean water, food and healthcare — have inflicted incalculable harm, especially on children,” the report reads. “The movement of displaced Palestinians resembles the death marches of past genocides, and the Nakba. Forced displacement severs connection with the land, undermining food sovereignty and cultural belonging, and triggering further displacement. Communal bonds are broken, the social fabric shredded and reserves of resilience depleted. Systematic forced displacement contributes to ‘the destruction of the spirit, of the will to live, and of life itself.’” The constant displacement — many Palestinians have been displaced nine or 10 times — from one part of Gaza to another is accompanied by calls from Israeli officials to “renew settlements in Gaza” and encourage the “voluntary transfer of all Gazan citizens” to other countries.

Read more …

“..the IDF can’t provide one single shred of video evidence to back up such ludicrous claims..”

• Israel’s Attacks On Iran Were An Apocalyptic Error By Netanyahu (Jay)

Netanyahu is desperate to keep wars on all fronts alive simply so he can remain relevant. But what is hardly talked about is the state of Israel itself, with an economy in pieces. Just how far will the next U.S. president go in supporting Israel’s new war with Iran, both in terms of military spending and breathing new life into the economy which has seen 40,000 businesses go under since October 7th 2023 and almost a million Israelis leave the country. Netanyahu now is like a poker player who has used up all his IOUs at the table and is holding two pairs. How can he even believe he can take on Iran when even in Gaza and in Lebanon he is losing soldiers at a rate which should worry him and his generals. Yes, he has struck Hezbollah and reduced its capabilities but by no stretch of the imagination has he taken out the Iranian proxy which is still sending missiles and drones into Israel making the Israelis run to their air raid shelters even to this day.

The decision to strike Iran was surely out of an act of a gross political dilemma. However, the act itself has backfired on a level that neither he nor his entourage could imagine. Most of the targets were not even significantly damaged with a very low percentage of Israel’s missiles getting through Iran’s air defence which is so efficient that even Israel’s air force were too afraid actually fly into Iran’s airspace. Many in the west will be taken in by the spin from Israel’s lobby and impressive PR machine that it was a great victory and many sites were taken out, regardless of the fact that the IDF can’t provide one single shred of video evidence to back up such ludicrous claims, as it did previously in Gaza and Lebanon.

But the real defeat for Israel under Netanyahu is yet to come. Iran now has all the hard evidence it needs to strategize and hit Israel even harder than before. The erroneous strike on Iran by Netanyahu is not so much measured by the minor harm it did to a couple of weapons sites. It is by how now the myth of Israel’s military strength has been debunked once and for all. For decades Israel claimed superiority to everyone else, including Iran, and this was taken for granted by partisan western journalists who kept the dream alive. Remarkably, the strike on Israel by Iran on October 1st showed even Israelis that their air defence systems were hopelessly inadequate against Iran’s hypersonic missiles. That should have been enough to cool down the hot heads which straddle Netanyahu. At this point, the message he delivered at the UN, that there is “no place in Iran which Israel’s missiles cannot reach” should have been taken at face value and interpreted literally. Reaching Iranians sites is one thing. Actually taking them out is another.

Now, as the dust settles and Israel now waits for Iran’s response, the second myth that Israel’s strike capability was highly effective against Iran’s air defences is also blown. It seems like now Netanyahu’s folded as he has no more bluffs to play at the poker table. Unless of course he is deliberately coaxing his own country into a suicide strategy where Iran will completely desecrate Israel’s military leaving the U.S. little choice but to install itself on a grand scale. This so-called suicide strategy can’t be ruled out but seems hard to believe. The truth is that until Israel struck Iran, it didn’t know whether its own missiles and aircraft had the capability to penetrate Iran’s air defence system, supported heavily by Russia which sent it S-400 systems in August.

Read more …

“Income from oil exports jumped by 63% in January-July this year compared to the same period in 2023..”

• Tightening Russian Oil Sanctions Threatens Global Economy – Le Monde (RT)

Attempts to further tighten Western sanctions on Russian oil could undermine the global economy, French newspaper Le Monde wrote on Wednesday. The report indicated that tightening sanctions on one of the major oil-producing countries could send fertilizer prices soaring and would ultimately lead to higher global food prices. “The rise in oil prices would disproportionately affect the poorest countries, potentially pushing them into a humanitarian crisis,” US economist Catherine Wolfram was quoted as saying. Such a scenario could discredit the West in the eyes of the Global South and encourage them to strengthen ties with Russia, she suggested. Meanwhile, the CEO of US-based ClearView Energy Partners, Kevin Book, told Le Monde that sanctions could have worked at a time when most companies specializing in oil transport insurance were located in the West. “This is not the case today,” he emphasized.

Western governments have hit Russia with a barrage of sanctions over the Ukraine conflict. Among other measures, they have introduced a price cap along with an embargo on Russian seaborne oil in an attempt to hurt the country’s economy, while at the same time keeping Russian crude flowing to global markets so as not to trigger price hikes. The measures were imposed in December 2022, and were followed in February 2023 by similar restrictions on exports of Russian petroleum products. They ban Western companies from providing insurance and other services for shipments of Russian crude, unless the cargo is purchased at or below $60 per barrel, a level below the current market price. In response, Moscow banned Russian enterprises from complying with the cap and rerouted most of its energy exports to Asia, particularly India and China.

“While some measures have long-term effects, such as the ban on the export of spare parts that hinders the maintenance of military equipment, the opposite is true for oil,” Le Monde wrote, suggesting that Moscow has been successful in sidestepping the restrictions while the price of the country’s flagship Urals crude had mostly remained above the Western price cap. Reuters calculations based on traders’ data showed that prices of October Urals crude oil were trading above $65 a barrel at Russian Baltic and Black Sea ports. In July, Russian crude traded at around $80 a barrel. According to a recent report by the independent economic think tank Institute for Energy and Finance Foundation (FIEF), Russia’s energy revenues may reach record levels this year, buoyed by high export oil prices. Income from oil exports jumped by 63% in January-July this year compared to the same period in 2023, totaling 6.4 trillion rubles ($66 billion), the paper said.

