Female sociopath are excel in false accusations, including rape accusations. They are born actresses and have no empathy, so
framing their victim is just an easy game for them
In a fiery speech announcing her decision, Collins ripped unsupported claims by Avenatti's
client, Julie Swetnick, that Kavanaugh facilitated a Cosby-esque "gang rape" operation while in
high school.
Some of the allegations levied against Judge Kavanaugh illustrate why the presumption of
innocence is so important . I am thinking in particular not of the allegations raised by
Professor Ford, but of the allegation that, when he was a teenager, Judge Kavanaugh drugged
multiple girls and used their weakened state to facilitate gang rape .
This outlandish allegation was put forth without any credible supporting evidence and
simply parroted public statements of others . That such an allegation can find its way into
the Supreme Court confirmation process is a stark reminder about why the presumption of
innocence is so ingrained in our American consciousness. -Sen. Susan Collins
I didn't really care much about the stuff alleged to have been done by Kavanaugh
thirty-five years ago. Arguing with a close family friend I stated that there was nothing
I found more tiresome than the old lawyers tactic of springing something on you at the last
possible minute, leaving a steaming pile of turds in the middle of your desk, and then
expecting to be taken seriously. Decorum? Rules of debate? How about the laws of
discovery, sharing info amongst colleagues?
Just because this was not a criminal trial is no reason to throw out the rules for policy
making, the nomination process, which both sides have adhered to in the past. People were
comparing this to the Anita Hill fiasco during the Clarence Thomas confirmation hearings.
Delay, interrupt, stall, maximum media exposure. Never any evidence or criminal charges to
point to.
In criminal trials there is the process of discovery by which the admission of
evidence at the last minute is strongly ill advised, and can result in it being tossed out.
Sen. Feinstein would be aware of all the rules and procedures, but she feels above it
all.
Hey Avenatti! If you and your client had any idea of what the truth is no one would every
have heard of her or of you. Don't give us this ******** that you were just representing your
client. If you had a brain you would have known she was FOS from the get go, and if you were
honest you never would have represented her. So what is it? Are you just stupid or are you
dishonest, or both?
People who make salacious claims unconfirmed or outright denied by their own named
"witnesses" tend to get sued for defamation. And the lawyers they rode in on.
Michael Avenatti is not a nice man at all. He was a factor in making the accusations seem
like a circus. No one takes him seriously as he slinks around the gutters.
Avenatti is the scapegoat. The Ford story was already fast breaking down, and the secret
polygraph and the secret therapist notes and her ex-boyfriend should have made more noise in
the Senate.
They embraced this puke and revelled in his garbage accusations. Now they need a
scapegoat, and he's it. God forbid Feinstein get raked over the coals for screwing this thing
up. The was a political hit, and everyone knew it. But the GOP are so spineless that a
high-school-drunken-grope-fest brought them to their knees. Fortunately, the Dems stayed true
to form and blew themselves up.
What I do not understand is how could they be so stupid as to endorse the Avenatti slime
factory in the first place? TONE DEAF.
Avenatti needs to be disbarred. To file a complaint for his breach of professional
responsibility, suborning perjury, and engaging in acts of moral turpitude:
If enough complaints are filed with the CA state bar, he may get disbarred.
Attorneys ALREADY have a really bad rep. Part of professional responsibility is to uphold
the integrity of the legal profession. The ONLY thing Avenatti did was to make every attorney
look like a complete shyster sleazeball, which given I just took the bar exam and will
probably become an attorney soon, I find immensely offensive.
The Demonrats used false sexual allegations against Roy Moore coupled with ballot box
cheating (their typical mode) to win a senate seat in conservative Alabama. So, since their
main national platform of open borders is so repugnant to any normal taxpaying voter, this is
their only strategy. They simply got caught. All the allegations against both Kavanaugh and
Moore were fabricated and the proof is the Soros' paid lawyers who represented them all. And
Feinstein and Schumer conspired in this farce. And independent voters know it!
They're just pissed they got caught in their fraud and this energized the R. base which
will lead to a red wave in a few weeks. And just think of the political commercial
possibilities for any Demonrat senator hoping to prevail if they vote against Kavanaugh. I
expect the final confirmation vote won't as close as the vote for cloture for this
reason.
Be careful, Roy Moore was a different story. There was evidence including him saying he
liked to date high school age girls as a 30 year old along with multiple other people who
remembered what was alleged. Not just Democrat operatives. Morals were not that different
then than now. Was he guilty of a crime no, could reasonable people still dislike his morals
sure. I grew up close to that era and thought the college age kids hanging around HS girls
was nasty. Moore verified as a 30 year old he liked them young.
Ford 0 corroborating evidence. By lumping in Moore with Kavanaugh you are giving credence
to believe the victim because all you are following the "patriarchy" of believing the accused
regardless of evidence.
The Democrats have a long history of making last minute sexual misconduct allegations
against their political opponents, always without any evidence or corroboration. And sexual
misconduct allegations that pale in comparison to what a lot of Democrats have been alleged
to do (rape allegations against Clinton, Kennedy having an affair that left a woman dead,
John Conyers for settling sexual harassment allegations with taxpayer money, Hillary for
trashing victims, or consider Weinstein and other famous/rich Democrat donors or newsmen).
I'd bet most of these allegations against Republicans were simply made up for political
purposes because they were plausible, couldn't be disproven, and couldn't be proven. Ford's
allegations fit the pattern.
The charges are always last minute, to deny the accused an opportunity to defend
themselves. Kavanaugh provided an excellent defense that would be good court room drama in a
movie, when no one in the GOP was willing to defend him, and too afraid of being accused of
not believing a victim and attacking them.
What's really going on are the Democrats in charge, are looking to deflect the attention
from what they did, to Avanetti because Avanetti did the same, except the charges of his
client, weren't believable, even though they couln't be proven or disproven. They don't want
to take the blame, for what voters might do in the midterms.
One thing's for sure, you don't see Democrats calling for indicting and prosecuting false
accusers. They're teaching people to bear false witness for their personal purposes.
avenatti gave the diversion, the clutter, the political sideshow so that all charges could
be swept away and completely fake and uncorroborated. there was no provable basis for the
ford charges, but the crazy swetnick stories simplified brooming the whole thing.
we can only hope that avenatti will be back in 2020, to run for president, and to come
marching with his parade of **** stars and "wronged" women who spend all their time
performing in strip clubs.
So, the bastard waited until his last day on the job to do a little fake media
pay-per-view kiss-and-tell. He couldn't be mensch enough to give his boss a professional
courtesy of telling him to take this job and shove it, he just succumbed to the siren's call
of money and spilled the beans to the fake media first before anyone in the Administration
had a chance to tell him how dangerous and detrimental to the interests of American people
his words would become (anyone taking bets that the kiss-and-tell New York Times bestseller
memoir is in the works?). Such is the psycho-profile of an average Pentagon brass. No
vertebratae there -- just mollusks, tapeworms, snails and amoebas. Throw the money at them,
and watch them grovel. Everything is for sale: service record, decorations, rank, faux
military and political expertise, integrity, character, valor, heroism, cavalier and valiant
battlefield engagement, self-sacrifice, loyalty to the nation...their family...their
kids...their asses...everything@!. If it has a rank, it is casually sold on an open market.
The winning bidder takes all.
Yes, General, Donald Trump is a deeply flawed human being. To his credit, though. we have
been duly forwarned. He never - ever - claimed that he was a saint and cautioned us against
turning him into a Mao Zedong-like personality cu;t. We knew all along that we were electing
a profoundly imperfect person, and the reason why we elected him nonetheless is that the
honesty of his admission was so refreshing that it outweighed all other considerations and
was too brilliantly confessional to ignore. When was the last time you heard Hillary Clinton
focus on her shortcomings, ethical lapses, judgment failures and mental syncopes instead a
litany of her glorious accomplishments/?
Now, I have a question for you, General: what kind of ball-less, dickless and brainless
asswipe devoid of any moral scurples and personal values serves his "unfit-for-the-job "
(sic) and dangerous-to-the-country Supreme Commander for two consecutive years without
uttering a word of criticism and dissent and then, after being fired, unleashes a torrent of
hysterical fury and not even minimally credible accusations? In my mother tongue there is a
phrase for characters like you: worthless piece of ****. And you can quote me on it, Sir.
PresidentTrump , 24 minutes ago
good riddance kelly
veritas semper vinces , 37 minutes ago
"What difference does it make, at this point?" who is the president? To paraphrase a Soros
supported ex candidate, who is still not in jail.
As Ms. No a stutely observed a few days ago : there was a petition to investigate Soros ,
signed by more than the necessary number for the White House to respond, and this 1 year
ago.
And the Donald ignored it, braking the law this way.
Does this count as more or less evidence he is fighting the swamp, trumptards?
Together with the fact Sheldon Adelson , the zionist financed his campaign and Wilbur
Ross, Rothschild's man bailed him out of his bankruptcies.
Wilbur Ross , who is now his Commerce Secretary.
Can trumptards put 2+2 together ?
Conscious Reviver , 40 minutes ago
Kelly is just more senior management in the crime syndicate known by the acronym USG. What
about the oath he swore to defend the Constitution against all enemies, foreign and domestic?
If he was a true soldier and patriot, he would have arrested the criminals, hiding in broad
daylight, who did 9/11.
As it is, he's just another toady. Good riddance to bad trash.
youshallnotkill , 2 hours ago
These kind of threads always make me wonder how many of the commenters here are paid to
**** on our US military.
Hans-Zandvliet , 1 hour ago
No need to pay people for shitting on the US military. Even marine corps general Smedly
Butler (most decorated marine in US history) wrote it himself ("War is a Racket" [1935]),
saying: "[while serving as a marine] I spent most of my time as a high-class muscle-man for
Big Bussiness, for Wall St and for the Bankers. In short, I was a racketeer, a gangster for
capitalism."
Nothing much has changed since then in the US army, or has it?
11b40 , 46 minutes ago
Only gotten worse since eliminating the draft and getting a mercenary army.
Baron von Bud , 2 hours ago
These military generals portray themselves as selfless victims of Trump. These are the
same clueless idiots that couldn't or wouldn't grow a spine and tell Obama or Bush they were
destroying America with senseless wars. Trump may be a loose cannon but he has great
instincts. These generals make me want to puke. Starched uniforms and a high tipped hat but
no brain for good policy underneath and behind all those little medals. Good riddance. Trump
needs to dump these guys and John Bolton.
terrific , 2 hours ago
The title to this story is a lie. Just because the NYT reported that Kelly told two
anonymous sources that Trump is not up to the role of President, doesn't mean that Kelly
actually said it. I'm actually surprised that a news site like ZH would use that title for a
story, when the story was never even sourced, much less corroborated.
Celotex , 2 hours ago
He'll go to Boeing and will be pulling down eight figures annually.
Moribundus , 2 hours ago
„Every gun that is made, every warship launched, every rocket fired signifies, in
the final sense, a theft from those who hunger and are not fed, those who are cold and are
not clothed. This world in arms is not spending money alone. It is spending the sweat of its
laborers, the genius of its scientists, the hopes of its children." -- Dwight D.
Eisenhower
" Every gun that is made, every warship launched, every rocket fired signifies, in the
final sense, a theft from those who hunger and are not fed, those who are cold and are not
clothed. This world in arms is not spending money alone. It is spending the sweat of its
laborers, the genius of its scientists, the hopes of its children.
The cost of one modern heavy bomber is this: a modern brick school in more than 30 cities.
It is two electric power plants, each serving a town of 60,000 population. It is two fine,
fully equipped hospitals. It is some fifty miles of concrete pavement. We pay for a single
fighter plane with a half million bushels of wheat. We pay for a single destroyer with new
homes that could have housed more than 8,000 people. This is, I repeat, the best way of life
to be found on the road the world has been taking. This is not a way of life at all, in any
true sense. Under the cloud of threatening war, it is humanity hanging from a cross of iron.
Is there no other way the world may live?"
GoldRulesPaperDrools , 2 hours ago
That's because this county hasn't fought a REAL war in decades, and by a REAL war I mean
one where you can honestly expect if you go and you're in combat you're got no more than an
even chance to come back. Military service has become another gubmint job where you wear a
uniform and play with expensive hardware paid for by the taxpayer while doing some neocon's
bidding overseas.
Moribundus , 2 hours ago
The best amerikan soldier was Smedley Butler.
The best amerikan war is Vietnam war.
I spent 33 years and four months in active military service and during that period I spent
most of my time as a high class muscle man for Big Business, for Wall Street and the
bankers. In short, I was a racketeer, a gangster for capitalism. I helped make Mexico and
especially Tampico safe for American oil interests in 1914. I helped make Haiti and Cuba a
decent place for the National City Bank boys to collect revenues in. I helped in the raping
of half a dozen Central American republics for the benefit of Wall Street. I helped purify
Nicaragua for the International Banking House of Brown Brothers in 1902-1912. I brought
light to the Dominican Republic for the American sugar interests in 1916. I helped make
Honduras right for the American fruit companies in 1903. In China in 1927 I helped see to
it that Standard Oil went on its way unmolested. Looking back on it, I might have given Al
Capone a few hints. The best he could do was to operate his racket in three districts. I
operated on three continents.
Looks like Guardian start turning away from neoliberalism.
Notable quotes:
"... What price is paid when a promise is broken? Because for much of my life, and probably yours, the political class has made this pledge: that the best way to run an economy is to hack back the public realm as far as possible and let the private sector run free. That way, services operate better, businesses get the resources they need, and our national finances are healthier. ..."
"... I don't wish to write about the everyday failings of neoliberalism – that piece would be filed before you could say "east coast mainline". Instead, I want to address the most stubborn belief of all: that running a small state is the soundest financial arrangement for governments and voters alike. Because 40 years on from the Thatcher revolution, more and more evidence is coming in to the contrary. ..."
"... The other big reason for the UK's financial precarity is its privatisation programme, described by the IMF as no less than a "fiscal illusion". British governments have flogged nearly everything in the cupboard, from airports to the Royal Mail – often at giveaway prices – to friends in the City. Such privatisations, judge the fund, "increase revenues and lower deficits but also reduce the government's asset holdings". ..."
"... IMF research shows is that the Westminster classes have been asset-stripping Britain for decades – and storing up financial trouble for future generations ..."
The fund reports that Britain's finances are weaker than all other nations except Portugal,
and says privatisation is to blame
Columnists usually proffer answers, but today I want to ask a question, a big one. What price
is paid when a promise is broken? Because for much of my life, and probably yours, the
political class has made this pledge: that the best way to run an economy is to hack back the
public realm as far as possible and let the private sector run free. That way, services operate
better, businesses get the resources they need, and our national finances are healthier.
It's why your tax credits keep
dropping , and your mum has to wait half a year to see a hospital consultant –
because David Cameron slashed public spending, to stop it "crowding out" private money. It's
why water bills are so high and train services can never be counted on – because both
industries have been privatised.
From the debacle of universal credit to the forced conversion of state schools into
corporate-run academies, the ideology of the small state – defined by no less a body than
the International Monetary Fund as neoliberalism – is all pervasive. It decides how much
money you have left at the end of the week and what kind of future your children will enjoy,
and it explains why your elderly relatives can't get a decent carer.
I don't wish to write about the everyday failings of neoliberalism – that piece would
be filed before you could say "east coast mainline". Instead, I want to address the most
stubborn belief of all: that running a small state is the soundest financial arrangement for
governments and voters alike. Because 40 years on from the Thatcher revolution, more and more
evidence is coming in to the contrary.
Let's start with the IMF itself. Last week it published
a report that barely got a mention from the BBC or in Westminster, yet helps reframe the
entire debate over austerity. The fund totted up both the public debt and the publicly owned
assets of 31 countries, from the US to Australia, Finland to France, and found that
the UK had among the weakest public finances of the lot. With less than £3 trillion
of assets against £5tn in pensions and other liabilities, the UK is more than £2tn
in the red . Of all the other countries examined by researchers, including the Gambia and
Kenya, only Portugal's finances look worse over the long run. So much for fixing the
roof.
'British governments have flogged nearly everything in the cupboard from airports to
the Royal Mail – often at giveaway prices – to friends in the City.' Photograph:
Amer Ghazzal/Rex/Shutterstock
Almost as startling are the IMF's reasons for why Britain is in such a state: one way or
another they all come back to neoliberalism. Thatcher loosed finance from its shackles and used
our North Sea oil money to pay for swingeing tax cuts. The result is an overfinancialised
economy and a government that is £1tn worse off since the banking crash. Norway has
similar
North Sea wealth and a far smaller population, but also a sovereign wealth fund. Its net
worth has soared over the past decade.
The other big reason for the UK's financial precarity is its privatisation programme,
described by the IMF as no less than a "fiscal illusion". British governments have flogged
nearly everything in the cupboard, from airports to the Royal Mail – often at giveaway
prices – to friends in the City. Such privatisations, judge the fund, "increase revenues
and lower deficits but also reduce the government's asset holdings".
Throughout the austerity decade, ministers and economists have pushed for spending cuts by
pointing to the size of the government's annual overdraft, or budget deficit. Yet there are two
sides to a balance sheet, as all accountants know and this IMF work recognises. The same goes
for our public realm: if Labour's John McDonnell gets into No 11 and renationalises the
railways, that would cost tens of billions – but it would also leave the country with
assets worth tens of billions that provided a regular income.
Instead, what this IMF research shows is that the Westminster classes have been
asset-stripping Britain for decades – and storing up financial trouble for future
generations.
Privatisation and austerity have not only weakened the country's financial position –
they have also handed unearned wealth to a select few. Just look at
a new report from the University of Greenwich finding that water companies could have
funded all their day-to-day running and their long-term investments out of the bills paid by
customers. Instead of which, managers have lumbered the firms with £51bn of debt to pay
for shareholders' dividends. Those borrowed billions, and the millions in interest, will be
paid by you and me in our water bills. We might as well stuff the cash directly into the
pockets of shareholders.
Instead of competitively run utilities, record investment by the private sector and sounder
public finances, we have natural monopolies handed over to the wealthy, banks that can dump
their liabilities on the public when things get tough, and an outsourcing industry that feasts
upon the carcass of the public sector. As if all this weren't enough, neoliberal voices
complain that we need to cut taxes and red tape, and further starve our public services.
This is a genuine scandal, but it requires us to recognise what neoliberalism promised and
what it has failed to deliver. Some of the loudest critics of the ideology have completely
misidentified it. Academics will daub the term "neoliberal" on any passing phenomenon. Fitbits
are apparently neoliberal, as is Ben & Jerry's ice-cream and Kanye West. Pundits will say
that neoliberalism is about markets and choice – tell that to any commuter wedged on a
Southern rail train. And centrist politicians claim that the great failing of neoliberalism is
its carelessness about identity and place, which is akin to complaining that the boy on a moped
who snatched your smartphone is going too fast.
Let us get it straight. Neoliberalism has ripped you off and robbed you blind. The evidence
of that is mounting up – in your bills, in your services and in the finances of your
country.
• Aditya Chakrabortty is a Guardian columnist and senior economics commentator
Overinvestment in stocks of retires is very common under neoliberalism.
There are several factors here: one is greed cultivated by neoliberal MSM, the second is
insufficient retirement funds (gambling with retirement savings) and the last and not least is
lack of mathematical skills an inability to use Excel for viewing their portfolio and making
informed decisions.
Notable quotes:
"... At the end of 2016, 69 percent of investors in their 60s had at least 40 percent of their 401(k) portfolio invested in stocks, up from 65 percent in 2007, according to the Employee Benefit Research Institute in Washington. ..."
"... 19 percent had more than 80 percent of their 401(k) invested in stocks in 2016 ..."
"... "We had lousy forecasts in 2008. The housing market was in a tailspin," said 76-year-old John Bauer, who worked for McDonnell Douglas and Boeing Co for 36 years in St. Louis. "Today, employment is way up. The housing market is steady and corporations are flush." ..."
BOSTON (Reuters) - Nancy Farrington, a retiree who turns 75 next month, admits to being in a
constant state of anxiety over the biggest December stock market rout since Herbert Hoover was
president.
"I have not looked at my numbers. I'm afraid to do it," said Farrington, who recently moved
to Charleston, South Carolina, from Boston. "We've been conditioned to stand pat and not panic.
I sure hope my advisers are doing the same."
Retirees are worrying about their nest eggs as this month's sell-off rounds out the worst
year for stocks in a decade, and some fear they are headed for a day of reckoning like the 2008
market meltdown or dot-com crash of the early 2000s.
Retirees have less time to recover from bad investment moves than younger workers. If they
or their advisers panic and sell during a brief downturn, they may lock in a more meager
retirement. But their portfolio could be even more at risk if they hold on too long in a
prolonged decline.
"I have no way of riding it out if that happens," said Farrington. "I can feel the anxiety
in my stomach all the time."
While many industrialized countries still have generous safety nets for retirees, pensions
for U.S. private-sector workers largely have been supplanted by 401(k) accounts and other
private saving plans. That means millions of older Americans are effectively their own pension
managers.
Workers in countries like Belgium, Canada, Germany, France and Italy receive, on average,
about 65 percent of their income replaced by mandatory pensions. In the Netherlands the ratio
of benefits to lifetime average earnings is abut 97 percent, according to a 2017 Organization
for Economic Cooperation and Development report.
The OECD says the comparable U.S. replacement rate from Social Security benefits is about 50
percent.
U.S. retirees had watched their private accounts mushroom during a bull stock market that
began in early 2009. Meanwhile, the Federal Reserve kept interest rates near zero for years,
enticing retirees deeper into stocks than previous generations as investments like certificates
of deposit, government bonds and money-market funds generated paltry income.
At the end of 2016, 69 percent of investors in their 60s had at least 40 percent of their
401(k) portfolio invested in stocks, up from 65 percent in 2007, according to the Employee
Benefit Research Institute in Washington.
Still, fewer have gone all in on stocks in recent years. Just 19 percent had more than 80
percent of their 401(k) invested in stocks in 2016, down from 30 percent at year-end 2007,
according to nonprofit research group EBRI.
"Nothing has gone wrong, but it seems the market is trying to figure out what could go
wrong," said Brooke McMurray, a 69-year-old New York retiree who says she became a financial
news junkie after the 2007-2009 financial crisis.
"Unlike before, I now know what I own and I constantly read up on my companies," she
said.
The three major U.S. stock indexes have tumbled about 10 percent this month, weighed by
investor worries including U.S.-China trade tensions, a cooling economy and rising interest
rates, and are on track for their worst December since 1931.
The S&P 500 is headed for its worst annual performance since 2008, when Wall Street
buckled during the subprime mortgage crisis. But some are not quite ready to draw
comparisons.
"We had lousy forecasts in 2008. The housing market was in a tailspin," said 76-year-old
John Bauer, who worked for McDonnell Douglas and Boeing Co for 36 years in St. Louis. "Today,
employment is way up. The housing market is steady and corporations are flush."
Still, Bauer said he is uneasy about White House leadership. He and several other retirees
referenced U.S. Treasury Secretary Steve Mnuchin's recent calls to top bankers, which did more
to rattle than assure markets. U.S. stocks tumbled more than 2 percent the day before the
Christmas holiday.
Nevertheless, Bauer is prepared to ride out any market turmoil without making dramatic moves
to his retirement portfolio. "When it's up, I watch it. When it's down, I don't," he said. And there are some factors helping take the sting out of the market rout, said Larry Glazer,
managing partner of Boston-based Mayflower Advisors LLC.
When we reported last week that Imran Awan and his wife had been indicted by a grand jury on
4 counts, including bank fraud and making false statements related to some home equity loans,
we also noted that those charges could simply be placeholders for further developments yet to
come. Now, according to a new report from the
Daily Caller , the more interesting component of the FBI's investigation could be tied to
precisely why New York Democrat Representative Yvette Clarke quietly agreed in early 2016 to
simply write-off $120,000 in missing electronics tied to the Awans.
A chief of staff for Democratic Rep. Yvette Clarke quietly agreed in early 2016 to sign
away a $120,000 missing electronics problem on behalf of two former IT aides now suspected of
stealing equipment from Congress, The Daily Caller News Foundation has learned. Clarke's
chief of staff at the time effectively dismissed the loss and prevented it from coming up in
future audits by signing a form removing the missing equipment from a House-wide tracking
system after one of the Awan brothers alerted the office the equipment was gone. The
Pakistani-born brothers are now at the center of an FBI investigation over their IT work with
dozens of Congressional offices.
The $120,000 figure amounts to about a tenth of the office's annual budget, or enough to
hire four legislative assistants to handle the concerns of constituents in her New York
district. Yet when one of the brothers alerted the office to the massive loss, the chief of
staff signed a form that quietly reconciled the missing equipment in the office budget, the
official told TheDCNF. Abid Awan remained employed by the office for months after the loss of
the equipment was flagged.
If true, of course this new information would seem to support previously reported rumors
that the Awans orchestrated a long-running fraud scheme in which their office would purchase
equipment in a way that avoided tracking by central House-wide administrators and then sell
that equipment for a personal gain while simultaneously defrauding taxpayers of $1,000's of
dollars.
Meanwhile, according to the Daily Caller, CDW Government could have been in on the
scheme.
They're suspected of working with an employee of CDW Government Inc. -- one of the Hill's
largest technology providers -- to alter invoices in order to avoid tracking. The result
would be that no one outside the office would notice if the equipment disappeared, and
investigators think the goal of the scheme was to remove and sell the equipment outside of
Congress.
CDW spokeswoman Kelly Caraher told TheDCNF the company is cooperating with investigators,
and has assurance from prosecutors its employees are not targets of the investigation. "CDW
and its employees have cooperated fully with investigators and will continue to do so,"
Caraher said. "The prosecutors directing this investigation have informed CDW and its
coworkers that they are not subjects or targets of the investigation."
Not surprisingly, Clarke's office apparently felt no need whatsoever to report the $120,000
worth of missing IT equipment to the authorities... it's just taxpayer money afterall...
According to the official who talked to TheDCNF, Clarke's chief of staff did not alert
authorities to the huge sum of missing money when it was brought to the attention of the
office around February of 2016. A request to sign away that much lost equipment would have
been "way outside any realm of normalcy," the official said, but the office did not bring it
to the attention of authorities until months later when House administrators told the office
they were reviewing finances connected to the Awans.
The administrators informed the office that September they were independently looking into
discrepancies surrounding the Awans, including a review of finances connected to the brothers
in all the congressional offices that employed them. The House administrators asked Clarke's
then-chief of staff, Wendy Anderson, whether she had noticed any anomalies, and at that time
she alerted them to the $120,000 write-off, the official told TheDCNF.
Of course, the missing $120,000 covers only Clarke's office. As we've noted before, Imran
and his relatives worked for more than 40 current House members when they were banned from the
House network in February, and have together worked for dozens more in past years so who know
just how deep this particular rabbit hole goes.
Also makes you wonder what else Debbie Wasserman-Schultz and the Awans might be hiding.
Certainly the decision by Wasserman-Shultz to keep Awan on her taxpayer funded payroll, right
up until he was arrested by the FBI while trying to flee the country, is looking increasingly
fishy with each passing day.
The 911 protection swamp is deep, and profiteers and drug, human traffic, NGO, Body part,
war mongers runs deep.
Please stop calling it building 7 It was the Solomon building.. While you are at it look
at the 1991 Solomon bond scandal which gave the Citi Clinton Mafia all power.... Oh yea
Bush/Clinton cabal did get Saudis to buy Citi stocks and GE plastics. Swampy enough?
120k write off ! You are kidding me?
south40_dreams , 1 year ago
Blackmail was where the real money was at
pissantra , 1 year ago
The real problem here is being completely ignored -- and that is this: the Awan bros were
likely spies (with Wasserman either forced to allow them to spy or the spymaster selling
intel to Pakistan). This would mean that 21+ congress-critters have been completely
compromised. THIS is important NOW, after Trumps Afghan speech -- if he plans to lean on
Pakistan with an "either you stop helping the Taliban or we will destroy you (economically
and/or physically) along with them...."--- these compromised congress-critters will defund
Trumps war.
Freddie , 3 weeks ago
No. Pakistan is the smokescreen. Wasserscum, like Scott Israel, are dual shitizens. This
is, as is Broward County, a MO$$$$ad op. Broward County for vote theft, fraud, attorney
killings, false flags, etc. I would guess a lot more in Congress are owned.
Just watched Congress during Bibi and even ko$$her Porschenko addressing Congrez-zio. They
jump up like circus trained animals to give standing ovations for every word.
Awans and Wasserscum will get passes. George Webb on youtube appears to be doing good work
but it is probably another smoke screen because George has said he is a zioni$$t.
Ban KKiller , 1 year ago
Gee Michelle....you used the Pakistanis for your IT work? What, you like filthy muslims?
Guess so.... When will you confess that you have NO IDEA where your confidential information is? Michelle Lynn Lujan Grisham is an American lawyer and politician who is the U.S.
Representative for New Mexico's 1st congressional district, serving since 2013.
mtanimal , 1 year ago
I didn't know espionage and extortion were tax deductible. Who's her accountant?
Cardinal Fang , 1 year ago
I regret that we may never know the extent of the duplicity of our government with this
ISI stooge.
pc_babe , 1 year ago
with Jeff Session at the helm, you can rest assured you never will
Loanman26 , 1 year ago
My spidy senses are flaring. It was the Russians who stole the equipment. It was comrade Sergei Awan
Blazing in BC , 1 year ago
To whoever is "in charge"....THE STENCH IS UNBEARABLE
runnymede , 1 year ago
Institutionalized unaccountability is what makes the systemic corruption function. As long
as Wasserman's brother is in charge of D.C. prosecutions, nothing will happen. He is the
gatekeeper, which is why DWS, the DNC and the Clinton Crime Machine have not only acted with
impunity, but with extreme contempt. They know they are untouchable. Honest prosecution would
expose D.C. itself as the professional criminal operation that it is, including most Repubs.
There will never be allowed a real look into the rabbit hole, George Webb's outstanding
efforts notwithstanding.
One of We , 1 year ago
President Not Hillary needs to lock some bitches up and expose the Clinton Crime Family
Foundation. Definitely lowering the bar from my lofty hopes but I'd be happy with a partial
roto rootering of the swamp if that's all he has to show for his term.
SRV , 1 year ago
The Awans were working for DWS and The Crook... this fruad is the tip of the
iceberg...
How about doping Blackberry's for 80 House Dems to sync with servers around the Capital
(remember DWS threatening the Capital Police Chief with "consequences" if he didn't give her
back her laptop found in a Capitol Hill building. The Awans were selling the access to most
of the secrets in congress since 2004... this was a spy ring (he has serious ties to
Pakistani ISI).
JiminyCrickets , 1 year ago
As long as Debbie Wasserman Schultz's Brother Steven Wasserman is running the Seth Rich
murder investigation this wont go any where.
gregga777 , 1 year ago
Unfortunately, the Anglo-Zionist FAKE NEWS Media won't cover this story, especially the
links to Debbie Wasserman Schultz. It's anti-Semitic to discuss her criminality or to
criticize her in any other way.
JiminyCrickets , 1 year ago
George Webb's detailed 300+ day investigation indicates the Awans were shipping stolen
high end cars to foreign diplomats and depleted uranium weapons using DNC Diplomatic
Containers.
no surprise that demonRat politicians throughout all legislatures have been guilty of
defrauding the tax payer for decades - in much the same way that demonRat politicians
directly legislate for welfare benefits, free insurance and tax cuts for their family and
friends - at the expense of tax payers - and who also extract tax payer funds via the gravy
train of internships, federal grants etc for their family and friends.
this is how libtard demonRat politicians infect the swamp and then infest it with their
filth and cronyism.
aided and abetted by the MSM.
if only iy was just the demonRats, there might be a chance - however, corrupt republicRats
have been just as guilty.
one day, all this will be out in the open and perhaps demonRat and republicRat voters will
see how they have been voting for corruption all these years.
are we there yet , 1 year ago
Because you are one of the little people.
NoPension , 1 year ago
We are below " little people". We are irrelevant. Just keep paying, slave. Someone correct
me if I'm wrong..... This country was founded on the principle that the individual had
sovereign rights, imbued from God...and was the vessel of ultimate power. Today...these
illegally elected ( it's almost ALL proven a fraud) cocksuckers go in broke and come out the
other end multimillionaires with legal immunity from anything, up to and including murder.
It's high time to water the ******* tree.
"
Nation
states must today be prepared to give up their sovereignty
",
according to German Chancellor Angela Merkel,
who told an audience in Berlin that sovereign nation states must not listen to the will of their citizens when it comes
to questions of immigration, borders, or even sovereignty.
No this wasn't something Adolf Hitler said many decades ago, this is what German Chancellor Angela Merkel
told
attendants
at an event by the Konrad Adenauer Foundation in Berlin. Merkel has announced she won't seek re-election
in 2021 and it is clear she is attempting to push the globalist agenda to its disturbing conclusion before she stands
down.
"
In
an orderly fashion of course,
" Merkel joked, attempting to lighten the mood. But Merkel has always had a tin ear
for comedy and she soon launched into a dark speech condemning those in her own party who think Germany should have
listened to the will of its citizens and refused to sign the controversial UN migration pact:
"
There
were [politicians] who believed that they could decide when these agreements are no longer valid because they are
representing The People
".
"
[But]
the people are individuals who are living in a country, they are not a group who define themselves as the [German]
people
," she stressed.
Merkel has previously accused critics of the UN Global Compact for Safe and Orderly Migration of not being patriotic,
saying "
That
is not patriotism, because patriotism is when you include others in German interests and accept win-win situations
".
Her words echo recent comments by the deeply unpopular French President Emmanuel Macron who stated in a Remembrance Day
speech that "
patriotism
is the exact opposite of nationalism [because] nationalism is treason
."
The French president's words were deeply unpopular with the French population and his approval rating nosedived even
further after the comments.
Macron, whose lack of leadership is proving unable to deal with growing protests in France, told the Bundestag that
France and Germany should be at the center of the emerging New World Order.
"
The
Franco-German couple [has]the obligation not to let the world slip into chaos and to guide it on the road to peace"
.
"
Europe
must be stronger and win more sovereignty
," he went on to demand, just like Merkel, that
EU
member states surrender national sovereignty to Brussels
over "
foreign
affairs, migration, and development
" as well as giving "
an
increasing part of our budgets and even fiscal resources".
'Trickle down effect' - the favourite buzzword of neoliberal supporters. I'd like to see
trickle down effect tried at the local pub on the taps by the local mp. Imagine what would
happen. Definitely doesn't pass the pub test.
After the US government elicited outrage from the Chinese due to its attempts to convince
its allies to bar the use of equipment made by telecoms supplier Huawei, President Trump is
apparently weighing whether to take another dramatic antagonistic step that could further
complicate trade negotiations less than two weeks before a US delegation is slated to head to
Beijing.
According to
Reuters , the White House is reportedly considering an executive order that would ban US
companies from using equipment made by Huawei and ZTE, claiming that both companies work "at
the behest of the US government" and that their equipment could be used to spy on US citizens.
The order would invoke the International Emergency Economic Powers Act to order the Department
of Commerce to prohibit the purchase of equipment from telecoms manufacturers that could
threaten national security. Though it wouldn't explicitly name Huawei or ZTE, the ban would
arise from Commerce's interpretation. The IEEA allows the president the authority to regulate
commerce in the face of a national emergency. Back in August, Congress passed and Trump signed
a bill banning the use of ZTE and Huawei equipment by the US government and government
contractors. The executive order has reportedly been under consideration for eight months,
since around the time that the US nearly blocked US companies from selling parts to ZTE, which
sparked a mini-diplomatic crisis, which
ended with a deal allowing ZTE to survive, but pay a large fine.
The feud between the US and Huawei has obviously been escalating in recent months as the US
has embarked on an
"extraordinary influence campaign" to convince its allies to ban equipment made by both
companies, and the arrest of Huawei CFO Meng Wanzhou in Canada has also blossomed into a
diplomatic crisis of sorts.
But the real reason issuing a ban on both companies' equipment is seen as a priority is
because Huawei's lead in the race to build 5G technology is making its products more appealing
to global telecoms providers. Rural telecoms providers in the US - those with fewer than
100,000 subscribers - are particularly reliant on equipment made by both companies. They've
expressed concerns that a ban would require them to rip out and scrap their equipment at an
immense cost.
Rural operators in the United States are among the biggest customers of Huawei and ZTE,
and fear the executive order would also require them to rip out existing Chinese-made
equipment without compensation. Industry officials are divided on whether the administration
could legally compel operators to do that.
While the big U.S. wireless companies have cut ties with Huawei in particular, small rural
carriers have relied on Huawei and ZTE switches and other equipment because they tend to be
less expensive.
The company is so central to small carriers that William Levy, vice president for sales of
Huawei Tech USA, is on the board of directors of the Rural Wireless Association.
The RWA represents carriers with fewer than 100,000 subscribers. It estimates that 25
percent of its members had Huawei or ZTE equipment in their networks, it said in a filing to
the Federal Communications Commission earlier this month.
As Sputnik
pointed out, the news of the possible ban followed questions from Defense Secretary Gavin
Williamson, who expressed serious concerns over the involvement of Huawei in Britain's 5G
network, suggesting that Beijing sometimes acted "in a malign way." But even if it loses access
to the US market, Huawei's global expansion and its leadership in the 5G space are expected to
continue to bolster profits and growth. Currently, Huawei sells equipment in 170 countries.
According to a statement from the company's rotating chairman, the company's full-year sales
are expected to increase 21% to $108.5 billion this year. The company has signed 26 contracts
globally to supply 5G equipment for commercial use, leaving it well ahead of its US rivals.
Compare with "That's set to worsen in the new year, experts told CNBC on Monday, pointing to
risks including the Federal Reserve likely raising interest rates further and mounting concerns
about a global economic slowdown." The problem iether expecting rally or expecting further
downturn is that stock prices are so detached from reality that everything is possible.
Wall Street will see a "relief rally" in stocks that would offer a better selling
opportunity for investors, technical analyst Katie Stockton says.
The rally would last for several weeks and would be up to 8 percent higher than where
the markets closed on Friday, she says.
I still had some things I didn't talk about in Sunday's Trump Derangement
International , about how the European press have found out that they, like the US MSM, can
get lots of viewers and readers simply by publishing negative stories about Donald Trump. The
US president is an attention magnet, as long as you only write things about him designed to
make him look bad.
The Guardian is only too happy to comply. They ran a whole series of articles on Sunday to
do juts that: try to make Trump look bad. Note that the Guardian editorial team that okayed the
articles is the same as the one that allowed
the fake Assange/Manafort one , so their credibility is already shot to pieces. It's the
magic triangle of today's media profits: spout non-stop allegations against Russia, Trump and
Julian Assange, and link them when and where you can. It doesn't matter if what you say is true
or not.
Anyway, all the following is from the Guardian, all on December 23. First off, Adam Gabbatt
in New York, who has painstakingly researched how Trump's businesses, like Trump Tower and the
Trump store, don't appear to have sufficiently (as per him) switched from Happy Holidays to
Merry Christmas. Sherlock Holmes would have been proud. A smash hit there Adam, bring out the
handcuffs.
During Donald Trump's presidential campaign he talked often about his determination to win
one particular war. A war that had been raging for years, he said. Specifically: the war on
Christmas. But despite Trump's repeated claims that "people are saying Merry Christmas again"
instead of the more inclusive "happy holidays", there are several places where the Christmas
greeting is absent: Trump's own businesses.
The Trump Store, for example. Instead of a Christmas gift guide – which surely would
be more in keeping with the president's stated desire for the phrase to be used – the
store offers a holiday gift guide. "Shop our Holiday Gift Guide and find the perfect present
for the enthusiast on your list," the online store urges. "Carefully curated to celebrate the
most wonderful time of year with truly unique gifts found only at Trump Store. Add a bow on
top with our custom gift wrapping. Happy Holiday's!"
The use of the phrase "Happy Holiday's" [sic] in Trump marketing would seem particularly
egregious. The long-standing "War-on-Christmas" complaint from the political right is that
stores use the phrase "Happy Holidays", rather than specifically mentioning the Christian
celebration. It is offered as both an example of political correctness gone mad, and as an
effort to erase Christianity from the US.
It's just, I think that if Trump had personally interfered to make sure there were Merry
Christmas messages all around, you would have remarked that as president, he's not allowed to
be personally involved in his businesses. But yeah, you know, just to keep the negativity
going, it works, no matter how fluffy and hollow.
Second, still on December 23, is Tom McCarthy for the Guardian in New York, who talks about
Robert Mueller's phenomenal successes. Mueller charged 34 people so far. In a case that
involves "this complexity which has international implications, aspects relying on the
intelligence community, complicated cyber components". It really says that.
And yes, that's how many people view this. What do they care that Mueller's original mandate
was to prove collusion between the Trump campaign and 'Russians', and that he has not proven
any collusion at all so far, not even with 34 people charged? What do they care? It looks like
Trump is guilty of something, anything, after all, and that's all the circus wants.
One measure of special counsel Robert Mueller's prosecutorial success in 2018 is the list
of former top Donald Trump aides brought to justice: Michael Cohen pleaded guilty, a jury
convicted Paul Manafort, a judge berated Michael Flynn. Another measure is the tally of new
defendants that Mueller's team charged (34), the number of new guilty pleas he netted (five)
and the amount of money he clawed back through tax fraud cases ($48m).
Yet another measure might judge Mueller's pace compared with previous independent
prosecutors. "I would refer to it as a lightning pace," said Barb McQuade, a University of
Michigan law professor and former US attorney. "In a case of this complexity which has
international implications, aspects relying on the intelligence community, complicated cyber
components – to indict that many people that quickly is really impressive work."
But there's perhaps a more powerful way to measure Mueller's progress in his investigation
into Russian interference in the 2016 US election and links between Moscow and the Trump
campaign; that's by noticing how the targets of his investigation have changed their postures
over the course of 2018, from defiance to docility – or in the case of Trump himself,
from defiance to extreme, hyperventilating defiance.
In reality, you would be at least as correct if you would claim that Robert Mueller's
investigation has been an abject failure. Not one iota of collusion has been proven after 20
months and $20 million in funds have been used. And any serious investigation of Washington's
culture of fixers and lobbyists would land at least 34 people who have committed acts that
border on or over illegality. And in a matter of weeks, for a few hundred bucks.
Third, still on December 23, is Julian Borger in Washington, who's been elected to convey
the image of chaos. Trump Unleashed, says our modern day Shakespeare. With Jim Mad Dog Mattis
characterized as ".. the last independently minded, globally respected, major figure left in
the administration".. . Again, it really says that.
Because woe the man who tries to bring US troops home, or even promises to do so a few days
before Christmas. For pulling out America's finest, Donald Trump is being portrayed as
something eerily close to the antichrist. That truly is the world on its head. Bringing troops
home to their families equals chaos.
Look, guys, if Trump has been guilty of criminal behavior, the US justice system should be
able to find that out and convict him for it. But that's not what this is about anymore. A
million articles have been written, like these ones in the Guardian, with the sole intention,
evidence being scarce to non-existent, of smearing him to the extent that people see every
subsequent article in the light of a man having previously been smeared.
The US stumbled into the holiday season with a sense of unravelling, as a large chunk of
the federal government ground to a halt, the stock market crashed and the last independently
minded, globally respected, major figure left in the administration announced he could no
longer work with the president. The defense secretary, James Mattis, handed in his
resignation on Thursday, over Donald Trump's abrupt decision to pull US troops out of
Syria.
On Saturday another senior official joined the White House exodus. Brett McGurk, the
special envoy for the global coalition to defeat Isis and the US official closest to
America's Kurdish allies in the region, was reported to have handed in his resignation on
Friday. That night, senators flew back to Washington from as far away as Hawaii for emergency
talks aimed at finding a compromise on Trump's demand for nearly $6bn for a wall on the
southern border, a campaign promise which has become an obsession.
Now look at the next headline, December 23, Graeme Wearden, Guardian, and ask yourself if
it's really Trump saying he doesn't agree with the rate hikes that fuels the fears, or whether
it's the hikes themselves. And also ask yourself: when Trump and Mnuchin both deny reports of
Trump firing Powell, why do journalists keep saying the opposite? Because they want to fuel
some fears?
From where I'm sitting, it looks perfectly logical that Trump says he doesn't think Powell's
decisions are good for the US economy. And it doesn't matter which one of the two turns out to
be right: Trump isn't the only person who disagrees with the Fed hikes.
The main suspect for 2019 market turmoil is the inevitable fallout from the Fed's QE under
Bernanke and Yellen. And there is something to be said for Powell trying to normalize rates,
but there's no doubt that may hasten, if not cause, turmoil. Blaming it on Trump not agreeing
with Jay Powell is pretty much as left field as it gets.
Over the weekend, a flurry of reports claimed Donald Trump had discussed the possibility
of firing the Federal Reserve chairman, Jerome Powell. Such an unprecedented move would
trigger further instability in the markets, which have already had their worst year since the
2008 crisis. US officials scrambled to deny Trump had suggested ousting Powell, who was
appointed by the president barely a year ago.
The Treasury secretary, Steven Mnuchin, tweeted that he had spoken to the president, who
insisted he "never suggested firing" Powell, and did not believe he had the right to do this
. However, Trump also declared – via Mnuchin – that he "totally disagrees" with
the Fed's "absolutely terrible" policy of raising interest rates and unwinding its
bond-buying stimulus programme, piling further pressure on the US's independent central
bank.
And now, in the only article in the Guardian series that's December 24, not 23, by Victoria
Bekiempis and agencies, the plunging numbers in the stock markets are Trump's fault, too.
Top Democrats have accused Donald Trump of "plunging the country into chaos" as top
officials met to discuss a growing rout in stock markets caused in part by the president's
persistent attacks on the Federal Reserve and a government shutdown. "It's Christmas Eve and
President Trump is plunging the country into chaos," the two top Democrats in Congress, House
speaker nominee Nancy Pelosi and Senate minority leader Chuck Schumer, wrote in a joint
statement on Monday. "The stock market is tanking and the president is waging a personal war
on the Federal Reserve – after he just fired the Secretary of Defense."
Trump criticized the Federal Reserve on Monday, describing it as the "only problem" for
the US economy, even as top officials convened the "plunge protection team" forged after the
1987 crash to discuss the growing rout in stock markets. The crisis call on Monday between US
financial regulators and the US treasury department failed to assure markets, and stocks fell
again amid concern about slowing economic growth, the continuing government shutdown, and
reports that Trump had discussed firing Federal Reserve chairman Jerome Powell.
The last one is from one Jonathan Jones, again December 23, again for the Guardian. And it
takes the top award in the narrative building contest.
Again, the Guardian editorial team that okayed this article is still the same as the one
that allowed the fake Assange/Manafort one, an editorial team that sees no problem in making
things up in order to smear people. To portray Trump, Assange and anyone who's had the
misfortune of being born in Russia as suspicious if not outright criminal.
But look at what Jones has to say, and what Guardian editor-in-chief Kathy Viner and her ilk
allowed and pressured him to say. He wants to have a say in how Trump should dress (seasonal
knitwear), he evokes the image of Nazi architect Albert Speer for no reason at all, and then
it's a matter of mere inches until you arrive at Trump as a king, an emperor, an inner
tyrant.
"He's in a tuxedo!", Like that's a bad thing for Christmas. "She's in white!". Oh dear, call
the pope. If both Trumps would have put on Christmas sweaters in front of a fire, the writer
would have found something negative in that.
The absence of intimacy in the Trumps' official Christmas portrait freezes the heart. Can
it be that hard to create a cosy image of the presidential couple, perhaps in front of a
roaring hearth, maybe in seasonal knitwear? Or is this quasi-dictatorial image exactly what
the president wants to project? Look on my Christmas trees, ye mighty, and despair! If so, it
fuels suspicions that it is only the checks and balances of a 230-year-old constitution that
are keeping America from the darkest of political fates. You couldn't create a creepier
Yuletide scene if you tried. Multiple Christmas trees are currently a status symbol for the
wealthy, but this picture shows the risks.
Instead of a homely symbol of midwinter cheer, these disciplined arboreal ranks with their
uniform decorations are arrayed like massed soldiers or colossal columns designed by Albert
Speer. The setting is the Cross Hall in the White House and, while the incumbent president
cannot be held responsible for its architecture, why heighten its severity with such rigid,
heartless seasonal trappings? Everything here communicates cold, empty magnificence. Tree
lights that are as frigid as icicles are mirrored in a cold polished floor. Equally frosty
illuminations are projected on the ceiling. Instead of twinkling fairy magic, this lifeless
lighting creates a sterile, inhuman atmosphere.
You can't imagine kids playing among these trees or any conceivable fun being had by
anyone. It suggests the micromanaged, corporate Christmas of a Citizen Kane who has long
since lost touch with the ordinary, warm pleasures of real life. In the centre of this
disturbing piece of conceptual art stand Donald and Melania Trump. He's in a tuxedo, she's
wearing white – and not a woolly hat in sight. Their formal smartness adds to the
emotional numbness of the scene. Trump's shark-like grin has nothing generous or friendly
about it. He seems to want to show off his beautiful wife and his fantastic home rather than
any of the cuddly holiday spirit a conventional politician might strive to share at this
time.
It begs a question: how can a man who so glaringly lacks anything like a common touch be
such a successful "populist"? What can a midwestern voter find in this image to connect with?
Perhaps that's the point. After more than two centuries of democracy, Trump is offering the
US people a king, or emperor. In this picture, he gives full vent to his inner tyrant. If
this portrait contains any truth about the state of America and the world, may Santa help us
all.
I realize that you may be tired of the whole story. I realize you may have been caught in
the anti-Trump narrative. And I am by no means a Trump fan. But I will keep on dragging you
back to this. Because the discussion should not be based on a handful of media moguls not
liking Trump. It should not be based on innuendo and smear. If Trump is to be convicted, it
must be on evidence.
And there is no such evidence. Robert Mueller has charged 34 people, but none with what his
mandate was based on, none with Russia collusion. This means that the American political
system, and democracy itself, is under severe threat by the very media that are supposed to be
its gate keepers.
None of this is about Trump, or about whether you like him or not, or even if he's a shady
character or not. Instead, it's about the influence the media have on how our opinions and
ideas about people and events are being shaped on a daily basis.
And once you acknowledge that your opinions of Trump, Putin et al, even without any proof of
a connection between them, are actively being molded by the press you expect to inform you
about the truth behind what goes on, you will have to acknowledge, too, that you are a captive
of forces that use your gullibility to make a profit off you.
If our media need to make up things all the time about who's guilty of what, because our
justice systems are incapable of that, then we have a problem so enormous we may not be able to
overcome it in our present settings.
Alternatively, if we trust our justice systems to deliver true justice, we don't need a
hundred articles a day to tell us how Trump or Putin are such terrible threats to our world.
Our judges will tell us, not our journalists or media who are only in it for a profit.
I can say: "let's start off 2019 trying to leave prejudice behind", and as much as that is
needed and you may agree with me, it's no use if you don't realize to what extent your views of
the world have been shaped by prejudice.
I see people reacting to the star writer at Der Spiegel who wrote a lot about Trump, being
exposed as a fraud. I also see people trying to defend Julian Assange from the Guardian article
about his alleged meetings with Paul Manafort, that was an obvious big fat lie (the truth is
Manafort talked to Ecuador to help them 'sell' Assange to the US).
But reacting to the very obvious stuff is not enough . The echo chamber distorts the truth
about Trump every single day, and at least six times on Sunda y, as this essay of mine shows.
It's just that after two years of this going on 24/7, it is perceived as the normal.
Everyone makes money dumping on the Donald, it's a proven success formula, so why would the
Guardian and Der Spiegel stay behind? They'd only hurt their own bottom line.
It has nothing to do with journalism, though, or news. It's smear and dirt, the business
model of the National Enquirer. That's how far our once truthful media have fallen.
All these journalists are influenced and manipulated by 'Australian-American Leadership
Dialogue', 'Atlantikbrücke', Open Society Foundation money etc. Wars boost the NYSE
because many weapons manufacturers are listed there.
If the journalists weren't manipulated all 2018 compilations would not have omitted the
World Cup in Russia.
That'd be like astronomers saying that although Hellenic astrology is pseudoscientific nonsense they can probably do business
with Ptolemaic or Hindu astrology. Other scientists would laugh and call astronomy the dismal physics. Isn't it about time economists
like yourself just told the knuckle dragging ideologues - of whatever colour and salinity - to fuck off?
One interesting argument against bond rates rising further is that will be tremendous hit for
the USA budget as they need to pay interest of their debt. So it might be that there is just one
hike on the road from now.
Hasenstab described his market outlook during an interview with
the Financial Times .
"October was not a fluke," Hasenstab said. "There is a lot of entrenched interest rate
risk in all financial markets right now."
But even if raising interest rates leads to some discomfort in the short term, the Fed
should keep hiking, because "it's the right thing to do."
"I don't know what they will do, but I know what they should do, and that is to keep
raising rates," he said. "It is better to have these periodic downturns than procrastinating
and have to move even more aggressively later on."
Hasenstab's $35 billion Templeton Global Bond Fund is up 1.6% on the year, compared with a
2.2% loss for the global bond market , thanks to aggressive bets against the euro and US
equities. Judging by Hasenstab's outlook, if his view proves correct, those trades should
continue to generate profits during the new year.
A bond manager predicting rates will rise .... that´s a rarity in this business.
Looks like he is trying to tell the truth. But I don't trust politicians and neocons and Wall
Street guys. They will do everything to keep rates down. They will even start a war or sell
their mother, if that keeps rates down.
"...Templeton Global Bond Fund is up 1.6% on the year, compared with a 2.2% loss for
the global bond market, thanks to aggressive bets against the euro and US equities."
I was under the impression a bond fund invested in bonds? Stupid me! So I guess its not
really a bond fund - its just a fund.
Oh man, open up the holdings of any actively managed bond funds- MBS, CLOs, Loans, junk,
paper without ANY ratings. Very difficult to find a pure non-leveraged avtively managed bond
fund to hedge equities. You're better off building a ladder out of Treasuries and AAA
corporates yourself - and then holding till maturity.
A great many investors are about to be hit with huge margin calls and flushed out of this
market.
Imagine the shock this morning of a fictitious couple named Joe and Jill Average that are
nearing retirement with a net worth last month of around 250 thousand dollars as they check
to see how they are doing after hearing "murmurs" the market has slipped. With three-quarters
of it in the market, they will be horrified to find that the mere pullback of stocks in
recent weeks has ripped away over 50 thousand dollars or 20% of their wealth.
Few people watch their investments daily but rather chose to peek at them every now and
then. This is the main reason a lot more Americans are not waking up today sick to their
stomach and in near panic from the devastation markets have wrecked upon their savings as
trillions of dollars have vanished into a big black hole. The article below argues this does
not make for a Merry Christmas!
Neoclassical economics makes you thing the markets are something they are not.
The 1920's sucker that believed in free markets – "Everything is getting better
and better look at the stock market"
The 1920's neoclassical economist that believed in free markets - "Stocks have reached
what looks like a permanently high plateau." Irving Fisher 1929. It was obviously a
stable equilibrium.
What had gone wrong?
Henry Simons and Irving Fisher supported the Chicago Plan to take away the bankers ability
to create money, so that free market valuations could have some meaning.
The real world and free market, neoclassical economics would then tie up.
Henry Simons was actually at the University of Chicago (free market headquarters), but
they had forgotten about his work in a few decades.
What is real wealth?
In the 1930s, they pondered over where all that wealth had gone to in 1929 and realised
inflating asset prices doesn't create real wealth, they came up with the GDP measure to track
real wealth creation in the economy.
The transfer of existing assets, like stocks and real estate, doesn't create real wealth
and therefore does not add to GDP.
The real wealth in the economy is measured by GDP.
Inflated asset prices aren't real wealth, and this can disappear almost over-night, as it
did in 1929 and 2008.
Free and modestly regulated markets are good, no arguments there. The time for free
markets in interest rates, was before Nixon signed the Venganza contract. Now, it'd be
counterproductive, not with $22 Trillion in direct liabilities, and multiples in indirect
ones. If you're championing interest rates free markets under this condition, you're
suspicious.
How do you repay $22 Trillion under a free market determined 32% rate of interest, how? If
you default, the destabilization would be unimaginable. The governments can simply not be
allowed to keep piling on unproductive debt, not at all. If folks are bawling like newborns
at 2.7% rates, then what'd happen at conservative market rates of 6% and above, what
exactly?
Find out again, why the Federal Reserve Bank of the United States was founded, it'd open
your eyes to human depravity...
S&P still comfortably above anything 'real', and yet all this talk about the Fed's
unwavering resolve. And housing crisis 2.0 hasn't even rounded 2nd base.
The Guardian is the best newspaper with 4,049,000 daily readers, they are owned by
non-profit foundation and they are free to write whatever they are pleased but their contents
is verified 100% so you are free not to like it but you have to accept it as a facts.
The S&P crashed below its bear market level of 2352.7 - the lowest since April 2017 -
ending the longest bull market in history. This is the worst December for the S&P 500 since
The Great Depression
Volatility on Wall Street has led shares worldwide on a wild ride in recent months,
resulting in a number of stock markets dipping into bear territory -- typically defined as
20 percent or more off a recent peak.
That's set to worsen in the new year, experts told CNBC on Monday, pointing to risks
including the Federal Reserve likely raising interest rates further and mounting concerns
about a global economic slowdown.
"I think the worst is yet to come next year, we're still in the first half of a global
equity bear market with more to come next year," said Mark Jolley, global strategist at CCB
International Securities. Volatility on Wall Street has led shares worldwide on a wild ride
in recent months, resulting in a number of stock markets dipping into bear territory --
typically defined as 20 percent or more off a recent peak.
That's set to worsen in the new year, experts told CNBC on Monday, pointing to risks
including the Federal Reserve likely raising interest rates further and mounting concerns
about a global economic slowdown.
"I think the worst is yet to come next year, we're still in the first half of a global
equity bear market with more to come next year," said Mark Jolley, global strategist at CCB
International Securities.
A decade after the subprime bubble burst, a new one seems to be taking its place – a
phenomenon aptly characterized by Ricardo Caballero, Emmanuel Farhi, and Pierre-Olivier
Gourinchas as "
Financial 'Whac-a-Mole .'" A world economy geared toward increasing the supply of
financial assets has hooked us into a global game of waiting for the next bubble to
emerge somewhere.
Like the synchronous boom in residential housing prior to 2007 across several advanced
markets, CLOs have also gained in popularity in Europe. Higher investor appetite for European
CLOs has predictably led to a
surge in issuance (up almost 40% in 2018). Japanese banks, desperately seeking higher
yields, have swelled the ranks of buyers. The networks for financial contagion, should things
turn ugly, are already in place.
The artificial bull market is officially over, with the SPX officially entering bear market
today. BTFD is dead. Worst single day drop ahead of Christmas since 1918! As the first bear
market in years hits the most artificial stock market in history...
... ... ...
Trump is right, the Fed is the problem, but not for raising rates. Trump and
the MSM media are saying the Fed is making a policy mistake by raising rates as the economy
slows, and more importantly because the stock market is selling off. The current FF rate is
sitting between 2.25 and 2.5%, which historically is still low and accomodative. But Trump
should have stuck to his campaign version of the Fed, when he called out the Fed for the bubble
in stocks, and for keeping rates to low which led to what he called a "big fat ugly bubble."
After his election, he embraced the stock market, and now he owns it.
The Fed is the problem because they cut rates to Zero and held it there for 7 years. The Fed
is the problem for helping orchestrate the bailouts. The Fed is the problem because they did
multiple rounds of QE which did NOTHING for the middle class and the average Americans, instead
it made the rich richer and created the largest wealth inequality. The Fed is the problem
because they waited too long to begin raising rates, which helped create the largest asset
bubbles the world had ever seen.
And on CNBC, as the market has been selling off nonstop, they have the audacity to ask 'why
the relentless selling'?! As the market rallied 342% over the last 10 years, not once did they
ever ask why the relentless buying. Not once were they or anyone else worried about the
repercussions. They were cheerleading the entire time. Not once did anyone mention that the
Fed's reckless policies led to a dangerous rally in stocks and across multiple asset classes.
People thought the party would and could never end.
So as the market is only down -20%, today former Hollywood movie director turned Treasury
Secretary sent the markets into deeper selling as he made headlines for calling Bank CEO's and
consulting with the Plunge Protection Team (PPT) about the market conditions and liquidity. We
haven't even seen panic in the markets yet, and we are consulting bank ceo's and the PPT??? But
once again, the old conspiracy theory of the existence of the PPT became a fact.
Mnuchin confirmed their existence. Now all of a sudden we are seeing "recession fears"
headlines all over the place, but a few months ago when stocks were at records you never heard
the "r" word. Yet they love to say the stock market is not the economy. The longest artificial
bull market is officially over. Now we will see just how bad it will get. We are only down
-20%, and it is a long way down if this is only the start.
They herded folks into gambling ventures, while piling them high with alcohol (debt), just
like in Vegas. We're tempted to just give up, and let the chips fall wherever. Some folks
think recalibration comes without unpleasantness. Making America Great Again, requires
sacrifice, work, and determination but if folks would rather sacrifice their children to the
Moloch of a levitated market, perhaps we're interacting with the wrong people and ought just
quit.
It's depressing that folks claim they wanna go to heaven, but keep looking longingly at
hell...
I stayed out of this abomination of a market once I made the money back I lost in 2008.
Never again, I said to myself. The Fed herds people into stocks, houses, whatever they think
they can pump and dump. Why doesn't Trump shut them down?
If the goal of the OPEC+ cuts was to boost oil prices, then the deal is clearly failing.
OPEC+ is scrambling to figure out a way to rescue oil prices from another deep downturn. WTI is
now down into the mid-$40s and Brent into the mid-$50s, both a 15-month low. U.S. shale
continues to soar, even if shale producers themselves are now
facing financial trouble with prices so low. Oil traders are clearly skeptical that OPEC+
is either willing or capable of balancing the oil market.
OPEC+ thought they secured a strong deal in Vienna in early December, but more needs to be
done, it seems. OPEC's Secretary-General Mohammad Barkindo wrote a letter to the cartel's
members, arguing that they need to increase the cuts. Initially, the OPEC+ coalition suggested
that producers should lower output by 2.5 percent, but Barkindo said that the cuts need to be
more like 3 percent in order to reach the overall 1.2 million-barrel-per-day reduction.
More importantly, the group needs to detail how much each country should be producing. "In
the interests of openness and transparency, and to support market sentiment and confidence, it
is vital to make these production adjustments publicly available," Barkindo told members in the
letter, according to
Reuters . By specifying exactly how much each country will reduce, the thinking seems to
be, it will go a long way to assuaging market anxiety about the group's seriousness.
Still, the plunge in oil prices this month is evidence that traders are not convinced.
The view is "that the U.S. will continue to grow like gangbusters regardless of price and
overwhelm any OPEC action," Helima Croft, the chief commodities strategist at Canadian broker
RBC, told
the Wall Street Journal .
"Unless there is a real geopolitical blowup, it could take time for these cuts to really
shift sentiment."
While cuts from producers like Saudi Arabia will help take supply off of the market, OPEC
might help erase the surplus in another unintended way. Bloomberg
raises the possibility that low oil prices could increase turmoil in some OPEC member
states . The price meltdown between 2014 and 2016 led to, or at least exacerbated, outages in
Libya, Venezuela and Nigeria. The same could happen again.
Just about all OPEC members need much higher oil prices in order to balance their books.
Saudi Arabia
needs roughly $88 per barrel for its budget to breakeven. Libya needs $114. Nigeria needs
$127. Venezuela needs a whopping $216. Only Kuwait -- at $48 per barrel -- can balance its
books at prevailing prices. Brent is trading in the mid-$50s right now.
How unlikely did it seem (pre-Khashoggi) that the Syrian situation would take the turns
we're now starting to witness?
Totally under the radar during the holiday newscycle.....major news story!
▪Saudi Arabia Agrees to Finance Rebuilding of Syria - Trump▪
US President Donald Trump said in a statement on Monday that Saudi Arabia has agreed to
pay for the reconstruction of Syria rather than the United States financing the
reconstruction of that country.
>>> "Saudi Arabia has now agreed to spend the necessary money needed to help
rebuild Syria, instead of the United States. See? Isn't it nice when immensely wealthy
countries help rebuild their neighbors rather than a Great Country, the U.S., that is 5000
miles away. Thanks to Saudi A! " Trump said via Twitter.<<<
Trump has welcomed Riyadh's decision, adding that it is "nice when immensely wealthy
countries help rebuild their neighbors rather than a Great Country, the US, that is 5000
miles away."
The US president's comment comes after, on Wednesday, he announced that the United States
would withdraw its roughly 2,000 troops from Syria since the Daesh* terror group had been
defeated. However, the White House later clarified the decision does not mean the US-led
international coalition's fight against the Daesh has ended.
Democratic and Republican lawmakers in the US Congress who have supported US military
engagement and intervention throughout the world have criticized Trump's decision, saying
that a US troop withdrawal from Syria will lead to the reemergence of the Daesh and aid
Russia, Turkey and Iran fulfilling their interests in the region.
The longest and most ridiculous bull market. I once saw an epitaph on a tombstone that
read "I told you I was sick". I want mine to say "I told you to sell at Dow 26,000".
This wasn't a bull market, it was a levitated market.
In other news, we heard the Saudis have committed to help in rebuilding Syria and if true,
then we say to the Saudis, find redemption within your reach. And while we're at that, what
plans are in place for Yemen, the Kashoggi family, and the Saudi next generations, beyond
financial subsidies.
Concisely, what's the human development plan, devoid of white elephants, that cogently
integrates Saudi Arabia into the 21st century. A plan that can be coherently backed by the
globe, shorn of repression and terror cultivation?
Repentance, Restitution, and Recalibration, the three R's of a new leaf...
The Saudis wont do ****, they will send a few dozen Indians and maybe 100 Pakis (someone
has to manage the pakis you know). They will Spackle over the noticeable bullet holes, duct
take the plumbing back together and if they are lucky they may even free up a few Filipino
maids from slavery to clean the bathrooms that ISIS fucked up due to squatting on the seats
of the toilets and shooting the *** washer water all over the place.
Other than that, Saudis dont do **** all for themselves.
The market and RSI where overheated. Just correcting and cooling of RSI. Reading ZH would
make you believe the end of the world was here. Smart money been in cash since august.
They'll be buying these heavenly discounted companies soon. Especially oil equipment and
services who are now below 2008 lows.
You could be right? But I remember doing some DOW studies going back to DOW inception, and
it was always a very ominous signal when markets crashed in late December.
President Donald Trump has put a number of burning issues back on the agenda.
These include the widening income gap in the United States, the unintended and unexpected
consequences of outsourcing, and the disequilibrium created by signing trade agreements with
countries with different labor laws and environmental, health and safety standards.
In foreign policy, Trump has managed to pass on an important message: don't take
American heavy lifting for granted!
More importantly, Trump has persuaded millions of
Americans excluded or self-excluded from the political arena to end their isolation and demand a
meaningful place in collective decision-making.
Thus, for the time being at least, air-brushing Trump out of the picture is a
forlorn task.
(Image source: Ryan Johnson/City of North Charleston/Wikimedia Commons)
As the American political elite head for Christmas holidays,
the buzz in Washington
circles is that 2019 will start with fresh attempts at curtailing the Trump presidency or, failing
that, preventing Donald Trump's re-election in 2020.
Amateurs of the conspiracy theory may
suggest that the whole thing may be a trap set by the Trump camp to keep the president's opponents
chained to a strategy doomed to failure.
By devoting almost all of their energies to attacking Trump personally and praying that the
Mueller probe may open the way for impeachment,
the president's opponents, starting with
the Democrat Party leadership, have shut down debate about key issues of economic, social and
foreign policy -- issues that matter to the broader public.
Reducing all politics to a
simple "Get Trump!' slogan makes them a one-trick pony that may amuse people for a while but is
unlikely to go very far.
Despite sensational daily headlines furnished by the Mueller soap opera,
there is little
chance of the impeachment strategy to get anywhere close to success.
And even if the
pro-impeachment lobby succeeds in triggering the process, it is unlikely that this would lead to
Trump's removal from office. In fact, out of the 45 men who have served as President of the United
States only two, Andrew Jackson and Bill Clinton, faced formal impeachment procedures, but neither
was driven out of office.
Two others, Richard Nixon and John Tyler, came close to being impeached but managed not to face
the music in the end.
Nixon resigned and Tyler dodged by not seeking re-electi
on.
With impeachment unlikely, Trump's opponents may be looking for other ways of terminating his
tenure at the White House. One way is to exert so much psychological pressure that he decides to
regain his tranquility by resigning. However, apart from Nixon's special case, the resignation has
never been a feature of the American presidential history.
In any case, Trump looks like the last man on earth to opt for the humiliation of entering
history as a quitter.
A third way to get rid of Trump is to persuade the Republican Party
not to nominate him for a second term
. At first glance that may look like a credible
option if only because the main body of the Republican Party has never warmed up to Trump.
In fact, calling Trump a Republican president may be more of a verbal conceit than an accurate
depiction of reality. In the mid-term elections in November, some Republican senators and
congressmen insisted that Trump should stay away from their campaigns. Some who did lose their
seats may have regretted their decision, as Trump proved to be in command of his own support base
beyond the Republican Party.
The anti-Trump section of the US media is desperate to find at least one Republican
figure capable of challenging the incumbent president in the coming nomination contest. So far,
however, none
of the putative knights-in-shining-armor fielded by the anti-Trump media has
succeeded in making an impression.
In any event,
there are only five cases in which an incumbent president failed to win
re-nomination by his party
. Of these, four were men who had inherited the presidency after
the death of the president.
One was the already mentioned -- John Tyler, who became president in 1841 after the death of
President William Henry Harrison. Another was Millard Fillmore, who entered the White House after
the death of President Zachary Taylor.
The third on the list was the already mentioned Andrew Jackson, who not only failed to secure
re-nomination but also narrowly escaped impeachment. The fourth was Chester Arthur, who took over
after the assassination of President James Garfield. He was ditched when he launched an anti-graft
campaign that alienated many within his own party.
Only one sitting president who had won the first term failed to secure re-nomination by his
party. He was Franklin Pierce, whose demise came in exceptional circumstances created by the
division over the issue of slavery as the nation moved towards the War of Secession. Today, none of
those conditions obtains in the United States and the Republican Party, and the possibility of a
palace revolt against the incumbent seems remote.
Some of Trump's opponents publicly pray
that he might forswear a second term because of poor health. Although he has entered his
eight-decade, however, Trump shows no signs of physical fatigue let alone serious illness leading
to possible incapacitation.
During the mid-term elections, this septuagenarian was capable
of flying from one end of the continent to the other in a single day to address half a dozen public
meetings.
That political power may act as an aphrodisiac and doping agent has been known at least since
the time of the great Xerxes, whose only regret was that, in 100 years, none in his million-man
army would be alive. There is no doubt that Trump thrives on power and, despite the extra kilos he
has gained in the past two years, still sees himself as a long-distance runner.
The mistake
that Trump's opponents made from the start, and some still continue to make, is to underestimate
him and dismiss his appeal to wide segments of society as an aberration.
Trump has, however, managed to question the political agenda by
questioning the
so-called Washington Consensus that led to globalization with all its benefits and drawbacks.
In his unorthodox manner, Trump has put a number of burning issues back on the agenda.
These include the widening income gap in the United States, the unintended and unexpected
consequences of outsourcing, and the disequilibrium created by signing trade agreements with
countries with different labor laws and environmental, health and safety standards. In foreign
policy, Trump has managed to pass on an important message: don't take American heavy lifting for
granted!
More importantly, Trump has persuaded millions of Americans excluded or
self-excluded from the political arena to end their isolation and demand a meaningful place in
collective decision-making.
Thus, for the time being at least, air-brushing Trump out of
the picture is a forlorn task.
Tags
Politics
Since
I last wrote about the bipartisan shrieking, hysterical reaction to Trump's planned
military withdrawal from Syria the other day, it hasn't gotten better, it's gotten worse. I'm
having a hard time even picking out individual bits of the collective freakout from the
political/media class to point at, because doing so would diminish the frenetic white noise of
the paranoid, conspiratorial, fearmongering establishment reaction to the possibility of a few
thousands troops being pulled back from a territory they were illegally occupying .
Endless war and military expansionism has become so normalized in establishment thought that
even a slight scale-down is treated as something abnormal and shocking. The talking heads of
the corporate state media had been almost entirely ignoring the buildup of US troops in Syria
and the operations they've been carrying out there, but as soon as the possibility of those
troops leaving emerged, all the alarm bells started ringing. Endless war was considered so
normal that nobody ever talked about it, then Trump tweeted he's bringing the troops home, and
now every armchair liberal in America who had no idea what a Kurd was until five minutes ago is
suddenly an expert on Erdoğan and the YPG. Lindsey Graham, who has never met an
unaccountable US military occupation he didn't like, is now suddenly cheerleading for
congressional oversight: not for sending troops into wars, but for pulling them out.
"I would urge my colleagues in the Senate and the House, call people from the
administration and explain this policy," Graham recently told
reporters on Capitol Hill. "This is the role of the Congress, to make administrations
explain their policy, not in a tweet, but before Congress answering questions."
"It is imperative Congress hold hearings on withdrawal decision in Syria --
and potentially Afghanistan -- to understand implications to our
national security," Graham tweeted today .
In an even marginally sane world, the fact that a nation's armed forces are engaged in daily
military violence would be cause for shock and alarm, and pulling those forces out of that
situation would be viewed as a return to normalcy. Instead we are seeing the exact opposite. In
an even marginally sane world, congressional oversight would be required to send the US
military to invade countries and commit acts of war, because that act, not withdrawing them, is
what's abnormal. Instead we are seeing the exact opposite.
A hypothetical space alien observing our civilization for the first time would conclude that
we are insane, and that hypothetical space alien would be absolutely correct. Have some Reese's
Pieces, hypothetical space alien.
It is absolutely bat shit crazy that we feel normal about the most powerful military force
in the history of civilization running around the world invading and occupying and bombing and
killing, yet are made to feel weird about the possibility of any part of that ending . It is
absolutely bat shit crazy that endless war is normalized while the possibility of peace and
respecting national sovereignty to any extent is aggressively abnormalized. In a sane world the
exact opposite would be true, but in our world this self-evident fact has been obscured. In a
sane world anyone who tried to convince you that war is normal would be rejected and shunned,
but in our world those people make six million dollars a year reading from a teleprompter on
MSNBC.
How did this happen to us? How did we get so crazy and confused?
I sometimes hear the analogy of sleepwalking used; people are sleepwalking through life, so
they believe the things the TV tells them to believe, and this turns them into a bunch of
mindless zombies marching to the beat of CIA/CNN narratives and consenting to unlimited
military bloodbaths around the world. I don't think this is necessarily a useful way of
thinking about our situation and our fellow citizens. I think a much more useful way of looking
at our plight is to retrace our steps and think about how everyone got to where they're at as
individuals.
We come into this world screaming and clueless, and it doesn't generally get much better
from there. We look around and we see a bunch of grownups moving confidently around us, and
they sure look like they know what's going on. So we listen real attentively to what they're
telling us about our world and how it works, not realizing that they're just repeating the same
things grownups told them when they were little, and not realizing that if any of those
grownups were really honest with themselves they're just moving learned concepts around inside
a headspace that's just as clueless about life's big questions as the day it was born.
And that's just early childhood. Once you move out of that and start learning about
politics, philosophy, religion etc as you get bigger, you run into a whole bunch of clever
faces who've figured out how to use your cluelessness about life to their advantage. You
stumble toward adulthood without knowing what's going on, and then confident-sounding people
show up and say "Oh hey I know what's going on. Follow me." And before you know it you're
donating ten percent of your income to some church, addicted to drugs, in an abusive
relationship, building your life around ideas from old books which were promoted by dead kings
to the advantage of the powerful, or getting your information about the world from Fox
News.
For most people life is like stumbling around in a dark room you have no idea how you got
into, without even knowing what you're looking for. Then as you're reaching around in the
darkness your hand is grasped by someone else's hand, and it says in a confident-sounding
voice, "I know where to go. Come with me." The owner of the other hand doesn't know any more
about the room than you do really, they just know how to feign confidence. And it just so
happens that most of those hands in the darkness are actually leading you in the service of the
powerful.
That's all mainstream narratives are: hands reaching out in the darkness of a confusing
world, speaking in confident-sounding voices and guiding you in a direction which benefits the
powerful. The largest voices belong to the rich and the powerful, which means those are the
hands you're most likely to encounter when stumbling around in the darkness. You go to school
which is designed to indoctrinate you into mainstream narratives, you consume media which is
designed to do the same, and most people find themselves led from hand to hand in this way all
the way to the grave.
That's really all everyone's doing here, reaching out in the darkness of a confusing world
and trying to find our way to the truth. It's messy as hell and there are so many
confident-sounding voices calling out to us giving us false directions about where to go, and
lots of people get lost to the grabbing hands of power-serving narratives. But the more of us
who learn to see through the dominant narratives and discover the underlying truths, the more
hands there are to guide others away from the interests of the powerful and toward a sane
society. A society in which people abhor war and embrace peace, in which people collaborate
with each other and their environment, in which people overcome the challenges facing our
species and create a beautiful world together.
People aren't sleepwalking, they are being duped . Duped into insanity in a confusing,
abrasive world where it's hard enough just to get your legs underneath you and figure out which
way's up, let alone come to a conscious truth-based understanding of what's really going on in
the world. But the people doing the duping are having a hard time holding onto everyone's hand,
and
their grip is slipping . We'll find our way out of this dark room yet.
Has anyone noticed that Rachel Maddow with her sooo patronizing, sooo objectionally smug
manner, implying that anyone who likes Trump is laughably pathetic, well – she keeps on
doing this and oddly (and effectively) generates a lot of support for Trump and what he's
doing. Her absolutely foul manner is perfectly crafted to turn folks against her and what she
espouses. You go girl!
It seems to me that, objectively, there are about three basic reasons for Endless War in
the Middle East.
One, to insure the security of the Israeli state. Two, to insure the free flow of cheap ME
petroleum to our 'trading partners' around the world who burn it to make cheap **** and ship
it across sealanes kept open by the U.S. Navy to Walmart and Amazon for resale (on credit!)
to the sheeple. Three, to finance the multi-billion dollar arms-building American MIC.
Purposes One, Two and Three mutually reinforce each other. You don't have to agree with all
Purposes as long as you agree with one of them. Proponents of Purpose One find allies among
the proponents of Purposes Two and Three. And vice versa. And, in a 'virtuous' (or is it
vicious?) circle, all at the top get very rich. The ultra-wealthy supporters of Israel, the
globalists, the corporatists, the militarists and their financiers and media mouthpieces.
Essentially all the new money in the Billionaire Class.
And who is opposed to this little arrangement? A few libertarians, and realists, and some
historians? A few folks on 'conservative' (but not neocon) websites? A few deplorables who
are actually thinking about their own best interests? A few people morally offended by the
notion of living in an 'exceptional' country which sponsors deadly perpetual war? A few
people who think its crazy to go half way around the world to kill people engaged in a
conflict which is critical to their daily lives but theoretical to us? A few men and women
who have seen combat and know the bloody truth? A few people who would prefer to re-invest in
the United States and repair the damage done to this country over the last forty years?
When you think about it the deck is definitely stacked in favor of Endless War. And what
Trump did on Thursday is again rather extraordinary.
He has announced his order to withdraw US troops from Syria.
His Defense Secretary James Mattis has resigned. There are rumors National Security
Adviser John Bolton may go too. (Please take
Secretary of State Mike Pompeo with you!)
He announced a start to withdrawing from Afghanistan.
He now says he will veto a government funding bill unless he gets $5 billion for his
Wall, and as of 12:01 AM Washington time December 22 the federal government is officially
under partial shutdown.
All of this should be taken with a big grain of salt. While this week's assertiveness
perhaps provides further proof that Trump's impulses are right, it doesn't mean he can
implement them.
Senator Lindsey Graham is demanding
hearings on how to block the Syria pullout . Congress hardly ever quibbles with a
president's putting troops into a country, where the Legislative Branch has legitimate
Constitutional power. But if a president under his absolute command authority wants to pull
them out – even someplace where they're deployed illegally, as in Syria – well hold
on just a minute!
This will be a critical time for the Trump presidency. (And if God is really on his side, he
soon might get
another Supreme Court pick .) If he can get the machinery of the Executive Branch to
implement his decision to withdraw from Syria, and if he can pick a replacement to General
Mattis who actually agrees with Trump's views, we might start getting the America First policy
Trump ran on in 2016.
Mattis himself said in his resignation letter, "Because you have the right to have a
Secretary of Defense whose views are better aligned with yours on these [i.e., support for
so-called "allies"] and other subjects, I believe it is right for me to step down from my
position."
Right on, Mad Dog! In fact Trump should have had someone "better aligned" with him in that
capacity from the get-go. It is now imperative that he picks someone who agrees with his core
positions, starting with withdrawal from Syria and Afghanistan, and reducing confrontation with
Russia.
Former Defense Secretary
Chuck Hagel complains that "our government is not a one-man show." Well, the "government"
isn't, but the Executive Branch is. Article II,
Section 1 : "The executive Power shall be vested in a President of the United States of
America." Him. The President. Nobody else. Period.
Already the drumbeat to saddle Trump with another Swamp critter at the Pentagon is starting:
"Several possible replacements for Mattis this week trashed the president's decision to pull
out of Syria. Retired Gen. Jack Keane called the move a "strategic mistake" on Twitter.
Republican Sens. Lindsey O. Graham (R-S.C.) and Tom Cotton (R-Ark.) signed a letter demanding
Trump reconsider the decision and warning that the withdrawal bolsters Iran and Russia." If
Trump even considers any of the above as Mattis's replacement, he'll be in worse shape than he
has been for the past two years.
On the other hand, if Trump does pick someone who agrees with him about Syria and
Afghanistan, never mind
getting along with Russia , can he get that person confirmed by the Senate? One possibility
would be to nominate someone like Acting White House Chief of Staff Mick Mulvaney specifically
to run the Pentagon bureaucracy and get control of costs, while explicitly deferring
operational decisions to the Commander in Chief in consultation with the Service Chiefs.
Right now on Syria Trump is facing pushback from virtually the whole Deep State
establishment, Republicans and Democrats alike, as well as the media from Fox News , to NPR ,
to MSNBC . Terror has again gripped the establishment that the Trump who was elected president
in 2016 might actually start implementing what he promised. It is imperative that he pick
someone for the Pentagon (and frankly, clear out the rest of his national security team) and
appoint people he can trust and whose views comport with his own. Just lopping off a few heads
won't suffice – he needs a full housecleaning.
In the meantime in Syria, watch for another "Assad poison gas attack against his own
people." The last time Trump said we'd be
leaving Syria "very soon " was on March 29 of this year. Barely a week later, on April 7,
came a supposed chemical incident in Douma, immediately hyped as a government attack on
civilians
but soon apparent as likely staged . Trump, though, dutifully took the bait, tweeting that
Assad was an "animal." Putin, Russia, and Iran were "responsible" for "many dead, including
women and children, in mindless CHEMICAL attack" – "Big price to pay." He then for the
second time launched cruise missiles against Syrian targets. A
confrontation loomed in the eastern Med that could to have led to war with Russia. Now, in
light of Trump's restated determination to get out,
is MI6 already ginning up their White Helmet assets for a repeat ?
Trump's claim that the US has completed its only mission, to defeat ISIS, is being compared
to George W. Bush's "Mission Accomplished" banner following defeat of Iraq's army and the
beginning of the occupation (and, as it turned out, the beginning of the real war). But if it
helps get us out, who cares if Trump wants to take credit? Whatever his
terrible, horrible, no good, very bad national security team told him, the US presence in
Syria was never about ISIS. We are there as Uncle Sam's Rent-an-Army for the Israelis and
Saudis to block Iranian influence and especially an overland route between Syria and Iran (the
so-called
"Shiite land bridge" to the Mediterranean ).
For US forces the war against ISIS was always a sideshow, mainly carried on by the Syrians
and Russians and proportioned about like the war against the Wehrmacht: about 20% "us," about
80% "them." The remaining pocket ISIS has
on the Syria-Iraq border has been deliberate ly left alone, to keep handy as a lever to
force Assad out in a settlement (which is not going to happen). Thus the claim an American
pullout will
lead to an ISIS "resurgence " is absurd. With US forces ceasing to play dog in the manger,
the Syrians, Russians, Iranians, and Iraqis will kill them. All of them.
If Trump is able to follow through with the pullout, will the Syrian war wind down? It needs
to be kept in mind that the whole conflict has been because we (the US, plus Israel, Saudi
Arabia, Qatar, Turkey, UAE, the United Kingdom, etc) are the aggressors. We sought to use
al-Qaeda and other jihadis to effect regime change via the tried and true method. It
failed.
Regarding Trump's critics' claim that he is turning over Syria to the Russians and Iranians,
Assad is nobody's puppet. He can be allied with a Shiite theocracy but not controlled by it;
Iran, likewise, can also have mutually beneficial ties with an ideologically dissimilar
country, like it does with Christian Armenia. The Russians will stay and expand their presence
but unlike our presence in many countries – which seemingly never ends, for example in
Germany, Japan, and Korea, not to mention Kosovo – they'll be there only as long and to
the extent the Syrians want them. (Compare our eternal occupations with the Soviets' politely
leaving Egypt when Anwar Sadat asked them, or leaving Somalia when Siad Barre wanted them out.
Instead of leaving, why didn't Moscow just do a " Diem " on them?) It
seems that American policymakers have gotten so far down the wormhole of their paranoid
fantasies about the rest of the world – and it can't be overemphasized, concerning areas
where the US has no actual national interests – that we no longer recognize classic
statecraft when practiced by other powers defending genuine national interests (which of course
are legitimate only to the extent we say so).
Anyway, if this week's developments are the result of someone putting something into
Donald's morning Egg
McMuffin , America and the world owe him (or her) a vote of thanks. Let's see more of
the wrecking ball we Deplorables voted for !
Trump thought that by bringing the swamp into his fold he might be able to defang it. He
bent the knee, played nice and kissed the ring but still they kept at him. I think Trump has
had enough of giving a mile for getting an inch. I like Trump when he presents himself as a
human wrecking ball to all the evil plans of the Washington establishment and if he continues
like this I honestly believe he will be reelected in 2020, and one day will be acknowleged as
a true chapion for every day Americans but if he shrinks back into his shadow and gives the
likes of Bolton and Pompeo free reign to **** all over the globe with their insane scheming
he will be a one term failure.
Don't get too excited about the possibility that there may be more kinds of viagra to try
out, Jattras. If Trump recently seems to be more like the candidate we voted for, the real
reason for his reversion back is because the midterm elections are over and Trump kept the
Senate.
Check with me before you start making a lot of crack-pot statements
It was over two years ago that Wells Fargo's fake accounts scandal burst into the headlines, and since then, there has been an
unrelenting torrent of bad news. In late October, the American Banker
reported
that two executives were placed on leave after they received notifications of pending sanctions from the Office of the Comptroller
of the Currency. In November, Federal Reserve chairman Jerome Powell sent a
letter
to Senator Elizabeth Warren saying the Fed will not lift a cap on Wells's growth until the bank addresses deficiencies in oversight
and risk management. "The underlying problem at the firm was a strategy that prioritized growth without ensuring that risks were
managed, and as a result the firm harmed many of its customers," Powell wrote.
In early November, Jay Welker, who was the head of the private bank, which sits within the bank's wealth management business,
retired . Under Welker,
the private bank
pushed wealth advisors to vigorously sell
high-fee products . There may be more bad news about this aspect of the embattled bank. The Justice Department, the SEC, the
Labor Department, and Wells Fargo's own board are conducting ongoing investigations into its wealth management business that have
yet to be resolved.
There's still one aspect of how the wealth management business pushed for growth that former Wells Fargo employees say hasn't
gotten the scrutiny it should. For four years, starting in 2012 and through the end of 2015, Wells incentivized some of its advisors
in that business through something called the "Growth Award." Some former employees say these awards led to behavior that was not
in the best interest of clients, including steering them towards higher-fee products. The Growth Award was much discussed internally,
says a former investment strategist at Wells, although not everyone was privy to the details of how it worked.
Last summer, the Wall Street Journal
reported
the existence of the growth award, but not the details of how the money worked. Essentially, the growth award was a way of motivating
advisors to grow their businesses. In and of itself, that isn't unusual. The industry has for years offered successful brokers incentives,
often in the form of elaborate trips to exotic locales.The SEC is
weighing new rules that may curtail the use of such rewards under the theory that they could make brokers "predominantly motivated"
by "self enrichment." Firms have also long used rich packages to lure successful brokers to move their business.
But firms are cutting back on the use of such packages, according to industry insiders. When told about the details of the growth
award, three financial advisors at other firms with whom Yahoo Finance spoke expressed shock at both the sheer size and the way it
incentivized advisors for short-term growth, rather than long-term business building. (Another advisor thought that in the context
of the packages that were used to incentivize brokers to switch, it wasn't so surprising.) Or as former Wells Fargo executive, who
was in the retail brokerage industry for decades, says, "If a free golf outing is bad business, then the Growth Award is bad business
on steroids."
In a statement to Yahoo Finance, spokesperson Shea Leordeanu said, "At Wells Fargo Wealth and Investment Management, we are committed
to taking care of our clients' financial needs every day and take seriously our responsibility to help them preserve and invest their
hard-earned savings. Our primary goal is to be a trusted advisor to our clients and to act in their best interests. And we have supervisory
processes and controls in place so that, if a team member acts in a manner not in line with our values and our policies, we take
appropriate action."
An enormous, compounding bonus for bringing revenue to Wells Fargo
The Growth Award wasn't available to the entire army of some 14,000 advisors, who make up the broad group of Wells Fargo Advisors.
(Many others, most prominently those who came with the 2008 Wachovia merger, had different compensation plans with lock-ups that
are just now expiring, leading to something of an
exodus , according to press reports.) This Growth Award, on the other hand, was meant for the 3,000 or so advisors who were part
of something known as Wealth Brokerage Services, or WBS. These advisors are located in the bank branches, or in hubs -- Wells Fargo
buildings in cities -- that housed wealth management personnel among others like business bankers. (Wells Fargo subsequently
announced a reorganization
that is expected to combine what were separate groups of advisors.) To be eligible, you couldn't be a newbie -- you needed a two
year minimum at the bank -- and you had to be doing more than $350,000 in annual revenue. The former executive and another advisor
estimate that narrowed the group down to about 2,000 people.
The amounts people stood to make were extraordinary. Here's how the math worked. The goal was for an individual financial advisor
to increase his or her revenue by at least 15% for each of the four years that the Growth Award was in place. The award multiplied
each year the goal was achieved. So if you achieved 15% growth in the first year, you received a 15% bonus. If you achieved 15% growth
again in the second year, you received a 30% bonus. If you achieved 15% growth in the third year, you received a 45% bonus. Finally,
if you achieved 15% growth again in the 4th year, you received a whopping 60% bonus.
If you didn't achieve the goal, you were not penalized, but you didn't receive the bonus.
To get specific about just what these percentages could mean, say you generated $1 million in revenue in 2011, and you achieved
precisely 15% growth each year for the next 4 years. In year one, your revenue would be $1,150,000, and your bonus, at 15% of that,
would be $172,500. The new 2013 goal would be $1,322,500 (a 15% increase from the $1,150,000.). If you hit that goal, your Growth
Award bonus for 2013 would be $396,393. And so on. If you hit the goals for 2014 and 2015, you stood to make a bonus of $684,393
and $1,049,403, respectively. That means you stood to make $2.3 million in total Growth Award bonuses. In other words, the financial
incentives to hit the numbers were enormous.
Perhaps for the very reason the incentives were so enormous, more advisors hit the numbers than Wells had expected. (Of course,
there was also a strong bull market during that period.) The Journal reported that Wells had allotted $250 million for the Growth
Award bonuses. Instead, Wells had to pay $750 million between 2012 and 2015. "It's widely known inside Wells that they were so way
over budget," says another former advisor. "I personally know brokers who were awarded bonuses of over $2 million, which is a stunning
amount of money," says a former investment advisor.
Roughly two-thirds of the 2,000 or so eligible advisors earned an award.
"When you throw that kind of money out, it incentivizes."
Now consider the Growth Award from the perspective of a client, who might wander into a bank branch, maybe having gotten an unexpected
inheritance. "You have to connect the dots," the former executive says. "This is where the sales pressure in the bank branches meets
the wealth and investment management business."
The staff of the branch was incentivized to steer clients to a Wells financial advisor, because investment management referrals
helped them meet their sales goals, and that advisor, in turn had incentives -- really big incentives -- to steer the clients toward
products that generate upfront revenue. "If you don't have a high moral background, it'll put you in a position to do things for
clients that aren't in their best interest," says a former advisor. "I'm always looking at what's best for the client but it's also
what's best for my paycheck." "You are absolutely incentivizing advisors to sell the products with the highest upfront fees," says
the former executive.
"Yeah, when you throw that kind of money out, it incentivizes," says another former advisor. "Jesus would probably be okay. But
the disciples probably would have had some morals put to the test on that one."
Multiple sources say the Growth Award helps explain why annuity sales at Wells Fargo were so high, especially after the bank tried
to tamp down on the amount the Award was going to cost them. In 2014, Wells Fargo decided to stop "fee fronting," which allowed advisors
to count fees that would be paid in subsequent years toward their annual tally. So advisors began to search for products with high
initial fees, one former advisor said.
Annuities come with high upfront revenues for the broker, making them an obvious choice for someone who is trying to hit a revenue
target -- but maybe not the optimal choice for the client. "You think Wells Fargo's Bankers Are Bad? Take a Look at its Brokers,"
was the headline of an October 2016 piece in thestreet.com. The piece
noted that Wells had argued to the Securities and Exchange Commission that it should not be subject to rules to put its investors
first in cases where its advisors were making referrals for products including annuities, and that in 2015, Wells was number one
in the country for annuity sales.
"It's pretty stunning that a firm that has just half the assets of its larger competitors sells more annuities," says a former
advisor. "I think that just speaks to the emphasis on making sales numbers and a need to sell more of the highest payout products."
Indeed, the Journal reported and several former advisors corroborate that internally, 2015 was dubbed "The Year of the Annuity."
It wasn't just annuities. One former advisor also noted that advisors trying to chase the growth award also favored mutual funds
with high upfront fees. "You'd think if revenue was going up by 15% a year, your AUM would at least go up at least 12% or 13%," a
former advisor said. "That was not the case. The award was only revenue based -- there was nothing in there for AUM, longevity, or
anything like that. Strictly show us the money and we'll show you the money."
All the fees were disclosed to Wells Fargo's clients. But what clients didn't know was the incentive structure that was in place
for their advisor. So yes, clients understood the fees -- but they were in the dark as to at least part of the reason one product
might have been recommended over another. "Imagine that it's November," says the former executive. "You have to do $250,000 in revenue,
or you going to leave a million dollars on the table. What are you doing to do?" He continues, "Every client of WBS has to go back
and look at every trade, every single decision, from 2012 to 2015 and scrutinize whether it was impacted by the Growth Award." "I
think if clients and the public knew that Wells Fargo Advisors had given such substantial and amazing well-timed retention bonuses
to lock up their advisors, they would begin to wonder whether their advisors were giving the best advice to their clients," says
another former investment strategist.
There could be another problem, too. "If you achieved the goal early, you would stop doing business so you didn't have the higher
base to start from in the next year," says the former executive. "You'd sand bag -- and that might not be in the client's best interest
either."
A golden handcuff at a very good time for Wells Fargo
The Growth Award may also help explain why Wells has been able to retain as many advisors as it has, despite the ongoing scandals.
Six months before the end of the Growth Award program, midway through 2015, Wells Fargo asked those advisors who had qualified for
the award how they would like to receive their pay. There were two options. The first option essentially allowed the advisor to unlock
all the money at the end of February 2021. If the advisor left before that, the money was forfeited. A third of the advisors who
earned awards chose this option.
The other option paid out a tenth of the bonus each year for 10 years. If the advisor so chose, they could get that money up front
as a forgivable loan. Every year the advisor remained at Wells Fargo, he or she would simply pay the interest on their bonus, and
a tenth of the principle would be forgiven. But if the advisor left, he or she had to pay back the unforgiven principle. (Or if the
advisor hadn't taken the forgivable loan, the annual checks would stop.) Two-thirds of advisors opted for this route.
The Growth Award also had the potential to create another problem for advisors. The nice thing about building a fee-based business
is that it's an annuity for the advisor. Every year, there's a fee. If, on the other hand, the advisors put clients' money into things
that generate a one-time pop of revenue, the advisor doesn't get the same type of ongoing fees. So, the former executive says, some
advisors are in a hole, where they owe taxes on the Growth Award, while their income has shrunk dramatically. "I know guys who got
it who built or bought a huge house and are now stuck," he says.
The golden handcuff of the Growth Award has been good for the bank in the face of all of the scandals. One advisor told Yahoo
Finance that the growth in the number of clients also shrank dramatically amid the unrelenting negative news.
"I went from around 30 referrals to two in six months after the scandal hit," this person said. What had been a solid stream of
clients slowed to a trickle. But the only out for advisors would have been to have another firm hire them away and pay off their
loan.
Perhaps the most interesting thing about the Growth Award is how deliberate it was. "It was not a computer glitch or an oversight,"
as the former executive says. "It was not perpetrated by a few rogue employees. The Growth Award was conceived by the Compensation
Committee. The Compensation Committee is the most senior of senior management. The goal was to drive growth and drive growth it did."
But perhaps at a price for clients -- making the Growth Award, in its way, the most telling evidence yet of the cultural issues within
Wells Fargo.
Chinese refineries that used to purchase U.S. oil regularly said they had not resumed buying
due to uncertainty over the outlook for trade relations between Washington and Beijing, as well
as rising freight costs and poor profit-margins for refining in the region.
Costs for shipping U.S. crude to Asia on a supertanker are triple those for Middle eastern
oil, data on Refinitiv Eikon showed.
A senior official with a state oil refinery said his plant had stopped buying U.S. oil from
October and had not booked any cargoes for delivery in the first quarter.
"Because of the great policy uncertainty earlier on, plants have actually readjusted back to
using alternatives to U.S. oil ... they just widened our supply options," he said.
He added that his plant had shifted to replacements such as North Sea Forties crude,
Australian condensate and oil from Russia.
"Maybe teapots will take some cargoes, but the volume will be very limited," said a second
Chinese oil executive, referring to independent refiners. The sources declined to be named
because of company policy.
A sharp souring in Asian benchmark refining margins has also curbed overall demand for crude
in recent months, sources said.
Despite the impasse on U.S. crude purchases, China's crude imports could top a record 45
million tonnes (10.6 million barrels per day) in December from all regions, said Refinitiv
senior oil analyst Mark Tay.
Russia is set to remain the biggest supplier at 7 million tonnes in December, with Saudi
Arabia second at 5.7-6.7 million tonnes, he said.
19 hours ago This is an
economic/political tight rope for both countries. China is the largest auto market in the
world with numerous manufacturers located inside its borders. Apple sales will disappoint
inside China after Meng's arrest over Iran sanctions (Huawei is a world heavy weight in terms
of sales), and this has already begun inside China due to national pride. Canada has already
seen one trade agreement postponed over her detention. US firm on the main have already
issued orders to not have key employees travel to their Chinese plants unless absolutely
necessary for fear of retaliation. Brussels is actively working on a plan to bypass US
Iranian sanctions, which are deeply unpopular in Europe.
The key to this solution might be in automotive. Oil is possibly on the endangered bargaining
list. Russia is a key trading partner (for years) with China and, along with Saudi Arabia and
Iran (or even without Iran) will be able to supply their needs. Our agricultural sector,
particularly in soybeans, has been hit hard, forcing the US govt. into farm subsidies. Brazil
just recorded a record harvest in soybeans. The US could counter with lifting Meng from
arrest in return for an agricultural break, but those negotiations won't make the mainstream
news. Personally, I think her arrest was a very ill-thought move on the part of law
enforcement, as the benefits don't even begin to outweigh the massive retaliation to US firms
operating inside their borders. It is almost akin to arresting Tim Cook of Apple or Apple's
CFO. You don't kill a bug with a sledge hammer.
The U.S. Justice Department said on Friday a Chinese national had been arrested for stealing
trade secrets from a U.S.-based petroleum company, his employer, related to a product worth
more than $1 billion.
The department alleged Hongjin Tan downloaded hundreds of files related to the manufacture
of a "research and development downstream energy market product," which he planned to use to
benefit a company in China that had offered him a job. He was arrested on Thursday in Oklahoma
and will next appear in court on Wednesday, the department said.
Tan's LinkedIn page said he has worked as a staff scientist for Phillips 66 (PSX.N) in
Bartlesville, Oklahoma, since May 2017.
Phillips 66 said in a statement it was cooperating with the Federal Bureau of Investigation
in a probe involving a "former employee at our Bartlesville location," but declined to comment
further.
An FBI affidavit said Phillips 66 called the agency last week to report the theft of trade
secrets and Tan told a former co-worker he was leaving to return to China.
The FBI found on Tan's laptop an employment agreement from a Chinese company that has
developed production lines for lithium ion battery materials.
Tan accessed files for marketing the trade secret "in cell phone and lithium-based battery
systems," the FBI said. Phillips 66 said it has one of two refineries in the world that
manufacture the unspecified product.
Tan was responsible for research and development of the U.S. company's battery programme and
developing battery technologies using its proprietary processes. Phillips 66 told the FBI it
had earned an estimated $1.4 billion to $1.8 billion from the unspecified technology.
For the past year I have concluded that the market was vulnerable to a number of factors and
was likely making an important top and likely setting up for a Bear Market:
Global economic growth was becoming more ambiguous and the fragility of worldwide growth
would be shortly exposed
An avalanche of debt would serve as a governor to growth
Corporate profit expectations for 2018-20 were too elevated
The pivot to monetary restraint by the Federal Reserve (taking the punch bowl away) would
be market unfriendly
With less liquidity would come a new regime of volatility
The risks of fiscal and monetary policy mistakes were growing
The behavior of the President and hastily crafted policy (e.g. the U.S. retreat from
Syria) would make economic uncertainty and market volatility great again (#muvga)
The reduction in the corporate tax rate has failed to deliver the growth expected to
reduce the burgeoning deficit – the benefit has trickled up and not down
Market structure represented a potential market threat that was being underestimated
Investors, participating in The Bull Market of Complacency, were ignoring the risks of a
large market drawdown
I concluded that the notion of T.I.N.A ("there is no alternative) was no longer applicable
and that rising short term interest rates made the compelling case for C.I.T.A. ("cash is the
alternative"):
Chart Courtesy of Charlie Bilello of Pension Partners
Out of 15 major asset classes ranging from stocks to bonds to REITs to Gold and Commodities,
only one is higher in 2018: Cash.
After the markets responded quite vigorously to the corporate tax reduction and cash
repatriation bills in January, markets swiftly moved higher – making a top near month
end. Consolidation and a multi-month period of choppiness followed but the markets made a new
high by mid-September at about 2920.
The toxic cocktail of the above factors have contributed to a more than 400 handle drop
(-13%) in the S&P Index to 2500 currently – below my (short term) expected trading
range of 2550-2700.
Back in early July I presented this suite of projections for the S&P Index – which
proved reasonably prescient, and to the penny we have just hit my six month projection of
S&P 2500 (!):
By the Numbers
As SPYDERS moved towards $273 yesterday afternoon -- on a full day spike in the S&P
Index of over 20 handles -- I moved back to market neutral.
Should the S&P Index climb back to 2,750-2,750 (my very short term prognostication), I
will move back again to a net short exposure, as downside risk expands over upside
reward.
My gross and net exposures remain light in a background of uncertainty (e.g., current
trade battle with China) and in the new regime of volatility. Quite frankly, I am playing
things "tight" in light of these factors -- and in consideration that I have had a very good
year thus far.
Again, my expectations below should be viewed not with precision, but rather as a
guideline to overall strategy:
Very Short Term (in the next five trading days)
–Higher, but not materially so. 2,750-2,775 seems a reasonable guesstimate.
–I plan to scale into a net short position on strength, but I will give the market a
wider berth today and into the first few days of the second half (inflows expected).
Short Term (in the next two months)
–Lower, but not materially so.
–I expect a series of tests of the S&P level 2,675-2,710.
Intermediate Term (in the next six months)
–Lower, a break towards "fair market value" of about 2,500 is my expectation.
More Lessons Learned
"When we ask for advice we are looking for an accomplice." – Saul Bellow
The investment mosaic is complex and Mr. Market is often unpredictable.
There is no quick answer or special sauce to capture the holy grail of investment results
– it takes hard work, common sense and the ability to navigate the noise.
The common thread of these naked swimmers are self confidence, smugness and the failure to
memorialize their investment returns (because the typically are so inconsistent and
dreadful).
They are bad and deceptive actors who are in denial to themselves and are artful and
accountable dodgers to the investing masses.
"In my next life I want to live my life backwards." – Woody Allen
Take Woody Allen's advice (above) – be forewarned and learn from history as common
sense is not so common as:
"A nickel ain't worth a dime anymore."– Yogi Berra
I have spent a lot of time over the last few months exposing the bad actors who, we learned,
were swimming naked this year; as the market's tide went out .
I did so, not because of any hatred but because I saw this also in 2008-09 and we should
finally be learning from history so that we don't call on those same resources in the
futures.
Where Do We Go From Here?
"I'll just conclude by saying most of the issues we are dealing with today are induced by
bad political choices."– Fred Smith, CEO Of Fed Express (
conference call )
Over the last year I have consistently written that "fair market value" (based on a
multi-factor analysis) for the S&P Index was between 2400-2500 – well below the
expectations of every major Wall Street strategist. I posited that 2018 would be the first year
(in many) in which the revaluation of price earnings ratios would be headed lower. (Multiples
are down by nearly 20% this year).
The major indices have had the worst month of December since the Great Depression –
declining by about -9%. Though many pin the loss (especially yesterday's) on the Federal
Reserve's actions and communications, the recent market drawdown is a function of the reality
of the headwinds I listed at the beginning of this morning's missive (that most have
dismissed).
We are now at 2500 (down from 2920 three months ago) – which means the market is at
the upper end of being fairly valued for the first time all year. It also means that an
expanding list of stocks are now attractive if my recession expectations prove unfounded.
Expanding problems facing the White House and policy blunders (underestimated by investors
– see FedEx quote above), reduced domestic economic expectations and a continuation of
Fed tightening (and balance sheet drawdowns) have contributed to the latest market swoon. That
drawdown has occurred in a backdrop of rising fear and some extreme sentiment readings –
abetted by a changing market structure in which passive products and strategies "buy high and
sell low."
As posited this week I believe we are now going to have a playable year end rally from here
but as we move into the New Year things get more problematic.
"Though the third year of a Presidential cycle is usually bullish – it's different
this time.
Trump confusing brains with a bull market can't fathom the emerging Bear Market. At first
he blames it on Steve Mnuchin, his Secretary of Treasury (who leaves the Administration in
the middle of the year). Then he blames a lower stock market on the mid-term election which
turned the House. Then he blames the market correction on the Chinese.
The S&P Index hits a yearly low of 2200 in the first half of the year as the market
worries about slowing economic and profit growth and a burgeoning deficit/monetization. The
announcement of QE4 results in a year end rally in December, 2019. In a continued regime of
volatility (and in a market dominated by ETFs and machines/algos), daily swings of 1%-3%
become more commonplace. Investor sentiment slumps as redemptions from exchange traded funds
grow to record levels. The absence of correlation between ETFs and the underlying component
investments causes regulatory concerns throughout the year.
Congress holds hearings on the changing market structure and the weak foundation those
changes delivered during the year.
Short sellers provide the best returns in the hedge fund space as the S&P Index
records a second consecutive yearly loss (which is much deeper than in 2018).
As the Fed cuts interest rates the US dollar falls and emerging markets outperform the US
in 2019. The ten year Treasury note yield falls to 2.25%.
I, like many, are concerned about corporate credit (See Surprise #8) and though credit is
not unscathed, it is equities that bear the brunt of the Bear since they are below credit in
the company capitalization structure.
Bottom line, after a steep drop in the first six months of the year, the markets rise off
of the lows late in the year in response to this shifting political scene (the decline of
Trump) and a reversal to a more expansive Fed policy – ending the year with a -10%
loss."
Bottom Line
* For now, think like a trader and not an investor"
The illusion of positive possibilities is fading quickly in a market hampered by political
turmoil and strapped with untenable debt loads.
The key to delivering superior investment performance in 2018 was not a buy and hold
strategy. Rather, it was opportunistic and unemotional trading and for the foreseeable future
this will likely be the case.
While I believe we are likely to rally into year end, the near term upside to that rally has
been markedly reduced (though I still believe we can reach to at least 2600 or so on the
S&P Index by year end, a gain of 100 handles or more) -- the likelihood of a recession and
Bear Market in 2019 has increased.
Many threads to tug on at the close of this tumultuous work-week before the supreme holiday
of white privilege rolls through, all silver bells and hovering angels.
It took hours of rumination and prayer to arrive at a coherent notion about the strange
doings in Gen. Mike Flynn's sentencing hearing, but here goes: Judge Emmet Sullivan sent Gen
Flynn to the doghouse for three months to reconsider his guilty plea. The judge may believe
that Gen. Flynn needs to contest the charge in open court, where all the Special Prosecutor's
janky evidence will be subject to discovery and review. Mr. Mueller tried to toss a wrecking
bar into the proceedings the day before by pressing charges against two of Gen. Flynn's
colleagues in the Turkish lobbying gambit, which was meant to terrify Gen. Flynn as a hint that
separate charges would be dumped on him if he doesn't play ball. A lot can happen in three
months, including the arrival of a new Attorney General, and we'll leave it there for the
moment.
The stopgap spending bill before congress -- to avert a government shut-down -- is based on
the comical idea that the money is actually there to spend. Everyone with half a brain knows
that it's not money but " money ," a hypothetical abstraction composed of hopes and wishes. The
USA is worse than broke. It's down to liquidating its rehypothecated hypotheticals. After all,
financialization added up to money with its value removed . The global credit markets seem to
be sensing this as the tide of borrowings retreats , exposing all the wretched, slimy creatures
wheezing in the exposed mudflats who have no idea how to service their old loans or generate
credible new ones. But, no matter. We'll continue pretending until the US$ flies up its own
cloacal aperture and vanishes.
Contingent on that exercise is "money" for Mr. Trump's promised-and-requested border wall.
The wall is really a symbol for the nation's unwillingness to set a firm policy on immigration.
Half of the political spectrum refuses to even make a basic distinction between people who came
here legally and those who snuck in and broke the law. They've super-glued themselves to that
position not on any plausible principle, but because they're desperate to corral Hispanic votes
-- and notice how eager they are to get non-citizens on the voting rolls. Their mouthpiece, The
New York Times , even ran an op-ed today,
None of Us Deserve Citizenship , (is that even grammatical?) arguing that we should let
everybody and anybody into the country because of our longstanding wickedness.
The simple resolve to firmly and politely send interlopers back across the border would go a
long way to providing border security, but we've allowed this process to be litigated into
incoherence so that it is increasingly impossible to enforce the existing rules. Mr. Trump's
wall is an acknowledgement of that failure to agree on lawful action to defend the border. It
evokes the works of past empires, like the wall built across Britain by the Roman emperor
Hadrian to keep out the warlike, filthy, blue-faced Scots, or the Great Wall of China built to
block marauding Mongols. Of course, these societies didn't have closed circuit TV, drones,
laser sensors, four-wheel-drive landcruisers, and night-vision goggles. I'm not persuaded that
the US really requires Mr. Trump's wall, but it does require a functioning consensus that
national borders mean something, and the president's argument is a lever to produce that
consensus.
In the meantime, the condition of the US economy, which Mr. Trump has boasted is roaring on
his account, wobbles badly. It has been based for two decades on a three-card-monte trade
set-up in which China sends us amazingly cheap products and we send them IOUs (dollars, i.e.
Federal Reserve promissory notes). It was not an arrangement bound to last. And it entailed a
lot of mischief around the theft of complex intellectual property. The damage there appears to
be already done. China may have enough computer mojo now to make all kinds of trouble in the
world. Of course, China will have enough political and economic trouble when its Molto-Ponzi
banking system flies apart, so I would not assume that they are capable of attaining the kind
of world domination that scenario-gamers in the US Intel-and-Military offices dream up.
To me, these disturbances and machinations suggest the unravelling of the arrangements we've
called "globalism." That's what we face most acutely in 2019, along with the fragile conditions
in banking, markets, and currencies that can put the schnitz on supply lines as everybody and
his uncle around the world fear that they will never get paid. It all makes for a suspenseful
holiday. Bake as many cookies as you can while the fixings are still there and stuff a few in
your ammunition box for the fretful days ahed.
Once is happenstance. Twice is coincidence. Three times is enemy action. ~ Ian Fleming
Notable quotes:
"... We believe that in all three cases Guccifer 2 was unlikely to anticipate that this Eastern timezone setting could be derived from the metadata of the documents that he published. However, one vocal critic with significant media reach objected to our East Coast finding as it related to our analysis of the ngpvan .7z file. This critic concluded instead that Guccifer 2 deliberately planted that clue to implicate a DNC worker who would die under suspicious circumstances a few days later on July 10, 2016. ..."
"... Now, we have this additional East Coast indication, which appears just one day after the ngpvan.7z files were collected. This new East Coast indication is found in a completely different group of files that Guccifer 2 published on his blog site. Further, this East Coast finding has its own unique and equally unlikely method of derivation. ..."
"... If we apply our critic's logic, what do we now conclude? That Guccifer 2 also deliberately planted this new East Coast indication? To what end? We wonder: Will this new evidence compel our out-spoken critic to retract his unsubstantiated claims and accusations? ..."
Editorial Note: The Forensicator recently published a report, titled " Guccifer
2 Returns To The East Coast ." Forensicator provided the following introduction to his
latest findings, reproduced here with the permission of the author.
In this post, we announce a new finding that confirms our previous work and is the basis for
an update that we recently made to Guccifer 2's Russian
Breadcrumbs . In our original publication of that report, we posited that there were
indications of a GMT+4 timezone offset (legacy Moscow DST) in a batch of files that Guccifer 2
posted on July 6, 2016. At the time, we viewed that as a "Russian breadcrumb" that Guccifer 2
intentionally planted.
Now, based on new information, we have revised that conclusion: The timezone offset was in
fact GMT-4 (US Eastern DST) . Here, we will describe how we arrived at this new, surprising
conclusion and relate it to our prior work.
A month/so after publication, Stephen McIntyre ( @ClimateAudit ) replicated our analysis. He ran a few
experiments and found an error in our
original conclusion.
We mistakenly interpreted the last modified time that LibreOffice wrote as
"2015-08-25T23:07:00Z" as a GMT time value. Typically, the trailing "Z" means " Zulu Time ", but
in this case, LibreOffice incorrectly added the "Z". McIntyre's tests confirm that LibreOffice
records the "last modified" time as local time (not GMT). The following section describes the
method that we used to determine the timezone offset in force when the document was saved.
LibreOffice Leaks the Time Zone Offset in Force when a Document was Last Written
Modern Microsoft Office documents are generally a collection of XML files and image files.
This collection of files is packaged as a Zip file. LibreOffice can save documents in a
Microsoft Office compatible format, but its file format differs in two important details: (1)
the GMT time that the file was saved is recorded in the Zip file components that make up the
final document and (2) the document internal last saved time is recorded as local time (unlike
Microsoft Word, which records it as a GMT [UTC] value).
If we open up a document saved by Microsoft Office using the modern Office file format (
.docx or .xlsx ) as a Zip file, we see something like the following.
LibreOffice , as shown below, will record the GMT time that the document components were
saved. This time will display as the same value independent of the time zone in force when the
Zip file metadata is viewed.
For documents saved by LibreOffice we can compare the local "last saved" time recorded in
the document's properties with the GMT time value recorded inside the document (when viewed as
a Zip file). We demonstrate this derivation using the file named
potus-briefing-05-18-16_as-edits.docx that Guccifer 2 changed using LibreOffice and then
uploaded to his blog site on July 6, 2016 (along with several other files).
Above, we calculate a time zone offset of GMT-4 (EDT) was in force, by subtracting the last
saved time expressed in GMT (2016-07-06 17:10:58) from the last saved time expressed as local
time (2016-07-06 13:10:57).
We've Been Here Before
The Eastern timezone setting found in Guccifer 2's documents published on July 6, 2016 is
significant, because as we showed in Guccifer 2.0
NGP/Van Metadata Analysis , Guccifer 2 was likely on the East Coast the previous day, when
he collected the DNC-related files found in the ngpvan.7z Zip file. Also, recall that Guccifer
2 was likely on the East Coast a couple of months later on September 1, 2016 when he built the
final ngpvan.7z file.
We believe that in all three cases Guccifer 2 was unlikely to anticipate that this Eastern
timezone setting could be derived from the metadata of the documents that he published.
However, one vocal critic with significant media reach objected to our East Coast finding as it
related to our analysis of the ngpvan .7z file. This critic concluded instead that Guccifer 2
deliberately planted that clue to implicate a DNC worker who would die under suspicious
circumstances a few days later on July 10, 2016.
Further, this critic accused the Forensicator (and Adam Carter ) of using this finding to amplify the
impact of Forensicator's report in an effort to spread disinformation. He implied that
Forensicator's report was supplied by Russian operatives via a so-called "tip-off file." The
Forensicator addresses those baseless criticisms and accusations in The Campbell
Conspiracy .
Now, we have this additional East Coast indication, which appears just one day after the
ngpvan.7z files were collected. This new East Coast indication is found in a completely
different group of files that Guccifer 2 published on his blog site. Further, this East Coast
finding has its own unique and equally unlikely method of derivation.
If we apply our critic's logic, what do we now conclude? That Guccifer 2 also deliberately
planted this new East Coast indication? To what end? We wonder: Will this new evidence compel our out-spoken critic to retract his
unsubstantiated claims and accusations?
Closing Thought: Once is happenstance. Twice is coincidence. Three times is enemy action. ~ Ian Fleming
It is curious how those running vpn's often don't bother appropriately setting their
device time zones.
Regarding the closing thought, that was my thinking regarding the Byzantine Vegetable
'ally' at /qr in a non-American time zone who repeatedly attacked me.
Perhaps I have shared some harsh words with you and William, but I do sincerely care for
your well being and my appreciation for the work you both have done remains. The Optics have
been understandably difficult to swallow for many, but I hope that in your own time, you both
will be willing to take another look at Q.
Interesting to see Fleming -- as time goes on, it is pretty clear that he was telling us a
few things about how power really works--psychopathic oligarchs with private wetworkers. Of
course now we have governments competing to hire the same mercenaries -- and the uniformed
mercenaries working oligarchs with government complicity.
Believe it or not, all these faces are fake. They have been synthesized by Nvidia's new AI
algorithm, a generative adversarial network capable of automagically creating humans, cats, and
even cars.
Credit: Nvidia
The technology works so well that we can expect synthetic image search engines soon - just
like Google's, but generating new fake images on the fly that look real. Yes, you know where
that is going - and sure, it can be a lot of fun, but also scary . Check out the video. It
truly defies belief:
According to Nvidia, its GAN is built around a concept called "style transfer." Rather than
trying to copy and paste elements of different faces into a frankenperson, the system analyzes
three basic styles - coarse, middle, and fine styles - and merges them transparently into
something completely new.
Coarse styles include parameters such as pose, the face's shape, or the hair style. Middle
styles include facial features, like the shape of the nose, cheeks, or mouth. Finally, fine
styles affect the color of the face's features like skin and hair.
According to the scientists, the generator is "capable of separating inconsequential
variation from high-level attributes" too, in order to eliminate noise that is irrelevant for
the new synthetic face.
For example, it can distinguish a hairdo from the actual hair, eliminating the former while
applying the latter to the final photo. It can also specify the strength of how styles are
applied to obtain more or less subtle effects.
Not only the generative adversarial network is capable of autonomously creating human faces,
but it can do the same with animals like cats. It can even create new cars and even
bedrooms.
Credit: Nvidia
Nvidia's system is not only capable of generating completely new synthetic faces, but it can
also seamlessly modify specific features of real people, like age, the hair or skin colors of
any person.
The applications for such a system are amazing. From paradigm-changing synthetic free-to-use
image search pages that may be the end of stock photo services to people accurately previewing
hair styling changes. And of course, porn.
In his recent article "Averting
World Conflict with China" Ron Unz has come up with an intriguing suggestion for the Chinese
government to turn the tables on the December 1 st arrest of Meng Wanzhou in Canada.
Canada detained Mrs. Meng, CFO of the world's largest telecoms equipment manufacturer Huawei,
at the request of the United States so she could be extradited to New York to face charges that
she and her company had violated U.S. sanctions on Iran. The sanctions in question had been
imposed unilaterally by Washington and it is widely believed that the Trump Administration is
sending a signal that when the ban on purchasing oil from Iran comes into full effect in May
there will be no excuses accepted from any country that is unwilling to comply with the U.S.
government's demands. Washington will exercise universal jurisdiction over those who violate
its sanctions, meaning that foreign officials and heads of corporations that continue to deal
with Iran can be arrested when traveling internationally and will be extradited to be tried in
American courts.
There is, of course, a considerable downside to arresting a top executive of a leading
foreign corporation from a country that is a major U.S. trading partner and which also, inter
alia, holds a considerable portion of the U.S. national debt. Ron Unz has correctly noted the "
extraordinary gravity of this international incident and its potential for altering the course
of world history." One might add that Washington's demands that other nations adhere to its
sanctions on third countries opens up a Pandora's box whereby no traveling executives will be
considered safe from legal consequences when they do not adhere to policies being promoted by
the United States. Unz cites Columbia's Jeffrey Sachs as
describing it as "almost a U.S. declaration of war on China's business community." If
seizing and extraditing businessmen becomes the new normal those countries most affected will
inevitably retaliate in kind. China has already detained two traveling Canadians to pressure
Ottawa to release Mrs. Meng. Beijing is also contemplating some immediate retaliatory steps
against Washington to include American companies operating in China if she is extradited to the
U.S.
Ron Unz has suggested that Beijing might just want to execute a quid pro quo by pulling the
licenses of Sheldon Adelson's casinos operating in Macau, China and shutting them down, thereby
eliminating a major source of his revenue. Why go after an Israeli-American casino operator
rather than taking steps directly against the U.S. government? The answer is simple. Pressuring
Washington is complicated as there are many players involved and unlikely to produce any
positive results while Adelson
is the prime mover on much of the Trump foreign policy, though one hesitates to refer to it
as a policy at all.
Adelson is the world's leading diaspora Israel-firster and he has the ear of the president
of the United States, who reportedly speaks and meets with him regularly. And Adelson uses his
considerable financial resources to back up his words of wisdom. He is the fifteenth wealthiest man in America
with a reported fortune of $33 billion. He is the number one contributor to the GOP having
given $81 million in the last cycle. Admittedly that is chump change to him, but it is more
than enough to buy the money hungry and easily corruptible Republicans.
In a certain sense, Adelson has obtained control of the foreign policy of the political
party that now controls both the White House and the Senate, and his mission in life is to
advance Israeli interests. Among those interests is the continuous punishment of Iran, which
does not threaten the United States in any way, through employment of increasingly savage
sanctions and threats of violence, which brings us around to the arrest of Meng and the
complicity of Adelson in that process. Adelson's wholly owned talking head National Security
Adviser John Bolton reportedly had prior knowledge of the Canadian plans and may have actually
been complicit in their formulation. Adelson has also been the major force behind moving the
U.S. Embassy to Jerusalem, has also convinced the Administration to stop its criticism of the
illegal Israeli settlements on Arab land and has been instrumental in cutting off all
humanitarian aid to the Palestinians. He prefers tough love when dealing with the Iranians,
advocating dropping
a nuclear bomb on Iran as a warning to the Mullahs of what more might be coming if they don't
comply with all the American and Israeli demands.
Flynn "treason" is not related to Russia probe and just confirm that Nueller in engaged in witch hunt.
I believe half of Senate and House of Representative might go to jail if they were dug with the ferocity Mueller digs Flynn's past.
So while Flynn behavior as Turkey lobbyist (BTW Turkey is a NATO country and not that different int his sense from the US -- and you
can name a lot of UK lobbyists in high echelons of the US government, starting with McCabe and Strzok) is reprehensible, this is still a witch hunt
When American law enforcement and intelligence officials, who carry Top Secret clearances and authority to collect intelligence
or pursue a criminal investigation, decide to employ lies and intimidation to silence or intimidates those who worked for Donald
Trump's Presidency, we see shadow of Comrage Stalin Great Terror Trials over the USA.
Former U.S. national security adviser Michael Flynn passes by members of the
media as he departs after his sentencing was delayed at U.S. District Court in
Washington, U.S., December 18, 2018. REUTERS/Joshua Roberts
By Jan Wolfe and Ginger Gibson
WASHINGTON (Reuters) - A U.S. judge fiercely criticized President Donald
Trump's former national security adviser Michael Flynn on Tuesday for lying to
FBI agents in a probe into Russian interference in the 2016 election, and
delayed sentencing him until Flynn has finished helping prosecutors.
U.S. District Judge Emmet Sullivan told Flynn, a retired U.S. Army
lieutenant general and former director of the Defense Intelligence Agency,
that he had arguably betrayed his country. Sullivan also noted that Flynn had
operated as an undeclared lobbyist for Turkey even as he worked on Trump's
campaign team and prepared to be his White House national security adviser.
Flynn pleaded guilty to lying to FBI agents about his December 2016
conversations with Sergei Kislyak, then Russia's ambassador in Washington,
about U.S. sanctions imposed on Moscow by the administration of Trump's
Democratic predecessor Barack Obama, after Trump's election victory but before
he took office.
Special Counsel Robert Mueller, leading the investigation into possible
collusion between Trump's campaign team and Russia ahead of the election, had
asked the judge not to sentence Flynn to prison because he had already
provided "substantial" cooperation over the course of many interviews.
But Sullivan sternly told Flynn his actions were abhorrent, noting that
Flynn had also lied to senior White House officials, who in turn misled the
public. The judge said he had read additional facts about Flynn's behavior
that have not been made public.
At one point, Sullivan asked prosecutors if Flynn could have been charged
with treason, although the judge later said he had not been suggesting such a
charge was warranted.
"Arguably, you sold your country out," Sullivan told Flynn. "I'm not hiding
my disgust, my disdain for this criminal offense."
Flynn, dressed in a suit and tie, showed little emotion throughout the
hearing, and spoke calmly when he confirmed his guilty plea and answered
questions from the judge.
Sullivan appeared ready to sentence Flynn to prison but then gave him the
option of a delay in his sentencing so he could fully cooperate with any
pending investigations and bolster his case for leniency. The judge told Flynn
he could not promise that he would not eventually sentence him to serve prison
time.
Flynn accepted that offer. Sullivan did not set a new date for sentencing
but asked Mueller's team and Flynn's attorney to give him a status report by
March 13.
Prosecutors said Flynn already had provided most of the cooperation he
could, but it was possible he might be able to help investigators further.
Flynn's attorney said his client is cooperating with federal prosecutors in a
case against Bijan Rafiekian, his former business partner who has been charged
with unregistered lobbying for Turkey.
Rafiekian pleaded not guilty on Tuesday to those charges in federal court
in Alexandria, Virginia. His trial is scheduled for Feb. 11. Flynn is
expected to testify.
Prosecutors have said Rafiekian and Flynn lobbied to
have Washington extradite a Muslim cleric who lives in the United States
and is accused by Turkey's government of backing a 2016 coup attempt. Flynn
has not been charged in that case.
'LOCK HER UP!'
Flynn was a high-profile adviser to Trump's campaign team. At the
Republican Party's national convention in 2016, Flynn led Trump's
supporters in cries of "Lock her up!" directed against Democratic candidate
Hillary Clinton.
A group of protesters, including some who chanted "Lock him up,"
gathered outside the courthouse on Tuesday, along with a large inflatable
rat fashioned to look like Trump. Several Flynn supporters also were there,
cheering as he entered and exited. One held a sign that read, "Michael
Flynn is a hero."
Flynn became national security adviser when Trump took office in January
2017, but lasted only 24 days before being fired.
He told FBI investigators on Jan. 24, 2017, that he had not discussed
the U.S. sanctions with Kislyak when in fact he had, according to his plea
agreement. Trump has said he fired Flynn because he also lied to Vice
President Mike Pence about the contacts with Kislyak.
Trump has said Flynn did not break the law and has voiced support for
him, raising speculation the Republican president might pardon him.
"Good luck today in court to General Michael Flynn. Will be interesting
to see what he has to say, despite tremendous pressure being put on him,
about Russian Collusion in our great and, obviously, highly successful
political campaign. There was no Collusion!" Trump wrote on Twitter on
Tuesday morning.
After the hearing, White House spokeswoman Sarah Sanders told reporters
the FBI had "ambushed" Flynn in the way agents questioned him, but said his
"activities" at the center of the case "don't have anything to do with the
president" and disputed that Flynn had committed treason.
"We wish General Flynn well," Sanders said.
In contrast, Trump has called his former long-time personal lawyer
Michael Cohen, who has pleaded guilty to separate charges, a "rat."
Mueller's investigation into Russia's role in the 2016 election and
whether Trump has unlawfully sought to obstruct the probe has cast a shadow
over his presidency. Several former Trump aides have pleaded guilty in
Mueller's probe, but Flynn was the first former Trump White House official
to do so. Mueller also has charged a series of Russian individuals and
entities.
Trump has called Mueller's investigation a "witch hunt" and has denied
collusion with Moscow.
Russia has denied meddling in the election, contrary to the conclusion
of U.S. intelligence agencies that have said Moscow used hacking and
propaganda to try to sow discord in the United States and boost Trump's
chances against Clinton.
Lying to the FBI carries a statutory maximum sentence of five years in
prison. Flynn's plea agreement stated that he was eligible for a sentence
of between zero and six months.
(Reporting by Jan Wolfe and Ginger
Gibson; Additional reporting by Susan Heavey; Editing by Kieran Murray and
Will Dunham)
Matt o'Brien and Barbara Ortutay, AP Technology Writers
,
Associated Press
•
December
17, 2018
<img alt="Key takeaways from new reports on Russian disinformation" src="https://s.yimg.com/ny/api/res/1.2/9VGA29inJ83dPeqC.cvqTg--~A/YXBwaWQ9aGlnaGxhbmRlcjtzbT0xO3c9ODAwO2lsPXBsYW5l/http://globalfinance.zenfs.com/images/US_AHTTP_AP_HEADLINES_BUSINESS/e66de17c8e1a4cecaf1da81f2bf87093_original.jpg" itemprop="url"/>
Some suspected Russian-backed fake social media accounts on Facebook.
Russians seeking to influence U.S. elections through social media had their
eyes on Instagram and the black community.
These were among the findings in two reports released Monday by the Senate
intelligence committee. Separate studies from University of Oxford researchers
and the cybersecurity firm New Knowledge reveal insights into how Russian
agents sought to influence Americans by saturating their favorite online
services and apps with hidden propaganda.
Here are the highlights:
INSTAGRAM'S "MEME WARFARE"
Both reports show that misinformation on Facebook's Instagram may have had
broader reach than the interference on Facebook itself.
The New Knowledge study says that since 2015, the Instagram posts generated
187 million engagements, such as comments or likes, compared with 77 million
on Facebook.
And the barrage of image-centric Instagram "memes" has only grown since the
2016 election. Russian agents shifted their focus to Instagram after the
public last year became aware of the widespread manipulation on Facebook and
Twitter.
NOT JUST ADS
Revelations last year that Russian agents used rubles to pay for some of their
propaganda ads drew attention to how gullible tech companies were in allowing
their services to be manipulated.
But neither ads nor automated "bots" were as effective as unpaid posts
hand-crafted by human agents pretending to be Americans. Such posts were more
likely to be shared and commented on, and they rose in volume during key dates
in U.S. politics such as during the presidential debates in 2016 or after the
Obama administration's post-election announcement that it would investigate
Russian hacking.
"These personalized messages exposed U.S. users to a wide range of
disinformation and junk news linked to on external websites, including content
designed to elicit outrage and cynicism," says the report by Oxford
researchers, who worked with social media analysis firm Graphika.
DEMOGRAPHIC TARGETING
Both reports found that Russian agents tried to polarize Americans in part by
targeting African-American communities extensively. They did so by campaigning
for black voters to boycott elections or follow the wrong voting procedures in
2016, according to the Oxford report.
The New Knowledge report added that agents were "developing Black audiences
and recruiting Black Americans as assets" beyond how they were targeting
either left- or right-leaning voters.
The reports also support previous findings that the influence operations
sought to polarize Americans by sowing political divisions on issues such as
immigration and cultural and religious identities. The goal, according to the
New Knowledge report, was to "create and reinforce tribalism within each
targeted community."
Such efforts extended to Google-owned YouTube, despite Google's earlier
assertion to Congress that Russian-made videos didn't target specific segments
of the population.
PINTEREST TO POKEMON
The New Knowledge report says the Russian troll operation worked in many ways
like a conventional corporate branding campaign, using a variety of different
technology services to deliver the same messages to different groups of
people.
Among the sites infiltrated with propaganda were popular image-heavy services
like Pinterest and Tumblr, chatty forums like Reddit, and a wonky geopolitics
blog promoted from Russian-run accounts on Facebook and YouTube.
Even the silly smartphone game "Pokemon Go" wasn't immune. A Tumblr post
encouraged players to name their Pokemon character after a victim of police
brutality.
WHAT NOW?
Both reports warn that some of these influence campaigns are ongoing.
The Oxford researchers note that 2016 and 2017 saw "significant efforts" to
disrupt elections around the world not just by Russia, but by domestic
political parties spreading disinformation.
They warn that online propaganda represents a threat to democracies and public
life. They urge social media companies to share data with the public far more
broadly than they have so far.
"Protecting our democracies now means setting the rules of fair play before
voting day, not after," the Oxford report says.
4 hours
ago
so where's the evidence that Russian
facebook or twitter posts changed a single vote?
"... If you can keep your head when all about you are losing theirs ... If you can wait and not be tired by waiting ... If you can think – and not make thoughts your aim ... If you can trust yourself when all men doubt you ... Yours is the Earth and everything that's in it. ..."
The stock market has had a volatile year, and it's not over yet: The Dow Jones Industrial
Average lost more than 520 points on Monday and the S&P 500 fell 2.1 percent. Both are in
correction and on pace for their worst December performance since the Great Depression in
1931.
But for the average person, shifts in the market , even ones as dramatic as the ones we've
seen this year, shouldn't be cause for panic. During times of volatility, seasoned investor
Warren Buffett says it's best to stay calm and stick to the basics, meaning, buy-and-hold for
the long term.
So, during downturns, "heed these lines" from the classic 19th century Rudyard Kipling poem
"If -- " which help illustrate this lesson, Buffett wrote in his 2017 Berkshire Hathaway
shareholder letter :
If you can keep your head when all about you are losing theirs ...
If you can wait and not be tired by waiting ...
If you can think – and not make thoughts your aim ...
If you can trust yourself when all men doubt you ...
Yours is the Earth and everything that's in it.
Market downturns are inevitable, Buffett pointed out, using his own company as an example:
"Berkshire, itself, provides some vivid examples of how price randomness in the short term can
obscure long-term growth in value. For the last 53 years, the company has built value by
reinvesting its earnings and letting compound interest work its magic. Year by year, we have
moved forward. Yet Berkshire shares have suffered four truly major dips."
He went on to cite each of the steep share-price drops, including the most recent one from
September 2008 to March 2009, when Berkshire shares plummeted 50.7 percent.
Major declines have happened before and are going to happen again, he says: "No one can tell
you when these will happen. The light can at any time go from green to red without pausing at
yellow."
Rather than watch the market closely and panic, keep a level head. Market downturns "offer
extraordinary opportunities to those who are not handicapped by debt," he says, which brings up
another important investing lesson: Never borrow money to buy stocks .
"There is simply no telling how far stocks can fall in a short period," writes Buffett.
"Even if your borrowings are small and your positions aren't immediately threatened by the
plunging market, your mind may well become rattled by scary headlines and breathless
commentary. And an unsettled mind will not make good decisions."
Don't miss: Warren Buffett and Ray Dalio agree on what to do when the stock market
tanks
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Stock Sell-Off Defies Everything the Bulls Hoped Would Stop It
(Bloomberg) -- Valuations aren't stopping it. Jerome Powell's softer tone failed
to soothe anyone. The moratorium on tariffs is a fading memory and now the
sturdiest chart level of the year is in danger of giving way.
A stock rout that bulls thought was finished three different times since October
is in a new and ominous phase, with the Dow Jones Industrial Average losing 1,004
points in two days. No Santa Claus rally. Instead, the S&P 500 Index is hurtling
toward the second-worst December on record.
"The stock market doesn't care what looks good now. It's wondering if
fundamentals will deteriorate in the future," said Peter Mallouk, co-chief
investment officer of Creative Planning, which has around $36 billion under
management. "You have a lot of people that are scared, and they're sitting on the
sidelines to wait it out."
Waiting it out is starting to look like the only viable strategy. On Monday, the
S&P 500 briefly pierced a level that had been a psychological foundation for 10
months, its intraday low from Feb. 9. Valuations shrink and shrink -- computer
and software stocks trade at 15 times next year's earnings estimates, cheaper
than utilities and soapmakers -- and the selling just gets worse.
With Monday's 54-point loss, the S&P has now fallen 2 percent or more six times
this quarter. The Nasdaq Composite has done it 10 times. Both are the most since
the third quarter of 2011.
Pinning a single cause on the carnage has become an exercise in absurdity, with
analysts cycling through a rotating list of reasons that include trade, Donald
Trump's legal travails, China data, sinking oil and cooling home prices. Anyone
daring to suggest economic growth may slow in 2019 is pointed to charts showing
factories, employment and profits are booming -- but those assurances are
starting to fall on deaf ears.
While S&P 500 Index futures indicated a potential respite in Asian trading
Tuesday, rising as much as 0.5 percent, traders remained cautious.
Investors "are too worried, but that's the big driver behind the declines we've
seen recently, overall worries about U.S. growth and worries about global
growth," said Kate Warne, investment strategist at Edward Jones. "Investors have
gotten very nervous about the changes they're seeing ahead and they're uncertain
about what they mean."
A troubling sign for Americans: equity pain, which all year has been worse
overseas, is landing with more force in the U.S. The Russell 2000 Index of small
caps, a proxy for domestically oriented companies, slid into a bear market
Monday, falling 21 percent since Aug. 31.
On the other hand, since hitting a 19-month low in late October, the MSCI
Emerging Markets Index has trended higher, even as the S&P 500 Index keeps making
new lows. Stocks in the EM gauge have outperformed the S&P 500 for three
consecutive weeks, the most since late January, data compiled by Bloomberg show.
To comfort themselves in the face of such depressing facts, beaten-up investors
have looked at past corrections and noticed that this one is still playing out
according a relatively benign plan. Under the pattern, major swoons that have
interrupted the bull market that began in 2009 have taken around 100 days to tire
out before dip-buyers swooped in to put things right.
At the same time, anyone betting the New Year will bring an end to the volatility
should be aware that bull markets can die slow deaths. The 88-day sell-off has
been going on roughly one-third as long as it has taken for the S&P 500 to fall
into the 11 bear markets it's suffered going back to World War II.
How many more sellers than buyers were there on Monday? The volume of stocks
trading lower on the New York Stock Exchange reached 1 billion shares, compared
with 158 million that were bought. The difference in trading volume, at 883
million shares, is on track to become the biggest weekly gap since 2016, data
compiled by Bloomberg show.
That the worst two-day sell-off since October landed on the same week Powell's
Federal Reserve is expected to announce its ninth interest rate hike was grist
for those who see central bank policy behind everything. As willingly as the Fed
chairman has walked back his most hawkish pronouncements, nobody thinks monetary
policy is likely to loosen even as growth in the economy and earnings slows from
this year's pace.
"That's what the market is struggling with right now -- do they believe in a
growth slowdown to trend or something more sinister than that?" said Phil
Camporeale, managing director of multi-asset solutions for JPMorgan Asset
Management. "I don't think people really want to take risk, but especially
trying to catch a falling knife on equity prices."
(Adds details on S&P 500 futures trading in seventh paragraph.)
j
3 hours ago
Don't borrow money to buy stocks. Got
that ? No margin accounts. Ever.
H
5
hours ago
This has been a long, ho-hum recovery
from the Great Recession. Asset prices got way ahead of the
fundamentals. Everything returns to the mean; margins, interest
rates, unemployment, etc. Count your blessings, a nine year
bull is rare.
s
3
hours ago
To make matters worse I read a
story earlier today indicating that the hedge funds in
Europe are literally being wiped out and those are their
favourite & biggest ones. Yup, Alex Jones (yeah I know
how everyone in mainstream media loves to hate the guy
and even censors him) predicted what would happen back in
2008 or 2009. He said that the recession then was just
the start of it. That the powers that be would facilitate
a come back, so that people could get into EVEN BIGGER
DEBTS (which they did with the 0% interest rates) and
then they'd engineer an even more massive crash that
would suck all the liquidity and equity out of the
markets towards the big wigs that controls everything -
read BOIS (Bank of International Settlements) which is
owned by a few very wealthy secretive people and they are
the ones that basically owns and operates the banks the
world over - and dictating all the banking laws too. They
just keep getting richer & richer at our expense. Like as
if they need all that wealth.
K
1 hour ago
40 years watching markets and people
just do not understand that forward PE's get cut in half or go
as low as 5x PE with a recession -- all the fluff on the upside
gets parsed out and once the income flows slow the gratuitous
accounting stops and suddenly there is transparency and people
wait 10 years to get even-maybe 20 this cycle- and the public
realizes they have been hoodwinked
b
2 hours
ago
Maybe POTUS can rehire Yellin after he
fires Powell (if only he could)
"... Jeffrey Gundlach, chief executive of DoubleLine Capital, on Monday said the S&P 500 stock index is headed to new lows and that U.S. equities are in a long-term bear market. ..."
"... "I think it is a bear market. I think we've had the first leg down and the second leg down is usually more painful than the first leg down," said Gundlach, who oversees more than $123 billion. ..."
"... "I think this lasts a long time. It has a lot to do with the fact that, I believe, that we're in a situation that is ... highly unusual - that we're increasing the budget deficit so spectacularly so late in the cycle while the Fed is hiking interest rates." ..."
"... The intraday low for the year in the S&P was on Feb. 9, when it bottomed at 2532.69. The low close for the year was on April 2 at 2581.88. On Monday, the S&P closed 2545.94. ..."
<img alt="FILE PHOTO: Jeffrey Gundlach, CEO of DoubleLine Capital, speaks during the Sohn Investment Conference in New York" src="https://s.yimg.com/it/api/res/1.2/BXVsdhZsK0OiZdcOd8_ffw--~A/YXBwaWQ9eW5ld3M7c209MTt3PTQ1MDtoPTMwMDtpbD1wbGFuZQ--/http://media.zenfs.com/en_us/News/Reuters/2018-12-17T182416Z_1_LYNXMPEEBG1NJ_RTROPTP_2_FUNDS-DOUBLELINE-GUNDLACH.JPG.cf.jpg" itemprop="url"/>
NEW YORK (Reuters) -
Jeffrey Gundlach, chief executive of DoubleLine Capital,
on Monday said the S&P 500 stock index is headed to new lows and that U.S.
equities are in a long-term bear market.
Gundlach, speaking on CNBC TV, said passive investing has reached "mania status"
and will exacerbate market problems.
"I think it is a bear market. I think we've had the first leg down and the
second leg down is usually more painful than the first leg down," said
Gundlach, who oversees more than $123 billion.
"I think this lasts a long time. It has a lot to do with the fact that, I
believe, that we're in a situation that is ... highly unusual - that we're
increasing the budget deficit so spectacularly so late in the cycle while the
Fed is hiking interest rates."
The S&P 500 briefly erased its losses in late-morning trade on Monday but resumed
its steep decline and pierced through Gundlach's target after he made his "bear
market" comments.
The intraday low for the year in the S&P was on Feb. 9, when it bottomed at
2532.69. The low close for the year was on April 2 at 2581.88. On Monday, the S&P
closed 2545.94.
Investors are also bracing for the Federal Reserve's last rate decision of the
year on Wednesday, when they are expected to raise U.S. interest rates for a
fourth time for 2018.
Gundlach said the Fed should not raise rates this week but will. "The bond market
is basically saying, 'You know, Fed, there's no way you should be raising
interest rates'," he said.
The U.S. central bank's quantitative tightening campaign has made markets nervous
because of the ultra-low levels that have remained in place for several years,
Gundlach said.
"The problem is that the Fed shouldn't have kept them (rates) so low for so long.
The problem is, we shouldn't have had negative interest rates like we still have
in Europe. We shouldn't have had done quantitative easing, which is a circular
financing scheme," he said.
Gundlach also said the China-U.S. trade war gets worse from here. "China doesn't
like to be told what to do by President Trump," he said. For its part, "I think
they (the United States) will probably ratchet up the tariffs."
The remarks by Gundlach, who in April recommended investors short Facebook Inc,
extended losses in Facebook shares on Monday after he characterized the social
media giant as a "diabolical data-collection monster that would ultimately fall
victim to regulation." The stock closed 2.69 percent lower.
Gundlach took a shot at passive investment strategies such as index funds,
declaring the investing strategy a "mania" that is causing widespread problems in
global stock markets.
"I'm not at all a fan of passive investing. In fact, I think passive investing
... has reached mania status as we went into the peak of the global stock
market," Gundlach said. "I think, in fact, that passive investing and robo
advisers ... are going to exacerbate problems in the market because it's hurting
behavior," he said.
(Bloomberg Opinion) -- Traders and investors will be glad to see the back of 2018. It's been
the worst rout since 1901, by Deutsche Bank AG's reckoning, with almost every asset class
delivering losses. These charts illustrate the backdrop to what went wrong this year –
and hint at what could go better in 2019.
$14,889,930,106,680
That's how much the total value of companies listed on the world's stock markets has
declined since peaking at $87,289,962,917,450 on Jan 28. In other words, almost $15 trillion
has been wiped off the global equity market this year.
The list of potential motivations for the sell-off is long and includes rising geopolitical
risks, the prospect of trade wars erupting, the risk that a slowdown in global growth that
could degenerate into a worldwide recession, and the evergreen what-goes-up-must-come-down. But
might it just be possible that investors start to take the view stocks have fallen far and fast
enough to offer value next year?
Talkin' About a Recession
It's clear that one of the fundamental worries spooking investors is that the period of
coordinated global growth that propelled stock markets higher in recent years is coming to an
end.
The R word is increasingly cropping up in news articles. But economists put the chances of a
recession in the coming year at 15 percent in the U.S. and 18 percent in the euro zone,
according to Bloomberg surveys. Even the Brexit-battered U.K. economy is only at a 20 percent
risk, while for Japan the likelihood rises to 30 percent. Perhaps those concerns about a
recession are overdone.
Curving to Inversion
Or perhaps not. One trend was omnipresent in 2018 – the relentless flattening of the
yield curve in the U.S.
Yields at the short end of the Treasury market pushed higher with every quarterly increase
in the Fed's benchmark interest rate. Longer-dated bonds danced to a different beat,
particularly as the October equity shakeout drove a flight to quality.
An inverted yield curve – when yields on shorter-dated bonds are higher than their
longer-dated counterparts – is often seen as an indicator of impending recession. It's
finally happened: yields on five-years are below those for two-years. A key question for 2019
will be how the feedback loop develops between the Federal Reserve's policy intentions and the
shape of the curve.
Quantitative Tightening
The Fed has been reducing its economic stimulus by not replacing the bonds it bought under
its Quantitative Easing program as they mature.
But this "normalization" is already taking its toll as the sharp equity market sell off in
October showed. The Fed has a tricky choice to make in 2019 about whether it can persist both
with hiking rates and reducing quantitative easing. Is the world ready yet to stand on its own
feet without ongoing central bank support?
No Alarms and No Surprises
Economic surprise indexes – which measure actual economic data compared to forecasts
– are designed to be portents of the future. And for 2018 they largely did their job.
U.S. strength is waning and Brexit is taking a toll on the U.K. In particular the third-quarter
weakness in euro-zone growth, when both Germany and Italy turned negative, was well-flagged
from as early as the first quarter.
For 2019 there is a more neutral outlook, but it is interesting that the U.S. economic data
is much more evenly balanced in terms of expectations. Europe continues to be the worst
performer – quite something considering the predicament the U.K. is in.
Europe Stumbles
Europe has seen growth falter this year, with Italy's political crisis and Germany's diesel
vehicle emissions scandal taking their toll.
Italy's third-quarter growth was revised to -0.1 percent, beating only Germany. The
prospects for 2019 are none-too-rosy, bar the notable exception of Spain, as momentum has
evaporated. Europe remains in the sick bay of the developed world – just as the European
Central Bank prepares to remove its monetary stimulus to the economy.
Relying on China
China came to the global economy's rescue in the wake of the financial crisis, but it is
starting to pay the price for increasing its debt to create additional GDP growth. Total social
financing as a percentage of gross domestic product – a broad measure of credit creation
– is flat-lining. Adding extra debt to boost the economy is becoming a less effective
measure. It is not just the threat of a trade war with America that has pushed Chinese equities
down by 20 percent in 2018.
China faces the classic emerging-market middle-income trap where growth fueled by credit
runs out of road. This debt bubble will not be easily fixed.
Finding Reverse Again
Japanese Prime Minister's famous three economic arrows are failing to hit their mark. Debt
that stands in excess of 250 percent of GDP is hampering all efforts to resuscitate inflation
and sustainable growth in the world's third-largest economy. Third-quarter GDP contracted 2.5
percent on an annualized basis, the worst performance for four years.
Tokyo might be hosting the Olympics in 2020, but there is little benefit flowing through so
far. Japan, like the rest of the once dominant Asian export powerhouses, is just as beholden to
the outcome of the trade war with Trump as China is.
Hunting for Neutral
Until very recently, many economists were anticipating at least four more rate increases
from the Fed next year at a pace of one per quarter. While the futures market still suggests a
Dec. 19 hike is a done deal, the outlook for monetary policy in 2019 has shifted significantly
in recent weeks.
Goldman Sachs Group Inc. has trimmed its forecast for number of potential Fed rate increases
in 2019; billionaire fund manager Paul Tudor Jones said earlier this month that he's not
expecting any additional tightening from the U.S. central bank next year. A halt to the hikes
might prove as pleasing to financial markets as to President Donald Trump.
Credit Squeeze
Companies with dollar bonds have seen their borrowing costs soar relative to those of the
U.S. government as the Fed has driven its benchmark interest rate higher this year. Investors
have seen a corresponding slump in the value of the corporate debt they own.
Any slowdown in the ascent of U.S. borrowing costs as the Fed pauses for breath should give
succor to corporate bonds – provided it isn't accompanied by a rise in defaults.
Other People's Money
It's been a terrible year for the stocks of firms that manage other people's money for a
living.
Fund managers tend to invest in each other's shares. And you'd expect them to have
better-than-average insight into the business prospects of their peers. So watch for an
inflection point in asset management stocks – it might be a sign of a turning point for
the wider market.
Happy Birthday to the Euro
The common European currency celebrates its 20th birthday at the start of January. During
the two decades of its existence, rumors of the euro's demise have been proven to be greatly
exaggerated.
The European debt crisis at the beginning of this decade posed an existential threat to the
euro's well-being. The currency survived. At several points in the past few years, Greece
seemed on the verge of either quitting or being ousted from the project. Its membership
survived. And Italy's election of a populist government earlier this year raised the prospect
of a founding member threatening to leave if it wasn't allowed to break the bloc's budget
rules. Still, the euro survives.
In fact, as the chart above shows, investors are close to the most relaxed they've been
about the euro fracturing in more than five years based on the Sentix Euro Break-Up Index, a
monthly gauge of investor concern about the threat. So let's end by wishing the euro many happy
returns.
To contact the editor responsible for this story: Edward Evans at [email protected]
This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP
and its owners.
Mark Gilbert is a Bloomberg Opinion columnist covering asset management. He previously was
the London bureau chief for Bloomberg News. He is also the author of "Complicit: How Greed and
Collusion Made the Credit Crisis Unstoppable."
Marcus Ashworth is a Bloomberg Opinion columnist covering European markets. He spent three
decades in the banking industry, most recently as chief markets strategist at Haitong
Securities in London.
"... christophere steele admitted before a british court today that he was hired by the clintons/obama/DNC to make up the dossier as a weapon to use against trump as a backup plan in case he won the election.. this proves the DNC lied, paid for a fake dossier, and comey admitted he knew the fake dossier was false before using it to get a FISC warrant and to spy on trump, which was used as an excuse for the mueller investigation.. yahoo news and leftwing media arent covering the story.. educate yourselves ..."
1 hour ago
When I read articles like this I look to see who wrote it, printed it etc. When I see
Bloomberg, Yahoo, HuffPo I approach it as fake news. Now I no longer watch any of Fox news
as they are fast becoming just like the rest of the propaganda outlets. This is just
inflammatory anti Trump drivel with no basis in fact.
O 1 hour
ago Was this the interview report that was written 7 months after the interview?
R 44 minutes ago
Actually this story is not accurate. Mueller released copies of the 302 memos, which are in
effect official documentation to a case file. The 302 was dated seven months after the
interview, when the FBI policy requires such reports to be filed within five days. The
judge will ask tomorrow for copies of agent's contemporaneous interview notes and any other
documents supporting what is written in the 302, as well as an explanation for the delay in
filing the memo. 1
hour ago You mean the notes the FBI, in the person of one Peter Strzok, (yes that Strozk)
made seven months after he was interviewed? with the required 302 documents that are either
to be taken extemporaneously or done within days of the interview being dated months later?
You mean those notes?!!!! Nice try Bloomberg, but no amount of yellow journalism spin will
stop this case from being thrown out! 15 minutes ago christophere steele
admitted before a british court today that he was hired by the clintons/obama/DNC to make
up the dossier as a weapon to use against trump as a backup plan in case he won the
election.. this proves the DNC lied, paid for a fake dossier, and comey admitted he knew
the fake dossier was false before using it to get a FISC warrant and to spy on trump, which
was used as an excuse for the mueller investigation.. yahoo news and leftwing media arent
covering the story.. educate yourselves 1 hour ago Not so bias garbage news .. they
entrapped him what 302 form you want to go with .. FBI doctored the original.. FBI
curuption runs rampant.. comey lied so much about knowing about fake dossier.. then what
the hell was he doing.. comey the tall guy phony
Two months ago, to the chagrin of a generation of traders, Morgan Stanley made a dismal
observation : Price action in 2018 has shown that 'buy the dip' is on its way out. To wit,
buying the S&P 500 after a down week was a profitable strategy from 2005 through 2017, and
buying these dips fueled most of the post-crisis S&P 500 gains (relative to buying after
the market rallied). But in 2018 'buying the dip' has been a negative return strategy for the
first time in 13 years . In other words, "buying the fucking dip" is no longer the winning
strategy it had been for years (even if buying the most shorted hedge fund names still is a
stable generator of alpha).
However, a more concerning observation is that while BTFD may no longer work, it has been
replaced with an even more troubling trend for market bulls: Selling The Fucking Rip, or as it
is also known, STFR.
This selling of rallies has been especially obvious for the past two weeks as traders have
observed ongoing intra- US session asset-allocation trades out of the S&P and into TY, with
simultaneous volume spikes / blocks trading in ESH9 (selling) and THY9 (buying) at a number of
points throughout the day, but usually after the European close, and toward the end of the
trading day.
"SELL THE RIPS" IN SPOOZ BECOMING THE NORM
So what is behind this pernicious, for bulls if quite welcome for bears, pattern?
Here, Nomura's Charlie McElligott has some thoughts and in his morning note reminds clients
that he had previously highlighted a similar potential observation YTD between the inverse
relationship of UST stripping activity (buying US fixed-income) and the SMART index (end of day
US Equities flows being sold) -- which indicates a similar trend with pension fund de-risking
throughout 2018, as their funding ratios sit at post GFC highs.
In other words, one possible culprit is pension funds who have decided that the market may
have peaked, and are taking advantage of the recent selldown in fixed income, to reallocate
back from stocks and into bonds, locking in less risky funding ratios.
And, as McElligott concludes, this equities de-risking/outflow corroborates what we touched
upon this morning, namely this week's EPFR fund flows data which showed an astounding -$27.7B
outflow for US Equities (Institutional, Retail, Active and Passive combined), the second worst
weekly redemption of the past 1Y period.
Meanwhile, the equity weakness is being coupled with surprising strong bid for US
Treasuries, further confirmation of an intraday Pension reallocation trade.
According to McElligott, the price-action in the long-end of late indicates "that we
potentially are seeing "real money" players back involved for the first-time in awhile,
"toe-dipping" again in adding / receiving as the global slowdown story picks-up steam amidst
growing 2019 / 2020 recession belief", a hypothesis which is further validated by the sharp
rebound in direct bidders in recent auctions and especially yesterday's 30Y which we have
documented extensively, as the "buyers-strike" in long duration auctions seems to have
ended.
This Treasury bid could include large overseas pensions (which are less sensitive to hedge
costs than say Lifers), Risk-Parity (as previously-stated, our QIS RP model estimated the
risk-parity universe as a large buyer of both USTs and JGBs over the past month and a half) and
potentially, resumption of long-end buying from "official" overseas sources as well (with
market speculation that there could be an implicit agreement / gesture coming out of the G20
trade truce arrangement), McElligott notes.
One tangent to note: the bid has been more evident in futures and derivatives (as they are
"off-balance sheet" expressions into a liquidity constrained YE reality), which is reflected in
the fresh record dealer holdings of USTs and which the Nomura strategist notes has made made
futures super rich to cash, creating arb opportunities in the cash/futures basis as the
calendar is about to flip.
Finally, as to who or what is the real reason behind these inexplicable bouts of "selling
the rip", whoever it is, the biggest threat to the market is that once the pattern manifests
itself enough times it becomes a self-fulfilling prophecy at which point it's not a question of
who started it - as everyone will be doing it - but rather at what point does the Fed step in
to stop it.
Considering that nothing was fixed in 2008, we have had zirp for a decade, there is no
doubt that capital has been misallocated....GM closing plants, Caterpillar closing plants are
economic manifestations of this ponzi scheme...They cannot normalize interest rates with the
amount of debt used to paper over the last crisis...or to satisfy an American government
spending a trillion dollars a year more than they take in....Dow 6000...
Yes they CAN normalize interest rates. Why should someone with saved capital hold the bag
so that crooks who gamed the Globalist movement remain whole? Flotsam in the middle who lose
are fodder. Sorry but even the new socialism won't save them.
Blame the Globalists, not the savers. I suspect many Globalists are morphing into the new
Socialists. Yet to come is the Globalist definition of the new Socialist. Globalists demanded
low rates, low wages, open boarders for goods, and open boarders for people. Socialists will
demand much the same, I suspect.
Selling overvalued stocks and buying Treasuries after the Fed's brief tightening cycle
with the backdrop of a slowing global economy would be a smart and coherent move. Call me
skeptical but I just can't see pension funds behind such a logical move.
Buying Treasuries today is not smart. Flight to safety, multiplied by big money pouring
into the interest rate dip as a 'taper tantrum' move to scare the Fed into not raising rates
any more, is sucker money.
Money market funds are the only safe harbor at this moment.
Wait until rate increases from the Fed end, perhaps in another 3 or 4 increases.
Between now and then, liquidity issues will create big capital gains opportunities on debt
and debt funds if you wait it out.
Both BTFD and STFR are cynical HFT strategies. The faster algos prey on the slower ones,
except for the unique cases where a human predator preys on the algos. (In England, it's a
crime for humans to prey on algos.)
BTFD has a warm appeal because it appears to forecast blue skies and better days, but is
still a predator strategy if there's no fundamental reason to expect better times ahead.
STFR is based on the fear of missing out. Any human who loses on that one makes me
sad.
No, the day they stop will be the day the EU officially starts to decompose and rot in
front of the world. The entertainment will be watching and listening as the try to explain
away the festering and leprosy. All due to 'Kick the Can', not to mention the fact they were
dumb enough to fall for the Globalist scam of low rates and open boarders. There's no
explanation for that level of stupid. A few people sold out the entire Continent using
ideology and gullibility. All it took was a great sales pitch.
ok, so with the 10-yr already falling, what exactly is the Fed going to do. If they lower
then bonds just become a better investment (short run). Guess that's why they're gonna raise.
It's like a house of mirrors.
The Fed and/or SEC will not act until there is a major decline; like circuit breakers
kicking in. Which by the way were put in after the 1987 crash and have never been used.
The 80's had program buying/selling and portfolio insurance. Now we have algos and
computers running the show. Same kind of thing just faster to act with better speeds and
computer power.
This will eventually lead to a similar market mega move and those in power will not act
until it does.
They need something to blame (not someone-think financial crisis) as it can't be their
lack of oversight and blindness [sarc]
Anything goes until the market comes unglued and then the rules get changed. The
regulators are always late to the show and need to be shown what to do after it happens even
though it was clear to many.
Trump never ceases to crack me up. While his (terrible) current lawyer, declares on TV
that there was collusion but it just didn't last long, Trump calls his former lawyer/fixer at
"Rat".
This is just too funny, I mean this is the President of the United States calling his
former personal lawyer a "Rat" which of course is a common mob term for a witness testifying
against you.
Of course it never happened, just like Manafort didn't make 3 trips to London to meet
Julian Assange. These fictions were just used as a pretext for diving into the backgrounds of
Trump's political supporters and find crimes to charge them with.
The Cohen raid was particularly egregious, a likely violation of attorney-client
privilege. Not suprisingly the American Bar Association is silent.
So, Manafort never laundered money and failed to report taxes? Did Flynn never fail to
report his work as a foreign agent? Did he also not report income taxes?
Look at all these poor crooks, unfairly being prosecuted for cheating and stealing.
All that could have been prosecuted by a district attorney. They looked at all of
Manafort's dealings 10 years ago and passed because he was working with the Podesta Group at
the time and thus protected by Hillary Clinton's influence.
" Miller also admits that the dossier's broad claims are more closely aligned with
reality, but that the document breaks down once you focus on individual claims. "
The median retirement account balance among all working US adults is $0 . This is true
even for the cohort closest to retirement age, those 55-64 years old.
The average (i.e., mean) near-retirement individual has less than 8% of one year's income
saved in a retirement account
77% of all American households aren't on track to have enough net worth to retire , even
under the most conservative estimates.
There a number of causal factors that have contributed to this lack of retirement
preparedness (decades of stagnant real wages, fast-rising cost of living, the Great Recession,
etc), but as we explained in our report The Great Retirement Con
, perhaps none has had more impact than the shift from dedicated-contribution pension plans to
voluntary private savings:
The Origins Of The Retirement Plan
Back during the Revolutionary War, the Continental Congress promised a monthly lifetime
income to soldiers who fought and survived the conflict. This guaranteed income stream,
called a "pension", was again offered to soldiers in the Civil War and every American war
since.
Since then, similar pension promises funded from public coffers expanded to cover retirees
from other branches of government. States and cities followed suit -- extending pensions to
all sorts of municipal workers ranging from policemen to politicians, teachers to trash
collectors.
A pension is what's referred to as a defined benefit plan . The payout promised a worker
upon retirement is guaranteed up front according to a formula, typically dependent on salary
size and years of employment.
Understandably, workers appreciated the security and dependability offered by pensions.
So, as a means to attract skilled talent, the private sector started offering them, too.
The first corporate pension was offered by the American Express Company in 1875. By the
1960s, half of all employees in the private sector were covered by a pension
plan.
Off-loading Of Retirement Risk By Corporations
Once pensions had become commonplace, they were much less effective as an incentive to
lure top talent. They started to feel like burdensome cost centers to companies.
As America's corporations grew and their veteran employees started hitting retirement age,
the amount of funding required to meet current and future pension funding obligations became
huge. And it kept growing. Remember, the Baby Boomer generation, the largest ever by far in
US history, was just entering the workforce by the 1960s.
Companies were eager to get this expanding liability off of their backs. And the more
poorly-capitalized firms started defaulting on their pensions, stiffing those who had loyally
worked for them.
So, it's little surprise that the 1970s and '80s saw the introduction of personal
retirement savings plans. The Individual Retirement Arrangement (IRA) was formed by the
Employee Retirement Income Security Act (ERISA) in 1974. And the first 401k plan was created
in 1980.
These savings vehicles are defined contribution plans . The future payout of the plan is
variable (i.e., unknown today), and will be largely a function of how much of their income
the worker directs into the fund over their career, as well as the market return on the
fund's investments.
Touted as a revolutionary improvement for the worker, these plans promised to give the
individual power over his/her own financial destiny. No longer would it be dictated by their
employer.
Your company doesn't offer a pension? No worries: open an IRA and create your own personal
pension fund.
Afraid your employer might mismanage your pension fund? A 401k removes that risk. You
decide how your retirement money is invested.
Want to retire sooner? Just increase the percent of your annual income contributions.
All this sounded pretty good to workers. But it sounded GREAT to their employers.
Why? Because it transferred the burden of retirement funding away from the company and
onto its employees. It allowed for the removal of a massive and fast-growing liability off of
the corporate balance sheet, and materially improved the outlook for future earnings and cash
flow.
As you would expect given this, corporate America moved swiftly over the next several
decades to cap pension participation and transition to defined contribution plans.
The table below shows how vigorously pensions (green) have disappeared since the
introduction of IRAs and 401ks (red):
So, to recap: 40 years ago, a grand experiment was embarked upon. One that promised US
workers: Using these new defined contribution vehicles, you'll be better off when you reach
retirement age.
Which raises a simple but very important question: How have things worked out?
The
Ugly AftermathAmerica The Broke
Well, things haven't worked out too well.
Four decades later, what we're realizing is that this shift from dedicated-contribution
pension plans to voluntary private savings was a grand experiment with no assurances.
Corporations definitely benefited, as they could redeploy capital to expansion or bottom line
profits. But employees? The data certainly seems to show that the experiment did not take
human nature into account enough – specifically, the fact that just because people have
the option to save money for later use doesn't mean that they actually will.
And so we end up with the dismal retirement stats bulleted above.
The Income Haves
& Have-Nots
In our recent report The Primacy Of Income , we
summarized our years-long predictions of a coming painful market correction followed by a
prolonged era of no capital gains across equities, bond and real estate.
Simply put: the 'easy' gains made over the past 8 years as the central banks did their
utmost to inflate asset prices is over. Asset appreciation is going to be a lot harder to come
by in the future.
Which makes income now the prime source of building -- or simply just maintaining -- wealth
going forward.
That being the case, it's obvious that those receiving a pension will be in far better shape
than those who aren't. They'll have a guaranteed income stream to partially or fully fund their
retirement.
Resentment Brewing
While the total number of people expecting a pension isn't tiny, it's certainly a minority
of today's workers.
31 million private-sector, state and local government workers in the US participate in a
pension plan. 3.3 million currently-employed civilian Federal workers will receive a pension;
as will some percentage of the 2 million people serving in the active military and
reserves.
Combined, that's about 25% of current US workers; roughly 13% of total US adults.
The danger here is of festering social discord. The majority, whom we already know will not
be able to retire, will highly likely start regarding pensioners with envy and resentment.
"Hey, I worked as hard as Joe during my career. How come he gets to retire and I don't?"
will be a common narrative running in the minds of those jealous of their neighbors.
This bitterness will only increase as taxes continue to rise to fund government pension
payouts, already
a huge drain on public budgets . "Why am I paying more so Joe can relax on the beach??"
Humans are wired to react angrily to perceived injustice and unfairness. This short clip
shows how it's hard-coded into our primate brains:
So it's not a stretch at all to predict the divisive tension and prejudice that will result
from the growing gap between the pension haves and have-nots.
The negative stereotypes of union workers will be tightly re-embraced. This SNL sketch
captures a good number of them:
The steady news
reports of pension fraud and abuse will anger the majority further. Any projected decreases
in Social Security (benefit payouts will only be 79 cents on the dollar by 2035 at our current
trajectory) will only exacerbate the ire, as the small governmental income the have-nots
receive becomes even more meager.
The growing potential here is for an emerging social schism, possibly accompanied with
intimidation and violence, not dissimilar to that which has occurred along racial or religious
lines during darker eras of our history.
As people become stressed, they react emotionally, and look for a culprit to blame. And as
they become more desperate, as many elderly workers with no savings often do, they'll resort to
more desperate measures.
Broken Promises
And it's not all sunshine and roses for the pensioners, either. Being promised a pension and
actually receiving one are two very different things.
Underfunded pension liabilities are a massive ticking time bomb, certain to explode over the
next few decades.
For example, many pensions offered through multi-employer plans are bad shape. The
multiemployer branch of the Pension Benefit Guaranty Corporation, the federally-instated
insurer behind private pensions, will be out of business by 2025 if no changes in law are made
to help. If that happens, retirees in those plans will get only 10% of what they were
promised.
Moreover, research conducted by the Pew Charitable Trusts shows a
$1.4 trillion shortfall between state pension assets and guarantees to employees. There are
only two ways a gap that big gets addressed: massive tax hikes or massive benefit cuts. The
likeliest outcome will be a combination of both.
So, many of those today counting on a pension tomorrow may find themselves in a similar boat
to their pension-less neighbors.
No Easy Systemic Solutions, So Act For Yourself
There's no "fix" to the retirement predicament of the American workforce. There's no policy
change that can be made at this late date to reverse the decades of over-spending,
over-indebtedness, and lack of saving.
All we can do at this time is influence how we take our licks. Do we simply leave the masses
of unprepared workers to their sad fate? Or do we share the pain across the entire populace by
funding new social support programs via more taxes?
Time will tell. But what we can bet on is tougher times ahead, especially for those with
poor income prospects.
So the smart strategy for the prudent investor is to prioritize building a portfolio of
income streams in order to have sufficient dependable income for a sustainable retirement. Or
for simply remaining afloat financially.
Sadly, accustomed to the speculative approach marketed to us for so long by the financial
industry, most investors are woefully under-educated in how to build a diversified portfolio of
passive income streams (inflation-adjusting and tax-deferred whenever possible) over time.
Those looking to get up to speed can read our recent report A
Primer On Investing For Inflation-Adjusting Income , where we detail out the wide range of
prevalent (and not-so-prevalent) solutions for today's investors to consider when designing an
income-generating portfolio. From bonds, to dividends (common and preferred), to real estate,
to royalties -- we explain each vehicle, how it can be used, and what the major benefits and
risks are.
And in the interim, make sure the wealth you have accumulated doesn't disappear along with
the bursting of the Everything Bubble. If you haven't already read it yet, read our premium
report from last week What To Do Now That 'The
Big One' Is Here .
They can try and tax to fill pension buckets that are empty, but the population is more
likely than ever to react negatively to this sort of thing.
People will not move to areas where the potential for extortion to satisfy pension
promises exists. Nor will they move to any place where there's the possibility of a big tax
increase to fill public coffers.
In my own area there's already the threat of a large property tax increase to cover
'social improvements' that are not really the responsibility of the local government, but you
can't tell them that, they extend their tentacles into everything. The county is just as bad,
with property tax increases and then handing out grants that no one monitors and no one knows
about.
If govt's would go back to doing what they're supposed to do instead of the garbage
they're involved in now we'd be better off and it would cost those who actually pay the taxes
a lot less. It's one big reason people are moving to rural areas. My muni has voted several
times now to increase local option sales tax, the people keep putting it down, the voting
costs thousands to conduct, I wish they would give it up.
It's no wonder that Chicago loses 150 people every day...not a good thing.
"The list includes a married couple -- a police captain and a detective -- who joined DROP
at around the same time and collected nearly $2 million while in the program. They both filed
claims for carpal tunnel syndrome and other cumulative ailments about halfway through the
program. She spent nearly two years on disability and sick leave; he missed more than two
years ... the couple spent at least some of their paid time off recovering at their condo in
Cabo San Lucas and starting a family theater production company with their daughter..."
Pensions in many ways they are the biggest Ponzi Scheme of modern man. Pension payouts are
often predicated on the idea the money invested in these funds will yield seven to eight
percent a year and in today's low-interest rate environment, this has forced funds into ever
riskier investments.
The PBGC America's pension safety net is already under pressure and failing due to the
inability of pension funds to meet their future obligations. The math alone is troubling but
when coupled with the overwhelming possibility of a major financial dislocation looming in
the future a nightmare scenario for pensions drastically increases. More on this subject in
the article below.
84% of state and local public sector workers receive defined benefit pensions as do 100%
of federal workers with little to no contribution on their part. After 30 years Federal
workers receive 33% of their highest 3 consecutive years pay and state workers average
benefits are $43000 with a range from 15000 (MS) to 80000 (CA). Private sector employees get
to pay for this and have little if anything coming from their employers in the form of a
pension. Instead, private sector employees get to gamble their savings in the stock and bond
markets to secure a retirement. And don't thing government employees are paid less - they are
usually paid very competitively with the private sector. Bottom line is private sector
employees are slaves to federal, state, and local governments.
Not only are government workers not paid that less, they get a slew of days off, sicks
days, mental health days , every minor holiday is a day off. And because they never get laid
off, the lower salary is worth more over the long term. then the private sector worker who
gets fired every 5 years
A 401K is not a pension plan and if you don't put anything into the 401K then you get
nothing out of the 401K. Plus, pensions can fail. The people that made no other arrangements
for their retirement other than rely on SocSec will have more because they will qual for food
stamps, housing subsidies, utility credits, etc. The picture is being distorted.
There is not going to be the old American pension, it's the new America, where everything
has been hollowed out. The new American economic conditions has created a vast
underclass.
The growing underclass is because of being hollowed out. Social services for the
underclass is costing hundreds of billions. The Trumpers want a massive cut in social
funding.
The communist Democratic Socialist have a wedge issue of underclass causes which keeps the
Democratic Socialist party growing. Clinton is their enemy as we now know from Clinton's out
burst.
The only way out for Trumpers is an infrastructure build. This will draw in the masses as
labor markets tighten, thus pushing wages up.
"... By Bill Black, the author of The Best Way to Rob a Bank is to Own One, an associate professor of economics and law at the University of Missouri-Kansas City, and co-founder of Bank Whistleblowers United. Jointly published with New Economic Perspectives ..."
"... Wall Street Journal ..."
"... Wall Street Journal ..."
"... The idea that examiners should not criticize any bank misconduct, predation, or 'unsafe and unsound practice' that does not constitute a felony is obviously insane. ..."
"... The trade association complaint that examiners dare to criticize non-felonious bank conduct – and the WSJ ..."
"... I have more than a passing acquaintance with banking, banking regulation, and banking's rectitude (such an old fashioned word) in the importance for Main Street's survival, and for the country's as a whole survival as a trusted pivot point in world finance , or for the survival of the whole American project. I know this sounds like an over-the-top assertion on my part, however I believe it true. ..."
"... Obama et al confusing "banking" with sound banking is too ironic, imo. ..."
"... It was actually worse than this. The very deliberate strategy was to indoctrinate employees of federal regulatory agencies to see the companies they regulated not as "partners" but as "customers" to be served. This theme is repeated again and again in Bush era agency reports. Elizabeth Warren was viciously attacked early in the Obama Administration for calling for a new "watchdog" agency to protect consumers. The idea that a federal agency would dedicate itself to protecting citizens first was portrayed as dangerously radical by industry. ..."
"... Models on Clinton and Bush. What's not to like? Why isn't msm and dem elites showing him the love when he's following their long term policies? And we might assume these would be hills policies if she had been pushed over the line. A little thought realizes that in spite of the pearl clutching they far prefer him to Bernie. ..."
By Bill Black, the author of The Best Way to Rob a Bank is
to Own One, an associate professor of economics and law at the University of Missouri-Kansas
City, and co-founder of Bank Whistleblowers United. Jointly published with New Economic Perspectives
The Wall Street Journal published an article
on December 12, 2018 that should warn us of coming disaster: "Banks Get Kinder, Gentler
Treatment Under Trump." The last time a regulatory head lamented that regulators were not
"kinder and gentler" promptly ushered in the Enron-era fraud epidemic. President Bush made
Harvey Pitt his Securities and Exchange Commission (SEC) Chair in August 2001 and, in one of
his early major addresses, he spoke on October 22, 2001 to a group of accounting
leaders.
Pitt, as a private counsel, represented all the top tier audit firms, and they had
successfully pushed Bush to appoint him to run the SEC. The second sentence of Pitt's speech
bemoaned the fact that the SEC had not been "a kinder and gentler place for accountants." He
concluded his first paragraph with the statement that the SEC and the auditors needed to work
"in partnership." He soon reiterated that point: "We view the accounting profession as our
partner" and amped it up by calling accountants the SEC's "critical partner."
Pitt expanded on that point: "I am committed to the principle that government is and must be
a service industry." That, of course, would not be controversial if he meant a service agency
(not "industry") for the public. Pitt, however, meant that the SEC should be a "service
industry" for the auditors and corporations.
Pitt then turned to pronouncing the SEC to be the guilty party in the "partnership." He
claimed that the SEC had terrorized accountants. He then stated that he had ordered the SEC to
end this fictional terror campaign.
[A]ccountants became afraid to talk to the SEC, and the SEC appeared to be unwilling to
listen to the profession. Those days are ended.
This prompted Pitt to ratchet even higher his "partnership" language.
I speak for the entire Commission when I say that we want to have a continuing dialogue,
and partnership, with the accounting profession,
Recall that Pitt spoke on October 22, 2001. Here are the relevant excerpts from the NY
Times' Enron
timeline :
Oct. 16 – Enron announces $638 million in third-quarter losses and a $1.2 billion
reduction in shareholder equity stemming from writeoffs related to failed broadband and water
trading ventures as well as unwinding of so-called Raptors, or fragile entities backed by
falling Enron stock created to hedge inflated asset values and keep hundreds of millions of
dollars in debt off the energy company's books.
Oct. 19 – Securities and Exchange Commission launches inquiry into Enron
finances.
Oct. 22 – Enron acknowledges SEC inquiry into a possible conflict of interest
related to the company's dealings with Fastow's partnerships.
Oct. 23 – Lay professes confidence in Fastow to analysts.
Oct. 24 – Fastow ousted.
The key fact is that even as Enron was obviously spiraling toward imminent collapse (it
filed for bankruptcy on December 2) – and the SEC knew it – Pitt offered no warning
in his speech. The auditors and the corporate CEOs and CFOs were not the SEC's 'partners.'
Thousands of CEOs and CFOs were filing false financial statements – with 'clean' opinions
from the then 'Big 5' auditors. Pitt was blind to the 'accounting control fraud' epidemic that
was raging at the time he spoke to the accountants. Thousands of his putative auditor
'partners' were getting rich by blessing fraudulent financial statements and harming the
investors that the SEC is actually supposed to serve.
Tom Frank aptly characterized the Bush appointees that completed the destruction of
effective financial regulation as "The Wrecking Crew." It is important, however, to understand
that Bush largely adopted and intensified Clinton's war against effective regulation. Clinton
and Bush led the unremitting bipartisan assault on regulation for 16 years. That produced the
criminogenic environment that produced the three largest financial fraud epidemics in history
that hyper-inflated the real estate bubble and drove the Great Financial Crisis (GFC).
President Trump has renewed the Clinton/Bush war on regulation and he has appointed banking
regulatory leaders that have consciously modeled their assault on regulation on Bush and
Clinton's 'Wrecking Crews.'
Bill Clinton's euphemism for his war on effective regulation was "Reinventing Government."
Clinton appointed VP Al Gore to lead the assault. (Clinton and Gore are "New Democrat" leaders
– the Wall Street wing of the Democratic Party.) Gore decided he needed to choose an
anti-regulator to conduct the day-to-day leadership. We know from Bob Stone's memoir the sole
substantive advice he gave Gore in their first meeting that caused Gore to appoint him as that
leader. "Do not 'waste one second going after waste, fraud, and abuse.'" Elite insider fraud
is, historically, the leading cause of bank losses and failures, so Stone's advice was sure to
lead to devastating financial crises. It is telling that it was the fact that Stone gave
obviously idiotic advice to Gore that led him to select Stone as the field commander of Clinton
and Gore's war on effective regulation.
Stone convinced the Clinton-Gore administration to embrace the defining element of crony
capitalism as its signature mantra for its war on effective regulation. Stone and his troops
ordered us to refer to the banks, not the American people, as our "customers." Peters' foreword
to Stone's book admits the action, but is clueless about the impact.
Bob Stone's insistence on using the word "customer" was mocked by some -- but made an
enormous difference over the course of time. In general, he changed the vocabulary of public
service from 'procedure first' to 'service first.'"
That is a lie. We did not 'mock' the demand that we treat the banks rather than the American
people as our "customer" – we openly protested the outrageous order that we embrace and
encourage crony capitalism. Crony capitalism's core principle – which is unprincipled
– is that the government should treat elite CEOs as their 'customers' or 'partners.' A
number of us publicly expressed our rage at the corrupt order to treat CEOs as our customers.
The corrupt order caused me to leave the government.
Our purpose as regulators is to serve the people of the United States – not bank CEOs.
It was disgusting and dishonest for Peters to claim that our objection to crony capitalism
represented our (fictional) disdain for serving the public. Many S&L regulators risked
their careers by taking on elite S&L frauds and their powerful political fixers. Many of us
paid a heavy personal price because we acted to protect the public from these elite frauds. Our
efforts prevented the S&L debacle from causing a GFC – precisely because we
recognized the critical need to spend most of our time preventing and prosecuting the elite
frauds that Stone wanted us to ignore..
Trump's wrecking crew is devoted to recreating Clinton and Bush's disastrous crony
capitalism war on regulation that produced the GFC. In a June 8,
2018 article , the Wall Street Journal mocked Trump's appointment of Joseph Otting
as Comptroller of the Currency (OCC). The illustration that introduces the article bears the
motto: "IN BANKS WE TRUST."
Otting, channeling his inner Pitt, declared his employees guilty of systematic misconduct
and embraced crony capitalism through Pitt's favorite phrase – "partnership."
I think it is more of a partnership with the banks as opposed to a dictatorial perspective
under the prior administration.
Otting, while he was in the industry, compared the OCC under President Obama to a fictional
interstellar terrorist. Obama appointed federal banking regulators that were pale imitation of
Ed Gray, Joe Selby, and Mike Patriarca – the leaders of the S&L reregulation. The
idea that Obama's banking regulators were akin to 'terrorists' is farcical.
The WSJ's December 12, 2018 article reported that Otting had also used Bob Stone's
favorite term to embrace crony capitalism.
Comptroller of the Currency Joseph Otting has also changed the tone from the top at his
agency, calling banks his "customers."
There are many terrible role models Trump could copy as his model of how to destroy banking
regulation and produce the next GFC, but Otting descended into unintentional self-parody when
he channeled word-for-word the most incompetent and dishonest members of Clinton and Bush's
wrecking crews.
The same article reported a trade association's statement that demonstrates the type of
outrageous reaction that crony capitalism inevitably breeds within industry.
Banks are suffering from "examiner criticisms that do not deal with any violation of law,"
said Greg Baer, CEO of the Bank Policy Institute ."
The article presented no response to this statement so I will explain why it is absurd.
First, "banks" do not "suffer" from "examiner criticism." Banks gain from examiner criticism.
Effective regulators (and whistleblowers) are the only people who routinely 'speak truth to
power.' Auditors, credit rating agencies, and attorneys routinely 'bless' the worst CEO abuses
that harm banks while enriching the CEO. The bank CEO cannot fire the examiner, so the
examiners' expert advice is the only truly "independent" advice the bank's board of directors
receives. That makes the examiners' criticisms invaluable to the bank. CEOs hate our advice
because we are the only 'control' (other than the episodic whistleblower) that is willing and
competent to criticize the CEO.
The idea that examiners should not criticize any bank misconduct, predation, or 'unsafe
and unsound practice' that does not constitute a felony is obviously insane. While
"violations of law" (felonies) are obviously of importance to us in almost all cases, our
greatest expertise is in identifying – and stopping – "unsafe and unsound
practices" because such practices, like fraud, are leading causes of bank losses and
failures.
Third, repeated "unsafe and unsound practices" are a leading indicator of likely elite
insider bank fraud and other "violations of law."
The trade association complaint that examiners dare to criticize non-felonious bank
conduct – and the WSJ reporters' failure to point out the absurdity of that
complaint – demonstrate that the banking industry's goal remains the destruction of
effective banking regulation. Trump's wrecking crew is using the Clinton and Bush playbook to
restore fully crony capitalism. He has greatly accelerated the onset of the next GFC.
Thank you for this, Bill Black. IMO the long-term de-regulatory policies under successive
administrations cited here, together with their neutering the rule of law by overturning the
Glass-Steagall Act; de-funding and failing to enforce antitrust, fraud and securities laws;
financial repression of the majority; hidden financial markets subsidies; and other policies
are just part of an organized, long-term systemic effort to enable, organize and subsidize
massive control and securities fraud; theft of and disinvestment in publicly owned resources
and services; environmental damage; and transfers of social costs that enable the organizers
to in turn gain a hugely disproportionate share of the nation's wealth and nearly absolute
political control under their "Citizens United" political framework.
Not to diminish, but among other things the current president provides nearly daily
entertainment, diversion and spectacle in our Brave New World that serves to obfuscate what
has occurred and is happening.
I'm with you Chauncey. I believe the rot really got started with creative accounting in
early 1970s. That's when accountants of every flavor lost themselves and were soon followed
by the lawyers. Sauce for the goose.
Banks and Insurers and many industrial concerns have become too big. We could avoid all
the regulatory problems by placing a maximum size on commercial endeavour.
A number of years ago I did both the primary capital program and environmental (NEPA) review
for major capital projects in a Federal Region. Hundreds of millions of dollars were at
stake. A local agency wanted us (the Feds) to approve pushing up many of their projects using
a so-called Public Private Partnership (PPP). This required the local agency to borrow many
millions from Wall Street while at the same time privatizing many of their here-to-fore
public operations. And of course there was an added benefit of instituting a non-union
shop.
To this end I was required to sit down with the local agency head (he actually wore white
shoes), his staff and several representatives of Goldman-Sachs. After the meeting ended, I
opined to the agency staff that Goldman-Sachs was "bullshit" and so were their projects.
Shortly thereafter I was removed to a less high-profile Region with projects that were not
all that griftable, and there was no danger of me having to review a PPP.
Oh, and I denied, denied, denied saying "bullshit."
Thank you, NC, for featuring these posts by Bill Black.
I have more than a passing acquaintance with banking, banking regulation, and banking's
rectitude (such an old fashioned word) in the importance for Main Street's survival, and for
the country's as a whole survival as a trusted pivot point in world finance , or for
the survival of the whole American project. I know this sounds like an over-the-top assertion
on my part, however I believe it true.
Main Street also knows the importance of sound banking. Sound banking is not a 'poker
chip' to be used for games. Sound banking is key to the American experiment in
self-determination, as it has been called.
Politicians who 'don't get this" have lost touch with the entire American enterprise,
imo. And, no, the neoliberal promise that nation-states no longer matter doesn't make this
point moot.
adding: US founding father Alexander Hambleton did understand the importance of sound
banking, and so Obama et al confusing "banking" with sound banking is too ironic, imo.
It was actually worse than this. The very deliberate strategy was to indoctrinate
employees of federal regulatory agencies to see the companies they regulated not as
"partners" but as "customers" to be served. This theme is repeated again and again in Bush
era agency reports. Elizabeth Warren was viciously attacked early in the Obama Administration
for calling for a new "watchdog" agency to protect consumers. The idea that a federal agency
would dedicate itself to protecting citizens first was portrayed as dangerously radical by
industry.
Models on Clinton and Bush.
What's not to like? Why isn't msm and dem elites showing him the love when he's following
their long term policies?
And we might assume these would be hills policies if she had been pushed over the line.
A little thought realizes that in spite of the pearl clutching they far prefer him to
Bernie.
CIA democrats are still determined to sink Tramp, and continues to beat the dead cat of
"Russian collision". What is interesting is that Jacob Schiff financed Bolsheviks revolution in
Russia.
Yahoo comments reflect the deep split in the opinions in the society, which is positioned
mainly by party lines. Few commenters understadn that the problem is with neoliberalism, not
Trump, or Hillary who represent just different factions of the same neoliberal elite.
Notable quotes:
"... Schiff said Deutsche Bank has paid hundreds of millions of dollars in fines to the state of New York for laundering Russian money, and that it was the one bank willing to do business with the Trump Organization. ..."
"... In an interview with the New Yorker that was posted on line on Dec. 14, Schiff said the Intelligence Committee is "going to be looking at the issue of possible money laundering by the Trump Organization, and Deutsche Bank is one obvious place to start." ..."
"... A Senate investigation, which Warren and Van Hollen want to see followed by a report and a hearing, could put further pressure on the lender. The written request from the senators, sent Dec. 13, cites Deutsche Bank's "numerous enforcement actions" and a recent raid by police officers and tax investigators in Germany. ..."
"... Schiff, a target of Trump's on Twitter, also referred to reported comments by the president's sons some years ago that they didn't need "to deal with U.S. banks because they got all of the cash they needed from Russia or disproportionate share of their assets coming from Russia." He said Sunday he expects to learn more about that claim through financial records. ..."
The incoming chairman of the House Intelligence Committee joined Democratic colleagues in
questioning ties between Deutsche Bank AG and President Donald Trump's real estate
business.
Representative Adam Schiff of California said on NBC's "Meet the Press" Sunday that any type
of compromise needs to be investigated. That could add his panel's scrutiny to that of
Representative Maxine Waters, who's in line to be chair of the House Financial Services
Committee and has also focused on the bank's connections to Trump.
Schiff's comments came three days after Wall Street critic Elizabeth Warren of Massachusetts
and fellow Senate Democrat Chris Van Hollen called for a Banking Committee investigation of
Deutsche Bank's compliance with U.S. money-laundering regulations.
Schiff said Deutsche Bank has paid hundreds of millions of dollars in fines to the state
of New York for laundering Russian money, and that it was the one bank willing to do business
with the Trump Organization.
"Now, is that a coincidence?" Schiff said. "If this is a form of compromise, it needs to be
exposed."
In an interview with the New Yorker that was posted on line on Dec. 14, Schiff said the
Intelligence Committee is "going to be looking at the issue of possible money laundering by the
Trump Organization, and Deutsche Bank is one obvious place to start."
More Pressure
A Senate investigation, which Warren and Van Hollen want to see followed by a report and
a hearing, could put further pressure on the lender. The written request from the senators,
sent Dec. 13, cites Deutsche Bank's "numerous enforcement actions" and a recent raid by police
officers and tax investigators in Germany.
It also notes the lender's U.S. operations being implicated in cross-border money-laundering
accusations such as in a recent case involving Danish lender Danske Bank A/S and the movement
of $230 billion in illicit funds.
"The compliance history of this institution raises serious questions about the national
security and criminal risks posed by its U.S. operations," the senators said in their letter.
"Its correspondent banking operations in the U.S. serve as a gateway to the U.S. financial
system for Deutsche Bank entities around the world."
Troy Gravitt, a Deutsche Bank spokesman, responded that the company "takes its legal
obligations seriously and remains committed to cooperating with authorized investigations."
Van Hollen, a Maryland Democrat, had questioned the Federal Reserve earlier this year about
how it would keep the White House from interfering with oversight of the lender, which had been
a major lender to Trump's real estate business.
Schiff, a target of Trump's on Twitter, also referred to reported comments by the
president's sons some years ago that they didn't need "to deal with U.S. banks because they got
all of the cash they needed from Russia or disproportionate share of their assets coming from
Russia." He said Sunday he expects to learn more about that claim through financial
records.
To contact the reporter on this story: Jesse Hamilton in Washington at
[email protected]
To contact the editors responsible for this story: Jesse Westbrook at
[email protected], Mark Niquette, Ros Krasny
55 seconds ago A
special Special Prosecutor must be appointed with a billion dollar budget. Where will the
money come from? Fines, penalties, and restitution by the Godfather.
U 46 seconds ago With
all these investigations, who should die hard Republicans vote for in 2020? Should it be
Donald Trump or Individual 1 or David Dennison? Gonna' be a hard choice next year.
F 1
minute ago Investigations of Trump are just getting started! hahaha
A 7 minutes ago Don
the Con is certainly getting a lot of probes of his illegal, criminal business deals. He
was a total idiot to become president and draw all this attention considering all the
crimes he has committed.
W 3 minutes ago
"Shifty" Schiff....doing everything to bring America together again!
D 17 minutes ago Lets investigate SLIMEY SHIFTLESS SCHIFF for leaking to
the News Media and running faster than a speedy bullet to a microphone and running his
loose lips !
B 3 minutes ago One of
the problem is that politicians, like schiffhead, have never had a real job and only have
scammed their donors and havent a clue how the real world works.
Former FBI Supervisory Special Agent Robyn Gritz has asked SaraACarter.com to post her letter to Judge Emmet G. Sullivan
in support of her friend and colleague retired Lt. Gen. Michael T. Flynn, who will be
sentenced on Dec. 18. The Special Counsel's Office has requested that Flynn not serve any
jail time due to his cooperation with Robert Mueller's office. Based on new information
contained in a memorandum submitted to the court this week by Flynn's attorney, Sullivan has
ordered Mueller's office to turn over all exculpatory evidence and government documents on
Flynn's case by mid-day Friday. Sullivan is also requesting any documentation regarding the
first interviews conducted by former anti-Trump agent Peter Strzok and FBI Agent Joe Pientka
-known by the FBI as 302s- which were found to be dated more than seven months after the
interviews were conducted on Jan. 24, 2017, a violation of FBI policy, say current and former
FBI officials familiar with the process. According to information contained in Flynn's
memorandum, the interviews were dated Aug. 22, 2017.
Read Gritz's letter below... (emphasis added)
The Honorable Emmet G. Sullivan. December 5, 2018 U.S. District Court for the District of
Columbia
333 Constitution Avenue, N.W.
Washington D.C. 20001
Re: Sentencing of Lt. General Michael T. Flynn (Ret.)
Dear Judge Sullivan:
I am submitting my letter directly since Mike Flynn's attorney has refused to submit it as
well as letters submitted by other individuals. I feel you need to hear from someone who was an
FBI Special Agent who not only worked with Mike, but also has personally witnessed and reported
unethical & sometimes illegal tactics used to coerce targets of investigations externally
and internally.
About Myself and FBI Career
For 16 years, I proudly served the American people as a Special Agent working diligently on
significant terrorism cases which earned noteworthy results and fostered substantial
interagency cooperation. Prior to serving in the FBI I was a Juvenile Probation Officer in
Camden, NJ. Currently, I am a Senior Information Security Metrics and Reporting Analyst with
Discover Financial Services in the Chicago Metro area. I have recently been named as a Senior
Fellow to the London Center for Policy Research.
While in the FBI, I served as a Special Agent, Supervisory Special Agent, Assistant
Inspector, Unit Chief, and a Senior Liaison Officer to the CIA. I served on the NSC's Hostage
and Personnel Working Group and brought numerous Americans out of captivity and was part of the
interagency team to codify policies outlining the whole of government approach to hostage
cases.
In November 2007, I was selected over 26 other candidates to become the Supervisory Special
Agent, CT Extraterritorial Squad; Washington Field Office (WFO) in Washington, DC. At WFO, I
led a squad of experts in extraterritorial evidence collection, overseas investigations,
operational security during terrorist attacks/events, and overseas criminal investigations. I
coordinated and managed numerous high profile investigations (Blackwater, Chuckie Taylor,
Robert Levinson, and other pivotal cases) comprised of teams from US and foreign intelligence,
military, and law enforcement agencies. I was commended for displaying comprehensive leadership
performance under pressure, extensive teamwork skills, while conducting critical investigative
analysis within and outside the FBI.
In December 2009, I was promoted to GS-15 Unit Chief (UC) of the Executive Strategy Unit,
Weapons of Mass Destruction Directorate (WMDD). While the UC, I codified the WMDD five-year
strategic plan, formulated goals and objectives throughout the division, while translating the
material into a directorate scorecard with cascading measurements reflecting functional and
operational unit areas. This was the only time in Washington, DC when I did not work with of
for McCabe.
From September to December 2010, I was selected as the FBI's top candidate to represent the
FBI, and the USG in a rigorous, intellectually stimulating; 12 week course for civilian
government officials, military officers, and government academics at the George C. Marshall
Center in Garmisch, Germany, Executive Program in Advanced Security Studies. The class was
comprised of 141 participants from 43 countries.
I have received numerous recommendations and commendations for my professionalism, liaison
and interpersonal ability and experience . Additionally, I have been rated Excellent or
Outstanding for my entire career, to include by Andrew McCabe when I was stationed at the
Washington Field Office. Further, other awards of note are: West Chester University 2005 Legacy
of Leadership recipient, Honored with House of Representatives Citation for Exemplary record of
Service, Leadership, and Achievements: Commonwealth of Pennsylvania, and Awarded with a framed
Horn of Africa blood chit from the Department of Defense and Office of the DASD (POW/MPA/MIA)
for my work in bringing Americans Out of captivity, "Patriot, Law Enforcement Warrior, and
Friend."
Length of Association with Flynn, McCabe, and Mueller
I met Michael Flynn in 2005, while working in the Counterterrorism Division (CTD) at FBI
Headquarters (FBIHQ).
I met then Supervisory Special Agent Andrew McCabe, when he reported to CTD at FBIHQ, around
the same time. McCabe subsequently was the Assistant Section Chief over my unit, my Assistant
Special Agent in Charge at the Washington Field Office, and the Assistant Director (AD) over
CTD when I encountered the discrimination and McCabe spearheaded the retaliation personally
(according to documentation) against me.
I have known both men for 12-13 years and worked directly with both throughout my career.
They are on the opposite spectrum of each other with regard to truthfulness, temperament, and
ethics, both professionally and personally.
I regularly briefed former FBI Director and Special Prosecutor Mueller on controversial and
complex cases and attended Deputies meetings at the White house with then Deputy Director
Pistole. I got along with both and trusted both. Watching what has been done to Mike and
knowing someone on the 7th floor had to have notified Mueller of my situation (Pistole had
retired), has been significantly distressing to me.
Lt.G. Michael T. Flynn:
Mike and I were counterparts on a DOJ-termed ground-breaking initiative which served as a
model for future investigations, policies, legislation and FBI programs in the Terrorist Use of
the Internet. For this multi-faceted and leading-edge joint operation, I was commended by Gen.
Stanley McChrystal, Gen. Keith Alexander (NSA Director), and LtG. Michael Flynn as well as
others for leading the FBI's pivotal participation in this dynamic and innovative interagency
operation. I received two The National Intelligence Meritorious Unit Citation (NIMUC) I for my
role in this operation. The NIMUC is an award of the National Intelligence Awards Program, for
contributions to the United States Intelligence Community.
Mick Flynn has consistently and candidly been honest and straightforward with me since the
day I met him in 2005. He has been a mentor and someone I trust to give me frank advice when I
ask for his opinion. His caring nature has shown through especially when he saw me being torn
apart by the FBI and he felt compelled to write a letter in support of me. He further took the
extra step to comment on my character in an NPR article and interview exposing the wrongdoings
in my case and others who have stood up for truth and against discrimination/retaliation.
Senator Grassley also commented on my behalf. NPR characterized this action against me as a
"warning shot" to individuals who stood up to individuals such as McCabe.
The day after I resigned from the FBI, while I was crying, Mike reached out and
congratulated me on my early retirement. I really needed to hear that from someone I respected
so much. His support for the last 13 years has been unparalleled and extremely valuable in
helping me get through the trauma of betrayal, unethical behavior, illegal activity executed
against me and to rebuild my life. Additionally, his support has helped my family in dealing
with their painful emotions regarding my situation. My parents wanted me to pass on to you that
they are blessed that I have had a compassionate and supportive individual on my side
throughout this trying time.
Mike has been a respected leader by his peers and by FBI Agents and Analysts who have
interacted with him. I personally feel he is the finest leader I have ever worked with or for
in my career. Our continued friendship and subsequent friendship with his family has helped all
of us cope with the stress a situation like this puts on individuals and families.
It is so very painful to watch an American hero, and my friend, torn apart like this. His
family has had to endure what no family should have to. I know this because of the damaging
effect my case had on my parent's health, finances, and emotional well-being. Mike and I both
had to sell our houses due to legal fees, endured smear campaigns (mostly by the same
individual, McCabe). I ended up being deemed homeless by the Commonwealth of Pennsylvania, was
on public assistance and endured extensive health and emotional damage due to the retaliation.
Mike kept in touch and kept me motivated. He has always reached out to help me with whatever he
could.
The Process is the Punishment
Thomas Fitton of Judicial Watch commented to me that the "Process is the punishment." This
is the most accurate description I have heard regarding the time Mike has gone through with
this process and the year and a half I was ostracized and idled before I resigned. This process
is one which many FBI employees, current, retired and former, feel was brought to the FBI by
Mueller and he subsequently brought this to the Special Prosecutor investigation.
It also fostered the behavior among FBI "leadership" which we find ourselves shocked at when
revealed on a daily basis. Is this the proper way to seek justice? I say no. I swore to uphold
the Constitution while protecting the civil rights of the American people. I believe many
individuals involved in Mike's case have lost their way and could care less about protection of
due process, civil and legal rights of who they are targeting. Mike has had extensive
punishment throughout this process. This process has punished him harder than anyone else
could.
Andrew McCabe
I believe I have a unique inside view of the mannerisms surrounding Andrew McCabe, other FBI
Executive Management and Former Director Mueller, as well as the unethical and coercive tactics
they use, not to seek the truth, but to coerce pleas or admissions to end the pain, as I call
it. They destroy lives for their own agendas instead of seeking the truth for the American
people. Candor is something that should be encouraged and used by leadership to have necessary
and continued improvement. Under Mueller, it was seen as a threat and viciously opposed by
those he pulled up in the chain of command.
I am explaining this because numerous Agents have expressed the need for you to know
McCabe's and Mueller's pattern of "target and destroy" has been utilized on many others,
without regard for policies and laws. I, myself, am a casualty of this reprehensible behavior
and I have spoken to well over 150 other FBI individuals who are casualties as well.
I am the individual who filed the Hatch Act complaint against McCabe and provided
significant evidentiary documents obtained via FOIA, open source, and information from current,
former, and retired Special Agents. The Office of Special Counsel (OSC) asked why my filing of
the complaint was delayed from the actual acts. I said I personally thought I was providing
additional information to what should have been an automatic referral to OSC by FBI OPR. I was
notified I was the only complainant. This illustrates not only a fatal flaw in OPR AD Candice
Will not making the appropriate and crucial referral, but also shows the fear of those within
the FBI to report individuals like McCabe for fear of retaliation.
While serving at the CIA, detailed by the FBI in January 2012, I was responsible for
overseas investigations, as opposed to Continental United States-based (CONUS) cases.
Unfortunately, during my assignment at the CIA, I encountered extensive discrimination by two
FBI Special Agents and subsequently, in 2012, I filed an Equal Employment Opportunity (EEO)
complaint. Instead of addressing the issues, then CTD Assistant Director Andrew McCabe chose to
authorize a retaliatory Office of Professional Responsibility (OPR) investigation against me,
five days after my EEO contact. The OPR referral he signed was authored by the two individuals
I had filed the EEO complaint against. In his signed sworn statement, McCabe admitted he knew I
had filed or was going to file the EEO.
Numerous members of my department at the CIA requested to be spoken with by CTD executive
management, regarding my work ethic and accomplishments. However, CTD, Inspection Division, and
OPR disregarded the list of names and contact numbers I submitted. This is an example of
knowing you are being targeted and the truth is not being sought.
Although my time at this position was short, I was commended by my CIA direct supervisor
for: "having already contributed more than your predecessor in the short time you have been
here." My predecessor had been assigned to the post for 18 months; I had been there four
months.
In contrast and showing lack of candor, McCabe wrote on official documents the following
statement, contradicting the actual direct supervisor I worked with daily:
"SA Gritz had to be removed from a prior position in an interagency environment, due to
inappropriate communications and general performance issues"
This is one of many comments McCabe used to discredit my reputation and to ostracize me.
McCabe knew me as someone who told the truth, worked hard, got results, and was always willing
to be flexible when needed. He was also acutely aware of the excellent relationships I had
formed in the USG interagency due to comments made by individuals from numerous agencies. Yet,
he continued to make false statements on official documents. He has done this to numerous other
very valuable FBI employees, destroying their careers and lives. He used similar tactics of
lies against Flynn. It should be noted, McCabe was very aware of my professional association
with Mike Flynn.
In July 5, 2012, I was involuntarily pulled back to CTD from the CIA. I was told McCabe made
the decision. A year and a month later, I resigned from the job I absolutely loved and was good
at. All because of the lack of candor of numerous individuals within the FBI.
Unethical and
dishonest investigative tactics
Throughout the last year, I have kept abreast of the revelations surrounding anything
related to Mike's case. I believe, from my years at the FBI and in exposing corruption and
discrimination, the circumstances surrounding the targeting, investigation, leaking, and
coercion of him to plea are all consistent with the unethical process I and many others have
witnessed at the FBI. The charge which Mike Flynn plead to was the result of deception,
intimidation, and bias/agenda. Simply, Mike is being branded a convicted felon due to an
unethical and dishonest investigation by people who were malicious, vindictive, and corrupt.
They wished to silence Mike, like they had once silenced me.
The American people have read the Strzok/Page text messages, the conflicting testimony and
lack of candor statements of former Director Comey, the perceived overstepping of the
reasonable scope of the Special Prosecutor's investigation, the extensive unethical,
untruthful, and outright illegal behavior of Andrew McCabe, to include slanderous statements
against Flynn, and the facts found within FOIA released documents and Congressional testimony.
As a former/retired Agent, I have combed through every piece of information regarding Mike's
case, as if I was combing through evidence in the hundreds of cases I have successfully handled
while in the FBI.
The publicly reported Brady material alone, in this case, outweighs any statement given by
any FBI Agent (we now know at least one FD-302 was changed), Special Prosecutor investigator
report, and any other party still aggressively seeking that this case remain and be sentenced
as a felony. Quite simply, I cannot see justice being served by branding LtG. Michael Flynn a
convicted felon, when the truth is still being revealed while policies, ethics, and laws have
been violated by those pursuing this case.
We now know all FBI employees involved in Mike Flynn's case have either been fired, forced
to resign or forced to retire because of their excessive lack of candor, punitive biases,
leaking of information, and extensive cover-up of their deeds.
Summation
Michael Flynn has always displayed overwhelming candor and forthrightness. One of the main
individuals involved in his case is Andrew McCabe, who used similar tactics against me in my
case, of which Mike Flynn defended me by penning a letter of character reference and is a
witness. Seeing McCabe was named as a Responding Management Official in my case, he should have
recused himself with anything having to do with a character witness on my behalf against him
and DOJ.
I'm told by numerous people, but have been unable to confirm, that McCabe was asked why he
was so viciously going after Flynn; my name was mentioned. I do know, from experience with
McCabe, he is a vindictive individual and I have no doubt Mike's support of me fueled McCabe's
disdain and personally vindictive aggressive unethical activities in this case . It matches his
behavior in my case.
Reliable fact-finding is essential to procedural due process and to the accuracy and
uniformity of sentencing. I'm unsure if the fact-finding in this case is reliable, nor do I
think we currently have all the facts.
The punishment which LtG. Flynn has already endured this past year, due to the nature of the
case, legal fees and reputation damage, is punishment enough. He is a true patriot, a loving
husband and father, a devoted grandfather, a trusted friend, and has a close knit family made
up of compassionate and honest individuals. To be branded a felon, is a major hit to a hero who
protected the American people for 33 years. I do not think society would benefit from Mike
Flynn going to jail nor being branded as a convicted felon. Not knowing the sentencing
guidelines for this charge but if there is any chance that the case can be downgraded to a
misdemeanor, this would be an act of justice that numerous Americans need to see to stay
hopeful for further justice.
This lady is seriously brave. She confirms one more reason i strongly support our Second
Amendment; it's to protect us from tyrants and corrupt people like McCabe, Ohr, Comey and
Mueller. Oh yes. I almost forget Rosenstein who should be hung for treason also.
WOW...all this time I had been asking where are the whistle blowers and kept saying,
certainly not all the FBI are this corrupt -and further asked are they being threatened to
not come forward?"
Well, the later sure seems true when you consider Ms. Gristz statements, particularly "
the fear of those within the FBI to report individuals like McCabe for fear of retaliation.
"
This is the level of corruption that ought to bring this entire cabal to their knees and
place them behind bars. Hopefully Judge Sullivan's intuitions will be bolstered by Ms.
Gristz' letter.
The FBI is corrupt to the core...from top to bottom. If she joined the FBI to "uphold the
Constitution" or "serve the American People" or some other horseshit then that was her first
mistake. The FBI is a completely corrupt & unconstitutional organization that protects
only the (((globalists))) and other enemies of freedom. The Hoover Buliding should be
padlocked and all of the agents of evil put on trial for treason.
Flynn was an example to the rest of the Trump supporters. His guilt or innocense was/is
meaningless and irrlevant to the Prog Attack Dogs. The message was/is clear:
"We are the Power. Resistance is futile. Bend your knee or we will destroy you."
It is prudent for reasonable people to believe that the Progs have spent the past couple
years destroying evidence that can be used against their gods (Obama, Clinton, Soros, etc.)
and their cohorts.
There is no penalty or negative consequence for the Mueller team who engaged in
"unethical" activity. None of them will have to answer to anyone or disgorge the millions of
dollars in "fees" they have been paid by the Sheeple.
All Progs must hang.
Christopher Wray must hang next.
So much for peace that neoliberal globalization should supposedly bring...
Notable quotes:
"... We face a world of multiple wars some leading to direct global conflagrations and others that begin as regional conflicts but quickly spread to big power confrontations. ..."
"... In our times the US is the principal power in search of world domination through force and violence. Washington has targeted top level targets, namely China, Russia, Iran; secondary objectives Afghanistan, North and Central Africa, Caucuses and Latin America ..."
"... China is the prime enemy of the US for several economic, political and military reasons: China is the second largest economy in the world; its technology has challenged US supremacy it has built global economic networks reaching across three continents. China has replaced the US in overseas markets, investments and infrastructures. ..."
"... In response the US has resorted to a closed protectionist economy at home and an aggressive military led imperial economy abroad. ..."
"... The first line of attack are Chinese exports to the US and its vassals. Secondly, is the expansion of overseas bases in Asia. Thirdly, is the promotion of separatist clients in Hong Kong, Tibet and among the Uighurs. Fourthly, is the use of sanctions to bludgeon EU and Asian allies into joining the economic war against China. China has responded by expanding its military security, expanding its economic networks and increasing economic tariffs on US exports ..."
"... The US economic war has moved to a higher level by arresting and seizing a top executive of China's foremost technological company, Huawei. ..."
"... Each of the three strategic targets of the US are central to its drive for global dominance; dominating China leads to controlling Asia; regime change in Russia facilitates the total submission of Europe; and the demise of Iran facilitates the takeover of its oil market and US influence of Islamic world. As the US escalates its aggression and provocations we face the threat of a global nuclear war or at best a world economic breakdown. ..."
We face a world of multiple wars some
leading to direct global conflagrations and others that begin as regional conflicts but quickly spread to
big power confrontations.
We will proceed to identify 'great power'
confrontations and then proceed to discuss the stages of 'proxy' wars with world war consequences.
In our times the US is the principal
power in search of world domination through force and violence. Washington has targeted top level targets,
namely China, Russia, Iran; secondary objectives Afghanistan, North and Central Africa, Caucuses and Latin
America.
China is the prime enemy of the US for
several economic, political and military reasons: China is the second largest economy in the world; its
technology has challenged US supremacy it has built global economic networks reaching across three
continents. China has replaced the US in overseas markets, investments and infrastructures. China has built
an alternative socio-economic model which links state banks and planning to private sector priorities. On
all these counts the US has fallen behind and its future prospects are declining.
In response the US has resorted to a
closed protectionist economy at home and an aggressive military led imperial economy abroad. President Trump
has declared a
tariff
war on China; and multiple separatist and propaganda war; and aerial
and maritime encirclement of China's mainland
The first line of attack are Chinese
exports to the US and its vassals. Secondly, is the expansion of overseas bases in Asia. Thirdly, is the
promotion of separatist clients in Hong Kong, Tibet and among the Uighurs. Fourthly, is the use of sanctions
to bludgeon EU and Asian allies into joining the economic war against China. China has responded by
expanding its military security, expanding its economic networks and increasing economic tariffs on US
exports.
The US economic war has moved to a higher
level by arresting and seizing a top executive of China's foremost technological company, Huawei.
The White House has moved up the ladder
of aggression from sanctions to extortion to kidnapping. Provocation, is one step up from military
intimidation. The nuclear fuse has been lit.
Russia faces similar threats to its
domestic economy, its overseas allies, especially China and Iran as well as the US renunciation of
intermediate nuclear missile agreement
Iran faces oil sanctions, military
encirclement and attacks on proxy allies including in Yemen, Syria and the Gulf region Washington relies on
Saudi Arabia, Israel and paramilitary terrorist groups to apply military and economic pressure to undermine
Iran's economy and to impose a 'regime change'.
Each of the three strategic targets of
the US are central to its drive for global dominance; dominating China leads to controlling Asia; regime
change in Russia facilitates the total submission of Europe; and the demise of Iran facilitates the takeover
of its oil market and US influence of Islamic world. As the US escalates its aggression and provocations we
face the threat of a global nuclear war or at best a world economic breakdown.
Wars by Proxy
The US has targeted a second tier of
enemies, in Latin America, Asia and Africa.
In Latin America the US has waged
economic warfare against Venezuela, Cuba and Nicaragua. More recently it has applied political and economic
pressure on Bolivia. To expand its dominance Washington has relied on its vassal allies, including Brazil,
Peru, Chile, Ecuador, Argentina and Paraguay as well as right-wing elites throughout the region
As in numerous other cases of regime
change Washington relies on corrupt judges to rule against President Morales, as well as US foundation
funded NGO's; dissident indigenous leaders and retired military officials. The US relies on local political
proxies to further US imperial goals is to give the appearance of a 'civil war' rather than gross US
intervention.
In fact, once the so-called 'dissidents'
or 'rebels' establish a foot hole, they 'invite' US military advisers, secure military aid and serve as
propaganda weapons against Russia, China or Iran – 'first tier' adversaries.
In recent years US proxy conflicts have
been a weapon of choice in the Kosovo separatist war against Serbia; the Ukraine coup of 2014 and war
against Eastern Ukraine; the Kurd take over of Northern Iraq and Syria; the US backed separatist Uighurs
attack in the Chinese province of Xinjiang.
The US has established 32 military bases
in Africa, to coordinate activities with local warlords and plutocrats. Their proxy wars are discarded as
local conflict between 'legitimate' regimes and Islamic terrorists, tribality and tyrants.
The objective of proxy wars are
threefold. They serve as 'feeders' into larger territorial wars
encircling
China, Russia
and Iran.
Secondly, proxy wars are 'testing
grounds' to measure the vulnerability and responsive capacity of the targeted strategic adversary, i.e.
Russia, China and Iran.
Thirdly, the proxy wars are 'low cost'
and 'low risk' attacks on strategic enemies. The lead up to a major confrontation by stealth.
Equally important 'proxy wars' serve as
propaganda tools, associating strategic adversaries as 'expansionist authoritarian' enemies of 'western
values'.
Conclusion
US empire builders engage in multiple
types of aggression directed at imposing a unipolar world. At the center are trade wars against China;
regional military conflicts with Russia and economic sanctions against Iran.
These large scale, long-term strategic
weapons are complemented by proxy wars, involving regional vassal states which are designed to erode the
economic bases of counting allies of anti-imperialist powers.
Hence, the US attacks China directly via
tariff wars and tries to sabotage its global "Belt and Road' infrastructure projects linking China with 82
counties.
Likewise, the US attacks Russian allies
in Syria via proxy wars, as it did with Iraq, Libya and the Ukraine.
Isolating strategic anti-imperial power
via regional wars, sets the stage for the 'final assault' – regime change by cop or nuclear war.
However, the US quest for world
domination has so far taken steps which have failed to isolate or weaken its strategic adversaries.
China moves forward with its global
infrastructure programs: the trade war has had little impact in isolating it from its principal markets.
Moreover, the US policy has increased China's role as a leading advocate of 'open trade' against President
Trump's protectionism.
ORDER IT NOW
Likewise, the tactics of encircling and
sanctioning Russia has deepened ties between Moscow and Beijing. The US has increased its nominal 'proxies'
in Latin America and Africa but they all depend on trade and investments from China. This is especially true
of agro-mineral exports to China.
Notwithstanding the limits of US power
and its failure to topple regimes, Washington has taken moves to compensate for its failures by escalating
the threats of a global war. It kidnaps Chinese economic leaders; it moves war ships off China's coast; it
allies with neo-fascist elites in the Ukraine. It threatens to bomb Iran. In other words the US political
leaders have embarked on adventurous policies always on the verge of igniting one, too, many nuclear fuses.
It is easy to imagine how a failed trade
war can lead to a nuclear war; a regional conflict can entail a greater war.
Can we prevent World War 3? I believe it
will happen. The US economy is built on fragile foundations; its elites are deeply divided. Its main allies
in France and the UK are in deep crises. The war mongers and war makers lack popular support. There are
reasons to hope!
I disagree. The parasitic terror regime that runs washington believe they can win a nuclear war, i have no
hope left for peace. They need a culling of the "useless eaters", we are stealing the food out of their poor
frightened children`s mouths by existing.
Eric Zuesse wrote a decent article yesterday at the Saker blog about the US nuclear forces and its owners
wet dream.
"The U.S. Government's Plan Is to Conquer Russia by a Surprise Invasion"
The actions of nato/EU/UK/ISR/KSA etc certainly supports his article, at least in my opinion.
The US, and the West, by instigating wars elsewhere, and selling weapons to
those, destroy countries and prosperity abroad. Those living in target countries find themselves miserable,
with loss of everything. It is only natural that they may try to escape a living hell by emigrating to the
West.
People in the US and the West in general will not want mass immigration, and with good reason; but if you
were in a war torn country or an impoverished country (as a result of western "help") you would also attempt
to move away from the bombs, etc.
If the West left the rest of the world alone (in terms of their regimes and in terms of their weapons),
they might prosper and no longer need to run away from their home countries.
The sanctions and embargoes have failed in the past, when China was much weaker, so we can be quite
confident that they will fail again, and quickly, as this timeline suggests:
September 3, 2018
:
Huawei unveils Kirin 980 CPU, the world's first commercial 7nm system-on-chip (SoC) and the first to use
Cortex-A76 cores, dual neural processing units, Mali G76 GPU, a 1.4 Gbps LTE modem and supports faster RAM.
With 20 percent faster performance and 40 percent less power consumption compared to 10nm systems, it has
twice the performance of Qualcomm's Snapdragon 845 and Apple's A11 while delivering noticeable battery life
improvement. Its Huawei-patented modem has the world's fastest Wi-Fi and its GPS receiver taps L5 frequency
to deliver 10cm. positioning.
September 5, 2018
. China's front-end fab capacity will account for 16 percent of the world's
semiconductor capacity this year, increasing to 20 percent by 2020.
September 15, 2018.
China controls one third of 5G patents and has twice as many installations
operating as the rest of the world combined.
September 21, 2018
. China has reached global technological parity and now has twelve of the
world's top fifty IC design houses (China's SMIC is fourth, Huawei's HiSilicon is seventh), and twenty-one
percent of global IC design revenues. Roger Luo, TSMC.
October 2, 2018
. Chinese research makes up 18.6 percent of global STEM peer-reviewed papers, ahead
of the US at 18 percent. "The fact that China's article output is now the largest is very significant. It's
been predicted for a while, but there was a view this was not likely to happen until 2025," said Michael
Mabe, head of STM.
October 14, 2018
. Huawei announces 7 nm Ascend 910 chipset for data centers, twice as powerful as
Nvidia's v100 and the first AI IP chip series to natively provide optimal TeraOPS per watt in all scenarios.
Available 2Q19.
October 7, 2018
: China becomes largest recipient of FDI in H1, attracting an estimated 70 billion
U.S. dollars, according to UNCTAD.
October 8, 2018:
Taiwan's Foxconn moves its major semiconductor maker and five integrated circuit
design companies to Jinan, China.
October 22, 2018
. China becomes world leader in venture capital, ahead of the US and almost twice
the rest of the world's $53.4 billion YTD. The Crunchbase report says the entrepreneurial ecosystem in the
world is undergoing a major transformation: it is now driven by China instead of the US.
Isolating strategic anti-imperial power via regional wars, sets the stage for the 'final assault' –
regime change by cop or nuclear war
good article.
Only idiot can believe that nuclear war can be won, IMHO. Elites aren't suicidal, oh no. On the contrary.
Can they make a mistake and cause that war, definitely.
Which brings us to the important part:
Can we prevent World War 3? I believe it will happen. The US economy is built on fragile foundations;
its elites are deeply divided. Its main allies in France and the UK are in deep crises. The war mongers
and war makers lack popular support.
Agree, but, that's
exactly
the reason I disagree with:
There are reasons to hope!
No need to be pedantic, of course there is always a reason for hope.
But, I see it as
so
fertile ground for making
The MISTAKE
.
Can we prevent World War 3? I believe it will happen. The US economy is built on fragile foundations;
its elites are deeply divided. Its main allies in France and the UK are in deep crises. The war mongers
and war makers lack popular support. There are reasons to hope!
It's when the elite war mongers' backs are up against the wall that they come up with a cleverly designed
false flag attack to rally public support for war. They are more dangerous now than ever.
Agree about Russia and China, however Iran needs to be viewed not as a play for oil or the Islamic crowd but
driven wholly and solely by Israel. Iran is not a threat to US in any context, only Israel.
question:
If the relatively small tariffs on Chinese goods amount to 'direct attacks on China', then what are the
massive tariffs by China on US goods?
The "Chess men" behind "The Wall Street Economy" have stated a few times that the only way to remain the
dominant economy is to first: convince rivals that resistance is futile, and second:
to atomize any
potential rival
(Ghaddaffi is a clear example).
Breaking up Russia has been on the to-do list for
decades, and I believe that the Chess Men have no idea what to do about containing China, and are clearly
flat-footed, and
desperate
kidnapping a Chinese business executive.
The Wall Street Economy depended on cheap Chinese labor it's own profits, and that was Ok until .?
Until the writing on the Wall became ledgible .
The smell of genuine fear is in the air.
" The war mongers and war makers lack popular support. There are reasons to hope! "
Is popular support
needed to get a people in a war mood ?
Both Pearl Harbour and Sept 11 demonstrate, in my opinion, that it is not very difficult to create a war
mood.
Yet, if another Sept 11 would do the trick, I wonder.
Sept 11 has been debated without without interruption since Sept 11.
After the 1946 USA Senate investigation into Pearl Harbour the USA government succeeded in preventing a
similar discussion.
Until now the west, Deep State, NATO, EU did not succeed in provoking Russia or China.
Each time they tried something, in my opinion they did this several times, Russia showed its military
superiority, at the same time taking care not to hurt public opinion in the west.
Is not it amazing that the morally miserable US, a "power in search of world domination through force and
violence," is officially governed by self-avowed pious X-tians. What kind of corruption among the high-level
clergy protects the satanists Pompeo, Bush, Rice, Clinton, Obama, Blair and such from excommunication?
"Washington does little to nothing to restore peace and help the devastated region to recover from the
long war, while its [US] airstrikes
continue to rack up civilian deaths
At the same time, the US
military presence at the Al-Tanf airbase and the "armed gangs" around it prevent refugees from returning
home."
– Nothing new. The multi-denominational Syria has been pounded by the US-supported "moderate" terrorists
(armed with US-provided arms and with UK-provided chemical weaponry) to satisfy the desires of
Israel-firsters, arm-dealers and the multitude of war-profiteers that have been fattening their pockets at
the US/UK taxpayers' expense.
"Timber Sycamore" [initiated by Obama] is the most important arms trafficking operation in History. It
involves at least 17 governments. The transfer of weapons, meant for jihadist organizations, is carried out
by Silk Way Airlines, a Azerbaďdjan public company of cargo planes."
@Godfree Roberts
Huawei can announce whatever, there are much more experienced adversaries(IBM, intel and ARM) who can`t beat
nV in computation, and especially in integration of silicon. Guess who`s running inference and computer
vision in all these car autopilots.
I think we could have an economic collapse like the Soviet Union had , or like Argentina had in 2001 with
the " corralito "
https://en.wikipedia.org/wiki/Corralito
.
Being the complex and global society that we are , it would be a disaster , it would produce hunger ,
misery and all types of local wars .
"Notwithstanding the limits of US power and its failure to topple regimes "
Have to agree with that
statement. Seriously, wherein is this vaunted "superpower" that our American politicians always yap about?
All I've seen in my lifetime is our military getting its butt kicked in Cuba, Vietnam, Somalia, Iraq,
Afghanistan. What, besides insanity and hubris, makes them think they could win anything much less a war
against Iran, China or Russia?
Mostly accurate, but 'closed protectionist society' ! Hardly. It's still very difficult to buy any
manufactured goods made in this country. Of course this is part of the World economic circle countries use
the US Dollar for all trade. They need dollars. We can print them and receive real goods in return. This has
been going around and around for decades. It may come to an end in the not-too-distant future, but it has a
lot of inertia.
@jilles dykstra
"Naturally the common people don't want war: Neither in Russia, nor in England, nor for that matter in
Germany. That is understood. But, after all, IT IS THE LEADERS of the country who determine the policy and
it is always a simple matter to drag the people along, whether it is a democracy, or a fascist dictatorship,
or a parliament, or a communist dictatorship. Voice or no voice, the people can always be brought to the
bidding of the leaders. That is easy. All you have to do is TELL THEM THEY ARE BEING ATTACKED, and denounce
the peacemakers for lack of patriotism and exposing the country to danger. IT WORKS THE SAME IN ANY
COUNTRY."
The only threat to patriotic Americans is Zionism which has ruled the U.S. since it took control over the
money supply and the taxes via the privately owned Zionist FED and IRS and has given America nothing to wars
and economic destruction since the FED and IRS were put in place by the Zionist banking kabal in 1913 and
both are UNCONSTITUTIONAL!
The threat is not from China or Russia or Iran etc., the threat is from within
the U.S. government which is controlled in every facet by the Zionists and dual citizens and is as foreign
to the American people as if it were from MARS!
Until the American people wake up to the fact that we are slaves on a Zionist plantation and are used as
pawns in the Zionist goal of a satanic Zionist NWO and abolish the FED and IRS and break the chains of
slavery that the FED and IRS have place upon us, until then nothing will change and the wars and economic
destruction by the Zionist kabal will continue!
Read The Controversy of Zion by Douglas Reed and The Committee of 300 by Dr. John Coleman and The
Protocols of Zion, to see the Zionist satanic NWO plan.
Lost me at Kurd takeover of northern Iraq/Syria. The Kurds have defacto owned those areas since 1991, and
earlier. Saddam gassing the Kurds didn't accomplish anything except for making himself a target, no Arab
lived in those areas, the Kurds would kill them.
Nov 28, 2018 Belt & Road Billionaire in Massive Bribery Scandal
The bribery trial of Dr. Patrick Ho, a
pitchman for a Chinese energy company, lifts the lid on how the Chinese regime relies on graft to cut Belt
and Road deals in its global push for economic and geopolitical dominance.
I agree with Bob Sykes' commentary over on Instapundit:
Well, our "anti-ISIS" model in eastern Syria consists of defending ISIS against attacks by the Syrian
government, allowing them to pump and export Syrian oil for their profit, arming them and allowing them
to recruit new fighters. I suppose that means we should be arming the Taliban.
ISIS was created by the CIA to fight against Assad. But they slipped the leash and became the fighting
force for the dissident Sunni Arabs all along the Euphrates Valley. We only began to oppose them when
their rebellion reached the outskirts of Baghdad, and even then the bulk of the fighting was done by
Iraq's Shias and Iran. Now we are transferring them, or many of them, into secure (for ISIS) areas of
Iraq.
The three U.S. presidents, six secretaries of defense and five chairmen of the Joint Chiefs of
Staff are, in fact, war criminals, in exactly the same sense that Hitler, Goebels, Goering, Himmler et
al. were war criminals.
Those presidents, secretaries and generals launched wars of aggression
against Sudan, Somalia, Afghanistan, Iraq, Syria, Ukraine, Libya, Yemen not one of which threatened us
in any way. They engineered coups d'état against two friendly governments, Egypt and Turkey.
Now the
fake American, anti-American neocons want to attack Iran, Venezuela, North Korea and even Russia and
China.
Green needs to get his head out of his arse. We, the US, are the great rogue terrorist state. We are
the evil empire. We are the chief source of death and destruction in the world. How many hundreds of
thousands of civilians have we murdered in the Middle East, Africa and Central Asia? How many cities have
we bombed flat like Raqqa and Mosel. Putin is a saint compared to any US President.
Iran has always been at the center of the Great Game, the key square on the board to block
Eurasia.You must either control Afghanistan AND Pakistan or Iran.
With Pakistan now in the SCO, Iran is a US imperative.
Israels antipathy is secondary and a useful foil, not the primary motive.
Read MacKinder, the imperial power has changed, not the strategy.
How is it possible for anyone to write an article titled:
A World of Multiple Detonators of Global Wars
without mentioning the Principal Detonator of Global Wars?? The Elephant!
The United States of America is no longer a Sovereign Nation.
The Local Political Power Elite (C. Wright Mills term), serve, are Minions, of the Zionist Jewish
Financial Terrorist Initiators and Controllers of the Global New World Order.
I would express this point in stronger terms, but I have not yet finished my coffee. The "Mulitiple
Detonators" Petras discusses are useless unless Triggered by the Global Controllers.
A Slight Digression: maybe:
Petras may have written his exposé this way, understanding that he might safely avoid mention of the
anti-Semitic (they hate Palestinians and other Arabs – actual Semites), Zionist Land Thieves, because a
clueless Anarchist would appear and complete his article for him. If that is the case, I want half of the $
Unz is paying Petras for this article.
In Conclusion: and by the number###:
1. The American Power Elite and servile Politicians in America's Knesset in Washington DC, do not go to the
Bathroom, without permission from their Zionist Oligarch masters.
2. The American Gauleters, Quislings, (better known as Traitors), serve the Rothschild and other Foreign
Oligarchs. Recently, only 1, of 100 'Senators' demanded that there be a discussion of the Bill to send
another $35 Billion gift to the Zionist occupiers of Palestine. Poor
Senator Rand Paul
. How many ribs
of his remain to be broken?
We the American people, have one Senator. And he has a great father.
3. Textbooks, Entertainment from Hollywood (key to all mind control), even Dictionaries, have been
ruthlessly censored.
4.
Our elected Zionist slaves in Congress, and all State and local governing bodies, live in fear
of saying (accidentally), some truth, and ending up working at Walmart or 7-11, (if they are lucky).
5. Our young are effectively brainwashed in their schools; they have already been removed from their
parents.
6. Our politicians are bribed with our own tax money (re-routed by the Zionists AIPAC, etc.).
7.
The Zionist Entity has huge Financial Resources
. They should be giving us 'Financial $$ Aid,
not the other way around. Since NAFTA, we have entire cities & tons of infrastructure to rebuild.
Excuse me
: Girlfriend thinks I should go to work.
Petras, I just fleshed out your, otherwise, promising article. You must understand – that
the ethnic
cleansing – genocide, against the Palestinian Nation, by the Terrorist Zionist Oligarchs, is the greatest
single crime being committed on our Planet.
All other crimes stem from this one.
We Americans must Restore Our Republic!
John F. Kennedy, Robert Kennedy, M L King, Malcolm X. John Lennon; we are late, but we are coming.
The threat is not from China or Russia or Iran etc., the threat is from within the U.S. government
which is controlled in every facet by the Zionists and dual citizens and is as foreign to the American
people as if it were from MARS!
One comment:
Until the American people wake up to the fact that we are slaves on a Zionist plantation and are used
as pawns in the Zionist goal of a satanic Zionist NWO and abolish the FED and IRS and break the chains of
slavery that the FED and IRS have place upon us, until then nothing will change and the wars and economic
destruction by the Zionist kabal will continue!
In order to accomplish the above
, we American Citizen Patriots – must Restore Our Republic – that,
with our Last Constitutional President,
John F. Kennedy,
was destroyed by the Zionist Oligarchs and
their American underling traitors, in a hail of bullets, on November 22, 1963.
@Miro23
" same sense that Hitler, Goebels, Goering, Himmler et al. were war criminals. "
Why were they war criminals ?
Because of the Neurenberg farce ?; farce according to the chairman of the USA Supreme Court in 1945:
Bruce Allen Murphy, 'The Brandeis/Frankfurter Connection, The Secret Political Activities of Two Supreme
Court Justices', New York, 1983
Churchill and Lindemann in fact murdered some two million German civilians, women, children, old men. Not a
crime ?
Churchill refused the May 1941 Rudolf Hess peace proposal, not a crime ?
FDR deliberately provoked Pearl Harbour, some 2700 casualties, his pretcxt for war, not a crime ?
900.000 German hunger deaths between the 1918 cease fire and Versailles, the British food blockade, not a
crime ?
Will these wild accusations ever stop ?
I am all for the mother of all wars; however, it isn't going to come anytime soon, nay, not in our lifetime
but when it does appear on the next century's horizon, it would be cathartic to all concerned. Rejoice!
Europe is realigning. England leaving Euro. French population is in upheaval. Eventually France will leave
the Euro also.Most of German tourists now are going to Croatia. Italy is loosing tourists.
Italy living standard is declining. Germany is being pushed inevitably toward cooperation with Russia. Only
supporter of Ukraine will remain USA. Ukraine will be only burden.
Brussels power will evaporate. NATO will remain only on paper and will cease to be reality.
.
This will be great step toward peace in the world.
US is treating its allies as used toilet paper.
Obviously Kashogi was sentenced to death for high treason in absence. The sentence was carried out on Saudi
Arabia's territory. So in reality it is nobody's business.
All hula-buu did happen because he was a reporter working for warmongering Zionist New york times.
@Durruti
I agree with you partly, especially when it comes to the US regarding Zionism and the power of the Israel
lobby to influence US foreign policy and even domestic policy.
But when it comes to Global governance, you have a somewhat narrow minded approach.
Most of the ills today that happen in the world, is driven by the NEW WORLD ORDER OF NEOLIBERAL
GLOBALIZATION.
Unrelated phenomena, such as the destruction in the Middle East (Iraq, Afghanistan, Libya, and Syria), the
destruction of Yugoslavia, the coup in Ukraine and the Greek economic catastrophe are a consequence of this
NWO expansion. NWO expansion is the phasing out of national sovereignty (through economic and/or military
violence) and its replacement by a kind of transnational sovereignty administered by a Transnational Elite.
This is the network of the elites mainly based in the G7 countries, which control the world economic and
political/ military institutions (WTO, IMF, World Bank, EU, European Central Bank, NATO, UN and so on), as
well as the global media that set the agenda of the 'world community'.
The US is an important part of this since it provides the Military Means to integrate countries that do not
"comply" with the NWO dictates.
The Zionists carry a lot of blame and are part of that drive for this NWO, but there are others, most of
them in the US and Europe.
Here's a good link to an article if you have time, with good info about NWO & Trasnational corporations
that are mainly to blame about all the worlds and misery in our world today.
@WHAT
back door Intel
,
embedded ARM
Open source Red Hat-IBM
Hummm?.
I am not so sure, Mr. What. Experience may not mean much to abused IAI consumers. even if IAI catches up
to the exponential fundamentals achieved by Huawei consumers might prefer back-door-free equipment and
Operating Systems.
Russian times reported a few weeks ago that Russia has a quite different new processor and an OS that
does not use any IAI stuff and is developing a backup Internet for Russians which it expects to expand
regionally,
"What we have then, are criminal syndicates masquerading as philanthropic enterprises
Norman Dodd, director of research for the (U.S.) REECE COMMITTEE in its attempt to investigate tax exempt
foundations, stated:
"The Foundation world is a coordinated, well-directed system, the purpose of which is to ensure that the
wealth of our country shall be used to divorce it from the ideas which brought it into being."
The Rothschilds rule the U.S. through the foundations, the Council on foreign Relations, and the Federal
Reserve System, with no serious challenges to their power. Expensive 'political campaigns' are routinely
conducted, with carefully screened candidates who are pledged to the program of the WORLD ORDER. Should they
deviate from the program, they would have an 'accident', be framed on a sex charge, or indicted on some
financial irregularity.
Senator Moynihan stated in his book, "Loyalties", "A British friend, wise in the ways of the world, put
it thus: "They are now on page 16 of the Plan." Moynihan prudently did not ask what page 17 would bring.
"Tavistock's pioneer work in behavioural science along Freudian lines of 'controlling' humans established
it as the world center of FOUNDATION ideology.
[MORE]
Its network extends from the University of Sussex to the U.S. through the Standford Research
Institute, Esalen, MIT, Hudson Institute, HERITAGE FOUNDATION, Centre of Strategic and International
Studies at Georgetown, where State Dept personnel are trained, US Air Force Intelligence, and the Rand
and Mitre corporations.
(at the time of writing, 1992) Today the Tavistock Institute operates a $6 billion a year network
of foundations in the U.S., all of it funded by U.S. taxpayers' money. Ten major institutions are
under its direct control, with 400 subsidiaries, and 3000 other study groups and think tanks which
originate many types of programs to increase the control of the WORLD ORDER over the American people.
The personnel of the FOUNDATIONS are required to undergo indoctrination at one or more of these
Tavistock controlled institutions.
A network of secret groups – the MONT PELERIN SOCIETY, TRILATERAL COMMISSION, DITCHLEY FOUNDATION,
and CLUB OF ROME is the conduit for instructions to the Tavistock network.
Tavistock Institute developed the mass brain-washing techniques which were first used
experimentally on AMERICAN prisoners of war in KOREA.
Its experiments in crowd control methods have been widely used on the American public, a
surreptitious but nevertheless outrageous assault on human freedom by modifying individual behaviour
through topical psychology.
A German refugee, Kurt Lewin, became director of Tavistock in 1932. He came to the U.S. in 1933 as
a 'refugee', the first of many infiltrators, and set up the Harvard Psychology Clinic, which
originated the propaganda campaign to turn the American public against Germany and involve the U.S. in
WWII.
In 1938, Roosevelt executed a secret agreement with Churchill which in effect ceded U.S.
sovereignty to England, because it agreed to let Special Operations Executive control U.S. policies.
To implement this agreement, Roosevelt sent General Donovan to London for indoctrination before
setting up the OSS (now the CIA) under the aegis of SOE-SIS. The entire OSS program, as well as the
CIA has always worked on guidelines set up by the Tavistock Institute.
Tavistock Institute originated the mass civilian bombing raids [against the German people] carried
out by [the ALL LIES] Roosevelt and Churchill as a clinical experiment in mass terror, keeping records
of the results as they watched the "guinea pigs" reacting under "controlled laboratory conditions".
All Tavistock and American foundation techniques have a single goal – to break down the
psychological strength of the individual and render him helpless to oppose the dictators of the WORLD
ORDER.
Any technique which helps to break down the family unit, and family inculcated principles of
religion, honor, patriotism and sexual behaviour, is used by the Tavistock scientists as weapons of
crowd control.
The methods of Freudian psychotherapy induce permanent mental illness in those who undergo this
treatment by destabilizing their character. The victim is then advised to 'establish new rituals of
personal interactions', that is, to indulge in brief sexual encounters which actually set the
participants adrift with no stable personal relationships in their lives – destroying their ability to
establish or maintain a family.
Tavistock Institute has developed such power in the U.S. that no one achieves prominence in any
field unless he has been trained in behavioural science at Tavistock or one of its subsidiaries.
Tavistock maintains 2 schools at Frankfort, birthplace of the Rothschilds, the FRANKFURT SCHOOL, and
the Sigmund Freud Institute.
The 'experiment' in compulsory racial integration in the U.S. was organized by Ronald Lippert of
the OSS (forerunner of CIA) and the American Jewish Congress, and director of child training at the
Commission on Community Relations.
The program was designed to break down the individual's sense of personal knowledge in his
identity, his racial heritage. Through the Stanford Research Institute, Tavistock controls the
National Education Association.
The Institute of Social Research at the Natl Training Lab brain washes the leading executives of
business and government.
Another prominent Tavistock operation is the WHARTON SCHOOL OF FINANCE.
A single common denominator identifies the common Tavistock strategy – the use of drugs such as the
infamous MK Ultra program of the CIA, directed by Dr Sidney Gottlieb, in which unsuspecting CIA
officials were given LSD and their reactions studied like guinea pigs, resulting in several deaths –
no one was ever indicted.
(Source of info: author Eustace Mullins "The World Order: Our Secret Rulers" 2nd ed. 1992. He
dedicated his book "to American patriots and their passion for liberty". note: No copyright
restrictions)
@Agent76
Excellent video. More people need to see this to understand how corrupt the China Totalitarian state works
behind the scenes along with the US as part of the Globalization NWO movement to enrich the few and
impoverish the rest of the world population.
But the more common situation is that applicants are ghosted by companies. They apply for a
job and never hear anything in response, not even a rejection. In the U.S., companies are
generally not legally obligated to deliver bad news to job candidates, so many don't.
They also don't provide feedback, because it could open the company up to a legal risk if it
shows that they decided against a candidate for discriminatory reasons protected by law such as
race, gender or disability.
Hiring can be a lengthy process, and rejecting 99 candidates is much more work than
accepting one. But a consistently poor hiring process that leaves applicants hanging can cause
companies to lose out on the best talent and even damage perception of their brand.
Here's what companies can do differently to keep applicants in the loop, and how job seekers
can know that it's time to cut their losses.
What companies can do differently
There are many ways that technology can make the hiring process easier for both HR
professionals and applicants.
Only about half of all companies get back to the candidates they're not planning to
interview, Natalia Baryshnikova, director of product management on the enterprise product team
at SmartRecruiters, tells CNBC Make It .
"Technology has defaults, one change is in the default option," Baryshnikova says. She said
that SmartRecruiters changed the default on its technology from "reject without a note" to
"reject with a note," so that candidates will know they're no longer involved in the
process.
Companies can also use technology as a reminder to prioritize rejections. For the company,
rejections are less urgent than hiring. But for a candidate, they are a top priority. "There
are companies out there that get back to 100 percent of candidates, but they are not yet
common," Baryshnikova says.
How one company is trying to help
WayUp was founded to make the process of applying for a job simpler.
"The No. 1 complaint from candidates we've heard, from college students and recent grads
especially, is that their application goes into a black hole," Liz Wessel, co-founder and CEO
of WayUp, a platform that connects college students and recent graduates with employers, tells
CNBC Make It .
WayUp attempts to increase transparency in hiring by helping companies source and screen
applicants, and by giving applicants feedback based on soft skills. They also let applicants
know if they have advanced to the next round of interviewing within 24 hours.
Wessel says that in addition to creating a better experience for applicants, WayUp's system
helps companies address bias during the resume-screening processes. Resumes are assessed for
hard skills up front, then each applicant participates in a phone screening before their
application is passed to an employer. This ensures that no qualified candidate is passed over
because their resume is different from the typical hire at an organization – something
that can happen in a company that uses computers instead of people to scan resumes .
"The companies we work with see twice as many minorities getting to offer letter," Wessel
said.
When you can safely assume that no news is bad news
First, if you do feel that you're being ghosted by a company after sending in a job
application, don't despair. No news could be good news, so don't assume right off the
bat that silence means you didn't get the job.
Hiring takes time, especially if you're applying for roles where multiple people could be
hired, which is common in entry-level positions. It's possible that an HR team is working
through hundreds or even thousands of resumes, and they might not have gotten to yours yet. It
is not unheard of to hear back about next steps months after submitting an initial
application.
If you don't like waiting, you have a few options. Some companies have application tracking
in their HR systems, so you can always check to see if the job you've applied for has that and
if there's been an update to the status of your application.
Otherwise, if you haven't heard anything, Wessel said that the only way to be sure that you
aren't still in the running for the job is to determine if the position has started. Some
companies will publish their calendar timelines for certain jobs and programs, so check that
information to see if your resume could still be in review.
"If that's the case and the deadline has passed," Wessel says, it's safe to say you didn't
get the job.
And finally, if you're still unclear on the status of your application, she says there's no
problem with emailing a recruiter and asking outright.
"... The US rarely arrests senior businesspeople, US or foreign, for alleged crimes committed by their companies. Corporate managers are usually arrested for their alleged personal crimes (such as embezzlement, bribery or violence) rather than their company's alleged malfeasance. ..."
"... Meng is charged with violating US sanctions on Iran. Yet consider her arrest in the context of the large number of companies, US and non-US, that have violated US sanctions against Iran and other countries. ..."
"... The Trump administration is preparing actions this week to call out Beijing for what it says are China's continued efforts to steal American trade secrets and advanced technologies and to compromise sensitive government and corporate computers, according to U.S. officials. ..."
"... Multiple government agencies are expected to condemn China, citing a documented campaign of economic espionage and the alleged violation of a landmark 2015 pact to refrain from hacking for commercial gain ..."
"... Taken together, the announcements represent a major broadside against China over its mounting aggression against the West and its attempts to displace the United States as the world's leader in technology, officials said. ..."
"... The actions come amid mounting intelligence showing a sustained Chinese hacking effort devoted to acquiring sophisticated American technologies of all stripes. A number of agencies -- including the Justice, State, Treasury and Homeland Security departments -- have pushed for a newly aggressive U.S. response. A National Security Council committee coordinated the actions ..."
"... After three centuries of anglo-american imperialism the economic center of the world is moving back to the east . ..."
"... The U.S. is way too late to prevent this move. Its best and most profitable chance is not to challenge, but to accommodate it. That again would require to respect international laws and treaty obligations. The U.S. is not willing to do either. ..."
"... Nothing except a large scale war that results in the destruction of the industrial centers of east Asia, while keeping the U.S. and Europe save, could reverse the trend. Nuclear weapons on all sides and the principal of mutual assured destruction have made such a war unthinkable. What we are likely to see instead will be proxy conflicts in various other countries. ..."
"... The current U.S. strategy is to restrict China's access to foreign markets, advanced technologies, global banking and higher education. While that may for a moment slow down China's rise it will in the long run strengthen China even more. Instead of integrating into the world economy it will develop its own capacities and international systems. ..."
"... dh posted a link on the last thread to China banning import and sale of all iPhones in China (strange, I thought they were made in China? Must be exported and re-imported?). ..."
"... This is interesting. China hits a top US company manufacturing in China by granting an injunction in a case of one US company against another US company, in which one accuses the other of intellectual property theft. China was not expected to find in Qualcomm's favour, according to the article (perhaps in part because Apple manufactures in China therefore is a client of China, so it was expected China might favour Apple). If this decision was influenced by the arrest, the US can hardly point the finger at China! ..."
"... In my opinion, China should make these criminal actions of the US extremely painful indeed, and as quickly as possible ..."
"... With Trump's utterance, he also exposed how he/his government has abused Canada's extradition law for political purposes. Officially in this extradition procedure, the US now has 60 days to submit a complete extradition request which requires far more detail. Meng's court date is set for February. In any case, Canada's rubberstamping of extradition requests (90% are by the US) was already successfully challenged once in the Diab case with France, was criticized by Canada's Superior Court (extraditions are processed at the provincial judicial level), so Trudeau's hiding behind 'judicial process' is two-faced cowardliness. ..."
"... What's even more damning for the collective absolute stupidity of capitalist bigwigs is that I could see this coming more than 20 years ago, yet these idiots blindly charged as if short-term profits were all they wanted and would be enough to ensure their eternal dominance. ..."
"... What an empire does not control they destroy. ..."
"... The "own goal" was not outsourcing manufacturing to China but in not isolating China by bringing Russia into the Western fold. Instead, they kicked Russia while it was down via capitalist "Shock Doctrine" - hoping for total capitulation. Kissinger admits(*) this when, in his typical roundabout way, he says that no one anticipated Russia's ability to absorb pain. ..."
"... Does that moron Kissinger know nothing about WW2? That Kissinger projects an inability to absorb pain onto the Russians suggests that Kissinger knows the Americans have no ability to absorb pain themselves ..."
"... Maybe now Shell executives will be arrested for crimes against humanity in Nigeria. ..."
"... After all, as you stated, these maneuvers wrt Meng are emanating from John (I am the Eggman) Bolton's office and clearly evidence his trademarked hard-boiled belligerence which of course is heartily endorsed by Trump (as an "Art of the Deal" negotiating ploy by the master debater himself) who selected The Walrus in the first place. Or second place if you count Bolton's earlier appointment by that other intellectual giant of the GOP, GW Bush. ..."
"... "Kissinger admits(*) this when, in his typical roundabout way, he says that no one anticipated Russia's ability to absorb pain." Then Kissinger is a bigger fool than I thought. He's old enough to know about WWII, and previous wars as well. I mean, he did study the Napoleonic wars... ..."
"... She's not being accused of trading with Iran. She's being accused of bank fraud (providing false information to obtain a loan). ..."
"... The charges against Meng were brought by Richard P. Donoghue, the United States Attorney for the Eastern District of New York. Donoghue was appointed as Interim United States Attorney for the Eastern District by Attorney General Jeff Sessions on January 3, 2018, and as Attorney on May 3, 2018. ..."
"... The bottom line is that the bar for extradition from Canada is extremely low, which should worry Ms Meng. ..."
"... The historical West is still violently opposed to the objective rise of a fairer and more democratic polycentric world order. Clinging to the principles of unipolarity, Washington and some other Western capitals appear unable to constructively interact with the new global centres of economic and political influence. A wide range of restrictions are applied to the dissenters, ranging from military force and unilateral economic sanctions to demonisation and mud-slinging in the spirit of the notorious "highly likely." There are many examples of this dirty game...This has seriously debased international law. Moreover, attempts have been made to replace the notion of law with a "rules-based order" the parameters of which will be determined by a select few. ..."
"... We are especially concerned about the activities of the US administration aimed at destroying the key international agreements. These include withdrawal from the Joint Comprehensive Plan of Action known as the Iran nuclear deal, the declared intention to withdraw from the Intermediate-Range Nuclear Forces Treaty (INF Treaty), an open line for revising the settlement principles in the Middle East, as well as sabotaging the Minsk Agreements on overcoming the internal Ukrainian crisis. The trade wars that have been launched contrary to the WTO principles are rocking the global economic architecture, free trade and competition standards. The US establishment, blindly believing in the idea of their exceptionalism, continues to appoint rivals and adversaries, primarily among the countries that pursue an independent foreign policy. Everyone can see that Washington is a loose cannon, liable to act incongruously, including regarding Russia where any steps taken by US President Donald Trump to develop stable and normal channels of communication with Moscow on the biggest current problems are promptly blocked by those who want to continue or even strengthen the destructive approach to relations with Russia, which developed during the previous US administration. ..."
"... Overall, it looks as if the Americans and some of our other Western colleagues have forgotten the basics of diplomacy and the art of dialogue and consensus over the past 25 years. One result of this is the dangerous militarisation of the foreign policy thinking. As RIAC Director General Andrey Kortunov recently pointed out at a Valdai Discussion Club meeting, the Clausewitz formula can be changed to a mirror image, "Politics is a continuation of war by other means. ..."
"... Unfortunately, the U.S. ruling class cares more about the psychic gratification it derives from dominating the world. ..."
"... The prosecutor's case against Meng is fundamentally weak. For instance, there is no identification of a "co-conspirator", necessary to a charge of conspiracy. It does not seem to have been developed much beyond the information developed in the 2013 Reuters investigation. At least half of that relies on unnamed "former employees" and unnamed persons who claimed to have dealt with Skycom in Iran. ..."
The United States issued an arrest warrant against the chief financial officer and heir apparent of Huawei, Meng Wanzhou. At issue
is a six years old
alleged violation of sanctions against Iran. Mrs. Meng was arrested in Canada. She has been set free under a
stringent $10 million bail agreement . An extradition trial will follow in February or March.
It is unprecedented
that an officer of a large company is personally indicted for the alleged sanction violations by a subsidiary company:
The US rarely arrests senior businesspeople, US or foreign, for alleged crimes committed by their companies. Corporate managers
are usually arrested for their alleged personal crimes (such as embezzlement, bribery or violence) rather than their company's
alleged malfeasance.
... Meng is charged with violating US sanctions on Iran. Yet consider her arrest in the context of the large number of companies,
US and non-US, that have violated US sanctions against Iran and other countries. In 2011, for example, JPMorgan Chase paid
US$88.3 million in fines for violating US sanctions against Cuba, Iran and Sudan. Yet chief executive officer Jamie Dimon wasn't
grabbed off a plane and whisked into custody.
The U.S. indicted dozens of banks for violating its sanction regime. They had to pay
huge fines (pdf) but none of their officers were ever touched.
U.S. President Donald Trump told Reuters on Tuesday he would intervene in the U.S. Justice Department's case against Meng if it
would serve national security interests or help close a trade deal with China.
The arrest of Meng is but one part of a larger
political campaign against China directed out of the office of National Security Advisor John Bolton:
The Trump administration is preparing actions this week to call out Beijing for what it says are China's continued efforts
to steal American trade secrets and advanced technologies and to compromise sensitive government and corporate computers, according
to U.S. officials.
Multiple government agencies are expected to condemn China, citing a documented campaign of economic espionage and the
alleged violation of a landmark 2015 pact to refrain from hacking for commercial gain.
In typical propaganda style the U.S. media depict the Chinese as enemies:
Taken together, the announcements represent a major broadside against China over its mounting aggression against the West
and its attempts to displace the United States as the world's leader in technology, officials said.
...
The actions come amid mounting intelligence showing a sustained Chinese hacking effort devoted to acquiring sophisticated
American technologies of all stripes. A number of agencies -- including the Justice, State, Treasury and Homeland Security departments
-- have pushed for a newly aggressive U.S. response. A National Security Council committee coordinated the actions.
One wonders what those "mounting aggressions" are supposed to be. Is the U.S. not constantly spying and hacking for economic or
political gain?
Other reports today of alleged
Chinese hacking are
obviously part of the concerted anti-China campaign. As usual no evidence is presented for the vague allegations:
U.S. government investigators increasingly believe that Chinese state hackers were most likely responsible for the massive intrusion
reported last month into Marriott's Starwood chain hotel reservation system, a breach that exposed the private information and
travel details of as many as 500 million people, according to two people briefed on the government investigation.
These people cautioned that the investigation has not been completed, so definitive conclusions cannot be drawn. But the sweep
and tactics of the hack, which took place over four years before being discovered, prompted immediate speculation that it was
carried out by a national government.
The new anti-China campaign follows a
similar push of anti-Russian propaganda three month ago.
China has taken first countermeasures against Canada's hostage taking on behalf of the United States. It
detained Michael
Kovrig, a former Canadian diplomat who now
works for the International Crisis
Group. Beijing suggest that the ICG is
operating illegally in China :
"The relevant organization has violated Chinese laws because the relevant organization is not registered in China," Foreign Ministry
spokesman Lu Kang said at a press briefing Wednesday.
China sharply tightened its rules on NGOs operating in the country last year, ..
This will not be the sole Chinese measure against Canada for its role in enforcing extraterritorial U.S. sanctions.
The string of U.S. accusations and measures against China are partly to protect the market share of U.S. companies against better
and cheaper Chinese products and partly geopolitical. Neither has anything to do with protecting the international rule of law.
After three centuries of anglo-american imperialism the economic center of the world
is moving back
to the east .
The U.S. is way too late to prevent this move. Its best and most profitable chance is not to challenge, but to accommodate
it. That again would require to respect international laws and treaty obligations. The U.S. is not willing to do either.
Nothing except a large scale war that results in the destruction of the industrial centers of east Asia, while keeping the
U.S. and Europe save, could reverse the trend. Nuclear weapons on all sides and the principal of mutual assured destruction have
made such a war unthinkable. What we are likely to see instead will be proxy conflicts in various other countries.
The current U.S. strategy is to restrict China's access to foreign markets, advanced technologies, global banking and higher
education. While that may for a moment slow down China's rise it will in the long run strengthen China even more. Instead of integrating
into the world economy it will develop its own capacities and international systems.
The U.S. can temporarily hinder the telecommunication equipment provider Huawei by denying it access to U.S. designed chips. It
will probably do so. But that will only incentivize Huawei to start its own chip production. With a few years delay it will be back
and out-compete U.S. companies with even better and cheaper products.
It is typical for the current U.S. to seek short term advantage while disregarding the long term negative effects of its doing.
It is a major reason for China's rise and its future supremacy.
Posted by b on December 12, 2018 at 07:07 AM |
Permalink
Comments
next page " The reason she is violating trade sanctions against Iran is because Trump suspended the Iran Nuclear treaty.
How short-sighted is that?
Well, all these sanctions are pushing target countries to be self sufficient. That's wonderful. Us are pushing countries for a
better production and decrease itself. Smart.
the King Liar has spoken...the boss of the mafia group U$A... The Chinese will interpret this as a kidnapping for blackmail and
act accordingly...this can only get much worse...
dh posted a link on the last thread to China banning import and sale of all iPhones in China (strange, I thought they were
made in China? Must be exported and re-imported?). This concerns a patent dispute between US company Qualcomm and Apple,
over which Qualcomm sued Apple in Chinese courts. The existence of the action in the courts must predate the Meng arrest, but
the court decision to support Qualcomm could be influenced by the arrest.
This is interesting. China hits a top US company manufacturing in China by granting an injunction in a case of one US company
against another US company, in which one accuses the other of intellectual property theft. China was not expected to find in Qualcomm's
favour, according to the article (perhaps in part because Apple manufactures in China therefore is a client of China, so it was
expected China might favour Apple). If this decision was influenced by the arrest, the US can hardly point the finger at China!
It gets better: The Apple executive states in the article that they have stocks of all models in China and sales will not stop.
How can this be, if sales are banned? Surely China can then arrest several Apple executives in China for breaking the injunction?
Would depend of course on the terms of the injunction, of which the article gave no details.
In my opinion, China should make these criminal actions of the US extremely painful indeed, and as quickly as possible.
One person arrested in China is not enough - it should be 10 Americans arrested for 1 Chinese, plus 5 Canadians. China should
make sure the US and Canada understand that the ratio will stay constant if the US/Canada respond to the arrests in China. China
should also take extremely painful action against US telecomms companies in China to compensate for the campaign against Huawei
- it could include denying access to comms links, forcing US telcom communications to go through very expensive route, ceasing
negotiations for investment consortia in favour of non-US companies, etc. The difficulty to navigate, of course, is the risk of
inciting escalating actions against Huawei; but the Chinese will find excellent startegies I am sure.
It may be the case that the Huawei equipment is very, very secure, has much better performance. Soon, China will be the tech leader,
hence the panic. I have a snippet below, but peruse the article in full on the 5G landscape.
"Huawei has been pouring money into research on 5G wireless networks and patenting key technologies. The company has hired
many experts from abroad as well to decide the technical standards for the next generation of wireless communication technology.
As of early 2017, 10% of 1450 patents essential for 5G networks were in Chinese hands in which majority belongs to Huawei and
ZTE.
Huawei spent around $12 Billion on R&D in 2017, which was threefold of Ericsson's spending of $4.1 Billion. This year, according
to estimates, it will spend $800 million in 5G research and development alone.
The company wants to involve AI in 5G which according to them is a much more integral element of Huawei's 5G strategy. The
company also plans to launch a full range of Huawei commercial equipment including wireless access networks, core networks, and
devices.
Huawei has also revealed its hopes to launch smartphones ready for supporting 5G networks by 2019 and starting selling in the
mid-2019. The company is also said to be working on developing a brand-new chipset for 5G services.
Huawei and Vodafone made the 5G call using non-standalone 3GPP 5G-NR standard and sub 6 GHz spectrum. The two companies built
a 5G NR end-to-end test network for the trial and used 3.7GHz spectrum. They also used Huawei Radio Access Network and core network
equipment to support the test with microservice-centric architecture, control plane/user plane separation, and unified access
and network slicing technology.
Huawei also started manufacturing products that provide 5G services. In Mobile World Congress, Huawei launched its 5G customer-premises
equipment (CPE), the world's first commercial terminal device supporting 3GPP standard for 5G. Huawei used its self-developed
chipset Balong 5G01 – world's first commercial chipset supporting the 3GPP standard for 5G, with downlink speed up to 2.3 Gbps."
With Trump's utterance, he also exposed how he/his government has abused Canada's extradition law for political purposes.
Officially in this extradition procedure, the US now has 60 days to submit a complete extradition request which requires far more
detail. Meng's court date is set for February. In any case, Canada's rubberstamping of extradition requests (90% are by the US)
was already successfully challenged once in the Diab case with France, was criticized by Canada's Superior Court (extraditions
are processed at the provincial judicial level), so Trudeau's hiding behind 'judicial process' is two-faced cowardliness.
Canada needs to amend its extradition law, become much more stringent, and arm this law against the bullying and abusive southern
neighbor who prefers to lord its own laws over others than abide by any kind of international law.
We've been at war with Eurasia long enough. Time for Eastasia! The main question is whether Putin will remain Emmanuel Goldstein
or if someone Chinese will get the honor.
China is set to introduce maximum residue limits (MRLs) of 200 parts per billion (ppb) or lower for glyphosate in all imported
final food products and raw materials including grains, soybeans and other legumes before the end of 2019, according to Sustainable
Pulse sources.....
It is expected that China will now import more grains from Russia, where glyphosate is not widely used as a desiccant. This
also enables China to use glyphosate as a political tool in the current U.S. / China trade war, as food and raw material imports
from the U.S., which often contain high levels of the weedkiller, will be put under major pressure.
That'll hit Monsanto's Roundup pretty hard. Of course China doesn't really have any problem with glyphosate - it's long been
a major producer and exporter itself. So this is obviously a trade war action.
"It is typical for the current U.S. to seek short term advantage while disregarding the long term negative effects of its doing.
It is a major reason for China's rise and its future supremacy."
Well, the economic and industrial rise of China is the ultimate
proof of this. Instead of making sure China would have a limited and purely internal development and would never become such a
fearsome rival, Western (specially US) capitalist fools decided to outsource their production there, creating the monster they
feared and fear even more nowadays.
I've never seen such a ridiculous and brilliant own goal in any World Cup. What's even more damning for the collective
absolute stupidity of capitalist bigwigs is that I could see this coming more than 20 years ago, yet these idiots blindly charged
as if short-term profits were all they wanted and would be enough to ensure their eternal dominance.
I think it's pretty clear to China, Russia, India, and many others, that trading in dollars is a losing strategy. Thus the dollar
is very fast losing its position as the world reserve currency. The EU is not using dollars for Iran's oil. India is not using
dollars for its purchase of Russia's S-400.
It's not only US anti-China strategy; but the US insistence to be the hegemon; the
rest of the planet will not have it, period. The US is done dictating what the rest of the planet will do/follow... Bye, bye,
American pie............
BM @4 I'm not sure where Qualcomm stands in relation to China. It could be a bargaining chip...excuse the pun. The Apple ban applies
to the older iPhone 8 & 7 not the new Xs & Xr......but that may change. Apple is already having trouble selling phones in China
and the Huawei dispute won't help.
What is the legal basis for Meng's arrest? What Canadian law is she alleged to have violated? Or is American wish fulfillment
now part of Canadian jurisprudence?
As a non-American I've got half a mind to find a way to purchase some Iranian products and then send the US State Department an
e-mail telling them to suck it.
Fernando Martinez , Dec 12, 2018 10:11:44 AM |
link
Posted by: Clueless Joe | Dec 12, 2018 9:14:45 AM | 10
The "own goal" was not outsourcing manufacturing to China but in not isolating China by bringing Russia into the Western
fold. Instead, they kicked Russia while it was down via capitalist "Shock Doctrine" - hoping for total capitulation. Kissinger
admits(*) this when, in his typical roundabout way, he says that no one anticipated Russia's ability to absorb pain.
* In his lunch interview with the Financial Times this past summer.
"What is the legal basis for Meng's arrest? What Canadian law is she alleged to have violated? Or is American wish fulfillment
now part of Canadian jurisprudence?"
As I understand it, the USA and Canada have an extradition agreement, and corporate fraud is also a crime in Canada.
This idiocy seems certain to increase curiosity in Huawei products by telcos worldwide. Business managers use technical experts
to evaluate available technologies when contemplating upgrades to their systems. They're certainly not swayed by MSM spin doctors.
This issue could soon be overtaken by a brand new reality. China is planning to launch a worldwide free wifi internet service
based on more than 100 satellites, which could be interpreted as a Commie scheme to undermine the profitability of telcos.
Not clear exactly which officials said, "Taken together, the announcements represent a major broadside against China over its
mounting aggression against the West... The actions come amid mounting intelligence showing a sustained Chinese hacking effort..."
but do know it's very unusual to repeat a verb in consecutive sentences. Mantra alert! Mounting... mounting... mounting... hear
the drums of war.
he says that no one anticipated Russia's ability to absorb pain
Does that moron Kissinger know nothing about WW2? That Kissinger projects an inability to absorb pain onto the Russians
suggests that Kissinger knows the Americans have no ability to absorb pain themselves
China is planning to launch a worldwide free wifi internet service based on more than 100 satellites, which could be interpreted
as a Commie scheme to undermine the profitability of telcos
cool. digital nomadism
and growing your own food will be the ticket.
The story I heard was that it was a screw up. Mira Ricardel was fired because she pissed off Melania about airplane seats. She
was fired before inter-agency coordination for the arrest but after the warrant for the arrest was issued - the warrant was issued
back in August. That and the fact that Trudeau hates Trump explains this idiocy. Trudeau was left to weigh up the US request against
the poor timing of the US request from the US point of view. No one from the WH got back to the Canadians to ask them to wait.
So Justin decided to go ahead to screw Trump. Fun, no?
ralphieboy | Dec 12, 2018 10:52:25 AM | 18: corporate fraud is also a crime in Canada.
More specifically, she's accused of inducing banks to provide financing that was illegal due to US sanctions. It appears that
as Huawei CFO, she certified that her company doesn't trade with Iran despite the fact that Huawei has an Iran-based subsidiary
(SkyCom Tech).
Is this an example of "US short term strategical thinking" or "Trump's-as-per-usual (non) thinking?"
After all, as you stated, these maneuvers wrt Meng are emanating from John (I am the Eggman) Bolton's office and clearly
evidence his trademarked hard-boiled belligerence which of course is heartily endorsed by Trump (as an "Art of the Deal" negotiating
ploy by the master debater himself) who selected The Walrus in the first place. Or second place if you count Bolton's earlier
appointment by that other intellectual giant of the GOP, GW Bush.
Please, the US voted less for Trump to be our trade representative then even the British voted for their own ridiculous "alt-right"
trade adventure wildride, AKA "Brexit."
And we now have another pretty solid election behind us illustrating even further that Trump's worldview doesn't represent
most of the US. He represents only a dwindling "base" of mostly old white male reactionary racist very scared supporters whose
presence within the GOP has terrified the GOP toadies into supporting most everything Trump wants because he delivers judges and
tax cuts to the rich.
But again,
the majourity
of the toadies don't support Trump on China. He has them by their shriveled up balls is all.
That Kissinger projects an inability to absorb pain onto the Russians ...
This is a misreading. Kissinger is not projecting but explaining. Look at the Financial Times interview for more clarity. Also,
they didn't fail to consider WWII. They miscalculated. And then they doubled down (as the neocons always do).
Jackrabbit 17 "Kissinger admits(*) this when, in his typical roundabout way, he says that no one anticipated Russia's ability to absorb
pain." Then Kissinger is a bigger fool than I thought. He's old enough to know about WWII, and previous wars as well. I mean,
he did study the Napoleonic wars...
You have to remember, this was economic warfare, not military. And the USA/West were pretending to be helpful. IIRC, Yeltsin
was happy for this "help" too.
"The government and us are cut from the same cloth." Sam Giancana, former Mob boss from Chicago. Deep State, you say? No way,
Jose. More like the Gambino (Democrat's) and the Genovese (Republicans). You don't need "colors" to identify yourself as a gang
member. You can wear double breasted suits and have the same bad intentions as any member of the Crips, Bloods, Mafia or Mexican
Cartels. The US government is one great big Tammany Hall. Nothing has changed since the days of Boss Tweed. Instead of being centered
in New York, it's now in our nation's capital. Mah Rohn! Forget about it!
Fidelios Automata , Dec 12, 2018 12:22:34 PM |
link
This is beyond outrageous. US law is not the law of the world. The Chinese may trade with whomever they choose.
According to the above article, American firms set up foreign subsidiaries to do business with sanctioned countries. So if
SkyCom is an Iranian subsidiary, what can be Sabrina Meng Wanzhou's crime? Or even if SkyCom is a Hong Kong-based subsidiary?
The city-state effectively maintains its own laws and financial architecture, as part of one country, two systems.
It's a bit OT but this thing of Russia absorbing pain - to be fair, I always thought that producing Putin at the last moment was
really stretching survival to a fine thread. The neocons almost won there. The country was almost done for. It took a man whose
father nursed life back into his wife when medics figured she was done for...
Russia's ultimate salvation was way too close to the edge of the cliff for my taste.
Ya'll know how the Chinese finger trap works, yes? Instead of his fingers, Trump's got his whole head inside, and he's stuck real
good. There're only two ways out: Trump admits China can't be beaten so its better to join them or he cuts off his head to free
his body--both are essentially suicide, although the former is merely political instead of actual.
There is zero chance she gets deported to the US because doing so would mean a Canadian court blessing the idea that the US is
the sole legal authority of every thing on planet earth. There isn't a a judge in Canada that is goin g to sign off on the idea
that US law trumps Canadian law and international law in Canada.
There is a strange ambiguous nature to the post. It seems there is a reluctance to address the issues. It has long been
claimed that China has a tendency to copy or steal intellectual property. Most "I/P" is horse shit anyway - e.g. Apple and the
rounded corners. Apparently there has been some actual espionage, but that is probably pretty common its just that China has used
it to good advantage (if we accept that they have used it - as I do).
It is quite odd to to make such a fuss in the absence
of smoking gun - maybe Mueller is in need of something to investigate?
I am baffeled by the whole Iran thing and the nations in terror of U.S. sanctions. What is this "international law" of which
we speak? The implication is that because Mr Trump (Bolton) does not approve of a treaty that now Iran and RoW has violated a
law and are subject to sanction by the U.S.? I find it hard to comprehend.
This first paragraph from a today's Global Times op-ed nicely summarizes the 21st Century:
For a long time in the future, the international situation will evolve around the rise of China, the decline of the US and
the uncertain development level of Russia.
No arrests among the Israelis. None. The loyalty to Israel by Israel-firsters (and their corrupting influence on the US Congress)
overpowers any loyalty to the US.
But to arrest a woman because of the illegal economic sanctions against Iran (on Israelis' prodding) is fine for US "deciders"
Thanks for assembling those links. That is a good compilation. I was vaguely aware of those stories but had forgotten most
of the details. It is so true. And you didn't even get to the Jonathan Pollard betrayal!
thanks b! and thanks to the many informative comments.. i encourage others to read the jeffery sachs article in b's article near
the top under the word 'unprecedented"...
@23 john.. thanks.. i will take a look..
@24 harry.. thanks.. that is an interesting conjecture..
@38 jared.. larvov made some comments on the use of the term 'rule of law' which is different from 'international law'.. i
can't find the article from yesterday that i read on this, but essentially he is saying the usa wants to toss international law
and replace it with 'rule of law', or 'law based rules' and do away with international law, as international law is not working
in the usa's favour at this point..'rule of law' or 'law based rules' is something that a country can make up as it goes along..
the usa wants to drop international law essentially.. if i find larvov's comments, i will post them...
Here's the
legal mumbo-jumbo from B.C. which includes details on the charges against Meng. The poor banks were "victim banking institutions."
The investigation by U.S. authorities has revealed a conspiracy between and among Meng and other Huawei representatives to
misrepresent to numerous financial institutions. . . .The motivation for these misrepresentations stemmed from Huawei's need
to move money out of countries that are subject to U.S. or E.U. sanctions--such as Iran, Syria, or Sudan--through the international
banking system. At various times, both the U.S. and E.U. legal regimes have imposed sanctions that prohibit the provision of
U.S. or E.U. services to Iran, such as banking services....
Because Meng and other Huawei representatives misrepresented
to Financial Institution 1 and the other financial institutions about Huawei's relationship with Skycom, these victim banking
institutions were induced into carrying out transactions that they otherwise would not have completed. As a result, they violated
the banks' internal policies, potentially violated U.S. sanctions laws, and exposed the banks to the risk of fines and forfeiture.
.
Very accurate. Yes of course the smart move would have been to welcome China into a multi-polar world, but it is too late now,
and I doubt the US could ever have managed that. Trade war and probable actual war has been inevitable for some time. An alien
visiting earth would want to view every event through the prism of imminent US-China war.
Right now we see a US circling of
the wagons, with threats against outsiders. In particular Iran, NK and Russia are villified because the message is "look what
happens if you don't come in on our side". We think the casual slanders about these countries are just vulgar Americans, but they
are really calculated warnings to other countries.
The charges against Meng were brought by Richard P. Donoghue, the United States Attorney for the Eastern District of New
York. Donoghue was appointed as Interim United States Attorney for the Eastern District by Attorney General Jeff Sessions on January
3, 2018, and as Attorney on May 3, 2018.
Donoghue is one of five U.S. attorneys serving in a "working group" under the Justice Department's recently announced China
Initiative. Launched by then-Attorney General Jeff Sessions, the China Initiative is a broad-based strategy designed to counter
Chinese economic espionage and a range of other national security threats. Donoghue has been leading an investigation of Huawei
since 2016 for possible violations of U.S. sanctions against Iran.
The Eastern District serves over eight million residents through its Criminal Division, with approximately 115 Assistant U.S.
Attorneys, and its Civil Division, with approximately 60 U.S.Attorneys. But what the heck, forget New Yorkers, Donoghue has bigger
fish to fry.
If one has an interest on seeing how the war-mongers visualize the US-China standoff, check out this
blog where I
regularly get roasted. (roasted bacon?)
Hmmm... following the downfall of the drunkard Yeltsin (the first miscalculation of the Empire, hubris strikes again), they
put their money on Medvedev, the 'Atanticist'. Bad move! Putin was the response. Nationalism bad? I don't think so, it's what
enabled Stalin to win WW2 and it enabled Putin to pull the country, but as said, only just! Phew.
70 years of isolating the Soviet Union meant that they really didn't have a handle on the Western propaganda machine. In the
80s the North Koreans made the same mistake.
A slight aside: I and a bunch of other journos, activists were invited to a wonderful slap up meal held at the N.Korean UN
delegation HQ in Manhattan. Food great but the video they showed horrendous! Imagine 1 1/2hrs of the Great Leader and endless
displays in stadiums waving flags in unison. They then asked us what we thought of it (that was the purpose of 12 course meal).
When they were told it would go down like a lead balloon, they just didn't get it. They lived in a different world, ditto the
Soviets.
BTW, the video was made for US consumption.
On the other hand, Verso brought out a book (I have it somewhere) on the aesthetics of East European cityscapes during the
Soviet period and lamented on the loss of individuality, following the fall of socialism and the rise of McDonaldism. How ironic.
And we though (were taught) that E. European design and architecture was drab!
MBA ideology, which is narrowly focused on the next quarter results, bottom line, and bonuses for executives has devastated /
destroyed industrial base of the 5 eyes!
I saw the discussion thread at that BreakingDefense.com post you linked to, and I must say you should seek help for that masochistic
tendency that drives you to post there and risk being savaged by armchair generals whose idea of military strategy comes from
playing wall-2-wall computer games.
I should think a better example from Ancient Greek history that we should heed, rather than Thucydides' Trap (discussions of
which use very selective examples to "prove" its premise) is Athens' military expedition to Syracuse to conquer the city and all
of Sicily in 415 BCE. How did that turn out for Athens?
September 3, 2018: Huawei unveils Kirin 980 CPU, the world's first commercial 7nm system-on-chip (SoC) and the first to
use Cortex-A76 cores, dual neural processing units, Mali G76 GPU, a 1.4 Gbps LTE modem and supports faster RAM. With 20 percent
faster performance and 40 percent less power consumption compared to 10nm systems, it has twice the performance of Qualcomm's
Snapdragon 845 and Apple's A11 while delivering noticeable battery life improvement. Its Huawei-patented modem has the world's
fastest Wi-Fi and its GPS receiver taps L5 frequency to deliver 10cm. positioning.
September 5, 2018. China's front-end fab capacity will account for 16 percent of the world's semiconductor capacity this
year, increasing to 20 percent by 2020.
September 15, 2018. China controls one third of 5G patents and has twice as many installations operating as the rest of
the world combined.
I should add that the US put China under total embargoes on food, ag equipment, finance, technology for 25 years during Maos'
tenure. Yet he grew the economy by 7.25% annually, doubled the population, its life expectancy and literacy during that time.
[email protected] there is any question whether Canadian courts will side with American laws you only need to google Qmar
Khadr to answer the question.
@46 don bacon.. thanks for the link.. in it admiral Davidson says "I see a fundamental divergence of values that leads to two
incomparable visions of the future. I think those two incomparable visions are between China and the rules-based international
order."
there is that ''rules-based international order'' quote again - which i was mentioning to @38 jared in my post @42..
what the fuck is ''rules-based international order'' supposed to mean? you mean like - ignore international law and replace it
with ''rule-basd international order''??
i agree with jen... don, you must be a bit of a masochist!
I definitely second Jen's remark about BreakingDefense. Reading that post was very distressing and I can imagine they would
roast you and many who follow and admire b. But, as the saying goes, it is also good to know "how the enemy" thinks. Or in this
case how our gov + thinks.
Canada's rubberstamping of extradition requests (90% are by the US)was already successfully challenged once in the Diab
case with France
Not exactly. Diab was arrested in 2008 and, after a long series of legal proceedings (ending with the refusal of the Canadian
Supreme Court to hear his appeal), finally extradited to France in 2014. The case against Diab was flimsy to nonexistent to begin
with, but "good enough" to meet Canadian standards. In spite of the continued insistence by French prosecutors that they had a
legitimate case, multiple judges disagreed and Diab was finally released earlier this year and allowed to return to Canada.
The bottom line is that the bar for extradition from Canada is extremely low, which should worry Ms Meng.
The way the U.S. seems intent on punishing Australian Assange for exposing U.S. secrets exhibits the same determination to apply
U.S. law to everyone all over the world.
20 November 201815:24
Foreign Minister Sergey Lavrov's remarks at the general meeting of the Russian International Affairs Council, Moscow, November
20, 2018
"The historical West is still violently opposed to the objective rise of a fairer and more democratic polycentric world
order. Clinging to the principles of unipolarity, Washington and some other Western capitals appear unable to constructively interact
with the new global centres of economic and political influence. A wide range of restrictions are applied to the dissenters, ranging
from military force and unilateral economic sanctions to demonisation and mud-slinging in the spirit of the notorious "highly
likely." There are many examples of this dirty game...This has seriously debased international law. Moreover, attempts have been
made to replace the notion of law with a "rules-based order" the parameters of which will be determined by a select few.
We are especially concerned about the activities of the US administration aimed at destroying the key international agreements.
These include withdrawal from the Joint Comprehensive Plan of Action known as the Iran nuclear deal, the declared intention to
withdraw from the Intermediate-Range Nuclear Forces Treaty (INF Treaty), an open line for revising the settlement principles in
the Middle East, as well as sabotaging the Minsk Agreements on overcoming the internal Ukrainian crisis. The trade wars that have
been launched contrary to the WTO principles are rocking the global economic architecture, free trade and competition standards.
The US establishment, blindly believing in the idea of their exceptionalism, continues to appoint rivals and adversaries, primarily
among the countries that pursue an independent foreign policy. Everyone can see that Washington is a loose cannon, liable to act
incongruously, including regarding Russia where any steps taken by US President Donald Trump to develop stable and normal channels
of communication with Moscow on the biggest current problems are promptly blocked by those who want to continue or even strengthen
the destructive approach to relations with Russia, which developed during the previous US administration.
Overall, it looks as if the Americans and some of our other Western colleagues have forgotten the basics of diplomacy and
the art of dialogue and consensus over the past 25 years. One result of this is the dangerous militarisation of the foreign policy
thinking. As RIAC Director General Andrey Kortunov recently pointed out at a Valdai Discussion Club meeting, the Clausewitz formula
can be changed to a mirror image, "Politics is a continuation of war by other means."
Russia is a consistent supporter of the development of international life based on the principles of the UN Charter. We are
a serious obstacle in the way of different destructive undertakings." etc
Considering the eventual results of the Peloponnesian War for all combatants, Thucydides' Trap turned out to be a trap for everyone.
They all would have been better off peacefully settling their differences. Same goes for World War One. And the same goes for
a declining U.S. facing a rising China.
What the U.S. should do is to negotiate with China a deal which recognizes the status of China as a superpower in return for
an economic relationship that preserves the U.S. standard of living.
Unfortunately, the U.S. ruling class cares more about the psychic gratification it derives from dominating the world.
@ 52 james
re: "rules-based international order"
This is widely and repeatedly used by the Pentagon; I've also seen it used by the Australia government (no surprise there from
a US puppet). Of course we know that it's a code-phrase for. . .let's not change the current US-dominated world disorder with
its US-led wars, assassinations and torture.
Other pet phrases, taken from my blog link above:
... revisionist great powers like China and Russia
... China's state-led, market-distorting economic model
... democratic, liberal values that draws us together with our allies and differentiates us from China."
@ 57 Loz
Russia's Lavrov is a smart guy and gets it right, as a realist, but I prefer Iran's Khamenei who always looks on the bright side.
. . .from a
speech
delivered on November 3, 2018, by Ayatollah Khamenei
. . . the US waged military wars and military actions,
. . .There has also been an economic war in this 40-year challenge
. . .They have waged a media war as well.
Well, there is an important truth which is sometimes not seen by some people: its dazzling clarity makes it go unnoticed. This
truth is a bright and shining one, which is the fact that in this 40-year challenge, the side which has been defeated represents
the US and the side which has achieved victory represents the Islamic Republic. --This is a very important truth. What is the
reason behind America's defeat? The reason for their defeat was that it was they who began the attack. It was they who initiated
corrupt actions. It was they who imposed sanctions, and it was they who launched a military attack, but they have not achieved
their goals. --This is the reason why the US has been defeated.
And he's right, Iran has defeated the US, which is why Washington is so down on Iran. The defeats have come in Iraq, and Syria,
and next in Afghanistan . . .plus in Iran itself, which has stood up to the greatest world power for forty years full of sanctions
and assaults, and thereby served as a model and inspiration for other countries large and small.
The prosecutor's case against Meng is fundamentally weak. For instance, there is no identification of a "co-conspirator",
necessary to a charge of conspiracy. It does not seem to have been developed much beyond the information developed in the 2013
Reuters investigation. At least half of that relies on unnamed "former employees" and unnamed persons who claimed to have dealt
with Skycom in Iran.
If these persons cannot be produced then all that evidence cannot rise above hearsay. The coincidences left to the prosecutors
to suggest a shell corporation should be then overwhelmed by the perfectly legal offshore documentation, which represents common
corporate practice worldwide. If the US courts still nail Huawei, the precedent could put all large businesses and business persons
everywhere at criminal risk for currently accepted practices.
The exit door could be a finding by the Canadian court, tacitly ok'ed by the Americans, that the case lacks merit and Meng
is freed sometime in the spring to a chorus of self-congratulatory hurrahs over "rule of law". If the intent was to damage the
Huawei brand in the West, then mission already accomplished.
here is our canuck foreign affairs minister Freeland using the term as well.. "It, I think, is quite obvious that it ought to
be incumbent on parties seeking an extradition from Canada, recognizing that Canada is a rule-of-law country, to ensure that any
extradition request is about ensuring that justice is done, is about ensuring that the rule of law is respected and is not politicized
or used for any other purpose," she said." https://www.cbc.ca/news/politics/china-missing-person-questioned-1.4943591
last paragraph in that link is even better - here.. ""I think in the world today, where the rule of law is under threat in some
parts of the world, being a rule-of-law country is more important now than ever," Freeland said. "And what I can commit to for
Canadians, and for our partners around the world, is that Canada will very faithfully follow the rule of law."
My suggestion in the previous comments thread was noticed only by one (James) but I'm sure it still holds up well.
Huawei could undertake to pay Sabrina Meng's bail or at least her security detail when she has to leave her house. Huawei then
sends the amount paid to Beijing and Beijing charges Ottawa for the amount paid ... and includes interest payment for each and
every day that Ottawa declines to pay the principal.
Tit-4-tat actions against US companies, however desirable, might have unfortunate long-term consequences especially if elements
in the US Deep State are expecting them and are prepared for them.
Thanks for reposting Lavrov's acute observations, thus revealing that Russia and China already know the what and why of the
Outlaw US Empire's doings. Frankly, I was surprised nobody commented about my Monopoly Game analogy from yesterday which illustrates
the situation the Outlaw US Empire finds itself in thanks to its unilateral and exceptionalisms. Indeed, for its opponents, moves
made by the Outlaw US Empire can fairly well be anticipated and thus quickly countered. And thanks to the desire by most nations
for multilateralism, Russia and China find receptive audiences and ready allies in their campaign to neuter the international
outlaw bully.
A Must Remember: The USA has never wanted to subordinate itself to any rules other than its own that it can change whenever
it suits itself. The key evidence of this is that while the Senate was ratifying the UN Charter in late July of 1945, the Executive
branch was embarking on its terroristic Anti-Communist Crusade by arming and facilitating the infiltration of former Nazi SS and
Gestapo agents into the Soviet-held regions of Eastern Europe thereby violating the newly negotiated international system of law
and its own Constitution, and making itself THE primary International Outlaw Nation, which it proudly continues to be to this
day.
Great article and I would say that you are getting the political implications, the hypocrisy and the rest of it pretty much spot
on.
I'll add this just for the heck of it.
This case started a while back when ZTE narked out Huawei for using third party cutouts to avoid the sanctions. The ZTE case
was in England. Because Hauwei is not the legal owner of these chips or code it makes it "theft by conversion". Using banks to
launder the money is bank fraud as well.
What a lot of people are missing, legally, is that this is not the same at all as violating sanctions by selling your own products.
They do not own the chips or proprietary software in any legal sense. The chips and code are still owned by the parent company
that developed them, China has what amounts to a licensing agreement with the parent companies. If Weng had violated the sanctions
by transferring her own code and her own chips then it would be out of our jurisdiction. However, once they violated the terms
and conditions of the contract they not only have committed fraud they have committed theft by conversion of a US owned product
and they used US banks to launder the money. This is why she is actually being charged with fraud and not sanctions violations.
I'd bet that if they go full hardball she would be charged with Bank Fraud as well. That's the one that comes with the most prison
time.
In short, violating sanctions doesn't usually get you arrested because it doesn't also include theft, fraud although money
laundering gets them sometimes. But of course we also know that the rest of the article is pretty much correct. She was actually
arrested as part of the entire back and forth over trade and all the rest. Our government normally would not pick a top dog to
do jail time, so why now and why her? 5G and access to markets are a big part but so is a real concern over the constant pirating,
malware, spyware, backdoor access to the Chinese government to all the encryption they use, etc. etc.
I'm only adding my comments to remind people that the US actually does have a rock solid case against her company, so don't
be at all surprised if she isn't eventually charged unless Trump does something to stop it. They were caught red handed committing
fraud by using third party cut outs and lying to the banks involved as well. If the US really wants to push it they are within
their legal rights under our laws to do it. She essentially stole US property and laundered the proceeds with US banks. Go ahead
and try that yourself and see if you get away with it.
Transferring a product you do not own to a third party in violation of a contract is theft by conversion. It's the same as
if I recorded a football game and then sold it against their wishes and then laundered the money. It's not the violation of the
sanctions per se that will get her in trouble, it's transferring stolen property, fraud and money laundering that they are actually
holding over her head. If they want to, they can send her away for a long time and they know it. This could get really ugly.
Don That breakingdefence seems as broken as other neo-lib sites such as Lawyers, Guns and Money.
BTW, we are coming up for the sixtieth anniversary of the the Cuban revolutionaries kicking out the dictator Batista. Cuba,
which then went on to impose massive defeats on Reagan and Thatcher by bringing down their beloved (Reagan and Thatcher's, that
is) apartheid in South Africa. We are repeatedly told that it was Russian MiGs which it did but they were operated and flown by
Cubans, and if Castro hadn't sent them to defeat the apartheid state in Angola, it's doubtful the conservatives in the Soviet
Union would have done so. So, Cuba has been in the trenches for twenty years more than Iran and still appears to be undefeated.
Sorry, but the readers here seem to have no clue whatsoever about Putin's past.
Putin was part of the group under the St. Petersburg mayor - it was because of this that he was put in power as Yeltsin's 2nd
in command. And equally it was because of Putin's position under Yeltsin which made him acceptable to foreign powers as Russia's
new head.
Medvedev has always been an Atlanticist; much like the 1% in the US, his background is global technocracy which naturally gravitates
him toward the US. Having a close relative on Gazprom doesn't hurt either.
Point is, Putin didn't come out of nowhere nor was he a nobody.
That he is a very articulate and thoughtful leader - that was the only surprise.
China just ordered a boatload or more of soybeans and says they wont let this interfere with trade talks.
Just the way Trump likes to deal. Meng will work out of her expensive Vancouver home as hostage until a trade deal is done.
Then she gets released w/o extradition
How many US corporations are guilty of doing the same do ya think? As for industrial espionage, I have just one word--ECHELON.
There's an excellent reason why the Outlaw US Empire wants to change the rules of the game that it initially designed: It can
no longer win using them; indeed, it can be defeated by what it emplaced. Reminds me of an old Sting hit
Fortress Around Your Heart ; in fact, it's quite
apt.
"The pretext for her arrest is that Huawei has violated US sanctions against Iran. But the "sanctions" imposed on Iran by the
US recently are illegal under international law, that is under the UN Charter that stipulates that only the Security Council can
impose economic sanctions on a nation..... There is, therefore, no law that she or Huawei is violating. ....
(Trudeau stated) that this arbitrary arrest was not politically motivated ...... Article 2 of the Treaty (with the US) requires
that Canada can only act on such a request if, and only if, the offence alleged is also an offence by the laws of both contracting
parties. But the unilaterally imposed and illegal sanctions placed against Iran by the USA, are not punishable acts in Canada
and even in the USA the "sanctions" are illegal as the are in violation of the UN Charter.
Article 4 (1) of the Treaty states:
"Extradition shall not be granted in any of the following circumstances:
(iii) When the offense in respect of which extradition is requested is of a political character, or the person whose extradition
is requested proves that the extradition request has been made for the purpose of trying to punish him (or her) for an offense
of the above-mentioned character.....
So, Prime Minister Trudeau cannot evade responsibility for this hostage taking, this arbitrary arrest and detention since his
government had to consider the US request and consider whether it was politically motivated. ....... It was a political arrest.
The rule of law in Canada has been suspended, at least in her case, and so can be in any case.
Trudeau's insinuation that extradition is a purely judicial process in Canada is simply wrong. The "International Assistance Group"
in the Department of Justice works actively with the requesting state against the person sought for extradition, and this can
be a hugely political process involved outright lies to the court, as the Diab case revealed. Extradition law in Canada is so
politicized that even when a judge commits someone for extradition, the matter is then referred to the Minister of Justice, who
has the ultimate say. All of this is to maintain Canadian political alliances at the expense of the rights of the accused. Extradition,
kidnapping and extraordinary rendition are almost indistinguishable in Canada.
@75 "Canadians should be angry about their nation being led by people whose loyalty is to Washington instead of to the Canadian
people whose interests they care nothing for."
So is Christopher Black suggesting Canada put Meng on a plane back to China and give Trump the finger? How would that be good
for the Canadian people?
Brad #69
She is being charged with bank fraud. That is why she is being threatened with up to 60 years in prison. But the attribution of
the cut out or shell company, Skycom, with Huawei is based on anecdotal evidence which can be effectively challengd. Alleging
that Meng herself knowingly conspired to make false representation is a huge stretch, and none of the evidence assembled comes
close to that. Also, the sanction violation involved less than $2 million of Hewlett Packard "gear", not high-end proprietary
tech.
Your opinion on this? How could China win a trade war since it is relying on its large trade surplus with the US? As Trump said,
trade-surplus countries suffer more in trade wars, as it is they who get hit with tariffs.
In Giant Trade War Concession, China Prepares To Replace "Made In China 2025"
Karlof1 I agree, it's damage control at this point in time.
And yeah they have wanted "total information awareness" for a while. I think that was the term they used in the "Project for
a new American Century" talking points wasn't it? They wanted to grab every bit of data produced in the entire world and store
it. TOTAL information awareness. And they published that plan right out in the open for everyone to read. Then they went right
ahead and built the facilities, infrastructure, hired all the people to man it and nobody did jack nothing to stop em either.
(dem terrorsts might get us if we complain too much)
Why we didn't run those neo-con fools out of town on a rail is beyond me but the reality is that people will put up with damn
near anything before they really demand change.
By the way which would you prefer, a phone with a backdoor by China or a backdoor by the US? Pretty lousy choice either way
if you ask me. I bet if Heuwei would give our "intel" agencies the backdoor key to their devices they would be just fine with
that as a "settlement".
"The US has increasingly been wielding its legal definitions and measures as if it is the world's judge and jury.
"In recent years, American lawmakers have created a slew of legal weapons, including the Magnitsky Act, the Global Magnitsky
Act, the Countering America's Adversaries Through Sanctions Act, which give Washington the supposed power to penalize any country
it deems to be in breach of its national laws.
"The arbitrariness of US "justice" has got to the febrile point where Washington is threatening all nations, including its
supposed European allies, with legal punishment if they don't toe the line on its designated policy."
His conclusion:
"Washington's lawless pursuit of its nationalistic interests is turning the globe into a seething jungle of distrust and resentment.
The political chaos in Washington – where even the president is accused by domestic opponents of abusing democratic norms – is
fanning out to engulf the rest of the world.
"America's erstwhile claim of being the world's sheriff has taken on a macabre twist. Increasingly in the eyes of the world,
it is a renegade state which absurdly justifies its criminality with lofty claims of rule of law."
IMO, the world can do very well without the English-speaking nations of the Western Hemisphere. Containing them would be far
easier than Eurasia, even with bases strewn globally, for they must trade with the rest of the world to keep their current
standard of living whereas the rest of the world doesn't need to reciprocate. Yes, there's a very good reason why the USA called
its late 19th Century trade policy the Open Door--a policy that continues today. Trump seems to want autarky, so give it to him
by calling his massive bluff. Leave Uncle Scam sitting alone at his Monopoly Board masturbating while the rest of the world plays
Diplomacy and Go! Send an unmistakable message that he's the Bullying Misfit and shatter his exceptional ego. Hopefully if the
correct psychological approach is used, a planet devastating war can be avoided; but the latter cannot be feared when dealing
with the International Bully as it must be taught a lesson it will never forget.
@79 I'm not sure anybody will come out a clear winner....though Trump will claim victory for sure. A large order of soy beans
makes a nice gesture, so would buying a few airplanes from Boeing, but the Chinese still have a few red lines they won't cross.
All depends how hard Trump wants to push.
"Moreover, attempts have been made to replace the notion of law with a "rules-based order"
About time this was voiced publicly and Lavrov is the man to do it. It has been very noticeable over the last few years that
our western or five eyes "rule of law" narrative has been replaced by "rules based order" or so called "international norms".
@ james, in a snarky response to a warmonger at Breaking Defense, who misunderstood a previous james comment: --
. . ."thanks for yours as well.. usually the american trolls are always reminding others of how they abide by law, when in fact,
it is quite the opposite..."
...a classic put-down. kudos.
Thanks for your reply! I own the most fundamental of cell phones used for rudimentary texting and emergencies as I have no
need for further sophistication, and I had to be talked into buying that one! So, I'd prefer to have no backdoors anywhere near
my person at anytime and strive to establish that condition.
Indeed, this entire situation ought to bring governmental interference in citizen privacy to the fore so it can finally have
the debate it deserves--Constitutionally, the government is in violation, it knows it, but tries to circumvent Primary Law by
using the National Security canard. Should the citizen have an expectation of privacy within his/her own space or not? If not,
then the entire Bill of Rights is null and void.
@ 79 T
In Giant Trade War Concession, China Prepares To Replace "Made In China 2025"
The revised plan would play down China's bid to dominate manufacturing and be more open to participation by foreign companies,
these people said.
That's what the US has been complaining about, isn't it? The American manufacturers are invited in and then have to give up
all their trade secrets to be allowed to manufacture in China, until the locals take over with their newly acquired knowledge.
Regarding soybeans, China needs it to feed their hogs. Apparently Brazil didn't work out in the long term.
@Don, Thank you for the great brave job of posting on the out of realty redneck' site. A daily dose of reality comments should
really F*s the warmonger bastard' day.
I fail to see how exercising their sovereign right is giving Trump the finger, or bad for the Canadian people. However Canada
has basically become the US 51st state since NAFTA and the first Gulf War, so they follow orders
The new NAFTA will push up drug prices even more so they may soon join their brothers south of the border and enjoy declining
life expectancy due to unaffordable Drug prices
From ZeroHedge "Below we present some pertinent thoughts on the arrest of Huawei CFO Meng Wanzhou from former Fed Governor Larry
Lindsey and current head of the Lindsay Group."
.. Then along comes a story in the South China Morning Post about an October meeting with employees in which Meng said that
there are cases where, "the external rules are clear-cut and there's no contention, but the company is totally unable to comply
with in actual operations. In such cases, after a reasonable decision-making process, one may accept the risk of temporary non-compliance."
That statement is full of euphemisms, but it makes putting the corporate interest ahead of complying with the law the official
position of management. Put that in the context of a four-year anti-corruption campaign by Xi and a purge of top-level tech executives
who have gotten too big for their britches. In Xi's new world it may be one thing to have said that it was ok to put China's interests
first, but she is putting the corporate interests ahead of China's interests.
Also note that these comments were in quotes from an internal (and closed) Huawei meeting. How did the SCMP acquire these direct
quotes? The SCMP is one of the world's truly great papers, publishing candid news and commentary focused on getting to the truth
in a way that is only a distant memory in American newspapers. That said, it is also like Hong Kong – one nation, two systems.
If Beijing really wanted a story out, it would provide the sources and the reporters would do the rest. And if they really wanted
a story spiked it probably would be spiked. Those direct quotes obviously came from Chinese authorities and the story was printed
at a very inconvenient time for Meng – when she was protesting her innocence. Somebody in Beijing thinks Meng is a loose cannon.
Let's be a little conspiratorial or, more precisely, try and create a narrative that fits the facts. It arguably serves everyone's
interests for Ms. Meng to be taught a lesson. It is in Bolton's and the DoJ's interest to send a message that access to power
and connections does not buy you a get out of jail free card. It is in Xi's interest, or at least in the interests of major portions
of the Chinese government, to send a signal that even the extremely well-connected still have to toe the party line.
...The detention did not involve any surprises. The charges against Meng were leveled three months before her arrest. The market
reaction seemed to be based on the notion that this was a last-minute surprise. As for the Chinese, Xi and Company knows where
everyone is going and when. They certainly knew that Meng was traveling to Vancouver, that she had a warrant for her arrest outstanding,
and that Canada extradites to the U.S. They did nothing to warn her.
... Our conspiracy theory holds that she will be released when everyone thinks the lesson has been learned. America scores
a win in terms of signal value about enforcing Iran sanctions whether Meng spends two weeks, two months, or the rest of her life
behind bars. Xi will have signaled what he thinks about prioritizing corporate interests over national interests and bending regulations.
... One does not have to buy this conspiracy theory in all its detail to get at the essential truth that markets need to digest.
Meng's arrest is not going to affect the outcome of the trade talks. Xi (and China) have too much of a stake in this to let the
antics of a close friend's naughty daughter stand in the way of him getting what he wants. And once an example is made, America
also has too much to lose.
@88 "I fail to see how exercising their sovereign right is giving Trump the finger..."
ReallY? Then you haven't been watching Trump. He would go ballistic. He would probably renegotiate NAFTA ....again. He could
put thousands of Canadians out of work overnight if he felt like it.
@ 69 BS
". . .the US actually does have a rock solid case against her company,"
. . .to repeat from 43:
The investigation by U.S. authorities has revealed a conspiracy between and among Meng and other Huawei representatives to
misrepresent to numerous financial institutions. . . .The motivation for these misrepresentations stemmed from Huawei's need
to move money out of countries that are subject to U.S. or E.U. sanctions--such as Iran, Syria, or Sudan--through the international
banking system. At various times, both the U.S. and E.U. legal regimes have imposed sanctions that prohibit the provision of
U.S. or E.U. services to Iran, such as banking services....
Because Meng and other Huawei representatives misrepresented to Financial Institution 1 and the other financial institutions
about Huawei's relationship with Skycom, these victim banking institutions were induced into carrying out transactions that
they otherwise would not have completed. As a result, they violated the banks' internal policies, potentially violated U.S.
sanctions laws, and exposed the banks to the risk of fines and forfeiture.
So if Skycom belonged to Huawei, and the banks were "induced," there were problems --
1. violation of banks' internal policies
2. potentially violated US sanctions
3. exposed banks to US punishment
But if Skycom was an independent corporation the sanctions violations would have been okay? What am I missing. And why would the
US punish banks when they were knowingly duped.
" How could China win a trade war since it is relying on its large trade surplus with the US? As Trump said, trade-surplus
countries suffer more in trade wars, as it is they who get hit with tariffs."
Well, you do know tarrifs on imports are paid by the US importer and on to the consumer. China pays not a dime of US tarrifs
Now it could be hurt if US buyers could order from other countries. However, this is not an option for every import as there
are production capacity, quality and price constraints. In the short term orders to China would not be affected much since there
are not many good alternatives
China has some weapons of their own. US military required certain rate metals from China for weapons, China basically clothes
America and of course many electronics , furniture, tools and toys come from China. Witholding or taxing these exports is a weapon
they have yet to use.
Furthermore, much of the profits of US companies come from manufacturing or buying from China. Prices get marked up as much
as 10 times what China receives
18% of its exports go to US. With 20% of GDP based on exports that means US is responsible for 3.6% of Chinas GDP. Tarrifs
might affect 20% of exports meaning the hit on GDP would be 0.7%. With GDP growth over 6% they wont feel too much pain.
"hey do not own the chips or proprietary software in any legal sense. The chips and code are still owned by the parent company
that developed them, China has what amounts to a licensing agreement with the parent companies. If Weng had violated the sanctions
by transferring her own code and her own chips then it would be out of our jurisdiction. However, once they violated the terms
and conditions of the contract they not only have committed fraud they have committed theft by conversion of a US owned product
and they used US banks to launder the money. This is why she is actually being charged with fraud and not sanctions violations."
-
I've heard US government make this argument in courts before and historically US courts have generally agreed with it. However,
this legal argument ignores the huge practical consideration of this rule within the current international economic system (i.e.
the real world). Namely, for the last 70 years (post-WW2) the US has encouraged and promoted Liberal free market world economic
integration, that each country should focus on the specialization of their economies to produce a small number of goods at a low
production cost and then purchase all other goods they needed from other countries that specialized in that good (i.e. internal
economic self-sufficiency is bad). Generally people hear this and immediately think of how Germany specializes in mechanical engineering,
Japan specializes in high-tech computer and so on. However the realty in the world today is that is specialization goes much further
in that a single circuit board in a computer WILL contain transistors made in Korea, Inductors made in Japan, Capacitators made
in Taiwan, Transistors made in the US and then assembled in China. At each stage of the manufacturing / assembly process costs
are carefully analyzed to minimize costs based on the provider, transportation costs, etc... to produce the goods at the lowest
possible cost and maximize profits. This is what people call the Global Supply chain that has for the last 30 years underpinned
the entire world manufacturing economy. N(OTE: I'm not saying this is good or bad from a moral stance, merely that this is what
it is and the motive for it)
What the US is doing, by asserting that US law indefinitely applies to any component (including intellectual or financial)
that is made in or travels through the US and is then subsequently assembled or sold in a 3rd (or 4th or 5th or 6th....) country
that is subject to US sanctions is a direct attack on the Global Supply Chain economy and is extremely dangerous to standard of
living we've become accustom to in the Western world. Historically, when the US used sanctions like this against Cuba, North Korea,
Iran, China and the Soviet Union, these countries were relatively much weaker than the US and not integrated into the Western
World economy (nor were they well integrated with each other economically speaking), so the US was able to retard their economic
development. However after more than 40 years of increasing integration the Western world (US, Canada, Mexico, Europe) is totally
dependant on the Global Supply Chain, so now that the US is expanding their sanctions to everyone they are effectively sabotaging
their own economy and the economies of their allies/vassals. Conversely, the US rivals (Particularity Russia, China & Iran) are
become more economically integrated with each other and are already experienced with economic independence from the Western Market.
The two most likely outcomes from the US actions are 1) The non-western world becomes more integrated with each other and independent
of the Western market, effectively re-dividing the world like we saw during the Cold War, only now instead of Capitalist vs Socialist,
it will be Neo-Liberal Fascism vs National independence (i.e. a return to the pre-1914 concept of the state) 2) The Western World
will become more divided with their economies weakened as the US asserts more direct control over their vassals, impoverishing
their vassals' economies in order to consolidated wealth & power into their preferred elites who will ensure their control over
their vassal countries. As the quality of life of the average citizen declines and Western countries become more politically unstable
and economically stagnate, we may even see a "Prague Spring" type of event, where a Western government moves away from the US/NATO/EU
alliance only to suffer a US/NATO backed invasion similar to the Soviet invasion of Czechoslovakia in 1968.
>> Well, you do know tarrifs on imports
>> are paid by the US importer and on to
>> the consumer. China pays not a dime of
>> US tarrifs
No, I don't know that. It depends.
If China's exporters have tiny margins and the consumer can afford to pay more, then yes.
If China's exporters have big margins and fear losing market share (not necessarily to domestic American manufacturers but
to other foreign manufacturers), they might choose to sell at a "lower but still profitable" price in order for the POS price
to remain nearly the same and for them to retain their market share.
>> With GDP growth over 6% they
>> wont feel too much pain.
Pft, I agree bigly there. (And thanks for doing the math.) Despite my prior post, I doubt China cares about "maintaining market
share" to ship real product to a nation that provides almost nothing but threats in payment.
>> we may even see a "Prague Spring" type
>> of event, where a Western government moves
>> away from the US/NATO/EU alliance only to
>> suffer a US/NATO backed invasion similar
>> to the Soviet invasion of Czechoslovakia
>> in 1968.
As a small step in that direction, someone mentioned a few French "police" vehicles bore EU insignia.
"18% of its exports go to US. With 20% of GDP based on exports that means US is responsible for 3.6% of Chinas GDP. Tarrifs
might affect 20% of exports meaning the hit on GDP would be 0.7%. With GDP growth over 6% they wont feel too much pain."
This 18 - 19 percent export number is not true, as in does not take into account exports to the US via Hong Kong. This is only
mainland exports. But China also "exports" a lot to HK, and then these goods are exported to the rest of the world. So exports
to the US are more than 18 percent.
And the US is waging the trade war via other means, for example it is urging allies to drop China's IT companies. New Zealand
and Japan are dropping Huawei and ZTE. EU is warning too. No doubt there will be other US allies following. So costs for China
will be substantial.
Japan sets policy that will block Huawei and ZTE from public procurement as of April
China's trillion dollar Belt & Road Initiative will change everything, so why get hung up on the past. The BRI provides China
with an opportunity to use its considerable economic means to finance infrastructure projects around the world.
"... Dan Davies on financial fraud is certainly the most entertaining book on Economics I have read this year. Highly recommend ..."
"... Chris Dillow : Review of Dan Davies: Lying for Money ..."
"... Lying For Money ..."
"... Dan has also a theory of fraud. 'The optimal level of fraud is unlikely to be zero' he says. If we were to take so many precautions to stop it, we would also strangle legitimate economic activity... ..."
"Squalid crude affairs committed mostly by inadequates. This is a message of Dan Davies' history of fraud, Lying For Money ....
Most frauds fall into a few simple types.... Setting up a fake company... pyramid schemes...
control frauds, whereby someone abuses a position of trust...
plain counterfeiters.
My favourite was Alves dos Reis, who persuaded the printers of legitimate Portuguese banknotes to
print even more of them....
All this is done with the wit and clarity of exposition for which
we have long admired Dan. His footnotes are an especial delight, reminding me of William
Donaldson.
Dan has also a theory of fraud. 'The optimal level of fraud is unlikely to be zero'
he says. If we were to take so many precautions to stop it, we would also strangle legitimate
economic activity...
"... Bob Marley got it right.... the human race is becoming a rat race, and it's a disgrace. ..."
"... The biggest problem is the financialisation of the economy... what is the actual value of things? The market is so manipulated that real price discovery is not possible. ..."
"... We have an over-cooked service-sector economy unsustainably reliant on cheap debt, cheap energy, and cheap manufactured goods to fuel our 'high-end levels of consumption, and mobility or living standards, and an over-heated housing market that is unsustainably run according to the needs of investors and landlords rather than residents or tenants. ..."
"... What we need is a coordinated approach between our nations. Undercutting each other on corporate taxes, writing tax avoidance into law, and continuing to allow multinationals to influence our politicians and play our governments against each other is exactly the game we must end. ..."
"... Instead, it places the financially powerful beyond any state, in an international elite that makes its own rules, and holds governments to ransom. That's what the financial crisis was all about. The ransom was paid, and as a result, governments have been obliged to limit their activities yet further.... ..."
"... "Ransom". There is no better word to describe it. This (the ransom mentality) is exactly the reactionary, vindictive, doctrinaire psychology that must be extracted like a cancer from our institutional lives and the human species. A monolithic task. But identifying the cause is the first step to cure. ..."
"... these are the new medieval transnational barons ..."
@Crackerpot - The whole austerity crisis thing appears to have been engineered so that a few blinkered and unpatriotic, vulture
mafia privateers can make a killing, selling off vital state assets, such as infrastructure and ports, to the Chinese. This is
a very suspicious and widespread trend.
Bob Marley got it right.... the human race is becoming a rat race, and it's a disgrace.
I see it every day from the window of my flat, on a main road, in Bethnal Green. There's a 'mentally unstable' Rastafarian
who stands by the overground station, and shouts things out to people like "You're living in babylon".
The biggest problem is the financialisation of the economy... what is the actual value of things? The market is so manipulated
that real price discovery is not possible.
We have an over-cooked service-sector economy unsustainably reliant on cheap debt, cheap energy, and cheap manufactured
goods to fuel our 'high-end levels of consumption, and mobility or living standards, and an over-heated housing market that is
unsustainably run according to the needs of investors and landlords rather than residents or tenants.
The whole thing is going to blow apart. Our 'aspirations' are slowly killing us - they're destroying the social fabric.
What we need is a coordinated approach between our nations. Undercutting each other on corporate taxes, writing tax avoidance
into law, and continuing to allow multinationals to influence our politicians and play our governments against each other is exactly
the game we must end.
Deborah Orr:Instead, it places the financially powerful beyond any state, in an international elite that makes
its own rules, and holds governments to ransom. That's what the financial crisis was all about. The ransom was paid, and as
a result, governments have been obliged to limit their activities yet further....
I never thought I would live long enough to see this level of honesty ATL. It should have been published long ago, but at least
the discussion now begins.
"Ransom". There is no better word to describe it. This (the ransom mentality) is exactly the reactionary, vindictive, doctrinaire
psychology that must be extracted like a cancer from our institutional lives and the human species. A monolithic task. But identifying
the cause is the first step to cure.
"... Neoliberalism? This is not just a financial agenda. This a highly organized multi armed counterculture operation to force us, including Ms Orr [unless she has...connections] into what Terence McKenna [who was in on it] termed the `Archaic Revival'. That is - you and me [and Ms Orr] - our - return to the medieval dark ages, if we indeed survive that far. ..."
"... The conscious and intelligent manipulation of the organised habits and opinions of the masses is an important element in democratic society. Those who manipulate this unseen mechanism of society constitute an invisible government which is the true ruling power of our country. We are governed, our minds are moulded, our tastes formed, our ideas suggested, largely by men we have never heard of. ..."
"... the UK government did intervene in the economy when it bailed out the banks to the tune of many billions of pounds underwritten by the taxpayer. The markets should always be regulated sufficiently (light touch is absolutely useless) to prevent the problems currently being experienced from ever happening again. ..."
"... Traditional liberalism had died decades before WWII and was replaced by finance capitalism. What happened after WW II was that capitalism had to make various concessions to avoid a socialist revolution: social and political freedoms indeed darted ahead. ..."
"... No chance mate, at least not all the time greasy spiv and shyster outfits like hedge funds are funding Puffin face and the Vermin Party. They are never going to bite the hand that feeds them ..."
"... And in case we get uppity and endeavour to challenge the economic paradigm and the rule of these neoliberal elites, there's the surveillance state panopticon to track our movements and keep us in check. ..."
"... There is not a shred of logical sense in neoliberalism. You're doing what the fundamentalists do... they talk about what neoliberalism is in theory whilst completely ignoring what it is in practice. In theory the banks should have been allowed to go bust, but the consequences where deemed too high (as they inevitable are). The result is socialism for the rich using the poor as the excuse, which is the reality of neoliberalism. ..."
"... She, knowingly, let neo-liberal economic philosophy come trumpeting through the door of No10 and it's been there ever since; it has guided our politicians for the past 30 odd years. Hence, it is Thatcher's fault. She did this and another bad thing: the woman who glorified household economics pissed away billions of pounds of North Sea Oil. ..."
"... Bailouts have been a constant feature of neoliberalism. In fact the role of the state is simply reduced to a merely commissioning agent to private parasitical corporations. History has shown the state playing this role since neoliberalism became embedded in policy since the 1970s - Long Term Capital Management, Savings and Loans, The Brady Plan, numerous PFI bailouts and those of the Western banking system during the 1982 South American, 1997 Asian and 2010 European debt crises. ..."
@EllisWyatt - Here's the funny thing about those who cheer the broken neoliberal model. They
promise we will get to those "sunny uplands" with exactly the same fervor as old Marxists.
Neoliberalism has spawned a financial elite who hold governments to ransom
Neoliberalism? This is not just a financial agenda. This a highly organized multi armed counterculture operation to
force us, including Ms Orr [unless she has...connections] into what Terence McKenna [who was in on it] termed the `Archaic
Revival'. That is - you and me [and Ms Orr] - our - return to the medieval dark ages, if we indeed survive that far.
The same names come up time and time again. One of them being, father of propaganda, Edward Bernays.
Bernays wrote what can be seen as a virtual Mission Statement for anyone wishing to bring about a "counterculture." In the
opening paragraph of his book Propaganda he wrote:
"..The conscious and intelligent manipulation of the organised habits and opinions of the masses is an important
element in democratic society. Those who manipulate this unseen mechanism of society constitute an invisible government
which is the true ruling power of our country. We are governed, our minds are moulded, our tastes formed, our ideas
suggested, largely by men we have never heard of.
This is a logical result of the way in which our democratic society is organised. Vast numbers of human beings must
cooperate in this manner if they are to live together as a smoothly functioning society. In almost every act of our daily
lives, whether in the sphere of politics or business, in our social conduct or our ethical thinking, we are dominated by
the relatively small number of persons who understand the mental processes and social patterns of the masses.
It is they who pull the wires which control the public mind..."[28]
Bernays' family background made him well suited to "control the public mind." He was the double nephew of psychoanalysis
pioneer Sigmund Freud. His mother was Freud's sister Anna, and his father was Ely Bernays, brother of Freud's wife Martha
Bernays.
@OneCommentator - the UK government did intervene in the economy when it bailed out the banks
to the tune of many billions of pounds underwritten by the taxpayer. The markets should
always be regulated sufficiently (light touch is absolutely useless) to prevent the problems
currently being experienced from ever happening again.
Those at the bottom of society and
those in the public sector are the ones paying the price for this intervention in the UK. If
you truly believe in the 'free' market then all of these failing organisations (banks, etc)
should have been allowed to fail. The problem is that the wealth created under the current
system is virtually all going to those at the top of the income scale and this needs to
change and is one of the main reasons that neo liberalism should be binned!
Traditional liberalism had died decades before WWII and was replaced by finance
capitalism. What happened after WW II was that capitalism had to make various concessions to
avoid a socialist revolution: social and political freedoms indeed darted ahead.
@brighton2 - No chance mate, at least not all the time greasy spiv and shyster outfits like hedge funds are funding Puffin
face and the Vermin Party. They are never going to bite the hand that feeds them.
And in case we get uppity and endeavour to challenge the economic paradigm and the rule of
these neoliberal elites, there's the surveillance state panopticon to track our movements and
keep us in check.
I know what you are saying it's just sooner or later as those at the bottom continue to be
squeezed the wealthy will sow their own seeds of destruction. I think we are witnessing the
end game which is reflected in the desperation of the coalition to flog everything regardless
of the efficacy of such behavior, they feel time is running out and they would be right.
Call it what you will - "neoliberalism", "neoconservatism", "socialism" or whatever it is...
This debate is not even really solely about money: this is about liberty , about
free choice, about being permitted to engage in voluntary exchange of goods and services with
others, unmolested. About the users of services becoming the ones paying for those
services.
Ultimately the real effect will be to remove power from governments and hand it back to
where it belongs - the free market.
voluntary transactions among free agents. That's called a free market and it is by far
the most efficient way to produce wealth humanity has ever known.
Could you explain how someone bound by a contract of employment, with the alternative,
destitution, is a 'free agent'?
@SpinningHugo - Nothing comes out of nothing and i well remember black Monday in the City.
That was the start of the spivs running the economy as if it were a casino. If you think its only on CiF that Thatcher gets the blame, think on this, Scotland, a
whole nation blames her too.
Unless you are completely confused by what neoliberalism is there is not a shred of
logical sense in this.
There is not a shred of logical sense in neoliberalism. You're doing what the
fundamentalists do... they talk about what neoliberalism is in theory whilst completely
ignoring what it is in practice. In theory the banks should have been allowed to go bust, but
the consequences where deemed too high (as they inevitable are). The result is socialism for
the rich using the poor as the excuse, which is the reality of neoliberalism.
Savers in a neoliberal society are lambs to the slaughter. Thatcher "revitalised" banking, while everything else withered and died.
Neoliberalism is based on the thought of personal freedom, communism is definitely not.
Neoliberalist policies have lifted millions of people out of poverty in Asia and South
America.
Neoliberalism is based on the thought that you get as much freedom as you can
pay for, otherwise you can just pay... like everyone else. In Asia and South America it has
been the economic preference of dictators that pushes profit upwards and responsibility down,
just like it does here.
I find it ironic that it now has 5 year plans that absolutely must not be deviated from,
massive state intervention in markets (QE, housing policy, tax credits... insert where
applicable), and advocates large scale central planning even as it denies reality, and makes
the announcement from a tractor factory.
Neoliberalism is a blight... a cancer on humanity... a massive lie told by rich people and
believed only by peasants happy to be thrown a turnip. In theory it's one thing, the reality
is entirely different. Until we're rid of it, we're all it's slaves. It's an abhorrent cult
that comes up with purest bilge like expansionary fiscal contraction to keep all the money in
the hands of the rich.
@MickGJ - You are wrong about the first 2 of course.
Banksters get others to do their shit.
But unfortunately the poor sods who went down on D Day were in their way fighting for Wall
Street as much as anything else. It's just that they weren't told about it by the Allies massive propaganda machine. So partly right
The response should be a wholesale reevaluation of the way in which wealth is created
and distributed around the globe
Which would be what? State planning? Communism? Totally free market capitalism? Oh wait, we already have the best of a bad bunch, a mixed capitalist economy with
democracy. That really is the crux of it, our system isn't perfect, never will be, but nobody has come
up with a better solution.
Barclays bank "only" paid out £660m in dividends to the bearers of risk capital,
while its bonus pot for a very select number of its staff was £1.5bn.
Fascinating! Now, one could infer that Barclays represent "beneficial capitalism",
rewarding its hard-working employees, but maybe we won't.
This is not the traditional capitalist style
The Traditional capitalist is not an extinct species but under threat. For the time
being the population is stagnant in some countries and even increasing in some others.
However, due to the foraging capacity of Neoliberal creature , competing in the same
economical niche, the size and life expectation of it are diminishing.
She, knowingly, let neo-liberal economic philosophy come trumpeting through the door of
No10 and it's been there ever since; it has guided our politicians for the past 30 odd years.
Hence, it is Thatcher's fault. She did this and another bad thing: the woman who
glorified household economics pissed away billions of pounds of North Sea Oil.
@MickGJ - No, you're right. Why let yesterdays experience feed into what you expect of the
future? Lets go forwards goldfish like, every minute a brand new one, with no baggage!
And by the way, who saved the hide of the very much private sector banks and financial
institutions? The hated STATE, us tax payers!
I think I agree with everything that you say here? The people at the top these days aren't
really of much use for anything, including capitalism. The only thing that they do excel at
is lining their own pockets and securing their privileged position in society.
They have become quite up front about it. There was a bit of a fuss last year when
Barclays bank "only" paid out £660m in dividends to the bearers of risk capital, while
its bonus pot for a very select number of its staff was £1.5bn. Barclays released a
statement before their AGM explaining:
"Barclays is fully committed to ensuring that a greater proportion of income and profits
flow to shareholders notwithstanding that it operates within the constraints of a
competitive market."
This is not the traditional capitalist style competition that they are talking about where
companies competed as to who can return the biggest profit for their shareholders this now
comes secondary to the real competition which is for which company can return the biggest
bonuses for a small group of employees.
Bailouts have been a constant feature of neoliberalism. In fact the role of the state is
simply reduced to a merely commissioning agent to private parasitical corporations. History
has shown the state playing this role since neoliberalism became embedded in policy since the
1970s - Long Term Capital Management, Savings and Loans, The Brady Plan, numerous PFI
bailouts and those of the Western banking system during the 1982 South American, 1997 Asian
and 2010 European debt crises.
No wonder you're so ignorant of the basics of economic policy if you won't flick through a
book - fear of accepting that you're simply wrong is a sure sign of either pig ignorance or
denial, and is as I said embarrassing so its not really much point in wasting anymore time
engaging with you.
The neoliberal idea is that the cultivation itself should be conducted privately as
well. They see "austerity" as a way of forcing that agenda.
..."neoliberal", concept behind the word, has nothing to do with liberal or liberty or
freedom...it is a PR spin concept that names slavery with a a word that sounds like the
opposite...if "they" called it neoslavery it just wouldn't sell in the market for political
concepts.
..."austerity" is the financial sectors' solution to its survival after it sucked most the
value out of the economy and broke it. To mend it was a case of preservation of the elite and
the devil take the hindmost, that's most of us.
...and even Labour, the party of trade unionism, has adopted austerity to drive its
policy.
...we need a Peoples' Party to stand for the revaluation of labour so we get paid for our
effort rather than the distortion, the rich xxx poor divide, of neoslavery austerity.
Of course it has. And it will continue to "fail", while provide us with all
sorts of goodies, for the foreseeable future. Capitalism's endless "failure" is of no more
concern than human mortality. Ever tried, ever failed, try again, fail better.
"... Now we see moneyed entities with vested interests, carpet bagging and flogging off the NHS and an unelected fossil fuel mandarin, at the heart of government decision making, appointing corporate yea-sayers, to the key government departments, with environmental responsibilities. Corporations capturing the state apparatus for their own ends, is 'corporatism.' ..."
"... "Neoliberalism in practice is every bit as bad as Communism in practice, with none of the benefits." ..."
"... The bailout is simply actual neoliberalism as opposed to the theory inside tiny right wing minds. The system depends on the wealthy not being allowed to suffer the consequences of their own greed, or it would represent revolution and still not work. ..."
"... Neoliberalism in practice is every bit as bad as Communism in practice, with none of the benefits. It always amusing to see neoliberal morons shout about the red menace when they're two sides of the same coin. ..."
"... Neoliberalism is nothing if not the opposite extreme of the communist planned economy. Like the communist planned economy, neoliberalism is doomed to failure. I think we've all been sold a lie. ..."
@NotAgainAgain - this is very true, it reminds me of an engineering company I worked for in
Nottingham (since gone under). The production manger was a corrupt thief. He gradually
sub-contracted the production work out to other companies in the area, taking backhanders for
his troubles.
Once all the production was farmed out, he somehow got himself promoted to
director level, where he and a sycophant subbed all the design work out. So all the
production and design was done out of house, standards dropped and the company closed,
leaving him with a nice payoff, just prior to retirement.
Some would say he played a blinder, my interpretation is he ruined a perfectly viable
company, making a very good product, and over the course of about 5 years put over 30 people
out of work.
In a just world he would be spending his retirement in prison.
Income distribution and a happy workforce is actually very good for business as well as
society!
Of course it is, but the capitalists do not know it. In many countries, including Finland,
the "condition of the working classes", ie. working conditions, have been in rapid decline
for the last 20 years.
Permanent salaried jobs have been replaced with temps from agencies, unpaid overtime is
becoming the norm, burnouts are commonplace and so on.
If in your country things are different, no mass lay-outs and outsourcing to China, count
yourself lucky!
But even though an illiterate market wouldn't be so great for them, they avoid their
taxes, because they can, because they are more powerful than governments
Noam Chomsky pointed this out aeons ago though-that the American model is to use tax money
to benefit private interests through technological infrastructure.
It was ever thus, if in slightly different forms. Still it is surprising that they have gone
so quickly from their stated position at the start of the republic of a rejection of kings
and emperors to their position now of corruption so ingrained it is impossible to make
distinctions. Proxy emperors are emperors all the same, no matter the rhetoric that promotes
them.
One senses that there is very little 'going back' possible. Besides, the great Neoliberal
scam is predicated upon the qualities of the 'governments' we have and the capacity of those
'rhetoricians' with the capacity to say anything or play any role, to lick any arse, to get
elected. Such apparent strength is weakness. In this world that now exists here, we have now
entered the same world as the USSR in the eighties, where the announcement of bumper harvests
of wheat, made everyone with a brain cell groan and think
'Oh fuck! no bread this winter-quick, run to the shops now, and buy up all the flour
there'.
But there is now no way to declare that without being seen as beyond the pale-a bug eyed
conspiracist.
Still, I am a believer in the connectedness of this world. The economic system and its
mythologies are just weird and distorted canaries in the coalmine of the wider environment.
It is indicating that there is a misalignment between the way we think and what is possible
in this world. Austerity promoters and 'Keynsian' Ballsites are one and the same thing-both
pretenders that the key to the problems is within their narrow gifts
Hubris is followed by nemesis. In a wider sense what we seen now is a complete failure of
the capacity to educate and to learn,and moderate behaviour, and find some way of caring for
our 'others', beyond the core of 'self'. nationalism is essentially an extension of 'self'.
We now shall see the failure of a retraction of thought into nationalism and
scapegoating.
I predict that the population of the world will decline over the next century-quite
markedly.
The only solace is that at the end of the process, the pain will be forgotten. It always
is.
@MickGJ - Cameron said 'We will cut the deficit, not the NHS,' and promised to be the
'greenest government ever,' saying that you could 'go green,' if you voted 'blue.'
Now we see
moneyed entities with vested interests, carpet bagging and flogging off the NHS and an
unelected fossil fuel mandarin, at the heart of government decision making, appointing
corporate yea-sayers, to the key government departments, with environmental responsibilities.
Corporations capturing the state apparatus for their own ends, is 'corporatism.'
Much of the healthy economic growth – as opposed to the smoke and mirrors of many
aspects of financial services – that Britain enjoyed during the second half of the
20th century was due to women swelling the educated workforce.
There was very little 'healthy economic growth' in Britain in the second half of the 20th
century.
Britain was bankrupt after WW2 with its people dependent on Marshall Aid and food
contributions from its former 'colonies'.
Whatever 'growth' occured after Marshall Aid arrived was scuppered by a class system where
company managers were more concerned with walking on the workers than with keeping their
businesses afloat while such discrimination provoked hard left trade union policies which
left british industry uncompetitive and ultimately non-existent.
If that wasn't enough, Thatcherism arrived to re-inforce class discrimination, sell off
national services and assets and replace social policy with neo-liberal consumerism.
Whether the workforce was swollen by women or anyone else is immaterial.
The anti-democratic incestuous class conflict latent in British society continues to ensure
that the UK will remain a mere vassal state of foot-soldiers and consumers for international
neo-liberal capitalism.
@DasInternaut - Completely agree. The performance has been poor to absymal. But this is a
failure of democratic governance because the collective interests of citizens as consumers
and service users are not being represented and enforced by the elected politicians since
they have been suborned by the capitalists elites and their fellow-travellers.
The people, indeed, have been sold a lie, but, unfortunately, it is only UKIP which is
making the political waves by revealing selected aspects of this lie. The three established
parties have been 'bought' to varying extents. But more and more citizens are beginning to
realise the extent to which they have been bought.
There is an upside to all of this, maybe I wont get modded so much from now on for being so
angry at the ideological criminals . Hopefully the middle classes will cotton on to the fact
that all this is not a mad hatters tinfoil hobby, we need more of them to be grumpy.
@MickGJ - We've already seen it. Not great so far. GS4, Winterbourne view, southern cross,
trains...............Welfare to work companies, delivering no better results than people left
to their own devices. Energy companies.
We'll see if the new wave of free schools, academy schools, and all the service outsourced by
the council perform any better.
Doubtful, as to make a profit, they have to employ poorer paid people, less well qualified,
and once they've got a contract, they've got very little competition, as when the second
round of bidding comes around, as the firms having got the first contract are the only one
with relevant experience, they are assured of renewal, the money machine will keep going!
Neoliberalism are policies that are
influenced by neo classical economics. If you are suggesting that the neoliberal school of
thought would advocate any kind of a bailout then you are mistaken. Where else have I
"apparently" embarrassed myself?
@TedSmithAndSon - This is just an inaccurate rant not a reply.
"The system depends on the wealthy not being allowed to suffer the consequences.."
Unless you are completely confused by what neolibralism is there is not a shred of logical
sense in this.
"The debt industry are the lenders who take advantage of a financial system..."
Which is what savers are. They come in the form of individuals businesses and governments.
This encompasses everyone.
"whilst paying the lowest possible rate. Wonga, for instance."
If you are a lender you do not pay anything, you receive.
"Thatchers revolution was to take our citizenship and give it a value, whilst making
everyone else a consumer, all for a handful of magic beans in the shape of British Gas
shares."
...not forgetting that she revitalised the economy and got everyone back to work
again.
"Neoliberalism in practice is every bit as bad as Communism in practice, with none of the
benefits."
Neoliberalism is based on the thought of personal freedom, communism is definitely not.
Neoliberalist policies have lifted millions of people out of poverty in Asia and South
America. Communism has no benefits for society open your eyes!
@ATrueFinn - After they are finished, what do Singaporeans eat?
Next year's harvest (possibly of GM food which makes better use of scarce
resources). I imagine the sun will eventually stop bombarding us with the energy that powers
photosynthesis but I'm not losing any sleep over it.
@MurchuantEacnamai - I think the point is this, Amazon make money by selling books, they
avoid paying taxes, yet expect an educated, literate population to be provided for them, on
the grounds that illiterate people don't buy books, and expect roads to move the books around
on.
@theguardianisrubbish - No! The bailout is simply actual neoliberalism as opposed to
the theory inside tiny right wing minds. The system depends on the wealthy not being
allowed to suffer the consequences of their own greed, or it would represent revolution and
still not work.
The debt industry are the lenders who take advantage of a financial system designed to
push profits upwards (neoliberalism in practice), whilst paying the lowest possible rate.
Wonga, for instance.
Thatchers revolution was to take our citizenship and give it a value, whilst making
everyone else a consumer, all for a handful of magic beans in the shape of British Gas
shares.
Neoliberalism in practice is every bit as bad as Communism in practice, with none of the
benefits. It always amusing to see neoliberal morons shout about the red menace when they're
two sides of the same coin.
.and provides them at a massively inflated cost accompanied by unforgivable waste and
inefficiency, appalling service and life-threatening incompetence.
as opposed to the private sector, who always does what it says it will do, at reasonable
cost, for the benefit of their customers, and with due regards to ethics?
Like the Banks, the financial sector, who will never sell you a product that isn't the best
for you, regardless of their interest? the private companies like Southern Cross, GS4?
The private insurance who refuse to take you on the minute you've got some illness or
disability? Get off it! The state isn't perfect, the services it provides are not perfect,
but replacing them with private provision isn't the answer!
@MurchuantEacnamai - How would you rate how well British government has done in ensuring
markets are genuinely competitive. How well has British government done in ensuring our
energy market is competitive, for example. Does the competitiveness we observe in the energy
market give customers better or worse value than they had before deregulation? How do you
rate the British government's performance in rail and public transport, with respect to
competitiveness?
Personally, and notwithstanding the notable exception of telecoms, I rate the British (and
US) government's performance in deregulating state entities, creating new markets and
ensuring competition, as poor.
Neoliberalism is nothing if not the opposite extreme of the communist planned economy.
Like the communist planned economy, neoliberalism is doomed to failure. I think we've all
been sold a lie.
"... Neoliberalism has spawned a financial elite who hold governments to ransom ..."
"... Neoliberal ideology acted as a smokescreen that enabled the financially powerful to rewrite the rules and place themselves beyond the law. ..."
"... So it seems that your suggestion is for a return to western capitalism post-war style - would that be right? (b.t.w. if I bring up the whole Soviet Union thing, it is partly because quite a few commentators in this debate come across as if they wish for something much more leftist than that). ..."
"... What you have missed, is that the lions share of the proceeds of that growth are not going to ordinary people but to a tiny minority of super rich. It is not working for the majority. ..."
"... The taxpayers are left to pick up the tab, nations are divided against immigrants and scroungers and then unfettered evangelists like you can spout as pompously as you like about how much big business would like to remove the state from corporate affairs. ..."
"... Without the state there wouldn't be neo-Liberalism, it took state regulated capitalism to build what unfettered purists insist on tearing apart for short term greed. ..."
"... The trouble is Neo-Liberals do not want to remove the state at all, they want to BE the state and in the process rendering democracy pretty much meaningless. And they've succeeded. ..."
"... The biggest swindle ever pulled was turning the most glaring and crushing failure of unfettered corporatism into the biggest and most crushing power grab implemented in order to suppress the will of the people ..."
"... Nobody hates a market more than a monopoly and capitalism must inevitably end in monopoly as it has. For the profiteering monopolies investment especially via taxation is insane as it can only undermine their monopoly. ..."
"... The bankers have always known that the austerity caused by having to pay off un-payable loans, that increase every year, will eventually produce countries very similar to the "Weimar Days" in pre-Hitler Germany. ..."
"... They also know that drastic conditions such as these often lead to a collapse of democracy and a resurgence of Fascism. ..."
"... Neoliberalism could not exist without massive state support. So the term is meaningless. There is nothing "liberal" about having a huge state funded military industrial complex that acts a Trojan horse for global corporations, invading other countries for resources. ..."
"... Neoliberalism is a branch of economic ideology which espouses the value of the free-market, and removing all protective legislation, so that large companies are free to do what they want, where-ever they want, with no impediments from social or environmental considerations, or a nation's democratic preferences. ..."
"... Business-friendly to who exactly: the nation or hostile overseas speculators? ..."
"... The golden age of 1945 - 1975 or so witnessed huge rises in standards of living so your point linking neo-liberalism to rising standards of living is literally meaningless. There was an explosive growth in economic activity during the three or four post war decades ..."
"... The assumption shared by many round here that the young are some untapped resource of revolutionary energy is deeply mistaken ..."
A wonderful article that names the central issue. Neoliberal ideology acted as a smokescreen
that enabled the financially powerful to rewrite the rules and place themselves beyond the
law. The resultant rise of financial capitalism, which now eclipses the productive
manufacturing-based capitalism that was the engine of world growth since the industrial
revolution, has propelled a dangerous self-serving elite to the centre of world power. It's
not just inequality that matters, but the character of the global elite.
The neo-liberal order commenced only in the late 1970s - there was a very different
order prior to this which was not "soviet socialism" as you term it.
So it seems that your suggestion is for a return to western capitalism post-war style -
would that be right? (b.t.w. if I bring up the whole Soviet Union thing, it is partly because
quite a few commentators in this debate come across as if they wish for something much more
leftist than that).
Anyway, my worry with this idea is that I am just not convinced that life in "The West
1945-80" was better on the whole than in "The West 1980-present". It's true that
unemployment is higher these days, but a lot of work in the post-war years was boring and
physically exhausting; in factories and mines where conditions were degrading and bad for
health; and where industrial relations were simply terrible. I think as well that the higher
unemployment is a localized phenomenon that many developing countries are not experiencing
(this is relevant because Deborah Orr proposes change for the whole world, not merely the
West).
There were also frequent recessions and booms - in fact, more frequent (albeit shorter)
than now. What seems to have changed in this respect is that, whereas we used to alternate
regularly between 2-3 years of boom and 1-2 years of bust, we now have 15 years of continuous
boom followed by a (maybe?) 10 year bust (this pattern began around 1980). If you asked me
which of these two patterns I preferred, then I think I'd go for the pre-1980 pattern, but
its not clear to me that the post-1980 pattern is so much worse as to underwrite a savage
indictment of the whole system.
As for Casino banking: they should reform that. Britain's Coalition Government has done
something in that respect, although its not very radical - I am hoping Labour can do more.
There is certainly a lot to be said for banks going back to a pre-"Big Bang" sense of
tradition and prudence.
Buts let's not also forget the plus sides in the ledger for post-1980 capitalism: hundreds
of millions in the former third world lifted out of poverty; unprecedented technological
innovation (e.g. the internet, which makes access to knowledge more equal even as income
inequality grows); and the accomodation (at least in the West) of progressive social change,
such as the empowerment of ethnic minorities, LGBT people and women.
Change, yes - but lets be careful not to throw the baby out with the bathwater.
OK, but both the claim and the link cited in support talk only about a problem in the US.
This can't really answer my point, which was that the rest of the world should not be
expected to support a change to the economic system of the whole world just because of
problems that are mostly localised to North America and Europe. People in developing
countries might like the fact that they are, at last, catching "the West" up, and might well
not care much about widening inequality of incomes in Western societies.
If you are going to propose changes that you want the whole world to adopt, as Deborah Orr
does, then you should be careful to avoid casually assuming that Africa, India, China, et al,
feel the same way about the world's recent history as we do. It seems to me that not enough
care has been demonstrated in this regard.
@MickGJ - Left to their own devices the most extreme neo-liberals would remove the state
almost completely from corporate life.
Except when the State has to step in to prop up an unsustainable ideology. Then it's all
meek murmurings and pleas for forgiveness and a timid "we'll be better from now" concessions
and the Government obliges the public with the farce that they actually intend to do anything
at all but make the public pay for the financial sector's state subsidized profligacy.
Once the begging bowl is re-filled of course then the pretense of "business as usual"
profligacy rises to the fore.
The taxpayers are left to pick up the tab, nations are divided against immigrants and
scroungers and then unfettered evangelists like you can spout as pompously as you like about
how much big business would like to remove the state from corporate affairs.
When you well know that is the last thing big business would like to do. More of the state
owned pie is always the most urgent of priorities. Poorer services at inflated costs equates
as 'efficiency' until the taxpayer is again left to step in and pick up the bill.
Without the state there wouldn't be neo-Liberalism, it took state regulated capitalism to
build what unfettered purists insist on tearing apart for short term greed.
The trouble is Neo-Liberals do not want to remove the state at all, they want to BE the
state and in the process rendering democracy pretty much meaningless. And they've
succeeded.
The biggest swindle ever pulled was turning the most glaring and crushing failure of
unfettered corporatism into the biggest and most crushing power grab implemented in order to
suppress the will of the people.
Just as IMF loans come with 'obligations' the principle of democracy itself was sold as
part of 'the solution'.
The unsustainable, sustained. By slavery to debt, removal of society's safety net and an
economy barely maintained by industries that serve the rich, vultures that prey on the weak
and rising living costs and the drudgery of a life compounded by a relentless bombardment of
everything in life that is unattainable.
Nobody hates a market more than a monopoly and capitalism must inevitably end in monopoly as
it has. For the profiteering monopolies investment especially via taxation is insane as it
can only undermine their monopoly. With the economy now globalised not even a world war could
sweep away the current ossified political economy and give capitalism a new lease on life.
It's socialism or monopoly capitalist barbarism. Make your choice.
Money that the governments don't actually need as they can print their own money and spend it
to use their countries own resources and then raise taxes to offset the extra spending and
thus maintaining monetary value. The reality is that a government should never, ever borrow
money.
The beginning period between the two world wars (1919-33) in Germany called the Weimar
Republic shows us exactly what severe austerity imposed by the Treaty of Versailles caused.
Because the German economy contracted severely due to reparations payments, steady inflation
and severe unemployment ensued. Of course the FED having started the Great Depression in
America had not helped matters much anywhere in the world. The bankers have always known that
the austerity caused by having to pay off un-payable loans, that increase every year, will
eventually produce countries very similar to the "Weimar Days" in pre-Hitler Germany.
They
also know that drastic conditions such as these often lead to a collapse of democracy and a
resurgence of Fascism.
What causes inflation is uncontrolled speculation of the kind we have seen fed by private
banking at various crucial points in history, such as the Weimar Republic. When speculation
is coupled with debt (owed to private banking cartels) such as we are seeing in America and
Europe now, the result is disaster. On the other hand, when a government issues its own "good
faith" commerce-related currency in carefully measured ways as we saw in Roman times or
Colonial America, it causes supply and demand to increase together, leaving prices
unaffected. Hence there is no inflation, no debt, no unemployment, and no need for income
taxes.
In reality, the Weimar financial crisis began with the impossible reparations payments
imposed at the Treaty of Versailles. It is very similar to the austerity being imposed on
European Nations and America as we speak – regardless of the fact that the IMF is
trying to pose as "the Good Cop" at the moment! The damage has been done to nations like
Greece, and others are soon to follow. The uncontrollable greed of banks and corporations is
leading to an implosion of severe magnitude! It's time to open their books and put a stop to
these private banks right now!
@MysticFish - So the US who has a greater spend on the military than communist China is
neoliberal?
Neoliberalism could not exist without massive state support. So the term is
meaningless. There is nothing "liberal" about having a huge state funded military industrial complex
that acts a Trojan horse for global corporations, invading other countries for resources.
The term neoliberal is not only meaningless but misleading as it implies a connection with
true liberalism, of which it has no meaningful connection.
Do away with deceptive terms like neoliberalism, capitalism, socialism, left wing and right
wing and things become clearer.
At root a lot of the people who get involved in all of the above have very similar
character traits - love of power, greed, deceitful, ruthlessness. Most start out with these
character traits, and others gain them as a result of power.
Anyone high up in politics or business is unhinged. You have to be. The organizational
structures in these things are so synthetic, the beliefs so artificial, rigid, dogmatic and
inhuman that only a unhinged person could prosper in this climate.
Most reasonable people admit doubt, are willing to accept compromise, are willing to make
the occasional sacrifice for the greater good. All these things are what make us human,
however all these things are seen as weaknesses in the inverted world of business and
politics.
Business and politics creates an environment where the must inhuman traits prosper.
"no but the highly placed banking and financial class are along with their venal
political mates"
For sure but are they capitalists? Although they may well own capital does their power
derive from the ownership of capital? You may, or may not be interested in this
lecture on the future of capitalism by John Kay.
@AssistantCook - Neoliberalism is a branch of economic ideology which espouses the value of
the free-market, and removing all protective legislation, so that large companies are free to
do what they want, where-ever they want, with no impediments from social or environmental
considerations, or a nation's democratic preferences. Von Hayek was a major influence and
Thatcher was a loyal disciple, as was the notorious dictator, Pinochet. It is economic
theory, designed for vulture capitalists, and unpopular industries like fossil fuel or
tobacco, and usually the 'freedom' is all one-sided.
@DavidPavett - If states are too big, then what about multinational banks and corporations? I
wonder why Neoliberal ideology does not try to limit the size of these. They are cumbersome
and destructive, predatory dinosaurs and yet our politicians seem mesmerised to the point of
allowing them special favours, tax incentives and the ability to determine our nation's
policies in matters such as energy and health. Why not 'Small is Beautiful,' when it comes to
companies? It doesn't make sense to shrink the state but then let non-transparent and
unaccountable, multinational companies become too powerful. One gets the feeling the country
is being invaded by the interests of hostile nations, using all-too-convenient Neoliberal
ideology and hidden behind a corporate mask.
Is the IMF ever stop evading its responsibility and blaming others for the worldwide
financial tragedy it has provoked? Is it ever stop hurting the working class?
"Neo-liberalism is based on the thought of personal freedom for the rich and powerful
elites is all."
No it is not that is what you want to believe. There is nothing in this statement other
than an opinion based on nothing.
"Many people across the globe were lifted out of poverty between 1945-1980 so what does
your statement about neo-liberalism prove"
Which countries during this period saw massive sustainable reductions in poverty without
some free market model in place?
"It is you who should open your eyes and stop expecting people on here to accept your
ideological beliefs and statements as facts."
I don't expect people to accept my beliefs I am just pointing out why I think their
beliefs are wrong. This is a comment section the whole idea of it is to comment on different
views and articles. How can you ever benefit or make an accurate decision or belief if you do
not try to understand what the opposite belief is? I think nearly everything I have said has
been somewhat backed up by logic or a fact, I have not said wishy washy statements like:
"Neo-liberalism is based on the thought of personal freedom for the rich and powerful
elites is all."
Unless you can expand on this and give evidence or some form of an example why you think
its true then it makes no sense. You are not the only commentor on this article to make a
similar statement and the way people have attempted to justify it is due to bailouts but as I
have said a bailout is not part of the neoliberal school of thought so if you have a problem
with bailouts you don't have a problem with neoliberalism.
@murielbelcher - I don't want to go to far into Thatcherism because it is slightly off topic.
The early 80s recession was a global recession and yes during the first few years
unemployment soared. Why was that because the trade unions were running amok the UK was
losing millions of days of work per month.
Inflation was getting out of control and the only
way to solve it was a self induced recession. You cannot seriously believe that without the
reforms that she implemented we would not have recovered as quick as we did nor can you argue
that it was possible for her or anyone else to turn around such an inefficient industry.
Don't forget the problems of the manufacturing industry go back way before Thatcher's time.
"Here's your problem. You believe that banks lend savings. They don't. Loans create
deposits create reserves."
I am not claiming to be an expert on this if you are then let me know and please do
correct me. I agree banks do not lend deposits but they do lend savings. There is a
difference putting money on deposit is different to say putting money into an ISA. I don't
agree though that deposits create reserves I believe that they come from the central bank
otherwise banks would be constrained by the amount of deposits in the system which is not
true and something you have said is not true.
Nevertheless, the majority of liquidity in the bond markets (like most other markets)
comes from institutional investors, i.e pension funds, unit trusts, insurance companies, etc.
They get their money from savings by consumers as well as sometimes companies. Ok we don't
always give our money to insurance companies when we save but via premiums is another way the
ordinary consumer contributes to this so called "debt industry". I also said that foreign and
local governments buy debt and companies invest directly into the debt market.
"In theory the banks should have been allowed to go bust, but the consequences where deemed
too high (as they inevitable are). "
Iceland would disagree.
"The result is socialism for the rich using the poor as the excuse, which is the reality
of neoliberalism."
Why have only the rich benefited from the bailout? You are not making any sense.
"The result is socialism for the rich using the poor as the excuse, which is the reality
of neoliberalism."
Why? You cannot just say a statement like that and not expand, it makes no sense.
"Thatcher "revitalised" banking, while everything else withered and died."
...but also revitalised the economy and got everyone back to work.
"Neoliberalism is based on the thought that you get as much freedom as you can pay for,
otherwise you can just pay... like everyone else."
Again you have to expand on this because it makes no sense.
"In Asia and South America it has been the economic preference of dictators that pushes
profit upwards and responsibility down, just like it does here."
Don't think that is true in most cases nor would it make sense. Why would a dictator who
wants as much power as possible operate a laissez-faire economy? You cannot have personal
freedom without having economic freedom, it is a necessary not sufficient condition. Tell me
a case where these is a large degree of political freedom but little to no economic freedom.
Moreover look at the countries in Asia and South America that have adopted a neoliberal
agenda and notice their how poverty as reduced significantly.
"I find it ironic that it now has 5 year plans that absolutely must not be deviated from,
massive state intervention in markets (QE, housing policy, tax credits... insert where
applicable), and advocates large scale central planning even as it denies reality, and makes
the announcement from a tractor factory."
Who has 5 year plans?
"In theory it's one thing, the reality is entirely different."
If the reality is different to the theory then it is not neoliberalism that is being
implemented therefore it makes no sense to dispute the theory. Look at where it has been
implemented, the best case in the world at the moment is Hong Kong look at how well that
country has performed.
"a massive lie told by rich people "
I can assure you I am not rich.
"Until we're rid of it, we're all it's slaves."
Neoliberalism is based on personal freedom. If you believe this about neoliberalism in your
opinion give me one economic school of thought where this does not apply.
"Bailouts have been a constant feature of neoliberalism."
What you are saying does not make sense. Whatever you say about that there was no where else
to turn the government had to bailout out the banks a neolibralist would disagree.
"In fact the role of the state is simply reduced to a merely commissioning agent to
private parasitical corporations. "
That's corporatism which so far you have described pretty well.
"History has shown the state playing this role since neoliberalism became embedded in
policy since the 1970s - Long Term Capital Management, Savings and Loans, The Brady Plan,
numerous PFI bailouts and those of the Western banking system during the 1982 South American,
1997 Asian and 2010 European debt crises."
What?! Bailouts have been occurring before the industrial revolution. Deregulation in the
UK occurred mainly during the 80s not 70's. Furthermore financial deregulation occurred in
the UK in 1986. In the USA the major piece of financial deregulation was the Gramm Leach
Bliley Act which was passed in 1999. So you have just undercut your own point with the
examples you gave above. You could argue Argentina and we could argue all day about the
causes of that, but I would say that any government that pursues an expansionary monetary
policy under a fixed ER is never going to end well.
"...policy if you won't flick through a book."
My point was that when people quote a source they tend to either quote the page that the
point comes from. To be honest if this book is telling you that neoliberalism and
neoclassical are significantly different (which you seemed to suggest in you earlier post)
then I would suggest put the book down.
"Google, Amazon and Apple... avoid their taxes, because they can, because they are more
powerful than governments."
Yes to the first, no to the second. Corporations with revenues exceeding the GDP of a small nation have quite a lot of power:
Exxon's revenue is between the GDP of Norway and Austria. In Finland Nokia generated 3 4 % of the GDP for a decade and the government bent backwards
to accommodate its polite requests, including a specific law reducing the privacy of
employees' emails.
We percieve a problem in (most of) Europe and North America because our economies are
growing more slowly than this, and in some cases not at all. The global growth figure comes
out healthy because of strong growth in the emerging countries, like China, Brazil and
India, who are narrowing the gap between their living standards and ours. So, the world as
a whole isn't broken, even if our bit of it is going through a rough patch.
@Fachan - Except that it isn't capitalism that was being criticized here, but neoliberalism:
a distinction that's often lost on neoliberals themselves, ironically.
I'm sure that Denis Healy and any number of African economists would confirm that the IMF is
quite simply a refuge of absolutely last resort, when investor confidence in your economy is
so shattered that the only way ahead is to open the shark gates and allow big money to
plunder whatever value remains there, without the benefit of any noticeable return for your
people. Greece is but one more victim of a syndrome that encompasses all the science and
forensic analysis of ritual sacrifice.
@OneCommentator - don't confuse economic deregulation which acted as handmaiden to global
finance and multinationals as economic freedoms for population
China's govt was doing what china's govt had decided to do from 1978 BEFORE the election
of Thatcher in 1979 or Reagan in 1980 (office from Jan 1981), so very little correlation
there I think
The GATT rounds whether you agree with their aims or not were the products of the post war
decades, again before Thatcher and Reagan came to power
The golden age of 1945 - 1975 or so witnessed huge rises in standards of living so your
point linking neo-liberalism to rising standards of living is literally meaningless. There
was an explosive growth in economic activity during the three or four post war decades
@theguardianisrubbish - you can't get away with this
She DID not get everyone back to work again. There were two recessions at either end of the 1980s. She TRIPLED unemployment during the first half of the 1980s and introduced the phenomenon
of high structural unemployment and placing people on invalidity benefits to massage the
headline unemployment count. Give us the figures to back up your assertion that she "got
everyone back to work again." I suspect that you cannot and your statement stands for the
utter nonsense that it is in any kind of reality.
A few months after she was forced out Tory Chancellor Norman Lamont in 1991 during yet
another recession declared that "unemployment was a price worth paying"!!!
Neo-liberalism is based on the thought of personal freedom for the rich and powerful
elites is all. Many people across the globe were lifted out of poverty between 1945-1980 so
what does your statement about neo-liberalism prove
It is you who should open your eyes and stop expecting people on here to accept your
ideological beliefs and statements as facts.
"The IMF exists to lend money to governments, so it's comic that it wags its finger at
governments that run up debt. And, of course, its loans famously come with strings attached:
adopt a free-market economy, or strengthen the one you have, kissing goodbye to the Big
State."
That's glib and inaccurate. A better read about the IMF from an insider:
http://www.theatlantic.com/magazine/archive/2009/05/the-quiet-coup/307364/ Digest: the biggest problem the IMF have to deal with in bailouts is always the politics
of cronyism; free-market oligarchs and government in cahoots.
"Many IMF programs "go off track" (a euphemism) precisely because the government can't
stay tough on erstwhile cronies, and the consequences are massive inflation or other
disasters. A program "goes back on track" once the government prevails or powerful oligarchs
sort out among themselves who will govern -- and thus win or lose -- under the IMF-supported
plan. The real fight in Thailand and Indonesia in 1997 was about which powerful families
would lose their banks. In Thailand, it was handled relatively smoothly. In Indonesia, it led
to the fall of President Suharto and economic chaos."
Generally whoever happens to be in opposition at the time. This made the LibDems
the ideal (sorry) choice for a long time but then they broke a long-standing if unspoken
promise that they would never actually be in government.
Last weekś Economist has some very interesting stuff from the British Social
Attitudes survey which shows the increasing drift away from collectivist ideals towards
liberalism over each succeeding generation.
The assumption shared by many round here that the young are some untapped resource of
revolutionary energy is deeply mistaken
"... The crash was a write-off, not a repair job. The response should be a wholesale reevaluation of the way in which wealth is created and distributed around the globe ..."
"... The IMF also admits that it "underestimated" the effect austerity would have on Greece. Obviously, the rest of the Troika takes no issue with that. Even those who substitute "kick up the arse to all the lazy scroungers" whenever they encounter the word "austerity", have cottoned on to the fact that the word can only be intoned with facial features locked into a suitably tragic mask. ..."
"... Yet, mealy-mouthed and hotly contested as this minor mea culpa is, it's still a sign that financial institutions may slowly be coming round to the idea that they are the problem. ..."
"... Markets cannot be free. Markets have to be nurtured. They have to be invested in. Markets have to be grown. Google, Amazon and Apple haven't taught anyone in this country to read. But even though an illiterate market wouldn't be so great for them, they avoid their taxes, because they can, because they are more powerful than governments. ..."
"... The neoliberalism that the IMF still preaches pays no account to any of this. It insists that the provision of work alone is enough of an invisible hand to sustain a market. Yet even Adam Smith, the economist who came up with that theory , did not agree that economic activity alone was enough to keep humans decent and civilised. ..."
"... Governments are left with the bill when neoliberals demand access to markets that they refuse to invest in making. Their refusal allows them to rail against the Big State while producing the conditions that make it necessary. ..."
The crash was a write-off, not a repair job. The response should be a wholesale reevaluation of the way in which wealth is
created and distributed around the globe
Sat 8 Jun 2013 02.59 EDT First published on Sat 8 Jun 2013 02.59 EDT
The IMF's limited admission of guilt over the Greek bailout is a start, but they still can't see the global financial system's
fundamental flaws, writes Deborah Orr. Photograph: Boris Roessler/DPA FILE T he International Monetary Fund has admitted that some
of the decisions it made in the wake of the 2007-2008 financial crisis were wrong, and that the €130bn first bailout of Greece was
"bungled". Well, yes. If it hadn't been a mistake, then it would have been the only bailout and everyone in Greece would have lived
happily ever after.
Actually, the IMF hasn't quite admitted that it messed things up. It has said instead that it went along with its partners in
"the Troika" – the European Commission and the European Central Bank – when it shouldn't have. The EC and the ECB, says the IMF,
put the interests of the eurozone before the interests of Greece. The EC and the ECB, in turn, clutch their pearls and splutter with
horror that they could be accused of something so petty as self-preservation.
The IMF also admits that it "underestimated" the effect austerity would have on Greece. Obviously, the rest of the Troika takes
no issue with that. Even those who substitute "kick up the arse to all the lazy scroungers" whenever they encounter the word "austerity",
have cottoned on to the fact that the word can only be intoned with facial features locked into a suitably tragic mask.
Yet, mealy-mouthed and hotly contested as this minor mea culpa is, it's still a sign that financial institutions may slowly be
coming round to the idea that they are the problem. They know the crash was a debt-bubble that burst. What they don't seem to acknowledge
is that the merry days of reckless lending are never going to return; even if they do, the same thing will happen again, but more
quickly and more savagely. The thing is this: the crash was a write-off, not a repair job. The response from the start should have
been a wholesale reevaluation of the way in which wealth is created and distributed around the globe, a "structural adjustment",
as the philosopher
John Gray has said all along.
The IMF exists to lend money to governments, so it's comic that it wags its finger at governments that run up debt. And, of course,
its loans famously come with strings attached: adopt a free-market economy, or strengthen the one you have, kissing goodbye to the
Big State. Yet, the irony is painful. Neoliberal ideology insists that states are too big and cumbersome, too centralised and faceless,
to be efficient and responsive. I agree. The problem is that the ruthless sentimentalists of neoliberalism like to tell themselves
– and anyone else who will listen – that removing the dead hand of state control frees the individual citizen to be entrepreneurial
and productive. Instead, it places the financially powerful beyond any state, in an international elite that makes its own rules,
and holds governments to ransom. That's what the financial crisis was all about. The ransom was paid, and as a result, governments
have been obliged to limit their activities yet further – some setting about the task with greater relish than others. Now the task,
supposedly, is to get the free market up and running again.
But the basic problem is this: it costs a lot of money to cultivate a market – a group of consumers – and the more sophisticated
the market is, the more expensive it is to cultivate them. A developed market needs to be populated with educated, healthy, cultured,
law-abiding and financially secure people – people who expect to be well paid themselves, having been brought up believing in material
aspiration, as consumers need to be.
So why, exactly, given the huge amount of investment needed to create such a market, should access to it then be "free"? The neoliberal
idea is that the cultivation itself should be conducted privately as well. They see "austerity" as a way of forcing that agenda.
But how can the privatisation of societal welfare possibly happen when unemployment is already high, working people are turning to
food banks to survive and the debt industry, far from being sorry that it brought the global economy to its knees, is snapping up
bargains in the form of busted high-street businesses to establish shops with nothing to sell but high-interest debt? Why, you have
to ask yourself, is this vast implausibility, this sheer unsustainability, not blindingly obvious to all?
Markets cannot be free. Markets have to be nurtured. They have to be invested in. Markets have to be grown. Google, Amazon
and Apple haven't taught anyone in this country to read. But even though an illiterate market wouldn't be so great for them, they
avoid their taxes, because they can, because they are more powerful than governments.
And further, those who invest in these companies, and insist that taxes should be low to encourage private profit and shareholder
value, then lend governments the money they need to create these populations of sophisticated producers and consumers, berating them
for their profligacy as they do so. It's all utterly, completely, crazy.
The other day a health minister,
Anna Soubry
, suggested that female GPs who worked part-time so that they could bring up families were putting the NHS under strain. The
compartmentalised thinking is quite breathtaking. What on earth does she imagine? That it would be better for the economy if they
all left school at 16? On the contrary, the more people who are earning good money while working part-time – thus having the leisure
to consume – the better. No doubt these female GPs are sustaining both the pharmaceutical industry and the arts and media, both sectors
that Britain does well in.
As for their prioritising of family life over career – that's just another of the myriad ways in which Conservative neoliberalism
is entirely without logic. Its prophets and its disciples will happily – ecstatically – tell you that there's nothing more important
than family, unless you're a family doctor spending some of your time caring for your own. You couldn't make these characters up.
It is certainly true that women with children find it more easy to find part-time employment in the public sector. But that's a prima
facie example of how unresponsive the private sector is to human and societal need, not – as it is so often presented – evidence
that the public sector is congenitally disabled.
Much of the healthy economic growth – as opposed to the smoke and mirrors of many aspects of financial services – that Britain
enjoyed during the second half of the 20th century was due to women swelling the educated workforce. Soubry and her ilk, above all
else, forget that people have multiple roles, as consumers, as producers, as citizens and as family members. All of those things
have to be nurtured and invested in to make a market.
The neoliberalism that the IMF still preaches pays no account to any of this. It insists that the provision of work alone
is enough of an invisible hand to sustain a market. Yet even Adam Smith, the economist who
came up with that theory , did not agree
that economic activity alone was enough to keep humans decent and civilised.
Governments are left with the bill when neoliberals demand access to markets that they refuse to invest in making. Their refusal
allows them to rail against the Big State while producing the conditions that make it necessary. And even as the results of their
folly become ever more plain to see, they are grudging in their admittance of the slightest blame, bickering with their allies instead
of waking up, smelling the coffee and realizing that far too much of it is sold through Starbucks.
"... The era of neoliberalism has seen a massive increase in government, not a shrinkage. The biggest change is the role of governments - to protect markets rather than to protect the rights and dignities of its citizens. When viewed by outcome rather than ideological rhetoric, it becomes increasingly clear that neoliberalism has nothing to do with shrinking the state, freeing markets, or freeing the individual, and everything to do with a massive power grab by a global elite. ..."
"... What was the billions of pounds in bank bailout welfare and recession on costs all about? You tell me. All the result of the application of your extremist free market ideology? Let the banks run wild, they mess up and the taxpayer has to step in with bailout welfare and pay to clear up the recession debris ..."
"... Market participants and their venal political friends have during the past 30 years of extremist neo-liberal ideology rigged, abused, distorted and subverted their market and elite power to tilt the economic and social balance massively in their favour ..."
"... Neo liberalism = the favoured ideology of the very rich and powerful elite ..."
"... at last somebody is looking at globalisation and asking whose interests is it designed to serve? It certainly ain't for the people. ..."
"... the highly placed banking and financial class are along with their venal political mates ..."
"... We've had three decades of asset stripping in favor of the rich elites and look at the mess we're in now. ..."
"... I strongly believe that people are not being told the full story. Like the NSA surveillance revelation, the effects will not be pretty when the facts are known. No country needs the IMF. ..."
"... The mythology surrounding deficits and national debt is a religion that the world is in desperate need of debunking. Like religion, the mythology is used as a means of power and entrenchment of privilege for the Ruling Caste, not the plebs (lesser mortals). ..."
This article is a testament to our ignorance. Orr is no intellectual slouch, but somehow,
like many in the mainstream, she still fails to address some fundamental assumptions and thus
ends up with a muddled argument.
"What they don't seem to acknowledge is that the merry days of reckless lending are never
going to return;"
Lending has not stopped - it's just moved out of one market into another. Banks are making
profits, and banks profit are made by expanding credit.
Neoliberal ideology insists that states are too big and cumbersome, too centralised and
faceless, to be efficient and responsive.
Yes and no. There is a difference between what is preached and what happens in practice. The
era of neoliberalism has seen a massive increase in government, not a shrinkage. The biggest
change is the role of governments - to protect markets rather than to protect the rights and
dignities of its citizens. When viewed by outcome rather than ideological rhetoric, it
becomes increasingly clear that neoliberalism has nothing to do with shrinking the state,
freeing markets, or freeing the individual, and everything to do with a massive power grab by
a global elite.
@MurchuantEacnamai - well righty ideologues such as yourself and your venal political
acolytes have utterly failed to support the case or institute measures that: "apply effective
democratic governance to ensure market
What was the billions of pounds in bank bailout welfare and recession on costs all about?
You tell me. All the result of the application of your extremist free market ideology? Let
the banks run wild, they mess up and the taxpayer has to step in with bailout welfare and pay
to clear up the recession debris
Market participants and their venal political friends have during the past 30 years of
extremist neo-liberal ideology rigged, abused, distorted and subverted their market and elite
power to tilt the economic and social balance massively in their favour
You the taxpayer are good enough to bail us out when we mess up but then we demand that
your services are cut in return and that your employment is ever more precarious and wages
depressed (at the lower end of the scale - never ever the higher of course!! That's the
neo-liberal deal isn't it
Neo liberalism = the favoured ideology of the very rich and powerful elite and boy don't
they know how to work its levers
Very insightful commentary and at last somebody is looking at globalisation and asking whose
interests is it designed to serve? It certainly ain't for the people. Amazing it's been
approved on a UK liberal newspaper as well!
@Fachan - There was nothing in the article about envy. It was an exposition of the failure of
our present system which allows the rich to get ever richer. That would be fine if it weren't
for the fact that the increasing disparity in wealth is bringing down the economy and making
it less productive while leaving a large part of the population in, or on the verge of,
poverty.
@CaptainGrey - but we're not talking about that form of capitalism are we?
Surely you must realise that there are very very different forms of capitalism. The capitalism that reigns now would not have permitted the creation of the NHS had it not
been devised in the1940s when a very different type of capitalism reigned. Its political acolytes and its cheerleader press would have denounced the NHS as an
extremist commie idea!!
The Chicago boys swarmed into eastern Europe after 1989 to introduce a form of gangster
unbridled capitalism. The very Chicago boys led by Milton Friedman who used the dictator Pinochet's Chile as
test bed for their ideology from September 1973 after the coup that overthrew Allende
The neo-liberal order commenced only in the late 1970s - there was a very different order
prior to this which was not "Soviet Socialism" as you term it.
As such this extremist rich man's ideological experiment has had a long innings and has
failed as the events of 2008 laid bare for all to see - it has been tried out disastrously on
live human beings for 34 years and has now been thoroughly discredited with the huge bank
bailouts and financial crash and ensuing and enduring recession It was scarcely succeeding
prior to this with high entrenched rates of unemployment, frequent recessions/booms and busts
and unsustainable property bubbles and deregulated unstable speculative aka casino banking
activity
1. Neoliberalism cannot be pinned on one party alone. It was accepted by the Thatcher
government, but no Prime Minister since has seriously challenged it.
2. Neoliberalism is logically contrary to conservative values. Either there are certain
moral imperatives so important that it is worth wasting money over them, or there are not. No
wonder that Tories are torn in two, not to mention Labour politicians who also try to combine
neoliberalism and moral principle.
3. Saying "even Adam Smith" is understandable but unfair. His work was rather enlightened
in the context of mercantilism, and of course the Wealth of Nations was not his only book.
Others will know his work better than me, but I think he dwells rather strongly on problems
of persistent poverty.
4. The political and redistributive functions of nations are indeed damaged by neolib, but
I don't think there is any realistic way of getting that power back without applying capital
controls. If we apply capital controls, all hell breaks loose.
5. Ergo, we are stuck with a situation where neolib is killing democracy, distributive
justice and conservative moral values, but there is nothing we can do about it without
pulling the plug altogether and unleashing a sharp drop in wealth and 1930s nationalistic
havoc. A bit of a tragedy, indeed.
Deborah Orr: The IMF exists to lend money to governments, so it's comic that it
wags its finger at governments that run up debt.
I strongly believe that people are not being told the full story. Like the NSA
surveillance revelation, the effects will not be pretty when the facts are known. No country needs the IMF. Any national government with its own national currency
sovereignty can pay its own debts within its own country with its own currency. International
borrowing in foreign markets is the biggest myth since religion. But since neoliberalism and
its inherent myths have been swallowed whole for so long, we are still at the stage where the
child points and laughs at the nude emperor. The fallout from the revelation and remedy is to
follow.
The problem with the Eurozone is not that the Euro is the "national" currency. Control of
the Euro resides with the European Central Bank, not the Troika (European Commission,
European Central Bank, IMF). The European Central Bank, as sole controller of the Euro (the
"national" currency), can issue funds to constituent Eurozone states to the extent necessary.
I challenge anyone to demonstrate how any central bank does not have power over its own
currency!
The mythology surrounding deficits and national debt is a religion that the world is in
desperate need of debunking. Like religion, the mythology is used as a means of power and
entrenchment of privilege for the Ruling Caste, not the plebs (lesser mortals).
@DavidPavett - Does anyone have any idea what this is supposed to mean? There are
certainly no leads on this in the link given to "the philosopher" John Gray
Gray wrote this in the Guardian in 2007:
Whether in Africa, Asia, Latin America or post-communist Europe, policies of wholesale
privatisation and structural adjustment have led to declining economic activity and social
dislocation on a massive scale
This doesn't seem to support Orrś assertion that he is calling for a
structural adjustment, rather the opposite. I'ḿ not really familiar with Grayś work
but he seems to be rather against the universal imposition of any system, new or old.
@CaptainGrey - Capitalism is not an undifferentiated mass. Late-stage neoliberal
hypercapitalism as practiced in the US and increasingly in the UK is a very different beast
than the traditional European capitalist social democracy or the Nordic model, which have
been shown to work relatively well over time. In fact, neoliberal capitalism - the sort Orr
is talking about here - is marked by increasing decline both in the state and in the economy,
as inequality in wealth distribution creates a society of beggars and kings instead of
spenders and savers. The gains achieved through carefully regulated capitalism won't stick
around in the free-for-all conditions preferred by those whose ideology demands the sell-off
of the state.
@PeterWoking - For some parts of the world , yes they are more affluent now , but a huge part of the globe is still without
food and water .
I think de regulation of the financial sector has caused a huge amount of damage to the world all round and
to be honest, i expect more of the same as the Bankers are still in control.
"... Somewhat foolishly he deepened the cleavage between himself and ordinary people by both his patrician predilections and the love of lecturing ..."
This is the question that I am often asked and will be asked in two days. So I decided to
write my answers down.
The argument why inequality should not matter is almost always couched in the following
way: if everybody is getting better-off, why should we care if somebody is becoming extremely
rich? Perhaps he deserves to be rich -- or whatever the case, even if he does not deserve, we
need not worry about his wealth. If we do that implies envy and other moral flaws. I have
dealt with the misplaced issue of envy here * (in response to points made by Martin
Feldstein) and here ** (in response to Harry Frankfurt), and do not want to repeat it. So,
let's leave envy out and focus on the reasons why we should be concerned about high
inequality.
The reasons can be formally broken down into three groups: instrumental reasons having to
do with economic growth, reasons of fairness, and reasons of politics.
The relationship between inequality and economic growth is one of the oldest relationships
studied by economists. A very strong presumption was that without high profits there will be
no growth, and high profits imply substantial inequality. We find this argument already in
Ricardo where profit is the engine of economic growth. We find it also in Keynes and
Schumpeter, and then in standard models of economic growth. We find it even in the Soviet
industrialization debates. To invest you have to have profits (that is, surplus above
subsistence); in a privately-owned economy it means that some people have to be wealthy
enough to save and invest, and in a state-directed economy, it means that the state should
take all the surplus.
But notice that throughout the argument is not one in favor of inequality as such. If it
were, we would not be concerned about the use of the surplus. The argument is about a
seemingly paradoxical behavior of the wealthy: they should be sufficiently rich but should
not use that money to live well and consume but to invest. This point is quite nicely, and
famously, made by Keynes in the opening paragraphs of his "The Economic Consequence of the
Peace". For us, it is sufficient to note that this is an argument in favor of inequality
provided wealth is not used for private pleasure.
The empirical work conducted in the past twenty years has failed to uncover a positive
relationship between inequality and growth. The data were not sufficiently good, especially
regarding inequality where the typical measure used was the Gini coefficient which is too
aggregate and inert to capture changes in the distribution; also the relationship itself may
vary in function of other variables, or the level of development. This has led economists to
a cul-de-sac and discouragement so much so that since the late 1990s and early 2000s such
empirical literature has almost ceased to be produced. It is reviewed in more detail in this
paper. ***
More recently, with much better data on income distribution, the argument that inequality
and growth are negatively correlated has gained ground. In a joint paper **** Roy van der
Weide and I show this using forty years of US micro data. With better data and somewhat more
sophisticated thinking about inequality, the argument becomes much more nuanced: inequality
may be good for future incomes of the rich (that is, they become even richer) but it may be
bad for future incomes of the poor (that is, they fall further behind). In this dynamic
framework, growth rate itself is no longer something homogeneous as indeed it is not in the
real life. When we say that the American economy is growing at 3% per year, it simply means
that the overall income increased at that rate, it tells us nothing about how much better
off, or worse off, individuals at different points of income distribution are getting.
Why would inequality have bad effect on the growth of the lower deciles of the
distribution as Roy and I find? Because it leads to low educational (and even health)
achievements among the poor who become excluded from meaningful jobs and from meaningful
contributions they could make to their own and society's improvement. Excluding a certain
group of people from good education, be it because of their insufficient income or gender or
race, can never be good for the economy, or at least it can never be preferable to their
inclusion.
High inequality which effectively debars some people from full participation translates
into an issue of fairness or justice. It does so because it affects inter-generational
mobility. People who are relatively poor (which is what high inequality means) are not able,
even if they are not poor in an absolute sense, to provide for their children a fraction of
benefits, from education and inheritance to social capital, that the rich provide to their
offspring. This implies that inequality tends to persist across generations which in turns
means that opportunities are vastly different for those at the top of the pyramid and those
on the bottom. We have the two factors joining forces here: on the one hand, the negative
effect of exclusion on growth that carries over generations (which is our instrumental reason
for not liking high inequality), and on the other, lack of equality of opportunity (which is
an issue of justice).
High inequality has also political effects. The rich have more political power and they
use that political power to promote own interests and to entrench their relative position in
the society. This means that all the negative effects due to exclusion and lack of equality
of opportunity are reinforced and made permanent (at least, until a big social earthquake
destroys them). In order to fight off the advent of such an earthquake, the rich must make
themselves safe and unassailable from "conquest". This leads to adversarial politics and
destroys social cohesion. Ironically, social instability which then results discourages
investments of the rich, that is it undermines the very action that was at the beginning
adduced as the key reason why high wealth and inequality may be socially desirable.
We therefore reach the end point where the unfolding of actions that were at the first
supposed to produce beneficent outcome destroys by its own logic the original rationale. We
have to go back to the beginning and instead of seeing high inequality as promoting
investments and growth, we begin to see it, over time, as producing exactly the opposite
effects: reducing investments and growth.
"he argument is about a seemingly paradoxical behavior of the wealthy: they should be
sufficiently rich but should not use that money to live well and consume but to invest."
I disagree on this. I do not care if they use the high income to invest or to live well,
as long as it is one or the other.
The one thing I do not want the rich to do is to become a drain of money out of active
circulation. The paradox of thrift. Excess saving by one dooms others into excess debt to
keep the economy liquid.
If you invent a new widget that everyone on earth simply must have, and is willing to give
you $1 per to get it, such that you have $7 billion a year income... good for you!
Now what do you deserve in return?
1) To consumer $7 billion worth of other peoples' production?
Or
2) To trap the rest of humanity in $7 billion a year worth of debt servitude, which will
have your income ever increase as interest is added to your income, a debt servitude from
which it will be mathematically impossible for them to escape since you hold the money that
they must get in order to repay their debts?
The choice of capitalists
to buy paper not products
Wealthy households are obscene
But not macro drags.
When they buy luxury products and personal services
When they buy existing stocks of land paintings and the like of course this is as bad as
buying paper.
But at least that portfolio shifting
Can CO exist with product purchases.
So long as each type of spending remains close to a stable ratio
In my "ideal" tax regimen, steeply progressive income taxes would be avoided by real property
spending or capital investment to get deductions.
This, of course, would lead to over-investment in land, buildings, houses, etc. WHICH is
why my regimen also includes a real property tax (in addition to state and local real estate
taxes). The income tax would not be "avoided" by real property purchases as much as
"delayed".
To avoid 90% income tax, buy diamonds, paintings, expensive autos... then only pay 5% per
year on the real property, spreading the the tax over 20 years. Buy land, buildings, houses,
etc., get hit with the 5%, plus the local real estate taxes.
It really depends on what is consumed. Consumption can lead to malinvestment. For instance,
buying 1960s ferraris does very little for the current economy. This is an exceptionally low
multiplier activity.
inequality have bad effect on the growth of the lower deciles of the distribution as Roy and
I
"
~~BM~
keep in mind that there are many directions of growth. there is growth that benefits the
workers, the rank-and-file. there is growth that benefits the excessively wealthy. but now,
finally there's a third type of growth, the kind of growth that destroys the planet, and
perhaps a 4th a new channel of growth that would help us to preserve the planet. we need to
think about some of these things.
One VERY important item is missing from that list - environmental sustainability - giving
people control over much more resources than they need is a waste of something precious.
Ted Turner owning millions of acres of land he's restoring to prairie sustained by bison,
prairie dogs, wolves, etc is bad?
I wish he had ten times as much land. Or more so a million bison were roaming the west and
supplying lots of bison steaks, hides, etc, as they did for thousands of years before about
1850.
First reflections on the French "événements de décembre"
Because I am suffering from insomnia (due to the jetlag) I decided to write down, in the
middle of the night, my two quick impressions regarding the recent events in France -- events
that watched from outside France seemed less dramatic than within.
I think they raise two important issues: one new, another "old".
It is indeed an accident that the straw that broke the camel's back was a tax on fuel that
affected especially hard rural and periurban areas, and people with relatively modest
incomes. It did so (I understand) not as much by the amount of the increase but by
reinforcing the feeling among many that after already paying the costs of globalization,
neoliberal policies, offshoring, competition with cheaper foreign labor, and deterioration of
social services, now, in addition, they are to pay also what is, in their view and perhaps
not entirely wrongly, seen as an elitist tax on climate change.
This raises a more general issue which I discussed in my polemic with Jason Hickel and
Kate Raworth. Proponents of degrowth and those who argue that we need to do something
dramatic regarding climate change are singularly coy and shy when it comes to pointing out
who is going to bear the costs of these changes. As I mentioned in this discussion with Jason
and Kate, if they were serious they should go out and tell Western audiences that their real
incomes should be cut in half and also explain them how that should be accomplished.
Degrowers obviously know that such a plan is a political suicide, so they prefer to keep
things vague and to cover up the issues under a "false communitarian" discourse that we are
all affected and that somehow the economy will thrive if we all just took full conscience of
the problem--without ever telling us what specific taxes they would like to raise or how they
plan to reduce people's incomes.
Now the French revolt brings this issue into the open. Many western middle classes,
buffeted already by the winds of globalization, seem unwilling to pay a climate change tax.
The degrowers should, I hope, now come up with concrete plans.
The second issue is "old". It is the issue of the cleavage between the political elites
and a significant part of the population. Macron rose on an essentially anti-mainstream
platform, his heterogenous party having been created barely before the elections. But his
policies have from the beginning been pro-rich, a sort of the latter-say Thatcherism. In
addition, they were very elitist, often disdainful of the public opinion. It is somewhat
bizarre that such "Jupiterian" presidency, by his own admission, would be lionized by the
liberal English-language press when his domestic policies were strongly pro-rich and thus not
dissimilar from Trump's. But because Macron's international rhetoric (mostly rhetoric) was
anti-Trumpist, he got a pass on his domestic policies.
Somewhat foolishly he deepened the cleavage between himself and ordinary people by both
his patrician predilections and the love of lecturing others which at times veered into the
absurd (as when he took several minutes to teach a 12-year old kid about the proper way to
address the President). At the time when more than ever Western "couches populaires" wanted
to have politicians that at least showed a modicum of empathy, Macron chose the very opposite
tack of berating people for their lack of success or failure to find jobs (for which they
apparently just needed to cross the road). He thus committed the same error that Hillary
Clinton commuted with her "deplorables" comment. It is no surprise that his approval ratings
have taken a dive, and, from what I understand, even they do not fully capture the extent of
the disdain into which he is held by many.
It is under such conditions that "les evenements" took place. The danger however is that
their further radicalization, and especially violence, undermines their original objectives.
One remembers that May 1968, after driving de Gaulle to run for cover to Baden-Baden, just a
few months later handed him one of the largest electoral victories -- because of
demonstrators' violence and mishandling of that great political opportunity.
"So, harvesting energy from the sun is unsustainable?"
No. I'm saying it is not scale-able.
How are you going to do it? Run diesel fuel powered tractors to dig pit mines to get
metals, to be smelted in fossil fuel powered refineries. Burn fossil fuels to heat sand into
glass. Use toxic solvents purify the glass and to electroplate toxic metals. Then incinerate
the solvents in fossil fuel powered furnaces.
That may get us to a 40% reduction in carbon, but it isn't getting us to 90%
reduction.
Even then, how are you going to get nitrogen fertilizers for farms? Currently we strip H2
from CH4 (natural gas), then mix with nitrogen in the air, apply electricity, poof, nitrogen
fertilizers, and LOTS of CO2. I have yet to see a proposal for large-scale farming that
offers a method of obtaining nitrogen fertilizers without CO2 emissions.
AND, there is still a massive problem of storing the electricity from when the wind is
blowing and sun is shining until times when it isn't.
"So, you are calling for global thermonuclears war to purge 6 billion people from the
planet?"
Nope.
"You clearly believe the solution is not paying workers to work, but to not pay them so
they must die."
I'm all about paying workers to work. I vehemently disagree with liberals when they breach
the idea of "universal basic income"... a great way to end up like the old Soviet Union,
where everyone has money, but waits in long lines to get into stores with nothing on the
shelves for sale.
"The population is too high to support hunter-gathers and subsistence farming for 7
billion people plus."
Correct.
"You have bought into Reagan's free lunch framing and argue less trash, less processing of
6trash to cut costs, so everyone must earn less so they consume less, ideally becoming
dead."
Not even close.
This is where Liberals pissed me off right after Trump won and was still talking "border
adjustment tax". The cry from the likes of Robert Reich was "oh noooo... prices will go up
and hurt the poor." Since when were progressives the "we need low prices" party? I thought we
were the ones that wanted higher prices, if those higher prices were caused by higher wages
to workers!
"I call for evveryone paying high living costs to pay more workers to eliminate the waste of
landfilling what was just mined from the land."
Not sure how that makes it magically possible to cut carbon emissions 90% though.
Besides that, Saudi Arabia requires the organization to maintain a high level of oil
production due to pressure coming from
Washington to achieve a very low cost per barrel of oil. The US energy strategy targets
Iranian and Russian revenue from oil exports, but it also aims to give the US a speedy economic
boost. Trump often talks about the price of oil falling as his personal victory. The US
imports
about 10 million barrels of oil a day, which is why Trump wrongly believes that a decrease in
the cost per barrel could favor a boost to the US economy. The economic reality shows a strong
correlation
between the price of oil and the financial growth of a country, with low prices of crude oil
often synonymous of a slowing down in the economy.
It must be remembered that to keep oil prices high, OPEC countries are required to maintain
a high rate of production, doubling the damage to themselves. Firstly, they take less income
than expected and, secondly, they deplete their oil reserves to favor the strategy imposed by
Saudi Arabia on OPEC to please the White House. It is clearly a strategy that for a country
like Qatar (and perhaps Venezuela and Iran in the near future) makes little sense, given the
diplomatic and commercial rupture with Riyadh stemming from
tensions between the Gulf countries.
In contrast, the OPEC+ organization, which also includes other countries like the Russian
Federation, Mexico and Kazakhstan, seems to now to determine oil and its cost per barrel. At
the moment, OPEC and Russia have agreed to cut production by 1.2 million barrels per day,
contradicting Trump's desire for high oil output.
With this last choice Qatar sends a clear signal to the region and to traditional allies,
moving to the side of OPEC+ and bringing its interests closer in line with those of the Russian
Federation and its all-encompassing oil and gas strategy, two sectors in which Qatar and Russia
dominate market share.
In addition, Russia and Qatar's global strategy also brings together and includes partners
like Turkey (a future
energy hub connecting east and west as well as north and south) and Venezuela. In this
sense, the meeting between
Maduro and Erdogan seems to be a prelude to further reorganization of OPEC and its members.
It's crazy to think of all of the natural gas burned off by the world's oil producers. I
think of those oil platforms that have a huge burning flame on top. This is the kind of ****
that reminds us that the people who control the world care not for the people who live here.
Can't make a buck from it? ******* burn it.
Consider though that those oil producers are only in it for the money; it's not an
avocation with them. I imagine if there was a way to salvage the natural gas, it would be
done. Mo Muny would dictate it.
This could be the beggining of a level 5 popcorn event. It started a year or two ago and
when I saw it everybody laughed. Well look at it now. Saudi wants to defect. They have had
nothing but problems with the House of Sodomy for quite some time now.
If this leads to war in the Persian Gulf Edgar Cayce called it. The empire will burn that
place down before losing it. They may fail but something is going to go down.
Are the Sauds still full heartedly pushing the Zionist mission in Yemen?
As an Iranian-American I have been waiting for something big to happen with Iran. I am
really tired of waiting. I hope that Iran will grow some balls and fight the coalition. I
know that there are 80 million lives in danger, including my mom going back to Iran for a
short term. But this has been like a long torture and unending nightmare.
There is no multipolarity yet, but a bipolar hype of the world dominance run by US and its
vassals. An awakening will be harsh, when these realize their emperor goes naked.
Update 5: Cohen has been sentenced to 36 months in prison for his crimes, far below the
guideline of 51 - 63 months laid out by New York prosecutors. The Judge noted that the
guidelines aren't binding and had the ability to issue a lesser sentence.
Cohen has also been hit with forfeiture of $500,000, restitution of $1.4 million and a fine
of $50,000. He will be allowed to voluntarily surrender on March 6 .
Update 4: Judge Pauley has responded following Cohen's statement, saying "Mr. Cohen's crimes
implicate a far more insidious crime to our democratic institutions especially in view of his
subsequent plea to making false statements to Congress," adding that Cohen's crimes warrant
"specific deterrence."
Update 3: Cohen has spoken, telling the Judge: "Recently the president tweeted a statement
calling me weak and it was correct but for a much different reason than he was implying. It was
because time and time again i felt it was my duty to cover up his dirty deeds." Judge William
Pauley, meanwhile, noted that Cohen pleaded guilty to a " veritable smorgasbord of fraudulent
conduct ," which was motivated by "personal greed and ambition."
Update 2: Petrillo, Cohen's attorney, continues to reference Cohen's desire to cooperate
further with prosecutors to answer future questions - however Manhattan prosecutors don't
appear to care, according to Bloomberg banking reporter Shahien Nasiripour. In a memo last week
to the court, they said that Cohen's promise to cooperate further is worthless - especially
since there would be nothing requiring him to do so once he's already been sentenced.
Meanwhile, Jeannie Rhee - an attorney with Robert Mueller's office, told the court that
while Cohen lied to the special counsel's team during his first interview in July, he has been
truthful since.
Manhattan Assistant US Attorney Nicolas Roos, however, says that any reduction in sentence
"should be modest."
Roos added that Cohen "has eroded faith in the electoral process and compromised the rule of
law," and that he engaged in " a pattern of deception of brazenness and greed ."
Update: Cohen's attorney, Guy Petrillo, says Cohen thought that President Trump would shut
down the Mueller probe, and has argued that his client's cooperation warrants a lenient
sentence.
"Mr. Cohen's cooperation promotes respect for law and the courage of the individual to stand
up to power and influence," said Petrillo.
"His decision was an importantly different decision from the usual decision to cooperate,"
added Petrillo. "He came forward to offer evidence against the most powerful person in our
country. He did so not knowing what the result would be, not knowing how the politics would
play out and not even knowing that the special counsel's office would survive."
"The special counsel's investigation is of the utmost national significance... Not seen
since 40 plus years ago in the days of Watergate." -Guy Petrillo
Petrillo has asked the judge to "consider Cohen's "life of good works" in his decision,
adding that Cohen's cooperation stands in "profound contrast" to others who havern't cooperated
and who "have continued to double-deal while pretending to cooperate."
***
Michael Cohen, former longtime personal lawyer for President Trump, has shown up to a New
York courthouse where he will be sentenced on Wednesday for a laundry list of crimes - some of
which implicate Trump in possible wrongdoing, but most of which have nothing to do with the
president. Judge William Pauley, meanwhile, noted that Cohen pleaded guilty to a " veritable
smorgasbord of fraudulent conduct ," which was motivated by "personal greed and ambition."
Update 2: Petrillo, Cohen's attorney, continues to reference Cohen's desire to cooperate
further with prosecutors to answer future questions - however Manhattan prosecutors don't
appear to care, according to Bloomberg banking reporter Shahien Nasiripour. In a memo last week
to the court, they said that Cohen's promise to cooperate further is worthless - especially
since there would be nothing requiring him to do so once he's already been sentenced.
Meanwhile, Jeannie Rhee - an attorney with Robert Mueller's office, told the court that
while Cohen lied to the special counsel's team during his first interview in July, he has been
truthful since.
Manhattan Assistant US Attorney Nicolas Roos, however, says that any reduction in sentence
"should be modest."
Roos added that Cohen "has eroded faith in the electoral process and compromised the rule of
law," and that he engaged in " a pattern of deception of brazenness and greed ."
Update: Cohen's attorney, Guy Petrillo, says Cohen thought that President Trump would shut
down the Mueller probe, and has argued that his client's cooperation warrants a lenient
sentence.
"Mr. Cohen's cooperation promotes respect for law and the courage of the individual to stand
up to power and influence," said Petrillo.
"His decision was an importantly different decision from the usual decision to cooperate,"
added Petrillo. "He came forward to offer evidence against the most powerful person in our
country. He did so not knowing what the result would be, not knowing how the politics would
play out and not even knowing that the special counsel's office would survive."
"The special counsel's investigation is of the utmost national significance... Not seen
since 40 plus years ago in the days of Watergate." -Guy Petrillo
Petrillo has asked the judge to "consider Cohen's "life of good works" in his decision,
adding that Cohen's cooperation stands in "profound contrast" to others who havern't cooperated
and who "have continued to double-deal while pretending to cooperate."
***
Michael Cohen, former longtime personal lawyer for President Trump, has shown up to a
New York courthouse where he will be sentenced on Wednesday for a laundry list of crimes - some
of which implicate Trump in possible wrongdoing, but most of which have nothing to do with the
president.
Cohen, who went from claiming he would "take a bullet" for President Trump to stabbing his
former boss in the back, faces sentencing on nine federal charges , including campaign finance
violations based on a hush-money scheme to pay off two women who claimed to have had affairs
with Trump, as well as making false statements to special counsel Robert Mueller.
Prosecutors alleged that Cohen paid off two women at the "direction" of "Individual-1,"
who is widely assumed to be Trump.
Prosecutors said the payments amounted to illegal campaign contribution s because they
were made with the intent to prevent damaging information from surfacing during the 2016
presidential election, which Cohen pleaded guilty to in August.
Legal experts view the filing as an ominous sign for Trump , suggesting prosecutors have
evidence beyond Cohen's public admissions implicating the president in the payoff scheme.
While the Justice Department has said previously that a sitting president cannot be indicted,
that would not stop prosecutors from bringing charges against Trump once he leaves office. -
The Hill
New York prosecutors have recommended that Judge William Pauley impose "a substantial term
of imprisonment" on Cohen - which may be around five years. Cohen's attorneys, meanwhile, have
asked Pauley for a sentence which avoids prison time - citing his cooperation with the Mueller
probe and other investigations which began prior to his guilty plea last summer. Mueller said
that Cohen had "gone to significant lengths to assist the Special Counsel's investigation,"
having met with Mueller's team seven times where he reportedly provided information useful to
the Russia investigation. The special counsel's office has recommended that any sentence Cohen
receives for lying to Congress should run concurrently with the charges brought by the
Manhattan federal prosecutors.