Read more …

 

 

 

 

 

Atlas

 

 

Vaccines
https://twitter.com/i/status/1851960889986937244

 

 

Cancer
https://twitter.com/i/status/1851811296297259397

 

 

Pro-Trumper
https://twitter.com/i/status/1851764519825019081

 

 

Grok

 

 

 

 

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Independent From What?

Jul 052018
 
 July 5, 2018  Posted by at 12:19 pm Finance Tagged with: , , , , , , , , , ,  8 Responses »


René Magritte The secret player 1927

 

There’s something wonderfully -though at the same time sadly- ironic in simultaneously contemplating America’s Independence Day and Greece’s NO! (OXI!) vote three years ago that was subsequently defeated by it own prime minister, Alexis Tsipras, at the behest of the European Union’s powers that be.

Where Americans managed to break free of their yoke in 1776, the Greeks did not. Indeed, they were betrayed by their own. There are certainly plenty of similarities with the Declaration of Independence to be made, plenty voices and forces that sought to defeat the Founding Fathers. In the end, the result is simple: the Americans succeeded in breaking free, the Greeks did not.

It’s just that this is not where the story halts; it’s not the whole story. You can say that the Greeks are not independent while the Americans are, but that is true in name only. What does that famous American independence consist of?

How free and independent are Americans really today? In 1956, Dwight Eisenhower famously talked about the military-industrial complex that the nation should beware of, but 62 years later is seems safe to say his warning was not heeded.

Donald Trump ran on a non-interventionist platform, but the military-industrial complex appears to have him gift-wrapped up and ready for delivery a year and a half into his presidency. Under Trump, the US have dropped more bombs than even under Obama, no small feat.

It is of course well understood that if you justify such action properly through the media, the people will buy about anything when it comes to waging war abroad, but it’s still not what people voted for. They are not independent of the war machine.

And you can take this one step further. You can ask how independent a nation can really be if its citizens never learn to have independent thought, if they are deliberately never taught how to think for themselves. How can you be independent if and when other people define your thought and views?

Every single American and European must recognize at least part of Caitlin Johnstone’s Babies. It may read as if it’s describing some Chinese or Soviet system, or even Huxley or Orwell, but there’s not really any plausible denial that at least some of what she says resonates with you:

 

Babies

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

The baby is taught history, which is the study of the ancient, leftover propaganda from whichever civilization happened to win the wars in a given place at a given time. The baby is taught geography, so that later on when its country begins bombing another country, the baby’s country won’t be embarrassed if its citizens cannot find that country on a globe. The baby is taught obedience, and the importance of performing meaningless tasks in a timely manner.

This prepares the baby for the half century of pointless gear-turning it will be expected to undertake after graduation. The baby is taught that it lives in a free country, with a legitimate electoral system which facilitates meaningful elections of actual representatives in a real government. It is never taught that those elections, representatives and government are all owned and operated by the very rich, who use them to ensure policies which make them even richer while keeping everyone else as poor as possible so that they won’t have to share political power.

And so you get to, have to, wonder if this is what the Founding Fathers would have wanted. Were they intending for America to be a nation filled with obedient sheeple? Since they themselves were revolting against a power that wanted for them to be just that, it doesn’t seem likely.

Beyond the issue of slavery, which would take another 90 years to come on the agenda, and another 90 after that to lead to the abolishment of racial separation (and likely another 90 for the next step), the Fathers appear to have sought actual independence. There are precious few signs that they would have looked kindly upon the military-industrial complex.

Or the existing political parties for that matter, replete with ‘life-long’ politicians who label themselves ‘public servants’ but whose careers depend entirely on lobbyists and the corporate powers they serve, which donate the campaign cash needed to get the ‘public servants’ elected and re-elected.

Power corrupts absolutely. And it crushes independence. Since all US politicians need corporate money to build and sustain their careers, isn’t it ironic that they, too, would celebrate Independence Day? Independent from what?

Sure, you can celebrate that you no longer depend on British rule, and their tea, but if and when you simply swap one dependency for another, what does the word independence even mean any more?

At least that’s something the Greeks have an answer to. They depend on Europe’s largest nations and their banks. They had a chance to break that dependency, and voted to do exactly that, only to see their Independence Day crushed by the first prime minister in decades who was not part of an age-old corrupt system.

Their quiet despair should be shared by Americans too, who are free and independent men and women in name only, and who depend on Washington and Wall Street’s deeply entrenched power brokers perhaps more then ever in their history.

The Greeks have no options left; they voted for the one independent party there was three years ago, and were betrayed with a kiss. America voted Trump into the White House and though he seemed independent, he also seems to have been eaten alive by the Deep State and the war machine.

Independence appears to mean, first of all, not relying on entrenched power blocks for your lives and livelihoods, the ability to make your own decisions, to reap the fruit of your own labor. Has America been further away from that at any time since 1776 than it is today?

 

 

Debt Rattle July 4 2015

Jul 042015
 
 July 4, 2015  Posted by at 11:29 am Finance Tagged with: , , , , , , , , ,  3 Responses »


NPC George W. Cochran & Co., 709 14th Street NW, Washington DC 1920

• Stop Lying To The Greeks — Life Without The Euro Is Great (MarketWatch)
• This Euro Is Destroying The European Dream (Guardian)
• Whatever Happens To Greece, The Euro Is Unsustainable (Kohler)
• NSA Leak: Both Merkel And Schauble Saw Greek Debt As Unsustainable in 2011 (ZH)
• Varoufakis Prepares For Economic Siege As Companies Issue Private Currencies (AEP)
• Yanis Varoufakis, Are You Staying Put? ‘We Have A Duty To The People’ (Mason)
• Yanis Varoufakis Accuses Creditors Of Terrorism Ahead Of Referendum (Guardian)
• IMF Backs (Ever So Peculiarly) Syriza Government’s Debt Assessment (Varoufakis)
• The Real Losers From A Greek Exit Won’t Be In Greece (MarketWatch)
• ECB Said to Extend Backstop to Bulgaria Amid Greek Fallout (Bloomberg)
• Hopeful Start to Greek Debt Negotiations Quickly Soured (NY Times)
• How Europe Played Greece (Alex Andreou)
• Greek Banks Prepare Plan To Raid Deposits To Avert Collapse (FT)
• Europeans Tried To Block IMF Debt Report On Greece (Reuters)
• Angela’s Ashes: How Merkel Failed Greece and Europe (Spiegel)
• Greece (Steve Randy Waldman)
• Greek Mass Psychology Of Revolt Will Survive Financial Carpet-Bombing (Mason)
• Greek Economy Close To Collapse As Food And Medicine Run Short (Guardian)
• US Shale Drillers’ Safety Net Is Vanishing (Bloomberg)

Biggest economic failure in European history.

• Stop Lying To The Greeks — Life Without The Euro Is Great (MarketWatch)

Will the euro-fanatics please stop lying to the people of Greece? And while they’re at it, will they please stop lying to the rest of us as well? Can they stop pretending that life outside the euro — for the Greeks or any other European country — would be a fate worse than death? Can they stop claiming that if the Greeks go back to the drachma, they will be condemned to a miserable existence on the dark backwaters of European life, a small, forgotten and isolated country with no factories, no inward investment and no hope? Those dishonest threats are being leveled this week at the people of Greece, as they gear up for the weekend’s big referendum on more austerity.

The bully boys of Brussels, Frankfurt and elsewhere are warning the Greek people that if they don’t do as they’re told, and submit to yet more economic leeches, they may end up outside the euro … at which point, of course, life would stop. Bah. Take a look at the chart. It compares the economic performance of Greece inside the euro with European rivals that don’t use the euro. Those other countries cover a wide range of situations, of course — from rich and stable Denmark, to former Soviet Union countries, to Greece’s neighbor Turkey, which isn’t even in the EU. But they all have one thing in common.

During the past 15 years, while Greece has been enjoying the “benefits” of having Brussels run their monetary policies, those poor suckers have all been stuck running their own affairs and managing their own currencies (if you can imagine). And you can see just how badly they’ve suffered as a result. They’ve crushed it. Romania, Turkey, Poland, Sweden, Croatia — you name it, they’ve all posted vastly better growth rates than Greece. The data come from the International Monetary Fund itself. It measures growth in gross domestic product, per person, in constant prices (in other words, with price inflation stripped out). Greece adopted the euro in 2001.

And after 14 years in the same club as the big boys, they are back right where they started. Real per-person economic growth over that time: Zero. Meanwhile Romania, with the leu, has only … er … doubled. Everyone else is up. The Icelanders, who suffered the worst financial catastrophe on the planet in 2008, have nonetheless managed to grow. Yes, all data points have caveats. Each country has its own story and its own advantages and disadvantages. But the overall picture is clear: The euro has either caused Greece’s disastrous economic performance, or at least failed to prevent it.

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Amen.

• This Euro Is Destroying The European Dream (Guardian)

On Sunday the Greeks vote while the rest of Europe holds its breath. No matter how clunky the wording on the ballot paper, everyone knows what’s at stake. This is a moment of great peril, not only for the euro but for the European project itself. If Greece votes no, it’s hard to see how it can stay in the euro, which will represent the most grievous blow in the 16-year history of a currency whose momentum was always meant to be irreversible. If yes wins, and Syriza duly falls, the victory for the European powers could prove to be pyrrhic. Too many will believe that Brussels, and more pointedly Berlin, engineered the toppling of a democratically elected government.

Once Alexis Tzipras had, admittedly, put a gun to his own head by calling Sunday’s vote, the EU in effect told the Greek nation that the leaders they had chosen just six months ago were unacceptable and had to be removed. The moment will be cited ever after as proof that the EU’s approach to democracy is akin to Henry Ford’s view of consumer choice: you can have whatever colour you like, “so long as it is black”. For things to have reached such a pass – in which Greeks are being asked to select yes for organised penury or no for the chaotic variety – is surely an indictment of the single currency. Any scheme that can result in such a crisis – to say nothing of the stagnant growth, unemployment and poverty that have plagued much of the eurozone since the crash – is bound to be branded an unambiguous failure.

What’s more, it is now acting as a repellent for the European idea itself: witness the rise of populist anti-EU parties in Spain, Italy and beyond. That prompts a question, one that will only get sharper whether the Greeks leave the euro and descend into economic mayhem or stay and suffer back-breaking debt repayments. Is the disaster of the euro strangling the larger European project it was meant to serve? Could it be time to kill off the euro in order to save the European Union?

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It’s dead in the water.

• Whatever Happens To Greece, The Euro Is Unsustainable (Kohler)

The latest Greek crisis should end next week after the people surrender this weekend, but Europe’s foundations will continue to weaken: this won’t be the last existential crisis for the euro. Unless greater fiscal and political union accompanies the monetary union, it will eventually, noisily, fall apart. But this crisis, at least, is almost over. The Greeks would vote ‘yes’ on Sunday to almost any question they are asked to get access to what’s left of their euros. Prime Minister Alexis Tsipras will then agree to Germany’s demands for reform against the overruled objections from his party, German cash will start flowing again through the ECB, and Greece’s banks will reopen to sighs of relief all round. Most importantly, funds will be released to repay the IMF.

The eurozone’s mistake was letting the IMF get involved in 2010. The incompetence, or negligence, of its then managing director Dominique Strauss-Kahn, who acted against the advice of many of his member countries (including Australia) and half of its staff, set up Greece for failure. The IMF’s refusal to restructure Greece’s debt in 2010, and instead to insist on crushing austerity in return for more cash, was a terrible mistake. The Eurogroup attempted to repair the situation in 2012 with the restructure that replaced almost all of the private lenders, but the damage to the Greek economy had been done. Ironically, the IMF has changed its mind and is now arguing that Greece needs some debt relief.