Cohen, 52, pleaded guilty in August to tax evasion,
lying to banks and violating campaign finance laws - charges filed by the US Attorney's Office
for the Southern District of New York.
The campaign finance charges relate to his facilitation of two hush-money payments to porn
star Stormy Daniels and Playboy model Karen McDougal shortly before the 2016 presidential
election. Both women say they had sex with Trump in the prior decade. The White House has
denied Trump had sex with either woman.
Prosecutors say the payments were made "in coordination with and at the direction of"
Trump, who is called "Individual-1" in a sentencing recommendation filed last week.
Cohen's crimes were intended "to influence the election from the shadows," prosecutors
wrote. -
CNBC
In November Cohen also pleaded guilty to lying to Congress about the Trump Organization's
ill-fated plans to develop a Trump Tower in Moscow - a project floated by Cohen and longtime
FBI asset who had been in Trump's orbit for years, Felix Sater. Cohen claims he understated
Trump's knowledge of the project. He also lied to Congress when he said that the Moscow project
talks ended in early 2016, when in fact he and the Trump Organization had continued to pursue
it as late as June 2016.
On Wednesday, Stormy Daniels' lawyer, Michael Avenatti - who is in attendance at Cohen's
sentencing, said in a Wednesday tweet that Cohen "thought we would just go away and he/Trump
would get away with it. He thought he was smart and tough. He was neither. Today will prove
that in spades."
Trump's paying around $280,000 in " hush money " .. out of his own pocket is
dwarfed into virtual insignificance by Obama's Presidential Campaign in 2008..,.
BEING FOUND "GUILTY" OF ILLEGAL USE OF 2 MILLION IN CAMPAIGN MONEY
barely reported by the media that saw THE OBAMA DOJ decide not to prosecute Obama and
instead quietly dispose of this
"REAL CRIME" with a fine of 375 thousand dollars by the US FEDERAL ELECTION COMMISION.
Welcome to the two tier Justice System we all live under..
One for the Deeeep State Globalist Elite and .. the other...
"... "In this case, it is clear the Chinese government wants to put maximum pressure on the Canadian government," Guy Saint-Jacques, the former Canadian ambassador to Beijing , said. Canadian Foreign Minister Chrystia Freeland went on to criticize statements by US President Donald Trump, who said in an interview on Tuesday that he was ready to intervene in the Meng affair if it helped seal a trade deal with the world's second-largest economy. ..."
Her case has angered Beijing and shaken Canada's relations with China, which is embroiled in
a trade war with Washington.
"In this case, it is clear the Chinese government wants to put maximum pressure on the
Canadian government," Guy Saint-Jacques, the former
Canadian ambassador to Beijing , said. Canadian Foreign Minister Chrystia Freeland went on to criticize statements by US President
Donald Trump, who said in an interview on Tuesday that he was ready to intervene in the Meng
affair if it helped seal a trade deal with the world's second-largest economy.
"Our extradition partners should not seek to politicize the extradition process or use it
for ends other than the pursuit of justice and following the rule of law," she said at a press
conference.
"... this is a clear sign that Canada no longer exists as an independent nation, but is a colony of the USA/Israeli empire. ..."
"... This story is not about an ultra-wealthy Chinese heiress enduring an odd adventure in Canada. This story is about a complete loss of Canadian sovereignty, because detaining this lady is outright insane. Canada was conquered without firing a shot! Welcome back to the royal empire run as a dictatorship. ..."
"... If only America focused its attention inward, on growth and stability, instead of transcendent American Imperialism then the world may stand a chance. ..."
"... Western positions on climate, neoliberalism, migration, in my opinion point into the same direction: critical thinking, almost gone. ..."
"... Defrauding the nation into "war of aggression" is the supreme crime one can commit against the American People. The "SUPREME CRIME"! ..."
"... Every "penny" belonging to each and every Neocon Oligarch who CONSPIRED TO DEFRAUD US INTO ILLEGAL WAR should be forfeit until the debt from those wars is paid down .. IN FULL ! ..."
"... Canada may be the obvious criminal. But on consideration, isn't it rather like the low-level thug who carries out a criminal assignment on the orders of a gang boss? And isn't it the gang boss who is the real problem for society? ..."
"... and Ms. Meng was seized on the same day that he was personally meeting on trade issues with Chinese President Xi. Some have even suggested that the incident was a deliberate slap in Trump's face. ..."
As most readers know, I'm not a casual political blogger and I prefer producing lengthy research articles rather than chasing
the headlines of current events. But there are exceptions to every rule, and the looming danger of a direct worldwide clash with
China is one of them.
Consider the arrest last week of Meng Wanzhou, the CFO of Huawei, the world's largest telecom equipment manufacturer. While flying
from Hong Kong to Mexico, Ms. Meng was changing planes in the Vancouver International Airport airport when she was suddenly detained
by the Canadian government on an August US warrant. Although now released on $10 million bail, she still faces extradition to a New
York City courtroom, where she could receive up to thirty years in federal prison for allegedly having conspired in 2010 to violate
America's unilateral economic trade sanctions against Iran.
Although our mainstream media outlets have certainly covered this important story, including front page articles in the New
York Times and the Wall Street Journal , I doubt most American readers fully recognize the extraordinary gravity of
this international incident and its potential for altering the course of world history. As one scholar noted, no event since America's
deliberate 1999 bombing of China's
embassy in Belgrade , which killed several Chinese diplomats, has so outraged both the Chinese government and its population.
Columbia's Jeffrey Sachs correctly
described it as "almost a US declaration of war on China's business community."
Such a reaction is hardly surprising. With annual revenue of $100 billion, Huawei ranks as the world's largest and most advanced
telecommunications equipment manufacturer as well as China's most internationally successful and prestigious company. Ms. Meng is
not only a longtime top executive there, but also the daughter of the company's founder, Ren Zhengfei, whose enormous entrepreneurial
success has established him as a Chinese national hero.
Her seizure on obscure American sanction violation charges while changing planes in a Canadian airport almost amounts to a kidnapping.
One journalist asked how Americans would react if China had seized Sheryl Sandberg of Facebook for violating Chinese law especially
if Sandberg were also the daughter of Steve Jobs.
Indeed, the closest analogy that comes to my mind is when Prince Mohammed bin Salman of Saudi Arabia kidnapped the Prime Minister
of Lebanon earlier this year and held him hostage. Later he more successfully did the same with hundreds of his wealthiest Saudi
subjects, extorting something like $100 billion in ransom from their families before finally releasing them. Then he may have finally
over-reached himself when Washington Post columnist Jamal Khashoggi, a Saudi dissident, was killed and dismembered by a
bone-saw at the Saudi embassy in Turkey.
We should actually be a bit grateful to Prince Mohammed since without him America would clearly have the most insane government
anywhere in the world. As it stands, we're merely tied for first.
Since the end of the Cold War, the American government has become increasingly delusional, regarding itself as the Supreme World
Hegemon. As a result, local American courts have begun enforcing gigantic financial penalties against foreign countries and their
leading corporations, and I suspect that the rest of the world is tiring of this misbehavior. Perhaps such actions can still be taken
against the subservient vassal states of Europe, but by most objective measures, the size of China's real economy surpassed that
of the US several years ago and is now substantially
larger , while also still having a far higher rate of growth. Our totally dishonest mainstream media regularly obscures this
reality, but it remains true nonetheless.
Provoking a disastrous worldwide confrontation with mighty China by seizing and imprisoning one of its leading technology executives
reminds me of
a comment
I made several years ago about America's behavior under the rule of its current political elites:
Or to apply a far harsher biological metaphor, consider a poor canine infected with the rabies virus. The virus may have no
brain and its body-weight is probably less than one-millionth that of the host, but once it has seized control of the central
nervous system, the animal, big brain and all, becomes a helpless puppet.
Once friendly Fido runs around foaming at the mouth, barking at the sky, and trying to bite all the other animals it can reach.
Its friends and relatives are saddened by its plight but stay well clear, hoping to avoid infection before the inevitable happens,
and poor Fido finally collapses dead in a heap.
Normal countries like China naturally assume that other countries like the US will also behave in normal ways, and their dumbfounded
shock at Ms. Meng's seizure has surely delayed their effective response. In 1959, Vice President Richard Nixon visited Moscow and
famously engaged in a heated
"kitchen debate"
with Premier Nikita Khrushchev over the relative merits of Communism and Capitalism. What would have been the American reaction
if Nixon had been immediately arrested and given a ten year Gulag sentence for "anti-Soviet agitation"?
Since a natural reaction to international hostage-taking is retaliatory international hostage-taking, the newspapers have reported
that top American executives have decided to forego visits to China until the crisis is resolved. These days, General Motors sells
more cars in China than in the US, and China is also the manufacturing source of nearly all our iPhones, but Tim Cook, Mary Barra,
and their higher-ranking subordinates are unlikely to visit that country in the immediate future, nor would the top executives of
Google, Facebook, Goldman Sachs, and the leading Hollywood studios be willing to risk indefinite imprisonment.
Canada had arrested Ms. Meng on American orders, and this morning's newspapers reported that
a former Canadian diplomat
had suddenly been detained in China , presumably as a small bargaining-chip to encourage Ms. Meng's release. But I very much
doubt such measures will have much effect. Once we forgo traditional international practices and adopt the Law of the Jungle, it
becomes very important to recognize the true lines of power and control, and Canada is merely acting as an American political puppet
in this matter. Would threatening the puppet rather than the puppet-master be likely to have much effect?
Similarly, nearly all of America's leading technology executives are already quite hostile to the Trump Administration, and even
if it were possible, seizing one of them would hardly be likely to sway our political leadership. To a lesser extent, the same thing
is true about the overwhelming majority of America's top corporate leaders. They are not the individuals who call the shots in the
current White House.
Indeed, is President Trump himself anything more than a higher-level puppet in this very dangerous affair? World peace and American
national security interests are being sacrificed in order to harshly enforce the Israel Lobby's international sanctions campaign
against Iran, and we should hardly be surprised that the National Security Adviser John Bolton, one of America's most extreme pro-Israel
zealots,
had personally given the green light to the arrest. Meanwhile, there are credible reports that Trump himself remained entirely
unaware of these plans, and Ms. Meng was seized on the same day that he was personally meeting on trade issues with Chinese President
Xi. Some have even suggested that the incident was a deliberate slap in Trump's face.
But Bolton's apparent involvement underscores the central role of his longtime patron, multi-billionaire casino-magnate Sheldon
Adelson, whose enormous financial influence within Republican political circles has been overwhelmingly focused on pro-Israel policy
and hostility towards Iran, Israel's regional rival.
Although it is far from clear whether the very elderly Adelson played any direct personal role in Ms. Meng's arrest, he surely
must be viewed as the central figure in fostering the political climate that produced the current situation. Perhaps he should not
be described as the ultimate puppet-master behind our current clash with China, but any such political puppet-masters who do exist
are certainly operating at his immediate beck and call. In very literal terms, I suspect that if Adelson placed a single phone call
to the White House, the Trump Administration would order Canada to release Ms. Meng that same day.
Adelson's fortune of $33 billion ranks him as the
15th wealthiest man in America, and the bulk of his fortune is based on his ownership of extremely lucrative gambling casinos in
Macau, China . In effect, the Chinese government currently has its hands around the financial windpipe of the man ultimately responsible
for Ms. Meng's arrest and whose pro-Israel minions largely control American foreign policy. I very much doubt that they are fully
aware of this enormous, untapped source of political leverage.
Over the years, Adelson's Chinese Macau casinos have been involved
in all sorts of political bribery scandals
, and I suspect it would be very easy for the Chinese government to find reasonable grounds for immediately shutting them down, at
least on a temporary basis, with such an action having almost no negative repercussions to Chinese society or the bulk of the Chinese
population. How could the international community possibly complain about the Chinese government shutting down some of their own
local gambling casinos with a long public record of official bribery and other criminal activity? At worst, other gambling casino
magnates would become reluctant to invest future sums in establishing additional Chinese casinos, hardly a desperate threat to President
Xi's anti-corruption government.
I don't have a background in finance and I haven't bothered trying to guess the precise impact of a temporary shutdown of Adelson's
Chinese casinos, but it wouldn't surprise me if the resulting drop in the stock price of
Las Vegas Sands Corp would reduce Adelson's personal
net worth were by $5-10 billion within 24 hours, surely enough to get his immediate personal attention. Meanwhile, threats of a permanent
shutdown, perhaps extending to Chinese-influenced Singapore, might lead to the near-total destruction of Adelson's personal fortune,
and similar measures could also be applied as well to the casinos of all the other fanatically pro-Israel American billionaires,
who dominate the remainder of gambling in Chinese Macau.
The chain of political puppets responsible for Ms. Meng's sudden detention is certainly a complex and murky one. But the Chinese
government already possesses the absolute power of financial life-or-death over Sheldon Adelson, the man located at the very top
of that chain. If the Chinese leadership recognizes that power and takes effective steps, Ms. Meng will immediately be put on a plane
back home, carrying the deepest sort of international political apology. And future attacks against Huawei, ZTE, and other Chinese
technology companies would not be repeated.
China actually holds a Royal Flush in this international political poker game. The only question is whether they will recognize
the value of their hand. I hope they do for the sake of America and the entire world.
This is no surprise. Anyone who follows political events knows that John Bolton is insane, so no surprise that he devised this
insane idea. The problem will be corrected within a week, and hopefully Bolton sent to an asylum.
However, this is a clear sign that Canada no longer exists as an independent nation, but is a colony of the USA/Israeli empire.
Canada provides soldiers for this empire in Afghanistan even today, and in Latvia. Most Canadians can't find that nation on a
map, but it's a tiny unimportant nation in the Baltic that NATO adsorbed as part of its plan for a new Cold War.
This story is not about an ultra-wealthy Chinese heiress enduring an odd adventure in Canada. This story is about a complete
loss of Canadian sovereignty, because detaining this lady is outright insane. Canada was conquered without firing a shot! Welcome
back to the royal empire run as a dictatorship.
I hope someone in China is reading this article. I would love to see Adelson and his cohorts go down in flames. This would fit
right in with China's current anti-corruption foray. Xi has a reputation for hanging corrupt officials. Shutting down Adelson's
casinos would be consistent with what Xi has been doing and increase his popularity, not least of all, right here in the US.
If only America focused its attention inward, on growth and stability, instead of transcendent American Imperialism then the world
may stand a chance. The future will suffer once China's debt traps collapse and like America it begins placing military globally.
America would be the one country who could work towards a Western future but this will never be the case. Better start learning
Mandarin lest we end up like the Uyghurs.
@Anonymous Use your
brain. The Chinese elite want to use the political clout that Adelson and the other big casino Jews have with the US government.
To gain lobby power from a proven expert, Shelly Adelson, they are willing to allow him to make the big bucks in Macao. They expect
quid pro quo.
The Chinese are pussies and will always back down. The U.S. laughed in their face after they bombed and killed them in Belgrade
and got crickets from the Chinamen. China can't project much power beyond its borders. They can't punch back. The Chinese (and
East Asians) are only part of the global business racket because they are efficient worker bees facilitating the global financial
system. They have no real control over the global market. And if they start to think they do they'll get a quick lesson. Like
they're getting with Meng, who is being treated like coolie prostitute. LMAO.
I always enjoy fresh writing from Mr. Unz. Clarity of thought is a fine thing to witness in language. It should be stated, America
is not in any danger.the empire is and is in terminal decline. As Asia's economic might grows in leaps ad bound, so does the empire
scramble to thwart losing its global grip.
As Fred Reed once pointed out, declining empires rarely go quietly. Will America's leadership gamble on a new war to prevent asia's
ascendancy?
I think it's possible.
But what do I know. As my father once said, "I'm just a pawn in a game."
To his credit he had the wherewithal to see that. Alas, most Americans are asleep.
The call for Ms. Meng's arrest had to come from the US Treasury's Office of Foreign Assets Control. They enforce every thing related
to sanctions, which they claim is what Meng was arrested for– sale of phones and software to Iran.
But they also say they had been on her company's case since 2013 so their timing is rather suspect.
What else I don't understand is her company has research and offices in Germany, Sweden, the U.S., France, Italy, Russia, India,
China and Canada ..So if what they sold or attempted to sell to Iran wasn't outright 'stolen' intellectual property from the US
or even if it was why not transfer it to and or have it made in China or some country not signed onto the Iran sanctions and then
sell it to Iran. I haven't boned up on exactly what kinds of phone software they were selling but I think it has something to
do with being able to bypass NSA and others intercepts.
You are assuming Meng is not a sacrificial pawn in some larger game.
It would be priceless for Xi to shut down Adelson's operations in Macau for a few days or weeks, but I'm afraid Xi is very
much akin to Capitain Louis Renault in Casablanca , and after walking into a Macau casino and uttering the phrase, "I am
shocked- shocked- to find that gambling is going on in here!" might admit in the next breath, "I blow with the wind, and the prevailing
wind happens to be from Jerusalem."
Half a century or so propaganda like 'the USA policing the world' of course had effect.
Not realised is that in normal circumstances police is not an autonomous force, but has to act within a legal framework.
The illusion of this framework of course exists, human rights, democracy, whatever
She's out on bail. Agree that Bolton blindsided Trump. Trump is going to try to turn this into some sort of PR gesture when he
pardons her. No way he will let this mess up his trade deal. Which is beached until she exonerated.
What is true
of these stories of course cannot be known with certainty, but it is asserted that USA military technology is way behind China
and Russia.
Several examples exist, but of course, if these examples tell the truth, not sure.
PISA comparisons of levels of education world wide show how the west is intellectually behind the east.
Western positions on climate, neoliberalism, migration, in my opinion point into the same direction: critical thinking, almost
gone.
"I very much doubt that they are fully aware of this enormous, untapped source of political leverage".
I very much doubt whether that is the case. As far as I know, most Chinese people are distinguished by their intelligence,
thoroughness and diligence. What do the thousands of people employed by China's foreign ministry and its intelligence services
do all day, if they are unaware of such important facts?
However I also doubt if China's leaders are inclined to see matters in nearly such a black and white way as many Westerners.
Jewish people seem to get along very well in China and with the Chinese, which could be because both have high levels of intelligence,
culture, and subtlety. As well as being interested in money and enterprise.
It's certainly an interesting situation, and I too am waiting expectantly for the other shoe to drop.
Yes, whatever your bias is, China is a "normal" country. In the sense of being closer to the ideal than most countries – not of
being average.
You may bewail some of the "human rights" issues in China, although I believe they may be somewhat magnified for PR purposes.
But when did China last attack another country without provocation and murder hundreds of thousands of its citizens, level its
cities, or destroy the rule of law? (Like Afghanistan, Iraq, Libya )
The Chinese seem to be law-abiding, sensible, and strongly disposed to peace. Which is something the world needs a lot more
of right now.
@Dan Hayes "why hasn't
anyone before thought of it.. "
" WHY HASN'T ANYONE BEFORE THOUGHT OF IT !!"
You must be kidding me.
For over three years I have been issuing comment after comment after comment .Like a crazed wolf howling in a barren forest
.That the "number one" priority of the American people should be demanding the seizure of ALL the assets of Neocon oligarchic
class.
Why ?
Not because they are "oligarchs." ..or some might own "casinos" but because they "deliberately" Conspired to Defraud the American
People into illegal Wars of Aggression and have nearly bankrupted the nation in the process.
That's why.
And it is the worlds BEST REASON to seize the assets a thousand times better than "bribery charges." I have issued statement after statement to that affect ,on Unz Review, in the hope that at some point it might, at least subliminally,
catch on.
What I have witnessed over the past six years, is a lot of intelligent, thoughtful people "correctly diagnosing" the issues
which plague the nation But no one had any idea of what to do about it. I have been pointing out, that if people really want to do something about it then do whats RIGHT: Seize the assets of the defrauders.!
Of course we can. Of course we can Its the LAW! Defrauding the nation into "war of aggression" is the supreme crime one can commit against the American People. The "SUPREME CRIME"!
(If you don't think so, go ask your local Police Officer. He will tell you FLAT OUT ..it is the Worst crime "Conspiracy to Defraud
into Mass Murder! .Not good ! You can even ask him if there is a statute of limitations. He will probably say something like "
Yeah .When the Sun collapses!")
And they are GUILTY as charged There is no doubt , .. not anymore. We all know it and can "prove" it ! Every "penny" belonging to each and every Neocon Oligarch who CONSPIRED TO DEFRAUD US INTO ILLEGAL WAR should be forfeit until
the debt from those wars is paid down .. IN FULL !
The keys to the kingdom are right there, right in front of your noses. If you want to change things ."take action" the law is on YOUR side. We don't need China to do a damn thing ..We just need the American People to rise up,"apply the law" and take back their country
and its solvency.
Canada may be
the obvious criminal. But on consideration, isn't it rather like the low-level thug who carries out a criminal assignment on the
orders of a gang boss? And isn't it the gang boss who is the real problem for society?
An article with the identical take as Ron Unz, including the idea that China has its key lever via Sheldon Adelson's casinos,
was published on the Canadian
website of Henry Makow also noting that USA political king-maker Adelson, is a major force behind the anti-Iran obsessions
that partly grounded the arrest of Ms Meng, and so well-deserves consequences here...
In the Jeffrey Sachs article linked above, Sachs lists no less than 25 other companies which have been 'violating US sanctions'
and admitted guilt via paying of fines, but never suffered any executive arrests, including banks including JP Morgan Chase, Bank
of America, PayPal, Toronto-Dominion Bank, and Wells Fargo.
The principle against 'selective, arbitrary, and political prosecutions'
The principle that one state cannot take measures on the territory of another state by means of enforcement of national laws
- 'proportionality of law', which demands that penalty for any said 'crime' needs to be proportionate to the offence, and not
draconian, 'cruel and unusual' Ms Meng is threatened with decades in prison
This is also a significant humiliation of President Trump personally, his own advisors apparently colluding to render him powerless
and uninformed
The Meng case brings to mind the story of another sanctions-violating 'target' arrested at USA request, the great USA chess
master and non-Zionist Jew, Bobby Fischer (1943-2008).
Born in Chicago, Illinois, USA, Fischer impressed the world with his genius, but, like Ms Meng became criminally indicted by
the USA regime, for the 'crime' of playing chess in Yugoslavia when the Serb government was under USA 'sanctions'. Harassed across
the globe, Fischer was jailed in Japan in 2004-05 by embarrassed Japanese leaders, for this fake 'crime' which few people in the
world thought was wrong. Fischer had been using his celebrity voice to strongly criticise the USA & Israeli governments, making
him also a political target, much as Ms Meng is a political target due to her being a prominent citizen and quasi-princess of
China.
The Japanese, loath to be the instrument of Fischer's USA imprisonment, finally allowed Bobby to transit to Iceland where he
was given asylum and residency. Living not far from Iceland's NATO military base, Fischer became quickly and mysteriously struck
with disease, and Fischer died in Reykjavik, perhaps a victim of a CIA-Mossad-Nato assassination squad.
The Chinese government, I am told, directly understands the power and role of Sheldon Adelson here, and Chinese inspectors
are perhaps inside Adelson's Macau properties as you read this. Perhaps Chinese officials may show up soon in Adelson's casinos,
and repeat the line of actor Claude Rains' character in the 1942 film 'Casablanca' -
"I'm shocked, shocked, to find that gambling is going on in here!"
What we have to realize is that just as there is no real difference between Democrats and Republicans because they are both
owned by the same people, so must we realize that in reality there is little difference between the leaders of the worlds countries
because they are all owned by the same central banks. This is why Nate Rothschild famously stated "give me control of a countries
money supply, and I care not who makes its laws" . All the world's central banks are tied together by BIS, WB and IMF and
the US marines. This is the reason Syria, Libya, NK and Venezuela have been taken down: Rothchild central bank control.
So this Huaiwei arrest almost certainly has nothing to do with the "trade war", and is with certainly a hit by one side of
the Kabal against the other. Zionist Nationalists versus Chabad Lubbovitz perhaps?
Jared Kushner has been lying pretty low lately and recently was stripped of his security clearance. He was linked to Kissilev
the Russian ambassador, plus he was pushing Trump to help protect MBS in SA. I would bet that he is at the center of this storm.
I'm honestly shocked no one has stated the obvious: very, very few Americans would be likely to care if Sheryl Sandberg were arrested
on dubious charges in China. I cant say I would be one of those few people.
I also should note that the crown prince of KSA is Mohammad bin Salman. Salman is his father, the king. The crown prince is
Mohammad, son of (aka "bin") Salman.
@TheMediumIsTheMassage
In many ways China does deviate from international norms, but of course so does the United States. As Tom Welsh pointed out, Chinese
foreign policy is downright angelic compared to the US, even if you consider Tibet and Xinjiang to be illegitimately occupied
territories (an argument I'm sympathetic to). Perhaps China would act as belligerently as the US does if China were the sole global
superpower, but it's not, so it's fair to judge China favorably compared to the US.
@Craig Nelsen Trump
deserves it for hiring Bolton at all. Perhaps one might argue Trump was blackmailed into doing so but he doesn't seem to be acting
like a blackmailed man.
Mr. Unz, at no time since Ms. Wanzhou's arrest have I felt myself in a position to judge that this was a strategically unwise
or incautious act. It might be, but apparently I'm to be contrasted from so many of your readers, and you, simply for understanding
myself to have an inadequate handle on the facts to make the call. That would be true, that my handle on the facts would be inadequate,
even if I didn't have personal knowledge of Huawei's suspicious practices or their scale.
I worry that you don't seem to evidence the presence of someone trusted who will go toe to toe with you as Devil's Advocate.
Too often, on affairs of too great a consequence, you come across too strongly, when the data doesn't justify the confidence.
A confident error is still an error and Maimonides' advice on indecision notwithstanding, a confident error is a candidate for
hubris, the worst kind of error. All of this, of course, assumes you make these arguments in good faith because if not the calculus
changes mightily.
Too many of your readers evidence that they interpret this event and form an opinion of it based on nothing but this higher order
syllogism:
Because I distrust the US government
[or because I distrust those I believe to control the US government]
It follows that this was an unjustified act or else a dangerous strategic error
After this higher order syllogism is accepted without due critique, evidence is sought to justify it and no further consideration
of the possibilities is tallied.
At minimum you need to have run a permutation where you seriously consider that : it is well know to US operatives, if not
to US citizens, you, and your readers, that Huawei is actively, constantly and maliciously waging covert war on the USA. You should
at least consider this possibility. If true, this act may merely be a shot across the bow that notifies China of a readiness to
expose things China may not wished exposed, and might stop endangering US citizens, if it were made aware such things stand to
be exposed.
If that's true, not only are you a fishing trawler captain causing distraction with a loudspeaker yelling at the captain of
the destroyer that just fired the warning shot across the bow of a Chinese vessel that is likely covert PLA/N, but now you may
be positioning your trawler to block the destroyer.
Do you really have enough information to know this is wise? Do you really know as much as the destroyer captain?
I will be away today, in the off chance you reply and I don't immediately answer it is because I can't.
Superb, as always, Ron Unz!
For someone who says he has no background in economics you you put your finger dead center on the money nexus of this "puppet
run by another puppet controlled by another puppet dangling from the strings of a still bigger puppet" chain from hell.
I wish someone would read out the entire article, may be with photos of the culprits, on Youtube with subtitles in Chinese.
@Craig Nelsen Nobody
is suggesting that "the order" came from Bolton or that he could indeed give any such order. True his not telling Trump about
what was about to happen bears a sinister interpretation.
@TheMediumIsTheMassage
I think what he means by normal are countries whose leaders are interested in the well being of their nation and the people they
rule. No divided or corrupted loyalties to another nation.
By this standard the United States is clearly not a normal country.
One angle you did not mention, Cisco (U.S. company) of course until not too many years ago had a near-monopoly on the kind
of network systems Huawei is selling as number one now (actually, I did not know of Huawei's success there, thought of it as a
handset maker), that may be a factor here.
There are a few Chinese or U.S. people of that descent on this site, mainly PRC-sympathetic, it would be very amusing if they
were able to ignite a big discussion of your hypothetical reprisals
During the bombing of Belgrade a missile fell on the Chinese Embassy. A local tv reporter approached a Chinese Embassy official
and asked him. What are you going to do now? The answer was.
The Meng case brings to mind the story of another sanctions-violating 'target' arrested at USA request, the great USA chess
master and non-Zionist Jew, Bobby Fischer (1943-2008).
Fischer was another victim of Zionist controlled American imperialism. Yugoslavia, the child of Woodrow Wilson, became the
victim of the Imperialist war Against Russia. Russia's brother, and ally, Yugoslavia, was destroyed by the kind democrat gang
administration of Wm (that was not sex), Clinton.
Excellent article, and an ingenious suggestion regarding the Adelson casinos. But I wouldn't hold my breath waiting for a casino
shutdown. Having worked in the marketing end of the casino industry myself, I can tell you the most coveted demographic lists
were always the Chinese players, words like fanatical and obsessive don't even come close to describing their penchant for gambling.
I could literally see casino shutdowns in China causing a national Gilet Jaune moment followed by the overthrow of the Communist
Party LOL.
I would definitely welcome seeing more Ron Unz articles on current topics.
@Carlton Meyer Any chance
this is Democrat, Deep State types at State and Justice manufacturing this cluster-f in order to make Trump look unaware? This
is a President that respects casinos. And business. If Bolton and Company pulled this from behind the scenes without Executive
knowledge or authorization, is that even legal? More treason? But given the circumstances, how does all this even GET to Iran,
hurt Iran at all? What was supposedly illegal was done in 2010. Are we certain bags of cash from the Chinese and Russians and
Iran weren't traveling about Democrat-ruled DC back then? Grabbing this chick helps the case against Iran? I'm at a loss as to
how.
And so the thought of a more local political benefit/purpose, stirring a diplomatic shit-storm on Trump's watch, something
he'd have to take responsibility for. To start a near war, sort of like the Bay of Pigs. Operatives, pulling tricks, writing checks
the President then has to cover, looking like an unelectable mook throughout.
I'm happy to give the AIPAC kiddies full credit, I just don't see the damage to Iran in all this. For crying out loud, we carted
$500 billion cash over to Iran under Obama's watch, what, 2013 or 2014ish? I don't know how we skip over THAT, to get to trade
shenanigans in 2010, also taking place under Obama's watch. What was Holder doing when he was AG after all, why no action then?
If it's Israeli-driven today, why wasn't Israel pushing Holder to take action against Huawei back in 2010?
@TheMediumIsTheMassage
How is the USA a "normal" country in any sense of the word? It once was truly great among the nations of the world but that ship
sailed looooong back.
We invade for fake "freedom", inject the poison of homo mania into nations that do not do the bidding of the homos and/or bend
to the will of the chosen ones, pretend it's all for some good cause then invite the survivors to displace the founding stock
of this country. You call that "normal"??
We are nothing more than a vehicle for every kind of degenerate (((loser))) with cash to use our men and women as their private
mercenaries. We spread filth around the place, destroy nations and proclaim ourselves as the peace-makers with the shrill voice
of a worn out street prostitute on kensingtion ave (philly).
We are like that hoe, living out the last days of her aids infested body, with a grudge on the world for something that was
completely of our (((own))) making. Philly might have been the birthplace of this country but camden is where we are all headed.
And looking at China, we are dysfunctional beyond repair. Of course we still have quite a few things the Chinese might want to
emulate (no the SJW versions but the read deal) but looking at our other maladies, they probably won't who'll blame them?
@Anon Yes it was s Portuguese
colony. Interesting that Persian traders including Jews were in Macau going back st least to 500 AD probably more.
Ron, have you sent this article to the Chinese ambassador in DC yet?
Strange that the Chinese let Adelson in. The Macau casinos have thrived for a long time. The Portuguese left valuable casinos
and the Chinese let the Jews in soon after the Portuguese left.
It makes sense that foreign casino operators would want to move into Macau, but why would China let foreigners in?
Could it be that one of the largest investors in China since the mid 1970s Richard Blum husband of Dianne Feinstein has something
to do with it??
She's as much the Senator representing China as a Senator representing California.
Another interesting aspect of all this is the "suicide" of Physics Professor Zhang Shoucheng at Stanford just a few hours after
Meng was arrested on Dec 1. According to reliable Chinese sources and widespread reporting on social media Zhang was the conduit
to China from Silicone Valley. He was richly rewarded by Chinese investment in his US companies. IMHO the Chinese understand the
role of Israel and Adelson in US politics but are cautious in going this far. The Chinese are taking the light touch approach
with Trump and his Adelson selected neocons. A Chinese businessman Guo WenGui with the highest connections to the Chinese elites
and security services has sought political asylum in the USA. On the internet he daily speaks to the Chinese diaspora (in Mandarin)
on the complex developments in Chinese official corruption. The NY Times has now started to take him seriously (good idea ) and
reports that he and Steve Bannon have formed an alliance to expose Chinese government activities. You can read all this in the
NY Times. Unz should translate Guo Wengui into English and publish his commentaries. In my analysis he is usually right about
China and has shown remarkable predictive powers. He knows how and what the Chinese think, where the bones are buried and what
comes next. He and Bannon plan to reveal the facts about the recent suicide in France of another prominent Chinese businessman
Wang Jian who was Chairman of Hainan Airlines parent company.
This article by Mr. Unz is a good example of why people should read and support the Unz Review. No one is better equipped to shed
light on otherwise unmentioned interests behind mainstream news events like this one.
Kudos for making a smart suggestion that no doubt will be heard by people who could carry it out.
Good article, but it is only scratching the surface.
Many things would be explained if somebody would find out what is the volume of US investment in China, and what percentage of
it is Jewish.
That would shed light why the rabid Jewish press in US so bestially attacking Trump, after Trump started to impose tariffs on
Chinese goods.
I do not know, but I could guess that Trump reached deep into Jewish profits.
We have no choice than wait what will happen to tariffs after Trump will be replaced.
@Carlton Meyer Canada
declared an end to participating in combat operations in Afghanistan in July 2011 and withdrew its combat forces, leaving a dwindling
number of advisors to Afghan forces. The last Canadian soldier departed Afghanistan in March 2014. You are spot on regarding Bolton's
certifiability.
Trump has been totally phagocyted by the Neo-Cons in the foreign policy. The two pillars of the neocons foreign policy are now
Saudi Arabia and Israel. Trump is benefitting from the neo-cons intelligence and their powerful financial network that he is convinced
would help in his reelection.
Once he is re-elected then he may decrease his reliance on them but for the next few years the jewish lobby will prevail in Trump's
foreign policy. Unless they are not able to protect Trump from falling under the democrats assaults or been eliminated from power,
they are on for more wars, more troubles and more deaths. History will place Trump near Bush junior as neo-cons puppets responsible
for the largest destruction of countries since WWII.
@Brabantian Interesting
that she was arrested in the Chinese colony of Vancouver BC. Maybe the Canadian government is asserting sovereignty over Vancouver
at long last.
That must have been frightening. There she was sitting in the VIP lounge surrounded by deferential airline clerks as usual
and suddenly she's under arrest.
Since the end of the Cold War, the American government has become increasingly delusional, regarding itself as the Supreme
World Hegemon.
More delusional than when in 1957 the US government gave Iran a nuclear reactor and weapons grade uranium? In his latter years
Khashoggi 's relative, the weapons dealer Adnan Khashoggi, much later mused on what the US was trying to achieve by giving Iran
vast amounts of armaments, when all it did was set off an arms race in the region. America then switched to Iraq as its cop on
the beat and gave them anything they asked for, and were placatory of Saddam when he started talking crazy. This was under the
US government least attentive to Israel. Yes things should be more balanced as Steven Walt suggests
Averting World Conflict with China, by Ron Unz - The Unz Review If it wants to create the conditions for a final settlement
of the Palestinian problem, then America should be more even handed but it must also be very cautious about Iran. We don't know
who will be in power there in the future and history shows that once those ME counties are given an inch they take a mile.
Saudi Arabia seems quite sensible, its liking for US gov bonds that even Americans think offer too low a rate of interest is
easily explained as payment for US protection. Killing Khashoggi that way was a dreadful moral and foreign policy mistake from
someone who is too young for the amount of authority he has been given, but the victim did not beg for death like more than a
few Uygurs are doing right now. The CIA agent China rounded up with the help of it's network of double agents in the US were doubtless
glad to have their interrogation terminated.
Some sweeteners from Adelson are likely in the Tsunami of dirty Chinese money, which are amusingly being laundered in Canadian
casinos. As Walt points out the Chinese elite want bolt holes and bank accounts in north America. By the way most of the ill gotten
gains are from sale of opiates such as fentanyl.
Targeting Sheldon Adelson's Chinese Casinos
Yes that will work, especially when added to what China is already doing in targeting farmers who supported Trump, so he is
definitely not going to be reelected now you have explained all this to them, and you are also opening up Harvard to their children,
which can only redound to the detriment of white gentiles. Deliberate pouring of the vials of wrath or just accidentally spilling
them? I am begining to wonder.
Thank you, Ron, for a clear-headed and insightful article.
There are however, two tiny infelicities, which I would not want for them to distract from the article's merit.
First, I think the Saudi Arabian Prince you are referring to is Prince Mohammed bin Salman, not "Prince Salman". "Prince
Mohammed" would be the abbreviated form of his name. "Bin" is of course the Arabic equivalent of the Hebrew "ben" indicating paternity,
rather than a middle name, so "Salman" is not his surname. "Prince Salman" would refer to the current Saudi King before he was
King, rather than to the current Prince.
Second, maybe the hypothetical of China seizing Sheryl Sandberg of Facebook is not the best analogy since I, and I suspect
others who are aware of her key role in empowering and enriching a deceptive and parasitical industry, would not be terribly troubled
if China seized her. Indeed, we might consider it a public service. Admittedly, it is hard to find a good analogy for a prominent
female executive of a US national champion company since so many of our prominent companies are predatory rather than productive
and scorn their native country rather than serve it.
and Ms. Meng was seized on the same day that he was personally meeting on trade issues with Chinese President Xi. Some
have even suggested that the incident was a deliberate slap in Trump's face.
@Baxter"America
is not in any danger." America is in very great danger, but only from within.
Almost half of all millenials believe that Capitalism is evil and that the Socialism should be the guiding economic principle
of this nation. When you point out that it has failed for every nation in history that has tried it, notably the Soviet Union
and more recently Venezuela, they retort that it is because those countries "did it wrong" and that "we will do it right."
When you ask for specifics as what they "did wrong" that we will "do right" they stare at you wordlessly as if you
are the one who is an idiot.
It should also be pointed out that a vast majority of Democrats think that Ocasio-Cortez is brilliant and that we need more
legislators like her.
What if Ms. Meng, was giving Iranian dissidents phones and other equipment to undermine the Government of Iran, starting another
color revolution, that sucks in America and Israel? What if the Trump administration asked that this not be done in order to end
the endless "revolutions" that have been happening and bankrupting our country and threatening Israel? What if the sanctions are
benefiting Iran's government too? China was allowed to become so large at our expense when we opened up trade and moved businesses
over there, but this was to keep them from being too cozy with Soviet Russia, just ask Nixon.
Part of the Zionist plan for a Zionist NWO was laid by David Rockefeller when he sent Kissinger to China to open up Chinas slave
labor to the NWO types like Rockefeller and the Zionist controlled companies in the U.S. and part of the plan was the deindustrialization
of America thus bringing down the American standard of living while raising the standard of living in China.
I will never believe the fake disagreement between the Zionist controlled U.S. and the Chinese government as long as G.M and
Google and the other companies that have shut down their operations in the U.S. and opened operations in China, it is all a NWO
plan to bring down we Americans to third world status and then meld all of us into a Zionist satanic NWO.
The enemy is not at the gates, the enemy is in the government and its name is Zionism and the Zionist NWO!
"... The record of deceit and deception that has surfaced in just the past two months points to yes. ..."
"... You want to get really, really pissed off? Then read " Major Banks Aid in Payday Loans Banned by States " by Jessica Silver-Greenberg in the New York Times ..."
"... The big banks, however, don't make the loans. They hide behind the scenes to facilitate the transactions through automatic withdrawals from the victim's bank account to the loansharking payday companies. Without those services from the big banks, these Internet loansharks could not operate. ..."
"... Banks like JPMorgan Chase provide the banking services that allow Internet payday loansharks to exist in the first place, with the sole purpose of breaking the state laws against usury ..."
"... Then Chase vultures the victims, who are often low-wage earners struggling to make ends meet, by extracting late fees from the victims' accounts. ..."
"... Let's be clear: JPMorgan Chase, the big bank that supposedly is run oh-so-well by Obama's favorite banker, Jamie Dimon, is aiding, abetting and profiting from screwing loanshark victims. ..."
"... What possible justification could anyone at Chase have for being involved in this slimy business? The answer is simple: profit. Dimon and company can't help themselves. They see a dollar in someone else's pocket, even a poor struggling single mom, and they figure out how to put it in their own. Of course, everyone at the top will play dumb, order an investigation and then if necessary, dump some lower-level schlep. More than likely, various government agencies will ask the bank to pay a fine, which will come from the corporate kitty, not the pockets of bank executives. And the banks will promise -- cross their hearts -- never again to commit that precise scam again. ..."
The record of deceit and deception that has surfaced in just the past two months points to yes. Print 147
COMMENTS Photo Credit: Songquan Deng / Shutterstock.com
Are too-big-to-fail banks organized criminal conspiracies? And if so, shouldn't we seize their assets, just like we do to drug
cartels?
Let's examine their sorry record of deceit and deception that has surfaced in just the past two months:
Loan Sharking
You want to get really, really pissed off? Then read "
Major Banks Aid in Payday Loans Banned by States " by Jessica Silver-Greenberg in the New York Times (2/23/13). In sickening
detail, she describes how the largest banks in the United States are facilitating modern loansharking by working with Internet payday
loan companies to escape anti-loansharking state laws. These payday firms extract enormous interest rates that often run over 500
percent a year. (Fifteen states prohibit payday loans entirely, and all states have usury limits ranging from 8 to 24 percent.
See the list .)
The big banks, however, don't make the loans. They hide behind the scenes to facilitate the transactions through automatic withdrawals
from the victim's bank account to the loansharking payday companies. Without those services from the big banks, these Internet loansharks
could not operate.
Enabling the payday loansharks to evade the law is bad enough. But even more deplorable is why the big banks are involved in the
first place.
For the banks, it can be a lucrative partnership. At first blush, processing automatic withdrawals hardly seems like a source
of profit. But many customers are already on shaky financial footing. The withdrawals often set off a cascade of fees from problems
like overdrafts.
Roughly
27 percent of payday loan borrowers say that the loans caused them to overdraw their accounts, according to a report released
this month by the Pew Charitable Trusts. That fee income is coveted, given that
financial regulations limiting fees on debit and credit cards have cost banks billions of dollars.
Take a deep breath and consider what this means. Banks like JPMorgan Chase provide the banking services that allow Internet payday loansharks to exist in the first place, with the sole purpose of breaking the state laws against usury.
Then Chase vultures the victims,
who are often low-wage earners struggling to make ends meet, by extracting late fees from the victims' accounts. So impoverished
single moms, for example, who needed to borrow money to make the rent, get worked over twice: First they get a loan at an interest
rate that would make Tony Soprano blush. Then they get nailed with overdraft fees by their loansharking bank.
For Subrina Baptiste, 33, an educational assistant in Brooklyn, the overdraft fees levied by Chase cannibalized her child support
income. She said she applied for a $400 loan from Loanshoponline.com
and a $700 loan from Advancemetoday.com in 2011. The loans, with annual
interest rates of 730 percent and 584 percent respectively, skirt New York law.
Ms. Baptiste said she asked Chase to revoke the automatic withdrawals in October 2011, but was told that she had to ask the
lenders instead. In one month, her bank records show, the lenders tried to take money from her account at least six times. Chase
charged her $812 in fees and deducted over $600 from her child-support payments to cover them.
Let's be clear: JPMorgan Chase, the big bank that supposedly is run oh-so-well by Obama's favorite banker, Jamie Dimon, is aiding,
abetting and profiting from screwing loanshark victims.
What possible justification could anyone at Chase have for being involved in this slimy business? The answer is simple: profit.
Dimon and company can't help themselves. They see a dollar in someone else's pocket, even a poor struggling single mom, and they
figure out how to put it in their own. Of course, everyone at the top will play dumb, order an investigation and then if necessary,
dump some lower-level schlep. More than likely, various government agencies will ask the bank to pay a fine, which will come from
the corporate kitty, not the pockets of bank executives. And the banks will promise -- cross their hearts -- never again to commit
that precise scam again.
(Update: After the publication of Jessica Silver-Greenberg's devastating article, Jamie Dimon "vowed on Tuesday to change how
the bank deals with Internet-based payday lenders that automatically withdraw payments from borrowers' checking accounts,"
according to the New York Times . Dimon called the practices "terrible." In a statement, the bank said, it was "taking a thorough
look at all of our policies related to these issues and plan to make meaningful changes.")
Money Laundering for the Mexican Drug Cartels and Rogue Nations
HSBC, the giant British-based bank with a large American subsidiary, agreed on Dec. 11, 2012 to pay $1.9 billion in fines for
laundering $881 million for Mexico's Sinaloa cartel and Colombia's Norte del Valle cartel. The operation was so blatant that "Mexican
traffickers used boxes specifically designed to the dimensions of an HSBC Mexico teller's window to deposit cash on a daily basis,"
reports Reuters . They
also facilitated "hundreds of millions more in transactions with sanctioned countries,"
according to the Justice Department
.
Our banks got nailed as well. "In the United States, JPMorgan Chase & Co, Wachovia Corp and Citigroup Inc have been cited for
anti-money laundering lapses or sanctions violations," continues the Reuters report. My, my, JPMorgan Chase, the biggest bank in
the U.S. sure does get around.
And the penalty? A fine (paid by the HSBC shareholders, of course, that amounts to 5.5 weeks of the bank's earnings) and we promise
– honest -- never to do it again.
Too Big to Indict?
Wait, it gets worse. Why weren't criminal charges filed against the bank itself? After all, the bank overtly violated money laundering
laws. This was no clerical error. The answer is simple: "
Too big to Indict," screams
the NYT editorial headline. You see federal authorities are worried that if they indict, the bank would fail, which in turn would
lead to tens of thousands of lost jobs, just like what happened to Arthur Anderson after its Enron caper, or like the financial hurricane
that followed the failure of Lehman Brothers. So if you're a small fish running $10,000 in drug money, you serve time. But if you're
a big fish moving nearing a billion dollars, you can laugh all the way to your too-big-to-jail bank.
Fleecing Distressed Homeowners
The big banks, in collusion with hedge funds and the rating agencies, puffed up the housing bubble and then burst it. Nine million
workers, due to no fault of their own, lost their jobs in a matter of months. Entire neighborhoods saw their home values crash. Tens
of millions faced foreclosure.
The big banks, which were bailed out and survived the crash, sought to foreclose on as many homes as possible, as fast as possible.
Hey, that's where the money was. In doing so they resorted to many unsavory practices including illegal robo-signing of foreclosure
documents. When nailed by the government, the big banks agreed to provide billions in aid for distressed homeowners. Were they finally
forced to do the right thing? Not a chance. (See "
Homeowners still face foreclosure despite billion in aid" NYT 2/22 .)
The big banks, despite what they say in their press statements, found a convenient loophole in the government settlement. The
banks began forgiving second mortgages, and then foreclosing on the first mortgage. That's a cute maneuver because in a foreclosure,
the bank rarely can collect on the second mortgage anyway. So they're giving away something of no value to distressed sellers and
getting government credit for it. Just another day at the office for our favorite banksters.
JPMorgan Chase, Citigroup and Goldman Sachs have been fined over a billion dollars for creating and selling mortgage-related securities
that were designed to fail so their hedge fund buddies could make billions. And then we've got the recent LIBOR scandal where the
biggest banks colluded to manipulate interest rates for fun and profit.
It's not about good people or bad people running these banks and hedge funds. It's the very nature of these institutions. That's
what they do. They make big money by doing what the rest of us would call cheating. As the record clearly shows, they cheat the second
they get the chance.
What kind of institution would loanshark, money launder, fix rates, game mortgage relief programs, and produce products designed
to fail? Answer: An institution that should not exist.
Nationalize Now and Create State Banks
There are about 20 too-big-to fail banks which have been designated "systematically significant." These should be immediately
nationalized. Shareholder value should be wiped out because these banks are repeatedly violating the law, including aiding and abetting
criminal enterprises. All employees should be placed on the federal civil service scale, where the top salary is approximately $130,000.
Can the government run banks? Yes, if we break up the big banks and turn them over to state governments so that each state would
have at least one public bank. (North Dakota has a strong working model.) The larger states would have several public state banks.
But never again would we allow banks to grow so large as to threaten our financial system and violate the public trust. Let FDIC
regulate the state banks. They're actually good at it.
(We'd also have to do something about the shadow banking industry -- the large hedge funds and private equity firms. Eliminating
their carried-interest tax loophole and slapping on a strong financial transaction tax would go a long way toward reining them in.)
Won't the most talented bankers leave the industry?
Hurray! It can't happen soon enough. It's time for the best and the brightest to rejoin the human race and help produce value
for their fellow citizens. Let them become doctors, research scientists, teachers or even wealthy entrepreneurs who produce tangible
goods and services that we want and need. What we don't need are more banksters.
Isn't This Socialism?
We already have socialism for rich financiers. They get to keep all of the upside of their shady machinations and we get to bail
them out when they fail. This billionaire bailout society is now so entrenched that our nascent economic recovery of the last two
years has been entirely captured by the top 1 percent. Meanwhile the rest of have received nothing. Nada. (See
"Why Is the Entire Recovery
Going to the Top One Percent? ")
I know, I know, people say, "Next time, just don't bail them out!" Meanwhile, they get to rip us off, day in and day out, until
the next crash? No thanks. Put them out of business now. If you have a better idea, let's hear it.
So what are we going to do about this? I fully agree with the assessment of this article and even the solution. State banks
would make very positive contributions to replacing these criminal enterprises. But, you have to understand that the Bank of North
Dakota was instituted in a time where the populist farmers were in a battle with the same criminal Banksters of the 1800/early
1900s. Thankfully, they succeeded in establishing their bank and it has shown us how well it works, even in a Red state like ND.
So, why is it that the dumbfuck Dems don't overwhelmingly endorse them? Two years ago, I publicly endorsed (as a citizen) state
banks as a solution to the financial problems for my state (Idaho), citing the BND as a model to follow. Who do you think gave
me the most shit about it? It wasn't the Idaho GOP, it was a Dem state senator who downplayed the state bank idea and pinned the
success that ND had on its shale oil production and proclaimed that Idaho needs to exploit its own natural resources more. Well,
they are. We are now going to start fracking for nat gas in Payette County. Dems and GOP alike here are endorsing the fracking
of our land. The sad fact is that there is not very much nat gas here to get excited about. We have nowhere near what ND has in
plays.
And, the Dems here completely miss the point of what a state bank can do for you
Try the last three centuries. They have absolute power as they control every nation's money supply and could if they wished
crash the economy next Tuesday. They can drag out a recession for years and have the ability to determine if you have job or not.
As the axiom about absolute power goes so goes the banking/financial business. Robbers and pond scum who just happen to know how
the system works but have no idea of what life is about.
"Globalism" is their mantra. Globalism is code for the Darwinian truth the elites pray to; which is their superiority giving them
the right to acquire ever increasing wealth always at any cost to other life or life support system. This IS their sum total understanding
of the meaning of existence. They laugh at our collective utter blind stupidity. If you haven't viewed "Money as Debt" on youtube
better have a boo. Then have a look at "The Money Masters" to see how the elites managed their take over of America and are now
going for the world.
"It is well enough that the people of the nation do not understand our banking and monetary system, for if they did I believe
we would have a revolution before tomorrow morning."
Henry Ford
It is mandated fleecing by the likes of Bank of America in the state of Maryland- beginning January of this year, all child
support is handled by BoA via an "Epic" atm card... just one of the many ways they will skim from the people collecting support
for their kids is the 1 time per week atm rule for withdrawing cash- after that- $5 per transaction.
This is coordinated robbery with state legislature and the big banks... and it is abhorrant.
You want more examples - read Zero Day Threat by Ocheedo & Swartz (2009). That book peels back the curtain on the entire bank
card vs credit data corporation vs congressional enablers. And it's easy to read as it tracks a bunch of Canadian meth heads in
their successful efforts to steal our identities and then take our money and put it into fake bank accounts.
A reminder that the WASP society has it's roots in Darwin's theory of the survival of the fittest which has been taken to new
heights lately to mean one is considered savvy if they are able to rob the meek and humble honest guy, the honest Abe's are just
too week minded, so the pain is internalized turned into self-blame "i guess i was too dumb to fall for it". I suggest the old
saying to put your hand into the tiger's mouth and take back what's yours. People are too damn dismissive and artificially programmed
to confuse nationalism with wall street thievery which they associate to the government and dare not criticize their USA government,
that would be unpatriotic and rebel rousing. I say hang the bastards all the way from Houston Texas to Los Angeles California
on every power pole from which they have stollen billion's of people's money by faking those "rolling blackouts". Authoritarianism
begets authoritarianism.
Not only are the banks a criminally organized mafia, there are more. For instance does anybody here know that there are two
mafia organizations in Italy? Let me explain to the novices here especially the knowledge challenged tea bagers cons repubics.
One mafia is in souther Italy in sicily which everyone knows including the dumbest tea bagers cons. The other one is in northern
Italy near Roma and is called the vatican where everything which goes on in southern Italy mafia also goes on here from money
laundering, power abuse from the top, human rights violation like converting all and sundry in foreign lands especially the vulnerables
and so on and on.
Yes they are criminals.....they just have laws that saya its ok to use people and steal from them unlike your average street
criminals.
The two enemies of the people are criminals and government, so let us tie the second down with the chains of the Constitution
so the second will not become the legalized version of the first.
I believe that banking institutions are more dangerous to our liberties than standing armies.
~Thomas Jefferson~
When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since
the hand that gives is above the hand that takes Money has no motherland; financiers are without patriotism and without decency;
their sole object is gain." – Napoleon Bonaparte, Emperor of France, 1815
Are these banks operating as criminals? Not really when you understand that they own lock, stock and barrel those who make
the laws. So if some pesky law was out there that prevented these capitalists from sucking every ounce of our blood they will
pay a meager fine, for appearances, and then bring the politicians and lawyers into their offices and tell them to change the
law. The government will obey as they know who the owners are.
Now let's talk about justice. When we get to that we see the whole system is so corrupt that there is no reform possible- if
you could fix it you wouldn't want to anyway.
Look, nowadays there is very little conspiratorial in any of this. They are doing it so blatantly out in the open and in our
faces it's as if they are challenging the people to stand up and fight back. So far not much resistance on the streets of the
Homeland.
I think it's also futile to attempt regulations or ask for any legal oversight. This is like the proverbial fox guarding the
hen house. The police will not police themselves. It's up to us.
Welcome to the world where businesses can 'regulate themselves'. I've said for decades that the business community is only
as socially responsible as they are legally required to be. The white collar criminal class has, like scum, risen to the top.
The first clue was the savings and loans collapse during King George the firsts rule. The creation of these entites came about
from the Reaganistas anti-regulation frenzy within the banking industry. They milked the system until it collapsed but very few
paid any price. Most actually made out like the bandits they were from THAT taxpayer bailout. So the pattern was set. Even the
Democratic party fell into lockstep because so much money could be legally stolen by these machinations. Of course, in order to
hide the fallout they had to change how inflation and unemployment was calculated.
This was all as predictable as the sunrise.
This is not a revelation - that big banks are little more than organized crime whose bosses dress in better suits, live at
better addresses and have more money than most people in organized crime ever dreamed of because these criminals are protected
by law and by the fact that even when the break what few laws there are that seriously affect them, they are simply not prosecuted.
After all who is going to launder the trillion or so dollars in drug money every year for handsome profits - as much as 20% sometimes.
Who is going to facilitate the transfer of laundered and other money in the international sale of hundreds of billions of dollars
in weapons to dictators, warlords and various other sleazebags around the world? The banks have an absolutely necessary role to
play in the Western World where Corruption is the norm in all businesses and banking operations that are bigger than one person.
Private banks need to be abolished and private bankers need to be in prison for life.
The current banking and economic system that is in place operates outside normal perception. Look at how Barclays was manipulating
interest rates to favour their investments and to charge others more. Geee I wonder if the other banks and investment houses did
the same? Toxic derivatives being sold as great investments knowing that they are going to fail. Goldman Sachs complicit in hiding
Greek debt for decades. Hyper trading where algorithms and nano second trading drive market values. These elite hyper traders
never seem to lose money.
The system is broken and those few benefiting from it do not want it to change.
We need to re-envision our world. I want a system where legislation benefits citizens, not corporations. I want legislation
that ensures the best possible results for the most people. I am not opposed to capitalist style economic system that serves a
citizenry needs. I am opposed to an economic system that has us serving it.
It seems it is only going to get worse. We have people trying to privatize education. Their goal is not better education but
a profit. The same people want a larger privatized penal system. Not to protect society and rehabilitate, but to generate profit.
We have this system in place in the health care industry. It does not get us better health care, it gets u more expensive health
care.
We seriously need to rethink how our economy functions, our society, etc....
Yes, Mo -- privatizing ed's about profit. But also about the new corporate religion.
Privatized schools play much more into the hands of admin. Teaching itself gets more niched into the specialized departments
whereby the specialists model the habits and reduced language of never looking into anything in anyone else's cubicles.
So few and so much rarer are the tenured posts in all these turfs that careerists will readily shear themselves of all ethics
in order to conform to the safe and orthodox. So will the many tens of thousands of Ph.D. contingent labor, who increasingly wither
in academe's vast corporate gulag.
Yes, you're so correct -- it's money that drives these massively amoral and immoral of high finance. But idolatry's more than
money. It's also the steroided vulgarized corporate religion. And it's rotting all ed, so the weakest rise to the top, and now
all K-12, too, becomes enablers of the standardized numbers rackets.
I would gladly award the DEATH penalty to the crooks who run Bank of America and Wells Fargo, two criminal organizations with
whom I have had dealings.
Bank of America: Too Crooked to Fail Rolling Stone Magazine / by Matt Taibbi
The bank has defrauded everyone from investors and insurers to homeowners and the unemployed. So why does the government keep
bailing it out?
http://www.rollingstone.com...
And:
"It's Time to Break Up AT&T, Verizon, Comcast, Time Warner and the Rest of the Telecoms." AlterNet / By David Rosen and Bruce
Kushnick
Today's telecoms provide overpriced and inferior service, and are systematically overcharging the hapless American consumer.
http://www.alternet.org/new...
"How the Phone Companies Are Screwing America: The $320 Billion Broadband Rip-Off" AlterNet / By David Rosen and Bruce Kushnick
Americans are stuck with an inferior and overpriced communications system, compared with the rest of the world, and we're being
ripped off in the process.
Great article. Spot on. Democrats used to be wary of the bankers, knowing that they needed to be watched and controlled. Regulated
banking is something necessary for an economy to run, with the emphasis on regulated. But, the banks have bought the regulators,
the "people's party," the democrats are sleeping with the bankers, and we are all paying the price.
Time to separate investment banking from commercial banking.
Time to enforce usury laws, including "fees" as part of the interest rate calculation
and, way past time to nationalize or simply yank the charters from the offending banks.
Clear, simple; and exactly what folks in Washington cannot understand.
The democrats? Who was it presided over this between 2000 and 2008, allowing it and creating laws to ensure the banks succeeded
in their ripoff? And who is currently standing in the way of any forward momentum? Republicans. Tea Party, Koch -funded Republicans
and their "Libertarian" network of slimeballs. Who was it pushing for the repeal of Glass-Steagall that made all of this possible?
Koch and their "Libertarian" slimeball network of free marketeers.And who was it that made the situation worse by getting more
of these aholes elected in 2010 and pretty much ensurig that nothing will get ccomplished? "Progressives" and "Libertarian" shysters
who were out in force yelling "both sidess are the same" - "don't vote."
And I see we're still at it in spite of everything we've witnessed the Tea Party do both at the federal and state levels.
But it's in alignment with the new, 21st century Neo-Fascist America.
Debtor prisons were eliminated more than a century ago because legislators had the sense (yes, they had some back then) to
understand that society is worse off, and no one benefits by putting those who can't pay their debts in prison. The burden was
thus shifted to creditors to assure their debtors could repay them before making the loan. The burden of indebtedness was thus
shifted from the debtor to the creditor as it should be.
In recent years the US has gone back to the old model of encouraging indebtedness and then punishing the debtors, initially
with non-bankruptable debt (thank you Joe Biden) and now with imprisonment.
There is absolutely nothing progressive or good for society in general or for individuals in particular in all of this. This
is all part of the reactionary movement in this country to destroy the Middle-class and return to a (neo) feudal society controlled
by a small class of "economic royalist" lording over a vast majority of disenfranchised and economically hopeless "serfs".
Six years after these criminals crashed the economy and almost took down the entire global structure we're still trying to
decide if these were crimes? The real crime is that We, the People meekly allow these crimes -and many others- to go unpunished.
After all, it really doesn't interest anybody outside of a small circle of friends.
Well put. If the mainstream media doesn't say something, the general population acts like it doesn't exist. The rich and powerful
have been very creative in hijacking public opinion and decimating our ability to think for ourselves. We are supposed to have
checks and balances between branches of government, but every single branch has been bought out and is in cahoots with each other.
I don't think anything short of a revolution will fix this corporatocracy. The White House has abandoned us, Congress has abandoned
us, and the Supreme Court has struck the final chord of war claiming that corporations are to be treated as people.
How much is your life worth? Not much if you aren't a politician or banker.
Neo Conned, look around you; look at the morons glued to their "smart" phones. Look at the idiots with their pants hanging
off their butts; listen to the people who can't put together a sentence in Standard English or who can't say two consecutive words
without at least one of them being a vulgar Anglo-Saxon term for a bodily function.
In general, Americans are probably the stupidest people in the world and we have lost our (at least at one time nominal) democratic
republic because of that: the obliviousness of the American people. (For reference please see Chris Hedges' excellent book, The
End of Reason and the Triumph of Illusion.)
Recently MI6 were implicated in Steel report, Skripals poisonings, Browder machinations, and creation of the Integrity
Initiative. Nice "non-interference" mode...
Notable quotes:
"... The UK's top spy spent some of his time blaming Russia for trying to, as he put it, "subvert the UK way of life" by supposedly poisoning the Skripals and through other mischievous but ultimately never verified actions, though moving beyond the infowar aspect of his speech and into its actual professional substance, he nevertheless touched on some interesting themes ..."
"... In other words, it's all about applying what he calls the "Fusion Doctrine" for building the right domestic and international teams across skillsets in order to best leverage new technologies for accomplishing his agency's eternal mission, which is "to understand the motivations, intentions and aspirations of people in other countries." ..."
"... "being able to take steps to change [targets'] behavior", this has actually been part and parcel of the intelligence profession since time immemorial, albeit nowadays facilitated by social media and other technological platforms that allow shadowy actors such as the UK's own "77th Brigade" to carry out psychological, influence, and informational operations. ..."
"... Considering Russia to be a country that "regards [itself] as being in a state of perpetual confrontation with [the West]", Younger believes that unacceptably high costs must be imposed upon it every time it's accused of some wrongdoing, forgetting that the exact same principle could more applicably be applied against the West by Russia for the same reasons. ..."
"... If read from a cynical standpoint by anyone who's aware of the true nature of contemporary geopolitics, Younger's speech is actually quite informative because it inadvertently reveals what the West itself is doing to Russia by means of projecting its own actions onto its opponent . ..."
"... That in and of itself is actually the very essence of Hybrid War , which is commonly understood to largely include blatantly deceptive techniques such as the one that the UK's top spy is unabashedly attempting to pull off. ..."
"... Accusing one's adversaries of the exact same thing that you yourself are doing is a classic method of deflecting attention from one's own actions by pretending that you're being victimized by the selfsame, which therefore "justifies" escalating tensions by portraying all hostile acts as "proactive defensive responses to aggression". ..."
"... Basically, the British spymaster just sloppily revealed his hand to Russia while attempting to implicate it for allegedly conducting "fourth generation espionage" against the UK. ..."
The head of the British Secret Intelligence Service (MI6) Alex Younger briefed the public
about the challenges of so-called " fourth
generation espionage ".
The UK's top spy spent some of his time blaming Russia for trying to, as he put it, "subvert
the UK way of life" by supposedly poisoning the Skripals and through other mischievous but
ultimately never verified actions, though moving beyond the infowar aspect of his speech and
into its actual professional substance, he nevertheless touched on some interesting themes.
According to him, "fourth generation espionage" involves "deepening our partnerships to counter
hybrid threats, mastering covert action in the data age, attaching a cost to malign activity by
adversaries and innovating to ensure that technology works to our advantage."
In other words, it's all about applying what he calls the "Fusion Doctrine" for building the
right domestic and international teams across skillsets in order to best leverage new
technologies for accomplishing his agency's eternal mission, which is "to understand the
motivations, intentions and aspirations of people in other countries."
While he remarked that the so-called "hybrid threats" associated with "fourth generation
espionage" necessitate "being able to take steps to change [targets'] behavior", this has
actually been part and parcel of the intelligence profession since time immemorial, albeit
nowadays facilitated by social media and other technological platforms that allow shadowy
actors such as the UK's own "77th Brigade" to
carry out psychological, influence, and informational operations.
Younger warned that "bulk data combined with modern analytics" could be "a serious
challenge" if used against his country , obviously alluding to Cambridge
Analytica's purported weaponization of these cutting-edge technological processes to
supposedly "hack" elections, though neglecting to draw any attention to the fact that his
intelligence agency and its allies could conceivably do the same in advance of their own
interests, something that everyone who uses Western-based social media platforms is theoretically
at risk of having happen to them.
What Younger is most concerned about, however, are what he describes as the "eroded
boundaries" that characterize so-called "hybrid threats" lying between war and peace, which he
fears could undermine NATO's Article 5 obligation for all of the military alliance's members to
support one another during times of conflict. Considering Russia to be a country that "regards
[itself] as being in a state of perpetual confrontation with [the West]", Younger believes that
unacceptably high costs must be imposed upon it every time it's accused of some wrongdoing,
forgetting that the exact same principle could more applicably be applied against the West by
Russia for the same reasons.
He claims that it's the UK that will never respond in kind by
destabilizing Russia like Moscow's accused of doing to the UK, but in reality, it's President
Putin's so-called "judo moves" which prove that it's Russia who has mastered asymmetrical
responses instead. If read from a cynical standpoint by anyone who's aware of the true nature
of contemporary geopolitics, Younger's speech is actually quite informative because it
inadvertently reveals what the West itself is doing to Russia by means of projecting its own
actions onto its opponent .
That in and of itself is actually the very essence of HybridWar ,
which is commonly understood to largely include blatantly deceptive techniques such as the one
that the UK's top spy is unabashedly attempting to pull off.
Accusing one's adversaries of the
exact same thing that you yourself are doing is a classic method of deflecting attention from
one's own actions by pretending that you're being victimized by the selfsame, which therefore
"justifies" escalating tensions by portraying all hostile acts as "proactive defensive
responses to aggression".
Basically, the British spymaster just sloppily revealed his hand to
Russia while attempting to implicate it for allegedly conducting "fourth generation espionage"
against the UK.
In Christian tradition, the
love of money is condemned as a sin primarily based on texts
such as Ecclesiastes 5.10 and
1 Timothy 6:10. The Jewish and
Christian condemnation relates to avarice
and greed rather than
money itself. Christian texts (scriptures) are full of
parables and use easy to understand subjects, such as money, to convey the actual message, there are further parallels in
Solon and
Aristotle,[1]
and Massinissa-who ascribed love of
money to Hannibal and the
Carthaginians.[2].
While certain political ideologies, such as
neoliberalism, assume and promote the view that the behavior that capitalism fosters in individuals is natural to humans,[2][3]
anthropologists like
Richard Robbins
point out that there is nothing natural about this behavior - people are not naturally dispossessed to accumulate wealth and
driven by wage-labor
Neoliberalism abstract the economic sphere from other aspects of society (politics, culture, family etc., with any political
activity constituting an
intervention into the natural process of the market, for example) and assume that people make rational exchanges in the sphere
of market transactions. In reality rational economic exchanges are actually heavily influenced by pre-existing social ties and
other factors.
Under neoliberalism both the society and culture revolve around business activity (the accumulation of capital). As such,
business activity and the "free market" exchange (despite the fact that "free market" never existed in human history) are often
viewed as being absolute or "natural" in that all other human social relations revolve around these processes (or should exist to
facilitate one's ability to perform these processes
Notable quotes:
"... Conwell equated poverty with sin and asserted that anyone could become rich through hard work. This gospel of wealth, however, was an expression of Muscular Christianity and understood success to be the result of personal effort rather than divine intervention. [5] ..."
"... They criticized many aspects of the prosperity gospel, noting particularly the tendency of believers to lack compassion for the poor, since their poverty was seen as a sign that they had not followed the rules and therefore are not loved by God ..."
According to historian Kate Bowler , the prosperity gospel was formed
from the intersection of three different ideologies: Pentecostalism , New Thought , and "an American gospel of
pragmatism, individualism, and upward mobility". [4]
This "American gospel" was best exemplified by Andrew Carnegie 's Gospel of Wealth and Russell Conwell 's famous sermon
"Acres of Diamonds", in which Conwell equated poverty with sin and asserted that anyone could
become rich through hard work. This gospel of wealth, however, was an expression of Muscular Christianity
and understood success to be the result of personal effort rather than divine intervention.
[5]
... ... ...
In 2005, Matthew
Ashimolowo , the founder of the largely African
Kingsway International Christian Centre in southern England, which preaches a "health and
wealth" gospel and collects regular tithes, was ordered by the Charity Commission to repay money he had
appropriated for his personal use. In 2017, the organisation was under criminal investigation
after a leading member was found by a court in 2015 to have operated a Ponzi scheme between 2007 and 2011, losing or
spending £8 million of investors' money. [43]
36]Hanna Rosin of The Atlantic argues that
prosperity theology contributed to the housing bubble that caused the
late-2000s
financial crisis . She maintains that home ownership was heavily emphasized in prosperity
churches, based on reliance on divine financial intervention that led to unwise choices based
on actual financial ability. [36]
... ... ...
Historian Carter
Lindberg of Boston University has drawn parallels
between contemporary prosperity theology and the medieval indulgence trade .
[69] Coleman notes that several pre–20th century Christian movements in the
United States taught that a holy lifestyle was a path to prosperity and that God-ordained hard
work would bring blessing. [16]
... ... ...
In April 2015, LDS apostle
Dallin H. Oaks
stated that people who believe in "the theology of prosperity" are deceived by riches. He
continued by saying that the "possession of wealth or significant income is not a mark of
heavenly favor, and their absence is not evidence of heavenly disfavor". He also cited how
Jesus differentiated the attitudes towards money held by the young rich man in Mark
10:17–24, the good Samaritan, and Judas Iscariot in his betrayal. Oaks concluded this
portion of his sermon by highlighting that the "root of all evil is not money but the love of
money". [90]
In 2015, well known pastor and prosperity gospel advocate Creflo Dollar launched a
fundraising campaign to replace a previous private jet with a $65 million Gulfstream G650.
[91] On the August
16, 2015 episode of his HBO
weekly series Last
Week Tonight , John Oliver satirized prosperity
theology by announcing that he had established his own tax-exempt church, called Our Lady of
Perpetual Exemption . In a lengthy segment, Oliver focused on what he characterized as the
predatory conduct of televangelists who appeal for repeated gifts from people in financial
distress or personal crises, and he criticized the very loose requirements for entities to
obtain tax exempt status as churches under U.S. tax law. Oliver said that he would ultimately
donate any money collected by the church to Doctors Without Borders .
[92]
In July 2018, Antonio Spadaro and Marcelo Figueroa, in the Jesuit journal La Civilità
Cattolica , examined the origins of the prosperity gospel in the United States and
described it as a reductive version of the American Dream which had offered
opportunities of success and prosperity unreachable in the Old World . The authors distinguished the
prosperity gospel from Max
Weber 's Protestant
ethic , noting that the protestant ethic related prosperity to religiously inspired
austerity while the prosperity gospel saw prosperity as the simple result of personal faith.
They criticized many aspects of the prosperity gospel, noting particularly the tendency of
believers to lack compassion for the poor, since their poverty was seen as a sign that they had
not followed the rules and therefore are not loved by God . [93][94]
Neoliberalism, the economic stablemate of big religion's Prosperity Evangelism cult.
https://en.wikipedia.org/wiki/Prosperity_theology
. Dual streams of bull shit to confuse the citizens while the Country's immense wealth is
stolen.
Not that Wikipedia gets everything right but here is a snippet of what it says about the Goldman Sachs CEO:
'Blankfein testified before Congress in April 2010 at a hearing of the Senate Permanent Subcommittee on Investigations. He
said that Goldman Sachs had no moral or legal obligation to inform its clients it was betting against the products which they
were buying from Goldman Sachs because it was not acting in a fiduciary role. The company was sued on April 16, 2010, by the SEC
for the fraudulent selling of a synthetic CDO tied to subprime mortgages. With Blankfein at the helm, Goldman has also been criticized
"by lawmakers and pundits for issues from its pay practices to its role in helping Greece mask the size of its debts". In April
2011, a Permanent Subcommittee on Investigations report accused Goldman Sachs of misleading clients about complex mortgage-related
investments in 2007, and Senator Carl Levin alleged that Blankfein misled Congress, though no perjury charges have been brought
against Blankfein. In August of the same year, Goldman confirmed that Blankfein had hired high-profile defense lawyer Reid Weingarten'
Weingarten helped in the defense of the Worldcom thieves. Why would anyone do business with a company led by such an ethically
challenged CEO?
The problem here is probably deeper then personality of Blankfein.
There is such thing as system instability of economy caused by outsized financial sector and here GS fits the bill. Promotion
of psychopathic personalities with no brakes and outsize taste for risk is just an icing on the cake.
> Why would anyone do business with a company led by such an ethically challenged CEO?
Why you are assuming the other TBTF are somehow better then GS?
I believe that banking institutions are more dangerous to our liberties than standing armies.~Thomas Jefferson~
When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since
the hand that gives is above the hand that takes Money has no motherland; financiers are without patriotism and without decency;
their sole object is gain." – Napoleon Bonaparte, Emperor of France, 1815
"... It was Bolton who a week ago intentionally damaged U.S. relations with China. ..."
"... Meng Wanzhou is a daughter of the founder and main owner of Huawei, Ren Zhengfei, and was groomed to be his successor. The company is extremely well regarded in China. It is one its jewel pieces and, with 170,000 employees and $100 billion in revenues, an important political actor. ..."
"... The arrest on December 1 happened while president Trump was negotiating with president Xi of China about trade relations. Trump did not know about the upcoming arrest but Bolton was informed of it ..."
"... It was a trap. The arrest is a public slap in the face of China and to Xi personally. It will not be left unanswered. Whatever Trump may have agreed upon with Xi is now worthless. John Bolton intentionally sabotaged the talks and the U.S. relations with China. ..."
"... Having read this in context with the comments (especially those by Denk and others) previous on this topic, I would ask if anyone can provide a time line of US clandestine negative (and sometimes fatal) actions against high level Chinese engineers and telecoms. Again, the above summary is outstanding. ..."
"... The terrifying aspect is Bolton, Pompeo - puppets both for shadow power players - have no constraints whatsoever, and obviously operate without any constraint or regard for our severely (cognitively and emotionally) challenged president ..."
"... The timing of this arrest - while Trump and Xi are dining and Sabrina Meng is on her way to the G-20 conference gives a loud message that Trump is serves at the pleasure of his neocon staff - and son in law, the latter being instrumental in the firing of Rex Tillerson, the hiring of Bolton, Pompeo and the impending firing of Gen. Kelly. ..."
"... Trump is a global front for a different approach to maintaining global hegemony but make no mistake, Trump is not fronting for you ..."
"... Arresting US business execs by China is a mistake that would be cheered by Bolton and Navarro. The provocation of arresting Meng is designed by the Trump team to provoke China to arrest US business leaders and thus destroy their direct investment into China. ..."
"... The enemy of China is not US businesses but rather the neocon dominated US govt. To impact this group, China needs to cut off their drug supply(their financing) thru no longer buying their USTs to finance and enable their massive military spending and financial aggression. ..."
"... Canada's role in this is shocking. It is all of a piece with the surrender to the USA in the Trade negotiations whereby, inter alia, Canada is not allowed to enter into Trade agreements with 'non-market' economies. The non-market formulation being code for unapproved by Uncle Sam. No doubt the Nazi Freeland is running this show. In this she is ably seconded by the 'opposition' Tories and the social fascist NDP which is as enthusiastic for war against China as it is for an attack on the Donbas. ..."
"... Those who talk about Trump, Pompeo, Bolton, Kelly, etc. direct our attention to a shell game. They are all in on the scam. How better to say it? There is one party: the war party. Trump is a member of TEAM USA. US political maestros dance to the tune of the Deep State/neolibcon. ..."
"... With respect to Foreign Policy, how much real difference is there between Clinton, Bush, Obama, and Trump? They have all supported MIC, Israel, and expanding the Empire - aka Job #1 ..."
"... Bolton works for Adelson probably Pompeo does too. So Trump can't fire their crazy asses any time he chooses. ..."
"... Adelson has made millions with his gambling dens. In some ways it's a bit like what the East India Company did with opium. ..."
"... I think we can assume that the arrest was not an unwelcome surprise for Trump, or he would have reversed it. He knew, and accepts it. It's total asymmetric war on China. The arrest was on December 1. Trump twitter, Dec 7 China talks are going very well! here ..."
"... Does the fact that Huawei recently passed Apple for the number 2 phone sales have anything to do with this ..."
"... CNN: A judge in the US District Court for the Eastern District of New York issued a warrant for Meng's arrest on August 22, it was revealed at the hearing Friday here . She was arrested on December 1. Meng didn't know about this "issued warrant?" How does this 'system of laws' work, anyhow? Perhaps the warrant issue was classified secret, for US national security? ..."
"... The problem with Iran is (as was with Iraq, Libya, Venezuela, and even Syria) that a country with an independent/non-aligned foreign policy has control of a large quantity of valuable natural resources for which there is a constant and relatively insatiable demand. If they cannot be controlled they they should be destroyed so they cannot pursue their own agenda and ignore the dictates of the west. China and Russia are this problem writ large, and they have nukes and a means of delivery to all corners of the globe... ..."
Neocons Sabotage Trump's Trade Talks - Huawei CFO Taken Hostage To Blackmail ChinaWilly2 , Dec 7, 2018 2:30:00
PM |
link
CNN reports that White House chief of staff John Kelly is
expected
to resign soon . There have been similar rumors before, but this time the news may actually be true. That is bad for Trump
and U.S. policies. Kerry is one a the few counterweights to national security advisor John Bolton. His replacement will likely
be whoever Bolton chooses. That will move control over Trump policies further into the hands of the neo-conservatives.
It was Bolton who a week ago intentionally damaged U.S. relations with China.
The U.S. Justice Department arranged for Canada to arrest the chief financial officer of Huawei, Meng Wanzhou, over alleged
U.S. sanctions violations with regards to Iran. The case is not over the sanction Trump recently imposed, but over an alleged
collision with the sanction regime before the nuclear deal with Iran. The details are still unknown.
Meng Wanzhou is a daughter of the founder and main owner of Huawei, Ren Zhengfei, and was groomed to be his successor.
The company is extremely well regarded in China. It is one its jewel pieces and, with 170,000 employees and $100 billion in revenues,
an important political actor.
The arrest on December 1 happened while president Trump was negotiating with president Xi of China about trade relations.
Trump did not know about the upcoming arrest but
Bolton was informed of it:
While the Justice Department did brief the White House about the impending arrest, Mr. Trump was not told about it. And the
subject did not come up at the dinner with Mr. Xi. Mr. Trump's national security adviser, John R. Bolton, said on NPR that
he knew about the arrest in advance, ..
Bolton surely should have informed Trump before his dinner with Xi, in which Bolton took part, but he didn't.
It was a trap. The arrest is a public slap in the face of China and to Xi personally. It will not be left unanswered. Whatever
Trump may have agreed upon with Xi is now worthless. John Bolton intentionally sabotaged the talks and the U.S. relations with
China.
Posted by b at
02:00 PM |
Comments (76) - I almost starting to feel sorry for D.A.A.D. Trump.
- We have seen in the last years that the US has been (deliberately) ratcheting up tensions in the Far East. And the summit between
Trump & Kim Jung Un was a severe threat for that (deliberate) increase of tensions. But the US & european media have told their
readers/listener/watchers that China was to blame for the increase of tensions.
The death of Shoucheng Zhang, by falling from a building, supposedly due to depression, reminded me of an incident I had read
about years ago, of another scientist's death in 1953 in vaguely similar circumstances. I had forgotten the fellow's name but
I remembered the incident had something to do with the CIA and the administration of LSD so I used those two terms along with
"fall" and "window" and was able to dig up the details.
In 1953, CIA researcher Frank Olson was administered LSD without his consent by researchers working in the Project MK Ultra
program. Olson became severely depressed and resigned from the CIA. He was later found dead, apparently after falling out of a
motel building through a window, and his death was ruled a suicide. In the 1970s, his family ordered an autopsy and the autopsy
showed that Olson had died from head injury trauma before falling through the window. A CIA agent was found to have been staying
at the same motel in a separate room at the time Olson died. The family sued the US government and received $750,000 in compensation
and an apology from the CIA. https://thoughtcatalog.com/jeremy-london/2018/08/mkultra-conspiracy/
One wonders if Zhang's death had been, ahem, "arranged" according to that template. The description of Zhang from the Stanford
University News website's obituary that B linked to in his post does not sound like a profile of someone who suffered depression
on and off.
This has to be embarrassing as hell to Trump - he should be absolutely furious with Bolton and Pompeo. And all this for violating
sanctions on Iran? I feel like on crazy pills. We live in interesting times.
So, if Bolton sabotaged Trump's efforts to do some sort of deal with China, in whose interest is Bolton working. You'd think that
a trade deal with China would be good for the US. Is Bolton working against US interest.
If we accept the Globalist/Nationalist
framework, then does this not mean that Bolton is helping the nationalists against US interests. And what are the implications
of that.
Trump's rapid departure from Argentina may well have been motivated by receiving the information about the arrest after the well
hyped dinner. If that is the case, Bolton should have been fired on the spot. The lack of any statement about this affair from
Trump is curious. There may be an element of blackmail at play here too, related to Mueller's machinations ahead of the G20. A
malignancy is loose, no doubt.
Thank you for this excellent column. Having read this in context with the comments (especially those by Denk and others) previous
on this topic, I would ask if anyone can provide a time line of US clandestine negative (and sometimes fatal) actions against
high level Chinese engineers and telecoms. Again, the above summary is outstanding.
The terrifying aspect is Bolton, Pompeo - puppets both for shadow power players - have no constraints whatsoever, and obviously
operate without any constraint or regard for our severely (cognitively and emotionally) challenged president, as this report
makes clear.
The timing of this arrest - while Trump and Xi are dining and Sabrina Meng is on her way to the G-20 conference gives a
loud message that Trump is serves at the pleasure of his neocon staff - and son in law, the latter being instrumental in the firing
of Rex Tillerson, the hiring of Bolton, Pompeo and the impending firing of Gen. Kelly.
I can't believe that Trump did not know about the detention of Meng Wanzhou before hand. Trump is a TV actor and he is apprenticing
for a higher spot for himself and family is the elite pecking order.
While we might want to give Trump credit for being who
he is, the elite that fronted him know exactly what his style and penchants are. Trump is a global front for a different approach
to maintaining global hegemony but make no mistake, Trump is not fronting for you nor I
From the perspective of China, their most appropriate response in this complicated situation IMO, should be to accelerate their
gradual reduction of USTs.
All those articles about how China will hurt itself if it gradually sells down USTs are nonsense articles placed into the media
to throw off attention to what is already happening. Russia and Turkey have alrdy done it on a smaller scale, it's a no-brainer
that China can do it also. Why should China finance the US govt to wage war on itself?
If China and other countries gradually stop buying USTs, actual demand will collapse and many other holders will sell or reduce
likewise. Mnuchin is fantasizing when he says there will still be strong demand. Any demand will be from the US Treasury buying
its own USTs, like a dog licking its own rear quarters.
Arresting US business execs by China is a mistake that would be cheered by Bolton and Navarro. The provocation of arresting
Meng is designed by the Trump team to provoke China to arrest US business leaders and thus destroy their direct investment into
China.
The enemy of China is not US businesses but rather the neocon dominated US govt. To impact this group, China needs to cut
off their drug supply(their financing) thru no longer buying their USTs to finance and enable their massive military spending
and financial aggression.
How to do that without crashing the markets n decreasing China's own assets? Sell and reduce USTs gradually. And pretend
u r not doing it. Eventually the lack of buying will force the Fed to raise rates or force the US Treasury to buy its own USTs,
further debasing the US dollar.
In history, all empires fall this way, they keep on printing or taking out the silver content until their currency gets debased
into nothing, and nobody wants it.
Looks like Bolton wants war with China. I recall he was hired during the North Korea talks to add a bit of muscle and now Trump
is stuck with him whether he likes it or not.
Re. Meng....apparently she faces fraud charges related to the Skycom affair. Of course that is just what we're told. Who knows
what kind of pressure she will come under once they get her in the US.
1959, CIA disobeyed Pres Eisenhower's ban on further overflights of USSR until after his summit meeting with Khrushchev. Then
the U-2 was brought down over USSR and the live pilot captured. The US officially denied it happened.
The USSR cancelled the summit meeting.
At first, Eisenhower claimed to have no knowledge of the operation and was outraged when the truth revealed. UN Ambassador
Stevenson made a vehement speech at the UN denying it happened, followed immediately with USSR producing both the plane's wreckage
and its pilot.
Then USSR showed the pilot and wreckage was publicly displayed. Pilot F G Powers had safely bailed-out and was put on-trial
in Moscow, convicted and then allowed to return to the US.
Mission Accomplished! by the unelected leaders of the US [who were certain their man Nixon would be the next President, followed
by quick re-capture of Cuba and then war in Vietnam. Both those operations already directly involved Nixon, who was fully "in"
on The Bay of Pigs and, earlier, plans for US "support" of Saigon leaders in "South" Vietnam with whom he established communications
during his 1953 visit as Ike's new Vice-President.]
...that data on this is more shocking then i realized.. the death of prof zhang - apparent suicide, is bizarre here..
i agree that the usa has been taken over by small minded neo cons that would try to use meng wanzhou as leverage.. the fact
Bolton knew and Trump didn't.. i am not buying that, or Bolton is more manipulative then i realized.. they are all that stupid
though.. i hope Canada doesn't allow this, but under the wuss Justin Trudeau, i am not holding my breath..
@ 12 dh... wanted for ignoring us sanctions on iran from 2009 to 2014... what the fuck has that to do with canada?? is canada
now doing book keeping, and everything else for the usa? the usa can go fuck themselves.. if Canada wasn't a 2 bit vassal state,
that is what we would tell the usa..
Today is Dec.7, a day in 1941 that Pres. Roosevelt aptly called "A Day of Infamy," as the Japanese military attacked Pearl
Harbor.
We now know that the very top echelons of US government first correctly anticipated and then knew precisely when and how the
attack would occur. The 3,000 (+/-) GI's who were sacrificed were considered "acceptable losses." (The 3,000 civilians who were
sacrificed on 9/11 were also considered "acceptable losses.") "Infamy" is an accurate word for US .gov conduct.
(Pls, do not comment to this OT. Wait for the next open thread, if you must.)
Looks like Trump was out of the loop. Trudeau is mainly photo-op material only. This would have been Chrystia Freeland, the
Nazi grand-daughter's file.
In Australia - endless media trumpeting the closed door to Chinese telcos from Australia and New Zealand but one has to go out
of one's way to discover our neighbor Papua New GUINEA has continued using HuaHwei products albeit under U S pressure not to do
so
1/ "... the rise first of Communism and then of Islam as world forces opposing imperialism."
Has Islam, in fact, been in opposition
to imperialism? For the most part, as in India/Pakistan, it has been a very useful imperialist foil against nationalism and socialism.
There have been sincere and effective muslim campaigns against imperialism but equally there have been imperialist financed 'islamic'
campaigns against enemies of the Empire.
2/ Canada's role in this is shocking. It is all of a piece with the surrender to the USA in the Trade negotiations whereby,
inter alia, Canada is not allowed to enter into Trade agreements with 'non-market' economies. The non-market formulation being
code for unapproved by Uncle Sam. No doubt the Nazi Freeland is running this show. In this she is ably seconded by the 'opposition'
Tories and the social fascist NDP which is as enthusiastic for war against China as it is for an attack on the Donbas.
I used to be a member of this, once mildly socialist party. I am proud to say that I was expelled.
Washington has asked Ottawa to arrest Meng Wanzhou and to extradite her. The motive for the war undertaken by Washington against
Huawei is deep-rooted and spurious are the justifications.
The heart of the problem is that the Chinese firm uses a system of encryption that prevents the NSA from intercepting its communications.
A number of governments and secret services in the non-Western world have begun to equip themselves exclusively with Huawei materials,
and are doing so to protect the confidentiality of their communications.
The covers/excuses for this war are theft of intellectual property or in the alternative, trade with Iran and North Korea,
and violating rules of competition by benefitting from national subsidies.
The Five Eyes is a system of electronic espionage by Australia, Canada, the United States, New Zealand and the United Kingdom.
They have begun to exclude Huawei from their auctions.
Those who talk about Trump, Pompeo, Bolton, Kelly, etc. direct our attention to a shell game. They are all in on the scam.
How better to say it? There is one party: the war party. Trump is a member of TEAM USA. US political maestros dance to the tune
of the Deep State/neolibcon.
Fine distinctions between senior US govt officials make me want to tear my hair out. In US
govt only whistle-blowers are white knights. Everyone else is engaging in good guy/bad guy bullshit and controlled opposition.
With respect to Foreign Policy, how much real difference is there between Clinton, Bush, Obama, and Trump? They have all
supported MIC, Israel, and expanding the Empire - aka Job #1.
- Bolton was appointed under pressure from one Sheldon Adelson, who was a (large) donor to the Trump campaign. In that regard,
it was (nearly) impossible for Trump to fire Bolton.
In terms of Frank Olsen, there is a very good six part documentary series on Netflix called "Wormwood". Most important are
the interviews with Olsen's son. His search for the truth took many years (too many years) and he finally uncovered the final
levels of deceit. Worth the time.
@14 ".. wanted for ignoring us sanctions on iran from 2009 to 2014... what the fuck has that to do with canada?? "
Absolutely nothing james. I suspect they are using that charge, rather than getting into 5G backdoor whatever, to make the
extradition process go faster. They don't want it to drag on for years.
Surely it's Bolton who must go. That was an enormous betrayal. The one thing that Trump had going for him was the performance
of the stock market. His neocon enemies in the form of Bolton, managed to strike two blows simultaneously; increase conflict with
China and tank the market.
Too many posters letting Trump off the hook here. He's a brilliant 4D chess master but at the same time he's also a vulnerable
naif who lets neocons, ziofascists and other hostile entities keep hijacking his administration for their own ends? Bit of a problem
there. You can't have it both ways.
Occam's Razor says the Trump administration's foreign policy, possibly with Russia as an exception, is run with the full approval
of Donald John Trump. He's no friend of China, remember, and Steve Bannon's plan to befriend Russia was designed to keep it from
partnering with China against the United States.
It's almost 2019 and like the Obots of 2010 it's time to accept that your man is a busted flush, a fraud, an American exceptionalist
through and through.
The "fraud" charge goes back to 2009/10, and concerns an alleged misrepresentation over the relationship between a company called
SkyComm and Huawei. The alleged sanction violation by SkyComm had nothing to do with Iran's nuclear or military programs, and
may not have even proceeded beyond a negotiation phase. The alleged "fraud", or misrepresentation, rests on a technical interpretation
of complicated interlocking corporate structures. The prosecutors and the defence will likely both be correct in their presentations,
as it is a muddle, but the well has already been poisoned by the now well-publicized accusations that Huawei is a Communist trojan
horse. It's very thin gruel to proceed with such a high profile arrest.
The heart of the problem is that the Chinese firm uses a system of encryption that prevents the NSA from intercepting its communications.
A number of governments and secret services in the non-Western world have begun to equip themselves exclusively with Huawei
materials, and are doing so to protect the confidentiality of their communications.
And not only the governments and secret services, Huawei is widely popular all along EU amongst the common working class user
( which means millions and millions of users....) especially because of its advantageous price and great capabilities.... I myself
own a Huawei device, my friends own Huaweis....Glad to hear that "Five Eyes" can not spy on us....I am very fidel to marks/services
who do not deceive me, but after knowing this new "capability", I am thinking in keeping Huawei as my header mark....Just waiting
for them to launch the laptop "Five Eyes" waterproof and I will be throwing this old one to the trash bin....
@32,36
I wonder how Adelson would react to a Chinese boycott of his casinos in Macau and Singapore? A lot of his wealth has come from
Chinese gamblers. Given Adelson's connections to Bolton and Trump, it would seem like an obvious pressure point.
@38 lili... denk was discussing this on the open thread yesterday.. see his links @68 / 76 and etc
on this page.. no one is discussing
this..
@48 peter au.. it certainly appears that way.. funny thing how trump sold himself on a number of topics, but not that one..
meanwhile, i guess the loot from adelson is quite good... stick with me and you don't need any stickin russian oligarch.. what
is quite amazing is how blind the average amerikkkan is to all this.. they are still stuck on the mueller investigation which
has been running on empty for some time... they would never do an investigation on isreal, or zionists influence on us elections,
as it is too friggin' obvious for anyone looking... better to skip that and continue to serve israel.. thus the constant fixation
with iran..
or russia and china, as the case may be... the top 3 evil countries, according to obama, or was that north korea.. i guess trump
will have to revise it.. the usa is pathetic.. canada is not far behind..
Trump didn't know b/c the NYTimes said so?
I've got this bridge....
China's response may not be immediate, but it will come.
I'm reminded of the sudden death of Vice Adm. Scott Stearney, commander of the Navy's 5th Fleet, Persian Gulf, discovered inside
his home in Bahrain last weekend, a "suspected suicide."
Iran always gets even.
To those of us that understand that all/most of the politicians are working for the same team, it should be easy to see the good
cop/bad cop dynamic being used here.
If b thinks Trump is a good cop, as he presents him here (yes, b has written that he disagrees with all/most of what Trump
does) as do other commenters that post here, I would posit that "they" are being successful in working that meme at this time.
China will not back down and now will play hardball back, but in a globalist sense I expect them to continue to take the high
road as the West mires itself further in the muck of its religion of private finance.
Another commenter mentioned the strategy of China dumping its massive amount of US Treasuries. I think we are getting to that
moment and the response of the US is to default on whomever is holding its debt...............
and then the war we have been in for some time turns serious.
The problem the elite have is making the public have the fervor to slaughter themselves for the purpose of continuing a society
run by and only servicing the elite. I don't understand how they have managed all these centuries but here we are, a bit still
in the dark ages of a thousand years ago.
I think we can assume that the arrest was not an unwelcome surprise for Trump, or he would have reversed it. He knew, and
accepts it. It's total asymmetric war on China. The arrest was on December 1. Trump twitter, Dec 7 China talks are going
very well! here
This is a 100% neocon clusterfuck. It is vital to the success of Trump's Drain The Swamp strategy that The Swampers be given every
opportunity to put their anti-US influence on public display. At least now we know which weirdos are responsible for the US policy
of "Let's do SOMETHING, even it it's stupid."
I've been scouring the 'News' and the www for evidence that China agreed to uphold US sanctions on Iran to an extent that would
invite the US to punish China for disregarding US whims. No luck, so far.
What makes this story entertaining is that the US has not only surrendered its lead in Military Tech, from the Good Old Days,
but Computer and Communications Tech too. You have to be pretty desperate to admit a blunder of that magnitude, albeit obliquely,
as in this case.
Unlikely that few in Trump's cabinet or Senate Foreign Relations committee could even pass the physics section of a college entrance
exam, and have little idea what quantum encryption even is (Chinese published on it first a couple of years ago).
That presumption alone suggests Pompeo Bolton etc are just finger puppets ... which oligarch has all those cia contracts again?
They are in well over their heads. They can't even keep up with the Russians. They will likely get stung by Chinese scorpions
without even knowing what hit them!
Another 'unintended consequence' of the neocon gambit to embarrass Trump by by-passing him, will be renewed interest in something
Vlad said in one of Oliver Stone's Putin's Interviews.
In the context of Vlad's feelings about POTUS Trump, Vlad said words to the effect that it's too soon to say. Everyone knows
that AmeriKKKa has been run by the Permanent Bureaucracy (not the POTUS). A lot of people would have been 'too busy' to watch
the Putin Interviews but World Leaders, everywhere, would not have been among them. So as of December 1, 2018, that cat is well
and truly out of the bag and all eyes, as usual, are on Trump. Again.
CNN: A judge in the US District Court for the Eastern District of New York issued a warrant for Meng's arrest on August 22,
it was revealed at the hearing Friday
here . She was arrested on December
1. Meng didn't know about this "issued warrant?" How does this 'system of laws' work, anyhow? Perhaps the warrant issue was classified
secret, for US national security?
Actually, I fear, it's a conspiracy of intel agencies, security advisors and courts to conduct domestic and foreign policy.
It's a non-elected "government" which elected politicians can't touch. For those that doubt it, check out this important interview
with intel whistleblowers Shipp, Binney and Kiriakou which describes Washington corruption is
here . (h/t Carlton Meyer)
Politicians can't touch this secret government lest their security clearances be removed.
@70
In the two-hour interview John Kiriakou points out that the intel agencies have their favorite courts. His delayed case, resurrected
by Obama, was heard by a court in eastern Virginia, which had a 98% conviction rate. They got him for a couple years in prison.
General Petraeus, however, who did much worse, had his case heard in a court in western Virginia, and he got probation. It appears
that the US District Court for the Eastern District of New York is good for anti-China warrants.
D B@70 I read that she was aware of the warrant and avoided traveling to the USA because of it as she had been doing to ?" visit
her son who was in school here"? but likely thought Canada safe. Wrong.
So China seems fearful to me - detaining the head of INTERPOL for instance and re-educating the Uyghurs en mass, plus the heavy
internet censorship. But they cannot disengage from the west economically without risking social upheaval. Nor can the US afford
to disengage from China for roughly the same reason (unlike Russia from whom the US gets rocket engines but little else they cannot
obtain from other sources).
In a few years time (2, or perhaps 3) both Russia and China will have deployed weapons that can deter anything but a full on
nuclear attack, and their military capability will continue to advance. US strategy seems to be to disrupt, slow, and sabotage
both to the extent it is able using economic and political weapons and military posturing. I don't believe it can catch up and
this creates extra danger - the longer it waits the greater the gap will be - economic and military. Many of the responses seem
borderline hysterical to me - not a good thing.
The problem with Iran is (as was with Iraq, Libya, Venezuela, and even Syria) that a country with an independent/non-aligned
foreign policy has control of a large quantity of valuable natural resources for which there is a constant and relatively insatiable
demand. If they cannot be controlled they they should be destroyed so they cannot pursue their own agenda and ignore the dictates
of the west. China and Russia are this problem writ large, and they have nukes and a means of delivery to all corners of the globe...
This is about destruction of neoliberalism. Transnational financial elite under neoliberalism is above the law. the USA blatantly
breaches this convention now. And will pay the price.
This is Onion-style humor is no it : White House, Trudeau seek to distance themselves from Huawei move
Notable quotes:
"... The official, speaking on condition of anonymity, acknowledged that the arrest could complicate efforts to reach a broader U.S.-China trade deal but would not necessarily damage the process. ..."
"... Meng's detention also raised concerns about potential retaliation from Beijing in Canada, where Prime Minister Justin Trudeau sought to distance himself from the arrest. ..."
Huawei Technologies Co Ltd's chief financial officer, Meng Wanzhou, the 46-year-old daughter of the company's founder, was detained
in Canada on Dec. 1, the same day Trump and Chinese President Xi Jinping dined together at the G20 summit in Buenos Aires.
A White House official told Reuters Trump did not know about a U.S. request for her extradition from Canada before he met Xi and
agreed to a 90-day truce in the brewing trade war.
Meng's arrest during a stopover in Vancouver, announced by the Canadian authorities on Wednesday, pummeled stock markets already
nervous about tensions between the world's two largest economies on fears the move could derail the planned trade talks.
The arrest was made at Washington's request as part of a U.S. investigation of an alleged scheme to use the global banking system
to evade U.S. sanctions against Iran, according to people familiar with the probe.
Another U.S. official told Reuters that while it was a Justice Department matter and not orchestrated in advance by the White
House, the case could send a message that Washington is serious about what it sees as Beijing's violations of international trade
norms.
The official, speaking on condition of anonymity, acknowledged that the arrest could complicate efforts to reach a broader
U.S.-China trade deal but would not necessarily damage the process.
Meng's detention also raised concerns about potential retaliation from Beijing in Canada, where Prime Minister Justin Trudeau
sought to distance himself from the arrest.
"The appropriate authorities took the decisions in this case without any political involvement or interference ... we were advised
by them with a few days' notice that this was in the works," Trudeau told reporters in Montreal in televised remarks.
Originally from:
Truthdig
December 8, 2018, 4:38 AM GMT
Wall Street's corruption runs deeper than you can fathom | Alternet
Wall Street's corruption runs deeper than you can fathom
As an employee at the Federal Reserve in 2011, three years after
the dissolution of Lehman Brothers, Carmen Segarra witnessed the results of this deregulation firsthand
Of the myriad policy decisions that have brought us to our current precipice, from the signing of the
North Atlantic Free Trade Agreement (NAFTA)
to the invasion of Iraq and the
gerrymandering
of House districts across the country, few have proven as consequential as the demise of
Glass-Steagall
. Signed into law as the U.S.A.
Banking Act of 1933, the legislation had been crucial to safeguarding the financial industry in the wake of the Great Depression.
But with its repeal in 1999, the barriers separating commercial and investment banking collapsed, creating the preconditions for
an economic crisis from whose shadow we have yet to emerge.
Carmen Segarra might have predicted as much. As an employee at the Federal Reserve in 2011, three years after the dissolution
of Lehman Brothers, she witnessed the results of this deregulation firsthand. In her new book, "
Noncompliant: A Lone Whistleblower Exposes the Giants of Wall Street,
"
she chronicles the recklessness of institutions
like Goldman Sachs and the stunning lengths the United States government went to to accommodate them, even as they authored one of
the worst crashes in our nation's history.
"They didn't want to hear what I had to say," she tells Robert Scheer in the latest installment of "Scheer Intelligence." "And
so I think what we have in terms of this story is really not just a failure of the banks and the regulators, but also a failure of
our prosecutors. I mean, a lot of the statutes that could be used -- criminal statutes, even, that could be used to hold these executives
accountable are not being used, and they have not expired; we could have prosecutors holding these people accountable."
Segarra also explains why she decided to blow the whistle on the Fed, and what she ultimately hopes to accomplish by telling her
story. "I don't like to let the bad guys win," she says. "I'd rather go down swinging. So for me, I saw it as an opportunity to do
my civic duty and rebuild my life. I was very lucky to be blessed by so many people who I shared the story to, especially lawyers
who were so concerned about what I was reporting, who thought that the Federal Reserve was above this, who thought that the government
would not fail us after the financial crisis, and who were livid."
"Noncompliant" explores one of the darkest chapters in modern American history, but with a crook and unabashed narcissist occupying
the Oval Office, its lessons are proving remarkably timely. "We live in a culture where we reward bad behavior, we worship bad behavior,
and it's something that needs to stop," she cautions. "Changing the regulatory culture on [a] U.S. governmental level is something
that's going to take a decade, maybe two. And we need to start now, before things get worse."
Listen to Segarra's interview with Scheer or read a transcript of their conversation below:
Robert Scheer:
Hi, I'm Robert Scheer, and this is another edition of "Scheer Intelligence," where the intelligence comes from
my guests. Today, Carmen Segarra. She's written a book, just came out, called "Noncompliant: A Lone Whistleblower Exposes the Giants
of Wall Street." And boy, did she ever. Perhaps you remember this case; it was in 2011, two, three years into the Great Recession.
There was a lot of pressure from Congress that these banks be regulated in a more serious way. As a result, Carmen Segarra, someone
of considerable education, was brought in. And she was assigned to do a survey of Goldman Sachs, to go over to Goldman Sachs. And
I just want to preface this, people have to understand that not only is the Federal Reserve an incredibly -- the most important economic
institution in the United States, but the New York Federal Reserve plays a special role being in New York. And they are basically
entrusted with regulating the banks, and they are the institution that most definitely failed in that task, and helped bring about
the Great Recession. Would you agree with that assessment?
Carmen Segarra:
Yes, I would agree with that assessment. When I joined the Federal Reserve, as you pointed out, I was hired from
outside the regulatory world, but within the legal and compliance banking world, to help fix its problems. And I was well aware of
the problems that existed. And scoping the problems itself was relatively easy; I mean, within days of arriving, I had participated
in meetings where you had Goldman Sachs executives, you know, lying, doublespeaking, and misrepresenting to regulatory agencies without
fear of repercussions. And where I saw Federal Reserve regulators actively working to suppress and expunge from the record evidence
of wrongdoing that could be used by regulatory agencies, prosecutors, and even the Federal Reserve itself to hold Goldman Sachs accountable.
The question was, when I arrived, you know, are these problems fixable? And, spoiler alert: I don't think so.
RS:
Well, your book really is a compelling read on, really, what one could consider the dark culture of finance capital. Most
of us know very little about it; we think it's boring, it's detailed and so forth. And I was thinking of another woman observer of
great education and experience, who first tipped me off as a journalist when I was trying to cover the stuff about banking deregulation
and so forth, and when Clinton was president and they did the basic financial deregulation. A woman named Brooksley Born, who was
head of the Commodity Futures Trading Commission, and she had your kind of background, you know; a leading lawyer with the banks,
and so forth. Understood this a lot better than most of the men who were powerful, including Treasury Secretary Robert Rubin; Lawrence
Summers, who took over from him and went on to be the head of Harvard; Alan Greenspan–none of them really understood these collateralized
debt obligations, credit default swaps; she did. She blew the whistle on it, and they basically destroyed her. She was forced out
of the Clinton administration, and what have you. Did you know about Brooksley Born's work when you got into this? Do you have any
sense? I mean, this was really sort of the first major whistleblower, and she was, as you have been, basically pushed aside.
CS:
Yes. I definitely knew about her. And you know, I have to say that I was, you know, just taking that historical perspective,
which I think is an important point of view through which we should approach this topic. I mean, I remember when I was in law school,
I was one of the very first graduating classes to graduate into a post-Glass-Steagall world. From a 50,000-foot level, I think people
have a better understanding of what that means, in the sense, you know, you have all of a sudden the securities and the banking products
can get together.
But from a practical standpoint, from a ground-zero level, where I was at, that essentially meant two things. From
a professional standpoint, we studied and were aware of the fact that there were a bunch of people on one side of the aisle, the
investment products side–you know, the collateralized debt obligations that you mentioned.
And then there were people who were on
the banking side; we're talking, you know, for purposes of argument, credit cards and debit cards. And that these people, they may
have known about their products, but they were highly specialized; they only knew about the one or two things that they touched,
and they certainly didn't know about them and how they interacted together. And one of the things that I remember studying were not
just the cases of whistleblowers, but also discussing amongst our classmates, you know, what the impact would be of all of a sudden
having a class or a series of classes, graduating from law school, with people who are focusing on banking and compliance, like I
was, and who are having to understand both of these products and sort of how they interact together. And what, sort of visualizing
what our work life would be like, in terms of reporting to people that had an incomplete understanding of how the banking world worked.
So, yes, I was definitely aware; I understood perfectly where she was coming from. And she was very much a cautionary tale for the
rest of us who are lawyers. In terms of, if you find yourself in these difficult situations, you sort of game out what potentially
can happen. And I certainly took it into consideration when I was gaming out whether or not to whistleblow.
RS:
Well, before you get to the whistleblowing stage, I think you're being too kind to what I personally think are people who
should be considered as, or at least charged and examined often with what is criminal behavior. Because ignorance is really not a
good defense; when they were called before congressional committees, these knowledgeable people admitted they really didn't understand
collateralized debt obligations and credit default swaps. And for people who are not that familiar, you mentioned Glass-Steagall.
And what Glass-Steagall was, was one of the, really maybe the most important response of Franklin Delano Roosevelt's democratic administration
to the Great Depression. And how did this terrible depression happen, how were the banks so irresponsible. And they decided the key
thing was to separate investment banks from commercial bank; investment banks could be high-rollers, private money, you know what
you're doing, you have knowledge; and commercial banks where you're basically protecting the assets of ordinary people, they're not
knowledgeable, they're trusting your expertise. And eliminating Glass-Steagall eliminated this wall between the two kinds of banking.
And the company that you went to observe, Goldman Sachs, was an investment bank. And by the working of that law, they should have
been allowed to go belly-up when it turned out they had a lot of these dubious credit default swaps and collateralized debt obligations.
To people who don't know, a credit default swap was a phony insurance policy pretending to cover these things, but really there's
nothing backing it up. And somehow, in order to save them, they were allowed to announce they could do commercial banking. One could
argue, in some ways, the barrier was lifted to help–Citigroup was of course the other one–Citibank. And these are two banks that
the government stepped in to help and create this monster. Is it not the case?
CS:
Yeah, that's absolutely the case. But there's a couple of things that we need to keep in mind. I mean, I think that
we're all sort of educated enough to know that, you know, where there's a will, there's a way. And so if a system can be
corrupted, people that are allowed to grab hold of power will corrupt it–insofar and only for so long as we allow those people to
have the ability and the power to corrupt it. So ultimately, talking about more or less rules, or different rules, is productive
only to a point. Because ultimately what we're talking about here is the haphazard, slap on the wrist, failure to truly enforce
the rules and regulations equitably across the system. And that creates the imbalances that you see, for example, in Goldman
Sachs, and that you see in the system in general. One of the things that happened as a result of Glass-Steagall coming down was
that a lot of the investment bankers were allowed to take over the commercial banks. And those investment bankers knew nothing
about banking, and Goldman is a great example of that. I mean, when I arrived three years in after the financial crisis, what was
one of the things that was very shocking to me was going into meeting after meeting with Goldman senior management and hearing
them lie, doublespeak, and most shockingly of all, insist that they didn't have to comply with the law. And that is a problem.
Because a bank that doesn't believe, or management at a bank that doesn't believe they have to comply with the law–you bet they
are not supervising their employees correctly, and they're not incentivizing employees correctly in terms of how to do their job.
So their behavior is injecting enormous risk into the system
... ... ...
CS:
The case was assigned to a judge who was friends with the attorney, I had worked with the attorney that represented
the Fed. And then two days before dismissing the case, she revealed that she was married to someone who represented Goldman Sachs
for a living. So, yeah, there you go. [Laughs] I mean, it's almost impossible in terms of successfully blowing the whistle. But
going back to your question with respect to the recordings and having a say, I think the question that we need to be asking
ourselves is this: the Federal Reserve Bank of New York, and the Federal Reserve in general, is tasked with supervising the
banks. They have recorders. They have the law on their side. New York is a one person consent state. Banks, private banks,
habitually record everything that goes on inside the bank, and they do it for good reason. Because they do it to stop and prevent
fraud, among employees and by anybody that walks in the door. Why is the Federal Reserve not recording these executives? Why are
they not preserving evidence? I think that is the question that we need to be asking ourselves. You know, what I did was not
special. What I did is what the Fed should have been doing.
Wall Street's corruption runs deeper than you can fathom | Alternet
RS:
Well, it was special in that [Laughs]–come on! There have been a lot of witnesses to
these crimes, really, and you're the lone voice from within that system that dared to speak up. And as I
said, had you not been able to document it with these tapes, you would have been just dismissed as some
kind of kook. The book is called
Noncompliant: A Lone Whistleblower Exposes the Giants of Wall
Street.
You know, what is so important is nuance and language and attitude. And the people on Wall
Street can affect the protection of manners and complexity. I remember Lawrence Summers testifying in
Congress on why you had to get rid of Glass-Steagall, and he said "this is very complicated." And he said
the same thing Alan Greenspan said: "These people know what they're doing," and so forth. It wasn't
complicated. If the Mafia did it, you'd see right through it in five minutes. Right? You were bundling a
bunch of lousy deals together with some good deals, and you didn't even know what was in there, and you
sold them, and you got a phony insurance contract to back it up. And yet none of these people have been,
gone to jail; very few, one or two have been prosecuted as kind of a scapegoat. But the book is a great
story of an American heroine–but this is what everybody should do! [Laughs] I mean, the real issue about
whistleblowers like yourself is why did it take you? Where were the other folks? How many people–yeah, go
ahead.
CS:
Yeah, agreed. I think that's exactly right. You know, there's a number of
reasons why I wrote the book. First of all, because I think it's an important contribution to the
historical record. As to what is the systemic culture of corruption that exists in these regulatory
agencies that are taking our taxpayer dollars and paying themselves handsome salaries to work against the
American taxpayers. And then the second reason I wrote it is to incentivize people to come forward with
their stories. I wasn't the only person who wanted to blow the whistle in terms of what was going on
there. My circumstances were unique, and I sort of go through it in the book, in the sense that I was
very lucky, for example, that the Fed refused to even negotiate the mandated settlement that they were
supposed to negotiate with me. But they refused, and that allowed me to sue. There's a number of people
who have gone through the process and have been silenced by, you know, getting a monetary offer and
signing a settlement agreement. And we don't hear about them because they are forced not to talk. What I
sort of thought about was, you know, this is just a unique–you know, I didn't ask to be in this
situation, but I felt it was my civic duty. Because I do think that we need more people to really think
about how in their daily lives, they can stop rewarding bad behavior. We live in a culture where we
reward bad behavior, we worship bad behavior, and it's something that needs to stop, you know. Changing
the culture, the regulatory culture on the U.S. governmental level is something that's going to take a
decade, maybe two. And we need to start now, before things get worse. We are not in the best-off of
situations as a country; you know, we have what seems like an economic boom, but it's really just a
debt-fueled economic boom that is going to be temporary. And it's very tough to fix these types of
cultural issues, system issues, when the hurricane of the next financial crisis hits. We need to fix it
now, while we still have a semblance of peace, while we still have the sun shining. And we don't know how
much longer that's going to be. I hope it's long enough to fix it. I hope that people are inspired to
come forward and to think about how to make a difference in their daily lives. You know, because we need
to start thinking of raising children and raising adults that are incentivized in their daily lives to
reward good behavior. I think that until we create a critical mass of Americans that in their daily lives
refuse to reward bad behavior, we're not going to see real systemic change.
RS:
Well, we'll see change. It might not be good change. I mean, you have Donald
Trump–and I want to put some oomph behind this, that it's bipartisan. Because one of the–you know,
everybody, a lot of people I know are very upset about Donald Trump. He's speaking to what Hillary
Clinton calls the "deplorables"; but there's a lot of people hurting out there. And if you read a study
done by the Federal Reserve of St. Louis about the consequence of this economic meltdown that was
engineered from places like Goldman Sachs, the human cost was incredible. I mean, people lost everything.
They weren't bailed out. There was no mortgage relief. They were not helped. The banks were bailed out.
And yet no one has been held accountable, and the politicians, democrats and republicans, who supported
it, have gotten off scot-free.
Wall Street's corruption runs deeper than you can fathom | Alternet
CS:
Yeah, I think you're absolutely right. This is not a democratic problem, this is not
a republican problem. This is an American problem with worldwide impact. The U.S. dollar is a reserve
currency. The world depends in large part on the American banking system to work. And for it to work,
there are these rules, and these rules are there to create trust in the system and to create smooth
processes in the system, so that money can be moved and the economy can continue to grow. If the world
can no longer trust the American banking system because Americans cannot be trusted to regulate it, they
are going to move away from the American banking system. They are going to move away from the U.S. dollar
as a reserve currency. And then we are going to find ourselves in the situation that a lot of countries
that are not governed by reserve currencies find themselves occasionally, from time to time, whenever
they have a crisis. You know, we're talking about countries in Latin America; we're talking about
countries in Africa; we're talking about countries in Asia. I hope the book will inspire people to really
take a look around and realize, you know, the American consumer, the American worker, is incredibly
powerful. You know, these banks cannot survive without our money. We don't have to wait for the
government to keep failing us; we don't have to wait for the judiciary to keep failing us; we don't have
to wait for lawyers to keep failing us. We choose who we work for. We choose where we keep our money. We
can choose to protest. We can choose to call our pension funds and tell them, I want you to stop doing
business with Goldman Sachs. It's what we do on a daily basis. When we stand up and we say, I am not
going to be banking with these people–they will listen. It's like, they control all of these other checks
and balances that were put in place in terms of the government to stop them. So now it's up to us as a
people to actually do something about this.
RS:
Let me take a break. And I've been
talking to Carmen Segarra, who is actually the lone honest person from within the banking system that I
know of who really took the story of what these people were doing, and swindling the American people, and
fortunately documented it with tape recording–as they document everything; if you call the bank for
information, "your conversation will be recorded to make it more efficient"–well, she turned the table on
that, had the record. The book is called
Noncompliant: A Lone Whistleblower Exposes the Giants of
Wall Street.
[omission for station break] I'm not going to be able, in the time that I have here, to
do justice to this book, because the devil is in the details. I want to talk about some people who did
speak up. I mentioned Brooksley Born, who was this brilliant member of the Clinton administration who got
pushed out for speaking up. But when the pressure came down after the Great Recession, and the banks had
to be questioned, they at Goldman Sachs turned to a Columbia University finance professor, David Beim.
And he did a report. He had access to everything, he did this incredible report. We only know about it
because it showed up in some footnote somewhere. And by the way, I haven't given enough credit here to
the people who have helped break this story. ProPublica, who did a really terrific job on it, and the NPR
show This American Life, which really did a great job. So there has been really good reporting. As you
pointed out, it was absolutely shameful that Congress did not really take testimony from you; you were
there as an observer–I think in a red dress, to be noticed. [Laughs]
CS:
Yes. Well, you know, red is the color of martyrs.
RS:
And so I want to ask you about that. Before you even went there, this guy David
Beim had done a study. And William Dudley, the president of the bank, didn't even respond. He said thank
you, they looked at the–and they never responded to the criticisms in that study, which were devastating.
Of how the bank was operating.
CS:
Yeah, but that's how the Federal Reserve Bank of New York operates. And that's,
curiously enough, also how Goldman Sachs operates. They say one thing and do another. If you want to know
what they're doing, just flip it, right? I mean, if they're asking for a report, that means that they
plan to do nothing about it. And you know, the book sort of walks you through the story of how they
played at this game of pretending to clean up the regulatory issues. I mean, the joke really was on us,
the new regulators that were brought in from the industry to actually clean up the problems that were
there. None of us are there at the Fed anymore. Every single one of those people that I talk about that
validated my story, they're gone. And they are gone under different circumstances, some in good standing,
some in less good standing, but the point is they're all gone. Because the purpose of bringing us in was
not really to change things, it was to ensure that they had a smoke screen and a story to feed the press,
that they would print, saying that they had indeed fixed this. And there was nothing else there to see.
Wall Street's corruption runs deeper than you can fathom | Alternet
RS:
We're going to run out of time here, but I want to nail down
one–this chain of responsibility. And I had just mentioned New York Fed president
William Dudley, who I believe ran into some difficulty; he had ownership in
something that they were trading with. But leaving that aside, he replaced
Timothy Geithner. And when Goldman Sachs, when this whole banking thing happened,
there was no more important individual in this country, in a position to observe
it, than Timothy Geithner. He had been in the Clinton administration; he had
worked for Robert Rubin and Lawrence Summers in the Clinton administration when
they deregulated Wall Street. And he was rewarded for that deregulation, right,
by being named to the most important regulatory position, to be head of the New
York Fed. And Barack Obama in 2008, as the banking meltdown was happening, gave a
speech at Cooper Union, April of 2008, blasting Wall Street. And then, when
Hillary Clinton lost the primary, Barack Obama turned to Lawrence Summers and
Timothy Geithner, and these people for advice, and he named Timothy Geithner to
be his treasury secretary. The guy who at the New York Fed, where you went there
to work and to try to supervise Goldman Sachs–he knew everything about this, and
told us nothing, and he was rewarded by being made treasury secretary.
CS:
When I'm saying, you know, we have to stop rewarding bad behavior,
that's an example of what I'm talking about. It's like, we have a culture where
we reward people for their bad behavior. And in the Fed it is a systemic problem.
And it is a problem that comes from the top down. And when I was at the Fed, Ben
Bernanke was head of the Fed; Bill Dudley, as you pointed out, was the head of
the New York Fed; and Sarah Dahlgren was his head of supervision. This is a very
small world. We're not talking about a lot of people; the culture is top-down,
and everybody there just does what these people say, because if they don't
they're afraid they're going to lose their jobs. So from their perspective, they
have nothing to lose, because they have a bunch of workers that are going to do
as they say. And they will do what is in their best corporate interests. I mean,
you have Bill Dudley, who was allowed to hold on to a lot of his investments that
predated his arrival at the Fed and were held at Goldman Sachs. And you know,
when you have somebody who's not forced to really work for the government–as in
divesting themselves of their own conflicts and truly taking taxpayer money and
doing their job–then you can't expect a good result to come from that. Again, we
rewarded bad behavior. And that's why I think, you know, the key here is really
about taking a really good look at our daily lives and seeing, who are we
rewarding on a regular basis? And we need to stop rewarding that bad behavior.
Wall Street's corruption runs deeper than you can fathom | Alternet
RS:
But I want to challenge what I think is your optimism. And in
fact, you are living proof that doing the right thing can be a career-ender. I
haven't asked you, I mean, I assume you still have a good career; you're highly
talented and competent, and you were, you know, extremely well educated. But
you're not being considered to be treasury secretary or something, right? The
consequences for you were quite dire, weren't they?
CS:
They
were. And you know, my career in banking is over on a permanent basis. But I
think you sort of point out to, a little bit to my personality, and I hope it
comes through in the book; I sort of talk about that fact that I'm just a very
resilient person. And I just, I don't like to let the bad guys win. I'd rather go
down swinging. So for me, I saw it as an opportunity to do my civic duty and
rebuild my life. You know, and I was very lucky to be blessed by so many people
who I shared the story to, especially lawyers who were so concerned about what I
was reporting, who thought that the Federal Reserve was above this, who thought
that the government would not fail us after the financial crisis, and who were
livid. And I've been blessed with their support through the process of
whistleblowing, and I continue to be blessed by their support even after. I have
a husband who was, you know, a real hero of the story in my book, and I have been
able to remake my life as a lawyer in private practice. And my clients, you know,
God bless them, they trust me to help them. And I wouldn't change what I did for
anything. Because I think for me–and I talk about it in the book–I think living a
meaningful life is more important than making money. I think for me, making money
is important insofar as it pays the bills. But once my bills are paid, it's about
having a meaningful life. And I just feel very, very lucky that I have had the
life that I've had, that I got to go to a Catholic school that taught me the
morals that I believe in. I think that I am who I am, and I think that I would be
just as moral if I had grown up Jewish, or if I had grown up a Mormon, or if I
had grown up a Protestant. So I feel very blessed that I was exposed to what good
values and good behavior are. I decided since I was very little that that's just
the way I wanted to live my life, and that to live meaningfully was more
important than anything else. And that has driven all of my decisions, and I
found the experience to be rewarding. And when people talk to me about how bad
things are and how things sort of look like they're never going to turn around, I
tell them, no. They will turn around. We just need to believe in ourselves and be
our own saviors, and be our own heroes in our own daily lives.
RS:
But let me, let me challenge that. And yes, you're an
exemplary person. No question. And people should read this book,
Noncompliant: A Lone Whistleblower Exposes the Giants of Wall Street.
But I
want to focus on that word, "lone." Lone whistleblower. These people had the same
great education you had at the best schools, OK? They didn't blow the whistle.
No, they abetted the crime! They made it possible. They destroyed people like
Brooksley Born, who dared challenge it. And the fact of the matter is, you can't
expect ordinary people–even myself. You know, I did graduate work in economics,
I'm a professor, blah blah blah. But I can tell you, when I went into my bank
loans, I didn't know all the details and what they were talking about and
everything. I counted on regulation, I counted on government, I counted on
accountability, frankly, on the part of these institutions. So my view is, you
can't expect ordinary people–that's why we had a distinction between investment
banks and commercial banks. Commercial banks are supposed to deal with ordinary
people, OK? They're supposed to hold their money, give them a fair interest rate,
make loans on their houses, and help them out. And they have to be regulated,
because you know, the ordinary person can't be an expert. The failure here is of
the educated class. Of the superachievers. And you count on those people, yes, to
do the right thing. But money talks. And the fact of the matter is, the people
you went to school with, at the Ivy League schools, at the wherever–they sold us
all out.
CS:
I think you make a good point. But I also think that the
problems are systemic and run deeper. I mean, I would point out, for example,
just from a personal perspective, when I graduated both college and law school I
happened to be one of those that graduated into a recession, twice. There weren't
too many jobs. I didn't have too many options. I ended up working in where I
ended up working because it was either that or not feed myself. And I think one
of the problems that we have that is systemic is that we have allowed capitalism
to create such huge imbalances in how we reward people for their daily work. So
people are forced to do something that they may not even like, or may not even be
good at, because they have no choice. It's a shame, because we're a big enough
country, we have a lot of talent, there should be more invisible hand, central
planning. This whole system where we are now turning our attention to creating
computer programmers is more based on making sure that computer programming
becomes a cheap, minimum-wage job where the owners of the computer companies like
Apple don't have to overpay like they are doing now for those workers. So I think
that there are more systemic issues than we realize. And I agree with you, I
think that, you know, we were sold out by the intellectual class. But we still
need to figure out–and the intellectuals are the ones who are going to help us–we
need to figure out how to fix the system on a larger scale if we are going to
rebalance things. And I don't have the monopoly on the answer, on all the
answers, you know? I'm just a girl born in Indiana to two Puerto Rican parents,
you know? [Laughs] It's not like I have any terms, in any way access to the
higher echelons and how that works. But I think that we really do need to think
about, in our own ways and in our own lives, how we can sort of convince other
people to make the right choices on a daily basis. Because I think that if
everybody takes making the right choices seriously, and realizes that we're all
in the same boat–you know, we're all Americans, this is going to impact us all–I
think that we can, slowly but surely, right the boat and start heading in the
right direction.
RS:
People should read
Noncompliant
–it's an important
word; they weren't compliant–
A Lone Whistleblower Exposes the Giants of Wall
Street.
And recognize that the problem with modern governance is that the
decisions are made by people who don't have our common interest, who are bought
off. That money talks. And one reason we have such despair now, and we go for
demagogues, and we have such divisive, ugly language and ugly politics, is the
so-called civilized, well-educated leaders of our country went for the money and
betrayed ordinary people. I'll let you take the last word, and then we'll wrap it
up.
CS:
Ah, well, thank you. And again, you know, I know that you
are sort of [Laughs] thinking about it from the perspective of a hopeless sort of
case. But I do think that there is–and I hope people will look at it as the
beginning of change. You know, yes, the book is a very sad story; the bad guys do
win, for now. But just because they win the battle doesn't mean they're going to
win the war. And I refuse to give up hope in the American people, and I refuse to
give up hope in the American consumer. I think that we can make a difference if
we try. Because I think that when we get the American people–no matter whether
they're democrats, republicans, independent–when we get them educated on the
topic of finance, when we get them accessible stories, they will have their say.
And they matter–we matter. And it's important that they come to the table,
otherwise this problem isn't going to get solved.
Big finance does behave like an organized crime. And should be treated by society as
such...
Notable quotes:
"... By Bill Black, the author of The Best Way to Rob a Bank is to Own One, an associate professor of economics and law at the University of Missouri-Kansas City, and co-founder of Bank Whistleblowers United. Jointly published with New Economic Perspectives ..."
By
Bill Black, the author of The Best Way to Rob a Bank is to Own One, an associate professor of
economics and law at the University of Missouri-Kansas City, and co-founder of Bank
Whistleblowers United. Jointly published with New Economic
Perspectives
I cannot write many blogs during the fall semesters because I teach four classes (I co-teach
one of them). The fall term of instruction at UMKC is now over so I am writing one piece before
turning to grading. I have recently done additional research on a topic I know is of great
interest -- the prosecution of elite white-collar criminals. I have organized it in the form of
a game in which the reader guesses who authored the quoted passage.
Which President
described the elite banksters of his era as "charlatans, chiselers and cheats?" Which Vice
President criticized prosecutions, enforcement actions, and even safety rules for the elite
white-collar criminals of his era in these terms?
But the number of complex regulations is only half the problem. As President [deleted] has
repeatedly emphasized, it is also the adversarial and seemingly mindless enforcement methods
that really get under people's skins. Business owners are sick of being treated like
criminals. They see a government that just doesn't make sense, that charges them with safety
violations when no one is in harm's way.
[Note that enforcement action is supposed to be 'adversarial' and that 'business owners'
need to be 'treated [as] [not 'like'] criminals' when they are criminals. A safety violation
that does not cause injury because no worker is in the unsafe trench when it collapsed should
be charged as a safety violation because it is. A well-run company with a strong safety record
takes that approach to safety. The government must too.]
Which U.S. Attorney General offered
the excuse for refusing to create a national task force to prioritize the prosecution of the
elite banksters of his era that the fraudsters were merely "white collar street criminals"?
Which U.S. Attorney General explained in these terms why he was working with the regulators
because prosecutions of elite banksters require enormous sophistication and prioritization?
[T]hese investigations most often involve complicated paper trails leading to highly
sophisticated schemes which disguise illegality under the veneer of legitimate business and
financial transactions.
[Note that this AG understood the essential danger that makes 'control frauds' uniquely
damaging -- the fact that the CEO finds it far easier to 'disguise illegality' 'under the
veneer' of seeming 'legitima[cy].']
Which U.S. President met with the Nation's U.S.
Attorneys to emphasize in these terms the criticality of prosecuting elite banksters?
It takes a snake, a cold-blooded snake, to betray the trust and innocence of hard-working
people," [deleted] said in a speech to his administration's U.S. attorneys in announcing his
effort. "And so, if we have to look under rocks to find these white-collar criminals, then we
will leave no stone unturned.
Which U.S. President proclaimed "I did not run for office to be helping out a
bunch of fat cat bankers on Wall Street"? Which FBI Director characterized the level of elite
fraud in failed insured institutions as 'pervasive' and explained that the fraud problem came
from the top in these terms?
The American public relied upon banking institutions and financial institutions being
soundly managed by people who were honest. Therefore, it is absolutely essential that this
program go forward to the end no matter how long that takes.
He discounted past arguments that Texas' economy was the root cause for the state's
financial crisis. "Although it was the general economic downturn in Texas that surfaced the
problem, it
appears to the FBI as if a pervasive pattern of fraudulent lending activity began much
earlier."
Which U.S. President told the Nation's leading bankers "My administration is the
only thing between you and the pitchforks"?
[Note that the President was characterizing the American people as a mob out to murder the
banksters that caused the financial crisis -- and stressing that his administration would
safeguard them from accountability for their crimes.]
Which U.S. Attorney General explained
in these terms how he began working with the new regulator the day after he was appointed to
ensure the prioritization of the most elite banksters in the ongoing financial crisis they were
both confronting?
I met with [deleted] Director of [deleted], the day after he assumed office to map out a
joint effort between the regulatory agencies and the Department of Justice to winnow through
the mass of referrals that had already been made to ensure that we were focusing upon the
most significant cases as our first priority.
Which regulatory agency made the 'mass of [criminal] referrals' the AG was
referring to? How many criminal referrals did the agency make in response to its financial
crisis? How many felony convictions of individuals did the Department of Justice (DOJ) obtain
in 'major' cases in response to these referrals? Which senior law enforcement agency warned in
September 2004 that an 'epidemic' of mortgage fraud was developing that would, he predicted,
cause a financial 'crisis' if it were not stopped? Which administration "debated for months the
advantages and perils of a criminal indictment against HSBC" given an FBI investigation
confirming the congressional finding that the bank, between 2001 and 2010, "exposed the U.S.
financial system to money laundering [by a leading drug cartel] and terrorist financing risks"
[by Saudis]"? The U.S. Attorney General, at the urging of the Fed and the Comptroller of the
Currency, refused to indict the bank or its senior officers who committed and profited from
tens of thousands of felonies. What U.S. Attorney General testified to Congress in the
following terms that the largest banks were too big to prosecute?
I am concerned that the size of some of these institutions becomes so large that it does
become difficult for us to prosecute them when we are hit with indications that if you do
prosecute, if you do bring a criminal charge, it will have a negative impact on the national
economy, perhaps even the world economy.
Under which administration did Scott G. Alvarez, general counsel at the Federal
Reserve successfully intervene with the SEC to weaken fraud penalties against some of the
world's largest banks? Under which administration did Timothy Geithner, then President of the
NY Fed, successfully intervene with then NY Attorney General Cuomo to caution against vigorous
prosecution of elite banksters? Did this harm Geithner and Cuomo's careers? Which President
unconstitutionally appointed the first Director of the Office of Thrift Supervision -- after
being warned that appointing him without the Senate's 'advice and consent' would be
unconstitutional? Why did the President do so -- and why did the Senate not protest the action?
Which administration ended the career prospects of a top regulator they appointed when he had
the audacity to bring an enforcement action against the President's son? Which U.S. Attorney
General wrote: "We are presently facing the largest financial disaster in American history
grounded in the betrayal of public trust by flagrant self-dealing in 'other people's money'"?
Which U.S. Attorney General described the causes of the financial crisis he was investigating
"the biggest white-collar swindle in history"?
For bonus points, these questions relate to a non-government party.
Who wrote the
following -- and made it public?
"Our savings and loan industry has created the largest mess in the history of U.S.
financial institutions," [deleted] said in a letter to the [industry trade association -- the
'league']. "The league responds to the savings and loan mess as Exxon would have responded to
the oil spill from the Valdez if it had insisted thereafter on liberal use of whisky by
tanker captains." [Deleted] blamed the league for 'constant and successful' lobbying over
many years that prevented government regulators from cracking down on S&Ls run by 'crooks
and fools' and persuaded regulators to use 'Mickey Mouse' accounting .
"It is not unfair to liken the situation now facing Congress to cancer and to liken the
league to a significant carcinogenic agent ."
"Because the League has clearly misled its government for a long time, to the taxpayers'
great detriment, a public apology is in order, not redoubled efforts to mislead further."
Answers : (plus the President that appointed the official):
George HW Bush Gore Mukasey
(Bush II) Thornburgh (Bush I) George HW Bush Obama William Sessions (Bush II) Obama Thornburgh
(Tim Ryan was the OTS Director he worked with) OTS, during the S&L debacle, made >
30,000 criminal referrals (all federal banking agencies combined made fewer than a dozen
criminal referrals in response to the Great Financial Crisis) and DOJ obtained > 1,000
felony convictions in cases DOJ defined as 'major.' The FBI (through Chris Swecker) Obama 13.
Holder (Obama) Bush II Bush II (No, Cuomo was elected Governor of NY and Obama appointed
Geithner as Treasury Secretary) George HW Bush (the unconstitutional appointment was Danny Wall
as OTS Director) George HW Bush (Tim Ryan was the OTS Director who brought the enforcement
action v. Neil Bush) Thornburg (Bush I) Thornburgh (Bush I) Warren Buffett and Charles Munger
(May 30, 1989).
The mess is caused by deregulation, money in politics, lobbying by the rich, wealth
inequality, fraud in the banking system, corruption of corporations, the wealthy hiding taxes
off-shore, greed, failure of democratic institutions, etc. In another way, you could say It's
the Love of Money. (It is a very long list epitomized by Black's quotations from the highest
offices in the land.)
Concise and enlightening summary. Thank you, Bill Black. Should be taught in every high
school US History and Civics class in America together with financial and monetary literacy.
Interesting how pervasive this behavior has been across so called "leaders" of both legacy
political parties and whose names repeatedly appear on the summary list. The damage to the
social and political fabric of the nation is incalculable.
"... L.A City Attorney Mike Feuer announced a $185 million settlement reached with Wells Fargo, after thousands of bank employees siphoned funds from their customers to open phony checking and savings accounts raking in millions in fraudulent fees. ..."
"... So where is the FBI? Where is the Department of Justice? How about California Attorney General Kamala Harris? Too busy campaigning for the Senate to notice? How about L.A. District Attorney Jackie Larry? ..."
"... Only City Attorney Mike Feuer took action, and he only has the authority to prosecute misdemeanors ..."
"... multi-billion dollar ..."
"... If the ancient Greek philosopher Diogenes were to go out with his lantern in search of an honest man today, a survey of Wall Street executives on workplace conduct suggests he might have to look elsewhere. ..."
"... A quarter of Wall Street executives see wrongdoing as a key to success, according to a survey by whistleblower law firm Labaton Sucharow released on Tuesday. ..."
"... In a survey of 500 senior executives in the United States and the UK ..."
"... , 26 percent of respondents said they had observed or had firsthand knowledge of wrongdoing in the workplace, while 24 percent said they believed financial services professionals may need to engage in unethical or illegal conduct to be successful ..."
Organized crime. This phrase is now a precise synonym for big-banking in the United States.
These Big Banks commit big crimes; they commit small crimes. They cheat their own clients; they
swindle outsiders. They break virtually every financial law on the books. What do all these
crimes have in common? The Big Banks commit all these crimes
again and
again and
again – with utter impunity.
These fraud factories commit their serial mega-crimes, year after year, because the Big
Banks know that they will never, ever be punished. On rare occasions, their crimes have been so
egregious that U.S. 'justice' officials could no longer pretend to be oblivious to them. In
such cases, there was a token prosecution, there was a settlement where the law-breaking banks
didn't even have to acknowledge their own criminality, and there was a microscopic fine –
which didn't even force the felonious financial institutions to disgorge all of their profits
from these crimes.
Criminal sanctions, by definition, are supposed to deter criminal conduct.
The token prosecutions against U.S. Big Banks didn't deter Big Bank crime, they encouraged it.
But even these wrist-slaps were becoming embarrassing for this crime syndicate, so they dealt
with this problem. The Big Bank crime syndicate told
its lackeys in the U.S. 'justice' department that they were not allowed to prosecute one of its
tentacles, ever again.
The lackeys, as always, obeyed their Masters, and issued
a new proclamation . The U.S. 'Justice' Department would never prosecute a U.S. Big Bank
ever again – no matter what crimes it committed, no matter how large the crimes, no
matter how many times the same Big Banks committed the same crimes. Complete, legal immunity;
totally above the law. A literal culture of crime.
What happens when you create a culture of crime in (big) banking? Not only the banks break
laws – with impunity – their bank employees do so as well. Case in point:
Warren Buffett's favorite Big Bank – Wells Fargo. Wells Fargo employees came up with
a good idea for boosting their salaries: stealing money directly out of the accounts of
the bank's clients .
Consider how large this crime became, in just one of these tentacles of organized crime.
L.A City Attorney Mike Feuer announced a $185 million settlement reached with Wells
Fargo, after thousands of bank employees siphoned funds from their customers to open
phony checking and savings accounts raking in millions in fraudulent fees.
[emphasis mine]
Thousands of bank employees stealing millions of dollars from bank customers, in tiny,
little increments, again and again and again. But the story gets much worse. Why was a lowly
city attorney involved with the prosecution of this organized crime?
So where is the FBI? Where is the Department of Justice? How about California
Attorney General Kamala Harris? Too busy campaigning for the Senate to notice? How about L.A.
District Attorney Jackie Larry?
Only City Attorney Mike Feuer took action, and he only has the authority to prosecute
misdemeanors
There are only two ways in which the non-action of the U.S. pseudo-justice system can be
explained:
Take your pick. The U.S. pseudo-justice system is used to seeing so many
multi-billion dollar mega-crimes being committed by these fraud factories that
the systemic crime at Wells Fargo (which was 'only' in the $millions) didn't even attract their
attention. Or, the entire U.S. pseudo-justice system is completely bought-off and corrupt
– and they refuse to prosecute Big Bank organized crime .
A culture of crime.
It gets still worse. Thousands of Wells Fargo employees stole
millions of dollars, from countless clients. They were caught. But not even one
banker was sent to jail. In a real justice system, systemic crime of this nature would/could
only be prosecuted in one of three ways. Either every Wells Fargo criminal would be prosecuted
to the full extent of the law (given the egregious nature of the crime), or Wells Fargo
management would be prosecuted – because they would have/should have known about this
crime-wave. Or else both.
Bankers stealing money, directly and brazenly, right out of customer accounts, but no one
goes to jail? A culture of crime.
Understand that endemic, cultural changes of this nature don't originate at the bottom of
the corporate ladder. They originate at the top. In the case of the Wall Street crime
syndicate; we already know that their management personnel are criminals, because they have
admitted to
being criminals.
Many Wall Street executives says [sic] wrongdoing is necessary: survey
If the ancient Greek philosopher Diogenes were to go out with his lantern in search
of an honest man today, a survey of Wall Street executives on workplace conduct suggests he
might have to look elsewhere.
A quarter of Wall Street executives see wrongdoing as a key to success, according to
a survey by whistleblower law firm Labaton Sucharow released on Tuesday.
In a survey of 500 senior executives in the United States and the UK
[New York and London] , 26 percent of respondents said they had observed or had
firsthand knowledge of wrongdoing in the workplace, while 24 percent said they believed
financial services professionals may need to engage in unethical or illegal conduct to be
successful [emphasis mine]
One-quarter of Big Bank management admitted that they "need" to commit crimes. A culture of
crime. More needs to be said about the rampant, disgusting criminality among upper management
in the Big Banks of the U.S. (and UK).
A known whistleblower was conducting a public survey, asking known criminals how many of
them were engaging in criminal behavior. What percentage of respondents would
lie when answering such a survey? Three-quarters sounds about right.
One-quarter of Wall Street executives admitted that committing crimes was a way of life. The
other three-quarters lied about their criminal acts.
Monkey see; monkey do. The lower level foot soldiers see their Bosses breaking laws, with
impunity, on a daily basis. Their reaction, at Wells Fargo? "Me too."
Most if not all of the Wall Street fraud factories conduct detailed "personality testing" on
their bank personnel. Are they looking to weed-out those with criminal (if not psychopathic)
inclinations? Of course not. They conduct this personality testing to find which employees have
no reservations about engaging in criminal conduct – so they can be fast-tracked
for promotion .
There is no other way in which the systemic criminality of senior banking personnel can be
reconciled with the detailed personality-testing in which they participated, in order to reach
that level of management. The Wall Street fraud factories look for the most amoral criminals
which they can find. And with the exorbitant, ludicrous "compensation" they award to these
criminals for their systemic crimes, they end up with (literally) the best criminals that money
can buy.
A culture of crime.
As a final note; the U.S. system of pretend-justice already has a powerful weapon in its
arsenal to fight organized crime: the "RICO" act.
This anti-racketeering statute was created for one, precise purpose: to not merely
prosecute/punish organized crime, but to literally dismantle the crime
infrastructure which supports the organized crime.
Not only does the statute confer strong (almost limitless) powers in gathering evidence of
organized crime, it also permits mass seizures of assets – anything/everything connected
to the organized crime of the entity(ies) in question. In the case of the Big Bank crime
syndicate, where all of its operations are directly/indirectly tied into criminal operations of
one form or another, if RICO was turned loose on these fraud factories, by the time the dust
had settled there would be nothing left.
Oh yes. If the U.S. 'Justice' Department ever went "RICO" on U.S. Big Banks, lots and lots
and lots of bankers would go to prison, for a very, long time.
Now that the banks are calling in their insurance, the EU has to deliver either by 1)
screwing down Italy the same as they did Greece, or 2) getting the French and German public
(or better the whole EU) to bail out the banks.
There is a third option: the banks simply accept their losses, and the bankers make do
without their customary bonuses for a few quarters.
"... Since Mrs Thatcher and the 364 economists, the neoliberal right has had an interest in discrediting economic expertise, and replacing academic economists with City economists in positions of influence. ..."
"... The first is access. Through a dominance of the printed media, a right wing elite can get a message across despite it being misleading or simply untrue. ..."
"... The second is that the elite often plays on a simple understanding of how things work, and dismisses anything more complex, when it suits them. ..."
"... As the earlier reference to Mrs Thatcher suggests, there is a common pattern to these attacks by elites on experts: they come from the neoliberal right. ..."
"... Attacks by elites on experts tend to come from the political right and not the left, and the neoliberal right in particular because they have an ideology to sell. ..."
The Bank's analysis is of course not beyond criticism. [2] But the attacks of the Brexiter
elite are quite deliberately not economic in character but political: Rees Mogg claimed Carney
is a second rate politician (a second rate foreign politician!) and his forecast is
designed to produce a political outcome ('Project Hysteria'). The idea is to suggest that these
projections should not be taken as a warning by experts but instead as a political act. Once
again, I'm not suggesting
we should never think about what an experts own interests might be, but if you carry this line
of thought to the Rees Mogg extreme you undermine all expertise that is not ideologically
based, which is exactly what Rees Mogg wants to do.
This I think is the second reason why the view of the overwhelming majority academic economists
that Brexit will be harmful is going to be ignored by many. Since Mrs Thatcher and the 364
economists, the neoliberal right has had an interest in discrediting economic expertise, and
replacing academic economists with City economists in positions of influence. (Despite
what most journalists will tell you, the 364 were correct
that tightening fiscal policy delayed the recovery.) Right wing think tanks like the IEA are
particularly useful in this respect, partly because the media often makes no distinction
between independent academics and think tank employees. Just look at how the media began to
treat climate change as controversial.
But isn't there a paradox here? Why would members of the public, who have little trust in
politicians compared to academics, believe politicians and their backers when they attack
academics? In the case of Brexit, and I think other issues like austerity, these elites have
two advantages. The first is access. Through a dominance of the printed media, a right wing
elite can get a message across despite it being misleading or simply untrue. Remember how
Labour's fiscal profligacy caused record deficits? Half the country believe this to be a fact
despite it being an obvious lie. What will most journalists tell you about Brexit and
forecasts? My guess is that forecasters got the immediate impact of Brexit very wrong, rather
than the reality that what they expected to happen immediately happened more gradually. Why
will journalists get these things wrong? Because they read repeated messages about failed
forecasts in the right wing press, but very little about how GDP is currently around 2.5% lower
as a result of Brexit, and real wages are lower still. The second is that the elite often plays on a simple understanding of how things work, and
dismisses anything more complex, when it suits them. Immigrants 'obviously' increase
competition for scarce public resources, because people typically fail to allow for immigrants
adding to public services either directly or through their taxes. The government should
'obviously' tighten its belt when consumers are having to do the same, and so on. In the case
of the economic effects of Brexit, it is obvious that we will save money by not paying in to
the EU, whereas everything else is uncertain and who believes forecasts etc. As the earlier reference to Mrs Thatcher suggests, there is a common pattern to these
attacks by elites on experts: they come from the neoliberal right. If you want to call the
Blair/Brown years neoliberal as well, you have to make a distinction between [neoliberal] right
and left. The Blair/Brown period was a high point for the influence of academics in general and
academic economists in particular
on government. As I note here , Iraq was
the exception not the rule, for clear reasons. Attacks by elites on experts tend to come
from the political right and not the left, and the neoliberal right in particular because they
have an ideology to sell.
I think that America's act against China borders on military aggression. The US is saying,
"Don't deal with any country that we're imposing sanctions on. We want to grab Iran's oil.
That's why we overthrew Mossedegh. That's why we installed the Shah and his police state. We
want Saudi Arabia's money, and they told us we have to support the Sunni against Shi'ites, so
our foreign policy is that of Saudi Arabia when it comes to the fate of who can and who
cannot trade with Iran. China must follow our orders or we will do everything we can to stop
its own development. It need only look at how we treated Iran to see what may be in store for
it."
This raises the Cold Wa to a new dimension.
Yes, guilty as charged. I expect a major challenge to the illegality of the Outlaw US
Empire's attempts at Extraterritoriality which has yet to be attempted but now must be done.
China has a very distinctive history regarding such treatment and will not let it pass. The
Trade War will escalate and the Empire's top tier of oligarchs will lose billions.
Blue peacock Walrus must be Boltonnnn! He just parrotted exactly the same bull about stolen
property except with the caveat that it's not the reason for her arrest!!! 😉😎
It's about doing business with Iran! F.U. AMERICA!
ARREST MBS INSTEAD, DAMN YOU EFFING HYPOCRITES! I can't get over Trudeau was a pasty to
this woman's arrest! THIS IS INSANE.
"... The incident shows that the US and some other countries that follow the US didn't abide by the bottom line of international law at all. From now on, we should reduce or cancel important people's visits to the US, Canada and some other countries like the UK, Australia and New Zealand. The warning applies to not only Chinese citizens, but also citizens of any other country. ..."
"... Given the extreme risks of the political struggle in the US, Chinese scientists and technological experts in the West, particularly in the UKUSA countries (the US, UK, Canada, Australia and New Zealand) are advised to make some risk prevention arrangements for their own sake and the sake of their children. ..."
"... Unlike China's State-owned enterprises, Huawei is a genuine private firm. But the severe political discrimination and repulsion from the US reflect an undeniable fact - the political gap between China and the US and a few other Western nations is too wide to bridge. ..."
Avoided a knee-jerk response, did some chores, read some other items, then went looking for
English language Chinese reactions, like this one provided by Global
Times , which said several different things to different audiences, although toward its
bottom we find this:
" The incident shows that the US and some other countries that follow the US didn't
abide by the bottom line of international law at all. From now on, we should reduce or cancel
important people's visits to the US, Canada and some other countries like the UK, Australia
and New Zealand. The warning applies to not only Chinese citizens, but also citizens of any
other country.
" Given the extreme risks of the political struggle in the US, Chinese scientists and
technological experts in the West, particularly in the UKUSA countries (the US, UK, Canada,
Australia and New Zealand) are advised to make some risk prevention arrangements for their
own sake and the sake of their children. "
Global Times also published this editorial with its emphasis on the
entire affair being an attack on Huawei's competitiveness, although suddenly in the middle it
says this:
" Unlike China's State-owned enterprises, Huawei is a genuine private firm. But the
severe political discrimination and repulsion from the US reflect an undeniable fact - the
political gap between China and the US and a few other Western nations is too wide to
bridge. "
A bit of a bombshell that seems to contradict what came before and after, which is an
exploration of how "the political gap" can be narrowed. This line says:
"Meanwhile, China needs to ease its geopolitical and ideological tensions with the US and
the West through expanding its opening-up to the world."
Unfortunately, the Outlaw US Empire has no interest in "eas[ing] its geopolitical and
ideological tensions" with China, Russia or any other nation as its unelected helmsmen want
everything for themselves a la Monopoly winners, thus rendering Chinese attempts at
appeasement vacuous--Real Men want it all; sharing--Win-Win--is for wussies.
Export restrictions, and threats of restrictions, are thus probably not just about sanctions
-- they're about making life harder for the main competitors of US tech companies
But the
startling arrest in Canada of a Chinese telecom company executive should wake people up to
the fact that there's a second U.S.-China trade war going on -- a much more stealthy conflict,
fought with weapons much subtler and more devastating than tariffs. And the prize in that other
struggle is domination of the information-technology industry.
The arrested executive, Wanzhou Meng, is the chief financial officer of telecom-equipment
manufacturer Huawei Technologies Co. (and its founder's daughter). The official reason for her
arrest is that Huawei is suspected of selling technology to Iran, in violation of U.S.
sanctions. It's the second big Chinese tech company to be accused of breaching those sanctions
-- the first was ZTE Corp. in 2017. The U.S. punished ZTE by forbidding it from buying American
components -- most importantly, telecom chips made by U.S.-based Qualcomm Inc.
Those purchasing restrictions were eventually lifted after ZTE agreed to pay a fine, and it
seems certain that Huawei will also eventually escape severe punishment. But these episodes
highlight Chinese companies' dependence on critical U.S. technology. The U.S. still makes -- or
at least, designs -- the best computer chips in the world. China assembles lots of electronics,
but without those crucial inputs of U.S. technology, products made by companies such as Huawei
would be of much lower-quality.
Export restrictions, and threats of restrictions, are thus probably not just about sanctions
-- they're about making life harder for the main competitors of U.S. tech companies. Huawei
just passed Apple Inc. to become the world's second-largest smartphone maker by market share
(Samsung Electronics Co. is first). This marks a change for China, whose companies have long
been stuck doing low-value assembly while companies in rich countries do the high-value design,
marketing and component manufacturing. U.S. moves against Huawei and ZTE may be intended to
force China to remain a cheap supplier instead of a threatening competitor.
The subtle, far-sighted nature of this approach suggests that the impetus for the high-tech
trade war goes far beyond what Trump, with his focus on tariffs and old-line manufacturing
industries, would think of. It seems likely that U.S. tech companies, as well as the military
intelligence communities, are influencing policy here as well.
In fact, more systematic efforts to block Chinese access to U.S. components are in the
works. The Export Control Reform Act, passed this summer, increased regulatory oversight of
U.S. exports of "emerging" and "foundational" technologies deemed to have national-security
importance. Although national security is certainly a concern, it's generally hard to separate
high-tech industrial and corporate dominance from military dominance, so this too should be
seen as part of the trade war.
A second weapon in the high-tech trade war is investment restrictions. The Trump
administration has greatly expanded its power to block Chinese investments in U.S. technology
companies, through the Committee on Foreign Investment in the United States. CFIUS has already
canceled a bunch of Chinese deals:
The goal of investment restrictions is to prevent Chinese companies from copying or stealing
American ideas and technologies. Chinese companies can buy American companies and transfer
their intellectual property overseas, or have their employees train their Chinese replacements.
Even minority stakes can allow a Chinese investor access to industrial secrets that would
otherwise be off-limits. By blocking these investors, the Trump administration hopes to
preserve U.S. technological dominance, at least for a little while longer.
Notably, the European Union is also moving to restrict Chinese investments. The fact that
Europe, which has opposed Trump's tariffs, is copying American investment restrictions, should
be a signal that the less-publicized high-tech trade war is actually the important one.
The high-tech trade war shows that for all the hoopla over manufacturing jobs, steel, autos
and tariffs, the real competition is in the tech sector. Losing the lead in the global
technology race means lower profits and a disappearing military advantage. But it also means
losing the powerful knowledge-industry clustering effects that have been an engine of U.S.
economic growth in the post-manufacturing age. Bluntly put, the U.S. can afford to lose its
lead in furniture manufacturing; it can't afford to lose its dominance in the tech sector.
The question is whether the high-tech trade war will succeed in keeping China in second
place. China has long wanted to catch up in semiconductor manufacturing, but export controls
will make that goal a necessity rather than an aspiration. And investment restrictions may spur
China to upgrade its own homegrown research and development capacity.
In other words, in the age when China and the U.S. were economically co-dependent, China
might have been content to accept lower profit margins and keep copying American technology
instead of developing its own. But with the coming of the high-tech trade war, that
co-dependency is coming to an end. Perhaps that was always inevitable, as China pressed forward
on the technological frontier. In any case, the Trump administration's recent moves against
Chinese tech -- and some similar moves by the EU -- should be seen as the first shots in a long
war.
(This story has been published from a wire agency feed without modifications to the text.
Only the headline has been changed)
This is 'eight nations alliance' [1] mark2 no less. The military encirclement of China is
in place, to be sprung if necessary. The trade war targets the entire Chinese high tech
industry, especially the Made in China 2030 proj. Huawei is the crown jewel of emerging
Chinese high tech, its rise is nothing less than astounding. In less than 30 years it has
displaced CISCO as the world's no 1 network supplier, presently gunning Samsung for top spot
in mobile phone preeminence.
It makes lots of people scare. [2]
They use false pretext to wage wars OF terror, now they use false pretext to launch a
trade war, hyping up Huawei's 'security risk'. But nsa has been 'monitoring' Huawei since
2007, even hacked into its Shenzhen HQ, to look for incriminating evidence of CCP
collaboration, it turned out naught. There'r absolutely No Evidence Huawei Spies on
Americans, [3]
Just like the lack of evidence didn't prevent fukus attack on 'terrorist' countries, it
sure doesn't stop Washington from mounting a frontal assault on Huawei. Huawei is currently
shut out of the 5lies markets plus SK, JP, courtesy of Washington. The 'battle' has extended
to the Pacifics isles,
where Washington/Oz joint force to arm twist Solomon isle to drop a undersea cable contract
with Huawei.
They tried that again with PNG, asking them to renege on their contract with Huawei, but
the PNG PM is made of sterner stuff, lecturing fukus on the importance of integrity and law,
no less.
hhhhh
When the Meng kidnap news broke, my jaw dropped in amazement, ....They'r really getting
really desperate now.
[2]
Huawei's U.S. competitors among those pushing for scrutiny of Chinese tech firm
It was long thought that we were the number-one economy and China just supplied cheap
labor,"
Guthrie said. "Now it is clear that China has lot to offer in terms of innovation and
Industrial policy and state investment, and now people are scared
Games in US intelligence agencies are one thing, but the fact that this arrest is a severe
blow, almost knockdown for neoliberalism is another.
From comments: "Spot on with your comment. As you point out, this event will cast a dark
shadow over executive travel for a long time to come, including those American executives who
will now be fearful of countermeasures."
Moreover, John Bolton is the sort who'd love to collect a high profile scalp like the arrest
of Meng, so it's credible that he would find a way to go ahead whether or not the China trade
negotiation team was on board.
Meng has her bail hearing in Vancouver today, so we will probably learn more about the
expected process and timetable.
Wondering why US dollars would ever be involved in transactions between a Chinese
supplier, a UK bank, and Iranian customers Assuming usage of correspondent banks in NYC?
Would also be a reason for where the indictment was filed.
The conspiracy theorist in me says that transactions are being routed through the US not
for any practical reason, or due to customer wishes, but only to expose them to US
jurisdiction for potential prosecution. An alternative to SWIFT is desperately needed
The FCPA is extremely expansive: a non U.S. company doing business in the U.S. must not do
business with Iran directly or indirectly if it knows or has reason to suspect the business
is related to Iran. So if they have the evidence it all looks like a slam dunk.
As to SWIFT, doesn't the U.S. have access to all SWIFT transactions, even those not
touching U.S. banks? They'd certainly have the Five Eyes SWIFT data.
Plus apparently the U.S. has (or had) access to Huawei's email traffic.
Not correspondent banks. HSBC has a New York branch, as does pretty much every foreign
bank with an international business. Dollar transactions clear though the US because no bank
is going to run intraday balances with other banks without the end of day settlement
ultimately being backstopped by the Fed. That means running over Fedwire.
Ah, thanks for the technical detail on why it would be cleared through the US. The Masters
of the Universe really are unwilling to take any risk unless it's socialized in some way.
Still curious why they would ever let it touch US jurisdiction, but I guess the details of
the case will eventually reveal that.
"The heart of the problem is that the Chinese firm uses a system of encryption that
prevents the NSA from intercepting its communications. A number of governments and secret
services in the non-Western world have begun to equip themselves exclusively with Huawei
materials, and are doing so to protect the confidentiality of their communications."
"The struggle centred around Huawei illustrates the way in which economic and military
preoccupations inter-connect. Already, many States have observed that Washington is so far
unable to decode this technology. Thus, as they did in Syria, they have entirely re-equipped
their Intelligence services with Huawei material, and forbid their civil servants to use any
others."
Taking into account this story from Syria the following dismissal, by China's Foreign
Ministry spokeswoman Hua Chunying of a report in The New York Times, could be understood
differently than it was initially
"China on Thursday denounced a U.S. newspaper report that it is listening to Donald
Trump's phone calls as "fake news," and suggested he exchange his iPhone for a cellphone made
by Chinese manufacturer Huawei".
in AP, 2018-10-26, "China denies spying on Trump's phone, suggests he use Huawei".
So I turned on the local TV network to see how the story would be spun to find out what
the official line would be. There was no mention of the fact in the story that Meng was just
not the CFO of Huawei but also the daughter – the daughter – of the founder. More
to the point, nearly every scene showing Meng was when she was on-stage with Putin somewhere
so there is your guilt by association right there. They even used close-ups of the two
together though the stage was full of people seated there.
Something else in that story that I noticed. It featured the last day of the G-20 when the
American and Chinese delegation were facing each other over a conference table. On the right
was Trump and a bit further down was John Bolton. Now Trump has said he had no idea that this
arrest was taking place but Bolton said that he know beforehand. Does it not seem strange
that Bolton would not have pulled Trump aside beforehand and said 'Hey boss, we are going to
do something never done before and arrest a high-level Chinese citizen which could blow up
your whole agreement. You know, just so you know.'
With this is mind, it may be fairer to say that this was more a case of 'Huawei's Meng
Targeted using US Bank Sanctions'. The pity is that the US Justice Department finds no
trouble with targeting a corporation nearly 7,000 miles away but just can't seem to target
Wall Street which is only about 200 miles away from their headquarters. And I am afraid that
I am not too impressed with that internal Huawei memo as probably most international
corporations want to know where they can push the envelope. Personally I would be more
interested on a memo from the Clinton Foundation listing the amounts needed to gain access
the SecState and how much could be purchased for that amount. Both memos would amount to the
same thing.
This is new this development. The US has targeted individuals with sanctions but for the
first time they are attempting the extraterritorial rendition of a foreign citizen in
connection with sanctions violations meaning extraterritorial jurisdiction which means that
American laws apply all over the world. Could you imagine if this became standard practice?
The chill it would put on executive travel? The possibilities of tit for tat arrests? US tech
execs have already been warned on China travel. Do they really want to go there? This is
nothing less that a US declaration of war on firms competing with US business interests like
they have done with Russia.
I would be also wary of this massive 'coincidence' in the timing of her arrest. The US
Justice Department would probably know Meng's travel schedule better that she would –
Bolton with his contacts would see to that. It may be that events in her calendar were
pre-arranged for her. The Justice Department has a long history of setting up people.
Canada's involvement is simply another member of the Five Eyes group doing active
participation. It has not escaped my notice that all the countries rejecting Huawe's 5G
technology – Australia, the UK, New Zealand – are also members of the Five Eyes.
Not looking good.
This is not a rendition. Meng's extradition is all being done by the book. She is still in
Canada, and will have a bail hearing today. She will have the opportunity to contest her
extradition in Canada. Assuming she loses, she then goes to the US to face charges.
And I'm not keen about the CT. A top Chinese tech company like Huawei which knows it's on
America's shit list would have a very well protected Intranet. The US does not have access to
Chinese telcoms to locate or steal the data of Chinese citizens. Get real.
I'm not sure I embrace the notion of all this being done by the book as much as you Yves.
After all, even charades can have the appearance of procedural compliance and the following
of by the book rules, in fact, perhaps the incentive to create the appearance of following
the rules is even more pronounced in a high profile case such as this. As to whether she will
have a fair opportunity to defend herself, this is a watershed moment for Canada and she's is
in the spotlight here and no matter which way it goes, the decision to extradite or not will
have irrevocable implications on her international relations.
This is not a rendition. Canada isn't the UK. It's not going to bend its court processes,
particularly since Chinese have become big investors in Canada and Trump has been
astonishingly rude to Trudeau. And it has an independent judiciary.
I was pretty unimpressed by Trudeau's pusillanimity. He tried to give the impression that
Canada was just an innocent bystander in this whole process. Get real. If there's an
extradition treaty, the US has to make a formal request to the Canadian government. The idea
that the PM wasn't consulted on this is nonsensical. Justin engaging in his own version of
"cakeism". Wants to stay on the good side of both Beijing and Washington, which is an
impossible thing to do. Trudeau is already on Trump's sh*t list, and I'm sure Xi is taking
his measure of the man as well. Probably not terribly impressed with him either.
I have family and friends in Canada. Trust me, Canadians would be REALLY pissed if they
thought that the Canadian judiciary was rolling over for Trump and Bolton.Trump is not making
Canadian friends by running around throwing tantrums over NAFTA given that US-Canada trade is
one of the most balanced trade relationships in the world with very little net trade deficit
for either side.
I think this is very much being done by the book. Is there a viable law that is not, by
itself, a human rights violation? Is there credible evidence that this person broke this law?
Those are the basic questions that will need to be answered in a Canadian court room to have
an extradition move forward.
Canadians want the big powers to have coherent rational laws and treaties related to trade
etc. and then follow them. They also want to have rational, coherent international plans on
addressing conflicts and have historically been very strong supporters of the UN and
routinely have blue helmet troops all around the world on peace-keeping missions. Canada can
do this safely because it has balanced relationships with most countries around the world. It
will not do these types of arrests and extraditions on a whim because that would upset
Canada's role in the world.
Judging from what I've read, the US are claiming she committed fraud by alleging that a
company, Skycom that allegedly did business with Iran was not separate from Huawei. Here's
the BBC's take:
"On Friday, US prosecutors told the Supreme Court of British Columbia that Ms Meng had
used a Huawei subsidiary called Skycom to evade sanctions on Iran between 2009 and 2014 .
Spot on with your comment. As you point out, this event will cast a dark shadow over
executive travel for a long time to come, including those American executives who will now be
fearful of countermeasures.
Whose laws, one might ask? The US says ITS laws rule the world. ISDS says corporate right
to profit (by their accounting methods that discount externalities to zero) outweighs ALL
national and local laws.
And having spent some years as a lawyer, and observing several different kinds of courts
in operation, I would dare to challenge the assertion that "courts have to follow rules."
Like they have done in the foreclosure mess, maybe? Like the shenanigans displayed via
Chicago's "Operation Greylord" prosecutions? Or in traffic courts in small towns in Flyover
Country? how about the US bankruptcy courts, where shall we say "bad decisions" are endemic?
Remember Julius Hoffman? how about Kimba Woods, who sua sponte curtailed Michael Milken's
jail term for his junk bond racket? Even FISA, of course?
Good luck with that. It's almost impossible in the US never to break the law in some way.
It just takes a cop or prosecutors motivated enough. I find it hard to believe it's not the
same in China, let alone Russia or the UK, to name a few.
This law school lecture is 45mins long but really fun (it's got 2.5 million views). You
should never talk to the police – one reason being that, as Lynne says, there are SO
many possible offences, that you can never be sure you are not guilty of
something .
"Sounds like a good reason for executives not to break laws "
Yeah, I remember when all those HSBC executives were arrested, tried and thrown in jail.
Good times The U.S. government really believes in the rule of law. Remember when the Chief
Executive was sent to prison for life for committing "the supreme war crime" and shredding
the U.S. Constitution?
Rules are for little people Meng isn't big enough to be unprosecutable apparently.
So the US DOJ, according to "people familiar with the matter", has been investigating
Huawei for at least two years. My math tells me this is roughly since the signing of the deal
between Iran and the P5+1 countries in 2016, a deal subsequently incorporated into
international law by the UN. Now a bank that has run a laundry service for dirty money is
suddenly thrust into victimhood and (with Uncle Sam's boot on its neck no doubt) is
"cooperating" with the investigation? You couldn't make this more surreal if you tried.
If this isn't the final act in peeling off the rose tinted glasses from countries that
still consider the US a trusted friend and loyal ally, one wonders how much more evidence
they need to see it for what it really is, a duplicitous, hypocritical, tyrannical
imperialist. The irony of this charade being undertaken by the department of "justice" makes
this even more egregious. Expect development of an alternative system to Swift to go into
overdrive after this.
The point isn't "Is the US acting legally/by the book in enforcing the law", it's "Why is
the US legally enforcing the law in this case and not the million other cases equally
deserving of enforcement?" When the law isn't enforced evenly, then the law just becomes a
cover story for dishing out and withholding punishment by authorities.
Very interesting-actually mystifying. The powers that are- from their
pronouncements,haven't a clue about modern money, and in that framework the benefits of the
reserve currency they print. Maybe they do, but why, for what appears a minimal foreign
corporate compliance offence, would we want China, Russia, and a host of others to find
enough cause to continue their effort on a replacement reserve? Why are we so hell bent on
militarising the dollar? Save it for really big fish. Sure, its extremely difficult under the
current political framework for the world to organise and opt away from our dollar , but the
stability and leadership America has offered since the end of ww11, maybe appears
diminishing. Given Trump just made a deal with Xi, at the same time his vip citizen was being
targeted- obviously kind of humiliating-,as well as the administration turning a blind eye to
the murderous soprano fiefdom of Saudi Arabia; from any rational standpoint prioritising
human rights over crooked bank compliance issues , this looks keystone cop like! Sure we only
have a little info, but it still smells of hypocritical, imperialistic, one hand doesnt know
what the other hand is doing idiots in charge. Mike Hudson sees nefarious purposes,maybe hes
a bit hawkish, but this just seems so obtuse given the g20 hand shakes. Going to be very
interesting watching China's response. Then again maybe this lady is a criminal.
" the US Justice Department finds no trouble with targeting a corporation nearly 7,000
miles away but just can't seem to target Wall Street which is only about 200 miles away from
their headquarters "
This.
Having power over others seems to be a standard condition of our species. How one uses or
abuses power reveals the inner nature of the one(s) wielding the power. There need not be a
conspiracy of the powerful, just a consensus of how power should be used so that the sum
total exercises of the powerful reveal where their interests intersect. The rest of us just
got get out of the way.
If one wants to know what interesting times look like, well, we have front row seats. And
its in 3-D.
I must admit that President Trump is doing a better job than former President Obama in
ramping up a new theatre of economic warfare across the globe. Former President Obama was
rather crude, what with his drones. I'm thinking we have to update von Clausewitz's dictum:
"War is the continuation of politics by other means." to something along the lines of
"Economics is a continuation of war by other means."
The USA polity is certainly making it up close and personal.
Indeed. The possibilities for China to retaliate are seemingly endless though they won't
have the long arm the U.S. has.
Perhaps China should respond by trying to arrest and indicting some of the Wall Street big
wigs Obama never indicted. I'm sure China could come up with reasons why fraud Wall Street
committed violated Chinese law and damaged China.
Of course, being an exporter to the U.S. I'm sure China would much rather this go away,
than to retaliate.
Very interesting-actually mystifying. The powers that are- from their
pronouncements,haven't a clue about modern money, and in that framework the benefits of the
reserve currency they print. Maybe they do, but why, for what appears a minimal foreign
corporate compliance offence, would we want China, Russia, and a host of others to find
enough cause to continue their effort on a replacement reserve? Why are we so hell bent on
militarising the dollar? Save it for really big fish. Sure, its extremely difficult under the
current political framework for the world to organise and opt away from our dollar , but the
stability and leadership America has offered since the end of ww11, maybe appears
diminishing. Given Trump just made a deal with Xi, at the same time his vip citizen was being
targeted- obviously kind of humiliating-,as well as the administration turning a blind eye to
the murderous soprano fiefdom of Saudi Arabia; from any rational standpoint prioritising
human rights over crooked bank compliance issues , this looks keystone cop like! Sure we only
have a little info, but it still smells of hypocritical, imperialistic, one hand doesnt know
what the other hand is doing idiots in charge. Mike Hudson sees nefarious purposes,maybe hes
a bit hawkish, but this just seems so obtuse given the g20 hand shakes. Going to be very
interesting watching China's response. Then again maybe this lady is a criminal.
Why are we so hell bent? The U.S. hyper power status started in 1991. This is a generation
where they knew nothing else, coming off 45 years where allies did what they were told.
Whether its throwing around terms such as "American exceptionalism" or "indispensable
nation", there is a religious fervor around the U.S. among American foreign policy
elites.
Then there is imperial rot. The tenures in the U.S. Senate are longer than the Soviet
Politburo. At a practical level the Bushes and Clintons (not exactly great people) have been
responsible for who gets promoted in Washington and who develops marketable connections since
1986 with Reagan's alzheimers kicking in big time if not longer.
In many places in the US, if I jaywalk, I am a criminal. What corporate executive is not a
criminal, given the mass of laws that apply (until said criminals can bribe the legislatures
into de-criminalizing the bad behaviors)? Not to mention persuading the executive branch to
not prosecute, for all kinds of "political" reasons? Ask Wells Fargo and the other Banksters
how that works. Selective or non-prosecution for me, "the full weight of the law," that
fraudulent notion, for thee, I guess. And none of that is in any way new.
Speaking of Chinese criminals, I would add an anecdote. I have not been able to find the
episode, but one of the formerly investigative programs (20-20 or 60 Minutes, I believe) took
part in a sting of a Chinese corp that sells counterfeit medicines. This was maybe 8-10 years
ago. A very pretty if somewhat English-challenged young woman met with a bunch, maybe 10, men
and women who she thought were buyers for distributors and Pharma corps in the US and I
believe Canada. This meeting took place in a West Coast S city as I recall.
She offered that her company produced counterfeit meds using "latest technology" that from
the shape and color and texture and markings of the pills and package inserts, right down to
the packaging, holograms and all, could not be distinguished from the original. The products
were touted as being biologically inactive and "safe." She averred that her company could
deliver any quantity, from cartons to container loads, at very reasonable and attractive
price.
But that is a little different case from what appears at this point (barring correction as
the "case" develops) from the Huawei matter.
Not easy for another entity to take over the reserve currency.
China Germany etc want a trade surplus with us, so they must accept and store dollars. Very
similarly. Many individuals want to save dollars because they don't trust their own currency.
And some countries actually use dollars as their currency.
So the desire to accept or save dollars in exchange for their goods means the dollar is the
reserve currency. This won't change until something else becomes more attractive to savers
and mercantilists.
I agree that "done by the book" is irrelevant here. Selective enforcement is the issue.
Wall Street crooks have committed greater sins yet none of them is really punished.
Anyone could have written an "internal memo" like that. Proving its authenticity is a
different matter. After all, the biggest "smoking gun" I have ever seen in my life was the
"evidence" of Iraqi WMD.
Another interesting aspect of the case is that as I suspected, it might be difficult to
prove that Huawei sold Iran some specific American technologies that still have valid patents
in effect.
I personally know IBM and others breached the US arms control export laws by exporting
Cryptography to Apartheid South Africa, and believe that Shell Oil has broken nearly all
environmental laws in the Niger Delta for decades.
Is this what happens when a government is sliding rapidly down the slope of loss of
legitimacy?' We become acutely aware of the selective enforcement of its laws; a situation
that our poor and black and brown citizens have known for decades.
We have even become aware that the laws themselves are not always enacted for the public
good, but for the enrichment of certain small segments of the population.
This is not a good place to be. I mean this state of mind, not the NC site, which, as
always, provides the opportunity for much thoughtful and creative discussion.
Don't forget that the US ambassador to Germany threatened secondary sanctions against
Germany if they went ahead with Nordstream2. Trump then walked that back. But as for this
latest move, we know that Bolton at least was informed of the impending arrest so it's fair
to say that such a sensitive action would not have happened without some form of White House
approval–even if it wasn't Trump himself. It's probably not a CT therefore to say that
there's more going on here than a prosecutor making a routine request. The administration
hawks are firing a shot over the bow of anyone who defies them on Iran (the place "real men"
go to). Given what we know about Bolton's Iran obsession it may not even have much to do with
China.
And this bully boy approach to the rest of the world isn't only coming from Trump's
neocons since sanctions bills are a bipartisan favorite of our Congress. Apparently being
bribed on domestic matters isn't enough (unless you consider foreign policy to only be about
MIC profits). Doing the bidding overseas actors and their supporters taps a whole other
vein.
Flights that over fly US airspace are required to submit their manifests and passenger
names are bounced against the National Crime Information Center databases by CBP.
I would venture that her flight overflew Alaskan airspace and that is how they found out
she was on board.
So the USA decided to take hostages ;-) The key rule of neoliberalism is the financial
oligarchy is untouchable. This is a gangster-style move which will greatly backfire.
Now Russian financial executives would think twice about visiting UK, Canada, New Zealand or
Australia. and that's money lost. Probably forever.
Appearing in court wearing a green jumpsuit and without handcuffs, Meng reportedly looked to
be in good spirits in a Vancouver courtroom where the prosecutions' case was detailed publicly
for the first time. Specifically, the US alleges that Meng helped conceal the company's true
relationship with a firm called Skycom, a subsidiary closely tied to its parent company as it
did business with Iran.
Meng used this deception to lure banks into facilitating transactions that violated US
sanctions, exposing them to possible fines. The prosecutor didn't name the banks, but US media
on Thursday reported that a federal monitor at
HSBC flagged a suspicious transaction involving Huawei to US authorities, according to
Bloomberg. Prosecutors also argued that Meng has avoided the US since learning about its probe
into possible sanctions violations committed by Huawei, and that she should be held in custody
because she's a flight risk whose bail could not be set high enough. Before Friday's hearing, a
publication ban prevented details about the charges facing Meng from being released. However,
that ban was lifted at the beginning of her hearing.
Meng was arrested in Vancouver on Saturday while on her way to Mexico, according to reports
in the Canadian
Press.
Canadian Foreign Affairs Minister Chrystia Freeland said Canada's ambassador in Beijing had
briefed the Chinese foreign ministry on Meng's arrest. The Chinese Embassy in Ottawa had
branded Meng's detention as a "serious violation of human rights" as senior Chinese officials
debate the
prospects for retaliation. Freeland said McCallum told the Chinese that Canada is simply
following its laws - echoing Prime Minister Justin Trudeau's claim that Meng's arrest was the
result of a legal process happening independent of politics.
Friday's hearing in Vancouver is just the start of a legal process that could end with Meng
being extradited to stand trial in the US. Even if prosecutors believe there is little doubt as
to Meng's guilt, the extradition process could take months or even years.
Anything involving Iran is inherently political. The US is abusing Interpol in no less
brazen fashion than Russia and China when seeking the extradition of dissidents. Canada
shouldn't accomodate this BS.
"... In bull markets, everything works. In bear markets, the only thing that really works is short-term government and municipal bonds and cash. Ample opportunity is being given to cut exposure to risk, and it's clear that few people are taking advantage of it. They never do. ..."
(Bloomberg Opinion) -- As a longtime market observer, what I find most interesting about the latest correction in equities has
the feeling of inevitability that it will turn into something worse. It wasn't this way in late January, when everyone wanted to
buy that dip. It certainly wasn't this way in 2007, when the magnitude of the recession was grossly underestimated.
Even the Federal Reserve is getting into the pessimism. Chairman Jerome Powell signaled last week that a pause in interest-rate
hikes might be forthcoming. What's interesting about that is Powell surely knew that such a reference might be interpreted as
bowing to pressure from President Donald Trump and yet he did it anyway. In essence, he risked the perception of the Fed's
independence probably because he knows the economic data is worsening.
Just about everyone I talk to in the capital markets, including erstwhile bulls, acknowledges that things are slowing down. Yes,
the Institute for Supply Management's monthly manufacturing index released earlier this week was strong, but jobless claims are
ticking up and I am hearing anecdotal reports of a wide range of businesses slowing down. Even my own business is slowing.
Anecdotes aside, oil has crashed, home builder stocks have been crushed, and the largest tech stocks in the world have taken a
haircut. If we get a recession from this, it will be a very well-telegraphed recession. Everyone knows it is coming.
A
recession is nothing to fear. We have lost sight of the fact that a recession has cleansing properties, helping to right the
wrong of the billions of dollars allocated to bad businesses while getting people refocused on investing in profitable
enterprises. Stock market bears are so disliked because it seems as though they actually desire a recession and for people to
get hurt financially. In a way, they are rooting for a recession because they know that the down part of the cycle is necessary.
There are signs that capital has been incorrectly allocated. In just in the span of a year, there have been three separate
bubbles: one in bitcoin, one in cannabis and one in the FAANG group of stocks: Facebook, Apple, Amazon.com, Netflix and
Google-parent Alphabet. This is uncommon. I begged the Fed to take the punch bowl away, and it eventually did, and now yields of
around 2.5 percent on risk-free money are enough to get people rethinking their allocation to risk.
Yet, I wonder if it is possible to have a recession when so many people expect one. The worst recessions are the ones that
people don't see coming. In 2011, during the European debt crisis, most people were predicting financial markets Armageddon. It
ended up being a smallish bear market, with the S&P 500 Index down about 21 percent on an intraday basis between July and
October of that year. It actually sparked a huge bull market in the very asset class that people were worried about: European
sovereign debt. We may one day have a reprise of that crisis, but if you succumbed to the panic at the time, it was a missed
opportunity.
But just the other day, the front end of the U.S. Treasury yield curve inverted, with two- and three-year note yields rising
above five-year note yields. Everyone knows that inverted yield curves are the most reliable recession indicators. Of course,
the broader yield curve as measured by the difference between two- and 10-year yields or even the gap between the federal funds
rate and 10-year yields has yet to invert, but as I said before, there is an air of inevitability about it. Flattening yield
curves always precede economic weakness. They aren't much good at exactly timing the top of the stock market, but you can get in
the ballpark.
I suppose all recessions are a surprise to some extent. If you are a retail investor getting your news from popular websites
or TV channels, you might not be getting the whole picture. In the professional community, it is becoming harder to ignore the
very obvious warning signs that a downturn is coming. In bull markets, everything works. In bear markets, the only thing
that really works is short-term government and municipal bonds and cash. Ample opportunity is being given to cut exposure to
risk, and it's clear that few people are taking advantage of it. They never do.
S 25 minutes
ago If our country is going bankrupt, there is no better President, with greater experience
at going bankrupt, than this President.
M 24 minutes ago
Another Republican recession whoda thunk that would happen trump's "greatest economy ever".
D 9 minutes ago So
let's see the market is up over 20% since January 3 2017 which means it's above it's
historical average gain per year. Meanwhile everyone is screaming recession and bear
market. I want to know why anyone who has been invested in the market longer than the last
two years is so upset about. Do you think your entitled to a gain of more than 10% a year.
In the United States
today, and throughout "Western Brainwashed Civilization," only a handful of people exist who
are capable of differentiating the real from the created reality in which all explanations are
controlled and kept as far away from the truth as possible.
Everything that every Western government and "news" organization says is a lie to control
the explanations that we are fed in order to keep us locked in The Matrix.
The ability to control people's understandings is so extraordinary that, despite massive
evidence to the contrary, Americans believe that Oswald, acting alone, was the best shot in
human history and using magic bullets killed President John F. Kenndy; that a handful of Saudi
Arabians who demonstratively could not fly airplanes outwitted the American national security
state and brought down 3 World Trade Center skyscrapers and part of the Pentagon; that Saddam
Hussein had and was going to use on the US "weapons of mass destruction;" that Assad "used
chemical weapons" against "his own people;" that Libya's Gaddifi gave his soldiers Viagra so
they could better rape Libyan women; that Russia "invaded Ukraine;" that Trump and Putin stole
the presidential election from Hillary.
The construction of a make-believe reality guarantees the US military/security complex's
annual budget of $1,000 billion dollars of taxpayers' money even as Congress debates cutting
Social Security in order to divert more largess to the pockets of the corrupt military/security
complex.
Readers ask me what they can do about it. Nothing, except revolt and cleanse the system,
precisely as Founding Father Thomas Jefferson said.
"Beijing is likely to react angrily to this latest arrest of a Chinese citizen in a third
country for violating U.S. law," Eurasia analysts wrote.
In fact, Global Times -- a hyper-nationalistic tabloid tied to the Chinese Communist Party
-- responded to the arrest by posting on Twitter a statement about trade war escalation it
attributed to an expert "close to the Chinese Ministry of Commerce."
"China should be fully prepared for an escalation in the #tradewar with the US, as the US
will not ease its stance on China, and the recent arrest of the senior executive of #Huawei is
a vivid example," said the statement, paired with a photo of opposing fists with Chinese and
American flags superimposed upon them.
U.S. President Donald Trump
and Chinese President Xi Jinping
met over a dinner during the G-20 summit in Argentina after months of increasing trade tensions
between the two countries. The U.S. has imposed tariffs on $250 billion worth of Chinese goods,
while Beijing has retaliated with duties on $110 billion of U.S. goods.
The White House's latest round of tariffs on $200 billion goods was set to rise to 25
percent from 10 percent on Jan. 1, 2019, but Trump agreed at the G-20 meeting not to do so.
The catch is, however, that Xi and Trump must find resolution on "forced technology
transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber
theft, services and agriculture" within 90 days, according to the White House press secretary's
statement.
That gives the leaders until early March -- past Christmas, New Year's and Chinese New Year
-- to find a way to keep tariffs from rising.
However, official online statements about Chinese Foreign Minister Wang Yi's briefing on the
meeting did not discuss the technology transfers or the 90-day condition.
The timeframe and details on areas of disagreement also did not appear in online reports
from China's state news agency Xinhua , People's
Daily -- the official Communist Party paper -- and CGTN -- the
English-language version of state broadcaster CCTV.
The articles did note the U.S. and China agreed to work towards mutual benefits, and
generally indicated Beijing would increase purchases of U.S. goods. The state media also said
the two parties discussed North Korea denuclearization. The Chinese press also said Trump
upheld a "One-China Policy" regarding Taiwan -- something not mentioned in the White House
statement.
On top of that, Trump tweeted late Sunday evening that "China has agreed to reduce and
remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%."
Prior to that Twitter post, there had not been any mention of such an agreement in Chinese
sources.
The arrest is related to violations of U.S. sanctions, a person familiar with the matter
said. Reuters was unable to determine the precise nature of the violations. Meng Wanzhou, who
is one of the vice chairs on the Chinese technology company's board and the daughter of company
founder Ren Zhengfei, was arrested on Dec. 1 and a court hearing has been set for Friday, a
Canadian Justice Department spokesman said.
The U.K.'s spy chief said that decisions still had to be made on China's role in building
Britain's 5G network.
... ... ...
Last week, New Zealand
banned Huawei from providing tech for its 5G rollout -- the third member of the Five Eyes
security alliance to do so. At the time, New Zealand's government said it had identified a
"significant network security risk."
Fellow members Australia and the U.S. have also excluded Chinese telecoms firms from
providing 5G equipment for their domestic networks, leaving Canada and the U.K. as the only
members not to rule out using the telecoms giant.
All three nations cited national security fears as the reason for excluding Chinese
companies from their 5G rollouts, with Younger's Australian counterpart
referring to them as "high-risk vendors."
... ... ...
Huawei and ZTE – another Chinese firm blocked from the U.S. 5G market – have
repeatedly denied that their involvement in the rollouts would give China's government access
to international networks. Warning to Russia China wasn't the only country raising
security questions for MI6. Younger told his audience the U.K. faced many adversaries who
regarded themselves as being in a state of "perpetual confrontation" with the nation --
including Russia.
"I urge Russia or any other state intent on subverting our way of life not to underestimate
our determination and our capabilities, or those of our allies," he said.
"I should emphasize that even as the Russian state seeks to destabilize us, we do not seek
to destabilize Russia. We do not seek an escalation. If we see a change in Russian behavior, we
will respond positively. But we will be implacable in defense of our people and our vital
interests."
"... They go into business to wheel & deal and to rip people off. There are no depths that they won't sink to just to enrich themselves with wealth and power. They quickly learn how to sidestep and evade every law on the statute books. They have no integrity, no ethical standards and no moral compass. They are conscienceless and shameless. ..."
"... Surely by now people realize that FB is a data-gathering organ for a Deep State geointelligence database? Why all the indignation? Every key stroke you have ever made has been recorded. Just stop using all the Deep State social media (ie, all of them). ..."
"... Reject all the "divide-and-conquer" BS. We are many, they are few. United we stand. Divided, we fall. ..."
"... Never used FaceBook nor any other social media platform. All they exist to do is aggregate personal data which is then either sold or handed to governments to build profiles and keep tabs on what people are doing. The hell with that. ..."
Update: As the giant cache of newly released internal emails has also revealed, Karissa Bell
of
Mashable notes that Facebook used a VPN app to spy on its competitors .
The
internal documents , made public as part of a cache of documents released
by UK lawmakers, show just how close an eye the social network was keeping on competitors
like WhatsApp and Snapchat , both of which became acquisition targets.
Facebook tried to acquire Snapchat that year for $3 billion -- an offer Snap CEO Evan
Spiegel rejected . (Facebook then spent years attempting, unsuccessfully, to copy
Snapchat before finally kneecapping the app
by cloning Stories.)
...
Facebook's presentation relied on data from Onavo, the virtual private network (VPN)
service which Facebook also acquired several months later
. Facebook's use of Onavo, which has been likened to "corporate
spyware," has itself been controversial.
The company was forced to remove Onavo from Apple's App Store earlier this year after
Apple changed its
developer guidelines to prohibit apps from collecting data about which other services are
installed on its users' phones. Though Apple never said the new rules were aimed at Facebook,
the policy change came after repeated criticism of the social network by Apple CEO Tim Cook.
-
Mashable
A top UK lawmaker said on Wednesday that Facebook maintained secretive "whitelisting
agreements" with select companies that would give them preferential access to vast amounts of
user data, after the parliamentary committee released documents which had been sealed by a
California court, reports
Bloomberg .
The documents - obtained in a sealed California lawsuit and leaked to the UK lawmaker during
a London business trip, include internal emails involving CEO Mark Zuckerberg - and led
committee chair Damian Collins to conclude that Facebook gave select companies preferential
access to valuable user data for their apps, while shutting off access to data used by
competing apps. Facebook also allegedly conducted global surveys of mobile app usage by
customers - likely without their knowledge , and that "a change to Facebook's Android app
policy resulted in call and message data being recorded was deliberately made difficult for
users to know about," according to Bloomberg.
In one email, dated Feb. 4, 2015, a Facebook engineer said a feature of the Android
Facebook app that would "continually upload" a user's call and SMS history would be a
"high-risk thing to do from a PR perspective." A subsequent email suggests users wouldn't
need to be prompted to give permission for this feature to be activated. -
Bloomberg
The emails also reveal that Zuckerberg personally approved limiting hobbling Twitter's Vine
video-sharing tool by preventing users from finding their friends on Facebook.
In one email, dated Jan. 23 2013, a Facebook engineer contacted Zuckerberg to say that
rival Twitter Inc. had launched its Vine video-sharing tool, which users could connect to
Facebook to find their friends there. The engineer suggested shutting down Vine's access to
the friends feature, to which Zuckerberg replied, " Yup, go for it ."
"We don't feel we have had straight answers from Facebook on these important issues, which
is why we are releasing the documents," said Collins in a Twitter post accompanying the
published emails. -
Bloomberg
We don't feel we have had straight answers from Facebook on these important issues, which
is why we are releasing the documents.
Thousands of digital documents were passed to Collins on a London business trip by Ted
Kramer, founder of app developer Six4Three, who obtained them during legal discovery in a
lawsuit against Facebook. Kramer developed Pikinis, an app which allowed people to find photos
of Facebook users wearing Bikinis. The app used Facebook's data which was accessed through a
feed known as an application programming interface (API) - allowing Six4Three to freely search
for bikini photos of Facebook friends of Pikini's users.
Facebook denied the charges, telling Bloomberg in an emailed statement: "Like any business,
we had many of internal conversations about the various ways we could build a sustainable
business model for our platform," adding "We've never sold people's data."
A small number of documents already
became public last week, including descriptions of emails suggesting that Facebook
executives had discussed giving access to their valuable user data to some companies that
bought advertising when it was struggling to launch its mobile-ad business. The alleged
practice started around seven years ago but has become more relevant this year because the
practices in question -- allowing outside developers to gather data on not only app users but
their friends -- are at the heart of Facebook's Cambridge Analytica scandal.
Facebook said last week that the picture offered by those documents was misleadingly
crafted by Six4Three's attorneys. -
WaPo
"The documents Six4Three gathered for this baseless case are only part of the story and are
presented in a way that is very misleading without additional context," said Facebook's
director of developer platforms and programs, Konstantinos Papamiltiadis, who added: "We stand
by the platform changes we made in 2015 to stop a person from sharing their friends' data with
developers. Any short-term extensions granted during this platform transition were to prevent
the changes from breaking user experience."
Kramer was ordered by a California state court judge
on Friday to surrender his laptop to a forensic expert after he admitted giving the UK
committee the documents. The order stopped just short of holding the company in contempt as
Facebook had requested, however after a hearing, California Superior Court Judge V. Raymond
Swope told Kramer that he may issue sanctions and a contempt order at a later date.
"What has happened here is unconscionable," said Swope. "Your conduct is not well-taken by
this court. It's one thing to serve other needs that are outside the scope of this lawsuit. But
you don't serve those needs, or satisfy those curiosities, when there's a court order
preventing you to do so ."
Trouble in paradise?
As Facebook is now faced with yet another data harvesting related scandal, Buzzfeed
reports that internal tensions within the company are boiling over - claiming that "after more
than a year of bad press, internal tensions are reaching a boiling point and are now spilling
out into public view."
Throughout the crises, Facebook's CEO Mark Zuckerberg, who maintains majority shareholder
control, has proven remarkably immune to outside pressure and criticism -- from politicians,
investors, and the press -- leaving his employees as perhaps his most important stakeholders.
Now, as its stock price declines and the company's mission of connecting the world is
challenged, the voices inside are growing louder and public comments, as well as private
conversations shared with BuzzFeed News, suggest newfound uncertainty about Facebook's future
direction.
Internally, the conflict seems to have divided Facebook into three camps: those loyal to
Zuckerberg and chief operating officer Sheryl Sandberg; those who see the current scandals as
proof of a larger corporate meltdown ; and a group who see the entire narrative -- including
the portrayal of the company's hiring of
communications consulting firm Definers Public Affairs -- as examples of biased media
attacks. - Buzzfeed
"It's otherwise rational, sane people who're in Mark's orbit spouting full-blown anti-media
rhetoric, saying that the press is ganging up on Facebook," said a former senior employee.
"It's the bunker mentality. These people have been under siege for 600 days now. They're
getting tired, getting cranky -- the only survival strategy is to quit or fully buy in."
A Facebook spokesperson admitted to BuzzFeed that this is "a challenging time."
When exactly did [neo]Liberal Dems become enthusiastic cheerleaders for rapacious profit-maximizing
corporations acting illegally against the public interest?
Why would "progressives" want to shield Facebook from anti-trust legislation? Compared to
the 1950s / 60s / 70s ... it seems like "liberals" and "conservatives" have switched
roles.
Why is it that Zucker.slime.berg and so many other people of his ilk are basically crooks.
They go into business to wheel & deal and to rip people off. There are no depths that
they won't sink to just to enrich themselves with wealth and power. They quickly learn how to
sidestep and evade every law on the statute books. They have no integrity, no ethical
standards and no moral compass. They are conscienceless and shameless.
The world would be better off without them. Who would miss Phacephuq?
Surely by now people realize that FB is a data-gathering organ for a Deep State
geointelligence database? Why all the indignation? Every key stroke you have ever made has
been recorded. Just stop using all the Deep State social media (ie, all of them).
Get your
faces out of your phones and look around you and see what's happening. Humanity is becoming
digital. This is a control mechanism. To regain its sovereignty, humanity needs to unite
spiritually and head in a new direction. Reject all the "divide-and-conquer" BS. We are many,
they are few. United we stand. Divided, we fall.
Never used FaceBook nor any other social media platform. All they exist to do is aggregate
personal data which is then either sold or handed to governments to build profiles and keep
tabs on what people are doing. The hell with that.
In the USA we have always had will always have corruption to the fullest extent possible.
I know rich and powerful people who are very well connected and if the average person knew
what they truly think they would be freakin pissed!!
"... Everything Flynn had to say implicated Obama, Clapper & Brennan but the corrupt cabal isn't subject to the laws of unwashed inbreds like you and I and the other 320 million Americans (including those who THINK they're part of the club because they virtue signal so well). ..."
You realize 2 years of Flynn under Mueller's microscope yielded nothing? And the fact he's
facing sentencing means he's not going to be called as a witness to anything.
Everything Flynn had to say implicated Obama, Clapper & Brennan but the corrupt cabal
isn't subject to the laws of unwashed inbreds like you and I and the other 320 million
Americans (including those who THINK they're part of the club because they virtue signal so
well).
Says Summer Sausage who was of course not in the room. You think you know stuff? You know
stuff from the koolaide you've swallowed for the past 20 years...
"... 'Neoliberalism' is just a sanitised-sounding expression, to cover-up the fact that what we are really seeing here is re-branded, far-right, corporatist ideology. ..."
"... There is a major dividing line. There are those who recognise the abuses of the system and lobby for changes and there are those who lobby for further exploitation. ..."