Greek Finance Minister Yanis Varoufakis declared this week that he would rather cut off his arm than sign another “pretend and extend” agreement that did not include debt relief, and that he’d resign if the people voted ‘Yes’. Meanwhile the IMF issued this review of Greece’s debt and commented that it needs €60 billion over three years, plus debt relief. The IMF’s central position in the 2010 bailout inserted a hard-line outsider into what had been a cosy arrangement — the 15-year-old European Monetary Union, in which Germany props up the southern countries with loans and they stagger on, burdened with debt, propping up Germany’s export machine. Greece’s failure to make its IMF loan repayment on Tuesday was a disaster for everyone: the IMF, Greece, Germany and the ECB. It is a mistake that should never have happened.

The IMF now has the largest and most prominent delinquent debtor in its history; Greece sits on the edge of catastrophe and Germany, the ECB and the EU are complicit in the threat to the euro itself. They accepted the IMF’s money and conditions in 2010 and now, in reality, it is they who are refusing to repay.

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“..why is Syriza getting hell for pushing what both Germany in 2011 and the IMF now admit has to happen in order to have a viable Greek nation>”

• NSA Leak: Both Merkel And Schauble Saw Greek Debt As Unsustainable in 2011 (ZH)

Several days ago, we posted a NSA cable leaked by Wikileaks, in which then French finance minister Moscovici (currently a European commissioner) was admitted that the French economic situation was “worse than anyone [could] imagine and drastic measures [would] have to be taken in the next two years.” It has not improved since then. Overnight, in another perhaps even more relevant to the current quagmire in Greece leak, Wikileaks has released another intercepted NSA communication between German Chancellor Angela Merkel and her personal assistant which reveals that not only Merkel, but Schauble, were well aware that even with a debt haircut (which took place in 2012 but only for private creditors and whose impact was promptly countered with the debt from the second bailout) Greek debt would be unsustainable.

Technically, she did not use that word: she said that “Athens would be unable to overcome its problems even with an additional haircut, since it would not be able to handle the remaining debt.” She was right. And yet here she is, telling Tsipras and the Greek people that all Greece needs is to comply with the existing program when she knows well by her own admission that Greece is insolvent in its current state – precisely what Syriza is arguing and demanding be part of any deal. Because why bother making a deal if Greece will once again be in default a few months down the line, just as Varoufakis said earlier today. But where it gets really humorous is where the cable notes that even “Finance Minister Wolfgang Schaeuble alone continued to strongly back another haircut, despite Merkel’s efforts to rein him in… with IMF Managing Director Christine Lagarde described as undecided on the issue.”

Fast forward to today and now Lagarde is decided, and the IMF admits a 30% Greek haircut is necessary. So, one wonders, why is Syriza getting hell for pushing what both Germany in 2011 and the IMF now admit has to happen in order to have a viable Greek nation. Unless, of course, they don’t want a viable Greek nation, and instead want a vassal state that is constantly on the brink of collapse and thus creating enough systemic risk to constantly push the EUR lower. Because, just in case anyone has forgotten, the real issue here is not the fate of Greece or even the rest of the PIIGS, but how can Germany continue enjoying a currency that is substantially weaker than what a far stronger, and export-crushing Deutsche Mark would be at this very moment.

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Ambrose’s bromance with V. grows.

• Varoufakis Prepares For Economic Siege As Companies Issue Private Currencies (AEP)

Greece has stockpiled enough reserves of fuel and pharmaceutical supplies to withstand a long siege, and has set aside emergency funding to cover all the country’s vitally-needed food imports. Yanis Varoufakis, the Greek finance minister, said the left-Wing Syriza government is still working on the assumption that Europe’s creditor powers will return to the negotiating table if the Greek people don’t agree to their austerity demands in a referendum on Sunday. “Luckily we have six months stocks of oil and four months stocks of pharmaceuticals,” he told The Telegraph. Mr Varoufakis said a special five-man committee from the Greek treasury, the Bank of Greece, the trade unions and the private banks is working feverishly in a “war room” near his office allocating precious reserves for top priorities.

Food has been exempted from an import freeze since capital controls were introduced last weekend. Grains, meats, dairy products, and other foodstuffs should be able to enter the country freely, averting a potential disaster as the full tourist season kicks off.
The cash reserves of the banks are dwindling fast as citizens pull the maximum €60 a day allowed under the emergency directive – already €50 at many banks. “We can last through to the weekend and probably to Monday,” Mr Varoufakis said. Despite assurances, the crisis is likely to escalate fast if there is no resolution early next week. Businesses in Thessaloniki and other parts of the country are already creating parallel private currencies to keep trade alive and alleviate an acute shortage of liquidity. [..]

The Greek crisis is likely to come to a head one way or another soon after the referendum. The ECB is expected to restore emergency liquidity for the Greek banking system almost immediately if there is a “yes”, an outcome likely to trigger the downfall of the Syriza government and the creation of a national unity administration. The ECB has given strong hints that it will tighten the tourniquet yet further if there is a “no” vote – probably by raising collateral requirement – pushing Greek banks that it also regulates towards the abyss. This is a legal minefield since the ECB has a treaty duty to uphold financial stability. Syriza has said it will consider legal action at the European Court of Justice if this occurs.

Mr Varoufakis warned that the EU institutions are courting trouble if they respond to a democratic vote by the Greek people in such a way. “I find it hard to believe that Europe will continue to insist on an impasse because their own money will go up in smoke,” he said. The eurozone has well over €300bn of exposure in one form or another. Apart from normal bail-out loans, the ECB itself has €27bn of Greek bonds and has extended roughly €120bn in liquidity support through ELA funding for the banks and Target2 payments support. “They are very vulnerable. Target2 becomes a real loss if a country leaves the euro,” he said.

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Mason tries to sound tough.

• Yanis Varoufakis, Are You Staying Put? ‘We Have A Duty To The People’ (Mason)

Greek Finance Minister Yanis Varoufakis tells Paul Mason that Syriza has been offered a deal from Greek creditors that the government would sign – but he won’t say where it is.

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And he’s right.