"... The West became over-indebted when it embraced globalisation which necessarily impoverishes the Middle and Working Classes of the developed nations. A chap called Jimmy Goldsmith warned of this and was widely condemned for it. There is another issue Guardianistas would rather not confront : you can a welfare state or you can have open borders. But you can't have both. ..."
"... Private enterprise is inefficient because at it's heart it rules out cooperation. Being happiest if it's a monopoly, there's nothing a business would like better than wipe out all competition. ..."
"... Right now, the neoliberals think that those in the Far East are the workers and those in the West are the consumers, until the Far East becomes the market and wages so low in the West that they become the workers, unless of course some kind souls decide to invest money in Education, Health and infrastructure in Africa on a huge scale, so we then have Africa as the workers and the far East as the market, and the West, apart from those who own large numbers of shares or business outright, presumably either starve to death or pull themselves up by their bootstraps, and start all over again, inventing and setting up completely new industries, providing the newly universally educated and healthy Chinese and Africans and South Americans haven't done it first. ..."
"... The economic model we have is bankrupt and in its death throes ..."
"... Except it's not. It is still very much alive and growing. ..."
"... deregulated capitalism has failed. That is the product of the last 20 years. The pure market is a fantasy just as communism is or any other ideology. In a pure capitalist economy all the banks of the western world would have bust and indeed the false value "earned" in the preceding 20 years would have been destroyed. ..."
"... "Multinationals need to recognise that paying tax is an investment. Without that tax, their markets will slowly evaporate." However, the gains for the transnational rich are immediate and enormous, while the failure of their markets is slow and, so far, almost entirely painless. ..."
"... Accountants now hold the whip hand in government and business. They know the price of everything but the value of nothing. They advocate selling off industries, outsourcing to low wage economies, zero hours contracts and deregulation (under the bogus campaign line of cutting red tape). ..."
"... Google, Amazon and Apple haven't taught anyone in this country to read. But even though an illiterate market wouldn't be so great for them, they avoid their taxes, because they can , because they are more powerful than governments. ..."
"... If you invent a set of rules that says a country that deficit spends above an arbitrary percentage of its GDP is horribly inefficient and far too high then it should not be a surprise that when that happens, it is described as such. ..."
"... But the basic problem is this: it costs a lot of money to cultivate a market – a group of consumers – and the more sophisticated the market is, the more expensive it is to cultivate them. A developed market needs to be populated with educated, healthy, cultured, law-abiding and financially secure people ..."
"... The economic model we have is bankrupt and in its death throes is gobbling up the last scintilla of surplus that can be extracted from the poor ( anyone not independently wealthy). ..."
'Neoliberalism' is just a sanitised-sounding expression, to cover-up the fact that what we are really seeing here is re-branded,
far-right, corporatist ideology.
"Fascism should more properly be called corporatism because it is the merger of state and corporate power."
- Benito Mussolini
There is a major dividing line. There are those who recognise the abuses of the system and lobby for changes and there
are those who lobby for further exploitation.
So on the one hand there are relatively rich philanthropists who are quietly supporting campaigns to redistribute wealth and
our abstaining, and on the other you have people arguing for repealing employment legislation.Worst of the lot are people who
pretend to care about the poor but then proceed to fill their own boots.
As consequence people like Warren Buffet should perhaps be among the good guys, whilst people like Tony Blair are the worst
of lot.
All very true. The failures of markets are well documented in economics: the tendency towards monopoly, the failure to value social
goods etc.
In addition, it is ironic that the arch advocates of the 'free market' came begging ( read lobbying) to their governments insisting
upon public financial bailouts for themselves or their counter parties. It was the 'free markets' failure to correctly price 'risk'
that was the route of the economic collapse.
As regards access to 'free markets' it seems patently obvious that if you extract the most money from that market (Amazon et
al), you should contribute a fair share towards the infrastructure of that market: roads, educations, health care etc.
@EllisWyatt - ... we have a real problem with corporations that have a default setting of minimize taxes through ever more
complex structures. It can't be beyond the wit of HMRC to reduce the complexity of the tax legislation and make it harder to
avoid? The prize is continued access to the UK market
We also have the problem that for half the households in the land the level of welfare and benfits rather than wages is the
major determinant of their disposable income and general prosperity.
The welfare code is now comparable in size to the tax code. The tax-benefit affairs of the working poor in the UK are now becoming
as complex as those of the companies that employ them.
The welfare rights industry, which is essentially tax-benefit-lawyering for claimants, is now as large and complex as the tax-lawyering
industry for companies.
It really is insane that we set the minimum wage so low that it attracts income tax, and then attempt to collect tax from the
employing company to fund a tax credit to top up the same low wages that the same company is paying.
The neoliberalism that the IMF still preaches pays no account to any of this. It insists that the provision of work alone is
enough of an invisible hand to sustain a market
Does it? where does it say that? An article which as usual blanket condemns "financial institutions" but actually means banks.
The West became over-indebted when it embraced globalisation which necessarily impoverishes the Middle and Working Classes of
the developed nations. A chap called Jimmy Goldsmith warned of this and was widely condemned for it. There is another issue Guardianistas
would rather not confront : you can a welfare state or you can have open borders. But you can't have both.
Though I'd say private enterprise is capable of building markets - but not of sustaining them. Take books: If few people
know how to read, someone will start a fee paying school to teach those who can pay for it. Then books will take off. And that
will generate money for some, who'll send their kids to school.
However it will always, inevitably, crash at some point: Business can build up, but will always do it in destructuve cycles
- exactly like the brush fires that destroy and regenerate the savannas. As somebright spark once said: Capitalism contains the
seeds of it's own destruction, or something along those lines.
And we don't want to live like that - so we have regulation, and the state.And the state fertilises, and safeguards, by cutting
the grass, making mulch, and spreading the rich gooey muck all over the nice, green, verdant, state controlled pampa.
The cowboys, now, they prefer no cutting of grass, and letting their cattle chomp away undistrurbed. And now my analogy is
starting to wear thin.
The bottom line: Private enterprise is inefficient because at it's heart it rules out cooperation. Being happiest if it's
a monopoly, there's nothing a business would like better than wipe out all competition.
Hence, the necessity for state spending, and state regulation, which the private sector is blind to, because it can't look
ahead.
People are members of families, and are employers and workers, who are customers or clients, and part of
their local communities and professions and trades and hobbyists/clubs who are large scale wholesale consumers who create the
markets that provides employment and income to individuals who are workers. And, and, one big circle.
Right now, the neoliberals think that those in the Far East are the workers and those in the West are the consumers, until
the Far East becomes the market and wages so low in the West that they become the workers, unless of course some kind souls decide
to invest money in Education, Health and infrastructure in Africa on a huge scale, so we then have Africa as the workers and the
far East as the market, and the West, apart from those who own large numbers of shares or business outright, presumably either
starve to death or pull themselves up by their bootstraps, and start all over again, inventing and setting up completely new industries,
providing the newly universally educated and healthy Chinese and Africans and South Americans haven't done it first.
OK. I was against it for a long time, but go ahead. There's no way of avoiding it. Eat the Rich. Apart from the fact that ultra
thin is fashionable, and with all that dieting and exercising, they are the only people who actually get the time for lots of
exercise these days, and they'll taste incredibly tough and stringy.
@CaptainGrey - Ssshhh not on CiF, we all know that capitalism has failed its just that we can't point to a successful alternative
model because such a thing has never existed, its just that this time its different and the model I advocate will lead us all
to the sunny uplands of utopia.
Obviously there will be a little bit of coercion and oppression to get us to those sunny uplands, but you can't make an omlette
etc. plus don't worry that stuff will only happen to "bad people"
The economic model we have is bankrupt and in its death throes
Except it's not. It is still very much alive and growing. The "alternatives" have crashed and burned save Cuba and North
Korea. Capitalism, especially the beneficial capitalism of the NHS, free education etc. has won and countless people have gained
as a result.
@CaptainGrey - deregulated capitalism has failed. That is the product of the last 20 years. The pure market is a fantasy just
as communism is or any other ideology. In a pure capitalist economy all the banks of the western world would have bust and indeed
the false value "earned" in the preceding 20 years would have been destroyed.
In the 19th century based on experience the public services became part of the public sector to avoid corruption and corporate
blackmail. The neoclassical revolution of the late 20th century has pushed us back to days when elites regarded the state as their
property. Democracy was a threat which won out either through the British model or violent revolution. A small elite cannot endure
if the majority feel exploited.
The Bilderberg Conference should look to the past and learn from the mistakes committed. Neoclassicism will eventually impoverish
them
@UnevenSurface - Multinationals need to recognise that paying tax is an investment. Without that tax, their markets will
slowly evaporate.
"Multinationals need to recognise that paying tax is an investment. Without that tax, their markets will slowly evaporate."
However, the gains for the transnational rich are immediate and enormous, while the failure of their markets is slow and, so far,
almost entirely painless.
@UnevenSurface - I think corporation tax is becoming obsolete given globalization and the increasing dominance of online / global
distribution.
Amazon, Starbucks (and to a lesser extent Google) need to have people on the ground in their market, for customer service,
distribution, warehouse staff, baristas etc. So they'll pay employer taxes etc.
The question is is that enough? I think we are missing a trick with the UK market due to outdated tax legislation that hasn't
really changed in 30 years.
After the US the UK is arguably the most attractive market in the world. Large, homogenous, wealthy with a low propensity to
save and a rapid rate of adoption of new technology / products. We need to think about how we can exploit this in relation to
corporate taxes because even though I am far from left wing, we have a real problem with corporations that have a default setting
of minimise taxes through ever more complex structures.
It can't be beyond the wit of HMRC to reduce the complexity of the tax legislation and make it harder to avoid? The prize is
continued access to the UK market
Accountants now hold the whip hand in government and business. They know the price of everything but the value of nothing.
They advocate selling off industries, outsourcing to low wage economies, zero hours contracts and deregulation (under the bogus
campaign line of cutting red tape).
All of these policies will ultimately end up with capitalism destroying itself. Low wage stagnation will result in penniless
consumers which results in no growth which results in cuttin wages to maintain shareholder returns which results in penniless
consumers etc etc etc. All our institutions are gradually eroded and life for the average citizen will become more and more unpleasant.
Profit share may be a way forward, it's not perfect, companies can effectively use it to freeze wages and benefit from unpaid
overtime, that creates unemployment as four people working a couple of hours extra ever day are denying someone else a job, but
used in the right way it could ensure people get a share in the wealth they help create.
At the sharp end it's tough, at the
company I worked at, all the managers were summoned to a meeting in September and told they had until Christmas to increase turnover
and profits, or they would be out of a job.
At the same company, one of my managers complained that a successful manager at another branch was a crook. The CEO replied
'Yes, but he's a crook that makes a million pounds in profit every year'. I wonder how Deborah's article would have gone down
with him?
Everything was easier when the U S and Europe ran the world's economies with Bank regulations, currency controls and only the
establishment could avoid income, capital gains and IHT taxes and grow wealthy generation after generation. Today there are simply
too many players in the global arena and the rules have been torn up. We are in a jungle where greed is rife and only the powerful
and corrupt survive, shipping and burying their loot in offshore havens.
We need a new global order with a change of mentality
and more morality among the world's politicians, banking and corporate leaders. Unless we end corruption and exploitation of natural
resources in the poor nations and a fairer distribution of the economic wealth the world faces economic and social collapse
Google, Amazon and Apple haven't taught anyone in this country to read. But even though an illiterate market wouldn't
be so great for them, they avoid their taxes, because they can , because they are more powerful than governments.
Is it beyond the wit of government to close these (perfectly legal) loopholes? Otherwise, what you are asking for is for these
companies to make charitible donations to government - nothing wrong with that per se, but let's not hide behind the misleading
term 'tax avoidance' - companies are obliged to minimise taxes within the law, face it.
It is perfectly clear that in much of the EU public expenditure has been horribly inefficient and far too high
If you invent a set of rules that says a country that deficit spends above an arbitrary percentage of its GDP is horribly
inefficient and far too high then it should not be a surprise that when that happens, it is described as such.
Whether that has any basis in reality or, as I suspect, is only relevant within its own ridiculous framework, is surely the
question.
Deborah Orr is established writer for the Guardian and Married to a Will Self whose is almost certainly a millionaire. She
is one of the rich. The idea that envy is driving her politics is just utterly absurd, and suggests a total lack of reflection.
But the basic problem is this: it costs a lot of money to cultivate a market – a group of consumers – and the more sophisticated
the market is, the more expensive it is to cultivate them. A developed market needs to be populated with educated, healthy,
cultured, law-abiding and financially secure people
Not really; Amazon is just as happy to sell us trashy films, multipacks of chocolate, obesity drugs and baseball bats to stove
our neighbour's head in. There's certainly an argument to be made that companies should have a duty to invest in the infrastructure
that enables their product to be transported, stored etc...but they shouldn't be expected to give a toss if their customers are
unhealthy ignoramuses. A market's a market.
But some countries manage to do this much more efficiently and effectively than others.
In Europe it would appear to be the Social Democratic Nordic countries and Germany which has very strong employment rights.
Korea's economic growth was based on government investment and a degree of protectionism. These are precisely the ideas that neoliberalism
opposes.
If they had adopted The Keynes Plan at the 1944 Bretton Woods conference then the IMF and the World Bank would never have been
set up. We most likely would not have had the euro crisis and the problem of trade imbalances between counties would most likely
have gone away.
Now that is what I call 'Keynesian'. Feel free to continue to make up your own definitions though.
Socialism for the 1% with the rest scraping around for the crumbs in an ever more divided world run by The Bilderbergers who play
the politicians like puppets.
@emkayoh - I am not sure its in its death throes, I think what we are seeing is capitalism attempting to transform itself again.
The success of that transformation will depend on how willing people across the western world to put up with reduced welfare,
poverty pay and almost no employment rights. If we say no and make things too hot for the ruling class we have a chance to take
control of the future direction of our world, if not then what's the point.
This is a strange rant. Everyone agrees that free markets need to be nurtured by appropriate state institutions. But some countries
manage to do this much more efficiently and effectively than others. It is perfectly clear that in much of the EU public expenditure
has been horribly inefficient and far too high.
There is no contradiction between being in favour of free markets and believing that markets and societies should be nurtured
appropriately. We think people should be free and all accept that they should be nurtured.
So why, exactly, given the huge amount of investment needed to create such a market, should access to it then be "free"?
Corporate taxation is best explained as the license that business pays to access the market -- which is in turn created through
the schools, hospitals, roads, etc. that the tax pays for. Unfortunately the new Corporate Social Irresponsibility being acted
out by multinationals today neatly avoids paying that license, and sooner or later will damage them. Multinationals need to recognize
that paying tax is an investment. Without that tax, their markets will slowly evaporate.
The economic model we have is bankrupt and in its death throes is gobbling up the last scintilla of surplus that can be extracted
from the poor ( anyone not independently wealthy).
"... What sticks in the neoliberalism craw is that the state provides these services instead of private businesses, and as such "rob" them of juicy profits! The state, the last easy cash cow! ..."
"... Who could look at the way markets function and conclude there's any freedom? Only a neoliberal cult member. They cannot be reasoned with. They cannot be dissuaded. They cannot be persuaded. Only the market knows best, and the fact that the market is a corrupt, self serving whore is completely ignored by the ideology of their Church. ..."
"... when Thatcher and Reagan deregulated the financial markets in the 80s, that's when the trouble began which in turn led to the immense crash in 2008. ..."
"... Neo-liberalism is just another symptom of liberal democracy which is government by oligarchs with a veneer of democracy ..."
"... The state has merged with the corporations so that what is good for the corporations is good for the state and visa versa. The larger and richer the state/corporations are, the more shyster lawyers they hire to disguise misdeeds and unethical behavior. ..."
"... If you support a big government, you are supporting big corporations as well. The government uses the taxpayer as an eternal fount of fresh money and calls it their own to spend as they please. Small businesses suffer unfairly because they cannot afford the shyster lawyers and accountants that protect the government and the corporations, but nobody cares about them. ..."
"... Deborah's point about the illogical demands of neoliberalism are indeed correct, which is somewhat ironic as neoliberalism puts objective rationality at the heart of its philosophy, but I digress... ..."
"... There would not be NHS, free education etc. without socialism; in fact they are socialism. It took the Soviet-style socialism ("statism") 70 years to collapse. The neoliberalistic capitalism has already started to collapse after 30 years. ..."
"... I'm always amused that neoliberal - indeed, capitalist - apologists cannot see the hypocrisy of their demands for market access. Communities create and sustain markets, fund and maintain infrastructure, produce and maintain new consumers. Yet the neolibs decry and destroy. Hypocrites or destructive numpties - never quite decided between Pickles and Gove ..."
"... 97% of all OUR money has been handed over to these scheming crooks. Stop bailing out the banks with QE. Take back what is ours -- state control over the creation of money. Then let the banks revert to their modest market-based function of financial intermediaries. ..."
"... The State can't be trusted to create our money? Well they could hardly do a worse job than the banks! Best solution would be to distribute state-created money as a Citizen's Income. ..."
"... To promote the indecent obsession for global growth Australia, burdened with debt of around 250 billion dollars, is to borrow and pay interest on a further 7 billion dollars to lend to the International Monetary Fund so as it can lend it to poorer nations to burden them with debt. ..."
This private good, public bad is a stupid idea, and a totally artificial divide. After all,
what are "public spends"? It is the money from private individuals, and companies,
clubbing together to get services they can't individually afford.
What sticks in the
neoliberalism craw is that the state provides these services instead of private businesses,
and as such "rob" them of juicy profits! The state, the last easy cash cow!
Neoliberalism is a modern curse. Everything about it is bad and until we're free of it, it
will only ever keep trying to turn us into indentured labourers. It's acolytes are required
to blind themselves to logic and reason to such a degree they resemble Scientologists or
Jehovah's Witnesses more than people with any sort of coherent political ideology, because
that's what neoliberalism actually is... a cult of the rich, for the rich, by the rich... and
it's followers in the general population are nothing but moron familiars hoping one day to be
made a fully fledged bastard.
Who could look at the way markets function and conclude there's any freedom? Only a
neoliberal cult member. They cannot be reasoned with. They cannot be dissuaded. They cannot
be persuaded. Only the market knows best, and the fact that the market is a corrupt, self
serving whore is completely ignored by the ideology of their Church.
It's subsumed the entire planet, and waiting for them to see sense is a hopeless cause. In
the end it'll probably take violence to rid us of the Neoliberal parasite... the turn of the
century plague.
"Capitalism, especially the beneficial capitalism of the NHS, free education etc. has
won and countless people have gained as a result."
I agree with you and it was this beneficial version of capitalism that brought down the
Iron Curtain. Working people in the former Communist countries were comparing themselves with
working people in the west and wanted a piece of that action. Cuba has hung on because people
there compare themselves with their nearest capitalist neighbor Haiti and they don't want a
piece of that action. North Korea well North Korea is North Korea.
Isn't it this beneficial capitalism that is being threatened now though? When the wall
came down it was assumed that Eastern European countries would become more like us. Some have
but who would have thought that British working people would now be told, by the likes of
Kwasi Kwarteng and his Britannia Unchained chums, that we have to learn to accept working
conditions that are more like those in the Eastern European countries that got left behind
and that we are now told that our version of Capitalism is inferior to the version adopted by
the Communist Party of China?
@bullwinkle - No , when Thatcher and Reagan deregulated the financial markets in the 80s,
that's when the trouble began which in turn led to the immense crash in 2008.
Neo-liberalism is just another symptom of liberal democracy which is government by oligarchs
with a veneer of democracy.
This type of government began in America about 150 years ago with the Rockefellers,
Carnegie, J.P. Morgan, Ford etc who took advantage of new inventions, cheap immigrant labour
and financial deregulation in finance and social mores to amass wealth for themselves and
chaos and austerity for workers.
All this looks familiar again today with new and old oligarchs hiding behind large
corporations taking advantage of the invention of the €uro, mass immigration into
western Europe and deregulation of the financial "markets" and social mores to amass wealth
for a super-wealthy elite and chaos and austerity for workers.
So if we want to see where things went wrong we need only go back 150 years to what happened
to America. There we can also see our future?
The beneficial capitalism of the NHS, free education etc. has won
Free education and the NHS are state institutions. As Debbie said, Amazon never taught
anyone to read. Beneficial capitalism is an oxymoron resulting from your lack of
understanding.
especially the beneficial capitalism of the NHS, free education etc. has won and
countless people have gained as a result.
At one and the same time being privatized and having their funding squeezed, a direct
result of the neoliberal dogma capitalism of austerity. Free access is being eroded by the
likes of ever larger student loans and prescription costs for a start.
they avoid their taxes, because they can, because they are more powerful than
governments
Let's not get carried away here. Let's consider some of the things governments can do,
subject only to a 5 yearly check and challenge:
force people upon pain of imprisonment to pay taxes to them
pay out that tax money to whomever they like
spend money they don't have by borrowing against obligations imposed on future taxpayers
without their agreement
kill people in wars, often from the comfort of a computer screen thousands of miles
away
print money and give it to whomever they like,
get rid of nation state currencies and replace them with a single, centrally controlled
currency
make laws and punish people who break them, including the ability to track them down in
most places in the world if they try and run away.
use laws to create monopolies and favour special interests
Let's now consider what power apple have...
- they can make iPhones and try to sell them for a profit by responding to the demands of
the mass consumer market. That's it. In fact, they are forced to do this by their owners who
only want them to do this, and nothing else. If they don't do this they will cease to
exist.
The state has merged with the corporations so that what is good for the corporations is good
for the state and visa versa. The larger and richer the state/corporations are, the more
shyster lawyers they hire to disguise misdeeds and unethical behavior.
If you support a big government, you are supporting big corporations as well. The
government uses the taxpayer as an eternal fount of fresh money and calls it their own to
spend as they please. Small businesses suffer unfairly because they cannot afford the shyster
lawyers and accountants that protect the government and the corporations, but nobody cares
about them. Remember, that Green Energy is big business, just like Big Pharma and Big Oil.
Most government shills have personally invested in Green Energy not because they care about
the environment, only because they know that it is a safe investment protected by government
for government. The same goes for large corporations who befriend government and visa
versa.
@NeilThompson - It's all very well for Deborah to recommend that the well paid share work.
Journalists, consultants and other assorted professionals can afford to do so. As a
self-employed tradesman, I'd be homeless within a month.
@SpinningHugo - Interesting that those who are apparently concerned with prosperity for all
and international solidarity are happy to ignore the rest of the world when it's going well,
preferring to prophesy apocalypse when faced with government spending being slightly reduced
at home.
@1nn1t - That is a point which just isn't made enough. This is the first group of politicians
for whom a global conflict seems like a distant event.
As a result we have people like Blair who see nothing wrong with invading countries at a
whim, or conservatives and UKIP who fail to understand the whole point of the European Court
of Human Rights.
They seem to act without thought of our true place in the world, without regard for the
truly terrible capacity humanity has for self destruction.
Deborah's point about the illogical demands of neoliberalism are indeed correct, which is
somewhat ironic as neoliberalism puts objective rationality at the heart of its philosophy,
but I digress...
The main problem with replacing neoliberalism with a more rational, and fairer system,
entails that people like Deborah accept that they will be less wealthy. And that my friends is the main problem. People like Deborah, while they are more than
happy to point the fingers at others, are less than happy to accept that they are also part
of the problem.
(Generalisation Caveat: I don't know in actuality if Deborah would be unhappy to be less
wealthy in exchange for a fairer system, she doesn't say)
Good critique of conservative-neoliberalism, unless you subscribe to it and subordinate any
morals or other values to it.
She mentions an internal tension and I think that's because conservatism and neoliberal
market ideology are different beasts.
There are different models of capitalism quite clearly the social democratic version in
Scandinavia or the "Bismarkian" German version have worked a lot better than the UKs.
Yet, mealy-mouthed and hotly contested as this minor mea culpa is, it's still a sign
that financial institutions may slowly be coming round to the idea that they are the
problem.
How is it a sign of that? We are offered no clues.
What they don't seem to acknowledge is that the merry days of reckless lending are never
going to return;
Try reading a history of financial crashes to dislodge this idea.
... even if they do, the same thing will happen again, but more quickly and more
savagely.
This may or may not be true but here it is mere assertion.
The IMF exists to lend money to governments, so it's comic that it wags its finger at
governments that run up debt.
At this point I start to have real doubts as to whether Deborah Orr has actually read even
the Executive Summary of the Report this article is ostensibly a response to.
All the comments that follow about the need for public infrastructure, education,
regulated markets and so on are made as if they were a criticism of the IMF and yet the IMF
says many of those same things itself. The IMF position may, of course, be contradictory -
but then that is something that would need to be demonstrated. It seems that Deborah has not
got beyond reading a couple of Guardian articles on the issues she discusses and therefore is
in no position to do this.
Efforts are being made to narrow the skills gap with other countries in the region, as
the authorities look to take full advantage of Bangladesh's favorable demographics and help
create conditions for more labor-intensive led growth. The government is also scaling up
spending on education, science and technology, and information and communication
technology.
Which seems to be the sort of thing Deborah Orr is calling for. She should spend a little
time on the IMF website before criticising the institution. It is certainly one that merits
much criticism - but it needs to be informed.
And the solution to the problems? For Deborah Orr the response
... from the start should have been a wholesale reevaluation of the way in which wealth
is created and distributed around the globe, a "structural adjustment", as the philosopher
John Gray has said all along.
Does anyone have any idea what this is supposed to mean? There are certainly no leads on
this in the link given to "the philosopher" John Gray. And what a strange reference that is.
John Gray, in his usual cynical mode, dismisses the idea of progress being achieved by the
EU. But then I suppose that is consistent from a man who dismisses the idea of progress
itself.
... Conservative neoliberalism is entirely without logic.
The first step in serious political analysis is to understand that the people one opposes
are not crazy and are not devoid of logic. If that is not clearly understood then all that is
left is the confrontation of assertion and contrary assertion. Of course Conservative
neoliberalism has a logic. It is one I do not agree with but it is a logic all the same.
The neoliberalism that the IMF still preaches pays no account to any of this [the need
for public investment and a recognition of the multiple roles that individuals have].
Wrong again.
It insists that the provision of work alone is enough of an invisible hand to sustain a
market.
And again.
This stuff can't be made up as you go along on the basis of reading a couple of newspaper
articles. You actually have to do some hard reading to get to grip with the issues. I can see
no signs of that in this piece.
@NotAgainAgain - We are going off topic and that is in no small part down to my own fault, so
apologies. Just to pick up the point, I guess my unease with the likes of Buffet, Cooper-Hohn
or even the wealthy Guardian columnists is that they are criticizing the system from a
position of power and wealth.
So its easy to advocate change if you feel that you are in the vanguard of defining that
change i.e. the reforms you advocate may leave you worse off, but at a level you feel
comfortable with (the prime example always being Polly's deeply relaxed attitude to swingeing
income tax increases when her own lifestyle will be protected through wealth).
I guess I am a little skeptical because I either see it as managed decline, a smokescreen
or at worst mean spiritedness of people prepared to accept a reasonable degree of personal
pain if it means other people whom dislike suffer much greater pain.
"There is a clear legal basis in Germany for the workplace representation of employees in
all but the very smallest companies. Under the Works Constitution Act, first passed in 1952
and subsequently amended, most recently in 2001, a works council can be set up in all private
sector workplaces with at least five employees."
The UK needs to wake up to the fact that managers are sometimes inept or corrupt and will
destroy the companies they work for, unless their are adequate mechanisms to hold poor
management to account.
Capitalism, especially the beneficial capitalism of the NHS, free education etc. has
won
There would not be NHS, free education etc. without socialism; in fact they are
socialism. It took the Soviet-style socialism ("statism") 70 years to collapse. The neoliberalistic
capitalism has already started to collapse after 30 years.
I'm always amused that neoliberal - indeed, capitalist - apologists cannot see the hypocrisy
of their demands for market access. Communities create and sustain markets, fund and maintain
infrastructure, produce and maintain new consumers. Yet the neolibs decry and destroy.
Hypocrites or destructive numpties - never quite decided between Pickles and Gove, y'see.
@JamesValencia - Actually on reflection you are correct and I was wrong in my attack on the
author above. Having re-read the article its a critique of institutions rather than people so
my points were wide of the mark.
I still think that well heeled Guardian writers aren't really in a position to attack the
wealthy and politically connected, but I'll save that for a thread when they explicitly do
so, rather than the catch all genie of neoliberalism.
@CaptainGrey - deregulated capitalism has failed. That is the product of the last 20
years. The pure market is a fantasy just as communism is or any other ideology. In a pure
capitalist economy all the banks of the western world would have bust and indeed the false
value "earned" in the preceding 20 years would have been destroyed.
If the pure market is a fantasy, how can deregulated capitalism have failed? Does one not
require the other? Surely it is regulated capitalism that has failed?
97% of all OUR money has been handed over to these scheming crooks. Stop bailing out the
banks with QE. Take back what is ours -- state control over the creation of money. Then let
the banks revert to their modest market-based function of financial intermediaries.
The State can't be trusted to create our money? Well they could hardly do a worse job than
the banks! Best solution would be to distribute state-created money as a Citizen's
Income.
@1nn1t - Some good points, there is a whole swathe of low earners that should not be in the
tax system at all, simply letting them keep the money in their pocket would be a start.
Second the minimum wage (especially in the SE) is too low and should be increased.
Obviously the devil is in the detail as to the precise rate, the other issue is non
compliance as there will be any number of businesses that try and get around this, through
employing people too ignorant or scared to know any better or for family businesses - do we
have the stomach to enforce this?
Thirdly there is a widespread reluctance to separate people from the largesse of the
state, even at absurd levels of income such as higher rate payers (witness child tax
credits). On the right they see themselves as having paid in and so are "entitled" to have
something back and on the left it ensures that everyone has a vested interest in a big state
dipping it hands into your pockets one day and giving you something back the next.
@Uncertainty - Which is why the people of the planet need to join hands.
The only group of people in he UK to see that need were the generation that faced WW2
together.
It's no accident that, joining up at 18 in 1939, they had almost all retired by 1984.
To promote the indecent obsession for global growth Australia, burdened with debt of around
250 billion dollars, is to borrow and pay interest on a further 7 billion dollars to lend to
the International Monetary Fund so as it can lend it to poorer nations to burden them with
debt.
It is entrapment which impoverishes nations into the surrender of sovereignty,
democracy and national pride. In no way should we contribute to such economic immorality and
the entire economic system based on perpetual growth fuelled by consumerism and debt needs
top be denounced and dismantled. The adverse social and environmental consequence of
perpetual growth defies all sensible logic and in time, in a more responsible and enlightened
era, growth will be condemned.
"... Socialism for the 1% with the rest scraping around for the crumbs ..."
"... Don't you think a global recession and massive banking collapse should be classified as 'crash and burn'? ..."
"... It's one of the major contradictions of modern conservatism that the raw, winner-takes-all version of capitalism it champions actually undermines the sort of law abiding, settled communities it sees as the societal ideal. ..."
"... Rich people have benefited from this more than most: they need workers trained by a state-funded education system and kept healthy by a state-funded healthcare system; they depend on lending from banks rescued by the taxpayer; they rely on state-funded infrastructure and research, and – like all of us – on a society that does not collapse. Whether they like it or not, they would not have made their fortunes without the state spending billions of pounds ..."
"... You have to be careful when you take on the banksters. Abe Lincoln John Kennedy and Hitler all tried or (in Kennedy's case planned) on the issuance of money via the state circumventing the banks. All came to a sticky end. No wonder politicians run scared of them. ..."
"... Now, that's a novel interpretation! The working people in "Communist" countries had free healthcare and education, guaranteed employment and heavily subsidized housing. The reason we have healtcare and free education is that working people in Capitalist countries would otherwise have revolted to have Socialism. In the absence of competition, there is no benefit for the Capitalist to be "beneficial". ..."
"... The banks could plainly see that they were stoking a bubble, but chose not to pass on the increased risk of lending to consumers by raising their interest rates and coolling the market. Why? Because they were making a handsome short-term profit. The banks put their own short-term interests above their long-term interests of financial stability. When the house of cards came tumbling down - we bailed them out. It was idiotic banks who failed to properly control their risk of lending that caused the crash, not interventionist politicians. ..."
Virtually everyone knows what went wrong, with the exception only of uncontrollable
ultra-right neoliberal buffs who try and put the blame on everyone else with various out and
out lies and deceptions, and they are thankfully petering and dying out by the day, including
deluded contributors to CiF, who seem to be positively and cruelly reveling in the suffering
their beloved thesis has and is causing.
So, now that we know the symptoms, what about the cure? The coalition want to make the poor
and vulnerable suffer even more than they have done over the last three decades or so while
still refusing to clamp down and wholly regulate the bankers, corporates and free markets, who
still hold too much power like the unions in the 70's,while Ed Miliband and 'One Nation
Labour' merely suggest in mild, diffident terms about financial regulation and a more balanced
economy, while still not wanting to upset those nice bankers too much.
It's time they were
upset though, and made to pay for their errors and recklessness; while they still award
themselves bonuses and take advantage of Gideon's recent tax cut, the poor and vulnerable who
were never responsible for the long recession now have money taken off them and struggle to
feed, pay bills and clothe themselves and their families, supported by the Daily Fail and co.
who look on them as scrounging, lazy, criminal, violent, drunken, drug addicted and promiscuous
sub-humans, who deserve their fate.
There's quite a few in the middle/professional classes
(many bankers) if they didn't know, but they don't bother with such, do they?
The economic model we have is bankrupt and in its death throes
I am not sure if this is true. We have the same economic system (broadly speaking,
capitalism) as nearly every country in the world, and the world economy is growing at a
reasonable rate, at around 3-4% for 2013-14 (see http://www.imf.org/external/pubs/ft/weo/2013/01/pdf/c1.pdf
for more details).
We perceive a problem in (most of) Europe and North America because our economies are
growing more slowly than this, and in some cases not at all. The global growth figure comes
out healthy because of strong growth in the emerging countries, like China, Brazil and India,
who are narrowing the gap between their living standards and ours. So, the world as a whole
isn't broken, even if our bit of it is going through a rough patch.
This is pertinant to a discussion of Deborah Orr's article, because in it she calls for
global changes:
The response from the start should have been a wholesale reevaluation of the way in
which wealth is created and distributed around the globe, a "structural adjustment", as the
philosopher John Gray has said all along.
My point is: I don't think this argument will work, because I don't see why the emerging
countries would want wholesale change to what, for them, is quite a successful recipe, just
because it going down badly in Europe. Instead, European countries need to do whatever it
takes to fix their banking systems; but also learn to live within their means, and show some
more of the discipline and enterprise that made them wealthy in the first place.
@Uncertainty - I`m not defending philanthropy, i am saying in answer to some personal attacks
on Miss Orr below the line, that her status as either rich or poor is irrelevant, it is her
politics that count .
Tony Benn and Polly Toynbee both receive much abuse in this manner on Cif.
@kingcreosote - Socialism for the 1% with the rest scraping around for the crumbs
And yet the rest have more crumbs than under any other conceivable system. Look
at the difference that even limited market liberalisation has made to poverty in China. No loaf, no crumbs. You can always throw the loaf out of the window if you don't like the
inequality and then no-one can have anything.
@jazzdrum - I don't have much time for those rich who feel guilty about their greed and do
'charity' to salve their souls. Oh and get a Knighthood as a result.
The more honest giver is the person who gives of what little they have in their purse and
go without as a result. Not a tax dodge re-branded as philanthropy.
Also, such giving from the rich often has strings and may be tailored to what they think
are the 'deserving poor'. I don't like that either.
@Herbolzheim - It's one of the major contradictions of modern conservatism that the raw,
winner-takes-all version of capitalism it champions actually undermines the sort of law
abiding, settled communities it sees as the societal ideal.
More and more people are beginning to understand this as a fundamentally political problem (
ref. @XerXes1369). The 'left' prefers to concentrate on the role of a financial elite (which
is supposed to be exerting some kind of malign supernatural force on the state), to divert
attention from what mainstream 'left' poltics in this society has turned out to be.
When the state is taking over 60% of the income of even those on minimum wages we se
how, from the very top to the very bottom, that the state is the problem.
It's become a monster that will destroy us all.
I would query where you get these figures from, but where it not for the state, do you really
think that somebody on the minimum wage, keeping 100% of their wages, would be able to
afford, out of these wages, health care, schooling for their children, infrastructure
maintenance, their own police force and army, their own legal system?
This from an article in the Independent:
Rich people have benefited from this more than most: they need workers trained by a
state-funded education system and kept healthy by a state-funded healthcare system; they
depend on lending from banks rescued by the taxpayer; they rely on state-funded
infrastructure and research, and – like all of us – on a society that does not
collapse. Whether they like it or not, they would not have made their fortunes without the
state spending billions of pounds.
So the state, although not perfect benefit all of us, get over it!
You have to be careful when you take on the banksters.
Abe Lincoln John Kennedy and Hitler all tried or (in Kennedy's case planned) on the
issuance of money via the state circumventing the banks. All came to a sticky end. No wonder politicians run scared of them.
Free education and the NHS are state institutions. As Debbie said, Amazon never taught
anyone to read. Beneficial capitalism is an oxymoron resulting from your lack of
understanding.
Yes they are state institutions and the tax system should be changed to prevent
Amazon et al from avoiding paying their fair share. But beneficial capitalism is not an
oxymoron, it is alive and present in virtually every corner of the world. Rather than accuse
me of not understanding, I think you would do well to take the beam out of your eye.
I agree with you and it was this beneficial version of capitalism that brought down the
Iron Curtain. Working people in the former Communist countries were comparing themselves
with working people in the west and wanted a piece of that action.
Now, that's a novel interpretation! The working people in "Communist" countries had free
healthcare and education, guaranteed employment and heavily subsidized housing. The reason we have healtcare and free education is that working people in Capitalist
countries would otherwise have revolted to have Socialism. In the absence of competition, there is no benefit for the Capitalist to be
"beneficial".
The banks couldn't stop property hyperinflation, at 20% a year for well over a
decade.
The banks could plainly see that they were stoking a bubble, but chose not to pass on the
increased risk of lending to consumers by raising their interest rates and coolling the
market. Why? Because they were making a handsome short-term profit. The banks put their own
short-term interests above their long-term interests of financial stability. When the house
of cards came tumbling down - we bailed them out. It was idiotic banks who failed to properly
control their risk of lending that caused the crash, not interventionist politicians.
Last week there was a story where HSBC have taken on a senior ex-MI5 person to shore up
their money laundering 'problems'. They're being fined over a billion dollars by the fed
for taking blood money from murderers, drug dealers and corrupt politicians.
Not the Security Services' Director General by any chance?
-- In a filing to the Bermuda Stock Exchange ("BSX"), HSBC Holdings plc (Ticker:
HSBC.BH), announced the appointment of Sir Jonathan Evans to the Board of Directors.
The filing stated:
Sir Jonathan Evans (55) has been appointed a Director of HSBC Holdings plc with effect
from 6 August 2013. He will be an independent non-executive Director and a member of the
Financial System Vulnerabilities Committee.
Sir Jonathan's career in the Security Service spanned 33 years, the last six of which as
Director General. During his career Sir Jonathan's experience included counter-espionage,
protection of classified information and the security of critical national infrastructure.
His main focus was, however, counter-terrorism, both international and domestic including,
increasingly, initiatives against cyber threats. As Director General he was a senior
advisor to the UK government on national security policy and attended the National Security
Council.
He was appointed Knight Commander of the Order of the Bath (KCB) in the 2013 New Year's
Honours List and retired from the Service in April 2013.
I think there's some really good points in the article.
Last week there was a story where HSBC have taken on a senior ex-MI5 person to shore up
their money laundering 'problems'. They're being fined over a billion dollars by the fed for
taking blood money from murderers, drug dealers and corrupt politicians.
Their annual fee for this guy with 20 years experience to tackle a billion dollar fine and
the disfunction in their organisation? A lousy 100 k. Fee to UK for training him? 0.
Ridiculous! It should have been 10 times that for him and a finders fee of perhaps 10
million to the state.
Realistically, the state has NO clue about it's real value, or the real value of the UK
population. And the example above, I think, demonstrates banks' attitude to the global demand
that they clean up their act. We neef to take this lot to the cleaners before the stench gets
any worse.
But the internet has largely disabled the gigantic CIA fog-machine. Thousands of skilled
researchers quickly blow apart the propaganda line from the Deep State which is why there's
an hysterical reach these days to shut down the 'net (but still keep it open enough to sell
lots of stuff and nake money for the Predator Class).
Take the JFK assassination. One skilled researcher directs readers to the Warren
Commission, where buried deep inside one volume is a finding that Oswald's rife was
inoperable, certainly unable to function as a precise assassination weapon. Plus Oswald was a
lousy shot to begin with. Yet Military sharpshooters had to add parts just to site the weapon
and fire. This info in the WC pretty much excludes Oswald as the lone assassin. Without the
'net, how many people could find this info themselves.
9/11? Several researchers and web sites disclosed findings of a support network for the
alQ hijackers run by Saudi intelligence and the Royal family (the 28 pages inside the
Congressional 9/11 Inquiry); FBI informants providing financing, housing and other logistical
support to the hijackers; CIA knowledge that alQ had entered the US 18 months before 9/11 and
hid this knowledge etc.
Ditto for the OKC bombing (where local TV found bombs inside the Federal Building, which
blew away the FBI narrative about McVeigh)... ditto for the FBI role in handing out
explosives to the perps at the first WTC bombing etc. etc.
All this info, including news reports are up on the web even today... So with this kind of
info available for large numbers of people to find, the only tactic left for the deep state
psy-war operations to function is complete martial law in an Orwellian Police State. At that
point the game is over and the US collapses as a nation.
One month to the day after President Kennedy's assassination, the Washington Post published
an article by former president Harry Truman.
I think it has become necessary to take another look at the purpose and operations of our
Central Intelligence Agency -- CIA. At least, I would like to submit here the original reason
why I thought it necessary to organize this Agency during my Administration, what I expected
it to do and how it was to operate as an arm of the President.
Truman had envisioned the CIA as an impartial information and intelligence collector from
"every available source."
But their collective information reached the President all too frequently in conflicting
conclusions. At times, the intelligence reports tended to be slanted to conform to
established positions of a given department. This becomes confusing and what's worse, such
intelligence is of little use to a President in reaching the right decisions.
Therefore, I decided to set up a special organization charged with the collection of all
intelligence reports from every available source, and to have those reports reach me as
President without department "treatment" or interpretations.
I wanted and needed the information in its "natural raw" state and in as comprehensive a
volume as it was practical for me to make full use of it. But the most important thing about
this move was to guard against the chance of intelligence being used to influence or to lead
the President into unwise decisions -- and I thought it was necessary that the President do
his own thinking and evaluating.
Truman found, to his dismay, that the CIA had ranged far afield.
For some time I have been disturbed by the way CIA has been diverted from its original
assignment. It has become an operational and at times a policy-making arm of the Government.
This has led to trouble and may have compounded our difficulties in several explosive
areas.
I never had any thought that when I set up the CIA that it would be injected into
peacetime cloak and dagger operations. Some of the complications and embarrassment I think we
have experienced are in part attributable to the fact that this quiet intelligence arm of the
President has been so removed from its intended role that it is being interpreted as a symbol
of sinister and mysterious foreign intrigue -- and a subject for cold war enemy
propaganda.
The article appeared in the Washington Post's morning edition, but not the evening
edition.
Truman reveals two naive assumptions. He thought a government agency could be apolitical and
objective. Further, he believed the CIA's role could be limited to information gathering and
analysis, eschewing "cloak and dagger operations." The timing and tone of the letter may have
been hints that Truman thought the CIA was involved in Kennedy's assassination. If he did, he
also realized an ex-president couldn't state his suspicions without troublesome
consequences.
Even the man who signed the CIA into law had to stay in the shadows, the CIA's preferred
operating venue. The CIA had become the exact opposite of what Truman envisioned and what its
enabling legislation specified. Within a few years after its inauguration in 1947, it was
neck-deep in global cloak and dagger and pushing agenda-driven, slanted information and
outright disinformation not just within the government, but through the media to the American
people.
The CIA lies with astonishing proficiency. It has made an art form of "plausible
deniability." Like glimpsing an octopus in murky waters, you know it's there, but it shoots
enough black ink to obscure its movements. Murk and black ink make it impossible for anyone on
the outside to determine exactly what it does or has done. Insiders, even the director, are
often kept in the dark.
For those on the trail of CIA and the other intelligence agencies' lies and skullduggery,
the agencies give ground glacially and only when they have to. What concessions they make often
embody multiple layers of back-up lies. It can take years for an official admission -- the CIA
didn't officially confess its involvement in the 1953 coup that deposed Iranian leader Mohammad
Mosaddeq until 2013 -- and even then details are usually not forthcoming. Many of the so-called
exposés of the intelligence agencies are in effect spook-written for propaganda or
damage control.
The intelligence agencies monitor virtually everything we do. They have tentacles reaching
into every aspect of contemporary society, exercising control in pervasive but mostly unknown
ways. Yet, every so often some idiot writes an op-ed or bloviates on TV, bemoaning the lack of
trust the majority of Americans have in "their" government and wondering why. The wonder is
that anyone still trusts the government.
The intelligence agency fog both obscures and corrodes. An ever increasing number of
Americans believe that a shadowy Deep State pulls the strings. Most major stories since World
War II -- Korea, Vietnam, Kennedy's assassination, foreign coups, the 1960s student unrest,
civil rights agitation, and civic disorder, Watergate, Iran-Contra, 9/11, domestic
surveillance, and many more -- have intelligence angles. However, determining what those angles
are plunges you into the miasma perpetuated by the agencies and their media accomplices.
The intelligence agencies and captive media's secrecy, disinformation, and lies make it
futile to mount a straightforward attack against them. It's like attacking a citadel surrounded
by swamps and bogs that afford no footing, making advance impossible. Their deadliest operation
has been against the truth. In a political forum, how does one challenge an adversary who
controls most of the information necessary to discredit, and ultimately reform or eliminate
that adversary?
You don't fight where your opponent wants you to fight. What the intelligence apparatus
fears most is a battle of ideas. Intelligence, the military, and the reserve currency are
essential component of the US's confederated global empire. During the 2016 campaign, Donald
Trump questioned a few empire totems and incurred the intelligence leadership's wrath,
demonstrating how sensitive and vulnerable they are on this front. The transparent flimsiness
of their Russiagate concoction further illustrates the befuddlement. Questions are out in the
open and are usually based on facts within the public domain. They move the battle from the
murk to the light, unfamiliar and unwelcome terrain.
The US government, like Oceania, switches enemies as necessary. That validates military and
intelligence; lasting peace would be intolerable. After World War II the enemy was the USSR and
communism, which persisted until the Soviet collapse in 1991. The 9/11 tragedy offered up a new
enemy, Islamic terrorism.
Seventeen years later, after a disastrous run of US interventions in the Middle East and
Northern Africa and the rout of Sunni jihadists in Syria by the combined forces of the Syrian
government, Russia, Iran, and Hezbollah, it's clear that Islamic terrorism is no longer a
threat that stirs the paranoia necessary to feed big military and intelligence budgets . For
all the money they've spent, intelligence has done a terrible job of either anticipating
terrorist strikes or defeating them in counterinsurgency warfare
So switch the enemy again, now it's Russia and China. The best insight the intelligence
community could offer about those two is that they've grown stronger by doing the opposite of
the US. For the most part they've stayed in their own neighborhoods. They accept that they're
constituents, albeit important ones, of a multipolar global order. Although they'll use big
sticks to protect their interests, carrots like the Belt and Road Initiative further their
influence much better than the US's bullets and bombs.
If the intelligence complex truly cared about the country, they might go public with the
observation that the empire is going broke. However, raising awareness of this dire threat --
as opposed to standard intelligence bogeymen -- might prompt reexamination of intelligence and
military budgets and the foreign policy that supports them. Insolvency will strangle the US's
exorbitantly expensive interventionism. It will be the first real curb on the intelligence
complex since World War II, but don't except any proactive measures beforehand from those
charged with foreseeing the future.
Conspiracy theories, a term popularized by the CIA to denigrate Warren Commission skeptics,
are often proved correct. However, trying to determine the truth behind intelligence agency
conspiracies is a time and energy-consuming task, usually producing much frustration and little
illumination. Instead,
as Caitlin Johnstone recently observed , we're better off fighting on moral and
philosophical grounds the intelligence complex and the rest of the government's depredations
that are in plain sight.
Attack the intellectual foundations of empire and you attack the whole rickety edifice,
including intelligence, that supports it. Tell the truth and you threaten those who deal in
lies . Champion sanity and logic and you challenge the insane irrationality of the powers that
be. They are daunting tasks, but less daunting than trying to excavate and clean the
intelligence sewer.
I sometimes wonder whether the Bond films are a psy-op.
I mean, the 'hero' is a psycho-killer ... the premise of the films is 'any means to an
end' ... they promote the ridiculous idea that you can be 'licensed to kill', and it's no
longer murder ... and they build a strong association between the State and glamour.
Bond makes a virtue out of 'following orders', when in reality, it's a Sin.
Can't remember which Section of MI6 Ian Fleming (novelist 007.5) worked but he came into
contact with my Hero, the best double-agent Cambridge, maybe World, has Ever produced, Kim
Philby. Fleming was a lightweight compared to him and was most likely provided the Funds, by
MI6 to titillate the Masses, spread the Word of Deep State.
The article makes many good points but still falls into use of distorting bs language.
For example, "after a disastrous run of US interventions" - well, they stole Libya's
wealth and destroyed the country: mission accomplished; that's what they were trying to do.
It was not an ""intervention", it was a f***ing war of aggression based on lies.
Well the good news is that folks now know there is deep State, shadow govt, puppet
masters, fake news MSM mockingbird programming, satanic "musik/ pop" promoters, etc.
Not everyone knows but more know, and some are now questioning the Matrix sensations they
have. That they have not been told the Truth.
Eventually humanity will awaken and get on track, how long it will take is unknown.
The CIA is a symptom of the problem but not the whole problem. Primarily it is the
deception that it sows, the confusion and false conclusions that the easily led fill their
heads with.
Now that you know there are bad guys out there...
Find someone to love, even if it is a puppy or a guppy. Simplify your needs, and commit
small acts of kindness on a regular basis. The World will heal, it may be a rocky
convalescence, yet Good triumphs in the end.
Like bolshevism this secular regions is to a large extent is a denial of Christianity. While Bolshevism is closer to the Islam,
Neoliberalism is closer to Judaism.
The idea of " Homo economicus " -- a person who in all
his decisions is governed by self-interest and greed is bunk.
Notable quotes:
"... There is not a shred of logical sense in neoliberalism. You're doing what the fundamentalists do... they talk about what neoliberalism is in theory whilst completely ignoring what it is in practice. ..."
"... In theory the banks should have been allowed to go bust, but the consequences where deemed too high (as they inevitable are). The result is socialism for the rich using the poor as the excuse, which is the reality of neoliberalism. ..."
"... Neoliberalism is based on the thought that you get as much freedom as you can pay for, otherwise you can just pay... like everyone else. In Asia and South America it has been the economic preference of dictators that pushes profit upwards and responsibility down, just like it does here. ..."
"... We all probably know the answer to this. In order to maintain the consent necessary to create inequality in their own interests the neoliberals have to tell big lies, and keep repeating them until they appear to be the truth. They've gotten so damn good at it. ..."
"... Neoliberalism is a modern curse. Everything about it is bad and until we're free of it, it will only ever keep trying to turn us into indentured labourers. ..."
"... It's acolytes are required to blind themselves to logic and reason to such a degree they resemble Scientologists or Jehovah's Witnesses more than people with any sort of coherent political ideology, because that's what neoliberalism actually is... a cult of the rich, for the rich, by the rich... and it's followers in the general population are nothing but moron familiars hoping one day to be made a fully fledged bastard ..."
"... Who could look at the way markets function and conclude there's any freedom? Only a neoliberal cult member. They cannot be reasoned with. They cannot be dissuaded. They cannot be persuaded. Only the market knows best, and the fact that the market is a corrupt, self serving whore is completely ignored by the ideology of their Church. ..."
Unless you are completely confused by what neoliberalism is there is not a shred of logical sense in this.
There is not a shred of logical sense in neoliberalism. You're doing what the fundamentalists do... they talk about what neoliberalism
is in theory whilst completely ignoring what it is in practice.
In theory the banks should have been allowed to go bust, but the consequences where deemed too high (as they inevitable
are). The result is socialism for the rich using the poor as the excuse, which is the reality of neoliberalism.
Savers in a neoliberal society are lambs to the slaughter. Thatcher "revitalised" banking, while everything else withered and
died.
Neoliberalism is based on the thought of personal freedom, communism is definitely not. Neoliberalist policies have lifted
millions of people out of poverty in Asia and South America.
Neoliberalism is based on the thought that you get as much freedom as you can pay for, otherwise you can just pay... like
everyone else. In Asia and South America it has been the economic preference of dictators that pushes profit upwards and responsibility
down, just like it does here.
I find it ironic that it now has 5 year plans that absolutely must not be deviated from, massive state intervention in markets
(QE, housing policy, tax credits... insert where applicable), and advocates large scale central planning even as it denies reality,
and makes the announcement from a tractor factory.
Neoliberalism is a blight... a cancer on humanity... a massive lie told by rich people and believed only by peasants happy
to be thrown a turnip. In theory it's one thing, the reality is entirely different. Until we're rid of it, we're all it's slaves.
It's an abhorrent cult that comes up with purest bilge like expansionary fiscal contraction to keep all the money in the hands
of the rich.
Why, you have to ask yourself, is this vast implausibility, this sheer unsustainability, not blindingly obvious to all?
We all probably know the answer to this. In order to maintain the consent necessary to create inequality in their own interests
the neoliberals have to tell big lies, and keep repeating them until they appear to be the truth. They've gotten so damn good
at it.
Neoliberalism is a modern curse. Everything about it is bad and until we're free of it, it
will only ever keep trying to turn us into indentured labourers.
It's acolytes are required
to blind themselves to logic and reason to such a degree they resemble Scientologists or
Jehovah's Witnesses more than people with any sort of coherent political ideology, because
that's what neoliberalism actually is... a cult of the rich, for the rich, by the rich... and
it's followers in the general population are nothing but moron familiars hoping one day to be
made a fully fledged bastard.
Who could look at the way markets function and conclude there's any freedom? Only a
neoliberal cult member. They cannot be reasoned with. They cannot be dissuaded. They cannot
be persuaded. Only the market knows best, and the fact that the market is a corrupt, self
serving whore is completely ignored by the ideology of their Church.
It's subsumed the entire planet, and waiting for them to see sense is a hopeless cause. In
the end it'll probably take violence to rid us of the Neoliberal parasite... the turn of the
century plague.
Thatcher (aka "Milk Snatcher" ) pushed neoliberalism and globalization as the solution of
New Deal Capitalism problems. Now the UK arrived at the dead end of this "1 Neoliberal Road"
and now needs to pay the price. So much for TINA.
From a pure propaganda standpoint, Neoliberalism is just a sanitized-sounding expression, to
cover-up the fact that what we really see here is re-branded corporatist ideology.
That's why the crisis of neoliberalism created Renaissance for far-right movements in
Europe, which now threaten to destroy its "globalization" component and switch to "national
neoliberalism" (aka Trumpism) as the solution to the current crisis of neoliberalism ( aka
"secular stagnation" which started in 2008).
Ideology is as dead as Bolshevik's ideology became in early 60th. And I see Trump as a
somewhat similar figure to Khrushchev. An uneducated reformer with huge personal flaws, but
still a reformer of "classic neoliberalism." Which was rejected by voters with Hillary Clinton,
was not it ?
As financial oligarchy is pretty powerful and, as we now see, have intelligence agencies as
a part of their "toolset", the trend right now is to rely on "patriotic military" and far-right
nationalism to counter neoliberal globalization.
We will see where it would get us, but with oil over $100 Goldman employees might eventually
really find themselves under fire like in Omaha beach.
Hayek, while a second rate economist, proved to be a talented theologian, and he managed to
create what can be called "civil religion" not that different from Mormonism or
Scientology.
It was mostly based on Trotskyism rebranded for financial elite instead of the proletariat
and the network of think tanks instead of "professional revolutionaries" of the Communist Party
("Financial oligarchy of all countries unite", "All power to Goldman Sacks and Bank of
America," etc.).
Pope Francis did a pretty good theological analysis of this secular religion in his
Evangelii Gaudium, Apostolic Exhortation of Pope Francis, 2013. Rephrasing Oscar Wilde, we can
say that "objective analysis is the analysis of ideologies we do not like".
He pointed out that neoliberalism explicitly rejects the key idea of Christianity -- the
idea of equal and ultimate justice for all sinners as a noble social goal. The idea that a
human being should struggle to create justice ( including "economic justice") in this world
even if the ultimate solution is beyond his grasp. "Greed is good" is as far from Christianity
as Satanism.
As Reinhold Niebuhr noted a world where there is only one center of power and authority
(financial oligarchy under neoliberalism) "preponderant and unchallenged... its world rule
almost certainly violate the basic standard of justice".
Here are selected quotes from Evangelii Gaudium, Apostolic Exhortation of Pope Francis,
2013
... Such a [neoliberal] economy kills. How can it be that it is not a news item when an
elderly homeless person dies of exposure, but it is news when the stock market loses two
points? This is a case of exclusion. Can we continue to stand by when food is thrown away
while people are starving? This is a case of inequality. Today everything comes under the
laws of competition and the survival of the fittest, where the powerful feed upon the
powerless. As a consequence, masses of people find themselves excluded and marginalized:
without work, without possibilities, without any means of escape.
Human beings are themselves considered consumer goods to be used and then discarded. We
have created a "disposable" culture which is now spreading. It is no longer simply about
exploitation and oppression, but something new. Exclusion ultimately has to do with what it
means to be a part of the society in which we live; those excluded are no longer society's
underside or its fringes or it's disenfranchised – they are no longer even a part of
it. The excluded are not the "exploited" but the outcast, the "leftovers."
54. In this context, some people continue to defend trickle-down theories which assume
that economic growth, encouraged by a free market, will inevitably succeed in bringing about
greater justice and inclusiveness in the world. This opinion, which has never been confirmed
by the facts, expresses a crude and naïve trust in the goodness of those wielding
economic power and in the sacralized workings of the prevailing economic system. Meanwhile,
the excluded are still waiting. To sustain a lifestyle which excludes others, or to sustain
enthusiasm for that selfish ideal, a globalization of indifference has developed.
Almost without being aware of it, we end up being incapable of feeling compassion at the
outcry of the poor, weeping for other people's pain, and feeling a need to help them, as
though all this were someone else's responsibility and not our own. The culture of prosperity
deadens us; we are thrilled if the market offers us something new to purchase; and in the
meantime, all those lives stunted for lack of opportunity seem a mere spectacle; they fail to
move us.
There is a particular transparency of motive which becomes clear, and reconciles all inquiry, when an interested observer accepts
a particular media framework:
The media outlet CNN provides for their domestic and international audience, the preferred position for all policy and
points of advocacy from Hillary Clinton's Department of State.
The media outlet The Washington Post serves a similar purpose, however their specialized role is as a conduit for Barack
"Hussein" Obama's Central Intelligence Agency.
"the rout of Sunni jihadists in Syria by the combined forces of the Syrian government, Russia, Iran, and Hezbollah, it's clear
that Islamic terrorism is no longer a threat that stirs the paranoia necessary to feed big military and intelligence budgets .
For all the money they've spent, intelligence has done a terrible job of either anticipating terrorist strikes or defeating them
in counterinsurgency warfare"
Excuse me,but WTF??
It's the US,NATO, Israhell and Saudis that created ISIS, with the above mentioned spending BILLIONS to combat ISIS in Syria.
The war on terror is a hoax. The lame exploitation of Arabs and Islam to manufacture consent for war on Iraq, starting with
Mossad planting of low yield thermal nuke weapons that brought the Towers down..Saudis were the patsies.
All of this with blessing of Zionists banksters and US Treasury& Fed Reserve.
Nobody would dispute the fact that sanctification of truth is an essential foundation for
a free society. The full extent of perversion and depravity of psychopaths in power is held
in check to some extent by their need to pay lip service to civility and rule of law in the
public eye -- until **** hits the fan. The full extent of pathocracy is about to become
obvious in the Reset. It's going to stun the general public.
I don't know if there is a general formula for describing this, but in my experience,
organizations with psychopaths at the top tend to disintegrate on their own, but they do one
hell of a lot of damage on the way down, since the psychopaths never cede their power and
make moral decisions willingly. Things are essentially guaranteed to get worse as long as
they retain power. It's hard to imagine any remedy to this situation that doesn't involve
some kind of violence, starting of course with manipulation of different groups on the
street. The trouble with any scenario fitting the description of Civil War is that it tends
to center around proxy groups, while those ultimately responsible get away.
We have anecdotes about 'white hat' groups like the so-called White Dragons. They, like the
CIA, appear to operate in the shadows. Do they really exist, and are they really working to
make a positive difference? Will we know them by their works?
I have no faith in Trump as some kind of solo superhero, because thus far all the talk
about him appears to have been nothing but wishful thinking. The man seems like a human
pinball, utterly inconsistent and unpredictable. That's helpful in some ways, not in others.
Something else needs to happen / someone else needs to rise in the role of a statesman and
genuine, meaningful reformer.
BUENOS AIRES (Reuters) - China and the United States have agreed to halt new tariffs as
both nations engage in trade talks with the goal of reaching an agreement within 90 days, the
White House said on Saturday after U.S. President Donald Trump and Chinese President Xi
Jinping held high-stakes talks in Argentina.
Trump agreed not to boost tariffs on $200 billion of Chinese goods to 25 percent on Jan. 1
as previously announced, as China agreed to buy an unspecified but "very substantial" amount
of agricultural, energy, industrial and other products, the White House said. The White House
also said China "is open to approving the previously unapproved Qualcomm Inc <QCOM.O>
NXP <NXPI.O> deal should it again be presented."
The White House said that if agreement on trade issues including technology transfer,
intellectual property, non-tariff barriers, cyber theft and agriculture have not been reached
with China in 90 days that both parties agree that the 10 percent tariffs will be raised to
25 percent.
China does not have its own technological base and is depended on the USA for many technologies. So while China
isdefinitly in assendance, Washington still have capability to stick to "total global dominance" agenda for some time.
Attempt to crush China by Tariffs might provoke the economic crisi in China and possible a "regime change", like Washington
santions to the USSR in the past. And that's probably the calculation.
Notable quotes:
"... President Trump has taken long-simmering US complaints about China to boiling point, castigating Beijing for unfair trade, currency manipulation, and theft of intellectual property rights. China rejects this pejorative American characterization of its economic practices. ..."
"... The problem is that Washington is demanding the impossible. It's like as if the US wants China to turn the clock back to some imagined former era of robust American capitalism. But it is not in China's power to do that. The global economy has shifted structurally away from US dominance. The wheels of production and growth are in China's domain of Eurasia. ..."
"... Combined with its military power, the postwar global order was defined and shaped by Washington. Sometimes misleading called Pax Americana, there was nothing peaceful about the US-led global order. It was more often an order of relative stability purchased by massive acts of violence and repressive regimes under Washington's tutelage. ..."
"... In American mythology, it does not have an empire. The US was supposed to be different from the old European colonial powers, leading the rest of the world through its "exceptional" virtues of freedom, democracy and rule of law . In truth, US global dominance relied on the application of ruthless imperial power. ..."
"... Washington likes to huff and puff about alleged Chinese expansionism "threatening" US allies in Asia-Pacific. But the reality is that Washington is living in the past of former glory. Trading blocs like the Asia-Pacific Economic Cooperation (APEC) realize their bread is buttered by China, no longer America. ..."
"... Washington's rhetoric about "standing up to China" is just that – empty rhetoric. It doesn't mean much to countries led by their interests of economic development and the benefits of Chinese investment. ..."
"... China's strategic economic plans – the One Belt One Road initiative – of integrating regional development under its leadership and finance have already created a world order analogous to what American capital achieved in the postwar decades. ..."
"... American pundits and politicians like Vice President Mike Pence may disparage China's economic policies as creating "debt traps" for other countries . But the reality is that other countries are gravitating to China's dynamic leadership ..."
The G20 summits are nominally about how the world's biggest national economies can cooperate
to boost global growth. This year's gathering – more than ever – shows, however,
that rivalry between the US and China is center stage.
Zeroing in further still, the rivalry is an expression of a washed-up American empire
desperately trying to reclaim its former power. There is much sound, fury and pretense from the
outgoing hegemon – the US – but the ineluctable reality is an empire whose halcyon
days are a bygone era.
Ahead of the summit taking place this weekend in Argentina, the Trump administration has
been issuing furious ultimatums to China to "change its behavior". Washington is threatening an
escalating trade war if Beijing does not conform to American demands over economic
policies.
President Trump has taken long-simmering US complaints about China to boiling point,
castigating Beijing for unfair trade, currency manipulation, and theft of intellectual property
rights. China rejects this pejorative American characterization of its economic practices.
Nevertheless, if Beijing does not comply with US diktats then the Trump administration says
it will slap increasing tariffs on Chinese exports.
The gravity of the situation was highlighted by the comments this week of China's
ambassador to the US, Cui Tiankai, who warned that the "lessons of history" show trade wars can
lead to catastrophic shooting wars. He urged the Trump administration to be reasonable and to
seek a negotiated settlement of disputes.
The problem is that Washington is demanding the impossible. It's like as if the US wants
China to turn the clock back to some imagined former era of robust American capitalism. But it
is not in China's power to do that. The global economy has shifted structurally away from US
dominance. The wheels of production and growth are in China's domain of Eurasia.
For decades, China functioned as a giant market for cheap production of basic consumer
goods. Now under President Xi Jinping, the nation is moving to a new phase of development
involving sophisticated technologies, high-quality manufacture, and investment.
It's an economic evolution that the world has seen before, in Europe, the US and now
Eurasia. In the decades after the Second World War, up to the 1970s, it was US capitalism that
was the undisputed world leader. Combined with its military power, the postwar global order was
defined and shaped by Washington. Sometimes misleading called Pax Americana, there was nothing
peaceful about the US-led global order. It was more often an order of relative stability
purchased by massive acts of violence and repressive regimes under Washington's tutelage.
In American mythology, it does not have an empire. The US was supposed to be different from
the old European colonial powers, leading the rest of the world through its "exceptional"
virtues of freedom, democracy and rule of law . In truth, US global dominance relied on the
application of ruthless imperial power.
The curious thing about capitalism is it always outgrows its national base. Markets
eventually become too small and the search for profits is insatiable. American capital soon
found more lucrative opportunities in the emerging market of China. From the 1980s on, US
corporations bailed out of America and set up shop in China, exploiting cheap labor and
exporting their goods back to increasingly underemployed America consumers. The arrangement was
propped up partly because of seemingly endless consumer debt.
That's not the whole picture of course. China has innovated and developed independently from
American capital. It is debatable whether China is an example of state-led capitalism or
socialism. The Chinese authorities would claim to subscribe to the latter. In any case, China's
economic development has transformed the entire Eurasian hemisphere. Whether you like it or
not, Beijing is the dynamo for the global economy. One indicator is how nations across
Asia-Pacific are deferring to China for their future growth.
Washington likes to huff and puff about alleged Chinese expansionism "threatening" US allies
in Asia-Pacific. But the reality is that Washington is living in the past of former glory.
Trading blocs like the Asia-Pacific Economic Cooperation (APEC) realize their bread is buttered
by China, no longer America.
Washington's rhetoric about "standing up to China" is just that
– empty rhetoric. It doesn't mean much to countries led by their interests of economic
development and the benefits of Chinese investment.
One example is Taiwan. In contrast to Washington's shibboleths about "free Taiwan", more and
more Asian countries are dialing down their bilateral links with Taiwan in deference to China's
position, which views the island as a renegade province. The US position is one of rhetoric,
whereas the relations of other countries are based on material economic exigencies. And
respecting Beijing's sensibilities is for them a prudent option.
A recent
report by the New York Times starkly illustrated the changing contours of the global
economic order. It confirmed what many others have observed, that China is on the way to
surpass the US as the world's top economy. During the 1980s, some 75 per cent of China's
population were living in "extreme poverty", according to the NY Times. Today, less than 1 per
cent of the population is in that dire category. For the US, the trajectory has been in reverse
with greater numbers of its people subject to deprivation.
China's strategic economic plans – the One Belt One Road initiative – of
integrating regional development under its leadership and finance have already created a world
order analogous to what American capital achieved in the postwar decades.
American pundits and politicians like Vice President Mike Pence may disparage China's
economic policies as creating "debt traps" for other countries . But the reality is that other
countries are gravitating to China's dynamic leadership.
Arguably, Beijing's vision for economic development is more enlightened and sustainable than
what was provided by the Americans and Europeans before. The leitmotif for China, along with
Russia, is very much one of multipolar development and mutual partnership. The global economy
is not simply moving from one hegemon – the US – to another imperial taskmaster
– China.
One thing seems inescapable. The days of American empire are over. Its capitalist vigor has
dissipated decades ago. What the upheaval and rancor in relations between Washington and
Beijing is all about is the American ruling class trying to recreate some fantasy of former
vitality. Washington wants China to sacrifice its own development in order to somehow
rejuvenate American society. It's not going to happen.
That's not to say that American society can never be rejuvenated . It could, as it could
also in Europe. But that would entail a restructuring of the economic system involving
democratic regeneration. The "good old days" of capitalism are gone. The American empire, as
with the European empires, is obsolete.
That's the unspoken Number One agenda item at the G20 summit. Bye-bye US empire.
What America needs to do is regenerate through a reinvented social economic order, one that
is driven by democratic development and not the capitalist private profit of an elite few.
If not, the futile alternative is US failing political leaders trying to coerce China, and
others, to pay for their future. That way leads to war.
An interesting distinction: "nationalism is patriotism in its irritated state, or that nationalism recruits the patriotic
sentiment to accomplish something in a fit of anger." But he might be mixing nationalism, far right nationalism, and
fascism. It is fascism that emerges out of feeling of nation/country being humiliated, oppressed, fall into economic
despair... It tries to mobilize nation on changing the situation as a united whole -- in this sense fascism
rejects individualism and "human rights".
BTW there were quite numerous far right movements in the USA history.
The current emergence of nationalist movements is a reaction on the crisis of neoliberalism as an ideology (since 2008). So nationalism
might be a defense reaction of societies when the dominant ideology (in our case neoliberalism) collapses. It is a temporary and defensive
reaction. As the author notes: "Foreign aggression and the onset of war will reliably generate nationalist moods and responses. "
The key question here is when a nation "deserves" a sovereign state, and when it would be better off by being a part of a larger
("imperial state" if we understand empire as conglomerate of multiple nations). As it involved economics, some choices can be bad,
even devastating for people's wellbeing.
Notable quotes:
"... Macron is not the first to try to make a hard, fast, and rhetorically pungent distinction between nationalism and patriotism. Orwell attempted to do the same in a famous essay . He wrote that patriotism is "devotion to a particular place and a particular way of life, which one believes to be the best in the world but has no wish to force on other people. Patriotism is of its nature defensive, both militarily and culturally." ..."
"... In the end, Orwell gives a rather unsatisfying account in which all the mental and moral vices of self-interest and self-regard are transmuted and supercharged by their absorption into a nationalistic "we." Nationalists in his account hold their nations supreme, thereby encouraging themselves to traduce any other people or nation. For Orwell, the patriot prefers this to that . The nationalist privileges us over them . For us, everything, to others nothing. ..."
"... In his recent book, The Virtue of Nationalism , Yoram Hazony makes a different contrast. His work is not primarily concerned with the moral status or self-deception of individuals, but with the organization of geopolitics. For him the contrast is between nationalism and imperialism. ..."
"... Orwell is tempted to believe the nationalist thinks his nation is best in all things, but much of nationalist rhetoric throughout Europe is a rhetoric of envy or arousal. Nationalists sometimes boast about their nations, but in many circumstances they express despair about their countries; they want to excite their people to achieve more, to take themselves as seriously as some rival national actor takes itself. ..."
"... Instead, nationalism is an eruptive feature of politics. It grows out of the normal sentiments of national loyalty, like a pustule or a fever. It could even be said that nationalism is patriotism in its irritated state, or that nationalism recruits the patriotic sentiment to accomplish something in a fit of anger. ..."
"... National loyalty attaches us to a place, and to the people who share in its life. Destroying national loyalty would almost certainly bring about the return of loyalties based on creed and blood. ..."
"... One of the outstanding features of nationalist political movements, the thing that almost always strikes observers about them, is their irritated or aroused character. And it is precisely this that strikes non-nationalists as signaling danger. ..."
"... nationalist movements are teeming with powerful emotions: betrayal, anger, aggression. ..."
"... Nationalist politics tends to be opportunist; it takes other political ideas, philosophies, and forms of mobilization in hand and discards them. Nationalists throughout the 20th century adopted Communism or capitalism to acquire the patronage or weapons to throw off imperial rule, or stick it to a neighbor, for example. ..."
"... The reemergence of nationalist politics in America and abroad requires us to ask those simple questions. What is bothering them? Do they have a point? What do they want to do about it? Would it be just? In broad strokes I intend to take those questions up. ..."
"... What the vast majority of people apparently fail to realize is that the United states is an empire which by definition is a group of states or countries containing diverse ethnic and cultural identities. ..."
"... The break-up of the Soviet Union can be blamed in part for failing to establish a strong national identity ..."
"... Greenfeld describes it as "civic nationalism" to differentiate it from the ethnic, anti-liberal "nationalism" later adopted by Russia and Germany. ..."
"... Identifying "the people" as a linguistic-cultural entity with or without borders set the stage for the bloody conflicts that were fought over borders for these groups, and the discrimination and ethnic cleansing for those who didn't belong to the dominant linguistic-cultural group, to say nothing of what needed to be done about members of the dominant group who lived outside its borders. ..."
"... Also, in the late 16th century during what is now called the Wars of Religions (but which they called Civil Wars) in continental Europe, people moved from Monarchists to Republicans and back, depending of whether they were Catholics or Protestants, but mostly depending of the position of strength in which they were at the time... ..."
"... "Modern Conservatives" have a vested interest in muddying the debate, so that it does not become clear that "conservatism" is not linked to specific political or economical models, and more importantly it is not true that the Founding Fathers were all absolutist libertarian free traders... ;-) ..."
"... What, exactly, are our children inheriting? Press 2 for Spanish. ..."
"... And let us not forget neocons. ..."
"... You should be out there carving an empire for yourself, showing your supremacy and spreading the seeds of your "culture" over uncharted territories and untamed tribes... ;-) ..."
"... I think the obvious irritant lending support to Nationalist sentiments is the non benign aspects of Globalism. ..."
What is nationalism? The word is suddenly and surprisingly important when talking about the times we live in. But we seem to be
working without a shared definition.
"You know what I am? I'm a nationalist," Donald Trump said in an October rally in Houston.
French president Emmanuel Macron slapped back at a commemoration ceremony for World War I in France. "Nationalism is a betrayal
of patriotism," he said. "By saying 'our interests first, who cares about the others,' we erase what a nation holds dearest, what
gives it life, what makes it great and what is essential: its moral values."
Macron is not the first to try to make a hard, fast, and rhetorically pungent distinction between nationalism and patriotism.
Orwell attempted to do the same in a
famous essay . He wrote that patriotism is "devotion to a particular place and a particular way of life, which one believes to
be the best in the world but has no wish to force on other people. Patriotism is of its nature defensive, both militarily and culturally."
On the other hand, "The abiding purpose of every nationalist is to secure more power and more prestige, not for himself but for the
nation or other unit in which he has chosen to sink his own individuality."
In the end, Orwell gives a rather unsatisfying account in which all the mental and moral vices of self-interest and self-regard
are transmuted and supercharged by their absorption into a nationalistic "we." Nationalists in his account hold their nations supreme,
thereby encouraging themselves to traduce any other people or nation. For Orwell, the patriot prefers this to that . The nationalist
privileges us over them . For us, everything, to others nothing.
In his recent book, The Virtue of Nationalism , Yoram Hazony makes a different contrast. His work is not primarily concerned with
the moral status or self-deception of individuals, but with the organization of geopolitics. For him the contrast is between nationalism
and imperialism. For Hazony, it is the nationalist who respects spontaneous order and pluralism. Imperialists run roughshod over
these, trampling local life for the benefit of the imperial center.
A border will rein in the ambition of the nationalist, whereas the imperial character rebels against limits. A century ago, in
what he called the days of "clashing and crashing Empires," the Irish nationalist Eoin MacNeil felt similarly. For him, the development
of a nation -- any nation -- had in it "the actuality or the potentiality of some great gift to the common good of mankind."
It's difficult to find a consistent definition of nationalism from its critics, meanwhile. Sometimes nationalism is dismissed
as the love of dirt, or mysticism about language. Other times it's the love of DNA.
In the critics' defense, though, the way nationalism has expressed itself in different nations and different times can be maddeningly
diverse. Orwell is tempted to believe the nationalist thinks his nation is best in all things, but much of nationalist rhetoric throughout
Europe is a rhetoric of envy or arousal. Nationalists sometimes boast about their nations, but in many circumstances they express
despair about their countries; they want to excite their people to achieve more, to take themselves as seriously as some rival national
actor takes itself.
I'd like to propose a different way of thinking about the question. When we use the vocabulary of political philosophies, we recognize
that we are talking about things that differ along more than one axis. Take Communism, liberalism, and conservatism: The first is
a theory of history and power. The second is a political framework built upon rights. The final disclaims the word "ideology" and
has been traditionally defined as a set of dispositions toward a political and civilizational inheritance.
I would like to sidestep Hazony's championing of nationalism as a system for organizing political order globally, a theory that
my colleague Jonah Goldberg is tempted to call "nationism."
My proposal is that nationalism as a political phenomenon is not a philosophy or science, though it may take either of those in
hand. It isn't an account of history. Instead, nationalism is an eruptive feature of politics. It grows out of the normal sentiments
of national loyalty, like a pustule or a fever. It could even be said that nationalism is patriotism in its irritated state, or that
nationalism recruits the patriotic sentiment to accomplish something in a fit of anger.
In normal or propitious circumstances, national loyalty is the peaceful form of life that exists among people who share a defined
territory and endeavor to live under the laws of that territory together. National loyalty attaches us to a place, and to the people
who share in its life. Destroying national loyalty would almost certainly bring about the return of loyalties based on creed and
blood.
One of the outstanding features of nationalist political movements, the thing that almost always strikes observers about them,
is their irritated or aroused character. And it is precisely this that strikes non-nationalists as signaling danger. Republican democracies
should be characterized by deliberation. Conservatives distrust swells of passion. Liberals want an order of voluntary rights. But
nationalist movements are teeming with powerful emotions: betrayal, anger, aggression.
Therefore, I contend, like a fever, nationalism can be curative or fatal. And, like fevers, it can come and go depending on the
nation's internal health or the external circumstances a nation finds itself in. Foreign aggression and the onset of war will reliably
generate nationalist moods and responses. But cultural change can do it too. Maybe a national language falls into sharp and sudden
decline under pressure from a more powerful lingua franca. Even something as simple or common as rapid urbanization can be felt to
agitate upon a people's loyalties, and may generate a cultural response for preserving certain rural traditions and folkways. And
of course, sometimes nationalism is excited by the possibility of some new possession coming into view, the opportunity to recover
or acquire territory or humiliate a historic rival. The variety of irritants explains the variety of nationalisms.
You tend to find a lot of nationalism where there are persistent or large irritants to the normally peaceful sense of national
loyalty. Think of western Ukraine, where the local language and political prerogatives have endured the powerful irritant of Moscow's
power and influence in its region, and even in its territory. You find a great deal of nationalism in Northern Ireland, where a lineage
of religious differences signals dueling loyalties to the United Kingdom and to Ireland.
Until recently you didn't find a lot of political nationalism in the United States, because it is a prosperous nation with unparalleled
independence of action. But we are familiar with bursts of nationalism nonetheless -- for example, at times when European powers
threatened the U.S. in the early days of the Republic, during the Civil War and its aftermath, and especially during World War I,
which coincided with the tail end of a great wave of migration into the country.
If nationalist political movements are national loyalties in this aroused state, then we must judge them on a case-by-case basis.
When non-nationalists notice the irritated and irritable character of nationalism, often the very next thing they say is, "Well,
they have a point." You would judge a nationalist movement the way you would judge any man or group of men in an agitated state.
Do you have a right to be angry about this matter? What do you intend to do about it? How do you intend to do it?
We all do this almost instinctively. We understand that there are massive differences among nationalist projects. In order to
assert his young nation's place on the world stage, John Quincy Adams sought to found a national university. We may judge that one
way, whereas we judge Andrew Jackson's Indian-removal policy very differently. In Europe, we might cheer on the ambition of the Irish
Parliamentary party to establish a home-rule parliament in Dublin. That was a nationalist project, but so was the German policy of
seeking lebensraum through the racial annihilation of the Jews and the enslavement of Poland, which we judge as perhaps the most
wicked cause in human history. We might cheer the reestablishment of a Polish nation after World War I, but deplore some of the expansionist
wars it immediately embarked upon.
Nationalist politics tends to be opportunist; it takes other political ideas, philosophies, and forms of mobilization in hand
and discards them. Nationalists throughout the 20th century adopted Communism or capitalism to acquire the patronage or weapons to
throw off imperial rule, or stick it to a neighbor, for example.
The reemergence of nationalist politics in America and abroad requires us to ask those simple questions. What is bothering them?
Do they have a point? What do they want to do about it? Would it be just? In broad strokes I intend to take those questions up.
Kontraindicated 2 days ago
There is much discussion below as to the meaning of the term "nationalism" below. In the minds of many, it seems to be a relatively
benign term.
However, even recently we have seen extremely violent episodes break out that appear to be associated with some sort of flavour
of "nationalism", however it's defined.
In the former Yugoslavia, Tito tried to create a new "nation" that would have a common identity by breaking up the "nations"
that had previously existed on the same territory. This involved the forced relocation of various groups of Serbs and Croats (and,
to a lesser extent, Bosnians) who would now all live together in peace and harmony. However, when the political structures fell,
the people fell back into their old groups and immediately began fighting each other. The end result was an incredibly bloody
and vicious civil war and the ultimate re-establishment of Nations/Countries that mapped more closely to the ethnic/cultural/race
divisions that the people involved in the conflict were concerned with. Ultimately, they (as individuals) decided which team they
wanted to belong to and, as long as the "nation" agreed, they became part of that "nation".
Similar scenarios have played out across Africa and the Middle East (which was artificially set up for a century's worth of
conflict by Europeans in 1919).
All of which is mildly interesting, but it's not really related to the reason that this topic is coming up in NRO. The reason
that we are discussing this is that Macron spent a considerable amount of time during the Armistice Ceremony decrying "Nationalism"
(which, if we treat the term in the Yugoslavian context, likely did play a significant role in two World Wars) and Fox and Friends
were then able to teach Donald Trump a new word - after which he declared himself a "Nationalist".
So rather than beating ourselves up over semantics, would it not be better instead to debate two questions?:
Does "Nationalism" represent a growing force within enough countries that it represents a significant threat to the current
world order?
Does whatever Donald Trump thinks "Nationalism" means pose a threat to America's current place in the world and is it driving
the US away from its leadership role? (will "America First" lead to "America Isolated and Alone?")
Jean_Christophe_Jouffrey 2 days ago
Dear Kontraindicated,
First, your last question is already answered, in the WTO, the EU, China, Canada, Mexico have raised a complaint against the
falsified use of "national security" by Trump to justify tariffs. If the USA decided then to leave the WTO, because Trump's personal
honor would be stained, (without forgetting that the US Congress should have already protested that these tariffs were illegal
in the first place) this will be another occasion to show that it is indeed "America Isolated and Alone"... Trump could have allied
himself with the EU, Canada, etc. against some of the unfair practices of China, instead he got two of the biggest trading block
in the world (including its two territorial neighbors) to ally themselves against the USA.
What a way of winning Donnie! ;-)
Then, let's go back to the question of the meaning of Nationalism.
There are two aspects:
What is the real meaning of nationalism compared to patriotism, when we remove all the fake ideological recent additions
to these terms? (and I have answered at length on this in my other comments) And this meaning is not necessarily nefarious. It
becomes a problem when one claims that each Nation must have one "sovereign" State (in the sense of country), and there should
be only one such Nation per country.
What is the meaning which is actually meant by Trump? And it is clear that he means it the way that it was whispered to
him, which is "One Nation, One and only One State; One State, One and only One Nation"...
It is no longer "e pluribus unum", but "e uno unum" (one from one), which is slightly less ambitious and certainly less of
a reason to get up in the morning and do something productive (but then there is a lot of opportunity for "Executive Time" and
playing golf)... ;-)
Leroy 2 days ago
"Out of many, one." ONE. Get it through your head. ONE. If you are MANY, you ARE Yugoslavia. And that doesn't end well.
TitoPerdue 2 days ago
I try to imagine my parents being informed that they must now accustom themselves to white people being turned into a minority.
Would have been stunned, my folks, who first arrived in 1771.
My folks: "But what did we do wrong!"
Me: "You've been too successful and must now be punished."
My folks: "What's wrong with being successful!"
Me: "It's racist. Ask Jonah Goldberg. You know how much the Jews despise ethnocentrism."
Gaurus 3 days ago
This is a useful take on the subject. There is a big Tower of Babel problem with this word as it seems to mean different things
to different people, and different nations also define it differently.
This language barrier is why Macron's criticism of the President should be taken with a grain of salt. The left's myopic/robotic
attempts to unilaterally define this word on their terms is reprehensible, just like so many of their other attempts at PC authoritarianism
aka thought control which is pushed by the national media.
What the vast majority of people apparently fail to realize is that the United states is an empire which by definition
is a group of states or countries containing diverse ethnic and cultural identities.
You must at some point come to ask yourself, "what keeps these diverse groups contained in the U.S. from fracturing, dividing,
and falling apart?" The answer is nationalism/national identity. It is the keystone or glue that binds these diverse ethnic and
cultural groups together. Anyone or anything that tugs or tears at nationalism therefore is altogether a bad thing for the country
and will sow division and strife that was not previously there. Ultimately civil war could result if those seeking to divide the
country for political gain go too far and the left ignorantly seems all-in on doing this.
Applying recent trends in politics using this as a backdrop, one can see how pro-globalists wouldn't care to attack nationalism
as they are by definition against the very concept of a nation-state and want top bring back good old feudalism, but this time
on a global scale. For comparison Russia is another example of an empire that is aware It needs to fuel nationalist sentiment
to hold itself together. The EU is an emerging empire that is conflicted with what this means. The break-up of the Soviet Union
can be blamed in part for failing to establish a strong national identity.
Plymouth mtng, PA 3 days ago
Well said! This truth is exemplified by the evidentiary and documented history that the Founding Fathers and Jackson, Lincoln,
and Grant and the whole of 19th century America used the language of Liberty and Patriot to define the American Republic.
Leroy 3 days ago
I just learned something new. I thought that ethnicity was the same as race. It isn't. Ethnicity: "the fact or state
of belonging to a social group that has a common national or cultural tradition." By that definition, we're all in an ethnic
group, and we can belong to smaller ethnic groups as well.
If Americans don't become nationalists, understand that we share common interests and goals, it won't matter how much we love
our country, because it will be unrecognizable.
Jean_Christophe_Jouffrey 3 days ago
Dear Leroy,
I happen to think that "race" does not exist, but we know that in the USA when people say "ethnic" they mean "race"... ;-)
I remember 30 years ago, at the hairdresser in London, picking up a copy of the tabloid "The Sun", and reading a sentence where
"ethnic" was used to mean "foreigner with a darker complexion"... (something like "the three men were ethnic") ;-)
Once more "ethnic" means "national", nothing more nothing less: "ethnos" is the Greek translation of "natio". These are words
which have been used for a few thousand years, and we have to understand what they really meant and what they really mean now,
and to remove from them the "ideological" additions.
The definition which you give shows such ideological addition, by adding "cultural" and "tradition". By definition a "nation",
as the same traditions and therefore the same "culture": they are just redundant in this definition.
An ethnic group is a nation. So yes, you are in an ethnic group, and you can "define" smaller and smaller ethnic groups within
the bigger one (the "tribes"). So in Gaul, there were many different "nations", who were Gauls, but had a great diversity between
them (just read a few pages of Cćsar).
But at some point when there are many ethnic groups within you country (and this is how a country like France was made by the
addition of regions with varying ethnic backgrounds and the migration/invasion of many other ethnic groups), at some point the
only unity is in the country, the "patria", this is there that you find the common interests and goals.
So you see in France the difference going from Nation to the Country, because in the early middle ages the king was called
"King of the French" Rex Francorum, (there were many other nations recognized on the French territory) and in the later part of
the Middle Ages, he was called "King of France", Rex Franciae.
But because the word "nation" is important, and people would not let it go, there has been a tendency to use it to mean "country",
as when we speak of the National Anthem, but this is by a shifting of its original sense.
When we want to oppose nationalism and patriotism, we need to go back to the original technical meaning, not invent a new one.
PS: the reason why "ethnic" and "race" are not the same thing, and we saw it with "Pocahontas" controversy (I mentioned it
then), it is because a nation can "adopt" somebody who was not genetically related to them. They shall still be fully part of
the nation... but their genetic material shall be different.
Leroy 3 days ago
I know you enjoy history, but the meaning of words can shift. I'll go with the meaning of the word Nation that the founders
meant when they founded this nation. Nations are sovereign, make laws and control territory. A group of people, who share a culture,
but who do not control territory is not a nation.
Hub312 3 days ago ( Edited )
Whoever wants a clear-headed understanding of nationalism, I suggest you read the world's foremost scholar on nationalism,
Liah Greenfeld's "Nationalism: Five Roads to Modernity" and Pierre Manent's concise but rich "Democracy Without Nations?".
Nationalism is really just another word for modernity and democracy. . It arose in England at the end of the 17th and the 18th
centuries as the liberal answer to the question: if the people are sovereign, who are "the people" that we are now calling the
nation? Answer: those who live within the borders controlled by the sovereign. The nation state is our home and our protection
and we're all in it together regardless of language, culture, etc. This was the essentially liberal idea that was adopted and
adapted by the French. This was the form adopted by Americans too. Greenfeld describes it as "civic nationalism" to differentiate
it from the ethnic, anti-liberal "nationalism" later adopted by Russia and Germany.
It is the Russians, followed by the Germans and other central Europeans who followed their lead that gave nationalism a bad
name. Identifying "the people" as a linguistic-cultural entity with or without borders set the stage for the bloody conflicts
that were fought over borders for these groups, and the discrimination and ethnic cleansing for those who didn't belong to the
dominant linguistic-cultural group, to say nothing of what needed to be done about members of the dominant group who lived outside
its borders.
Empires and nations based on racial and ethnic identity have bloody borders, since it is impossible to draw any border anywhere
in the world that includes all members of the dominant group and excludes or oppresses all members of other groups.
Are they both called nationalisms? Yes. But they couldn't be farther apart.
Jean_Christophe_Jouffrey 3 days ago
Dear Hub312,
the word that is missing in your comment is "country". "if the people are sovereign, who are "the people" that we are
now calling the nation?... etc."
I am interested to see in which English author of the end of the 17th century you find the expression of "sovereign people"
or the "people are sovereign". Do you have some primary sources? I do not find it in Locke, but perhaps I am looking in the wrong
place.
And in the UK, in the 18th and 19th century, and still now, it is clear that English, Welsh, Irish and Scots are different
nations in the same "country"... Today, in Rugby the 6 nations championship takes place actually between four countries.
In the Middle Ages it is clear that the "supreme power" "summa potestas" comes God, and after this it is a question of open
debate whether it is invested directly in the King, or through the people who then may elect a king, or decide on a Republic.
And I find in the Renaissance of the 16th and early 17th century, many proponents of a summa potestas that belongs to the people,
which gives incidentally rise to the possibility of removing from power bad kings, but they happen to be Spanish and Catholics:
Francisco Suarez, Juan de Mariana and Roberto Bellarmino... worse, they are all Jesuits... ;-), and they claim that the supreme
power comes from the consent of the governed, and they were all dead by 1630... So that's it when it comes to the notion of people's
sovereignty "arising" in England in the late 17th century... It was up and awake already.
I cannot find "souveraineté" as a word (which is different from having a "sovereign"), before Jean Bodin (16th century) (but
you perhaps have better sources than mine), then I can direct you to many discussions about the nature and origin of "souveraineté"
in French in the 16th and 17th century.
Rousseau (mid-18th century) is famous for ascribing sovereignty to the people, but he was not English (although he was Protestant),
nor French, but he is also the inspiration for the "dictatorship of the people", and the Terror.
Rousseau is part of the Social Contract school, to which is usually adjoined his predecessors Hobbes and Locke, but there is
no doubt that Hobbes is a partisan of absolute monarchy, and again I fail to see in Locke a direct notion of people's sovereignty:
when he speaks of civil sovereigns he speaks of the "magistrates" who rule. But I am certain that you shall direct me to the proper
place in Locke, which currently escapes me.
The thing is that the "consent of the people" or even the "sovereignty of the people", or the "social contract" does not mean
that they are individually free afterwards... they may actually live under an absolute monarchy and still have "consented" to
it, or under a dictatorship of the people (socialist), or a national dictatorship, or a mixture of both... ;-)
Jean_Christophe_Jouffrey 3 days ago
Of course, as I read again what I wrote, I made the most silly of blunders: Bellarmino was Italian, not Spanish... this invalidates
all that I have ever written.. ;-)
Jean_Christophe_Jouffrey 3 days ago
Also, in the late 16th century during what is now called the Wars of Religions (but which they called Civil Wars) in
continental Europe, people moved from Monarchists to Republicans and back, depending of whether they were Catholics or
Protestants, but mostly depending of the position of strength in which they were at the time... There is a very interesting literature regarding the nature
and origin of the supreme power, and whether the people must have absolute obedience to the the sovereign civil power (whatever
shape it has). Of course none of this has to do with 17th century England, except that the same questions where asked and answered
their own way in the English Civil War (which was a religious war), when the Round-Heads decided to chop that of their King, whose
shape they did not like. ;-)
Bellarmino wrote against James I when he tried to sustain is absolute divine right to rule.
All of this to say that these questions were raised long before the Glorious Revolution. ;-)
Jean_Christophe_Jouffrey 2 days ago
Dear Hub312,
well, why would I read a secondary source book, if it does not know the primary sources which I know?
If this book describes nothing more than what you described (i.e. England, end of the 17th century, etc.), which is refuted
by the sources that I know, why would I waste time reading it? it could not edify me, if it does not add to what I know.
Hub312 4 hours ago ( Edited )
...and you would love the Manent book, written from a very European liberal perspective, which is brief and very concise.
Jean_Christophe_Jouffrey 3 days ago
Dear Michael Brendan Dougherty,
I have a revolutionary proposal: instead of investing words with supposed meanings in order to be able to say that we approve
of them or not (which in English is called begging the question), why don't we simply use the etymological meaning of the word?
;-)
It's easy, "national" means precisely the same thing as "ethnic": one is Latin, the other is Greek. You know what ethnicity
is a euphemism for in the US: "race". A "nation" does not need to have borders to be a nation, the "barbarian nations" of late
Antiquity early Middle Ages were roving nations. This is why also initially German nationalism i the 19th and early 20th century
was expansive: it meant to "unify" the German nation in one country. This is why Irish, Scottish or Welsh nationalism is divisive
and restrictive, it is meant to separate the English (seen as invaders) from the local version of a Celtic nation.
The "Patria" is the Land of the fathers: this is the "country", the "land".
The one is "Blood", the other is "Soil", you see that each can be assigned bad meaning or good meaning, if one wants to.
Behind this you have the age old conflicts between Cain and Abel, between the roving pastor, and the settled farmer.
Both Nation and Patria can be a limit within which to stay, or a limit to expand: so one can be an "imperialist" or not, whether
one is a patriot or a nationalist. Because even a patriot, may require more land, to ensure the safety of the one that he has,
his own version of "lebensraum".
These two notions are also linked to the "jus sanguinis" (right of blood) and the "jus soli" (right of soil/land) question
regarding citizenship.
In countries which have official separate notions of citizenship and nationality (in the former USSR for instance), citizenship
is clearly ascribed to the country, and nationality is clearly ascribed to ethnicity: so one can be a Russian national, citizen
of Kazakhstan.
It is the notion of the Nation-State (which is comparatively recent), which tends to make believe that for each identifiable
"Nation" there must be one identifiable "Country" (a sovereign state). It is the geographical difficulty if not impossibility
of this which lead to the political upheavals in the 19th and 20th centuries. It was trying to merge Nationalism and Patriotism
that created the problems.
In some cases when supposed "nations" wanted to be unified within one country, there was the notion of "Pan-somethingism",
Pan-Germanism, Pan-Slavism, etc., and/or Nations wanted to become independent: so you had the fights for the unification of Italy,
Germany, the independence of Poland, Greece, etc., within the 19th century. And then there were all these places were the population
was too mixed to make any such separation easy: the Balkans, the remnants of the Turkish Empire (a perfect example together with
the Persian Empire (for those who read Xenophon), why "Imperialism" does not mean "centralization"), remnants of "German" populations
in "Slavic" countries, etc. You know what followed.
So both nationalism and patriotism can have a good or a bad meaning, depending of how one intends to use them.
For instance the notion of a "Europe of Nations" is what helped secure the Good Friday Agreement, because another way of saying
it is a "Europe of Regions", where Irish, Scottish, Welsh, Basques, Bretons (of little Brittany), etc., have a possibility of
recognition, without necessarily breaking up "countries".
So you are right there is much more than one axis of meaning, and it is important that one opposes the right terms, and this
is the responsibility of what used to be called the "publicists", those who speak of the Res Publica, what we now call "pundits":
but in the USA none are more adept at using the wrong formulations than the "modern conservative" pundits. Why? well, "modern
conservative" says it all... because you are partly right conservatism is about "a set of dispositions toward a political and
civilizational inheritance", and "modern conservatism" is therefore an oxymoron. ;-)
And this is why "Modern Conservatism" became such an easy prey for the Alt-Right Anarchists: because they are not grounded
in an actual "tradition", but like all the "progressives" (which they are), they have to reinvent for themselves a new beginning...
in the 1950s, they said, now that there is National Review, we shall become "real" conservatives, "modern conservatives", before
us, they were not really conservatives... ;-)
But you cannot be a real conservative if you have to identify a date for the birth of your movement.
"Modern Conservatives" have a vested interest in muddying the debate, so that it does not become clear that "conservatism"
is not linked to specific political or economical models, and more importantly it is not true that the Founding Fathers were all
absolutist libertarian free traders... ;-)
So Conservatism is not the opposite of Liberalism, it is the opposite of Progressivism. Imperialism is indeed about expansion
of power, but it is not necessarily about "centralization", as many empires not only have left the "local life" untouched, but
this "local life" disappeared when a supposedly more "liberal" power took over...
Therefore I do beg American publicists, especially those of the conservative variety writing in NRO, stop begging the question
when you falsely "define" terms, so that they align with what you deem to be good or bad; be instead a real conservative, go back
to the etymology and the actual meaning of the words, see how they were used initially, not only in the last 50 or even 100 years...
because then you are using "progressive" definitions, and you keep repeating that "progressives" always change the meaning of
the words to suit their purpose... You are right on that one. ;-)
Leroy 3 days ago
Conservatism "has been traditionally defined as a set of dispositions toward a political and civilizational inheritance"?
That can't be true. We all know that conservatism now means free trade, where American workers are replaced by Chinese slave
labor. We know that conservatism means an insatiable desire for foreign migrants, adding millions of campesino's to our economy
every year. Most of all, we know that conservatism stands for foreign imperialist wars and globalist profits.
What, exactly, are our children inheriting? Press 2 for Spanish.
Jean_Christophe_Jouffrey 3 days ago
Dear Leroy,
I agree with you that US Conservatives are Progressives by another name. see my main comment here. ;-)
TitoPerdue 2 days ago
Indeed. And let us not forget neocons.
Jean_Christophe_Jouffrey 2 days ago
Dear TitoPerdue,
given that the Founding Fathers were already progressives, who for you committed the original sin of believing that "all men
are created equal", why do you still live in that den of iniquity that is the USA?
You should be out there carving an empire for yourself, showing your supremacy and spreading the seeds of your "culture" over
uncharted territories and untamed tribes... ;-)
I hear that there are still some fairly inaccessible places in Papua-New-Guinea... ;-)
Perfect place to show your supremacy, or end up in the cooking pot. For once your philosophy of life would become true: eat
or be eaten! ;-)
hawkesappraisal 3 days ago
I agree. "Nationalism" is a charged but nebulous word, but it describes something that is clearly important in spite of the
obscurity of its meaning. So the struggle to come up with coherent definitions is worthwhile. The current Nationalism is probably
best defined by, Progressives saying "America sucks!" and the Right responding, "No it doesn't! America is Awesome!"
freedom1 3 days ago ( Edited )
Thoughtful piece. I think the obvious irritant lending support to Nationalist sentiments is the non benign aspects of Globalism.
A brand new expose
by Bloomberg shines light on modern day loan sharks: city officials that are armed with badges
like Vadim Barbarovich, who earned $1.7 million last year, easily giving him the most lucrative
job within the government of New York City. His official title is City Marshal, and he's one of
35 that the mayor has appointed to compete for fees from recovering debts. While traditionally
marshals evict tenants and tow cars, Barbarovich has found his place in part of a debt
collection industry that allows them to use their legal authority on behalf of predatory
lenders.
It's a practice that dates back to the 17th century. Back then, jobs across the Hudson River
for marshals yielded the highest fees. Under current law, marshals are entitled to keep 5% of
cash that they collect. The city also has a Sheriff's office that does similar work, but those
employees get a salary. Several mayors have called for an end to the marshal system over the
last few decades, but nobody has been successful in getting the state legislature to act upon
it.
While Barbarovich's jurisdiction is supposed to end at city limits, he has worked to recover
debts from places like California and Illinois, among others nationwide.
One person he "recovered" debt money from, to the tune of $56,000, Jose Soliz, asked: "How
could they pull all that money? I've never even been to New York."
When asked about Barbarovich's practices, a spokesman for the New York City Marshals
Association said that marshals simply "enforce court judgments".
The genesis of these judgments are often lenders who advance money to people at rates that
can sometimes top 400% annualized. They have found a loophole around loansharking rules by
stating that they are instead buying the money that businesses will likely make in the future
at a discounted price. Courts have been supportive of this distinction and, as such, the
"merchant cash advance" industry has grown to about $15 billion a year.
As soon as lenders see that borrowers have fallen behind they call marshals, whose job is to
force the banks to handover whatever cash is left. They do this by using a court order stamped
by a clerk that's obtained without going before a judge. Banks generally comply immediately,
without checking if the marshal has the right to actually take the funds. The borrower often
doesn't understand what's going on until the money is gone.
Prior to becoming a marshal, Barbarovich worked in property control earning about $70,000 a
year and sometimes volunteered as a Russian translator. Upon starting as a marshal in 2013, he
earned about $90,000. When cash advance companies discovered the power he had, his income
skyrocketed and his earnings increased almost 20 fold.
His financial disclosures show that his work enforcing Supreme Court property judgments
skyrocketed dramatically over the last two years, as did the amount of cash he recovered. In
some respects, the collection process is like the wild west: marshals don't draw a salary, earn
fees from customers and are encouraged to compete with one another, which can catalyze
aggressive behavior.
Avery Steinberg, a lawyer in White Plains, New York, who represents a few clients whose
accounts were seized by Barbarovich, told Bloomberg: "He goes about it in any which way he can.
He has a reputation of being a bully."
The Bloomberg article tells the story of Jose Soliz, whose company builds concrete block
walls for schools and stores in the Texas Panhandle. He had started borrowing from cash advance
companies several years ago and found himself trapped in a cycle of debt.
He eventually wound up taking out a $23,000 loan that he agreed to pay back within nine
weeks – to the tune of $44,970 : an 800% annualized interest rate.
He says that the fees were more than expected, so he stopped payment. When he went to go pay
his employees a couple days later, he noticed that his Wells Fargo account had been frozen and
his paychecks bounced.
He found out the hard way that cash advance companies like the one he used required him to
sign a document agreeing in advance that if there's a legal dispute, the borrower will
automatically lose, rendering any type of judicial review useless.
Those who are signing these agreements don't often realize the power that they are waiving.
Based on these agreements, the lender can accuse the borrower of defaulting, without proof, and
have a court judgment signed by a clerk on the same day.
This is exactly what happened to Soliz. His lender obtained such a judgment against him in
Buffalo, New York and called in Barbarovich to collect. Even though his Wells Fargo account was
opened in Texas, and the judgment was only valid in New York State, the bank turned over
$56,764 to the marshal. The rule is supposedly that marshals can go after out of state funds as
long as they serve demands at a bank location in New York City, according to the New York City
Department of Investigation.
On the other hand, it's not clear whether or not banks have to comply with these orders.
Some banks reject these demands but most have a policy of following any legal order they
receive so as to avoid the hassle of reviewing them and not to ruffle any feathers.
Wells Fargo, when contacted by Bloomberg, stated that it "carefully review[s] each legal
order to ensure it's valid and properly handled."
Barbarovich claims that he serves all legal orders by hand, though that is disputed by
Soliz's lawyer.
The Department of Investigation reportedly "continues to review" Barbarovich's work and
offered few specifics to Bloomberg.
The Department has stated that they're conducting multiple investigations into the
enforcement of judgments and focusing on whether not marshals are serving orders by hand.
Reminds me of another 'vishibalo' (shakedown artist) Benjamin 'Bugsy' Siegel who's parents
hailed from Odessa, Ukraine (a city which until today is still run by the Jewish mafia) and
his boyhood friend Meyer Lansky (who came from Belarus), who formed the first Jewish criminal
group in New York. Fiddler on the Roof: "If I were a rich man...... Tradition! Tradition!
"
His jurisdiction ends in NY, bank in Texas has no reason to comply, Soliz could suecthe
bank and sue the 'marshall' - he has no legal authority outside of nyc to seize funds absent
a court order in that jurisdiction.
Guy has a property interest of some sort in his funds being available. At very least due
process rights that were ignored.
My state had a loan shark running multiple easy cash joints and spending the money on all
sorts of properties and businesses. Voters capped his interest on loans and he left the
state.
"It's a practice that dates back to the 17th century."
Incorrect. This was a method used in ancient Rome to collect taxes. It's the reason
landowners and farmers abandoned their land. Excessive taxation and the capacity to acquire
wealth by collecting taxes from the state. By the way, the IRS pays 10%.
February 21, 1871 and the Forty-First Congress is in session. I refer you to the "Acts of
the Forty-First Congress," Section 34, Session III, chapters 61 and 62. On this date in the
history of our nation, Congress passed an Act titled: "An Act To Provide A Government for the
District of Columbia." This is also known as the "Act of 1871." What does this mean? Well, it
means that Congress, under no constitutional authority to do so, created a separate form of
government for the District of Columbia, which is a ten mile square parcel of land.
In essence, this Act formed the corporation known as THE UNITED STATES. Note the
capitalization, because it is important. This corporation, owned by foreign interests, moved
right in and shoved the original "organic" version of the Constitution into a dusty corner.
With the "Act of 1871," our Constitution was defaced in the sense that the title was
block-capitalized and the word "for" was changed to the word "of" in the title. The original
Constitution drafted by the Founding Fathers, was written in this manner:
"The Constitution for the united states of America".
The altered version reads: "THE CONSTITUTION OF THE UNITED STATES OF AMERICA". It is the
corporate constitution. It is NOT the same document you might think it is. The corporate
constitution operates in an economic capacity and has been used to fool the People into
thinking it is the same parchment that governs the Republic. It absolutely is not.
Capitalization -- an insignificant change? Not when one is referring to the context of a
legal document, it isn't. Such minor alterations have had major impacts on each subsequent
generation born in this country. What the Congress did with the passage of the Act of 1871
was create an entirely new document, a constitution for the government of the District of
Columbia. The kind of government THEY created was a corporation. The new, altered
Constitution serves as the constitution of the corporation, and not that of America. Think
about that for a moment.
"He found out the hard way that cash advance companies like the one he used required him
to sign a document agreeing in advance that if there's a legal dispute, the borrower will
automatically lose, rendering any type of judicial review useless."
Immoral? Yep.
Unethical? Of course.
Surprising? Nope.
Bottom line is, these dumb shits signed off on a bottom line that SPELLED OUT THIS EXACT
PROCESS if they defaulted.
"... With the advent of Obama, many peace leaders and followers joined the Obama political machine .Those who were not co-opted were quickly disillusioned on all counts. Obama continued the ongoing wars and added new ones -- Libya, Honduras, Syria. The US occupation in Iraq led to new extremist militia armies which preceded to defeat US trained vassal armies up to the gates of Baghdad. In short time Obama launched a flotilla of warships and warplanes to the South China Sea and dispatched added troops to Afghanistan. ..."
"... The anti-war movement which started in opposition to the Iraq war was marginalized by the two dominant parties. The result was the multiplication of new wars. By the second year of Obama's presidency the US was engaged in seven wars. ..."
"... The international conditions are ripening. Washington has alienated countries around the world ;it is challenged by allies and faces formidable rivals. The domestic economy is polarized and the elites are divided. ..."
Over the past three decades, the US government has engaged in over a dozen wars, none of
which have evoked popular celebrations either before, during or after. Nor did the government
succeed in securing popular support in its efforts to confront the economic crises of 2008
– 2009.
This paper will begin by discussing the major wars of our time, namely the two US invasions
of Iraq . We will proceed to analyze the nature of the popular response and the political
consequences.
In the second section we will discuss the economic crises of 2008 -2009, the government
bailout and popular response. We will conclude by focusing on the potential powerful changes
inherent in mass popular movements.
The Iraq War and the US Public
In the run-up to the two US wars against Iraq, (1990 – 01 and 2003 – 2011) there
was no mass war fever, nor did the public celebrate the outcome. On the contrary both wars were
preceded by massive protests in the US and among EU allies. The first Iraqi invasion was
opposed by the vast-majority of the US public despite a major mass media and regime propaganda
campaign backed by President George H. W. Bush. Subsequently, President Clinton launched a
bombing campaign against Iraq in December 1998 with virtually no public support or
approval.
March 20, 2003, President George W. Bush launched the second major war against Iraq despite
massive protests in all major US cities. The war was officially concluded by President Obama in
December 2011. President Obama's declaration of a successful conclusion failed to elicit
popular agreement.
Several questions arise:
Why mass opposition at the start of the Iraq wars and why did they fail to continue?
Why did the public refuse to celebrate President Obama's ending of the war in 2011?
Why did mass protests of the Iraq wars fail to produce durable political vehicles to
secure the peace?
The Anti-Iraq War Syndrome
The massive popular movements which actively opposed the Iraq wars had their roots in
several historical sources. The success of the movements that ended the Viet Nam war, the ideas
that mass activity could resist and win was solidly embedded in large segments of the
progressive public. Moreover, they strongly held the idea that the mass media and Congress
could not be trusted; this reinforced the idea that mass direct action was essential to reverse
Presidential and Pentagon war policies.
The second factor encouraging US mass protest was the fact that the US was internationally
isolated. Presidents George H. W. and George W. Bush wars faced hostile regime and mass
opposition in Europe, the Middle East and in the UN General Assembly. US activists felt that
they were part of a global movement which could succeed.
Thirdly the advent of Democratic President Clinton did not reverse the mass anti-war
movements.The terror bombing of Iraq in December 1998 was destructive and Clinton's war against
Serbia kept the movements alive and active To the extent that Clinton avoided large scale
long-term wars, he avoided provoking mass movements from re-emerging during the latter part of
the 1990's.
The last big wave of mass anti-war protest occurred from 2003 to 2008. Mass anti-war protest
to war exploded soon after the World Trade Center bombings of 9/11. White House exploited the
events to proclaim a global 'war on terror', yet the mass popular movements interpreted the
same events as a call to oppose new wars in the Middle East.
Anti-war leaders drew activists of the entire decade, envisioning a 'build-up' which could
prevent the Bush regime from launching a series of wars without end. Moreover, the
vast-majority of the public was not convinced by officials' claims that Iraq, weakened and
encircled, was stocking 'weapons of mass destruction' to attack the US.
Large scale popular protests challenged the mass media, the so called respectable press and
ignored the Israeli lobby and other Pentagon warlords demanding an invasion of Iraq. The
vast-majority of American, did not believe they were threatened by Saddam Hussain they felt a
greater threat from the White House's resort to severe repressive legislation like the Patriot
Act. Washington's rapid military defeat of Iraqi forces and its occupation of the Iraqi state
led to a decline in the size and scope of the anti-war movement but not to its potential mass
base.
Two events led to the demise of the anti-war movements. The anti-war leaders turned from
independent direct action to electoral politics and secondly, they embraced and channeled their
followers to support Democratic presidential candidate Obama. In large part the movement
leaders and activists believed that direct action had failed to prevent or end the previous two
Iraq wars. Secondly, Obama made a direct demagogic appeal to the peace movement – he
promised to end wars and pursue social justice at home.
With the advent of Obama, many peace leaders and followers joined the Obama political
machine .Those who were not co-opted were quickly disillusioned on all counts. Obama continued
the ongoing wars and added new ones -- Libya, Honduras, Syria. The US occupation in Iraq led to
new extremist militia armies which preceded to defeat US trained vassal armies up to the gates
of Baghdad. In short time Obama launched a flotilla of warships and warplanes to the South
China Sea and dispatched added troops to Afghanistan.
The mass popular movements of the previous two decades were totally disillusioned, betrayed
and disoriented. While most opposed Obama's 'new' and 'old wars' they struggled to find new
outlets for their anti-war beliefs. Lacking alternative anti-war movements, they were
vulnerable to the war propaganda of the media and the new demagogue of the right. Donald Trump
attracted many who opposed the war monger Hilary Clinton.
The Bank Bailout: Mass Protest
Denied
In 2008, at the end of his presidency, President George W. Bush signed off on a massive
federal bailout of the biggest Wall Street banks who faced bankruptcy from their wild
speculative profiteering.
In 2009 President Obama endorsed the bailout and urged rapid Congressional approval.
Congress complied to a $700-billion- dollar handout ,which according to Forbes (July 14, 2015)
rose to $7.77 trillion. Overnight hundreds of thousands of American demanded Congress rescind
the vote. Under immense popular protest, Congress capitulated. However President Obama and the
Democratic Party leadership insisted: the bill was slightly modified and approved. The 'popular
will' was denied. The protests were neutralized and dissipated. The bailout of the banks
proceeded, while several million households watched while their homes were foreclosed ,despite
some local protests. Among the anti-bank movement, radical proposals flourished, ranging from
calls to nationalize them, to demands to let the big banks go bankrupt and provide federal
financing for co-operatives and community banks.
Clearly the vast-majority of the American people were aware and acted to resist
corporate-collusion to plunder taxpayers.
Conclusion: What is to be Done?
Mass popular mobilizations are a reality in the United States. The problem is that they have
not been sustained and the reasons are clear : they lacked political organization which would
go beyond protests and reject lesser evil policies.
The anti-war movement which started in opposition to the Iraq war was marginalized by the
two dominant parties. The result was the multiplication of new wars. By the second year of
Obama's presidency the US was engaged in seven wars.
By the second year of Trump's Presidency the US was threatening nuclear wars against Russia,
Iran and other 'enemies' of the empire. While public opinion was decidedly opposed, the
'opinion' barely rippled in the mid-term elections.
Where have the anti-war and anti-bank masses gone? I would argue they are still with us but
they cannot turn their voices into action and organization if they remain in the Democratic
Party . Before the movements can turn direct action into effective political and economic
transformations, they need to build struggles at every level from the local to the
national.
The international conditions are ripening. Washington has alienated countries around the
world ;it is challenged by allies and faces formidable rivals. The domestic economy is
polarized and the elites are divided.
Mobilizations, as in France today, are self-organized through the internet; the mass media
are discredited. The time of liberal and rightwing demagogues is passing; the bombast of Trump
arouses the same disgust as ended the Obama regime.
Optimal conditions for a new comprehensive movement that goes beyond piecemeal reforms is on
the agenda. The question is whether it is now or in future years or decades?
Mass protest, which must ignore the mass media, depends on organizers. No organizers--no
protest. Since organizers are mostly working for somebodies agenda, those agendas apparently
don't want mass protest against war. They only want to push multi-genderism and minority
resistance, these days.
" Where have the anti-war and anti-bank masses gone? I would argue they are still with us
but they cannot turn their voices into action and organization if they remain in the
Democratic Party . Before the movements can turn direct action into effective political and
economic transformations, they need to build struggles at every level from the local to the
national. "
.gov gives not one damn what the people think and they willl do what pleases their
masters. We are allowed to "vote" once in a while to maintain the illusion that they
care.
Very few Americans are anti-war. They are just fine with endless war and the killing of
millions of people with brown skin for any reason the government gives. Even the so-called
anti-war protesters of the Sixties are now pro war. Back then there was a draft, and they
were at risk of dying in the war. Turns they were only against themselves dying, not somebody
else's child. The volunteer army is staffed by the unfortunates of American society who have
very few options except the military. Uneducated rural whites and inner city black youths are
today's military. Poor white trash and ghetto blacks. Who cares if they die? That's the
attitude of the Sixties anti-war crowd. Hypocrites.
A universal draft, male and female, would stop all the wars in a day.
True, I also believe many Americans turn their heads toward these endless/unneeded wars
because the "enemies" mortar fire is not landing in our own backyard.
But White people know if they pray, buy groceries, buy clothes for kids, keep their
appearance up... then losing jobs & middle class is only an obstacle if you don't work
harder... Fascism is about responsibility, looking and acting like the winner class. White
people will enlist in military, police, fire department... will work harder... will work 2-4
jobs... will blame themselves for everything.
No warning or reason given for closures,Customers, employees and communities are outraged
after Papa Gino's Pizza abruptly closed dozens of locations across New England overnight.
Now that congress serves only as a mechanism for creating and maintaining skimming
operations and rigging all markets, it is imperative that citizens get no information. Since
organized crime also owns the major media outlets, that is an easy task. With no information
in the mainstream there is no anti war and no anti bank.
Gone, like the people who wanted a real 9/11 investigation. Yahoos out there still think
that if it was an inside job someone would have spoke out by now . Lol
They are all their, they are just silenced in corporate main stream media whilst corporate
main stream media absolutely 'SCREAMS' about identity politics, not an accident. Identity
politics is the deep state and shadow government plan to silence the masses about fiscal and
foreign policy.
For example, even though I am centre left, I was there in the beginning of the alt right,
it was not white supremacy for the first few weeks it was Libertarian vs corporate
Republican, then the deep state and shadow government stepped in and using corporate main
stream media, re-branded alt-right as white supremacy, is was really fast.
Most people don't even know alt-right started out as very much Libertarian taking on the
corporate state and that is what triggered that attack and a stream of fake right wingers
(deep state agents) screaming they were the alt-right together with corporate main stream
media, to ensure Libertarian where silenced.
Look at it now, how much do you here from Libertarians, practically nothing, every time
they try, they are targeted as alt-right which they were as in the alternate to corporate
Republicans much the same as the Corporate Democrats. From my perspective the real left and
the Libertarians had much more in common, than the corporate Republicans and the corporate
Democrats (both attacking the libertarians and the greens to silence them).
They are all there fighting, just totally silenced in corporate main stream media, you
have to go to https://www.rt.com/ to find
them.
Bankers control the CFR, the CFR controls the media and most gov positions and most of the
deepstate 3 letter agencies.. Everything said is tracked by the NSA and everywhere you go is
tracked by your phone and cars. Ever wonder how they take over a grass root movement so fast?
Think about it.
And how we burned in the camps later, thinking: What would things have been like if every
Security operative, when he went out at night to make an arrest, had been uncertain whether
he would return alive and had to say good-bye to his family? Or if, during periods of mass
arrests, as for example in Leningrad, when they arrested a quarter of the entire city,
people had not simply sat there in their lairs, paling with terror at every bang of the
downstairs door and at every step on the staircase, but had understood they had nothing
left to lose and had boldly set up in the downstairs hall an ambush of half a dozen people
with axes, hammers, pokers, or whatever else was at hand?... The Organs would very quickly
have suffered a shortage of officers and transport and, notwithstanding all of Stalin's
thirst, the cursed machine would have ground to a halt! If...if...We didn't love freedom
enough. And even more – we had no awareness of the real situation.... We purely and
simply deserved everything that happened afterward.
The United States is now too big for popular protest. How can I, living in California,
have common cause with someone living in New York? We live on opposite sides of this
continent and have wildly different climates. Our heavy hitters are in Technology while New
York has Banking and Wall St.
Our elected officials are unable to get crap done in the same manner we're unable to get a
good protest underway. We can withdraw somewhat or go off grid where possible but that's
about it.
African American lack of support for the Iraq war:
According to several polls taken right before the war, only a minority of African-Americans
supported the Bush administration's decision to invade Iraq. Most notably, a poll by the
Joint Center for Political and Economic Studies had found that only 19 percent of
African-Americans supported it.
That is a striking statistic, especially considering that more than 70 percent of white
Americans were in favor of the military invasion, according to some polls.
Also note that 90% of white males were for that illegal war of aggression.
the left is so obsessed with getting trump, they can do nothing else. they are so *******
stoopid, that they wont even try to develop someone to beat trump. they put 100% of their
energy in hating trump. they are blinded by hatred.
the end is nigh and there's nothing to be done about it.... 10 years and thats it....
beyond that and event horizon... black hole... no one knows. ai terminator coming soon...
thats all i can see.
Most thinking people are not wanting to be part of a movement that will be co-opted for
someone else's political gain. I would rather prepare myself and family for the inevitable
collapse of the economy and perhaps more that awaits us. That's enough to keep me busy. I
can't change the whole world but I can prepare to help my family friends and neighbors.
In answer to the the question posed by the headerof this article, they have either been
exiled from 'respectable' media or are stuck yelling "Trump! Trump! Trump! Russia! Russia!
Russia" like a poorly programmed NPC caught in an infinite loop.
The hidden hand behind the puppet show has done a hell of a job massaging the masses, and
turning their minds into mush.
"Where have the anti-war and anti-bank masses gone? I would argue they are still with us
but they cannot turn their voices into action and organization if they remain in the
Democratic Party ."
Exactly! If there are any anti-war people out there they sure as hell are not with the
Democratic Party. Those leftist lunatics are the most destructive political group on this
planet. Their thinking is 'divide & conquer', incite racial tensions, spew hatred,
promoting that killing babies before they are born, or even on the day they are born is
awesome. One has to wonder if people that evil even have souls.
As for anti-bankers... is this author off his rocker? He's not fooling anyone by trying to
present the theory that if there are any consciencous objectors out there they would be
supporters of the Democratic party. That thought is outright laughable. Even worse, to try to
create this new narrative by writing this type of article is absolutely despicable.
Fortunately, not the least bit convincing. People know better.
" Where have the anti-war and anti-bank masses gone? I would argue they are still with us
but they cannot turn their voices into action and organization if they remain in the
Democratic Party "
OK, so..... it's the Democrat Party, not the Democratic Party. Not like anyone gives a
**** what words mean any more, but.... whatever. Use the right ******* words or..... *******
don't. Not like any of this **** matters any more at this level.
And not all of us are ******* Democrats. Neither party is really anti-war or anti-bank
now, so the red/blue thing has little relevance to those subjects. We all argue about much
more important issues now like transgender bathrooms and whether Kanye West is a racist for
supporting Trump or not.
Politics has become a black hole collapsing on us. Black hole don't give a ****. Look at
that black hole. It just ate a star and became bigger. It don't care.
Sorry but I do not see Trump as "threatening nuclear war".
Surely some of the Deep Staters did. But it's hard to see Trump as in control. His
presidency has been great for exposing how things really work. That's worth a lot. If only
the idiots would pay attention. But they won't. They're too busy placing great importance on
the trifling and little or none on the critically important.
Excuse me I have to run now and get the latest iPhone.
President Trump's ex-longtime personal attorney Michael Cohen worked with an FBI informant
known as "The Quarterback" to negotiate a deal for Trump Tower Moscow during the 2016 US
election, according to
BuzzFeed News .
"The Quarterback," Felix Sater - a longtime FBI and CIA undercover
intelligence asset who was busted running a $40 million stock scheme, leveraged his
Russia connections to pitch the deal, while Cohen discussed it with Putin's press secretary,
Dmitry Peskov, according to BuzzFeed , citing two unnamed US law enforcement
officials.
Sater told BuzzFeed News today that he and Cohen thought giving the Trump Tower's most
luxurious apartment, a $50 million penthouse , to Putin would entice other wealthy buyers
to purchase their own. "In Russia, the oligarchs would bend over backwards to live in the
same building as Vladimir Putin," Sater told BuzzFeed News. "My idea was to give a $50
million penthouse to Putin and charge $250 million more for the rest of the units. All the
oligarchs would line up to live in the same building as Putin." A second source confirmed
the plan. -
BuzzFeed
The Trump Tower Moscow plan is at the center of Cohen's
new plea agreement with Special Counsel Robert Mueller after he admitted to lying to
congressional committees investigating Trump-Russia collusion.
According to the
criminal information filed against Cohen Thursday, on Jan. 20, 2016 he spoke with a
Russian government official, referred to only as Assistant 1, about the Trump Tower Moscow
plan for 20 minutes. This person appears to be an assistant to Peskov, a top Kremlin
official that Cohen had attempted to reach by email.
Cohen "requested assistance in moving the project forward, both in securing land to
build the proposed tower and financing the construction," the court document states.
Cohen had previously maintained that he never got a response from the official, but in
court on Thursday he acknowledged that was a lie. -
BuzzFeed
While the deal ultimately fizzled, "and it is not clear whether Trump knew of the
intention to give away the penthouse," Cohen has said in court filings that Trump was
regularly briefed on the Moscow negotiations along with his family.
Sater and Cohen "worked furiously behind the scenes into the summer of 2016 to get the
Moscow deal finished," according to BuzzFeed - although it was claimed that the project was
canned in January 2016, before Trump won the GOP nomination.
Sater, who has worked with the Trump organization on past deals, said that he came up with
the Trump Tower Moscow idea, while Cohen - Sater recalled, said "Great idea." "I figured,
he's in the news, his name is generating a lot of good press," Sater told BuzzFeed earlier in
the year, adding "A lot of Russians weren't willing to pay a premium licensing fee to put
Donald's name on their building. Now maybe they would be."
So he turned to his old friend, Cohen, to get it off the ground . They arranged a
licensing deal, by which Trump would lend his name to the project and collect a part of the
profits. Sater lined up a Russian development company to build the project and said that
VTB, a Russian financial institution that faced US sanctions at the time, would finance it.
VTB officials
have denied taking part in any negotiations about the project. -
BuzzFeed
Two FBI agents with "direct knowledge of the Trump Tower Moscow negotiations" told
BuzzFeed earlier this year that Cohen had been in frequent contact with foreigners about the
potential real estate project - and that some of these individuals "had knowledge of or
played a role in 2016 election meddling."
Meanwhile, Trump reportedly personally signed the letter of intent to move forward with
the Trump Tower Moscow plan on October 28, 2015 - the third day of the Republican primary
debate.
Cohen is scheduled to be sentenced on December 12. By cooperating with the DOJ, he is
hoping to avoid prison.
In 1998, Sater pleaded guilty to his involvement in a $40 million stock fraud scheme
orchestrated by the Russian Mafia , and became an informant
for the Federal Bureau of
Investigation and federal prosecutors, assisting with organized crime investigations.
In 2017, Sater agreed to cooperate with investigators into international money laundering schemes.
Left, right and centre in contemporary USSA politics are rotten and corrupt. Bernie
Sanders proved that even he is susceptible to dodgy business decisions. Trump is no more
rotten and adverse to dodgy/boarderline legally tenuous deals than anybody in politics on
Capitol Hill. Do I care about this? No, because there are far more important issues to be
dealt with by a magnitude of 90000 times.
Both sides on this issue are imbeciles. One side is pushing guilt, when compared to what
Killary and the Clinton foundation got up to, it is a complete non-story. The other side
are completely absolving Orange Jesus of any guilt and making out he has morals beyond
reproach.
I rarely comment on the Trump/Russia angle, because most of it is overblown, the
narrative is distorted and context is deliberately misinterpreted.
President Trump's ex-longtime personal attorney Michael Cohen worked with an FBI
informant known as "The Quarterback" to negotiate a deal for Trump Tower Moscow during
the 2016 US election, according to BuzzFeed News.
There is nothing about this sentence which carries any credibility at all.
Honestly, you might not have bothered writing it, or the rest of the article. No. I
didn't read it, and am not going to waste any of my life doing so either.
Can somebody just give me the short, simple, dumbed-down version of what any of this
means? What does this amount to? Is this any kind of game-changer? Does it change
anything?
" ...an un-named source" ..... another fantastical fairytale from a failed american
media company by yet another un-named source. How very convenient. President Vladimir
living in an american themed cramped badly designed apartment building ? Please, I do not
like to laugh much but this is starting to make me smile. Our President has a State owned
mansion in the best part of our glorious capital ....like me he owns almost nothing and
works all the time ....why would anybody with sanity in their brain believe that he would
make this change, especially to be associated with ANYTHING american. Also no Russian
businessman that I know has ever bought a property in a trump complex .... the build
quality and design is rubbish. Westerners should take time to view some of our exceptional
office and residential towers along the Moskva River to see where wealthy people want to
invest, work and live here. Get real West !!
OK thought experiment, given that he "only" earns perhaps 150k, how is Putin going to
pay for the upkeep of such a White Elephant? Imagine if he had to pay for maintenance of
the complementary hot n cold running whores that inevitable come with such an apartment
.... what if something breaks and needs replaced?
It's like giving a Ferrari to an Amish. Thanks, but no, thanks. Not his style.
Because Putin wants to live in a building with a bunch of mobsters.
And small world - wouldnt you know the Russians who try to do hotel deals are also into
hacking illegal, unsecure servers?
And though this indicates nothing, true or not, about the election - here's the secret :
the judeocorporate media has got the public trained to react to 'Russia' and 'Putin' purely
emotionally - so much so the Maddows of the world will shriek that this proves 'collusion'
- when it does no such thing.
More Deep State smoke and mirrors.
If you havent watched any Dan Bongino speeches on youtube its worth a look.
Crooks and criminals took over worldwide. Now even US-citizens elected one for
President. It´s a shame. How long will it take until the killer squads of Blackstone
financed by Blackrock prowl through the streets to kill anybody who isn´t useful in
their view? They have been practicing for years in foreign countries, paid with taxpayers
money.
Why did the FBI or Muller zero in on this guy Michael Cohen?
Because they got everything on him, Trump and his family and associates, long before any
investigations were initiated.
NSA collected all the phone records, emails, text messages, internet usages, banking
records, library loan records, etc, . . . on EVERY Americans. All they need to do is type
in a name, like you type in a search phrase on Google, and everything associated with that
person would come up, on the screen.
The FBI knew everything they need to know about Michael Cohen, and General Michael
Flynn.
All they need to get them or entrap them is to ask them questions, which they already
knew the answers, and wait for them to "lie" or misrepresent themselves.
BINGO!
They are charged with lying to the FBI.
Trump was smart that he refused to be "interview" with the Muller, the Inquisitor. His
lawyers knew Muller will try to trap into "lying" to the FBI.
Michael Cohen To Plead Guilty To Lying About Trump Russian Real-Estate Deal
by Tyler Durden
Thu, 11/29/2018 - 09:19 128 SHARES
Four months after
he pleaded guilty to campaign finance law violations, former Trump lawyer Michael Cohen has
copped to new charges of lying to congressional committees investigating Trump-Russia
collusion, according to
ABC . His latest plea is part of a new deal reached with Special Counsel Robert Mueller,
which had been said to be winding down before its latest burst of activity, including an
investigation into Roger Stone's alleged ties to Wikileaks. Stone ally
Jerome Corsi this week said he had refused to strike a plea deal with Mueller's
investigators, who had accused him of lying.
To hold up his end of the deal, Cohen sat for 70 hours of testimony with the Mueller probe,
he said Monday during an appearance at a federal courthouse in Manhattan where he officially
pleaded guilty to one count of making false statements.
According to
the Hill, Cohen's alleged lies stem from testimony he gave in 2017, when he told the House
Intelligence Committee that a planned real-estate deal to build the Trump Moscow Hotel had been
abandoned in January 2016 after the Trump Organization decided that "the proposal was not
feasible." While Cohen's previous plea was an agreement with federal prosecutors in New York,
this marks the first time Cohen has been charged by Mueller.
As part of his plea Cohen admitted to lying in a written statement to Congress about his
role in brokering a deal for a Trump Tower Moscow - the aborted project to build a
Trump-branded hotel in the Russian capitol. As has been previously reported, Cohen infamously
contacted a press secretary for President Putin to see if Putin could help with some red tape
to help start development, though the project was eventually abandoned.
Though, according to Cohen's plea, discussions about the project continued through the first
six months of the Trump administration. Cohen had discussed the Trump Moscow project with Trump
as recently as August 2017, per a report in the
Guardian.
As a reporter for NBC News pointed out on twitter, Senate Intelligence Committee Chairman
Richard Burr and ranking member Mark Warner foreshadowed today's plea back in August after
Cohen pleaded guilty to the campaign finance violations.
Also notable: The plea comes just as President Trump is leaving for a 10-hour flight to
Argentina. In recent days, Trump appeared to step up attacks on the Mueller probe, comparing it
to
McCarthyism and questioning why the DOJ didn't pursue charges against the Clintons.
Cohen will be sentenced on Dec. 12, as scheduled. By cooperating, Cohen is hoping to avoid
prison, according to his lawyer. While this was probably lost on prosecutors, Cohen's admission
smacks of the "lair's paradox."
Senate Republicans have offered President Trump a degree of relief from his Mueller-related
anxieties by blocking a bill that would have protected the Mueller probe from being disbanded
by the president, but with the special counsel continuing his pursuit of
Roger Stone and
Jerome Corsi , and Congressional Democrats sharpening their knives in anticipation of
taking back the House in January, President Trump is once again lashing out at Mueller and the
FBI, declaring that the probe is an "investigation in search of a crime" and
once again highlighting the hypocrisy in the FBI's decision to give the Clintons a pass for
their "atrocious, and perhaps subversive" crimes.
Reiterating his claims that the Mueller probe bears many similarities to Sen. Joseph
McCarthy's infamous anti-Communist witch hunt, Trump also blasted the DOJ for "shattering so
many innocent lives" and "wasting more than $40,000,000."
"Did you ever see an investigation more in search of a crime? At the same time Mueller and
the Angry Democrats aren't even looking at the atrocious, and perhaps subversive, crimes that
were committed by Crooked Hillary Clinton and the Democrats. A total disgrace!"
"When will this illegal Joseph McCarthy style Witch Hunt, one that has shattered so many
innocent lives, ever end-or will it just go on forever? After wasting more than $40,000,000
(is that possible?), it has proven only one thing-there was NO Collusion with Russia. So
Ridiculous!"
As CBS
News' Mark Knoller notes , this is the 2nd day in a row, Pres Trump likening the Mueller
investigation to the Joe McCarthy witch hunt of the 50s , known for making reckless and
unsubstantiated accusations against officials he suspect of communist views. McCarthy was
eventually censured by the Senate in 1954.
Last night, President Trump threatened to release a trove of
"devastating" classified documents about the Mueller probe if Democrats follow through with
their threatened investigations. He also declared that a pardon for soon-to-be-sentenced former
Trump Campaign executive Paul Manafort was still "on
the table.
My suspicion is that the left, since the special counsel was never actually given a
legitimate crime to investigate, will want this left in place permanently. That's just my
guess though.
Without a crime however, it's hard to argue that the special counsel has any legitimacy,
since the law specifies that there must be a crime.
With that said, how can the results of what Mueller does be looked at as anything but
illegitimate?
Yes, and that I can agree with you on, however, the focus of the investigation has been
misplaced on Trump when it should have been on the Clintons. So again I can say that the
legitimacy of the counsel is in question because with Trump there was no crime.
If anything the criminal activity was perpetrated on Trump by the deep state.
The difference is that McCarthy was right about everything. The similarity is that the
press wanted to talk about everything but the contents of McCarthy's folders. It's like the
Podesta emails - "Russia hacked muh emails!" but no one seems to want to discuss their
contents.
My comments here may try to be humorous but this video needs watched to fully understand
the Mueller probe--and forward to friends........... https://www.youtube.com/watch?v=_aevtHHULag
Trump is right that Mueller is trying to create a crime where there is nothing but
politics as it is played today. Listen to former prosecutor Andrew McCarthy, who now
characterizes the Mueller investigation as 'a clown show', explain in great detail:
The crimes have been found.....and HRC and the democrats and their fbi pals committed
them. Mueller is not "in search of crimes", he's in search of crimes by trump associated
people.
You can see many similarities between the way the Democrats handled the Kavanaugh
nomination and Muellers investigation. If the GOP is smart they will start consolidating all
the facts about the FISA abuse, FBI abuse, IRS abuse, Mueller abuse and start a campaign
about it in time for the 2020 elections. If the Democrats were smart they would drop this
ASAP since it isn't going any where and hope people forget about it. Somehow, I doubt that
the Democrats are that smart... After all there was a movie about Watergate... and seems like
a lot of these people are trying to live Watergate all over again, but it's really about an
abuse of power, by the government and the media.
**** off, the government isnt going to do a ******* thing to these enterprise
criminals.
I find it completely demoralizing and a slap in the face to a country when you have these
enterprise criminals not being indicted and a president threatening to expose them because HE
doesnt like something. This is not about you Trump, this is about THE UNITED STATES.
I mean come-on Trump stop with the BS. DO YOUR ******* JOB.
What in the hell people, I personally find this to be a constant gut punch when these
criminals just commit crimes over and over and it becomes a Hannity or Limbaugh bullet point
for 3 hours.
How ******* stupid of Americans to sit idle while all of this in your face bank robbing
going on. Put another way the bank robber walks from the door of a bank with a sack of cash
to the car and the police say oh look a bank robber, and they turn to their partner and shrug
their shoulders drinking covfeffe
It's the Anglo-zionist entente that meddled in U.S. elections and if Americans don't get
upset about that then they are cucks who deserve their servile fate.
"In his foreword to my book, Alan Dershowitz discusses his time litigating cases in the
old Soviet Union. He was always taken by the fact that they could prosecute anybody they
wanted because some of the statutes were so vague. Dershowitz points out that this was a
technique developed by Beria, the infamous sidekick of Stalin, who said, " Show me the man
and I'll find you the crime ." That really is something that has survived the Soviet
Union and has arrived in the good old USA. "Show me the man," says any federal prosecutor,
"and I can show you the crime." This is not an exaggeration. "
The only reason Mueller exists is for Trump to flog the Dems with. Thats the only reason
Trump keeps him around. The problem is losing the house means losing the power of subpoena,
so this should get interesting. The Repubs have it in for Trump too. Why else would they lose
a supermajority and the power of subpoena while still retaining the power to crush any bill
that the House pushes through? He's doomed, unless he can pull a rabbit out of his ***.
You don't actually believe that, do you? I suppose you still actually believe that they
even bother to count the votes. Trump was INSTALLED, not elected.
To create the illusion of division, which in turn keeps the population divided. It's
theater. Look at everything that's gone down; it's way too stupid to be real and I am
referring to both sides when I say that. The whole thing is custom tailored to stir the
emotions of a population with an average IQ of 100.
The fact that anybody is still clinging to hope in political solutions to anything is
sad and pathetic.
I don't think the political system will solve any of my problems, but Obama made it
abundantly clear that the political system will create plenty of problems.
Does anyone still believe that we have a political solution to our challenges.
1) More invaders than ever flooding our country.
2) Our most notorious criminals still walking our streets.
3) Fed, et al still manipulating our economy.
4) Law abiding citizens still being thrown into jail.
5) Surveillance state becoming ever more all seeing, and all invasive.
6) The push to war stronger than it has ever been in recent times.
7) Over 150 military bases strung across the planet.
8) Open criminality and rampant lies by press and politicians... I realize I already made
mention of the criminals, but thought this deserved emphasis.
9) Big news today... Supremes may limit the degree to which local government can encroach
on eighth amendment... wow... that this is even a debate.
10) The white population is being ordered into silence and obscurity... though no one has
forgotten to collect taxes... while the chimps and thugs are being encouraged to loot what is
left of the asylum...
I could go on... tell me, what is your vote going to accomplish? We are living on borrowed
time, and time has just about run out...
That's why voting is a waste of time because you're simply exchanging one sociopath for
another and I gave up on the notion long ago that we're living in the "land of the free".
That's the biggest line of BS the state has ever pushed but the rubes still believe it.
Progressive income tax, property taxes, central banking and they're all tenet's of communism,
in fact we have attained all ten planks of the communist manifesto. Read the IRS code or the
federal register and you'll see exactly how much freedom you have.
all you need to know about Mueller is his professional position on 9/11/01. From Judicial
Watch:
Under Mueller's leadership, the FBI tried to discredit the story, publicly countering
that agents found no connection between the Sarasota Saudi family and the 2001 terrorist
plot. The reality is that the FBI's own files contained several reports that said the
opposite, according to the Ft. Lauderdale-based news group's ongoing investigation . Files
obtained by reporters in the course of their lengthy probe reveal that federal agents found
"many connections" between the family and "individuals associated with the terrorist attacks
on 9/11/2001." The FBI was forced to release the once-secret reports because the news group
sued in federal court when the information wasn't provided under the Freedom of Information
Act (FOIA).
Though the recently filed court documents reveal Mueller received a briefing about the
Sarasota Saudi investigation, the FBI continued to publicly deny it existed and it appears
that the lies were approved by Mueller. Not surprisingly, he didn't respond to questions
about this new discovery emailed to his office by the news organization that uncovered it.
Though the mainstream media has neglected to report this relevant development, it's difficult
to ignore that it chips away at Mueller's credibility as special counsel to investigate if
Russia influenced the 2016 presidential election. Even before the Saudi coverup documents
were exposed by nonprofit journalists, Mueller's credentials were questionable to head any
probe. Back in May Judicial Watch reminded of Mueller's
misguided handiwork and collaboration with radical Islamist organizations as FBI
director.
Funny stuff happens when a judge tells a plaintiff she has to
pay $341,500 for the legal expenses of a lawsuit she lost. All of a sudden
Stormy Daniels is saying her CPL, Michael Avenatti, was acting against her wishes:
"... Predictably, Western media has been complaining again about "Russian aggression", a gift that keeps on giving. Or blaming Russia for its over-reaction, overlooking the fact that Ukraine's incursion was with military vessels, not fishing boats. Russian resolve was quite visible, as powerful Ka-52 "Alligator" assault helicopters were promptly on the scene. ..."
"... Still, Kiev – "encouraged" by Washington – insists on militarizing the Sea of Azov. Misinformed American hawks emerging from the US Army War College even advocate that NATO should enter the Sea of Azov – a provocative act as far as Moscow is concerned. The Atlantic Council , which is essentially a mouthpiece of the powerful US weapons industry, is also pro-militarization. ..."
"... Rostislav Ischchenko , arguably the sharpest observer of Russia-Ukraine relations, in a piece written before the Kerch incident, said: "Ukraine itself recognized the right of Russia to introduce restrictions on the passage of ships and vessels through the Kerch Strait, having obeyed these rules in the summer." ..."
"... Thus a Kerch Strait incident designed as a cheap provocation, bearing all the hallmarks of a US think-tank ploy, is automatically interpreted as "Russian aggression", regardless of the facts. Indeed, any such tactics are good when it comes to derailing the Trump-Putin meeting at the G20 in Buenos Aires this coming weekend. ..."
"... Poroshenko's approval rate barely touches 8% . His chances of being re-elected, assuming polls are credible, are virtually zero. ..."
"... But the US would lose no sleep if they had to throw Poroshenko under the (Soviet) bus ..."
"... Poroshenko, wallowing in despair, may still ratchet up provocations. But the best he can aim at is NATO attempting to modernize the collapsing Ukrainian navy – an endeavor that would last years, with no guarantee of success. ..."
"... Feel sorry for the Ukrainians being used as tools. Before Obama-Hillary-and Pedo Biden overthrew the Democratically elected leader, people were just doing their normal stuff. Now they hide in bomb shelters and search for food at night. ..."
"... But vainglorious folks are not paying attention, and this is dangerous especially for Europe, and the pretenders in the Middle East, if it goes down, they too will go down, it's that simple and why? Because of military and security imperatives. Russia will take down, and out, any US or European ally in the M.E. lest, they open themselves up to flanking maneuvers. ..."
"... Putin already intimated of the current Russian mindset thus: "If you like, let's all go explain ourselves to God!". Do the neocons feel confident of cogent explanation to God, or do they even wish to come before him? I doubt it, and very much so, seeing as their hands are stained with the blood of innocents, and their hearts,plot evil continuously. ..."
"... And this my friends, viscerally demonstrates the wisdom of the founding fathers, especially Washington, who warned of "entangling alliances", buttressed a few generations later, by John Q. Adams, who re-advised "Go not abroad, in search of monsters to destroy". Pay attention folks, pay attention to the architects of the Republic, who knew what they were building, better than the "war loving battle dodging" chickenhawks who love to sip exotic drinks, while instructing others to kill for their depraved egos. ..."
"... NATO delenda est!... ..."
"... Poroshenko & Allies have a team of experts who spend 24/7 searching for the next provocation. Reminds me of May on this Brexit fiasco. ..."
"... This US coup of the Ukraine is turning out to be more hassle than its worth, a bankrupt corrupt country, installing Neo Nazi's as the first government was a big mistake, it could have been handled with more finesse, instead it was like a bull in a China shop. ..."
"... Poroshenko decided to not let a good crisis go to waste. ..."
"... Geopolitics and realpolitik, bitches. So much happening in the gas domain in Eastern Europe. Nordstream, Turkish Stream, BP stream, US LNG facilities in Greece, Poland and Germany, Russia supplying LNG to Germany, Cyprus-Greece-Israel drilling in the East Med, Turkey drilling in Cyprus EEZ. In the meanwhile I see gas infrastructure being build allover Eastern Europe, connecting houses to the grid. Gas heating and energy production is coming to Eastern Europe in addition to supplying Western Europe. The stakes are enormous and that what this is all about and that is why we can see more of this. ..."
"... Most of the Ukraine people hate Poroshenko and he knows he can't win re-election. He threatens Trump with dirt on Manafort, and demands Trump start a war. Or what? is the left in the US going to impeach Trump with the supposed Poroshenko dirt on Manafort? ..."
"... He was installed by Soros during the "Purple Color Revolution" (agent provocateurs with tiki torches getting violent to force a coup against the prior sitting President, a tactic attempted in Charlottesville only a couple years later) ..."
"... " Poroshenko's approval rate barely touches 8% . His chances of being re-elected, assuming polls are credible, are virtually zero. Little wonder he used the Kerch to declare martial law, effective this Wednesday, lasting for 30 days and bound to be extended. Poroshenko will be able to control the media and increase his chances of rigging the election. ..."
The West is complaining about Russian 'aggression' but the incident looks more like a cheap ploy by a desperate Ukrainian president
and US conservatives keen to undermine Trump's next pow-wow with Putin...
When the Ukrainian navy sent a tugboat and two small gunboats on Sunday to force their way through the Kerch Strait into the Sea
of Azov, it knew in advance the Russian response would be swift and merciless.
After all, Kiev was entering waters claimed by Russia with military vessels without clarifying their intent.
The intent, though, was clear; to raise the stakes in the militarization of the Sea of Azov.
The Kerch Strait connects the Sea of Azov with the Black Sea. To reach Mariupol, a key city in the Sea of Azov very close to the
dangerous dividing line between Ukraine's army and the pro-Russian militias in Donbass, the Ukrainian navy needs to go through the
Kerch.
Yet since Russia retook control of Crimea via a 2014 referendum, the waters around Kerch are de facto Russian territorial waters.
Kiev announced this past summer it would build a naval base in the Sea of Azov by the end of 2018. That's an absolute red line
for Moscow. Kiev may have to trade access to Mariupol, which, incidentally, also trades closely with the People's Republic of Donetsk.
But forget about military access.
And most of all, forget about supplying a Ukrainian military fleet in the port of Berdyansk capable of sabotaging the immensely
successful, Russian-built Crimean bridge .
Predictably, Western media has been complaining again about "Russian aggression", a gift that keeps on giving. Or blaming
Russia for its over-reaction, overlooking the fact that Ukraine's incursion was with military vessels, not fishing boats. Russian
resolve was quite visible, as powerful Ka-52 "Alligator" assault helicopters were promptly on the scene.
Washington and Brussels uncritically bought Kiev's "Russian aggression" hysteria, as well as the UN Security Council, which, instead
of focusing on the facts in the Kerch Strait incident, preferring to accuse Moscow once again of annexing Crimea in 2014.
The key point, overlooked by the UNSC, is that the Kerch incident configures Kiev's flagrant violation of articles 7, 19 and 21
of the UN Convention on the
Law of the Sea .
I happened to be right in the middle of deep research in Istanbul over the geopolitics of the Black Sea when the Kerch incident
happened.
For the moment, it's crucial to stress what top Russian analysts have been pointing out in detail. My interlocutors in Istanbul
may disagree, but for all practical purposes, the Kerch Strait, the Sea of Azov and the Black Sea, in military terms, are de facto
Russian lakes.
At best, the Black Sea as a whole might evolve into a Russia-Turkey condominium, assuming President Erdogan plays his cards right.
Everyone else is as relevant, militarily, as a bunch of sardines.
Russia is able to handle anything – naval or aerial – intruding in the Kerch Strait, the Sea of Azov and the Black Sea in a matter
ranging from seconds to just a few minutes. Every vessel moving in every corner of the Black Sea is tracked 24/7. Moscow knows it.
Kiev knows it. NATO knows it. And crucially, the Pentagon knows it.
Still, Kiev – "encouraged" by Washington – insists on militarizing the Sea of Azov. Misinformed
American hawks emerging
from the US Army War College even advocate that NATO should enter the Sea of Azov – a provocative act as far as Moscow is concerned.
The Atlantic
Council , which is essentially a mouthpiece of the powerful US weapons industry, is also pro-militarization.
Any attempt to alter the current, already wobbly status quo could lead Moscow to install a naval blockade in a flash and see the
annexation of Mariupol to the People's Republic of Donetsk, to which it is industrially linked anyway.
This would be regarded by the Kremlin as a move of last resort. Moscow certainly does not want it. Yet it's wise not to provoke
the Bear.
Cheap provocation
Rostislav
Ischchenko , arguably the sharpest observer of Russia-Ukraine relations, in a piece written before the Kerch incident, said:
"Ukraine itself recognized the right of Russia to introduce restrictions on the passage of ships and vessels through the Kerch Strait,
having obeyed these rules in the summer."
Yet, after the US Deep State's massive investment even before the protests on the Maidan in Kiev in 2014 that wrested Ukraine
away from Russian influence a possible entente cordiale between the Trump administration and the Kremlin, with Russia in control
of Crimea and a pro-Russian Donbass, could only be seen as a red line for the Americans.
Thus a Kerch Strait incident designed as a cheap provocation, bearing all the hallmarks of a US think-tank ploy, is automatically
interpreted as "Russian aggression", regardless of the facts. Indeed, any such tactics are good when it comes to derailing the
Trump-Putin
meeting at the G20 in Buenos Aires this coming weekend.
Meanwhile, in Ukraine, chaos is the norm . President Petro Poroshenko is bleeding. The hryvnia is a hopeless currency. Kiev's
borrowing costs are at their highest level since a bond sale in 2018. This failed state has been under IMF "reform" since 2015 –
with no end in sight.
Poroshenko's approval rate barely touches 8% . His chances of being re-elected, assuming polls are credible, are virtually zero.
Little wonder he used the Kerch to declare martial law, effective this Wednesday, lasting for 30 days and bound to be extended. Poroshenko
will be able to control the media and increase his chances of rigging the election.
But the US would lose no sleep if they had to throw Poroshenko under the (Soviet) bus. Ukrainians will not die for his survival.
One of the captains at the Kerch incident surrendered his boat voluntarily to the Russians. When Russian Su-25s and Ka-52s started
to patrol the skies over the Kerch Strait, Ukrainian reinforcements instantly fled.
Poroshenko, wallowing in despair, may still ratchet up provocations. But the best he can aim at is NATO attempting to modernize
the collapsing Ukrainian navy – an endeavor that would last years, with no guarantee of success.
For the moment, forget all the rhetoric, and any suggestion of a NATO incursion into the Black Sea. Call it the calm before the
inevitable future storm
Feel sorry for the Ukrainians being used as tools. Before Obama-Hillary-and Pedo Biden overthrew the Democratically elected leader, people were just doing their normal stuff. Now they hide in bomb shelters and search for food at night.
The Bear has set the Trap, let NATO or whoever walk into it, but do so if they must, with the knowledge that it's a one way
ticket to hell. The Russians have been warning for years now, that one day, they'll have had enough and then..
But vainglorious folks are not paying attention, and this is dangerous especially for Europe, and the pretenders in the Middle
East, if it goes down, they too will go down, it's that simple and why? Because of military and security imperatives. Russia will
take down, and out, any US or European ally in the M.E. lest, they open themselves up to flanking maneuvers.
So someone, in this case, Europe, better tell, or force Poroshenko to tone it down, the Russians are not kidding around, this
is not a game, this is existential serious! Ukraine will go down, along with Poland, and the Baltics, if Russia feels, in any
way, shape, or manner, provoked beyond reason. Note the word "feels", some may play games, thinking it's just a game, Russia is
NOT playing games, not at all, not one bit.
Putin already intimated of the current Russian mindset thus: "If you like, let's all go explain ourselves to God!". Do the neocons feel confident of cogent explanation to God, or do they
even wish to come before him? I doubt it, and very much so, seeing as their hands are stained with the blood of innocents, and
their hearts,plot evil continuously.
Minsk was the best the Russians are willing to offer, from here on, the offer reduces exponentially, with every provocation
until there's no offer, just RAW discipline!
And this my friends, viscerally demonstrates the wisdom of the founding fathers, especially Washington, who warned of "entangling
alliances", buttressed a few generations later, by John Q. Adams, who re-advised "Go not abroad, in search of monsters to destroy".
Pay attention folks, pay attention to the architects of the Republic, who knew what they were building, better than the "war loving
battle dodging" chickenhawks who love to sip exotic drinks, while instructing others to kill for their depraved egos.
The biggest victims in all their failed adventures, are the US troops, folks who are deployed to fight wars which does nothing
to secure the Republic, but instead weakens the Republic, deprives the military of honor, capable recruits, and the economy, of
treasure, vigor, and vitality.
Poroshenko & Allies have a team of experts who spend 24/7 searching for the next provocation. Reminds me of May on this Brexit
fiasco.
When you're up ****-creek, Kerch, in this instance, you clutch at straws as the boat sinks.
With regard to NATO, they can't be involved as they're not imbeciles. Russia has provided the s300/Other upgraded Missile Defense
Systems to Syria, effectively nullifying Israeli's illegal incursions via Lebanon airspace, so what protections will Putin have
in place for one of his most strategic jurisdictions in his country? Rhetorical.
This US coup of the Ukraine is turning out to be more hassle than its worth, a bankrupt corrupt country, installing Neo Nazi's
as the first government was a big mistake, it could have been handled with more finesse, instead it was like a bull in a China
shop.
On the Crimea, let us all remember the following :
95% of Crimean's voted yes to joining Russia a result that western agencies, media etc have accepted as correct, This makes
it and the waters surrounding it Russian, I suspect the US would have a similar reaction if a couple of Russian gun boats cruised
unannounced into a US port and started doing donuts.
****** porkoshenko wont last until spring. ukraine is not a chocolate factory. a country too big for a chess piece. the best
move for trump is to stay out or invite willy wonka to pay a visit to us embassy and chop him off lol
Poroshenko decided to not let a good crisis go to waste.
Geopolitics and realpolitik, bitches. So much happening in the gas domain in Eastern Europe. Nordstream, Turkish Stream, BP
stream, US LNG facilities in Greece, Poland and Germany, Russia supplying LNG to Germany, Cyprus-Greece-Israel drilling in the
East Med, Turkey drilling in Cyprus EEZ. In the meanwhile I see gas infrastructure being build allover Eastern Europe, connecting
houses to the grid. Gas heating and energy production is coming to Eastern Europe in addition to supplying Western Europe. The
stakes are enormous and that what this is all about and that is why we can see more of this.
The cheap shot at Trump at the same time demanding action from Trump was Poroshenko's threat the Ukraine has dirt on Manafort.
How low can Poroshenko go?
Most of the Ukraine people hate Poroshenko and he knows he can't win re-election. He threatens Trump with dirt on Manafort,
and demands Trump start a war. Or what? is the left in the US going to impeach Trump with the supposed Poroshenko dirt on Manafort?
But asked if the Ukraine has any evidence that Manafort was getting paid directly by the Kremlin, Poroshenko said, "I am not
personally connected with the process.""
Not just undermine Trump/Putin meetings, but the big picture, Ukrainian "President" declaring martial law to suspend the election
he would no doubt lose.
He was installed by Soros during the "Purple Color Revolution" (agent provocateurs with tiki torches getting violent to force
a coup against the prior sitting President, a tactic attempted in Charlottesville only a couple years later)
" Poroshenko's approval rate barely touches 8% . His chances of being re-elected, assuming polls are credible, are virtually
zero. Little wonder he used the Kerch to declare martial law, effective this Wednesday, lasting for 30 days and bound to be extended.
Poroshenko will be able to control the media and increase his chances of rigging the election.
Ignore the day-to-day moves in the markets, in the big picture, some MAJOR is happening
namely, that the Everything Bubble is bursting.
By creating a bubble in sovereign bonds, the bedrock of the current financial system,
Central Banks created a bubble in EVERYTHING. After all, if the risk-free rate of return is at
FAKE level based on Central Bank intervention ALL risk assets will eventually adjust to FAKE
levels.
This whole mess starting blowing up in February when we saw the bubble in passive investing/
shorting volatility start to blow up (some investment vehicles based on these strategies lost
85% in just three days).
The media and Wall Street swept that mess under the rug which allowed the contagion to start
spreading to other, more senior asset classes like corporate bonds.
The US Corporate bond market took 50 years to reach $3 trillion. It doubled that in the last
9 years, bringing it to its current level of $6 trillion.
This debt issuance was a DIRECT of result of the Fed's intervention in the bond markets.
With the weakest recovery on record, US corporations experienced little organic growth. As a
result, many of them resorted to financial engineering through which they issued debt and then
used the proceeds to buyback shares.
This:
Juiced their Earnings Per Share (the same earnings, spread over fewer shares= better
EPS).
Provided the stock market with a steady stream of buyers, which
Lead to higher options-based compensation for executives.
If you think this sounds a lot like a Ponzi scheme that relies on a bubble in corporate
debt, you're correct. And that Ponzi scheme is now blowing up. The question now is
how bad will it get?"
VERY bad.
The IMF estimates about 20% of U.S. corporate assets could be at risk of default if
rates rise – some are in the energy sector but it also includes companies in real
estate and utilities. Exchange-traded funds that buy junk bonds, like iShares iBoxx $
High Yield Corporate Bond Fund (HYG) and the SPDR Barclays Capital High Yield Bond ETF (JNK),
could be among the most vulnerable if credit risks rise. iShares iBoxx $ Investment Grade
Corporate Bond ETF (LQD) could also suffer.
Source: Barron's
With a $6 trillion market, a 20% default rate would mean some $1.2 trillion in corporate
debt blowing up: an amount roughly equal to Spain's GDP .
This process is officially underway.
Credit Markets Are Bracing for Something Bad
Cracks in corporate debt lead market commentary.
the Bloomberg Barclays U.S. Corporate Bond Index losing more than 3.5 percent and on
track for its worst year since 2008.
Source: Bloomberg
Indeed, the chart for US corporate junk bonds is downright UGLY.
This is just the beginning. As contagion spreads we expect more and more junior debt
instruments to default culminating in full-scale sovereign debt defaults in the developed world
(Europe comes to mind).
This will coincide with a stock market crash that will make 2008 look like a picnic.
Again, the markets are going to CRASH. The time to prepare is now BEFORE this happens.
On that note we just published a 21-page investment report titled Stock Market Crash
Survival Guide .
In it, we outline precisely how the crash will unfold as well as which investments will
perform best during a stock market crash.
Today is the last day this report will be available to the public. We extended the deadline
into the weekend based on last week's action, but this is IT no more extensions.
Update 4 : A UN Security Council meeting has been called for 11am
tomorrow after Ukraine incident with Russia, US Ambassador to the UN Nikki Haley said in a
tweet.
* * *
Update 3 : according to media reports, on Monday Ukraine's president will propose imposing
military law, amid the ongoing crisis with Russia.
* * *
Update 2: This is the moment when the escalating crisis started...
* * *
Update 1: Following reports from the Ukraine navy that Russian ships had fired on Ukraine
vessels near the Kerch Strait, Ukraine accused Moscow of also illegally seizing three of its
naval ships - the "Berdyansʹk" and "Nikopolʹ" Gurza-class small armored artillery
boats and a raid tug A-947 "Jani Kapu" - off Crimea on Sunday after opening fire on them, a
charge that if confirmed could ignite a dangerous new crisis between the two countries.
As reported earlier, Russia did not immediately respond to the allegation, but Russian news
agencies cited the FSB security service as saying it had incontrovertible proof that Ukraine
had orchestrated what it called "a provocation" and would make its evidence public soon.
According to media reports, Russia said it has "impounded" three Ukrainian naval ships after
they crossed the border with Russia
Meanwhile, Ukrainian President Petro Poroshenko immediately called a meeting with his top
military and security chiefs to discuss the situation.
Separately, the EU has urged both sides to rapidly de-escalate the tense situation at the
Kerch strait:
*EU URGES UKRAINE, RUSSIA TO DE-ESCALATE SITUATION AT STRAIT
*UKRAINE, RUSSIA SHOULD ACT W/ `UTMOST RESTRAINT', EU SAYS
*EU URGES RUSSIA TO RESTORE FREEDOM OF PASSAGE AT KERCH STRAIT
NATO has confirmed it is "closely monitoring" developments and is calling for "restraint and
de-escalation"...
" NATO is closely monitoring developments in the Azov Sea and the Kerch Strait, and we are
in contact with the Ukrainian authorities. We call for restraint and de-escalation.
NATO fully supports Ukraine's sovereignty and its territorial integrity, including its
navigational rights in its territorial waters. We call on Russia to ensure unhindered access
to Ukrainian ports in the Azov Sea, in accordance with international law.
At the Brussels Summit in July, NATO leaders expressed their support to Ukraine, and made
clear that Russia's ongoing militarisation of Crimea, the Black Sea, and the Azov Sea pose
further threats to Ukraine's independence and undermines the stability of the broader region.
"
Finally, Ukraine has called for an urgent UN Security Council meeting over 'Russian
aggression' while Ukraine's secretary for national security, Oleksander Turchynov, accused
Russia of engaging in an act of war: "We heard reports on incident and have concluded that it
was an act of war by Russian Federation against Ukraine"
* * *
As we detailed earlier, the Ukrainian navy has accused Russia of opening fire on some of its
ships in the Black Sea, striking one vessel, and wounding a crew member.
In a statement on its Facebook page , the Ukrainian navy said the
Russian military vessels opened fire on Ukrainian warships after they had left the 12-mile zone
near the Kerch Strait, leaving one man wounded, and one Ukrainian vessel damaged and
immobilized, adding that Russian warships "shoot to kill."
Ukraine accused a Russian coastguard vessel, named the Don, of ramming one of its tugboats
in "openly aggressive actions". The incident allegedly took place as three Ukrainian navy boats
- including two small warships - headed for the port of Mariupol in the Sea of Azov, an area of
heightened tensions between the countries.
Russia accused Ukraine of illegally entering the area and deliberately provoking a
conflict.
Sky News reports that the Ukrainian president has called an emergency session of his war
cabinet in response to the incident.
"Today's dangerous events in the Azov Sea testify that a new front of [Russian] aggression
is open," Ukrainian foreign ministry spokeswoman Mariana Betsa said.
"Ukraine [is] calling now for emergency meeting of United Nations Security Council."
It comes after a day of rising tensions off the coast of Crimea, and especially around the
Kerch Strait, which separates Crimea from mainland Russia after Ukrainian vessels allegedly
violated the Russian border. The passage was blocked by a cargo ship and fighter jets were
scrambled.
According to RT , Russia has
stopped all navigation through the waterway using the cargo ship shown above. Videos from the
scene released by the Russian media show a large bulk freighter accompanied by two Russian
military boats standing under the arch of the Crimea Bridge and blocking the only passage
through the strait.
"The [Kerch] strait is closed for security reasons," the Director-General of the Crimean sea
ports, Aleksey Volkov, told TASS, confirming earlier media reports.
Russian Air Force Su-25 strike fighters were also scrambled to provide additional security
for the strait as the situation remains tense. The move came as five Ukrainian Navy ships had
been approaching the strait from two different sides.
According to RT, two Ukrainian artillery boats and a tugboat initially approached the strait
from the Black Sea while "undertaking dangerous maneuvers" and "defying the lawful orders of
the Russian border guards." Later, they were joined by two more military vessels that departed
from a Ukrainian Azov Sea port of Berdyansk sailing to the strait from the other side.
The Russian federal security agency FSB, which is responsible for maintaining the country's
borders, denounced the actions of the Ukrainian ships as a provocation, adding that they could
create a "conflict situation" in the region. According to the Russian media reports, the
Ukrainian vessels are still sailing towards the strait, ignoring the warnings of the Russian
border guards.
According to
Reuters , a bilateral treaty gives both countries the right to use the sea, which lies
between them and is linked by the narrow Kerch Strait to the Black Sea. Moscow is able to
control access between the Sea of Azov and the Black Sea after it built a bridge that straddles
the Kerch Strait between Crimea and southern Russia.
Reuters adds that tensions surfaced on Sunday after Russia tried to intercept three
Ukrainian ships -- two small armored artillery vessels and a tug boat -- in the Black Sea,
accusing them of illegally entering Russian territorial waters.
The Ukrainian navy said a Russian border guard vessel had rammed the tug boat, damaging it
in an incident it said showed Russia was behaving aggressively and illegally. It said its
vessels had every right to be where they were and that the ships had been en route from the
Black Sea port of Odessa to Mariupol, a journey that requires them to go through the Kerch
Strait.
Meanwhile, Russia's border guard service accused Ukraine of not informing it in advance of
the journey, something Kiev denied, and said the Ukrainian ships had been maneuvering
dangerously and ignoring its instructions with the aim of stirring up tensions.
It pledged to end to what it described as Ukraine's "provocative actions", while Russian
politicians lined up to denounce Kiev, saying the incident looked like a calculated attempt by
President Petro Poroshenko to increase his popularity ahead of an election next year. Ukraine's
foreign ministry said in a statement it wanted a clear response to the incident from the
international community.
"Russia's provocative actions in the Black Sea and the Sea of Azov have crossed the line and
become aggressive," it said. "Russian ships have violated our freedom of maritime navigation
and unlawfully used force against Ukrainian naval ships."
Both countries have accused each other of harassing each other's shipping in Sea of Azov in
the past and the U.S. State Department in August said Russia's actions looked designed to
destabilize Ukraine, which has two major industrial ports there.
It is clear that Poroshenko wants to stay in power. And this is one of the ways to increase Poroshenko chances on forthcoming
elections. It is simultaneously increase chances for him to land in jail as Timoshenko does not looks kindly on such blatant
attempts to hijack elections.
Unwilling to simply accept Poroshenko's claims that he had heard reliable whispers about an
imminent Russian invasion, opposition figures pressed Poroshenko on his reasoning for the
emergency measures, and ultimately succeeded in forcing him to water down the proposal. But
even before Poroshenko's decree won the approval of lawmakers, the Ukrainian president had
already started deploying troops into the streets of his country.
Now in a state of martial law, Ukraine has called up its reservists and deployed all
available troops to join the mobilization. Initially expected to last for two months,
Poroshenko revised his degree to avoid accusations that he would try to interfere in the
upcoming Ukrainian election. The decree passed by the Rada will leave martial law in effect for
30 days. The country has also started restricting travel for Russian nationals. NATO Commander
Jens Stoltenberg told the Associated Press that
Poroshenko had given his word that the order wouldn't interfere with the upcoming vote. The
conflict between the Ukraine and Russia exploded into life on Sunday
when Russian ships fired on two Ukrainian artillery ships and rammed a tugboat as the ships
traveled toward the Kerch Strait, which connects the Sea of Azov to the Black Sea. Russia's
mighty Black Sea fleet has taken the three ships and their crew into custody, and has so far
ignored calls to release the soldiers by the UN, European leaders and Poroshenko himself.
US officials criticized Russia for its "aggressive" defense of the Kerch Strait, which
Ukraine has a right to use according to a bilateral treaty. After Nikki Haley said during an
emergency meeting of the UN Security Council that Russia was making it "impossible" to have
normal relations with the US, Mike Pompeo said Russia's "aggressive action" was a "dangerous
escalation" and also "violates international law." He also advocated for Poroshenko and Russian
President Vladimir Putin to engage in direct talks. Russia says the ships disobeyed orders to
halt, and that Ukraine had failed to notify Russia of the ships' advance. Ukraine claims that
it did notify Russia, and that the incident is the result of "growing Russian aggression." Six
Ukrainian crewmen were injured in the Russian attack, which was the first act of violence
between the two nations since the annexation of Crimea.
Chief diplomats from both countries traded accusations of provocations and "deliberate
hostility."
Ukrainian Foreign Minister Pavlo Klimkin tweeted that the dispute was not an accident and
that Russia had engaged in "deliberately planned hostilities," while Russian Foreign Minister
Sergey Lavrov blamed Kiev for what he described as a "provocation," adding that "Ukraine had
undoubtedly hoped to get additional benefits from the situation, expecting the U.S. and
Europe to blindly take the provocateurs' side."
Poroshenko said the martial law was necessary because Ukraine was facing nothing short of a
all-out ground invasion.
Poroshenko said it was necessary because of intelligence about "a highly serious threat of
a ground operation against Ukraine." He did not elaborate.
"Martial law doesn't mean declaring a war," he said. "It is introduced with the sole
purpose of boosting Ukraine's defense in the light of a growing aggression from Russia."
But the president's plans to impose martial law throughout the country were rebuffed as the
opposition forced a compromise where troops will only be deployed in 10 border provinces. These
provinces share borders with Russia, Belarus and the Trans-Dniester, a pro-Moscow breakaway
region of Moldova.
Still, many remained skeptical. Opposition figures, including former President Yulia
Tymoshenko pointed out that the order would give soldiers broad latitude to do pretty much
whatever they want. Furthermore, Ukraine never called for martial law during the insurgency in
the east that erupted back in 2014, eventually leading to an armed conflict that killed more
than 10,000.
The approved measures included a partial mobilization and strengthening of air defenses.
It also contained vaguely worded steps such as "strengthening" anti-terrorism measures and
"information security" that could curtail certain rights and freedoms.
But Poroshenko also pledged to respect the rights of Ukrainian citizens.
[...]
Despite Poroshenko's vow to respect individual rights, opposition lawmaker and former
Prime Minister Yulia Tymoshenko warned before the vote that his proposal would lead to the
possible illegal searches, invasion of privacy and curtailing of free speech.
"This means they will be breaking into the houses of Ukrainians and not those of the
aggressor nation," noted Tymoshenko, who is leading in various opinion polls. "They will be
prying into personal mail, family affairs ... In fact, everything that is written here is a
destruction of the lives of Ukrainians."
Poroshenko's call also outraged far-right groups in Ukraine that have advocated severing
diplomatic ties with Russia. Hundreds of protesters from the National Corps party waved
flares in the snowy streets of Kiev outside parliament and accused the president of using
martial law to his own ends.
But Poroshenko insisted it was necessary because what happened in the Kerch Strait between
Crimea and the Russian mainland "was no accident," adding that "this was not the culmination
of it yet."
His critics reacted to his call for martial law with suspicion, wondering why Sunday's
incident merited such a response. With his approval ratings in free fall following a series of
corruption scandals, Poroshenko's enemies worry that the incident may have been stage-managed
to give the president an excuse to crack down on dissent and free movement ahead of the
vote.
And then there is Yulia Tymoshenko who is doing well in the polls. That crazy bitch said
that the separatists in the East should be nuked. Ukraine gave up on its nukes though.
Wise lesson for the West here: All politicians in Eastern Europe -whatever country and
whatever party- are sick psychopaths. Not that ours are any better. Yet, people keep voting
for them.
Perhaps but Putin has more interest to keep the situation as it is. Russian gas needs to
keep flowing into Europe. Russia needs that cash cow that the US is trying to disrupt .
One of my Russian mates sent me a link to a Russian news website and according to the
iskra-news.info last night ,Ukrainian gold reserves (40 sealed boxes) were loaded on an
unidentified transport aircraft in Kiev's Borispol airport. The plane took off
immediately.
So my guess is, that is if indeed this report is true it either means the new ruling elite
have stolen the gold bullion or perhaps their is a legitimate fear of the Russians taking
possession of this bullion, whatever the facts, it still looks very shady indeed.
Conclusion
Official narrative: gold bullion is going to USA (maybe to reassure the Germans their gold
is in safe hands, after all the despite numerous requests from the German Govt The Feds have
not given access for them to even view their Gold Bullion) . Real narrative: probably to
Switzerland where it is divided between Yulia Tymoshenko and her cronies.
Once again I simply implore one ACTUAL journalist to report on what's happening there.
Beside the mercenary sociopaths that took in millions off the first round of
"freedom".
Russia is a hurt and vulnerable nation.
The US has ginormous truth issues never to be resolved
Hence the Goths and Barbarians will agree that once more......Rome is burning
Btw, not defending Russia and as convoluted as it sounds my point is truth has been lost
even in this Instagram milli-second of info slop offering by those who are not standing in
the snow covered mud of unbiased reality
The last time Poroshenko, the US man in Ukraine (OU) as he was referred to in US
diplomatic cables from 2006 and exposed by Wkikleads, got the Ukes into a war with the
Eastern oblasts, a lot of Ukrainians got killed.
Poor buggers were crushed and they should never have been there. The US / McCain et al
used them as cannon fodder.
The Uke military had rotted after the breakup of the Soviet Union, and that was largely
because their corrupt leaders never gave any consideration to going to war against anyone,
other than political war against each other to determine who got the biggest slice from
plundering the state.
The plundering continues, only now there is scant left for the general population.
After the US putsch, income per capita dropped by approx a third, cost of living doubled
and tax collection was hampered even more than before because the average Uke had no money
left to pay taxes so they went underground. and paid off local officials just to let them
make a living doing whatever the could..
"Why would Russia want Ukraine in the first place?".
Lets see.....so they can fund an addition 50 million lazy ***** and pick up the tab for 25
million fat, diabetes ridden BROKE Ukrainian pensioners?
So Russia can sink tens of billions into Ukraine's bankrupt healthcare system?
Where is the upside for Russia?
Putin can add, he is not in the least bit interested in ruling Ukraine, he'd just as well
seal the ******* boarder and be done with it, in fact its what he is doing. Once those
alternate pipe lines are in there will be a 5,000 km fence and the Ukes can freeze in the
dark on their own.
Russia isn't interested in taking any country, the countries are warming up to Russia and
China. This is pissing off mushroom head and band of gypsies in DC. The failing empire
looking for a war.
"Please stop using incorrect US government propaganda language in your
articles."
US Intel cant remember everything remember they have an agenda to push. It might be a
truther website for the people posting but it is also a intel gathering site to keep abreast
of how some of the sheeple really feel. What better way to get the sheeple to open up?
After Democratic party was co-opted by neoliberals there is no way back. And since Obama the trend of Democratic Party is
toward strengthening the wing of CIA-democratic notthe wing of the party friendly to workers. Bought by Wall Street leadership is
uncable of intruting any change that undermine thier current neoliberal platform. that's why they criminally derailed Sanders.
Notable quotes:
"... When you think about the issue of how exactly a clean-energy jobs program would address the elephant in the room of private accumulation and how such a program, under capitalism, would be able to pay living wages to the people put to work under it, it exposes how non threatening these Green New Deals actually are to capitalism. ..."
"... To quote Trotsky, "These people are capable of and ready for anything!" ..."
"... "Any serious measures to stop global warming, let alone assure a job and livable wage to everyone, would require a massive redistribution of wealth and the reallocation of trillions currently spent on US imperialism's neo-colonial wars abroad." ..."
"... "It includes various left-sounding rhetoric, but is entirely directed to and dependent upon the Democratic Party." ..."
"... "And again and again, in the name of "practicality," the most unrealistic and impractical policy is promoted -- supporting a party that represents the class that is oppressing and exploiting you! The result is precisely the disastrous situation working people and youth face today -- falling wages, no job security, growing repression and the mounting threat of world war." - New York Times tries to shame "disillusioned young voters" into supporting the Democrats ..."
"... It is an illusion that technical innovation within the capitalist system will magically fundamentally resolve the material problems produced by capitalism. But the inconvenient facts are entirely ignored by the corporate shills in the DSA and the whole lot of establishment politicians, who prefer to indulge their addiction to wealth and power with delusions of grandeur, technological utopianism, and other figments that serve the needs of their class. ..."
"... First it was Obama with his phoney "hope and change" that lured young voters to the Dumbicrats and now it's Ocacia Cortez promising a "green deal" in order to herd them back into the Democratic party--a total fraud of course--totally obvious! ..."
"... from Greenwald: The Democratic Party's deceitful game https://www.salon.com/2010/... ..."
they literally ripped this out of the 2016 Green Party platform. Jill Stein spoke repeatedly
about the same exact kind of Green New Deal, a full-employment, transition-to-100%-renewables
program that would supposedly solve all the world's problems.
When you think about the issue of how exactly a clean-energy jobs program would address
the elephant in the room of private accumulation and how such a program, under capitalism,
would be able to pay living wages to the people put to work under it, it exposes how non
threatening these Green New Deals actually are to capitalism.
In 2016, when the Greens made
this their central economic policy proposal, the Democrats responded by calling that platform
irresponsible and dangerous ("even if it's a good idea, you can't actually vote for a
non-two-party candidate!"). Why would they suddenly find a green new deal appealing now
except for its true purpose: left cover for the very system destroying the planet.
To quote
Trotsky, "These people are capable of and ready for anything!"
"Any serious measures to stop global warming, let alone assure a job and livable wage to
everyone, would require a massive redistribution of wealth and the reallocation of trillions
currently spent on US imperialism's neo-colonial wars abroad."
Their political position not only lacks seriousness, unserious is their political
position.
"It includes various left-sounding rhetoric, but is entirely directed to and dependent
upon the Democratic Party."
For subjective-idealists, what you want to believe, think and feel is just so much more
convincing than objective reality. Especially when it covers over single-minded class
interests at play.
"And again and again, in the name of "practicality," the most unrealistic and impractical
policy is promoted -- supporting a party that represents the class that is oppressing and
exploiting you! The result is precisely the disastrous situation working people and youth
face today -- falling wages, no job security, growing repression and the mounting threat of
world war." - New York Times tries to shame "disillusioned young voters" into supporting
the Democrats
It is an illusion that technical innovation within the capitalist system will magically
fundamentally resolve the material problems produced by capitalism. But the inconvenient
facts are entirely ignored by the corporate shills in the DSA and the whole lot of
establishment politicians, who prefer to indulge their addiction to wealth and power with
delusions of grandeur, technological utopianism, and other figments that serve the needs of
their class.
First it was Obama with his phoney "hope and change" that lured young voters to the
Dumbicrats and now it's Ocacia Cortez promising a "green deal" in order to herd them back
into the Democratic party--a total fraud of course--totally obvious!
Only an International Socialist program led by Workers can truly lead a "green revolution" by
expropriating the billionaire oil barons of their capital and redirecting that wealth into
the socialist reconstruction of the entire economy.
Alexandria Ocasio-Cortez's "Green New Deal" is a nice laugh. Really, it sure is funny hearing
these lies given any credence at all. This showmanship belongs in a fantasy book, not in real
life. The Democratic Party as a force for good social change Now that's a laugh!
Lies, empty promises, meaningless tautologies and morality plays, qualified and conditional
declarations to be backpedalled pending appropriate political expediencies, devoid any
practical content that is what AOC, card carrying member of DSA, and in fact young energetic
political apparatchik of calcified political body of Dems establishment, duty engulfs. And
working for socialist revolution is no one of them.
What kind of socialist would reject socialist revolution, class struggle and class
emancipation and choose, as a suppose socialist path, accommodation with oligarchic ruling
elite via political, not revolutionary process that would have necessarily overthrown ruling
elite.
What socialist would acquiesce to legalized exploitation of people for profit, legalized
greed and inequality and would negotiate away fundamental principle of egalitarianism and
working people self rule?
Only National Socialist would; and that is exactly what AOC campaign turned out to be all
about.
National Socialism with imperial flavor is her affiliation and what her praises for
Pelosi, wife of a billionaire and dead warmonger McCain proved.
Now she is peddling magical thinking about global change and plunge herself into falacy of
entrepreneurship, Market solution to the very problem that the market solutions were designed
to create and aggravate namely horrific inequality that is robbing people from their own
opportunities to mitigate devastating effects of global change.
The insidiousness of phony socialists expresses itself in the fact that they lie that any
social problem can be fixed by current of future technical means, namely via so called
technological revolution instead by socialist revolution they deem unnecessary or
detrimental.
The technical means for achieving socialism has existed since the late 19th century, with the
telegraph, the coal-powered factory, and modern fertilizer. The improvements since then have
only made socialism even more streamlined and efficient, if such technologies could only be
liberated from capital! The idea that "we need a new technological revolution just to achieve
socialism" reflects the indoctrination in capitalism by many "socialist" theorists because it
is only in capitalism where "technological growth" is essential simply to maintain the
system. It is only in capitalism (especially America, the most advanced capitalist nation,
and thus, the one where capitalism is actually closest towards total crisis) where the dogma
of a technological savior is most entrenched because America cannot offer any other kind of
palliative to the more literate and productive sections of its population. Religion will not
convince most and any attempt at a sociological or economic understanding would inevitably
prove the truth of socialism.
"... The original "New Deal," which included massive public works infrastructure projects, was introduced by Democratic President Franklin Roosevelt in the 1930s amid the Great Depression. Its purpose was to stave off a socialist revolution in America. It was a response to a militant upsurge of strikes and violent class battles, led by socialists who were inspired by the 1917 Russian Revolution ..."
"... Since the 2008 crash, first under Bush and Obama, and now Trump, the ruling elites have pursued a single-minded policy of enriching the wealthy, through free credit, corporate bailouts and tax cuts, while slashing spending on social services. ..."
"... To claim as does Ocasio-Cortez that American capitalism can provide a new "New Deal," of a green or any other variety, is to pfile:///F:/Private_html/Skeptics/Political_skeptic/Neoliberalism/Historyromote an obvious political fiction." ..."
"The original "New Deal," which included massive public works infrastructure projects,
was introduced by Democratic President Franklin Roosevelt in the 1930s amid the Great
Depression. Its purpose was to stave off a socialist revolution in America. It was a response
to a militant upsurge of strikes and violent class battles, led by socialists who were
inspired by the 1917 Russian Revolution that had occurred less than two decades before.
American capitalism could afford to make such concessions because of its economic
dominance. The past forty years have been characterized by the continued decline of American
capitalism on a world stage relative to its major rivals. The ruling class has responded to
this crisis with a social counterrevolution to claw back all gains won by workers. This has
been carried out under both Democratic and Republican administrations and with the assistance
of the trade unions.
Since the 2008 crash, first under Bush and Obama, and now Trump, the ruling elites have
pursued a single-minded policy of enriching the wealthy, through free credit, corporate
bailouts and tax cuts, while slashing spending on social services.
To claim as does Ocasio-Cortez that American capitalism can provide a new "New Deal," of a
green or any other variety, is to pfile:///F:/Private_html/Skeptics/Political_skeptic/Neoliberalism/Historyromote an obvious political fiction."
Christine Blasey Ford Thanks America For $650,000 Payday, Hopes Life "Will Return To
Normal"
by Tyler Durden
Tue, 11/27/2018 - 17:30 171 SHARES
Amid the sound and fury of the disgusting antics of the Brett Kavanaugh SCOTUS nomination
process, one of the main defenses of Christine Balsey Ford's sudden recollection of an '80s
sexual assault was simply "...why would she lie... what's in it for her?"
Certainly, the forced publicity by Dianne Feinstein and public questioning guaranteed her 15
minutes of fame (and perhaps even more infamy if Kavanaugh's nomination had failed) but now, in
a statement thanking everyone who had supported her, Ford is "hopeful that our lives will
return to normal."
The full statement was posted to her GoFundMe page :
Words are not adequate to thank all of you who supported me since I came forward to tell
the Senate that I had been sexually assaulted by Brett Kavanaugh. Your tremendous outpouring
of support and kind letters have made it possible for us to cope with the immeasurable
stress, particularly the disruption to our safety and privacy. Because of your support, I
feel hopeful that our lives will return to normal.
The funds you have sent through GoFundMe have been a godsend. Your donations have allowed
us to take reasonable steps to protect ourselves against frightening threats, including
physical protection and security for me and my family, and to enhance the security for our
home. We used your generous contributions to pay for a security service, which began on
September 19 and has recently begun to taper off; a home security system; housing and
security costs incurred in Washington DC, and local housing for part of the time we have been
displaced. Part of the time we have been able to stay with our security team in a residence
generously loaned to us.
With immense gratitude, I am closing this account to further contributions. All funds
unused after completion of security expenditures will be donated to organizations that
support trauma survivors. I am currently researching organizations where the funds can best
be used. We will use this space to let you know when that process is complete.
Although coming forward was terrifying, and caused disruption to our lives, I am grateful
to have had the opportunity to fulfill my civic duty. Having done so, I am in awe of the many
women and men who have written me to share similar life experiences, and now have bravely
shared their experience with friends and family, many for the first time. I send you my
heartfelt love and support.
I wish I could thank each and every one of you individually. Thank you.
Christine
Well one thing is for sure - she has almost 650 thousand reasons why life since
the accusations could be more comfortable...
Here's an interesting fact: Her immediate family (siblings and parents) wants nothing to
do with her. They refused to sign a petition of support created by "close family and
friends", they refused to make any supporting statements and they refused to show up to the
hearings.
Sorry doesn't seem like much money to me at all. Put family through all that for that
amount? Risk ones families welfare and safety for that amount and a bad name? One would have
to be a total idiot or crazy for that.
Wanders in, belches out a pack of lies, destroys an entire family's lives, tears a big
chunk out of the social fabric of the country, collects a huge payday and hits the beach for
the rest of her life, or at least the portion not dedicated to indoctrinating yound
minds.
She is at least as much of a Democrat as Obama ever was.
Disgusting female. Brett Kavanaugh and his family donated the gomfund me set up for his
family, to a charity for abused women.
Ford has a second go fund me which raised more, to,pay for legals, she has made a fortune,
has a 3 million plus home, and whatever she was given for this charade. And the abortion drug
company interest. Plus the google renting illegally events thru the second fromt door.
Kavanaugh has an ordinary car, a simple home worth 1.3 million and a debt of 860,000.
Always been an employee so never the big paycheck like Avenatti got.
volunteers for homeless. Plus the sports coaching for school, kids and lecturing...both no
more.
Energy Select Sector SPDR Fund XLE is down by 5.1% year to date. The fall could be
attributed to Exxon Mobil Corp and Chevron Corp CVX, the two largest U.S. oil companies which
occupy nearly 42% weight. Recently, West Texas Intermediate futures notched their worst losing
streak in 34 years. Seeing the decline in prices lately, this might be an opportune time to tap
into energy equities.
The energy sector has slumped 12% in the fourth quarter, majorly due to oil entering the
bear market. However, it has recovered a bit this month and is down nearly 0.5% (as of Nov 19).
Per Sam Stovall, chief investment strategist at financial research company CFR, the sector
performs better in the rising rate and inflation scenario. Per CFRA, the energy sector has been
a better performing sector since World War 2 in comparison to consumer staples, healthcare and
utilities (read: Fed Meet Signals December Rate Hike: ETFs That Gained).
However, strengthening of the greenback could pose a threat to the sector. If the U.S.
dollar rallies, it will make buying dollar-denominated oil expensive in foreign currencies. The
greenback is likely to surge in the days ahead due to political and economic turbulence in
Europe. Euro has already shed nearly 5% against the greenback this year (read: Is the Uptrend
in Dollar ETFs Over?).
Given cheap valuations and strong earnings growth, investors could tap into the following
popular energy ETFs (see: all the Energy ETFs here):
XLE
The fund tracks the Energy Select Sector Index and comprises 29 holdings. The fund's AUM is
$16.5 billion and expense ratio is 0.13%. It carries a Zacks ETF Rank #2 (Buy) with a High risk
outlook (read: Top and Flop ETFs of Last Week).
Vanguard Energy ETF VDE
The fund tracks the MSCI US Investable Market Energy 25/50 Index. It comprises 139 holdings.
The fund's AUM is $3.7 billion and expense ratio is 0.10%. It carries a Zacks ETF Rank #2 with
a High risk outlook.
US allies in Europe and Asia did not expect to be treated like vassal states, at least not
openly. Succumbing to Trump's demands is an admission of being a lapdog.
US allies in Europe and Asia have no choice but to push back against Trump's bullying and
condescending stances. They are elected by their citizens to protect the countries' sovereignty
and interests, after all. Too, these leaders must save face and protect their legacies.
One of the first European leaders having the courage to defy Trump is French President
Emmanuel Macron, calling for the establishment of a European Union army independent of the US
to defend itself against Russia, China and possibly America itself. His proposal is supported
by German Chancellor Angela Merkel.
Asian allies, particularly India, also seem to have pushed back , buying Iranian oil whether
the US likes it or not.
Washington's attempt to revive the Quadrilateral Security Dialogue comprising itself and
soulmates Australia, India and Japan may be losing support. Instead of joining with the US to
contain China, India and Japan are seeking rapprochement with the Asian giant. Even "deputy
sheriff" Australia is apparently having second thoughts, as one of its states is
officially joining China's Belt and and Road Initiative.
In short, these three allies might finally realize that joining the US in containing China
is harmful to their national interests. Fighting that nuclear power on their own soil might not
be a good idea.
No country treats the US 'unfairly'
The fact of the matter is no country treats the US "unfairly" or is "eating its lunch." On
the contrary, it could be argued that it is the other way around.
Having emerged as the world's strongest nation during and after World War II, US foreign
policies have one goal: Shape the world to its image. That process began at the 1944 Bretton
Woods Conference, insisting on using the US dollar as the world reserve currency and writing
the trade rules. In this way, the US has accumulated a very powerful tool, printing as much
money as it wants without repercussions to itself. For example, when a country wants to cash
its US Treasury holdings, all America has to do is print more greenbacks.
To that end, the US is clearly "eating other countries' lunch." Indeed, a major reason the
US can afford to build so many weapons is that other countries are paying for them.
US
trade practices
On trade, the US in 1950 rejected the UK's proposal of forming an International Trade
Organization (ITO) modeled after the International Monetary Fund and World Bank because it
feared the ITO might have harmed American manufacturing. In its place, the US proposed and
succeeded in forming the General Agreement on
Tariffs and Trade (GATT) framework to negotiate tariff rates on goods.
Being the world's most powerful economy and biggest trading nation at that time, the US
dominated the world trading system and wrote its rules. For example, it was the US that
invented and implemented non-tariff trade barriers such as anti-dumping duties and
national-security concerns to block imports. For example, the US imposed tariffs on Canadian,
EU, Mexican and other countries' steel and aluminum from entering its market for security
reasons.
It is laughable for the US to accuse Canada, the EU and Mexico of posing a national-security
threat. They are, in fact, America's most staunch allies.
US foreign direct investment
abroad
US companies bring with them ideas and technology (for which they charge exorbitant prices)
when investing in a foreign market such as China and elsewhere. The capital needed to build
factories is largely funded by the host country or other partners. For example, it is Taiwanese
and Japanese investors that built Foxconn factories in China to assemble American electronic
gadgets such as the iPad.
What's more, US companies charge huge prices for the products they make in China. According
to the Asian Development Bank and other research organizations, Chinese labor, for example,
receives a small percentage of the profits Apple takes in from gadgets it produces in China.
This lopsided profit distribution raises the question: Who is "eating whose
lunch?"
America has itself to blame
The US cannot blame China or any other country for its declining global influence and
dominance – America, particularly under Donald Trump, did that to itself. Chinese
President Xi Jinping, indeed, has advocated cooperation and dialogue as ways to defuse
conflicts and attain a better world.
No country has ever even hinted at attacking the US; it is after all the world's most
powerful nation, armed with enough conventional and nuclear weapons to blow up the world. The
"threats" are exaggerated or invented by US neoconservatives and vested interests to scare
Americans into supporting huge defense spending.
'Fake news' can only go so far
Using "fake news" to pressure countries into submission might work with those unable to
fight back, but could be extremely costly against powers such as China and Russia. For example,
Trump's escalating trade tensions with China are already adversely affecting the US economy, as
seen in falling GDP growth, decreasing stock prices, a huge agricultural inventory, and rising
poverty.
According to United Nations, the impoverished American population is being hit the hardest
under the Trump administration. The US Federal Reserve and others are projecting significant
economic decline in the foreseeable future if the trade war does not end.
One can only imagine what a nuclear war would bring.
Donald Trump is probably no less bullying than his predecessors (perhaps with the exception
of George W Bush), but he is more open about it. Bush's outburst, "You are either with us or
against us," earned America a bad reputation when he demanded that allies join him to invade
Iraq.
Trump has bullied or offended everyone, friends and foes alike. Unless he shifts gear, he
could alienate friends as well as foes, which could erode US geopolitical influence and
economic growth or might even bring the country down. He cannot threaten sovereign nations
without incurring huge costs to America.
In essence this is the largest casino in the world, created by casino capitalism. Previously
only wealthy individuals owned stocks. Now everybody owed them via thier 401K (which in recession
can easily become 201K ;-). In 2008 S&P500 touched the level of around 700. Does this mean
that the it was oversold? And what would happen to him if the government will not pushed
trillions to large banks, and some of those money went into S&p500.
Notable quotes:
"... There is no magic valuation level that supports high-flying stocks. They are driven by sentiment in both directions. ..."
"... That gets to the oft-quoted notion of "support." Does it really exist? Is there a level at which assets are just "too cheap" relative to their intrinsic values and therefore must be bought regardless of prevailing market trends? ..."
"... The mistake many market observers often make is to attribute all selloffs to gyrations in sentiment and to misunderstand that stock booms are driven by that exact factor -- in reverse. Sentiment will always rule market pricing in the short-term. ..."
Stocks quotes in this article: AAPL , NFLX , FB , AMZN , F , GE , IBM , T , GOOGLThere is no magic valuation level
that supports high-flying stocks. They are driven by sentiment in both directions.
It's on now. The markets are in full-blown correction mode.
I hope the truncated trading day on Friday did not escape your attention, because it
continued a negative price trend for stocks that began in late-September. The question now is:
How low can we go?
That gets to the oft-quoted notion of "support." Does it really exist? Is there a level
at which assets are just "too cheap" relative to their intrinsic values and therefore must be
bought regardless of prevailing market trends?
The mistake many market observers often make is to attribute all selloffs to gyrations
in sentiment and to misunderstand that stock booms are driven by that exact factor -- in
reverse. Sentiment will always rule market pricing in the short-term. That was just as
true with Apple ( AAPL ) at $220 per share as it is with
Apple at $172 per share, Netflix ( NFLX ) at $420 and $258 and on and on
down the list. Portfolio managers were buying Facebook ( FB ) above $200 per share and Amazon (
AMZN ) above
$2,000 because they had to, though, not based on innately unquantifiable, voodoo metrics such
as "disruption."
I am basing that statement on my regular conversations with fund managers at very large
asset managers, and of course no one can definitively take the pulse of every player in the
market. That is the great divide between individuals (my clients at Portfolio Guru LLC) and
institutions (pension funds, insurance companies, college endowments, sovereign wealth funds,
etc.)
Individuals want their portfolio values to rise. Period. Institutions want their portfolios
to outperform their carefully selected benchmarks over specific time periods on a risk-adjusted
basis.
So, that's what creates high-flying stocks to begin with. Portfolio managers need to
overweight the biggest names in the market -- owning more Apple, for instance, than its
weighting in the chosen benchmark would require, not simply owning or not owning Apple. In a
rising market that has a beneficial effect on valuations of those names.
If every portfolio manager needs to buy more Apple, Apple's share price will go up, making
it a larger component of the S&P 500 and Nasdaq 100. As Apple's weighting increases, those
fund managers would have to -- you guessed it -- buy more Apple!
The circularity of that logic is undeniable, but I am telling you that's how the market for
big-cap stocks works. Please remember the men and women pulling those levers are responsible
for much, much larger asset bases than you are. So they will always move the markets, even if
history has proven their timing to be poor more often than it is excellent.
Bottom line: High-flying stocks are driven by sentiment in both directions, thus there is no
magic valuation level that supports them.
This is quite apparent in the charts of "fallen angel" stocks such as Ford ( F ) , General Electric (
GE ) , IBM (
IBM ) , and
AT&T ( T ) . The
market hates those stocks no more the day after Thanksgiving than it did the day after
Independence Day, but certainly no less, either. An investor could generate hours of amusement
by Googling "this is a bottom for..." and then entering in any of those names. So many pundits,
so many bad support level calls.
So, value traps are no way to ride out a market correction, but what about the stocks that
brought us into that correction? Are the FAANG names -- Facebook, Amazon, Apple, Netflix, Apple
and Alphabet ( GOOGL ) (parent company of Google) --
destined to end up in the "hate pile" with GE and IBM? God, I hope not. That's the difference
between a pullback and a crash and, by implication, the difference between a depression and a
recession.
My analysis shows that buying Apple at 13x next year's earnings -- which implies a price of
$172.55, slightly above Friday's close -- has been a lucrative strategy in the past three
years. That said, I am worried that the steady stream of noise about production cuts from
Apple's suppliers implies Wall Street's estimates for Apple's fiscal 2019 earnings are
inflated. So I am not buying Apple today.
And so it goes. Chicken and egg. Is the stock market telling us the global economy is
slowing or is the global economy slowing driving down prices for assets, especially oil, thus
creating an economic slowdown? Crude's decline has spooked the market to no end, but so has
Apple's decline. And Netflix's and Facebook's.
At the end of the day, all securities are assets on someone's balance sheet. Gold, oil,
stocks, bonds, really anything on your screen except crypto, which is very very difficult to
clear and hence to accurately value. Anything that can be physically transferred can be sold,
and in a downturn that can be a sobering thought. Don't forget it.
Get an email alert each
time I write an article for Real Money. Click the "+Follow" next to my byline to this article.
"... "The 10 Bcm/year into Europe is not a game-changer from a volume point of view, but it is a game-changer from a new source of product into mainland Europe perspective and it can be expanded." ..."
"... Meanwhile, however, Russia and Turkey are building another pipeline, Turkish Stream, that will supply gas to Turkey and Eastern Europe, as well as possibly Hungary. The two recently marked the completion of its subsea section. Turkish Stream will have two lines, each able to carry up to 15.75 billion cubic meters. One will supply the Turkish market and the other European countries. ..."
"... In this context, the Southern Gas Corridor seems to have more of a political rather than practical significance for the time being , giving Europe the confidence that it could at some future point import a lot more Caspian gas because the infrastructure is there. ..."
The Southern Gas Corridor on which the European Union is pinning most of its hopes for
natural gas supply diversification away from Russia is coming along nicely and will not just be
on schedule, but it will come with a price tag that is US$5-billion lower than the original
budget , BP's vice president in charge of the project
told S&P Global Platts this week.
"Often these kinds of mega-projects fall behind schedule. But the way the projects have
maintained the schedule has meant that your traditional overspend, or utilization of
contingency, has not occurred," Joseph Murphy said, adding that savings had been the top
priority for the supermajor.
The Southern Gas Corridor will carry natural gas from the Azeri Shah Deniz 2 field in the
Caspian Sea to Europe via a network of three pipelines : the Georgia South Caucasus Pipeline,
which was recently expanded and can carry 23 billion cubic meters of gas; the TANAP pipeline
via Turkey, with a peak capacity of 31 billion cubic meters annually; and the Trans-Adriatic
Pipeline, or TAP, which will link with TANAP at the Turkish-Greek border and carry 10 billion
cubic meters of gas annually to Italy.
TANAP was
commissioned in July this year and the first phase of TAP is expected to be completed in
two years, so Europe will hopefully have more non-Russian gas at the start of the new decade.
But not that much, at least initially: TANAP will operate at an initial capacity of 16 billion
cubic meters annually, of which 6 billion cubic meters will be supplied to Turkey and the
remainder will go to Europe. In the context of total natural gas demand of 564 billion cubic
meters in 2020, according to a forecast from the Oxford Institute for Energy Studies released
earlier this year, this is not a lot.
Yet at some point the TANAP will reach its full capacity and hopefully by that time, TAP
will be completed. Surprisingly, it was the branch to Italy that proved the most challenging,
and BP's Murphy acknowledged that. While Turkey built TANAP on time to the surprise of the
project operator, TAP has been struggling because of legal issues and uncertainty after the new
Italian government entered office earlier this year.
At the time, the government of Giuseppe Conte said the pipeline was pointless but, said
Murphy, since then he has accepted the benefits the infrastructure would offer, such as transit
fees. And yet local opposition in southern Italy remains strong but BP still sees first
deliveries of gas through Italy in 2020.
The BP executive admitted that at first the Southern Gas Corridor wouldn't make a
splash.
"The 10 Bcm/year into Europe is not a game-changer from a volume point of view, but it is
a game-changer from a new source of product into mainland Europe perspective and it can be
expanded."
Meanwhile, however, Russia and Turkey are building another pipeline, Turkish Stream, that
will supply gas to Turkey and Eastern Europe, as well as possibly Hungary. The two recently
marked the completion of its subsea section. Turkish Stream will have two lines, each able to
carry up to 15.75 billion cubic
meters. One will supply the Turkish market and the other European countries.
In this context, the Southern Gas Corridor seems to have more of a political rather than
practical significance for the time being , giving Europe the confidence that it could at some
future point import a lot more Caspian gas because the infrastructure is there.
If anybody had any doubts about the Washington's determination to
give Saudi Crown Prince Mohammad bin Salman a pass over allegations that he was involved with
the killing of Saudi journalist Jamal Khashoggi, President Trump put them to rest earlier this
week when he
released a statement praising Saudi Arabia, openly
questioning the CIA and stressing the importance of the US-Saudi relationship (while also
portraying Khashoggi as a suspicious and untrustworthy figure with ties to terror groups).
And while rumors about a possible intra-family coup in Riyadh have been simmering since
Khashoggi disappeared inside the Saudi consulate in Istanbul on Oct. 2 (with
the latest reports surfacing earlier this week ), the notion that MbS's spurned relatives
might rise up and exact their revenge for last year's brutal
"corruption crackdown" at the Riyadh Ritz Carlton is looking increasingly improbable. In
other words, as long as the international response to the Khashoggi incident is limited to
countries that don't sell weapons to Saudi Arabia ending arms sales to the kingdom, then MbS
will almost certainly survive.
And in the latest indication that the royal family - not to mention nearly all of the
Saudis' regional allies - remains firmly behind the Crown Prince, even as the return of his
uncle from exile has set tongues wagging about MbS' impending ouster, one senior prince
recently told
Reuters that the CIA's findings are "not to be trusted."
"... By Nat Dyer, a freelance writer based in London. He was previously an investigator and campaigner at Global Witness, an anti-corruption group. He tweets at @natjdyer. Originally published at openDemocracy ..."
By Nat Dyer, a freelance writer based in London. He was previously an investigator and campaigner at Global
Witness, an anti-corruption group. He tweets at @natjdyer. Originally published at
openDemocracy
There was a little bit of good news this month for those worried about a tidal wave of
McMafia-style financial crime. A new UK government agency tasked with fighting it – the
National
Economic Crime Centre (NECC) – opened its doors.
I say "little" because financial crime is far more deeply rooted in our financial and
political systems than we like to acknowledge.
From the LIBOR-rigging scandal to the offshore
secrets of the Panama Papers and
'dark money' in the Brexit vote , it is everywhere. In my recent work with anti-corruption
group Global Witness , I saw
first-hand how ordinary people in some of the world's poorest countries suffer the consequences
of corruption and financial crime. We
exposed suspicious mining and oil deals in Central Africa, in which over a billion dollars
of desperately-needed public finances were lost offshore. The story is about the West as much
as Africa. The deals were routed through a dizzying web of offshore shell companies in the
British Virgin Islands, often linked to listed companies in London, Toronto and elsewhere. Even
if the NECC is given enough resources and collaborates widely, it has got its work cut out.
One reason all this financial crime is tolerated is that thinkers who shine a light on its
systemic nature have been erased from the record. Top of my list of neglected economic
superstars is Professor Susan Strange of the London School of Economics, one of the founders of
the field of international political economy. In a series of ground-breaking books –
States and Markets, The Retreat of the State and Mad Money – Strange showed how epidemic
levels of financial crime were a consequence of specific political decisions.
"This financial crime wave beginning in the 1970s and getting bigger in later years is not
accidental," Strange wrote.
It would have hardly been possible to design a system, she said, "that was better suited
than the global banking system to the needs of drug dealers and other illicit traders who want
to conceal from the police the origin of their large illegal profits."
For Strange, money laundering, tax evasion and public embezzlement were a result of the
collapse in the 1970s of the post-war financial order. Here are four ways she showed how
politics and the financial crime epidemic were intimately connected.
1) Money Is Global, Regulation Is National
There was nothing inevitable about financial globalisation, Strange said. It was born out of
a series of political decisions. It means that global money can skip freely across borders
beyond the reach of national laws and supervision. For smart operators tax, regulations, and
compliance become a choice, not an obligation. Strange argued that international organisations
lack the power to control global money, only coordination between the world's major economies
can rein it in.
2) Tax Havens Are an Open Invitation to Embezzlement
Unless you have somewhere to stash the cash, the looting of public money and state
enterprises can only go so far.
Tax havens give "open invitations", Strange said, to corrupt politicians to steal from their
people.
Banking secrecy in the havens allows money from tax evasion, drug trafficking and public
embezzlement to mix together until they become indistinguishable from legitimate business.
For Strange the "obscenely large" bonuses paid to those in financial markets leads to a kind
of "moral contamination", she wrote which has "reinforced and accelerated the growth of the
links between finance and politics". Strange recognised that corruption and bribery were a
problem in London and New York as well as Asia, Africa and Latin America. "Bribery and
corruption in politics are not new at all. It is the scale and extent of it that have risen,
along with the domination of finance over the real economy," she wrote.
4) Money Is Political Power
Globalisation has redefined politics, Strange argued. Political power is not just what
happens in governments, but money and markets also have power. As legitimate and illegitimate
private operators grow richer, they increase their power to shape the world system. States
starved of tax revenues grow weaker and retreat, in a reinforcing spiral. National politics
becomes captured by global money markets.
In the twenty years since Susan Strange's death in 1998, these trends have only bedded down.
Bankers' bonuses have continued to skyrocket and in 2018 reached
their pre-crisis peak .
Columbia University professor James S Henry
estimates tha t in 2015 a scarcely imaginable $24 trillion to $36 trillion of the world's
financial wealth was held offshore. Much of that is money from legitimate businesses but
contributes to a system where financial crime can prosper.
We cannot hope to get out of the morass of financial crime, and out-of-control financial
markets, without understanding how they relate to one another. The genie of globalised money
cannot be put back into the bottle, but Strange would argue that we should challenge banking
secrecy, and through coordinated action of the world's large economies close down tax
havens.
Finance and crime was only one strand of her work, but it contributed to her unnerving,
perhaps prophetic, conclusion that unless we rein in the financial system it could sweep away
the entire Western liberal order. One only has to glance at the combination of financial
chicanery and violent rhetoric that characterises the Trump presidency to see that her concerns
could hardly be more contemporary.
Strange would tell us that we need more than a new government agency to turn back the tide
of financial crime. We need nothing less than a new approach to political economy at national
and global level.
The key observation here is that the financial system is de-facto a criminal cartel and
financial oligarchy can and should be viewed as a Mafioso-style group. So organized crime laws
are perfectly applicable to the financial sector. Removal of New Deal regulations essentially get
tremendous impulse for flourishing financial sector criminality.
Notable quotes:
"... By Nat Dyer, a freelance writer based in London. He was previously an investigator and campaigner at Global Witness, an anti-corruption group. He tweets at @natjdyer. Originally published at openDemocracy ..."
"... "This financial crime wave beginning in the 1970s and getting bigger in later years is not accidental," Strange wrote. ..."
"... that was better suited than the global banking system to the needs of drug dealers and other illicit traders who want to conceal from the police the origin of their large illegal profits." ..."
By Nat Dyer, a freelance writer based in London. He was previously an investigator and
campaigner at Global Witness, an anti-corruption group. He tweets at @natjdyer. Originally
published at openDemocracy
There was a little bit of good news this month for those worried about a tidal wave of
McMafia-style financial crime. A new UK government agency tasked with fighting it -- the
National
Economic Crime Centre (NECC) -- opened its doors.
I say "little" because financial crime is far more deeply rooted in our financial and
political systems than we like to acknowledge.
From the LIBOR-rigging scandal to the offshore
secrets of the Panama Papers and
'dark money' in the Brexit vote , it is everywhere. In my recent work with anti-corruption
group Global Witness , I saw
first-hand how ordinary people in some of the world's poorest countries suffer the consequences
of corruption and financial crime. We
exposed suspicious mining and oil deals in Central Africa, in which over a billion dollars
of desperately-needed public finances were lost offshore. The story is about the West as much
as Africa. The deals were routed through a dizzying web of offshore shell companies in the
British Virgin Islands, often linked to listed companies in London, Toronto and elsewhere. Even
if the NECC is given enough resources and collaborates widely, it has got its work cut out.
One reason all this financial crime is tolerated is that thinkers who shine a light on its
systemic nature have been erased from the record. Top of my list of neglected economic
superstars is Professor Susan Strange of the London School of Economics, one of the founders of
the field of international political economy. In a series of ground-breaking books -- States
and Markets, The Retreat of the State and Mad Money -- Strange showed how epidemic levels of
financial crime were a consequence of specific political decisions.
"This financial crime wave beginning in the 1970s and getting bigger in later years is
not accidental," Strange wrote.
It would have hardly been possible to design a system, she said, " that was better
suited than the global banking system to the needs of drug dealers and other illicit traders
who want to conceal from the police the origin of their large illegal profits."
For Strange, money laundering, tax evasion and public embezzlement were a result of the
collapse in the 1970s of the post-war financial order. Here are four ways she showed how
politics and the financial crime epidemic were intimately connected.
1) Money Is Global, Regulation Is National
There was nothing inevitable about financial globalisation, Strange said. It was born out of
a series of political decisions. It means that global money can skip freely across borders
beyond the reach of national laws and supervision. For smart operators tax, regulations, and
compliance become a choice, not an obligation. Strange argued that international organisations
lack the power to control global money, only coordination between the world's major economies
can rein it in.
2) Tax Havens Are an Open Invitation to Embezzlement
Unless you have somewhere to stash the cash, the looting of public money and state
enterprises can only go so far.
Tax havens give "open invitations", Strange said, to corrupt politicians to steal from their
people.
Banking secrecy in the havens allows money from tax evasion, drug trafficking and public
embezzlement to mix together until they become indistinguishable from legitimate business.
For Strange the "obscenely large" bonuses paid to those in financial markets leads to a kind
of "moral contamination", she wrote which has "reinforced and accelerated the growth of the
links between finance and politics". Strange recognised that corruption and bribery were a
problem in London and New York as well as Asia, Africa and Latin America. "Bribery and
corruption in politics are not new at all. It is the scale and extent of it that have risen,
along with the domination of finance over the real economy," she wrote.
4) Money Is Political Power
Globalisation has redefined politics, Strange argued. Political power is not just what
happens in governments, but money and markets also have power. As legitimate and illegitimate
private operators grow richer, they increase their power to shape the world system. States
starved of tax revenues grow weaker and retreat, in a reinforcing spiral. National politics
becomes captured by global money markets.
In the twenty years since Susan Strange's death in 1998, these trends have only bedded down.
Bankers' bonuses have continued to skyrocket and in 2018 reached
their pre-crisis peak .
Columbia University professor James S Henry
estimates tha t in 2015 a scarcely imaginable $24 trillion to $36 trillion of the world's
financial wealth was held offshore. Much of that is money from legitimate businesses but
contributes to a system where financial crime can prosper.
We cannot hope to get out of the morass of financial crime, and out-of-control financial
markets, without understanding how they relate to one another. The genie of globalised money
cannot be put back into the bottle, but Strange would argue that we should challenge banking
secrecy, and through coordinated action of the world's large economies close down tax
havens.
Finance and crime was only one strand of her work, but it contributed to her unnerving,
perhaps prophetic, conclusion that unless we rein in the financial system it could sweep away
the entire Western liberal order. One only has to glance at the combination of financial
chicanery and violent rhetoric that characterises the Trump presidency to see that her concerns
could hardly be more contemporary.
Strange would tell us that we need more than a new government agency to turn back the tide
of financial crime. We need nothing less than a new approach to political economy at national
and global level.
Came across mention of her in a book recently and it struck me how much she seemed to be
a prophetess without honour. Her obituary on her life makes interesting reading-
Yes, it is a great shame, Rev. I read her obit, too, and I agree with you. I do
recommend Casino Capitalism and its sequel, Mad Money (Manchester U Press editions). She
was ahead of her time.
Oil continues collapsing. The 7% move today is probably magnified due to lack of liquidity
post-Thanksgiving, but nevertheless the move is huge. Oil is down 34% from recent highs.
Fundamentals and real economy do not change this quick, so expect to hear about more "hedge(ed)
funds" blowing up. After all this is a 3 sigma move .
What´s next for oil nobody knows, but 50 USD is a rather big level to watch. For
believers in Fibonacci, 50 is the 50% retracement from the 2016 lows.
Oil volatility, OIV index, is now in full explosion mode. This is pure panic and these
levels won´t be sustainable longer term, but the rise in oil volatility is simply
amazing.
As we outlined earlier, oil stress started spreading to credit several weeks ago. We have
been pointing out, no bounce in equities until we possibly see some stabilization in
credit . For the equity bulls, unfortunately credit continues imploding. European iTraxx
main continues the move violently higher.
Similar chart is to be found for the US CDX IG index.
Below chart shows the CDX IG index (white) versus oil (inverted, orange). The relationship
is rather clear. Add to this crowded positions and low liquidity and the moves continue feeding
of each other, causing enormous p/l pain and further risk reduction among funds.
European iTraxx main (inverted white) is now "aggressively" under performing the Eurostoxx
50 index (orange). The moves in credit are starting to feel rather "panicky", helping VIX and
other related volatilities higher.
Given the continuation in oil prices, we ask ourselves when will the market start to realize
Fed can´t be tightening as aggressively as (still) priced in. Maybe time for the Powell
put to revive?
Comments while mostly naive, are indicative for the part of the US society that elected Trump
and that Trump betrayed.
But the fact that gas went not to Europe, but to Turkey is pretty indicative. And even larger volume with go to China. At some
point Europe might lose part or all Russia gas supply as Russian gas reserved are not infinite. That the perspective EU leaders
are afraid of.
US shale gas is OK as long as the USA is supplied from Canada, Russia and other places as well. Some quantity can be
exported. But the USA can't be a large and stable gas supplier to Europe as shale gas is capital intensive and sweet spots
are limited.
Notable quotes:
"... Some worthy observations, especially with all the US "Think Tanks." But I would include the number of non-Jewish elites who have banded together with the Jewish elite and who have greatly aided in eating out the very heart of America. ..."
"... History also shows that ANY smaller entity (Israel) that depends on a larger entity (America) for its survival becomes a failed entity in the long run. Just saying. ..."
"... The American Empire is all cost and no benefit to the great majority of Americans. The MIC and that's it. Politicians on the right wave the flag and politicians on the left describe a politically correct future. All on our dime. ..."
While the Trump Administration still thinks it can play enough games to derail the
Nordstream 2 pipeline via sanctions and threats, the impotence of its position geopolitically
was on display the other day as the final pipe of the first train of the Turkstream pipeline
entered the waters of the Black Sea.
The pipe was sanctioned by Russian President Vladimir Putin and Turkish President Recep
Tayyip Erdogan who shared a public stage and held bilateral talks afterwards. I think it is
important for everyone to watch the response to Putin's speech in its entirety. Because it
highlights just how far Russian/Turkish relations have come since the November 24th, 2015
incident where Turkey shot down a Russian SU-24 over Syria.
https://www.youtube.com/embed/TkFR25SArYM
When you contrast this event with the strained and uninspired interactions between Erdogan
and President Trump you realize that the world is moving forward despite the seeming power of
the United States to derail events.
And Turkey is the key player in the region, geographically, culturally and politically.
Erdogan and Putin know this. And they also know that Turkey being the transit corridor of
energy for Eastern Europe opens those countries up to economic and political power they haven't
enjoyed in a long time.
The first train of Turkstream will serve Turkey directly. Over the next couple of years the
second train will be built which will serve as a jumping off point for bringing gas to Eastern
and Southern Europe.
Turkstream will bring 15.75 bcm annually to Turkey and the second train that same amount to
Europe. The TAP – Trans Adriatic Pipeline -- will bring just 10 bcm annually and won't do
so before 2020, a project more than six years in the making.
Political Realities
The real story behind Turkstream, however, is, despite Putin's protestations to the
contrary, political. No project of this size is purely economic, even if it makes immense
economic sense. If that were the case then the STC wouldn't exist because it makes zero
economic sense but some, if not much, political sense.
No, this pipeline along with the other major energy projects between Russia and Turkey have
massive long-term political implications for the Middle East. Erdogan wants to re-take control
of the Islamic world from the Saudis.
This is why they have the Saudis on a residual-poison-type drip
feed of information relating to the death of Jamal Khashoggi to extract maximal value from
the situation as Erdogan plays the U.S. deep state against the Trump/Mohammed bin Salman (MbS)
alliance.
The U.S. deep state wants Trump weakened and MbS removed from power. Trump needs MbS to
advance his plans for securing Israel's future and prolong the dollar's long-term health.
Erdogan is using this rift to extract concessions left and right while continuing to do
whatever he wants to do vis a vis Syria, Iran and his growing partnership with Russia.
Erdogan is in a position now to drive a very hard bargain over U.S. involvement in Syria,
which neither faction in the U.S. government (Trump and the deep state) wants to give up
on.
By controlling the oil fields in the eastern part of Syria and blocking the roads leading
from Iraq the U.S. is playing a game it can't win because ultimately the Kurds will either have
to be betrayed by the U.S. to keep Erdogan happy or cut a deal with the Syrian government for
their future alienating the U.S.
This has been the ultimate end-game of the occupation of eastern Syria for months now and
time is on both Putin's and Erdogan's side. Because the U.S. can't pressure Turkey to stop
growing closer to Russia and Iran.
Eventually the U.S. troops in Syria will be nothing more than an albatross around Trump's
neck politically and he'll have to announce a pull out, which will be popular back home helping
his re-election campaign for 2020.
The big loser in this is Israel who is now having to circle the wagons politically since
Putin put the screws to Benjamin Netanyahu for his part in the deaths of 15 Russian airmen back
in September by closing the Syrian airspace and allowing mostly free movement of materiel to
Lebanon.
Netanyahu, as I talked about last week, is now in a very precarious position after Israel
was forced to sue for peace thanks to the unprecedentedly strong response by the Palestinians
in Gaza.
Elijah Magnier commented
recently that it this was the net result of Trump's unconditional support of Israel which
united the Arab resistance rather than dividing and conquering it.
But the US establishment decided to distance itself from the Palestinian cause and
embraced unconditionally the Israeli apartheid policy towards Palestine: the US supports
Israel blindly. It has recognised Jerusalem as the capital of Israel, suspended financial aid
to UN institutions supporting Palestinian refugees (schools, medical care, homes), and
rejected the right of return of Palestinians. All this has pushed various Palestinian groups,
including the Palestinian Authority, to acknowledge that any negotiation with Israel is
useless and that also the US can no longer be considered a reliable partner. Moreover, the
failed regime-change in Syria and the humiliating conditions place on Arab financial support
were in a way the last straws that convinced Hamas to change its position, giving up on the
Oslo agreement and joining the Axis of the Resistance.
Project Netanyahu,
as Alistair Crooke termed it , was predicated on keeping the support of the Palestinians
split with Hamas and the Palestinian Authority at odds and then grinding out the resistance in
Gaza over time.
Trump's plans also involved the formation of the so-called "Arab NATO" the summit for which
has been put off until next year thanks to Erdogan's deft handling of the Saudi hit on
Khashoggi. There are still a number of issues outstanding -- the financial blockade of Qatar,
the war in Yemen, etc. -- that need to be resolved as well before any of this is even remotely
possible.
At this point that plan has failed and the clash with Israel last week proved it is
unworkable without tacit approval of Turkey who is gunning for the Saudis as the leaders of the
Sunni world.
Show me the Money
But, more importantly, over time, a Turkey that can ween itself off the U.S. dollar over the
next decade is a Turkey that can survive politically the upheaval to the post-WWII
institutional order coming over the next few years.
Remember, all of this is happening against the backdrop of a U.S. and European political
order that is failing to maintain the confidence of the people it governs.
The road to dollar independence will be long and hard but it will be possible. Russia is the
model for this having successfully removed the dollar from a great deal of its trade and is now
reaping the benefits of that stability.
And projects like Turkstream and the soon to be completed Power of Siberia Pipeline to China
will see the gas from both trade without the dollar as the intermediary.
If you don't think this de-dollarization of the Russian economy is happening or significant,
take one look at the Russian ruble versus the price of Brent crude in recent weeks. We've had
another historic collapse in oil prices and yet the ruble versus the dollar hasn't really moved
at all.
The upward move from earlier this year in the ruble (not shown) came from disruptions in the
Aluminum market and the threat of further sanctions. But, as the U.S. puts the screws even
tighter to Russia's finances by forcing the price of oil down, the effect on the ruble has been
minimal.
With today's move Brent is off nearly $30 from its October high ( a massive 35% drop in
prices) just seven weeks ago and the Ruble hasn't budged. The Bank of Russia hasn't been in
there propping up its price. Normally this would send the ruble into a tailspin but it
hasn't.
The other so-called 'commodity currencies' like the Canadian and Australian dollars have
been hit hard but not the ruble.
Set the Way Back Machine to 2014 when oil prices cratered and you'll see a ruble in free
fall which culminated in a massive blow-off top that required a fundamental shift in both
fiscal and monetary policy for Russia.
This had to do with the massive dollar-denominated debt of its, you guessed it, oil and gas
sector. Today that is not a point of leverage.
Today lower oil prices will be a forward headwind for Russian oil companies but a boon to
the Russian economy that won't experience massive inflation thanks to the ruble being sold to
cover U.S. dollar liabilities.
Those days are over.
And so too will those days come for Turkey which is now in the process of doing what Russia
did in 2015, divest itself of future dollar obligations while diversifying the currencies it
trades in.
Stability, transparency and solvency are the things that increase the demand for a currency
as not only a medium of exchange but also as a reserve asset. Russia announced the latest
figures of bilateral trade with China bypassing the dollar and RT had a very interesting
quote from Prime Minister Dmitri Medvedev.
No one currency should dominate the market, because this makes all of us dependent on the
economic situation in the country that issues this reserve currency, even when we are talking
about a strong economy such as the United States," Medvedev said.
He added that US sanctions have pushed Moscow and Beijing to think about the use of their
domestic currencies in settlements, something that "we should have done ten years ago."
" Trading for rubles is our absolute priority, which, by the way, should eventually turn
the ruble from a convertible currency into a reserve currency, " the Russian prime minister
said.
That is the first statement by a major Russian figure about seeing the ruble rise to reserve
status, but it's something that many, like myself, have speculated about for years now.
Tying together major economies like Turkey, Iran, China and eventually the EU via energy
projects which settle the trade in local currencies is the big threat to the current political
and economic program of the U.S. It is something the EU will only embrace reluctantly.
It is something the U.S. will oppose vehemently.
And it is something that no one will stop if it makes sense for the people on each side of
the transaction. This is why Turkstream and Nordstream 2 are such important projects they
change the entire dynamic of the flow of global capital.
Oil and commodity markets were used as a finishing move on the Soviet system. The book,
"The Oil Card: Global Economic Warfare in the 21st Century" by James R. Norman details the
use of oil futures as a geopolitical tool. Pipelines change the calculus quite a bit.
Soros funded 'migration' to Europe has also failed and created a massive cultural and
economic burden on Europe.
The Soros/Rothschild plan to destroy Middle Eastern countries and displace the people was
- of course - motivated by the Rothschilds 'bread and butter ' - OIL ( the worlds largest
traded commodity ) !!
...Where ever they go, they [neoliberals] get organised, identify the institutions/establishments/courts to infiltrate and then use that
influence to -
* Hijack the economy.
* Corrupt the society.
As the current trend shows, the nexus of the international economic activity is shifting
east. Turkey is not making a mistake aligning itself with the goals of Russia, Iran and
China. Although there is still a huge debt of the previous deeds that has to be paid.
"Half of the US billionaires are Jews while only being less then 3% of the population. And
it doesn't stop there. They work collectively to hijack the institutions critical for the
operations of the democracy."
Some worthy observations, especially with all the US "Think Tanks." But I would include
the number of non-Jewish elites who have banded together with the Jewish elite and who have
greatly aided in eating out the very heart of America.
I read on here previously some dimwit comment about "America prints a bill for 2 cents
while other countries have to earn a dollars worth of equity to buy it and we can do this
forever" kind of thing. Not if other countries don't supply the demand you can't :)
History also shows that ANY smaller entity (Israel) that depends on a larger entity
(America) for its survival becomes a failed entity in the long run. Just saying.
I think you could quite reasonably replace the term 'depends on a larger entity', with a
term that better describes a (smaller) ' parasite ' on a (larger) host...
From your lips to God's ear. The American Empire is all cost and no benefit to the great majority of Americans. The MIC
and that's it. Politicians on the right wave the flag and politicians on the left describe a
politically correct future. All on our dime.
Israhell is losing its status via Putins peaceful diplomacy and trade with ME countries
who are not onboard with the Yinon plan. This is why RUSSIAGATE, led by dual Israhelli democrats in Congress. There is always a
foreign policy issue attached to their demonizing of other countries. This is also why the UK just sent UK soldiers to Ukraine declaring war on Russia for
"invading Ukraine" and not telling parliament or the UK people.
UK/US blind support for Israhell will get us all killed.
We do know that UK soldiers have been sent to the Ukraine. We also know that, according to elements in the Government and the Civil Service, Russia
invaded and annexed the Ukraine, which is just another reason to not trust the
Government--any Government.
WRONG!!!!! NordStream Eins und Zwei are the Prizes, because DEU, Scandinavia, CHE, and FRA will
Benefit. TRK Wins 2nd Prize with TRKStream and SouthStream Pipelines. Losers are BGR and EU_PARAGOV, since BGR went from Prime Partner to Trickledown
Transiteer.
Ultimately, along with Nordstream and Turkstream, there will also be a Polarstream
(leading to UK and Iceland) and Southstream (which was already begun but temporarily
suspended after Obama threatened Bulgaria via Angela Merkel).
And, oh...I am sure there will also be a Ukrostream (also known as Mainstream)
unfortunately the Ukronazi government of Ukrainistan doesn't know this just yet. They will
find out in due course, I am sure.
First PolarStream is highly unlikely both because laying it would be extremely difficult
and expensive and because Iceland has no need for gas as it is sitting on thermal reserves
and the UK won't deal with Russia.
You are correct on SouthStream.
As to UkroStream (I assume you mean Ukraine) it is already in existence and has been for
50 plus years. Given the bad history between the parties the Russians will want to stop that
route asap, hence the timing of NordStream 2 and TurkStream. So in the future UkroSream is
going to end, not start.
long-term political implications for the Middle East. Erdogan wants to re-take control of
the Islamic world from the Saudis.
SA still has control of the Hajj -- religious tourism - command by the Magic Book that
even Turkish mohammadist must complete. +/- 18% of SA GDP-- and SA isn't sharing any of that
loot.
Ticip is required to go and throw rocks at the black orb -- and do the Muslim Hokey Pokey
along with all the rest.. oh, and pay the SA kings for the privilege !
The new 3D Grand Chessboard is being played very quietly out of Moscow.
The article is a wee bit deceptive. Whilst this was indeed the last bit of under sea pipe
they were celebrating, it should be pointed out the stunning speed that they achieved, about
a mile a day some to a depth of over 1000 feet, quite an achievement on land, let alone at
sea. This is quite interesting, especially the map
Also, as its landfall in Turkey is west of the Bosphorus, that is west of Istanbul, maybe
that 'for Turkish use' is a cover for its primary purpose, supplying the Balkans as well as
Turkey from January 2020.
Note the significance of the start to pump date, December 2019, the same as NordStream 2.
What else happens then? Oh yes, the gas transit contract with Ukraine ends. The combination
of these two new pipelines to a very great extent replace that agreement. Even though
politically everyone is saying Ukraine ($4B p.a. transit fees) should be protected.
Take another look at the map, note that it takes a dogleg south to Turkey. If at that
point it had gone straight ahead it would have gone to Bulgaria as SouthStream. But the US
and its EU vassal stopped that. Maybe the second pipeline the Russians are now discussing
will resurrect that route.
Somehow I doubt that this Christmas will win the Bing Crosby star of approval. Rather, we
see the financial markets breaking under the strain of sustained institutionalized fraud, and
the social fabric tearing from persistent systemic political dishonesty. It adds up to a
nation that can't navigate through reality, a nation too dependent on sure things, safe
spaces, and happy outcomes. Every few decades a message comes from the Universe that faking
it is not good enough.
The main message from the financials is that the global debt barge has run aground, and
with it, the global economy. That mighty engine has been chugging along on promises-to-pay
and now the faith that sustained those promises is dissolving. China, Euroland, and the USA
can't possibly meet their tangled obligations, and are running out of tricks for rigging,
gaming, and jacking the bond markets, where all those promises are vested. It boils down to a
whole lot of people not getting paid, one way or the other -- and it's really bad for
business.
Our President has taken full credit for the bubblicious markets, of course, and will be
Hooverized as they gurgle around the drain. Given his chimerical personality, he may try to
put on an FDR mask -- perhaps even sit in a wheelchair -- and try a few grand-scale policy
tricks to escape the vortex. But the net effect will surely be to make matters worse -- for
instance, if he can hector the Federal Reserve to buy every bond that isn't nailed to some
deadly derivative booby-trap. But then he'll only succeed in crashing the dollar. Remember,
there are two main ways you can go broke: You can run out of money; or you can have plenty of
worthless money.
" Remember, there are two main ways you can go broke: You can run out of money; or you can
have plenty of worthless money". Both pretty much sums up America's predicament. Americans
are deep in debt, and their money is worthless.
he may try to put on an FDR mask -- perhaps even sit in a wheelchair -- and try a few
grand-scale policy tricks to escape the vortex. But the net effect will surely be to make
matters worse -- for instance, if he can hector the Federal Reserve to buy every bond that
isn't nailed to some deadly derivative booby-trap. But then he'll only succeed in crashing
the dollar. Remember, there are two main ways you can go broke: You can run out of money; or
you can have plenty of worthless money.
Here's a prediction. If the next GFC is bad enough, will the Government and the Fed bypass
the Banks and send Cash direct to Consumers? Maybe everybody with a SIN Number who is over 18
gets a Housing Voucher to be used towards the purchase of Real Estate??
- Will it be the last one or can they kick the can just..a..little..further down the
road
- Where will it leak to besides Bankruptcies? Politics? War? All of the Above?
didyoujustpullthatoutofyourass , 16 minutes ago
link
I think the powers that be are going to lose control of everything. We're going to be
looking at a Bolshevik Revolution on a global scale. The bad parts of the bible. Because of
years of indoctrination and immigration we can no longer fix our situation with ballots.
Because of years of overspending we can no longer get out of debt. Because of years of
outsourcing we can no longer produce our own basic necessities. All of Western civilization
is in a predicament that is impossible to get out of. We're screwed. This was done to us on
purpose, and the people who did it, still haven't stopped, because they want us
destroyed.
Embarrassing yellow paper journalism: attempt to connect the deal with Skripals false flag
operation by British intelligence agencies. The Daily Mail story preudo-analyst from Bellingcat
as a serious source, but provides no source at all for the alleged Russian quotes.
This actually a quite interesting article ( [written] by the 5 eyes intelligence
agencies)
Hot on the heels of proven Saudi state sanctioned murder under diplomatic immunity we have
a completely UNFOUNDED accusation that Russia has essentially committed the same crime.
Saudi bad guy.....Russia bad guy. Two negatives equals a positive (kind of thing). See
what I just did there? LMAO
The US spent $824.6 billion in 2018 compared to Russia's budget of $46 billion (18 times
the difference). Nevertheless, Congress recently declared, that in the event of a war with
Russia, the US could lose! So, if a President (Obama, Trump, whoever) really wanted to "Make
America Great Again" he would have to begin by firing 90% of the Military Industrial
Complex.
and Daily Mail knows this detail of how he emerged after the meeting because ...
more to come from BS factory ...
janus 1 day ago
Daily Mail will report that he died trying to slaughter a convention of journalists at
Putin's behest.
So ******* sick of britain's ruling class i want to wretch, if we need to break Britain to
get rid of them, so be it. They're all a bunch of decadent pedos and foppish fags
matriculated on globalism. they're disgusting, and even though we'll never get to see the
details, they actively tried to undermine our democracy (along with Tel Aviv).
And so it goes with our 'special relationships', special indeed, with friends like
these...
janus
Shemp 4 Victory 1 day ago
And Daily Mail knows this detail of how he emerged after the meeting because. Because they
read it from a script provided by a branch of MI6 known as OSF (Office of Substandard
Fiction).
In a trite refrain straight out of the standard Washington regime change playbook, the
United States has lodged a formal complaint alleging Iran is developing nerve agents "for
offensive purposes".
Comey knows where all the skeletons are buried and has nothing to fear, apart from a
stitch-up behind closed doors hanging, where nobody gets to see. We all know Comey is a Deep
State puppet. This hearing is all for show, to give the dunces the illusion of a functioning
dumbocracy.
Pretty rich that he's worried about leaks....but then again, he would know.
He is damned worried about private testimony as doing so would open him up to suspicion
from guilty parties concerned he might rat them out to save his hide.
Select leaks, even if untrue (fake news turned against them) could bring great pressure
upon his life.
Former
FBI Director James Comey announced over Twitter on Thursday that he has been subpoenaed by
House Republicans.
He has demanded a public testimony (during which legislators would be unable to ask him
questions pertaining to classified or sensitive information), saying that he doesn't trust the
committee not to leak and distort what he says.
"Happy Thanksgiving. Got a subpoena from House Republicans," he tweeted " I'm still happy to
sit in the light and answer all questions. But I will resist a "closed door" thing because I've
seen enough of their selective leaking and distortion . Let's have a hearing and invite
everyone to see." In October Comey rejected a request by the House Judiciary Committee to
appear at a closed hearing as part of the GOP probe into allegations of political bias at the
FBI and Department of Justice, according to Politico
.
"Mr. Comey respectfully declines your request for a private interview," said Comey's
attorney, David Kelly, in a repsonse to the request.
The Judiciary Committee, chaired by Bob Goodlatte (R-VA) didn't appreciate Comey's
response.
" We have invited Mr. Comey to come in for a transcribed interview and we are prepared to
issue a subpoena to compel his appearance ," said a committee aide.
Goodlatte invited Comey to testify as part of a last-minute flurry of requests for
high-profile Obama administration FBI and Justice Department leaders, including former
Attorney General Loretta Lynch and former Deputy Attorney General Sally Yates. He threatened
to subpoena them if they didn't come in voluntarily. -
Politico
The House committee has been investigating whether overwhelming anti-Trump bias with in the
FBI and Department of Justice translated to their investigations of the President during and
after the 2016 US election.
Didn't Gowdy deal with this already? "When did the FBI conduct an interview limited to 5
minutes?" "When did the FBI ever conduct an interview in public?" And the rest. Sauce for the
goose is sauce for the gander.
(I happen to think Gowdy is compromised, but the points remain.)
The crook knows a public hearing will allow him to defer answering EVERY question because
it "involves a current investigation", "it's classified", "I don't recall" and every other
dodge under the sun. Put this creep away for good!
Comey knows he can't withstand real questioning. He will be forced to take the 5th. A lot
of desperation showing here. He won't show and time will run out on the House, so Lindsay
Graham needs to take up the cause.
House Republicans will hear testimony on December 5 from the prosecutor appointed by
Attorney General Jeff Sessions to investigate allegations of wrongdoing by the Clinton
Foundation, according to Rep. Mark Meadows (R-NC).
Meadows - chairman of the House Oversight Subcommittee on Government Operations, told The
Hill that it's time to "circle back" to former Utah Attorney General John Huber's probe with
the Justice Department into whether the Clinton Foundation engaged in improper activities,
reports
The Hill .
"Mr. [John] Huber with the Department of Justice and the FBI has been having an
investigation – at least part of his task was to look at the Clinton Foundation and what
may or may not have happened as it relates to improper activity with that charitable foundation
, so we've set a hearing date for December the 5th.," Meadows told Hill.TV on Wednesday.
Meadows says the questions will include whether any tax-exempt proceeds were used for
personal gain and whether the Foundation adhered to IRS laws.
Sessions appointed Huber last year to work in tandem with the Justice Department to look
into conservative claims of misconduct at the FBI and review several issues surrounding the
Clintons. This includes Hillary Clinton 's ties to a Russian nuclear
agency and concerns about the Clinton Foundation.
Huber's
work has remained shrouded in mystery . The White House has released little information
about Huber's assignment other than Session's address to Congress saying his appointed should
address concerns raised by Republicans. -
The Hill
According to a report by the
Dallas Observer last November, the Clinton Foundation has been under investigation by the
IRS since July, 2016.
Meadows says that it's time for Huber to update Congress concerning his findings, and
"expects him to be one of the witnesses at the hearing," per The Hill . Additionally Meadows
said that his committee is trying to secure testimonies from whistleblowers who can provide
more information about potential wrongdoing surrounding the Clinton Foundation .
" We're just now starting to work with a couple of whistleblowers that would indicate that
there is a great probability, of significant improper activity that's happening in and around
the Clinton Foundation ," he added.
The Clinton Foundation - also under
FBI investigation out of the Arkansas field office, has denied any wrongdoing.
Launched in January, the Arkansas FBI probe, is focused on pay-for-play schemes and tax code
violations , according to The Hill at the time, citing law enforcement officials and a witness
who wishes to remain anonymous.
The officials, who spoke only on condition of anonymity, said the probe is examining
whether the Clintons promised or performed any policy favors in return for largesse to their
charitable efforts or whether donors made commitments of donations in hopes of securing
government outcomes .
The probe may also examine whether any tax-exempt assets were converted for personal or
political use and whether the Foundation complied with applicable tax laws , the officials
said. -
The Hill
The witness who was interviewed by Little Rock FBI agents said that questions focused on
"government decisions and discussions of donations to Clinton entities during the time Hillary
Clinton led President Obama's State Department," and that the agents were "extremely
professional and unquestionably thorough."
3 hours ago At one company
I interviewed nine times. Figured if they have this difficult of a time making a decision
I'll lose my mind working there and accepted a position elsewhere.
J 3 hours ago Google
wasn't the only company with excessive reliance on the school and GPA for new hires. It was
and might still be very common for technology companies to use this on the assumption that
a high GPA in school means high performance in the real world. My former company had a 3.7
minimum GPA on a four point scale just to be considered for an interview. I would
frequently get candidates from my manager to interview and evaluate. I found many of the
high performers lacked the ability to generalize concepts and skills that could be used
across a wide breadth of technologies. Instead they tended to apply a concept to a specific
subject and learn/create skills that would only work in that one area. When it came time to
move to development of newer technologies the skills they had learned would not transfer
and they would start the learning process all over. After talking to a comp sci professor
friend it made sense why this was happening. It has a lot to do with how schools
compartmentalize their teaching. The tend to be lessons and labs teaching a single concept
and nothing is done to teach the kids how to take that as a generalization that can be
applied across many areas. Due to this I found I ended up with better coworkers with
somewhat lower performing students as they appeared to be better at applying concepts in a
broad manner and more.
F 3 hours ago An
interview is not just about a company interviewing a prospective employee, but the employee
interviewing the company. If you interview me more the 3 times, you're done. As a company
you need to get your stuff together.
p 3
hours ago If some company needs more than 3 interviews to hire someone, then they are too
indecisive, tedious and flaky to bother with.
History repeats -- Looks like yet another
"Excessively careless" enthusiastic email sender: "The revelation prompted demands from
congressional investigators that Kushner preserve his records, which his attorney said he
had."
Ivanka Trump used her personal email account to send "hundreds" of emails last year to White
House aides, assistants and Cabinet officials, according to the Washington Post, citing "people
familiar with a White House examination of her correspondence." Of that, however, she discussed
government policies "less than 100 times" - and none of the content was classified.
"his daughter's practices bore similarities to the personal email use of Hillary Clinton"
Some truth here. They are both chromosomally female, both were using email. Sure same thing
here, give her the cell next to Hillary. Fair sentencing would be something around life for
Hillary, week for Ivanka?
Honestly, after all of the grief those of us on the right gave Hillary, and rightfully so,
for Ivanka to be so obtuse and do this .... it just gives the liberals something to harp on.
Why make things harder than they need to be? The Trumps are under a microscope and have to
know that everything they do is going to be picked apart and debated in the court of public
opinion.
Now we will have to listen to people like Don Lemon and Rachel Madcow and the
Morning Joe Idiots for the next 2 months blow this waaayyyy out of proportion
The Israelis were extradited to the U.S., where the prosecutor described them as "a predatory group that targeted elderly people
in the U.S., conning them into believing they were lottery winners. Preying on their victims' dreams of financial comfort, [they]
bilked them out of substantial portions of their life savings." According to the
U.S. Attorney's office :
"The defendants operated multiple boiler rooms that used the names of various sham law firms purportedly located in New York,
including law firms named 'Abrahams Kline,' 'Bernstein Schwartz,' 'Steiner, Van Allen, and Colt,' 'Bloomberg and Associates,"
and 'Meyer Stevens.' The defendants further used various aliases and call forwarding telephone numbers to mask the fact that the
defendants were located in Israel. The defendants also possessed bank accounts in Israel, Cyprus, and Uganda, to which illegal
proceeds were wired."
The ringleaders, Avi Ayache and Yaron Bar, were eventually convicted, and the U.S. prosecutor announced that they would "spend a
substantial portion of their lives in prison." Ayache was sentenced in 2014 to 13 years in prison and Bar to 12. Yet,
prison records indicate the two were released the next year.
Other members
of the ring also appear to have been released after extraordinarily little time. If these men did serve only a tiny portion of their
U.S. sentences, as public records and phone calls and emails to the Bureau of Prisons indicate, this may be due to the fact that
Israelis are allowed to be imprisoned in Israel instead of in the U.S. Their sentences then are determined by Israel and, as we will
see below, are often far shorter than they would be in the U.S.
Gery Shalon – hundreds of millions of dollars
In 2015 Gery Shalon and
two other Israelis were charged with utilizing hacked data for 100 million people to spam them with "pump and dump" penny stocks,
netting hundreds of millions of dollars.
The money was then laundered through an illegal bitcoin exchange allegedly owned by Shalon (more on bitcoin below). Shalon was
considered the ringleader of what U.S. prosecutors called a "
sprawling
criminal enterprise. " He faced decades behind bars.
However, he was instead given a
plea deal
in which he escaped any prison sentence whatsoever. Worth $2 billion, Shalon was to pay a $403 million fine.
...The ringleaders, Avi Ayache and Yaron Bar, were eventually convicted, and the U.S. prosecutor announced that they would
"spend a substantial portion of their lives in prison." Ayache was sentenced in 2014 to 13 years in prison and Bar to 12. Yet,
prison records indicate the two were released the next year. Other members of the ring also appear to have been released after
extraordinarily little time.
So if the US government is secretly releasing Federal prisoners, and if that is the case then American justice is on par with
the Mexican penal system, where such occurrences are routine.
Can anyone here verify if those two are in prison in Israel or free?
"... farmers are, in any society in which interest on loans is calculated, inevitably subject to being impoverished, then stripped of their property, and finally reduced to servitude (including the sexual servitude of daughters and wives) by their creditors, creditors. The latter inevitably seek to effect the terminal polarization of society into an oligarchy of predatory creditors cannibalizing a sinking underclass mired in irreversible debt peonage ..."
"... For what is the most basic condition of civilization, Hudson asks, other than societal organization that effects lasting "balance" by keeping "everybody above the break-even level"? ..."
"... they possessed the financial sophistication to understand that, since interest on loans increases exponentially, while economic growth at best follows an S-curve. This means that debtors will, if not protected by a central authority, end up becoming permanent bondservants to their creditors. So Mesopotamian kings regularly rescued debtors who were getting crushed by their debts. ..."
"... By clearing away the buildup of personal debts, rulers saved society from the social chaos that would have resulted from personal insolvency, debt bondage, and military defection ..."
"... In ancient Mesopotamian societies it was understood that freedom was preserved by protecting debtors. ..."
"... For us freedom has been understood to sanction the ability of creditors to demand payment from debtors without restraint or oversight. This is the freedom to cannibalize society. This is the freedom to enslave. This is, in the end, the freedom proclaimed by the Chicago School and the mainstream of American economists. ..."
"... A constant dynamic of history has been the drive by financial elites to centralize control in their own hands and manage the economy in predatory, extractive ways. Their ostensible freedom is at the expense of the governing authority and the economy at large. As such, it is the opposite of liberty as conceived in Sumerian times ..."
"... And our Orwellian, our neoliberal notion of unrestricted freedom for the creditor dooms us at the very outset of any quest we undertake for a just economic order. Any and every revolution that we wage, no matter how righteous in its conception, is destined to fail. ..."
"... But, in the eighth century B.C., along with the alphabet coming from the Near East to the Greeks, so came the concept of calculating interest on loans. This concept of exponentially-increasing interest was adopted by the Greeks -- and subsequently by the Romans -- without the balancing concept of Clean Slate amnesty. ..."
"... Hudson is able to explain that the long decline and fall of Rome begins not, as Gibbon had it, with the death of Marcus Aurelius, the last of the five good emperors, in A.D. 180, but four centuries earlier, following Hannibal's devastation of the Italian countryside during the Second Punic War (218-201 B.C.). ..."
"... latifundia Italiam ..."
"... Arnold Toynbee is almost alone in emphasizing the role of debt in concentrating Roman wealth and property ownership" (p. xviii) -- and thus in explaining the decline of the Roman Empire. ..."
"... This is a typical example of Orwellian doublespeak engineered by public relations factotums for bondholders and banks. The real hazard to every economy is the tendency for debts to grow beyond the ability of debtors to pay. The first defaulters are victims of junk mortgages and student debtors, but by far the largest victims are countries borrowing from the IMF in currency "stabilization" (that is economic destabilization) programs. ..."
"... The analogy in Bronze Age Babylonia was a flight of debtors from the land. Today from Greece to Ukraine, it is a flight of skilled labor and young labor to find work abroad. ..."
"... "Sin" and "Debt" are the same word in many languages, such as German, Scandinavian etc. ..."
"... The Mythmaker: Paul and the Invention of Christianity ..."
"... Yes, Hudson's scholarship puts the lie to a lot of common economic beliefs today. ..."
"... Bankruptcy is essentially a form of debt jubilee that isn't society-wide on a specific date. ..."
"... Keeping inflation target extremely low should serve the creditors more than the debtors. ..."
"... The ECB, as currently constituted, is a full on neoliberal disaster. Copious evidence provided here: http://bilbo.economicoutlook.net/blog/ ..."
"... Western civilization, until very recently, had very strict anti-usury laws which prevented most people from borrowing money at all, let alone falling into debt servitude. Indeed, while laws varied widely from place to place, most victims of over-borrowing were royal courts and aristocrats, not smallholders. And of course, since most moneylenders were Jewish, one solution for debtors regularly employed was to simply run the creditors out of town or indeed, the country. Isn't that a kind of jubilee? ..."
"... The parallels of debt oligarchies to tech oligarchies, this article draws for me .. "So it was inevitable that, in the last century of American history, increasing numbers of small firms became irredeemably unviable and lost their ability to compete. It likewise was inevitable that the FANGS amassed the masses of entrepreneurial talent and established themselves in parasitic oligarchies." ..."
"... For what is the most basic condition of civilization, Hudson asks, other than societal organization that effects lasting "balance" by keeping "everybody above the break-even level"? ..."
"... That's the core regulating idea Geoff Mann draws out of Keynes in his recent "In the Long Run We Are All Dead." As best as I can tell his take on Keynes is accurate, and he's able to make a case for aligning him with the likes of Hegel and -- drum roll -- Robespierre, who was fiercely insistent on the guarantee of an "honorable poverty." In a way, they were all theorists of the abyss, pragmatists who insisted on measures to make sure economies didn't kill their members. I was particularly taken by the idea that the General Theory is not systematic but rather an analysis of different modes of breakdown, e.g. the liquidity trap, that must be compensated for. ..."
"... Yes. Bankruptcy is hardly any kind of Jubilee. Any debt is much harder to discharge post 2005, including medical, which is the cause of half of bankruptcies according to filers. ..."
"... Student loans. Now there's a naked fleecing scam by the moneychangers. High interest, zero risk, no forgiveness. A great racket if you can get it, like Medical Insurance, profiteering guaranteed by Obamacare. ..."
"... Cooperation. Because we can decline the idea of debt right back to one thing. Cooperation. When Graeber says "Money is Debt" he is right but he fails to define the root of debt. Because debt is not money. ..."
"... Ordinary people in pension plans do own debt. That is where the hit would be hardest to absorb. ..."
"... At some point, supporters of debt forgiveness need to reconcile their position with the fact that the extinguishing of debt is, in effect, a sovereign action taking the property of another on a scale without much parallel in modern society. ..."
"... Let me suggest a parallel or two: the acquisition of property by means of enforced indebtedness combined with creditor fraud that occurred in the Great Foreclosure Carnage around 2008? Or the appropriation of the lion's share of economic growth since 1970 to the richest 1% or so? ..."
"... Creditors SHOULD be required to exercise judgment and restraint in extending credit. It's moral hazard in the other direction if the government lets them squeeze the life out of people. ..."
"... Time's Arrow, Time's Cycle ..."
"... "That is what creditors really wanted: Not merely the interest as such, but the collateral -- whatever economic assets debtors possessed, from their labor to their property, ending up with their lives" Creditors=Predators ..."
"... prædia/latifundia ..."
"... The purpose of doing so was as to keep society functioning by meeting demands that conflict with and at times are superior to the normal need to repay debt. Periodic debt forgiveness is equally normal, in the manner that medieval farmers let their land lie fallow so as to bear fruit another year. ..."
"... If the bank is stupid enough to make the loan, they are stupid enough to lose it. The bank must take the consequence of making a un-payable loan. ..."
"... The bank has far more resources to know if the loan is repayable than the person getting the loan. Since the bank 'knows' more, it should take on more responsibility for making the loan than the person getting the loan. And so, back to reason #1 above, stupid bank loses stupid loan. ..."
"... What could have facilitated debt jubilees in ancient societies was the fact that the new rulers which overthrew the old as a result of frequent wars, found it convenient to eliminate the former propertied classes to win over the support of the indebted and enslaved commoners. 'Wiping the slate clean' could have been just a measure to win political legitimacy. ..."
"... let me pre-purchase the book, and their system will download it and notify me when the content is available. ..."
To say that Michael Hudson's new book And Forgive Them Their Debts: Lending, Foreclosure,
and Redemption from Bronze Age Finance to the Jubilee Yea r (ISLET 2018) is profound is an
understatement on the order of saying that the Mariana Trench is deep. To grasp his central
argument is so alien to our modern way of thinking about civilization and barbarism that Hudson
quite matter-of-factly agreed with me that the book is, to the extent that it will be
understood, "earth-shattering" in both intent and effect. Over the past three decades, Hudson
gleaned (under the auspices of Harvard's Peabody Museum) and then synthesized the scholarship
of American and British and French and German and Soviet assyriologists (spelled with a
lower-case a to denote collectively all who study the various civilizations of ancien t
Mesopotamia, which include Sumer, the Akkadian Empire, Ebla, Babylonia, et al., as well as
Assyria with a capital A ). Hudson demonstrates that we, twenty-first century
globalists, have been morally blinded by a dark legacy of some twenty-eight centuries of
decontextualized history. This has left us, for all practical purposes, utterly ignorant
of the corrective civilizational model that is needed to save ourselves from tottering into
bleak neo-feudal barbarism.
This corrective model actually existed and flourished in the economic functioning of
Mesopotamian societies during the third and second millennia B.C. It can be termed Clean Slate
amnesty, a term Hudson uses to embrace the essential function of what was called amargi
and níg-si-sá in Sumerian, andurārum and mīš
arum in Akkadian (the language of Babylonia), šudūtu and kirenzi
in Hurrian, para tarnumar in Hittite, and deror (
דְּרוֹר ) in Hebrew: It is the necessary and periodic
erasure of the debts of small farmers -- necessary because such farmers are, in any society in
which interest on loans is calculated, inevitably subject to being impoverished, then stripped
of their property, and finally reduced to servitude (including the sexual servitude of
daughters and wives) by their creditors, creditors. The latter inevitably seek to effect the
terminal polarization of society into an oligarchy of predatory creditors cannibalizing a
sinking underclass mired in irreversible debt peonage. Hudson writes: "That is what creditors
really wanted: Not merely the interest as such, but the collateral -- whatever economic assets
debtors possessed, from their labor to their property, ending up with their lives" (p. 50).
And such polarization is, by Hudson's definition, barbarism. For what is the most basic
condition of civilization, Hudson asks, other than societal organization that effects lasting
"balance" by keeping "everybody above the break-even level"?
"Mesopotamian societies were not interested in equality," he told me, "but they were
civilized. And they possessed the financial sophistication to understand that, since interest
on loans increases exponentially, while economic growth at best follows an S-curve. This means
that debtors will, if not protected by a central authority, end up becoming permanent
bondservants to their creditors. So Mesopotamian kings regularly rescued debtors who were
getting crushed by their debts. They knew that they needed to do this. Again and again, century
after century, they proclaimed Clean Slate Amnesties."
Hudson also writes: "By liberating distressed individuals who had fallen into debt bondage,
and returning to cultivators the lands they had forfeited for debt or sold under economic
duress, these royal acts maintained a free peasantry willing to fight for its land and work on
public building projects and canals . By clearing away the buildup of personal debts, rulers
saved society from the social chaos that would have resulted from personal insolvency, debt
bondage, and military defection" (p. 3).
Marx and Engels never made such an argument (nor did Adam Smith for that matter). Hudson
points out that they knew nothing of these ancient Mesopotamian societies. No one did back
then. Almost all of the various kinds of assyriologists completed their archaeological
excavations and philological analyses during the twentieth century. In other words, this book
could not have been written until someone digested the relevant parts of the vast body of this
recent scholarship. And this someone is Michael Hudson.
So let us reconsider Hudson's fundamental insight in more vivid terms. In ancient
Mesopotamian societies it was understood that freedom was preserved by protecting debtors. In
what we call Western Civilization, that is, in the plethora of societies that have followed the
flowering of the Greek poleis beginning in the eighth century B.C., just the opposite,
with only one major exception (Hudson describes the tenth-century A.D. Byzantine Empire of
Romanos Lecapenus), has been the case: For us freedom has been understood to sanction the
ability of creditors to demand payment from debtors without restraint or oversight. This is the
freedom to cannibalize society. This is the freedom to enslave. This is, in the end, the
freedom proclaimed by the Chicago School and the mainstream of American economists.
And so
Hudson emphasizes that our Western notion of freedom has been, for some twenty-eight centuries
now, Orwellian in the most literal sense of the word: War is Peace • Freedom is
Slavery• Ignorance is Strength . He writes: "A constant dynamic of history has been
the drive by financial elites to centralize control in their own hands and manage the economy
in predatory, extractive ways. Their ostensible freedom is at the expense of the governing
authority and the economy at large. As such, it is the opposite of liberty as conceived in
Sumerian times" (p. 266).
And our Orwellian, our neoliberal notion of unrestricted freedom for the creditor
dooms us at the very outset of any quest we undertake for a just economic order. Any and every
revolution that we wage, no matter how righteous in its conception, is destined to fail.
And we are so doomed, Hudson says, because we have been morally blinded by twenty-eight
centuries of deracinated, or as he says, decontextualized history. The true roots of
Western Civilization lie not in the Greek poleis that lacked royal oversight to cancel
debts, but in the Bronze Age Mesopotamian societies that understood how life, liberty and land
would be cyclically restored to debtors again and again. But, in the eighth century B.C., along
with the alphabet coming from the Near East to the Greeks, so came the concept of calculating
interest on loans. This concept of exponentially-increasing interest was adopted by the Greeks
-- and subsequently by the Romans -- without the balancing concept of Clean Slate amnesty.
So it was inevitable that, over the centuries of Greek and Roman history, increasing numbers
of small farmers became irredeemably indebted and lost their land. It likewise was inevitable
that their creditors amassed huge land holdings and established themselves in parasitic
oligarchies. This innate tendency to social polarization arising from debt unforgiveness is the
original and incurable curse on our post-eighth-century-B.C. Western Civilization, the lurid
birthmark that cannot be washed away or excised. In this context Hudson quotes the classicist
Moses Finley to great effect: " . debt was a deliberate device on the part of the creditor to
obtain more dependent labor rather than a device for enrichment through interest." Likewise he
quotes Tim Cornell: "The purpose of the 'loan,' which was secured on the person of the debtor,
was precisely to create a state of bondage"(p. 52 -- Hudson earlier made this point in two
colloquium volumes he edited as part of his Harvard project: Debt and Economic Renewal in
the Ancient Near East , and Labor in the Ancient World ).
Hudson is able to explain that the long decline and fall of Rome begins not, as Gibbon had
it, with the death of Marcus Aurelius, the last of the five good emperors, in A.D. 180, but
four centuries earlier, following Hannibal's devastation of the Italian countryside during the
Second Punic War (218-201 B.C.). After that war the small farmers of Italy never recovered
their land, which was systematically swallowed up by the pr æ dia (note the
etymological connection with predatory ), the latifundia , the great oligarchic
estates: latifundia Italiam ("the great estates destroyed Italy"), as Pliny the Elder
observed. But among modern scholars, as Hudson points out, "Arnold Toynbee is almost alone in
emphasizing the role of debt in concentrating Roman wealth and property ownership" (p. xviii)
-- and thus in explaining the decline of the Roman Empire.
"Arnold Toynbee," Hudson writes, " described Rome 's patrician idea of 'freedom' or '
liberty ' as limited to oligarchic freedom from kings or civic bodies powerful enough to check
creditor power to indebt and impoverish the citizenry at large. 'The patrician aristocracy's
monopoly of office after the eclipse of the monarchy [Hudson quotes from Toynbee' s book
Hannibal's Legacy ] had been used by the patricians as a weapon for maintaining their
hold on the lion's share of the country's economic assets; and the plebeian majority of the
Roman citizen-body had striven to gain access to public office as a means to securing more
equitable distribution of property and a restraint on the oppression of debtors by creditors.'
The latter attempt failed," Hudson observes, "and European and Western civilization is still
living with the aftermath" (p. 262).
Because Hudson brings into focus the big picture, the pulsing sweep of Western history over
millennia, he is able to describe the economic chasm between ancient Mesopotamian civilization
and the later Western societies that begins with Greece and Rome: "Early in this century [
i.e . the scholarly consensus until the 1970s] Mesopotamia's debt cancellations were
understood to be like Solon's seisachtheia of 594 B.C. freeing the Athenian citizens
from debt bondage. But Near Eastern royal proclamations were grounded in a different
social-philosophical context from Greek reforms aiming to replace landed creditor aristocracies
with democracy. The demands of the Greek and Roman populace for debt cancellation can rightly
be called revolutionary [italics mine], but Sumerian and Babylonian demands were based
on a conservative tradition grounded in rituals of renewing the calendrical cosmos and its
periodicities in good order.
The Mesopotamian idea of reform had ' no notion [Hudson is quoting
Dominique Charpin ' s book Hammurabi of Babylon here] of what we would call social
progress. Instead, the measures the king instituted under his mīš arum were
measures to bring back the original order [italics mine]. The rules of the game had not
been changed, but everyone had been dealt a new hand of cards'" (p. 133). Contrast the Greeks
and Romans: " Classical Antiquity, " Hudson writes, "replaced the cyclical idea of time and
social renewal with that of linear time. Economic polarization became irreversible, not merely
temporary" (p. xxv). In other words: "The idea of linear progress, in the form of irreversible
debt and property transfers, has replaced the Bronze Age tradition of cyclical renewal" (p.
7).
After all these centuries, we remain ignorant of the fact that deep in the roots of our
civilization is contained the corrective model of cyclical return – what Dominique
Charpin calls the "restoration of order" (p. xix). We continue to inundate ourselves with a
billion variations of the sales pitch to borrow and borrow, the exhortation to put more and
more on credit, because, you know, the future's so bright I gotta wear shades.
Nowhere, Hudson shows, is it more evident that we are blinded by a deracinated, by a
decontextualized understanding of our history than in our ignorance of the career of
Jesus. Hence the title of the book: And Forgive Them Their Debts and the cover
illustration of Jesus flogging the moneylenders -- the creditors who do not forgive debts -- in
the Temple. For centuries English-speakers have recited the Lord's Prayer with the assumption
that they were merely asking for the forgiveness of their trespasses , their theological
sins : " and forgive us our trespasses, as we forgive those who trespass against us ."
is the translation presented in the Revised Standard Version of the Bible. What is lost in
translation is the fact that Jesus came "to preach the gospel to the poor to preach the
acceptable Year of the Lord": He came, that is, to proclaim a Jubilee Year, a restoration of
deror for debtors: He came to institute a Clean Slate Amnesty (which is what
Hebrew דְּרוֹר connotes in this context).
So consider the passage from the Lord's Prayer literally: καὶ
ἄφες ἡμῖν τὰ
ὀφειλήματα ἡμῶν: " and
send away (ἄφες) for us our debts
(ὀφειλήματα)." The Latin translation is
not only grammatically identical to the Greek, but also shows the Greek word
ὀφειλήματα revealingly translated as
debita : et dimitte nobis debita nostra : " and discharge ( dimitte ) for
us our debts ( debita )." There was consequently, on the part of the creditor class, a
most pressing and practical reason to have Jesus put to death: He was demanding that they
restore the property they had rapaciously taken from their debtors. And after His death there
was likewise a most pressing and practical reason to have His Jubilee proclamation of a Clean
Slate Amnesty made toothless, that is to say, made merely theological: So the rich could
continue to oppress the poor, forever and ever. Amen.
Just as this is a profound book, it is so densely written that it is profoundly difficult to
read. I took six days, which included six or so hours of delightful and enlightening
conversation with the author himself, to get through it. I often availed myself of David
Graeber' s book Debt: The First 5,000 Years when I struggled to follow some of Hudson's
arguments. (Graeber and Hudson have been friends, Hudson told me, for ten years, and Graeber,
when writing Debt; The First 5,000 Years , relied on Hudson's scholarship for his
account of ancient Mesopotamian economics, cf. p. xxiii).
I have written this review as
synopsis of the book in order to provide some help to other readers: I cannot emphasize too
much that this book is indeed earth-shattering , but much intellectual labor is required
to digest it.
ADDENDUM: Moral Hazard
When I sent a draft of my review to a friend last night, he emailed me back with this
question:
-- Wouldn't debt cancellations just take away any incentive for people to pay back loans
and, thus, take away the incentive to give loans? People who haven't heard the argument
before and then read your review will probably be skeptical at first.
Here is Michael Hudson's response:
-- Creditors argue that if you forgive debts for a class of debtors – say, student
loans – that there will be some "free riders," and that people will expect to have bad
loans written off. This is called a "moral hazard," as if debt writedowns are a hazard to the
economy, and hence, immoral.
This is a typical example of Orwellian doublespeak engineered by public relations factotums
for bondholders and banks. The real hazard to every economy is the tendency for debts to grow
beyond the ability of debtors to pay. The first defaulters are victims of junk mortgages and
student debtors, but by far the largest victims are countries borrowing from the IMF in
currency "stabilization" (that is economic destabilization) programs.
It is moral for creditors to have to bear the risk ("hazard") of making bad loans, defined
as those that the debtor cannot pay without losing property, status or becoming insolvent. A
bad international loan to a government is one that the government cannot pay except by imposing
austerity on the economy to a degree that output falls, labor is obliged to emigrate to find
employment, capital investment declines, and governments are forced to pay creditors by
privatizing and selling off the public domain to monopolists.
The analogy in Bronze Age Babylonia was a flight of debtors from the land. Today from Greece
to Ukraine, it is a flight of skilled labor and young labor to find work abroad.
No debtor – whether a class of debtors such as students or victims of predatory junk
mortgages, or an entire government and national economy – should be obliged to go on the
road to and economic suicide and self-destruction in order to pay creditors. The definition of
statehood – and hence, international law – should be to put one's national solvency
and self-determination above foreign financial attacks. Ceding financial control should be
viewed as a form of warfare, which countries have a legal right to resist as "odious debt"
under moral international law.
The basic moral financial principal should be that creditors should bear the hazard for
making bad loans that the debtor couldn't pay -- like the IMF loans to Argentina and Greece.
The moral hazard is their putting creditor demands over the economy' s survival.
So is Hudson making the claim that Jesus was never talking about 'original sin' at all?
That he was talking about literal, temporal-world financial debts and the need to erase
them? If so, when and where did this theological confusion arise? Saul of Tarsus and his
mysticism?
King James version: "and forgive us our debts, as we forgive our debtors."
However, the temple whip episode demonstrated, by action, that he wanted separation of the
material economy from the religious, and 'render unto Caesar' that money was not his concern.
His inclusion of Matthew as a disciple had an antithesis with Simon the Zealot, sworn to kill
tax collectors, and says that material and financial values were to be set aside amongst his
followers.
If Hudson is claiming that the verse refers solely to this-world indebtedness, then he's
out over his skis. Not Jesus' problem.
Then of course there is the pharisee/sadducee conflict which ties into the Samaritan
story. The Samaritans were basically Jews with their own temple that didn't hand money over
to the Sadducees at the big shrine in Jerusalem everyone is always going on about. Of course,
Jesus does seem to share quite a bit in common with the Pharisees. Oh Lord, Jesus was
probably taking orders for tables and chairs during the Sermon on the Mount!
"Of course, Jesus does seem to share quite a bit in common with the Pharisees."
In his book The Mythmaker: Paul and the Invention of Christianity the late British Talmudic
scholar Hyam Maccoby
argues exactly that – that Jesus was a pharisee. He further asserts that Saul arrived
in Jerusalem seeking to study to become a Pharisee, a process that required extensive study,
but couldn't cut it. He then became an agent provocateur on behalf of the Sadducees in their
efforts to suppress phariseeism and the related sect founded by Jesus's disciples. After his
"road to Damascus moment," the now Paul cobbled together a new theology combining elements of
Judaism with elements of the pagan, nature religions of the Middle East. This "Jerusalem
Church," as Maccoby labels it, disappeared from history following the Roman sack of the city
in 70 CE. What has come down to us as the New Testament, argues the author in a footnote, is
a history of early Christianity that is analogous to a Stalinist history of the Russian
Revolution.
That's the theological equivalent to 'climate change is a natural phenomenon." That anti
semitic 'paul made it a jewish church' heresy been considered incorrect for over 1000 years.
read something else
add in the Constantinian Shift as well as the convenient lack of contemporary or original
texts and Christianity is hopelessly muddled. Theodosius muddled it even more.
In the same way as someone mentioned Judaism was split by the Babylonian Captivity(the elites
carted off, leaving the sub-elites in charge back home) upon their return, texts and ideas
were lost or burned, in the interest of temporal power.
same as it ever was.
in a former life, I endeavored to read all the source material of all this even read Eusebius
Constantine's pet bishop.
the various apocryphae throw everything we think we know about the history -- let alone the
original versions–into question. Nobody I've encountered in the world of religion wants
to go there but the idea of "Flog a Banker -- it's what Jesus would do" resonates with
ordinary Christians out here(except for the bankers, of course, and the rest of the
parasitium.
This book looks like a must-read. Any idea of a non-amazon source?
I was told, many years ago, that the Samaritans were the descendants of Jews who were not
shipped off to Babylon, while the sect that became dominant were the descendants of those who
went to Babylon. While there "in exile" they maintained their culture, but the two groups
inevitably diverged. When they returned from Babylon that group found the ones who had not
been exiled were not performing the rituals or interpreting "the Law" in exactly the same way
they did. Of course it was not possible that their own practices had changed.
Only the elite went into captivity, a common means of securing loyalty and assimilation.
My guess is the peasant religion probably wasn't terribly different from area to area when
you moved away from the coast and didn't get too close to Babylon or Egypt and likely just
assimilated new traditions various charismatic types passed through, not relying on anything
too specific as overlords also changed. Jerusalem was the last place the major powers could
fortify before they had to commit to a proper invasion of a major power. It was probably like
Christendom before the schism between East and West with powerful regional churches and
localized saints. Through the Americas, there are Christian celebrations with heavy local
influence from the Mexican Day of the Dead to the Irish throwing parades which aren't so
welcoming.
Islam strikes me more of a unifying religion of what was already there in a fashion
especially where Rome (Byzantines) wasn't really governing as well as a government
should.
The original sin was humans gaining the knowledge of duality and hence, the creation of
morality:
Genesis 2:15
15 The Lord God took the man and put him in the Garden of Eden to work it and take care
of it. 16 And the Lord God commanded the man, "You are free to eat from any tree in the
garden; 17 but you must not eat from the tree of the knowledge of good and evil, for when
you eat from it you will certainly die. "
Genesis 3:4
"You will not certainly die," the serpent said to the woman. 5 "For God knows that when
you eat from it your eyes will be opened, and you will be like God, knowing good and
evil."
When the woman saw that the fruit of the tree was good for food and pleasing to the eye,
and also desirable for gaining wisdom, she took some and ate it. She also gave some to her
husband, who was with her, and he ate it. 7 Then the eyes of both of them were opened, and
they realized they were naked; so they sewed fig leaves together and made coverings for
themselves. "
There are some who will say that Good and Evil in hebrew really mean that it was not
duality, but they would know "everything". However, if it did not mean good and evil why
would Adam and Eve be ashamed because they were naked? They did not know they were naked
because the dualism of naked/clothed did not exist.
Duality already existed but God did not want them to know about it because it would mean
they would suffer.
Jesus was a teacher of non-dualism. How can one die if there is no dualism, if there is no
opposite for "birth"?
I don't know. God looked over his creation and saw it was Good. I doubt that is a moral statement. I think it has more to do with creation and destruction.
They saw they were naked, so they destroyed gods creation, 'fig leaves', and created their
own, 'covering for themselves'.
Then god says the punishment for this was 'by the sweat of your brow, you will eat your
bread'
You were a hunter-gatherer, but now you have knowledge of creation and destruction, you
will become 'civilized' and become a farmer.
If we look at Cain and Abel we see one son was loved by god, while the other was not. It
was civilized man who offering god rejected, not the hunter-gatherer.
And after the murder, god told Cain "you are your brothers keeper'.
Its civilization that makes one man rich and another poor. Hunter gatherers are much more
egalitarian than civilized societies.
Jesus, and many others, are here to remind us that we are all children of god and in this
together.
And that 'civilized' man has a duty to those who are 'uncivilized'. The losers, they
people who can't make it, the bottom class, we owe them, because we 'took' their
livelihood.
"Original Sin" isn't part of Judaism or Islam despite the obvious inclusion of Adam and
Eve. IMHO, its probably not possible to separate Christianity from the Imperial structures of
Rome. A religion replacing a structure which makes its former leaders deities needs a good
story to be successful.
Adam and Eve aren't important stories in Judaism and Islam (they are evidence of
polytheistic roots), but they matter to Christians because of Saul's rants.
The other issue is the authors of the various doctrines depended on what they were
attracted to. "I am the Alpha and the Omega." If this line is the case, then in the
narrative, Jesus needs to reflect the beginning and the end. He's that important. Its like
when Q was in the series finale of Star Trek: The Next Generation in the same setting as the
premiere, but instead of dealing with a mystery, Picard has to deal with saving humanity and
his fish once again. Its a nice bow, but when Kirk shows up in Generations after dealing with
his issues both in Star Trek II and VI, it doesn't work. One Gospel traces Jesus through the
line of Kings, one through the prophets, and one just "the word." The Son of God isn't dying
for an extra day of lamp oil.
Mohammad is out there directing battles and building an empire that was probably better
than what was there before. Jesus was born into Pax Romana. He could have been born into much
worse places.
I do not feel anything you wrote is in disagreement with my thoughts.
Eden, I feel, is a an imprint of pre-history, of the paleolithic. A time when money was
not the common story that people willingly (or unwillingly) currently believe. I think this
is largely driven by genetics. If your genes can change by our diet why would they not be
able to be changed by our culture? So I do not care if someone wants to be capitalist, just give me my space to be an
anarchist. You capitalism does not work in my brain.
I think it is extremely unfortunate that Professor Hudson chose to make claims about 'mere
theology' that don't have a basis in the texts concerning Jesus. The inference I get from
reading all the evangelists wrote on the subject of the Lord's Prayer is that debt collecting
is indeed frowned upon, or rather to be forgiven, but what sense would it make for a follower
of Jesus to ask God to forgive economic debt? And the evangelists expand that concept to
mean, as has been earlier written by them, all the many shortcomings man is capable of, not
just penury.
Certainly the entire message of the Bible, old and new testaments, deals with the
honorable matter of helping the poor, widows and orphans as well, because that is a good
thing to do in the eyes of the Lord, who loves mankind created in His image as it is. All of
that is part of the compassionate spiritual being He is and we ought to be.
I don't want to throw the baby out with the bathwater. For those of us who think the
spiritual message is important, there is no conflict between our faith and Dr. Hudson's
excellent reminder that mankind realized what was necessary to provide for a stable earthly
government very early in the historic record. But it has really always been recognized until
the recent economic period that governments must manage equity in their populations or else
come to a speedy ruin. Maybe never spelled out in economic theory, but even the pueblo
Indians would have something to say on the matter. Chaco Canyon is a case in point.
I think Dr. Hudson is commenting on what makes for a stable, just and durable
society . Like symmetry, humans are exquisitely attuned to imbalances in equity and fairness. Ask
two siblings made to share what they each most want. Governments and societies ignore that at
their peril.
I think he would say that much of economics is a form of special pleading, an argument by
the wealthy that what they do to become wealthy is of great value to all (not just the few)
– despite the overwhelming contrary evidence – and determined by the nearly
divine laws of the market.
Societies, like families, prosper, however, through enduring and repetitive
self-sacrifice.
Not to put words into Professor Hudson's mouth, I would say that he is correct on the
perceptions he has about the jubilee year as it is represented in the Old Testament and even
Jesus' reference to a jubilee year in the early part of his ministry. I give Professor Hudson
great credit for pointing out that powerful part of Jesus' early speech in the Temple that
did scandalize many of the listeners there. I had not seen that message before Dr. Hudson
pointed to it, but it is a very important one as he says. But Jesus was then and also in all
his further sayings taking that economic law promulgated in earlier texts and not only
pointing out that it wasn't being observed by unscrupulous taxation practices, but also
expanding it into a larger spiritual context wherein the poor are really blessed in spirit,
because poverty is right down there with humility, and that emptying of oneself on behalf of
another is where true compassion begins.
In my faith, Jesus is God incarnate. God incarnate in order that we see in his humility,
the humility intrinsic to God's relationship to mankind. Humility and 'humus' are related,
and so they should be. The hard shell of the seed falling to the ground preserves the soul of
the seed, even as what hardens it is the vicissitudes of its early life. We all presently
have life; we are like seeds that way. And as you say, EoH, societies, like families, prosper
through enduring and repetitive self-sacrifice. That's where faith and economics, true
economics such as Professor Hudson is proposing, meet.
The only church that, to me, holds to Jesus's teaching is the Franciscan Church. Jesus also tried to help people with their fears of "doing without". This is crucial to
me. If you are unafraid to do without the capitalists have no power.
25 Therefore I say unto you, Be not anxious for your life, what ye shall eat, or what ye
shall drink; nor yet for your body, what ye shall put on. Is not the life more than the
food, and the body than the raiment? 26 Behold the birds of the heaven, that they sow not,
neither do they reap, nor gather into barns; and your heavenly Father feedeth them. Are not
ye of much more value than they? 27 And which of you by being anxious can add one cubit
unto [a]the measure of his life? 28 And why are ye anxious concerning raiment? Consider the
lilies of the field, how they grow; they toil not, neither do they spin: 29 yet I say unto
you, that even Solomon in all his glory was not arrayed like one of these. 30 But if God
doth so clothe the grass of the field, which to-day is, and to-morrow is cast into the
oven, shall he not much more clothe you, O ye of little faith? 31 Be not therefore anxious,
saying, What shall we eat? or, What shall we drink? or, Wherewithal shall we be
clothed?
There were different factions within Judaism vying for public and ideological support. A
prophetic Judaism where "God desired mercy and not sacrifice", where those who were outcasted
by the priestly Judaism, the poor who couldn't afford the Priestly ritual, taxes that
enriched the Pharisaic elite that acted as a proxy for Rome, the alien, the sinner, etc. In
this prophetic tradition love your neighbor, forgiveness of debts, and extending your
neighbor to include this traditionally outcasted, alongside predictions of Judgement for the
temple elites, and return of Gods Kingdom. Jesus belonged in this tradition. Jesus was seen
as a political and religious messiah in this tradition.
Paul belonged to the Pharisaic tradition but had some sort of religious/mystical
conversion to move from prosecuting early Christian's to starting a Christ cult. Instead of
Jesus proclaiming God desired Mercy and not sacrifice, Paul claimed Jesus became the required
sacrifice. Instead of forgiveness of debts, mercy and acceptance being the way to God, Jesus
became the priestly ritual and Christianity became a cult. Richard Horsely has done great
research on First century Judaism and the historical Jesus. I also really like "the last
week" by Borg and crossan
This is a very similar thesis to one found in David Graebers "5000 Years of Debt",
interesting that it's the conclusion being arrived at by multiple scholars.
Graeber and Hudson have been friends, Hudson told me, for ten years, and Graeber, when
writing Debt; The First 5,000 Years, relied on Hudson's scholarship for his account of
ancient Mesopotamian economics
was just going to add the point about "Debt". I found Graeber's work to be fascinating,
especially how the relationship between "sin" and debt, and the implications on the
development and rise of Christianity, the rejection of homosexuality (not just wives and
daughters became sex slaves), and perhaps most importantly, how wrong market fundamentalist
are in their understanding of how economic systems evolve and their belief that market-based
systems are "natural", arising from a pre-market barter state.
It's an excellent alternative to the creation myths of mainstream economics. I've listened
to the audio book three times through and gotten more out of it each time. It's always a
pleasure to see 'conventional wisdom' dethroned by that most pernicious of enemies: actual
history.
looking forward to picking up a copy. loved graeber's Debt: and this seems to build on
that and adds Hudson's economic background to Graeber's anthropological one
There is no 'moral hazard'. This is a non sequitur designed to deceive like a lot of
'sponsored' economic theory. Every loan carries a risk and the risk is it won't be paid
back.
The moral hazard argument only applies if debts are paid back at once, thus debtors can
'wait' for a jubilee. In the real world debt is paid back in bits along with interest. So no
one will be waiting for jubilee in day to day economic life without facing consequences.
What a debt jubilee does is wipes the slate clean of loans that 'won't' be paid back, and
maintains systemic balance rather than concentration and exploitation.
It's also pretty telling that those who control the "moral hazard" meme rarely if ever
discuss the moral hazard of bailing out major Corps and Financial Houses or the "moral
hazard" of handing large Corps years of taxpayer contributions to various States.
Also overlooks that outside of personal debt, the world of corporate debt see "strategic
defaults" occur all the time with no moral hand wringing involved. Debts are a promise to pay
back, not an obligation.
I had an interesting argument with my brother-in-law several years ago, usually a very
level headed fellow who was going back to school for engineering in his 30s, as soon as I
brought up the possibility of dissolving student debt he grew quite heated. To
paraphrase:
"Why should I be punished for responsibly paying back my loans while someone else who was
irresponsible gets that debt annulled?"
Moral outrage for the debtors being forgiven their sin! Of course, a few years later with
his debt built up his tune had completely changed
Bankruptcy is essentially a form of debt jubilee that isn't society-wide on a specific
date. The big problem I see with student loan debt is that it can't be discharged in
bankruptcy. Individual bankruptcy is not something to enter into lightly, but there are a
number of people out there who can never pay back their student debt and they should be able
to go through bankruptcy and reduce it to a manageable level so they can live the rest of
their lives productively instead of indentured servitude. At the very least, Social Security
should not be garnished to pay student debt.
Very nice read! It has been voiced by many people that ECB should set and achieve higher inflation
targets, but it sticks to the 2% target, for 'price stability', while underachieving even on
that. Keeping inflation target extremely low should serve the creditors more than the
debtors.
Real "moral hazard" are people who enable this system.
I'll have to pick up a copy of the book, which sounds quite interesting. However, I cannot
go along with the argument made here that Western Civilization is less civilized than the
Ancient Near East because it did not include regular debt jubilees.
Western civilization, until very recently, had very strict anti-usury laws which prevented
most people from borrowing money at all, let alone falling into debt servitude. Indeed, while
laws varied widely from place to place, most victims of over-borrowing were royal courts and
aristocrats, not smallholders. And of course, since most moneylenders were Jewish, one
solution for debtors regularly employed was to simply run the creditors out of town or
indeed, the country. Isn't that a kind of jubilee?
Depends what you mean by "very recently." In theory, and according to canon law
(Deuteronomy 23:19) lending at interest was completely forbidden. But quite sophisticated
banking systems had developed by the end of the middle ages, and "usury" became increasingly
defined as just "excessive interest". There was a huge controversy over this in the 16th an
17th centuries, effectively ending with the creation of the Bank of England in 1694. Most
countries had (and still have) laws against "usury" – excessive rates of interest
– but that's a different issue. Many ordinary people until quite recently lived on
non-cash economies and so this was, as you say, largely an issue for the rich. Kings in those
days frequently went bankrupt, usually because of the need to finance wars. Interestingly,
one of the biggest borrowers was the Pope, in his role as a secular prince. He had an account
with the Medici Bank in Florence, which was usually overdrawn. Someone should write a history
of the effect of the debts of Princes on history.
Supposedly the richest man *ever* was Baron Fugger . His biography by Streider is a
great read. He kept the Pope's plate as collateral for some debt or another -- when the Pope
wanted to display it in some procession, the Baron agreed. He personally accompanied the
convoy that brought the plate to Rome and also marched with it in the procession. What a
message that must have sent!
He was a miner as well as banker. Some of those mines, like earlier Roman ones across the
Mediterranean, remain among the most polluted spots on earth.
Yes. Well, the problem with interest rates being too low is because the wealthy already
have enough money, nominally speaking, to buy the world a couple times over. There is already
too much money tucked away by the wealthy as assets, but because of interest and profits,
more money is always being taken out of circulation in the real economy, and sequestered in
the financial sector. Even as the government borrows to replace it in circulation, and so
prevent *deflation.* in the real economy. The money will (eventually) be destroyed, but since
the government(s) of the world are too weak, it won't be by collecting taxes, (a la MMT.)
The parallels of debt oligarchies to tech oligarchies, this article draws for me .. "So it was inevitable that, in the last century of American history, increasing numbers of
small firms became irredeemably unviable and lost their ability to compete. It likewise was
inevitable that the FANGS amassed the masses of entrepreneurial talent and established
themselves in parasitic oligarchies."
"by keeping "everybody above the break-even level" why? to enable – the planet to go from 7 Billion people to 14 Billion? in an age of AI and vast chasm of IQ's below 100 – what could be the purpose?
I'm going to get the book.
And I wonder if the notion of "IQ" and what we've come to believe is "intelligent" could have
been as manipulated as people's relationship with and beliefs about debt.
For what is the most basic condition of civilization, Hudson asks, other than societal
organization that effects lasting "balance" by keeping "everybody above the break-even
level"?
That's the core regulating idea Geoff Mann draws out of Keynes in his recent "In the Long
Run We Are All Dead." As best as I can tell his take on Keynes is accurate, and he's able to
make a case for aligning him with the likes of Hegel and -- drum roll -- Robespierre, who was
fiercely insistent on the guarantee of an "honorable poverty." In a way, they were all
theorists of the abyss, pragmatists who insisted on measures to make sure economies didn't
kill their members. I was particularly taken by the idea that the General Theory is not
systematic but rather an analysis of different modes of breakdown, e.g. the liquidity trap,
that must be compensated for.
It's also worth noting that, according to Mann, Keynes was a poor, indifferent reader of
Marx, and that a better appreciation would have led Keynes to see they were in significant
agreement on some crisis dynamics in capitalism.
"latifundia Italiam ("the great estates destroyed Italy"), as Pliny the Elder observed."
< the quote is lacking its verb; should read "latifundia perdidere Italiam".
Also, Hudson's quote in the addendum seems to partly lack indentation
Looking forward to reading it. I really enjoyed the History of debt by David Graeber so
would be interesting to go more in depth. Does Hudson discuss bankruptcy law? After all in most of the world most types of loans can
be discharged in a bankruptcy which is the closest we have to the Jubilees
Except, of course, for the 1.5 trillion student loan debt. "For us freedom has been understood to sanction the ability of creditors to demand payment
from debtors without restraint or oversight. This is the freedom to cannibalize society. This
is the freedom to enslave. This is, in the end, the freedom proclaimed by the Chicago School
and the mainstream of American economists"
I only mentioned it because it's an example of an enormous, oppressive, non-dischargeable
debt for something that used to be considered a public good, and almost free.
The No Creditor Left Behind Bankruptcy "Reform" Act of 2005 carved a big hole in the idea
of debt forgiveness in America. Neoliberalism at its finest. Rescinding those changes would
probably be a big win for Democrats at the polls and in governance.
Yes. Bankruptcy is hardly any kind of Jubilee. Any debt is much harder to discharge post
2005, including medical, which is the cause of half of bankruptcies according to filers.
But that would mean showing contrition by the very malefactors who (hear's looking at you
– Biden, Schumer, Clinton .. along with their counterparts across the aisle)
Don't expect rescission from the likes of them !
The Plutocrats are just 'Biden their time until they own everything.
He's the main one responsible for this as a U.S. Senator servicing those "little family
businesses" headquartered in Delaware.
Wonder the same about bankruptcy. IIRC, think the moneychangers' bankruptcy "reform" under
the Bush II regime turned it into a virtual debtors' prison, excluding several kinds of debt
from discharge, including student loans.
Student loans. Now there's a naked fleecing scam by the moneychangers. High interest, zero
risk, no forgiveness. A great racket if you can get it, like Medical Insurance, profiteering
guaranteed by Obamacare.
Hudson perceives things that should be but aren't obvious -- about money, power, and
freedom. The love of money may be the root of all evil, but it's ultimately a weapon wielded
in an insatiable lust for power, absolute, utterly corrupt power, the ownership and
enslavement of others. Inequality is not a flaw of rigged-market cannibalism; it's a feature,
a feature those at the top of the food chain have no intention of "fixing". The US empire,
imo, is the nadir of this evil, a kleptocracy dependent on perpetual mass-murder. The paradox
is, they may be more enslaved to their narcotic than anyone.
"Freedom's just another word for nothin' left to lose." Janis Joplin
I wonder if Janis was an organ donor? These days, organ harvesting doesn't seem as
far-fetched. Were all those just urban legends about waking up in an ice bath with a note
attached about that impromptu kidney donation? /s
Regarding the point of moral hazard: what would Hudson's reply be to the person who says
"I paid off all my debts through hard work and abstinence; why should someone get a free pass
under the Jubilee. To yours truly, that would be ultimate slap in the face
Yes, the tab at the pub DID go away. A "pub" is "public house", in Babylonia too. The ale
wives weren't paid -- and they in turn didn't have to pay the palace or temples for the
consignment of beer.
A clean slate is a clean slate -- for consumer debts (NOT business debts).
It's necessary to read the book to get the details. i guarantee that nobody can deduce Bronze
Age finance abstractly.
Cooperation. Because we can decline the idea of debt right back to one thing. Cooperation.
When Graeber says "Money is Debt" he is right but he fails to define the root of debt.
Because debt is not money. It's just as the biologist here on NC said: If one amoeba hoarded
all the ATP it would simply kill off the rest of the amoeba because adenosinetriphosphate is
their source of energy, their "money".
The original sin is getting money mixed up by claiming
it is both a medium of exchange and a store of value. The word "store" goes off in its own
direction and becomes "hoard" and "deprive others". You get my drift? Debt must be
cooperation for the system to work.
A business loan used to help pay for workers' insurance – that would seem to be
worthy of consideration. A consumer loan used for an exotic vacation in the middle of an ocean – not so
worthy. A debt owed for child support or ex-wife (or husband) – would that be private or
public?
Found the source of my
misunderstanding: "In such cases rulers cancelled debts that were owed. (In that case, the ale women would
not owe the palace for the beer that had been advanced during the crop year.)" I had not put it together that the consumers were then forgiven by the ale women. Stands
to reason.
"i guarantee that nobody can deduce Bronze Age finance abstractly." Now that I can lift myself off the floor after the spastic convulsions of laughter that
brought on .. Kudos Sir . that was the best chortle I've had in yonks – !!!!!!! It is
probably the most hilarious synopsis of what ails about 90% of what we call economics at this
juncture. I think I'll have that put to paper in calligraphy and in a stunning frame on the wall
next to my Japanese charcoal art collection, of which sits on the wall around my comp
screen.
Let me get this straight your stance is basically, "I had to suffer through injustice and
I survived, why should anybody else get to have any justice?!"
It seems to favor mortgaged 'owners' of homes, if those loans are not considered
'business.' And disadvantages renters (who are thinking of borrowing to buy in the near future).
The answer is so that those other people will be able to sustain the consumption that is
necessary to absorb your production so that you don't get laid off -- but this requires an
understanding of macroeconomics unavailable in the current economic orthodoxy.
I've seen these arguments supporting debt forgiveness many, many times, but I have yet to
see any details on how this would be functionally accomplished today. I don't disagree with
the sentiment that debt has become a huge problem for many people, but sentiments aren't road
maps.
One person's debt is another person's credit. If you wipe out the debt on one side, you
extinguish the asset on the other (unless, of course, the sovereign government "buys" this
debt from the creditors in an eminent domain type fashion). Perhaps in ancient times
creditors were mostly well-healed oligarchs who could survive the loss. Today, much of the
debt is bundled and securitized and held by all sorts of individuals and institutions (think
mutual funds, pension plans, 401k's etc). While the one-percenters could absorb the hit, I'm
not so sure about those lower on the ladder who thought their retirement savings were secure
in a "safe" bond fund.
At some point, supporters of debt forgiveness need to reconcile their position with the
fact that the extinguishing of debt is, in effect, a sovereign action taking the property of
another on a scale without much parallel in modern society.
You could exchange equity interest for debt for business loans or loans secured by an
underlying asset. (mortgage loan). You could extend the time period or write down the interest rate enabling smaller
payments. You could have the Fed buy the debt, as you mentioned, and then forgive it. You could have the fed take over payments, or a portion of the payment, thereby proving
relief for the debtor while still keeping the creditor whole.
I think in the Ancient Middle East the government was the most important creditor (with
the debt arising from tax arrears) so yes, it was easier to forgive a debt then than now.
As I wrote a few lines before, another option (which has an advantage of having been in
use for centuries) is a bankruptcy.
Credit is an essential tool for stimulating any economy. Farmers often need funds to buy
seeds and get through the winter, auto manufacturers couldn't possibly survive if they had to
demand full payment up front for their cars, etc., etc (think up your own examples).
An intelligent state (or rather an idealized intelligent state) can and should issue
credit or print money to best utilize the society's productive potential. The problems begin
when the state allows this crucial function to be monopolized by the oligarchs, who unlike
the state are in the game only for profit, not for upgrading the overall well being (or war
readiness, if you prefer) of the society. A state that can print its own money can either
dispense with interest charges or forgive debt when it the debt/interest burden is excessive.
Since private lenders, who don't own the government, can't print money, they're in no
position to forgive debt. The advantage of maintaining a belief in the sanctity of debt, and
therefore the immiseration of the debtors, is that it allows the oligarchs to amass
staggering wealth, and build fabulous Xanadus in Malibu or on Long Island. You really
wouldn't want to live in a world where nobody could afford a thirty thousand square foot
house, would you?
At some point, supporters of debt forgiveness need to reconcile their position with
the fact that the extinguishing of debt is, in effect, a sovereign action taking the
property of another on a scale without much parallel in modern society.
Let me suggest a parallel or two: the acquisition of property by means of enforced
indebtedness combined with creditor fraud that occurred in the Great Foreclosure Carnage
around 2008? Or the appropriation of the lion's share of economic growth since 1970 to the
richest 1% or so?
You may have solved the problem right here: the sovereign government "buys" this debt." MMT is the perfect mechanism to do this. It accomplishes what the Temple could do in the
past. Then, the banking and insurance services required by society can be shifted to the
National Postal Service. Speculation, for those who need it, can be continued in the casinos,
where it belongs. And then we can have a real discussion about the "resource base" we call
Earth and look at ways that we can live within it, and even possibly beyond it, without
irreversibly damaging the ecology we need to revisit all this again, and again, and again
I would email your friend back and say, "you write like this is a bad thing!??!!?"
Creditors SHOULD be required to exercise judgment and restraint in extending credit. It's
moral hazard in the other direction if the government lets them squeeze the life out of
people.
Maybe its cause I have an M.div. How is this earth shattering? Its been the basic view of every dusty old Old Testament
churchman for years.
Sounds like Hudson skipped medieval cannon law and early modern eras to try and bolster the
"rediscovery" angle.
This is old hat:
Creditors aiming to own you- proverbs
Jubilee- Torah
Debts- they stoped saying that only in the 60s but I learned it like that.
But Hudson really shoulda resisted the urge to name drop Jesus quite so hard and make him
the economic revolutionary. Or is he trying to give reasons for his probable opponents to
write him off?
We on here are the choir. What do the folks in the pews here?
If he'd of kept the prophetic, he had then an ability to reach down into the prophets
which condemn growing estates, refusing jubilees, and even condemned sacrificing Children
(for material benefits from Idols) he would then be wielding a whole and big religion stick
Not just casting yet another 1800s historical Jesus.
I think you're overlooking the difference between prophecy and history here. Jesus was
another quite noisy prophet, saying what prophets say: "God's gonna getcha!" And of course He
got His for saying that, as they usually do.
We've been ignoring prophets while sanctifying them for a very long time. Hudson stitches
them back into the fabric of history. He takes them far more seriously and literally than
canon lawyers have. He helps me to understand their topsy-turvy justification of–to
build on your delightful auto-correct–cannon law.
What is the trigger point for debt forgiveness? When does it operate and upon what class
of debtors? Is it predictable or unpredictable? Is it frequent or infrequent?
It needs to be frequent enough yet to some extent unpredictable, or a class of predatory
debtors will be created, piling up debt immediately before the jubilee.
This is a means of redistribution of wealth. But aren't there better means, such as a
minimum basic income AKA universal SSI and other social entitlements? Of course, this assumes
that government seeks public welfare and is not merely the collective will of a predatory
oligarchy. Also not sure how it applies to the redistribution of wealth between nations.
If a student and medical debt jubilee, for example, were coupled with free tuition at
public colleges and M4A there would be no accumulation of debt going forward. I don't know if
there are comparable systemic changes for other types of debt, and most of this discussion is
over my head as far as theology or economic history. However, if it's about a religious,
social justice, or moral force for forgiving debts, it would include re-framing how we think
of society and our obligations to each other – not just debt forgiveness but changes to
structures to guard against further unsustainable debt.
WW I, the Russian Revolution, and WW II make one wonder about the definition of "Western
Civilization".
Each of these occurred after a period of very high wealth and income inequality with large
public and private debts in some cases.
the past century of history makes one wonder how smart it is for the 0.1% to focus on
increasing wealth and income inequality. It frequently does not end well for anybody.
Skeletons of wealthy and "noble" people at the bottom of mine shafts is often proof of
that.
And Piketty shows that these events interrupted and temporarily reversed the accumulation
of wealth, ushering in the abundance of the mid twentieth century.
'"Classical Antiquity," Hudson writes, "replaced the cyclical idea of time and social
renewal with that of linear time. Economic polarization became irreversible, not merely
temporary" (p. xxv). In other words: "The idea of linear progress, in the form of
irreversible debt and property transfers, has replaced the Bronze Age tradition of cyclical
renewal" '
I remember reading one of John Michael Greer's posts a few years back that pointed out the
differences in Western concept of time-as-linear and other, earlier societies', concept of
time as circular. We, in the West, think things will become increasingly better, (or worse)
right up to infinity. GDP will always grow, the stock market will always rise, freedom will
always increase.
Other societies thought of events as cyclical. The early growth of spring blossomed into
the fruitfulness of summer, then decayed in autumn and lay fallow in winter (or whatever
passed for winter where you were living). That's how Nature worked. And, it is inevitable
that societies grow, prosper, decline, die, then are renewed.
And, using the circle in deliberative sessions probably leads to different results than
the usual Western, linear one, of having the 'leaders' sitting in front, and the 'followers'
facing them in a subservient position. Witness the setups of most city council chambers.
Stephen Jay Gould wrote about it at length in Time's Arrow, Time's Cycle
(1987).
His immediate topic was the history of the discovery of deep time, the idea that processes
observable today could explain vast changes in the earth if allowed to act over long enough
spans of time. Being Gould, he considers cultural applications beyond geology and
evolution.
One application is that the "biblical" version of a jubilee year was by the time of the
writing of the bible an ancient idea that had survived several thousand years of middle
eastern history. That writing was contemporaneous with the early Greeks and predates the
impact of Alexander and Roman rule over the eastern Mediterranean.
Cycles are real (see Nature); linear progress is delusional.
Which is why our deluded system of imaginary linear growth is subject to chronic booms and
busts which bring cyclical reality back -- Every. Single. Time.
I am troubled by these statements in the post:
" to the extent that it will be understood,'earth-shattering' in both intent and effect."
"Just as this is a profound book, it is so densely written that it is profoundly difficult to
read."
I fear too much that is "earth-shattering" will be lost if it is profoundly difficult.
Readers less able or less determined will let the interpretations of others sway their
understanding. Those others may not share the author's perspective or intent in their
interpretations, and they may not be of persons of honesty and good will.
How would Hudson respond to the person who laments " I worked and deprived my self to pay
back my loan. Why should someone else get a free ride, if I did not"?
I guess he would say that there is another moral hazard, on part of the lender which has
to be balanced against it. If I as a lender know that I can collect any loan that I make up
to enslaving the debtor if he falls in arrears then I don't assume any risk and have no skin
in the game.
Times change, we learn from mistakes, and change our ways? Before we did the wrong thing,
now we're getting it right?
Why does someone else being done justice hurt you? It's not a "free ride," either; that
implies getting something for nothing. Farmers wiped out by drought were hardly getting a
free ride when they were forgiven debts for grain that didn't grow in fields that didn't
exactly plant and tend themselves. People often do immense amounts of work only for the
bottom to drop out on the way back from the well.
One day I took a fall off a 4′ ladder, helping a friend paint their house,
shattering my left wrist. The $20,000 bill sent my life into a tailspin. Finally declared
bankruptcy, but I've still got a few years of purgatory.
That was no "free ride," friend.
I paid back my student loans, and it sucked. Literally sucked the food off my table many a
month. And I would rejoice at someone else not having to go through that. Education should be
free, to begin with, so relieving people of crushing burdens they shouldn't have at all would
be doubly enjoyable.
The answer is so that those other people will be able to sustain the consumption that is
necessary to absorb your production so that you don't get laid off -- but this requires an
understanding of macroeconomics unavailable in the current economic orthodoxy.
Jesus was not just driving the debt collectors out of the temple, he was driving out all
of the capitalists :
Mark 11:15 KJV
15 And they come to Jerusalem: and Jesus went into the temple, and began to cast out
them that sold and bought in the temple , and overthrew the tables of the moneychangers,
and the seats of them that sold doves ;
16 And would not suffer that any man should carry any vessel through the temple .
17 And he taught, saying unto them, Is it not written, My house shall be called of all
nations the house of prayer? but ye have made it a den of thieves.
So he was kicking out people who were selling things in the temple, not just the money
changers, all the capitalists. A vessel carried goods and he did not even want to see them in
the temple.
It is not enough to end debt, because that still leaves us with capitalism.
The VERY NEXT verse is Mark 12, The Parable of the Tenants, literally telling the
capitalists that the people will rise up if you follow capitalism and then they will have to
kill the renters.
Oh, no, you don't. In the story it's the renters. My bad. But the renters in the story
would, I suppose, be equivalent to the rentiers we find ourselves plagued with today
"That is what creditors really wanted: Not merely the interest as such, but the collateral
-- whatever economic assets debtors possessed, from their labor to their property, ending up
with their lives"
Creditors=Predators
I would argue that it would be more appropriate to say that the
prædia/latifundia explains the ascent of the medieval feudal order rather than
explaining the decline of the Roman empire. The fall of the WRE is a multi-faceted phenomenon
with no singular cause, and besides it's a bit suspect to say that something that came about
6 centuries earlier caused it. The latifundia provided the template for social order
that would fill the void left by the collapse of the WRE, reaching its apex in high medieval
manorialism.
Late to comment on this but I always thought it would be an interesting thought to write a
history of the Western Roman Empire backwards in time starting maybe at the early middle ages
as the final presence of the Empire itself. As the end point of the Empire. As a culmination
of a process and working back tracing each step that was "caused" by the previous one
stretching back to its beginning in the 2d Cent BCE Rome-Italy and the economic problems of
debt, loss of the small farming economy, and the political social consequences. The Roman
victory in the Second Punic as the beginning of it as an Imperium with the Middle Ages as its
logical end, or so to speak, final "perfection".
Fascinating scholarship with very far reaching and profound implications, but I'm not
really satisfied with Hudson's answer to the friend of John Siman. The question posed is a
very fair one and of a very practical nature, concerning the possible deleterious effects of
systemic debt forgiveness on credit/lending. Hudson's answer, at least as it's presented
here, sidesteps the question and instead dives into a discussion of morality. I would think
loan durations, terms, interest rates, and generalized credit availability would all vary
greatly depending on whether or not debt cancellation was a regularly occurring, scheduled
event or a more fluid and unpredictable event based on political winds and the whims of
whatever autocrat happens to be in power. Regardless of the morality of a particular
debt/monetary system, requests for more information concerning the likely side effects of
debt forgiveness programs and any lessons regarding best debt forgiveness practices from the
ancient civilizations who practiced it are very much in order if Hudson is making the
argument that systematic debt cancellation is preferable to our present system of lifelong
compounding debts and generational indebtedness. I'm certainly not saying Hudson is off base
here, I like where he's going with his scholarship, but these are inevitable questions.
Anyone interested in the history Hudson has unearthed will want to know if he believes debt
forgiveness could work in a modern, interconnected, industrial society or if it only works
with pre-industrial grain farming peasants and a small class of aristocrats.
Oh my, perhaps the system that allowed the entire human world to be poisoned into
extinction would end. That would be awful, so many portfolios would be ruined.
Who is going to lend money for a loss? Credit card lenders manage risk with high interest
rates, limited credit lines, and closing accounts at will: good luck paying for college on
those terms. I'd guess the generous loan forgiveness in ancient times was made possible
through slave labor and spoils of war
What if students didn't have to pay for college? Or patients, health care? Pretty sure
I'd've done a much better job of spreading that money around than the deep pockets it went
into. Maybe, in not being unduly indebted myself, I could've helped others do likewise, at
least in my small way.
Where's the money going to come from? We have all the money we need, and then some, for
the things we deem necessary. Ask Wall St. and the Pentagon.
So I guess my question to all this is : why has Western civilization not collapsed? What's
the mechanisms that we have used that say, the Romans, didn't?
Who says we're not collapsing right now? The plow gave farmers mechanical advantage to speed things up. The steam engine, then
internal combustion, did likewise. Computers are aka information engines.
Sure, we've got immense momentum, way more than ever, but we're headed straight for
Climate Change Peak. And the morons in the cockpit? I can't even.
For your decades long, truth to power investigative and intellectual rigor. The
experience(s) from a young age, up to and including your work on modern money and now this
latest book.
Truly a view from a life long perspective the likes of which may never come along again.
A voice that is worthy of attention.
I wonder about the sources of debt in ancient times? It wasn't driven by consumerism like todays debt is, was it? Hopefully the book will speak to this.
Satisfying explanation of the failure of European and now North American society to
achieve civilization due to our reliance on Greek and Roman precedents for our public acts.
We were besotted by the birth of democracy in Athens and the abuse of force in Rome.
I shall buy this book, not because I am unaware of the basic argument but because I expect
Michael Hudson has a great many illustrations of the improved society that assyriologists
have discovered.
It is a great personal delight to know Hudson values Arnold Toynbee, one of my heroes and
a fine human being. Thanks NC for the review.
John Siman here. You seem to be one of only a few people posting comments who understands
the depth and vastness and importance of Hudson's project. You also love Toynbee. All this
makes me very happy!
I've never read Toynbee and my library only has a couple of his books. But I've read
elsewhere that he fell from scholarly favor in part because of his critical view of Zionism.
From Wikipedia:
Toynbee maintained, among other contentions, that the Jewish people have neither
historic nor legal claims to Palestine, stating that the Arab
"population's human rights to their homes and property over-ride all other rights in
cases where claims conflict." He did concede that the Jews, "being the only surviving
representatives of any of the pre-Arab inhabitants of Palestine, have a further claim to
a national home in Palestine." But that claim, he held, is valid "only in so far as it
can be implemented without injury to the rights and to the legitimate interests of the
native Arab population of Palestine."[30]
Time for a Toynbee revival? And while I'm a great fan of Hudson's writing on this blog and would humbly decline any
challenge to his scholarship, I do wonder about the notion of framing all of human history in
terms of money. Surely creditors only have power as long as they have force to back it up.
The book's thesis sounds a tad reductionist..
Pierre Bourdieu would probably say that the societal relations at issue are those of
power. Debtor-Creditor relations, using "money" as shorthand, are an expression of them.
Power and its absence define the rights and obligations of debtor and creditor – and
the manner in which they can be modified.
Hudson seems to be saying that his historical research tells him that the political
leaders in the ancient societies he has studied reserved to themselves the power periodically
to alter those relationships.
The purpose of doing so was as to keep society functioning by meeting demands that
conflict with and at times are superior to the normal need to repay debt. Periodic debt
forgiveness is equally normal, in the manner that medieval farmers let their land lie fallow
so as to bear fruit another year.
Rootless, unrestrained capital would plant the same ground every year, exhaust it, and
move on, leaving behind the detritus of its "creative destruction". For Hudson, a political
ruler with nowhere to move on to, feels compelled instead to play steward.
Under present day neoliberalism, most political leaders have out a less ambitious role for
themselves: they ask permission from capital to blow wind. Restraining it from unsustainably
harvesting every available resource – cotton, coal, fish, data, the earth – is
not within their normal purview.
I feel like I'm out of phase here after bringing up Toynbee in the early years of NC or is
it just a flash back thingy . society as a journey vs. a harbor.
I am reminded of this from the Merchant of Venice.
"Go with me to a notary, seal me there
Your single bond; and, in a merry sport,
If you repay me not on such a day,
In such a place, such sum or sums as are
Express'd in the condition, let the forfeit
Be nominated for an equal pound
Of your fair flesh, to be cut off and taken
In what part of your body pleaseth me".
Yes!! And do you know Horace's second epode, about Alfius the fænerator =
usurer?
Beatus ille qui procul negotiis,
ut prisca gens mortalium,
paterna rura bobus exercet suis,
solutus omni fænore .
Hudson's work totally illuminates this poem!
To answer the eternal question, often posed by concerned bankers or their supporters:
-- Wouldn't debt cancellations just take away any incentive for people to pay back loans
and, thus, take away the incentive to give loans?
While Dr. Hudson's answer is technically correct, it misses the mark. The question is
filled with incorrect assumptions and moral certainty. A better answer would be:
1st. If the bank is stupid enough to make the loan, they are stupid enough to lose it. The
bank must take the consequence of making a un-payable loan. And.
2nd. The bank has far more resources to know if the loan is repayable than the person getting
the loan. Since the bank 'knows' more, it should take on more responsibility for making the
loan than the person getting the loan. And so, back to reason #1 above, stupid bank loses
stupid loan.
Now when said banker or supporter starts to sputter about how you don't understand how the
world works, or how people must do the right thing, etc., reply back with: "Banks' don't give
loans, they sell loans." The price the borrower pays for the loan is both the face
value of the amount borrowed plus the price the bank sets on 'selling' that amount of money
(the interest rate of the loan). And that is if the borrower pays back the loan with money.
Otherwise the borrower pays back with the collateral used as a Plan B for the lender. So
banks 'give' (sell) loans if and only if:
1. they can make money loaning to that person (or business, or country). 'Make money' means
either getting the collateral for the loan or getting the purchase price (cost of the loan)
in full.
OR
2. they are 'requested' by a higher authority to make the loan. A government or even just a
higher up boss could 'request' that the loan officer approve the loan, regardless of the
borrower's ability to repay. This accounts for the fraud and bribery too often seen with the
banker's side of debt.
And while I'm at it, further reasons why debt should be retired and not paid back: The
consequence to society of a bank not getting repaid is much less than the consequence to
society of the individual being forced to pay back a loan that the individual can not
reasonably do. The society is not that much troubled by a bank losing 'its' money than its
members being forced into debt slavery via loan foreclosures and such. Second, the bank
should not get more money or services back from a defaulted loan than what the loan itself
was worth. Society is poorly served when the bank (and its officers) get rich by foreclosing
on loans.
Lastly, and deserving its own paragraph: Yes, the borrower usually has a gun to their head
-- want a good job? get a college degree or training, which needs a school loan to get; want
groceries on the table (but not earning enough wages to cover it)? get a payday loan; want to
make your small company's payroll (but did not see a downturn in the economy)? get a bridging
loan, etc., etc., etc.
The central question about debt, loans, and contracts is: Is a contract fair if it is
'your brains or your signature on the paper'? In case mafia bosses are reading this, the
answer is NO, it's not. And unfair contracts are not or should not be legally enforceable.
The sanctity of the contract rests on a foundation of is it a 'free and even' entered into
agreement.
What could have facilitated debt jubilees in ancient societies was the fact that the new
rulers which overthrew the old as a result of frequent wars, found it convenient to eliminate
the former propertied classes to win over the support of the indebted and enslaved commoners.
'Wiping the slate clean' could have been just a measure to win political legitimacy.
Finally someone dared to say it.
The debt economy is sustainable only by debt forgiveness: Personal bankruptcy as in USA (prior
to 2005) Or as corporations all around the world enjoy it. Remember how many times did
Trump's corporations went bankrupt?
There is a mass debt forgiveness that is not so obvious yet it is very effective to keep debt
economies alive and well. Moderate and higher inflation is a form of creeping debt forgivness
en mass. The fixed interest rates play a major role in having inflation forming a slow but
sure debt forgiveness.
Do you wonder why Ben Bernanke called for higher inflation in the midst of the GFC? Because
the moderate inflation is a crucial part of debt forgiveness that debt economy has to have in
order to function properly.
Jesus only shortened the Moses' orders on what to do with poverty in Deutoronomy 15.
Second part of Lord's Prayer is a shorter version of Moses' orders on Debt Jubilee. Even then
they knew the importance of Debt forgiveness and especially since rates were 20% all till
recently.
Today, with lower rates and inflation the need is lesser but personal bankruptcy is an
imediate help to debtors.
Since banks create money as issuing a loan and destroy money as loan is repaid (and only
interest stay as bank's profit) it is very usefull for a bank to have debt forgiven even when
loan is secured. Banks do not have to sell the property underpriced (as they usually do) to
get rid of liability that unperforming loan creates. There are expenses in selling property
especially under the price.
It is much better if the bankruptcy judge allows banks to erase their and debtors liabilities
without money being returned. It saves the banks and debtors.
This is all easy to learn when you know that banks create money when issuing a loan and
then destroy the money as the loan is returned. that is a Law.
Banks create money and then destroy it.
By forgiving the debts everyone benefits.
Same goes with moderate inflation 4-20%, everyone benefits.
A possible case of debt jubilee in our times comes to mind. In India opposition Congress
Party has promised that if it wins general elections in 2019 it will work to forgive the
debts of poor farmers. Here the motivation of this party might not be so much as to relieve
the distress of destitute farmers, many of whom are driven to suicides, as to get votes and
regain power.
Many a time benefits accrue to disadvantaged groups as an inadvertent collateral effect of
conflict of contending power groups and not as a deliberate benign act.
I guess the question is whether the local landsharks who hold these debts will observe the
edicts of New Delhi .
Speaking of which, it would be interesting to see whether and under what conditions the
jubilee model occurred in the Oriental civilizations, all of which were all too well
acquainted with rural usury. I know the Chinese empires had state granaries as insurance
against famines.
But I also recall an 1950s book "Slaves of the Cool Mountains". This discussed the
subcaste of non-Han families in the remote mountain valleys of Yunnan Province who had been
in multigenerational debt bondage and whose unusual economic order proved especially
challenging for the Communist authorities to reinvent. (I also think these areas suffered
horribly in the later famines)
Also, the Parsees (Farsis) of Mumbai were bankers to the Mughals for centuries, but I
suppose that would be state banking, not rural usury.
What distinguishes modern times from the ancient is that propertied classes in many
developed societies have strengthened their political stranglehold, which increases by the
day thanks to new artificial intelligence technologies, so much so that it appears
inconceivable how they could be displaced at all.
In ancient societies most rulers were frequently changing military adventurers and conquerors
and there was still some disconnect between power and wealth; but in modern there has
developed a close convergence between the two. In ancient societies political power was
arbiter of wealth but in modern, developed ones at least, wealth has become arbiter of
power.
Wealthy are the creditors who will not let debtors of the hook easily. I am afraid, we could
be moving to a dystopian future a la Aldous Huxley and George Orwell where rulers and asset
owners would form a same class, the ruled being little better than serfs and plebeians.
Look around. Do we not see the incipient signs already?
Sorry, I dont get it. Very much with the critical reviewer on this one:
"Wouldn't debt cancellations just take away any incentive for people to pay back loans and,
thus, take away the incentive to give loans?"
Hudson's response:
-- Creditors argue that if you forgive debts for a class of debtors – say, student
loans – that there will be some "free riders," and that people will expect to have bad
loans written off. This is called a "moral hazard," as if debt writedowns are a hazard to the
economy, and hence, immoral.
I bed to disagree. The argument is not a moral one. It is an economic one. If I expect my
dept to be written off, i have very little incentive to pay it back. As a creditor on the
other hand I would not care if i get my money from the state or the debtor. However if the
state if going to give money to people anyway we could arrange that by direct transfers and
spare us the trouble of calling it "debt", which we all know is not really debt, but just a
temporary pseudo-debt that will eventually be covered by the state.
I understand Hudson implies that the harm from taking away incentives to pay back debt is
lesser than the harm from dependencies arising from debt in general. I would like a
clarification for which kind of loans this actually holds true and would like to remind the
insame rise of wealth, well-being, long-livety of humanity since the rise of organised
credit/ loan systems.
You may expect there to be a window between the moment where your debt is due, and where a
debt jubilee could occur. So if you don't pay back your debt, bad things may happen: your
kids are incited to pay on your behalf, your house is sold to pay back the debt, your
paycheck is garnished whatever is in the law, and you should end up paying back after
all.
But if you have no kids, no house and no paycheck big enough to be garnished, no debt is paid
back, because no debt can be paid back, and on the day of the jubilee, you walk out clean,
but still with no money, no house and no significant paycheck.
What does change, however, is the risk factor for the creditor: debts that cannot be paid
back, will not be paid back: not by the debtor and not by the state.
So the bank should think twice before handing out a student loan for a very expensive
university where nobody finds work because they offer useless degrees.
As far as I can see, a jubilee would apply to any kind of debt.
Sorry about coming in late to this discussion. I want to comment on the earlier mention of
"Original Sin." I encourage those interested to read "Adam, Eve and the Serpent" by Elaine
Pagels. One of her theses is that Original Sin was a doctrine created by Augustine of Hippo
and that it fit very neatly with a drive to convince the Roman rulers to make Christianity
the official religion. After all, if humans are fundamentally flawed, they need a strong
ruler to tamp down the chaos. As one poster noted, Original Sin is not found in Judaism, and
if it dated from the story of Adam and Eve, you would expect it to be.
Actually, in my case, the Bronze Age angle is of particular interest. I don't mean to offer too much information, but hope that someone can perhaps pass this
info along to Dr. Hudson's publisher . it's not the shipping that plagues me if I have to
order via Amazon, it's the font sizes and the narrow kerning of printed pages 8^p
My eyes vastly prefer a screen reader to enlarge font sizes -- despite my
relative youth 8^\
Also, tablets and phones are vastly more portable.
Calls to my two favorite Seattle-area bookshops today went something like, "Wow, that book
looks interesting . We're going to have trouble ordering from that small publisher It would
be really hard for us to get you a copy -- why don't you just order it from Amazon
?"
In my case, ordering from Amazon would take about 3 weeks for delivery, which is hardly
the end of the world however, if I can't get it on a screen reader, then I would not be able
to take advantage of bumping up the font size >8^\
I hope that your publisher will be able to release the eBook version sooner, rather than
later. They might also contact iBooks to get a notification in Apple's system so that people
could at least see the book will be available there soon -- that way, iBooks can
automatically let me pre-purchase the book, and their system will download it and notify
me when the content is available.
FWIW, I have two of your books via iBooks ( The Monsters, Killing the Host ).
Very simple to carry around that way. Also, ginormous font size
Sorry to be Mr Pedant but The Monster is not by this Michael Hudson but a Dubya who's more
of a journalist if memory serves.
That being said, The Monster is a jaw-dropping work and will always pay re-reading after each
financial crash.
The new MH tome drops on my doormat on Monday all decks are being cleared as we speak for the
time that will be known to history as the Great Seclusion of 2018
Okay feeling silly , and thanks for the correction!
I busted through "The Monsters" some years back and must have mixed up authorship in my
memory archives. Yipes!
I was thinking that if mine arrived mid-Dec, it would be a grand northern latitude time of
year for an invigorating read. But it's all about font size (also, backlighting!)
Thanks again, and congrats on clearing your decks ;-)
Umm Sellers soft shoe at the door after spilling the rice .
After all the wrangling with the beard years ago_cough_ Babylonian debates, not to mention
the early refugees exodus out of the Sumerian collapse, only to experience a population boom
in near historical time, leading to the first city states in the region and all the baggage
that goes with it – evolution of everything.
Only to experience waves of external forces until it becomes de-facto state religion.
But yeah . some tell us human history is only 5000 years old or there about, never mind
the ad hoc assemblage as it drifts through history and the propensity of some to do a
Jefferson's bible treatment to forward personal biases – usual suspects IMO.
At certain points in social history, debt resistance becomes quite literally a matter of
war. Lenders will kill you if that is part of getting their money back. Debtors may have to kill the lenders to get out of debt. It is not always a heroic process. One of the most strident goals of the Nazi Party was to take over the Allied governments
that were imposing reparations.
For more perspective, see my article on "Ending the Evil of Student Loans" on this blog a
couple of months ago.
The question of the relationship between the oligarchs of ancient Rome and the kings who
forgave debts in even more ancient bronze age civilizations can be seen in high relief in the
life of Julius Caesar. The Roman Senate was a den of very rich thieves, while Caesar was a
charismatic leader popular with the common people. He was hated by the Roman elite because he
wanted to make the Roman state work by supporting the common people, while the Senate wanted
to be free to enrich themselves at the expense of both the people and the state. Caesar toyed
with the issue of becoming a king, leading the Senators to hate and fear him, and the people
to cheer him. Indeed, his comment on one occasion when the crowd would crown him king finds
echo in the gospels, for Caesar said "My name is not King, but Caesar!" During the passion
week of Christ, the chief priests cried out "We have no king but Caesar!" (John 19:15) Caesar
worked to find land for his retired soldiers so that they could raise the next generation of
citizen soldiers. Roman estates progressively decreased the supply of citizen soldiers, and
forced increasing reliance on mercenaries.
If anyone wants to follow up on the life of Caesar, take a look at "Caesar: Politician and
Statesman" by Matthias Gelzer or "Julius Caesar" by Phillip Freeman. Freeman ends his book
with a report by Thomas Jefferson that Alexander Hamilton told him "The greatest man who ever
lived was Julius Caesar."
If anyone wants to take the question of Julius Caesar one step further in considering
Hudson's new book, they might want to read "Et tu, Judas? Then Fall Jesus!" by Gary Courtney
or "Jesus Was Caesar" by Francesco Carrota. While taking somewhat different paths to their
conclusion, both find reasons to conclude that Julius Caesar was the historical Jesus, while
the gospels are allegorical retellings of Caesar's life, set in a Jewish milieu, If so,
Christianity began its career in a cauldron of political and religious strife and propaganda,
not so different from what we live with now. After all, both died around Passover, and big
things happened on the third day!
It is a truism that Christianity began in a cauldron of political and religious strife.
Jews were living in a militarily occupied Palestine, a troublesome peripheral territory in
the Roman empire, one that had been assaulted culturally for centuries by the allure of the
Hellenistic world and assaulted physically for millenia by competing empires.
It is common to draw parallels from the surviving accounts of Jesus with the cultures of
Greece and Roman (conceding that Rome had a culture other than barbarism). Greek language and
culture was the lingua franca of the time.
Crossan, for one, points out that tales of divine origins and virgin births were common
when poet historians sought to explain the earthly power of emperors. What was uncommon was
to associate them with the cultural meaning of the life of an itinerant preacher and peasant
village Jew.
Humans understand the new by comparing it with the a parallel from the known. But to
conclude that the historical Julius was the historical Jesus confuses the real and the
metaphorical.
Looking at the coming 2019, Goldman's economists have retained their cheerful outlook and
despite recent hints of an economic slowdown, they expect the Fed to tighten five times between
now and the end of next year (4 in 2019 including once in December), lifting the funds rate to
3.25%-3.5%. And since Goldman also expects 10Y Treasury yields to peak at 3.5% during 2H 2019
and decline to 3.3% in 2020, this means that it is Goldman's official forecast that "the 2s-10s
portion of the yield curve will invert in 2H next year."
Inversion will likely be problem for the economy, and certainly for financial conditions. As
the latest Fed Senior Loan Officer Opinion Survey (SLOOS) indicated,
banks said that should the yield curve invert , they would tighten lending standards, as
they would view a moderate yield curve inversion both as signaling a "less favorable or more
uncertain" economic outlook and as likely to reduce the profitability of lending.
Naked Capitalism with a review of Michael Hudson's new
book, And Forgive Them Their Debts: Lending, Foreclosure, and Redemption from Bronze Age
Finance to the Jubilee Year. It digs into the ancient history of debt and forgiveness
which is, for obvious reasons, not taught in the neo-liberal 'west':
Nowhere, Hudson shows, is it more evident that we are blinded by a deracinated, by a
decontextualized understanding of our history than in our ignorance of the career
of Jesus. Hence the title of the book: And Forgive Them Their Debts and the cover
illustration of Jesus flogging the moneylenders -- the creditors who do not forgive debts
-- in the Temple. For centuries English-speakers have recited the Lord's Prayer with the
assumption that they were merely asking for the forgiveness of their trespasses ,
their theological sins : " and forgive us our trespasses, as we forgive those who
trespass against us ." is the translation presented in the Revised Standard Version of the
Bible. What is lost in translation is the fact that Jesus came "to preach the gospel to the
poor to preach the acceptable Year of the Lord": He came, that is, to proclaim a Jubilee
Year, a restoration of deror for debtors: He came to institute a Clean Slate
Amnesty (which is what Hebrew דְּרוֹר
connotes in this context).
---
Back in July I wrote
that there is no Jewish race or Jewish people. There are only followers of the Jewish
religion strewn all over the world. Prof. Shlomo Sand makes a similar point and also debunks
some other religious fairytales:
Our political culture insists on seeing the Jews as the direct descendants of the
ancient Hebrews. But the Jews never existed as a 'people' – still less as a
nation
---
The UAE/Saudi alliance stopped their latest attempt to conquer Hodeidah port in Yemen.
They try to sell that as a humanitarian step. But the attack was failing when their
mercenaries ran into a wall of mines and missile attacks. They took a large number of
casualties. Videos:
1 , 2 .
I am copying my comment from the last open thread about the Hudson interview to below
@ karlof1 with the Michael Hudson book review
A quote from the review of the book
"
This innate tendency to social polarization arising from debt unforgiveness is the original
and incurable curse on our post-eighth-century-B.C. Western Civilization, the lurid birthmark
that cannot be washed away or excised.
"
I will write again that the problem I have with Michael Hudson is that he does everything BUT
question why the existence of private finance still.
Debt unforgiveness is only one symptom of the systemic cancer humanity of the West faces.
That systemic cancer is private finance/God of Mammon mentality. The incentives are all
wrong. Paradise California is the latest example. God Of Mammon greed compelled PG&E to
not maintain their infrastructure properly and they kept the equipment running when they
should have shut it down. PG&E has admitted complicity and also said that they didn't
have enough insurance to cover this tragedy and would go under. Someone representing
California government oversight of power providers have stated basically that PG&E is too
big to fail and they will be backstopped by taxpayers.
So how is debt forgiveness of any sort going to fix the underlying problem? It is not and
unless you have government managing any debt forgiveness instead of private folks, you will
have some form of genocide by the rich.
Until and unless Michael Hudson calls out private finance as the systemic problem Western
society has I will consider him an economic Sheep Dog like Bernie Sanders is a political
one
Thanks to b for the coverage of Syria on the ground.
The US has lost in Ukraine (US + 'allies' - Germany in first place), and lost in Syria ( +
Israel, KSA, Turkey crossed purposes..)
Syria. When Foreign Policy publishes The Syrian War is over and America has lost in
July 2018, it is kinda official...(don't recommend the article) and/or a warning to change
tack or up the game..
The upshot of the defeats. Internal groups, manipulated grass-roots-stuff (paid) -
so-called rebels (paid) / despots, dictators, corporations, on a rapacious bent, looking for
support and pie sharing - 'mafia' types who have their own code of profit-sharing - +
others.. in X country, will be very wary or will not enter into a partnership with the US as
it is not successful.
As the losses can't be acknowledged, the US will create as much hysterical clamor and
obfuscation as possible.
Exs. the Assad must go red-line demand has been seriously degraded now muted. The
emphasis at present seems to be on a 'new constitution' for Syria, i.e. the very lowest form
of law-warfare which will not succeed. As if a bunch of foreignors can draft the thing.. De
Mistura has quit.
The problem is that money is a voucher system and as such, the social contract enabling mass
society to function, yet we assume it to be a commodity to be mined from society. Which goes
to the western view of society as emergent from autonomous individuals, rather than
individuals as expressions of the organic network.
There was a time when government was private as well. It was called monarchy and eventually
the kings had to understand they served a function to society, not just be served by it. We
are at the "Let them eat cake." moment with the financial system. The problems and conceptual
flaws go much deeper than how money functions. If we want to cure the surface social issues,
we will need to get into those issues. If you want to turn off a stove, you don't just put
your hand on it, you turn off what powers it.
To psychohistoriian (#10) Thank you for the analysis of Michael Hudson. I have studied his
work and came to the same
conclusion. He seems to walk around the core issue, which happens a disappointing number of
times. Viz. the now
17 year old "wah on Terra" Core issue: what is the real truth about nine-eleven - and how the
hell does it relate to Iraq?
Core issue: The private server emails of Hillary Clinton and her cabal break numerous laws.
No one has EVER disputed the
veracity of the emails; the pay to play; the subverting of Saunders, etc etc. Instead they
scapegoat Julian Assange.
It's shocking - and I'm amazing that I still have the capacity to be shocked.
Pax.
""As economies polarize between debtors and creditors, planning is shifting out of public
hands into those of bankers. The easiest way for them to keep this power is to block a true
central bank or strong public sector from interfering with their monopoly of credit creation.
The counter is for central banks and governments to act as they were intended to, by
providing a public option for credit creation""
Michael Hudson is actually a pretty strong proponent of public finance.
He is more in the 'positive money' camp than most MMTers but that mostly reflects his
disgust at the abuses of private credit creation.
@juliana - Please read the review of Hudson's book I linked.
The issue of periodic debt forgiveness has a much longer history in the middle eastern
society and Jesus words can only be understand within that historic context.
The view of Jesus as a Jewish revolutionary is not new at all. Reza Aslan wrote a whole
book about it: Zealot: The Life
and Times of Jesus of Nazareth as did many others. In the end the local aristocracy would
no longer condone that he was firing up the plebs with his commie talk against the money
changer and they told the imperial Roman overlords to off him ... or else.
The Christian religions defused the revolutionary aspect when they changed the target of
his teaching from real life issues towards a more spiritual perspective. The real meaning of
"forgive our debt" was turned from a real money thing into a the forgiveness of sins by some
heavily figure. (The Churches/priests also made billions from selling of indulgences due to
this transferred teaching.)
Thanks for highlighting Michael Hudson's work. Those who wish to understand Hudson
himself can find his autobiography at his web site -- http://michael-hudson.com/2018/08/life-thought-an-autobiography/
You will find that his primary mission in his economic life (though there are several) is
to untangle the mysterious processes by which the oligarchs maintain their power and by
which they continually strip the working class of everything they own.
I have been reading his articles for years, and once had the honor of being asked to
edit a chapter in one of his recent books, which I did.
If from time to time you have the choice of doing anything else in the world or reading
some of Hudson's works, choose Hudson every time. You will be very glad that you did.
//
A few years ago, while I was searching the interwebs for some appropriate children's
videos for the small daughter of some friends of mine, I came across the "Masha and the
Bear" videos.
I have to confess that I was utterly entranced, and ended up watching all that were
available at the time. Utterly charming! The contention that they are Putin propaganda is
possibly the single most absurd assertion that I have ever encountered.
//
Thanks for all this, and all the other work that you do in bringing us probably the
single most enlightening site on the web -- at least as far as international relations and
the outrages of the ruling classes are concerned.
There is a renegade school of thought according to which Jesus did not exist. There are
multiple variations. A common idea is that there were one or more Hellenistic cults in the
region of Judea around or even before the 1st century CE that believed that Christ, son of
God the Father, in something like a cosmic practical joke was sent down in disguise from
the 7th Heaven by God the Father into the lower realms because the demons/angels/lesser
gods running things there/here were screwing up and needed to be put in their place. This
Christ got crucified in disguise, probably in a lesser heaven rather than on Earth, and
then ascended triumphant in full glory. Later the various Christian stories -- were written
and rewritten by various factions, getting their final form to include a Jesus on Earth in
the 2nd to 4th century CE. Some Christian works are presented by this school of thought as
novel-like allegories or even at times parodies. This sort of thinking was presented at
least as early as about 1930 (Couchoud). Mainstream divinity school scholars, even the
atheists, hate it. Prominent proponents include RG Price and Richard Carrier, whose works I
haven't read. I do not know it well. I read about it for entertainment on vridar.org which
may or may not be the best place to go to to read about it.
A related concept is that Judaism may be best seen as a Hellenistic cult as well; that
it may be far more recent than commonly thought (not much older than Christianity); and
that it may not have become distinct from Christianity until several centuries CE. Again, I
just skim this stuff for entertainment and don't know so don't rely on me. (A current post
at vridar.org I haven't read I think is one of many that notes similarities of Old
Testament contents to Plato.)
Different denominations use "debts" vs "trespasses" in the US for the Lord's Prayer. I
believe translators have put a lot of work into which word to use dating back to circa
1600. I do not know whether there was a difference in the original Greek texts. I once read
about it but am not going to look it up now.
Australia totally blew its respect and relationship with south pacific nations under John
Howard. He coerced, blackmailed and then bluntly stole the oil reserves from East Timor in
the years following their liberation. EVERYBODY was watching this hideous theft of natural
resources from the smallest, poorest, and suffering nation on earth. Just like the yankee
carpetbaggers.
Nowadays Australia continues to totally screw up its relations with most Pacific Island
neighboring states. It can't even get the independence referendum underway as Papua New
Guinea just ignores it. China would no doubt be absolutely focussed on that
opportunity.
hey, we have people chopping off dissidents heads in ksa.. i have no problem imaging some
barbaric people from a few thousand years ago nailing someone to a cross... not saying i
know anything for sure, but reality as practiced in ksa is more strange then anything i
would like to have to witness directly... speaking of which - trump doesn't want to listen
to the suffering tape, yet he wants to continue his support for this headchopper cult..
interesting dude trump... or, strange what money will do to a persons brain..
Zionists wanted Trump to win the election ... betraying millions of voters on the Left
to forward the Zionist agenda
Thanks for the link. The Schumer info is important. But the contextualization of
Schumer's craven, complicit behavior is all wrong. To bemoan Schumer, Obama, or Hillary's
betrayal of the left is to accept the ruse that they actually represent the
left.
It should be clear by now that the Democratic Party's primary mission is to protect the
establishment. They drip-feed just enough small changes - like bathroom rights - to keep
their claim to be "left" alive. Just look at tax cuts: Clinton, Bush, Obama, and Trump have
all cut taxes.
Likewise, to say that "Zionists" wanted to elect Trump is confusing and
counterproductive as most people (wrongly) see Zionism as being only about Israel and
associate "Zionism" with Jews (only). It should be clear by now that most of the American
establishment (aka the 'people that matter') is 'Zionist' and that these 'Zionists'
are not only pro-Israel but pro-MIC and pro-oligarchy too.
It was the US establishment that wanted Trump despite pretending to hate him. MAGA is
not a Trump invention but a POLICY RESPONSE to the challenge from Russia and China. Trump
was selected as the best person to lead that response.
I've been saying for some time now that the 2016 Presidential election was a complete
set-up. Most people reject that 'conspiracy theory' out of hand until they are reminded
that Hillary: ran against two old friends (Sanders and Trump); she snubbed the progressives
by bringing DWS into her campaign and selecting Tim Kaine as her running mate while also
including moderate whites with her "deplorables" comment, -AND- she didn't campaign in the
three crucial states that would decide the election. Meanwhile, new-comer Trump did
everything right: the only Republican to run as a populist, the only republican to champion
veterans, etc.
Up around #34 in discussing the "mythicist" school of thought about Jesus (ie, did not
exist--Christianity based on myth even deliberate fiction-writing later reworked back and
forth by various factions into its current form) I neglected the name of a 3d major author
whose works I have not read interested people might go to: Earl Doherty. I do not know this
stuff other than as a curious passerby, but it does seem erudite and well-argued to my
naive mind.
That Jesus was a rebel in conflict with authority is obvious to any child who can read.
Flipping the tables of merchants in church is pretty hard to misinterpret right?! It
blows my mind they weren't more creative with some of the rewrites, the 'bad guys' of the
story are priests...
Correct. But just for those who still don't get it, you should add that even though
Trump campaigned as a populist; he's really a faux populist who in fact cares squat about
Veterans; he prefers not to get his hair wet than honor them. What he likes to do is
pretend that because he invested close to a billion U.S. funds in the MIC, that constitutes
honoring Veterans when we all know what is driving that investment, bases, proxy civil wars
and invasions on behalf of regime change, especially in Iran, for now, and the Empire's
expansion.
Jesus was the Jewish Martin Luther. That goes to the underlaying dynamic of renewal. Which
was the original source of the Trinity, the Greek Year Gods. Father, Son, Holy Ghost =
Past, Present, Future.
Read Gilbert Murray's; The Five Stages of Greek Religion: http://www.gutenberg.org/files/30250/30250-h/30250-h.htm
James,
We live in interesting times. The powers that be are throwing everything on the fire to
keep the status quo going. So when it does totally blow up, the system will be that much
more vulnerable. Then the question will be, what changes are possible?
The most profound would be understanding time is not a real dimension, from past to future,
but change turning future to past. More like temperature, pressure, color, etc, than space.
This dissolves the idea of history as singular and that everyone has to conform to the
dominant narrative.
The Eastern view of time is the past is in front of the observer and the future behind, as
what is in front and past are known and the future and what is behind are unknown. Which
conforms to the Eastern philosophy of the individual as part of its context, given we do
see events after they occur. The Western view is of the future in front and past behind,
because we see ourselves as autonomously moving through our context. Both are effectively
true, as we are moving in and part of our context.
Which then gets to the idea of God, as "all-knowing absolute," in the words of Pope John
Paul 2. A spiritual absolute(source of consciousness), would be an essence of sentience,
from which we rise, not an ideal of wisdom, from which we fell. Analogous to the raw
awareness of the new born, rather than the wisdom of the old man. The religious deity is a
political construct; The father figure ruler. Yet in the wrong hands, it becomes treating
one's cultural assumptions as absolute and that results in extremism. Which the various
monotheisms seem quite adept at.
If those two dominos could be tipped over, than resetting money as a social contract,
rather than a commodity, would be almost be easy. We would own money like we own the
section of road we are driving on. Neither entirely public or private, as our notion of
public and private has been networked into a larger dynamic. Two sides of a larger coin.
Node and network.
So that is how I see the coming explosion; Both destruction of the old, but opening up the
possible.
The Outlaw US Empire's inability to coerce other nations to adopt its lie-filled draft
declaration for the APEC-CEO Conference caused it to accuse China of being the stuck-up
nation; so, unlike the ASEAN and Asia-Summit Conferences which didn't include the Outlaw
Empire and had no difficulty reaching consensus on their Declarations, no APEC Declaration
was agreed upon for publication. We do have an idea of what was discussed thanks to
Medvedev's attendance. Here's
his speech with his primary pitch excerpted so readers will understand what the Outlaw
US Empire opposes:
"First of all, the global economy needs clear and transparent rules of trade. Therefore,
a key goal is to combine efforts to improve the effectiveness of the World Trade
Organisation and its regulatory role.
"Like many countries, we recognise that the organisation needs to be modernised, but
without weakening its influence or undermining the fundamental principles of its work, let
alone its dismantling, which would mean a collapse of civilised trade.
"The institutional foundations of international trade formed by the WTO also need to be
preserved to condition further deepening of regional economic integration. Russia strongly
believes that transparent WTO rules incorporating the specifics of each Asia-Pacific, each
APEC economy, are essential for creating an Asia-Pacific free trade zone, making it a truly
open market, rather than a narrow-format system of collective protectionism.
"I would suggest the Eurasian Economic Union as an example of such an integration
platform, an alliance which Russia and its partners are developing in strict accordance
with the WTO principles. It is one of the largest regional associations in terms of market
capacity and a single market with uniform rules for doing business.
"We are cooperating with other integration projects and are now working on aligning it
with the well-known Chinese Belt and Road initiative. We are working in close contact as
part of the Shanghai Cooperation Organisation. We also have strong ties with ASEAN.
President of Russia Vladimir Putin has launched an initiative to create the Greater
Eurasian Partnership, based on openness and mutual trust between states, and uniform rules
of the game.
"Asia-Pacific countries joining this format would help harmonise the multi-level
integration architecture that is being formed on the continent. We invite our colleagues
and stakeholders to collectively develop the landscape for such work.
"We believe that a similar principle could underlie the Asia-Pacific free trade zone
concept. This would promote truly comprehensive and indivisible economic growth in Eurasia
and the Asia-Pacific region."
Much more follows, and it's easy to see why the Empire's on the defensive as it's now
exposed as the Reactionary Power it's always been while hiding its true nature behind
self-laudatory rhetoric and propaganda.
About the only thing to admire about Trump is his ability to stand naked before the
world without a hint of embarrassment. The future lies in Eurasia and Asia-Pacific as does
the rediscovery of the past and its actual history, not the contrived, distorted narrative
fed to most everyone over the past 2K+ years to service the power of the money-lenders--The
Living-Breathing Satans.
Masha the Bear -- Putin propaganda, LOL. The lunatics propagating this pathetic drivel have
probably raised their children, and were probably raised themselves on pure, innocent and
surely non-propagandistic cartoons from Walt Disney!
From the wiki article on Ariel Dorfman and Armand Mattelart's How to Read Donald
Duck :
According to [Sophia A.] McClennen, the Disney comics are insidious, masquerading
themselves as innocent and light-hearted entertainment. How to Read Donald Duck
set out to reveal the ideological message of the comics, their support of capitalism and
imperialism.[9] The writers questioned why there are no parents in Disney comics, only
uncles and cousins. This means the concept of the family is destroyed within their
context. There is no potential dialectic between a father and his son, a mother and her
daughter.[9] The children of the stories never grow up to become parents in their own
right. Consequently, social authority is depicted as ever-lasting and never
challenged.[9] There is both a lack of parents and absence of any hint of sexual
reproduction within the stories. This is connected to another element missing from them,
the depiction of material production. All characters apparently work in the service
sector of the economy. There is no real workforce.[9] Characters who gain wealth, have
only managed to do so through treasure hunting and looting.[9] The only depictions of an
exchange of commodities, involve crafty imperialists who take advantage of ignorant
savages. When Donald and his family travel to foreign lands, they fool the locals into
trading precious resources for useless items.[9] There is a depiction of both wealthy and
poor nations. But the poverty of the latter is attributed to the ignorance of the
barbarians who inhabit them.[9] There is no labor, and no real leisure either. Donald
Duck is frequently depicted as bored with his life and dreaming of his next adventure.
His adventures invariably depict him using deception against other characters. Donald's
antics are depicted as innocent fun.[9]
sir charles drake talked here about schlomo sand and the inventions
talked of douglas reeds problem with zion
talked of the book the 13th tribe by ashkanazi author talked of eutace mullins.
it is nice too know that even after all the deletions and forum memory holing
history will absolve this great man.
he may be a bot program but he is a lover of the children of jesus the semites of gaza and
west bank.
charles believes ask a nazi should go home and rebuild khazaria in mongolia deserta
I wonder how much meat there be on them thar bones. I am inclined to assume F all.
Both the UK and Germany have the nasty habit of infiltrating organisations that show
any modicum of abillity to put words into action that may affect the supremacy
of the state. Same goes for the other NATO members.
So these efforts are either permitted to proceed until they are not,
or cancelled continuation of new/renewed Gladio cells.
Strategy Of Tension part infinity.
James @ 17: One way in which finance becomes public is for the banking system (or whatever
replaces it) to become public. Instead of privately owned banks lending to individuals,
families or small businesses, community-owned banks or banks controlled by local councils,
trade unions, student unions or grassroots organisations would lend money. These banks
would draw their funds from savings and day-to-day business accounts operated by the same
groups of people they lend to. They could also be funded by national governments.
You ask if all land is public, then who controls it? Answer must be that some kind of
government (national, regional, local) must control it on behalf of the people who support
that government. One presumes young couples (newly married perhaps or with documents to
support their having been together for a defined period) get first preference in applying
for (let's say) a 50-year lease on a dwelling which can be renewed once, maybe twice. If
the couple divorces or one of them dies, the lease would return to the government. Perhaps
the divorcee or the widowed survivor must show evidence that the lease should be
renewed.
Similarly all businesses must lease land from the government and be able to renew the
lease once, maybe twice.
Major infrastructure projects would only take place if governments controlling the land
where these projects take place agree to cooperate or transfer / sell the land to the
national government. The national government "pays" for the land by offering jobs in the
project to the people living or working in the areas of the projects.
Problem with Hudsons book is it cost 30 bucks (not including international shipping) for
336 pages of paperback and is already out of stock and NOT available on kindle. Not going
to be widely read I don't think unless something changes.
Anyways, Christianity was a split in Judaism designed by elites and executed by their
agents. Christians were then allowed to be fair game for the money lenders who could charge
interest and not forgive them their debts (unlike with fellow Jews). Christians forbid
charging usury to all. However, they also did not forgive debts to appease the ruling class
that allowed them to exist. An uneasy truce in the early years before Christianity was
formally adopted by Rome. This required a rewrite of the bible, which was easy to do before
the printing press as few copies were in circulation and most of the flock illiterate.
After Rome fell the non church elite (nobles and such) used Jews to collect taxes and when
in need of a loan borrowed money at interest from them. To pay the interest they had to
raise taxes. Another reason for their unpopularity.
The church (thanks to a rogue Pope) eventually succumbed to borrowing at interest, although
somewhat constrained, but the indulgences sold to pay the interest led to the Reformation
which was backed by the money lenders. This split the church and opened the flood gates for
heavenly usury and debt, and spilled much blood in wars that required debt to be fought .
This also enriched the money lenders ( Christians and Jews) who loaned to both sides of the
wars, and led them to eventually seize control of money creation, and thus control over
government.
Free of the church leaders who enforced "Gods" law , which could not be amended by men
outside the church (Reformation gave states control of the religion and allowed
reinterpretation), man was liberated and free to create his own laws. That made it possible
to legally break Gods laws (as Hitler and Stalin both said, everything they did was legal
under their laws) . Thus slavery, war, drugs, usury and debt were free to expand (we know
it as Free Trade).
Re: The Christian religions defused the revolutionary aspect when they changed the
target of his teaching from real life issues towards a more spiritual perspective.
_____________________________________________
I know someone in the religious life, a theologian who generally shares my high regard
for Hudson, and also shares my penchant for "alternative" news and analysis. I am well
aware that, despite his leftist politics, my friend is actually a conservative,
traditional-minded Roman Catholic.
Anyway, my friend was horrified some months ago, when we discussed a short video we'd
both seen of Hudson outlining the topic of this book. My friend was more sorrowful than
angry, but emphatically deplored Hudson's perspective as a tragic case of a worthy scholar
making a fool of himself by-- well, pontificating-- outside of his area of expertise.
My friend knows that I am always attracted to contrarian research and iconoclastic
theories that challenge settled narratives. When I protested that Hudson's interpretation
of the Lord's Prayer had the ring of truth, he strenuously demurred.
He could understand why a "non-believer", especially a cynic like me, would be intrigued
by the idea that the Fathers of the institutional church "tweaked" Jesus's words and
meanings to suit their theological purposes. But he insisted that of course Jesus
was speaking metaphorically about spiritual matters, and wasn't trying to be a secular
economics "revolutionary".
I'm not sure how generally well-known Hudson is, but I wonder if he'll be subjected to
vicious criticism and even harassment for daring to even suggest that Jesus might've
been, at least in part, preaching a gospel of economic or financial salvation. I
presume that devout Christian critics-- especially clergy and theologians-- will, you
should pardon the expression, crucify him.
karlof1,
Yet would that integration of the Eurasian continent have happened, without the threat and
pressure of the Empire?
The Empire has peaked and the integration of the Old World will continue, for survival, so
the question will be the future of the Americas. That is the real blank slate.
Jen,
Government is the central nervous system of the community. It is the Chief and the council
of elders, mutated to the king and lords, to presidents and legislatures. Finance, on the
other hand, is the circulation system of the economy. Banks and money are the arteries and
blood. Yet we have become parasites and mine value out of this medium, with those most
obsessive in the practice able to create feedback loops and take more and more. It would be
as if the head and heart told the hands and feet they don't need so much blood and should
work harder for what they do get.
Necessarily though, the nervous system and the circulation system are distinct and serve
different functions, even though they both serve the entire body. Politicians succeed by
how much hope they give the community and we experience money as quantified hope, so there
is a natural tendency to inflate the money supply, when other promises cannot be fulfilled.
The dawn of modern capitalism was when the Rothschild's took over control of the royal
treasury, from Charles 1 and created the Bank of England. For better or worse, it worked
magnificently. Now bankers are just running their own ponzi scheme and have no vision
beyond it.
The two poles of social control are hope and fear. Money is quantified hope and when the
system fails, the pendulum will swing to fear and the police and military will be in
control. Likely quite a few bankers will be used as pinatas, to appease the masses. How do
we really get beyond that, is the real question.
And, how many people who read the Lord's Prayer understand the historical meaning of
trespass?
I sure didn't! And nobody has ever made a point of drawing my attention to the issue.
Just made a search for the "official" Lord's Prayer at the Vatican site and found this:
Our Father who art in heaven, hallowed be thy name. Thy kingdom come. Thy will be done on
earth, as it is in heaven. Give us this day our daily bread, and forgive us our
trespasses, as we forgive those who trespass against us, and lead us not into temptation,
but deliver us from evil.
To me it's an odd coincidence Michael Hudson is talking about the "Prayer" at the same
time the current Pope is speaking of plans to modify one of the lines. NOT the one about
"trespass", but rather the one speaking of "temptation".
If I was a betting man, I'd wager the Vatical won't be messing with the "tresspass"
language. Vague and misleading for ages, and just the way that one ought stay.
John Merryman @ 54: Thanks for your biological analogy. May I suggest though that the
analogy may not be entirely apt and one problem with it is that it would too easy for
people to think of society entirely in biological terms such as you describe, with the
result that to think of society as something other than in biological metaphors becomes a
barrier to thinking of creative solutions in dealing with particular problems?
Your metaphor seems to take for granted that government is centralised and the finance
industry is also centralised (whether in parallel centralised networks or joined
together).
I would suggest that we need to have decentralised systems of finance, each centred on
particular communities perhaps, with their own currencies and institutions, all linked in a
network. Rather like the Internet, I suppose. Yes, redundancy will be built into the
network but is that necessarily a bad thing?
Likewise we would have decentralised politics and governments, with the flatter
hierarchies and greater public participation in political decision-making that such
decentralisation might suggest.
The banking system in England was never magnificent for industrialists and mid/small
businesses which were starved of cash and generally looked down upon by bankers who got
much better returns from overseas investment. Part of the success of Germany and Japan post
WWII was due to a recognition of the importance of engineers to economic success and the
ease with which companies could obtain loans from commercial, not investment banks. A ten
or twenty year loan by a local commercial bank ties the firm's fortunes into the bank's own
interests. Capital in these countries thus thinks or thought more in the mid-to-long
term.
The key for me is the joint stock or public company which is totally at the mercy of
investment bankers. Private firms not listed on the stock market like IKEA or Mars or even
Trump's own business are not under the slightest obligation to the stock market. According
to Time magazine 84% of the stocks in the US are owned by the top 10% of the population, so
the stock exchange exists to make rich people richer and subject public (which are most of
the largest) companies to continual blackmail to produce outsize profits at the expense of
the workforce or else executives can find themselves having to land, albeit with their
golden parachutes, on the street.
Hilariously, the repeated attempts to bludgeon their readers into accepting the
government line is couched as a reprimand to some UK fact-seekers (who were actually
prepared to travel to find facts) for being stooges for Syrian propaganda!
i see some other responses to john and jens posts have happened since i wrote this!
@46 john merryman.. thanks for articulating a fascinating view on time and history in an
innovative way that i hadn't seen before! you're right that we can't see the future, so in
a sense it is behind us out of view... the past is staring us in the face, but could be
interpreted countless ways, and could have spun a number of different ways too, depending
on many factors, some of which we can know of, and others that we can't.. regardless - we
will have to wait and see, as i am prone to saying.. i really enjoy the way you articulate
your ideas..
@ 51 jen.. thanks for your response! i see i made a small typo in my post - 'but'
instead of 'not'... i think it is possible - public finance, and i know examples abound as
you show.. who would control the release of it is where i get anxious.. perhaps it is my
own paranoia... it seems if one knows someone on the inside, they have a better chance..
our dream of an egalitarian system where fairness rules, is subject to human nature with
all it's foibles.. granted, public finance, as opposed to private is worth going for, as
the system we have at present is clearly broken for 99% of the world today..
here where i live in b.c. - what land the gov't didn't hand over to corporations, they
let them use in such a way that doesn't spread the wealth to the locals... and the locals
aren't given the same opportunities to use the land either.. so, public land use is in the
hands of the gov't... i suppose in theory, the idea is good, but as it presently stands -
the corporations have the favour of gov'ts.. perhaps this also goes into the private,
verses public finance issue.. if the gov't wasn't beholden to private finance - it might
change all this..
finally - caitlin johnstones
latest on assange and usa "resistance"..
@43 john.. regarding your comments to jen- again, i am drawn to your perspective and agree
with the importance of the question you end with.. i personally don't know..
@57 jen.. i agree that decentralization is necessary.. anything that is big, is usually
out of touch with local needs - federal, verses local is how this works..
it would appear we have to wait for everything to collapse.. have we evolved beyond the
darwinian concept of the survival of the strongest to where we are interested in sharing
with others in some type of egalitarian way? would be nice... presently the financial world
is stacked in the usa's favour, but this appears to be changing... it seems conflicts with
power - who has it and who wants more of it - are a fertile ground for war.. that seems to
be where we are at present with the usa threatening china and russia more regularly
today... how much of that is power wanting to retain it's position? it seems like a lot to
me.. public finance would be very different and is worth pursuing, but it will have to be
pursued by gov'ts and leaders that are not beholden to corporations.. we have a ways to
go..
There are lots of comments to respond to so let me just expand on my public finance
concept.
I am advocating for totally public finance and no private banking.
I am also advocating, as others have commented, for a limit on the "ownership" of private
property. I like the 50 year lease proposed earlier and have read that China has 99 year
leases.
I also would advocate for limits on inheritance to inhibit future concentration of
"wealth".
And, yes, I am advocating for government to manage debt reconciliation and not the God
of Mammon owners.
It is time for humanity to grow up beyond the feudal insanity that has lived way beyond
its cultural imperative. The myth we are living is that these global historical elite are
moving the levers of power behind the curtain of Capitalism to provide most with war and
slavery. I am saying very clearly that I prefer the socialism with a Chinese face approach
over the Western private finance motivated one.
China has created and executed 13 5-year plans. Somewhere within the bowels of that huge
government is a group of people charged with managing China's finances. Given what I have
seen of the way China is handling corruption I can only expect that the folks making macro
economic/finance decisions put the pluralist goals of the country ahead of any oligarch
bribes or pressure. In the Western world, global finance is a profit center for the elite
and the rest of us be dammed.
Back to more components of a new social contract
New evolving definition of responsibility to and benefits from government (mandatory
voting and regular participation in government operation/management, free
education/balanced with social payback, ongoing evolution of mix of sharing/competition in
provision of goods and services as well as regulation to insure safety and advertised
value).
And it was deliberately destroyed by Hillary Clinton. In fact, she wanted so desperately
to make sure that she got full credit for the complete destruction of Libya (she thought it
would help her win her presidential campaign) and the slaughter of 40,000 Libyans, that she
kept riding her staff for assurances and evidences that could be put in front of the world
that, yes indeed, it had been all her doing.
If we are pointing out the mendacity of englander fishwraps, the Grauniad which has once
again albeit in a new way covered itself in the slimy patina of hypocrisy by enjoining it's
shrinking readership to 'get behind' May's abortion of a brexit strategy wins the prize of
scummiest journalism of the decade.
A bit like the obese and useless cat my neighbor claims to 'own' now he has vivisected
it to his taste, May's brexit is neither Arthur nor Martha.
May's plan gets england outta the EU but leaves it shackled to that organisation forced to
obey the rules but without the right to advocate or take part in changes as only members of
the EU can do that.
If May doesn't get her mess through parliament she will lose her gig and a
general election will inevitably follow, one which despite what the dodgy polls claim the
Tories will inevitably lose, meaning Mr Corbyn will be PM. That is a fate worse than death
for zionists, mega capitalists and the theiving banks, consequently the graun's editors are
in panic mode as they
praise their former nemesis and repeat her lies about "Getting back control of our
borders". Playing the race card straight off the top of the deck.
""As economies polarize between debtors and creditors, planning is shifting out of public
hands into those of bankers. The easiest way for them to keep this power is to block a true
central bank or strong public sector from interfering with their monopoly of credit creation.
The counter is for central banks and governments to act as they were intended to, by
providing a public option for credit creation""
Michael Hudson is actually a pretty strong proponent of public finance.
He is more in the 'positive money' camp than most MMTers but that mostly reflects his
disgust at the abuses of private credit creation.
According to Save the Children, upwards of 50,000 children died from hunger
and disease in 2017 alone, while the UN estimates that at least 16,000 civilians have been
killed or maimed by the Saudi air attacks.
So we called a spade a spade on the matter, only to have our Fox host retort as follows:
" ..not making a judgment on the moral right or wrong of the matter but if we crack down
hard with sanctions and such, are you telling us you don't think there is a financial market
impact?"
Of course that wasn't what we were saying. But what we were thinking was: Really?
Apparently this Foxified stock market cult-boy assumes even America's foreign policy should
be driven by the divine right of the casino to be pleasured by rising stock prices each and
every day.
Then again, it looks like Fox's greatest Fan-boy is slouching in the same direction and for
the same reason. That is, to keep what he has now embraced as the Trump Bubble levitated come
hell or high water.
As the Middle East Eye noted this morning, it would appear that Jared Kushner and/or
the Donald have seized upon a solution. Namely, that the hotheaded 33-year old MBS, who has
created the greatest murder spectacle since O.J. Simpson's wild ride in the Bronco, could
benefit from the steadying hand of, well, his 28-year old brother, Khalid bin Salman!
"In DC the talk is about Khalid becoming a deputy crown prince to show the world
that MBS is basically opening up his autocratic and self-centered leadership to include others
and create more accountability.
We don't know whether this prospective Salman Brothers duo can make the Istanbul Bonesaw
Massacre go away or not, or keep the stock market rising on its appointed ascent. But we can at
least hope the MBS contretemps will stir a modicum of thought in the Imperial City about the
larger issue involved.
Namely, that the biggest state sponsor of terror in the Middle East is Saudi Barbaria, not
the Iranians. And that the house of Saud's corrupt bargain with its own medieval Wahhabi
clerics is the true source of jihadi terrorism in the region, not the Shiite/Alawite
communities of Iran, Syria and Lebanon.
The truth of the matter is that it was the Iran-led Shiite coalition – with the help
of the Russian Air Force – which essentially extinguished the barbaric Islamic State in
Syria and Iraq.
So not only has Washington long been on the wrong side of the Shiite/Sunni divide, but owing
to the Donald and Jared's bromance with MBS, the Trump administration has taken the US right
off the deep-end with its vicious attack on the Iran nuke deal and the ruling regime in
Tehran.
And that's the real evil being perpetrated by MBS. His infantile yet bloodthirsty vendetta
against Iran is the driving force behind much that roils the middle east at present.
Thus, MBS' political and economic attack on Qatar was motivated not only by the Muslim
Brotherhood friendly policies of its ruler, but more especially by Qatar's friendly relations
and diplomatic recognition of Iran, with which it shares the largest natural gas field in the
world.
Likewise, he recently kidnapped, roughly interrogated and humiliated Prime Minister Hariri
of Lebanon for being too soft on Hezbollah. Never mind that the latter controls the largest
bloc in Lebanon's parliament and is a participant in the nation's constitutionally prescribe
three-way split of power – wherein the Shiite elect the Speaker of the Parliament, the
Sunnis name the Prime Minister and the Chrisitians select the country's President.
But none of this mattered because MBS is determined to confront Tehran and its allies from
one end of the Mideast to the other. And that's the real reason for his genocidal attack on
Yemen.
The latter is among the poorest, most industrially backward redoubts in the entire world and
doesn't remotely have the capacity to threaten Riyadh. Its GDP of just $18
billion or a paltry $650 per capita is less than 3% of Saudi's stupendous
oil-fueled GDP, which funds the fourth largest military budget in the world.
And now Yemen's polity has been completely shattered, too, by civil war and the relentless
Saudi bombing campaigns.
The west and north are controlled by the Houthi government, which sized power during 2015 in
the country's capital city of Sana'a. So doing, they inherited a large cache of American
weapons left behind by the fleeing official government.
At the same time, the south and east are fragmented between former President's Hadi's Saudi
puppet government and regions controlled by al-Qaeda, the Muslim Brotherhood and various tribal
potentates and small time warlords – some or all of whom are warring with each other as
well as with the Houthi.
In a sane world it would be instantly obvious that America has no dog in this fratricidal
bloodletting in one of the true armpits of the planet. But the Houthis, who have long dominated
their region of the country, practice a form of Shiite Islam. In turn, that makes them a
confessional ally of Iran and therefore a convenient target for MBS' proxy war on Tehran.
That's the sum and substance of the Yemen catastrophe: It's a genocide launched three years
ago by the then 30-year old Defense Minister of Saudi Arabia and son of its dementia-enfeebled
king for no other purpose than to kick the Iranians in the shins.
But one thing has led to another – including the aforementioned bromance of the Donald
and his son-in-law with a reckless power-hungry young tyrant who has gotten the White House to
fall hook, line and sinker for his anti-Iranian agenda. And that didn't take much doing –
since Bibi Netanyahu had already polluted their thin grasp of the region with his own
demonization of Tehran.
The irony is palpable. The boys and girls on Wall Street may get by accident that which they
desperately do not want: Namely, a material oil outage in the Persian Gulf and a temporary
surge in oil prices back to $150 per barrel.
That eventuality would make no matter in the longer run because world supply and demand
would adjust, and high-cost deep water oil and shale production would get an added incentive,
as would conservation and all the various flavors of alternative energy.
But a Persian Gulf oil interruption would instantly shatter an egregious stock market bubble
that is being held aloft on fumes and awaits only for a windshield on which to splatter.
At the end of the day, however, that may well be the silver lining.
The Donald's demented sanctions campaign to reduce Iran's oil exports to zero after November
had already threatened to upset the applecart in the global oil market; and, apparently, it had
also given the reckless Crown Prince the impression that he could operate with impunity, and
that no act of thuggery was to brazen to be eschewed.
But now the Khashoggi imbroglio threatens to get totally out of hand. Mohammed bin Salman's
recklessness in Istanbul may yet send the house of Saud into an existential crisis –
especially if the Donald's stubby little hands are forced to severely punish the Saudi's owing
to the overwhelming sentiment of the world community.
That is to say, along with the collapse of the stock market we could also see the collapse
of the monarchy, and the seizure or sabotage of its Persian Gulf oil fields. After all, they
happen to lie in the eastern region of the country which is heavily populated by Shiites, who
have been brutally prosecuted by MBS.
Needless to say, you will be worse for the wear if you hang around the casino in the face of
this potential double collapse.
But the world will be far better off on both counts.
Ah, yes. Goldman Sachs is
famous for their "good work and integrity".
The US Department of Justice (DOJ) has said about $4.5 billion was misappropriated from 1MDB,
including some money that Goldman Sachs helped raise, by high-level officials of the fund and
their associates from 2009 through 2014.
US prosecutors filed criminal charges against 2 former Goldman Sachs bankers earlier this
month. One of them, Tim Leissner, pleaded guilty to conspiracy to launder money and
conspiracy to violate the Foreign Corrupt Practices Act.
I'm sure it was just a "few bad apples", like Goldman Sachs's Ex-CEO
Lloyd Blankfein , who was personally involved in the transaction.
You might remember Lloyd from his doing "God's
Work" .
A federal judge has ordered Hillary Clinton to respond to further questions, under oath,
about her private email server.
Following a lengthy Wednesday court hearing, Judge Emmet G. Sullivan (who is also presiding
over fmr. National Security adviser Michael Flynn's case), ruled that Clinton has 30 days to
answer two additional questions about her controversial email system in response to a lawsuit
from Judicial Watch .
Hillary must answer the following questions by December 17 (via
Judicial Watch )
Describe the creation of the clintonemail.com system, including who decided to create the
system , the date it was decided to create the system, why it was created, who set it up, and
when it became operational .
During your October 22, 2015 appearance before the U.S. House of Representatives Select
Committee on Benghazi, you testified that 90 to 95 percent of your emails "were in the
State's system" and "if they wanted to see them, they would certainly have been able to do
so." Identify the basis for this statement, including all facts on which you relied in
support of the statement, how and when you became aware of these facts, and, if you were made
aware of these facts by or through another person, identify the person who made you aware of
these facts.
Sillivan rejected Clinton's assertion of attorney-client privilege on the question over
emails "in the State's system," however he did give Clinton a few victories:
The court refused Judicial
Watch's and media's requests to unseal the deposition videos of Huma Abedin, Cheryl Mills
and other Clinton State Department officials . And it upheld Clinton's objections to
answering a question about why she refused to stop using her Blackberry despite warnings from
State Department security personnel . Justice Department lawyers for the State Department
defended Clinton's refusal to answer certain questions and argued for the continued secrecy
of the deposition videos. -
Judicial Watch
Wednesday's decision is the latest twist in a Judicial Watch Freedom of Information Act
(FOIA)
lawsuit targeting former Clinton deputy chief of staff, Huma Abedin. The case seeks records
which authorized Abedin to conduct outside employment while also employed by the Department of
State.
"A federal court ordered Hillary Clinton to answer more questions about her illicit email
system – which is good news," said Judicial Watch President Tom Fitton. "It is shameful
that Judicial Watch attorneys must continue to battle the State and Justice Departments, which
still defend Hillary Clinton, for basic answers to our questions about Clinton's email
misconduct."
Allow me to predict Hillary's answers: I really can't recall. Somebody else was in charge
of creating it. I don't recall who that was but I was left out of the loop when it was
created. I don't know anything about computers. Somebody who had knowledge did that. I don't
know who authorized it, I assume it went through standard channels.
As a reminder, all the data to date suggests that Hillary broke the following 11 US CODES.
I provided the links for your convenience. HRC needs to immediacy be Arrested &
Indicted.
CEO aka "President" TRUMP was indeed correct when he said: "FBI Director Comey was the
best thing that ever happened to Hillary Clinton in that he gave her a free pass for many bad
deeds!"
18 U.S. Code § 1905 - Disclosure of confidential information generally
Whoever, owing allegiance to the United States, levies war against them or adheres to
their enemies, giving them aid and comfort within the United States or elsewhere, is guilty
of treason and shall suffer death, or shall be imprisoned not less than five years and fined
under this title but not less than $10,000; and shall be incapable of holding any office
under the United States.
The Preponderance of Evidence suggests that she broke these Laws, Knowingly, Willfully and
Repeatedly. This pattern indicates a habitual/career Criminal, who belongs in Federal
Prison.
If Pure Evil War Criminal Treasonous Seditious Psychopath Hillary Clinton would have been
elected. Many if not all of the High Crimes, Crimes & sexual perversion's we see coming
to Light never would have been known off.
The Tyrannical Lawlessness we see before our eyes never would have seen the light of
day.
The brutal warlord understood how to govern shrewdly and even humanely.
Abraham Lincoln, George Washington, Winston Churchill, even Barack Obama: there are many
historical figures who Americans have turned to for inspiration in this political distemper.
That's especially true with the midterm elections only a week in the books. But I've recently
found an even more surprising leader who offers a number of political lessons worth
contemplating: Genghis Khan.
I'm quite serious.
As a former history teacher, I picked up Jack Weatherford's Genghis Khan and the Making of the Modern
World because I realized I knew relatively little about one of the most influential men in
human history. Researchers have
estimated that 0.5 percent of men have Genghis Khan's DNA in them, which is perhaps one of
the most tangible means of determining historical impact. But that's just the tip of the
iceberg. The Mongolian warlord conquered a massive chunk of the 13th-century civilized world --
including more than one third of its population. He created one of the first international
postal systems. He decreed universal freedom of religion in all his conquered territories --
indeed, some of his senior generals were Christians.
Of course, Genghis Khan was also a brutal military leader who showed no mercy to enemies who
got in his way, leveling entire cities and using captured civilians as the equivalent of cannon
fodder. Yet even the cruelest military geniuses (e.g. Napoleon) are still geniuses, and we
would be wise to consider what made them successful, especially against great odds. In the case
of Genghis Khan, we have a leader who went from total obscurity in one of the most remote areas
of Asia to the greatest, most feared military figure of the medieval period, and perhaps the
world. This didn't happen by luck -- the Mongolian, originally named Temujin, was not only a
skilled military strategist, but a shrewd political leader.
As Genghis Khan consolidated control over the disparate tribes of the steppes of northern
Asia, he turned the traditional power structure on its head. When one tribe failed to fulfill
its promise to join him in war and raided his camp in his absence, he took an unprecedented
step. He summoned a public gathering, or khuriltai , of his followers, and conducted a public
trial of the other tribe's aristocratic leaders. When they were found guilty, Khan had them
executed as a warning to other aristocrats that they would no longer be entitled to special
treatment. He then occupied the clan's lands and distributed the remaining tribal members among
his own people. This was not for the purposes of slavery, but a means of incorporating
conquered peoples into his own nation. The Mongol leader symbolized this act by adopting an
orphan boy from the enemy tribe and raising him as his own son.
Weatherford explains:
"Whether these adoptions began for sentimental reasons or for political ones, Temujin
displayed a keen appreciation of the symbolic significance and practical benefit of such acts
in uniting his followers through his usage of fictive kinship ."
Genghis Khan employed this equalizing strategy with his military as well -- eschewing
distinctions of superiority among the tribes. For example, all members had to perform a certain
amount of public service. Weatherford adds:
"Instead of using a single ethnic or tribal name, Temujin increasingly referred to his
followers as the People of the Felt Walls, in reference to the material from which they made
their gers [tents]."
America, alternatively, seems divided along not only partisan lines, but those of race and
language as well. There is also an ever-widening difference between elite technocrats and
blue-collar folk, or "deplorables." Both parties have pursued policies that have aggravated
these differences, and often have schemed to employ them for political gain. Whatever shape
they take -- identity politics, gerrymandering -- the controversies they cause have done
irreparable harm to whatever remains of the idea of a common America. The best political
leaders are those who, however imperfectly, find a way to transcend a nation's many differences
and appeal to a common cause, calling on all people, no matter how privileged, to participate
in core activities that define citizenship.
The Great Khan also saw individuals not as autonomous, atomistic individuals untethered to
their families and local communities, but rather as inextricably linked to them. For example,
"the solitary individual had no legal existence outside the context of the family and the
larger units to which it belonged; therefore the family carried responsibility of ensuring the
correct behavior of its members to be a just Mongol, one had to live in a just community." This
meant, in effect, that the default social arrangement required individuals to be responsible
for those in their families and immediate communities. If a member of a family committed some
crime, the entire unit would come under scrutiny. Though such a paradigm obviously isn't ideal,
it reflects Genghis Khan's recognition that the stronger our bonds to our families, the
stronger the cohesion of the greater society. Politicians should likewise pursue policies that
support and strengthen the family, the
"first society," rather than undermining or redefining it.
There are other gems of wisdom to be had from Genghis Khan. He accepted a high degree of
provincialism within his empire, reflecting an ancient form of subsidiarity. Weatherford notes:
"He allowed groups to follow traditional law in their area, so long as it did not conflict with
the Great Law, which functioned as a supreme law or a common law over everyone." This reflects
another important task for national leaders, who must seek to honor, and even encourage, local
governments and economies, rather than applying one-size-fits-all solutions.
He was an environmentalist, codifying "existing ideals by forbidding the hunting of animals
between March and October during the breeding time." This ensured the preservation and
sustainability of the Mongol's native lands and way of life. He recognized the importance of
religion in the public square, offering tax exemptions to religious leaders and their property
and excusing them from all types of public service. He eventually extended this to other
essential professions like public servants, undertakers, doctors, lawyers, teachers, and
scholars. Of course, in our current moment, some of these professions are already well
compensated for their work, but others, like teachers, could benefit from such a tax
exemption.
There's no doubt that Genghis Khan was a brutal man with a bloody legacy. Yet joined to that
violence was a shrewd political understanding that enabled him to create one of the greatest
empires the world has ever known. He eschewed the traditional tribal respect for the elites in
favor of the common man, he pursued policies that brought disparate peoples under a common
banner, and he often avoided a scorched earth policy in favor of mercy to his enemies. Indeed,
as long as enemy cities immediately surrendered to the Mongols, the inhabitants saw little
change in their way of life. And as Weatherford notes, he sought to extend these lessons to his
sons shortly before his death:
He tried to teach them that the first key to leadership was self-control, particularly
mastery of pride, which was something more difficult, he explained, to subdue than a wild
lion, and anger, which was more difficult to defeat than the greatest wrestler. He warned
them that "if you can't swallow your pride, you can't lead." He admonished them never to
think of themselves as the strongest or smartest. Even the highest mountain had animals that
step on it, he warned. When the animals climb to the top of the mountain, they are even
higher than it is.
Perhaps if American politicians were to embrace this side of the Great Khan, focusing on
serving a greater ideal rather than relentless point-scoring , we might achieve the same level
of national success, without the horrific bloodshed.
Changing the direction of American politics from the continued descent into degeneracy and
ahistoricity will be a dynastic task requiring us to teach our youngest generations about
civics and civility and U.S. history all the way from the intellectual and historical events
that led to the formation of the U.S. to the varied movements over the years that have either
strengthened the social cohesion of our melting pot nation or provoked rot from the inside
out.
Swallowing one's pride is the most difficult task of any political leader who tastes power
even once. At that point the politician frequently craves the citizenry to get on bended knee
and swallow the the arrogant decisions of the politician who has grown turgid from the
lustful exceses of the governmental trough.
I realize this "American Conservative" author is trying to point out strengths of someone
who he admits was also a tyrant, but there's a little too much much tyrant love for my taste.
Maybe strong leaders are exactly the problem, and maybe one of the reasons conservatives
often have their pants on fire is their claim that they love freedom as they beg for law and
order at the end of someone else's gun.
President Macron's protests against nationalism this weekend stand in stark contrast with
the words of France's WWII resistance leader and the man who would then become president:
General Charles de Gaulle.
Speaking to his men in 1913, de Gaulle reminded them:
"He who does not love his mother more than other mothers, and his fatherland more than
other fatherlands, loves neither his mother nor his fatherland."
This unquestionable invocation of nationalism reveals how far France has come in its pursuit
of globalist goals, which de Gaulle described later in that same speech as the "appetite of
vice."
While this weekend the media have been sharpening their knives on Macron's words, for use
against President Trump, very few have taken the time to understand what really created the
conditions for the wars of the 20th century. It was globalism's grandfather: imperialism, not
nationalism.
This appears to have been understood at least until the 1980s, though forgotten now. With
historical revisionism applied to nationalism and the great wars, it is much harder to
understand what President Trump means when he calls himself a "nationalist." Though the fault
is with us, not him.
" Patriotism is the exact opposite of nationalism: nationalism is a betrayal of patriotism
By pursuing our own interests first, with no regard to others,' we erase the very thing that
a nation holds most precious, that which gives it life and makes it great: its moral values,"
President Macron declared from the pulpit of the Armistice 100 commemorations.
Had this been in reverse, there would no doubt have been shrieks of disgust aimed at Mr.
Trump for "politicizing" such a somber occasion. No such shrieks for Mr. Macron, however, who
languishes below 20 percent in national approval ratings in France.
With some context applied, it is remarkably easy to see how President Macron was being
disingenuous.
Nationalism and patriotism are indeed distinct. But they are not opposites.
Nationalism is a philosophy of governance, or how human beings organize their affairs.
Patriotism isn't a governing philosophy. Sometimes viewed as subsidiary to the philosophy of
nationalism, patriotism is better described as a form of devotion.
For all the grandstanding, Mr. Macron may as well have asserted that chicken is the opposite
of hot sauce, so meaningless was the comparison.
Imperialism, we so quickly forget, was the order of the day heading into the 20th century.
Humanity has known little else but empire since 2400 B.C. The advent of globalism, replete with
its foreign power capitals and multi-national institutions is scarcely distinct.
Imperialism -- as opposed to nationalism -- seeks to impose a nation's way of life, its
currency, its traditions, its flags, its anthems, its demographics, and its rules and laws upon
others wherever they may be.
Truly, President Trump's nationalism heralds a return to the old U.S. doctrine of
non-intervention, expounded by President George Washington in his farewell address of 1796:
" It must be unwise in us to implicate ourselves, by artificial ties, in the ordinary
vicissitudes of [Europe's] politics, or the ordinary combinations and collisions of her
friendships or enmities."
It should not have to be pointed out that the great wars of the 20th century could not be
considered "ordinary vicissitudes", but rather, that imperialism had begun to run amok on the
continent.
It was an imperialism rooted in nihilism, putting the totality of the state at its heart.
Often using nationalism as nothing more than a method of appeal, socialism as a doctrine of
governance, and Jews as a subject of derision and scapegoating.
Today's imperialism is known as globalism.
It is what drives nations to project outward their will, usually with force; causes armies
to cross borders in the hope of subjugating other human beings or the invaded nation's natural
resources; and defines a world, or region, or continent by its use of central authority and
foreign capital control.
Instead of armies of soldiers, imperialists seek to dominate using armies of economists and
bureaucrats. Instead of forced payments to a foreign capital, globalism figured out how to
create economic reliance: first on sterling, then on the dollar, now for many on the Euro. This
will soon be leapfrogged by China's designs.
And while imperialism has served some good purposes throughout human history, it is only
when grounded in something larger than man; whether that be natural law, God, or otherwise. But
such things are scarcely long-lived.
While benevolent imperialism can create better conditions over a period of time, humanity's
instincts will always lean towards freedom and self-governance.
It is this fundamental distinction between the United States' founding and that of the
modern Republic of France that defines the two nations.
The people of France are "granted" their freedoms by the government, and the government
creates the conditions and dictates the terms upon which those freedoms are exercised.
As Charles Kesler wrote for the Claremont
Review of Books in May, "As a result, there are fewer and fewer levers by which the governed
can make its consent count".
France is the archetypal administrative state, while the United States was founded on
natural law, a topic that scarcely gets enough attention anymore.
Nationalism - or nationism, if you will - therefore represents a break from the war-hungry
norm of human history . Its presence in the 20th century has been rewritten and
bastardized.
A nationalist has no intention of invading your country or changing your society. A
nationalist cares just as much as anyone else about the plights of others around the world but
believes putting one's own country first is the way to progress. A nationalist would never seek
to divide by race, gender, ethnicity, or sexual preference, or otherwise. This runs contrary to
the idea of a united, contiguous nation at ease with itself.
Certainly nationalism's could-be bastard child of chauvinism can give root to imperialistic
tendencies. But if the nation can and indeed does look after its own, and says to the world
around it, "these are our affairs, you may learn from them, you may seek advice, we may even
assist if you so desperately need it and our affairs are in order," then nationalism can be a
great gift to the 21st century and beyond.
This is definitely looks like the USSR trajectory with alcoholism. When people feel that they
are not needed they start to behave in self-destructive ways.
Drug overdoses led to more deaths in the U.S. in 2017 than any year on record and were the
leading cause of death in the country, according to a Drug Enforcement Administration
report issued Friday .
More than 72,000 people died from drug overdoses in 2017 , according to
the NIH -- about 200 per day. That number is more than four times the number who died in
1999 from drug abuse: 16,849.
The figures are up about 15 percent from 63,632 drug-related deaths in 2016.
Since 2011, more people have died from drug overdoses than by gun violence, car accidents,
suicide, or homicide, the DEA report stated.
In 2017,
40,100 people died in vehicle incidents; 15,549 were fatally shot, not
including suicide;
17,284 were homicide victims, though an unspecified portion of this number includes gunshot
victims; and nearly 45,000 committed suicide.
The DEA attributed last year's uptick in deaths to a spike in opioid-related fatalities. The
agency said 49,060 people died as a result of abusing opioids, up from 42,249 in 2016.
Of those opioid deaths, synthetic opioids were responsible for nearly 20,000. More people
died from them than heroin. The DEA report said synthetic fentanyl and comparable types of
drugs are cheaper than heroin , making them more attractive to buyers.
The DEA also found heroin-related drug overdoses had doubled from 2013 to 2016 because
manufacturers illegally producing synthetic fentanyl have laced the heroin with opioids.
President Trump
declared the opioid epidemic a "national emergency" in October 2017. Last month, he
signed a comprehensive bill that included $8.5 billion in funding for related projects to
reduce addiction and deaths.
Attorney General Jeff Sessions noted one positive trend in the study.
"Preliminary data from the CDC shows that drug overdose deaths actually began to decline
in late 2017 and opioid prescriptions fell significantly," Sessions said in a statement.
Saudi Arabia has fully complied with OPEC+ agreement in every month through May. Since then
it has cut supply, but by less than it pledged to curb. October is 1st time it has increased
output above the starting point.
WTI has now retraced 60% of the two-year uptrend...
WTI Crude is now down over 6% YTD to its lowest since Dec 2017.
Modern technology makes many things possible, but it does not make them cheap... The camera
needs to work in pretty adverse conditions (think about the temperature inside the light on a hot
summer day, and temperature at winter) and transmit signal somewhere via WiFi (which has range
less then 100m) , or special cable that needs to be installed for this particular pole. With wifi
there should be many collection units which also cost money. So it make sense only for
streetlights adjacent to building with Internet networking. And there are already cameras of the
highway, so highways are basically covered. Which basically limits this technology to cities.
Just recoding without transmission would be much cheaper (transmission on demand). Excessive
paranoia here is not warranted.
According to new government procurement data, the Drug Enforcement Administration (DEA) and
Immigration and Customs Enforcement (ICE) have purchased an undisclosed number of secret
surveillance cameras that are being hidden in streetlights across the country.
Quartz
first reported this dystopian development of federal authorities stocking up on "covert
systems" last week. The report showed how the DEA paid a Houston, Texas company called Cowboy
Streetlight Concealments LLC. approximately $22,000 since June for "video recording and
reproducing equipment." ICE paid out about $28,000 to Cowboy Streetlight Concealments during
the same period.
"It's unclear where the DEA and ICE streetlight cameras have been installed, or where the
next deployments will take place. ICE offices in Dallas, Houston, and San Antonio have
provided funding for recent acquisitions from Cowboy Streetlight Concealments; the DEA's most
recent purchases were funded by the agency's Office of Investigative Technology, which is
located in Lorton, Virginia," said Quartz.
Christie Crawford, who co-owns Cowboy Streetlight Concealments with her husband, said she
was not allowed to talk about the government contracts in detail.
"We do streetlight concealments and camera enclosures," Crawford told Quartz. "Basically,
there's businesses out there that will build concealments for the government and that's what
we do. They specify what's best for them, and we make it. And that's about all I can probably
say."
However, she added: "I can tell you this -- things are always being watched. It doesn't
matter if you're driving down the street or visiting a friend, if government or law enforcement
has a reason to set up surveillance, there's great technology out there to do it."
Quartz notes that the DEA issued a solicitation for "concealments made to house network PTZ
[Pan-Tilt-Zoom] camera, cellular modem, cellular compression device," last Monday. According to
solicitation number D-19-ST-0037, the sole source award will go to Obsidian Integration
LLC.
On November 07, the Jersey City Police Department awarded Obsidian Integration with "the
purchase and delivery of a covert pole camera." Quartz said the filing did not provide much
detail about the design.
It is not just streetlights the federal government wants to mount covert surveillance
cameras on, it seems cameras inside traffic barrels could be heading onto America's highways in
the not too distant future.
And as Quartz reported in October, the DEA operates a complex network of digital
speed-display road signs that covertly scan license plates. On top of all this,
Amazon has been aggressively rolling out its
Rekognition facial-recognition software to law enforcement agencies and ICE, according to
emails uncovered by the Project for Government Oversight.
Chad Marlow, a senior advocacy and policy counsel for the ACLU, told Quartz that cameras in
street lights have been proposed before by local governments, typically under a program called
"smart" LED street light system.
"It basically has the ability to turn every streetlight into a surveillance device, which
is very Orwellian to say the least," Marlow told Quartz. "In most jurisdictions, the local
police or department of public works are authorized to make these decisions unilaterally and
in secret. There's no public debate or oversight."
And so, as the US continues to be distracted, torn amid record political, social and
economic polarization, big brother has no intention of letting the current crisis go to waste,
and quietly continues on its path of transforming the US into a full-blown police and
surveillance state.
I previously worked for one of these types of federal agencies and to be fair, $50,000
doesn't buy a lot of video surveillance equipment at government procurement costs. The
contractor doesn't just drill a hole and install a camera, they provide an entirely new
streetlight head with the camera installed.
It would be nice if they put some of this technology to work for a good cause. Maybe
warning you of traffic congestion ahead. Or advising you that one of your tires will soon go
flat.
Obviously that won't happen, so in the meantime, I can't wait to read next how the hackers
will find a way to make this government effort go completely haywire. As if the government
can't do it without any help. At least when the hackers do it, it will be funny and
thorough.
Besides the creepy surveillance part, some of the street light tech is interesting .
lights that dim like the frozen food section - when no one is in front of the case --- RGB
lighting that shows the approximate location for EMS to a 911 call ( lights that EMS can
follow by color)
basic neighborhood street lights are being replaced by LED -- lights in this article.
Hey, I have street lights AND cameras on the same poles at the shop/mad scientist lab/
play house.
but- surveillance -- the wall better have these lights -- light up the border !
This is yesteryears news. Shot Spotter has microphones that can pick up whispered
conversations for 300 feet for a long time now, while triangulating any gunshot in a
city...
I personally don't understand the French electorate on these matters. Macron in particular
did not promise anything other than to deliver more of the same policies, albeit with
more youth and more vigor, as a frank globalist. Who, exactly, was excited at his election but
is disappointed now? People with a short attention span or susceptibility to marketing
gimmicks, I assume.
It is hard to talk about the French media without getting a bit conspiratorial, at least, I
speak of "structural conspiracies." Macron's unabashed, "modernizing" globalism certainly
corresponds to the id of the French media-corporate elites and to top 20% of the
electorate, let us say, the talented fifth. He was able to break through the old French
two-party system, annihilating the Socialist Party and sidelining the conservatives. The media
certainly helped in this, preferring him to either the conservative François Fillon or
the civic nationalist Marine Le Pen.
However, the media have to a certain extent turned on Macron, perhaps because he
believes his "complex thoughts" cannot be grasped by
journalists with their admittedly limited cognitive abilities . Turn on the French radio
and you'll hear stories of how the so-called "Youth With Macron," whose twenty- and
thirty-somethings were invited onto all the talk shows just before Macron became a leading
candidate, were actually former Socialist party hacks with no grass roots. Astroturf. I could
have told you that.
Macron has made a number of what the media call "gaffes." When an old lady voiced concern
about the future of her pension,
he answered : "you don't have a right to complain." He has also done many things that
anyone with just a little sense of decorum will be disgusted by. The 40-year-old Macron, who
has a 65-year-old wife and claims not to be a homosexual, loves being photographed with sweaty
black bodies.
... ... ...
So there's that. But, in terms of policies, I cannot say that the people who supported
Macron have any right to complain. He is doing what he promised, that is to say, steaming full
straight ahead on the globalist course with, a bit more forthrightness and, he hopes,
competence than his Socialist or conservative predecessors.
Link
Bookmark In truth there are no solutions. There is nothing he can do to make the elitist and
gridlocked European Union more effective, nothing he can do to improve the "human capital" in
the Afro-Islamic banlieues , and not much he can do to improve the economy which the
French people would find acceptable. A bit more of labor flexibility here, a bit of a tax break
there, oh wait deficit's too big, a tax hike in some other area too, then. Six of one, half a
dozen in the other. Oh, and they've also passed
more censorship legislation to fight "fake news" and "election meddling" and other pathetic
excuses the media-political class across the West have come up with for their loss of control
over the Narrative.
Since the European Central Bank has been printing lending hundreds of billions of euros to
stimulate the Eurozone economy, France's economic performance has been decidedly mediocre, with
low growth, slowly declining unemployment, and no reduction in debt (currently at 98.7% of
GDP). Performance will presumably worsen if the ECB, as planned, phases out stimulus at the end
of this year.
There is a rather weird situation in terms of immigration and diversity. Everyone seems to
be aware of the hellscape of ethno-religious conflict which will thrive in the emerging
Afro-Islamic France of the future. Just recently at the commemoration of the Battle of Verdun,
an elderly French soldier asked Macron : "When will you kick out the illegal immigrants? .
. . Aren't we bringing in a Trojan Horse?"
More significant was the resignation of Gérard Collomb from his position as interior
minister last month to return to his old job as mayor of Lyon, which he apparently finds more
interesting. Collomb is a 71-year-old Socialist politician who has apparently awakened to the
problems of ethnic segregation and conflict. He said in his
farewell address :
I have been in all the neighborhoods, the neighborhoods of Marseille-North to Mirail in
Toulous, to the Parisian periphery, Corbeil, Aulnay, Sevran, the situation has deteriorated
greatly. We cannot continue to work on towns individually, there needs to be an overarching
vision to recreate social mixing. Because today we are living side by side, and I still say,
me, I fear that tomorrow we will live face-to-face [i.e. across a battle lines].
It is not clear how much Collomb tried to act upon these concerns as interior minister and
was frustrated. In any case, he dared to voice the same concerns to
the far-right magazine Valeurs Actuelles last February. He told them: "The relations
between people are very difficult, people don't want to live together" (using the term
vivre-ensemble , a common diversitarian slogan). He said immigration's responsibility
for this was "enormous" and agreed with the journalist that "France no longer needs
immigration." Collomb then virtually predicted civil war:
Communities in France are coming into conflict more and more and it is becoming very
violent . . . I would say that, within five years, the situation could become irreversible.
Yes, we have five or six years to avoid the worst. After that . . .
It's unclear why "the next five or six years" should be so critical. From one point of view,
the old France is already lost as about
a third of births are non-European and in particular
one fifth are Islamic . The patterns of life in much of France will therefore likely come
to reflect those of Africa and the Middle-East, including random violence and religious
fanaticism. Collomb seems to think "social mixing" would prevent this, but in fact, there has
been plenty of social and even genetic "mixing" in Brazil and Mexico, without this preventing
ethno-racial stratification and extreme levels of violence.
I'm afraid it's all more of the same in douce France , sweet France. On the current
path, Macron will be a one-termer like Sarkozy and Hollande were. Then again, the next
elections will be in three-and-a-half years, an eternity in democratic politics. In all
likelihood, this would be the Right's election to win, with a conservative anti-immigration
candidate. A few people of the mainstream Right are open to working with Le Pen's National
Rally and some have even defended the Identitarians. Then again, I could even imagine
Macron posing as a heroic opponent of (illegal . . .) immigration if he thought it could
help get him reelected. Watch this space . . .
How many immigrants from Africa come to Europe depends only on political will of Europeans. The
demography of African has nothing to do with it. Europe has means to stop immigration legal and
illegal. Macron talking about how many children are born in Africa is just another cop out.
A few months ago I claimed that Emmanuel Macron has/holds an ""Alt Right" worldview" due
to him having had interactions with an influential member of the French Protestant Huguenot
minority in France: http://www.unz.com/article/collateral-damage/#comment-1955020
[...] Macron : Germany is different from France. You are more Protestant, which results
in a significant difference. Through the church, through Catholicism, French society was
structured vertically, from top to bottom. I am convinced that it has remained so until
today. That might sound shocking to some – and don't worry, I don't see myself as a
king. But whether you like it or not, France's history is unique in Europe. Not to put too
fine a point on it, France is a country of regicidal monarchists. It is a paradox: The
French want to elect a king, but they would like to be able to overthrow him whenever they
want. The office of president is not a normal office – that is something one should
understand when one occupies it. You have to be prepared to be disparaged, insulted and
mocked – that is in the French nature. And: As president, you cannot have a desire to
be loved. Which is, of course, difficult because everybody wants to be loved. But in the end,
that's not important. What is important is serving the country and moving it forward.
Who, exactly, was excited at his election but is disappointed now? People with a short
attention span or susceptibility to marketing gimmicks, I assume.
The flailing New York Times attempted, frantically, to reassemble
George Soros into something resembling a respectable person in its November 1st edition.