• Yanis Varoufakis Accuses Creditors Of Terrorism Ahead Of Referendum (Guardian)

Yanis Varoufakis, the Greek finance minister, has accused the country’s creditors of terrorism, in an interview published on Saturday. “What they’re doing with Greece has a name: terrorism,” Varoufakis told Spain’s El Mundo. “What Brussels and the troika want today is for the yes [vote] to win so they could humiliate the Greeks. Why did they force us to close the banks? To instil fear in people. And spreading fear is called terrorism.” The escalation of his rhetoric comes as Greece prepares to vote on Sunday in the referendum that could decide the country’s continued membership of the eurozone.

The Greek economy is on the brink of collapse after the capital controls imposed before the referendum left the country with shortages of food and drugs, the tourist industry facing a wave of cancellations and banks with barely enough money to survive the weekend. Holding political rallies and publishing new opinion polls are banned 24 hours before the vote, the result of which remains too close to call. Polls have narrowed in recent days after warnings from the European commission and Greece’s eurozone partners that a no vote would lead to Greece’s ejection from the single currency. A GPO poll put the yes voters on 44.1% and no on 43.7%, while an Alco survey found 44.5% would vote yes, with 43.9% intending to vote no.

Many voters have switched to the yes camp since capital controls were imposed this week limiting daily cash machine withdrawals to just €60. Greeks queued once again on Saturday morning to make withdrawals as fears mounted about the state of the country’s economy. Banks said they had a €1bn cash buffer to see them through the weekend – equal to just €90 (£64) a head for Greece’s 11 million people. However, they will need immediate help from the European Central Bank on Monday whatever the result of the referendum.

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Should have been done in 2010.

• IMF Backs (Ever So Peculiarly) Syriza Government’s Debt Assessment (Varoufakis)

Debt relief ought to be at the centre of negotiations over a New Deal for Greece. That has been our government’s mantra from 26th of January, our first day on the job. Exactly five months later, on 26th of June, the IMF has conceded the point (as evidenced earlier today by the NYT) – on the very day Prime Minister Alexis Tsipras called for a referendum so that the Greek people could reject an IMF-led proposal that offered no… debt relief. The IMF’s latest debt sustainability analysis (DSA) is a fascinating read. For the first time, the IMF recognised that, in its fifth review assessment, there was a low probability that Greece’s public debt would prove sustainable.

Here is an extract from the IMF’s own report confessing that, to portray Greek public debt as sustainable (without substantial debt relief), its researchers had to make the assumption that “…Greece would go from having the lowest average total factor productivity (TFP) growth in the euro area since it joined the EU in 1981 to having among the highest TFP growth, and that it would go to the highest labor force participation rates and to German employment rates.” Pigs would, of course, sooner fly!

When asked how productivity growth would do the ‘pole vault’ from the euro area’s lowest to the euro area’s highest levels, with employment recovering fully (and in the absence of credit and investment), the IMF’s standard answer is: “To achieve TFP growth that is similar to what has been achieved in other euro area countries, implementation of structural reforms is therefore critical.” But, Chapter 3 of the IMF’s April 2015 World Economic Outlook report tears this assumption to pieces. Indeed, the IMF’s own research shows that labour market reforms have a negative impact on total factor productivity while product market reform has a neutral one.

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Damn right.

• The Real Losers From A Greek Exit Won’t Be In Greece (MarketWatch)

Another weekend, another Greek knife’s edge. As the markets close ahead of the weekend, they will be prepared for another couple of days of drama in the epic saga of the Greek debt crisis, looking to see whether the country will vote for or against the latest bailout package in a referendum scheduled for Sunday, and whether that in turn is the trigger its final exit from the euro. We will find out by Monday morning. One thing should be clear, however. Sooner or later, Greece is going to get out of the single currency. And there is a paradox in that which most commentators have so far missed. When the moment comes, the Greeks themselves will be just fine. But the collateral damage will be huge.

Most countries that tumble out of dysfunctional currency unions are back on their feet very quickly. Its victims? It will be a black day for the IMF, for the EU, for German Chancellor Angela Merkel, and for the gold bugs. Their standing may never recover from the blow that a “Grexit” will deliver. The situation in Greece has descended so deep into chaos that it is anyone’s guess what will happen next. It might still be in the euro next week. It might have re-launched the drachma, or a parallel euro. Heck, who knows, perhaps it will have adopted the dollar or the ruble as its currency? Everyone in Athens, Brussels and Berlin seems to be flying blind at this point, and if there is a plan somewhere no one can find it right now. Anything might happen.

Even so, if there is a Grexit, and that seems the most likely option with the banks already closed, and the country already in default, then in fact the country will recover fairly quickly. The Gr-covery will not be long in coming (after which, there should be a ban on smart-alec words starting with “Gr” — they are getting Gr-iresome). Most countries that tumble out of dysfunctional currency unions are back on their feet very quickly. Take Argentina for example. After the dollar peg ended in 2002, between 2003 and 2007 it averaged growth of 8.5% a year. Greece might not quite manage that, but with wage costs equal to Eastern Europe after devaluation, and with all the infrastructure that comes from being in the EU for 30 years, it should do just fine.

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Nothing for Greece, but loans for Bulgaria, which is nowhere near the eurozone economically. Hmm…

• ECB Said to Extend Backstop to Bulgaria Amid Greek Fallout (Bloomberg)

The ECB is set to extend a backstop facility to Bulgaria and is ready to assist other nations in the region to ward off contagion from Greece, according to people familiar with the situation. The ECB would provide access to its refinancing operations, offering euros to the banking system against eligible collateral, the people said, asking to remain anonymous because the matter is confidential. The ECB and the Bulgarian central bank declined to comment. Eastern Europe is at risk of tremors from Greece via ties ranging from trade to finance, with lenders from the debt-ridden country owning almost a third of banking assets in Bulgaria. The possibility of Greece abandoning the euro after shutting banks and imposing capital controls has left eastern European currencies among this week’s worst emerging-market performers.