The made-up claims and artifices used by the Gray Lady in this respect would tickle Edgar Allen
Poe who chronicled such an effort in his short story, "The Man Who Was All Used Up." If you
know Poe's story, he encounters a pile of clothing and artificial limbs lying on the floor
which begins speaking to him. A man then slowly assembles himself using all artificial parts.
As is typical of this newspaper, the actual George Soros is nowhere to be found in the
article.
The Times describes Soros' fanatical drive to turn the United States into an opium den as
"drug reform." His disgusting crusade which looted Russia and subverted its intelligentsia on
behalf of the City of London is described as "service" on behalf of the United States. His
currency speculations which also destroyed whole countries are described as "intriguing"
investment decisions. The Times goes out of its way to mischaracterize Soros' confessed
adolescent role under the Nazis, working under forged identity papers in his native Hungary, to
confiscate the property of his fellow Jews. In a CBS 60 Minutes interview about this
perfidy, Soros admitted it, and stated that he had no guilt or regrets. Had he not acted in
this way somebody else would have, he said. The experience formed his character. The Times'
only reference to this well-known but inconvenient reality is to state that Soros lived under
the Nazis as a "Christian." But, what can you expect from a newspaper which openly praised
Adolph Hitler in his early incarnations?
The central purpose of the Times piece is name calling: pinning an anti-Semitic label on
those who think Soros is evil, particularly President Donald Trump. The fact that Soros is
funding British spy Christopher Steele's post-FBI existence, and the fact of Soros' continued
direction, participation, and funding of the regime change operation against the President
including many of the operations of RESIST, of course, have nothing to do with Trump's dislike
of George and are never mentioned to the reader. In this exercise, the Times also omits the
Israeli government's recent characterization of George Soros. While condemning recent
anti-Semitic incidents in Hungary, the Israeli Foreign Ministry emphasized that its statement
was not "meant to delegitimize criticism of George Soros, who continuously undermines Israel's
democratically elected governments by funding organizations that defame the Jewish state and
seek to deny it the right to defend itself." Finally, the Times asserts that all of the facts
now in circulation about George Soros are attributable to Lyndon LaRouche and unnamed Eastern
European tyrants. They link to the New York Times coverage of LaRouche's criminal
conviction. But even the footnote to that linked article makes clear that the Grey Lady can't
even do straight news coverage of a court case when it comes to their bete noire, Lyndon
LaRouche. As the corrective footnote explains, LaRouche was not convicted of substantive fraud
charges, like the Times article about that event asserted. Rather, the footnote explains,
LaRouche was convicted of a broad conspiracy. In truth, this was exactly the same type of Klein
conspiracy Robert Mueller is now using against the Russians he indicted for an alleged small
bore social media campaign in 2016. Klein conspiracies are famously abusive uses of the
conspiracy laws which allow prosecutors to cheat and convict people of made up crimes.
The Times' futile reconstruction effort of course fails, miserably. Soros is, simply, a man
who is all used up. The stuff people recount about him is provably and devastatingly true. The
only error made by his detractors is to believe he has any kind of power anymore. He only has
his money and such fame as comes from being a thoroughly British project –an aging and
overused hitman for the failing City of London.
"... Adam Schiff will shut down the probe that found FBI abuses. ..."
"... Credit for knowing anything at all goes to Intel Chairman Devin Nunes and more recently a joint investigation by Reps. Bob Goodlatte (Judiciary) and Trey Gowdy (Oversight). Over 18 months of reviewing tens of thousands of documents and interviewing every relevant witness, no Senate or House Committee has unearthed evidence that the Trump campaign colluded with Russia to win the presidential election. If Special Counsel Robert Mueller has found more, he hasn't made it public. ..."
"... But House investigators have uncovered details of a Democratic scheme to prod the FBI to investigate the Trump campaign. We now know that the Hillary Clinton campaign and the Democratic National Committee hired Fusion GPS, which hired an intelligence-gun-for-hire, Christopher Steele, to write a "dossier" on Donald Trump's supposed links to Russia. ..."
"... Mr. Steele fed that document to the FBI, even as he secretly alerted the media to the FBI probe that Team Clinton had helped to initiate. Fusion, the oppo-research firm, was also supplying its dossier info to senior Justice Department official Bruce Ohr, whose wife, Nellie, worked for Fusion. ..."
"... This abuse of the FBI's surveillance powers took place as part of a counterintelligence investigation into a presidential campaign -- which the FBI also hid from Congress. Such an investigation is unprecedented in post-J. Edgar Hoover American politics, and it included running informants into the Trump campaign, obtaining surveillance warrants, and using national security letters, which are secret subpoenas to obtain phone records and documents. ..."
Adam Schiff will shut down the probe that found FBI abuses.
Arguably the most important power at stake in Tuesday's election was Congressional
oversight, and the most important change may be Adam Schiff at the House Intelligence
Committee. The Democrat says his top priority is re-opening the Trump-Russia collusion probe,
but more important may be his intention to stop investigating how the FBI and Justice
Department abused their power in 2016. So let's walk through what we've learned to date.
Credit for knowing anything at all goes to Intel Chairman Devin Nunes and more recently a
joint investigation by Reps. Bob Goodlatte (Judiciary) and Trey Gowdy (Oversight). Over 18
months of reviewing tens of thousands of documents and interviewing every relevant witness, no
Senate or House Committee has unearthed evidence that the Trump campaign colluded with Russia
to win the presidential election. If Special Counsel Robert Mueller has found more, he hasn't
made it public.
But House investigators have uncovered details of a Democratic scheme to prod the FBI to
investigate the Trump campaign. We now know that the Hillary Clinton campaign and the
Democratic National Committee hired Fusion GPS, which hired an intelligence-gun-for-hire,
Christopher Steele, to write a "dossier" on Donald Trump's supposed links to Russia.
Mr. Steele fed that document to the FBI, even as he secretly alerted the media to the FBI
probe that Team Clinton had helped to initiate. Fusion, the oppo-research firm, was also
supplying its dossier info to senior Justice Department official Bruce Ohr, whose wife, Nellie,
worked for Fusion.
House investigators have also documented the FBI's lack of judgment in using the dossier to
obtain a Foreign Intelligence Surveillance Act (FISA) warrant against former Trump aide Carter
Page. The four FISA warrants against Mr. Page show that the FBI relied almost exclusively on
the unproven Clinton-financed accusations, as well as a news story that was also ginned up by
Mr. Steele.
The FBI told the FISA court that Mr. Steele was "credible," despite Mr. Steele having
admitted to Mr. Ohr that he passionately opposed a Trump Presidency. The FBI also failed to
tell the FISA court about the Clinton campaign's tie to the dossier.
This abuse of the FBI's surveillance powers took place as part of a counterintelligence
investigation into a presidential campaign -- which the FBI also hid from Congress. Such an
investigation is unprecedented in post-J. Edgar Hoover American politics, and it included
running informants into the Trump campaign, obtaining surveillance warrants, and using national
security letters, which are secret subpoenas to obtain phone records and documents.
Mr. Nunes and his colleagues also found that officials in Barack Obama's White House
"unmasked" Trump campaign officials to learn about their conversations with foreigners; that
FBI officials exhibited anti-Trump bias in text messages; and that the FBI team that
interviewed then Trump National Security Adviser Michael Flynn reported that they did not think
Mr. Flynn had lied about his Russian contacts. Mr. Mueller still squeezed Mr. Flynn to cop a
guilty plea.
All of this information had to be gathered despite relentless opposition from Democrats and
their media contacts. Liberal groups ginned up a phony ethics complaint against Mr. Nunes,
derailing his committee leadership for months. Much of the media became Mr. Schiff's scribes
rather than independent reporters. Meanwhile, the FBI and Justice continue to stonewall
Congress, defying subpoenas and hiding names and information behind heavy redactions.
There is still much more the public deserves to know. This includes how and when the FBI's
Trump investigation began, the extent of FBI surveillance, and the role of Obama officials and
foreigners such as Joseph Mifsud, a Maltese academic who in spring 2016 supposedly told Trump
campaign adviser George Papadopoulos that Russia held damaging Clinton emails. When he takes
over the committee, Mr. Schiff will stop asking these questions and bless the FBI-Justice
refusal to cooperate.
Senate Republicans could continue to dig next year, but Mr. Mueller seems uninterested.
Attorney General Jeff Sessions in March asked Utah U.S. Attorney John Huber to look into FBI
misconduct, but there has been little public reporting of what he is finding, if he is even
still looking. Justice Inspector General Michael Horowitz is investigating, though that report
is likely to take many more months.
* * *
All of which puts an additional onus on Mr. Trump to declassify key FBI and Justice
documents sought by Mr. Nunes and other House investigators before Mr. Schiff buries the truth.
A few weeks ago Mr. Trump decided to release important documents, only to renege under pressure
from Deputy AG Rod Rosenstein and members of the intelligence community.
Mr. Sessions resigned this week and perhaps Mr. Rosenstein will as well. Meantime, Mr. Trump
should revisit his decision and help Mr. Nunes and House Republicans finish the job in the lame
duck session of revealing the truth about the misuse of U.S. intelligence and the FISA court in
a presidential election.
"... Later, it emerged that QIA and Glencore planned to sell the majority of the stake they had acquired in Rosneft to China's energy conglomerate CEFC, but the deal fell through after Beijing set its sights on CEFC and launched an investigation that saw the removal of its chief executive. The investigation was reportedly part of a wide crackdown on illicit business practices on the part of private Chinese companies favored by Beijing. ..."
Russian VTB, a state-owned bank, funded a significant portion of the Qatar Investment
Authority's acquisition of a stake in oil giant Rosneft , Reuters
reports , quoting nine unnamed sources familiar with the deal.
VTB, however, has denied to Reuters taking any part in the deal.
"VTB has not issued and is not planning to issue a loan to QIA to finance the
acquisition," the bank said in response for a request for comment.
The Reuters sources, however, claim VTB provided a US$6 billion loan to the Qatar sovereign
wealth fund that teamed up with Swiss Glencore to acquire 19.5 percent in Rosneft last year.
Reuters cites data regarding VTB's activity issued by the Russian central bank that shows VTB
lent US$6.7 billion (434 billion rubles) to unnamed foreign entities and the loan followed
another loan of US$5.20 billion (350 billion rubles) from the same central bank.
The news first made
headlines in December, taking markets by surprise, as Rosneft's partial privatization was
expected by most to be limited to Russian investors. The price tag on the stake was around
US$11.57 billion (692 billion rubles), of which Glencore agreed to contribute US$324 million.
The remainder was forked over by the Qatar Investment Authority, as well as non-recourse bank
financing.
Russia's budget received about US$10.55 billion (
710.8 billion rubles ) from the deal, including US$ 270 million (18 billion rubles) in
extra dividends. Rosneft, for its part, got an indirect stake in Glencore of 0.54 percent.
Later, it
emerged that QIA and Glencore planned to sell the majority of the stake they had acquired
in Rosneft to China's energy conglomerate CEFC, but the deal fell through after Beijing set its
sights on CEFC and launched an investigation that saw the removal of its chief executive. The
investigation was reportedly part of a wide crackdown on illicit business practices on the part
of private Chinese companies favored by Beijing.
"... With all due cynical respect... I find it highly ironic that some of the biggest money launderers and Mafiosi are Baltic banks. The hilarity never ends. ..."
"... Full scale bull ****. No single former Soviet bloc country get into economic level of pre-Berlin wall fall. They are done. ..."
With all due cynical respect... I find it highly ironic that some of the biggest money
launderers and Mafiosi are Baltic banks. The hilarity never ends.
Here is classic: GDP PPP per capita. What to pay attention.
#1, After 30 years and joining EU and NATO there is no difference in former Soviet bloc.
Just looks like Russia is greatest profiteer. Now those parasites are chained to west.
#2, countries of former Soviet bloc are in better shape than countries that were in sphere
of western imperialism. Especially look at countries where USA imperialism worked since 1823
Monroe's doctrine. Chart shows that in 200 years USA was not able to achieve much progress
despite permanent military interventions and political influence.
As much as I like the idea of taking my state to Estonia status, too many winner-take-all
politicians and weak thinkers to recognize that new borders would solve lots and lots of
problems.
Socialists are clearly smart, but in actuality just simple evil, immoral thieves. They
will be unlikely to support any secession because they know their enemies are the source of
their lucre.
Balkanization, what little there will be, will most likely come after we are drug into
WWIII and we are back to a 1700's subsistence existence.
A pessimist is never disappointed, but I will happily take an optimist's surprise if
people just stop and live and let live.
.............. try, try to "Unchain America" next July 4. What better way to celebrate
Independence Day than with a joining of hands across the land, if not to secede, then to
affirm our right to, one state at a time?
It's 2,790 miles from New York to Los Angeles, which is 14,731,200 feet. At three feet per
person, it would take around 4,910,400 people -- less than 1/66th of the US population -- to
make a human chain like the three Balkan states did.
"... By Richard Murphy, a chartered accountant and a political economist. He has been described by the Guardian newspaper as an "anti-poverty campaigner and tax expert". He is Professor of Practice in International Political Economy at City University, London and Director of Tax Research UK. He is a non-executive director of Cambridge Econometrics . He is a member of the Progressive Economy Forum. Originally published at Tax Research UK ..."
"... 'a research paper by Hendrik Bessembinder published in the September edition of the Journal of Financial Economics posed the question "Do Stocks Outperform Treasury Bills?" with some rather worrying conclusions for most equity investors. ..."
"... the view that stock markets themselves create value ..."
"... the view that stock markets themselves create value ..."
"... One aspect not touched upon is stocks are loans that never get repaid. If I pay $100 of a share and the company thrives. I get paid dividends in perpetuity. Plus, If I buy that share from someone who already had bought it (a trade) I am being paid when I actually provided none of the original loan (like a bank buying the "paper" from another bank). Someone calculated that the dividends paid by Apple have paid off the amount originally tendered by several hundred percent, which would make them the worst bank loans in all of creation. ..."
As many readers will know, I am not the greatest fan of stock markets. I consider most
activity on such markets to be exploitative because of the asymmetry of the information
available to investors. Much of it, from the pay directors take to the actions of most market
managers, I consider to be rent seeking. The idea that equities provide strong returns is
pretty much an urban myth, in my opinion, based on selective reading of data in those periods
between market crashes.
There is quite a lot of evidence to support my view in an article by long-term and highly
opinionated equity investor Terry Smith in the
FT this morning . As he notes he did this based on 'a research paper by Hendrik
Bessembinder published in the September edition of the Journal of Financial Economics posed the
question "Do Stocks Outperform Treasury Bills?" with some rather worrying conclusions for most
equity investors. ' I should make clear that the research is US based. I have no reason to
think that performance in the UK is any different.
The main conclusions is that the majority of shares do not perform nearly as well as
government bonds. It is an exceptional few that make it look as though shares outperform
gilts.
Since 1977 the median new shares issued on the stock exchange has delivered a negative rate
of return, even with dividends reinvested.
On average, a quoted security has a life expectancy of just 7.5 years over the 90 year
period studied. No wonder short-termism is rife.
And as he notes:
Just five companies out of the universe of 25,967 in the study account for 10 per cent of
the total wealth creation over the 90 years, and just over 4 per cent of the companies
account for all of the wealth created.
So, what is to be learned?
First, the stock exchange is not a business funding mechanism: it is a business exit
strategy for most companies.
Second, most people are fools to take part in this game.
Third, if you insist on taking part only invest in the best stocks.
Fourth, since you have no way of knowing which ones they are, invest in a market
tracker.
Or fifth, buy gilts.
But whatever you don't believe the story that the market deliver higher rates of return than
government bonds: 96% of it does not.
When 43 pushed the privatization of Social Security through more 401k and similar
approaches my immediate thought was that he was rationalizing the transfer of wealth and
increased fees to Wall Street. Someday there will be a post-mortem about Neo-Liberalism and
that episode merits at least a footnote. To escape the memory hole.
Don't forget that Clinton had reached a deal with Gingerich to privatize up to half of the
Social Security Trust Fund in the stock market, which was only derailed by the Lewinski
scandal. Clinton was scheduled to unveil this at the State of the Union address the week
after the Lewinski story started to break, and pulled back because he was advised that if he
were impeached he'd need the Democrats in the Senate to avoid conviction. Google "Robert
Kuttner" "Clinton" and "Social Security" to get the details. There's also a book called "The
Pact" by Steven Gillon that documents the back channel negotiations, which were conducted by
Erskine Bowles, Clinton's last Chief of Staff.
It would have been the ultimate Neo-Liberal betrayal of the party of FDR, but we were
saved by a blue dress. Amazing story, not nearly as well known as it should be. We might have
been spared the Hillary Clinton phenomenon.
I don't want my Social Security benefits to be any kind of loan that has to be repaid.
That just gives the government another way to cut my benefits at some point.
I don't want Wall Street to get one penny of the contributions I have made to Social
Security for the past 50 years. They don't deserve it!
Your proposal is no more than a neoliberal justification for subjecting the Social
Security system to the depredations of the "Market", allowing the rentiers to get their cut
off the top.
Remember that taxes don't really pay for government expenses in a fiat system; don't
forget MMT.
Accounts are not real wealth any more than the map is the territory (CF Korzibsky and
general semantics). The stock market, as well as the bond market, are accounting gizmos, and
accounting is not actual wealth creation, and neither does owning stocks or binds produce
anything real.
Anyone investing in bonds in the low interest rate environment that has prevailed these
past ten years would disagree, I think.
I call rubbish on this article. Not my experience. My investing strategy is to follow the
oligarchs. Invest in stocks that make money by destroying the planet. Take profits when
things look toppy. Reinvest dividends.
Buy bonds at your own peril. Maybe when rates are in the 6% plus range but we're a long
way from that.
The main conclusions is that the majority of shares do not perform nearly as well as
government bonds. It is an exceptional few that make it look as though shares outperform
gilts.
Since 1977 the median new shares issued on the stock exchange has delivered a negative
rate of return, even with dividends reinvested.
On average, a quoted security has a life expectancy of just 7.5 years over the 90 year
period studied. No wonder short-termism is rife.
Have it your way – be poor. I'd rather have money than snark.
I have practical experience and have done better in equities.
The time scale of the article is 40 years – in our current economy 40 years ago is
ancient history. And they focus only on new issues, which represent a fraction of total
market cap. And I doubt many financial advisors would agree with me as I a) don't employ any
of them; and b) find them to be a repository of groupthink and always to miss inflection
points.
I dismiss anyone advising bonds in the current interest rate environment. Unless you want
to end up with less money than you started out with.
while it's great that you are succeeding in the market, remember that we have had 10 years
of qe and stock buybacks. I hear student loan bonds are very lucrative if you've got enough
dough to make a position
On average, a quoted security has a life expectancy of just 7.5 years over the 90 year
period studied. No wonder short-termism is rife.
This does not mean the average company goes bankrupt in 7.5 years. Acquisitions also
remove quoted securities. I don't see the link between how long a security is traded and
whether or not the underlying assets are managed for long or short term.
The dot com bubble sure had it's share of here today gone tomorrow stocks but, I'm also
wondering if they took into account many of the mergers and aquisitions that occurred during
the lead up to the bubble's popping.
The issue here is that companies only get money from e events:
1. During the initial IPO
2. If they issue new shares afterwards, which dilutes existing owners
Other than that, you are not, when you buy a share, sending money to the bank account of
the firm that you are investing in. What are you doing? Sending money to the person who you
bought the share from. It is pretty much speculation. Capitalists hate to admit this
idea.
Also, companies that buy back shares or pay dividends are taking money of their cash flows
and giving money to the shareholders.
In this regard, capitalism is not a good way to allocate capital. It can be used for
various types of manipulation, an example being a share buyback right before executives cash
in their stock options.
Years ago I read in Marjorie Kelly's The Divine Right of Capital
that 97% of all stock trades never contribute one direct penny to the Company who's shares
are traded. It's purely a speculative game.
It was the book that first woke me up 15 years ago to the way our financial system really
works. Needless to say, this site has become my ongoing educational resource.
Stock prices are a zero sum game. Every extra dollar the seller of a stock gets is an
extra dollar that the purchaser has paid to secure a share of future profits.
IMO stock markets in and of themselves both create and destroy "value" in much the same
way that a casino does, including largely hidden social costs. While there is little in the
way of public data to support either a pro or con view and setting aside issues of
manipulation of market prices, the view that stock markets themselves create value by
enabling price discovery is integral to neoliberalism. I agree with the view that the related
long-term "financialization" of the economy contributes to recurring speculative asset price
bubbles and leads to long-term economic stagnation while enriching a few.
"price discovery is integral to neoliberalism"
I would have thought it's the exact opposite ?
(Perhaps your "indeed" was ironic ?)
It's the inequality of information (ie price discovery) that makes the stock market so
profitable for the "right" people.
The Fed's years of QE is another factor that has made price discovery very difficult.
I believe that the concept of price 'discovery' is already an important element of
neoliberal framing, and that Chauncey Gardiner has shared a profound insight. Discovery
implies that there is a natural price, somehow prior to and independent of human/political
intervention. The stock market is a way to embody the collective of individual 'rational
actors', and give this collective transcendent power over individuals, corporations and
nations. It is perhaps more clear when one looks at bond markets and the way they are used to
'discipline' nations whose fiscal policies diverge from the neoliberal consensus. The fact
that the hand holding the whip is invisible is a feature, not a bug. The whipped feel the
lash, les autres hear the crack and see the blood, but there is no recourse
imaginable -- because Markets.
Your point about information inequality is good, but I think that would be viewed in
neoliberal doctrine as a minor flaw in the market, even if, for the main actors, it is the
raison d'etre .
Yup, what the author describes as a flaw -- "asymmetry of the information available to
investors", isn't a bug; it's a feature. But the real elephant soiling the room is who has
access to all that free debt printed by the unaccountable private cartel we refer to as the
Federal Reserve. Could you benefit from a zero-interest deferred-payment mortgage?
Even better "our" millionaire legislators are exempt from insider-trading laws and they in
turn have immunized their investors. Clearly the most lucrative investment by far is
political bribery. The new Wall Street Socialists have redefined capitalism and democracy as
Orwellian doublespeak.
I agree -- I think this post plays on its words. The stock market price for a stock
indicates what speculators are willing to pay and sellers are willing to accept for the
stock. These need have very little to do with the 'value' of the stock other than its 'value'
in the stock market. That's seldom been truer than in the current stock 'market'. I'm not a
very trusting sort so I don't believe more than half the numbers in corporate reports. Many
stocks stocks like Apple or Amazon tend to trade on 'value' instead of anything like what
used to be called value. At a time when there seems to be no limit on the amount of money
finding its way into the hands of the wealthy I'm not sure the selling of stock has anything
to do with raising money for investments. Many firms can coin their own money through their
many monopolies and monopsonies, and 'retained earnings' -- a category I believe often labels
earnings squeezed from the small sellers, suppliers, and labor thrall to the large firms. To
me, asserting "Stock markets do not create value" is shorthand for a much deeper critique of
our financialized stock markets.
Westinghouse in the days of George Westinghouse, General Electric in the days of Thomas
Edison, Xerox in the days shortly after Chester Carlson all created value. I like to believe
that at least in some periods of the stock market their stocks represented and did not create
but "shared" the value these firms invented and developed. I also like to believe at least
some of the new issues these and other firms sold did indeed once help fund real investments
in productive capital. But all that has become but romantic memory.
I believe the Corporate Management is busily engaged in cashing-out what real value
remains within the firms they control and will continue doing so until all that's left is a
hollow shell servicing the bonds and notes the firm created as part of their liquidation
process. The stock market is where speculators can bet against each other on the ebb and flow
of prices moving toward a great twilight of our stock markets and our gutted economy.
Well, there's entertainment value, just like casinos and horse racing, but that isn't what
they're paid for – unlike casinos or race tracks.
An Indiana paper (Indy Star? used to print the stock market numbers facing the horse race
results. My father was not amused when I pointed that out, since investing in stocks was part
of his job. I thought it was hilarious.
Realistically, financial "markets" are an overhead cost, part of your management system
for the economy. Not saying whether it's MIS- management.
They used to say you can make money if you are right 51% of the time. Such a narrow edge
– because the reverse is also true. This is a good argument for not wasting time and
money on the cherished institution of the market. Nancy Pelosi was blabbering on about all
our sacred institutions (cows) trying to cover her fauxpaux when she tried to defuse the
demand for single payer with her stumbling, tooth sucking comment that "this is a capitalist
country" and therefore we simply canot have anything so cost effective as single payer. I'm
convinced she doesn't know her capitalism from a hot rock. So now, armed with this simple
demonstration of how wasteful the whole idea of a stock market is, I'm thinking the Market is
a very questionable institution. Much better to be highly selective and deliberate about
stocks and stock companies. Not just in the share-buying but in the whole company concept. If
returns on government bonds are the best choice then why would anyone get upset about "the
debt". It's the best investment. And I am left to assume this is true because that money is
spent on valuable things in the first place. I'm also thinking how to do an end-run around
Nancy's new Institution-patriotism with a movement to provide everyone with a medical credit
card. Why not? Everything else, including Nancy's paycheck and percs, are on credit. What a
velvet revolution, no?
I went to Richard Murphy's websites and I'm not sure his new book "The Joy of Tax" will be
a big winner here in the US. He may need to give it a new title.
Your post supports the paper's conclusion. In the USA, there are about 4,000 companies
listed on exchanges and another 15,000 that trade OTC. Members of the S&P 500 are in fact
the "exceptional few."
I think that stock markets are reflective of value, they don't in themselves create value.
Certainly there is speculation and cheating, but in general, the value of a stock should
increase as the value of the underlying business increases. Better to say that the price
reflects the expected business in the future.
We've done fantastically well investing in stocks and mutual funds over the last 30 years.
Not every fund went up. Not every stock went up. But the total gains far outpaced the
losses.
Companies take money from the market by going public and by issuing new shares. They also
hold some shares from some issues that are used to incentivize employees.
I think the original author sort of tilted the table by talking treating all securities
the same. Likely the newcomers to the market are much smaller and have more risk of
failure.
I'm also puzzled how they square this claim agains the historical value of something like
he Russell 2000 index.
"Since 1977 the median new shares issued on the stock exchange has delivered a negative
rate of return, even with dividends reinvested." If this were true I'd expect to see a lot
more red in the historical returns. Maybe the word "median" is doing some heavy lifting?
This data would seem to indicate that corporations have consistently earned money and
these profits should be reflected in stock prices. (I don't know if these are in constant
dollars).
Hopefully someone can correct me here, if necessary, but hasn't the stock market risen in
a dollar amount roughly equivalent to the amount of QE pumped into the economy ?
No correction from me. The stock-casino representing "free-market capitalism" has risen in
lockstep with the Central Cartel's QE. The evidence, if circumstantial, is overwhelming, with
countless charts showing an almost exact correlation. Pretty hard to argue against
causation.
The 1980s financial innovation of sheer unadulterated genius that enabled the cartel to
buy the market -- legalizing stock buybacks -- a syringe for mainlining monetary heroin
straight into market veins. This is the new efficient-markets theory called "hindsight price
discovery". You will discover the true price and value after insiders dump their pumped
holdings
The only "correction" coming is in the market casino.
You forget that equities are a form of money which C-corps can create at will and don't
necessarily have fundamentals underpinning them e.g. Jbonds sold for stock by backs or abuse
of risk tools to lower credit weighing and deals between the sell and buy side marry go
round.
Don't know what to make out of the comment about communists e.g. old school classical
capitalists likened the financial traders to rats in the back alleys or bars they once traded
in. Not to mention the propensity for the financial traders to blow themselves and everyone
up with them like clock work. It has only been during the neoliberal period that the FIRE
sector gained a veneer of respectability through broad spectrum PR.
Something of a reference point to the Australian experience.
If the general managers of the 12 banks that burst in 1891 and 1893 had kept paid clowns
to make fun of the valuations of city and suburban land, made by the old-established
auctioneers and valuators of Melbourne in the land boom days, their banks would never have
closed their doors.
Every bank should keep a laughing department where absurd valuations and ridiculous
securities could be laughed off the premises. The easiest marks as borrowers were the
building societies and the land and estate agents, and they had a right royal time asking for
and getting advances. In those halcyon days nobody was ever refused a loan by a bank manager.
So the banks opened agencies in Scotland, Ireland and England, and borrowed millions on
deposit receipts for 18 months and lent them out in Victoria for 30 years, and a great deal
of the money, for eternity.
It wasn't a mad or pessimistic or despondent thing to do. It was one calling for laughter,
for merriment, for jocosity.
Why should the good-humoured borrower explain to the dismal bank manager, irritated and
worried by Head Office letters and circulars censuring him for not lending money fast enough,
that though he had paid £1 a foot for land at Coburg or Glen Iris or Mentone that it
was not in his own opinion worth the £10 a foot of his own valuation.
Nobody dared to laugh at these insane transactions, nobody was brave enough to say,
" All this business is frenzied, delusive and pure buffoonery. There must be a smash.
" And there was. Prices of houses and lands jumped higher and higher, day by day, nay, hour
by hour, and more and more people were drawn into the maelstrom, into a true Walpurgis ride
to sudden wealth.
Rateable property in cities, towns and boroughs went up by leaps and bounds from £53
to £86 million sterling in 5 years, while the rateable property of shire councils
jumped from £71 to £108 million in the 5 years 1886-1890. It was all so dashed
funny, because there was no solid foundation for all this paper wealth.
Production did not increase part passu, nor overseas trade, nor exports, nor shipping,
except that imports increased literally horribly. During 1886 and 1890 in Victoria, railways
costing Z8 ,000,000 and 486 new churches and chapels were built. To me it was all so
ridiculous and amusing, and the best of the joke was that none of the leaders of the people
in Press, Parliament, Church, or on the platform, ever uttered a single word of warning about
the coming debacle, The terrible catastrophe so close at hand which brought ruin to tens of
thousands of decent people and nearly smashed Victoria.
Bank assets rose from £41m in 86 to £63m in 91.
Deposits grew from £31m in 86 to £40m in 91.
After that they fell away and did not reach £40m until 1907, or 28 years later. I am
writing of what I know because I went through that critical period on the inside in a finance
company and in a property company as an executive officer, and when the panic stopped I was a
member of the Stock Exchange.
"the view that stock markets themselves create value"
Value as determined by who? In terms of which inputs to achieve what outputs? As an
example, a company experiencing challenges (or as I call them – problems) may need to
hire more people to achieve long-term growth. However, if they do that Wall Street will
hammer their stocks which will go down. If they cut their workforce instead, Wall Street will
reward them by valuing their stocks even higher though the company has effectively sabotaged
their future growth plans. Thus Wall Street is not doing price discovery so much as
constructing their own outputs to be achieved by individual companies along some ideological
goal. Perhaps they are trying to create the 'perfect market' by warping reality which
is a neoliberal trait.
One aspect not touched upon is stocks are loans that never get repaid. If I pay $100
of a share and the company thrives. I get paid dividends in perpetuity. Plus, If I buy that
share from someone who already had bought it (a trade) I am being paid when I actually
provided none of the original loan (like a bank buying the "paper" from another bank).
Someone calculated that the dividends paid by Apple have paid off the amount originally
tendered by several hundred percent, which would make them the worst bank loans in all of
creation.
Would not simple loans make more sense? (Yes I am aware of the abuses of the Japanese uses
of banks, but they were abuses of a system, not the system itself that resulted in their
decline.)
ardent 19 minutes ago ( Edited ) remove Share link Copy Report flag
"Abu-Bakr al-Baghdadi, the leader of ISIS, is an Israeli Mossad-trained operative whose
real name is Elliot Shimon, a *** who took courses in Islamic theology and Arabic Speech." -
Snowden
Old Poor Richard 49 minutes ago remove Share link Copy
Now how would Ed Snowden know this? Is he some kind of super h4x0r tapped into the Pegasus
mainframe?
ShakenNotStirred 42 minutes ago remove Share link Copy
I heard you have a bunch of Mossad agents below your bed. Check it out or you will be
"Mossaded" before the morning.
passingthroughtown 2 hours ago remove Share link Copy
Proving once again that the Saudis and Israelies have been working hand in glove for a
very long time. Is there any doubt about the connection between the two and what happened on
911?
But what is even more disturbing:
In recent days, Egyptian President Abdel Fatah Al-Sisi and Israeli Prime Minister
Benjamin Netanyahu have reached out to the Trump administration to express support for the
crown prince, arguing that he is an important strategic partner in the region, said people
familiar with the calls.
"Strategic partner" makes it all okay. This is merely a glimpse of what is coming in the
future. You ain't seen NOTHIN yet.
He–Mene Mox Mox 3 hours ago remove Share link Copy
Derezzed 3 hours ago ( Edited ) remove Share link Copy
" Israel is routinely at the top of the US' classified threat list of hackers along
with Russia and China [ ] even though it is an ally "
Our best allies ! " Israeli Prime Minister Benjamin Netanyahu asked the United States to stand by Saudi
Crown Prince Mohamed Bin Salman (MBS) in the wake of the Khashoggi case. "
The most morale people !
I bet they are behind ISIS too with their (((allies))) and the (((deep state))).
But hey isn't it conspirationnist and antisemitic to accuse them of anything ?
Because you know as the most " kind " and " human " people there needs to be
laws, censorship and repression, to protect them from being hated.
< 1% of the global population and they make the headlines 4/5 times a day.
Can only be bad luck and a cohencidence !
Dickweed Wang 3 hours ago remove Share link Copy
"Israel is routinely at the top of the US' classified threat list of hackers along
with Russia and China [ ] even though it is an ally"
Sorry Ed, IsraHell isn't an ally of the USA. It's a ******* parasite and it's well on its
way to killing the host.
alamac 4 hours ago remove Share link Copy
I guess Netanyahoo and KSM love each other because they have a common hobby: Killing
Arabs.
RagnarRedux 4 hours ago ( Edited ) remove Share link Copy
ISRAEL FLAGGED AS TOP SPY THREAT TO U.S. IN NEW SNOWDEN/NSA DOCUMENT (2007)
Former U.S. Officials Say CIA Considers Israel To Be Mideast's Biggest Spy Threat
(2012)
U.S. intelligence agents stationed in Israel report multiple cases of equipment
tampering, suspected break ins in recent years; CIA officials tell the Associated Press that
Israel may have leaked info that led to the capture of an agent inside Syria's chemical
weapons program.
What is really troubling, is Kushner's involvement in the affair. He would have been
debriefed once he returned to the U.S., not only by his father-in-law, Trump, but the intel
community too. You can bet every dollar you have that both the Israelis and Saudis were using
NSO surveillance on him. What is even more troubling, it appears that the action taken to
"neutralize" Jamal Khashoggi, more than likely had the blessings of Washington, since Kushner
met with the Saudis prior to the killing. It really makes one wonder, since Kushner declined
to discuss the state of his relationship with Prince Mohammed.
GRDguy 4 hours ago remove Share link Copy
"licensed only to legitimate government agencies"
That's the problem.
There are no legitimate government agencies any more.
"... Trump wasn't finished, however, and during the same gaggle, he suggested he could pull press credentials from other reporters who don't show him "respect" two days after the president suspended the press pass of CNN chief White House correspondent Jim Acosta after a contentious exchange during a news conference. ..."
"... "I think Jim Acosta is a very unprofessional man," Trump explained and when asked how long Acosta's credentials will be suspended, the president replied: "As far as I'm concerned, I haven't made that decision. But it could be others also." ..."
"... On this one Trump needs to take a hint from Obozo, stop doing daily press briefings... Hold them once a month ..."
"... the stooge press/talking heads have made a cottage industry off of the press conferences. the msm sends stooges to sell their product. trump is 100% correct- the msm doesn't have the guts to cull their stooge legions- oh dear- the white house will do their job for them. ..."
Having barred his CNN arch nemesis Jim Acosta from the White House,
on Friday the president lashed out at another CNN reporter at the White House over his
appointment of Matthew Whitaker as acting AG as well as Whitaker's views towards the special
counsel investigation.
During a Friday morning gaggle with White House reporters before Trump's trip to Paris,
CNN's Abby Phillip asked the president if he was hoping Whitaker, who previously criticized
Robert Mueller's special counsel investigation, would "rein in" the Russia probe. " Do you want
[Whitaker] to rein in Robert Mueller?" Phillip asked.
Trump's response left the stunned reported speechless. "What a stupid question that is,"
Trump said and, just in case it was lost, repeated "what a stupid question."
"But I watch you a lot," Trump continued. "You ask a lot of stupid questions."
Trump then demonstrably walked away, leaving the shocked reporters screaming more questions
in his wake.
Earlier, Trump said he has not spoken to acting AG Matt Whitaker about the Russia
investigation, which Whitaker now oversees. Trump defended Whitaker as a "very well respected
man in the law enforcement community" but claimed he does not know him personally. "I didn't
speak to Matt Whitaker about it. I don't know Matt Whitaker," Trump told reporters at the White
House before leaving for a trip to Paris.
While Trump sought to place personal distance
between himself and Whitaker, he made it clear he stood by his decision to place a loyalist in
charge of the Justice Department, a move many see as an effort to seize control of special
counsel Robert Mueller's probe. The president also rejected suggestions that Whitaker is
ineligible to serve as attorney general, a position held by some legal experts who say the
Justice Department leader must be confirmed by the Senate.
The acting AG has raised eyebrows, and in some cases prediction of a constitutional crisis,
because before joining the DOJ, Whitaker was an outspoken critic of Mueller's investigation and
many Democrats and legal scholars have said he should recuse himself from leading the probe.
Whitaker also claimed there was no collusion between the Trump campaign and Russian
interference efforts in the 2016 election, which is the central question of the Mueller
probe.
Trump lamented the criticism of Whitaker's past commentary, saying "it's a shame that no
matter who I put in, they go after him."
Trump then reiterated his plans to have Whitaker serve in an acting capacity, but declined
to reveal who might be Sessions' permanent replacement. He said he likes Chris Christie, who is
under consideration , but said he has not spoken to the former NJ governor about the post.
Christie was at the White House on Thursday for an event on prison reform but Trump said he did
not speak to him.
* * *
Trump wasn't finished, however, and during the same gaggle, he suggested he could pull press
credentials from other reporters who don't show him "respect" two days after the president
suspended the press pass of CNN chief White House correspondent Jim Acosta after a contentious
exchange during a news conference.
"I think Jim Acosta is a very unprofessional man," Trump explained and when asked how long
Acosta's credentials will be suspended, the president replied: "As far as I'm concerned, I
haven't made that decision. But it could be others also."
Trump also went after April Ryan of American Urban Radio Networks as a "loser" who "doesn't
know what the hell she is doing."
Keyser 15 minutes ago
On this one Trump needs to take a hint from Obozo, stop doing daily press briefings...
Hold them once a month, then hand-pick which reporters you want in the room... And if a
reporter publishes a story you don't like, prosecute them... What we have now is what happens
when the lunatics are given free reign...
dcmbuffy 55 minutes ago remove
the stooge press/talking heads have made a cottage industry off of the press conferences.
the msm sends stooges to sell their product. trump is 100% correct- the msm doesn't have the
guts to cull their stooge legions- oh dear- the white house will do their job for them.
Gold age of the USA (say 40 years from 1946 to approximately 1986 ) were an in some way an aberration caused by WWII. As soon
as Germany and Japan rebuilt themselves this era was over. And the collapse of the USSR in 1991 (or more correct Soviet
nomenklatura switching sides and adopting neoliberalism) only make the decline more gradual but did not reversed it. After
200 it was clear that neoliberalism is in trouble and in 2008 it was clear that ideology of neoliberalism is dead, much like
Bolshevism after 1945.
As the US ruling neoliberal elite adopted this ideology ad its flag, the USA faces the situation somewhat similar the USSR
faced in 70th. It needs its "Perestroika" but with weak leader at the helm like Gorbachov it can lead to the dissolution of
the state. Dismantling neoliberalism is not less dangerous then dismantling of Bolshevism. The level of brainwashing of both
population and the elite (and it looks like the USA elite is brainwashed to an amazing level, probably far exceed the level of
brainwashing of Soviet nomenklatura) prevents any constructive moves.
In a way, Neoliberalism probably acts as a mousetrap for the country, similar to the role of Bolshevism in the
USSR. Ideology of neoliberalism is dead, so what' next. Another war to patch the internal divisions ? That's probably
why Trump is so adamant about attacking Iran. Iran does not have nuclear weapons so this is in a way an ideal target.
Unlike, say, Russia. And such a war can serve the same political purpose. That's why many emigrants from the USSR view the current
level of divisions with the USA is a direct analog of divisions within the USSR in late 70th and 80th. Similarities are
clearly visible with naked eye.
Notable quotes:
"... t is well known that legendary American gangster Al Capone once said that 'Capitalism is the legitimate racket of the ruling class', - and I have commented on the links between organised crime and capitalist accumulation before on this blog, but I recently came across the following story from Claud Cockburn's autobiography, and decided to put it up on Histomat for you all. ..."
"... "Listen," he said, "don't get the idea I'm one of those goddam radicals. Don't get the idea I'm knocking the American system. The American system..." As though an invisible chairman had called upon him for a few words, he broke into an oration upon the theme. He praised freedom, enterprise and the pioneers. He spoke of "our heritage". He referred with contempuous disgust to Socialism and Anarchism. "My rackets," he repeated several times, "are run on strictly American lines and they're going to stay that way"...his vision of the American system began to excite him profoundly and now he was on his feet again, leaning across the desk like the chairman of a board meeting, his fingers plunged in the rose bowls. ..."
"... A month later in New York I was telling this story to Mr John Walter, minority owner of The Times . He asked me why I had not written the Capone interview for the paper. I explained that when I had come to put my notes together I saw that most of what Capone had said was in essence identical with what was being said in the leading articles of The Times itself, and I doubted whether the paper would be best pleased to find itself seeing eye to eye with the most notorious gangster in Chicago. Mr Walter, after a moment's wry reflection, admitted that probably my idea had been correct.' ..."
"... The biggest lie ever told is that American hegemony relies on American imperialism and warmongering. The opposite is true. America is weak precisely because it is trying so hard to project strength, because anyone with half a brain knows that it is projecting strength to enrich oligarhcs, not to protect or favor the American people. ..."
"... please mr. author don't give us more globalist dribble. We want our wealth back ..."
"... America the empire is just another oligarchic regime that other countries' populations rightly see as an example of what doesn't work ..."
"... It's the ruling capitalist Predator Class that has been demanding empire since McKinley was assassinated. That's the problem. ..."
"... And who do you suppose are the forces which are funding US politicians and thus getting to call their shots in foreign policy? Can you bring yourself to name them? ..."
"... The US physical plant and equipment as well as infrastructure is in advanced stages of decay. Ditto for the labor force which has been pauperized and abused for decades by the Predator Class... ..."
"The only wealth you keep is wealth you have given away," said Marcus Aurelius (121-180 AD),
last of the great Roman emperors. US President Donald Trump might know of another Italian,
Mario Puzo's Don Vito Corleone, and his memorable mumble : "I'm going to make him
an offer he can't refuse."
Forgetting such Aurelian and godfather codes is propelling the decline and fall of the
American empire.
Trump is making offers the world can refuse – by reshaping trade deals, dispensing
with American sops and forcing powerful corporations to return home, the US is regaining
economic wealth but relinquishing global power.
As the last leader of the Union of Soviet Socialist Republics (USSR), Mikhail Gorbachev's
perestroika (restructuring) led to the breakup of its vast territory(22 million square
kilometers). Gorbachev's failed policies led to the dissolution of the USSR into Russia and
independent countries, and the end of a superpower.
Ironically, the success of Trump's policies will hasten the demise of the American empire:
the US regaining economic health but losing its insidious hold over the world.
This diminishing influence was highlighted when India and seven other countries geared up to
defy Washington's re-imposition of its unilateral, illegal sanctions against Iran, starting
Monday.
The US State Department granting "permission" on the weekend to the eight countries to buy
Iranian oil was akin to waving the green flag at a train that has already left the
station
The US State Department granting "permission" on the weekend to the eight countries to buy
Iranian oil was akin to waving the green flag at a train that has already left the station.
The law of cause and effect unavoidably delivers. The Roman Empire fell after wars of greed
and orgies of consumption. A similar nemesis, the genie of Gorbachev, stalks Pennsylvania
Avenue, with Trump unwittingly writing the last chapter of World War II: the epilogue of the
two rival superpowers that emerged from humanity's most terrible conflict.
The maverick 45th president of the United States may succeed at being an economic messiah to
his country, which has racked up a $21.6 trillion debt, but the fallout is the death of
American hegemony. These are the declining days of the last empire standing.
Emperors and mafia godfathers knew that wielding great influence means making payoffs.
Trump, however, is doing away with the sops, the glue that holds the American empire together,
and is making offers that he considers "fair" but instead is alienating the international
community– from badgering NATO and other countries to pay more for hosting the US legions
(800 military bases in 80 countries) to reducing US aid.
US aid to countries fell from $50 billion in fiscal year 2016, $37 billion in 2017 to $7.7
billion so far in 2018. A world less tied to American largesse and generous trade tarrifs can
more easily reject the "you are with us or against us" bullying doctrine of US presidents. In
the carrot and stick approach that largely passes as American foreign policy, the stick loses
power as the carrot vanishes.
Don Vito Corleone (Marlon Brando) in The Godfather. Big payoffs needed for big influence. A
presidential lesson for Don Trump
More self-respecting leaders will have less tolerance for American hypocrisy, such as
sanctioning other countries for nuclear weapons while having the biggest nuclear arsenal on the
planet.
They will sneer more openly at the hysteria surrounding alleged interference in the 2016 US
presidential elections, pointing to Washington's violent record of global meddling. They will
cite examples of American hypocrisy such as its sponsorship of coups against elected leaders in
Latin America, the US Army's Project Camelot in 1964 targeting 22 countries for intervention
(including Iran, Turkey, Thailand, Malaysia), its support for bloodthirsty dictators, and its
destabilization of the Middle East with the destruction of Iraq and Libya.
Immigrant
cannon fodder
Trump's focus on the economy reduces the likelihood of him starting wars. By ending the
flood of illegal immigrants to save jobs for US citizens, he is also inadvertently reducing the
manpower for illegal wars. Non-citizen immigrants comprise about 5% of the US Army. For its
Iraq and Afghanistan wars, US army recruiters offered citizenship to lure illegal immigrants,
mostly Latinos.
Among the first US soldiers to die in the Iraq War was 22-year old illegal immigrant
Corporal Jose Antonio Gutierrez, an orphan from the streets of Guatemala City. He sneaked
across the Mexican border into the US six years before enlisting in exchange for American
citizenship.
On March 21, 2003, Gutierrez was killed by friendly fire near Umm Qasr, southern Iraq. The
coffin of this illegal immigrant was draped in the US flag, and he received American
citizenship – posthumously.
Trump policies targeting illegal immigration simultaneously reduces the availability of
cannon fodder for the illegal wars needed to maintain American hegemony.
Everything comes to an end, and so too will the last empire of our era.
The imperial American eagle flying into the sunset will see the dawn of an economically
healthier US that minds its own business, and increase hopes for a more equal, happier world
– thanks to the unintentional Gorbachev-2 in the White House.
I am sure that many of us are OK with ending American Empire. Both US citizens and other
countries don't want to fight un-necessary and un-ending wars. If Trump can do that, then he
is blessed.
See a pattern here? Raja Murthy, you sound like a pro-American Empire shill. 1964 Project
Camelot has nothing to do with the current administration. Raja, you forgot to wear your
satirical pants.
The idea and catchy hook of 2016 was Make America Great Again, not wasting lives and
resources on the American Empire. You point out the good things. Who might have a problem
with the end of the American Empire are Globalists. What is wrong with relinquishing global
power and not wasting lives and money?
"The only lives you keep is lives you've given away" That does not ring true. The only
lies you keep are the lies you've given away. What? You're not making any sense, dude. How
much American Empire are you vested in? Does it bother you if the Empire shrinks its death
grip on Asia or the rest of the world? Why don't you just say it: This is good! Hopefully
Trump's policies will prevent you from getting writers' cramp and being confusing--along with
the canon fodder. Or maybe you're worried about job security.
America is a super power, just like Russia. Just like England. However, whom the US
carries water for might change. Hope that's ok.
Trump is an empirial president, just like every other US president. In fact, that's what
the article is describing. MAGA depends upon imperialist domination. Trump and all of US
capitalism know that even if the brain-dead MAGA chumps don't.
Capitalism can't help but seek to rule the world. It is the result of pursuing
capitalism's all-important growth. If it's not US capitalism, it will be Chinese capitalism,
or Russian capitalism, or European capitalism that will rule the world.
The battle over global markets doesn't stop just because the US might decide not to play
anymore. Capitalism means that you're either the global power who is ******* the royal ****
out of everyone else, or you're the victim of being fucked up the *** by an imperialist
power.
The only thing which makes the US different from the rest of the world is its super
concentration of power, which in effect is a super concentration of corruption.
Another day and another ZeroHedge indictment of American capitalism.
And how refreshing that the article compares US capitalism to gangsterism. It's a most
appropriate comparison.
--------------------
Al Capone on Capitalism
It is well known that legendary American gangster Al Capone once said that 'Capitalism is the
legitimate racket of the ruling class', - and I have commented on the links between organised
crime and capitalist accumulation before
on this blog, but I recently came across the following story from Claud Cockburn's autobiography, and decided
to put it up on Histomat for you all.
In 1930, Cockburn, then a correspondent in America for the Times newspaper,
interviewed Al Capone at the Lexington Hotel in Chicago, when Capone was at the height of his
power. He recalls that except for 'the sub-machine gun...poking through the transom of a door
behind the desk, Capone's own room was nearly indistinguishable from that of, say, a "newly
arrived" Texan oil millionaire. Apart from the jowly young murderer on the far side of the
desk, what took the eye were a number of large, flattish, solid silver bowls upon the desk,
each filled with roses. They were nice to look at, and they had another purpose too, for
Capone when agitated stood up and dipped the tips of his fingers in the water in which
floated the roses.
I had been a little embarrassed as to how the interview was to be launched. Naturally the
nub of all such interviews is somehow to get round to the question "What makes you tick?" but
in the case of this millionaire killer the approach to this central question seemed mined
with dangerous impediments. However, on the way down to the Lexington Hotel I had had the
good fortune to see, I think in the Chicago Daily News , some statistics offered by an
insurance company which dealt with the average expectation of life of gangsters in Chicago. I
forget exactly what the average was, and also what the exact age of Capone at that time - I
think he was in his early thirties. The point was, however, that in any case he was four
years older than the upper limit considered by the insurance company to be the proper average
expectation of life for a Chicago gangster. This seemed to offer a more or less neutral and
academic line of approach, and after the ordinary greetings I asked Capone whether he had
read this piece of statistics in the paper. He said that he had. I asked him whether he
considered the estimate reasonably accurate. He said that he thought that the insurance
companies and the newspaper boys probably knew their stuff. "In that case", I asked him, "how
does it feel to be, say, four years over the age?"
He took the question quite seriously and spoke of the matter with neither more nor less
excitement or agitation than a man would who, let us say, had been asked whether he, as the
rear machine-gunner of a bomber, was aware of the average incidence of casualties in that
occupation. He apparently assumed that sooner or later he would be shot despite the elaborate
precautions which he regularly took. The idea that - as afterwards turned out to be the case
- he would be arrested by the Federal authorities for income-tax evasion had not, I think, at
that time so much as crossed his mind. And, after all, he said with a little bit of
corn-and-ham somewhere at the back of his throat, supposing he had not gone into this racket?
What would be have been doing? He would, he said, "have been selling newspapers barefoot on
the street in Brooklyn".
He stood as he spoke, cooling his finger-tips in the rose bowl in front of him. He sat
down again, brooding and sighing. Despite the ham-and-corn, what he said was probably true
and I said so, sympathetically. A little bit too sympathetically, as immediately emerged, for
as I spoke I saw him looking at me suspiciously, not to say censoriously. My remarks about
the harsh way the world treats barefoot boys in Brooklyn were interrupted by an urgent angry
waggle of his podgy hand.
"Listen," he said, "don't get the idea I'm one of those goddam radicals. Don't get the
idea I'm knocking the American system. The American system..." As though an invisible
chairman had called upon him for a few words, he broke into an oration upon the theme. He
praised freedom, enterprise and the pioneers. He spoke of "our heritage". He referred with
contempuous disgust to Socialism and Anarchism. "My rackets," he repeated several times, "are
run on strictly American lines and they're going to stay that way"...his vision of the
American system began to excite him profoundly and now he was on his feet again, leaning
across the desk like the chairman of a board meeting, his fingers plunged in the rose
bowls.
"This American system of ours," he shouted, "call it Americanism, call it Capitalism, call
it what you like, gives to each and every one of us a great opportunity if we only seize it
with both hands and make the most of it." He held out his hand towards me, the fingers
dripping a little, and stared at me sternly for a few seconds before reseating himself.
A month later in New York I was telling this story to Mr John Walter, minority owner of
The Times . He asked me why I had not written the Capone interview for the paper. I
explained that when I had come to put my notes together I saw that most of what Capone had
said was in essence identical with what was being said in the leading articles of The
Times itself, and I doubted whether the paper would be best pleased to find itself seeing
eye to eye with the most notorious gangster in Chicago. Mr Walter, after a moment's wry
reflection, admitted that probably my idea had been correct.'
This article was obviously written by someone who wants to maintain the status quo.
America would be much stronger if it were not trying to be an empire. The biggest lie ever
told is that American hegemony relies on American imperialism and warmongering. The opposite
is true. America is weak precisely because it is trying so hard to project strength, because
anyone with half a brain knows that it is projecting strength to enrich oligarhcs, not to
protect or favor the American people.
I truly believe that "America First" is not selfish. America before it went full ******
was the beacon of freedom and success that other countries tried to emulate and that changed
the world for the better.
America the empire is just another oligarchic regime that other
countries' populations rightly see as an example of what doesn't work.
Empire is a contrivance, a vehicle for psychopathic powerlust. America was founded by
people who stood adamantly opposed to this. Here's hoping Trump holds their true spirit in
his heart.
If he doesn't, there's hundreds of millions of us who still do. We don't all live in
America...
America is weak precisely because it is trying so hard to project strength, because
anyone with half a brain knows that it is projecting strength to enrich oligarhcs [sic],
not to protect or favor the American people.
And who do you suppose are the forces which are funding US politicians and thus getting to
call their shots in foreign policy? Can you bring yourself to name them? Oligarchs...you're
FULL of ****. Who exactly pools all (((their))) money, makes sure the [s]elected officials
know (((who))) to not question and, instead, just bow down to them, who makes sure these
(((officials))) sign pledges for absolute commitment towards Israel--or in no uncertain
terms-- and know who will either sponsor them/or opposes them next time around?
JSBach1 called you a 'coward', for being EXACTLY LIKE THESE TRAITOROUS SPINELESS
VERMIN who simply just step outside just 'enough' the comfort zone to APPEAR 'real'. IMHO, I
concur with JSBach1 ...your're a coward indeed, when you should know better .....
shame you you indeed!
There is little evidence, Trump's propaganda aside (that he previously called Obama
dishonest for) that the US economy is improving. If anything, the exploding budget and trade
deficits indicate that the economy continues to weaken.
Correct. The US physical plant and equipment as well as infrastructure is in advanced
stages of decay. Ditto for the labor force which has been pauperized and abused for decades
by the Predator Class...
the US can't even raise an army... even if enough young (men) were
dumb enough to volunteer there just aren't enough fit, healthy and mentally acute recruits
out there.
America is weak precisely because it is trying so hard to project strength, because
anyone with half a brain knows that it is projecting strength to enrich oligarhcs [sic],
not to protect or favor the American people.
And who do you suppose are the forces which are funding US politicians and thus getting to
call their shots in foreign policy? Can you bring yourself to name them? Oligarchs...you're
FULL of ****. Who exactly pools all (((their))) money, makes sure the [s]elected officials
know (((who))) to not question and, instead, just bow down to them, who makes sure these
(((officials))) sign pledges for absolute commitment towards Israel--or in no uncertain
terms-- and know who will either sponsor them/or opposes them next time around?
The US is going to extend its "combat operations" - the sanctions war aimed at reshaping the
world - to Latin America.
Tough new penalties are planned against the "troika of tyranny," consisting of Venezuela,
Cuba, and Nicaragua "in the very near future." This
announcement was made by National Security Adviser (NSA) John Bolton on Nov.1 -- a few days
before the US mid-term elections -- in an attempt to draw more support from Hispanic voters,
especially in Florida. An executive order on sanctions against Venezuela has already been
signed by President Trump, but that's just the beginning.
It was rather symbolic that on the same day the NSA delivered his bellicose speech, the UN
General Assembly (UNGA)
voted overwhelmingly in support of a resolution calling for an end to the US economic
embargo against Cuba. The document did not include amendments proposed by the US that would put
pressure on Havana to improve its human-rights record.
This is a prelude to a massive escalation in US foreign policy, which will include the
formation of alliances, in addition to the active confrontation of those who dare to pursue
policies believed to be anti-US.
"Under this administration, we will no longer appease dictators and despots near our
shores," Bolton stated, adding,
"The troika of tyranny in this hemisphere -- Cuba, Venezuela and Nicaragua - has finally
met its match."
Sounds like a declaration of war. Brazil, Colombia, Argentina, Chile, and Peru are probably
some of the nations the US is eyeing for a potential alliance.
Bolton's "troika" includes only countries ruled by governments that are openly "red" or
Communist. The list of nations unfriendly to the US is much longer and includes Bolivia,
Ecuador, Dominica, Grenada, Uruguay, and some other states ruled by leftist governments.
Andrés Obrador , the president-elect of Mexico, takes office on Dec. 1. The Mexican
leader represents the country's left wing and looks like a tough nut to crack. Outright
pressure may not be helpful in this particular case.
Now that this new US policy is in place, Moscow and Washington appear to have another
divisive issue clouding their relationship. The "troika of tyranny" against which Washington
has declared war enjoys friendly relations with Russia.
With Cuba facing tougher restrictions, new opportunities are opening up that will encourage
the Russian-Cuban relationship to thrive. The chairman of the Cuban State Council and Council
of Ministers, Miguel Diaz-Canel Bermudez, held talks with Russian President Vladimir Putin
during his official
visit to Moscow Nov. 1-3. Their joint statement reaffirmed the strategic and allied
relations between the two counties. Their long list of joint projects includes the deployment
of a Russian GLONASS ground station in Cuba, which will give it access to a broad array of
technical capabilities for satellite and telecommunications services and for taking remote
readings of Earth. Russia will modernize Cuba's railways. Sixty contracts are scheduled to be
signed during President Putin's visit to Cuba next year. Rosneft, the Russian state oil giant,
has recently resumed fuel shipments to Cuba and is negotiating a major energy agreement.
Military cooperation is also to get a boost. The military chiefs are to meet this month to
discuss the details. Moscow is considering granting Havana €38 million for Russian arms
purchases.
The US-imposed restrictions are a factor spurring Russian exports to Cuba and other regional
countries. When the US cut aid to Nicaragua in 2012, Russia increased its economic and military
cooperation with that country. The memorandum signed between the Russian and Nicaraguan
governments on May 8, 2018 states that the parties are to "mark a new step to boost political
dialog" in such areas as "international security and cooperation through various international
political platforms." Russia accounts for about 90% of Nicaraguan arms and munitions
imports. It has far-reaching interests in building the Nicaraguan Canal in its role as a
stakeholder and partner responsible for security-related missions.
President Vladimir Putin offered support for his Venezuelan counterpart Nicolas Maduro after
the United States rejected his reelection in May. Russian energy giant Rosneft plays an
important role in that country's energy sector. It was Russia that came to Venezuela's rescue
in 2017 with a debt-restructuring deal that prevented the default that was looming after the US
sanctions were imposed. This was just
another example of Moscow lending a helping hand to a Latin American nation that was facing
difficult times.
Russia is currently pursuing a number of commercial projects in the region, in oil, mining,
nuclear energy, construction, and space services. It enjoys a special relationship with the
Bolivarian Alliance for the Peoples of Our
America (ALBA), which was founded by Cuba and Venezuela and includes Bolivia, Ecuador, and
Nicaragua, among other countries. This grouping is looking to create economic alternatives to
Western-dominated financial institutions. This cooperation with Latin American nations goes far
beyond ALBA. For instance, the Peruvian air force is in the process of contracting for 24
additional Mi-171s, as well as establishing a maintenance facility for their helicopters near
the La Joya base in Arequipa. A contract to upgrade its aging Mig-29 fighters is under
consideration. In January 2018, Russia signed a number of economic agreements with Argentina
during President Macri's visit to Moscow. All in all, trade between Russia and Latin American
countries reached $14.5 bln in 2017 and is growing.
RT Spanish was launched in 2009, featuring its own news presenters and programming in
addition to translated content, with bureaus operating in Buenos Aires, Caracas , Havana , Los Angeles , Madrid , Managua , and Miami. Russia's Sputnik media outlet
has been broadcasting in Spanish since 2014, offering radio- and web-based news and
entertainment to audiences across Latin America.
Some countries may back down under the US sanctions and threats, but many will not. There's
a flip side to everything. The policy could backfire. The harder the pressure, the stronger the
desire of the affected nations to diversify their international relations and resist the
implementation of the Monroe doctrine that relegates them to the role of America's
backyard.
Fu Ying, the chairwoman of the Foreign Affairs Committee of China's National People's
Congress, said while confirming the reality that China and Russia now find themselves in the
same trenches: "I just hope that if some people in the U.S. insist on dragging us down the hill
into Thucydides' trap, China will be smart enough not to follow."
Indeed to step back and review the breadth of Russia-China cooperation over the past couple
years alone reveals the full potential "cost" of a US-China conflict , given the ways Russia
could easily be pulled in. Fu Ying articulated the increasingly common view from Beijing, that
"There is no sense of threat from Russia" and that "We feel comfortable back-to-back."
And participants in a
recent study by the National Bureau of Asian Research , a
Seattle-based think tank, actually agree. They were asked whether American policy was at fault
for pushing China and Russia into closer cooperation, and alarmingly, as Bloomberg notes: "Some
among the 100-plus participants called for Washington to prepare for the worst-case scenario
the realignment implies: a two-front war ."
Here's but a partial list of the way Sino-Russian relations have been transformed in recent
years:
China is now Russia's biggest single trade partner.
Since 2015 Russia has been China's top supplier of crude oil, displacing Saudi Arabia.
Early this year Russia ramped up its capacity to pipe crude oil to China, to about 600,000
barrels per day, which is about double the prior capability
Increased coordination at the U.N. Security Council.
Regional coordination in Asia, such as Russia supplying the engines for Chinese-Pakistani
fighter jets, resulting in an increasingly worried India which is seeing Russia move into the
Chinese orbit instead of being an arbiter in Chinese-Pakistani relations
The "bromance" at recent summits between Vladimir Putin and Xi Jinping, who meet each
other with increased regularity.
Joint military exercises between the two are now routine.
This year Russia supplied China with its most advanced S-400 air defense system as well
as Sukhoi SU-35 fighter aircraft
Increased willingness on the part of Russia to thwart Washington's argument that China is
a threat to Moscow's aims in the East.
The new "Power of Siberia" natural gas pipeline set to start pumping 38 billion cubic
meters (1.3 trillion cubic feet) of natural gas per year to northern China in December
2019.
Increasingly discovering non-conflicting interests: Europe and China "are two independent
destinations and two independent routes" for gas and oil, Russian Energy Minister Alexander
Novak said in an October interview. "We do not see any need to redirect volumes."
There were moments when Putin showed support and a practical approach toward Trump (like
when he schooled Fareed Zakaria). Putin even expressed that he was welcoming and respectful
of Trumps proposition to restore full-fledged relations with Russia.
I blame the democrats for pointlessly antagonizing Russia for two years just to attempt to
cover up the stench of their own excrement. Now it will be even more difficult to address the
problem of the Chi-coms.
US has nothing to offer Russia as China has. Stop dreaming to befriend Russia to fight
China. US had the opportunity to lead the world after the collapse of USSR but flunk it big
time being the biggest bully in the history.
Forrest Trump - "My Herpes and Genital Warts are responsible for Melania sleeping in
another room, not my small uncircumcised **** and uncontrollable flatulence. Just wanted to
clarify." Hum, ahhhhhhh gee thanks for info...I think. Poor Forrest...sigh
You are absolutely right. Add in that they are greedy motherfuckers and pied pipers to
millions of blithering idiots that can't go one day without making things worse.
China and Russia make an almost perfect symbiosis:
Adjacent countries, transportation costs are as low as possible
Neither regime cares as much as a gnat tear about civil rights & freedoms and
neither is impeded by the vagaries of elections
China has a huge need for natural resources, especially oil & nat gas, but has few
resources beyond coal & not-so-rare earths, while Russia has natural resources in
abundance
Russia manufactures almost nothing for the international goods market while China is
the world's factory
USA regime lords have done an excellent job of alienating and uniting both of them
There were moments when Putin showed support and a practical approach toward Trump (like
when he schooled Fareed Zakaria). Putin even expressed that he was welcoming and respectful
of Trumps proposition to restore full-fledged relations with Russia.
I blame the democrats for pointlessly antagonizing Russia for two years just to attempt to
cover up the stench of their own excrement. Now it will be even more difficult to address the
problem of the Chi-coms.
US has nothing to offer Russia as China has. Stop dreaming to befriend Russia to fight
China. US had the opportunity to lead the world after the collapse of USSR but flunk it big
time being the biggest bully in the history.
Russia and China will come to blows soon enough. China has their eyes on all of that
unpopulated land in Siberia, and they won't like it too much when Russia takes advantage of
the fact that China is dependent on them for energy. The idea that they'll be best buddies is
laughable.
Trump's balls are so big that he ran like a bitch away from his campaign promises to
normalize relations with Russia and prevent this exact scenario. Or maybe he was just
lying.
Nevermind, the ZH herd is stampeding on how great Trump is for pulling some press
privileges of a CNN guy.
I don't think Trump was lying. I think he is doing his best to stay alive and get done
what he can. This country is more fucked up than even he realized.
Forrest Trump - "My Herpes and Genital Warts are responsible for Melania sleeping in
another room, not my small uncircumcised **** and uncontrollable flatulence. Just wanted to
clarify." Hum, ahhhhhhh gee thanks for info...I think. Poor Forrest...sigh
You are absolutely right. Add in that they are greedy motherfuckers and pied pipers to
millions of blithering idiots that can't go one day without making things worse.
China and Russia make an almost perfect symbiosis:
Adjacent countries, transportation costs are as low as possible
Neither regime cares as much as a gnat tear about civil rights & freedoms and
neither is impeded by the vagaries of elections
China has a huge need for natural resources, especially oil & nat gas, but has few
resources beyond coal & not-so-rare earths, while Russia has natural resources in
abundance
Russia manufactures almost nothing for the international goods market while China is
the world's factory
USA regime lords have done an excellent job of alienating and uniting both of them
There were moments when Putin showed support and a practical approach toward Trump (like
when he schooled Fareed Zakaria). Putin even expressed that he was welcoming and respectful
of Trumps proposition to restore full-fledged relations with Russia.
I blame the democrats for pointlessly antagonizing Russia for two years just to attempt to
cover up the stench of their own excrement. Now it will be even more difficult to address the
problem of the Chi-coms.
US has nothing to offer Russia as China has. Stop dreaming to befriend Russia to fight
China. US had the opportunity to lead the world after the collapse of USSR but flunk it big
time being the biggest bully in the history.
Russia and China will come to blows soon enough. China has their eyes on all of that
unpopulated land in Siberia, and they won't like it too much when Russia takes advantage of
the fact that China is dependent on them for energy. The idea that they'll be best buddies is
laughable.
Trump's balls are so big that he ran like a bitch away from his campaign promises to
normalize relations with Russia and prevent this exact scenario. Or maybe he was just
lying.
Nevermind, the ZH herd is stampeding on how great Trump is for pulling some press
privileges of a CNN guy.
I don't think Trump was lying. I think he is doing his best to stay alive and get done
what he can. This country is more fucked up than even he realized.
Looking ahead, barring no major upsets, analysts at Deutsche Bank and other Wall Street
banks see potential for the market to rally into the end of the year, with some analysts who
were only recently calling for an extended losing streak now seeing potential upside of between
11% and 14%. But then again, with so much uncertainty between now and then, market returns -
and analysts' expectations - could shift dramatically between now and then.
The leader of Communist China, Chairman Mao, warned the country that revisionists were
threatening to erase all the progress made since the Communist Revolution which brought Mao to
power.
It had been almost 20 years since the bloody revolution, and Mao wanted to reinvigorate the
rebel spirit in the youth. He instructed students to root out any teachers who wove subtle
anti-communist sentiments in their lessons.
Mao encouraged students to rebel against any mindless respect for entrenched authority,
remnants, he said, of centuries of capitalist influence.
Students at Yizhen Middle School, like many others, quickly took up the task. They "exposed"
capitalist intellectual teachers and paraded them around in dunce caps with insulting signs
hung around their necks.
Teachers were beaten and harassed until they confessed to their crimes most of which were,
of course, false confessions to avoid further torture.
It only escalated from there.
What ensued puts Lord of the Flies to shame.
One teacher killed himself after being taken captive by students. Most teachers fled.
Soon the students were left entirely in charge of their school. Two factions quickly
emerged, one calling themselves the East is Red Corps, and the other the Red Rebels.
One student was kidnapped by the East is Red Corps, and suffocated to death on a sock
stuffed in his mouth.
A girl was found to be an East is Red spy among the Red Rebels. She was later cornered with
other East is Red students in a building. She shouted from a window that she would rather die
than surrender. Praising Chairman Mao, she jumped to her death.
Some Red Rebels died from an accidental explosion while making bombs.
Many were tortured, and another student died from his injuries at the hands of the East is
Red Corps.
A female teacher refused to sign an affidavit lying about the cause of death. She was beaten
and gang-raped by a group of students.
Although it might be tempting to see what happened at YMS as mostly relevant to group
adolescent behavior what happened at the school occurred throughout China in government
offices, factories, within the army, and among Chinese of all ages in an eerily similar
way
The students' repressed resentment at having to be so obedient now boiled over into anger
and the desire to be the ones doing the punishing and oppressing
In the power vacuum that Mao had now created, another timeless group dynamic emerged.
Those who were naturally more assertive, aggressive, and even sadistic pushed their way
forward and assumed power , while those who were more passive quietly receded into the
background becoming followers
Once all forms of authority were removed and the students ran the school, there was
nothing to stop the next and most dangerous development in group dynamics. The split into
tribal factions
People may think they are joining because of the different ideas or goals of this tribe or
the other, but what they want more than anything is a sense of belonging and a clear tribal
identity.
Look at the actual differences between the East is Red Corps and the Red Rebels. As the
battle between them intensified it was hard to say what they were fighting for, except to
assume power over the other group.
One strong or vicious act of one side called for a reprisal from the other, and any type
of violence seemed totally justified. There could be no middle ground, nor any questioning of
the rightness of their cause.
The tribe is always right. And to say otherwise is to betray it.
I write this on the eve of the 2018 midterm elections.
And like Mao handing down his orders to dispose of capitalist sympathizers, such have the
leaders of each major US political party rallied their supporters.
This is the most important election of our lifetime, they say.
No middle ground. Violence is justified to get our way. Betray the tribe, and be considered
an enemy.
Just like Mao, they have manufactured a crisis that did not previously exist.
The students had no violent factions before Mao's encouragement. They had no serious
problems with their teachers.
Is there any natural crisis occurring right now? Or has the political establishment whipped
us into an artificial frenzy?
This isn't just another boring election, they say. This is a battle for our future.
The students battled over who were the purest revolutionaries.
The voters now battle over who has the purest intentions for America.
Do the factions even know what they are fighting for anymore?
They are simply fighting for their tribe's control over the government.
The battle of the factions at schools across China were "resolved" when Mao came to support
one side or the other. In that sense, it very much did matter which side the students were
on
The government came down hard against the losing faction.
They had chosen wrong and found themselves aligned against the powerful Communist Party.
It won't be a dictator that hands control to one faction or another in this election. It
will be a simple majority. And those in the minority will suffer.
The winners will feel that it is their time to wield power, just as the students were happy
to finally have the upper hand on their teachers.
If Mao didn't have so much power, he could have never initiated such a violent crisis.
And if our government didn't have so much power, it would hardly matter who wins the
election.
Yet here we are, fighting for control of the government because each faction threatens to
violently repress the other if they gain power.
It is a manufactured crisis. A crisis that only exists because political elites in the
government and media have said so.
They decided that this election will spark the USA's "Cultural Revolution."
And anyone with sympathies from a bygone era will be punished.
You don't have to play by the rules of the corrupt politicians, manipulative media, and
brainwashed peers.
When you subscribe to The Daily Bell, you also get a free guide:
How to Craft a Two Year Plan to Reclaim 3 Specific Freedoms.
This guide will show you exactly how to plan your next two years to build the free life of
your dreams. It's not as hard as you think
Tribal warfare? You clearly don't understand what's happening here. The Globalist cartel
has created division between two parties to incite chaos and violence. The "warfare" you
reference will be nothing but protesting ->rioting ->anarchy ->police restraint of
the Democrat incited sheeple.
There's no tribalism associated with upholding and preserving the Constitution.
I think the globalists will try to cool it off before things spin out of (((their)))
control. Either that or move to the next phase...world war... so they can just slaughter us
and not have to bother trying to herd the increasingly "woke" goyim live stock.
I have NOT heard about a SINGLE CREDIBLE violent incident where people got hurt FROM THE
RIGHT. All the incidents of "White Fascist Violence" look like FALSE FLAGS and contrived
incidents. The foregoing CAN NOT be said of the Leftist Antifa types including racist La Raza
supporters, racist Blacks who want something for nothing, immigrants from any country who
want to be fully supported because they BREATHE and the Top Group (pun intended) Whites who
do not believe in boundaries, standards or quality of life UNLESS it's their lives. NOT all
Blacks, Hispanics and Immigrants are in the Left; but most Blacks, Hispanics and Immigrants
are on the Left and havn't a clue they are responsible for their own prisons because they
cannot REASON and virtue signaling is more important so they are part of the GROUP. Misplaced
EMPHASIS on what is important in creating a CIVILIZED and SAFE society.
Here are a few quotes from President Trump's constant cheerleading of the American economy
in the last several months leading up to next week's midterms.
"In many ways, this is the greatest economy in the HISTORY of America"
-- President Trump tweeted, June 04
"We have the strongest economy in the history of our nation."
-- Trump told reporters, June 15
"We have the greatest economy in the history of our country."
-- Trump said in an interview with Fox News, July 16
"We're having the best economy we've ever had in the history of our country."
-- Trump, said in a speech in Illinois, July 26
"This is the greatest economy that we've had in our history, the best."
-- Trump said at rally in Charleston, W.Va., Aug. 21
"You know, we have the best economy we've ever had, in the history of our country."
-- Trump said in an interview on "Fox and Friends," Aug. 23
"It's said now that our economy is the strongest it's ever been in the history of our
country, and you just have to take a look at the numbers."
-- Trump said on a White House video log, Aug. 24
"We have the best economy the country's ever had and it's getting better."
-- Trump told the Daily Caller, Sept. 03
Democrats are anticipating a blue wave during the November midterm elections, but according
to President Trump, the "strong" US economy could propel Republicans to victory next week.
"History says that whoever's president always seems to lose the midterm," Trump said on an
Oct. 16 interview with FOX Business' Trish Regan.
"No one had the economy that we do. We have the greatest economy that we've ever had."
President Trump's cheerleading sounds great and certainly helps animal spirits, but a new
study warns that more than 25% of American renters are not confident they could cover a $400
emergency. About 18% of homeowners report record low emergency savings. And if you thought that
was bad, more than 30% of renters feel insecure about eating, as do 19% of homeowners, the
Urban Institute study , a
nonpartisan think tank in Washington, reported.
The main takeaway from the report: renters are struggling more than homeowners in the
"greatest economy ever."
"Rental costs are rising much faster than renters' salaries. Between 1960 and 2016, the
median income for a renter grew by just 5%. During the same period, the median rent ballooned
by more than 60%, according to The Joint Center for Housing Studies of Harvard University.
(Both figures account for inflation.)
To be sure, buying a house has also become harder for many Americans -- to do so now costs
four times the median household income. The homeownership rate fell to 63% in 2016 –
the lowest rate in half a century," said
CNBC .
Corianne Scally, a senior research analyst at the Urban Institute and a co-author of the
study, told CNBC that "renters seem to be worse off." Scally said the report was derived from
its 2017 well-being and basic needs survey, which received about 7,500 responses from people
aged 18 to 64.
2017 living arrangements for Americans
About half of renters in the survey reported financial hardships since President Trump took
office, compared with 33% of homeowners. More than 25% of renters in the survey were not
confident they could cover a $400 emergency. Around 18% of homeowners reported low emergency
savings. Almost 20% of renters saw large and unexpected declines in pay in the past year,
compared with 14% of homeowners.
Reported problems paying family medical bills
More than 12% of renters said they could barely pay rent, compared with 9% of homeowners who
warned their mortgage payments were getting too expensive. 15% of renters said they were on the
brink of not being able to afford utilities during the last 12 months, while 11% of homeowners
said the same.
Households unable to consistenly access or afford food
Scally made it clear to CNBC that renters are much worse off than ever before, but it is
also clear that some homeowners are feeling the pain as well.
"It seems that some of them are having to make trade-offs in just meeting their basic
needs," she said.
Maybe the "greatest economy ever," is not so great?
If so, then why is the Trump administration creating smoke and mirrors about the
economy?
The simple answer: it is all about winning the midterms by any means necessary. As for after
the midterms, then into 2019, a global slowdown lingers, that is the reason why the stock
market had one of its worst months since the 2008 crash. Trouble is ahead.
"... As of today, the US is embargoing all Iranian energy exports and freezing Iran out of the US-dominated world financial system, so as to cripple the remainder of its trade and deny it access to machinery, spare parts and even basic foodstuffs and medicine. ..."
"... In doing so, American imperialism is once again acting as a law unto itself. The sanctions are patently illegal and under international law tantamount to a declaration of war. They violate the UN Security Council-backed 2015 Iran nuclear accord, or Joint Comprehensive Plan of Action (JCPOA) ..."
"... Financial Times ..."
"... Those developing the SPV are acutely conscious of this and have publicly declared that it is not Iran-specific. ..."
"... The strategists of US imperialism are also aware that the SPV is a challenge to more than the Trump administration's Iran policy. Writing in Foreign Affairs ..."
"... With its drive to crash Iran's economy and further impoverish its people, the Trump administration has let loose the dogs of war. Whatever the sanctions' impact, Washington has committed its prestige and power to bringing Tehran to heel and making the rest of the world complicit in its crimes. ..."
"... The danger of another catastrophic Mideast war thus looms ever larger, while the growing antagonism between Europe and America and descent of global inter-state relations into a madhouse of one against all is setting the stage ..."
Washington's imposition of sweeping new sanctions on Iran -- aimed at strangling its economy and precipitating regime change in
Tehran -- is roiling world geopolitics.
As of today, the US is embargoing all Iranian energy exports and freezing Iran out of the US-dominated world financial system,
so as to cripple the remainder of its trade and deny it access to machinery, spare parts and even basic foodstuffs and medicine.
In doing so, American imperialism is once again acting as a law unto itself. The sanctions are patently illegal and under
international law tantamount to a declaration of war. They violate the UN Security Council-backed 2015 Iran nuclear accord, or Joint
Comprehensive Plan of Action (JCPOA), an agreement that was negotiated at the behest of Washington and under its duress, including
war threats.
All the other parties to the JCPOA (Russia, China, Britain, France, Germany and the EU) and the International Atomic Energy Agency,
which is charged with verifying Iranian compliance, are adamant that Iran has fulfilled its obligations under the accord to the letter.
This includes dismantling much of its civil nuclear program and curtailing the rest.
Yet, having reneged on its support for the JCPOA, Washington is now wielding the club of secondary sanctions to compel the rest
of the world into joining its illegal embargo and abetting its regime-change offensive. Companies and countries that trade with Iran
or even trade with those that do will be excluded from the US market and subject to massive fines and other penalties. Similarly,
banks and shipping insurers that have any dealings with companies that trade with Iran or even with other financial institutions
that facilitate trade with Iran will be subject to punishing US secondary sanctions.
Israeli Prime Minister Benjamin Netanyahu, who like US President Donald Trump has repeatedly threatened to attack Iran and ordered
military strikes on Iranian Islamic Revolutionary Guard forces in Syria, has hailed the US sanctions as "historic." Saudi Arabia
and the United Arab Emirates, two other US client states, are pledging to ramp up oil production to make up for the shortfalls caused
by Washington's embargoing of Iranian oil exports.
But America's economic war against Iran is not just exacerbating tensions in the Middle East. It is also roiling relations between
the US and the other great powers, especially Europe.
On Friday, the foreign ministers of Britain, France and Germany and European Union Foreign Policy Chief Frederica Mogherini issued
a statement reaffirming their support for the JCPOA and vowing to circumvent and defy the US sanctions. "It is our aim," they declared,
"to protect European economic operators engaged in legitimate business with Iran, in accordance with EU law and with UN Security
Council resolution 2231."
They declared their commitment to preserving "financial channels with" Iran, enabling it to continue exporting oil and gas, and
working with Russia, China and other countries "interested in supporting the JCPOA" to do so.
The statement emphasized the European powers' "unwavering collective resolve" to assert their right to "pursue legitimate trade"
and, toward that end, to proceed with the establishment of a Special Purpose Vehicle (SPV) that will enable European businesses and
those of other countries, including potentially Russia and China, to conduct trade with Iran using the euro or some other non-US
dollar medium of exchange, outside the US-dominated world financial system.
Friday's statement was in response to a series of menacing pronouncements from Trump, Secretary of State Mike Pompeo and other
top administration officials earlier the same day. These fleshed out the new US sanctions and reiterated Washington's resolve to
crash Iran's economy and aggressively sanction any company or country that fails to fall into line with the US sanctions.
In reply to a question about the European SPV, US Treasury Secretary Steven Mnuchin, said he had "no expectation" it will prove
to be a conduit for "significant" trade. "But if there are transactions that have the intent of evading our sanctions, we will aggressively
pursue our remedies."
Trump officials also served notice that they will sanction SWIFT, the Brussels-based network that facilitates secure inter-bank
communications, and the European bankers who comprise the majority of its directors if they do not expeditiously expel all Iranian
financial institutions from the network.
And in a step intended to demonstratively underscore Washington's disdain for the Europeans, the Trump administration included
no EU state among the eight countries that will be granted temporary waivers on the full application of the US embargo on oil imports.
Germany, Britain, France and the EU are no less rapacious than Washington. Europe's great powers are frantically rearming, have
helped spearhead NATO's war build-up against Russia. Over the past three decades they have waged numerous wars and neocolonial interventions
in the Middle East and North Africa, from Afghanistan and Libya to Mali.
But they resent and fear the consequences of the Trump administration's reckless and provocative offensive against Iran. They
resent it because Washington's scuttling of the nuclear deal has pulled the rug out from under European capital's plans to capture
a leading position in Iran's domestic market and exploit Iranian offers of massive oil and natural gas concessions. They fear it,
because the US confrontation with Iran threatens to ignite a war that would invariably set the entire Mideast ablaze, triggering
a new refugee crisis, a massive spike in oil prices and, last but not least, a repartition of the region under conditions where the
European powers as of yet lack the military means to independently determine the outcome.
To date, the Trump administration has taken a haughty, even cavalier, attitude to the European avowals of opposition to the US
sanctions. Trump and the other Iran war-hawks like Pompeo and National Security Adviser John Bolton who lead the administration are
buoyed by the fact that numerous European businesses have voted with their feet and cut off ties with Iran, for fear of running afoul
of the US sanctions.
The Financial Times reported last week that due to fear of US reprisals, no European state has agreed to house the SPV,
which, according to the latest EU statements, will not even be operational until the new year.
The European difficulties and hesitations are real. But they also speak to the enormity and explosiveness of the geopolitical
shifts that are now underway.
Whilst European corporate leaders, whose focus is on maximizing market share and investor profit in the next few business quarters,
have bowed to the US sanctions threat, the political leaders, those charged with developing and implementing imperialist strategy,
have concluded that they must push back against Washington.
This is about Iran, but also about developing the means to prevent the US using unilateral sanctions to dictate Europe's foreign
policy, including potentially trying to thwart Nord Stream 2 (the pipeline project that will transport Russian natural gas to Germany
under the Baltic Sea and which Trump has repeatedly denounced.)
As Washington's ability to impose unilateral sanctions is bound up with the role of the US dollar as the world's reserve currency
and US domination of the world banking system, the European challenge to America's sanctions weapon necessarily involves a challenge
to these key elements of US global power.
The European imperialist powers are taking this road because they, like all the great powers, are locked in a frenzied struggle
for markets, profits and strategic advantage under conditions of a systemic breakdown of world capitalism. Finding themselves squeezed
between the rise of new powers and an America that is ever more reliant on war to counter the erosion of its economic might and that
is ruthlessly pursing its own interests at the expense of foe and ostensible friend alike, the Europeans, led by German imperialism,
are seeking to develop the economic and military means to assert their own predatory interests independently of, and when necessary
against, the United States.
Those developing the SPV are acutely conscious of this and have publicly declared that it is not Iran-specific.
Speaking last month, only a few weeks after European Commission President Jean-Claude Juncker used his State of the EU address
to called for measures to ensure that the euro plays a greater global role, French Finance Minister Bruno Le Maire declared the "crisis
with Iran" to be "a chance for Europe to have its own independent financial institutions, so we can trade with whomever we want."
The SPV, adds French Foreign Ministry spokesperson Agnes Von der Muhl, "aims to create an economic sovereignty tool for the European
Union that will protect European companies in the future from the effect of illegal extraterritorial sanctions."
The strategists of US imperialism are also aware that the SPV is a challenge to more than the Trump administration's Iran
policy. Writing in Foreign Affairs last month, former Obama administration official Elizabeth Rosenberg expressed grave
concerns that the Trump administration's unilateral sanctions are causing the EU to collaborate with Russia and China in defying
Washington, and are inciting a European challenge to US financial dominance. Under conditions where Russia and China are already
seeking to develop payments systems that bypass Western banks, and the future promises further challenges to dollar-supremacy and
the US-led global financial system, "it is worrying," laments Rosenberg, "that the United States is accelerating this trend."
With its drive to crash Iran's economy and further impoverish its people, the Trump administration has let loose the dogs
of war. Whatever the sanctions' impact, Washington has committed its prestige and power to bringing Tehran to heel and making the
rest of the world complicit in its crimes.
The danger of another catastrophic Mideast war thus looms ever larger, while the growing antagonism between Europe and America
and descent of global inter-state relations into a madhouse of one against all is setting the stage...
The U.S. is going for the jugular with new Iran sanctions intended to punish those who trade
with Teheran. But the U.S. may have a fight on its hands in a possible post- WWII
turning-point...
The next step in the Trump administration's "maximum pressure" campaign against Iran has
begun, with the most severe sanctions being re-imposed on the Islamic Republic. Crucially, they
apply not only to Iran but to anyone who continues to do business with it.
It's not yet clear how disruptive this move will be. While the U.S. intention is to isolate
Iran, it is the U.S. that could wind up being more isolated. It depends on the rest of the
world's reaction, and especially Europe's.
The issue is so fraught that disputes over how to apply the new sanctions have even divided
Trump administration officials.
The administration is going for the jugular this time. It wants to force Iranian exports of
oil and petrochemical products down to as close to zero as possible. As the measures are now
written, they also exclude Iran from the global interbank system known as SWIFT.
It is hard to say which of these sanctions is more severe. Iran's oil exports have already
started falling. They
peaked at 2.7 million barrels a day last May -- just before Donald Trump pulled the U.S.
out of the six-nation accord governing Iran's nuclear programs. By early September oil exports
were averaging a million
barrels a day less .
In August the U.S. barred Iran's purchases of
U.S.-dollar denominated American and foreign company aircraft and auto parts. Since then the
Iranian rial has crashed to
record lows and inflation has risen above 30 percent.
Revoking Iran's SWIFT privileges will effectively cut the nation out of the
dollar-denominated global economy. But there are moves afoot, especially by China and Russia,
to move away from a dollar-based economy.
The SWIFT issue has caused infighting in the
administration between Treasury Secretary Mnuchin and John Bolton, Trump's national security
adviser who is among the most vigorous Iran hawks in the White House. Mnuchin might win a
temporary delay or exclusions for a few Iranian financial institutions, but probably not much
more.
On Sunday, the second round of sanctions kicked in since Trump withdrew the U.S. from the
2015 Obama administration-backed, nuclear agreement, which lifted sanctions on Iran in exchange
for stringent controls on its nuclear program. The International Atomic Energy Agency has
repeatedly certified that the deal is working and the other signatories -- Britain, China,
France, Germany and Russia have not pulled out and have resumed trading with Iran. China and
Russia have already said they will ignore American threats to sanction it for continuing
economic relations with Iran. The key question is what will America's European allies
do?
Europeans React
Europe has been unsettled since Trump withdrew in May from the nuclear accord. The European
Union is developing a trading mechanism to get around U.S. sanctions. Known as a
Special Purpose Vehicle , it would allow European companies to use a barter system similar
to how Western Europe traded with the Soviet Union during the Cold War.
Juncker: Wants Euro-denominated trading
EU officials have also been lobbying to preserve
Iran's access to global interbank operations by excluding the revocation of SWIFT privileges
from Trump's list of sanctions. They count
Mnuchin,who is eager to preserve U.S. influence in the global trading system, among their
allies. Some European officials, including Jean-Claude Juncker, president of the European
Commission, propose making the euro a global trading currency
to compete with the dollar.
Except for Charles de Gaulle briefly pulling France out of NATO in 1967
and Germany and France voting on the UN Security Council against the U.S. invading Iraq in
2003, European nations have been subordinate to the U.S. since the end of the Second World
War.
The big European oil companies, unwilling to risk the threat of U.S. sanctions, have already
signaled they intend to ignore the EU's new trade mechanism. Total SA, the French petroleum
company and one of Europe's biggest, pulled
out of its Iran operations several months ago.
Earlier this month a U.S. official confidently
predicted there would be little demand among European corporations for the proposed barter
mechanism.
Whether Europe succeeds in efforts to defy the U.S. on Iran is nearly beside the point from
a long-term perspective. Trans-Atlantic damage has already been done. A rift that began to
widen during the Obama administration seems about to get wider still.
Asia Reacts
Asian nations are also exhibiting resistance to the impending U.S. sanctions. It is unlikely
they could absorb all the exports Iran will lose after Nov. 4, but they could make a
significant difference. China, India, and South Korea are the first, second, and third-largest
importers of Iranian crude; Japan is sixth. Asian nations may also try to work around the U.S.
sanctions regime after Nov. 4.
India is considering purchases of Iranian crude via a barter system or denominating
transactions in rupees. China, having already said it would ignore the U.S. threat, would like
nothing better than to expand yuan-denominated oil trading, and this is not a hard call: It is
in a protracted trade war with the U.S., and an oil-futures market launched in Shanghai last
spring already claims roughly 14 percent of the global market for "front-month" futures --
contracts covering shipments closest to delivery.
Trump: Unwittingly playing with U.S. long-term future
As with most of the Trump administration's foreign policies, we won't know how the new
sanctions will work until they are introduced. There could be waivers for nations such as
India; Japan is on record asking for one. The E.U.'s Special Purpose Vehicle could prove at
least a modest success at best, but this remains uncertain. Nobody is sure who will win the
administration's internal argument over SWIFT.
Long-term Consequences for the U.S.
The de-dollarization of the global economy is gradually gathering momentum. The orthodox
wisdom in the markets has long been that competition with the dollar from other currencies will
eventually prove a reality, but it will not be one to arrive in our lifetimes. But with
European and Asian reactions to the imminent sanctions against Iran it could come sooner than
previously thought.
The coalescing of emerging powers into a non-Western alliance -- most significantly China,
Russia, India, and Iran -- starts to look like another medium-term reality. This is driven by
practical rather than ideological considerations, and the U.S. could not do more to encourage
this if it tried. When Washington withdrew from the Iran accord, Moscow and Beijing immediately
pledged to support Tehran by staying with its terms.If the U.S. meets significant resistance,
especially from its allies, it could be a turning-point in post-Word War II U.S.
dominance.
Supposedly Intended for New Talks
All this is intended to force Iran back to the negotiating table for a rewrite of what Trump
often calls "the worst deal ever." Tehran has made it clear countless times it has no intention
of reopening the pact, given that it has consistently adhered to its terms and that the other
signatories to the deal are still abiding by it.
The U.S. may be drastically overplaying its hand and could pay the price with additional
international isolation that has worsened since Trump took office.
Washington has been on a sanctions binge for years. Those about to take effect seem
recklessly broad. This time, the U.S. risks lasting alienation even from those allies that have
traditionally been its closest.
US/Global Economics Many years ago,
Goldman Sachs published research showing that, from about 1995 to 2004, more money had been
taken out of S&P 500 companies in dividends and share buybacks than the companies had
earned during that period.
You would think Boards of Directors and Shareholders would know better than to do it again.
You would
be wrong (registration required):
Stock buyback activity in US equity markets is simply staggering at present: $646 billion
for the 12 months ending June 2018 for the companies of the S&P 500. Total dividend
payments aren't far behind, at $436 billion. The bright spot: the total of the two is $1,082
billion, only 90% of 12 month trailing operating earnings of $1,197 billion . That's
a better buffer than existed in 2015/2016, and an underappreciated positive for US stocks
.
Unlike 2015/2016 , the companies of the S&P 500 are no longer spending 100%
or more of their operating profits on buybacks-plus-dividends. In those years, the ratios
were 108% and 102%, respectively.[all emphases mine]
Companies are not re-investing. Anyone who expects productivity growth in such an
environment is probably going to be gulled into believing there is a Great Stagnation, and not
the Return of the Robber Barons.
Bert Schlitz , October 18, 2018 5:27 pm
That is because there is nothing to invest in. Capitalism is spent. It needs another
Industrial Revolution Consumer Revolution,Digital Revolution to spur investment. Without it,
it requires huge amounts of debt to 'grow'.
Emily B. , October 19, 2018 2:53 pm
Is there any argument left for trickle-down economics?
The actions that are taken are a three-pronged attack in order to foster in global
governance, and they are as such:
Create ubiquitous electronic surveillance with unlimited police power
Throw the entire earth into an economic tailspin
Destroy all nationalism, national borders, and create chaos among all nations prior to an
"incendiary event" or series of actions that leads to a world war.
The world war is the most important part of it all, in the eyes of the globalists. The Great
Depression culminated in a world war, and periods of economic upheaval are always followed by
wars.
... ... ...
Every word here is recorded by XKeyscore mine and yours and stored in the NSA database in
Utah, under a file for "dissenters," "agitators," and every other descriptive label that can be
thought of for those who champion critical thought and independent thinking. Every
conservative-minded journalist or writer who dares to espouse these views and theories is being
recorded and kept under some kind of watch. You can be certain of it . Many are either shutting
down or "knuckling under" and complying.
The globalists are getting what they wish: consolidating the resources while they "tank" the
fiat economies and currencies of the nations. They are destroying cultures who just a mere two
centuries ago would have armed their entire male populaces with swords and sent invaders either
packing or in pieces.
They are destroying cultures by making them question themselves ! The greatest tactic
imaginable!
I submit this last for your perusal. Do you know who you are? The question is not just as
simple as it seems. Let's delve deeply. Do you really know who you are, where your family
originates? Your heritage, and its strengths and weaknesses? Is that heritage yours, along with
your heritage as an American citizen? It is not important that I, or others should know of
these strengths not at this moment in time. The world war is yet to come. As Shakespeare said,
"To thine own self be true." This is important for you to know it and hold fast to it. We are
in the decline of the American nation-now-empire.
When the dust settles, you'll know who will run with the ball even with three blockers
against them and will manage to slip the tackles or forearm shiver them in the face, outside of
the ref's eye, to run that ball in. The Marquis of Queensbury is dead, and those rules will go
out the window. When the dust settles, those who had the foresight and acted on it will be the
ones who will be given a gift: a chance to participate in what is to come. Stay in that good
fight, and fight it to win each day.
22 minutes ago remove Share link Copy There's still way too much fake liquidity in the system.
Until C/B's pull back their exposure, or rates become so unattractive that lending against
yourself [like APPL issuing debt to buy back stock] **** will continue as usual.
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Apple was under severe pressure to pay dividends as apple was buying back stock instead to
increase earnings.
Apple has bigger issues...a slowing consumer base that have grown up with adult
problems...paying for diapers, mortgages and car payments. All of a sudden that old phone
with some nicks and scratches seems just fine instead of shelling out $1100, for a phone
call, $10 per month for an insurance plan and $95 for a case and extra charger.
1200 dollars to make a phone call. ATT of 1980 was cheap by todays standards
Historians of the now seventeen-year old U.S. war in Afghanistan will take note of this past week
when the newly-appointed American general in charge of US and NATO operations in the country made a
bombshell, historic admission.
He conceded that
the United States cannot win in
Afghanistan
.
Speaking to NBC News last week, Gen. Austin Scott Miller made his
first public statements after taking charge of American operations, and shocked with his frank
assessment that that
the Afghan war cannot be won militarily and peace will only be
achieved through direct engagement and negotiations with the Taliban
--
the very
terror group which US forces sought to defeat when it first invaded in 2001.
"This is not going to be won militarily,"
Gen. Miller said.
"This is going to a political solution."
Gen. Austin Scott Miller, the U.S. commander of resolute support, via EPA/NBC
My assessment is the Taliban also realizes they cannot win militarily.
So if you
realize you can't win militarily at some point, fighting is just, people start asking why.
So you do not necessarily wait us out, but I think now is the time to start working through the
political piece of this conflict.
He gave the interview from the Resolute Support headquarters building in Kabul. "We are more in
an offensive mindset and don't wait for the Taliban to come and hit [us]," he said. "So that was an
adjustment that we made early on. We needed to because of the amount of casualties that were being
absorbed."
Starting
last summer it was revealed
that
US State Department officials began meeting with
Taliban leaders in Qatar to discuss local and regional ceasefires and an end to the war
. It
was reported at the time that the request of the Taliban, the US-backed Afghan government was not
invited; however, there doesn't appear to have been any significant fruit out of the talks as
the Taliban now controls more territory than ever before in recent years
.
Such controversial and shaky negotiations come as in total the United States has spent well
over $840 billion fighting the Taliban insurgency
while also paying for relief and
reconstruction in a seventeen-year long war that
has become more expensive, in current
dollars, than the Marshall Plan
, which was the reconstruction effort to rebuild Europe
after World War II.
Even the
New
York Times
recently chronicled the
flat out deception of official Pentagon
statements vs. the reality
in terms of the massive spending that has gone into the
now-approaching two decade long "endless war" which began in the immediate aftermath of 9/11.
Via NYT report
As of September of this year the situation was as bleak as it's ever been after over a
decade-and-a-half of America's longest running war, per
the NYT's numbers
:
But since 2017, the Taliban have held more Afghan territory than at any time since
the American invasion
. In just one week last month, the insurgents killed 200 Afghan
police officers and soldiers, overrunning two major Afghan bases and the city of Ghazni.
The American military
says
the
Afghan government effectively "controls or influences" 56 percent of the country. But that
assessment relies on
statistical sleight of hand
. In many districts,
the
Afghan government controls only the district headquarters and military barracks, while the
Taliban control the rest
.
For this reason Gen. Miller spoke to NBC of
an optimal "political outcome" instead of
"winning"
--
the latter being a term rarely if ever used by Pentagon and officials
and congressional leaders over the past years.
Miller
told NBC
: "I naturally feel compelled to try to set the conditions for a political outcome. So,
pressure from that standpoint, yes. I don't want everyone to think this is forever."
And ending on a bleak note in terms of the "save face" and "cut and run" nature of the U.S.
future engagement in Afghanistan, Gen. Miller concluded,
"This is my last assignment as
a soldier in Afghanistan. I don't think they'll send me back here in another grade. When I leave
this time I'd like to see peace and some level of unity as we go forward."
Interestingly, the top US and NATO commander can now only speak in remotely hopeful terms of
"some level of unity"
--
perhaps just enough to make a swift exit at least.
Tags
War Conflict
Politics
There not going to come out as say, where here because we want
BOMB IRAN a few years down the track and maintain US Military
deployment for Israel's long-term interests. Israel are suspected
of committing 9/11 attacks, if you think about it long term policy
of expansion, getting ride of its surrounding threats it's all
makes sense. scraficing 3000 americans for Israel's longterm
policy's seems to be the pill they were willing to swallow.
US is trying to shift the blame on Russia, as the Talibans went
to Moscow for peace talks.
And with Pakistan aligning with Russia/China and Iran (
Pakistan being the main supply route for the US army in
Afghanistan), the US army is practically f*cked.
Good to know that Trump is not prepared to continue to protect
Deep State opium production at the taxpayers' expense. I hope he's
planning to withdraw US armed forces from all foreign soil.
Based on what? What did he stop? Which wars did he pull out out
of?
Military was a huge contributor to his votes. He's not
going to lift a finger. He would have started by pardoning
Snowden, or closing Gitmo - something Obama lied about when
making campaign promises. Where, here is your chance, Donald.
Do at least one single thing that shows you as anything other
that a MIC puppet. Just one thing! Anything!
Bombing Syria? Yep. Blind eye to Saudi crimes in Yemen? Yep.
Dancing to Zionist demands? Yep.
Trade wars? Oh sure, those things never lead to military
conflict either!
The only reason we were in Afghanistan in the first place was to
protect the heroin trade from acquisition by the Taliban. It's
time to pull out and let the British protect their poppy fields if
they want em that badly.
Notice that Rivera says the Marines just had a visit from
Prince Charles. If you want to know more about why we have
so much heroin in America now and who benefits.. read Dope
Inc.
Absent independents, Republicans are running away with it. And independents are most assuredly witnessing the insanity that has gripped the
Democratic Party, and will vote for Republicans at least 9:1.
Well, hang in there, sport. Yes, the US does seem to be going down the tubes, in that it's
lost all respect in the world; we still fear it, but don't respect it. Sic transit
gloria , or something like that...
"... Upon investigation, the Judiciary Committee investigators found that Munro-Leighton was a left wing activist who is decades older than Judge Kavanaugh , who lives in Kentucky. When Committee investigators contacted her, she backpedaled on her claim of being the original Jane Doe - and said she emailed the committee "as a way to grab attention." ..."
"... Grassley has also asked the DOJ to investigate Kavanaugh accuser Julie Swetnick, who claimed through her attorney, Michael Avenatti, that Kavanaguh orchestrated a date-rape gang-bang scheme in the early 1980s. ..."
"... She further confessed to Committee investigators that (1) she "just wanted to get attention"; (2) "it was a tactic"; and (3) "that was just a ploy." She told Committee investigators that she had called Congress multiple times during the Kavanaugh hearing process – including prior to the time Dr. Ford's allegations surfaced – to oppose his nomination. Regarding the false sexual-assault allegation she made via her email to the Committee, she said: "I was angry, and I sent it out." When asked by Committee investigators whether she had ever met Judge Kavanaugh, she said: "Oh Lord, no." ..."
A Kentucky woman who accused Supreme Court Justice Brett Kavanaugh of rape has been referred
to the Department of Justice after she admitted that she lied .
The woman, Judy Munro-Leighton, took credit for contacting the office of Sen. Kamala Harris
(D-CA) as "Jane Doe" from Oceanside, California. Jane Doe claimed - without naming a time or
place - that Kavanaugh and a friend raped her "several times each" in the backseat of a car.
Harris referred the letter to the committee for investigation.
"They forced me to go into the backseat and took 2 turns raping me several times each. They
dropped me off 3 two blocks from my home," wrote Munro-Leighton, claiming that the pair told
her "No one will believe if you tell. Be a good girl."
Kavanaugh was questioned on September 26 about the allegation, to which he unequivocally
stated: "[T]he whole thing is ridiculous. Nothing ever -- anything like that, nothing... [T]he
whole thing is just a crock, farce, wrong, didn't happen, not anything close ."
The next week, Munro-Leighton sent an email to the Judiciary committee claiming to be Jane
Doe from Oceanside, California - reiterating her claims of a "vicious assault" which she said
she knew "will get no media attention."
Upon investigation, the Judiciary Committee investigators found that Munro-Leighton was a
left wing activist who is decades older than Judge Kavanaugh , who lives in Kentucky. When
Committee investigators contacted her, she backpedaled on her claim of being the original Jane
Doe - and said she emailed the committee "as a way to grab attention."
"I am not Jane Doe . . . but I did read Jane Doe's letter. I read the transcript of the call
to your Committee. . . . I saw it online. It was news." claimed Munro-Leighton.
Grassley has also asked the DOJ to investigate Kavanaugh accuser Julie Swetnick, who claimed
through her attorney, Michael Avenatti, that Kavanaguh orchestrated a date-rape gang-bang
scheme in the early 1980s.
President Trump chimed in Saturday morning, Tweeting: "A vicious accuser of Justice
Kavanaugh has just admitted that she was lying, her story was totally made up, or FAKE! Can you
imagine if he didn't become a Justice of the Supreme Court because of her disgusting False
Statements. What about the others? Where are the Dems on this?"
... ... ...
In a Friday letter to Attorney General Jeff Sessions and FBI Director Christopher Wray,
Committee Chairman Chuck Grassley wrote:
on November 1, 2018, Committee investigators connected with Ms. Munro-Leighton by phone
and spoke with her about the sexual-assault allegations against Judge Kavanaugh she had made
to the Committee. Under questioning by Committee investigators, Ms. Munro-Leighton admitted,
contrary to her prior claims, that she had not been sexually assaulted by Judge Kavanaugh and
was not the author of the original "Jane Doe" letter .
When directly asked by Committee
investigators if she was, as she had claimed, the "Jane Doe" from Oceanside California who
had sent the letter to Senator Harris, she admitted: "No, no, no. I did that as a way to grab
attention. I am not Jane Doe . . . but I did read Jane Doe's letter. I read the transcript of
the call to your Committee. . . . I saw it online. It was news."
She further confessed to Committee investigators that (1) she "just wanted to get
attention"; (2) "it was a tactic"; and (3) "that was just a ploy." She told Committee
investigators that she had called Congress multiple times during the Kavanaugh hearing
process – including prior to the time Dr. Ford's allegations surfaced – to oppose
his nomination. Regarding the false sexual-assault allegation she made via her email to the
Committee, she said: "I was angry, and I sent it out." When asked by Committee investigators
whether she had ever met Judge Kavanaugh, she said: "Oh Lord, no."
"An intelligent explanation of the mechanisms that produced the crisis and the response to
it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature
of the European and American financial systems." -- The New York Times Book
Review
"Whereas since the 1970s the incessant mantra of the spokespeople of the financial industry
had been free markets and light touch regulation, what they were now demanding was the
mobilization of all of the resources of the state to save society's financial infrastructure
from a threat of systemic implosion, a threat they likened to a military emergency." (Loc.
3172-3174)
Adam Tooze takes the well know Financial Crisis of 2007-08 through its full history of
international ramifications and brings it up to the present with the question of whether the
large organizations, structures and processes on the one hand; decision, debate, argument and
action on the other that managed to fall into place in that crisis period in this and many
other countries will develop if needed again. "The political in "political economy" demands
to be taken seriously." (Loc. 11694). That he does.
Tooze is an Economic Historian and Crashed: How a Decade of Financial Crises Changed the
World is a wonderfully rich enquiry into causes and effects of the Financial Crisis and how
the failing of poorly managed greed motivated practices of a few financial institutions, and
their subprime mortgagees, tumbled economies in the developed and developing world, causing
events that matched the Great Depression's dislocation and could have matched its duration,
springing from world wide money markets "interlocking matrix" of corporate balance sheets --
bank to bank."
A warning he is not kind to existing political beings, the Republican Party in particular
" to judge by the record of the last ten years, it is incapable of legislating or cooperating
effectively in government." (Loc.11704)
His criticism is, in fairness, based on technical management grounds, and he does find fault
as well with the inner core of the Obama advisors and their primary concerns for the
financial sectors well being, rather than nationwide happenings where homes and incomes
disappeared.
This reviewer's favorite (not mentioned by Tooze) is the early 2009 comment of Larry
Sumners when Christina D. Romer, the chairwoman of President Obama's Council of Economic
Advisers and leading authority on the Great Depression saw a need for $1.8 trillion stimulus
package, "What have you been smoking?"
Sumners, Geithner, and Orszag, who favored transferring $700 billion to the banks to offset
possible bank failures and such -- became policy. Tooze mentions that by 2012 Sumners was
concerned by the slowness of the U.S. economy's recovery taking, as it did, 8 years to reach
2008 levels of employment.
Can an Economic History be an exciting read? Tooze gives us over 700 pages of just that,
but much will be familiar as reported news and may be skimmed, and some of the Fed's expanded
international roles very dense in content. His strength is the knowledge of what could have
happened, had solutions not been found, and how agreements were reached out of public
sight.
" the world economy is not run by medium-sized entrepreneurs but by a few thousand massive
corporations, with interlocking shareholdings controlled by a tiny group of asset managers.
(Loc.418-419).
Add wily politicians and hard driven bankers EU Ukraine and China you have an adventure.
Corporate control is not new -- rich descriptions of its inner connections are.
Adam Tooze does this well a reference work for years to come.
5 stars
Columbia history professor Adam Tooze, an authority on the inter-war years, has offered up an
authoritative history of the financial crises and their aftermath that have beset the world
since 2008. He integrates economics, the plumbing of the interbank financial system and the
politics of the major players in how and why the financial crisis of 2008 developed and the
course of the very uneven recovery that followed. I must note that Tooze has some very clear
biases in that he views the history through a social democratic prism and is very critical of
the congressional Republican caucus and the go slow policies of the European Central Bank
under Trichet. To him the banks got bailed out while millions of people suffered as
collateral damage from a crisis that was largely made by the financial system. His view may
very well be correct, but many readers might differ. Simply put, to save the economy policy
makers had to stop the bleeding.
He starts off with the hot topic of 2005; the need for fiscal consolidation in the United
States. Aside from a few dissidents, most economists saw the need for the U.S. to close its
fiscal deficit and did not see the structural crisis that was developing underneath them.
Although he does mention Hyman Minsky a few times in the book, he leaves out Minsky's most
important insight that "stability leads to instability" as market participants are lulled
into a false sense of security. It therefore was against the backdrop of the "great
moderation" that the crisis began. And it was the seemingly calm environment that lulled all
too many regulators to sleep.
The underbelly of the financial system was and still is in many respects is the wholesale
funding system where too many banks are largely funded in repo and commercial paper markets.
This mismatch was exacerbated by the use of asset-backed commercial paper to fund long term
mortgage securities. It was problems in that market that triggered the crisis in August
2007.
The crisis explodes when Lehman Brothers files for bankruptcy in September 2008. In
Tooze's view the decision to let Lehman fail was political, not economic. After that the
gates of hell are opened causing the Bush Administration and the Federal Reserve to ask for
$750 billion dollar TARP bailout of the major banks. It was in the Congressional fight over
this appropriation where Tooze believes the split in the Republican Party between the
business conservative and social populist wing hardens. We are living with that through this
day. The TARP program passes with Democratic votes. Tooze also notes that there was great
continuity between the Bush and early Obama policies with respect to the banks and auto
bailout. Recall that in late 2008 and early 2009 nationalization of the banks was on the
table. Tooze also correctly notes that the major beneficiary of the TARP program was
Citicorp, the most exposed U.S. bank to the wholesale funding system.
Concurrent with TARP the Bernanke Fed embarks on its first quantitative easing program
where it buys up not only treasuries, but mortgage backed securities as well. It was with the
latter Europe's banks were bailed out. Half of the first QE went to bail out Europe's
troubled banks. When combined the dollar swap lines with QE, Europe's central banks
essentially became branches of the Fed. Now here is a problem. Where in the Federal Reserve
Act does it say that the Fed is the central bank to the world? To some it maybe a
stretch.
Tooze applauds Obama's stimulus policy but rightly says it was too small. There should
have been more infrastructure in it. To my view there could have been more infrastructure if
only Obama was willing to deal with the Republicans by offering to waive environmental
reviews and prevailing wage rules. He never tried for fear of offending his labor and
environmental constituencies. Tooze also gives great credit to China with it all out monetary
and fiscal policies. That triggered a revival in the energy and natural resource economies of
Australia and Brazil thereby helping global recovery.
He then turns to the slow responses in Europe and the political wrangling over the tragedy
that was to befall Greece. It came down to the power of Angela Merkel and her unwillingness
to have the frugal German taxpayer subsidize the profligate Greeks. As they say "all politics
is local". The logjam in Europe doesn't really break until Mario Draghi makes an off-the-cuff
remark at a London speech in July 2012 by saying the ECB will do "whatever it takes" to
engender European recovery.
As a byproduct of bailing out the banks and failing to directly help the average citizen a
rash of populism, mostly of the rightwing variety, breaks out all over leading to Brexit,
Orban in Hungary, a stronger rightwing in Germany and, of course, Donald Trump. But to me it
wasn't only banking policy that created this. The huge surge in immigration into Europe has a
lot more to do with it. Tooze under-rates this factor. He also under-rates the risk of having
a monetary policy that is too easy and too long. The same type of Minsky risk discussed
earlier is now present in the global economy: witness Turkey, for example. Thus it is too
early to tell whether or not the all-out monetary policy of the past decade will be judged a
success from the vantage point of 2030.
Adam Tooze has written an important book and I view it as must read for a serious lay
reader to get a better understanding of the economic and political policies of the past
decade.
"... The Democratic Party split into a four-headed monster comprised of Wall Street patrons seeking favors, war hawks and their corporate allies looking for new global rumbles, the permanent bureaucracy looking to always expand itself, and the various ethnic and sexual minorities whose needs and grievances are serviced by that bureaucracy. It's the last group that has become the party's most public face while the party's other activities – many of them sinister -- remain at least partially concealed. ..."
"... the Republicans are being forced to engage on some real issues, such as the need for a coherent and effective immigration policy and the need to redefine formal trade relations. (Other issues like the insane system of medical racketeering and the deadly racket of the college loan industry just skate along on thin ice. And then, of course, there's the national debt and all its grotesque outgrowths.) ..."
"... Meanwhile, the Democratic Party has become the party of bad ideas and bad faith, starting with the position that "diversity and inclusion" means shutting down free speech, an unforgivable transgression against common sense and common decency. It's a party that lies even more systematically than Mr. Trump, and does so knowingly (as when Google execs say they "Do no Evil"). Its dirty secret is that it relishes coercion, it likes pushing people around, telling them what to think and how to act. Its idea of "social justice" is a campus kangaroo court, where due process of law is suspended. And it is deeply corrupt, with good old-fashioned grift, new-fashioned gross political misconduct in federal law enforcement, and utter intellectual depravity in higher education. ..."
"... I hope that the party is shoved into an existential crisis and is forced to confront its astounding dishonesty. I hope that the process prompts them to purge their leadership across the board. ..."
Back in the last century, when this was a different country, the Democrats were the "smart"
party and the Republicans were the "stupid" party.
How did that work?
Well, back then the Democrats represented a broad middle class, with a base of factory
workers, many of them unionized, and the party had to be smart, especially in the courts, to
overcome the natural advantages of the owner class.
In contrast, the Republicans looked like a claque of country club drunks who staggered
home at night to sleep on their moneybags. Bad optics, as we say nowadays.
The Democrats also occupied the moral high ground as the champion of the little guy. If not
for the Dems, factory workers would be laboring twelve hours a day and children would still be
maimed in the machinery. Once the relationship between business and labor was settled in the
1950s, the party moved on to a new crusade on even loftier moral high ground: civil rights,
aiming to correct arrant and long-lived injustices against downtrodden black Americans. That
was a natural move, considering America's self-proclaimed post-war status as the world's Beacon
of Liberty. It had to be done and a political consensus that included Republicans got it done.
Consensus was still possible.
The Dems built their fortress on that high ground and fifty years later they find themselves
prisoners in it. The factory jobs all vamoosed overseas. The middle class has been pounded into
penury and addiction.
The Democratic Party split into a four-headed monster comprised of Wall Street patrons
seeking favors, war hawks and their corporate allies looking for new global rumbles, the
permanent bureaucracy looking to always expand itself, and the various ethnic and sexual
minorities whose needs and grievances are serviced by that bureaucracy. It's the last group
that has become the party's most public face while the party's other activities – many of
them sinister -- remain at least partially concealed.
The Republican Party has, at least, sobered up some after getting blindsided by Trump and
Trumpism. Like a drunk out of rehab, it's attempting to get a life. Two years in, the party
marvels at Mr. Trump's audacity, despite his obvious lack of savoir faire. And despite a
longstanding lack of political will to face the country's problems,the Republicans are being
forced to engage on some real issues, such as the need for a coherent and effective immigration
policy and the need to redefine formal trade relations. (Other issues like the insane system of
medical racketeering and the deadly racket of the college loan industry just skate along on
thin ice. And then, of course, there's the national debt and all its grotesque outgrowths.)
Meanwhile, the Democratic Party has become the party of bad ideas and bad faith, starting
with the position that "diversity and inclusion" means shutting down free speech, an
unforgivable transgression against common sense and common decency. It's a party that lies even
more systematically than Mr. Trump, and does so knowingly (as when Google execs say they "Do no
Evil"). Its dirty secret is that it relishes coercion, it likes pushing people around, telling
them what to think and how to act. Its idea of "social justice" is a campus kangaroo court,
where due process of law is suspended. And it is deeply corrupt, with good old-fashioned grift,
new-fashioned gross political misconduct in federal law enforcement, and utter intellectual
depravity in higher education.
I hope that Democrats lose as many congressional and senate seats as possible.I hope that
the party is shoved into an existential crisis and is forced to confront its astounding
dishonesty. I hope that the process prompts them to purge their leadership across the board. If
there is anything to salvage in this organization, I hope it discovers aims and principles that
are unrecognizable from its current agenda of perpetual hysteria. But if the party actually
blows up and disappears, as the Whigs did a hundred and fifty years ago, I will be content. Out
of the terrible turbulence, maybe something better will be born.
Or, there's the possibility that the dregs of a defeated Democratic Party will just go
batshit crazy and use the last of its mojo to incite actual sedition. Of course, there's also a
distinct possibility that the Dems will take over congress, in which case they'll ramp up an
even more horrific three-ring-circus of political hysteria and persecution that will make the
Spanish Inquisition look like a backyard barbeque. That will happen as the US enters the most
punishing financial train wreck in our history, an interesting recipe for epic political
upheaval.
Each year I choose a book to be the Globalization Book of the Year, i.e., the "Globie". The prize is strictly honorific and does
not come with a check. But I do like to single out books that are particularly insightful about some aspect of globalization. Previous
winners are listed at the bottom.
This year's choice is
Crashed: How a Decade of Financial Crises Changed the Worldby
Adam Tooze of Yale University . Tooze, an historian, traces the events leading up to the crisis and the subsequent ten years.
He points out in the introduction that this account is different from one he may have written several years ago. At that time Barak
Obama had won re-election in 2012 on the basis of a slow but steady recovery in the U.S. Europe was further behind, but the emerging
markets were growing rapidly, due to the demand for their commodities from a steadily-growing China as well as capital inflows searching
for higher returns than those available in the advanced economies.
But the economic recovery has brought new challenges, which have swept aside established politicians and parties. Obama was succeeded
by Donald Trump, who promised to restore America to some form of past greatness. His policy agenda includes trade disputes with a
broad range of countries, and he is particularly eager to impose trade tariffs on China. The current meltdown in stock prices follows
a rise in interest rates normal at this stage of the business cycle but also is based on fears of the consequences of the trade measures.
Europe has its own discontents. In the United Kingdom, voters have approved leaving the European Union. The European Commission
has expressed its disapproval of the Italian government's fiscal plans. Several east European governments have voiced opposition
to the governance norms of the West European nations. Angela Merkel's decision to step down as head of her party leaves Europe without
its most respected leader.
All these events are outcomes of the crisis, which Tooze emphasizes was a trans-Atlantic event. European banks had purchased held
large amounts of U.S. mortgage-backed securities that they financed with borrowed dollars. When liquidity in the markets disappeared,
the European banks faced the challenge of financing their obligations. Tooze explains how the Federal Reserve supported the European
banks using swap lines with the European Central Bank and other central banks, as well as including the domestic subsidiaries of
the foreign banks in their liquidity support operations in the U.S. As a result, Tooze claims:
"What happened in the fall of 2008 was not the relativization of the dollar, but the reverse, a dramatic reassertion of the pivotal
role of America's central bank. Far from withering away, the Fed's response gave an entirely new dimension to the global dollar"
(Tooze, p. 219)
The focused policies of U.S. policymakers stood in sharp contrast to those of their European counterparts. Ireland and Spain had
to deal with their own banking crises following the collapse of their housing bubbles, and Portugal suffered from anemic growth.
But Greece's sovereign debt posed the largest challenge, and exposed the fault line in the Eurozone between those who believed that
such crises required a national response and those who looked for a broader European resolution. As a result, Greece lurched from
one lending program to another. The IMF was treated as a junior partner by the European governments that sought to evade facing the
consequences of Greek insolvency, and the Fund's reputation suffered new blows due to its involvement with the various rescue operations.The
ECB only demonstrated a firm commitment to its stabilizing role in July 2012, when its President Mario Draghi announced that "Within
our mandate, the ECB is ready to do whatever it takes to preserve the euro."
China followed another route. The government there engaged in a surge of stimulus spending combined with expansionary monetary
policies. The result was continued growth that allowed the Chinese government to demonstrate its leadership capabilities at a time
when the U.S. was abandoning its obligations. But the ensuing credit boom was accompanied by a rise in private (mainly corporate)
lending that has left China with a total debt to GDP ratio of over 250%, a level usually followed by some form of financial collapse.
Chinese officials are well aware of the domestic challenge they face at the same time as their dispute with the U.S. intensifies.
Tooze demonstrates that the crisis has let loose a range of responses that continue to play out. He ends the book by pointing
to a similarity of recent events and those of 1914. He raises several questions: "How does a great moderation end? How do huge risks
build up that are little understood and barely controllable? How do great tectonic shifts in the global world order unload in sudden
earthquakes?" Ten years after a truly global crisis, we are still seeking answers to these questions.
"... Her announcement on Monday that she will vacate the leadership of Germany's ruling center-right Christian Democrats marks the culmination of what has been a slow denouement of Merkelism. ..."
"... Long the emblematic figure of "Europe," hailed by the neoliberal Economist as the continent's moral voice, long the dominant decider of its collective foreign and economic policies, Merkel will leave office with border fences being erected and disdain for European political institutions at their highest pitch ever. In this sense, she failed as dramatically as her most famous predecessors, Konrad Adenauer, Willy Brandt, Helmut Schmidt, and Helmut Kohl, succeeded in their efforts to make Germany both important and normal in the postwar world. ..."
"... "We can do this!" she famously declared. Europe, she said, must "show flexibility" over refugees. Then, a few days later, she said there was "no limit" to the number of migrants Germany could accept. At first, the burgeoning flood of mostly young male asylum claimants produced an orgy of self-congratulatory good feeling, celebrity posturing of welcome, Merkel greeting migrants at the train station, Merkel taking selfies with migrants, Merkel touted in The Economist as "Merkel the Bold." ..."
"... The euphoria, of course, did not last. Several of the Merkel migrants carried out terror attacks in France that fall. (France's socialist prime minister Manuel Valls remarked pointedly after meeting with Merkel, "It was not us who said, 'Come!'") Reports of sexual assaults and murders by migrants proved impossible to suppress, though Merkel did ask Mark Zuckerberg to squelch European criticism of her migration policies on Facebook. Intelligent as she undoubtedly is (she was a research chemist before entering politics), she seemed to lack any intellectual foundation to comprehend why the integration of hundreds of thousands of people from the Muslim world might prove difficult. ..."
"... Merkel reportedly telephoned Benjamin Netanyahu to ask how Israel had been so successful in integrating so many immigrants during its brief history. There is no record of what Netanyahu thought of the wisdom of the woman posing this question. ..."
"... In any case, within a year, the Merkel initiative was acknowledged as a failure by most everyone except the chancellor herself. ..."
Drop of Light/Shutterstock Whatever her accomplishments
as pathbreaking female politician and respected leader of Europe's dominant economic power, Angela Merkel will go down in history
for her outburst of naivete over the issue of migration into Europe during the summer of 2015.
Her announcement on Monday that she will vacate the leadership of Germany's ruling center-right Christian Democrats marks
the culmination of what has been a slow denouement of Merkelism.
She had seen the vote share of her long dominant party shrink in one regional election after another. The rebuke given to her
last weekend in Hesse, containing the Frankfurt region with its booming economy, where she had campaigned extensively, was the final
straw. Her CDU's vote had declined 10 points since the previous election, their voters moving toward the further right (Alternative
fur Deutschland or AfD). Meanwhile, the further left Greens have made dramatic gains at the expense of Merkel's Social Democrat coalition
partners.
Long the emblematic figure of "Europe," hailed by the neoliberal Economist as the continent's moral voice, long the
dominant decider of its collective foreign and economic policies, Merkel will leave office with border fences being erected and disdain
for European political institutions at their highest pitch ever. In this sense, she failed as dramatically as her most famous predecessors,
Konrad Adenauer, Willy Brandt, Helmut Schmidt, and Helmut Kohl, succeeded in their efforts to make Germany both important and normal
in the postwar world.
One can acknowledge that while Merkel never admitted error for her multiculti summer fling (beyond wishing she had communicated
her goals better), she did manage to adjust her policies. By 2016, Germany under her watch was paying a healthy ransom to Turkey
to keep would-be migrants in camps and preventing them from sailing to Greece. Merkel's departure will make the battle to succeed
her one of the most watched political contests in Europe. She has turned migration into a central and quite divisive issue within
the CDU and Germany, and the party may decide that it has no choice but to accommodate, in one way or another, the voters who have
left them for the AfD.
Related to the issue of who should reside in Europe (objectively the current answer remains anyone who can get there) is the question
of how are such questions decided. In July 2015, five years after asserting in a speech that multiculturalism has
"utterly failed" in Germany (without addressing what policies should be pursued in an increasingly ethnically diverse society)
and several weeks after reducing a young Arab girl to tears at a televised forum by telling her that those whose asylum claims were
rejected would "have to go back" and that "politics is hard," Merkel changed course.
For those interested in psychological studies of leadership and decision making, it would be hard to imagine a richer subject.
Merkel's government first announced it would no longer enforce the rule (the Dublin agreement) that required asylum claimants to
be processed in the first country they passed through. Then she doubled down. The migrants fleeing the Syrian civil war, along with
those who pretended to be Syrian, and then basically just anyone, could come to Germany.
"We can do this!" she famously declared. Europe, she said, must "show flexibility" over refugees. Then, a few days later,
she said there was "no limit" to the number of migrants Germany could accept. At first, the burgeoning flood of mostly young male
asylum claimants produced an orgy of self-congratulatory good feeling, celebrity posturing of welcome, Merkel greeting migrants at
the train station, Merkel taking selfies with migrants, Merkel touted in The Economist as
"Merkel the Bold."
Her words traveled far beyond those fleeing Syria. Within 48 hours of the "no limit" remark, TheNew York Times
reported a sudden stirring of migrants from Nigeria. Naturally Merkel boasted in a quiet way about how her decision had revealed
that Germany had put its Nazi past behind it. "The world sees Germany as a land of hope and chances," she said. "That wasn't always
the case." In making this decision personally, Merkel was making it for all of Europe. It was one of the ironies of a European arrangement
whose institutions were developed in part to transcend nationalism and constrain future German power that 70 years after the end
of the war, the privately arrived-at decision of a German chancellor could instantly transform societies all over Europe.
The euphoria, of course, did not last. Several of the Merkel migrants carried out terror attacks in France that fall. (France's
socialist prime minister Manuel Valls remarked pointedly after meeting with Merkel, "It was not us who said, 'Come!'") Reports of
sexual assaults and murders by migrants proved impossible to suppress, though Merkel did ask Mark Zuckerberg to squelch European
criticism of her migration policies on Facebook. Intelligent as she undoubtedly is (she was a research chemist before entering politics),
she seemed to lack any intellectual foundation to comprehend why the integration of hundreds of thousands of people from the Muslim
world might prove difficult.
Merkel reportedly telephoned Benjamin Netanyahu to ask how Israel had been so successful in integrating so many immigrants
during its brief history. There is no record of what Netanyahu thought of the wisdom of the woman posing this question.
In any case, within a year, the Merkel initiative was acknowledged as a failure by most everyone except the chancellor herself.
Her public approval rating plunged from 75 percent in April 2015 to 47 percent the following summer. The first electoral rebuke came
in September 2016, when the brand new anti-immigration party, the Alternative fur Deutschland, beat Merkel's CDU in Pomerania.
In every election since, Merkel's party has lost further ground. Challenges to her authority from within her own party have become
more pointed and powerful. But the mass migration accelerated by her decision continues, albeit at a slightly lower pace.
Angela Merkel altered not only Germany but the entire European continent, in irreversible ways, for decades to come.
Scott McConnell is a founding editor ofand the author of Ex-Neocon: Dispatches From the Post-9/11 Ideological Wars
.
"... On the other hand, President Trump is pushing Merkel on policy on Russia and Ukraine that furthers the image that she is simply a stooge of U.S. geopolitical ambitions. Don't ever forget that Germany is, for all intents and purposes, an occupied country. So, what the U.S. military establishment wants, Merkel must provide. ..."
"... But Merkel, further weakened by another disastrous state election, isn't strong enough to fend off her emboldened Italian and British opposition (and I'm not talking about The Gypsum Lady, Theresa May here). ..."
"... Merkel is a lame-duck now. Merkelism is over. Absentee governing from the center standing for nothing but the international concerns has been thoroughly rebuked by the European electorate from Spain to the shores of the Black Sea. ..."
"... Germany will stand for something other than globalism by the time this is all over. There will be a renaissance of culture and tradition there that is similar to the one occurring at a staggering pace in Russia. ..."
German Chancellor Angela Merkel has stepped down as the leader of the Christian Democratic
Union, the party she has led for nearly two decades. Yesterday's election in Hesse, normally a
CDU/SPD stronghold was abysmal for them.
She had to do something to quell the revolt brewing against her.
Merkel knew going in what the polls were showing. Unlike American and British polls, it
seems the German ones are mostly accurate with pre-election polls coming close to matching the
final results.
So, knowing what was coming for her and in the spirit of trying to maintain power for as
long as possible Merkel has been moving away from her staunch positions on unlimited
immigration and being in lock-step with the U.S. on Russia.
She's having to walk a tightrope on these two issues as the turmoil in U.S. political
circles is pulling her in, effectively, opposite directions.
The globalist Davos Crowd she works for wants the destruction of European culture and
individual national sovereignty ground into a paste and power consolidated under the rubric of
the European Union.
They also want Russia brought to heel.
On the other hand, President Trump is pushing Merkel on policy on Russia and Ukraine that
furthers the image that she is simply a stooge of U.S. geopolitical ambitions. Don't ever
forget that Germany is, for all intents and purposes, an occupied country. So, what the U.S.
military establishment wants, Merkel must provide.
So, if she rejects that role and the chaos U.S. policy engenders, particularly Syria, she's
undermining the flow of migrants into Europe.
This is why it was so significant that she and French President Emmanuel Macron joined this
weekend's summit with Russian President Vladimir Putin and Turkish President Recep Tayyip
Erdogan in Istanbul.
It ended with an agreement on Syria's future that lies in direct conflict with the U.S.'s
goals of the past seven years.
It was an admission that Assad has prevailed in Syria and the plan to atomize it into yet
another failed state has itself failed. Merkel has traded 'Assad must go' for 'no more
refugees.'
To President Trump's credit he then piggy-backed on that statement announcing that the U.S.
would be pulling out of Syria very soon now. And that tells me that he is still coordinating in
some way with Putin and other world leaders on the direction of his foreign policy in spite of
his opposition.
But the key point from the Istanbul statement was that Syria's rebuilding be prioritized to
reverse the flow of migrants so Syrians can go home. While
Gilbert Doctorow is unconvinced by France's position here , I think Merkel has to be
focused on assisting Putin in achieving his goal of returning Syria to Syrians.
Because, this is both a political necessity for Merkel as well as her trying to burnish her
crumbling political throne to maintain power.
The question is will Germans believe and/or forgive her enough for her to stay in power
through her now stated 'retirement' from politics in 2021?
I don't think so and it's obvious Davos Crowd boy-toy Macron is working overtime to salvage
what he can for them as Merkel continues to face up to the political realities across Europe,
which is that populism is a natural reaction to these insane policies.
Merkel's job of consolidating power under the EU is unfinished. They don't have financial
integration. The Grand Army of the EU is still not a popular idea. The euro-zone is a disaster
waiting to happen and its internal inconsistencies are adding fuel to an already pretty hot
political fire.
On this front, EU integration, she and Macron are on the same page. Because 'domestically'
from an EU perspective, Brexit still has to be dealt with and the showdown with the Italians is
only just beginning.
But Merkel, further weakened by another disastrous state election, isn't strong enough to
fend off her emboldened Italian and British opposition (and I'm not talking about The Gypsum
Lady, Theresa May here).
And Macron should stop looking in the mirror long enough to see he's standing on a quicksand
made of blasting powder.
This points to the next major election for Europe, that of the European Parliament in May
where all of Merkel's opposition are focused on wresting control of that body and removing
Jean-Claude Juncker or his hand-picked replacement (Merkel herself?) from power.
The obvious transition for Merkel is from German Chancellor to European Commission
President. She steps down as Chancellor in May after the EPP wins a majority then to take
Juncker's job. I'm sure that's been the plan all along. This way she can continue the work she started
without having to face the political backlash at home.
But, again, how close is Germany to snap elections if there is another migrant attack and
Chemnitz-like demonstrations. You can only go to the 'Nazi' well so many times, even in
Germany.
There comes a point where people will have simply had enough and their anger isn't born of
being intolerant but angry at having been betrayed by political leadership which doesn't speak
for them and imported crime, chaos and violence to their homes.
And the puppet German media will not be able to contain the story. The EU's speech rules
will not contain people who want to speak. The clamp down on hate speech, pioneered by Merkel
herself is a reaction to the growing tide against her.
And guess what? She can't stop it.
The problem is that Commies like Merkel and Soros don't believe in anything. They are
vampires and nihilists as I said over the
weekend suffused with a toxic view of humanity.
Oh sure, they give lip service to being inclusive and nice about it while they have
control over the levers of power, the State apparatus. But, the minute they lose control of
those levers, the sun goes down, the fangs come out and the bloodletting begins.
These people are vampires, sucking the life out of a society for their own ends. They are
evil in a way that proves John Barth's observation that "man can do no wrong." For they never
see themselves as the villain.
No. They see themselves as the savior of a fallen people. Nihilists to their very core
they only believe in power. And, since power is their religion, all activities are justified
in pursuit of their goals.
Their messianic view of themselves is indistinguishable to the Salafist head-chopping
animals people like Hillary empowered to sow chaos and death across the Middle East and North
Africa over the past decade.
Add to this Merkel herself who took Hillary's empowerment of these animals and gave them a
home across Europe. At least now Merkel has the good sense to see that this has cost her nearly
everything.
Even if she has little to no shame.
Hillary seems to think she can run for president again and win with the same schtick she
failed with twice before. Frankly, I welcome it like I welcome the sun in the morning, safe in
the knowledge that all is right with the world and she will go down in humiliating defeat yet
again.
Merkel is a lame-duck now. Merkelism is over. Absentee governing from the center standing
for nothing but the international concerns has been thoroughly rebuked by the European
electorate from Spain to the shores of the Black Sea.
Germany will stand for something other than globalism by the time this is all over. There
will be a renaissance of culture and tradition there that is similar to the one occurring
at a staggering pace in Russia.
Jonathan Golub, Credit Suisse chief U.S. equity strategist, and Margaret Patel, Wells Fargo
Asset Management senior portfolio manager, join 'Squawk on the Street' to discuss markets
rebounding after last week's sell-off.
yesterday HAHAHAHAHA ...
What ground breaking insight! This claim has ALWAYS been true ... so to claim otherwise
would be insane.
The questions are ... are we going lower before the rebound ... and how long will it take
to get it all back after a 15% to 20% correction.
Any doofus can look at the long term market charts and make this same claim. The key term
is "eventually" ... and key factor is how long will it take along with how old you are or
how much time you have to recoup. yesterday If he could tell the future I sure
wish he would have told me to pull out last month. 23 hours ago Wells Fargo
Asset Management??? THAT inspires confidence. LOL yesterday Move the stock exchange to Las
Vegas. It's a more fitting place to host the gambling.
y
yesterday If you live long enough.
M yesterday I agree - a
nice holiday season rally will put us back to the highs before the end of the year. As soon
as the market starts going up, everyone will jump onboard. Good time to sit on the
sidelines and wait for the drama queens to let it all out
"... In the early 1980's President Regan fired the striking air traffic controllers. This sent the message to management around the USA that it was OK to abuse employees in the workplace. By the end of the 1980's unions were totally emasculated and you had workers "going postal" in an abusive workplace. When unions were at their peak of power, they could appeal to the courts and actually stop a factory from moving out of the country by enforcing a labor contact. ..."
"... The American workplace is a nuthouse. Each and every individual workplace environment is like a cult. ..."
"... The American workplace is just a byproduct of the militarization of everyday life. ..."
"... Silicon Valley and Wall Street handed billions of dollars to this arrogant, ignorant Millennial Elizabeth Holmes. She abused any employee that questioned her. This should sound familiar to any employee who has had an overbearing know-it-all, bully boss in the workplace. Hopefully she will go to jail and a message will be sent that any young agist bully will not be given the power of god in the workplace. ..."
In the early 1980's President Regan fired the striking air traffic controllers. This
sent the message to management around the USA that it was OK to abuse employees in the
workplace. By the end of the 1980's unions were totally emasculated and you had workers
"going postal" in an abusive workplace. When unions were at their peak of power, they could
appeal to the courts and actually stop a factory from moving out of the country by enforcing
a labor contact.
Today we have a President in the White House who was elected on a platform of "YOU'RE
FIRED." Not surprisingly, Trump was elected by the vast majority of selfish lowlives in this
country. The American workplace is a nuthouse. Each and every individual workplace
environment is like a cult.
That is not good for someone like me who hates taking orders from people. But I have seen
it all. Ten years ago a Manhattan law firm fired every lawyer in a litigation unit except an
ex-playboy playmate. Look it up it was in the papers. I was fired from a job where many of my
bosses went to federal prison and then I was invited to the Christmas Party.
What are the salaries of these IBM employees and how much are their replacements making?
The workplace becomes a surrogate family. Who knows why some people get along and others
don't. My theory on agism in the workplace is that younger employees don't want to be around
their surrogate mother or father in the workplace after just leaving the real home under the
rules of their real parents.
The American workplace is just a byproduct of the militarization of everyday life. In the
1800's, Herman Melville wrote in his beautiful book "White Jacket" that one of the most
humiliating aspects of the military is taking orders from a younger military officer. I read
that book when I was 20. I didn't feel the sting of that wisdom until I was 40 and had a 30 year old appointed as
my supervisor who had 10 years less experience than me.
By the way, the executive that made
her my supervisor was one of the sleaziest bosses I have ever had in my career. Look at the
tech giant Theranos. Silicon Valley and Wall Street handed billions of dollars to this
arrogant, ignorant Millennial Elizabeth Holmes. She abused any employee that questioned her.
This should sound familiar to any employee who has had an overbearing know-it-all, bully boss
in the workplace. Hopefully she will go to jail and a message will be sent that any young agist bully will not be given the power of god in the workplace.
IBM was founded in 1911 and is known in the technology industry as Big Blue, a reference to
its once ubiquitous blue computers. It has faced years of revenue declines, as it transitions
its legacy computer maker business into new technology products and services. Its recent
initiatives have included artificial intelligence and business lines around Watson, named after
the supercomputer it developed.
To be sure, IBM is no stranger to acquisitions. It acquired cloud infrastructure provider
Softlayer in 2013 for $2 billion, and the Weather Channel's data assets for more than $2
billion in 2015. It also acquired Canadian business software maker Cognos in 2008 for $5
billion.
Other big technology companies have also recently sought to reinvent themselves through
acquisitions. Microsoft this year acquired open source software platform GitHub for $7.5
billion; chip maker Broadcom Inc agreed to acquire software maker CA Inc for nearly $19
billion; and Adobe Inc agreed to acquire marketing software maker Marketo for $5 billion.
One of IBM's main competitors, Dell Technologies Inc, made a big bet on software and cloud
computing two years ago, when it acquired data storage company EMC for $67 billion. As part of
that deal, Dell inherited an 82 percent stake in virtualization software company VMware
Inc.
The deal between IBM and Red Hat is expected to close in the second half of 2019. IBM said
it planned to suspend its share repurchase program in 2020 and 2021 to help pay for the
deal.
IBM said Red Hat would continue to be led by Red Hat CEO Jim Whitehurst and Red Hat's
current management team. It intends to maintain Red Hat's headquarters, facilities, brands and
practices.
Four years ago, the United States Department of Housing and Urban Development (HUD) warned
of "the worst rental affordability crisis ever," citing data that:
"About half of renters spend more than 30% of their income on rent, up from 18% a decade
ago, according to newly released research by Harvard's Joint Center for Housing Studies.
Twenty-seven percent of renters are paying more than half of their income on rent."
This is a significant problem for US consumers, and especially millennials, because as we
have noted repeatedly over the past year, and a new
report confirms , "rent increases continue to outpace workers' wage growth, meaning the
situation is getting worse."
In the second quarter of 2017, median asking rents jumped 5% from $864 to $910. In the first
half of 2018, they have remained at levels crushing the American worker.
While the surge in median asking rents has triggered an affordability crisis, new data now
shows just how much a person must make per month to afford rent.
According to HowMuch.Net, an American should budget 25% to 30% of monthly income for rent,
but as shown by the New Deal Democrat, workers are budgeting about 50% more of their salaries
than a decade earlier. The report specifically looked at the nation's capital, where a person
must make approximately $8,500 per month to afford rent.
In California, the state with the largest housing bubble, the monthly income to afford rent
is roughly $8,300, followed by Hawaii at $7,800 and New York at $7,220.
In contrast, the Rust Belt and the Southeastern region of the United States, one needs to
make only $3,500 per month to afford rent.
"Based on the rule of applying no more than one-third of income to housing, people living
in the Northeast must earn at least twice as much as those living in the South just to afford
rent for what each market considers an average home," HowMuch.net's Raul Amoros told
MarketWatch .
Which, however, is not to say that owning a house is a viable alternative to renting. In
fact, as Goldman notes in its latest Housing and Mortgage Monitor, "buying is looking
increasingly less affordable vs. renting with home prices growing faster than rents."
In short: the situation is not likely to improve in the short-term.
A
sign of relief could be coming in the second half of 2019 or entering into 2020 when the US
economy is expected to enter a slowdown, if not outright recession. This would reverse the real
estate market, thus providing a turning point in rents that would give renters relief after a
near decade of overinflated prices.
In what can only be described as a desperation move, IBM announced that it would acquire
Linux distributor Red Hat for a whopping $33.4 billion, its biggest purchase ever, as the
company scrambles to catch up to the competition and to boost its flagging cloud sales. Still
hurting from its
Q3 earnings , which sent its stock tumbling to the lowest level since 2010 after Wall
Street was disappointed by yet another quarter of declining revenue...
... IBM will pay $190 for the Raleigh, NC-based Red Hat , a 63% premium to the company's
stock price, which closed at $116.68 on Friday, and down 3% on the year.
In the statement, IBM CEO Ginni Rometty said that "the acquisition of Red Hat is a
game-changer. It changes everything about the cloud market," but what the acquisition really
means is that the company has thrown in the towel in years of accounting gimmicks and attempts
to paint lipstick on a pig with the help of ever
lower tax rates and pro forma addbacks, and instead will now "kitchen sink" its endless
income statement troubles and non-GAAP adjustments in the form of massive purchase accounting
tricks for the next several years.
While Rometty has been pushing hard to transition the 107-year-old company into modern
business such as the cloud, AI and security software, the company's recent improvements had
been largely from IBM's legacy mainframe business, rather than its so-called strategic
imperatives. Meanwhile, revenues have continued the shrink and after a brief rebound, sales
dipped once again this quarter, after an unprecedented period of 22 consecutive declines
starting in 2012, when Rometty took over as CEO.
While the U.S. Shale Industry
produces a record amount of oil, it continues to be plagued by massive oil decline rates and debt.
Moreover, even as the companies brag about lowering the break-even cost to produce shale oil, the
industry still spends more than it makes. When we add up all the negative factors weighing down
the shale oil industry, it should be no surprise that a catastrophic failure lies dead ahead.
Of course, most Americans have no idea that the U.S. Shale Oil Industry is nothing more than a
Ponzi Scheme because of the mainstream media's inability to report FACT from FICTION. However,
they don't deserve all of the blame as the shale energy industry has done an excellent job hiding
the financial distress from the public and investors by the use of highly technical jargon and BS.
For example, Pioneer published this in the recent Q2 2018 Press Release:
Pioneer placed 38 Version 3.0 wells on production during the second quarter of 2018. The
Company also placed 29 wells on production during the second quarter of 2018 that utilized
higher intensity completions compared to Version 3.0 wells. These are referred to as Version
3.0+ completions. Results from the 65 Version 3.0+ wells completed in 2017 and the first half of
2018 are outperforming production from nearby offset wells with less intense completions. Based
on the success of the higher intensity completions to date, the Company is adding approximately
60 Version 3.0+ completions in the second half of 2018.
Now, the information Pioneer published above wasn't all that technical, but it was full of BS.
Anytime the industry uses terms like "Version 3.0+ completions" to describe shale wells, this
normally means the use of "more technology" equals "more money."
As the shale industry
goes from 30 to 60 to 70 stage frack wells, this takes one hell of a lot more pipe, water, sand,
fracking chemicals and of course, money
.
However, the majority of investors and the public are clueless in regards to the staggering
costs it takes to produce shale oil because they are enamored by the "wonders of technology." For
some odd reason, they tend to overlook the simple premise that
MORE STUFF costs MORE MONEY.
Of course, the shale industry doesn't mind using MORE MONEY, especially if some other poor slob
pays the bill.
Shale Oil Industry: Deep The Denial
According to a recently released article by 40-year oil industry veteran, Mike Shellman,
"Deep
The Denial,"
he provided some sobering statistics on the shale industry:
I recently put somebody very smart on the necessary research (SEC K's, press releases
regarding private equity to private producers, etc.) to determine what total upstream shale oil
debt actually is.
We found it to be between $285-$300B (billion), both public and
private
. Kallanish Energy Consultants recently wrote that there is $240B of long term
E&P debt in the US maturing by 2023 and I think we should assume that at least 90 plus percent
of that is associated with shale oil. That is maturing debt, not total debt.
By year end 2019 I firmly believe the US LTO industry will then be paying over $20B
annually in interest on long term debt.
Using its own self-touted "breakeven" oil price, the shale oil industry must then produce
over 1.5 Million BOPD just to pay interest on that debt each year. Those are barrels of oil that
cannot be used to deleverage debt, grow reserves, not even replace reserves that are declining
at rates of 28% to 15% per year that is just what it will take to service debt.
Using its own "breakeven" prices the US shale oil industry will ultimately have to
produce 9G BO of oil, as much as it has already produced in 10 years just to pay its total long
term debt back
.
Using Mike's figures, I made the following chart below:
For the U.S. Shale Oil Industry just to pay back its debt, it must produce 9 billion
barrels of oil.
That is one heck of a lot of oil as the industry has produced about 10
billion barrels to date. Again, as Mike states, it would take 9 billion barrels of shale oil to
pay back its $285-300 billion of debt (based on the shale industry's very own breakeven prices).
Furthermore, the shale industry may have to sell a quarter of its oil production (1.5
million barrels per day) just to service its debt by the end of 2019.
According to the
EIA, the U.S. Energy Information Agency, total shale oil (tight oil) production is now 6.2 million
barrels per day (mbd):
The majority of shale oil production comes from three fields and regions, the Eagle Ford (Blue),
the Bakken (Yellow) and the Permian (light, medium & dark brown). These three fields and regions
produce 5.2 mbd of the total 6.2 mbd of shale production.
Unfortunately, the shale industry continues to struggle with mounting debt and negative free
cash flow. The EIA recently published this chart showing the cash from operations versus capital
expenditures for 48 public domestic oil producers:
You will notice that capital expenditures (
brown line
) are still higher than
cash from operations (
blue line
). So, it doesn't seem to matter if the oil price
is over $100 (2013-2014) or less than $70 (2017-2018), the shale oil industry continues to spend
more money than it's making.
The shale energy companies have resorted to selling assets,
issuing stock and increasing debt to supplement their inadequate cash flow to fund operations.
A perfect example of this in practice is Pioneer Resources the number one shale oil producer in
the mighty Permian. While most companies increased their debt to fund operations, Pioneer decided
to take advantage of its high stock price by raising money via share dilution.
Pioneer's
outstanding shares ballooned from 115 million shares in 2010 to 170 million by 2017. From 2011 to
2016, Pioneer issued a staggering $5.4 billion in new stock
:
So, as Pioneer issued over $5 billion in stock to produce unprofitable shale oil and gas,
Continental Resources racked up more than $5 billion in debt during the same period. These are
both examples of "Ponzi Finance." Thus, the shale energy industry has been quite creative in
hoodwinking both the shareholder and capital investor.
Now, there is no coincidence that I have focused my research on Pioneer and Continental
Resources.
While Continental is the poster child of what's horribly wrong with the shale
oil industry in the Bakken, Pioneer is a role model for the same sort of insanity and delusional
thinking taking place in the Permian.
Pioneer Spends A Lot More Money With Unsatisfactory Production Results
To be able to understand what is going on in the U.S. shale industry, you have to be clever
enough to ignore the "Techno-jargon" in the press releases and read between the lines. As
mentioned above, Pioneer stated that it was going to add a lot more of its "high-tech" Version 3.0+
completion wells in the second half of 2018 because they were outperforming the older versions.
Well, I hope this is true because Pioneer's first half 2018 production results in the Permian
were quite disappointing compared to the previous period.
If we compare the increase of
Pioneer's shale oil production in the Permian versus its capital expenditures, something must be
seriously wrong
.
First, let's look at a breakdown of Pioneer's Permian energy production from their September
2018 Investor Presentation:
Pioneer's Permian oil and gas production is broken down between its horizontal shale and
vertical convention production. I will only focus on its horizontal shale production as this is
where the majority of their capital expenditures are taking place. The highlighted yellow line
shows Pioneer's horizontal shale oil production in the Permian Basin.
You will notice that Pioneer's shale oil production increased significantly in Q3 & Q4 2017
versus Q1 & Q2 2018. Furthermore, Pioneer's shale gas production surged in Q2 2018 by nearly 50%
(highlighted with a red box) compared to oil production only increasing 5%. That is a serious RED
FLAG for natural gas production to jump that much in one quarter.
Secondly, by comparing the increase of Pioneer's quarterly shale oil production in the Permian
with its capital expenditures, the results are less than satisfactory:
The RED LINE shows the amount of capital expenditures spent each quarter while the OLIVE colored
BARS represent the increase in Permian shale oil production. To simplify the figures in this
chart, I made the following graphic below:
Pioneer spent $1.36 billion in the second half of 2017 to increase its Permian shale oil
production by 30,232 barrels per day (bopd) compared to $1.7 billion in the first half of 2018
which only resulted in an additional 10,832 bopd
. Folks, it seems as if something
seriously went wrong for Pioneer in the Permian as the expenditure of $340 million more CAPEX
resulted in two-thirds less the production growth versus the previous period.
Third, while Pioneer (stock ticker PXD) proudly lists that they are one of the lowest cost
shale producers in the industry, they still suffer from negative free cash flow:
As we can see, Pioneer lists their breakeven oil price at approximately $22, which is downright
hilarious when they spent $132 million more on capital expenditures than the made in cash from
operations:
The public and investors need to understand that "oil breakeven costs" do not include capital
expenditures. And according to Pioneer's Q2 2018 Press Release, the company plans on spending
$3.4 billion on capital expenditures in 2018. The majority of the capital expenditures are spent
on drilling and completing horizontal shale wells.
For example, Pioneer brought on 130 new wells in the first half of 2018 and spent $1.7
billion on CAPEX (capital expenditures) versus 125 wells and $1.36 billion in 2H 2017.
I
have seen estimates that it cost approximately $9 million for Pioneer to drill a horizontal shale
well in the Permian. Thus, the 130 wells cost nearly $1.2 billion.
However, the interesting thing to take note is that Pioneer brought on 125 wells in 2H 2017 to
add 30,000+ barrels of new oil production compared to 130 wells in 1H 2018 that only added 10,000+
barrels.
So, how can Pioneer add five more wells (130 vs. 125) in 1H 2018 to see its oil
production increase a third of what it was in the previous period?
Regardless, the U.S. shale oil industry continues to spend more money than they make from
operations. While energy companies may have enjoyed lower costs when the industry was gutted by
super-low oil prices in 2015 and 2016, it seems as if inflation has made its way back into the
shale patch. Rising energy prices translate to higher costs for the shale energy industry. Rinse
and repeat.
Unfortunately, when the stock markets finally crack, so will energy and commodity prices.
Falling oil prices will cause severe damage to the Shale Industry as it struggles to stay afloat by
selling assets, issuing stock and increasing debt to continue producing unprofitable oil.
I believe the U.S. Shale Oil Industry will suffer catastrophic failure from the impact
of deflationary oil prices along with peaking production.
While U.S. Shale Oil production
has increased exponentially over the past decade, it will likely come down even faster.
AP-NORC
Poll national survey with 1,152 adults found 8 in 10 Americans believe the country is
divided regarding essential values, and some expect the division to deepen into 2020.
Only 20% of Americans said they think the country will become less divided over the next
several years, and 39% believe conditions will continue to deteriorate. A substantial majority
of Americans, 77%, said they are dissatisfied with the state of politics in the country , said
AP-NORC.
... ... ...
The nationwide survey was conducted on October 11-14, using the AmeriSpeak
Panel, the probability-based panel of NORC at the University of Chicago. Overall, 59% of
Americans disapprove of how Trump is handling his job as president, while 40% of Americans
approve.
More specifically, the poll said 83% of Republicans approve of how Trump is handling the
job, while 92% of Democrats and 61% of Independents strongly disagree.
More than half of Americans said they are not hearing nor seeing topics from midterm
campaigns that are important to them. About 54% of Democrats and 44% of Republicans said vital
issues, such as health care, education, and economic activity, Social Security and crime, were
topics they wanted to hear more.
Looking at their communities, most American (Republicans and Democrats) are satisfied with
their state or local community. However, on a national level, 58% of Americans are dissatisfied
with the direction of the country, compared to 25%, a small majority who are satisfied.
Most Americans are dissatisfied with the massive gap between rich and poor, race relations
and environmental conditions. The poll noticed there are partisan splits, 84% of Democrats are
disappointed with the amount of wealth inequality, compared with 43% of Republicans. On the
environment, 77% of Democrats and 32% Republicans are dissatisfied. Moreover, while 77%
Democrats said they are unhappy with race relations, about 50% of Republicans said the
same.
The poll also showed how Democrats and Republicans view certain issues. About 80% of
Democrats but less than 33% of Republicans call income inequality, environmental issues or
racism very important.
"Healthcare, education and economic growth are the top issues considered especially
important by the public. While there are many issues that Republicans and Democrats give
similar levels of importance to (trade foreign policy and immigration), there are several
concerns where they are far apart. For example, 80% of Democrats say the environment and
climate change is extremely or very important, and only 28% of Republicans agree. And while
68% consider the national debt to be extremely or very important, only 55% of Democrats
regard it with the same level of significance," said AP-NORC.
Although Democrats and Republicans are divided on most values, many Americans
consider the country's diverse population a benefit.
Half said America's melting pot makes the country stronger, while less than 20% said it
hurts the country. About 30% said diversity does not affect their outlook.
"However, differences emerge by party identification, gender, location, education, and
race . Democrats are more likely to say having a population with various backgrounds makes
the country stronger compared to Republicans or Independents. Urbanities and college-educated
adults are more likely to say having a mix of ethnicities makes the country stronger, while
people living in rural areas and less educated people tend to say diversity has no effect or
makes the country weaker," said AP-NORC.
Overall, 60% of Americans said accusations of sexual harassment with some
high-profile men forced to resign or be fired was essential to them. However, 73% of women said
the issue was critical, compared with 51% of men. The data showed that Democrats were much more
likely than Republicans to call sexual misconduct significant.
More than 40% of Americans somewhat or strongly disapprove of Supreme Court Justice Brett
Kavanaugh's confirmation to the Supreme Court after allegations of sexual harassment in his
college years. 35% of Americans said they heartily approved of Kavanaugh's confirmation.
The evidence above sheds light on the internal struggles of America. The country is divided,
and this could be a significant problem just ahead.
Why is that? Well, America's future was outlined in a book called "The Fourth Turning: What
Cycles of History Tell Us About America's Next Rendezvous With Destiny."
In the book, which was written in the late 1990s, authors William Strauss and Niel Howe
theorize that the history of civilization moves in 80-to-100 year cycles called "saecula."
The idea behind this theory dates back to the Greeks, who believed that at given saeculum's
end, there would come "ekpyrosis," or a cataclysmic event.
This era of change is known as the Fourth Turning, and it appears we are in the midst of one
right now.
The last few Fourth Turnings that America experienced ushered in the Civil War and the
Reconstruction era, and then the Great Depression and World War II. Before all of that, it was
the Revolutionary War.
Each Fourth Turning had similar warning signs: periods of political chaos, division, social
and economic decay in which the American people reverted from extreme division and were forced
to reunite in the rebuild of a new future, but that only came after massive conflict.
Today's divide among many Americans is strong. We are headed for a collision that will rip
this country apart at the seams. The timing of the next Fourth Turning is now, and it could
take at least another decade to complete the cycle.
After the Fourth Turning, America will not be the America you are accustomed to today. So,
let us stop calling today the "greatest economy ever" and start preparing for turbulence.
The Office of Inspector General (OIG) has
released a new audit of a computer network at the U.S. Geological Survey (USGS), Earth
Resouces Observation and Science (EROS) Center satellite imaging facility in Sioux Falls, South
Dakota.
OIG initiated an investigation into suspicious internet traffic discovered during a regular
IT security audit of the USGS computer network. The review found that a single USGS employee
infected the network due to the access of unauthorized internet web pages.
Those web pages were embedded with harmful malware, and then downloaded onto a
government-issued laptop, which then "exploited the USGS' network."
A digital forensic team examined the infected laptop and found porn. After further review,
it was determined the USGS employee visited 9,000 web pages of porn that were hosted mainly on
Russian servers and contained toxic malware.
OIG found the employee saved much of the pornographic content on an unauthorized USB drive
and personal smartphone, both of which were synced to the government computer and network.
"Our digital forensic examination revealed that [the employee] had an extensive history of
visiting adult pornography websites" that hosted dangerous malware, the OIG wrote.
"The malware was downloaded to [the employees'] government laptop, which then exploited
the USGS' network."
The forensic team determined two vulnerabilities in the USGS' IT security review: website
access and open USB ports. They said the "malware is rogue software that is intended to damage
or disable computers and computer systems." The ultimate objective of the malware was to steal
highly classified government information while spreading the infection to other systems.
The U.S. Department of the Interior's Rules of Behavior explicitly prohibit employees from
using government networks to satisfy porn cravings, and the IOG found the employee had agreed
to these rules "several years prior to the detection."
The employee was discharged from the agency, OIG External Affairs Director Nancy DiPaolo
told
Nextgov.
However, this is not the first time government workers have been figuratively caught with
their pants down.
Over the last two decades, similar incidents have occurred at the Environmental Protection
Agency, Securities and Exchange Commission, and the IRS.
Last year, a D.C. news team uncovered "egregious on-the-job pornography viewing" at a dozen
federal agencies and national security officials have reportedly found an "unbelievable" amount
of child porn on government devices, said Nextgov.
It seems that porn watching on government devices is so widespread that Rep. Mark Meadows,
R-N.C., introduced legislation banning porn at federal agencies -- three separate times.
Government workers have a porn addiction problem, and it is now jeopardizing national
security.
The crown jewel of California's Progressive-feminist policy this year was Senate
Bill 826 which mandates publicly-held corporations to put women on their boards. It was
passed and signed by Governor Jerry Brown. California now proudly leads the nation in identity
politics. The law requires a minimum of one woman board member by 2019, and by 2020, two for
boards with five members and three with boards of six or more.
The law's goal is gender
parity, but it is couched in financial terms suggesting that companies with women on their
boards do better than those that don't. Several studies are cited to back this claim (UC Cal,
Credit Suisse, and McKinsey). Catalyst
, a nonprofit that promotes women in the workplace, did a
widely quoted study that claimed:
Return on Equity: On average, companies with the highest percentages of women board
directors outperformed those with the least by 53% .
Return on Sales: On average, companies with the highest percentages of women board
directors outperformed those with the least by 42% .
Return on Invested Capital: On average, companies with the highest percentages of women
board directors outperformed those with the least by 66%.
This claim doesn't meet the smell test and the overwhelming conclusion of scientific
research in the field says that women directors have little or no effect on corporate
performance. Much of the data supporting the feminist theory lacks empirical rigor and is
coincidental ( A happened and then B happened, thus A caused B ).
Professor Alice H.
Eagly , a fellow at Northwestern's Institute of Policy Research, and an expert on issues
related to women in leadership roles, commented on this issue in the Journal of Social Issues :
Despite advocates' insistence that women on boards enhance corporate performance and that
diversity of task groups enhances their performance, research findings are mixed, and
repeated meta‐analyses have yielded average correlational findings that are null or
extremely small.
Rather than ignoring or furthering distortions of scientific knowledge to fit advocacy
goals, scientists should serve as honest brokers who communicate consensus scientific
findings to advocates and policy makers in an effort to encourage exploration of
evidence-based policy options. [Emphasis added]
Roughly one hundred years ago, the people who "ran things," – the drivers behind
governments, big business and banking – formulated a concept which became known by a
number of names, but, predominantly, as the "New World Order."
The concept was to put an end to unnecessary competition and warfare and have a central,
unelected group of people run the entire world. It was not considered necessary to completely
eliminate individual countries; the idea was to control them all centrally. It also didn't
necessarily mean that wars would end. Warfare can be quite useful for rulers, as they provide
an excellent distraction from resentment toward the leaders who impose control over a
people.
Ever since that time, this same rough group of people has continued generationally.
Sometimes, but not always, the family names change. Useful people are added on and less useful
ones removed. But the concept itself has continued, evolved and, in fact, gained strength.
But, as yet, the process remains incomplete. Several facets to a New World Order are not yet
in place. It's proven difficult to "fool all of the people all of the time," so the effort to
subjugate an entire world has taken more time than originally anticipated.
An essential component of this control is the elimination of the personal holding of wealth.
Whilst the leaders intend to expand their own wealth in an unlimited fashion, they seek to
suppress the ability of the average person to increase his own wealth. Wealth leads to
independence and independence from a New World Order is unacceptable. Wealth gives people
options. They must be taught to accept being herded like cattle and being compliant, or they
will become troublesome.
Surveillance Capitalism is nice term for STASI=line regime which became the "new normal". When we say Google we mean CIA.
Notable quotes:
"... Being touted as "the world's first neighborhood built from the internet up," the Google designed smart city is set to deploy an array of cameras and sensors that detect pedestrians at traffic lights or alert cleanup crews when garbage bins overflow, reports The Globe and Mail . Robotic vehicles will whisk away garbage in underground tunnels, heated bike lanes will melt snow and a street layout will accommodate a fleet of self-driving cars. ..."
"... Such an account could potentially work with facial recognition "and allow for example a repairman to get into a home to perform his duties and firefighters to have access a building when a fire alarm is triggered." ..."
"... The project's critics included former BlackBerry CEO Jim Balsillie who referred to the development as "a colonizing experiment in surveillance capitalism attempting to bulldoze important urban, civic and political issues." ..."
"... Ann Cavoukia's decision to walk away from the project was made just weeks after Waterfront Toronto's Digital Strategy Advisory Panel member, Saadia Muzaffar, resigned over concerns about how Google will collect and handle data collected from people within the smart city. ..."
"... "We are at a point where a secretive, unelected, publicly funded corporation with no expertise in IP, data or even basic digital rights is in charge of navigating forces of urban privatization, algorithmic control and rule by corporate contract." ..."
A privacy expert tasked with protecting personal data within a Google-backed smart city project has resigned as her pro-privacy
guidelines would largely be ignored by participants.
"I imagined us creating a Smart City of Privacy, as opposed to a Smart City of Surveillance," Ann Cavoukian, the former privacy
commissioner of Ontario, wrote
in a resignation letter to Google sister company Sidewalk Labs.
"I felt I had no choice because I had been told by Sidewalk Labs that all of the data collected will be de-identified at source,"
she added.
Cavoukian was an acting consultant involved in the plan by Canada's Waterfront Toronto to develop a smart city neighborhood in
the city's Quayside development. She had created an initiative called Privacy by Design that aimed to ensure citizens' personal data
would be protected.
Once it became apparent that citizen privacy could not be guaranteed, Cavoukian decided it was time to leave the project:
But then, at a Thursday meeting, Cavoukian reportedly realized such anonymization protocols could not be guaranteed. She told
the Candian news outlet that Sidewalk Labs revealed at that meeting that their organization could commit to her guidelines, but
other involved groups would not be required to abide by them.
Cavoukian realized third parties could possibly have access to identifiable data gathered through the project. "When I heard
that, I said, 'I'm sorry. I can't support this. I have to resign because you committed to embedding privacy by design into every
aspect of your operation,'" she told Global News. –
Gizmodo
Being touted as "the world's first neighborhood built from the internet up," the Google designed smart city is set to deploy
an array of cameras and sensors that detect pedestrians at traffic lights or alert cleanup crews when garbage bins overflow,
reports The Globe
and Mail . Robotic vehicles will whisk away garbage in underground tunnels, heated bike lanes will melt snow and a street layout
will accommodate a fleet of self-driving cars.
The city will also
provide each
citizen a "user account" which will allow access to "the various online services of the neighborhood and improve participatory
democracy."
Such an account could potentially work with facial recognition "and allow for example a repairman to get into a home to perform
his duties and firefighters to have access a building when a fire alarm is triggered."
The project's critics included former BlackBerry CEO Jim Balsillie who referred to the development as "a colonizing experiment
in surveillance capitalism attempting to bulldoze important urban, civic and political issues."
In an October op-ed, Balsillie describes smart cities as the new battlefront for big tech and warned that the commercialization
of IP and data within the city would mean that personal information would just be another target of corporate digital-gold mining.
The 21st-century knowledge-based and data-driven economy is all about IP and data. "Smart cities" are the new battlefront for
big tech because they serve as the most promising hotbed for additional intangible assets that hold the next trillion dollars
to add to their market capitalizations. "Smart cities" rely on IP and data to make the vast array of city sensors more functionally
valuable, and when under the control of private interests, an enormous new profit pool. As Sidewalk Labs' chief executive Dan
Doctoroff
said
: "We're in this business to make money." Sidewalk also wants
full autonomy from
city regulations so it can build without constraint.
You can only commercialize IP or data when you own or control them. That's why Sidewalk, as a recent Globe and Mail investigation
revealed , is taking control to own all IP on this project. All smart companies know that controlling the IP controls access
to the data, even when it's shared data. Stunningly, when Waterfront Toronto released its "updated" agreement, they left the ownership
of IP and data unresolved, even though IP experts publicly asserted that ownership of IP must be clarified up front or it
defaults to Sidewalk. Securing new monopoly IP rights coupled with the best new data sets creates a systemic market advantage
from which companies can inexorably expand.
A privately controlled "smart city" infrastructure upends traditional models of citizenship because you cannot opt out of a
city or a society that practises mass surveillance. Foreign corporate interests tout new technocratic efficiencies while shrewdly
occluding their unprecedented power grab. As the renowned technologist Evgeny Morozov
said : "That the city is also the primary target of big tech is no accident: If these firms succeed in controlling its infrastructure,
they need not to worry about much else."
Ann Cavoukia's decision to walk away from the project was made just weeks after Waterfront Toronto's Digital Strategy Advisory
Panel member, Saadia Muzaffar,
resigned over concerns about how Google will collect and handle data collected from people within the smart city.
Saadia Muzaffar specifically pointed to "Waterfront Toronto's astounding apathy and utter lack of leadership regarding shaky public
trust and social licence."
Local residents remain concerned over the lack of transparency in regards to the project as many believe the deal has been shrouded
in secrecy. As Jim Balsillie described it:
"We are at a point where a secretive, unelected, publicly funded corporation with no expertise in IP, data or even basic
digital rights is in charge of navigating forces of urban privatization, algorithmic control and rule by corporate contract."
Barry McBear, 2 hours ago
Getting rid of facebook was easy, but de-googling my life is going to be a real pain in the ***. One that clearly must be
done though.
Despite the almost unprecedented divisive nature of Donald J. Trump's presidency, he is
chalking up some impressive foreign policy victories, including finally bringing Beijing to
task over its decades long unfair trade practices, stealing of intellectual property rights,
and rampant mercantilism that has given its state-run companies unfair trade advantages and as
a result seen Western funds transform China to an emerging world power alongside the U.S.
Now, it looks as if Trump's recent tirade against America's European allies over its
geopolitically troubling reliance on Russian gas supply may also be bearing fruit. On Tuesday,
The Wall Street Journal reported that earlier this month German Chancellor Angela Merkel
offered government support to efforts to open up Germany to U.S. gas, in what the report called
"a key concession to President Trump as he tries to loosen Russia's grip on Europe's largest
energy market."
German concession
Over breakfast earlier this month, Merkel told a small group of German lawmakers that the
government had made a decision to co-finance the construction of a $576 million liquefied
natural gas (LNG) terminal in northern Germany, people familiar with the development said.
The project had been postponed for at least a decade due to lack of government support,
according to reports, but is now being thrust to the center of European-U.S. geopolitics.
Though media outlets will mostly spin the development, this is nonetheless a geopolitical and
diplomatic win for Trump who lambasted Germany in June over its Nordstream 2 pipeline deal with
Russia.
In a televised meeting with reporters and NATO Secretary-General Jens Stoltenberg before a
NATO summit in Brussels,
Trump said at the time it was "very inappropriate" that the U.S. was paying for European
defense against Russia while Germany, the biggest European economy, was supporting gas deals
with Moscow.
Both the tone and openness of Trumps' remarks brought scathing rebukes both at home and
among EU allies, including most media outlets. However, at the end of the day, it appears that
the president made a fair assessment of the situation. Russia, for its part, vehemently denies
any nefarious motives over its gas supply contacts with its European customers, though Moscow's
actions in the past dictate otherwise.
Moscow also claims that the Nordstream 2 gas pipeline is a purely commercial venture. The
$11 billion gas pipeline will stretch some 759 miles (1,222 km), running on the bed of the
Baltic Sea from Russian gas fields to Germany, bypassing existing land routes over Ukraine,
Poland and Belarus. It would double the existing Nord Stream pipeline's current annual capacity
of 55 bcm and is expected to become operational by the end of next year.
Russia, who stands the most to lose not only in terms of regional hegemony, but economically
as well, if Germany pushes through with plans to now build as many as three LNG terminals,
always points out that Russian pipeline gas is cheaper and will remain cheaper for decades
compared to U.S. LNG imports.
While that assessment is correct, what Moscow is missing, or at least not admitting, is a
necessary German acquiescence to Washington. Not only does the EU's largest economy need to
stay out of Trump's anti-trade cross hairs, it still needs American leadership in both NATO and
in Europe as well.
Russian advantages
Without U.S. leadership in Europe, a vacuum would open that Moscow would try to fill, most
likely by more gas supply agreements. However, Russia's gas monopoly in both Germany and in
Europe will largely remain intact for several reasons.
First, Russian energy giant Gazprom, which has control over Russia's network of pipelines to
Europe, supplies close to 40 percent of Europe's gas needs.
Second, Russia's gas exports to Europe rose 8.1 percent last year to a record level of 193.9
bcm, even amid concerns over Russia's cyber espionage allegations, and its activities in Syria,
the Ukraine and other places.
Moreover, Russian gas is indeed as cheap as the country claims and will remain that way for
decades. Using a Henry Hub gas price of $2.85/MMBtu as a base, Gazprom
recently estimated that adding processing and transportation costs, the price of
U.S.-sourced LNG in Europe would reach $6/MMBtu or higher – a steep markup.
Henry Hub gas prices are currently trading at $3.151/MMBtu. Over the last 52-week period
U.S. gas has traded between $2.64/MMBtu and $3.82/MMBtu. Russian gas sells for around $5/MMBtu
in European markets and could even trade at lower prices in the future as Gazprom removes the
commodity's oil price indexation.
"The poor and the underclass are growing. Racial justice and human rights are nonexistent.
They have created a repressive society and we are their unwitting accomplices. Their
intention to rule rests with the annihilation of consciousness. We have been lulled into a
trance. They have made us indifferent to ourselves, to others. We are focused only on our own
gain." -- They Live , John Carpenter
We're living in two worlds, you and I.
There's the world we see (or are made to see) and then there's the one we sense (and
occasionally catch a glimpse of), the latter of which is a far cry from the propaganda-driven
reality manufactured by the government and its corporate sponsors, including the media.
Indeed, what most Americans perceive as life in America - privileged, progressive and free -
is a far cry from reality, where economic inequality is growing, real agendas and real power
are buried beneath layers of Orwellian doublespeak and corporate obfuscation, and "freedom,"
such that it is, is meted out in small, legalistic doses by militarized police armed to the
teeth.
All is not as it seems.
"You see them on the street. You watch them on TV. You might even vote for one this fall.
You think they're people just like you. You're wrong. Dead wrong."
This is the premise of
John Carpenter's film They Live , which was released 30 years ago in November 1988 and
remains unnervingly, chillingly appropriate for our modern age.
Best known for his horror film Halloween , which assumes that there is a form of evil so
dark that it can't be killed, Carpenter's larger body of work is infused with a strong
anti-authoritarian, anti-establishment, laconic bent that speaks to the filmmaker's concerns
about the unraveling of our society, particularly our government.
Time and again, Carpenter portrays the government working against its own citizens,
a populace out of touch with reality , technology run amok, and a future more horrific than
any horror film.
In Escape from New York , Carpenter presents fascism as the future of America.
In The Thing , a remake of the 1951 sci-fi classic of the same name, Carpenter presupposes
that increasingly we are all becoming dehumanized.
In Christine , the film adaptation of Stephen King's novel about a demon-possessed car,
technology exhibits a will and consciousness of its own and goes on a murderous rampage.
In In the Mouth of Madness , Carpenter notes that evil grows when people lose "the ability
to know the difference between reality and fantasy."
And then there is Carpenter's They Live , in which two migrant workers discover that the
world is not as it seems. In fact, the population is actually being controlled and exploited by
aliens working in partnership with an oligarchic elite. All the while, the populace --
blissfully unaware of the real agenda at work in their lives -- has been lulled into
complacency, indoctrinated into compliance, bombarded with media distractions, and hypnotized
by subliminal messages beamed out of television and various electronic devices, billboards and
the like.
It is only when homeless drifter John Nada (played to the hilt by the late Roddy
Piper ) discovers a pair of doctored sunglasses -- Hoffman lenses -- that Nada sees what
lies beneath the elite's fabricated reality: control and bondage.
When viewed through the lens of truth, the elite, who appear human until stripped of their
disguises, are shown to be monsters who have enslaved the citizenry in order to prey on
them.
Likewise,
billboards blare out hidden, authoritative messages : a bikini-clad woman in one ad is
actually ordering viewers to "MARRY AND REPRODUCE." Magazine racks scream "CONSUME" and "OBEY."
A wad of dollar bills in a vendor's hand proclaims, "THIS IS YOUR GOD."
When viewed through Nada's Hoffman lenses, some of the other hidden messages being drummed
into the people's subconscious include: NO INDEPENDENT THOUGHT, CONFORM, SUBMIT, STAY ASLEEP,
BUY, WATCH TV, NO IMAGINATION, and DO NOT QUESTION AUTHORITY.
This indoctrination campaign engineered by the elite in They Live is painfully familiar to
anyone who has studied the decline of American culture.
A citizenry that does not think for themselves, obeys without question, is submissive, does
not challenge authority, does not think outside the box, and is content to sit back and be
entertained is a citizenry that can be easily controlled.
In this way, the subtle message of They Live provides an apt analogy of our own distorted
vision of life in the American police state, what philosopher Slavoj Žižek refers to
as dictatorship in
democracy , "the invisible order which sustains your apparent freedom."
We're being fed a series of carefully contrived fictions that bear no resemblance to
reality.
The powers-that-be want us to feel threatened by forces beyond our control (terrorists,
shooters ,
bombers ).
They want us afraid and dependent on the government and its militarized armies for our
safety and well-being.
They want us distrustful of each other, divided by our prejudices, and at each other's
throats.
Most of all, they want us to continue to march in lockstep with their dictates.
Tune out the government's attempts to distract, divert and befuddle us and tune into what's
really going on in this country, and you'll run headlong into an unmistakable, unpalatable
truth: the moneyed elite who rule us view us as expendable resources to be used, abused and
discarded.
In fact, a study conducted by Princeton and Northwestern University concluded that the
U.S. government does not represent the majority of American citizens . Instead, the study
found that the government is ruled by the rich and powerful, or the so-called "economic elite."
Moreover, the researchers concluded that policies enacted by this governmental elite nearly
always favor special interests and lobbying groups.
In other words, we are being
ruled by an oligarchy disguised as a democracy, and arguably on our way towards fascism --
a form of government where private corporate interests rule, money calls the shots, and the
people are seen as mere subjects to be controlled.
Not only do you have to be rich -- or beholden to the rich -- to get elected these days, but
getting elected is also a
surefire way to get rich . As CBS News reports, "Once in office, members of Congress enjoy
access to connections and information they can use to increase their wealth, in ways that are
unparalleled in the private sector. And once politicians leave office, their connections allow
them to profit even further."
In denouncing this blatant corruption of America's political system, former president Jimmy
Carter blasted the process of getting elected -- to the White House, governor's mansion,
Congress or state legislatures -- as "
unlimited political bribery a subversion of our political system as a payoff to major
contributors, who want and expect, and sometimes get, favors for themselves after the election
is over."
Rest assured that when and if fascism finally takes hold in America, the basic forms of
government will remain: Fascism will appear to be friendly. The legislators will be in session.
There will be elections, and the news media will continue to cover the entertainment and
political trivia. Consent of the governed, however, will no longer apply. Actual control will
have finally passed to the oligarchic elite controlling the government behind the scenes.
Sound familiar?
Clearly, we are now ruled by an oligarchic elite of governmental and corporate
interests.
We have moved into "corporatism" (
favored by Benito Mussolini ), which is a halfway point on the road to full-blown
fascism.
Corporatism is where the few moneyed interests -- not elected by the citizenry -- rule over
the many. In this way, it is not a democracy or a republican form of government, which is what
the American government was established to be. It is a top-down form of government and one
which has a terrifying history typified by the developments that occurred in totalitarian
regimes of the past: police states where everyone is watched and spied on, rounded up for minor
infractions by government agents, placed under police control, and placed in detention (a.k.a.
concentration) camps.
For the final hammer of fascism to fall, it will require the most crucial ingredient: the
majority of the people will have to agree that it's not only expedient but necessary.
But why would a people agree to such an oppressive regime?
Fear is the method most often used by politicians to increase the power of government. And,
as most social commentators recognize, an atmosphere of fear permeates modern America: fear of
terrorism, fear of the police, fear of our neighbors and so on.
The propaganda of fear has been used quite effectively by those who want to gain control,
and it is working on the American populace.
Despite the fact that we are 17,600 times more likely to die from heart disease than from a
terrorist attack; 11,000 times more likely to die from an airplane accident than from a
terrorist plot involving an airplane; 1,048 times more likely to die from a car accident than a
terrorist attack, and 8 times more likely to be
killed by a police officer than by a terrorist , we have handed over control of our lives
to government officials who treat us as a means to an end -- the source of money and power.
As the Bearded Man in They Live warns , "They are dismantling the sleeping middle class.
More and more people are becoming poor. We are their cattle. We are being bred for
slavery."
In this regard, we're not so different from the oppressed citizens in They Live .
From the moment we are born until we die, we are indoctrinated into believing that those who
rule us do it for our own good. The truth is far different.
Despite the truth staring us in the face, we have allowed ourselves to become fearful,
controlled, pacified zombies.
We live in a perpetual state of denial, insulated from the painful reality of the American
police state by wall-to-wall entertainment news and screen devices.
Most everyone keeps their heads down these days while staring zombie-like into an electronic
screen, even when they're crossing the street. Families sit in restaurants with their heads
down, separated by their screen devices and unaware of what's going on around them. Young
people especially seem dominated by the devices they hold in their hands, oblivious to the fact
that they can simply push a button, turn the thing off and walk away.
Indeed, there is no larger group activity than that connected with those who watch screens
-- that is, television, lap tops, personal computers, cell phones and so on. In fact, a Nielsen
study reports that American screen viewing is at an all-time high. For example, the average
American watches approximately 151 hours of television per month .
The question, of course, is what effect does such screen consumption have on one's mind?
Psychologically it is similar to
drug addiction . Researchers found that "almost immediately after turning on the TV,
subjects
reported feeling more relaxed , and because this occurs so quickly and the tension returns
so rapidly after the TV is turned off, people are conditioned to associate TV viewing with a
lack of tension." Research also shows that regardless of the programming, viewers' brain waves
slow down, thus transforming them into a more passive, nonresistant state.
Historically, television has been used by those in authority to quiet discontent and pacify
disruptive people. "Faced with severe overcrowding and limited budgets for rehabilitation and
counseling, more and more
prison officials are using TV to keep inmates quiet ," according to Newsweek .
Given that the majority of what Americans watch on television is provided through channels
controlled by six mega corporations , what we watch is now controlled by a corporate elite
and, if that elite needs to foster a particular viewpoint or pacify its viewers, it can do so
on a large scale.
If we're watching, we're not doing.
The powers-that-be understand this. As television journalist Edward R. Murrow warned in a
1958 speech:
We are currently wealthy, fat, comfortable and complacent . We have currently a built-in
allergy to unpleasant or disturbing information. Our mass media reflect this. But unless we
get up off our fat surpluses and recognize that television in the main is being used to
distract, delude, amuse, and insulate us, then television and those who finance it, those who
look at it, and those who work at it, may see a totally different picture too late.
This brings me back to They Live , in which the real zombies are not the aliens calling the
shots but the populace who are content to remain controlled.
When all is said and done, the world of They Live is not so different from our own.
We, too, are focused only on our own pleasures, prejudices and gains. Our poor and
underclasses are also growing. Racial injustice is growing. Human rights is nearly nonexistent.
We too have been lulled into a trance, indifferent to others.
Oblivious to what lies ahead, we've been manipulated into believing that if we continue to
consume, obey, and have faith, things will work out. But that's never been true of emerging
regimes. And by the time we feel the hammer coming down upon us, it will be too late.
So where does that leave us?
The characters who populate Carpenter's films provide some insight.
Underneath their machismo, they still believe in the ideals of liberty and equal
opportunity. Their beliefs place them in constant opposition with the law and the
establishment, but they are nonetheless freedom fighters.
When, for example, John Nada destroys the alien hyno-transmitter in They Live , he restores
hope by delivering America a wake-up call for freedom.
That's the key right there: we need to wake up.
Stop allowing yourselves to be easily distracted by pointless political spectacles and pay
attention to what's really going on in the country.
The real battle for control of this nation is not being waged between Republicans and
Democrats in the ballot box.
As I make clear in my book Battlefield
America: The War on the American People , the real battle for control of this nation is
taking place on roadsides, in police cars, on witness stands, over phone lines, in government
offices, in corporate offices, in public school hallways and classrooms, in parks and city
council meetings, and in towns and cities across this country.
The real battle between freedom and tyranny is taking place right in front of our eyes, if
we would only open them.
All the trappings of the American police state are now in plain sight.
Wake up, America.
If they live (the tyrants, the oppressors, the invaders, the overlords), it is only because
"we the people" sleep.
"Has America Become A Dictatorship Disguised As A Democracy?"
Thanks to alternative media the answer is NO. It is important to note, however, that The
left, the Drive-By Media (MSM), and some corporations think we are now a dictatorship - and
they are the dictators. On a daily basis you see them spewing and sputtering and spinning in
circles claiming that we are a dictatorship and THEY are in charge! Sorry fuckwads -
ain't gonna happen.
This story from 1963 has something we instantly recognize in the bullshittery of David
Icke of this decade.
George is a name that means "farmer" So George Nada is farmer of nothing. Radell Faraday
Nelson knew an interesting lot of folks, many of whom including Burroughs were... what? From:
https://en.wikipedia.org/wiki/William_S._Burroughs
" Burroughs was born in 1914, the younger of two sons born to Mortimer Perry Burroughs
(June 16, 1885 – January 5, 1965) and Laura Hammon Lee (August 5, 1888 – October
20, 1970). His was a prominent family of English ancestry in St. Louis, Missouri . His grandfather,
William
Seward Burroughs I , founded the Burroughs Adding Machine company, which evolved into the
Burroughs
Corporation . Burroughs' mother was the daughter of a minister whose family claimed to be
closely related to Robert E. Lee . His maternal uncle,
Ivy Lee , was an
advertising pioneer later employed as a publicist for the Rockefellers. His father ran an
antique and gift shop, Cobblestone Gardens in St. Louis; and later in Palm Beach, Florida when they
relocated."
...Beat poets (right). Starving artists.
Anyway, Carpenter has done some great work. I remember "They Live" from the theater in '88
at 13. That and Die Hard. If you do a close read of this stuff you'll have fun for days. File
away Ray dosing LSD with PKD. That must have been awesome! So have at it.
Let me ask you, can one take a half step to waking up? Can one be half pregnant?
One of the all time best films I have watched. "They Live" is a really good movie. I have
seen it twice in my lifetime and am going to watch it again in a day or two. If you have
never seen it then you are in for a real treat. It is truly a film worth watching.
Sheep and people who can't think for themselves love dictators. They have a need for
someone they can look up to for "leadership" and to be "herded".
And, bye the way, let's set this article straight. America was never a "Democracy".
America, since the beginning, has been controlled by the elites, or the "Oligarchy". John
Adams once said, "if the majority were given real power, they would redistribute wealth and
dissolve the subordination so necessary for politics". The founding fathers were very much
like the vast majority of European Enlightenment thinkers and against Democracy.. From their
lofty perspective, they understood it to be a dangerous and chaotic form of uneducated mob
rule. The Founding Fathers felt the masses were not only incapable of ruling, but they were
considered a threat to the hierarchical social structures necessary for good governance.
So, the U.S. was formed as a "Republic", by devising a written constitution, which defined
to the masses, how the oligarchy would herd them, and toss them a few bread crumbs called the
"Bill of Rights", so the masses would feel assured of some respect and dignity and would
comply. (Yet, they allowed slavery and indentured-servitude to exist). America is still ruled
by an Oligarchy today, yet most Americans don't seem to know any better.(Perhaps the elites
were right about the masses being uneducated)? Even George Mason, a Virginia delegate to the
Constitutional Convention of 1787 described America as "a despotic aristocracy." Not much has
changed in the way Americans are governed in past 231 years. After all, who leads our country
today, but a dictatorial aristocratic billionaire. Again, Sheep like to be herded because
they don't know any better..
It's much worse than that Mr. Whitehead, much worse! We're at the begining stages of a
cathartic transformation that'll either wither the USA for good, or provide the impetus for
deep-seated change. For decades, we struggled to slow down the march of tyranny, and while we
may say we succeeded to an extent, it wasn't enough.
There was too much general ignorance, too much complacency, apathy, and freeloading to
make the efforts bear significant fruits, and just now, the last shoe has dropped thus, the
fundamental right that pillars all fundamental rights, the right to speech according to an
individual's preference, has just been stealthily abrogated, in the guise of preventing
election meddling, whatever that means.
Now, Americans are free to allow the US government to do with them as it wishes, the rest
of the world however, are not bound by that choice therefore, if we may advise the ROW (Rest
of World), it's time to inoculate, and quarantine yourselves against the virus that's
infected the USA.
It is glaring now, nothing anyone can do to halt the arrival of the accountant, absolutely
nothing. The best we can do, is advise the patriots to quarantine themselves, the Republic
cannot be restored just yet, and we don't know what it'll take, or when it'll happen but this
much we know, the time has come for the calibration of the USA.
Folks will scoff as usual, and that's not our concern, we are no longer allowed to be
involved actively, we'll pray for folks though, and hope they find the strength to persevere,
other than that, nothing else we can do, cause now, it really doesn't matter anymore, who
rules, or governs the US, it doesn't..
So now, we'll observe, and assist the faithful to grow in strength, prestige, and wealth,
they at least, understand what it's all about.
So to you my friends, vote or don't vote, it's irrelevant, advocate or not, it doesn't
matter, the Republicans might win, the Democrats might win, it doesn't matter, and it's not
worth caring about anymore. As the spoilt generation engage in their final acts of depravity
before they exit, we'll advise you to get out of their way, and observe keenly from a safe
distance.
The way to health as usual, goes through the rough valley of deprivation. Now, it's time
to concentrate on the healthy, and let the sick heal themselves, and the dead bury the dead,
while yet the living live fully.
We thought it was possible to reform the depraved, it wasn't...even we must admit the
limits of our efforts, it wasn't enough, oh what a crying shame...
Not a "slave"? Tell your ******* boss you quit, walk out, burn up your savings, crawl back
a beggar. What do you call it?
One of the (very successful) tactics of corporatism (fascism) is to destroy individual
inventiveness and entrepreneurship outside the big office. You become a wage slave, afraid to
lose a crappy job, in debt because of inadequate wages, bombarded by corporate propaganda.
Your kids are turned against you, because the ads say you're mean. You succumb, watch
distractions on corporate media that show you that the "others out there" are worse off and
trying to steal your stuff (which isn't paid for and is worthless). I dropped out a long time
ago. I'm an escaped slave, hiding out, picking up what I can, living in the tropics. When I
occasionally go back "home" and see friends who took the bait - hook, line and sinker - I
pity them.
One consolation - the corporate captains of industry are also slaves, but their cells are
a bit better than yours.
Always been comfortable with Carpenter. His dystopian world view is pretty close to the
awful reality of Western life. I live elsewhere.
I have been bothered by the changes in society for many years. I lived in many
dictatorships and Theocracies, and many of the trappings of those countries have now been
installed here in America. It is not just that, but also basic changes in the way people
think and act has brought this entire civilization to the brink. The US is not a
dictatorship, but it is way more controlled and less free than it was when I was young. Thing
is, change is always happening, nothing stands still. Societies age and become weak,
eventually falling into dictatorship after the people stop believing in self discipline and
self reliance, and start to live off of the gifts of the state. It is the death of a nation,
and a society as a whole.
But the entire advanced civilization we currently have is failing, due to the changes in
our belief systems. When we began to believe females are just males with different plumbing,
we started on the long decline to eventual destruction as a race. Families depend upon real
females to exist and thrive, and societies and the entire race depends upon families for
survival as a species. We have lost that.
Every society on earth is, or would like to become, a dictatorship disguised as a
democracy. No surprise there.
But, alas, foiled again. Damn those visionaries from 1776. If only we could convince
the
Americans to be more like the Euro-geldings, we'd be there already.
And now their poisonous ability to say no is starting to spread into the veins of the
already cowed and conquered.
latest example: politicos and media decrying the mysterious mailing of bombs by " trump
supporters " to the liberal elite as " unamerican " and " not our values " etc
I guess Boeing, Northrup Grumman and the rest of the MIC really hate bombs too, unless
they are purchased and deployed under cost plus plus contracts for the pentagon.
USA is droning 'enemy combatants' and 'collateral damage' without regard for the terror
that this sows, or should i say, with explicit intent to sow fear.
The worthy Guardians of Democracy have taught us that democracy is about being able to
bring down duly elected Governments by conducting espionage, promoting dissent, killing a few
popular leaders, funding colour revolutions and various Springs, installing henchmen and boot
lickers of their liking so that the Guardian Angels can walk in, turn the countries into
piles of rubble, plunder whatever wealth they have so that the Guardians themselves can live
a comfortable life – now this is real democracy.
It is not a dictatorship. It is a dicktatorship and run by crooks and murderers. The
dicktators are the people who own and control the media, the financial system and the major
political parties. Their power comes from their concentration money and information in their
exclusive control.
"... Attorney Michael Avenatti and his client Julie Swetnick have been referred to the Justice Department for criminal investigation for a "potential conspiracy to provide materially false statements to Congress and obstruct a congressional committee investigation, three separate crimes, in the course of considering Justice Brett M. Kavanaugh's nomination to the Supreme Court of the United States," according to a statement released by the Judiciary Committee. ..."
"... The referral has an entire section entitled: "issues with Mr. Avenatti's credibility," which starts out highlighting a 2012 dispute with a former business partner over a coffee chain investment in which accuser Patrick Dempsey said that Avenatti lied to him, while the company was also "reportedly involved in additional litigation implicating his credibility, including one case in which a judge sanctioned his company for misconduct." ..."
"... Swetnick - whose checkered past has called her character into question, alleges that Kavanaugh and a friend, Mark Judge, ran a date-rape "gang bang" operation at 10 high school parties she attended as an adult (yet never reported to the authorities). ..."
"... The Wall Street Journal has attempted to corroborate Ms. Swetnick's account, contacting dozens of former classmates and colleagues, but couldn't reach anyone with knowledge of her allegations . No friends have come forward to publicly support her claims. - WSJ ..."
"... Soon after Swetnick's story went public, her character immediately fell under scrutiny - after Politico reported that Swetnick's ex-boyfriend, Richard Vinneccy - a registered Democrat, took out a restraining order against her, and says he has evidence that she's lying. ..."
Attorney Michael Avenatti and his client Julie Swetnick have been referred to the Justice Department for criminal
investigation for a "potential conspiracy to provide materially false statements to Congress and obstruct a congressional
committee investigation, three separate crimes, in the course of considering Justice Brett M. Kavanaugh's nomination to the
Supreme Court of the United States," according to a statement released by the Judiciary Committee.
While the Committee was in the middle of its extensive investigation of the late-breaking
sexual-assault allegations made by Dr. Christine Blasey Ford against Supreme Court nominee Judge
Brett Kavanaugh, Avenatti publicized his client's allegations of drug- and
alcohol-fueled gang rapes in the 1980s. The obvious, subsequent contradictions along with the
suspicious timing of the allegations necessitate a criminal investigation by the Justice
Department.
"When a well-meaning citizen comes forward with information relevant to the committee's work, I
take it seriously. It takes courage to come forward, especially with allegations of sexual
misconduct or personal trauma. I'm grateful for those who find that courage," Grassley said. "
But
in the heat of partisan moments, some do try to knowingly mislead the committee
. That's
unfair to my colleagues, the nominees and others providing information who are seeking the
truth. It stifles our ability to work on legitimate lines of inquiry. It also wastes time and
resources for destructive reasons. Thankfully, the law prohibits such false statements to
Congress and obstruction of congressional committee investigations. For the law to work, we
can't just brush aside potential violations. I don't take lightly making a referral of this
nature, but ignoring this behavior will just invite more of it in the future."
Grassley referred Swetnick and Avenatti for investigation in a letter sent today to the Attorney
General of the United States and the Director of the Federal Bureau of Investigation. The letter
notes potential violations of 18 U.S.C. §§ 371, 1001 and 1505,
which respectively define
the federal criminal offenses of conspiracy, false statements and obstruction of Congress. The
referral seeks further investigation only, and is not intended to be an allegation of a crime
.
-
Senate
Judiciary Committee
The referral has an entire section entitled: "issues with Mr. Avenatti's credibility,"
which starts out highlighting a 2012 dispute with a former business partner over a coffee chain
investment in which accuser Patrick Dempsey said that Avenatti lied to him, while the company was
also "reportedly involved in additional litigation implicating his credibility, including one case
in which a judge sanctioned his company for misconduct."
Swetnick - whose checkered past has called her character into question, alleges that Kavanaugh
and a friend, Mark Judge, ran a date-rape "gang bang" operation at 10 high school parties she
attended
as an adult
(yet never reported to the authorities).
The allegations were posted by Avenatti over Twitter, asserting that Kavanaugh and Judge made
efforts to cause girls "
to become inebriated and disoriented so they could then be "gang
raped" in a side room or bedroom by a "train" of numerous boys
."
To try and corroborate the story, the
Wall
Street Journal
contacted "dozens of former classmates and colleagues," yet couldn't find
anyone who knew about the rape parties.
The Wall Street Journal has attempted to corroborate Ms. Swetnick's account, contacting
dozens of former classmates and colleagues,
but couldn't reach anyone with knowledge of
her allegations
. No friends have come forward to publicly support her claims. -
WSJ
smart traffic they say? Wowsers. I always wanted those lights to turn green immediately (when Im around).
And 24/7 tracking, so they can give you personal ads on LCD billboards while you walk past.
And better yet: access to lock or unlock your front door for a 'repairman'. Yeah that will work out great. I always wanted to
hand the keys to my home to outsiders for safe keeping, but now its automatic!
Amazing. What a different life we would all lead in this Smart City. /s
Was the assassination of JFK by Lee Harvey Oswald still getting as much media coverage three
weeks after his death as it did that first week after Nov. 22, 1963? Not as I recall.
Yet, three weeks after his murder, Jamal Khashoggi, who was not a U.S. citizen, was not
killed by an American, and died not on U.S. soil but in a Saudi consulate in Istanbul, consumes
our elite press.
The top two stories in Monday's Washington Post were about the Khashoggi affair. A third,
inside, carried the headline, "Trump, who prizes strength, may look weak in hesitance to punish
Saudis."
On Sunday, the Post put three Khashoggi stories on Page 1. The Post's lead editorial bashed
Trump for his equivocal stance on the killing.
Two of the four columns on the op-ed page demanded that the Saudis rid themselves of Crown
Prince Mohammed bin Salman, the prime suspect in ordering the execution.
Page 1 of the Outlook section offered an analysis titled, "The Saudis knew they could get
away with it. We always let them."
Page 1 of the Metro section featured a story about the GOP candidate for the U.S. Senate in
Virginia that began thus:
"Corey A. Stewart's impulse to use provocative and evidence-free slurs reached new heights
Friday when the Republican nominee for Senate disparaged slain Saudi Arabian journalist Jamal
Khashoggi
"Stewart appears to be moving in lockstep with extremist Republicans and conservative
commentators engaging in a whisper campaign to smear Khashoggi and insulate Trump from global
rebuke."
This was presented as a news story.
Inside the Business section of Sunday's Post was a major story, "More CEOs quietly withdraw
from Saudi conference." Featured was a photo of JP Morgan's Jamie Dimon, who had canceled his
appearance.
On the top half of the front page of the Sunday New York Times were three stories about
Khashoggi, as were the two top stories on Monday.
The Times' lead editorial Monday called for a U.N. investigation, a cutoff in U.S. arms
sales to Riyadh and a signal to the royal house that we regard their crown prince as
"toxic."
Why is our prestige press consumed by the murder of a Saudi dissident not one in a thousand
Americans had ever heard of?
Answer: Khashoggi had become a contributing columnist to the Post. He was a journalist, an
untouchable. The Post and U.S. media are going to teach the House of Saud a lesson: You don't
mess with the American press!
Moreover, the preplanned murder implicating the crown prince, with 15 Saudi security agents
and an autopsy expert with a bone saw lying in wait at the consulate to kill Khashoggi, carve
him up, and flee back to Riyadh the same day, is a terrific story.
Still, what ought not be overlooked here is the political agenda of our establishment media
in driving this story as hard as they have for the last three weeks.
Our Beltway elite can smell the blood in the water. They sense that Khashoggi's murder can
be used to discredit the Trump presidency, expose the amorality of his foreign policy and sever
his ties to patriotic elements of his Middle American constituency.
How so?
First, there are those close personal ties between Crown Prince Mohammad bin Salman, son
of the King, and Jared Kushner, son-in-law of the president of the United States.
Second, there are the past commercial connections between builder Donald Trump, who sold a
floor of a Trump building and a yacht to the Saudis when he was in financial straits.
Third, there is the strategic connection. The first foreign trip of the Trump presidency
was, at Kushner's urging, to Riyadh to meet the king, and the president has sought to tighten
U.S. ties to the Saudis ever since.
Fourth, Trump has celebrated U.S. sales arms to the Saudis as a job-building benefit to
America and a way to keep the Saudis as strategic partners in a Mideast coalition against
Iran.
Fifth, the leaders of the two wings of Trump's party in the Senate, anti-interventionist
Rand Paul and interventionist Lindsey Graham, are already demanding sanctions on Riyadh and
an ostracizing of the prince.
As story after story comes out of Riyadh about what happened in that consulate on Oct. 2,
each less convincing than the last, the coalition of forces, here and abroad, pressing for
sanctions on Saudi Arabia and dumping the prince, grows.
The time may be right for President Trump to cease leading from behind, to step out front,
and to say that, while he withheld judgment to give the Saudis every benefit of the doubt, he
now believes that the weight of the evidence points conclusively to a plot to kill Jamal
Khashoggi.
Hence, he is terminating U.S. military aid for the war in Yemen that Crown Prince Mohammed
has been conducting for three years. Win-win.
Yesterday
the news broke that Swamp Monster-In-Chief John Bolton has been pushing President Trump to
withdraw from the Intermediate-Range Nuclear Forces Treaty, the 1988 arms control agreement
between the US and the Soviet Union eliminating all missiles of a specified range from the
arsenals of the two nuclear superpowers. Today, Trump
has announced that he will be doing exactly as Bolton instructed.
This would be the second missile treaty between the US and Russia that America has withdrawn
from since it abandoned the Anti-Ballistic Missile Treaty
in 2002. John Bolton, an actual
psychopath who Trump hired as his National Security Advisor in April, ran point on that move as well
back when he was part of the increasingly indistinguishable Bush administration.
"This is why John Bolton shouldn't be allowed anywhere near US foreign policy," tweeted Senator
Rand Paul in response to early forecasts of the official announcement.
"This would undo decades of bipartisan arms control dating from Reagan. We shouldn't do
it. We should seek to fix any problems with this treaty and move forward."
"This is the most severe crisis in nuclear arms control since the 1980s," Malcolm Chalmers,
the deputy director general of the Royal United Services Institute,
told The Guardian .
"If the INF treaty collapses, and with the New Start treaty on strategic arms due to
expire in 2021, the world could be left without any limits on the nuclear arsenals of nuclear
states for the first time since 1972."
"A disaster for Europe," tweeted Russia-based journalist
Bryan MacDonald. "The treaty removed Cruise & Pershing missiles, and Soviet ss20's from the
continent. Now, you will most likely see Russia launch a major build up in Kaliningrad &
the US push into Poland. So you're back to 1980, but the dividing line is closer to
Moscow."
"Russia has violated the agreement. They've been violating it for many years and I don't
know why President Obama didn't negotiate or pull out," Trump told reporters in Nevada.
"We're not going to let them violate a nuclear agreement and do weapons and we're not
allowed to. We're the ones that have stayed in the agreement and we've honored the agreement
but Russia has not unfortunately honored the agreement so we're going to terminate the
agreement, we're going to pull out."
What Trump did not mention is that the US has indeed been in
violation of that agreement due to steps it began taking toward the development of a new
ground-launched cruise missile last year. The US claims it began taking those steps due to
Russian violations of the treaty with its own arsenal, while Russia claims the US has already
been in violation of multiple arms control, nonproliferation, and disarmament agreements.
So, on the one front where cooler heads prevailing is quite literally the single most
important thing in the world, the exact opposite is happening. Hotter, more impatient, more
violent, more hawkish heads are prevailing over diplomacy and sensibility, potentially at the
peril of the entire world should something unexpected go wrong as a result. This is of course
coming after two years of Democratic Party loyalists attacking Trump on the basis that he has
not been sufficiently hawkish toward Russia, and claiming that this is because he is Putin's
puppet.
In response to this predictable escalation the path for which has been lubricated by
McResistance pundits and their neoconservative allies, those very same pundits are now reacting
with horror that Putin's puppet is now dangerously escalating tensions with Putin.
"BREAKING: Trump announces that the United States will pull out of the Intermediate-Range
Nuclear Forces Treaty that the US has been in for 31 years," exclaimed the popular
Russiagater Brian Krassenstein in a tweet that as of this writing has over 5,000 shares.
"Welcome back to the Cold War. This time it's scarier And no, It's not Obama, or Hillary or the
Democrat's fault. It's ALL TRUMP!"
"Hilarious to listen to all this alarmed screaming about US withdrawal from INF Treaty
emanating from those who for 2 years have been demanding that Trump get tough with Russia,"
tweeted George Szamuely
of the Global Policy Institute. "Now that they've got their arms race I hope they are pleased
with themselves."
"Are those who have spent the past two years warning of a Trump-Kremlin conspiracy &
cheering confrontation w/ Russia ready to shut the fuck up yet?" asked Aaron Maté, who
has been among the most consistently lucid critics of the Russiagate narrative in the US.
Are they ready to shut the fuck up? That would be great, but this is just the latest
escalation in a steadily escalating new cold war, and these blithering idiots didn't shut the
fuck up at any of the other steps toward nuclear holocaust.
They didn't shut the fuck up when this administration adopted a Nuclear
Posture Review with greatly increased aggression toward Russia and blurred lines between
when nuclear strikes are and are not appropriate.
As signs point to Mueller's investigation
wrapping up in the near future without turning up a single shred of evidence that Trump
colluded with the Russian government, it's time for everyone who helped advance this toxic,
suicidal anti-Russia narrative to ask themselves one question: was it worth it? Was it worth it
to help mount political pressure on a sitting president to continually escalate tensions with a
nuclear superpower and loudly screaming that he's a Putin puppet whenever he takes a step
toward de-escalation? Was it worth it to help create an atmosphere where cooler heads don't
prevail in the one area where it's absolutely essential for everyone's survival that they do?
Or is it maybe time to shut the fuck up for a while and rethink your entire worldview?
* * *
Thanks for reading! The best way to get around the internet censors and make sure you see
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Caitlin Johnstone , or my previous book
Woke: A Field Guide for Utopia Preppers .
The middle class in America has been declining for decades, and we continue to get even more
evidence of the catastrophic damage that has already been done.
According to the Social Security
Administration, the median yearly wage in the United States is just $30,533 at this point.
That means 50 percent of all American workers make at least that much per year, but that also
means that 50 percent of all American workers make that much or less per year. When you divide
$30,533 by 12, you get a median monthly wage of just over $2,500. But of course nobody can
provide a middle class standard of living for a family of four for just $2,500 a month, and we
will discuss this further below. So in most households at least two people are working, and in
many cases multiple jobs are being taken on by a single individual in a desperate attempt to
make ends meet. The American people are working harder than ever, and yet the middle class just
continues to erode .
The deeper we dig into the numbers provided by the Social Security Administration, the more
depressing they become. Here are just a few examples from their official website
-34 percent of all American workers made less than $20,000 last year.
-48 percent of all American workers made less than $30,000 last year.
-59 percent of all American workers made less than $40,000 last year.
-68 percent of all American workers made less than $50,000 last year.
At this moment, the federal poverty level for a family of five is $29,420 , and yet about half the workers in
the entire country don't even make that much on a yearly basis.
So can someone please explain to me again why people are saying that the economy is "doing
well"?
Many will point to how well the stock market has been doing, but the stock market has not
been an accurate barometer for the overall economy in a very, very long time.
And the stock market has already fallen
nearly 1,500 points since the beginning of the month. The bull market appears to be over
and the bears are licking their chops.
No matter who has been in the White House, and no matter which political party has
controlled Congress, the U.S. middle class has been systematically eviscerated year after year.
Many that used to be thriving may still even call themselves "middle class", but that doesn't
make it true.
You would think that someone making "the median income" in a country as wealthy as the
United States would be doing quite well. But the truth is that $2,500 a month won't get you
very far these days.
First of all, your family is going to need somewhere to live. Especially on the east and
west coasts, it is really hard to find something habitable for under $1,000 a month in 2018.
If you live in the middle of the country or in a rural area, housing prices are significantly
cheaper. But for the vast majority of us, let's assume a minimum of $1,000 a month for
housing costs.
Secondly, you will also need to pay your utility bills and other home-related expenses.
These costs include power, water, phone, television, Internet, etc. I will be extremely
conservative and estimate that this total will be about $300 a month.
Thirdly, each income earner will need a vehicle in order to get to work. In this example
we will assume one income earner and a car payment of just $200 a month.
So now we are already up to $1,500 a month. The money is running out fast.
Next, insurance bills will have to be paid. Health insurance premiums have gotten
ridiculously expensive in recent years, and many family plans are now well over $1,000 a
month. But for this example let's assume a health insurance payment of just $450 a month and
a car insurance payment of just $50 a month.
Of course your family will have to eat, and I don't know anyone that can feed a family of
four for just $500 a month, but let's go with that number.
So now we have already spent the entire $2,500, and we don't have a single penny left over
for anything else.
But wait, we didn't even account for taxes yet. When you deduct taxes, our fictional
family of four is well into the red every month and will need plenty of government
assistance.
This is life in America today, and it isn't pretty.
In his most recent article, Charles Hugh Smith estimated that an income of at
least $106,000 is required to maintain a middle class lifestyle in America today. That
estimate may be a bit high, but not by too much.
Yes, there is a very limited sliver of the population that has been doing well in recent
years, but most of the country continues to barely scrape by from month to month. Out in
California, Silicon Valley has generated quite a few millionaires, but the state also has the
highest poverty in the entire nation. For every Silicon Valley millionaire, there are thousands
upon thousands of poor people living in towns such as
Huron, California
Nearly 40 percent of Huron residents -- and almost half of all children -- live below the
poverty line, according to the U.S. Census Bureau. That's more than double the statewide rate
of 19 percent reported last month, which is the highest in the U.S. The national average is
12.3 percent.
"We're in the Appalachians of the West," Mayor Rey Leon said. "I don't think enough
urgency is being taken to resolve a problem that has existed for way too long."
Multiple families and boarders pack rundown homes, only about a quarter of residents have
high school diplomas and most lack adequate health care in an area plagued with diabetes and
high asthma rates in one the nation's most polluted air basins.
One recent study found that the gap between the wealthy and the poor is the largest that it
has been
since the 1920s , and America's once thriving middle class is evaporating right in front of
our eyes.
We could have made much different choices as a society, but we didn't, and now we are going
to have a great price to pay for our foolishness...
Facebook's New Troll-Crushing "War Room" Confirms Surveillance By Corporation Is The New
America
by Tyler Durden
Sun, 10/21/2018 - 22:30 270 SHARES
Facebook on Wednesday briefed journalists on its latest attempt to stop fake news during the
election season , offering an exclusive tour of a windowless conference room at its California
headquarters, packed with millennials monitoring Facebook user behavior trends around the
clock, said
The Verge .
This is Facebook's first ever "war room," designed to bring leaders from 20 teams,
representing 20,000 global employees working on safety and security, in one room to lead a
crusade against conservatives misinformation on the platform as political
campaigning shifts into hyperdrive in the final weeks leading up to November's US midterm
elections. The team includes threat intelligence, data science engineering, research, legal,
operations, policy, communications, and representatives from Facebook and Facebook-owned
WhatsApp and Instagram.
"We know when it comes to an election, every moment counts," said Samidh Chakrabarti, head
of civic engagement at Facebook, who oversees operations in the war room.
"So if there are late-breaking issues we see on the platform, we need to be able to detect
and respond to them in real time, as quickly as possible."
This public demonstration of Facebook's internal efforts comes after a series of security
breaches and user hacks, dating back to the 2016 presidential elections. Since the announcement
of the Cambridge Analytics privacy scandal in March, Facebook shares have plunged -14.5% It
seems the war room is nothing more than a public relations stunt, which the company is
desperately trying to regain control of the narrative and avoid more negative headlines.
The war room is staffed with millennials from 4 am until midnight, and starting on Oct. 22,
social media workers will be monitoring trends 24/7 leading up to the elections. Leaders from
20 teams will be present in the room. Workers will use machine learning and artificial
intelligence programs to monitor the platform for trends, hate speech, sophisticated trolls,
fake news, and of course, Russian, Chinese, and Iranian interference.
Nathan Gleicher, Facebook's head of cybersecurity, told CNBC the company wants fair
elections, and that "debate around the election be authentic. ... The biggest concern is any
type of effort to manipulate that."
In the first round of presidential elections in Brazil, Facebook's war room identified an
effort to suppress voter turnout:
"Content that was telling people that due to protest, that the election would be delayed a
day," said Chakrabarti. "This was not true, completely false. So we were able to detect that
using AI and machine learning. The war room was alerted to it. Our data scientist looked into
what was behind it and then they passed it to our engineers and operations specialist to be
able to remove this at scale from our platform before it could go viral."
The war room has been focused on the US and Brazilian elections because it says
misinformation in elections is a global problem that never ends. Gleicher warns that Facebook
is observing an increased effort to manipulate the public debate ahead of US midterms.
"Part of the reason we have this war room up and running, is so that as these threats
develop, not only do we respond to them quickly, but we continue to speed up our response, and
make our response more effective and efficient." Gleicher adds that it is not just foreign
interference but also domestic "bad actors" who are hiding their identity, using fake accounts
to spread misinformation.
"This is always going to be an arms race, so the adversaries that we're facing who seek to
meddle in elections, they are sophisticated and well-funded," said Chakrabarti.
"That is the reason we've made huge investments both in people and technology to stay
ahead and secure our platforms."
Big Brother is watching you: surveillance by corporations is the new America.
One of the privileges granted to corporations under State laws is the limitation of
liabilities as to shareholders. If you operate a business as a sole proprietor or as one of
the partners in a general partnership, then you can personally be sued for the unpaid debts
or other liabilities arising from the operation of the business. But if you are an owner of a
corporation, which is what shareholders are, then you have no personal liability and can't be
held accountable for the unpaid debts or other liabilities arising from the operation of the
corporation.
This limited liability privilege is what is wrong with corporations. The most you stand to
lose as a shareholder is what you paid for your shares. As a result, corporations can amass a
large amount of capital and when they become very large they not only damage free market
competition, but they power associated with their size and importance gives them control over
the political process. They can lobby and bribe politicians for laws that are favourable to
themselves, and unfavourable to the rest of us. And shareholders lose control over the
operation, just like your vote for politicians is relatively meaningless as a percentage of
the total vote. Management takes over, just like the elite take over governments, and ethics
disappear.
If shareholders of corporations did not have limited liability, the incentive to buy
shares would disappear, and most businesses would be carried out by small entities; we would
have a competitive "mom and pop" economy instead of a monopoly or oligopoly type economy. And
with a competitive economy if one of the competitors pulled the **** that the big internet
corporations pull, they would soon suffer the wrath of their customers who would have
alternative places to go.
Corporate laws are just another example of government interference in the economy that
produces the bad results we see today from corporatism. Corporatism is just another mechanism
to create rule by the elite and slavery for the majority. The solution is to prohibit States
from franchising corporations, and to use existing anti-trust laws to bust up all the big
corporations.
It is sad that so many people think that corporatism is capitalism and then reach the
conclusion that socialism or communism is the solution to the bad results they see today. It
is not. Capitalism is a free market with no government granted privilege to any of the
competitors. The only role of government in the economy is to protect rights, instead of
destroying rights as they do today.
I just had to uninstall my ESET anti-virus software. It was intentionally erasing utorrent
from my computer. To get to Pirate Bay, now blocked in the USA, I set my VPN to Belgium.
Almost immediately, I started getting messages from my e-mail provider, MSN, asking if I was
signing in from Belgium. When I make any payments via Internet banking, I have to turn off my
VPN or the transaction will not be recognized. When Trump and his NWO puppeteers decide to
take their gloves off, I am pretty sure my Internet connection will be on the Kill List. Just
like yours, you ZH posters.
That is why my description on Facebook states that if you post political information you
will be unfollowed. I only allow photos of kittens and well a lot of nebulous stuff,
education, and health and fitness. If they knew my ideas I would be followed by all the
worlds security agencies. I am resolved to help people become Normal within the infosphere. I
allow no politics because politics is Fake News and the sooner people forget about the
concept the sooner they will be inclined to decentralize existing concentrations of
wealth.
" The war room is staffed with millennials from 4 am until midnight, and starting on Oct.
22, social media workers will be monitoring trends 24/7 leading up to the elections. Leaders
from 20 teams will be present in the room. Workers will use machine learning and artificial
intelligence programs to monitor the platform for trends, hate speech, sophisticated trolls,
fake news, and of course, Russian, Chinese, and Iranian interference."
With all this fascist (and highly provocative) techno-insanity at their disposal
before the midterms...
...what, pray tell, will these pointy-headed leftist brats say about a red
asshamering in November?
Their silly "war room" wasn't expansive or invasive enough...?
Even the dullest people should be able to figure out that the easiest way to divulge the
truth about anything is to allow ALL information to flow like a stream. Whoever's telling the
lies will be discovered apace. Of course, FaceBook, Google, Twitter and all of the other
corporate entities know this. And they also know who the (((great masters of the lie))) are.
It is themselves. They are in panic mode, folks. We must kill this latest effort of
(((theirs))) by simply avoiding their platforms. Use their own weapons against them...
BOYCOTT. Seek alternative sites and search engines. Most importantly, spread far and wide
what you know to be their ulterior motives.
About half of nonelderly Americans have one or more pre-existing health conditions,
according to a recent brief by the U.S. Department of Health and Human Services, or HHS,
that examined the prevalence of conditions that would have resulted in higher rates,
condition exclusions, or coverage denials before the ACA. Approximately 130 million
nonelderly people have pre-existing conditions nationwide, and, as shown in the table
available below, there is an average of more than 300,000 per congressional district.
Nationally, the most common pre-existing conditions were high blood pressure (44 million
people), behavioral health disorders (45 million people), high cholesterol (44 million
people), asthma and chronic lung disease (34 million people), and osteoarthritis and other
joint disorders (34 million people).
While people with Medicaid or employer-based plans would remain covered regardless of
medical history, the repeal of pre-ex protections means that the millions with pre-existing
conditions would face higher rates if they ever needed individual market coverage. The
return of pre-ex discrimination would hurt older Americans the most. As noted earlier,
while about 51 percent of the nonelderly population had at least one pre-existing condition
in 2014, according to the HHS brief, the rate was 75 percent of those ages 45 to 54 and 84
percent among those ages 55 to 64. But even millions of younger people, including 1 in 4
children, would be affected by eliminating this protection.
We're getting close to the end now. Can you feel it? I do. It's in the news, on the streets,
and in your face every day. You can't tune it out anymore, even if you wanted to.
Where once there was civil debate in the court of public opinion, we now have censorship
, monopoly , screaming , insults
,
demonization , and, finally, the use of force to
silence the opposition. There is no turning back now. The political extremes are going to war,
and you will be dragged into it even if you consider yourself apolitical.
There are great pivot points in history, and we've arrived at one. The United States,
ruptured by a thousand grievance
groups , torn by shadowy agencies drunk on a
gross excess of power ,
robbed blind by oligarchs and their treasonous henchmen and decimated by frivolous wars of choice, has
finally come to a point where the end begins in earnest. The center isn't holding indeed,
finding a center is no longer even conceivable. We are the schizophrenic nation, bound by no
societal norms, constrained by no religion, with no shared sense of history, myth, language,
art, philosophy, music, or culture, rushing toward an uncertain future fueled by nothing more
than easy money, hubris, and sheer momentum.
There comes a time when hard choices must be made...when it is no longer possible to remain
aloof or amused, because the barbarians have arrived at the gate. Indeed, they are here now,
and they often look a whole lot like deracinated, conflicted, yet bellicose fellow Americans,
certain of only one thing, and that is that they possess "rights", even though they could
scarcely form an intelligible sentence explaining exactly what those rights secure or how they
came into being. But that isn't necessary, from their point of view, you see. All they need is
a "voice" and membership in an approved victim class to enrich themselves at someone else's
expense . If you are thinking to yourself right now that this does not describe you, then guess
what? The joke's on you, and you are going to be expected to pay the bill that "someone else"
is you.
In reality, though, who can blame the minions, when the elites have their hand in the till
as well? In fact, they are even more hostile to reasoned discourse than Black Lives Matter , Occupy Wall Street,
or
Antifa . Witness the complete meltdown of the privileged classes when President Trump
mildly suggested that perhaps our "intelligence community" isn't to be trusted, which is after
all a fairly sober assessment when one considers the track record of the CIA ,
FBI , NSA
, BATF, and the other assorted Stasi agencies. Burning cop cars or bum-rushing
the odd Trump supporter seems kind of tame in comparison to the weeping and gnashing of teeth
when that hoary old MIC "intelligence" vampire was dragged screaming into the light. Yet Trump
did not drive a stake into its heart, nor at this point likely can anyone... and that is
exactly the point. We are now Thelma and Louise writ large. We are on
cruise control, happily speeding towards the cliff, and few seem to notice that our not so
distant future involves bankruptcy, totalitarianism, and/or nuclear annihilation. Even though
most of us couldn't identify the band, we nonetheless surely live the lyrics of the Grass
Roots : "Live for today, and don't worry about tomorrow."
The "Defense" Department, "Homeland" Security, big pharma, big oil, big education, civil
rights groups, blacks, Indians, Jews, the Deep State, government workers, labor unions,
Neocons, Populists, fundamentalist Christians, atheists, pro life and pro death advocates,
environmentalists, lawyers, homosexuals, women, Millenials, Baby Boomers, blue collar/white
collar, illegal aliens... the list goes on and on, but the point is that the conflicting
agendas of these disparate groups have been irreconcilable for some time. The difference today
is that we are de facto at war with each other, and whether it is a war of words or of actual
combat doesn't matter at the moment. What matters is that we no longer communicate, and when
that happens it is easy to demonize the other side. Violence is never far behind ignorance.
I am writing this from the bar at the Intercontinental
Hotel in Vienna, Austria. I have seen
with my own eyes the inundation of Europe with an influx of hostile aliens bent on the
destruction of Old Christendom, yet I have some hope for the eastern European countries because
they have finally recognized the threat and are working to neutralize it. Foreign malcontents
can never be successfully integrated into a civilized society because they don't even intend to
try;
they intend to conquer their host instead. Yet even though our own discontents are domestic
for the most part, we have a much harder row to hoe than Old Europe because our own "invaders"
are well entrenched and have been for decades, all the way up to the highest levels of
government. That there are signs Austria is finally waking up is a good thing, but it serves to
illustrate the folly of expecting the hostile cultures within our own country to get along with
each other without rupturing the republic. Indeed, that republic died long ago, and it has been
replaced by a metastasizing mass of amorphous humanity called the American Empire, and it is at
war with itself and consuming itself from within.
Long ago, we once knew that as American citizens each of us had a great responsibility. We
were expected to work hard, play fair, do unto others as we would have them do unto us, and
serve our country when called upon to do so. Today, we don't speak of duty, except in so much
as a slogan to promote war, but we certainly do speak of benefits for ourselves and our "group"
of entitled peeps. We will fail because of our greed and avarice. The United States of Empire
has become quite simply too big, too
diverse , and too
"exceptional" to survive.
The US belief in free markets isn't doing them any favours.
What goes wrong with free markets?
They found out in the 1930s, after believing in free markets in the 1920s.
Henry Simons was a firm believer in free markets, which is why he was at the University of
Chicago in the 1930s.
Having experienced 1929 and the Great Depression, he knew that the only way market
valuations would mean anything would be if the bankers couldn't inflate the markets by
creating money through loans.
Henry Simons and Irving Fisher supported the Chicago Plan to take away the bankers ability
to create money, so that free market valuations could have some meaning.
The real world and free market, neoclassical economics would then tie up.
The mandate to fight for the Republic ends in November, after that, it's optional. We'll
keep our part of the bargain, after that, the USA is on her own. There are too many people
who refuse to understand that the way to national health, goes through some rough valleys,
from the President, through congress, the states, and down to the regular folks.
Many are not paying attention, those that understand, are busy looting what's left, those
that'll pay, are wringing their hands in helplessness, or burying their heads like ostriches,
hoping denial of reality, will protect them from reality.
The political class has made the determination that rather than acknowledge reality, and
adjust accordingly, they'll instead implement a surveillance state, ensure comfortable
positions for themselves, and oppress the plebs into compliance. The plebs on their part,
have sacrificed their honor, integrity, and conscience, hoping the world can be looted, to
keep their standard of living.
What the protagonists fail to understand, or understanding, refuse to acknowledge, is that
ROW (Rest of World), is not amenable to looting anymore. Lootable generations are fading
away, unlootabke generations replacing them.
It can be confidently asserted now, that the West, devoid of Europe, has cast the dice for
the final gamble thus, intimidate the world into lootability, or threaten to take everyone
down as well. The problem? Russia responded thus, game on! India responded thus, bring it on!
Pakistan responded thus, up yours! Africa is responding thus, really? China is yet to respond
clearly but we know where they stand thus, what?
Does that mean the end of America? No! It means the end of the American delusion
masquerading as dream. You can't carry on this way, refusing to acknowledge reality, hoping
to somehow do the impossible thus, overturn the laws of nature. You simply cannot game the
rules, no matter how clever. It's analogous to inhaling, but refusing to exhale, it's
unsustainable, impossible in fact!
You have to exhale, or explode, no third choice. You can exhale slowly, Powell's way,
exhale in one breath, Gorbachev's way, or refuse to exhale, British way, with the attendant
consequences, disorderly disintegration.
Trump is trying not to exhale, while still trying to inhale. It's schizophrenic because
you neither get the benefit of fresh oxygen, nor rid yourself of unpleasant carbon dioxide.
Every attempt to do both simultaneously, wastes the available oxygen, while the carbon
dioxide builds up, turning you BLUE in the face, when what you really require, is a healthy
red complexion.
It's a paradox really, that folks are running in reverse, and yet claim their destination
is ahead, it doesn't make sense, it's basically self deception writ large. Well, November is
practically here, and then, we'll be free of all obligations and can thus move on. We very
much look forward to our liberty, very much indeed, this Republic restoration business, has
not been profitable at all, we're cutting our losses...
Myriad, conflicting, "security" departments only further prove 9-11 was a coup d' etat.
Plus it's all about oil (and now ethanol, think water next). Where the US once sent aid to
places like Honduras we now use it as a mere drug distribution center.
"The center isn't holding indeed, finding a center is no longer even conceivable. We are
the schizophrenic nation, bound by no societal norms,"
Free Speech. Life, liberty, and the pursuit of happiness.
These are the core values of America. They are under attack, but still there. This is the
single thread that binds our history, culture, and identity together.
It's the left-cultural Marxist faction that has forgotten it, twisted it and made it about
'diversity.' Sold out our country to Chi-coms and globalists.
Anyone who doesn't understand this can either learn fast or GTFO
The best that can happen now - as many are jolted rudely out of their MSM-programmed sleep
- is for people to ask themselves, friends, neighbors, and - the $lime that currently runs
the place: how did we get to this nightmare the author describes? And sift the answers -
mercilessly.
They will - imho - all need to take a deep breath, and look way up/out in $cale to see the
structure and architects of the massive ponzi that has debilitated a whole planet via debt,
and cancel/walk away from it. The fish is the last to discover water. Let the rentier
universe implode. People need real money.
A lot of attention should be devoted to the techniques, authors and motives of the social
engineering that facilitated this debilitation. People need real culture.
The populism/nationalism heading towards (hopefully massive) decentralization we are now
starting to see (so reviled by all DS/NWO MSM, camp-followers/useful idiots) is the
beginning. People need real, local, democratic politics ASAP.
It was never truly an "American" empire, just as the British Empire was never truly
"British".
It was ran and blown up by Luciferian-Hazarian globalist parasites that made untold
profits on the way up, and down.
I would call it the Western Banking/Vatican/MIC Empire, with this empire of old being
represented by London as the financial center, the Vatican/Rome as the Spiritual/Religous
center, and Washington, D.C. as the Military center; and now the facade is cracking.
During the 20th century it successfully kicked off two world wars, spread its version of
globalization (and communism) benefiting the banksters the most (Bretton-Woods), installed a
debt-based fiat currency reserve system (globally), and more.
Now they're trying to do the same thing with China, all the while cut the US at it's
knees, and inundate Western Europe with the Muslim hordes they purposely destablized with
manufactured Middle Eastern wars. (China's trying to play both sides, btw)
Then kick off a possible WWIII, and the aftermath will have whomever's left begging for a
"peaceful" NWO, on any condition.
The losers in this scenario have been, and will be the vast majority of humanity,
regardless of nationality; unless a drastic change is made to the global financial/governance
system as a whole; and it won't be pretty but it will be worth it. How that looks, I truly
don't know.
I'm sure it gets more complex with various factions at the upper echelons, but that's my
summary in a nutshell....
Another of countless articles on the Hedge where all the symptoms are laid out in gruesome
detail while conveniently not stating who's behind the disintegration of the country.
"We are the schizophrenic nation, bound by no societal norms, constrained by no
religion, with no shared sense of history, myth, language, art, philosophy, music, or
culture, rushing toward an uncertain future fueled by nothing more than easy money, hubris,
and sheer momentum."
This is precisely what the (((nation wreckers))) have done throughout history. The
miscegenation of races and cultures, the breaking down of morals & religion (replaced by
a worship of money and Mammon), the erasure of the indigenous peoples' history and heritage,
a bastardization of language and philosophy, and debasement of all art and music... These are
but a few of the techniques employed by the parasitic entity. Once the cattle are adequately
milked, only slaughter remains for them before the butchers move on to their next host.
America WAS once a great idea, founded on white Christian ethics. Our Founders had a "no
foreign entanglements" mentality. No, it wasn't perfect, but it worked and our people
prospered. The sickness began in earnest when the eternal contagion was allowed free access
into our societal body in the 1880s. Like syphilis, its insidious influence has slowly eaten
away at our bodies and souls to the present point of insanity.
Bob... it's late and I must retire. However, I felt I owe you some sort of rebuttal.
I must admit, your vernacular leaves me somewhat puzzled and at a loss as to form any
cohesive and concise reply.
My references to Christendom were generalities. One can always find exceptions to any
definitive statement where weak humankind are concerned.
Suffice it to say that the European Christian peoples who inhabited this continent in the
18th & 19th Centuries were heartier and humbler folk than those alive today. "Generally"
speaking... they were God-fearing... guided by an ethos of humility and respect... divorce
was unheard of... children had a mother AND a father present... music and other communal
entertainments were wholesome... they had a pride in the forebearers' accomplishments... they
were taught a sound understanding of the 3 "R"'s... etc, etc...
"Generally" speaking... ALL of the above-mentioned attributes are absent today in a
majority of our citizenry. Think about that. Before (((they))) poisoned our reputable
wellspring, people were FAR better off.
So, yes... Christians had Inquisitions, Crusades, Wars, Conquests, etc... but, they also
had a value system which served as the basis for far-greater deeds, art, architecture and
civilization. Put on a scale, I'd say their philosophy has given the world far more "good"
than "bad". Only my humble opinion.
The social engineering - the cultural Marxism and other gambits used by the Parasite -
merits much (very public) attention to its goals, authors and techniques.
For the time being, the nation is involved in the uncivil war.
The geographical boundaries although somewhat still existing are not, nor ever will be, as
before, so clearly defined. The writer himself made this point. A fractured nation of special
interests with their various greviances sprinkled (forgive the pun) liberally throughout
every state, city, town, village, Berg, family or more accurately what is left of the family
.
Lies, corruption, distraction at every turn, and I would say a great majority are
oblivious to the primary threats and the larger games afoot.
A population ripe for continued abuse and exploitation, as they are well fed , well
entertained, and as Mr. Roberts is fond of pointing out, largely overcome by insouciance ...
devil take the hindmost ..
No it will end or begin in with some cataclysmic event, an event so great, that not even
the greatest liars and deceivers that the world has ever known will be able to cover up the
event, thus all doubt shall be removed at once, and all former lofty considerations of party
affiliation, social status, education , health care, corrupt government and money systems ,
shall seem like quaint and pleasant abstract discussions of the more innocent time.
In a new article titled " Mueller
report PSA: Prepare for disappointment ", Politico cites information provided by defense
attorneys and "more than 15 former government officials with investigation experience spanning
Watergate to the 2016 election case" to warn everyone who's been lighting candles at their
Saint Mueller altars that their hopes of Trump being removed from office are about to be dashed
to the floor.
"While [Mueller is] under no deadline to complete his work, several sources tracking the
investigation say the special counsel and his team appear eager to wrap up," Politico
reports.
"The public, they say, shouldn't expect a comprehensive and presidency-wrecking account of
Kremlin meddling and alleged obstruction of justice by Trump - not to mention an explanation
of the myriad subplots that have bedeviled lawmakers, journalists and amateur Mueller
sleuths," the report also says, adding that details of the investigation may never even see
the light of day.
An obscene amount of noise and focus, a few indictments and process crime convictions which
have nothing to do with Russian collusion, and this three-ring circus of propaganda and
delusion is ready to call it a day.
This is by far the clearest indication yet that the Mueller investigation will end with
Trump still in office and zero proof of collusion with the Russian government, which has been
obvious since the beginning to everyone who isn't a complete fucking moron. For two years the
idiotic, fact-free, xenophobic Russiagate conspiracy theory has been ripping through mainstream
American consciousness with shrieking manic hysteria, sucking all oxygen out of the room for
legitimate criticisms of the actual awful things that the US president is doing in real life.
Those of us who have been courageous and clear-headed enough to stand against the groupthink
have been shouted down, censored, slandered and smeared as assets of the Kremlin on a daily
basis by unthinking consumers of mass media propaganda, despite our holding the philosophically
unassailable position of demanding the normal amount of proof that would be required in a
post-Iraq invasion world.
As I
predicted long ago , "Mueller isn't going to find anything in 2017 that these vast,
sprawling networks wouldn't have found in 2016. He's not going to find anything by 'following
the money' that couldn't be found infinitely more efficaciously via Orwellian espionage. The
factions within the intelligence community that were working to sabotage the incoming
administration last year would have leaked proof of collusion if they'd had it. They did not
have it then, and they do not have it now. Mueller will continue finding evidence of corruption
throughout his investigation, since corruption is to DC insiders as water is to fish, but he
will not find evidence of collusion to win the 2016 election that will lead to Trump's
impeachment. It will not happen." This has remained as true in 2018 as it did in 2017, and it
will remain true forever.
None of the investigations arising from the Russiagate conspiracy theory have turned up a
single shred of evidence that Donald Trump colluded with the Russian government to rig the 2016
election, or to do anything else for that matter. All that the shrill, demented screeching
about Russia has accomplished is manufacturing support for
steadily escalating internet censorship , a
massively bloated military budget , a hysterical McCarthyite atmosphere wherein anyone who
expresses political dissent is painted as an agent of the Kremlin and any dissenting opinions
labeled "Russian talking points" , a complete lack of accountability for the Democratic
Party's brazen election rigging, a total marginalization of real problems and progressive
agendas, and an overall diminishment in the intelligence of political discourse. The
Russiagaters were wrong, and they have done tremendous damage already.
In a just world, everyone who helped promote this toxic narrative would apologize profusely
and spend the rest of their lives being mocked and marginalized. In a world wherein pundits and
politicians can sell the public a war which results in the slaughter of a million Iraqis and
suffer no consequences of any kind, however, we all know that that isn't going to happen.
Russiagate will end not with a bang, but with a series of carefully crafted diversions. The
goalposts will be moved, the news churn will shuffle on, the herd will be guided into
supporting the next depraved oligarchic agenda , and almost nobody will have the intellectual
honesty and courage to say "Hey! Weren't these assholes promising us we'll see Trump dragged
off in chains a while back? Whatever happened to that? And why are we all talking about China
now?"
But whether they grasp it or not, mainstream liberals have been completely discredited. The
mass media outlets which inflicted this obscene psyop upon their audiences deserve to be driven
out of business. The establishment which would inflict such intrusive psychological
brutalization upon its populace just to advance a few preexisting agendas has proven that it
deserves to be opposed on every front and rejected at every turn.
And those of us who have been standing firm and saying this all along deserve to be listened
to. We were right. You were wrong. Time to sit down, shut up, stop babbling about Russian bots
for ten seconds, and let those who see clearly get a word in edgewise.
* * *
Thanks for reading! The best way to get around the internet censors and make sure you see
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Caitlin Johnstone , or my previous book
Woke: A Field Guide for Utopia Preppers .
It's not over until every corrupt "player" who had a material role in the DemoRats'
corrupt scheme to fraudulently frame Trump is brought to justice. Not to do so means there's
absolutely no deterrent to prevent the DemoRats from repeatedly fraudulently weaponizing
government agencies to attack their political opponents (defined as "Obamunism'). After all,
this was the most egregious fraudulent and illegal political conspiracy in our nation's
history. The DemoRat players must spend a decade or more in the big house. You'd think the
MSM would like that, as the trials of the traitors to America would give the MSM fodder for
their endless psycho-babble and shift attention away from the MSM's complicity in
Obamunism.
That ******* **** Maddow is the deep state's Tokyo Rose and should be yanked from the
airwaves and prosecuted for seditious lies and slander. She has plenty of company at the
other major news networks as well.
Can you imagine all of the "Deer-Caught-In-The-Headlights" looks if Mueller were to come
out with an indictment of Hillary, the Decepticrats and the DNC? I can!
All of this Russia ******** has been a diversion to distract the current administration
and to inhibit the discovery of the real crimes that have been committed against the US and
the world since 1991 when GHWB took office... Everything from 9-11 to WMDs in Iraq to
billions of $$$ in cash being airlifted to Iran to Barry Soetoro being a stooge for Saudi
Arabia... They have bought themselves two years in the process, but they cannot stop the
truth coming out...
I spoke to an ex-pat Indian, now an American citizen; settled there for three decades and
more. Well knowledgeable. He praised Pres. Trump but told me, "But Trump did not win fair."
When I told him that this Russia probe is going to wind up, admitting no collusion, he was
surprised. Then I told him that his favourite media are lying to him; he was confused. Then I
asked him to google "Seth Rich"; he was stunned. Finally it dawned on him he was the Truman
without the benefit of a show. By the time I did my talk over, about 20 minutes later, he was
a much chastised man. He had the intellectual integrity to admit that he was wrong, that he
had been fooled and he ought to have been more careful.
Thank you Caitlin, you have been a truth advocate from the beginning. We have been waiting
for #Russiagate ******** to end and embarrass the Democrats. Unfortunately, President Trump
is starting to be hostile towards Russia now. What a pity it was, that Democrats ruined a
chance of Peace !
The entire Mueller probe is based on a lie... Rosenstein called for a special counsel
without evidence of a crime being committed and no, collusion is not a crime on the
books...
Why all of this has taken 2 years to come to light is beyond me.. The only answer is that
the entire affair has been a giant kabuki show on both sides of the aisle to keep the people
distracted and divided...
Not just the Obama admin spying on Trump, but to tie his hands in investigating everything
from billions of $$$ in cash being delivered to Iran, to who controls Barry Soetoro himself,
to Uranium one, to the Clinton Foundation and on and on and on... There is ample evidence
that the US was infiltrated by a Manchurian Candidate that was hell-bent on destroying the
country, but what we have gotten as a by-product is half of the country hating the US... Weak
minded lemmings that want socialism... The US is fucked and has been for decades... All part
of the reason I left...
The best part is, I hope Carter page , George papadopolous, Paul manafort, and myriad
Russian defendants drag their lawsuits out forever and bring unlimited documents into
discovery, pulling these **** head shill lawyers into never ending court circuses and
hopefully sue Mueller's team to recoup the wasted taxpayer millions. BTW much of this is the
fault of shills like McCain, Lindsay Graham, Ben Sasse, Jeff Flake, and the other neocon
establishment who would rather see Trump taken down by Democrat hoax operations than
legitimately beat them.
This is ridiculous, the result could not be clearer:
If there's any suggestion that Mueller's report cannot be released then we know without a
doubt that the report contains absolutely nothing of consequence.
Otherwise, why would they do so much preparation for disappointment.
I too hope that all the people who have been ruined by this debacle bring countless legal
actions that require public disclosure of alleged 'secret' documents.
In the end Trump will have to, regardless of protest from the UK or anyone else for that
matter, have to declassify the whole lot of it so that his false accusers are laid bare on
the alter of shame for all to see.
They never could win legitimately so they cheated like no other, and of course as the
foundation they used the queen cheater Hillary Clinton herself. I hope she does run for
election in 2020, it will be 3 strikes and the bitch is out. What an embarassement for
Hillary.
Gotta say this out loud ZH people- seeing first hand what the Democrats did 2011-2016,
getting way to close to government operations in my state, pushed me from left to the right
in absolute disgust with the left. Seemed like maybe the right is different and better
nowadays. However, general gay bashing and blatant racism on websites like this one scares
some and puts some moderates and Independents off the right. I'm all for #hetoo and Corey
Booker reaping what he sowed. What they did to Kavenaugh was despicable. A conservative party
that disavows racism, gaybashing and misogyny is highly appealing nowadays over the left. I'm
a card carrying member of the NRA, but when you start that gaybashing you all get scary and
make some reconsider voting red for fear of devolving. Want to change your gender? Knock
yourself out; none of my friggen business. But to force the taxpayer to pay for "gender
reassignment", and then claim there's no money for stopping and repairing the landslides in
Pennsylvania's red counties, and blame it on Trump? That's the insanity of the leftist
governor in my state. All you do when you attack a group over race, being gay or being women
is create a new class dependent victims for the left to "protect" and give a free ride in
exchange for votes. Hope this makes sense. Not as articulate as some here but hope I got the
point across.
The right was looking pretty good after Kavenaugh. Maybe this whole post and many of its
comments is a ploy to draw in the stupid and the trolls. This post and comments like yours
are making the right look like apes last minute before the midterms. Its working. You all
could have handled this news with some decency and some class and some tolerance and sealed
it for the republicans in the upcoming elections. But no. You let yourselves be drawn into
posts like this, for all the world to see that maybe nothing at all has changed about the
right. SMH.
Some of us who wanted to vote red might have a family member who is gay. Coworkers and
neighbors and friends who are black. Now we have to worry, after reading posts like yours,
that we'll be plunging loved ones back into a world of discrimination and maybe violence by
voting red. Thought all this crap was in the past. Nope. Still raging strong I see after
reading posts like these
I should think that there ought to be a change in American law wherein someone making a
sexual accusation without proof can be held liable financially and possibly criminally.
Booker must be sweating bullets now that his secret is out. Maybe he and the anointed one,
Obama, can get it on in a steam room in somewhere in D.C. together, with the Wookie looking
the other way.
Unless there is a smoking gun in regards to evidence, I do think we should stoop to their
lowness - play their game. Kill them with the rule of law. Be sympathetic to the gay man and
tell him if there is real evidence they will follow-up, but if not they have no grounds to go
anywhere with it. Show them what they SHOULD have done. Then let the rumors and paranoia of
potential evidence do the job on Booker. It will eat him up. Mean time, we move forward and
ride the Red Wave.
Forget about data collection. There are important issues that I would like to bring to
your attention before we go into frivolous stuff. Here are my monthly bills. To understand
this better I work in a field that pays be a 60k. Most people don't get that salary. I live
in a co op. I have to take the train to the city for work.
1) Rent_Mortgage - 800
2) Rental Insurance_ Co op Liability Insurance - 20
3) Co op Monthly maintenance - 400
4) State_Federal_City - ?
5) Metro North - 300
6) Car Payments - 200
7) Groceries - 150 (40*4)
8) Eating outside at work - 150
9) Subway - 120
10) Monthly parking at the train station - I need to drive to the metro north to get to
the train - 100
11) Parking - 80 (Optional)
12) Car Insurance - 60 (Optional)
13) Cell Phone - 75
14) Utilities_ Gas+Electricity+Heating - 75
15) Internet - 45
16) Netflix - 15
17) Laundry - 15 (if I did twice a month its 7.5*2 or three times it would be more like
5*3)
18) Microsoft _Adobe Buillshit - 10
19) Health Insurance - 80 (If its a family of 3 its around 150 with a high deductible)
20) Dental Insurance - 20
This is heavy. I have to spend money that I receive after getting taxed at 35%. I am being
generous here. Please feed me in with any thing that I have missed. This is without a family
for a single person. Add going out on dates with lousy chicks (Hey man I am trying to get
laid ok?), kids .. When you look at this does it all makes any sense at all. I am a
vegetarian. I don't eat meat, booze, nor smoke just because they are expensive.
I have to do some thing about it or else no chick can date me financially this sound
:(...
"We're not going to let them violate a nuclear agreement," Trump said Saturday after a
campaign rally in Elko, Nevada. "We're going to terminate the agreement."
As Russia continues to outmaneuver the US by developing new ballistic missiles like the 9M729
ground-launched cruise missile, as well
as hypersonic weapons
capable of carrying a nuclear payload,
President Trump said
Saturday that he plans to abandon a 1987 arms-control treaty that has (on paper, at least)
prohibited the US and Russia from deploying intermediate-range nuclear missiles
as Russia
has continued to "repeatedly violate" its terms according to the president, the
Associated Press reports.
"We're not going to let them violate a nuclear agreement," Trump
said Saturday after a campaign rally in Elko, Nevada. "We're going to terminate the agreement."
In a report that undoubtedly further complicated John Bolton's weekend trip to Moscow,
the Guardian revealed on Friday
that the national security advisor - in what some described as
an overreach of the position's typical role - had been pushing Trump to abandon the Intermediate
Range Nuclear Forces Treaty.
The announcement comes after the U.S. had been warning Russia it could resort to strong
countermeasures unless Moscow complies with international commitments to arms reduction under the
Intermediate-Range Nuclear Forces Treaty, a pact struck in the 1980s.
When first signed by President Ronald Reagan and Soviet leader Mikhail Gorbachev following their
historic 1986 meeting, the INF was touted as an important deescalation of tensions between the two
superpowers. But it has since become a flashpoint in the increasingly strained relationship between
the US and Russia, as both sides have accused the other of violating its terms.
But for the US, Russia is only part of the problem.
The New York Times
reported that the pact has limited the US from deploying weapons to counter
the burgeoning military threat
posed by
China in the Western Pacific,
where the country has ignored claims of sovereignty in the South
China Sea and transformed reefs into military bases. And since China was never a party to the
treaty, Beijing can hardly cry foul when the US decides to withdrawal, especially because Russia is
already openly using the treaty as toilet paper.
Speaking at a rally in Elko Nevada, President Trump accused Russia of violating the agreement
and said he didn't want to leave the US in a position where Russia would be free to "go out and do
weapons and we're not allowed to."
"Russia has violated the agreement. They have been violating it for many years," Trump said
after a rally in Elko, Nevada. "And we're not going to let them violate a nuclear agreement and
go out and do weapons and we're not allowed to."
Therefore, unless both Russia and China - which isn't a party to the pact - agree to
not
develop
these weapons, the US would be remiss to continue abiding by the terms of the
agreement.
"We'll have to develop those weapons,
unless Russia comes to us and China comes to us
and they all come to us and say let's really get smart and let's none of us develop those
weapons,
but if Russia's doing it and if China's doing it, and we're adhering to the
agreement, that's unacceptable," he said.
While the decision to abandon this treaty - which doesn't bode well for negotiations to extend
the New START treaty after it expires in 2021 - carries serious weight, many Americans and
Russians, having never lived through a war, might remain ignorant to the potential consequences, as
one analyst opined.
"We are slowly slipping back to the situation of cold war as it was at the end of the Soviet
Union, with quite similar consequences, but now it could be worse because (Russian President
Vladimir) Putin belongs to a generation that had no war under its belt," said Dmitry Oreshkin,
an independent Russian political analyst.
"These people aren't as much fearful of a war
as people of Brezhnev's epoch. They think if they threaten the West properly, it gets scared."
Russian President Vladimir Putin appeared to try and get in front of the US's decision to leave
this week when he declared that Russia would abide by a policy of nonaggression regarding its
nuclear arsenal,
agreeing only to use its nuclear weapons
if it is attacked first.
Although some inside the Pentagon are reportedly wary of abandoning the treaty, Putin's word is
hardly enough to reassure uberhawks like Bolton because the fact remains that if Russia did decide
to use any of the array of nuclear arms that it is currently developing, there would be nothing
stopping it. And with the US already behind in its push to manufacture advanced weapons like
hypersonic missiles, any obstacles to deploying these types of weapons will only serve to weaken
the US and strengthen its geopolitical adversaries.
Watch President Trump's remarks from the rally below:
The cold war was fought by people who lived through the horrors of
WWII. Both sides managed to control their respective neocons. That
generation is no longer in power and people that think a first
strike and a winnable nuclear war are possible are in control on
both sides. Yes, we have two tribes.
When I hear of democrats calling trump negative things, like
racist or whatever...I just laugh at their ignorant fat asses..
But here on ZH, people actually make good points on both sides
of trump being trojan horse for deep state, or trump fighting the
deep state..
I personally do not see evidence enough to draw a conclusion,
but I am hoping he is not deep state...in any case, its been
watching the left squirm, MSM going downhill in temper tantrums,
comey and others fired.. There is no proof that there is a supreme
being or "God" that created the earth. I just believe it because I
believe in His son...Maybe I will trust trump actually puts
hillary in jail..I mean coe on guys, as you notice, I am careful
about my decisions, but the crimes hillary has commited, and the
evidence to back it up, is beyond a shadow of a doubt, and
everyone here knows it...she needs to be in ******* gitmo
"
unless Russia comes to us and China comes to us and they
all come to us and say let's really get smart and let's none of us
develop those weapons
"
Does anybody believe Trump's offer is real?
Like the USA and Israel are going to give up their nuclear
weapons and missiles?
Yeah, give up weaponizing space and the missile (first-strike)
encirclement of Russia.
The MIC would not even allow the denuclearization of the Korean
penisula, nor withdrawal from any of the invaded/occupied nations.
The MIC wants to sell to the Saudis, re-arm Japan, and have Kiev
join NATO.
Who can believe the MIC-owned Congress will ratify any
disarmament treaties?
Will any Israeli-first president ever back a denuclearized
Israel?
Treaty or not MAD is still in effect... hopefully this will steady
the hand of the neocon scum who have hijacked the US government,
but with the current crop of demons in the state department who
knows?
You can expect that Kaliningrad is going to be armed with all
kinds of nuclear candies ready to blow Europe up as soo as they
see the strike is coming. How is that goign to help Poland or
Europe for that matter? I have no idea.
You can also expect that
the Russian's Subs and Poseidon are going to be around US shores
constantly ready for unleash Nuclear tsunamis with cobalt 60 in
them.
The Chines are going to build military and naval base in
Venezuela for sure with nukes and we could also see much more to
come.
Like we didn't have a Spanish fighter jet missile accidently
launched near Russian border just a couple of days ago.
Like we didn't see US Navy accidents crashing into tankers.
We do not really have a ******* adults running NATO nowadays.
Its all tranny shitshow with no nerves of steal and thinking.
If you thought the old Cold War hawks back there who wanted to
nuke Soviet Union and unleash Operation Northwood just to have a
war were crazy than think how stupid and out of touch with reality
this twats are.
That we haven't seen WW3 yet is becasue of Russians restrain
but once you push it too far and they increasingly are pushing it
too far, then they will murder our asses like beasts. Just look at
what the pilot who got shot down last time did. He rather blew
himself up with grenade killing as much terrorist as possible
after he ran out of ammo than being captured.
That is who we are dealing here with ladies & gentleman.
Is Trump even aware that the U.S. broke its "iron-clad guarantees"
that NATO would not expand "one inch eastward?" If I lived in
Russia, I would look nervously at the increasing military hardware
near my border
!
The "original" so-called intelligence report was a load of BS, I read it, I'm a computer
engineer of over 30 years experience. My opinion is that it was pure BS, "filler" posing as a
report, no evidence presented. Nothingburger. People then seized on it, waved it in the air,
and said, "Here's the proof!". That's a common tactic that's been used over, and over. Here's
the NY Times "correction". Note, after the correction, Hillary continued to spout the
nonsense that 17 agencies all agreed. It was ONLY the FBI, CIA Office of the Director of
National Intelligence (Dan Coats), and the NSA.
The puzzling part is this - since the "blame Russia" story is fake, why does the US
continue to harass and provoke Russia, via Nato, Bolton, Haley? Who's in charge??
Correction: June 29, 2017
A White House Memo article on Monday about President Trump's deflections and denials about
Russia referred incorrectly to the source of an intelligence assessment that said Russia
orchestrated hacking attacks during last year's presidential election. The assessment was
made by four intelligence agencies -- the Office of the Director of National Intelligence,
the Central Intelligence Agency, the Federal Bureau of Investigation and the National
Security Agency. The assessment was not approved by all 17 organizations in the American
intelligence community.
But what if comes out that they didn't break any law ? They can ask for reparations of
lost money because of sanction and then every sanctioned entity and individual in Russia can
ask for reparations because of bogus charges.
It seems likely the overwhelming record of the Mueller "probe" into "interference in US
elections" will be pretended prosecution of acts which never occurred or which violate no
statutory laws.
In other words, it's been a political stunt with no lawful foundation from the very
beginning.
Had they bothered to look into FBI and DNC/Hillary efforts to deceptively manipulate
public perception with false accusations, they would have found ample evidence of criminal
conduct.
I been waiting for some news on this one. I had heard a while back that Mueller tried to
deny the Russian company the ability to contest the charges with that weak *** "they haven't
been served properly" excuse only to have it rejected by the judge.
I hope this deflates on Mueller and leaves him open to charges by the others who he
alleges conspired to meddle in US elections.
FFS the US meddles in EVERYONE's elections they now kicking and screaming cuz someone
might have setup a troll farm or dispensed some info on Hillary that might not have been true
(can it be?)
This will play out badly for the Mueller team, the judge already hates them and is
disgusted by their tactics.
"Made up a crime to fit the facts they have" is a normal mode of operation for federal
prosecutors. Hopefully the judge throws out all charges, but unlikely to have a broader
impact on non-stop fabrications by US attorneys.
What this accusation boils down to is saying that the Russian firm's deception is "proof"
that they thought they were violating US law, and that this intention to break a non-existent
law constitutes a framework under which they can be convicted of breaking a non-existent law.
The crazy never stops. Mueller and his minions should be disbarred.
Why is there any requirement to identify oneself beyond an alias, unless there are
obligations of debt involved. Even there, the LLC places a barrier between an individual and
the creditor.
I post with a pseudonym. My pseudonymous identity bears responsibility for its own
reputation.
ELECTION MEDDLING (as defined by Mueller and Kravis): every VPN blogger and/or user with
more than one GMail account.
But NOT multi-million dollar foreign "contributions" to the Clinton Foundation. That have
dried up since November of 2016. Oh no, nothing meddling about over there.
By participation, do they mean like polls that consistently show the USA as the greatest
impediment to global peace and tranquility? Or the numerous opinion sharers that the US
government is depraved? Or like the kind of participation of Victoria "**** the EU" Nuland?
Or like the Western sponsored Jihadi headchoppers hired to interfere in Syrian elections? Or
like the US military fueled aggression against Yemeni sovereignty? Or like the US/Clinton
sponsored destabilization of Libyan democracy? Or like the Obama/US sponsored destabilization
of Egypt? Or like the US/Western sponsored failed coup in Turkey?
Or most crucially, the US/neoconservative never ending direct interference in internal
Russian affairs?
These need to be clarified so folks can understand what meddling/interference/intervention
means. It's not enough to point fingers, when worse activities have been, are being carried
out by the pointers. Any society that abandons basic ethics, is one destined for the scrap
heap of history.
Americans have forgotten what it means to be Americans, and this desperate gambit by the
DOJ highlights viscerally, that the American system of government, one based on ethical
values, is no more! It demonstrates the fragility of the system.
God alone knows if salvage is possible now, the USA has in the blink of an eye, become the
erstwhile USSR, overly sensitive to the unworkability of its sociopolitical system. It is the
end game of unsustainable imperium.
"Rather, the allegation is that the company knowingly engaged in deceptive acts that
precluded the FEC, or the Justice Department, from ascertaining whether they had broken the
law. -
Bloomberg " I didn't know Prof. Irwin Corey worked for the US Attorney's office. By this
explanation whether you break a law or not you can be guilty of precluding these agencies
from determining that you did not break a law, even if whatever you did to prevent such
determination was not illegal.
didn't the Judge in Manaforts trial do something similar when he called out the Mueller
team on their motivation's for bringing Manafort up on old charges the DOJ had previously
declined to prosecute him on?
Amerika is 180 degree turn from my logic. Mueler presented fake evidence and fabricated
Lockerbie trial. He was working with Steele.
So this is great guy to head FBI and bull sheet Russia medling. In normal country, guy
like Mueler is so discredired that can be hapi to have county investigator job, not
government job
LOL, Mueller's investigation is fucked. Indeed, they are going to have to bring forth the
evidence via discovery.
It will come to light they manufactured a crime without the evidence. Also, if they don't
drop the case they're running the risk of exposing even more crimes they committed.
This is where the American people should rise up and repeal prosecutorial immunity and
make the real criminal's pay the price for manufacturing crime's! Care to speculate how many
prosecutor's wouldn't even touch a potential criminal with doubt of innocence, if indeed
prosecutors were held accountable for their own crimes???
Like I've said, people have NO idea how raunchy and corrupt this manufactured Mueller
investigation is, once the unredacted FISA warrant and 302's are released, the people will
realize both the seditious and traitorous behavior that went on in the ObamaSpy ring to frame
Trump!
Citing "three people familiar", Bloomberg reports that on Thursday, around the time when the
Trump administration was contemplating next steps in the Saudi Arabia fiasco, Trump's chief of
staff, John Kelly, and his national security adviser, John Bolton, engaged in a
"profanity-laced" shouting match outside the Oval Office.
The shouting match was so intense that other White House aides worried one of the two men
might immediately resign. Neither is resigning, the people said.
While one possible reason for the argument is which of the two admin officials was more
excited to start war in [Insert Country X], Bloomberg said that it wasn't immediately clear
what Trump's chief of staff and national security adviser were arguing about. However, the
clash was the latest indication that tensions are again resurfacing in the White House 19 days
before midterm elections.
It's not clear if Trump heard the argument. "but the people said he is aware of it."
"... By Marshall Auerback, a market analyst and commentator ..."
"... Tim Geithner, Hank Paulson, Ben Bernanke and Larry Summers to this day resist the idea that adopting FDIC style reforms, which would have provided a rational resolution to the foreclosure crisis (albeit, at a cost of destroying the capital base of the big Wall Street banks). Summers dismissed these ideas as something akin to "socialism " ..."
"... Faced with the choice of preserving the financial industry as it was or embracing far-reaching reforms that would have served the interests of those who voted for him, Barack Obama, the "change you can believe in" President, chose the former. Not only did that taint every government initiative undertaken in the aftermath of the bailouts (such as healthcare), but it created an undercurrent of cynicism, political disillusionment and anger that ultimately paved the way for Donald Trump. ..."
October 19, 2018 By Marshall Auerback, a market analyst and commentator
I'll readily admit this is a personal post. One of the few, if not the only, good things to
come out of the 2008 financial crisis was my introduction to "Naked Capitalism" and its
proprietor, Yves Smith. In contrast to virtually all of the Pollyannish commentary out there
(remember when Ben Bernanke estimated that losses from the sub-prime mortgage crisis in the
United States would be around $100bn?
), NC gave a much better read of the extent of the problems well before the MSM, as well as
identifying and excoriating all sorts of perps, by name (like Robert Khuzami, who was the SEC's
head of enforcement under Obama, now making news as the prosecutor who nailed Michael Cohen).
Naked Capitalism also documented multiple legal theories that were eminently well-suited to
prosecuting TBTF executives. The more I came to read her blog, the more impressed I came to be
with the scope of breadth of the coverage of the mounting crisis, as well forming a friendship
with a person, whose integrity and scholarship is second to none. So I hope you will give
generously to Naked Capitalism; the Tip Jar tells you how .
It's wrong to say that Naked Capitalism's coverage ultimately made a difference, if one is
to judge by the state of affairs today. But history will treat Yves's accounts much more
kindly, especially when the next crisis comes, as it most assuredly will.
Why do I express unhappy confidence that a new crisis will soon be upon us? Because if one
is to read the voluminous commentaries that have emerged in the last few weeks, as the
aftermath of Lehman's demise has been recounted. Most disturbing has been the reticence of
policy makers at the time, with the benefit of hindsight, to recognize that there was a better
approach than simply restoring the status quo ante via bank bailouts which demanded nothing of
private creditors, but punished private debtors – socialism for the rich, capitalism for
the rest of us.
As George Soros and the President of the Institute for New Economic Thinking (INET), Rob
Johnson
have argued : "a critical opportunity was missed when the balance of the burden of
adjustment was tilted heavily in favor of creditors relative to debtors in the response to the
crisis and that this contributed to the prolonged stagnation that followed the crisis. The
long-term social and political ramifications of this missed opportunity have been profound."
Unlike the Savings & Loan crisis, there was no private sector loss recognition. Then
Treasury Secretary Geithner falsely claimed that there were only 2 options: bailouts or letting
the system collapse.
That was a false choice. As Soros & Johnson point out, much more effective and fair use
of taxpayers' money would have been to reduce the value of mortgages held by ordinary Americans
to reflect the decline in home prices and to inject capital into the financial institutions
that would become undercapitalized. Yes, this might have exposed the full extent of the banks'
liabilities and might well have forced FDIC style restructurings, which ultimately would have
resulted in changed management, and a break-up of Too Big To Fail Banks (and likely no "To Big
to Jail" bank executives). Tim Geithner, Hank Paulson, Ben Bernanke and Larry Summers to
this day resist the idea that adopting FDIC style reforms, which would have provided a rational
resolution to the foreclosure crisis (albeit, at a cost of destroying the capital base of the
big Wall Street banks). Summers dismissed these ideas as
something akin to "socialism "
Faced with the choice of preserving the financial industry as it was or embracing
far-reaching reforms that would have served the interests of those who voted for him, Barack
Obama, the "change you can believe in" President, chose the former. Not only did that taint
every government initiative undertaken in the aftermath of the bailouts (such as healthcare),
but it created an undercurrent of cynicism, political disillusionment and anger that ultimately
paved the way for Donald Trump. Of course, Trump's cabinet of corrupt billionaires has
done no better. But even as #TheResistance has risen to protest the rise of his profoundly
corrupt presidency, we should not pretend it is replacing something that was popular or
effective. The old normal was
not working . The nostalgia for the Obamas in the White House is not a yearning for Obama's
policies.
In today's highly tribalised environment, it is hard to get many in the mainstream media to
recognize this fundamental truth. Criticism of any financial reforms undertaken by the Obama
Administration is now seen as de facto endorsement of Trump or #MAGA. It's nothing of the sort
and Naked Capitalism is one of the few publications that has managed to maintain its moral
bearings and speak truth to power, even when it is unpopular to do so. In this day of "fake
news", not only does NC remain worthy of your support, but essential to provide ongoing
financial support so that Yves and her colleagues can continue their important mission.
There's no question that articulating a view that diverges widely from a prevailing
consensus can be painful. Heaven knows, as an ardent and vocal supporter of Modern Monetary
Theory in the blogosphere, it was often personally painful, exhausting and dispiriting for me
(and others, such as Randy Wray, Warren Mosler, Rob Parenteau, Scott Fullwiler, and many more)
taking on anonymous trolls, who substituted debate for mendacity and vicious personal attacks
of the worst kind. But it was always good to know that I had a supportive editor like Yves, who
always had my back as well as the intellectual self-confidence (and, indeed, brilliance) to
help me and others take on the onslaught.
Later she was joined by some great people like Matt Stoller, Dave Dayen, Lambert Strether,
and others, all of them helped to make Naked Capitalism a intelligent platform which encouraged
free but fair-minded debate, a venue where new ideas could be debated honestly and
intelligently. And in many respects helped move the debate forward in a very positive
direction. Yves Smith deserves a huge amount of credit for making NC that kind of venue and for
that reason, she shall always have my loyalty, friendship, and support for this blog going
forward. It's been 10 years since we've collaborated together and become good friends as an
additional bonus. Long may it continue! Please do your part to make sure it does. Share
articles and what you learn here with people you know. And give generously to this fundraiser . Whatever
you can contribute, $5, $50, or $5000, all helps keep Naked Capitalism an important voice for
all of us.
I was reading in "Crashed" by Adam Tooze about the conference called by John McCain in
September 2008. McCain halted his campaign for the presidency to address the financial
crisis. He hardly spoke at the conference whereas Obama managed to put forth the right ideas
aligned with the true "money bag" republicans and the Wall Street tycoons. At that point
Obama and the Democrats became the party of the bailout. McCain was caught in a vice between
the Tea Party anti-bailouts and big Republican donors who wanted a bailout, hence, he kept
quiet.
by Tyler Durden
Thu, 10/18/2018 - 12:50 1.3K SHARES
The noose appears to be tightening further around the law-less behaviors of the Obama
administration in their frantic efforts to protect former Secretary of State Hillary Clinton
from lawsuits seeking information about former Secretary of State Hillary Clinton's private
email server and her handling of the 2012 terrorist attack on the U.S. Consulate in Benghazi,
Libya.
As Fox News reports , the transparency group Judicial Watch initially sued the State
Department in 2014, seeking information about the response to the Benghazi attack after the
government didn't respond to a Freedom of Information Act (FOIA) request. Other parallel
lawsuits by Judicial Watch are probing issues like Clinton's server , whose existence was
revealed during the course of the litigation.
The State Department had immediately moved to dismiss Judicial Watch's first lawsuit, but
U.S. District Court Judge Royce Lamberth (who was appointed to the bench by President Ronald
Reagan) denied the request to dismiss the lawsuit at the time, and on Friday, he said he was
happy he did, charging that State Department officials had intentionally misled him because
other key documents, including those on Clinton's email server, had not in fact been
produced.
"It was clear to me that at the time that I ruled initially, that false statements were
made to me by career State Department officials , and it became more clear through discovery
that the information that I was provided was clearly false regarding the adequacy of the
search and this – what we now know turned out to be the Secretary's email system."
"I don't know the details of what kind of IG inquiry there was into why these career
officials at the State Department would have filed false affidavits with me. I don't know the
details of why the Justice Department lawyers did not know false affidavits were being filed
with me, but I was very relieved that I did not accept them and that I allowed limited
discovery into what had happened."
In a somewhat stunningly frank exchange with Justice Department lawyer Robert Prince, the
judge pressed the issue, accusing Prince of using "doublespeak" and "playing the same word
games [Clinton] played."
That "was not true," the judge said, referring to the State Department's assurances in a
sworn declaration that it had searched all relevant documents.
"It was a lie."
Additionally,
Fox notes that Judge Lamberth said he was "shocked" and "dumbfounded" when he learned that
FBI had granted immunity to former Clinton chief of staff Cheryl Mills during its investigation
into the use of Clinton's server, according to a court transcript of his remarks.
"I had myself found that Cheryl Mills had committed perjury and lied under oath in a
published opinion I had issued in a Judicial Watch case where I found her unworthy of belief,
and I was quite shocked to find out she had been given immunity in -- by the Justice
Department in the Hillary Clinton email case."
On Friday, Lamberth said he did not know Mills had been granted immunity until he "read the
IG report and learned that and that she had accompanied [Clinton] to her interview."
We give the last word to Judicial Watch President Tom Fitton, who was present at the
hearing, as he pushed the White House for answers.
"President Trump should ask why his State Department is still refusing to answer basic
questions about the Clinton email scandal," Fitton said.
"Hillary Clinton's and the State Department's email cover up abused the FOIA, the courts,
and the American people's right to know."
Perhaps the deep state remains in control behind the scenes after all (consider the recent
back-pedal on declassifying the Russian probe documents)?
Treasury Official Arrested, Charged With Leaking Confidential Info On Ex-Trump Advisers;
BuzzFeed Implicated
by Tyler Durden
Wed, 10/17/2018 - 16:22 1.3K SHARES
In the latest indication of the Trump administration's efforts to root out alleged leakers,
a senior Treasury Department official working in the Financial Crimes Enforcement Network
(FINCEN), Natalie Mayflower Sours Edwards,
has been charged with leaking confidential financial reports to the media concerning former
Trump campaign advisers Paul Manafort and Richard Gates, according to
The Hill .
Prosecutors say that Natalie Mayflower Sours Edwards , a senior adviser to FinCEN,
photographed what are called suspicious activity reports, or SARs, and other sensitive
government files and sent them to an unnamed reporter, in violation of U.S. law. -
The Hill
Suspicious Activity Reports are filed by banks in order to confidentially notify law
enforcement of potentially illegal financial transactions. The documents leaked by the Treasury
official, which began last October, are reported to have been used as the basis for 12 news
articles published by an unnamed organization.
While the news organization was not named in the complaint, it lists the headlines and other
details of six BuzzFeed articles published between October 2017 to as recently as Monday which
they allege were based on the leaks.
BuzzFeed reporters Jason Leopold and Anthony Cormier are commonly listed on several of the
articles referenced in the government's complaint. (examples
here ,
here and
here ).
Edwards has been charged with one count of unauthorized disclosures of SAR reports and one
count of conspiracy to make unauthorized disclousres of SARs. She will be tried in the Southern
District of New York, and faces up to 10 years in prison if convicted on both charges.
When she was arrested, Edwards was in possession of a flash drive which was allegedly used
to save the unlawfully disclosed SARs, as well as a cell phone " containing numerous
communications over an encrypted application in which she transmitted SARs and other sensitive
government information to Reporter-1."
"We hope today's charges remind those in positions of trust within government agencies that
the unlawful sharing of sensitive documents will not be tolerated and will be met with swift
justice by this Office," said US Attorney Geoffrey Berman in a statement.
According to the criminal complaint, agents in the Treasury inspector general's office
detected "a pattern" of unauthorized media disclosures of the sensitive financial files
beginning in October 2017 and continuing for a year . The disclosures were related to matters
being investigated either by special counsel Robert Mueller , the U.S. Attorney's Office
for the Southern District of New York or the Justice Department's National Security
Division.
They included leaks about suspicious transactions made by Manafort, Trump's former
campaign chairman, and Gates, Manafort's longtime business partner who also served on the
Trump campaign and the transition team. Both individuals were charged in connection with
Mueller's Russia investigation last October with crimes stemming from their foreign lobbying
activity. Both have since decided to plead guilty and cooperate with Mueller's probe. -
The Hill
Could Manafort now make the case that unauthorized media leaks saturating national headlines
baised the jury against him?
Edwards is also accused of leaking sensitive financial information regarding Russian
national, Maria Butina, who was charged with acting as an unregistered agent of the Russian
government.
The alleged leak announced Wednesday would be the second major suspected breach at FinCEN
reported this year, after a federal law enforcement official told The New Yorker in May that
he leaked SARs on a shell company set up by Michael Cohen , Trump's former attorney,
after two similar bank records appeared to be missing from the FinCEN database. -
The Hill
Edwards is also accused of sending the reproter internal FinCEN emails, investigative memos
and intelligence assessments
We live in a multipolar reality. That is, there is a unified, interconnected world of the
global financial elites who control and dominate currency and credit issuance worldwide
through a handful of unaccountable international banking institutions and there is also a
subordinate world of national politics of many countries also controlled and dominated by the
same elites (and their lackeys) whose job it is to "educate", "explain" and "rationalise" the
fact of its debt enslavement to .998 of the world's population.
The most naked exposition of the dissonant aspects of this divergence between globalism
for the rich and nationalism for the rest of us is found within the EU but it is in fact the
same duality in existence everywhere for all of us.
Most people can only comprehend and identify with the national characteristics of this
dissonant, dual belief system. Most people, the overwhelming majority at the moment, simply
don't care as long as food is on the table, and the babies and the elderly are attended too.
Some believe the solution to the ills of our indebtedness is to be found in a populist,
nationalist politics which can free us from control by wealthy internationists. We see Brexit
and "Amerikkka First" as leading examples of this plebian desire.
The many must be convinced to understand their enslavement by the system before any change
of lasting consequence can occur. This likely will take the starvation of our babies and the
euthanasia of our elderly before we will wake up to our enslavement.
The international financial system will crush the illusions of the Brexiteers and the
Amerikkkan Firsters (this in fact has largely already occurred). Currency control and
indebtedness will not vanish simply with a breakdown of any nationalist political order. One
cannot eat money as the old saying goes and this is true no matter what colour is printed on
the bank notes.
Others comprehend the true enemy as a system which must be destroyed with the accumulated
"wealth of nations" (which in reality is privately-held by an international sliver) must be
redistributed equitably among the .998.
Still, what is hoped for by the intelligentsia is still a nationalist solution to a global
problem. What isn't reconciled within this viewpoint is the elasticity of global financiers
to accommodate any change in the world's political re-ordering, short of the destruction of
capitalism itself. The finacial system serves one function, and doesn't in fact care which
individuals, national currencies, banks or corporations gain or lose from the
machinations.
This international system was created out of the ruins of WWI. The system survived the
Great Depression when socialism reached its zenith of political popularity in the
industrialised world, and in turn survived (and in fact greatly accommodated and assisted)
the extreme Nazi nationalist dream of international political control.
Today we see the increasing impact of the once isolationist Chinese openly participating
in the globalist system and in time through sheer weight of numbers Asia will come to
dominate the system. Until this day arrives the Chinese are very comfortable operating within
the old Eurocentric structure as teh current system works functions quite well for their
elites.
In reality, it doesn't matter whether the international currency is dollar, yuan or Euro
denominated. The illusion that it does matter is a figment of a nationalist mindset which
invests morality where none in fact exists. Sanctions have a temporary, terrible impact on
national banking structures it is true but mainly to the detriment of the .998 while the .002
have already moved their personal assets out of harms way (for tax reasons unrelated to
sanctions).
The Russians and Chinese for domestic political purposes now talk about creating a
separate system of wealth through competing banking systems. This is mostly the nationalist
political order providing false hopes to their own subjects.
Merely the thought of a competing globalist banking system is absurd on its face and
should be enough for any intelligent layman to understand the occurrence of systemic change
can happen only as the greater bulk of real wealth underlying a currency grows great enough
over time to supercede the wealth represented by current denominations.
This will by necessity be a long, extemely slow process because none of the Amerikkkan,
Euro, Russian or Chinese elites will risk substantial amounts of their current fortunes
simply to placate their own subjugated populations with anything other than ongoing,
nationalist political rhetoric.
United States District Judge S. James Otero issued an order and ruling today dismissing
Stormy Daniels' defamation lawsuit against President Trump. The ruling also states that the
President is entitled to an award of his attorneys' fees against Stormy Daniels. A copy of
the ruling is attached. No amount of spin or commentary by Stormy Daniels or her lawyer, Mr.
Avenatti, can truthfully characterize today's ruling in any way other than total victory for
President Trump and total defeat for Stormy Daniels. The amount of the award for President
Trump's attorneys' fees will be determined at a later date.
Daniels' attorney Michael Avenatti responded to the dismissal, tweeting: "We will appeal the
dismissal of the defamation cause of action and are confident in a reversal," while stating
that Daniels' other claims against Trump and Cohen "proceed unaffected."
Re Judge's limited ruling: Daniels' other claims against Trump and Cohen proceed
unaffected. Trump's contrary claims are as deceptive as his claims about the inauguration
attendance.
We will appeal the dismissal of the defamation cause of action and are confident in a
reversal.
Last week Trump's legal team argued that it made no sense for them to keep fighting in court
over a $130,000 hush payment received by Clifford, also known as Stormy Daniels, as she
invalidated the non-disclosure agreement she signed with Trump's longtime fixer and lawyer,
Michael Cohen.
The lawsuit is moot because Trump has consented that the agreement, as she has claimed,
was never formed because he didn't sign it and he has agreed not to try to enforce it, Trump
said in his court filing. The company created by Cohen to facilitate the non-disclosure
agreement, which initially said Clifford faced more than $20 million in damages for talking,
said in September that it wouldn't sue to enforce the deal. -
Yahoo
Michael Avenatti's terrible October
This month has not treated Stormy's attorney well. Michael Avenatti went from Democrat
darling during his representation of Daniels, to scapegoat over Justice Brett Kavanaugh's
nomination to the Supreme Court after he introduced an 11th hour claim by a woman who said
Kavanaugh orchestrated gang-rape parties in the early 1980s - an allegation thought by many to
have derailed otherwise legitimate claims against the Judge.
Less than two weeks later Avenatti came under fire after he launched a now-deleted
fundraising page for Texas Democratic Senate candidate Beto O'Rourke.
In the fine print, O'Rourke supporters discovered that half the proceeds went to Avenatti's
Fight PAC , which he formed a little over
seven weeks ago .
Avenatti called the criticism "complete nonsense," noting that Senators Elizabeth Warren and
Kamala Harris "do the same thing." Perhaps sensing he'd made a huge mistake, Avenatti deleted
the page - telling the Daily Beast in a text message: "It wasn't worth the nonsense that
resulted from people that don't understand how common this is."
The question now is; after three strikes, is Avenatti out?
Given his free $50 million in publicity, and the amount of GoFundMe he's gonna get or has
gotten, I'd say "losing" is entirely in the eye of the beholder, lol.
Avenatti is the best thing that has happened to Trump.
It's almost like he is intentionally doing stupid and outrageous things to make the dems
look even more unhinged than they are.
I wouldn't be surprised if we find he has been secretly working for Trump all along. Trump
did run a reality show after all so that would be a great plot twist ;)
The best thing about Avenatti and the Clintons is that they won't stop until they bring
the entire Democratic Party down. It reminds me of Anthony Weiner and Elliot Spitzer,
scumbags who keep coming back and discredit the entire party because of their own glorious
egos.
"... Virtually every investment portfolio measures risk by utilizing some combination of volatility and correlation, both of which are backward-looking and low. But the present is knowable. The past too. And the multi-decade trends that carried us to today produced levels of inequality rarely seen. ..."
"... To an observer, it's neither right nor wrong, it simply is. Some see parallels between today and the late-1930s, which led to World War II. We also see parallels with the mid-1960s, which led to The Great Inflation. ..."
Submitted by Eric Peters of One River Asset Management
The future is unknowable. Yet never has capital been so concentrated in strategies that
depend on the future closely resembling the past. The most dominant of these strategies
requires bonds to rally when stocks fall. For decades, both rose inexorably. And a new array of
increasingly complex and illiquid strategies depends on a jump in volatility to be followed by
a rapid decline of equal magnitude. They appear uncorrelated until they are not.
Virtually every investment portfolio measures risk by utilizing some combination of
volatility and correlation, both of which are backward-looking and low. But the present is
knowable. The past too. And the multi-decade trends that carried us to today produced levels of
inequality rarely seen.
Low levels of inflation, growth, productivity, and volatility are features of this cycle's
increasingly unequal distribution. But cycle extremes produce pressures that reverse their
direction.
On cue, an anti-establishment political wave washed away the globalists, with promises to
turn the tide. Such change is nothing new, just another loop around the sun.
Now signs of a cycle swing abound; shifting trade agreements, global supply chains, military
dynamics, immigration, wage pressures, polarization, nationalism, tribalism.
To an observer, it's neither right nor wrong, it simply is. Some see parallels between today
and the late-1930s, which led to World War II. We also see parallels with the mid-1960s, which
led to The Great Inflation.
What comes next is sure to look different still. But investment strategies that prospered
from the past decade's low inflation, growth, productivity and volatility will face headwinds
as this cycle turns.
Those strategies that suffered should enjoy tailwinds. That's how cycles work . And we know
the 1940s was a strong decade for Trend performance. The 1970s was the best decade for Trend in
150yrs. And following cycle turns in both the 1930s and 1960s, the world became a profoundly
volatile place.
* * *
And, as a bonus, here are three observations from Peters on what he calls " Groundhog
Day"
"Starting in the mid-1960s several significant policy changes, made in the context of a
belief that inflation wasn't a concern, all but caused the outcome that was considered
impossible," wrote Lindsay Politi in her latest thought piece. "The first proximate catalyst to
the great inflation was the Tax Reduction Act of 1964. At the time, it was the largest tax cut
in American history. The Act slashed income taxes, especially on higher income households, by
reducing income taxes by 20% across the board in addition to reducing corporate rates . The
expectation was that the tax cut would ultimately increase total tax revenue by lowering
unemployment, increasing consumption, and increasing the incentive for companies to invest and
modernize their capital stock. The tax cut did increase growth, but it also pushed unemployment
very low, to one of the only sustained periods of unemployment below 4% in the post war
period."
"The 2nd policy change was how employment was considered," continued Lindsay. "In the
mid-1960s, there was concern about a cultural divide. The US social critic Michael Harrington
spoke about "The Other America": the unskilled Americans in mostly rural areas who had a
"culture of poverty" and were being left behind by the post war economic boom of the 1950s. In
that context the drop in the unemployment rate after the tax cut was welcome. The belief was
that pushing the unemployment rate to very low levels would help transfer wealth from the
prosperous urban and suburban areas to "The Other America." They thought that, while very low
unemployment might increase inflation, the increase would only be modest, and the social
benefits of modestly higher inflation and lower unemployment were desirable. At the time, there
wasn't a uniform theory for the relationship between inflation and unemployment, so when
inflation started to increase with very low unemployment rates it wasn't a concern."
"A 3rd proximate cause of The Great Inflation was the failure to appreciate a significant,
structural productivity decline. Capital deepening for WWII and the Korean War had boosted
productivity. However, much lower peacetime capital spending had caused productivity growth to
slow. Despite the relative lack of capital spending, productivity declines were generally
dismissed . It became clear at the end of the 1960s into the early 1970s that inflation has a
self-reinforcing trend. Stability in inflation can reinforce stability, but acceleration also
reinforces acceleration. As inflation increases, all else equal, it lowers real interest rates
which stimulates growth, creating higher inflation. It 's part of why anchored inflation
expectations are so critical to inflation staying low, but also why expectations of higher
inflation can be hard to fight."
Most people forget that Hitler was elected to power, and then proceeded to make himself a
dictator.
Germany escaped much of the 1929 crash effects, but in 1932 a Rothschild bank in Austria
failed (Kredit-Anstalt) after being forced to absorb two smaller banks which were
insolvent.
Along with the failure of two other German banks around that time period, hyper-inflation
of the currency returned to German society. Savers saw their life savings disappear
overnight.
During the elections, the Nazi's gained enough seats that they rose to power. Hitler
promised to stabilize the currency,reduce unemployment, and stop the running gun battles in
the street.He achieved all of these goals. Hitler was a liar and worse, a micro-manager. But
so was Churchill, who would keep his staff up until the early hours of the morning on a
regular basis.
To avoid the hardship of not having substantial hard currency reserves, Germany engaged in
a great deal of barter trade in the late thirties. Because this sidelined the banks, they
objected to this economic activity, which desperate countries have used for thousands of
years.
The current tariffs are not the same as the ones that brought about the Great Depression,
nor were tariffs the cause of World War 2. Your analogies are false and misleading to the
extreme.
I want the republicans and trump to stay in power however all his tariffs and sanctions
are harming the us more than yo think. of course it takes a couple of years to realize the
damage , but the deficit is easy to realize this years it will be over $1.3 trillion next
year $ 1.5 trillion in addition to the $22 trillion obama left, in other words you are
fucked.
Everyone sees parallels to WW2....and WW1....and the American Civil War....and the Russian
Revolution....and The Thirty Years War.....and.....and....and.....
A bunch of broken clocks. One thing I know for sure, nobody knows a ******* thing and
there will definitely be another very nasty world war.
I read "Tragedy and Hope" (great read, highly recommend it) it goes into great detail on
the players throughout history, from what's in there I would say it's way more like pre-WW1
then 2.
The vast regime of
torture created by the Bush administration after the 9/11 attacks
continues to haunt
America.
The political class and most of the media have never dealt honestly with the
profound constitutional corruption that such practices inflicted. Instead, torture enablers are
permitted to pirouette as heroic figures on the flimsiest evidence.
Former FBI chief James Comey is the latest beneficiary of the media's "no fault" scoring
on the torture scandal.
In his media interviews for his new memoir,
A Higher Loyalty:
Truth, Lies, and Leadership
, Comey is portraying himself as a Boy Scout who sought only to do
good things. But his record is far more damning than most Americans realize.
Comey continues to use memos from his earlier government gigs to whitewash all of the
abuses he sanctified.
"Here I stand; I can do no other," Comey told George W. Bush in 2004
when Bush pressured Comey, who was then Deputy Attorney General, to approve an unlawful
anti-terrorist policy. Comey was quoting a line supposedly uttered by Martin Luther in 1521, when
he told Emperor Charles V and an assembly of Church officials that he would not recant his sweeping
criticisms of the Catholic Church.
The American Civil Liberties Union, Human Rights Watch, and other organizations did excellent
reports prior to Comey's becoming FBI chief that laid out his role in the torture scandal. Such
hard facts, however, have long since vanished from the media radar screen.
MSNBC host
Chris Matthews recently declared, "James Comey made his bones by standing up against torture. He
was a made man before Trump came along."
Washington Post columnist Fareed Zakaria, in
a column declaring that Americans should be "deeply grateful" to lawyers such as Comey, declared,
"The Bush administration wanted to claim that its 'enhanced interrogation techniques' were lawful.
Comey believed they were not .
So Comey pushed back as much as he could.
"
Martin Luther risked death to fight against what he considered the scandalous religious
practices of his time. Comey, a top Bush administration policymaker, found a safer way to oppose
the worldwide secret U.S. torture regime widely considered a heresy against American values:
he approved brutal practices and then wrote some memos and emails fretting about the
optics.
Losing Sleep
Comey became deputy attorney general in late 2003 and "had oversight of the legal
justification used to authorize" key Bush programs in the war on terror,
as a Bloomberg
News analysis noted. At that time, the Bush White House was pushing the Justice Department to again
sign off on an array of extreme practices that had begun shortly after the 9/11 attacks. A 2002
Justice Department memo had leaked out that declared that the federal Anti-Torture Act "would be
unconstitutional if it impermissibly encroached on the President's constitutional power to conduct
a military campaign." The same Justice Department policy spurred a secret 2003 Pentagon document on
interrogation policies that openly encouraged contempt for the law: "Sometimes the greater good for
society will be accomplished by violating the literal language of the criminal law."
Photos had also leaked from Abu Ghraib prison in Iraq showing the stacking of naked
prisoners with bags over their heads, mock electrocution from a wire connected to a man's penis,
guard dogs on the verge of ripping into naked men, and grinning U.S. male and female soldiers
celebrating the sordid degradation.
Legendary investigative reporter Seymour Hersh
published extracts in the New Yorker from a March 2004 report by Maj. Gen. Antonio Taguba that
catalogued other U.S. interrogation abuses: "Breaking chemical lights and pouring the phosphoric
liquid on detainees; pouring cold water on naked detainees; beating detainees with a broom handle
and a chair; threatening male detainees with rape sodomizing a detainee with a chemical light and
perhaps a broom stick, and using military working dogs to frighten and intimidate detainees with
threats of attack, and in one instance actually biting a detainee."
The Bush administration responded to the revelations with a torrent of falsehoods,
complemented by attacks on the character of critics.
Bush declared, "Let me make very
clear the position of my government and our country . The values of this country are such that
torture is not a part of our soul and our being." Bush had the audacity to run for reelection as
the anti-torture candidate, boasting that "for decades, Saddam tormented and tortured the people of
Iraq. Because we acted, Iraq is free and a sovereign nation." He was hammering this theme despite a
confidential CIA Inspector General report warning that post–9/11 CIA interrogation methods might
violate the international Convention Against Torture.
James Comey had the opportunity to condemn the outrageous practices and pledge that the
Justice Department would cease providing the color of law to medieval-era abuses. Instead, Comey
merely repudiated the controversial 2002 memo.
Speaking to the media in a
not-for-attribution session on June 22, 2004, he declared that the 2002 memo was "overbroad,"
"abstract academic theory," and "legally unnecessary." He helped oversee crafting a new memo with
different legal footing to justify the same interrogation methods.
Comey twice gave explicit approval for waterboarding
, which sought to break
detainees with near-drowning. This practice had been recognized as a war crime by the U.S.
government since the Spanish-American War. A practice that was notorious when inflicted by the
Spanish Inquisition was adopted by the CIA with the Justice Department's blessing. (When Barack
Obama nominated Comey to be FBI chief in 2013, he testified that he had belatedly recognized that
waterboarding was actually torture.)
Comey wrote in his memoir that he was losing sleep over concern about
Bush-administration torture polices. But losing sleep was not an option for detainees, because
Comey approved sleep deprivation as an interrogation technique.
Detainees could be
forcibly kept awake for 180 hours until they confessed their crimes. How did that work? At Abu
Ghraib, one FBI agent reported seeing a detainee "handcuffed to a railing with a nylon sack on his
head and a shower curtain draped around him, being slapped by a soldier to keep him awake."
Numerous FBI agents protested the extreme interrogation methods they saw at Guantanamo and
elsewhere, but their warnings were ignored.
Comey also approved "wall slamming"
-- which, as law professor David Cole wrote,
meant that detainees could be thrown against a wall up to 30 times. Comey also signed off on the
CIA's using "interrogation" methods such as facial slaps, locking detainees in small boxes for 18
hours, and forced nudity. When the secret Comey memo approving those methods finally became public
in 2009, many Americans were aghast -- and relieved that the Obama administration had repudiated
Bush policies.
When it came to opposing torture, Comey's version of "Here I stand" had more loopholes
than a reverse-mortgage contract.
Though Comey in 2005 approved each of 13 controversial
extreme interrogation methods, he objected to combining multiple methods on one detainee.
The Torture Guy
In his memoir, Comey relates that his wife told him,
"Don't be the torture guy!"
Comey apparently feels that he satisfied her dictate by writing memos that opposed
combining multiple extreme interrogation methods. And since the vast majority of the American media
agree with him, he must be right.
Comey's cheerleaders seem uninterested in the damning evidence that has surfaced since
his time as a torture enabler in the Bush administration.
In 2014, the Senate Intelligence
Committee finally released a massive report on the CIA torture regime -- including death resulting
from hypothermia, rape-like rectal feeding of detainees, compelling detainees to stand long periods
on broken legs, and dozens of cases where innocent people were pointlessly brutalized.
Psychologists aided the torture regime, offering hints on how to destroy the will and resistance of
prisoners. From the start, the program was protected by phalanxes of lying federal officials.
When he first campaigned for president, Barack Obama pledged to vigorously investigate the Bush
torture regime for criminal violations. Instead, the Obama administration proffered one excuse
after another to suppress the vast majority of the evidence, pardon all U.S. government torturers,
and throttle all torture-related lawsuits. The only CIA official to go to prison for the torture
scandal was courageous whistleblower John Kiriakou. Kiriakou's fate illustrates that telling the
truth is treated as the most unforgivable atrocity in Washington.
If Comey had resigned in 2004 or 2005 to protest the torture techniques he now claims to
abhor, he would deserve some of the praise he is now receiving.
Instead, he remained in
the Bush administration but wrote an email summarizing his objections, declaring that "it was my
job to protect the department and the A.G. [Attorney General] and that I could not agree to this
because it was wrong." A 2009 New York Times analysis noted that Comey and two colleagues "have
largely escaped criticism [for approving torture] because they raised questions about interrogation
and the law." In Washington, writing emails is "close enough for government work" to confer
sainthood.
When Comey finally exited the Justice Department in August 2005 to become a lavishly paid senior
vice president for Lockheed Martin, he proclaimed in a farewell speech that protecting the Justice
Department's "reservoir" of "trust and credibility" requires "vigilance" and "an unerring
commitment to truth." But he had perpetuated policies that shattered the moral credibility of both
the Justice Department and the U.S. government. He failed to heed Martin Luther's admonition, "You
are not only responsible for what you say, but also for what you do not say."
Comey is likely to go to his grave without paying any price for his role in
perpetuating appalling U.S. government abuses.
It is far more important to recognize
the profound danger that torture and the exoneration of torturers pose to the United States. "No
free government can survive that is not based on the supremacy of the law," is one of the mottoes
chiseled into the façade of Justice Department headquarters. Unfortunately, politicians nowadays
can choose which laws they obey and which laws they trample.
And Americans are supposed
to presume that we still have the rule of law as long as politicians and bureaucrats deny their
crimes.
Tags
Comey was the hand-picked schlub that was placed in a position of
power to be a firewall... Nothing more and he has been rewarded
handsomely for playing this role... One can only hope that one day he
becomes a liability to his handlers and that there is a pack of
hungry, wild dogs that will rips him apart... Hopefully on PPV...
The Absolute, Complete,
Open, in our Faces Tyrannical Lawlessness began.
Unabated. Like a malignant Cancer.
Growing to Gargantuan proportions.
Irrefutable proof of the absolute, complete, open Lawlessness by
the Criminal Fraud UNITED STATES, CORP. INC., its CEO & Board of
Directors.
1. Torture .
2. WMD lie to the American People.
3. Lying the American People into War.
4. Illegal Wars of Aggression.
5. Arming, funding & training of terror organizations by the State
Dept. / CIA & members of CONgress.
6. BENGAZI
7. McCain meets with ISIS (Pics available).
8. Clapper lies to CONgress.
9. Brennan lies to CONgress & taps Congressional phones / computers.
10. Lynch meets Clinton on tarmac.
11. Fast & Furious deals with the Sinaloa Cartel.
12. Holder in Contempt of CONgress.
13. CIA drug / gun running / money laundering through the tax payer
bailed out TBTFB.
14. Illegal NSA Spying on the American People.
15. DNC Federal Election Crime / Debbie Wasserman Shultz.
16. Hillary Clinton email Treason.
17. Clinton Foundation pay to play RICO.
18. Anthony Weiner 650,000 #PizzaGate Pedo Crimes.
19. Secret Iran deal.
20. Lynch takes the Fifth when asked about Iran deal
21. FBI murders LaVoy Finicum
At the current moment we're completely Lawless.
We have been for quite some time. In the past, their Criminality
was "Hidden in plain view."
Now it's out in the open, in your face Criminality & Lawlessness.
Complete debachary.
Thing is, the bar & precedent has been set so high among these
Criminals I doubt we will ever see another person arrested in our
lifetime.
Comey thinks he is above the law. He and his associates feel they are
not bound by the rules and laws of the US, they are the ELITE. Comey
should go to JAIL, HARD CORE not Country Club, along with his
associates, Yates, Rosenstein, Brennan, McCabe, Stzrock, Paige and
etc. Lock him up
Yields to maturity on 10-year U.S. Treasury notes are now at their highest level since April
2011. The current yield to maturity is 3.21%, a significant rise from 1.387% which the market
touched on July 7, 2016 in the immediate aftermath of Brexit and a flight to quality in U.S.
dollars and U.S. Treasury notes.
The Treasury market is volatile with lots of rallies and reversals, but the overall trend
since 2016 has been higher yields and lower prices.
The consensus of opinion is that the bull market that began in 1981 is finally over and a
new bear market with higher yields and losses for bondholders has begun. Everyone from bond
guru Bill Gross to bond king Jeff Gundlach is warning that the bear has finally arrived.
I disagree.
It's true that bond yields have backed up sharply and prices have come down in recent
months. Yet, we've seen this movie before. Yields went from 2.4% to 3.6% between October 2010
and February 2011 before falling to 1.5% in June 2012.
Yields also rose from 1.67% in April 2013 to 3.0% in December 2013 before falling again to
1.67% by January 2015. In short, numerous bond market routs have been followed by major bond
market rallies in the past ten years.
To paraphrase Mark Twain, reports of the death of the bond market rally have been "greatly
exaggerated." The bull market still has legs. The key is to spot the inflection points in each
bear move and buy the bonds in time to reap huge gains in the next rally.
That's where the market is now, at an inflection point. Investors who ignore the bear market
mantra and buy bonds at these levels stand to make enormous gains in the coming rally.
The opportunity is illustrated in the chart below. This chart shows relative long and short
positions in ten major trading instruments based on futures trading data. The 10-year U.S.
Treasury note is listed as "10Y US."
As is shown, this is the most extreme short position in markets today. It is even more short
than gold and soybeans, which are heavily out of favor. It takes a brave investor to go long
when the rest of the market is so heavily short.
"... The great false front of the financial markets resumes falling over into the November election. ..."
"... The rubble from all that buries whatever is left of the automobile business and the housing market. The smoldering aftermath will be described as the start of a long-overdue recession -- but it will actually be something a lot worse, with no end in sight. ..."
"... Complicating matters this time will be the chaos unleashed in politics and governing when the long-running "Russia collusion" melodrama boomerangs into a raft of indictments against the cast of characters in the Intel Community and Department of Justice AND the Democratic National Committee, and perhaps even including the Party's last standard bearer, HRC, for ginning up the Russia Collusion matter in the first place as an exercise in sedition. The wheels of the law turn slowly, but they'll turn even while financial markets tumble. ..."
Looks like somebody threw a dead cat onto Wall Street's luge run overnight to temporarily
halt the rather ugly 2000 point slide in the Dow Jones Industrial Average - and plenty of
freefall in other indices, including markets in other countries. A Friday pause in the
financial carnage will give the hedge funders a chance to plant "for sale" signs along their
Hamptons driveways, but who might the buyers be? Hedge funders from another planet, perhaps?
You can hope. And while you're at it, how do you spell liquidity problem?
Welcome to the convergence zone of the long emergency, where Murphy's law meets the law of
unintended consequences and the law of diminishing returns, the Three Amigos of collapse.
Here's where being "woke" finally starts to mean something. Namely, that there are more
important things in the world than sexual hysteria . Like, for instance, your falling standard
of living (and that of everyone else around you).
The meet-up between Kanye West and President D.J. Trump was an even richer metaphor for the
situation: two self-styled "geniuses" preening for the cameras in the Oval Office, like kids in
a sandbox, without a single intelligible idea emerging from the play-date, and embarrassed
grownups all standing 'round pretending it was a Great Moment in History. You had to wonder how
much of Kanye's bazillion dollar fortune was stashed in the burning house of FAANG stocks.
Maybe that flipped his bipolar toggle. Or was he even paying attention to the market action
through all the mugging and hugging? (He did have his phone in hand.) Meanwhile, Mr. Trump
seemed to be squirming through the episode behind his mighty Resolute desk as if he had "woke"
to the realization that ownership of a bursting epic global financial bubble was not exactly
"winning."
If I were President, I'd declare Oct 12 Greater Fool Day. (Nobody likes Christopher Columbus
anymore, that genocidal monster of dead white male privilege.) The futures were zooming as I
write in the early morning, a last roundup for suckers at the OD corral, begging the question:
who will show up on Monday. Nobody, I predict. And then what?
The great false front of the financial markets resumes falling over into the November
election.
The rubble from all that buries whatever is left of the automobile business and the housing
market. The smoldering aftermath will be described as the start of a long-overdue recession --
but it will actually be something a lot worse, with no end in sight.
The Democratic Party might not be nimble enough to capitalize on the sudden disappearance of
capital. Their only hope to date has been to capture the vote of every female in America, to
otherwise augment their constituency of inflamed and aggrieved victims of unsubstantiated
injustices. It's been fun playing those cards, and the Party might not even know how to play a
different game at this point. Democratic politicians may also be among the one-percenters who
watch their net worth go up in a vapor in a market collapse, leaving them too numb to act. The
last time something like this happened, in the fall of 2008, candidate Barack Obama barely knew
what to say about the fall of Lehman Brothers and the ensuing cascade of misery - though
unbeknownst to the voters, he was already a hostage of Wall Street.
Complicating matters this time will be the chaos unleashed in politics and governing when
the long-running "Russia collusion" melodrama boomerangs into a raft of indictments against the
cast of characters in the Intel Community and Department of Justice AND the Democratic National
Committee, and perhaps even including the Party's last standard bearer, HRC, for ginning up the
Russia Collusion matter in the first place as an exercise in sedition. The wheels of the law
turn slowly, but they'll turn even while financial markets tumble.
And the threat to order
might be so great that an unprecedented "emergency" has to be declared, with soldiers in the
streets of Washington, as was sadly the case in 1861, the first time the country turned itself
upside down.
One of the reasons that countries fail is that collective memory is continually destroyed as
older generations pass away and are replaced by new ones who are disconnected from what came
before.
Initially, the disconnect was handled by history and by discussions around family tables.
For example, when I was a kid there were still grandparents whose fathers had fought for the
Confederacy. They had no slaves and owned no plantations. They fought because their land was
invaded by Lincoln's armies. Today if Southern families still know the facts, they would
protect their children by not telling them. Can you imagine what would happen to a child in a
public school that took this position?
Frustrated by the inability of the Union Army to defeat the Army of Northern Virginia led by
West Point graduate Robert E. Lee, Lincoln resorted to war criminals. Generals Sherman and
Sherridan, operating under the drunken General Grant, were the first modern war criminals who
conducted war against civilian women and children, their homes and food supply. Lincoln was so
out of step with common morality that he had to arrest and detain 300 Northern newspaper
editors and exile a US Congressman in order to conduct his War for Empire.
Today this history is largely erased. The court historians buried the truth with the fable
that Lincoln went to war to free the slaves. This ignorant nonsense is today the official
history of the "civil war," which most certainly was not a civil war.
A civil war is when two sides fight for control of the government. The Confederacy was a new
country consisting of those states that seceded. Most certainly, the Confederate soldiers were
no more fighting for control over the government in Washington than they were fighting to
protect the investment of plantation owners.
Memory is lost when historical facts are cast down the memory hole
So, what does this have to do with the lesson for today? More than history can be erased by
the passage of time. Culture can be erased. Morality can be erased. Common sense can disappear
with the diplomacy that depends on it.
The younger generation which experiences threats shouted all around it at Confederate war
memorials and street names - Atlanta has just struck historic Confederate Avenue out of
existence and replaced it with United Avenue - at white males who, if they are heterosexual,
have been redefined by Identity Politics as rapists, racists, and misogynists, at distinguished
scientists who state, factually, that there are innate differences between the male and the
female, and so on, might think that it is natural for high officials in the US government to
issue a never-ending stream of war threats to Russia, China, Iran, and Venezuela.
A person of my generation knows that such threats are unprecedented, not only for the US
Government but also in world history. President Trump's crazed NATO Ambassador, Kay Bailey
Hutchison, threatened to "take out Russian missiles." President Trump's crazed UN Ambassador
Nikki Hailey issues endless threats as fast as she can run her mouth against America's allies
as well as against the powerful countries that she designates as enemies. Trump's crazed
National Security Advisor John Bolten rivals the insane Haley with his wide-ranging threats.
Trump's Secretary of State Pompeo spews out threats with the best of them. So do the inane New
York Times and Washington Post. Even a lowly Secretary of the Interior assumes the prerogative
of telling Russia that the US will interdict Russian navy ships.
What do you think would be the consequences if the Russians, the Chinese, and the Iranians
took these threats seriously? World Wars have started on far less. Yet there is no protest
against these deranged US government officials who are doing everything in their power to
convince Russia and China that they are without any question America's worst enemies. If you
were Russia or China, how would you respond to this?
Professor Stephen Cohen, who, like myself, remembers when the United States government had a
diplomatic tradition, is as disturbed as I am that Washington's decision to chuck diplomacy
down the memory hole and replace it with war threats is going to get us all killed.
More
Cold War Extremism and Crises
Overshadowed by the Kavanaugh confirmation hearings, US-Russian relations grow ever more
perilous.
Rosenstein said he was joking when he made the comments to former FBI Deputy Director Andrew
McCabe and FBI attorney Lisa Page, however that claim has been refuted by the FBI's former top
attorney.
"We have many questions for Deputy Attorney General Rosenstein and expect answers to those
questions. There is not at this time a confirmed date for a potential meeting ," the aide told
the Caller .
" Don't think he is coming ," added one Republican lawmaker on Wednesday.
The same lawmaker told TheDCNF on Tuesday that Rosenstein was likely to testify before the
House Judiciary and House Oversight & Government Reform Committees to answer questions
about claims he discussed wearing a wire during his interactions with Trump.
Members of the conservative House Freedom Caucus had called on Rosenstein to testify about
his remarks, which were first reported by The New York Times on Sept. 21.
The conservative lawmakers, including North Carolina Rep. Mark Meadows and Ohio Rep. Jim
Jordan, have been staunch critics of Rosenstein because of his failure to respond to requests
for documents related to the FBI's handling of the Trump-Russia probe. - Daily Caller
On Tuesday we reported that the FBI's former top attorney, James Baker, told Congressional
investigators last week that Rosenstein wasn't joking about taping Trump.
"As far as Baker was concerned, this was a real plan being discussed," reports
The Hill 's John Solomon, citing a confidential source.
"It was no laughing matter for the FBI," the source added.
Solomon points out that Rosenstein's comments happened right around the time former FBI
Director James Comey was fired.
McCabe, Baker's boss, was fired after the DOJ discovered that he had leaked self-serving
information to the press and then lied to investigators about it. Baker, meanwhile, was central
to the surveillance apparatus within the FBI during the counterintelligence operation on
then-candidate Trump.
As the former FBI general counsel, Baker was a senior figure with a pivotal position who
had the ear of the FBI director.
Baker also is at the heart of surveillance abuse accusations , many from congressional
Republicans. His deposition lays the groundwork for a planned closed-door House GOP interview
with Rosenstein later this week.
Baker, formerly the FBI's top lawyer, helped secure the Foreign Intelligence Surveillance
Act (FISA) warrant on former Trump campaign adviser Carter Page, as well as three subsequent
renewals. -
Fox News
Meanwhile, the New
York Times noted that McCabe's own memos attest to Rosenstein's intentions to record Trump
- which led to Rosenstein reportedly tendering a verbal resignation to White House chief of
staff John Kelly.
The debate about peak oil demand always tends to focus on how quickly electric vehicles will
replace the internal-combustion engine , especially as EV sales are accelerating. However, the
petrochemical sector will be much more difficult to dislodge , and with alternatives far
behind, petrochemicals will account for an increasing share of crude oil demand growth in the
years ahead.
"... Ship of Fools is no apology for Trumpism. Indeed, Carlson calls Trump "vulgar and ignorant." But he rightly points out that Trump "didn't invade Iraq or bail out Wall Street. He didn't lower interest rates to zero, or open the borders, or sit silently by as the manufacturing sector collapsed and the middle class died." Basically, Donald J. Trump is not your average American politician. Thank God. ..."
"... Well, Ship of Fools excoriates finance capitalism and the class that has constantly reaped economic benefits out of the labor of American workers without contributing anything of substance to the American body politic. The Democrats used to be the party of populist rabble rousers like Huey Long and Al Smith. ..."
"... Explicit in this critique of America's Ruling Class is the fact that democracies are unstable and prone to self-destruction. In modern America, the elite do not attend to the population, cynical race-mongering is used to win votes at the cost of internal peace, and chicken hawks like Max Boot and William Kristol still receive adulation in the Main Stream Media despite their disastrous record of cheering on military misadventures that kill thousands of Americans. (To say nothing of their fanatical opposition to Trump -- despite the fact that he won the presidency when their catspaws McCain and Romney ignominiously failed). Ship of Fools correctly notes that this is what an empire looks like in its final days. ..."
"... Jake Bowyer [ Email him ] is the pseudonym of an American college student. ..."
Since the late fall of 2016, Democrats and other Leftist types have been decrying President
Donald J. Trump as "not normal" and a "threat to democracy." Of course, this is hogwash of the
most rank sort. The same people lambasting Trump for his supposed " authoritarianism " are the
same people who have created the modern American oligarchy. Tucker Carlson , the popular Fox News who wrote
the single most brilliant and prescient Main Stream Media article on the Trump phenomenon:
Donald Trump Is Shocking, Vulgar and Right | And, my dear fellow Republicans,
he's all your fault, by Tucker Carlson, Politico, January 28, 2016.
For Carlson, moral and social rot in the United States starts at the very top -- the place
where Democrats and Republicans
https://vdare.com/posts/they-want-to-lose-gop-congress-sounds-retreat-on-border-wall-funds-democratic-priorities
to maintain unpopular elite rule. Carlson compares this American elite to blind drunk captains
steering a sinking ship. Making matters worse: the fact that, in keeping with Carlson's
nautical parallel, "Anyone who points out the consequences of what they're [the elite] doing
gets keelhauled." Gavin
McInnes (banned from Twitter ) and
Alex
Jones (banned from
everything ) would agree.
Ship of Fools is no apology for Trumpism. Indeed, Carlson calls Trump "vulgar and
ignorant." But he rightly points out that Trump "didn't invade Iraq or bail out Wall Street. He
didn't lower interest rates to zero, or open the borders, or sit silently by as the
manufacturing sector collapsed and the middle class died." Basically, Donald J. Trump is not
your average American politician. Thank God.
For much of Ship of Fools , Carlson comes off sounding like someone with his heart
in the center-left. Some cheeky Twitter users might even dub Carlson's latest book National
Bolshevism.
Why? Well, Ship of Fools excoriates finance capitalism and the class that has
constantly reaped economic benefits out of the labor of American workers without contributing
anything of substance to the American body politic. The Democrats used to be the party of
populist rabble rousers like Huey Long and Al Smith.
But Carlson points out that "the Democratic Party is now the party of the rich." Rather than
attacking mega-wealthy people
like Amazon's
Jeff Bezos or Apple's Tim Cook , the
modern American Left is completely in thrall to money and
corporate power. This hurts every American not in the upper income bracket.
Republicans are no better. They remain wedded to the idea of being the party of business,
and as such many Republican elected officials support Open Borders because that would provide
their donors with an endless supply of cheap labor. This support comes at the cost of angering
a majority of Republican voters.
In sum, both parties have given up on the native-born American workers. And, beginning in
2016, American workers began pushing back at the ballot box.
Ship of Fools is a bleak book. It is also much better than the usual fluff penned
(or signed) by Fox News pundits. Carlson tells uncomfortable truths and
engages with topics that until very recently were only considered fit for the fringe Right
(like VDARE.com ).
Take for instance the displacement of white Americans, especially white working-class
Americans. America is a nation of 200 million white people. Native-born whites pay more in
taxes, provide the majority of America's soldiers, sailors, Marines, and airmen, and are the
offspring of the people who built this country. For this hard work and loyalty,
foreign-born editors at the New York Times tweet
"#CancelWhitePeople." Hordes of
Antifa types cheer on the displacement of native-born whites, while the political elite do
nothing to combat rising drug overdose deaths and suicides in the Midwest, rural Northeast, and
South. As Carlson warns, " White
identity politics will be a response to a world in which identity politics is the only game
there is."
And, as anti-white vitriol increases and whites are demoted from majority status, Carlson
predicts that white interest groups will form and flex their muscles when they feel that their
backs are up against the wall.
At several points in Ship of Fools , Carlson sincerely grieves for the lost
Liberal-Left of his childhood. He misses the environmentalists who cared about littering, not
about some abstract thing called climate change. He misses those Leftists who cried about
injustice in the world rather than ranting and raving at the behest of the elite class. Without
an honest Left, America could further descend into corporate anarcho-tyranny
-- a place where businesses control free speech and only a small sliver of people enjoy the
benefits of the modern and high-tech economy.
Ship of Fools ends with a warning: either practice democracy or be prepared for
authoritarian rule.
"In order to survive, democracies must remain egalitarian," Carlson argues."When all the
spoils seem to flow upward, the majority will revolt in protest."
Explicit in this critique of America's Ruling Class is the fact that democracies are
unstable and prone to self-destruction. In modern America, the elite do not attend to the
population, cynical race-mongering is used to
win votes at the cost of internal peace, and chicken hawks like
Max Boot and William
Kristol still receive adulation in the Main Stream Media despite their disastrous record of
cheering on military misadventures that kill thousands of Americans. (To say nothing of their
fanatical opposition to Trump -- despite the fact that he won the presidency when their
catspaws McCain
and Romney ignominiously failed). Ship of Fools correctly notes that this is what an
empire looks like in its final days.
In this sense the elites may be right to characterize President Trump as a populist. After
all, Julius
Caesar gave the common man order, security, and bread in the face of a cold and sterile
system. By attempting to dismantle the elite consensus, Trump, Trumpism
, and America
First may just be the first entries in a new age of all-American Caesarism.
We should only be so lucky!
Jake Bowyer [ Email him ] is the pseudonym of an American college
student.
I enjoyed the book immensely even though I'm a socialist myself. Tucker's disdain for wars,
technology companies, and the ruling class are a breath of fresh air. I also enjoy his show
but I do wish he wouldn't talk over the guests he disagrees with.
There must be a reason why people like j g strijdom and curmudgeon, with their slimy
unsubstantiated charges, despise Tucker Carlson. I suspect it is this:
President Trump said that Supreme Court Justice Brett Kavanaugh was the victim of a Democrat
Hoax, and that allegations of sexual assault levied by multiple women were "all made up" and
"fabricated."
In comments made to reporters on the White House driveway, Trump addressed rumors that the
Democrats will investigate and attempt to impeach Kavanaugh if they regain control over the
House or Senate during midterms.
"So, I've been hearing that now they're thinking about impeaching a brilliant jurist -- a
man that did nothing wrong, a man that was caught up in a hoax that was set up by the Democrats
using the Democrats' lawyers -- and now they want to impeach him," said Trump.
The President then suggested that the attacks on Kavanaugh will bring conservatives to the
polls for midterms:
"I think it's an insult to the American public," said Trump. "The things they said about him
-- I don't even think he ever heard of the words. It was all made-up. It was fabricated. And
it's a disgrace. And I think it's going to really show you something come November sixth."
"... It's a matter of record that Dr. Ford traveled to Rehobeth Beach Delaware on July 26, where her Best Friend Forever and former room-mate, Monica McLean, lives, and that she spent the next four days there before sending a letter July 30 to Senator Diane Feinstein that kicked off the "sexual assault" circus. ..."
"... The Democratic Party has its fingerprints all over this, as it does with the shenanigans over the Russia investigation. Not only do I not believe Dr. Ford's story; I also don't believe she acted on her own in this shady business. ..."
What's happening with all these FBI and DOJ associated lawyers is an obvious circling of the
wagons. They've generated too much animus in the process and they're going to get
nailed..."
Aftermath As Prologue
"I believe her!"
Really? Why should anyone believe her?
Senator Collins of Maine said she believed that Dr. Christine Blasey Ford experienced
something traumatic, just not at the hands of Mr. Kavanaugh. I believe Senator Collins said
that to placate the #Metoo mob, not because she actually believed it. I believe Christine
Blasey Ford was lying, through and through, in her injured little girl voice, like a bad
imitation of Truman Capote.
I believe that the Christine Blasey Ford gambit was an extension of the sinister activities
underway since early 2016 in the Department of Justice and the FBI to un-do the last
presidential election, and that the real and truthful story about these seditious monkeyshines
is going to blow wide open.
It turns out that the Deep State is a small world.
Did you know that the lawyer sitting next to Dr. Ford in the Senate hearings, one Michael
Bromwich, is also an attorney for Andrew McCabe, the former FBI Deputy Director fired for lying
to investigators from his own agency and currently singing to a grand jury?
What a coincidence. Out of all the lawyers in the most lawyer-infested corner of the USA,
she just happened to hook up with him.
It's a matter of record that Dr. Ford traveled to Rehobeth Beach Delaware on July 26, where
her Best Friend Forever and former room-mate, Monica McLean, lives, and that she spent the next
four days there before sending a letter July 30 to Senator Diane Feinstein that kicked off the
"sexual assault" circus. Did you know that Monica McClean was a retired FBI special agent, and
that she worked in the US Attorney's office for the Southern District of New York under Preet
Bharara, who had earlier worked for Senate Minority Leader Chuck Schumer? Could Dr. Ford have
spent those four days in July helping Christine Blasey Ford compose her letter to Mrs.
Feinstein? Did you know that Monica McClean's lawyer, one David Laufman is a former DOJ top
lawyer who assisted former FBI counter-intel chief Peter Strozk on both the Clinton and Russia
investigations before resigning in February this year -- in fact, he sat in on the notorious
"unsworn" interview with Hillary in 2016. Wow! What a really small swamp Washington is!
Did you know that Ms. Leland Keyser, Dr. Ford's previous BFF from back in the Holton Arms
prep school, told the final round of FBI investigators in the Kavanaugh hearing last week -- as
reported by the The Wall Street Journal -- that she "felt pressured" by Monica McLean and her
representatives to change her story -- that she knew nothing about the alleged sexual assault,
or the alleged party where it allegedly happened, or that she ever knew Mr. Kavanaugh. I think
that's called suborning perjury.
None of this is trivial and the matter can't possibly rest there. Too much of it has been
unraveled by what remains of the news media. And meanwhile, of course, there is at least one
grand jury listening to testimony from the whole cast-of-characters behind the botched Hillary
investigation and Robert Mueller's ever more dubious-looking Russian collusion inquiry: the
aforementioned Strozk, Lisa Page, James Comey, Andrew McCabe, Bill Priestap, et. al. I have a
feeling that these matters are now approaching critical mass with the parallel unraveling of
the Christine Blasey Ford "story."
The Democratic Party has its fingerprints all over this, as it does with the shenanigans
over the Russia investigation. Not only do I not believe Dr. Ford's story; I also don't believe
she acted on her own in this shady business. What's happening with all these FBI and DOJ
associated lawyers is an obvious circling of the wagons. They've generated too much animus in
the process and they're going to get nailed. These matters are far from over and a major battle
is looming in the countdown to the midterm elections. In fact, op-ed writer Charles M. Blow
sounded the trumpet Monday morning in his idiotic column titled:
Liberals, This is War . Like I've been saying: Civil War Two.
Blasey-Ford happens to work at Palo Alto University, which is the west coast HQ for the
left wing feminist movement in the US. Here's a good video by a woman professor from Canada
that blows the lid off the entire conspiracy:
Nope, the people are so fragmented and full of disinfo and propaganda that they actually
think the other peons are the real problem. While we peons slaughter each other for having
different opinions on the privileged predator class spokespeople, they hop into the private
planes and disappear.
I actually fought in a civil war, the one in the former Yugoslavia. They are like
wildfires that can not be controlled but must burn until the fuel is consumed...
So they are continuing to turn on each other. I predict this will continue as they try to
'out victim' each other, and their logical inconsistencies become more and more evident.
Sadly this will likely turn violent, as the screaming harpies no of no other way to
resolve conflicts other than scorched earth.
Yep. Scorched-earth violence is capitalism's preferred method of dealing with it's
problems, as millions of people in the Middle East have come to learn.
There's nothing to cry about. Nothing at all has changed. The 1% owned the Supreme Court before adding Kavanaugh. I'm just
pointing out a little reality to all the useful idiots.
"... Leland Keyser, who Ford claims was at the infamous high school "groping" party, told FBI investigators that mutual friend and retired FBI agent, Monica McLean, warned her that Senate Republicans were going to use her statement to rebut Ford's allegation against Kavanaugh, and that she should at least "clarify" her story to say that she didn't remember the party - not that it had never happened. ..."
"... So we have Dr. Blasey-Ford in Rehoboth Beach, DE, on 26th July 2018. We've got her life-long BFF, Monica L McLean, who worked as attorney and POI in the DOJ/FBI in Rehoboth Beach, DE . Apparently at same time she wrote letter to Senator Dianne Feinstein. ..."
A former FBI agent and lifelong friend of Brett Kavanaugh accuser Christine Blasey Ford allegedly
pressured a woman to change her statement that she knew nothing about an alleged sexual assault by
Kavanaugh in 1982, reports the
Wall
Street Journal
.
Leland Keyser, who Ford claims was at the infamous high school "groping" party, told FBI
investigators that mutual friend and retired FBI agent, Monica McLean, warned her that Senate
Republicans were going to use her statement to rebut Ford's allegation against Kavanaugh, and that
she should at least "clarify" her story to say that she didn't remember the party - not that it had
never happened.
The
Journal
also reports that after the FBI sent their initial report on the Kavanaugh
allegations to the White House,
they sent the White House and Senate an additional package
of information which included text messages from McLean to Keyser
.
McLean's lawyer, David Laufman, categorically denied that his client pressured Keyser, saying in
a statement: "Any notion or claim that Ms. McLean pressured Leland Keyser to alter Ms. Keyser's
account of what she recalled concerning the alleged incident between Dr. Ford and Brett Kavanaugh
is absolutely false."
Ms. Keyser's lawyer on Sept. 23 said in a letter to the Senate Judiciary Committee that
she had no recollection of attending a party with Judge Kavanaugh
, whom she
said she didn't know.
That same day, however, she told the Washington Post that she
believed Dr. Ford
. On Sept. 29, two days after Dr. Ford and the judge testified before
the Senate Judiciary Committee, Ms.
Keyser's attorney sent a letter to the panel saying
his client wasn't refuting Dr. Ford's account and that she believed it but couldn't corroborate
it.
-
WSJ
Keyser's admission to the FBI - which is subject to perjury laws - may influence the Senate's
upcoming confirmation debates. Senator Bob Corker (R-TN)
said that he found the most
significant material in the FBI report to be statements from people close to Ford who wanted to
corroborate her account and were "sympathetic in wishing they could, but they could not."
In his testimony last week, Judge Kavanaugh sought to use Ms. Keyser's initial statement to
undercut his accuser. "
Dr. Ford's allegation is not merely uncorroborated, it is refuted
by the very people she says were there, including by a long-time friend of hers
," he
said. "
Refuted
."
Two days later, Ms. Keyser's lawyer said in a letter to the Senate Judiciary Committee: "Ms.
Keyser does not refute Dr. Ford's account, and she has already told the press that she believes
Dr. Ford's account." Mr. Walsh added: "However,
the simple and unchangeable truth is
that she is unable to corroborate it because she has no recollection of the incident in
question.
" -
WSJ
In last week's testimony before the Senate Judiciary Committee, Ford claimed she never told
Keyser about the assault, saying "She didn't know about the event. She was downstairs during the
event and I did not share it with her," and adding that she didn't "expect" that Keyser would
remember the "very unremarkable party."
"Leland has significant health challenges, and I'm happy that she's focusing on herself and
getting the health treatment that she needs, and she let me know that she needed her lawyer to take
care of this for her, and she texted me right afterward with an apology and good wishes, and et
cetera." said Ford.
About that polygraph
On Wednesday, Senate Judiciary Committee Chairman Chuck Grassley (R-IA) fired off an intriguing
letter to Christine Blasey Ford's attorneys on Tuesday, requesting several pieces of evidence
related to her testimony - including all materials from the polygraph test she took,
after
her ex-boyfriend of six years
refuted statements she made
under oath last week.
Grassley writes: "The full details of Dr. Ford's polygraph are particularly important because
the Senate Judiciary Committee has received a sworn statement from a longtime boyfriend of Dr.
Ford's, stating that
he personally witnessed Dr. Ford coaching a friend on polygraph
examinations.
When asked under oath in the hearing whether she'd ever given any tips or
advice to someone who was planning on taking a polygraph,
Dr. Ford replied, "Never."
This
statement raises specific concerns about the reliability of her polygraph examination results."
McLean issued a Wednesday statement rejecting the ex-boyfriend's claims that she was coached on
how to take a polygraph test.
A closer look at McLean
Enjoying the tastes are In back (l-r) Kelly Devine and Nuh Tekmen. In front,
Monica
McLean
, Karen Sposato, Catherine Hester, Sen. Ernie Lopez, R-Lewes, and Jennifer Burton.
BY DENY HOWETH
An intriguing analysis by "Sundance" of the
Conservative
Treehouse
lays out several curious items for consideration.
First, McLean signed a letter from members of the Holton-Arms class of 1984 supporting Ford's
claim.
Next, we look at McLean's career:
Monica Lee McLean was admitted to the California Bar in 1992, the same year Ms Ford's
boyfriend stated he began a six-year relationship with her best friend
. The address
for the current inactive California Law License is now listed as *"Rehoboth Beach, DE". [*Note*
remember this, it becomes more relevant later.] -
Conservative
Treehouse
Sundance notes that "Sometime between 2000 and 2003, Ms. Monica L McLean transferred to the
Southern District of New York (SDNY), FBI New York Field Office; where she shows up on various
reports, including media reports, as a spokesperson for the FBI." and that "
After 2003, Ms.
Monica L McLean is working with the SDNY as a Public Information Officer for the FBI New York Field
Office, side-by-side with SDNY Attorney General Preet Bharara
:"
Here's where things get really interesting:
Ms. Monica Lee McLean and Ms. Christine Blasey-Ford are life-long friends; obviously they
have known each other since their High School days at Holton-Arms; and both lived together as
"roommates" in California after college. Their close friendship is cited by Ms. Fords former
boyfriend of six years.
Ms. Monica McLean retired from the FBI in 2016; apparently right after the presidential
election.
Her current residence is listed at Rehoboth Beach, Delaware
; which
aligns with public records and the serendipitous printed article.
Now,
where did Ms. Blasey-Ford testify she was located at the time she wrote the
letter to Dianne Feinstein, accusing Judge Brett Kavanaugh
?
[Transcript]
MITCHELL: The second is the letter that you wrote to Senator Feinstein, dated the -- July 30th of
this year.
MITCHELL: Did you write the letter yourself?
FORD: I did.
MITCHELL: And I -- since it's dated July 30th, did you write it on that date?
FORD: I believe so. I -- it sounds right.
I was in Rehoboth, Delaware, at the time
.
I could look into my calendar and try to figure that out. It seemed
MITCHELL: Was it written on or about that date?
FORD: Yes, yes. I traveled, I think, the 26th of July to Rehoboth, Delaware. So that makes
sense, because I wrote it from there.
MITCHELL: Is the letter accurate? FORD: I'll take a minute to read it.
So we have Dr. Blasey-Ford in Rehoboth Beach, DE, on 26th July 2018. We've got her life-long
BFF, Monica L McLean, who worked as attorney and POI in the DOJ/FBI in Rehoboth Beach, DE .
Apparently at same time she wrote letter to Senator Dianne Feinstein. -
Conservative
Treehouse
Thus, it appears that Blasey Ford was with McLean for four days leading up to the actual writing
of the letter, from July 26th to July 30th.
Not only did Ms. McLean possesses a particular set of skills to assist Ms. Ford, but Ms.
McLean would also have a network of DOJ and FBI resources to assist in the endeavor. A former
friendly FBI agent to do the polygraph; a network of politically motivated allies?
Does the appearance of FBI insider and Deputy FBI Director to Andrew McCabe, Michael
Bromwich, begin to make more sense?
Do the loud and overwhelming requests by political allies for FBI intervention, take on a
different meaning or make more sense, now?
Standing back and taking a look at the bigger, BIG PICTURE .. could it be that Mrs.
McLean and her team of ideological compatriots within the DOJ and FBI, who have massive axes to
grind against the current Trump administration, are behind this entire endeavor?
-
Conservative
Treehouse
Were Ford and McLean working together to take out Kavanaugh?
In September we reported that an audio recording purportedly from a July conference call
suggests that Christine Blasey Ford's sexual assault accusation against Supreme Court nominee Brett
Kavanaugh wasn't simply a reluctant claim that Diane Feinstein sat on until the 11th hour.
The recording features
Ricki Seidman
-
a former Clinton and Obama White House official and Democratic operative who advised Anita Hill
during the Clarence Thomas hearings, and who was revealed on Thursday as an adviser to Ford by
Politico
.
Christine Blasey Ford, the woman who has accused Supreme Court nominee Brett Kavanaugh of
sexually assaulting her when they were both teenagers,
is being advised by Democratic
operative Ricki Seidman
.
Seidman, a senior principal at TSD Communications, in the past worked as an investigator for
Sen. Ted Kennedy, and was involved with Anita Hill's decision to testify against Supreme Court
Nominee Clarence Thomas. -
Politico
"While I think at the outset, looking at the numbers in the Senate, it's not extremely likely
that the nominee can be defeated," says Seidman. "I would absolutely withhold judgement as the
process goes on. I think that I would not reach any conclusion about the outcome in advance."
What's more, the recording makes clear that
even if Kavanaugh is confirmed, Democrats
can use the doubt cast over him during midterms.
"Over the coming days and weeks, there will be a strategy that will emerge, and I think it's
possible that that strategy might ultimately defeat the nominee...
whether or not it
ultimately defeats the nominee, it will help people understand why it's so important that they vote
and the deeper principles that are involved in it.
"
"... Republican Sen. Bill Cassidy on Tuesday recommended an FBI investigation into Swetnick for making false statements about Judge Kavanaugh. ..."
"... in keeping with his "shock" approach to the practice of law, moments ago Avenatti released a sworn, redacted statement with from yet another witness claiming to have seen Brett Kavanaugh and his friend Mark Judge "drink excessively and be overly aggressive and verbally abusive toward girls." ..."
The back and forth escalated as Swetnick's claims have increasingly come under fire as her
own credibility has been undermined by both recent interviews and her own past actions. So much
so, in fact, that Louisiana Republican Sen. Bill Cassidy on Tuesday recommended an FBI
investigation into Swetnick for making false statements about Judge Kavanaugh.
U.S. Senator Bill Cassidy, M.D. 0
@SenBillCassidy
A criminal referral should be sent to the FBI/DOJ regarding the
apparently false affidavit signed by Julie Swetnick that was
submitted to the Senate by @MichaelAvenatti.
12:37 PM-Oct 2, 2018
Q? 25.9K Q 13K people are talking about this О
The threat of a probe into his own client did not daunt the pop lawyer, who on
Wednesday morning tweeted that "we
still have yet to hear anything from the FBI despite a new witness coming forward &
submitting a declaration last night. We now have multiple witnesses that support the
allegations and they are all prepared to be interviewed by the FBI. Trump's "investigation" is
a scam."
And, in keeping with his "shock" approach to the practice of law, moments ago Avenatti
released a sworn, redacted statement with from yet another witness claiming to have seen Brett
Kavanaugh and his friend Mark Judge "drink excessively and be overly aggressive and verbally
abusive toward girls."
As Russia is preparing plans to wean its banking system off the dollar, advancing a trend of
de-dollarization among the US's largest economic and geopolitical rivals, Russian President
Vladimir Putin accused Washington of making a "colossal" but "typical" mistake by exploiting
the dominance of the dollar by levying economic sanctions against regimes that don't bow to its
whims.
"It seems to me that our American partners make a colossal strategic mistake," Putin
said.
"This is a typical mistake of any empire," Putin said, explaining that the US is ignoring
the consequences of its actions because its economy is strong and the dollar's hegemonic
grasp on global markets remains intact. However "the consequences come sooner or later."
These remarks echoed a sentiment expressed by Putin back in May, when he said that Russia
can no longer trust the US dollar because of America's decisions to impose unilateral sanctions
and violate WTO rules.
While Putin's criticisms are hardly new, these latest remarks happen to follow a report in
the
Financial Times, published Tuesday night, detailing Russia's efforts to wean its economy
off of the dollar. The upshot is that while de-dollarization may be painful, it is, ultimately
doable.
The US imposed another round of sanctions against Russia over the summer in response to the
poisoning of former double-agent Sergei Skripal and his daughter Yulia, and the US Senate is
considering measures that would effectively cut Russia's biggest banks off from the dollar and
largely exclude Moscow from foreign debt markets.
With the possibility of being cut off from the dollar system looming, a plan prepared by
Andrei Kostin, the head of Russian bank VTB, is being embraced by much of the Russian
establishment. Kostin's plan would facilitate the conversion of dollar settlements into other
currencies which would help wean Russian industries off the dollar. And it already has the
backing of Russia's finance ministry, central bank and Putin.
Meanwhile, the Kremlin is also working on deals with major trading partners to accept the
Russian ruble for imports and exports.
In a sign that a united front is forming to help undermine the dollar, Russia's efforts have
been readily embraced by China and Turkey, which is unsurprising, given their increasingly
fraught relationships with the US. During joint military exercises in Vladivostok last month,
Putin and Chinese President Xi Jinping declared that their countries would work together to
counter US tariffs and sanctions.
"More and more countries, not only in the east but also in Europe, are beginning to think
about how to minimise dependence on the US dollar," said Dmitry Peskov, Mr Putin's
spokesperson. "And they suddenly realise that a) it is possible, b) it needs to be done and
c) you can save yourself if you do it sooner."
Still, there's no question that US sanctions have damaged Russia's currency and contributed
to a rise in borrowing costs. And whether Russia - which relies heavily on energy exports - can
convince buyers of its oil and natural gas to accept payment in rubles remains an open
question. Increased trade with China and other Asian countries has helped reduce Russia's
dependence on the dollar. But the greenback still accounted for 68% of Russia's payment
inflow.
But, as Putin has repeatedly warned, that won't stop them from trying. The fact is that
Russia is a major exporter, with a trade surplus of $115 billion last year. As the FT pointed
out, Russia's metals, grain, oil and gas are consumed around the world - even in the west,
despite the tensions surrounding Russia's alleged involvement in the Skripal poisoning and its
annexation of Crimea.
To be sure, abandoning the dollar as the currency of choice for oil-related payments would
be no easy feat. But China has already taken the first step and show that it can be done by
launching a yuan-denominated futures contract that trades in Shanghai - striking the most
significant blow to date against the petrodollar's previously unchallenged dominance.
That should embolden Putin to continue with his experiment - not that the US is leaving him
much choice.
"... The vote for Brexit and the election of protectionist Donald Trump to the US presidency – two momentous markers of the ongoing pushback against globalization – led some to question the rationality of voters. This column presents a framework that demonstrates how the populist backlash against globalisation is actually a rational voter response when the economy is strong and inequality is high. It highlights the fragility of globalization in a democratic society that values equality. ..."
"... See original post for references ..."
"... Aversion to inequality thus reflects envy of the economic elites rather than compassion for the poor. ..."
Posted on September 28,
2018 by Yves
Smith Yves here. Haha, Lambert's volatility voters thesis confirmed! They are voting
against inequality and globalization. This important post also explains how financialization
drives populist rebellions.
By Lubos Pastor, Charles P. McQuaid Professor of Finance, University of Chicago Booth
School of Business and Pietro Veronesi, Roman Family Professor of Finance, University of
Chicago Booth School of Business. Originally published at VoxEU
The vote for Brexit and the election of protectionist Donald Trump to the US presidency
– two momentous markers of the ongoing pushback against globalization – led some to
question the rationality of voters. This column presents a framework that demonstrates how the
populist backlash against globalisation is actually a rational voter response when the economy
is strong and inequality is high. It highlights the fragility of globalization in a democratic
society that values equality.
The ongoing pushback against globalization in the West is a defining phenomenon of this
decade. This pushback is best exemplified by two momentous 2016 votes: the British vote to
leave the EU ('Brexit') and the election of a protectionist, Donald Trump, to the US
presidency. In both cases, rich-country electorates voted to take a step back from the
long-standing process of global integration. "Today, globalization is going through a major
crisis" (Macron 2018).
Some commentators question the wisdom of the voters responsible for this pushback. They
suggest Brexit and Trump supporters have been confused by misleading campaigns and foreign
hackers. They joke about turkeys voting for Christmas. They call for another Brexit referendum,
which would allow the Leavers to correct their mistakes.
Rational Voters
We take a different perspective. In a recent paper, we develop a theory in which a backlash
against globalization happens while all voters are perfectly rational (Pastor and Veronesi
2018). We do not, of course, claim that all voters are rational; we simply argue that
explaining the backlash does not require irrationality. Not only can the backlash happen in our
theory; it is inevitable.
We build a heterogeneous-agent equilibrium model in which a backlash against globalization
emerges as the optimal response of rational voters to rising inequality. A rise in inequality
has been observed throughout the West in recent decades (e.g. Atkinson et al. 2011). In our
model, rising inequality is a natural consequence of economic growth. Over time, global growth
exacerbates inequality, which eventually leads to a pushback against globalization.
Who Dislike Inequality
Agents in our model like consumption but dislike inequality. Individuals may prefer equality
for various reasons. Equality helps prevent crime and preserve social stability. Inequality
causes status anxiety at all income levels, which leads to health and social problems
(Wilkinson and Pickett 2009, 2018). In surveys, people facing less inequality report being
happier (e.g. Morawetz et al. 1977, Alesina et al. 2004, Ferrer-i-Carbonell and Ramos 2014).
Experimental results also point to egalitarian preferences (e.g. Dawes et al. 2007).
We measure inequality by the variance of consumption shares across agents. Given our other
modelling assumptions, equilibrium consumption develops a right-skewed distribution across
agents. As a result, inequality is driven by the high consumption of the rich rather than the
low consumption of the poor. Aversion to inequality thus reflects envy of the economic elites
rather than compassion for the poor.
Besides inequality aversion, our model features heterogeneity in risk aversion. This
heterogeneity generates rising inequality in a growing economy because less risk-averse agents
consume a growing share of total output. We employ individual-level differences in risk
aversion to capture the fact that some individuals benefit more from global growth than others.
In addition, we interpret country-level differences in risk aversion as differences in
financial development. We consider two 'countries': the US and the rest of the world. We assume
that US agents are less risk-averse than rest-of-the-world agents, capturing the idea that the
US is more financially developed than the rest of the world.
At the outset, the two countries are financially integrated – there are no barriers to
trade and risk is shared globally. At a given time, both countries hold elections featuring two
candidates. The 'mainstream' candidate promises to preserve globalization, whereas the
'populist' candidate promises to end it. If either country elects a populist, a move to autarky
takes place and cross-border trading stops. Elections are decided by the median voter.
Global risk sharing exacerbates US inequality. Given their low risk aversion, US agents
insure the agents of the rest of the world by holding aggressive and disperse portfolio
positions. The agents holding the most aggressive positions benefit disproportionately from
global growth. The resulting inequality leads some US voters, those who feel left behind by
globalization, to vote populist.
Why Vote Populist?
When deciding whether to vote mainstream or populist, US agents face a
consumption-inequality trade-off. If elected, the populist delivers lower consumption but also
lower inequality to US agents. After a move to autarky, US agents can no longer borrow from the
rest of the world to finance their excess consumption. But their inequality drops too, because
the absence of cross-border leverage makes their portfolio positions less disperse.
As output grows, the marginal utility of consumption declines, and US agents become
increasingly willing to sacrifice consumption in exchange for more equality. When output grows
large enough -- see the vertical line in the figure below -- more than half of US agents prefer
autarky and the populist wins the US election. This is our main result: in a growing economy,
the populist eventually gets elected. In a democratic society that values equality,
globalization cannot survive in the long run.
Figure 1 Vote share of the populist candidate
Equality Is a Luxury Good
Equality can be interpreted as a luxury good in that society demands more of it as it
becomes wealthier. Voters might also treat culture, traditions, and other nonpecuniary values
as luxury goods. Consistent with this argument, the recent rise in populism appears
predominantly in rich countries. In poor countries, agents are not willing to sacrifice
consumption in exchange for nonpecuniary values.
Globalization would survive under a social planner. Our competitive market solution differs
from the social planner solution due to the negative externality that the elites impose on
others through their high consumption. To see if globalization can be saved by redistribution,
we analyse redistributive policies that transfer wealth from low risk-aversion agents, who
benefit the most from globalization, to high risk-aversion agents, who benefit the least. We
show that such policies can delay the populist's victory, but cannot prevent it from happening
eventually.
Which Countries Are Populist?
Our model predicts that support for populism should be stronger in countries that are more
financially developed, more unequal, and running current account deficits. Looking across 29
developed countries, we find evidence supporting these predictions.
Figure 2 Vote share of populist parties in recent elections
The US and the UK are good examples. Both have high financial development, large inequality,
and current account deficits. It is thus no coincidence, in the context of our model, that
these countries led the populist wave in 2016. In contrast, Germany is less financially
developed, less unequal, and it runs a sizable current account surplus. Populism has been
relatively subdued in Germany, as our model predicts. The model emphasises the dark side of
financial development – it spurs the growth of inequality, which eventually leads to a
populist backlash.
Who are the Populist Voters?
The model also makes predictions about the characteristics of populist voters. Compared to
mainstream voters, populist voters should be more inequality-averse (i.e. more anti-elite) and
more risk-averse (i.e. better insured against consumption fluctuations). Like highly
risk-averse agents, poorer and less-educated agents have less to lose from the end of
globalization. The model thus predicts that these agents are more likely to vote populist. That
is indeed what we find when we examine the characteristics of the voters who supported Brexit
in the 2016 EU referendum and Trump in the 2016 presidential election.
The model's predictions for asset prices are also interesting. The global market share of US
stocks should rise in anticipation of the populist's victory. Indeed, the US share of the
global stock market rose steadily before the 2016 Trump election. The US bond yields should be
unusually low before the populist's victory. Indeed, bond yields in the West were low when the
populist wave began.
Backlash in a booming economy
In our model, a populist backlash occurs when the economy is strong because that is when
inequality is high. The model helps us understand why the backlash is occurring now, as the US
economy is booming. The economy is going through one of its longest macroeconomic expansions
ever, having been growing steadily for almost a decade since the 2008 crisis.
This study relates to our prior work at the intersection of finance and political economy.
Here, we exploit the cross-sectional variation in risk aversion, whereas in our 2017 paper, we
analyse its time variation (Pastor and Veronesi 2017). In the latter model, time-varying risk
aversion generates political cycles in which Democrats and Republicans alternate in power, with
higher stock returns under Democrats. Our previous work also explores links between risk
aversion and inequality (Pastor and Veronesi 2016).
Conclusions
We highlight the fragility of globalization in a democratic society that values equality. In
our model, a pushback against globalization arises as a rational voter response. When a country
grows rich enough, it becomes willing to sacrifice consumption in exchange for a more equal
society. Redistribution is of limited value in our frictionless, complete-markets model. Our
formal model supports the narrative of Rodrik (1997, 2000), who argues that we cannot have all
three of global economic integration, the nation state, and democratic politics.
If policymakers want to save globalization, they need to make the world look different from
our model. One attractive policy option is to improve the financial systems of less-developed
countries. Smaller cross-country differences in financial development would mitigate the uneven
effects of cross-border risk sharing. More balanced global risk sharing would result in lower
current account deficits and, eventually, lower inequality in the rich world.
"rising inequality is a natural consequence of economic growth. " For which definition of
growth? Or maybe, observing that cancer is the very model of growth, for any definition?
Nice model and graphs, though.
What kind of political economy is to be discerned, and how is one to effectuate it with
systems that would have to be so very different to have a prayer of providing lasting
homeostatic functions?
The global overclass can hardly wait too. They think they are in position to guide the
change to their desired outcome. Targeted applied Jackpot Engineering, you know.
At some point if the majority dont think they get any benefit from the economy, they will
put a stake through it, and replace it with some thing that works?now that could be some
thing very different, but it will happen
I had the same thought – growth as defined in the current, neoliberal model. There
is nothing inevitable about inequality – it is caused by political choices.
It is painful to find these assumptions accepted at NC.
"the economy is strong"
Not from my perspective. Or from the perspectives of the work force or the industrial base
replacing themselves. Or the perspective of a 4 to 5 trillion dollar shortfall in
infrastructure funding.
"In our model, rising inequality is a natural consequence of economic growth."
Well, that simply did not happen 1946 to 1971.
"populist delivers lower consumption but also lower inequality to US agents."
REALLY? Consumption of WHAT? Designer handbags and jeans? What about consumption of mass
public transit and health care services? I'm very confident that a populist government that
found a way to put a muzzle on Wall Street and the banksters would increase consumption of
things I prefer while also lessening inequality.
Reading through this summary of modeling, it occurred to me that the operative variable
was not inequality so much as "high financial development."
Yes and also, let's not throw the baby out with the bath water. These days, just saying
that globalisation leads to inequality and people act rationally, when they push back –
even though choices are limited – is pretty revolutionary. We need other analyses along
those lines, maybe with a few corrections. Thanks for posting!
" In our model, a populist backlash occurs when the economy is strong because that is when
inequality is high. "
Yes to the above comments. This sentence really stuck in my throat. A strong economy to me
is one that achieves balanced equality. Somehow this article avoids the manner in which the
current economy became "strong". Perhaps a better word is "corrupt". (No 'perhaps' really;
I'm just being polite.)
I also didn't like that the anti-neoliberalists are being portrayed as not having sympathy
for the poor. Gosh, we are a hard-hearted lot, only interested in our own come-uppance and
risk-adversity.
A "strong" economy is one that is growing as measured by GDP – full stop. Inequality
looks to me like a feature of our global economic value system, not a bug.
I only read these articles to see what the enemy is thinking. The vast majority of
economists are nothing more than cheerleaders for capitalism. I imagine anybody who strays
too far from neoliberal orthodoxy is ignored.
the Trump/Brexit populist thinking has nothing to do with equality. it has do do with who
should get preferential treatment and why -- it's about drawing a tight circle on who get's
to be considered "equal".
not sure how you can pull a desire for equality from this (except through statistics,
which can be used to "prove" anything).
I'm confused – so the evidence of statistics should be discounted, in favor of more
persuasive evidence? Consisting of your own authoritative statements about the motives of
other people?
In the future, please try to think about what sorts of arguments are likely to be
persuasive to people who don't already agree with you.
If you consider yourself an "environmentalist," then you have to be against
globalization.
(From the easiest to universally agree upon) the multi-continental supply chain for
everything from tube socks to cobalt to frozen fish is unsustainable, barring Star Trek-type
transport tech breakthroughs.
(to the less easily to universally agree upon) the population of the entire developed
(even in the US) would be stablized/falling/barely rising, but for migration.
mass migration-fueled population growth/higher fertility rates of migrants in the
developed world and increased resource footprint is bad for both the developed world and
developing world.
The long, narrow, and manifold supply lines which characterize our present systems of
globalization make the world much more fragile. The supply chains are fraught with single
points of systemic failure. At the same time Climate Disruption increases the risk that a
disaster can affect these single points of failure. I fear that the level of instability in
the world systems is approaching the point where multiple local disasters could have
catastrophic effects at a scale orders of magnitude greater than the scale of the triggering
events -- like the Mr. Science demonstration of a chain-reaction where he tosses a single
ping pong ball into a room full of mousetraps set with ping pong balls. You have to be
against globalization if you're against instability.
The entire system of globalization is completely dependent on a continuous supply of cheap
fuel to power the ships, trains, and trucks moving goods around the world. That supply of
cheap fuel has its own fragile supply lines upon which the very life of our great cities
depends. Little food is grown where the most food is eaten -- this reflects the distributed
nature of our supply chains greatly fostered by globalization.
Globalization increases the power and control Corporate Cartels have over their workers.
It further increases the power large firms have over smaller firms as the costs and
complexities of globalized trade constitute a relatively larger overhead for smaller firms.
Small producers of goods find themselves flooded with cheaper foreign knock-offs and
counterfeits of any of their designs that find a place in the market. It adds uncertainty and
risk to employment and small ventures. Globalization magnifies the power of the very large
and very rich over producers and consumers.
I believe the so-called populist voters and their backlash in a "booming" economy are
small indications of a broad unrest growing much faster than our "booming" economies. That
unrest is one more risk to add to the growing list of risks to an increasingly fragile
system. The world is configured for a collapse that will be unprecedented in its speed and
scope.
Actually, the way I see it – if one considers oneself an environmentalist, one has
to be against capitalism, not just globalization. Capitalism is built on constant growth
– but on a planet, with limited resources, that simply cannot work. Not long term
unless we're prepared to dig up and/or pave over everything. Only very limited-scale,
mom-and-pop kind of capitalism can try to work long term – but the problem is, it would
not stay that way because greed gets in the way every time and there's no limiting greed.
(Greed as a concept was limited in the socialist system – but some folks did not like
that.)
" Given their low risk aversion, US agents insure the agents of the rest of the world by
holding aggressive and disperse portfolio positions."
That low risk aversion could be driven by the willingness of the US government to provide
military/diplomatic/trade assistance to US businesses around the word. The risk inherent in
moving factories, doing resource extraction and conducting business overseas is always there,
but if one's government lessens the risk via force projection and control of local
governments, a US agent could appear to be "less risk averse" because the US taxpayer has
"got their back".
This paper closes with
"If policymakers want to save globalization, they need to make the world look different
from our model. One attractive policy option is to improve the financial systems of
less-developed countries. Smaller cross-country differences in financial development would
mitigate the uneven effects of cross-border risk sharing. More balanced global risk sharing
would result in lower current account deficits and, eventually, lower inequality in the rich
world."
Ah yes, to EVENTUALLY lower inequality, the USA needs to "improve the financial systems of
less-well developed countries"
Perhaps the USA needs to improve its OWN financial system first?
Paul Woolley has suggested, the US and UK financial systems are 2 to 3 times they should
be.
And the USA's various financial industry driven bubbles, the ZIRP rescue of the financial
industry, and mortgage security fraud seem all connected back to the USA financial
industry.
Inequality did not improve in the aftermath of these events as the USA helped preserve the
elite class.
Maybe the authors have overlooked a massive home field opportunity?
That being that the USA should consider "improving" its own financial system to help
inequality.
I'm glad to see that issues and views discussed pretty regularly here in more or less
understandable English have been translated into Academese. Being a high risk averse plebe,
who will not starve for lack of trade with China, but may have to pay a bit more for
strawberries for lack of cheap immigrant labor, I count myself among the redistributionist
economic nationalists.
Right now I'm making raisins from the grapes harvested here at home .. enough to last for
a year, or maybe two. Sure, it's laborous to some extent, but the supply chain is very short
.. the cost, compared to buying the same amount at retait rates, is minuscule, and they're as
'organic' as can be. The point I'm trying to make is that wth some personal effort, we can
all live lighter, live slower, and be, for the most part, contented.
Might as well step into collapse, gracefully, and avoid the rush, as per J. M. Greer's
mantra.
The UK had become somewhat dependent on Switzerland for wristwatches prior to WW2, and all
of the sudden France falls and that's all she wrote for imports.
Must've been a mad scramble to resurrect the business, or outsource elsewhere.
My wife and I were talking about what would happen if say the reign of error pushes us
into war with China, and thanks to our just in time way of life, the goods on the shelves of
most every retailer, would be plundered by consumers, and maybe they could be restocked a few
times, but that's it.
I recently purchased a cabinet/shelf for 20 tubmans, from a repurposing/recycling
business, and, after putting a couple of hundred moar tubmans into it .. some of which
included recycled latex paints and hardware .. transformed it into a fabulous stand-alone
kitchen storage unit. If I were to purchase such at retail, it would most likely go for close
to $800- $1000.00 easy !!
With care, this 'renewed' polecat heirloom will certainly outlive it's recreator, and pass on
for generations henceforth.
Yes, thank goodness there was no mention of Canada's failure to negotiate a trade treaty
with our best friend. All of a sudden, Canadians seem to be the target of a lot of ill will
in other articles.
I think it's just ill- informed jealousy. Us US mopes think Canadians are much better off
than we Yanks, health care and such. You who live there have your own insights, of course.
Trudeau and the Ford family and tar sands and other bits.
And some of us are peeved that you don't want us migrating to take advantage of your more
beneficent milieu.
It's a different vibe up over, their housing bubble crested and is sinking, as the road to
HELOC was played with the best intentions even more furiously than here in the heat of the
bubble.
Can Canada bail itself out as we did in the aftermath, and keep the charade going?
Feel free to fill out that 8 inch high pile of Canadian immigration documentation, so
ya'all can come on up and join the party. Or just jump on your pony and ride North into the
Land of the Grandmother. Trudeau wants more people and has failed to offer proper sacrifice
to the god Terminus, the god of borders, so .
Just don't move to "Van" unless you have a few million to drop on a "reno'ed" crack shack.
When the god Pluto crawls back into the earth, the housing bubble will burst, and it's not
going to be pretty.
That's funny as our dam here is called the Terminus Reservoir, if the name fits
I'm just looking for an ancestral way out of what might prove to be a messy scene down
under, i'd gladly shack up in one of many of my relatives basements if Max Mad breaks out
here.
Great article, interesting data points, but besides placing tariffs on Chinese imports
there is nothing populist about Trump, just empty rhetoric. Highly regressive tax cuts for
the wealthy, further deregulation, wanton environmental destruction, extremist right-wing
ideologues as judges, a cabinet full of Wall Street finance guys, more boiler-plate Neo-Lib
policies as far as I can tell.
I fear Trump and the Brexiters are giving populism a bad name. A functioning democracy
should always elect populists. A government of elected officials who do not represent the
public will is not really a democracy.
Aversion to inequality thus reflects envy of the economic elites rather than
compassion for the poor.
That's ridiculous. Indeed, the Brexit campaign was all about othering the poor and
powerless immigrants, as well as the cultural, artistic, urban and academic elites, never the
the moneyed elites, not the 1%. The campaign involved no dicussion what's so ever of the
actual numbers of wealth inequality.
When deciding whether to vote mainstream or populist, US agents face a
consumption-inequality trade-off. If elected, the populist delivers lower consumption but
also lower inequality to US agents.
How can anyone possibly write such a thing? The multi-trillion tax cut from Donald Trump
represents a massive long time rise in inequality. Vis-à-vis Brexit, the entire
campaign support for that mad endeavor came from free-trader fundamentalists who want to be
free to compete with both hands in the global race-to-the-bottom while the EU is (barely)
restraining them.
Trump and Brexit voters truly are irrational turkeys (that's saying a lot for anyone who's
met an actual turkey) voting for Christmas.
Some of us mopes who voted for Trump did so as a least-bad alternative to HER, just to try
to kick the hornet's nest and get something to fly out: So your judgment is that those folks
are "irrational turkeys," bearing in mind how mindless the Christmas and Thansgiving turkeys
have been bred to be?
Better to arm up, get out in the street, and start marching and chanting and ready to
confront the militarized police? I'd say, face it: as people here have noted there is a
system in place, the "choices" are frauds to distract us every couple of years, and the
vectors all point down into some pretty ugly terrain.
Bless those who have stepped off the conveyor, found little places where they can live
"autarkically," more or less, and are waiting out the Ragnarok/Gotterdammerung/Mad Max
anomie, hoping not to be spotted by the warbands that will form up and roam the terrain
looking for bits of food and fuel and slaves and such. Like one survivalist I spotted
recently says as his tag-line, "If you have stuff, you're a target. If you have knowledge.
you have a chance–" this in a youtube video on how to revive a defunct nickel-cadmium
drill battery by zapping it with a stick welder. (It works, by the way.)He's a chain smoker
and his BMI must be close to 100, but he's got knowledge
The papers's framing of the issues is curious: the populace has 'envy' of the well-off;
and populism (read envy) rises when the economy is strong and inequality rises (read where's
my yaht?).
The paper lacks acknowledgement of the corruption, fraud, and rigging of policy that rises
when an overly financialized economy is 'good.' This contributes to inequality. Inequality is
not just unequal, but extremely disproportionate distributions which cause real suffering and
impoverishment of the producers. It follows (but not to the writer of this paper) that the
citizens take offense at and objection to the disproprtionate takings of some and the meager
receipts of the many. It's this that contributes to populism.
And the kicker: to save globalization, let's financialize the less developed economies to
mitigate cross-border inequalities. Huh? Was not the discussion about developed nations'
voters to rising inequality in face of globalization? The problem is not cross-border 'envy.'
It's globalization instrinsically and how it is gamed.
I'm with Olga. It's good to see that voting "wrong" taken seriously, and seen as
economically rational. Opposing globalization makes sense, even in the idiosyncratic usage of
economics.
The trouble, of course, is that the world of economics is not the world we live in.
Why does the immigrant cross the border? Is it only for "pecuniary interests," only for
the money? Then why do so many send most of it back across the border, in remittances?
If people in poor countries aren't willing to sacrifice for "luxuries," like a dignified
human life, who was Simon Bolivar, Che Guevara, or more recently, Berta Cáceres?
Seems to be a weakness of economic models in general: it's inconceivable that people do
things for other than pecuniary interests. In the reductionist terms of natural science,
we're social primates, not mechanical information engines.
If this model were a back patio cart, like the one I'm building right now, I wouldn't set
my beer on it. Looks like a cart from a distance, though, esp when you're looking for
one.
To the extent that the backlash has irrational aspects in the way it manifests, I would
suspect that it relates to the refusal of the self-styled responsible people to participate
in opening more rational paths to solutions, or even to acknowledge the existence of a
problem. When the allegedly responsible and knowledgeable actors refuse to act, or even see a
need to act, it's hardly surprising that the snake oil vendors grow in influence.
I'm always leery of t-test values being cited without the requisite sample size being
noted. You need that to determine effect size. While the slope looks ominously valid for the
regression model, effects could be weak and fail to show whether current account deficits are
the true source. Financialization seems purposely left out of the model.
Ms. Mitchell had a line of questioning about the friend who was mutual to Kavanaugh and
Ford. It turns out this was the same person who had been named earlier by Ed Whelan. Ford
said she had dated Garrett, also knew his younger brother, but flatly refused to refer to him
by name in public.
I'll assume Ms. Mitchell was allowed to review all of the investigative material collected
by the Committee to date. There has to be a reason she pursued this line of questioning.
Torgo , 11 hours ago
Who would most likely drive a girl to a party with older high school boys from a different
school and different circle of friends? Who would most likely take a 15 year old girl home
from a party in an age without cell phones? His name is Chris Garrett, nickname of "Squi".
She claims to not remember the person that drove her home, and she claims to not remember the
name of the last boy at the gathering. And she refuses to publicly state the name of the boy
that introduced her to Kavanaugh. These are all one and the same person, her boyfriend and
soon-to-be-ex-BF Chris Garrett, who may have either assaulted her or broke up with her that
day.
fleur de lis , 13 hours ago
What a spoiled brat she must have been whilst growing up.
She must be a really obnoxious snot to her coworkers over the years, too.
And as a teacher she must be a real screwball.
Which explains how she landed an overpaid job at a snowflake factory.
Torgo , 11 hours ago
She walked upstairs calmly with her boyfriend Chris Garrett, nicknamed "Squi".
Why was Ms. Ford wearing glasses that looked like someone rubbed Crisco on the lenses? As
a long time wearer of glasses, I can tell you we dont roll that way, kind of defeats the
purpose. Answer? Those were not her glasses...they were a prop...
Dormouse , 15 hours ago
She's an Illuminati/NXIVM MKUltra-ed CIA sex-kitten. Her family glows in the dark with CIA
connections. She's a CIA recruiter at Stamford, as well as her other job at Palo Alto. Oh,
something traumatic has happened to her, multiple times; but at the hands of her family and
their close Agency friends. Alyssa Milano in the audience? Come on! This is so ******* sick!
What a disgusting display for those in the Know. Does the FBI currently have the balls to
call them all out? That's the question, has Trump reformed the DOJ/FBI -- beyond the hobbled
and shackled part consummed by these criminals with their coup? He seems confident, almost
like he's tormenting his enemies as usual.
aloha_snakbar , 16 hours ago
Funny how Democraps are getting their panties in a wad over BK drinking beer in college,
yet were okay with Slappy Sotoro snorting cocaine in college....go figure...
MrAToZ , 17 hours ago
The Dims don't believe Ford any more than they believe in the constitution. They are
building a better world. They are true believers, one in the cause.
If one of them were at the receiving end of this type of Spanish inquisition they would be
crying foul right out of the batter's box. But, because this is for the cause they will put
the vagina hat on, goose step around and say they believe that mousey Marxist.
It's a made up sink if he's innocent, guilty if he floats game show. They know exactly
what they are doing, which makes them even more reprehensible.
Sinophile , 19 hours ago
If the bitch 'struggled academically in college' then how the hell did she get awarded a
freaking P(ost)H(ole)D(igger)?
onewayticket2 , 19 hours ago
Again, So What??
The democrats have already soiled this Judge's career and family name. Now it's about
delay.
Exoneration note from the Republicans' lawyer carries precisely zero weight with
them.....they are too busy sourcing everyone who ever drank beer with Kav....in an effort to
get another Week Long extension/argue that Trump already greenlighted such an extension to
investigate how much Kav likes beer. or who's milk money he stole in 3rd grade....
onewayticket2 , 18 hours ago
He is not the first college student to get drunk.
Equating getting drunk to charges in every newspaper and TV news station for weeks stating
he is a gang rapist ring leader etc is laughably idiotic. Nice job. Thx for the laugh.
Opulence I Has It , 20 hours ago
The only things she does remember, are the things that directly support her allegations.
That fact, by itself, is reason enough to disbelieve everything she says. The idea that she
would have concrete memories of only those specific events, is not believable.
It's totally believable, though, that she's been counseled thus, to make her story easier
to remember and avoid those inconvenient secondary details. You know, those secondary details
that every police detective knows are how you trip up a liar. They are so focused on their
bogus story, the little details of the time surrounding the fabrication don't hold up.
Last of the Middle Class , 16 hours ago
She remembers clearly she only had one beer and was taking no medication yet cannot
remember for sure how she accessed her counselors records on her whether by internet or
copying them less than 3 months ago?
Not possible.
She's a lying shill and in time it will come out.
Torgo , 11 hours ago
She doesn't remember her rescuer that drove her home and away from such a terrible
situation. Is this plausible? I say absolutely not. IMHO, she knows his name but refuses to
say it while pretending to not remember. Chris Garrett, nicknamed "Squi", who introduced her
to Kavanaugh and who was her boyfriend once. Some have speculated that he assaulted her that
day and/or ended her relationship that day after she didn't want to take things to the next
level with him.
Babble_On2001 , 20 hours ago
Right, that's why the fraud Ford kept repeating, "I don't remember" or "I can't recall."
Yes, a very believable story. Now let me tell you about another female figure that has been
treated poorly, she's called the Tooth Fairy.
deja , 19 hours ago
Tawana Brawley, substitute republican conservative for white state trooper.
Torgo , 11 hours ago
Not only are these claims of not remembering completely implausible, but the transcript
shows that she explicitly refuses to say the name of the boy that introduced her to BK. It
strikes me as wildly disrespectful to Rachel Mitchell and just screams for further
exploration.
Babble_On2001 , 20 hours ago
Right, that's why the fraud Ford kept repeating, "I don't remember" or "I can't recall."
Yes, a very believable story. Now let me tell you about another female figure that has been
treated poorly, she's called the Tooth Fairy.
deja , 19 hours ago
Tawana Brawley, substitute republican conservative for white state trooper.
Torgo , 11 hours ago
Not only are these claims of not remembering completely implausible, but the transcript
shows that she explicitly refuses to say the name of the boy that introduced her to BK. It
strikes me as wildly disrespectful to Rachel Mitchell and just screams for further
exploration.
sunkeye , 21 hours ago
T/y Prosecutor Mitchell for conducting yourself w/ professionalism, decency, & honor -
personal traits none of the Democratic senators seem to possess, or would even recognize if
shown to them directly as you did. Again. t/y & bravo.
Torgo , 11 hours ago
She allowed Ford to refuse to speak the name of the boy that introduced her to BK. Chris
Garrett, nicknamed "Squi", who was Ford's one-time boyfriend. Some speculate that he was the
unnamed final boy at the party and that he may have assaulted Ford and/or dumped her after
she refused to go to the next level with him. Hence the trauma.
Paracelsus , 21 hours ago
I am having trouble keeping these personalities separate as I want to give everyone the
benefit of the
doubt. When I see Justice Kavanaugh, I think of the confirmation hearing as a political
attack on the
Trump administration . Also as an attempt to score points, or make the other side
screw up, before the
upcoming elections.When I see Dr. Ford, I see Hillary Clinton and all the bitterness
from a failed
politician.
The funny thing is I thought all the Trump "fake news" statements were a load of crap.
Turns out he hit the
mark quite often. The lefties are so damn mad because Trump is succeeding and they haven't
been able to
score points against him. So they feel that it is justified to use other
methods,regardless of the fallout.
There is a whiff of panic and desperation present.
I have stated this before, as have others: The loss of the White House by the Democrats
provided a
unique opportunity to clean out the deadwood. This may have seemed cruel and heartless
but the
Obama era is over and the Dem's urgently need to return to their roots before it is too
late. Did they
use this moment of change or did they revert to business as usual? To ask the question
is to
answer it.... This is commonly described as bureaucratic inertia. The Dem's only needed
to get the
ball rolling and they would be moving towards the objective of regaining power. New,
younger
and more diplomatic and law abiding types need to be encouraged to apply. Put out the
help wanted
sign. Do what Donald does,"You're fired!".
RighteousRampage , 21 hours ago
Well, if others have stated it before, it MUST be true. Republiconarists and Demcraps are
playing the same stupid games. Dems got punked w Garland, and now Reps are getting their
comeuppance w Kavanaugh (who really made it worse for himself by holding up such an obviously
false pious portrait of himself).
American Dissident , 22 hours ago
I believe Judge Brett Kavanaugh. I believe Rachel Mitchell, Esq. I believe Leland Keyser.
I believe Mark Judge. I believe P.J. Smyth.
I believe the evidence. That's why I don't believe Ms. Christine Blasey Ford.
Anunnaki , 17 hours ago
But she only had one beer!
Torgo , 11 hours ago
What do you think of the Chris Garrett hypothesis?
VWAndy , 22 hours ago
Mrs Fords stunt works in family courts all the time. Thats why they tried it folks. They
have gotten away with it before.
Aubiekong , 23 hours ago
Never was about justice, this is simply a liberal/globalist plan to stop Trump.
Prince Eugene of Savoy , 20 hours ago
Squeaky Ford only testified to what she had written down. She never used the part of the
brain dealing with actual memory. https://youtu.be/uGxr1VQ2dPI
JLee2027 , 1 day ago
Guys who have been falsely accused, like me, knew quickly that Ford was lying. They all
have the same pattern, too many smiles, attention seeking, stories that make no sense or too
vague,etc.
Barney08 , 1 day ago
Ford is a crusader. She thinks she is a Roe v Wade savior but she is an over educated
ditz.
dogmete , 1 day ago
Right Barney, not an undereducated and-proud-of-it slob like you.
MrAToZ , 1 day ago
You Dims are so willing to just swallow the hook. You idiots have been trained to react,
leave common sense at the door, slap on the vagina hats and start marching in circles.
What a cluster f*ck. Evidently there are suckers born every minute.
Kelley , 1 day ago
One word uttered by Ford proves that not only did Kav. not attack her but no one ever
assaulted her . That word is "hippocampus." No woman in recorded history has ever used
that word to describe their strongest reaction to a sexual assault.
It's mind blowing that a person would react to what was supposedly one of the most
traumatic experiences of her life with a nearly gleeful "Indelibly in my hippocampus " or
something to that effect unless of course it didn't happen. Her inappropriate response leads
me to believe that Ford was never assaulted in the manner in which she claimed. If her
claimed trauma had been a case of mistaken identity regarding a real assault, she still would
have felt it and reacted far differently.
Emotional memories get stored in the amygdala. The hippocampus is for matter-of-fact
memories. When Senator Feinstein asked Ford about her strongest memories of the event, Ford
went all "matter of fact" in her reply, "Indelibly in my hippocampus ." without a trace of
emotion in her response. No emotions = no assault by ANYONE let alone by Kavanaugh.
Giant Meteor , 1 day ago
Not only that, her most indelible memory from the experience was the maniacal laughter ,
not the part where a hand was forcibly placed over her mouth and she thought she may in that
moment, have been accidently killed.
As to the hippopotamus, is that a turtle neck she is wearing or just her neck. What the
**** happened there, she said nothing about strangulation.
pnchbowlturd , 1 day ago
Another peculiar thing about Ford's testimony was the adolescent voicing she gave it in.
It was if she was imitating a 6 year old. I wish MItchell had fleshed out Ford's hobbies
(surfing??) more and given more context to her career activities and recreational pursuits in
college, alcohol consumption patterns or substance abuse treatments. Her voicing was a tell
that she seemed to be overplaying the victim persona for a person who holds a doctorate and
travels the world surfing
Nunny , 1 day ago
If they coached her (while on the loooong drive from CA...lol) to use that voice, they
didn't do her any favors. I thought femi-libs were all about being 'strong' and 'tough'. They
can't have it both ways.....strike that.....they do have it both ways.....and the useful
idiots on the left buy it.
Torgo , 11 hours ago
IMHO, the most peculiar thing was her outright refusal to say aloud the name of the boy
that introduced her to Kavanaugh, when repeatedly questioned by Rachel Mitchell. It was
wildly obvious that she was being evasive and I see it as an enormous tell. Chris Garrett,
nicknamed "Squi", was IMHO the boy that drove her to and from the party, and if he didn't
outright assault her that day, he may have dumped her that day.
MedTechEntrepreneur , 1 day ago
If the FBI is to have ANY credibility, they must insist on Ford's emails, texts and phone
records for the last 2 years.
Anunnaki , 1 day ago
Kill shots:
Ranging from "mid 1980s" in a text to the Washington Post to "early 80s"
No name was listed in 2012 and 2013 individual and marriage therapy notes.
she was the victim of "physical abuse," whereas she has now testified that she told her
husband about a "sexual assault."
she does not remember who invited her to the party or how she heard about it. She does
not remember how she got to the party." Mitchell continued: "She does not remember in what
house the assault allegedly took place or where that house was located with any
specificity. Perhaps most importantly, she does not remember how she got from the party to
her house."
In her letter to Feinstein, she said "me and 4 others" were at the party but in her
testimony she said there were four boys in additional to Leland Keyser and herself. She did
not list Leland Keyser even though they are good friends. Leland Keyser's presence should
have been more memorable than PJ Smyth's,
· She testified that she had exactly one beer at the party
· "All three named eyewitnesses have submitted statements to the Committee denying
any memory of the party whatsoever,
· her BFF: Keyser does not know Mr. Kavanaugh and she has no recollection of ever
being at a party or gathering where he was present with
· the simple and unchangeable truth is that Keyser is unable to corroborate [Dr.
Ford's allegations] because she has no recollection of the incident in question.
· Mitchell stated that Ford refused to provide her therapy notes to the Senate
Committee.
· Mitchell says that Ford wanted to remain confidential but called a tipline at the
Washington Post.
· she also said she did not contact the Senate because she claimed she "did not
know how to do that."
· It would also have been inappropriate to administer a polygraph to someone who
was grieving.
· the date of the hearing was delayed because the Committee was told that Ford's
symptoms prevented her from flying, but she agreed during testimony that she flies "fairly
frequently."
· She also flew to Washington D.C. for the hearing.
· "The activities of Congressional Democrats and Dr. Ford's attorneys likely
affected Dr. Ford's account.
"... Who would most likely drive a girl to a party with older high school boys from a different school and different circle of friends? Who would most likely take a 15 year old girl home from a party in an age without cell phones? His name is Chris Garrett, nickname of "Squi". She claims to not remember the person that drove her home, and she claims to not remember the name of the last boy at the gathering. And she refuses to publicly state the name of the boy that introduced her to Kavanaugh. These are all one and the same person, her boyfriend and soon-to-be-ex-BF Chris Garrett, who may have either assaulted her or broke up with her that day. ..."
"... Yes. I was focused on trying to get into an elite college when I was in HS and these people's lives were nothing like mine in my teens. But then like a lot of people I'm lowborn as opposed to these people. I was a caddy at the Country Club, and my parents were certainly not members. ..."
"... She walked upstairs calmly with her boyfriend Chris Garrett, nicknamed "Squi". ..."
"... You go (down) girl, Doctor Ford! What a brave 15 year-old drinking at HS and College-Level Parties! Truly a Progressive ahead of the times! ..."
"... Can't see that it isn't about Trump. It's about a Populist/Nationalist movement to put an end to the degradation of Progressive Globalists ..."
"... Why was Ms. Ford wearing glasses that looked like someone rubbed Crisco on the lenses? As a long time wearer of glasses, I can tell you we dont roll that way, kind of defeats the purpose. Answer? Those were not her glasses...they were a prop... ..."
"... Hahaha! She should have just taken out the lens out. No one would have looked that closely or would they ? ..."
"... Her family glows in the dark with CIA connections. She's a CIA recruiter at Stamford, as well as her other job at Palo Alto. ..."
"... She doesn't remember her rescuer that drove her home and away from such a terrible situation. Is this plausible? I say absolutely not. IMHO, she knows his name but refuses to say it while pretending to not remember. Chris Garrett, nicknamed "Squi", who introduced her to Kavanaugh and who was her boyfriend once. Some have speculated that he assaulted her that day and/or ended her relationship that day after she didn't want to take things to the next level with him. ..."
Ms. Mitchell had a line of questioning about the friend who was mutual to Kavanaugh and
Ford. It turns out this was the same person who had been named earlier by Ed Whelan. Ford said
she had dated Garrett, also knew his younger brother, but flatly refused to refer to him by
name in public.
I'll assume Ms. Mitchell was allowed to review all of the investigative material collected
by the Committee to date. There has to be a reason she pursued this line of
questioning.
Torgo , 11 hours ago
Who would most likely drive a girl to a party with older high school boys from a different
school and different circle of friends? Who would most likely take a 15 year old girl home
from a party in an age without cell phones? His name is Chris Garrett, nickname of "Squi".
She claims to not remember the person that drove her home, and she claims to not remember the
name of the last boy at the gathering. And she refuses to publicly state the name of the boy
that introduced her to Kavanaugh. These are all one and the same person, her boyfriend and
soon-to-be-ex-BF Chris Garrett, who may have either assaulted her or broke up with her that
day.
fleur de lis , 13 hours ago
What a spoiled brat she must have been whilst growing up. She must be a really obnoxious snot to her coworkers over the years, too. And as a teacher she must be a real screwball. Which explains how she landed an overpaid job at a snowflake factory.
Torgo , 11 hours ago
Yes. I was focused on trying to get into an elite college when I was in HS and these
people's lives were nothing like mine in my teens. But then like a lot of people I'm lowborn
as opposed to these people. I was a caddy at the Country Club, and my parents were certainly
not members.
Brazillionaire , 14 hours ago
I haven't read all the comments so I don't know if somebody already brought this up... can
this woman (who was 15) explain why she was in an upstairs bedroom with two boys? Did they
drag her up the stairs? In front of the others? If she went willingly, for what purpose?
Some things reign eternal... You go (down) girl, Doctor Ford! What a brave 15 year-old
drinking at HS and College-Level Parties! Truly a Progressive ahead of the times! Thank you
for paving the road to ruin! Don't forget to breathe in-between. You ARE the FACE OF THE
DEMOCRATIC PARTY, GIRL! Suck it up, Buttercup!
alfbell , 15 hours ago
I BELIEVE!!
... that America's institutions are being torn down by Leftists. The attempt to create a
new totalitarian regime has been upon us for decades and is now perfectly clear.
We will not say goodbye to morality.
We will not say goodbye to science.
We will not say goodbye to democracy.
We will not say goodbye to our Constitution, Bill of Rights, Founding Fathers, Logic,
Decency, etc. etc. etc.
MAGA!
AHBL , 15 hours ago
Morality: Your dear Leader cheated on 3 different wives, one of them with a
prostitute,...while she was pregnant (or had a 4 month old, I forget); filed for bankruptcy 5
times, cheating many people out of money; settled fraud lawsuits; lied about charity
donations; your party nominated an actual PEDOPHILE (Moore) for Senate and now wants to
appoint an angry drunk to be SCJ!
Science: You folks are literally disputing the conclusions of the vast, vast majority of
scientists (97% by my last count) when it comes to global warming.
Democracy: this is a Democratic Republic...if it was a Democracy Trump wouldn't be
President.
The rest of the nonsense you wrote was just filler...obviously.
Hadenough1000 , 11 hours ago
Still better than the rapist and intern cigarer and Benghazi killer clintons. why do retarded libturds not see that!!
alfbell , 11 hours ago
You are clueless. Have all of your priorities and importances upside down. Have zero
critical thinking.
Can't see that it isn't about Trump. It's about a Populist/Nationalist movement to put an
end to the degradation of Progressive Globalists. Look at the big picture AHBL. C'mon you can
do it.
aloha_snakbar , 15 hours ago
Why was Ms. Ford wearing glasses that looked like someone rubbed Crisco on the lenses? As
a long time wearer of glasses, I can tell you we dont roll that way, kind of defeats the
purpose. Answer? Those were not her glasses...they were a prop...
NeigeAmericain , 13 hours ago
Hahaha! She should have just taken out the lens out. No one would have looked that closely
or would they ? 🤔
Dormouse , 15 hours ago
She's an Illuminati/NXIVM MKUltra-ed CIA sex-kitten.
Her family glows in the dark with CIA
connections. She's a CIA recruiter at Stamford, as well as her other job at Palo Alto.
Oh,
something traumatic has happened to her, multiple times; but at the hands of her family and
their close Agency friends. Alyssa Milano in the audience? Come on! This is so ******* sick!
What a disgusting display for those in the Know. Does the FBI currently have the balls to
call them all out? That's the question, has Trump reformed the DOJ/FBI -- beyond the hobbled
and shackled part consummed by these criminals with their coup? He seems confident, almost
like he's tormenting his enemies as usual.
" The episode occurred on a September evening in 1985 after Kavanaugh, Ludington and
Dudley, attended the UB40 concert ."
UB40? Well, there you have it, if that isn't disqualifying, I don't know what is.
Debt Slave , 16 hours ago
She is a cross eyed boobis and we have to believe her because she says Kavanaugh, a white
hetero catholic man without any decent upbringing or engrained scruples raped her like a
monkey savage out of the jungle. Oh sorry, TRIED to rape her. As a teenager. Tried to raped a
pathetic, stupid cross eyed retarded moron that has since been successfully lobotomized at a
'modern' American university.
When is the last time you saw a 'mentally challenged' person being abused? Oh yes I
remember now, it was Chicongo, January 2017. Four negroes shoved a retarded white man's head
in a toilet and demanded he swear that he loved Niggers.
Never heard what happened to the savage fuckers, eh? Not surprised.
i know who and what I am voting for white man, do you?
benb , 16 hours ago
Time for the un-redacted FISA docs and the text messages. That should send Schumer and the
gang into a tailspin.
MrAToZ , 17 hours ago
The Dims don't believe Ford any more than they believe in the constitution. They are
building a better world. They are true believers, one in the cause.
If one of them were at the receiving end of this type of Spanish inquisition they would be
crying foul right out of the batter's box. But, because this is for the cause they will put
the vagina hat on, goose step around and say they believe that mousey Marxist.
It's a made up sink if he's innocent, guilty if he floats game show. They know exactly
what they are doing, which makes them even more reprehensible.
BankSurfyMan , 18 hours ago
Fordy had sexual encounters, she drinks beer and flies all over the globe... One day she
had a beer and cannot remember getting home on time to watch, MOAR DOOM NEWS! Fucktard Fordy!
Doom 2019! Next!
Kafir Goyim , 18 hours ago
Just had lunch with a democrat. He's generally tolerable, so his level of anger at
Kavanaugh and his acceptance of "anything goes" to derail Kavanaugh was surprising to me.
Democrats believe that Roe V Wade is instantly overturned if Kavanaugh gets in. They also
think that if Roe V Wade is overturned, no woman will ever be able to abort another baby in
the US.
I explained to him that destruction of Roe V Wade will only make it a state issue, so
girls in California, Oregon, Washington, New York, etc will be able to kill as many babies as
they want to. It will only be girls in Wyoming or Utah or some other very red state that
might have to schlep their *** to another state to kill their kid.
Democrats see this as a battle for abortion, and if Kav gets confirmed, abortion is
completely gone in the USA. That's why you have these women freaking out. They think the
stakes are much higher than they actually are. Almost all of the women that are so worried
about this live in states where it won't have any effect on them at all.
Kafir Goyim , 18 hours ago
I think I kind of calmed him down. We need to let them know that their world doesn't end
if Roe V Wade is overturned. I am also not at all sure it would be overturned, even with Kav
on the court, but they insist it will be, so not worth arguing. Reminding them that it
doesn't effect them, if they live in a blue state should calm their fears a little.
The right to abort is their 2nd amendment, God help us. If you explain to them they are
not really in danger, it may calm them down. They'll still make noise about those poor girls
who can't get an abortion after school and still make it home for dinner, and instead, have
to take a bus to another state to kill their kid, but they won't be as personally threatened
and lashing out as they mistakenly are now.
when the saxon began , 17 hours ago
And therein lies the fatal flaw of an elected representative government. The votes of the
ignorant and stupid are counted the same as yours or mine. And there are far more of
them.
VisionQuest , 18 hours ago
Democrats stand for atheism, abortion & sodomy. Ask yourself this question: Who stands
with Democrats? If your answer is "I do." then you'd best rethink your precious notions of
morality, truth, common decency, common sense and justice.
It is undoubtedly true that, in our entirely imperfect world, the American Way of life is
also far from perfect. But it is also true that, compared to every other system of government
on the planet, there is no comparison with the level of achievement accomplished by the
American Way of life.
Democrats hate and will destroy the American Way of life. Have you been a Democrat? Walk
away.
freedommusic , 19 hours ago
At this point the FBI should recommend a criminal investigation to the DOJ for treasonous
actors who are subverting the constitutional process of SC nomination. The crimes of perjury,
sedition, and treason, need to be clearly articulated to the public and vigorous prosecution
ensue.
We are STILL a Constitutional Republic - RIGHT?
Giant Meteor , 18 hours ago
Well, I am betting 27 trillion dollars that the answer to your question is a resounding ,
no ...
eitheror , 19 hours ago
Thank you Rachel Mitchell for having the courage to tell the truth about the testimony of
Ms. Blasey Ford, P.h.D.
Ford is not a medical Doctor but is a P.h.D.
The Democrats seem to have abandoned Ms. Ford like a bad haircut, instead focusing on
other smoke and mirrors.
onewayticket2 , 19 hours ago
Again, So What??
The democrats have already soiled this Judge's career and family name. Now it's about
delay.
Exoneration note from the Republicans' lawyer carries precisely zero weight with
them.....they are too busy sourcing everyone who ever drank beer with Kav....in an effort to
get another Week Long extension/argue that Trump already greenlighted such an extension to
investigate how much Kav likes beer. or who's milk money he stole in 3rd grade....
Babble_On2001 , 20 hours ago
About 35 years ago, at a party in San Francisco where everyone was very drunk, now Senator
Feinstein sexually molested me. Don't remember the date or location or anything else, but it
happened, I swear! Naturally, want to remain anonymous to protect my integrity, but it did
happen! She shoved me down onto my knees and ground her crotch in my face. It was terrible, I
can still recall the horrible smell to this day! The stench was a combination of rotting
flesh and urine. Makes me nauseous just thinking of that sexual assault. INVESTIGATE this
serial molester!
Opulence I Has It , 20 hours ago
The only things she does remember, are the things that directly support her allegations.
That fact, by itself, is reason enough to disbelieve everything she says. The idea that she
would have concrete memories of only those specific events, is not believable.
It's totally believable, though, that she's been counseled thus, to make her story easier
to remember and avoid those inconvenient secondary details. You know, those secondary details
that every police detective knows are how you trip up a liar. They are so focused on their
bogus story, the little details of the time surrounding the fabrication don't hold up.
Last of the Middle Class , 16 hours ago
She remembers clearly she only had one beer and was taking no medication yet cannot
remember for sure how she accessed her counselors records on her whether by internet or
copying them less than 3 months ago?
Not possible.
She's a lying shill and in time it will come out.
Torgo , 11 hours ago
She doesn't remember her rescuer that drove her home and away from such a terrible
situation. Is this plausible? I say absolutely not. IMHO, she knows his name but refuses to
say it while pretending to not remember. Chris Garrett, nicknamed "Squi", who introduced her
to Kavanaugh and who was her boyfriend once. Some have speculated that he assaulted her that
day and/or ended her relationship that day after she didn't want to take things to the next
level with him.
American Dissident , 20 hours ago
McConnell on the Senate Floor 50 minutes ago: "The time for endless delay and obstruction
has come to a close.... Mr. President, we'll be voting this week."
xear , 21 hours ago
Brett is obviously innocent. Groping her, holding her down, grinding into her... it's not
like it was rape. And as far as covering her mouth so she couldn't scream... after a heavy
night of drinking who wants to hear screaming? Almost anyone would do the same.
I Am Jack's Macroaggression , 20 hours ago
it's always interesting to see where and why people claim to know things about which they
have literally no 'knowledge.'
Also interesting to see how the same people who would protest assuming the guilt of an
alleged Muslim terrorist or Black liquor store robber now argue it is 'whiteness' and
'patriarchy' to not assume the guilt of a white male regarding decades old uncorroborated
charges... which 4 named witnesses deny having knowledge of, by a woman who lied about a fear
of flying to try to delay the process.
We can all be hypocrites.
But watching the Left embrace hypocrisy as social justice has been, in the pure sense of
the word, awesome to behold.
Torgo , 11 hours ago
Not only are these claims of not remembering completely implausible, but the transcript
shows that she explicitly refuses to say the name of the boy that introduced her to BK. It
strikes me as wildly disrespectful to Rachel Mitchell and just screams for further
exploration.
FBaggins , 21 hours ago
To fix things if after all of this crap from the feminazis and Kavenaugh simply withdraws
his name, Trump should put forward Judge Amy Coney Barrett as the next candidate. It would
really ensure support for Trump candidates in the midterms from women in general and from
social-conservative family-values people in the US and it would perhaps teach the feminazis a
lesson at the same time.
istt , 20 hours ago
No, Kavanaugh deserves better. He has earned his place on the USSC.
Giant Meteor , 20 hours ago
My prediction was, and still is Kavanaugh goes forward. Even the revered CNN is starting
to walk the drinking issue back.
By the way , the Trump presser today was a ******* hoot!
ToddTheBabyWhale , 21 hours ago
Nine page memo, Tyler. Your starting to write like a pro journalist now.
aloha_snakbar , 22 hours ago
Ms Ford, the newly minted millionaire, is probably lying poolside in Mexico, indulging in
her favorite psychotropics and getting pounded by the local brown talent. Wow...having a
vagina is like having a meat 3D printer that spews out money...
blindfaith , 23 hours ago
Was there in 1965, and I can recall what my classmates wore, who could dance, who kissed
great, who had the best music, who got laid and how often...and it was NOT the head of the
football or basketball team.
Her memory is selectively scripted, and I am 20 years older and my memory is just
fine.
charlewar , 23 hours ago
In other words, Ford is a liar
JohnG , 23 hours ago
She's a goddamned sociopathic lying bitch.
arby63 , 23 hours ago
A highly paid one. Gofundme alone is over $900,000.
1970SSNova396 , 22 hours ago
Her two *** lawyers doing well for their time and attention. McCabe's lawyer comes to the
rescue for Ford.
Dead how? We already know that these corporation are die hard neo-liberal but name me 2
republicans or ANY federal entity that would EVER go after a corporation like that.
You are not aware of the score if you think anything will be done to them.
HerrDoktor , 23 hours ago
My hippocampus is turgid and throbbing after seeing Chris Ford in those Adrian (Talia
Shire) spectacles.
blind_understanding , 23 hours ago
I had to look it up ..
TURGID - from Latin turgidus , from turgēre to be swollen
peippe , 22 hours ago
nothing better than a confused lady who forgets stuff...........
I'm all over that if she was thirty-six years younger. oops.
blindfaith , 23 hours ago
So why is Ford dressed like a WWII school Liberian? Halloween?
How does she do all the water sports (easy boys, keep it clean) that she brags about? How
does she keep a case of beer down and then go surfing in Costa Rica? What is all this 'Air
sickness" stuff? How come she works for a company that has a very controversial Abortion pill
and didn't say this? That $750,000 in GoFundMe bucks will sure help heal those cat scratches
she gave herself. Does she pay taxes on that? So many questions and so little answers. Did
she perjer herself?
Sort of convenient that the statute of limitations has run out for her to make an OFFICIAL
complaint in Maryland.
I was the victim of an abuse event when I was 4. I'm 47 now. I know exactly where the
house is, we were in the backyard and I can tell anyone what happened and who was there. It
happened a few days back to back maybe three days, it was during the winter in the
midafternoon. I guess my hippocampus is in better shape than hers.
sgt_doom , 1 day ago
" Dr. Christine Blasey Ford was poised, articulate, clear and convincing. More than
that, she radiated self-assured power ."
----- So says Robert Reich
Saaaaay, Bobby, have you ever met Wesley Allen Dodd or Ted Bundy? I once came into contact
with Dodd, the epitome of calm, cool and collected --- and he was later executed for
torturing to death small children!
A (female) law professor from Seattle University said:
" Dr. Christine Blasey Ford (why do they keep referring to a professor of
psychology as doctor --- s_d) was credible and believable. " (Evidently, we don't need
no stinking proof or evidence where a law professor is concerned!?)
Sgt_Doom says: Prof. Christine Blasey Ford sounded credible, believable and completely
unsubstantiated.
Credible Allegations
Over this past weekend I learned three startling facts:
(1) All American women have been raped;
(2) All American males are rapists and liars; and,
(3) "Credible allegations" are accusations not requiring any shred of evidence.
Fake news facts , that is . . . . .
All this was conveyed by high-middle class (or higher) females who worship globalization
and American exceptionalism --- from the same news conduits who once reported on
weapons-of-mass-destruction in Iraq and other similar mythologies!
Not a single so-called reporter --- not a single self-described journalist in American ---
thought to ask that most obvious of obvious questions:
Where in bloody perdition is Christine Blasey Ford's Holton Arms yearbooks?
After all, they introduced Kavanaugh's yearbook, so why not Christine Blasey's
yearbook?
Second most obvious question:
When one searches online for Holton Arms yearbooks, the searcher can find the yearbooks
for the years preceding Ford's last several years at Holton Arms, and the years following ---
why have the last several years when Christine Blasey attended missing? Why have they been
removed --- even cached versions --- from the Web?
Takes some serious tech resources to accomplish this in such a short period of time?!
How very odd . . . .
I do not want Kavanaugh, nor anyone like him, on the Supreme Court bench, but that does
not mean I automatically believe any and all unsubstantiated accusations and am sane enough
to comprehend that credible allegations require proof --- also referred to as
evidence.
It is not enough to state that this person drinks and is therefore guilty or that person
is a male and is therefore guilty.
I fully support an expanded investigation into both Kavanaugh AND Christine Blasey Ford,
including Ms. Ford's Holton Arms yearbooks and any and all police blotter activity/records
for her ages of 13, 14, 15 and 16.
And I wish some of those useless reporters would being asking the obvious questions . . .
. and finally start doing their jobs!
Sidebar : Sen. Chris Coons claimed that Prof. Ford was courageous to have come forward as
she had nothing to gain , yet within several days after her testimony, Christine
Blasey Ford is almost one-half million dollars wealthier --- nothing to gain?
Hardly . . . .
[Next rant: MY elevator encounter with a 14-year-old psychotic blonde student, and her
buddy, many years ago in Bethesda, Md.]
Giant Meteor , 1 day ago
She (Mitchell) was there to handle her like the delicate flower. To the pubes defense,
someone was smart enough to realize that a bunch of GOP white guys questioning her was not
going to play well. Enter the female prosecutor and her report.
On the other hand the dem guys and dolls could not genuflect enough , so their questioning
was fine. I mean they had her painted as the courageous hero of the modern era. So brave, so
noble , so, so, utterly awesome!
Puke ....
scraping_by , 23 hours ago
She had an emotional meltdown for a big finish. Note who gave her the run-in for it. (Not
Mitchell).
nicholforest , 1 day ago
Seems pretty obvious that Mitchell could not see a case for prosecution - what we heard
was mostly 'He said ... She said". So an unsurprising conclusion.
And there is no moral high ground for Republicans to criticize the process pursued by the
Democrats. They would have (and in the past have) done the same. A curse on both their
houses.
But what struck me was the behavior and style of Kavanaugh. He came across as belligerent,
petty, evasive, aggressive and impulsive. Those are not the characteristics that we want in a
candidate for the Supreme Court.
Little Lindsey G would say that Kavanaugh has a right to be angry, which may be so - but
the way that such anger is manifested is critical. In the military we look for leaders to be
cool under fire. The same should be true for a judge in the highest court in the land.
Instead he came across like a fearful, reactive, spiteful, spoilt frat boy. That will not
do.
scraping_by , 1 day ago
Ah, the double bind. Either he's robotic and reciting a script, or he's wild and howling
brat. Nice how that works.
FAQMD1 , 23 hours ago
nicholforest - And there is no moral high ground for Republicans to criticize the
process pursued by the Democrats. They would have (and in the past have) done the same. A
curse on both their houses.
Please enlighten us on specifically which Dem. SC nomination the Republicans did a full on
character assassination .... were waiting!