“The threat of ‘Grexit’ has understandably cast a dark cloud over the outlook” for the region, London-based Capital Economics Ltd. said last week in a note. “Ties with Greece are sizable in a few places, including Bulgaria and Romania.” Bulgaria and its banks have been a main focus of concern for European Union officials looking at potential fallout from the Greek crisis in the region, according to people familiar with their thinking. Yields on euro-denominated Bulgarian government debt due 2024 were little-changed at 3.14% Friday, having risen during the past week on Greek concerns.

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Decent background.

• Hopeful Start to Greek Debt Negotiations Quickly Soured (NY Times)

Last Friday morning, the Greek prime minister, Alexis Tsipras, gathered his closest advisers in a Brussels hotel room for a meeting that was meant to be secret. All the participants had to leave their phones outside the door to prevent leaks. A week of tense negotiations between Greece and its creditors was coming to an end. And it was becoming increasingly clear to the left-leaning prime minister that he could not accept the tough economic terms that his lenders were demanding in exchange for new loans. As Mr. Tsipras paced and listened on the 25th floor of the hotel, his top aides argued that neither Germany nor the International Monetary Fund wanted an agreement and that they were instead pushing Greece into default and out of the euro.

The night before, at a meeting of eurozone leaders at the EU headquarters, Mr. Tsipras had asked Chancellor Angela Merkel of Germany about including debt relief with a deal, only to be rebuffed again. This is going nowhere, the 40-year-old Greek leader said in frustration, according to people who were in the room with him. The more we move toward them, the more they are moving away from us, Mr. Tsipras said. After hours of arguing back and forth about possible responses, Mr. Tsipras made a decision to get on a plane and go home to call a referendum, according to the people who were in the room. This decision by Mr. Tsipras to ask his people to back or reject, as he had recommended, the latest set of austerity measures for Greece sent shock waves through Europe.

Just days before the Sunday vote, the outcome remained too close to call. Many here, however, now think that a “no” vote would ultimately lead to Greece’s exit from the euro. This referendum will be one of the most important votes in Greece since it became an independent nation in 1830. Why Mr. Tsipras took such an extreme step remains puzzling. But a close look at the events of the last week — based on interviews with some of the participants and others briefed on the discussions — reveals an accumulation of slights, insults and missed opportunities between Greece and its creditors that led the prime minister to conclude that a deal was not possible, regardless of any concessions he might make.

Greece’s creditors see it differently, of course. In their view, Mr. Tsipras, who swept into power on a wave of anti-austerity support, was only interested in a deal that would go light on austerity measures and deliver maximum debt relief. He could not and would not comply with any agreement that required more sacrifices from the Greek people. Still, for a week that ended with so much enmity, its start was auspicious.

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Logically, a NO vote in Athens July 5 should mean the end of Merkel, Hollande, Juncker, Dijsselbloem, Schultz, Schäuble, etc. But it won’t, will it?

• How Europe Played Greece (Alex Andreou)

Do these things, they said, for all our sakes and you will return to prosperity with our help. They lied. “They have decided to strangle us, whether we say yes or no”, said a Greek woman to me yesterday. “The only choice we have is to make it quick or slow. I will vote “oxi” (no). We are economically dead anyway. I might as well have my conscience clear and my pride intact.” Her view is not atypical among friends and relations I have canvassed in the last few days. Trust has evaporated. Faith in European Institutions is thin on the ground. Lines have been crossed. At times of financial strain, a country’s currency issuer, its central bank, should act as lender of last resort and prime technocratic negotiator. In Greece’s case, the European Central Bank, sits on the same side as the creditors; acts as their enforcer.

This is unprecedented. The ECB has acted to asphyxiate the Greek economy – the ultimate blackmail to force subordination. The money is there, in our accounts, but we cannot have access to it, because the overseers of our own banking system, the very people who some months ago issued guarantees of liquidity, have decided to deny liquidity. We have phantom money, but no real money. There is a terrifying poetry to that, since the entire crisis was caused by too much phantom money in the first place. EU Institutions are now openly admitting that their aim is regime change. A coup d’état in anything by name, using banks instead of tanks and a corrupt media as the occupiers’ broadcaster. The rest of Europe stands back and watches. Those leaders who promised the Syriza government support before the election, have ducked for cover.

I understand it. They sympathise, but they don’t want to be next. They are honourable cowards. They look at the punishment beating being meted out and their instinct is to protect their own. Many people within Greece have the same reaction. “[Tsipras] is an idealist”, a friend wrote, “but I don’t know whether idealism has the power to change reality. Life has shown me the opposite to be true. I will vote “yes”, with tears in my eyes. I will be another Brutus.” This tacit collusion, both within Greece and around Europe and the World, with the economic waterboarding being administered to a country on its knees, is made possible by a single politically expedient narrative: That Greece deserves to suffer and should just pay its debts. It is the single most common comment I have had on social media. And the most bitter to swallow.

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Vehemently denied by V.

• Greek Banks Prepare Plan To Raid Deposits To Avert Collapse (FT)

Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears the country is heading for financial collapse, bankers and businesspeople with knowledge of the measures said on Friday. The plans, which call for a “haircut” of at least 30 per cent on deposits above €8,000, sketch out an increasingly likely scenario for at least one bank, the sources said. A Greek bail-in could resemble the rescue plan agreed by Cyprus in 2013, when customers’ funds were seized to shore up the banks, with a haircut imposed on uninsured deposits over €100,000. It would be implemented as part of a recapitalisation of Greek banks that would be agreed with the country’s creditors — the EC,IMF and ECB.

“It [the haircut] would take place in the context of an overall restructuring of the bank sector once Greece is back in a bailout programme,” said one person following the issue. “This is not something that is going to happen immediately.” Eurozone officials said no decision had been taken to wind up any Greek banks or initiate a bail-in of depositors, a process that would be started by the ECB declaring the banks insolvent or pulling emergency loans. Greece’s banks have been closed since Monday, when capital controls were imposed to prevent a bank run following the leftwing Syriza-led government’s call for a referendum on a bailout plan it had earlier rejected. Greece’s highest court rejected an appeal by two citizens on Friday who had asked for the referendum to be declared unconstitutional.

Depositors can withdraw only €60 a day from bank ATM cash machines, while requests to transfer funds abroad have to be approved by a special finance ministry committee in co-operation with the Greek central bank. Two senior Athens bankers said the country had only enough cash to keep ATMs supplied until the middle of next week. This followed the ECB’s decision this week not to increase Greece’s allocation of emergency liquidity assistance after the bailout programme ended on June 30.

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“..a dispute between Brussels and the IMF that has been simmering behind closed doors for months.” What’s Lagarde’s role in all this?

• Europeans Tried To Block IMF Debt Report On Greece (Reuters)

Euro zone countries tried in vain to stop the IMF publishing a gloomy analysis of Greece’s debt burden which the leftist government says vindicates its call to voters to reject bailout terms, sources familiar with the situation said on Friday. The document released in Washington on Thursday said Greece’s public finances will not be sustainable without substantial debt relief, possibly including write-offs by European partners of loans guaranteed by taxpayers. It also said Greece will need at least €50 billion in additional aid over the next three years to keep itself afloat. Publication of the draft Debt Sustainability Analysis laid bare a dispute between Brussels and the IMF that has been simmering behind closed doors for months.

Greek Prime Minister Alexis Tsipras cited the report in a televised appeal to voters on Friday to say ‘No’ to the proposed austerity terms, which have anyway expired since talks broke down and Athens defaulted on an IMF loan this week. It was not clear whether an arcane IMF document would influence a cliffhanger poll in which Greece’s future in the euro zone is at stake with banks closed, cash withdrawals rationed and commerce seizing up. “Yesterday an event of major political importance happened,” Tsipras said. “The IMF published a report on Greece’s economy which is a great vindication for the Greek government as it confirms the obvious – that Greek debt is not sustainable.”

At a meeting on the IMF’s board on Wednesday, European members questioned the timing of the report which IMF management proposed at short notice releasing three days before Sunday’s crucial referendum that may determine the country’s future in the euro zone, the sources said. There was no vote but the Europeans were heavily outnumbered and the United States, the strongest voice in the IMF, was in favor of publication, the sources said.

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According to Der Spiegel, Merkel’s big mistake is not taking a harder line with Greece. Oh, and Tsipras is a radical idiot.

• Angela’s Ashes: How Merkel Failed Greece and Europe (Spiegel)

Angela Merkel relishes her reputation as queen of Europe. But she hasn’t learned how to use her power, instead allowing a bad situation to heat up to the boiling point. Her inability to take unpopular stances badly exacerbated the Greek crisis. Angela Merkel was already leaving for the weekend when she received the call that would change everything. The chancellor had just had a grueling day, spending all of it in meetings with Greek Prime Minister Alexis Tsipras – sometimes as part of a larger group, and others with only him and French President François Hollande. They discussed debt restructuring and billions of euros in additional investments. When it comes to issues important to him, Tsipras can be exhaustingly stubborn.

In the end, though, Merkel was left with the feeling the EU summit was the milestone that could quite possibly mark a turn for the better. Martin Schulz, president of the European Parliament, had pulled Merkel aside in Brussels and whispered to her that Tsipras was seeking allies in the opposition, with whom he could push a reform program through Greek parliament even without the consent of the radical wing of Syriza, if necessary. “Can you help me?” Tsipras had asked Schulz. Schulz has good connections in the Social Democratic PASOK Party. But when Merkel returned to Berlin, she received a call from Tsipras. He told her that he was not interested in a deal, but that he intended to hold a referendum in Greece first. A short time later, he tweeted: “With a clear ‘NO,’ we send a message that Greece is not going to surrender.”

Merkel is known for not being easily fazed. She has made it this far in part because she has firm control of her emotions. And she remained silent throughout the weekend. But at a Monday meeting of leading members of her Christian Democratic Union (CDU), she hinted at the depth of her disappointment in Tsipras. His policies are “hard and ideological,” she said, adding that he is steering his country into a brick wall “with his eyes wide open.” Merkel had always described Tsipras as a man who, while leading a crazy organization, was quite open and accommodating in person. She had hoped that Tsipras would ultimately help reason prevail. Now, though, it appears that he has handed Merkel the greatest debacle of her tenure as chancellor.

In the end, of course, it will primarily be the fault of the radical Greek government if the country is ejected from the euro zone. How should one deal with a prime minister who conducts negotiations using the language of military mobilization? “We have justice on our side. If we can overcome fear, then there is nothing left to fear,” Tsipras tweeted on Monday. But the divide that is now opening up in Europe also has something to do with Merkel’s leadership style – and with her idiosyncrasy of allowing things to drift for extended periods. This method works when it comes to negotiating a compromise, and when everyone involved is interested in a favorable outcome. But it reaches its limits when someone like Tsipras is determined to carry things to the extreme.

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“Throughout the crisis, European elites have faced a simple choice: Acknowledge and explain to electorates their own mistakes, or revert to a much older playbook and manufacture scapegoats. Such tiny, tiny people.”

• Greece (Steve Randy Waldman)

The fact of the matter is no country, not Germany, not France, would voluntarily put up with the sort of “adjustment” that has been forced on Greece, for the good reason that gratuitous great depressions are not actually helpful to an economy. Creditors have had five years to mismanage Greece and they’ve done a startlingly effective job. Syriza has had five months to object. However much you may dislike their negotiating style, however little you think of their competence, Greece’s catastrophe was not Syriza’s work. If creditors respond to Syriza’s “intransigence” with maneuvers that cause yet more devastation, that will be on the creditors. Blaming victims for having insufficiently perfect leaders is standard fare for apologists of predation.

Unfortunately, understanding this may be of little comfort to the disemboweled prey. Europe’s creditors are behaving exactly as one might naively predict private creditors would behave, seeking to get as much blood from the stone as quickly as possible, indifferent to the cost in longer-term growth. And that, in fact, is a puzzle! Greece’s creditors are not nervous lenders panicked over their own financial situation, but public sector institutions representing primarily governments that are in no financial distress at all. They really shouldn’t be behaving like this.

I think the explanation is quite simple, though. Having recast a crisis caused by a combustible mix of regulatory failure and elite venality into a morality play about profligate Greeks who must be punished, Eurocrats are now engaged in what might be described as “loan-shark theater”. They are putting on a show for the electorates they inflamed in order to preserve their own prestige. The show must go on. Throughout the crisis, European elites have faced a simple choice: Acknowledge and explain to electorates their own mistakes, which do not line up along national borders of virtue and vice, or revert to a much older playbook and manufacture scapegoats. Such tiny, tiny people.

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They’re really fed up with Europe.

• Greek Mass Psychology Of Revolt Will Survive Financial Carpet-Bombing (Mason)

When Times correspondent George Steer entered the city of Guernica in April 1937, what struck him were the incongruities. He noted precisely the bombing tactics “which may be of interest to students of the new military science”. But his report begins with a long paragraph describing the city’s ceremonial oak tree and its role in the Spanish feudal system. Sitting in Athens this week, I began to understand how Steer felt. Sunday’s referendum will take place under a kind of financial warfare not seen in the history of modern states. The Greek government was forced to close its banks after the European Central Bank, whose job is technically to keep them open, refused to do so. The never-taxed and never-registered broadcasters of Greece did the rest, spreading panic, and intensifying it where it had already taken hold.

When the prime minister made an urgent statement live on the state broadcaster, some rival, private news channels refused to cut to the live feed. Greek credit cards ceased to work abroad. Some airlines cancelled all ticketing arrangements with the country. Some employers laid off their staff. One told them they would be paid only if they turned up at an anti-government demonstration. Martin Schulz, the socialist president of the European parliament, called for the far-left government to be replaced by technocrats. And the Council of Europe declared the referendum undemocratic. With ATM cash limited to €60 a day, one shopkeeper described the effect on her customers: on day one, panic buying; day two, less buying; day three, terror; day four, frozen.

The words you find yourself using in reports, after looking into the eyes of pensioners and young mothers, make the parallel with conflict entirely justified: terror, fear, flight, panic, uncertainty, sleeplessness, anxiety, disorientation. If the effect was to terrorise the population, it has only half worked. The pollsters are simply finding what Greek political scientists already know: society is divided, deeply and psychologically, between left and right.

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Draghi should be dragged before a court for this. How about The Hague?

• Greek Economy Close To Collapse As Food And Medicine Run Short (Guardian)

Greece’s economy is on the brink of collapse after the capital controls imposed ahead of Sunday’s referendum left the country with shortages of food and drugs, the tourist industry facing a wave of cancellations and banks with barely enough money to survive the weekend. Banks said they had a €1bn cash buffer to see them through the weekend – equal to just €90 (£64) a head for the 11 million-strong population – and would require immediate help from the ECB on Monday whatever the result of the referendum, in which the two sides are running neck and neck. Alexis Tsipras, Greece’s prime minister, was fighting for his political life on Friday night, using a rally to say that a no vote would enable him to negotiate a reform-for-debt-relief deal with the country’s creditors.

The survival of the Syriza coalition, formed just over five months ago to repudiate five years of austerity programmes, was in doubt as Greece started to suffer shortages of basic provisions, including the sale of vital drugs in pharmacies nationwide. Food staples, such as sugar and flour, were also fast running out on Friday as consumers started to feel the effect of the restrictions. “We have shortages,” said Mary Papadopoulou, who runs a pharmacy in the picturesque district of Plaka beneath the ancient Acropolis. “We’ve run out of thyroxine [thyroid treatment] and unless things change dramatically we’ll be having a lot more shortages next week.”

Greek islands, where thousands of holidaymakers headed this week, have also been hit, with popular Cycladic destinations such as Mykonos and Santorini reporting shortages of basic foodstuffs. More than half of Greece’s food supplies – and the vast majority of pharmaceuticals – are imported, but with bank transfers now banned, companies are unable to pay suppliers. Queues were reported at every cash machine in Athens on Friday night and business groups warned that the economic shutdown in the week since Tsipras called the referendum had already caused lasting damage to the economy. “Imports, exports, factories, firms, transport – everything is frozen,” said Vasilis Korkidis, who heads the national Confederation of Hellenic Commerce. “The only sectors in demand are food and fuel.”

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Crazy that there still is one.

• US Shale Drillers’ Safety Net Is Vanishing (Bloomberg)

The insurance protecting shale drillers against plummeting prices has become so crucial that for one company, SandRidge Energy Inc., payments from the hedges accounted for a stunning 64% of first-quarter revenue. Now the safety net is going away.
The insurance that producers bought before the collapse in oil — much of which guaranteed minimum prices of $90 a barrel or more — is expiring. As they do, investors are left to wonder how these companies will make up the $3.7 billion the hedges earned them in the first quarter after crude sunk below $60 from a peak of $107 in mid-2014.

“A year ago, you could hedge at $85 to $90, and now it’s in the low $60s,” said Chris Lang, a senior vice president with Asset Risk Management, a hedging adviser for more than 100 exploration and production companies. “Next year it’s really going to come to a head.” The hedges staved off an acute shortage of cash for shale companies and helped keep lenders from cutting credit lines, many of which are up for renewal in October. With drillers burdened by interest payments on $235 billion of debt, $89 billion of it high-yield, a U.S. regulator has warned banks to beware of the “emerging risk” of lending to energy companies.

Payments from hedges accounted for at least 15% of first-quarter revenue at 30 of the 62 oil and gas companies in the Bloomberg Intelligence North America Exploration and Production Index. Revenue, already down 37% in the last year, will fall further as drillers cash out contracts that paid $90 a barrel even when oil fell below $44. West Texas Intermediate for August delivery added 78 cents to $57.74 a barrel on the New York Mercantile Exchange at 10:45 a.m. New York time. Hedges purchased from banks or other traders allow drillers to lock in a sale price. Some guarantee a specific value. Others ensure a minimum payment regardless of how much the market moves, but require the oil company to pay some of it back if the price exceeds a certain threshold.

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