It is mindless comments and a lack of rigorous thinking and moral equivocation like yours
that has led the country into the abyss of nonsense and division.
Dickweed Wang , 1 day ago
Look at the time line provided and then tell me the Democrats aren't a pack of lying
weasles. The truth means absolutely NOTHING to them. Their agenda (to **** over Trump in any
way possible) is all that matters. Could anyone imagine what would have happened if the
Republicans would have pulled just 1/10th of that kind of ******** with the Homo *****??
There would have been continuous MSM inspired riots in the streets.
Anunnaki , 1 day ago
They play by Alinsky Rules
rksplash , 1 day ago
I guess the only way this nonsense is going to go away is if the GOP start using the same
tactics. Hire some wannabe spin doctors to go through some old high school yearbooks in a
church basement somewhere in Alabama. An old black and white of some poor pimple faced
senator grabbing his crotch at the prom in 72.
Dickweed Wang , 1 day ago
She did take a polygraph - and passed.
Yeah that's what the lying sacks of **** say, but of course there's absolutely no proof it
happened. She passed? O.k., let's assume they are at least not lying about that . . . what
questions were asked?
Bastiat , 1 day ago
A polygraph with 2 questions apparently. In other words a complete joke. A real poly has
scores if not hundreds of questions.
robertocarlos , 23 hours ago
Two questions were asked. "Are you a woman"? and "Are you a liar"?
Wile-E-Coyote , 1 day ago
It's amazing what a false memory can do.
Is there a verbatim transcript of the questions asked?
Anunnaki , 1 day ago
Mitchell said it was irresponsible to give a polygraph to someone grieving the loss of a
loved one. Grandmother in this case.
peippe , 22 hours ago
rumor has it the exam included two questions.
Two Questions.
you decide what that means.
nsurf9 , 1 day ago
Not one shred of corroboration evidence of Ford's testimony, not even from her friend, who
flatly denied she ever went to such party, NONE, NADA, UNBELIEVABLE!
Don't these Congressional a-holes vet these people to safeguard against crazy loons'
bald-faced lies, and even worst, one's with democrat financed malicious intent to defame?
And further, Montgomery County Police has formally stated that, as a misdemeanor, the
statute of limitations ran out on this allegedly crime - 35 frigging years ago.
And lastly, with regard to drinking in college, not one democrat mentions he finished top
of his Yale undergrad class and top of his Yale Law School class.
FAQMD1 , 23 hours ago
nsurf9 - Don't these Congressional a-holes vet these people to safeguard against crazy
loons' bald-faced lies, and even worst, one's with malicious intent to defame?
Please tell me how you or I could possible "safeguard" ourselves from "crazy loon" and
"bald-face lies" ....?
That is why we're supposed to be a nation of laws and innocent until proven guilty.
It is one thing to disagree over a person political position and or ideas but that is not
what is happening here. The Dems are in full assault mode to destroy BK and his family as a
warning to any future Conservative judge who may dare accepts a nomination to the SC.
What the Dems are doing will lead to some type of civil war if they do not stop this. It
will not be pretty if that happens.
nsurf9 , 23 hours ago
Requiring even a modicum of corroborated facts or evidence, outside of mere "words," would
be a good start!
JLee2027 , 1 day ago
Guys who have been falsely accused, like me, knew quickly that Ford was lying. They all
have the same pattern, too many smiles, attention seeking, stories that make no sense or too
vague,etc.
dogmete , 1 day ago
Yeah what an incredible story. She was at a party with some drunken creepy guys and got
sexually assaulted. Everyone knows that never happens!
scraping_by , 1 day ago
The current sleaze isn't overturning the legal right to abortion, it's making it
impossible to get one. It's a legal right that a woman has to sit through lectures, travel to
specific places, make certain declarations, and get a physician who's usually under attack at
the state level. It's not illegal, it's impossible.
It's not about restricting women, it's about making life harder for middle and lower class
people. Women of the Senator's economic class have always had and always will have access to
safe abortions. It's wage earners who have to depend on local providers.
Whether Catholic K will go along with the sabotage of a privacy right isn't clear. But
he's probably going to be sympathetic to making those working class wenches show some
responsibility.
Torgo , 11 hours ago
To quote famed feminist and Democrat Jennifer Granholm of Michigan, women can always "Keep
their pants zipped". But then Granholm only extended her authoritarian control freakery to
the male half of the human race when she said that a few years ago. If women lose some
"reproductive rights" then some of them might start to have some empathy for men and our lack
of rights. But I won't hold my breath waiting for them to empathize with us.
Kelley , 1 day ago
One word uttered by Ford proves that not only did Kav. not attack her but no one ever
assaulted her . That word is "hippocampus." No woman in recorded history has ever used
that word to describe their strongest reaction to a sexual assault.
It's mind blowing that a person would react to what was supposedly one of the most
traumatic experiences of her life with a nearly gleeful "Indelibly in my hippocampus " or
something to that effect unless of course it didn't happen. Her inappropriate response leads
me to believe that Ford was never assaulted in the manner in which she claimed. If her
claimed trauma had been a case of mistaken identity regarding a real assault, she still would
have felt it and reacted far differently.
Emotional memories get stored in the amygdala. The hippocampus is for matter-of-fact
memories. When Senator Feinstein asked Ford about her strongest memories of the event, Ford
went all "matter of fact" in her reply, "Indelibly in my hippocampus ." without a trace of
emotion in her response. No emotions = no assault by ANYONE let alone by Kavanaugh.
Giant Meteor , 1 day ago
Not only that, her most indelible memory from the experience was the maniacal laughter ,
not the part where a hand was forcibly placed over her mouth and she thought she may in that
moment, have been accidently killed.
As to the hippopotamus, is that a turtle neck she is wearing or just her neck. What the
**** happened there, she said nothing about strangulation.
pnchbowlturd , 1 day ago
Another peculiar thing about Ford's testimony was the adolescent voicing she gave it in.
It was if she was imitating a 6 year old. I wish MItchell had fleshed out Ford's hobbies
(surfing??) more and given more context to her career activities and recreational pursuits in
college, alcohol consumption patterns or substance abuse treatments. Her voicing was a tell
that she seemed to be overplaying the victim persona for a person who holds a doctorate and
travels the world surfing
Nunny , 1 day ago
If they coached her (while on the loooong drive from CA...lol) to use that voice, they
didn't do her any favors. I thought femi-libs were all about being 'strong' and 'tough'. They
can't have it both ways.....strike that.....they do have it both ways.....and the useful
idiots on the left buy it.
Torgo , 11 hours ago
IMHO, the most peculiar thing was her outright refusal to say aloud the name of the boy
that introduced her to Kavanaugh, when repeatedly questioned by Rachel Mitchell. It was
wildly obvious that she was being evasive and I see it as an enormous tell. Chris Garrett,
nicknamed "Squi", was IMHO the boy that drove her to and from the party, and if he didn't
outright assault her that day, he may have dumped her that day.
I Write Code , 1 day ago
Wasn't there an old SNL skit about the "amygdala"?
YouTube doesn't seem to have an index on the term, LOL.
seryanhoj , 1 day ago
One more example of US governance and party politics on its way down the tubes. There is
no topic, no forum nowhere where the truth is even something to be considered. Media, law
makers, everyone looks at a story and says " Let's make this work for our agenda even if we
have to reinvent it from scratch". Then it is more than easy to find people to testify any
which way you want. Vomits copiously.
mabuhay1 , 1 day ago
The standard for females should be "They are lying if their lips are moving." Any claims
of sexual abuse should require proof, and witnesses that can back up said claims. Many
studies have found that years before the MeToo# lies began, about 60% of all claimed rapes
were false. Now, with the "Must believe all women" and the "MeToo#" scam, I would suspect the
rate of false claims to be very close to 100%
scraping_by , 1 day ago
The standard for any criminal investigation is ABC. Assume nothing, Believe no one, and
Check everything. The current feminist howl is sweep that aside and obey a women when she
points at a man.
Jack McGriff , 1 day ago
And yet every single MSM outlet is claiming she is credible! WTF!!!
MedTechEntrepreneur , 1 day ago
If the FBI is to have ANY credibility, they must insist on Ford's emails, texts and phone
records for the last 2 years.
Anunnaki , 1 day ago
Kill shots:
Ranging from "mid 1980s" in a text to the Washington Post to "early 80s"
No name was listed in 2012 and 2013 individual and marriage therapy notes.
she was the victim of "physical abuse," whereas she has now testified that she told her
husband about a "sexual assault."
she does not remember who invited her to the party or how she heard about it. She does
not remember how she got to the party." Mitchell continued: "She does not remember in what
house the assault allegedly took place or where that house was located with any
specificity. Perhaps most importantly, she does not remember how she got from the party to
her house."
In her letter to Feinstein, she said "me and 4 others" were at the party but in her
testimony she said there were four boys in additional to Leland Keyser and herself. She did
not list Leland Keyser even though they are good friends. Leland Keyser's presence should
have been more memorable than PJ Smyth's,
· She testified that she had exactly one beer at the party
· "All three named eyewitnesses have submitted statements to the Committee denying
any memory of the party whatsoever,
· her BFF: Keyser does not know Mr. Kavanaugh and she has no recollection of ever
being at a party or gathering where he was present with
· the simple and unchangeable truth is that Keyser is unable to corroborate [Dr.
Ford's allegations] because she has no recollection of the incident in question.
· Mitchell stated that Ford refused to provide her therapy notes to the Senate
Committee.
· Mitchell says that Ford wanted to remain confidential but called a tipline at the
Washington Post.
· she also said she did not contact the Senate because she claimed she "did not
know how to do that."
· It would also have been inappropriate to administer a polygraph to someone who
was grieving.
· the date of the hearing was delayed because the Committee was told that Ford's
symptoms prevented her from flying, but she agreed during testimony that she flies "fairly
frequently."
· She also flew to Washington D.C. for the hearing.
· "The activities of Congressional Democrats and Dr. Ford's attorneys likely
affected Dr. Ford's account.
Zero-Hegemon , 1 day ago
Major Hegelian dialectic **** going on with the Ford/Kav reality show.
Women everywhere side with Ford because she's a women, claims she was abused, and "has to
be believed", in order to settle some personal score that they all claim empathy for, even
though she has given every tell in the book that she is lying.
Men everywhere empathize with a man being falsely accused, regardless of his politics and
judicial history, even though he made his bones in the Bush administration, and can probably
be relied on to further the authoritarian state via the Supreme court. Guilty of this myself,
because it could be anyone of us next.
Pick a side, doesn't matter, because we've already lost.
Bastiat , 1 day ago
I "Believe the Women" -- the 3 women Ford named as witnesses who denied it ever happened,
the 65 women who signed the letter in support of Ford, and all the women who have worked with
him and had no issues. I don't believe this one, though.
phillyla , 1 day ago
truly embarrassing answer
were I a self important college professor I might lie and say "Shakespeare" but the truth
will out I learned it from The Avengers movie when Loki called Black Widow a 'mewling
quim'
Anunnaki , 1 day ago
A lot of women have seen their sons and brothers falsely accused. Ford was completely
unconvincing in her "I don't remember the details of a traumatic "sexual assault"
BGO , 1 day ago
Mitchell the "veteran prosecutor" also failed to ask Ford who hosted the party where the
alleged assault took place.
This is an important question. Maybe the most important question.
No one should be expected to remember their high school friends' home addresses, just like
no one should be expected to remember every person who attended a specific high school
party.
One thing ANYONE who suffered a violent attack would remember is WHO OWNED THE HOUSE where
the attack took place.
High school parties generally are hosted by a the same people throughout a students high
school years. It's not like everyone in class takes their turn throwing a kegger.
As anyone who drank to get drunk at parties in high school will tell you, it was always
the same handful of kids, maybe three or four, who let their friends drink alcohol in their
parents' home.
Narrowing down exactly who owned the home where the alleged attack took place should be
easy due to the fact that, according to Ford, it was more of a small get together than a full
blown party.
All investigators should need to do is ask the known attendees, under oath, whether or not
they hosted the party where the alleged attack took place.
The fact that Ford's testimony includes exactly one person whose name she cannot remember
is NOT a coincidence.
The phantom attendee was created out of thin air to give Ford an out if the known
attendees claimed the attack did not occur at their homes.
There are so many things wrong with this political farce. Liberal mental illness, as with
any case, is a given, automatically assumed.
Flip flopping dufuses on the other side, weakness, gross ineptitude.
The entire system needs to be culled via a massive firestorm; no one or thing left
standing.
Cassander , 1 day ago
@BGO -- Re your first sentence, Mitchell notes in her memo "She does not remember in what
house the assault allegedly took place or where that house was located with any specificity".
I think this covers your point implicitly. If she doesn't remember what house it was, how can
she remember whose house it was?
Just thought you were going a bit hard on Mitchell, whose memo seems pretty damning to
me...
BGO , 1 day ago
Asking *what* house and *whose* house are two ENTIRELY different things.
Think about the most traumatic experience of your life. You know EXACTLY where the
traumatic experience took place, right?
FUBO , 1 day ago
She didn't ask one sexual question of her either,bu but dove right in on Kavanaugh.
istt , 1 day ago
And now we find out Leland Keyser was Bob Beckel's ex-wife. Unbelievable. Small circle
these libs run in.
Totally_Disillusioned , 1 day ago
Actually nothing about the Democrats is surprising. They are predictable in keeping within
their closed ranks.
Totally_Disillusioned , 1 day ago
They brought the wrong tool to the fight. Mitchell is a sex abuse prosecutor? Her tactics
may well work in the courtroom but the Judiciary Comm hearing was not a platform of
Mitchell's expertise. She apologized to Ms Ford and stated at the onset she would not ask Ms
Ford about the "incident" other than her recollections of location, date and witnesses.
Mitchell then hit Judge Kavanaugh head on with questions of gang rape, rape, sexual assault,
drinking behaviors. All validating Kavanaugh's guilt for the sheeple.
My two Eng Springer Spaniels exhibit better strategy than what we saw here.
Herdee , 1 day ago
Her father was in the CIA. Who was it within the organization that planned this?
aloha_snakbar , 1 day ago
If Fords alleged/imaginary groping is allowed to stand, what about all of the groping that
the TSA dispenses daily?
phillyla , 1 day ago
if touching over your clothes = rape I have several lawsuits to file against the TSA
...
Luce , 1 day ago
How does this ballsy ford bitch keep her PTSD in check when the TSA gropes her for all of
her exotic vacations?
phillyla , 1 day ago
some one should investigate if she signed up for the TSA's skip the line service for
frequent fliers ...
Also telling... nobody from her family (mother, father, brother) has come forward to
support her. Only her husband's family. They likely know she is making it up as it relates to
Kavanaugh. They know who she is.
RighteousRampage , 1 day ago
That's actually false. However, the muted support from her father is likely due his not
wanting to be ostracized from his upper-crust old boys golf club.
....and the biggest indications of fraud here are 4 go fund me accounts now raising over
$2M for CBF. Professional lying to advance a political agenda is a good gig if you can get it
now days.
opport.knocks , 1 day ago
Y'all are being distracted and played, as usual, I am sad to say...
The judge Napolitano video at the end should have been played to Congress.
RighteousRampage , 1 day ago
Yup, this man is not a friend of liberty, or justice.
IridiumRebel , 1 day ago
His *** is rethinking it now
istt , 1 day ago
"Kavanaugh claimed that putting a GPS tracking device on a person's car without first
obtaining a warrant was just fine because it didn't constitute a "search" as defined by the
Fourth Amendment."
I like him more now that I have read this article. Police should be able to legally track
known or suspected drug dealers. You got a problem with that? I suppose you're outraged over
our treatment of MS-13 as well?
opport.knocks , 1 day ago
Yes, I have a problem with that. Police must have enough prior evidence to get a warrant
to put a device on anyone's property (car, phone, email account, internet router) - any
private property is protected by the 4th.
Once they convince a judge of probable cause and get the warrant, they can plant the
tracking device. Most cops are power hungry, petty, vindictive, control freaks, with too much
time on their hands - one tried to make my life hell simply because I cut him off in
traffic.
RighteousRampage , 1 day ago
The hypocrisy of ZH posters in favor of this douche is unreal. Where is the libertarian
outrage?
opport.knocks , 1 day ago
I think most libertarians have left ZH and this is a predominantly Republican partisan
site now. The internet is quickly becoming a bunch of echo chambers for like minded people,
with trolls appearing from time to time to fan flames if interest and eyeballs starts to
wane. We are lucky if one post out of 50 has any insight or real information.
11b40 , 1 day ago
Once you start down this slippery slope, the next step down is easy.
spieslikeus , 1 day ago
Eye opening, thanks for that. Appoint Judge Napolitano!
opport.knocks , 1 day ago
It would be nice to have a token libertarian voice on the court. Kavanaugh is not only a
statist, but a deep statist.
Golden Phoenix , 1 day ago
If taken completely at her word the gist of her story is someone touched the outside of
her clothes. Prison for tailors! They are all rapists!
Bricker , 1 day ago
Ford says she ran from the house, Question, how did you get home? Answer, I don't
remember.
No Time for Fishing , 1 day ago
No one followed her out. No one said where are you going.
She is outside the house, no car, no phone, maybe clicked her heals and was magically at
home, worked for Dorthy.
Walked six miles home but just doesn't remember that? could be.
Knocked on a neighbors door to ask to use the phone and had someone pick her up but
doesn't remember that? could be.
Walked a few blocks to a pay phone and with the quarter she had in her bathing suit called
someone to pick her up, waited for them, didn't tell them what happened and then they drove
her home, just doesn't remember it? could be.
When she ran from the house did she not leave her purse or bag behind? Did she ever get it
back? Did her girlfriend never ask why she left?
Maybe I should just believe her......
Bastiat , 1 day ago
She ran all the way, got home in 35'32" -- she would have been a track star but the coach
looked at her *** at the team tryouts.
Benjamin123 , 1 day ago
Auntie delivers
The Swamp Got Trump , 1 day ago
Ford is a lunatic and a liar.
onebytwo , 1 day ago
so she does not remember how she got to the party or how she left the party but she
suggested she narrowed down the year because she knew she did not drive to the party since
she could not drive yet so she must have been 15.
I beg your pardon!
bh2 , 1 day ago
So does anyone recall Comey giving Clinton a free pass despite her many deliberate and
clear violations of US security laws on the basis that no reasonable prosecutor would take
action against her?
nope-1004 , 1 day ago
Dr. Fraud was a planned hit. Her social media presence was methodically deleted over the
last few months. There is nothing about her anywhere.... it's almost as if her name is fake
too.
Heard on 4chan that her and her husband have a big interest at the place she used to work,
Corcept Therapeutics. Apparently Corcept has developed a new abortion drug and have invested
a ton in R&D.
As always, follow the money.......
RighteousRampage , 1 day ago
yeah, yeah. you do realize that her father plays golf with Kav's dad at their local
country club.
don't forget your tinfoil hat your way out, nutjob.
nope-1004 , 1 day ago
And you do realize that Kav's mother was the judge that presided over Dr. Frauds' parents
home foreclosure?
Lots of motives here.
Thanks for chiming in so we can all get to he truth.
RighteousRampage , 1 day ago
Presiding over a foreclosure is not a matter of guilt or innocence, it's a strictly
administrative task. The bank is the one foreclosing, you dolt.
Garciathinksso , 1 day ago
another unhinged, faux compassionate, rude leftist
RighteousRampage , 1 day ago
Another braindead gaslighting troglodyte
11b40 , 1 day ago
Then what is the judge for?
istt , 1 day ago
Turns out Ford is not even a psychologist. Some of the stupidest people I know carry PhD
titles because they are perpetual students. This just starkly shows the difference between
the two worlds people live in, if they can find Ford credible. She is the face of left wing
hysteria and partisanship.
RighteousRampage , 1 day ago
And angry-boy Kavanaughty is the perfect reflection of unhinged conspi-racist GOP.
istt , 1 day ago
Keep repeating the mantras, losers. I'm sure there are many single mom's out there who
made lousy decisions, who hate their lives, who are willing to buy your whole story. YOU
resonate with them. But they are not here so get lost.
RighteousRampage , 1 day ago
I crap bigger than you.
Got The Wrong No , 1 day ago
That's because you are Crap
Slaytheist , 1 day ago
Real men that live lives of principal and truth, get angry when women (inclues numen like
you) lie like children to get their way.
RighteousRampage , 1 day ago
So pretty much all of Kavanaugh's old cronies turn out to be degenerate drunkard
misogynist ultra-right-wing conspiracy theorist toolbags and somehow Kavanaugh himself is Mr.
Squeaky Clean? <cough>********<cough>
nope-1004 , 1 day ago
No, they were all drunken college kids.
So have you lefties changed it and would like to charge him for partying?
lmao.....
RighteousRampage , 1 day ago
Lol, drunked college kids? More like degenerate a-holes. Troll harder.
IridiumRebel , 1 day ago
Yes. Troll harder.
Garciathinksso , 1 day ago
your being spoon fed a narrative by the msm like rice pudding to a gay cowboy, you make me
sick
RighteousRampage , 1 day ago
Keep your homoerotic fantasies to yourself, please.
Garciathinksso , 1 day ago
I thought I was being kind with the gay cowboy remark
istt , 1 day ago
Get the **** out of here, wingnut. Switch back to your CNN. We don't need your ilk here,
loser.
RighteousRampage , 1 day ago
I have been here farrrrr long than the vast majority of you pikers. Long enough to recall
what ZH was intended to be for, before it became the cesspool it is today, infested with
russian trolls, nazi-fascist thugs, lunatic fringe d-bags spouting off like they know
anything about anything. So GET the F OFF MY LAWN, punk.
istt , 1 day ago
Anyone who finds this woman and her story credible need their head examined. They are
incapable of critical reasoning.
A political hit job and the stupid, ignoramus Ford was willing to do the hit. She should
be in jail for this disgraceful action.
onebytwo , 1 day ago
So she was communicating on Whatsup with the Washington Post on JULY 6th! How is that
consistent with wanting this whole story to be confidential?
She knew the person she was in contact with since she admitted she was the same journalist
who wrote the article in September. In whatsup you know each other's phone numbers so the
journalist knew her identity from the very beginning. Stop lying about the anonymous tip line
!
Let's call this for what it is: a conspiracy to hijack a supreme court nomination and Mrs
Blasio Ford, the Washington Post, democratic parties operatives (including senator
Fienstein's staff or the senator herself and the Kats legal firm) were co-conspirators).
onwisconsinbadger , 1 day ago
Hired by Pukes, no surprise here.
cheech_wizard , 1 day ago
So elections have consequences, right?
I'll bet you didn't miss a single one of Hillary's campaign events in Wisconsin, did
you?
RighteousRampage , 1 day ago
I really don't get it, there are many qualified conservative judges who would do a much
better job on SCOTUS and not damage the court's honor and credibility. Why Kavanaugh?
onwisconsinbadger , 1 day ago
Because he is a political heck and Drumpf likes it that way.
Bricker , 1 day ago
Ford doesnt remember much, except when it matters. She doesnt know exactly when she was
raped or where she claims to be raped, but remembers seeing Mark Judge in a Safeway exactly 8
weeks later.
Hell I remember where I was when the space shuttle blew up in the 80s, I remember where I
was and who I was with when Mt St Helens blew her top in 1980.
People will always remember notable events, PERIOD!
Here is a classic, if you believe her story, I have a bridge for sale
Endgame Napoleon , 1 day ago
Back when the Roy Moore thing was keeping MSM ratings up, I, a person in Dr. Ford's age
group, recalled a 100% harmless event from my 16th year. The reason it sprang to mind is: it
echoed things they were accusing him of.
Accusers said he was in the mall, flirting with girls in their late teens and in other
commercial venues, chatting it up girls in that age group.
Although this event had not crossed my mind in years -- so un-traumatic was it -- I
remembered in much greater detail than Ford the specificities of this harmless event.
I was working at a locally owned steakhouse as a hostess, a glorified and very bored door
opener. I was wearing a pink, medium-warm-gray and light-warm-gray, striped dress (ugh, the
Eighties).
After work, I decided to stop at a local grocery store, and I felt pleased that a
candidate for office who later won handed me his card, trying to convince me to vote for him.
He also mildly flirted with me, not knowing how old I was, and I did not tell him my age,
enjoying the feeling of being older, sophisticated and attractive enough to get his
attention.
He put his phone number on the card, not that anything happened as a result. I knew that I
would not be allowed to go out with this man who really wasn't that much older than me,
anyway, probably about a decade older.
If this man ever ran for another office, or was appointed to a high office, I could call
this sexual assault, I guess, in this insane world. But I would never do that, nor would
almost any woman that I have met.
There must be something in the water, producing more barracudas with a mission to
criminalize things that earlier generations would have called flirting.
learnofjesuits , 1 day ago
was she on valium for funeral and polygraph test ?
this explains why test was done after funeral and her passing this test,
FBI must check this
RighteousRampage , 1 day ago
And while they're at it, they should also check all the stories from Yale classmates who
can attest to the fact that Kavanaugh was often spotted late at night stumbling and slurring
his words, and sometimes aggressively starting sh*t.
learnofjesuits , 1 day ago
inconsequential, nothing will come out of this,
opposite of her being on drugs for polygraph test, this just ends her story
"... The whole point of discussing door #2 was to bring Ford's purported 35-year-old PTSD affliction into the discussion. Poor Dr. Ford, suffering like a Vietnam vet who was the only survivor of a helicopter crash only to be tortured in a tiger cage by the Cong. A lifetime of PTSD and claustrophobia caused by a clumsy groping of a future Supreme Court nominee. Oh the humanity! How come her bad case of acne during the Nor'easter of '84 wasn't brought up? ..."
"... Concentrate on Dr. Ford's work with creating false memories through hypnosis . ..."
"... Oh no! You get the Zoning Nazis on your ***...you're in balls deep. ..."
"... Her bizarre, squeaky, 10 year-old wounded-child's voice was both creepy, and if not bad acting, then a sign she is truly mentally ill. ..."
"... My father's friend, who was a practicing psychiatrist forever, always said that the field's "professionals" had the craziest people he'd ever seen. ..."
Hey, John Brennan said to dig deeper, so we are. Keep peeling the onion and expose more
and more layers. She had a second door put in to improve the house's curb appeal, but you
can't see the door from the curb. The door helped with her claustrophobia but it only allows
egress from living space separate from her main residence.
As the commenter above said, "look squirrel"!
The whole point of discussing door #2 was to
bring Ford's purported 35-year-old PTSD affliction into the discussion. Poor Dr. Ford,
suffering like a Vietnam vet who was the only survivor of a helicopter crash only to be
tortured in a tiger cage by the Cong. A lifetime of PTSD and claustrophobia caused by a
clumsy groping of a future Supreme Court nominee. Oh the humanity! How come her bad case of
acne during the Nor'easter of '84 wasn't brought up?
The only pacifier evident here is the one up your ***.
Beatscape , 1 hour ago
Follow the money... it almost always takes you to the real motivating factors.
Sounds more like hubby didn't want strangers in the house, and she wanted the extra income
or potential. Perhaps, he was scared of the consequences of getting busted, after spending
the money...doing something non code compliant.
Builder here.
This starts to make sense...in a fucked up way.
digitalrevolution , 2 hours ago
Too far in the weeds on this one.
Concentrate on Dr. Ford's work with creating false memories through hypnosis .
NoPension , 1 hour ago
Oh no! You get the Zoning Nazis on your ***...you're in balls deep.
PGR88 , 2 hours ago
Her bizarre, squeaky, 10 year-old wounded-child's voice was both creepy, and if not bad
acting, then a sign she is truly mentally ill.
ChartRoom , 2 hours ago
My father's friend, who was a practicing psychiatrist forever, always said that the
field's "professionals" had the craziest people he'd ever seen.
Wild Bill Steamcock , 1 hour ago
Can confirm
45North1 , 2 hours ago
A floor plan would be instructive.
NoPension , 2 hours ago
Two rooms, a bathrooom and a separate entrance. In an area where that setup probably
commands $2000 a month.
Ms. Mitchell had a line of questioning about the friend who was mutual to Kavanaugh and
Ford. It turns out this was the same person who had been named earlier by Ed Whelan. Ford
said she had dated Garrett, also knew his younger brother, but flatly refused to refer to him
by name in public.
I'll assume Ms. Mitchell was allowed to review all of the investigative material collected
by the Committee to date. There has to be a reason she pursued this line of questioning.
Torgo , 11 hours ago
Who would most likely drive a girl to a party with older high school boys from a different
school and different circle of friends? Who would most likely take a 15 year old girl home
from a party in an age without cell phones? His name is Chris Garrett, nickname of "Squi".
She claims to not remember the person that drove her home, and she claims to not remember the
name of the last boy at the gathering. And she refuses to publicly state the name of the boy
that introduced her to Kavanaugh. These are all one and the same person, her boyfriend and
soon-to-be-ex-BF Chris Garrett, who may have either assaulted her or broke up with her that
day.
Being Free , 23 hours ago
Stunning accusation that Sen. Feinstein covered up 1990 sexual assault by a wealthy
foreign donor against another supporters daughter ...
Ford is a practiced liar. She was coached to cry all the way thru her polygraph test thus
skewing the results.
blindfaith , 23 hours ago
So why is Ford dressed like a WWII school Liberian? Halloween?
How does she do all the water sports (easy boys, keep it clean) that she brags about? How
does she keep a case of beer down and then go surfing in Costa Rica? What is all this 'Air
sickness" stuff? How come she works for a company that has a very controversial Abortion pill
and didn't say this? That $750,000 in GoFundMe bucks will sure help heal those cat scratches
she gave herself. Does she pay taxes on that? So many questions and so little answers. Did
she perjer herself?
Sort of convenient that the statute of limitations has run out for her to make an OFFICIAL
complaint in Maryland.
Blasey-Ford's squeaky, 10 year-old wounded-child voice was both poor acting, and creepy.
If it wasn't acting, then its a clear sign of a deranged mind.
Blasey-Ford resides at 3872 Duncan Place in Palo Alto CA. Her house (according to Zillow)
is currently valued at $3,000,000.00+. There must be a lot of idiots out there contributing
to her GoFundMe account. She will need a lawyer, soon. I believe that there will be a trail
leading back to witnesses who will admit the entire thing was a hoax. And, the band played
on.
morongobill , 1 day ago
Saw this over at Burning Platform. Interesting that Ford's address is reveled.
I for one see her as a political operative, may be crusader for abortions right (which I
support) and very troubled human being, possibly on antidepressants or something similar (her
facial expression, and kind of "permanently glued smile" are not natural at all and she looks
like a female of over 60 biological age while being 51 years old)
Former CIA Director John Brennan assures us that Supreme Court nominee Brett Kavanaugh's
accuser, Christine Blasey Ford, is "a national treasure." And his former colleague, James
Comey, has urged investigators to "dig deeper."
So begin at the beginning of her Senate Judiciary Committee testimony :
" I had never told the details to anyone until May 2012, during a couple's counseling
session. The reason this came up in counseling is that my husband and I had completed a very
extensive, very long remodel of our home and I insisted on a second front door, an idea that
he and others disagreed with and could not understand.
In explaining why I wanted a second front door, I began to describe the assault in
detail."
Under questioning
from Sen. Diane Feinstein, Ford described an agonizing after-effect of the alleged Kavanaugh
attack that caused her to demand that second door :
"Anxiety, phobia and PTSD-like symptoms are the types of things that I've been coping
with," Ford said. "More specially, claustrophobia, panic and that type of thing."
FEINSTEIN: "Is that the reason for the second front door? Claustrophobia?"
FORD: "Correct."
The trade-off, apparently, was evident in Ford's statement that "our house does not look
aesthetically pleasing from the curb." From the view on Google Earth, or Redfin, one can't see
the second door easily and the house appears no uglier "from the curb" than it ever did, if it
did. But a glance at the real estate databases about Ford's house are instructive.
The Fords bought the house on June 20, 2007. And the "very extensive, very long remodel,"
including the second front door, were completed under a building permit granted in 2008.
So a natural question is why, four years after the remodeling, which also added two rooms
and a bathroom, is the installation of that second door still such a bone of contention between
the couple that it was an issue in the counseling they were undergoing in May 2012?
One key may be Ford's continuing testimony to Feinstein, after describing the aesthetic
difficulties "from the curb."
FEINSTEIN: "I see. And do you have that second front door?"
FORD: "Yes."
FEINSTEIN: "It "
FORD: "It - it now is a place to host Google interns. Because we live near Google, so we
get to have - other students can live there."
Now that she mentions it, the additional remodeling in effect added a self-contained unit to
the house, with its own entrance, perfect for "hosting" or even possibly renting, in violation
of the local zoning . Perhaps a
professional office might be a perfect use, if an illegal one. And in the tight Palo Alto real
estate market, there are a lot of games played for some serious income.
And that may
answer another strange anomaly.
Because since 1993, and through some listings even today, there was another tenant at what
is now the Ford property . It is listed as this person's residence from 1993 to July 2007, a
week or so after she sold the house to the Fords.
Her name is Dr. Sylvia Randall, and she listed this address for her California licensed
practice of psychotherapy, including couples psychotherapy, until her move to Oregon in
2007.
Currently she only practices in that state, where she also pursues her new career as a
talented artist as well.
But many existing directories still have Dr. Randall's address listed at what is now the
Ford residence.
Which raises other questions.
Why has Christine Ford never said a word about Dr. Randall? And why has she been evasive
about the transcripts of her crucial 2012 therapy session, which she can't seem to recall much
about either? Did she provide them to the Washington Post, or did she just provide the
therapist's summary? Who was the psychologist?
In a phone call, I asked Dr. Randall if she had sold her house to the Fords. She asked back
how I had found out. I asked if she was the couples therapist who treated the Fords. She would
not answer yes or no, replying, "I am a couples therapist."
So was the second door an escape for Christine Blasey Ford's terrors or was documenting her
terrors a ruse for sneaking a rental unit through tough local zoning ordinances? And if the
second door allowed access and egress for the tenant of a second housing unit, rather than for
the primary resident, how did the door's existence ameliorate Ford's professed
claustrophobia?
None of this means that her charges against Kavanaugh might not be perfectly valid, but her
explanation for the "second door" looks like it could use more investigation. At the very least
it appears to be a far more complicated element of Ford's credibility than it originally
appeared.
lulu34 , 3 minutes ago
It's a simple property tax scheme. Rent out the spacw to offset the taxes. You don't
report this income to the "authorities".
hannah , 22 minutes ago
first...******* NO ONE STATES THAT THERE ISNT EVEN A DOCTOR MUCH LESS THEIR NOTES...?
everyone wants to see the doctors notes yet no one has even mentioned the name of the doctor.
i dont think there are notes about a door. that is all ********. feinsteins people typed up
'the notes'.......also if she is renting the remodel area is she paying taxes on that income.
in california it could be $24,000 to $48,000 a year easily........
lulu34 , 2 minutes ago
Bingo...it's a cost $$$ collection to offset property taxes
Automatic Choke , 34 minutes ago
Illegal and unzoned apartment added to a house? Watch out, here comes the tax collector.
She just might have talked her way into a tax fraud conviction.
Seal Team 6 , 47 minutes ago
Randall ran a business from her home so I would wonder if she put the door in in the 90s,
as businesses run from homes typically have alternate entrances. Ford and husband listed it
on the permit in 2007 to cover it up otherwise it could be used as a basis to walk on a real
estate deal...no building permit was granted. Happens all the time. Boy if someone has a
picture of Ford's house from the 90's and see's that second door, she is done done done.
Former CIA Director John Brennan assures us that Supreme Court nominee Brett
Kavanaugh's accuser, Christine Blasey Ford, is "a national treasure."
national treasure
Is CLEARLY a code word.
Payoff? Bribe?
silverserfer , 22 minutes ago
Creepy as **** that a former CIA diector would say soemthing like this.
surf@jm , 18 minutes ago
Fords father was CIA....
Dont forget that.....
thebigunit , 42 minutes ago
Very curious.
So was the second door an escape for Christine Blasey Ford's terrors or was documenting
her terrors a ruse for sneaking a rental unit through tough local zoning ordinances?
What I find MOST curious is the fact that Dr. Ford's internet persona has been completely
"sanitized".
Someday, the master conspiracy will be revealed, and it will look something like this:
The main plotter and organizer of the anti-Trump coup d'etat was former CIA director
John O. Brennan.
Venture capital funding for Google was provided by CIA venture capital operation
In-Q-Tel.
Google was started by Stanford University grad students Larry Page and Sergey
Brin.
Stanford University is located in Palo Alto, California
Palo Alto is a company town for Stanford University
Stanford University is a captive technology incubator for the CIA
One of the biggest technology companies in Palo Alto is CIA contractor Palantir
Palo Alto is a company town for the CIA.
Dr. Christine Baseley Ford was a professor at Palo Alto University and also taught at
Stanford University.
Overy 1750 Stanford University graduates work at Google.
The CIA developed the plan to take out Judge Kavanaugh using radical feminist
operatives associated with Stanford University and Stanford Law School to claim sexual
misconduct.
The CIA used its control of the technology industry and Google in particular to
sanitize Christine Ford's internet personna and to obscure or suppress any information that
might disclose her radical history and associations.
The CIA, Stanford, and Google are joined at the hip.
Mitchell the "veteran prosecutor" also failed to ask Ford who hosted the party where the
alleged assault took place.
This is an important question. Maybe the most important question.
No one should be expected to remember their high school friends' home addresses, just like
no one should be expected to remember every person who attended a specific high school
party.
One thing ANYONE who suffered a violent attack would remember is WHO OWNED THE HOUSE where
the attack took place.
High school parties generally are hosted by a the same people throughout a students high
school years. It's not like everyone in class takes their turn throwing a kegger.
As anyone who drank to get drunk at parties in high school will tell you, it was always
the same handful of kids, maybe three or four, who let their friends drink alcohol in their
parents' home.
Narrowing down exactly who owned the home where the alleged attack took place should be
easy due to the fact that, according to Ford, it was more of a small get together than a full
blown party.
All investigators should need to do is ask the known attendees, under oath, whether or not
they hosted the party where the alleged attack took place.
The fact that Ford's testimony includes exactly one person whose name she cannot remember
is NOT a coincidence.
The phantom attendee was created out of thin air to give Ford an out if the known
attendees claimed the attack did not occur at their homes.
There are so many things wrong with this political farce. Liberal mental illness, as with
any case, is a given, automatically assumed.
Flip flopping dufuses on the other side, weakness, gross ineptitude.
The entire system needs to be culled via a massive firestorm; no one or thing left
standing.
Cassander , 1 day ago
@BGO -- Re your first sentence, Mitchell notes in her memo "She does not remember in what
house the assault allegedly took place or where that house was located with any specificity".
I think this covers your point implicitly. If she doesn't remember what house it was, how can
she remember whose house it was?
Just thought you were going a bit hard on Mitchell, whose memo seems pretty damning to
me...
BGO , 1 day ago
Asking *what* house and *whose* house are two ENTIRELY different things.
Think about the most traumatic experience of your life. You know EXACTLY where the
traumatic experience took place, right?
America's two mainstream political parties agree furiously with one another on war,
neoliberalism, Orwellian surveillance, and every other agenda which increases the power and
profit of the plutocratic class which owns them both. The plutocrat-owned mass media plays up
the differences between Democrats and Republicans to hysterical proportions, when in reality
the debate over which one is worse is like arguing over whether a serial killer's arms or legs
are more evil.
This is a really apt quote: "America's two mainstream political parties agree furiously with
one another on war, neoliberalism, Orwellian surveillance, and every other agenda which increases
the power and profit of the plutocratic class which owns them both."
Notable quotes:
"... The buzzword "bipartisan" gets used a lot in US politics because it gives the illusion that whatever agenda it's being applied to must have some deep universal truth to it for such wildly divergent ideologies to set aside their differences in order to advance it, but what it usually means is Democrat neocons and Republican neocons working together to inflict new horrors upon the world. ..."
"... America's two mainstream political parties agree furiously with one another on war, neoliberalism, Orwellian surveillance, and every other agenda which increases the power and profit of the plutocratic class which owns them both. The plutocrat-owned mass media plays up the differences between Democrats and Republicans to hysterical proportions, when in reality the debate over which one is worse is like arguing over whether a serial killer's arms or legs are more evil. ..."
If there's one thing that brings a tear to my eye, it's the inspiration I feel when watching
Republican-aligned neoconservatives and Democrat-aligned neoconservatives find a way to bridge
their almost nonexistent differences and come together to discuss the many, many, many, many,
many, many many many things they have in common.
In a conference at the Gerald R. Ford School of Public Policy, "Resistance" leader and
professional left-puncher Neera Tanden met with Iraq-raping neocon Bill Kristol to discuss
bipartisanship and shared values. While leprechauns held hands and danced beneath candy
rainbows and gumdrop Reaper drones, the duo engaged in a friendly, playful conversation with
the event's host in a debate format which was not unlike watching the Pillsbury Doughboy have a
pillow fight with himself in a padded room after drinking a bottle of NyQuil.
To get the event started, the host whose name I refuse to learn asked the pair to discuss
briefly what common ground such wildly different people could possibly share to make such a
strange taboo-shattering dialogue possible.
"Issues around national security and believing in democratic principles as they relate to
foreign policy," replied
Tanden . "And opposing authoritarianism, and opposing the kind of creeping populism that
undermines democracy itself."
Neera Tanden, in case you are unaware, is a longtime Clinton and Obama insider
and CEO of the plutocrat-backed
think tank Center for American Progress. Her emails featured prominently in the 2016
Podesta drops by WikiLeaks, which New Republic described as revealing "a
pattern of freezing out those who don't toe the line, a disturbing predilection for someone who
is a kind of gatekeeper for what ideas are acceptable in Democratic politics." Any quick glance
at Tanden's political activism and Twitter presence will render this unsurprising, as she often
seems more concerned with attacking the Green Party and noncompliant progressive Democrats than
she does with advancing progressive values. Her entire life is dedicated to keeping what passes
for America's political left out of the hands of the American populace.
Kristol co-signed Tanden's anti-populist rhetoric and her open endorsement of
neoconservative foreign policy, and went on to say that another thing he and Tanden have in
common is that they've both served in government, which makes you realize that nothing's black
and white and everything's kinda nebulous and amorphous so it doesn't really matter if you, say
for example, help deceive your country into a horrific blunder that ends up killing a whole lot
of people for no good reason.
"I do think if you've served in government -- this isn't universally true but somewhat true --
that you do have somewhat more of a sense of the complexity of things, and many of its
decisions are not black and white, that in public policy there are plusses and minuses to
most policies," Kristol said
.
"There are authentic disagreements both about values, but also just about how certain
things are gonna work or not work and that is what adds a kind of humility to one's belief
that one is kind of always right about everything."
I found this very funny coming from the man who is notoriously always wrong about
everything, and I'd like to point out that "complexity" is a key talking point that the
neoconservatives who've been consistently proven completely wrong about everything are fond of
repeating. Everything's complicated and nothing's really known and it's all a big blurry mess
so maybe butchering a million Iraqis and destabilizing the Middle East was a good thing . Check
out this short clip of John
Bolton being confronted by Tucker Carlson about what a spectacular error the Iraq invasion was
for a great example of this:
I listened to the whole conference, but it was basically one long smear of amicable
politeness which was the verbal equivalent of the color beige, so I had difficulty tuning in.
Both Tanden and Kristol hate the far left (or as those of us outside the US pronounce it, "the
center"), both Tanden and Kristol hate Trump, and hey maybe Americans have a lot more in common
than they think and everyone can come together and together together togetherness blah blah. At
one point Kristol said something about disagreeing with internet censorship, which was weird
because his Weekly Standard
actively participates in Facebook censorship as one of its authorized "fact checkers".
The buzzword "bipartisan" gets used a lot in US politics because it gives the illusion that
whatever agenda it's being applied to must have some deep universal truth to it for such wildly
divergent ideologies to set aside their differences in order to advance it, but what it usually
means is Democrat neocons and Republican neocons working together to inflict new horrors upon
the world.
America's two mainstream political parties agree furiously with one another on war,
neoliberalism, Orwellian surveillance, and every other agenda which increases the power and
profit of the plutocratic class which owns them both. The plutocrat-owned mass media plays up
the differences between Democrats and Republicans to hysterical proportions, when in reality
the debate over which one is worse is like arguing over whether a serial killer's arms or legs
are more evil.
Neera Tanden and Bill Kristol are the same fucking person. They're both toxic limbs on the
same toxic beast, feeding the lives of ordinary people at home and abroad into its gaping mouth
in service of the powerful. And populism, which is nothing other than support for the
protection of common folk from the powerful, is the only antidote to such toxins. Saying
populism undermines democracy is like saying democracy undermines democracy.
Keyser , 29 minutes ago
The only thing the neocons care about is money and dead brown people, in that order,
because the more dead people, the more $$$ they make...
Jim in MN , 28 minutes ago
You mean, neolibcon globalist elite sociopath traitors, right?
bshirley1968 , 38 minutes ago
I am confident that if I ever spent time around Caitlin there would be a whole host of
things we would disagree about......but this,
" America's two mainstream political parties agree furiously with one another on war,
neoliberalism, Orwellian surveillance, and every other agenda which increases the power and
profit of the plutocratic class which owns them both. The plutocrat-owned mass media plays up
the differences between Democrats and Republicans to hysterical proportions, when in reality
the debate over which one is worse is like arguing over whether a serial killer's arms or
legs are more evil."
.....is something we can absolutely agree on. This FACT needs to be expounded and driven
down the sheeple throats until they are puking it up. Why don't they teach that in screwls?
Because school is where the foundation for this lie of two parties is laid .
DingleBarryObummer , 29 minutes ago
It's funny that you say that. I was just thinking about how high school was a microcosm of
how the world is.
The football stars were the "protected class." They could park like assholes, steal food
from the cafeteria, and show up late, and wouldn't get in trouble.
That's just one of a multitude of examples. That's a whole nother article in itself.
DingleBarryObummer , 39 minutes ago
Tucker Carlson made Bolton look like the dingus he is in that interview. We all know
(((who))) he works for.
+1 to tucker
WTFUD , 43 minutes ago
Campaigns are funded, career Politicians become made-men, conduits for the scramble of
BILLIONAIRES gorging bigly on-the-public-teat, with a kick-back revolving door supernova
gratuity waiting at the end of the rainbow.
Of course they can ALL AGREE . . . eventually.
Chupacabra-322 , 54 minutes ago
"How many people have Kristol and his ilk murdered in their endless wars for israel?"
Countless.
ChiangMaiXPat , 58 minutes ago
As a Trump voter, I believe I have more in common with Caitlin Johnstone then "any"
Neocon. Her articles and writing are mostly "spot on." I imagine I would disagree on a couple
key social issues but on foreign policy I believe most conservatives are on the same page as
her.
ChiangMaiXPat , 54 minutes ago
I thought her piece was "spot on," she's a very good writer. The Neo CONS will be the
death of this country.
The Senate Judiciary Committee has released a letter from former meteorologist and former
Democratic candidate for Maryland's 8th district, Dennis Ketterer, who claims that Brett
Kavanaugh's third accuser and Michael Avenatti client, Julie Swetnick, was a group-sex
enthusiast that he initially mistook for a prostitute at a 1993 Washington D.C. going-away
party for a colleague.
"Due to her having a directly stated penchant for group sex, I decided not to see her
anytmore" -Dennis Ketterer
Ketterer writes that Swetnick approached him "alone, quite beautiful, well-dressed and no
drink in hand."
"Consequently, my initial thought was that she might be a high end call girl because at the
time I weighed 350lbs so what would someone like her want with me? "
The former meteorologist then said that since "there was no conversation about exchanging
sex for money" he decided to keep talking to her, noting that he had never been hit on in a bar
before.
Over the ensuing weeks, Ketterer claims that he and Swetnick met at her residence for an
extramarital affair that did not involve sex.
"Although we were not emotionally involved there was physical contact. We never had sex
despite the fact that she was very sexually aggressive with me.
...
During a conversation about our sexual preferences, things got derailed when Julie told me
that she liked to have sex with more than one guy at a time. In fact sometimes with several
at one time. She wanted to know if that would be ok in our relationship.
Ketterer claims that since the AIDS epidemic was a "huge issue" at the time and he had
children, he decided to cut things off with Swetnick. He goes on to mention that she never said
anything about being "sexually assaulted, raped, gang-raped or having sex against her will,"
and that she "never mentioned Brett Kavanaugh in any capacity."
After Ketterer decided to run for Congress in Maryland, he thought Julie could be of service
to his campaign - however he lost her phone number. After contacting her father, he learned
that Julie had "psychological and other problems at the time."
Last week we reported that Swetnick's ex-boyfriend,
Richard Vinneccy - a registered Democrat, took out a restraining order against her, and says
he has evidence that she's lying.
"Right after I broke up with her, she was threatening my family, threatening my wife and
threatening to do harm to my baby at that time ," Vinneccy said in a telephone interview with
POLITICO. " I know a lot about her ." -
Politico
" I have a lot of facts, evidence, that what she's saying is not true at all ," he said. " I
would rather speak to my attorney first before saying more ."
Avenatti called the claims "outrageous" and hilariously accused the press of " digging into
the past " of a woman levying a claim against Kavanaugh from over 35 years ago.
And now we can add "group sex enthusiast" to the claims against Swetnick. Read below:
About 35 years ago, at a party in San Francisco where everyone was very drunk, now Senator
Feinstein sexually molested me. Don't remember the date or location or anything else, but it
happened, I swear!
Naturally, want to remain anonymous to protect my integrity, but it did
happen! She shoved me down onto my knees and ground her crotch in my face. It was terrible, I
can still recall the horrible smell to this day! The stench was a combination of rotting
flesh and urine. Makes me nauseous just thinking of that sexual assault. INVESTIGATE this
serial molester!
Guys who have been falsely accused, like me, knew quickly that Ford was lying. They all
have the same pattern, too many smiles, attention seeking, stories that make no sense or too
vague,etc.
VWAndy , 22 hours ago
Mrs Fords stunt works in family courts all the time. Thats why they tried it folks. They
have gotten away with it before.
Barney08 , 1 day ago
Ford is a crusader. She thinks she is a Roe v Wade savior but she is an over educated
ditz.
Kelley , 1 day ago
One word uttered by Ford proves that not only did Kav. not attack her but no one ever
assaulted her . That word is "hippocampus." No woman in recorded history has ever used
that word to describe their strongest reaction to a sexual assault.
It's mind blowing that a person would react to what was supposedly one of the most
traumatic experiences of her life with a nearly gleeful "Indelibly in my hippocampus " or
something to that effect unless of course it didn't happen. Her inappropriate response leads
me to believe that Ford was never assaulted in the manner in which she claimed. If her
claimed trauma had been a case of mistaken identity regarding a real assault, she still would
have felt it and reacted far differently.
Emotional memories get stored in the amygdala. The hippocampus is for matter-of-fact
memories. When Senator Feinstein asked Ford about her strongest memories of the event, Ford
went all "matter of fact" in her reply, "Indelibly in my hippocampus ." without a trace of
emotion in her response. No emotions = no assault by ANYONE let alone by Kavanaugh.
Giant Meteor , 1 day ago
Not only that, her most indelible memory from the experience was the maniacal laughter,
not the part where a hand was forcibly placed over her mouth and she thought she may in that
moment, have been accidently killed.
As to the hippopotamus, is that a turtle neck she is wearing or just her neck. What the
**** happened there, she said nothing about strangulation.
pnchbowlturd , 1 day ago
Another peculiar thing about Ford's testimony was the adolescent voicing she gave it in.
It was if she was imitating a 6 year old. I wish MItchell had fleshed out Ford's hobbies
(surfing??) more and given more context to her career activities and recreational pursuits in
college, alcohol consumption patterns or substance abuse treatments.
Her voicing was a tell that she seemed to be overplaying the victim persona for a person
who holds a doctorate and travels the world surfing
Nunny , 1 day ago
If they coached her (while on the loooong drive from CA...lol) to use that voice, they
didn't do her any favors. I thought femi-libs were all about being 'strong' and 'tough'. They
can't have it both ways.....strike that.....they do have it both ways.....and the useful
idiots on the left buy it.
Torgo , 11 hours ago
IMHO, the most peculiar thing was her outright refusal to say aloud the name of the boy
that introduced her to Kavanaugh, when repeatedly questioned by Rachel Mitchell. It was
wildly obvious that she was being evasive and I see it as an enormous tell. Chris Garrett,
nicknamed "Squi", was IMHO the boy that drove her to and from the party, and if he didn't
outright assault her that day, he may have dumped her that day.
MedTechEntrepreneur , 1 day ago
If the FBI is to have ANY credibility, they must insist on Ford's emails, texts and phone
records for the last 2 years.
Anunnaki , 1 day ago
Kill shots:
Ranging from "mid 1980s" in a text to the Washington Post to "early 80s"
No name was listed in 2012 and 2013 individual and marriage therapy notes.
she was the victim of "physical abuse," whereas she has now testified that she told her
husband about a "sexual assault."
she does not remember who invited her to the party or how she heard about it. She does
not remember how she got to the party." Mitchell continued: "She does not remember in what
house the assault allegedly took place or where that house was located with any
specificity. Perhaps most importantly, she does not remember how she got from the party to
her house."
In her letter to Feinstein, she said "me and 4 others" were at the party but in her
testimony she said there were four boys in additional to Leland Keyser and herself. She did
not list Leland Keyser even though they are good friends. Leland Keyser's presence should
have been more memorable than PJ Smyth's,
· She testified that she had exactly one beer at the party
· "All three named eyewitnesses have submitted statements to the Committee denying
any memory of the party whatsoever,
· her BFF: Keyser does not know Mr. Kavanaugh and she has no recollection of ever
being at a party or gathering where he was present with
· the simple and unchangeable truth is that Keyser is unable to corroborate [Dr.
Ford's allegations] because she has no recollection of the incident in question.
· Mitchell stated that Ford refused to provide her therapy notes to the Senate
Committee.
· Mitchell says that Ford wanted to remain confidential but called a tipline at the
Washington Post.
· she also said she did not contact the Senate because she claimed she "did not
know how to do that."
· It would also have been inappropriate to administer a polygraph to someone who
was grieving.
· the date of the hearing was delayed because the Committee was told that Ford's
symptoms prevented her from flying, but she agreed during testimony that she flies "fairly
frequently."
· She also flew to Washington D.C. for the hearing.
· "The activities of Congressional Democrats and Dr. Ford's attorneys likely
affected Dr. Ford's account.
All Comments 833
NaturalOnly , 10 hours ago
It is not a matter of proving he is guilty to be prosecuted and go to jail. I think he did
it. I think we all do stupid stuff when we are young and drunk. By all accounts he was a
boozer.
There are a ton of people who would like to be on the Supreme court, why shove this guy
down everyone's throat? He was an a$$. He needs to go away.
At first I thought this was all about politics. It might be a little. But women are sick
of being victimized by men who get by with it. He should not get by with this.
Mzhen , 10 hours ago
No. Corroborating. Evidence.
Mike in Tokyo Rogers , 9 hours ago
Illogical and emotional "reasoning."
merlinfire , 2 hours ago
"I think he is guilty despite the evidence, so he must be guilty, despite the
evidence."
Mzhen , 11 hours ago
Ms. Mitchell had a line of questioning about the friend who was mutual to Kavanaugh and
Ford. It turns out this was the same person who had been named earlier by Ed Whelan. Ford
said she had dated Garrett, also knew his younger brother, but flatly refused to refer to him
by name in public.
I'll assume Ms. Mitchell was allowed to review all of the investigative material collected
by the Committee to date. There has to be a reason she pursued this line of questioning.
Torgo , 11 hours ago
Who would most likely drive a girl to a party with older high school boys from a different
school and different circle of friends? Who would most likely take a 15 year old girl home
from a party in an age without cell phones? His name is Chris Garrett, nickname of "Squi".
She claims to not remember the person that drove her home, and she claims to not remember the
name of the last boy at the gathering. And she refuses to publicly state the name of the boy
that introduced her to Kavanaugh. These are all one and the same person, her boyfriend and
soon-to-be-ex-BF Chris Garrett, who may have either assaulted her or broke up with her that
day.
fleur de lis , 13 hours ago
What a spoiled brat she must have been whilst growing up.
She must be a really obnoxious snot to her coworkers over the years, too.
And as a teacher she must be a real screwball.
Which explains how she landed an overpaid job at a snowflake factory.
Torgo , 11 hours ago
Yes. I was focused on trying to get into an elite college when I was in HS and these
people's lives were nothing like mine in my teens. But then like a lot of people I'm lowborn
as opposed to these people. I was a caddy at the Country Club, and my parents were certainly
not members.
Brazillionaire , 14 hours ago
I haven't read all the comments so I don't know if somebody already brought this up... can
this woman (who was 15) explain why she was in an upstairs bedroom with two boys? Did they
drag her up the stairs? In front of the others? If she went willingly, for what purpose?
Some things reign eternal... You go (down) girl, Doctor Ford! What a brave 15 year-old
drinking at HS and College-Level Parties! Truly a Progressive ahead of the times! Thank you
for paving the road to ruin! Don't forget to breathe in-between. You ARE the FACE OF THE
DEMOCRATIC PARTY, GIRL! Suck it up, Buttercup!
alfbell , 15 hours ago
RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!!
RED WAVE!! RED WAVE!!
RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!!
RED WAVE!! RED WAVE!!
RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!!
RED WAVE!! RED WAVE!!
RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!!
RED WAVE!! RED WAVE!!
RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!! RED WAVE!!
RED WAVE!! RED WAVE!!
RighteousRampage , 15 hours ago
Yes, we all got to see Kavanaugh PMS'ing on national television. No need to shout about
it.
alfbell , 15 hours ago
I BELIEVE!!
... that America's institutions are being torn down by Leftists. The attempt to create a
new totalitarian regime has been upon us for decades and is now perfectly clear.
We will not say goodbye to morality.
We will not say goodbye to science.
We will not say goodbye to democracy.
We will not say goodbye to our Constitution, Bill of Rights, Founding Fathers, Logic,
Decency, etc. etc. etc.
MAGA!
AHBL , 15 hours ago
Morality: Your dear Leader cheated on 3 different wives, one of them with a
prostitute,...while she was pregnant (or had a 4 month old, I forget); filed for bankruptcy 5
times, cheating many people out of money; settled fraud lawsuits; lied about charity
donations; your party nominated an actual PEDOPHILE (Moore) for Senate and now wants to
appoint an angry drunk to be SCJ!
Science: You folks are literally disputing the conclusions of the vast, vast majority of
scientists (97% by my last count) when it comes to global warming.
Democracy: this is a Democratic Republic...if it was a Democracy Trump wouldn't be
President.
The rest of the nonsense you wrote was just filler...obviously.
Hadenough1000 , 11 hours ago
Still better than the rapist and intern cigarer
and Benghazi killer clintons😂😂😂
why do retarded libturds not see that!!
alfbell , 11 hours ago
You are clueless. Have all of your priorities and importances upside down. Have zero
critical thinking.
Can't see that it isn't about Trump. It's about a Populist/Nationalist movement to put an
end to the degradation of Progressive Globalists. Look at the big picture AHBL. C'mon you can
do it.
RighteousRampage , 15 hours ago
"Wave goodbye to science"
Um, I believe you have your parties confused.
Hadenough1000 , 11 hours ago
ISIS killee obama turned the democrats into te
aloha_snakbar , 15 hours ago
Why was Ms. Ford wearing glasses that looked like someone rubbed Crisco on the lenses? As
a long time wearer of glasses, I can tell you we dont roll that way, kind of defeats the
purpose. Answer? Those were not her glasses...they were a prop...
NeigeAmericain , 13 hours ago
Hahaha! She should have just taken out the lens out. No one would have looked that closely
or would they ? 🤔
Dormouse , 15 hours ago
She's an Illuminati/NXIVM MKUltra-ed CIA sex-kitten. Her family glows in the dark with CIA
connections. She's a CIA recruiter at Stamford, as well as her other job at Palo Alto. Oh,
something traumatic has happened to her, multiple times; but at the hands of her family and
their close Agency friends. Alyssa Milano in the audience? Come on! This is so ******* sick!
What a disgusting display for those in the Know. Does the FBI currently have the balls to
call them all out? That's the question, has Trump reformed the DOJ/FBI -- beyond the hobbled
and shackled part consummed by these criminals with their coup? He seems confident, almost
like he's tormenting his enemies as usual.
RighteousRampage , 15 hours ago
I heard she was chapter head of the local Elk's lodge as well.
GotAFriendInBen , 16 hours ago
Bye bye lying Brett
New reports question Kavanaugh's credibility on past drinking behavior, when he knew about
allegations
Texts suggest Supreme Court nominee knew of Ramirez accusations months before when he
testified he had heard them
Gold Banit , 16 hours ago
Trump is brilliant and very smart!
Trump destroyed 17 high profile and very rich Republicans in the primaries.
Trump destroyed high profile and very rich Hillary Clinton and became the President of the
USA.
Trump will now destroy the Democratic Party CNN and the main stream media.
Trump is not only brilliant and very smart he is a genius..
The DemoRats are in panic mode and are scared to death cause they are starting to realize
that this could be the end of the Democratic Party.
RighteousRampage , 15 hours ago
"Trump is brilliant and very smart!"
Easy there, you're gonna hurt yourself.
Hadenough1000 , 11 hours ago
Best president in hi
Hadenough1000 , 11 hours ago
He is brilliant
he knew this pick would get beat so he picked Kavanaugh
it was brilliant because even Bush was forced to fight for
kacenau😂😂😂
Hadenough1000 , 11 hours ago
He will be confirmed this week
no problem
just outing the democrats that will be targeted in nov
Oldguy05 , 16 hours ago
I'll believe a woman after she's happily, on her own, made me breakfast 5 years or
more....like mine does 8 years later.
ParaZite , 16 hours ago
Democrats have shown that they are anything but reasonable.
Oldguy05 , 16 hours ago
Racheal Doleazle...Blase'- Ford....We should believe these women! - Why?l
ParaZite , 16 hours ago
Because they have a vagina and can cry when their go fund me page hits 500K.
Hadenough1000 , 11 hours ago
Cause a fat turd senator from Hawaii ordered us too😂😂😂
after that bitch tried to get the democrat rapist clinton back in my White House???
she hates Brett???
dekocrats are riding a fastvttrain to hell
aloha_snakbar , 16 hours ago
Funny how Democraps are getting their panties in a wad over BK drinking beer in college,
yet were okay with Slappy Sotoro snorting cocaine in college....go figure...
Dormouse , 14 hours ago
They're terrified of what happens once he's confirmed.
10/10/18 Checkmate
Extinction
Hadenough1000 , 11 hours ago
The million babies a year quit being executed
Hadenough1000 , 11 hours ago
Where WAS the media when ISIS killer obama put those two fat no resume turds on the
court???
GotAFriendInBen , 16 hours ago
Be wary of anyone this lunatic wants to plant for a lifetime position
Trump Says He 'Fell In Love' With Korean Leader Kim Jong-Un
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Block reference ID: f9d6i listen to the ****-11e8-8d59-**** you
aloha_snakbar , 16 hours ago
Lol... what, seeing UB40?
Hadenough1000 , 11 hours ago
Ouch
might be right on that😂😂😂
Mareka , 16 hours ago
I suspect this is as much about discouraging others from stepping forward as it is about
destroying Kavenaugh.
Oldguy05 , 16 hours ago
I suspect this is about Communists trying to take over our government.
Hadenough1000 , 11 hours ago
Amen
this is warning the good guys
Debt Slave , 16 hours ago
She is a cross eyed boobis and we have to believe her because she says Kavanaugh, a white
hetero catholic man without any decent upbringing or engrained scruples raped her like a
monkey savage out of the jungle. Oh sorry, TRIED to rape her. As a teenager. Tried to raped a
pathetic, stupid cross eyed retarded moron that has since been successfully lobotomized at a
'modern' American university.
When is the last time you saw a 'mentally challenged' person being abused? Oh yes I
remember now, it was Chicongo, January 2017. Four negroes shoved a retarded white man's head
in a toilet and demanded he swear that he loved Niggers.
Never heard what happened to the savage fuckers, eh? Not surprised.
i know who and what I am voting for white man, do you?
Hadenough1000 , 11 hours ago
This is all over BRUTAL KISS
Oldguy05 , 16 hours ago
Whaaa waa waa waa. Whahhh wa waaaaa. It's good to be retarded! Then you don't even have to
try and understand the stupid **** we are FED today!
ThePhantom , 17 hours ago
bitch didn't clean her glasses.... mother ******
rkb100100 , 17 hours ago
I hear Anita Hill is worth a lot of money. I wonder what kind of pay-off this slime ball
will end up with.
Oldguy05 , 16 hours ago
Pubic hair is worth a lot! It's got electrolytes!
Empire's Frontiers , 17 hours ago
You know, we ain't heard much about Russia for a few days.
Mouldy , 16 hours ago
Yeah ZH... **** this Kavanaugh ****, can we get back to the regularly
scheduled doom **** please.
Oldguy05 , 16 hours ago
Quitchabitchen.
benb , 16 hours ago
Time for the un-redacted FISA docs and the text messages. That should send Schumer and the
gang into a tailspin.
Oldguy05 , 16 hours ago
....disqus spinning thing
Hadenough1000 , 11 hours ago
God bless brilliant trump
holding those real crimes over democrats
cant wait until he drops the bombs
MrAToZ , 17 hours ago
The Dims don't believe Ford any more than they believe in the constitution. They are
building a better world. They are true believers, one in the cause.
If one of them were at the receiving end of this type of Spanish inquisition they would be
crying foul right out of the batter's box. But, because this is for the cause they will put
the vagina hat on, goose step around and say they believe that mousey Marxist.
It's a made up sink if he's innocent, guilty if he floats game show. They know exactly
what they are doing, which makes them even more reprehensible.
benb , 16 hours ago
Yes a Hoax! But how many out there believe this crap? I'd like to see an accurate poll if
that's possible.
Oldguy05 , 16 hours ago
I believe it all! Both sides are right!
Debt Slave , 16 hours ago
That's why we call them 'Bolsheviks'. That's what they are.
Oldguy05 , 16 hours ago
They killed millions! ...and are poised to try and do it again.
BankSurfyMan , 18 hours ago
Fordy had sexual encounters, she drinks beer and flies all over the globe... One day she
had a beer and cannot remember getting home on time to watch, MOAR DOOM NEWS! Fucktard Fordy!
Doom 2019! Next!
inosent , 18 hours ago
Well, at least Rachel doesn't come off as one of those psycho SJW bitches
Oldguy05 , 16 hours ago
I am a black woman that identifies as a pre-pubescent Taiwanese man.
SocratesSolutions , 18 hours ago
Hmm. I think here, now which is it really? Does Ford make a better looking man, or does
Kavanaugh make a better looking woman?
Giant Meteor , 17 hours ago
I dunno. But so far no one has been able to answer this question. Why, in the picture
above, does Ford look like she swalowed a hula hoop ?
Oldguy05 , 16 hours ago
Because.
Kafir Goyim , 18 hours ago
Just had lunch with a democrat. He's generally tolerable, so his level of anger at
Kavanaugh and his acceptance of "anything goes" to derail Kavanaugh was surprising to me.
Democrats believe that Roe V Wade is instantly overturned if Kavanaugh gets in. They also
think that if Roe V Wade is overturned, no woman will ever be able to abort another baby in
the US.
I explained to him that destruction of Roe V Wade will only make it a state issue, so
girls in California, Oregon, Washington, New York, etc will be able to kill as many babies as
they want to. It will only be girls in Wyoming or Utah or some other very red state that
might have to schlep their *** to another state to kill their kid.
Democrats see this as a battle for abortion, and if Kav gets confirmed, abortion is
completely gone in the USA. That's why you have these women freaking out. They think the
stakes are much higher than they actually are. Almost all of the women that are so worried
about this live in states where it won't have any effect on them at all.
I am Groot , 18 hours ago
I hope you took a bath and a flea dip after lunch.
Kafir Goyim , 18 hours ago
I think I kind of calmed him down. We need to let them know that their world doesn't end
if Roe V Wade is overturned. I am also not at all sure it would be overturned, even with Kav
on the court, but they insist it will be, so not worth arguing. Reminding them that it
doesn't effect them, if they live in a blue state should calm their fears a little.
The right to abort is their 2nd amendment, God help us. If you explain to them they are
not really in danger, it may calm them down. They'll still make noise about those poor girls
who can't get an abortion after school and still make it home for dinner, and instead, have
to take a bus to another state to kill their kid, but they won't be as personally threatened
and lashing out as they mistakenly are now.
when the saxon began , 17 hours ago
And therein lies the fatal flaw of an elected representative government. The votes of the
ignorant and stupid are counted the same as yours or mine. And there are far more of
them.
VisionQuest , 18 hours ago
Democrats stand for atheism, abortion & sodomy. Ask yourself this question: Who stands
with Democrats? If your answer is "I do." then you'd best rethink your precious notions of
morality, truth, common decency, common sense and justice.
It is undoubtedly true that, in our entirely imperfect world, the American Way of life is
also far from perfect. But it is also true that, compared to every other system of government
on the planet, there is no comparison with the level of achievement accomplished by the
American Way of life.
Democrats hate and will destroy the American Way of life. Have you been a Democrat? Walk
away.
Automatic Choke , 19 hours ago
EXCUSE ME, Y'ALL.....
but where the hell are the texts, FISA memo, & other docs?
look, another ******* squirrel !!!!!
J Jason Djfmam , 19 hours ago
They should also recommend an investigation of the woman with two front holes...errr front
doors.
snatchpounder , 18 hours ago
Yes Flake should be investigated I concur.
Anunnaki , 17 hours ago
Zing!
freedommusic , 19 hours ago
At this point the FBI should recommend a criminal investigation to the DOJ for treasonous
actors who are subverting the constitutional process of SC nomination. The crimes of perjury,
sedition, and treason, need to be clearly articulated to the public and vigorous prosecution
ensue.
We are STILL a Constitutional Republic - RIGHT?
Giant Meteor , 18 hours ago
Well, I am betting 27 trillion dollars that the answer to your question is a resounding ,
no ...
didthatreallyhappen , 19 hours ago
there is not "case"
ZeroPorridge , 19 hours ago
STOP SHOWING THIS LAME ****, TYLER! I HAD ENOUGH OF THIS WAFFLECRAP!!
DingleBarryObummer , 19 hours ago
It's the nothing burger flavor of the week. Tylers gotta put bread on the table u know. Be
grateful for the good stuff they host, ZH is still the best news site on the internet. And
don't worry, this nothing burger will get stale and we will have a new one in a week or 2,
and everyone can get hysterical from that and forget about this one.
dchang0 , 19 hours ago
A body language analysis video on BitChute goes through the Ford testimony and points out
all the markers for lying and rehearsed lines:
I saw a video on youtube where a man threw chicken bones and saw Kavanaugh is guilty. I
mean, what other proof does one need.
Anunnaki , 17 hours ago
Red herrIng much?
Anunnaki , 14 hours ago
Excellent. Thanks
loved the part on pretty pose. Her helium voice was an act
Shillinlikeavillan , 19 hours ago
This **** won't mean anything to the leftards, they will pretend that this report never
happened and will carry on acting like a bunch of dumbasses...
Meanwhile, there was indeed a party with ford in it that night...
... and its hard to stop a train...
RighteousRampage , 19 hours ago
...of old angry entitled white men from gang banging our constitutional rights.
Mr. Universe , 19 hours ago
How come all of a sudden 8 year old accounts whom I've never seen before start trolling?
At least 4 so far I've seen, strange co inky dink ehh?
RighteousRampage , 16 hours ago
I gave up posting here years ago when the site went from sharp-eyed financial analysis to
Russia-humping conspiro-nazism. That said, this Kavanaughty thing is just too much of a
meatball to pass up.
Now, respect your elders, and go back to playing in your sandbox, little boy.
Sinophile , 19 hours ago
If the bitch 'struggled academically in college' then how the hell did she get awarded a
freaking P(ost)H(ole)D(igger)?
snatchpounder , 18 hours ago
She probably blew the right man or men.
Torgo , 11 hours ago
That's why GRE and other standardized tests should be prioritized. Thinking on one's feet
is a good thing!
eitheror , 19 hours ago
Thank you Rachel Mitchell for having the courage to tell the truth about the testimony of
Ms. Blasey Ford, P.h.D.
Ford is not a medical Doctor but is a P.h.D.
The Democrats seem to have abandoned Ms. Ford like a bad haircut, instead focusing on
other smoke and mirrors.
onewayticket2 , 19 hours ago
Again, So What??
The democrats have already soiled this Judge's career and family name. Now it's about
delay.
Exoneration note from the Republicans' lawyer carries precisely zero weight with
them.....they are too busy sourcing everyone who ever drank beer with Kav....in an effort to
get another Week Long extension/argue that Trump already greenlighted such an extension to
investigate how much Kav likes beer. or who's milk money he stole in 3rd grade....
RighteousRampage , 19 hours ago
i guess Kavanuaghty wasn't worried about soiling the family name all those times he
stumbled home slurring his words and yelling at random passersby.
onewayticket2 , 18 hours ago
He is not the first college student to get drunk.
Equating getting drunk to charges in every newspaper and TV news station for weeks stating
he is a gang rapist ring leader etc is laughably idiotic. Nice job. Thx for the laugh.
HowdyDoody , 19 hours ago
Reports that Chinese naval vessel has chased a US vessel USS Decatur out of disputed
waters. The Chinese vessel came within ~40 meters of the USS vessel (which is pretty darn
close).
French president Macron, visiting the West Indows was interviewed about the confrontation.
He responded, saying "don't bug me, bro. I got important things on my mind".
About 35 years ago, at a party in San Francisco where everyone was very drunk, now Senator
Feinstein sexually molested me. Don't remember the date or location or anything else, but it
happened, I swear! Naturally, want to remain anonymous to protect my integrity, but it did
happen! She shoved me down onto my knees and ground her crotch in my face. It was terrible, I
can still recall the horrible smell to this day! The stench was a combination of rotting
flesh and urine. Makes me nauseous just thinking of that sexual assault. INVESTIGATE this
serial molester!
nope-1004 , 20 hours ago
Anyone see what that fat, big mouthed, undisciplined pig Rosie O'Donnell tweeted today? I
didn't. But I'm sure that fat piggy just had to weigh-in (no pun intended) on how she's been
crossed by this.
Any other lefties lurking here who have kids that can't stand you / your insane views, and
have disowned you like Rosie's did?
lol
I am Groot , 19 hours ago
Piggy ? More like a rabid albino silverback beating her hairy chest.
Opulence I Has It , 20 hours ago
The only things she does remember, are the things that directly support her allegations.
That fact, by itself, is reason enough to disbelieve everything she says. The idea that she
would have concrete memories of only those specific events, is not believable.
It's totally believable, though, that she's been counseled thus, to make her story easier
to remember and avoid those inconvenient secondary details. You know, those secondary details
that every police detective knows are how you trip up a liar. They are so focused on their
bogus story, the little details of the time surrounding the fabrication don't hold up.
Mr. Universe , 19 hours ago
Would you expect less from the company?
Anunnaki , 17 hours ago
Can't remember when it happened, how she got there, who was there, how she got home
She remembers clearly she only had one beer and was taking no medication yet cannot
remember for sure how she accessed her counselors records on her whether by internet or
copying them less than 3 months ago?
Not possible.
She's a lying shill and in time it will come out.
Torgo , 11 hours ago
She doesn't remember her rescuer that drove her home and away from such a terrible
situation. Is this plausible? I say absolutely not. IMHO, she knows his name but refuses to
say it while pretending to not remember. Chris Garrett, nicknamed "Squi", who introduced her
to Kavanaugh and who was her boyfriend once. Some have speculated that he assaulted her that
day and/or ended her relationship that day after she didn't want to take things to the next
level with him.
quasi_verbatim , 20 hours ago
What a load of 'Murican crap.
Giant Meteor , 20 hours ago
Squawkkkkkk, it's what we do !
American Dissident , 20 hours ago
McConnell on the Senate Floor 50 minutes ago: "The time for endless delay and obstruction
has come to a close.... Mr. President, we'll be voting this week."
xear , 21 hours ago
Brett is obviously innocent. Groping her, holding her down, grinding into her... it's not
like it was rape. And as far as covering her mouth so she couldn't scream... after a heavy
night of drinking who wants to hear screaming? Almost anyone would do the same.
I Am Jack's Macroaggression , 20 hours ago
it's always interesting to see where and why people claim to know things about which they
have literally no 'knowledge.'
Also interesting to see how the same people who would protest assuming the guilt of an
alleged Muslim terrorist or Black liquor store robber now argue it is 'whiteness' and
'patriarchy' to not assume the guilt of a white male regarding decades old uncorroborated
charges... which 4 named witnesses deny having knowledge of, by a woman who lied about a fear
of flying to try to delay the process.
We can all be hypocrites.
But watching the Left embrace hypocrisy as social justice has been, in the pure sense of
the word, awesome to behold.
RighteousRampage , 20 hours ago
Almost, but not quite, as awesome to behold as the right's embrace of complete immorality
by the supposed party of faith and religion.
ZD1 , 20 hours ago
The demonic Democrat socialist party are all about immorality.
The real neo-Marxist fascists on the Supreme Court are:
Ruth Bader Ginsburg (Marxist *** from ACLU)
Elena Kagan (Marxist ***)
Sonia Sotomayer (Marxist brown supremacist from La Raza/MEHcA)
Stephen Breyer (Marxist ***)
They are no different than the left-wing billionaire neo-Marxist fascists that own and
control the demonic Democrat socialist party.
RighteousRampage , 20 hours ago
Showing your Nazi stripes again?
The religious right will never again be able to claim any moral high-ground, never. Not
after Trump and this Kavanaugh fiasco.
ZD1 , 20 hours ago
The immoral lying neo-Marxist fascists in the demonic Democrat socialist party never had
any high ground, EVER!
Now run along Antifa fascist.
RighteousRampage , 20 hours ago
Whatever you say, Boris.
Dancing Disraeli , 20 hours ago
Boris is a Russian name. If you wanted to run the Nazi narrative, you should've called him
Fritz.
Anunnaki , 17 hours ago
I love the new ignore feature on the Hedge. Buh bye Snowflake
Babble_On2001 , 20 hours ago
Right, that's why the fraud Ford kept repeating, "I don't remember" or "I can't recall."
Yes, a very believable story. Now let me tell you about another female figure that has been
treated poorly, she's called the Tooth Fairy.
deja , 19 hours ago
Tawana Brawley, substitute republican conservative for white state trooper.
Torgo , 11 hours ago
Not only are these claims of not remembering completely implausible, but the transcript
shows that she explicitly refuses to say the name of the boy that introduced her to BK. It
strikes me as wildly disrespectful to Rachel Mitchell and just screams for further
exploration.
FBaggins , 21 hours ago
To fix things if after all of this crap from the feminazis and Kavenaugh simply withdraws
his name, Trump should put forward Judge Amy Coney Barrett as the next candidate. It would
really ensure support for Trump candidates in the midterms from women in general and from
social-conservative family-values people in the US and it would perhaps teach the feminazis a
lesson at the same time.
istt , 20 hours ago
No, Kavanaugh deserves better. He has earned his place on the USSC.
Giant Meteor , 20 hours ago
My prediction was, and still is Kavanaugh goes forward. Even the revered CNN is starting
to walk the drinking issue back.
By the way , the Trump presser today was a ******* hoot!
cheech_wizard , 20 hours ago
Aren't they all...
Standard Disclaimer: Keep calm and MAGA on!
ToddTheBabyWhale , 21 hours ago
Nine page memo, Tyler. Your starting to write like a pro journalist now.
jomama , 21 hours ago
Checked in for a minute to have a peek at countless fat, white, middle aged, anonymous
assholes spewing hatred and misogyny.
Wasn't disappointed. Keeping it classy, ZH.
I Am Jack's Macroaggression , 21 hours ago
that's big talk coming from a pedophile.
prove you aren't, dickhead.
Lore , 21 hours ago
That isn't helpful. The reason why jomama's post is wrong is because it's merely spewing
vitriol, when the priority should be to dis-indoctrinate and self-educate.
American Dissident , 20 hours ago
Reading this made is like seeing a fire truck on fireeeeeee
tmosley , 20 hours ago
I started blocking low effort trolls after one warning.
Slowly cleaning the place up.
Jein , 20 hours ago
Tmosley: "it hurts my feelings to read things I dont like and I need a safe space to cry
in"
Mr. Universe , 19 hours ago
Another 9 year member troll I've never seen before. Do you think the mockingbirds want to
disrupt any discourse and devolve it into "them vs. us"? You bet they do. Buzz off, jomama
back to whatever basement they dug you up out of. Tell Georgie that we will resist this
treachery with our last breaths.
Lore , 21 hours ago
You misunderstand, because your perspective is handicapped by progressivist
indoctrination. A conscientious ZHer will read a note like that and dismiss it as
intellectual laziness: mindless regurgitation of programming.
Strive to deprogram, and you'll quickly develop better perspective about the distinction
between political correctness and pursuit of truth. God knows there is name-calling on both
sides, but I think it's safe to say that the biggest concern on sites like ZH is the way
mainstream American discourse has been hijacked by amoral pathocracy. What matters is not
doing The Right Thing: what matters is ******* over the other guy to get Your Way. That is
the evil that is on the verge of destroying this nation.
cheech_wizard , 20 hours ago
It's either that, or drugs.
robertocarlos , 21 hours ago
I'm not that fat.
Harvey_Manfrengensen , 21 hours ago
I am at 16% bodyfat. Nor am I white. Try again.
istt , 21 hours ago
Jomama raped me when I was in the 6th grade. Just came out after a therapy session. Can
anyone corroborate my story, you ask? No, but I am 100% sure he is the guy. You are a guy,
right? Now if we can just expose who he is I will press charges and have him put away for a
very long time, ruin his family and his career.
rwmomad , 20 hours ago
He pulled my pants down in first grade on the play ground and touched my pee pee. I am
seeking counsel.
Giant Meteor , 20 hours ago
How's that going?
IridiumRebel , 20 hours ago
Still can't refute anything so ad hominem attacks....got it.
Stay generalized!
let freedom ring , 21 hours ago
Trump has given up on K. The calculus is that it will be bad for the democrats if he
doesn't make it on the court. Don't expect Trumps help from here on in. K was a flawed
candidate from the start and Trump knew it, and is playing his base like a violin.
istt , 20 hours ago
Total BS. You've lost your senses. People are expendable but not that much. Trump has to
be thought of as a guy who backs his appointees, that he will go to the wall for them.
sunkeye , 21 hours ago
T/y Prosecutor Mitchell for conducting yourself w/ professionalism, decency, & honor -
personal traits none of the Democratic senators seem to possess, or would even recognize if
shown to them directly as you did. Again. t/y & bravo.
Torgo , 11 hours ago
She allowed Ford to refuse to speak the name of the boy that introduced her to BK. Chris
Garrett, nicknamed "Squi", who was Ford's one-time boyfriend. Some speculate that he was the
unnamed final boy at the party and that he may have assaulted Ford and/or dumped her after
she refused to go to the next level with him. Hence the trauma.
Jein , 21 hours ago
All this vitriol breaks my heart. Why can't we all just love eachother? I heard human
centipeding is a great way to team build. Who's in?
chrbur , 21 hours ago
Jein...because first we must remove evil....
RighteousRampage , 21 hours ago
right, and by labeling the opposing side, "evil" that pretty much means anything goes.
first step is to dehumanize, then all possibilities are on the table, amirite?
istt , 20 hours ago
Yeah, that's following the Alinsky playbook. Something you have been spewing all over
these threads. Guilty until proven innocent. No, better, yet, guilty because he was
accused.
"First they came for the socialists, and I did not speak out -- because I was not a
socialist."
RighteousRampage , 20 hours ago
Funny how all of the "innocent until proven guilty in a court of law" crowd here was so
quick to send Hillary to the gulag, or believe in that Obama was a Muslim, or that a pizza
parlor was ground-zero for a child trafficking ring, or....
let freedom ring , 21 hours ago
I like it. lets sew a string of Trumptards together *** to mouth, south park style.
Jein , 21 hours ago
Love it. I'm willing to make the sacrifice be the head.
Negative_Prime , 20 hours ago
Why? You're so good at being the rear.
Don't deny your nature.
tmosley , 20 hours ago
I told you to stop that ****.
You are now on ignore. Suggest everyone do the same. This guy never said anything
interesting.
Paracelsus , 21 hours ago
I am having trouble keeping these personalities separate as I want to give everyone the
benefit of the
doubt. When I see Justice Kavanaugh, I think of the confirmation hearing as a political
attack on the
Trump administration . Also as an attempt to score points, or make the other side
screw up, before the
upcoming elections.When I see Dr. Ford, I see Hillary Clinton and all the bitterness
from a failed
politician.
The funny thing is I thought all the Trump "fake news" statements were a load of crap.
Turns out he hit the
mark quite often. The lefties are so damn mad because Trump is succeeding and they haven't
been able to
score points against him. So they feel that it is justified to use other
methods,regardless of the fallout.
There is a whiff of panic and desperation present.
I have stated this before, as have others: The loss of the White House by the Democrats
provided a
unique opportunity to clean out the deadwood. This may have seemed cruel and heartless
but the
Obama era is over and the Dem's urgently need to return to their roots before it is too
late. Did they
use this moment of change or did they revert to business as usual? To ask the question
is to
answer it.... This is commonly described as bureaucratic inertia. The Dem's only needed
to get the
ball rolling and they would be moving towards the objective of regaining power. New,
younger
and more diplomatic and law abiding types need to be encouraged to apply. Put out the
help wanted
sign. Do what Donald does,"You're fired!".
RighteousRampage , 21 hours ago
Well, if others have stated it before, it MUST be true. Republiconarists and Demcraps are
playing the same stupid games. Dems got punked w Garland, and now Reps are getting their
comeuppance w Kavanaugh (who really made it worse for himself by holding up such an obviously
false pious portrait of himself).
American Dissident , 22 hours ago
I believe Judge Brett Kavanaugh. I believe Rachel Mitchell, Esq. I believe Leland Keyser.
I believe Mark Judge. I believe P.J. Smyth.
I believe the evidence. That's why I don't believe Ms. Christine Blasey Ford.
Anunnaki , 17 hours ago
But she only had one beer!
Torgo , 11 hours ago
What do you think of the Chris Garrett hypothesis?
VWAndy , 22 hours ago
Mrs Fords stunt works in family courts all the time. Thats why they tried it folks. They
have gotten away with it before.
Drop-Hammer , 22 hours ago
IOW, she is a lying leftist loon and fraud. I am only surprised that she is not a
treacherous jewess.
1970SSNova396 , 22 hours ago
The bitch was a fraud and anybody with a working brain understands that. Of course that
exempts the democrat voting base.
The two ugly women senators from Maine and Alaska just might sink Kav. Lord knows they
want to so bad.
arby63 , 22 hours ago
And you are about duplicitous as one paid troll could be. Go punch yourself and apologize
to those that actually have a job.
1970SSNova396 , 22 hours ago
G F Y sport
arby63 , 22 hours ago
Don't you wish. Bitch.
RighteousRampage , 21 hours ago
Zerohedge is basically Breitbart now, with even more doomporn and more Putin puffery.
cheech_wizard , 20 hours ago
******* yourself might be the only sex you're getting... Just saying...
RighteousRampage , 20 hours ago
Maybe he's a proud beer drinking virgin, just like your man Kavanaugh.
STONEHILLADY , 22 hours ago
also for someone going up before Congress for any reason, this Ford girl had NOT one
family member or husband by her side....that is a real telling sign.
Also check out the secret courts going on in E. Warren's state Mass. same kind of Justice,
guilty to prove innocent, they have adopted the court system of the Inquisition, get ready
folks if the Dems. take back the Congress. these type of courts coming to blue state near
you.
1970SSNova396 , 22 hours ago
If your father was CIA would you want him there? Of course she is a carpet eater so two
lesbians is enough.
RighteousRampage , 21 hours ago
I guess then, by your logic, the Clinton's should be considered innocent?
Anunnaki , 14 hours ago
She kept looking at her prepared statement like a security blanket under cross
examination
Torgo , 11 hours ago
It was an attempt to make her look alone and vulnerable. Along with the girly voice and
the glasses to make her eyes look huge and neotenous.
YourAverageJoe , 22 hours ago
Writing the memo was easy for her. She could have cut and pasted large parts of Comey's
July 2016 exoneration of Hillary speech.
aloha_snakbar , 22 hours ago
Ms Ford, the newly minted millionaire, is probably lying poolside in Mexico, indulging in
her favorite psychotropics and getting pounded by the local brown talent. Wow...having a
vagina is like having a meat 3D printer that spews out money...
cheech_wizard , 20 hours ago
That so reminds me of this line in "He Never Died"...
I, uh, don't have money, so...
Then how did you end up inebriated?
Vaginas are like coupon books for alcohol.
Aubiekong , 23 hours ago
Never was about justice, this is simply a liberal/globalist plan to stop Trump.
peippe , 22 hours ago
why can't they lay back & take the pounding?
might even start to enjoy it. MAGA!
Trump Train will place at least one more justice on the bench beyond Brettster. : )
I Am Jack's Macroaggression , 21 hours ago
Trump is surrounded by Jews.. Zionists and bankers.
We are watching the Ultra-Zionist Jews in a power struggle with the Globalist Jews.
And 100 years ago Churchill notes the same - Jews divided between destroying nations
(Bolsheviks) and building their own to rule the world and possess its wealth (Zionism).
Bad cop, bad cop.
Torgo , 11 hours ago
Well stated. Churchill famously and openly wrote about this in the early 1920s.
arby63 , 23 hours ago
If you haven't punched a Democrat today, try harder.
Jein , 22 hours ago
Cuck alert
arby63 , 22 hours ago
Let us all know when you're ready to jump.
LadyAtZero , 22 hours ago
Prosecutor Rachel did a great job and given that Christine's testimony was under oath,
Christine is set up to be held to what she said.
Friends, Christine is C_A and so is her dad. These C_A facts are all over the
internet.
Christine during her testimony had a fake "little girl, looking over her glasses, am I not
cute?" demeanor.
She is a psych. PhD for heavens sake -- she is 52 years old. No need to act like a hurt
little girl, unless one is facing the big white male meanies who dare to question her and she
can emit "I'm a victim" all day long.
Go Kavanaugh!
(and I don't care if Brett Kavanaugh likes to drink beer and I don't care that he drank in
college and got rip-roaring drunk. Most of us did... as we all know).
........sigh.....
Prince Eugene of Savoy , 20 hours ago
Squeaky Ford only testified to what she had written down. She never used the part of the
brain dealing with actual memory. https://youtu.be/uGxr1VQ2dPI
Torgo , 11 hours ago
And she outright refused to speak the name of the boy that had introduced her to BK. It
was wildly evasive and inappropriate and is a huge red flag for this case. Chris Garrett,
nicknamed "Squi". Her one-time boyfriend and I am convinced that he both drove her to and
away from the party. After she refused his effort to take their relationship to the next
level.
I am Groot , 18 hours ago
There are no more "Democrats" or "liberals". There are only Marxists and communists.
Stop breathing. We will all be better off. Even you.
headless blogger , 22 hours ago
We don't need a cultist that talks at the camera with only his head showing (weird) to
tell us what to believe.
We can figure it out without that phony racist cultist's lecture.
VWAndy , 22 hours ago
Attack the message not the messenger. Every discerning person here is hip to that
trick.
headless blogger , 19 hours ago
We don't need cultists speaking out in our name. It only discredits the truth movement.
The Messenger DOES matter.
Golden Phoenix , 23 hours ago
Ever notice #MeToo
reads 'Pound Me Too!'
American Dissident , 23 hours ago
should be #boxwineresistance
Grandad Grumps , 23 hours ago
Sp, Rachel is "deep state"?
ToSoft4Truth , 23 hours ago
Parrty on, Garth.
blindfaith , 23 hours ago
Was there in 1965, and I can recall what my classmates wore, who could dance, who kissed
great, who had the best music, who got laid and how often...and it was NOT the head of the
football or basketball team.
Her memory is selectively scripted, and I am 20 years older and my memory is just
fine.
charlewar , 23 hours ago
In other words, Ford is a liar
JohnG , 23 hours ago
She's a goddamned sociopathic lying bitch.
arby63 , 23 hours ago
A highly paid one. Gofundme alone is over $900,000.
1970SSNova396 , 22 hours ago
Her two *** lawyers doing well for their time and attention. McCabe's lawyer comes to the
rescue for Ford.
My German Sheppard's nose is smaller than hers. Holy schnozes Batman ! That's Toucan Sam
in glasses.
LA_Goldbug , 22 hours ago
Amazing. Now I see what a wonderful mechanism they created with this. Payoff camouflage
!!!
Moving and Grooving , 21 hours ago
Gofundme is a dead man walking. It cannot be allowed to expedite money laundering on the
donor side, and anonymous donations to the receiver in these ridiculous amounts on the other.
If this isn't already illegal, I'll be shocked.
.
PantherCityPooPoo , 21 hours ago
Dead how? We already know that these corporation are die hard neo-liberal but name me 2
republicans or ANY federal entity that would EVER go after a corporation like that.
You are not aware of the score if you think anything will be done to them.
HerrDoktor , 23 hours ago
My hippocampus is turgid and throbbing after seeing Chris Ford in those Adrian (Talia
Shire) spectacles.
blind_understanding , 23 hours ago
I had to look it up ..
TURGID - from Latin turgidus , from turgēre to be swollen
peippe , 22 hours ago
nothing better than a confused lady who forgets stuff...........
I'm all over that if she was thirty-six years younger. oops.
blindfaith , 23 hours ago
So why is Ford dressed like a WWII school Liberian? Halloween?
How does she do all the water sports (easy boys, keep it clean) that she brags about? How
does she keep a case of beer down and then go surfing in Costa Rica? What is all this 'Air
sickness" stuff? How come she works for a company that has a very controversial Abortion pill
and didn't say this? That $750,000 in GoFundMe bucks will sure help heal those cat scratches
she gave herself. Does she pay taxes on that? So many questions and so little answers. Did
she perjer herself?
Sort of convenient that the statute of limitations has run out for her to make an OFFICIAL
complaint in Maryland.
Ford is a practiced liar. She was coached to cry all the way thru her polygraph test thus
skewing the results.
Jein , 23 hours ago
Brett's tears were real
RighteousRampage , 23 hours ago
But my calendars!!! I graduated Yale!!!! My mommy was a judge!!! SCOTUS is my
destineeeyyyyyyyyyyyyyy, it's mine all mine!!!!!
arby63 , 23 hours ago
Kavanaugh would/could literally beat the **** out of you. I believe that 1000000000%.
RighteousRampage , 23 hours ago
C'mon, his performance was disgraceful for a wannabe SCOTUS judge. He whinges like a
little a girl who had her lolly stolen.
Can you imagine Gorsuch or Scalia behaving that way?
arby63 , 22 hours ago
Disgraceful? Seriously? Because he spoke like a MAN and wasn't willing to "take it" from
the ****** fascists? **** you.
Jein , 22 hours ago
Arby (you're probably a fat **** right?), he spoke like a whiny cuck bitch. Just like you
do. That ain't being a man. Try sucking a my **** for a taste of masculinity.
NEOCON1 , 23 hours ago
Still jerking off to photoshopped nudes of Hillary Clinton?
Jein , 22 hours ago
Nah chelsea. She has nice nips
peippe , 22 hours ago
they were beer tears.
it's said he cries Bud Light.
He's awesome.
Being Free , 23 hours ago
Stunning accusation that Sen. Feinstein covered up 1990 sexual assault by a wealthy
foreign donor against another supporters daughter ...
I was the victim of an abuse event when I was 4. I'm 47 now. I know exactly where the
house is, we were in the backyard and I can tell anyone what happened and who was there. It
happened a few days back to back maybe three days, it was during the winter in the
midafternoon. I guess my hippocampus is in better shape than hers.
Anunnaki , 17 hours ago
When I brought this up wth Liberal friends at coffee this AM, they said it was so
traumatic that forgetting details was her coping mechanism
Iberal pretzel logic
Jein , 1 day ago
I would let trump **** my girl. How bout yall?
Giant Meteor , 23 hours ago
Is that code? The nickname you gave your penis? Girl? God damn you are a sick ****. Look
the gay thread is down the hall, second door on the left, therapy third door on the right
..
Good luck ...
Jein , 23 hours ago
Yeah I would top for trump. Normally love getting my ******* pounded though. U verse
bro?
Goldennutz , 23 hours ago
We all be gettin' our asses pounded for years by our goobermint!
HerrDoktor , 23 hours ago
Everyone else is having your girl, so why not?
sgt_doom , 1 day ago
" Dr. Christine Blasey Ford was poised, articulate, clear and convincing. More than
that, she radiated self-assured power ."
----- So says Robert Reich
Saaaaay, Bobby, have you ever met Wesley Allen Dodd or Ted Bundy? I once came into contact
with Dodd, the epitome of calm, cool and collected --- and he was later executed for
torturing to death small children!
A (female) law professor from Seattle University said:
" Dr. Christine Blasey Ford (why do they keep referring to a professor of
psychology as doctor --- s_d) was credible and believable. " (Evidently, we don't need
no stinking proof or evidence where a law professor is concerned!?)
Sgt_Doom says: Prof. Christine Blasey Ford sounded credible, believable and completely
unsubstantiated.
Credible Allegations
Over this past weekend I learned three startling facts:
(1) All American women have been raped;
(2) All American males are rapists and liars; and,
(3) "Credible allegations" are accusations not requiring any shred of evidence.
Fake news facts , that is . . . . .
All this was conveyed by high-middle class (or higher) females who worship globalization
and American exceptionalism --- from the same news conduits who once reported on
weapons-of-mass-destruction in Iraq and other similar mythologies!
Not a single so-called reporter --- not a single self-described journalist in American ---
thought to ask that most obvious of obvious questions:
Where in bloody perdition is Christine Blasey Ford's Holton Arms yearbooks?
After all, they introduced Kavanaugh's yearbook, so why not Christine Blasey's
yearbook?
Second most obvious question:
When one searches online for Holton Arms yearbooks, the searcher can find the yearbooks
for the years preceding Ford's last several years at Holton Arms, and the years following ---
why have the last several years when Christine Blasey attended missing? Why have they been
removed --- even cached versions --- from the Web?
Takes some serious tech resources to accomplish this in such a short period of time?!
How very odd . . . .
I do not want Kavanaugh, nor anyone like him, on the Supreme Court bench, but that does
not mean I automatically believe any and all unsubstantiated accusations and am sane enough
to comprehend that credible allegations require proof --- also referred to as
evidence.
It is not enough to state that this person drinks and is therefore guilty or that person
is a male and is therefore guilty.
I fully support an expanded investigation into both Kavanaugh AND Christine Blasey Ford,
including Ms. Ford's Holton Arms yearbooks and any and all police blotter activity/records
for her ages of 13, 14, 15 and 16.
And I wish some of those useless reporters would being asking the obvious questions . . .
. and finally start doing their jobs!
Sidebar : Sen. Chris Coons claimed that Prof. Ford was courageous to have come forward as
she had nothing to gain , yet within several days after her testimony, Christine
Blasey Ford is almost one-half million dollars wealthier --- nothing to gain?
Hardly . . . .
[Next rant: MY elevator encounter with a 14-year-old psychotic blonde student, and her
buddy, many years ago in Bethesda, Md.]
Giant Meteor , 23 hours ago
Radiated self assured power? Are you shitting me?
rwmomad , 23 hours ago
The courageous woman with nothing to gain is well on the way to a mil in go fund me
contributions. Plus there will be a book and movie deal.
DjangoCat , 23 hours ago
"And I wish some of those useless reporters would being asking the obvious questions . . .
. and finally start doing their jobs!.."
Those useless reporters would be fired if they did. The problem is much further up the
line than the reporter on the beat.
blindfaith , 23 hours ago
Yep, BCC was VERY loose...So was Northwestern in G.Town and Holton-Arms High. They were way ahead in drugs, booze and
Freon baloons too. Heck at Blair, we thought drugs were like aspirin and stuff. Now if
Ms.Ford had gone to Blair, I might believe
her....helm lines above the knee was a no no.
Jein , 1 day ago
Is lindsey Graham a closet homosexual?
robertocarlos , 1 day ago
There are men who are not gay but have never been with a woman.
Dancing Disraeli , 23 hours ago
It's a bot.
Giant Meteor , 23 hours ago
Possibly but this site is not your own personal dating service.
Jein , 23 hours ago
GM let me get them digits homie. Haven't seen u on grindr lately
Giant Meteor , 23 hours ago
Look if we are going to converse you're going to have to speak in English or some other
language I might understand, what is this verse and grindrr you speak of "bro?'
Jein , 23 hours ago
Hablas espanol? Quiero tu tongueo en my cacahole
Giant Meteor , 23 hours ago
Now that was just ******* funny as all hell. You are improving....
rwmomad , 23 hours ago
He might be, but that is his business. The left, which is supposedly supporters of gay
rights,throw that out the window if you are on the other team.
Jein , 23 hours ago
I just dont like trannys
Anunnaki , 23 hours ago
I love The Hedge's new block feature. Buh bye, Hillary
Giant Meteor , 23 hours ago
I'm going to let this one go awhile . A fascinating case study.
Jein , 23 hours ago
<3
Jein , 23 hours ago
Snowflake
tmosley , 20 hours ago
You just don't have anything to say that is intersting.
Just bile.
Goodbye forever.
robertocarlos , 1 day ago
So Mitchell faked her love for Ford. You sure can't trust women.
Giant Meteor , 1 day ago
She (Mitchell) was there to handle her like the delicate flower. To the pubes defense,
someone was smart enough to realize that a bunch of GOP white guys questioning her was not
going to play well. Enter the female prosecutor and her report.
On the other hand the dem guys and dolls could not genuflect enough , so their questioning
was fine. I mean they had her painted as the courageous hero of the modern era. So brave, so
noble , so, so, utterly awesome!
Puke ....
scraping_by , 23 hours ago
She had an emotional meltdown for a big finish. Note who gave her the run-in for it. (Not
Mitchell).
nicholforest , 1 day ago
Seems pretty obvious that Mitchell could not see a case for prosecution - what we heard
was mostly 'He said ... She said". So an unsurprising conclusion.
And there is no moral high ground for Republicans to criticize the process pursued by the
Democrats. They would have (and in the past have) done the same. A curse on both their
houses.
But what struck me was the behavior and style of Kavanaugh. He came across as belligerent,
petty, evasive, aggressive and impulsive. Those are not the characteristics that we want in a
candidate for the Supreme Court.
Little Lindsey G would say that Kavanaugh has a right to be angry, which may be so - but
the way that such anger is manifested is critical. In the military we look for leaders to be
cool under fire. The same should be true for a judge in the highest court in the land.
Instead he came across like a fearful, reactive, spiteful, spoilt frat boy. That will not
do.
scraping_by , 1 day ago
Ah, the double bind. Either he's robotic and reciting a script, or he's wild and howling
brat. Nice how that works.
FAQMD1 , 23 hours ago
nicholforest - And there is no moral high ground for Republicans to criticize the
process pursued by the Democrats. They would have (and in the past have) done the same. A
curse on both their houses.
Please enlighten us on specifically which Dem. SC nomination the Republicans did a full on
character assassination .... were waiting!
It is mindless comments and a lack of rigorous thinking and moral equivocation like yours
that has led the country into the abyss of nonsense and division.
Mineshaft Gap , 23 hours ago
We're all left to imagine the calm, lucid, rational yet caring manner in which you would
have defended yourself against a pack of vultures and their vague career-ending
accusations.
I'm picturing a cross between Cicero, Chris Cuomo and Caitlin Jenner.
Dancing Disraeli , 23 hours ago
Counting on that spiteful aspect to offset his RINO squish proclivities.
rwmomad , 23 hours ago
Why has their never been a sex scandal on a dem appointment, but their always is now on a
repub appointment? Just a coinky dinky or a part of their playbook?
Bastiat , 1 day ago
I like that last pic of Mitchel: defines "looking askance."
I Write Code , 1 day ago
"Weaknesses", forsooth.
Dickweed Wang , 1 day ago
Look at the time line provided and then tell me the Democrats aren't a pack of lying
weasles. The truth means absolutely NOTHING to them. Their agenda (to **** over Trump in any
way possible) is all that matters. Could anyone imagine what would have happened if the
Republicans would have pulled just 1/10th of that kind of ******** with the Homo *****??
There would have been continuous MSM inspired riots in the streets.
Anunnaki , 1 day ago
They play by Alinsky Rules
rksplash , 1 day ago
I guess the only way this nonsense is going to go away is if the GOP start using the same
tactics. Hire some wannabe spin doctors to go through some old high school yearbooks in a
church basement somewhere in Alabama. An old black and white of some poor pimple faced
senator grabbing his crotch at the prom in 72.
scraping_by , 1 day ago
Well, the Arkansas Project was political and partisan. Indeed, the right-wing world were
praising Mellon for using money effectively. And it wasn't until Flint evened the score that
decorum was restored.
truthalwayswinsout , 1 day ago
How dare another women even think of questioning a rape and assault allegation and demand
facts, and consistent detailed explanations that do not change.
Zus , 1 day ago
She's obviously an "old white guy" in disguise.
Wile-E-Coyote , 1 day ago
If this woman can try and attempt to destroy a man's life then the least she should be
made to do is a take a lie detector test. You can't prosecute anyone on hear say.
nicholforest , 1 day ago
She did take a polygraph - and passed.
scraping_by , 1 day ago
That's the story. Little or no evidence of what that story means.
Dickweed Wang , 1 day ago
She did take a polygraph - and passed.
Yeah that's what the lying sacks of **** say, but of course there's absolutely no proof it
happened. She passed? O.k., let's assume they are at least not lying about that . . . what
questions were asked?
Bastiat , 1 day ago
A polygraph with 2 questions apparently. In other words a complete joke. A real poly has
scores if not hundreds of questions.
robertocarlos , 23 hours ago
Two questions were asked. "Are you a woman"? and "Are you a liar"?
Wile-E-Coyote , 1 day ago
It's amazing what a false memory can do.
Is there a verbatim transcript of the questions asked?
Anunnaki , 1 day ago
Mitchell said it was irresponsible to give a polygraph to someone grieving the loss of a
loved one. Grandmother in this case.
peippe , 22 hours ago
rumor has it the exam included two questions.
Two Questions.
you decide what that means.
nsurf9 , 1 day ago
Not one shred of corroboration evidence of Ford's testimony, not even from her friend, who
flatly denied she ever went to such party, NONE, NADA, UNBELIEVABLE!
Don't these Congressional a-holes vet these people to safeguard against crazy loons'
bald-faced lies, and even worst, one's with democrat financed malicious intent to defame?
And further, Montgomery County Police has formally stated that, as a misdemeanor, the
statute of limitations ran out on this allegedly crime - 35 frigging years ago.
And lastly, with regard to drinking in college, not one democrat mentions he finished top
of his Yale undergrad class and top of his Yale Law School class.
FAQMD1 , 23 hours ago
nsurf9 - Don't these Congressional a-holes vet these people to safeguard against crazy
loons' bald-faced lies, and even worst, one's with malicious intent to defame?
Please tell me how you or I could possible "safeguard" ourselves from "crazy loon" and
"bald-face lies" ....?
That is why we're supposed to be a nation of laws and innocent until proven guilty.
It is one thing to disagree over a person political position and or ideas but that is not
what is happening here. The Dems are in full assault mode to destroy BK and his family as a
warning to any future Conservative judge who may dare accepts a nomination to the SC.
What the Dems are doing will lead to some type of civil war if they do not stop this. It
will not be pretty if that happens.
nsurf9 , 23 hours ago
Requiring even a modicum of corroborated facts or evidence, outside of mere "words," would
be a good start!
JLee2027 , 1 day ago
Guys who have been falsely accused, like me, knew quickly that Ford was lying. They all
have the same pattern, too many smiles, attention seeking, stories that make no sense or too
vague,etc.
dogmete , 1 day ago
Yeah what an incredible story. She was at a party with some drunken creepy guys and got
sexually assaulted. Everyone knows that never happens!
Nunny , 1 day ago
^Tool
austinmilbarge , 23 hours ago
All she has to to is prove it.
samolly , 1 day ago
None of this matters. What matters is that the democrats think Kavanaugh will overturn Roe
v. Wade so they will be against him regardless of any outcome in this matter.
It's all and only about abortion.
scraping_by , 1 day ago
The current sleaze isn't overturning the legal right to abortion, it's making it
impossible to get one. It's a legal right that a woman has to sit through lectures, travel to
specific places, make certain declarations, and get a physician who's usually under attack at
the state level. It's not illegal, it's impossible.
It's not about restricting women, it's about making life harder for middle and lower class
people. Women of the Senator's economic class have always had and always will have access to
safe abortions. It's wage earners who have to depend on local providers.
Whether Catholic K will go along with the sabotage of a privacy right isn't clear. But
he's probably going to be sympathetic to making those working class wenches show some
responsibility.
Torgo , 11 hours ago
To quote famed feminist and Democrat Jennifer Granholm of Michigan, women can always "Keep
their pants zipped". But then Granholm only extended her authoritarian control freakery to
the male half of the human race when she said that a few years ago. If women lose some
"reproductive rights" then some of them might start to have some empathy for men and our lack
of rights. But I won't hold my breath waiting for them to empathize with us.
Bastiat , 1 day ago
. . . but according to Dr. Fair, white men are murderous.
Barney08 , 1 day ago
Ford is a crusader. She thinks she is a Roe v Wade savior but she is an over educated
ditz.
dogmete , 1 day ago
Right Barney, not an undereducated and-proud-of-it slob like you.
MrAToZ , 1 day ago
You Dims are so willing to just swallow the hook. You idiots have been trained to react,
leave common sense at the door, slap on the vagina hats and start marching in circles.
What a cluster f*ck. Evidently there are suckers born every minute.
Kelley , 1 day ago
One word uttered by Ford proves that not only did Kav. not attack her but no one ever
assaulted her . That word is "hippocampus." No woman in recorded history has ever used
that word to describe their strongest reaction to a sexual assault.
It's mind blowing that a person would react to what was supposedly one of the most
traumatic experiences of her life with a nearly gleeful "Indelibly in my hippocampus " or
something to that effect unless of course it didn't happen. Her inappropriate response leads
me to believe that Ford was never assaulted in the manner in which she claimed. If her
claimed trauma had been a case of mistaken identity regarding a real assault, she still would
have felt it and reacted far differently.
Emotional memories get stored in the amygdala. The hippocampus is for matter-of-fact
memories. When Senator Feinstein asked Ford about her strongest memories of the event, Ford
went all "matter of fact" in her reply, "Indelibly in my hippocampus ." without a trace of
emotion in her response. No emotions = no assault by ANYONE let alone by Kavanaugh.
Giant Meteor , 1 day ago
Not only that, her most indelible memory from the experience was the maniacal laughter ,
not the part where a hand was forcibly placed over her mouth and she thought she may in that
moment, have been accidently killed.
As to the hippopotamus, is that a turtle neck she is wearing or just her neck. What the
**** happened there, she said nothing about strangulation.
pnchbowlturd , 1 day ago
Another peculiar thing about Ford's testimony was the adolescent voicing she gave it in.
It was if she was imitating a 6 year old. I wish MItchell had fleshed out Ford's hobbies
(surfing??) more and given more context to her career activities and recreational pursuits in
college, alcohol consumption patterns or substance abuse treatments. Her voicing was a tell
that she seemed to be overplaying the victim persona for a person who holds a doctorate and
travels the world surfing
Nunny , 1 day ago
If they coached her (while on the loooong drive from CA...lol) to use that voice, they
didn't do her any favors. I thought femi-libs were all about being 'strong' and 'tough'. They
can't have it both ways.....strike that.....they do have it both ways.....and the useful
idiots on the left buy it.
Torgo , 11 hours ago
IMHO, the most peculiar thing was her outright refusal to say aloud the name of the boy
that introduced her to Kavanaugh, when repeatedly questioned by Rachel Mitchell. It was
wildly obvious that she was being evasive and I see it as an enormous tell. Chris Garrett,
nicknamed "Squi", was IMHO the boy that drove her to and from the party, and if he didn't
outright assault her that day, he may have dumped her that day.
I Write Code , 1 day ago
Wasn't there an old SNL skit about the "amygdala"?
YouTube doesn't seem to have an index on the term, LOL.
seryanhoj , 1 day ago
One more example of US governance and party politics on its way down the tubes. There is
no topic, no forum nowhere where the truth is even something to be considered. Media, law
makers, everyone looks at a story and says " Let's make this work for our agenda even if we
have to reinvent it from scratch". Then it is more than easy to find people to testify any
which way you want. Vomits copiously.
mabuhay1 , 1 day ago
The standard for females should be "They are lying if their lips are moving." Any claims
of sexual abuse should require proof, and witnesses that can back up said claims. Many
studies have found that years before the MeToo# lies began, about 60% of all claimed rapes
were false. Now, with the "Must believe all women" and the "MeToo#" scam, I would suspect the
rate of false claims to be very close to 100%
scraping_by , 1 day ago
The standard for any criminal investigation is ABC. Assume nothing, Believe no one, and
Check everything. The current feminist howl is sweep that aside and obey a women when she
points at a man.
Jack McGriff , 1 day ago
And yet every single MSM outlet is claiming she is credible! WTF!!!
MedTechEntrepreneur , 1 day ago
If the FBI is to have ANY credibility, they must insist on Ford's emails, texts and phone
records for the last 2 years.
Anunnaki , 1 day ago
Kill shots:
Ranging from "mid 1980s" in a text to the Washington Post to "early 80s"
No name was listed in 2012 and 2013 individual and marriage therapy notes.
she was the victim of "physical abuse," whereas she has now testified that she told her
husband about a "sexual assault."
she does not remember who invited her to the party or how she heard about it. She does
not remember how she got to the party." Mitchell continued: "She does not remember in what
house the assault allegedly took place or where that house was located with any
specificity. Perhaps most importantly, she does not remember how she got from the party to
her house."
In her letter to Feinstein, she said "me and 4 others" were at the party but in her
testimony she said there were four boys in additional to Leland Keyser and herself. She did
not list Leland Keyser even though they are good friends. Leland Keyser's presence should
have been more memorable than PJ Smyth's,
· She testified that she had exactly one beer at the party
· "All three named eyewitnesses have submitted statements to the Committee denying
any memory of the party whatsoever,
· her BFF: Keyser does not know Mr. Kavanaugh and she has no recollection of ever
being at a party or gathering where he was present with
· the simple and unchangeable truth is that Keyser is unable to corroborate [Dr.
Ford's allegations] because she has no recollection of the incident in question.
· Mitchell stated that Ford refused to provide her therapy notes to the Senate
Committee.
· Mitchell says that Ford wanted to remain confidential but called a tipline at the
Washington Post.
· she also said she did not contact the Senate because she claimed she "did not
know how to do that."
· It would also have been inappropriate to administer a polygraph to someone who
was grieving.
· the date of the hearing was delayed because the Committee was told that Ford's
symptoms prevented her from flying, but she agreed during testimony that she flies "fairly
frequently."
· She also flew to Washington D.C. for the hearing.
· "The activities of Congressional Democrats and Dr. Ford's attorneys likely
affected Dr. Ford's account.
Collectivism Killz , 1 day ago
Brett's real blight is that he barely dignifies the fourth amendment, which has arguably
been the most compromised as of late. Funny how the dims never bring this up. His record and
statements are RVW are centrist, so what makes the dims scared? Maybe Q is on to something
with the whole military tribunals.
GoingBig , 1 day ago
If he just said that he drank too much in college and that was that I would be okay with
him. But he made himself out to be a freak up there saying all this conspiracy crap about the
Clintons. What kind of SCOTUS Justice is this guy? I say no!
Ron_Mexico , 1 day ago
you fight fire with fire
rockstone , 1 day ago
Well if the question even makes sense to you then you're too ******* stupid to have an
opinion that anyone should take seriously. In other words, what you think doesn't count.
kbohip , 1 day ago
I think you got confused today honey. This is not the Salon comments section.
seryanhoj , 1 day ago
That age group drink and grope every chance they get. Its what we all did given the
chance. No one made fuss because up till now no one was told to get upset about it or try to
get political leverage out of it.
Anunnaki , 1 day ago
The only way to fight back against passive aggressions is with full on aggression. It
shocked the Dems b/c they thought they could just dole out a bunch of virtue signalling
holier than thou testimony and Kavanaugh would have to sit and eat ****
Mineshaft Gap , 23 hours ago
+1
"It shocked the Dems"
Spot on. They had their safe space taken away from them and called out for what it was --
an auto-da-fe.
Heather Mac Donald made the astute point that this is hideous campus culture emerging into
the mainstream.
Anunnaki , 23 hours ago
Do you watch Game of Thrones? Remember the season when Cersei was being attacked by the
religious nuts.
The woman kept asking her "Do you confess?" under torture
Same here. Kavanaugh was asked to bend the knee and beg forgiveness for his "crime".
He said **** YOU
dogmete , 1 day ago
Goingbig, don't try to talk sense to knuckle draggers. They huddle together or die.
RighteousRampage , 23 hours ago
One has to think that half of them are on working overtime at the troll farm trying to
stir up partisan hatred. Hard to believe real people could be this obtuse.
Zero-Hegemon , 1 day ago
Major Hegelian dialectic **** going on with the Ford/Kav reality show.
Women everywhere side with Ford because she's a women, claims she was abused, and "has to
be believed", in order to settle some personal score that they all claim empathy for, even
though she has given every tell in the book that she is lying.
Men everywhere empathize with a man being falsely accused, regardless of his politics and
judicial history, even though he made his bones in the Bush administration, and can probably
be relied on to further the authoritarian state via the Supreme court. Guilty of this myself,
because it could be anyone of us next.
Pick a side, doesn't matter, because we've already lost.
Bastiat , 1 day ago
I "Believe the Women" -- the 3 women Ford named as witnesses who denied it ever happened,
the 65 women who signed the letter in support of Ford, and all the women who have worked with
him and had no issues. I don't believe this one, though.
Zero-Hegemon , 1 day ago
I'm with you 200%
phillyla , 1 day ago
I am a woman, a wife and the mother of an adult male and I don't believe this mewling quim
for one second and I haven't met one woman who believes her.
Most of the women of my acquaintance know that anyone with a repressed memory is a loon
looking for attention.
Anunnaki , 1 day ago
A lot of women have seen their sons and brothers falsely accused. Ford was completely
unconvincing in her "I don't remember the details of a traumatic "sexual assault"
Whoa Dammit , 1 day ago
In her letter to Feinstein, she said "me and 4 others" were at the party
This does not sound like something a PHD would write. I would hope that someone who is
well educated would know that the proper English is "four others and I." It makes one wonder
if Dr. Ford wrote the letter, or if was written by a Feinstein aide.
"... By L. Randall Wray, Professor of Economics at Bard College. Originally published at New Economic Perspectives ..."
"... Treatise on Money ..."
"... State Theory of Money ..."
"... Money and Credit in Capitalist Economies ..."
"... Understanding Modern Money ..."
"... Modern Money Theory ..."
"... Payback: Debt and the shadow side of wealth ..."
"... Reclaiming the State ..."
"... Austerity: The History of a Dangerous Idea ..."
"... permanent Zirp (zero interest rate policy) is probably a better policy since it reduces the compounding of debt and the tendency for the rentier class to take over more of the economy. ..."
"... that one of the consequences of the protracted super-low interest rate regime of the post crisis era was to create a world of hurt for savers, particularly long-term savers like pension funds, life insurers and retirees. ..."
"... income inequality ..."
"... even after paying interest ..."
"... It seems to me that the US macroeconomic policy has been operating under MMT at least since FDR (see for example Beardsley Ruml from 1945). ..."
"... After learning MMT I've occasionally thought I should get a refund for the two economics degree's I originally received. ..."
"... "Taxes or other obligations (fees, fines, tribute, tithes) drive the currency." ..."
"... "JG is a critical component of MMT. It anchors the currency and ensures that achieving full employment will enhance both price and financial stability." ..."
I was asked to give a short presentation at the MMT conference. What follows is the text
version of my remarks, some of which I had to skip over in the interests of time. Many readers
might want to skip to the bullet points near the end, which summarize what I include in
MMT.
I'd also like to quickly respond to some comments that were made at the very last session of
the conference -- having to do with "approachability" of the "original" creators of MMT. Like
Bill Mitchell, I am uncomfortable with any discussion of "rockstars" or "heroes". I find this
quite embarrassing. As Bill said, we're just doing our job. We are happy (or, more accurately
pleasantly surprised) that so many people have found our work interesting and useful. I'm happy
(even if uncomfortable) to sign books and to answer questions at such events. I don't mind
emailed questions, however please understand that I receive hundreds of emails every day, and
the vast majority of the questions I get have been answered hundreds, thousands, even tens of
thousands of times by the developers of MMT. A quick reading of my Primer or search of NEP (and
Bill's blog and Warren's blogs) will reveal answers to most questions. So please do some
homework first. I receive a lot of "questions" that are really just a thinly disguised pretense
to argue with MMT -- I don't have much patience with those. Almost every day I also receive a
2000+ word email laying out the writer's original thesis on how the economy works and asking me
to defend MMT against that alternative vision. I am not going to engage in a debate via email.
If you have an alternative, gather together a small group and work for 25 years to produce
scholarly articles, popular blogs, and media attention -- as we have done for MMT -- and then
I'll pay attention. That said, here you go: [email protected] .
As an undergraduate I studied psychology and social sciences -- but no economics, which
probably gave me an advantage when I finally did come to economics. I began my economics career
in my late 20's studying mostly Institutionalist and Marxist approaches while working for the
local government in Sacramento. However, I did carefully read Keynes's General Theory
at Sacramento State and one of my professors -- John Henry -- pushed me to go to St. Louis to
study with Hyman Minsky, the greatest Post Keynesian economist.
I wrote my dissertation in Bologna under Minsky's direction, focusing on private banking and
the rise of what we called "nonbank banks" and "off-balance sheet operations" (now called
shadow banking). While in Bologna, I met Otto Steiger -- who had an alternative to the barter
story of money that was based on his theory of property. I found it intriguing because it was
consistent with some of Keynes's Treatise on Money that I was reading at the time.
Also, I had found Knapp's State Theory of Money -- cited in both Steiger and
Keynes–so I speculated on money's origins (in spite of Minsky's warning that he didn't
want me to write Genesis ) and the role of the state in my dissertation that became a
book in 1990 -- Money and Credit in Capitalist Economies -- that helped to develop the
Post Keynesian endogenous money approach.
What was lacking in that literature was an adequate treatment of the role of the
state–which played a passive role -- supplying reserves as demanded by private bankers --
that is the Post Keynesian accommodationist or Horzontalist approach. There was no discussion
of the relation of money to fiscal policy at that time. As I continued to read about the
history of money, I became more convinced that we need to put the state at the center.
Fortunately I ran into two people that helped me to see how to do it.
First there was Warren Mosler, who I met online in the PKT discussion group; he insisted on
viewing money as a tax-driven government monopoly. Second, I met Michael Hudson at a seminar at
the Levy Institute, who provided the key to help unlock what Keynes had called his "Babylonian
Madness" period -- when he was driven crazy trying to understand early money. Hudson argued
that money was an invention of the authorities used for accounting purposes. So over the next
decade I worked with a handful of people to put the state into monetary theory.
As we all know, the mainstream wants a small government, with a central bank that follows a
rule (initially, a money growth rate but now some version of inflation targeting). The fiscal
branch of government is treated like a household that faces a budget constraint. But this
conflicts with Institutionalist theory as well as Keynes's own theory. As the great
Institutionalist Fagg Foster -- who preceded me at the University of Denver–put it:
whatever is technically feasible is financially feasible. How can we square that with the
belief that sovereign government is financially constrained? And if private banks can create
money endogenously -- without limit -- why is government constrained?
My second book, in 1998, provided a different view of sovereign spending. I also revisited
the origins of money. By this time I had discovered the two best articles ever written on the
nature of money -- by Mitchell Innes. Like Warren, Innes insisted that the dollar's value is
derived from the tax that drives it. And he argued this has always been the case. This was also
consistent with what Keynes claimed in the Treatise, where he said that money has been a state
money for the past four thousand years, at least. I called this "modern money" with intentional
irony -- and titled my 1998 book Understanding Modern Money as an inside joke. It only
applies to the past 4000 years.
Surprisingly, this work was more controversial than the earlier endogenous money research.
In my view it was a natural extension -- or more correctly, it was the prerequisite to a study
of privately created money. You need the state's money before you can have private money.
Eventually our work found acceptance outside economics -- especially in law schools, among
historians, and with anthropologists.
For the most part, our fellow economists, including the heterodox ones, attacked us as
crazy.
I benefited greatly by participating in law school seminars (in Tel Aviv, Cambridge, and
Harvard) on the legal history of money -- that is where I met Chris Desan and later Farley
Grubb, and eventually Rohan Grey. Those who knew the legal history of money had no problem in
adopting MMT view -- unlike economists.
I remember one of the Harvard seminars when a prominent Post Keynesian monetary theorist
tried to argue against the taxes drive money view. He said he never thinks about taxes when he
accepts money -- he accepts currency because he believes he can fob it off on Buffy Sue. The
audience full of legal historians broke out in an explosion of laughter -- yelling "it's the
taxes, stupid". All he could do in response was to mumble that he might have to think more
about it.
Another prominent Post Keynesian claimed we had two things wrong. First, government debt
isn't special -- debt is debt. Second, he argued we don't need double entry book-keeping -- his
model has only single entry book-keeping. Years later he agreed that private debt is more
dangerous than sovereign debt, and he's finally learned double-entry accounting. But of course
whenever you are accounting for money you have to use quadruple entry book-keeping. Maybe in
another dozen years he'll figure that out.
As a student I had read a lot of anthropology -- as most Institutionalists do. So I knew
that money could not have come out of tribal economies based on barter exchange. As you all
know, David Graeber's book insisted that anthropologists have never found any evidence of
barter-based markets. Money preceded market exchange.
Studying history also confirmed our story, but you have to carefully read between the lines.
Most historians adopt monetarism because the only economics they know is Friedman–who
claims that money causes inflation. Almost all of them also adopt a commodity money view --
gold was good money and fiat paper money causes inflation. If you ignore those biases, you can
learn a lot about the nature of money from historians.
Farley Grubb -- the foremost authority on Colonial currency -- proved that the American
colonists understood perfectly well that taxes drive money. Every Act that authorized the issue
of paper money imposed a Redemption Tax. The colonies burned all their tax revenue. Again,
history shows that this has always been true. All money must be redeemed -- that is, accepted
by its issuer in payment. As Innes said, that is the fundamental nature of credit. It is
written right there in the early acts by the American colonies. Even a gold coin is the
issuer's IOU, redeemed in payment of taxes. Once you understand that, you understand the nature
of money.
So we were winning the academic debates, across a variety of disciplines. But we had a hard
time making progress in economics or in policy circles. Bill, Warren, Mat Forstater and I used
to meet up every year or so to count the number of economists who understood what we were
talking about. It took over decade before we got up to a dozen. I can remember telling Pavlina
Tcherneva back around 2005 that I was about ready to give it up.
But in 2007, Warren, Bill and I met to discuss writing an MMT textbook. Bill and I knew the
odds were against us -- it would be for a small market, consisting mostly of our former
students. Still, we decided to go for it. Here we are -- another dozen years later -- and the
textbook is going to be published. MMT is everywhere. It was even featured in a New
Yorker crossword puzzle in August. You cannot get more mainstream than that.
We originally titled our textbook Modern Money Theory , but recently decided to
just call it Macroeconomics . There's no need to modify that with a subtitle. What we
do is Macroeconomics. There is no coherent alternative to MMT.
A couple of years ago Charles Goodhart told me: "You won. Declare victory but be magnanimous
about it." After so many years of fighting, both of those are hard to do. We won. Be nice.
Let me finish with 10 bullet points of what I include in MMT:
1. What is money: An IOU denominated in a socially sanctioned money of account. In almost
all known cases, it is the authority -- the state -- that chooses the money of account. This
comes from Knapp, Innes, Keynes, Geoff Ingham, and Minsky.
2. Taxes or other obligations (fees, fines, tribute, tithes) drive the currency. The ability
to impose such obligations is an important aspect of sovereignty; today states alone monopolize
this power. This comes from Knapp, Innes, Minsky, and Mosler.
3. Anyone can issue money; the problem is to get it accepted. Anyone can write an IOU
denominated in the recognized money of account; but acceptance can be hard to get unless you
have the state backing you up. This is Minsky.
4. The word "redemption" is used in two ways -- accepting your own IOUs in payment and
promising to convert your IOUs to something else (such as gold, foreign currency, or the
state's IOUs).
The first is fundamental and true of all IOUs. All our gold bugs mistakenly focus on the
second meaning -- which does not apply to the currencies issued by most modern nations, and
indeed does not apply to most of the currencies issued throughout history. This comes from
Innes and Knapp, and is reinforced by Hudson's and Grubb's work, as well as by Margaret
Atwood's great book: Payback: Debt and the shadow side of wealth .
5. Sovereign debt is different. There is no chance of involuntary default so long as the
state only promises to accept its currency in payment. It could voluntarily repudiate its debt,
but this is rare and has not been done by any modern sovereign nation.
6. Functional Finance: finance should be "functional" (to achieve the public purpose), not
"sound" (to achieve some arbitrary "balance" between spending and revenues). Most importantly,
monetary and fiscal policy should be formulated to achieve full employment with price
stability. This is credited to Abba Lerner, who was introduced into MMT by Mat Forstater.
In its original formulation it is too simplistic, summarized as two principles: increase
government spending (or reduce taxes) and increase the money supply if there is unemployment
(do the reverse if there is inflation). The first of these is fiscal policy and the second is
monetary policy. A steering wheel metaphor is often invoked, using policy to keep the economy
on course. A modern economy is far too complex to steer as if you were driving a car. If
unemployment exists it is not enough to say that you can just reduce the interest rate, raise
government spending, or reduce taxes. The first might even increase unemployment. The second
two could cause unacceptable inflation, increase inequality, or induce financial instability
long before they solved the unemployment problem. I agree that government can always afford to
spend more. But the spending has to be carefully targeted to achieve the desired result. I'd
credit all my Institutionalist influences for that, including Minsky.
7. For that reason, the JG is a critical component of MMT. It anchors the currency and
ensures that achieving full employment will enhance both price and financial stability. This
comes from Minsky's earliest work on the ELR, from Bill Mitchell's work on bufferstocks and
Warren Mosler's work on monopoly price setting.
8. And also for that reason, we need Minsky's analysis of financial instability. Here I
don't really mean the financial instability hypothesis. I mean his whole body of work and
especially the research line that began with his dissertation written under Schumpeter up
through his work on Money Manager Capitalism at the Levy Institute before he died.
9. The government's debt is our financial asset. This follows from the sectoral balances
approach of Wynne Godley. We have to get our macro accounting correct. Minsky always used to
tell students: go home and do the balances sheets because what you are saying is nonsense.
Fortunately, I had learned T-accounts from John Ranlett in Sacramento (who also taught
Stephanie Kelton from his own, great, money and banking textbook -- it is all there, including
the impact of budget deficits on bank reserves). Godley taught us about stock-flow consistency
and he insisted that all mainstream macroeconomics is incoherent.
10. Rejection of the typical view of the central bank as independent and potent. Monetary
policy is weak and its impact is at best uncertain -- it might even be mistaking the brake
pedal for the gas pedal. The central bank is the government's bank so can never be independent.
Its main independence is limited to setting the overnight rate target, and it is probably a
mistake to let it do even that. Permanent Zirp (zero interest rate policy) is probably a better
policy since it reduces the compounding of debt and the tendency for the rentier class to take
over more of the economy. I credit Keynes, Minsky, Hudson, Mosler, Eric Tymoigne, and Scott
Fullwiler for much of the work on this.
That is my short list of what MMT ought to include. Some of these traditions have a very
long history in economics. Some were long lost until we brought them back into discussion.
We've integrated them into a coherent approach to Macro. In my view, none of these can be
dropped if you want a macroeconomics that is applicable to the modern economy. There are many
other issues that can be (often are) included, most importantly environmental concerns and
inequality, gender and race/ethnicity. I have no problem with that.
A JG is to discontinue NAIRU or structural under-unemployment with attendant
monetarist/quasi inflation views. Something MMT has be at pains to point out wrt fighting a
nonexistent occurrence due to extended deflationary period.
Its double entry accounting counting both sides of the equation. Fed deposits money into
bank requires 4 entries, a double entry for the Fed and for the bank. Typical double entry
accounting only looks at the books of 1 entity at a time. Quadruple Entry accounting makes
the connection between the government monetary policy and private business accounting. I'm
not an accountant, I may have butchered that.
think about banks and reserves, your money is on the bank's liability side (and your
asset), while the reserves are on the bank's asset side (and gov't or fed's liability.)
i think its the reserves that quadruple it, reserves are confusing because when you move
$5 from a bank account to buy ice cream its not just one copy of the $5 that moves between
checking accounts, there is another $5 that moves "under the hood" so to speak in reserve
world
Very briefly, double entry bookkeeping keeps track of how money comes in/out, and where it
came from/went. Cash is the determining item (although there may be a few removes). Hence,
say I buy a $20 dollar manicure from you. I record my purchase as "Debit (increase) expense:
manicure $20, credit (decrease) cash, $20". Bonus! If my bookkeeping is correct, my debits
and credits are equal and if I add them up (credits are minus and debits are plus) the total
is zero – my books "balance". So, double-entry bookkeeping is also a hash-total check
on my accounting accuracy. But I digress.
On your books, the entry would be "Debit (increase) cash $20, credit (decrease)
sales, $20".
So, your double-entry book plus my double-entry books would be quadruple-entry
accounting.
#7 was my immediate stopper, too. It drives me nuts when people introduce 2-3-4 letter
acronyms with no explanation (I work for the DoD and I'm surrounded by these "code words". I
rarely know what people are talking about and when I ask, the people talking rarely know what
these TLAs – T hree L etter A cronyms – stand for either!).
Next question regarding #7: What is ELR?
Other than #7, I really appreciate this article. NC teaches and/or clarifies on a daily
basis.
This quick, entertaining read is IMHO nothing less than a "Rosetta Stone" that can bring
non-specialists to understand MMT: not just how , but why it differs from
now-conventional neoliberal economics. I hope it finds a wide readership and that its many
references to MMT's antecedents inspire serious study by the unconvinced (and I hope they
don't take Wray's invitation to skip the 10 bullet points).
This piece is a fine demonstration of why I've missed Wray as he seemed to withdraw from
public discourse for the last few years.
Thank you! The (broad) analogies with my own experience are there. I had a decidedly
"mainstream" macro education at Cambridge (UK); though many of the "old school"
professors/college Fellows who, although not MMT people as we'd currently understand (or
weren't at *that* stage – Godley lectured a module I took but this was in the early
1990s) were still around, in hindsight the "university syllabus" (i.e. what you needed to
regurgitate to pass exams) had already steered towards neoliberalism. I never really
understood why I never "got" macro and it was consistently my weakest subject.
It was later, having worked in the City of London, learned accountancy in my actuarial
training, and then most crucially starting reading blogs from people who went on to become
MMT leading lights, that I realised the problem wasn't ME, it was the subject matter. So I
had to painfully unlearn much of what I was taught and begin the difficult process of getting
my head around a profoundly different paradigm. I still hesitate to argue the MMT case to
friends, since I don't usually have to hand the "quick snappy one liners" that would torpedo
their old discredited understanding.
I'm still profoundly grateful for the "old school" Cambridge College Fellows who were
obviously being sidelined by the University and who taught me stuff like the Marxist/Lerner
critiques, British economic history, political economy of the system etc. Indeed whilst I had
"official" tutorials with a finance guy who practically came whenever Black-Scholes etc was
being discussed, an old schooler was simultaneously predicting that it would blow the world
economy up at some point (and of course he was in the main , correct). I still had to fill in
some gaps in my knowledge (anthropology was not a module, though Marxist economics was), with
hindsight I appreciate so much more of what the "old schoolers" said on the sly during quiet
points in tutorials – Godley being one, although he wasn't ready at that time to
release the work he subsequently published and was so revolutionary. Having peers educated
elsewhere during my Masters and PhD who knew nothing of the subjects that – whilst
certainly not the "key guide" to "proper macro" described in the article – began to
horrify me later in my career.
This is really great. Thanks a ton, as Yves would say.
I know I have used to "rock star" metaphor on occasion, so let me explain that to
me what is important in excellent (i.e., live) rock and roll is improvisational
interplay among the group members -- the dozen or so who understood MMT in the beginning, in
this case -- who know the tune, know each other, and yet manage to make the song a little
different each time. It's really spectacular to see in action. Nothing to do with spotlights,
or celebrity worship, or fandom!
I'm no MMT expert, but I think
this article does a good job of juxtaposing MMT with classic (non-advanced)
macroeconomics. I quote:
In the language of Tinbergen (1952), the debate between MMT and mainstream macro can be
thought of as a debate over which instrument should be assigned to which target. The
consensus assignment is that the interest rate, under the control of an independent central
bank, should be assigned to the output gap target, while the fiscal position, under control
of the elected budget authorities, should be assigned to the debt sustainability target. [
] The functional finance assignment is the reverse -- the fiscal balance under the budget
authorities is assigned to the output target, while any concerns about debt sustainability
are the responsibility of the monetary authority.
What about interest rate fixing? The central bank would remain in charge of that, but in
an MMT context this instrument would lose most of its relevance:
[W]hile a simple swapping of instruments and targets is one way to think about
functional finance, this does not describe the usual MMT view of how the policy interest
rate should be set. What is generally called for, rather, is that the interest rate be
permanently kept at a very low level, perhaps zero. In an orthodox policy framework, of
course, this would create the risk of runaway inflation; but keep in mind that in the
functional framework, the fiscal balance is set to whatever level is consistent with price
stability.
It may be a partial reconstruction of MMT, but to me this seems to be a neat way to
present MMT to most people. Saying that taxes are there just to remove money from the economy
or to provide incentives is a rather extreme statement that is bound to elicit some fierce
opposition.
Having said that, I've never seen anyone address what I think are two issues to MMT: how
to make sure that the power to create money is not exploited by a political body in order to
achieve consensus, and how to assure that the idea of unlimited monetary resources do not
lead to misallocation and inefficiencies (the bloated, awash-with-money US military industry
would probably be a good example).
The best comparison of MMT with neoliberal neoclassical economics, in my view, is Bill
Mitchell's blog post, "How to Discuss Modern Monetary Theory" ( http://bilbo.economicoutlook.net/blog/?p=25961
). I especially recommend the table near the end as a terrific summary of the differences
between the mainstream narrative and MMT.
Thanks! I have enormous respect for Mitchell, given the quantity and quality of his
blogging. However, my only nitpick is that a lot of his blog entries are quite long and "not
easily digestible". I have long thought that one of those clever people who can do those 3
minute rapid animation vids we see on youtube is needed to "do a Lakoff" and change the
metaphors/language. But this post of Mitchell (which I missed, since I don't read all his
stuff) is, IMHO, his best at "re-orienting us".
Saying that taxes are there just to remove money from the economy or to provide
incentives is a rather extreme statement that is bound to elicit some fierce
opposition.
Yes this is a frightening statement. The power to tax is the power to destroy. If this is
a foundation point of the proposal then
Having said that, I've never seen anyone address what I think are two issues to MMT: how
to make sure that the power to create money is not exploited by a political body in order
to achieve consensus, and how to assure that the idea of unlimited monetary resources do
not lead to misallocation and inefficiencies (the bloated, awash-with-money US military
industry would probably be a good example).
Bingo. My thoughts exactly. Too much power in the hands of the few. Easy to slide into
Orwell's Animal Farm – where some people are more equal than others.
MMT is based upon very good intentions but, in my view, there is a moral rot at the root
of the US of A's problems, not sure this can be solved by monetary policy and more
centralized control.
And the JG? Once the government starts to permanently guarantee jobs
I suggest you delve into what is proposed by the MMT – PK camp wrt a JG because its
not centralized in the manner you suggest. It would be more regional and hopefully
administrated via social democratic means e.g. the totalitarian aspect is moot.
I think its incumbent on commenters to do at least a cursory examination before heading
off on some deductive rationalizations, which might have undertones of some book they read
e.g. environmental bias.
Skippy, I read the article, plus the links, including those links of the comments. I will
admit that I am a little more right of center in my views than many on the website.
The idea is interesting, but the administration of such a system would require rewriting
the US Constitution, or an Amendment to it if one thinks the process through, would it not? I
think of the Amendment required to create the Federal Reserve System when I say this.
One thing I really don't like at all -- and I've crossed swords with many over this -- is
that we do tend to take (not just in the US, this is prevalent in far too many
places) things like the constitution, or cultural norms, or traditions or other variants of
"that's the way we've always done this" and elevate them to a level of sacrosanctity.
Not for one moment am I suggesting that we should ever rush into tweaking such devices
lightly nor without a great deal of analysis and introspective consultations.
Constitutions get amended all the time. The Republic of Ireland changed its to renounce a
territorial claim on Northern Ireland. The U.K. created a right for Scotland to secede from
the Union. There's even a country in Europe voting whether to formally change its name right
now. Britain "gave up" its empire territories (not, I would add speedily, without a lot of
prodding, but still, we got there in the end). All of which were, at one time or another,
"unthinkable". Even the US, perhaps the most inherently resistant to change country when it
thinks it's being "forced" to do so, begrudgingly acknowledged Cuba.
Why would a jobs guarantee require a constitutional amendment? The federal government
creates jobs all the time, with certain defined benefits. This would merely expand upon that,
to potentially include anyone who wants a job.
There are a couple different aspects of this that people are getting mixed together, I
think. The core of MMT is not a proposal for government to implement. Rather, it is simply a
description of how sovereign currencies actually operate, as opposed by mainstream economics,
which has failed in this regard. In other words, we don't need any new laws to implement MMT
– we need a paradigm shift.
The Jobs Guarantee is a policy proposal that flows from this different paradigm.
It has been stated many times that it is to inform policy wrt to potential and not some
booming voice from above dictating from some ridged ideology.
Persoanly as a capitalist I can't phantom why anyone would want structural under –
unemployment. Seems like driving around with the hand brake on and then wondering why
performance is restricted or parts wear out early.
Thinking of the Federal Reserve Act being enabled by the Federal Income Tax of the 16th
Amendment.
Using Federal taxes to fund the JG; I do not think that this aspect of it (and others)
would survive a Constitutional challenge. Therefore ultimately an Amendment might be
needed.
Then again I may be wrong. Technically Obamacare should have been implemented by an
Amendment were strict Constitutional law applied.
Rights to health care and jobs are not enumerated in either the Constitution or Bill of
Rights, as far as I am aware.
Not opposed to some of the principles of MMT, just don't understand, in this modern age
where effectively all currency is electronic digits in a banking computer system, the issue
of a currency must be tied to taxes. In years past, where currency was printed and in one's
pocket, or stuffed under a mattress, or couriered by stagecoach, then yes – taxes would
be needed. But today can we not just print (electronically) the cash needed for government
operations each year based upon a fixed percentage of private sector GDP? Why therefore do we
need government debt? Why do we need an income tax?
Skippy, I have lived and worked in countries without income tax (but instead indirect tax)
and where government operating revenue was based upon a percentage of projected national
revenue. I have been involved in the administration of such budgets.
I am in favor of government spending, or perhaps more accurately termed investing, public
money on long-term, economically beneficial projects. But this is not happening. The reality
is that government priorities can easily be hijacked by political interests, as we currently
witness.
While I agree that political highjacking is possible and must be dealt with, this is not
strictly speaking part of an economic theory, which is what MMT is. While MMT authors may
take political positions, the theory itself is politically neutral.
Income taxes, tithes, or any other kind of driver is what drives the monetary circuit.
Consider it from first principles. You have just set up a new government with a new currency
where this government is the monopoly issuer. No one else has any money yet. So, the
government must be the first spender. However, how is this nascent government going to
motivate anyone to use this new currency? Via taxation, or like means, that can only be met
by using the national currency, whatever form that currency may take, marks on a stick,
paper, an entry in a ledger, or the like.
Thank you for this explanation. I understand that, for example, this is why the Federal
Reserve Act of 1913, I believe, created the Federal Reserve and Federal Income Tax at the
same time.
But the US economy functioned adequately, survived a civil war, numerous banking crises,
experienced industrialization, national railways, etc without a central bank or federal
income tax from the 1790's to 1913.
To me, the US's state of perpetual war is enabled by Federal Income Tax. Without it the
MIC would collapse, I am certain.
Functioned adequately
During the 150 yr hard money period we had recessions/depressions that we're both far more
frequent (every three years) and on avg far deeper than what we have had since fdr copied the
brits and took us off the gold standard. Great deprecession was neither the longest or
deepest.
Two reasons
Banks used to fail frequently, a run on one bank typically leading to runs on other banks,
spreading across regions like prairie fires if your bank failed you lost all your money.
Consequences were serious.
During GR so many banks failed in the Midwest, leading to farm foreclosures, the region was
near armed insurrection in 1932. Fiat meant that the fed can supply unlimited liquidity.
Since then banks have failed but immediately taken over by another. Critically, no depositor
has lost a penny, even those with far more exposed than the deposit insurance limit. No runs
on us banks since 1933.
Second, we now have auto stabilizers, spending continues during downturns because gov has no
spending limit. Note previously in an emergency gov borrowed. 10 mil from J.P. Morgan.
But at what cost? no depositor loses money, yet huge amounts are required to be printed,
thus devaluing the "currency". So is the answer inflation that must by necessity become
hyperinflation?
I don't understand why it is important to protect a bank vs. making it perform its function
without risking collapse. This is magical thinking as we have found very few banks in this
world not ready and willing to pillage their clients, be it nations or just the little
folk.
Why would anyone trust a government to do the right thing by its population? When has that
ever worked out in favor of the people?
I can not understand the trust being demanded by this concept. It wants trust for the users,
but in no way can it expect trust or virtue from the issuer of the "currency"
also, I can't help but think MMT is for growth at all costs. Hasn't the growth shown that
it is pernicious in itself? Destroy the planet for the purpose of stabilizing "currency".
Our federal reserve gave banks trillions of dollars, and then demanded they keep much of
it with the Fed and are paid interest not to use it. It inflated the "currency" in
circulation yet again and now it is becoming clear a great percentage of people in our
country can no longer eat, no longer purchase medications, a home, a business
If being on a hard money system as we were causes recessions and depressions, would we
find that it was a natural function to cut off the speculators at their knees?
How does MMT promote and retain value for the actual working and producing people that
have no recourse with their government? I would like to read about what is left out of this
monumental equation.
US had a federal income tax during the civil war and for a decade or so after.
I have always assumed that mass conscription and the Dreadnought arms race led to the
implementation of the modern taxing/monetary system. (gov't needed both warfare and
welfare)
Taxes, just as debt, create an artificial demand for currency as one must pay back their
taxes in {currency}, and one must pay back debt in {currency}. It doesn't have to be an
income tax, and I think a sales tax would be a better driver of demand than an income
tax.
The US had land sales that helped fund government expenditures in the 1800s.
Not all taxes are income taxes. Back in the day (20's/30's/40's),my grandfather could pay
off the (county) property taxes on his farm by plowing snow for the county in the winter --
and he was damned careful to make sure that the county commissioners' driveways were plowed
out as early as possible after a storm.
In the 30's/40's the property tax laws were changed to be payable only in dollars.
So Grandpa had to make cash crops. Things changed and money became necessary.
But today can we not just print (electronically) the cash needed for government
operations each year based upon a fixed percentage of private sector GDP?
The élites could, but it would be totally undemocratic and the economics profession's
track record of forecasting growth is no better than letting a cat choose a number written on
an index card.
Why therefore do we need government debt?
There is no government debt. It's just a record of interest payments Congress has agreed
to make because the wealthy wanted another welfare program.
Why do we need an income tax?
The only logically consistent purpose is because people have too much income.
I think the point they're driving at, is that by requiring the payment of taxes in a
particular currency, a government creates demand for that currency. There are other uses for
federal taxes, not the least of which is to keep inflation in check.
Government debt is not needed, at least not at the federal level. My understanding of it
is that it's a relic from the days of the gold standard. It's also very useful to some rather
large financial institutions, so eliminating it would be politically difficult.
Wray has said in interviews that the debt (and associated treasury bonds), while not
strictly necessary in a fiat currency, is of use in that it provides a safe base for
investment, for pensioners and retirees, etc.
Sure, it could be eliminated by (a) trillion dollar platinum coins deposited at the
Federal Reserve followed by (b) slowly paying off the existing debt when the bonds mature or
(c) simply decreeing that the Fed must go to a terminal and type in 21500000000000 as the US
Gov account balance (hope I got the number of zeroes correct!).
It could be argued that the US doesn't strictly need taxes to drive currency demand as
long as our status as the world reserve currency is maintained (see oft-discussed
petrodollar, Libya, etc). If that status is imperiled, say by an push by a coalition of
nations to establish a different currency as the "world reserve currency") taxes would be
needed to drive currency demand.
I think most of this is covered in one way or another here:
Government debt is not actually a 'real thing'. It is a residue of double-entry
bookkeeping, as is net income (income minus expenses, that's a credit in the double-entry
system). It could as well be called 'retained earnings (also a 'book' credit in the
double-entry system). If everybody had to take bookkeeping in high school there would be far
few knickers in knots!
There are two kinds of government 'debt': the accumulated deficit which is the money in
circulation not a real debt, and outstanding bonds which is real in the sense that it must be
repaid with interest.
However, the government can choose the interest rate and pay it (or buy back the bonds at
any time) with newly minted money at no cost to itself, cf. QE.
seems to me that the guaranteed jobs would be stigmatized, and make it harder for people
to get private sector jobs. "once youre in the JG industry, its hard to get out" etc.
how much of a guarantee is the job guarantee supposed to be? ie. at what point can you get
fired from a guaranteed job?
Yes, my mind wandered into the same territory. While I agree that something needs to be
done, it also has the potential to strike at the heart of a lean, merit-based system by
introducing another layer of bureaucracy. In principle, I am not against the idea, but as
they say, "God (or the Devil – take your pick) is in the details ".
If you haven't already read it, "Reclaiming the State" by Mitchell and Fazi (Pluto Press
2017) provides a detailed and cogent analysis of how neoliberalism came into ascendency, and
how the principles of MMT can be used to pave the way to a more humane and sustainable
economic system. A new political agenda for the left, drawing in a different way upon the
nationalism that has energized the right, is laid out for those progressives who understand
the necessity of broadening their appeal. And the jobs guarantee that MMT proposes has
NOTHING to do with MacJobs and Amazon workers. It has to do with meeting essential human and
environmental needs which are not profitable to meet in today's private sector.
Job guarantee, or govt as employer of last resort -- now there is a social
challenge/opportunity if there ever was one.
Well managed, it would guarantee a living wage to anyone who wants to work, thereby
setting a floor on minimum wages and benefits that private employers would have to meet or
exceed. These minima would also redound to the benefit of self-employed persons by setting
standards re income and care (health, vacations, days off, etc) *and* putting money in the
pockets of potential customers.
Poorly managed it could create the 'digging holes, filling them in' programs of the
Irish Potato Famine
ore worse (hard to imagine, but still ). It has often been remarked that the potato blight
was endemic across Europe, it was only a famine in Ireland -- through policy choices.
So, MMT aside (as being descriptive, rather than prescriptive), we are down to who
controls policy. And that is *really* scary.
In terms of power, the government has the power to shoot your house to splinters, or blow
it up, with or without you in it. We say they're not supposed to, but they have the ability,
and it has been done.
The question of how to hold your government to the things it's supposed to do applies to
issues beyond money. We'd best deal with government power as an issue in itself. I should
buckle down and get Mitchell's next-to-newest book Reclaiming the State .
I don't claim to fully understand MMT yet, but I find Wray's use of the derogatory term
"gold bugs" to be both disappointing and revealing. To lump those, some of whom are quite
sophisticated, who believe that currencies should be backed by something of tangible value
(and no, "the military" misses the point), or those who hold physical gold as an insurance
policy against political incompetence, and the inexorable degradation of fiat currencies, in
with those who promote or hold gold in the hopes of hitting some type of lottery, is
disingenuous at best.
OMT seemingly has no reason to exist being old school, but for what it's worth, the
almighty dollar has lost over 95% of it's value when measured against something that matters,
since the divorce in 1971.
I found this passage funny, as in flipping the dates around to 1791, is when George
Washington set an exchange rate of 1000-1 for old debauched Continental Currency, in exchange
for newly issued specie. (there was no Federal currency issued until 1861)
So yeah, they burned all of their tax revenue, because the money wasn't worth jack.
Farley Grubb -- the foremost authority on Colonial currency -- proved that the American
colonists understood perfectly well that taxes drive money. Every Act that authorized the
issue of paper money imposed a Redemption Tax. The colonies burned all their tax
revenue.
Gold bug is akin to money crank e.g. money = morals. That's not to mention all the
evidence to date does not support the monetarist view nor how one gets the value into the
inanimate object or how one can make it moral.
Gold doesn't historically perform as a hedge but as a speculative trade. Those who think
it can protect them from political events typically don't realize that a gold standard means
public control of the gold industry, thereby cutting any separation from the political
process off at the knees.
When a government declares that $20 is equal in value to one ounce of gold, it also
declares an ounce of gold is equal to $20 dollars. It is therefore fixing, through a
political decision subject to political changes, the price of the commodity.
Nonsense. When fiat currencies invariably degrade, and especially at a fast rate, gold has
proven to be a relative store of value for millennia . All one need do is to look at
Venezuela, Argentina, Turkey, etc., to see that ancient dynamic in action today.
You, and others who have replied to my comment, are using the classical gold standard as a
straw man, as well. Neither I, nor many other gold "bugs" propose such a simple solution to
the obviously failed current economy, which is increasingly based on mountains of debt that
can never be repaid.
gold has proven to be a relative store of value for millennia.
As long as one is mindful that gold is just another commodity, subject to the same
speculative distortions as any other commodity (see Hunt brothers and silver).
But that is obviously false, given that no other commodity has remotely performed with
such stability over such a long period of time.
It is true that over short periods distortions can appear, and the *true* value of gold
has been suppressed in recent years through the use of fraudulent paper derivatives. But
again, I'm not arguing for the return of a classical gold standard.
Don't worry, I'm likely to be at least equally dense!
I didn't mean to suggest that there is some formula from which a *true* value of precious
metals might be derived. I simply meant that gold has clearly been the object of price
suppression in recent years through the use of paper derivatives (i.e. future contracts). The
reason for such suppression, aside from short-term profits to be made, is that gold has
historically acted as a barometer relating to political and economic stability, and those in
power have a particular interest in suppressing such warning signals when the system becomes
unstable.
So, while the Central Banks created previously unimaginable mountains of debt, it was
important not to alarm the commoners.
The suppression schemes have become less effective of late, and will ultimately fail when
the impending crisis unfolds in earnest.
As long as one is mindful that gold is just another commodity, subject to the same
speculative distortions as any other commodity
It sounds good in theory, but history says otherwise.
The value remained more or less the same for well over 500 years as far as an English
Pound was concerned, the weight and value of a Sovereign hardly varied, and the exact weight
and fineness of one struck today or any time since 1817, is the same, no variance
whatsoever.
Thus there was no speculative distortions in terms of value, the only variance being the
value of the Pound (= 1 Sovereign) itself.
" who believe that currencies should be backed by something of tangible value"
As I understand it, MMT also requires that currency be backed by something of tangible
value: a well managed and productive economy. It doesn't matter in the least if your debt is
denominated in your own currency if you have the economy of Zimbabwe.
Sounds reasonable in theory, but that was supposed to be the case with the current
economic system, as well, and we can all see where that has led.
I'm not arguing that there isn't a theoretically better way to create and use
"modern" money, but rather doubt that those empowered to create it out of thin air will ever
do so without abusing such power.
Oh, I agree with you. In no universe that I am aware of would the temptation to create
money beyond the productive capacity of the economy to back it up be resisted. I think
Zimbabwe is a pretty good example of where the theory goes in practice.
That's exactly wrong. Zimbabwe had a production collapse. Same amount of money to buy a
much smaller amount of goods. The gov responded not by increasing goods, but increasing money
supply.
Mark Blyth has a good discussion of the gold standard in his book Austerity: The
History of a Dangerous Idea . He makes the point that, in imposing the adjustments
necessary to keep the balance of payments flowing, the measures imposed by a government would
be so politically toxic, that no elected official in his or her right mind would implement
them, and expect to remain in office. In short, you can have either democracy, or a gold
standard, but you can't have both.
Also, MMT does recognize that there are real world constraints on a currency, and that is
represented by employment, not some artificially-imposed commodity such as gold (or bitcoin,
or seashells, etc). The Jobs Guarantee flows out of this.
As mentioned above, you, among others who have replied to my original comment, are using
the classical gold standard as a straw manl. Neither I, nor many other gold "bugs", propose
such a simple solution for the failed current economic system, which is increasingly based on
mountains of debt that can never be repaid.
increasingly based on mountains of debt that can never be repaid.
Huh? I listed two ways they could be repaid above. In the US, the national debt is
denominated in dollars, of which we have an infinite supply (fiat). In addition, the Federal
Reserve could buy all the existing debt by [defer to quad-entry accounting stuff from Wray's
primer] and then figuratively burn it. Sure, the rest of the world would be pissed and
inflation *may* run amok, but "can never" is just flat out wrong.
Of course it can be extinguished through hyperinflation. I didn't think that it would be
necessary to point that out. No "may" about it, though, as if the U.S. prints tens of
trillions of dollars to extinguish the debt, hyperinflation will be assured.
I didn't think that it would be necessary to point that out.
Sorry, but I'm an old programmer; logic rules the roost. When one's software is expected
to execute billions of times a day without fail for years (and this post is very likely
routed through a device running an instance of something I've written). Always means every
time, no exceptions; never means not ever, no matter what.
I'm sure that there is no one solution proposed, though an alternative to the current
system which seems plausible would be a currency backed by a basket of commodities, including
gold.
Hi Tinky, much late but still. Gold will have value as long as people believe it has
value. But what will they trade it for? The bottom line is your life.
I don't have any gold, too expensive, and it really has no use. But I remember Dimitri Orlov's
advice : I am long in needles, pins, thread, nails and screws, drill bits, saws, files,
knives, seeds, manual tools of many sorts, mechanical skills and beer recipes. Plus I can
sing.
The vast majority of people who hold physical gold are well aware of the value of having
skills and supplies, etc., in case of a serious meltdown. But it's not a zero-sum game, as
you suggest. Gold will inexorably rise sharply in value when today's fraudulent markets
crash, and there will be plenty of opportunities for those who own it to trade it for other
assets.
Furthermore, as previously mentioned, gold's utility is already on full display,
to those who are paying attention, and not looking myopically through a USD lens.
"Mountains of debt that can never be repaid" is a propaganda statement with no reference
to any economic fact. Why do you feel that this "debt" needs to be "repaid"? It is simply an
accounting artifact. The "debt" is all of the dollars that have been spent *into* the economy
without having been taxed back *out*. The word "debt" activates your feels, but has no
intrinsic meaning in this context. Please step back from your indoctrinated emotional
reaction and understand that the so-called national "debt" is nothing more than money that
has been created via public spending, and "repaying" it would be an act of destruction.
I keep telling (boring, annoying, infuriating) people that, in the simplest terms, the
national debt is the money supply and they won't grasp that simple declaration. When I said
it to my Freedom Caucus congress critter (we were seated next to each other on an exit aisle)
his head started spinning, reminding me of Linda Blair in The Exorcist.
As I said to my congress critter, if the debt bother's y'all so much, why not just pay it
off, dust off your hands, and be done with it?
Personally, if I were President for a day, I'd have the mint stamp out 40 or so trillion
dollar platinum coins just to fill the top right drawer of the Resolute desk. Would give me
warm fuzzy feelings all day long.
p.s. I also told him that the man with nothing cares not about inflation. He didn't like
that either.
"those, some of whom are quite sophisticated, who believe that currencies should be backed
by something of tangible value (and no, "the military" misses the point), or those who hold
physical gold as an insurance policy against political incompetence, and the inexorable
degradation of fiat currencies"
I suspect that Wray exactly means that these people are the goldbugs, not the ones who
speculate on gold.
The whole point that currencies should be backed by something of tangible value IMO is
wrong, and I think the MMTers agree with me on this.
If so, then he should clarify his position, as again, lumping the billions –
literally – of people who consider gold to be economically important, together as one,
is disingenuous.
I think people that consider gold to be a risk hedge understand its anthro, per se an
early example of its use was a fleck of golds equal weight to a few grains of wheat e.g. the
gold did not store value, but was a marker – token of the wheat's value – labour
inputs and utility. Not to mention its early use wrt religious iconography or vis-à-vis
the former as a status symbol. Hence many of the proponents of a gold standard are really
arguing for immutable labour tokens, problem here is scalability wrt high worth individuals
and resulting distribution distortions, unless one forwards trickle down sorts of
theory's.
Not to mention in times of nascent socioeconomic storms many that forward the idea of gold
safety are the ones selling it. I think as such the entire thing is more a social psychology
question than one of factual natural history e.g. the need to feel safe i.e. like commercials
about "peace of mind". I think a reasonably stable society would provide more "peace of mind"
than some notion that an inanimate object could lend too – in an atomistic
individualistic paradigm.
I once had an co-worker that was a devout Christian. When he realized I wasn't religious,
he asked me, incredulously, how I was able to get out of bed in the morning. Meaning, he
couldn't face a world without meaning.
I think a lot of people feel that same way about money. They fight over it, lie for it,
steal it, kill for it, go to war over it, and most importantly, slave for it. Therefore, it
must have intrinsic value. I think gold bugs are in this camp.
Talking about Warren's blog ( http://moslereconomics.com/ ), everytime I try to go there,
Cloudflare asks me to prove that I am human. Anyone know what's up with that? It's the only
website I've ever seen do that.
That's a good suggestion. Unfortunately, as I sometimes find, you can pass ALL the major
test-sites but something (a minor, less-used site using out-of-date info?) can give you
grief. NC site managers once (kindly) took the time to explain to me why I might have
problems that they had no ability to address at their end. I had to muck around with a link
given earlier to Bill Mitchell's blog before my browser would load it.
I think there can be quirks that are beyond our control (unfortunately) – for instance
I think a whole block of IP addresses (including mine) used by my ISP have been flagged
*somewhere* – no doubt due to another customer doing stuff that the checker(s) don't
like. (The issue I mentioned above was more likely due to a strict security protocol in my
browser, however.)
Monetary policy in terms of interest rates is not just weak, it also tends to treat all
targets the same. Fiscal policy can be targetted to where it is felt it can do the most
good.
Christine Desan's book, "Making Money," exhaustively documents the history of money as a
creature of the state. Recall as well that creating money and regulating its value are among
the enumerated POWERS granted to our government by we, the people. Money, indeed, is
power.
Hmmm Randy Wray states that " permanent Zirp (zero interest rate policy) is probably a
better policy since it reduces the compounding of debt and the tendency for the rentier class
to take over more of the economy. "
But just last week, Yves stated that " that one of the consequences of the protracted
super-low interest rate regime of the post crisis era was to create a world of hurt for
savers, particularly long-term savers like pension funds, life insurers and retirees. "
[ https://www.nakedcapitalism.com/2018/09/crisis-caused-pension-train-wreck.html
]
So are interest rates today too high, or too low? We're getting mixed messages here.
IMO, interest rates are too low . Beyond the harmful effect to savers, it also
drives income inequality . How? When interest rates are less than inflation, it is
trivial to borrow money, buy some assets, wait for the assets to appreciate, sell the assets,
repay the debt, and still have profit left over even after paying interest . Well,
it's trivial if you're already rich and have a line of credit that is both large and
low-interest. If you're poor with a bad FICO score, you don't get to play the asset
appreciation game at all.
The rates between riskier and less risky borrowers will still be reflected in the
different rates given to each.
The low rates encourage greater risk taking to increase the reward(a higher rate of
return). This is what leads to the gross malinvestment.
Case in point: the low rates led to more investments into the stock market, where the
returns are unlimited. This is what led to the income inequality of Obama's term, as
mentioned above.
I cannot speak for Yves, nor or Randy, but IMO, interest rates are too low for people who
depend on interest for their living -- as an old person, I have seen my expected income drop
to about zilch when I had expected 7 to 10% on my savings. Haha! So yeah, too low for us who
saved for 'retirement'.
Too high for people financing on credit, since a decent mortgage on a modestly-priced
house will cost you almost the same as
the house . And that doesn't even begin to look at unsecured consumer credit (ie, credit
card debt), which is used in the US and other barbaric countries for medical expenses, not to
mention student debt. The banks can create the principal with their keystrokes, but they
don't create the interest. Where do you suppose that comes from? Hint: nowhere, as in
foreclosures and bankruptcies.
Wray's statement reflects his preferences from an operational policy perspective.
Sovereign government debt cares no risk and therefore should not pay interest. The income
earned from that interest is basically a subsidy and all income when spent caries a risk of
inflation induced excess demand. Therefore who unnecessarily add the risk to the economy and
potential risk needing to reduce other policy objectives to accommodate unnecessary interest
income subsidies to mostly rich people?
Yves comment reflects the reality of prior decades of economic history. Even if Wray's
policy perspective is optimal, there are decades of people with pensions and retirement
savings designed around the assumption of income from risk-free government debt. It's this
legacy that Yves is commenting on and is a real problem that current policy makers are just
ignoring.
As for your comments on how low cost credit can be abused, I believe you'll find most MMT
practitioners would recommend far more regulation on the extension of credit for
non-productive purposes.
I just wrote a note to Randy:
The origin of money is not merely for accounting, but specifically for accounting for DEBT --
debt owed to the palatial economy and temples.
I make that clear in my Springer dictionary of money that will come out later this year:
Origins of Money and Interest: Palatial Credit, not Barter
Can somebody help me out here? It seems to me that the US macroeconomic policy has been
operating under MMT at least since FDR (see for example Beardsley Ruml from 1945).
Since then, insofar as I understand MMT, fiat has been printed and distributed to flow
primarily through the MIC and certain other periodically favored sectors (e.g. the Interstate
Highway System). Then, rather than destroying this fiat through taxation, the sectoral
balances have been kept deliberately out of balance: Taxes on unearned income have been
almost eliminated with an eye to not destroying fiat, but to sequestering as much as possible
in the private hands of the 1%. This accumulating fiat cannot be productively invested
because that would cause overproduction, inflation, and reduce the debt burden by which the
1% retains power over the 99%. So the new royalists, as FDR would have styled them, keep
their hoard as a war chest against "socialists".
I get all this, more or less, and I appreciate that it is well and good and important that
MMTers insistently point out that the emperor has no clothes. This is a necessary first step
in educating the 99%.
But I don't see MMT types discussing the fact that US (and NATO) macroeconomic policy
already has a Job Guarantee: if you don't want to work alongside undocumented immigrants on a
roof or in a slaughterhouse or suffer the humiliation of US welfare, such as it is, you can
always get a job with the army, or the TSA, or the police, or as a prison guard, or if you
have some education, with a health unsurance company or pushing drone buttons. You only have
to be willing to follow orders to kill–or at least help to kill–strangers.
(Okay, perhaps I overstate. If you're a medical doctor or an "educator" with university
debt you don't have to actively kill. You can decline scant Medicaid payments and open a
concierge practice, or you can teach to the test in order that nobody learns anything
moral.)
It is difficult to get a man to understand something, when his salary depends on his not
understanding it. Wouldn't it be clarified matters if MMTers acknowledged that we already
have a JG?
We have been operating on MMT since the end of WW2, with 2 exceptions in 1968 when Silver
Certificate banknotes no longer were redeemable for silver, and in 1971 when foreign central
banks (not individuals!) weren't allowed to exchange FRN's for gold @ $35 an ounce
anymore.
It's been full on fiat accompli since then and to an outsider looks absurd in that money
is entirely a faith-based agenda, but it's worked for the majority of all of lives, so nobody
squawks.
It's an economic "the emperor has no clothes" gig.
It seems to me that the US macroeconomic policy has been operating under MMT at
least since FDR (see for example Beardsley Ruml from 1945).
Yup, you are correct, IMO. And about the jobs guarantee, too. The point of MMT is not that
we have to adopt, believe in, or implement it, but that *this is how things work* and we need
to get a %&*^* handle on it *STAT* or they will ride it and us to the graveyard. The
conservatives and neo-cons are already on to this, long-time.
I believe the chant is:
We can have anything we want that is available in our (sovereign) currency and for which
there are resources
What we get depends on what we want and how well we convince/coerce our 'leaders' to make
it so.
JG is geared toward community involvement to create an open-ended collection of potential
work assignments, not top-down provision of a limited number of job slots determined by
bureaucrats on a 1% leash.
About every 80 years, there has been a great turning in terms of money in these United
States
Might as well start with 1793 and the first Federal coins, followed in 1861 by the first
Federal paper money, and then the abandonment of the gold standard (a misnomer, as it was one
of many money standards @ era, most of them fiat) in 1933.
We're a little past our use-by date for the next incarnation of manna, or is it already
here in the guise of the great giveaway orchestrated since 2008 to a selected few?
After learning MMT I've occasionally thought I should get a refund for the two economics
degree's I originally received. One of the primary mainstream teachings that I now readily
see as false is the concept of money being a vale over a barter economy. It's lazy,
self-serving analysis. It doesn't even pass a basic logical analysis let alone archeological
history. Even in a very primitive economy it would be virtually impossible for barter to be
the main form of transaction. The strawberry farmer can't barter with the apple farmer. His
strawberries will be rotten before the apples are ripe. He could give the apple farmer
strawberries in June on the promise of receiving apples in October, but that's not barter
that's credit. The apple farmer could default of his own free will or by happenstance (he
dies, his apple harvest is destroyed by an act of god, etc ). How does the iron miner get his
horse shoed if the blacksmith needs iron before he can make the horse show? Credit has to
have always been a key component of any economy and therefore barter could never have been
the original core.
After learning MMT I've occasionally thought I should get a refund for the two
economics degree's I originally received.
Agreed. Richard Wolff notes that in most Impressive Universities there are two schools,
one for Economics (theory) and another for Business (practice). Heh. I say, go for the
refund, you was robbed.
All the Rupee* has done over time is go down in value against other currencies, and up in
the spot price measured in Rupees even as gold is trending down now, and that whole stupid
demonetization of bank notes gig, anybody on the outside of the fiat curtain looking in, had
to be laughing, and ownership there is no laughing matter, as it's almost a state financial
religion, never seen anything like it.
* A silver coin larger than a U.S. half dollar pre-post WW2, now worth a princely 1.4
cents U.S.
Not an economist, but I appreciate both the applicability of MMT and the fierce, but often
subtle resistance its proponents have encountered academically, institutionally and
politically. However, I have questioned to what extent MMT is uniquely applicable to a nation
with either a current account surplus or that controls access to a global reserve
currency.
How does a nation that is sovereign in its own currency, say Argentina for example (there
are many such examples), lose 60 percent of its value in global foreign exchange markets in a
very short time period?
Is this due primarily to private sector debts denominated in a foreign currency (and if
so, what sectors of the Argentine economy undertook those debts, for what purposes, and to
whom are they owed?), foreign exchange market manipulation by external third parties, the
effective imposition of sanctions by those who control the global reserve currency and
international payments system, or some combination of those or other factors?
MMT makes more sense than orthodox neoliberal accounts of currency and sovereign spending
to me, as it does a better job of acknowledging reality. MMT recognizes that currency is an
artifice and that imagined limitations on it are just that, and real resources are the things
which are limited. Neoliberal economics acts as if all sorts of byzantine factors mean
currency must be limited, but we can think of resources, and the growth machine they feed, as
being infinite.
"Taxes or other obligations (fees, fines, tribute, tithes) drive the
currency."
Specifically, what does "drive" mean? Does it mean:
1. When taxes are reduced, the value of money falls?
2. If taxes were zero, the value of money would be zero?
3. Cryptocurrencies, which are not supported by taxes, have no value?
"JG is a critical component of MMT. It anchors the currency and ensures that achieving
full employment will enhance both price and financial stability."
Specifically, what do "anchors" and "critical component" mean? Do they mean:
1. Since JG does not exist, the U.S. dollar is unanchored and MMT does not exist?
2. Providing college graduates with ditch-digging jobs enhances price and financial
stability?
3. Forcing people to work is both morally and economically superior to giving them money and
benefits?
"Drive" means "creates initial demand for":
1. No, not for an established currency.
2. See 1.
3. Crypto is worth what you can buy with it.
"Anchors" means it acts against inflation and deflation. "Critical component" means the
economy works better if it has it.
1. Yes and no.
2. Yes, if no-one else will hire them.
3. No element of force is implied.
Looks like she has mental issues. also some of her behaviour falls in female sociopath
category, although it is difficult to tell without knowing a person.
Fake allegation of sexual harassment are favorite weapon of female sociopath. They also are
poweful revenge weapon of some rejected woman.
The woman who charges she was gang-raped at a party where Supreme Court nominee Brett
Kavanaugh was present, Julie Swetnick, had a lawsuit filed against her by a former employer
that alleged she engaged in "unwelcome, sexually offensive conduct" towards two male
co-workers, according to court documents obtained by The Daily Caller News Foundation.
WebTrends, a web analytics company headquartered in Portland, filed the defamation and fraud
lawsuit
against Swetnick in Oregon in November 2000 and also alleged that she lied about graduating
from Johns Hopkins University.
Swetnick alleged Wednesday that she was gang
raped at a party where Kavanaugh was present in the early 1980s. Kavanaugh has vehemently
denied the allegation.
Swetnick is represented by Michael Avenatti , the lawyer
for porn star Stormy Daniels, who claims she had an affair with President Donald Trump.
WebTrends voluntarily dismissed its suit after one month. Avenatti told The Daily Caller
News Foundation that the case was ended because it was "completely bogus."
Swetnick's alleged conduct took place in June 2000, just three weeks after she started
working at WebTrends, the complaint shows. WebTrends conducted an investigation that found both
male employees gave similar accounts of Swetnick engaging in "unwelcome sexual innuendo and
inappropriate conduct" toward them during a business lunch in front of customers, the complaint
said.
Swetnick denied the allegations and, WebTrends alleged, "in a transparent effort to divert
attention from her own inappropriate behavior [made] false and retaliatory allegations" of
sexual harassment against two other male co-workers.
"Based on its investigations, WebTrends determined that Swetnick had engaged in
inappropriate conduct, but that no corroborating evidence existed to support Swetnick's
allegations against her coworkers," the complaint said.
After a WebTrends human resources director informed Swetnick that the company was unable to
corroborate the sexual harassment allegations she had made, she "remarkably" walked back the
allegations, according to the complaint.
In July, one month after the alleged incident, Swetnick took a leave of absence from the
company for sinus issues, according to the complaint. WebTrends said it made short-term
disability payments to her until mid-August that year. One week after the payments stopped,
WebTrends received a note from Swetnick's doctor claiming she needed a leave of absence for a
"nervous breakdown."
The company said it continued to provide health insurance coverage for Swetnick, despite her
refusal provide any additional information about her alleged medical condition.
In November, the company's human resources director received a notice from the Washington,
D.C. Department of Unemployment that Swetnick had applied for unemployment benefits after
claiming she left WebTrends voluntarily in late September.
"In short, Swetnick continued to claim the benefits of a full-time employee of WebTrends,
sought disability payments from WebTrends' insurance carrier and falsely claimed unemployment
insurance payments from the District of Columbia," the complaint states.
Swetnick allegedly hung up the phone on WebTrends managers calling to discuss why she
applied for unemployment benefits, according to the complaint. She then sent letters to
WebTrends' upper management, detailing new allegations that two male co-workers sexually
harassed her and said that the company's human resources director had "illegally tired [sic]
for months to get privileged medical information" from her, her doctor and her insurance
company.
WebTrends also alleged that Swetnick began her fraud against the company before she was
hired by stating on her job application that she graduated from John Hopkins University. But
according to the complaint, the school had no record of her attendance.
An online resume posted by
Swetnick makes no reference to John Hopkins University. It does show that she worked for
WebTrends from December 1999 to August 2000.
It's unclear what transpired after the complaint was filed against Swetnick. One month after
WebTrends filed the action, the company voluntarily dismissed the action with prejudice.
The complaint against his client was "[c]ompletely bogus which is why it was dismissed
almost immediately," Avenatti told
TheDCNF in an email. "The lawsuit was filed in retaliation against my client after she pursued
claims against the company."
WebTrends did not respond to multiple requests for comment.
In March 2001, three months after WebTrends dismissed its action, Swetnick's ex-boyfriend,
Richard Vinneccy, filed a restraining order against Swetnick, claiming that she threatened him
after he ended their four-year relationship.
vulcanraven , 1 hour ago
Looks like Avenatti has his work cut out for him, he sure knows how to pick the winners.
By the way, this is not the first time we have seen a woman claim "sexual harassment" after
being turned down.
maxblockm , 25 minutes ago
Potiphar's wife.
Now Joseph was well-built and handsome, 7 and after a while his master's wife
took notice of Joseph and said, "Come to bed with me!"
8 But he refused. "With me in charge," he told her, "my master does not concern
himself with anything in the house; everything he owns he has entrusted to my care.
9 No one is greater in this house than I am. My master has withheld nothing from
me except you, because you are his wife. How then could I do such a wicked thing and sin
against God?" 10 And though she spoke to Joseph day after day, he refused to go to
bed with her or even be with her.
11 One day he went into the house to attend to his duties, and none of the
household servants was inside. 12 She caught him by his cloak and said, "Come to
bed with me!" But he left his cloak in her hand and ran out of the house.
13 When she saw that he had left his cloak in her hand and had run out of the
house, 14 she called her household servants."Look," she said to them, "this Hebrew
has been brought to us to make sport of us!He came in here to sleep with me, but I screamed.
15 When he heard me scream for help, he left his cloak beside me and ran out of
the house."
16 She kept his cloak beside her until his master came home. 17 Then
she told him this story: "That Hebrew slave you brought us came to me to make sport of me.
18 But as soon as I screamed for help, he left his cloak beside me and ran out of
the house."
19 When his master heard the story his wife told him, saying, "This is how your
slave treated me," he burned with anger. 20 Joseph's master took him and put him
in prison, the place where the king's prisoners were confined.
But while Joseph was there in the prison, 21 the Lord was with him
Buck Shot , 1 hour ago
I think all three of the accusers are lying psychopaths. I get tired of all this pining
for women. Plenty of women have done a lot of horrible things including these three liars.
There are millions of lying skeezers out there, especially in the USA.
Seal Team 6 , 1 hour ago
Yeah...whatever. No one is talking about Swatnick including the Dems. While Ford is just
unbelievable, Zwetnik's story requires major hits of psychedelics that haven't been invented
yet.
TeraByte , 1 hour ago
"A courageous survivor", yet an untrustworthy lunatic.
Dickweed Wang , 2 hours ago
Text book Fatal Attraction bitch.
Piss her off enough and she'll sneak in at night and cut off your ****. Then she'll file
attempted rape charges against you, claiming the **** chopping was in self defense. And
she'll get away with it because, well . . . she's a woman.
HowardBeale , 1 hour ago
"Fatal attraction..."
That's my hypothesis on this clearly mentally unstable "Professor" Ford: She is exacting
revenge because she was enamored over Kavanaugh in high school; she attended several parties
where he was present; and she was so insignificant in his mind -- being hideous to look at
and listen to -- that he never even saw her...
Dickweed Wang , 1 hour ago
Pretty good hypothesis. It's hard not to think that looking at her, either back then or
now.
eurotrash96 , 1 hour ago
Please! Most women are not like her. Most women, the muted female majority, are perfectly
aware that men are men and we love it! Please do not think the majority of women are like
those who currently prevail in MSM.
legalize , 2 hours ago
This woman has a 14-page resume with her contact information blasted across the top of
every page. In every hiring situation I've been in, such a resume would be a red flag in and
of itself.
LoveTruth , 2 hours ago
She definitely needs to either be fined for defamation, or be put in jail even if it is
for a month or two.
RiotActing , 2 hours ago
She sounds completely credible.... whats the problem?
HowardBeale , 1 hour ago
I am surprised that nobody has picked up on/mentioned in the media the issues with her
memory or inability to understand common English words; for example, her memory of "the
event" changed live before our eyes, as at one point in the questioning she said "someone
pushed me from behind into a bedroom...," and a short time later she said "Kavanaugh pushed
me into a bedroom."
Watch her testimony and see for yourself.
aloha_snakbar , 2 hours ago
She should write resumes for a living...LOL..."Drupal / Wordpress Architect"....if you can
use a word processor, you can be an 'architect' on either one of those platforms...
Mzhen , 2 hours ago
This is the guy hired in D.C. to represent Deborah Ramirez -- William Pittard. They are
out to force Kavanaugh to withdraw over perjury in testimony, since he said he had never
harassed anyone past the age of 18. The civil attorney in Boulder will be trying to cash in
from another angle.
Prior to joining KaiserDillon, Bill served in the Office of General Counsel of the U.S.
House of Representatives for more than five years, including most recently as the Acting
General Counsel. In that role, he acted as legal counsel to Members, committees, officers,
and employees of the House on matters related to their official duties. He also represented
the House itself in litigation and other matters in which it had an institutional interest.
The Congressional Record summarizes, in part: "Mr. Pittard provided frequent and invaluable
legal advice and representation to Members of the House . . . , the officers of the House,
the committees of the House, and the leadership of the House -- most often in connection with
their interactions with the other branches of the Federal Government. He did so
professionally and without regard to partisan identity and, as a result, we came to rely on
his expertise and guidance."
MauiJeff , 2 hours ago
These women live in a world were sexual harassment is ubiquitous. They see sexual
harassment everywhere because sexual harassment is anything they think it is, it is purely
based on their perception. If you subtract a conscience and personal integrity from your
psyche you can interpret anything as sexual harassment you get a post Frankfurt School of
psychology masterpiece like Swetnick. She can only destroy and cannot create.
SDShack , 3 hours ago
"Unwelcome sexual conduct", and later "a nervous breakdown". LOL! Yesterday I said on
another thread that I bet she was a hedonist.
TBT or not TBT , 3 hours ago
Swetnick says she went to a dozen high school parties, as an adult, where gang rapes were
organized by high school boys, including one time on her.
Banana Republican , 3 hours ago
I wonder why she stopped going?
divingengineer , 2 hours ago
she sounds like a sport
MoreFreedom , 2 hours ago
I'll bet she didn't even bother to think that people might wonder:
Why was a college girl going to high school parties?
Why would a women who witnessed a gang rape not call the police?
Why would a women who witnessed multiple gang rapes not call the police?
Why would a women who witnessed gang rapes at these parties, continue going to more of
them?
Does she have the names of any of the attendees or victims at these parties, and if not
why not?
When and where were these parties?
Instead, she seems to think people would just believe her lies. Truth is a wonderful
thing. and the actions of people say a lot about them. Her actions show she doesn't care
about real victims of sexual abuse, she's willing to lie for her benefit, and she has no
problem bearing false witness against others.
It's so easy to make up false plausible accusations. Ford is obviously a more intelligent
liar.
I think those measure have implicit blessing from Washington, which realized how dangerous
withdrawal of Iraq oil from the market can be for the USA economy
The UN General Assembly (UNGA) in New York is a place where world leaders are able to hold
important meetings behind closed doors. Russia, China, the UK, Germany, France, and the EU
seized that opportunity on Sept. 24 to achieve a real milestone.
The EU, Russia, China, and Iran
will create a special purpose vehicle (SPV), a "financially independent sovereign channel,"
to bypass US sanctions against Tehran and breathe life into the Joint Comprehensive Plan of
Action (JCPOA) , which is in jeopardy. "Mindful of the urgency and the need for tangible
results, the participants welcomed practical proposals to maintain and develop payment
channels, notably the initiative to establish a Special Purpose Vehicle (SPV) to facilitate
payments related to Iran's exports, including oil," they announced in a
joint statement. The countries are still working out the technical details. If their plan
succeeds, this will deliver a blow to the dollar and a boost to the euro.
The move is being made in order to save the 2015 Iran nuclear deal. According to Federica
Mogherini , High Representative of the European Union for Foreign Affairs and Security
Policy, the SPV will facilitate payments for Iran's exports, such as oil, and imports so that
companies can do business with Tehran as usual. The vehicle will be available not just to EU
firms but to others as well. A round of US sanctions aimed at ending Iranian oil exports is to
take effect on November 5. Iran is the world's seventh-largest oil producer. Its oil sector
accounts for 70% of the country's exports. Tehran has warned the EU that it should find new
ways of trading with Iran prior to that date, in order to preserve the JCPOA.
The SPV proposes to set up a multinational, European, state-backed financial intermediary to
work with companies interested in trading with Iran. Payments will be made in currencies other
than the dollar and remain outside the reach of those global money-transfer systems under US
control. In August, the EU passed a blocking statute to guarantee the immunity of European
companies from American punitive measures. It empowers EU firms to seek compensation from the
United States Treasury for its attempts to impose extra-territorial sanctions. No doubt the
move will further damage the already strained US-EU relationship. It might be helpful to create
a special EU company for oil exports from Iran.
Just hours after the joint statement on the SPV, US President Trump defended his unilateral
action against Iran in his
UNGA address . US Secretary of State Mike Pompeo condemned the EU initiative ,
stating:
"This is one of the most counterproductive measures imaginable for regional global peace
and security."
To wit, the EU, Russia, and China have banded together in open defiance against unilateral
steps taken by the US. Moscow and Beijing are in talks on how to combine their efforts to fend
off the negative impacts of US trade tariffs and sanctions. A planned Sept 24-25 visit by
Chinese Vice-Premier Liu, who was coming to the United States for trade talks, was cancelled as
a result of the discord and President Trump added more fuel to the fire on Sept. 24 by imposing
10% tariffs on almost half of all goods the US imports from China. "We have far more bullets,"
the president
said before the Chinese official's planned visit. "We're going to go US$200 billion and 25
per cent Chinese made goods. And we will come back with more." The US has recently imposed
sanctions on China to punish it for the purchase of Russian S-400 air-defense systems and
combat planes. Beijing refused to back down. It is also adamant in its desire to continue
buying Iran's oil.
It is true, the plan to skirt the sanctions might fall short of expectations. It could fail
as US pressure mounts. A number of economic giants, including Total, Peugeot, Allianz, Renault,
Siemens, Daimler, Volvo, and Vitol Group have already left Iran as its economy plummets, with
the rial losing two-thirds of its value since the first American sanctions took effect in May.
The Iranian currency dropped to a record low against the US dollar this September.
What really matters is the fact that the leading nations of the EU have joined the global
heavyweights -- Russia and China -- in open defiance of the United States.
This is a milestone event.
It's hard to underestimate its importance. Certainly, it's too early to say that the UK and
other EU member states are doing a sharp pivot toward the countries that oppose the US
globally, but this is a start - a first step down that path. This would all have seemed
unimaginable just a couple of years ago - the West and the East in the same boat, trying to
stand up to the American bully!
The Ragin' Cajun, I believe, coined the phrase "Nuts and Sluts" to succinctly describe the
tactic used by the elites I call The Davos Crowd to smear and destroy someone they've
targeted.
Brett Kavanaugh is the latest victim of this technique. But, there have been dozens of
victims I can list from Gary Hart in the 1980's to former IMF head Dominique Strauss-Kahn to
Donald Trump.
"Nuts and Sluts" is easy to understand. Simply accuse the person you want to destroy of
being either crazy (the definition of which shifts with whatever is the political trigger issue
of the day) or a sexual deviant.
This technique works because it triggers most people's Disgust Circuit, a term created by
Mark Schaller as part of what he calls the Behavioral Immune System and popularized by
Johnathan Haidt.
The disgust circuit is easy to understand.
It is the limit at which behavior in others triggers our gut-level outrage and we recoil
with disgust.
The reason "Nuts and Sluts" works so well on conservative candidates and voters is because,
on average, conservatives have a much stronger disgust circuit than liberals and/or
libertarians.
This is why it always seems to be that anyone who threatens the global order or the
political system always turns out to have some horrible sexual deviance in their closet.
It's why the only thing any of us remember about the infamous Trump Dossier is the image of
Trump standing on a bed in a Moscow hotel room urinating on a hooker.
The technique is used to drive a wedge between Republican voters and lawmakers and make it
easy for them to go along with whatever stupidity is brought forth by the press and the
Democrats.
And don't think for a second that, more often than not, GOP leadership isn't in cahoots with
the DNC on these take-downs. Because they are.
But, here's the problem. As liberals and cultural Marxists break down the societal order, as
they win skirmish after skirmish in the Culture War, and desensitize us to normalize ever more
deviant behavior, the circumstances of a "Nuts and Sluts" accusation have to rise
accordingly.
It's behavioral heroin. And the more tolerance we build up to it the more likely people are
to see right through the lie.
It's why Gary Hart simply had to be accused of having an affair in the 1980's to scuttle his
presidential aspirations but today Trump has to piss on a hooker.
And it's why it was mild sexual harassment and a pubic hair on a Coke can for Clarence
Thomas, but today, for Brett Kavanaugh, it has to be a gang-rape straight out of an 80's frat
party in a Brett Eaton Ellis book -- whose books, by the way, are meant to be warnings not
blueprints.
Trump has weathered both the Nuts side of the technique and the Sluts side. And as he has
done so The Resistance has become more and more outraged that it's not working like it used
to.
This is why they have to pay people to be outraged by Kavanaugh's nomination. They can't
muster up a critical mass of outrage while Trump is winning on many fronts. Like it or not, the
economy has improved. It's still not good, but it's better and sentiment is higher.
So they have to pay people to protest Kavanaugh. And when that didn't work, then the fear of
his ascending to the Supreme Court and jeopardizing Roe v. Wade became acute, it doesn't
surprise me to see them pull out Christine Blasie Ford's story to guide them through to the
mid-term elections.
And that was a bridge too far for a lot of people.
The one who finally had enough of 'Nuts and Sluts' was, of all people, Lindsey Graham . Graham is one of
the most vile and venal people in D.C. He is a war-mongering neoconservative-enabling
praetorian of Imperial Washington's status quo.
But even he has a disgust circuit and Brett Kavanaugh's spirited defense of himself, shaming
Diane Feinstein in the process, was enough for Graham to finally redeem himself for one brief
moment.
When Lindsey Graham is the best defense we have against becoming a country ruled by men
rather than laws, our society hangs by a thread.
It was important for Graham to do this. It was a wake-up call to the 'moderate' GOP senators
wavering on Kavanaugh. Graham may be bucking for Senate Majority Leader or Attorney General,
but whatever. For four minutes his disgust was palpable.
The two men finally did what the 'Right' in this country have been screaming for for
years.
Fight back. Stop being reasonable. Stop playing it safe. Trump cannot do this by
himself.
Fight for what this country was supposed to stand for.
Because as Graham said, this is all about regaining power and they don't care what damage
they do to get it back.
The disgust circuit can kick in a number of different ways. And Thursday it kicked in to
finally call out what was actually happening on Capitol Hill. This was The Swamp in all its
glory.
And believe me millions were outraged by what they saw.
It will destroy what is left of the Democratic Party. I told you back in June that
Kanye West and Donald Trump had won the Battle of the Bulge in the Culture War. Graham and
Kavanuagh's honest and brutal outrage at the unfairness of this process was snuffing out of
that counter-attack.
The mid-terms will be a Red Tide with the bodies washing up on the shore the leadership of
the DNC and the carpet-baggers standing behind them with billions in money to buy fake
opposition.
The truth is easy to support. Lies cost money. The more outrageous the lie the more
expensive it gets to maintain it.
Because the majority of this country just became thoroughly disgusted with the Democrats.
And they will have no one to blame but themselves.
Update 2:35 p.m. GOP Senator Lisa Murkowski (R-AK) has joined Jeff Flake (R-AZ) in
supporting a delay of the full floor vote on Kavanaugh until an FBI can investigate accusations
against him. This would require a request from the White House, however it could be done within
a week according to Bloomberg .
While walking into Senate Majority Leader Mitch McConnell's office, Sen. Lisa Murkowski of
Alaska, a key vote, said "yes," when asked if she supports Sen. Jeff Flake's proposal for a
delay.
CNN asked: And do you think it should be limited to Ford's accusations or should it
include an investigation into other allegations?
Murkowski responded: " I support the FBI having an opportunity to bring some closure to
this ." - CNN
President Trump says he'll "let the Senate handle" whether or not the vote is delayed.
Trump also said that testimony from both Kavanaugh and his accuser, Christine Blasey Ford
was "very compelling."
Feinstein reportedly cornered Murkowski on Thursday for an intense conversation, and today
Murkowski supports a delay.
... ... ...
Ford claimed that Kavanaugh sexually assaulted her while at a high school party, while
Kavanaugh responded with a vehement and categorical denial in an emotional statement.
Senate Republicans are seeking to push Kavanugh through to confirmation on Friday, while the
Democrats stood by Ford and are insisting that the confirmation be stopped or delayed until a
"full investigation" can be conducted.
Friday morning, Politico reported that the Senate panel had been advised by Rachel Mitchell,
the attorney who represented the GOP members, that as a prosecutor "she would not charge
Kavanaugh or even pursue a search warrant."
"Rachel Mitchell, a lawyer who was retained by the Senate GOP to question Ford, broke down
her analysis of the testimony to Republicans, but did not advise them how to vote. She told
them that as a prosecutor she would not charge Kavanaugh or even pursue a search warrant,
according to a person briefed on the meeting." -
Politico
Last night, Townhall
reported that Kavanaugh has the votes to make it out of committee and will be confirmed on the
floor for a seat on the U.S. Supreme Court, according to a Senate insider.
Sens. Flake (R-AZ), Collins (R-ME), Murkowski (R-AK), and Manchin (D-WV) are expected to
vote in favor of Kavanaugh. All the Republicans are voting yes. Also, in the rumor mill,
several Democrats may break ranks and back Kavanaugh. That's the ball game, folks. -
Townhall
Speaking with reporters, White House press secretary Sarah Sanders says he thinks "all of
America" thought Ford's testimony was compelling, while President Trump tweeted on Thursday
night: " Judge Kavanaugh showed America exactly why I nominated him. His testimony was
powerful, honest, and riveting."
White House adviser Kellyanne Conway, meanwhile, told CBS This Morning said that Kavanaugh
will call "balls and strikes" fairly, as he has done for more than a decade. She noted that
Ford's testimony was "very compelling and very sympathetic," and that Ford "was wronged by
somebody," but that it wasn't Kavanaugh.
" It seems that she absolutely was wronged by somebody it may turn out that they're both
right," she said. "That she was sexually assaulted but that he had nothing to do with it."
There's a lot to unpack in the national psychodrama that played out in the senate judiciary
committee yesterday with Ford v. Kavanaugh. Dr. Ford laid out what The New York Times is
calling the "appalling trauma" of her alleged treatment at the hands of Brett Kavanaugh 36
years ago. And Mr. Kavanaugh denied it in tears of rage.
Dr. Ford scored points for showing up and playing her assigned role. She didn't add any
validating evidence to her story, but she appeared sincere. Judge Kavanaugh seemed to express a
weepy astonishment that the charge was ever laid on him, but unlike other questionably-charged
men in the grim history of the #Metoo campaign he strayed from his assigned role of the
groveling apologist offering his neck to the executioner, an unforgivable effrontery to his
accusers.
The committee majority's choice to sub out the questioning to "sex crime prosecutor" Rachel
Mitchell was a pitiful bust, shining a dim forensic light on the matter where hot halogen fog
lamps might have cut through the emotional murk. But in today's social climate of sexual
hysteria, the "old white men" on the dais dared not engage with the fragile-looking Dr. Ford,
lest her head blow up in the witness chair and splatter them with the guilt-of-the-ages. But
Ms. Mitchell hardly illuminated Dr. Ford's disposition as a teenager -- like, what seemed to be
her 15-year-old's rush into an adult world of drinking and consort with older boys -- or some
big holes in her coming-forward decades later.
For instance, a detail in the original tale, the "locked door." It's a big deal when the two
boys shoved her into the upstairs room, but she escaped the room easily when, as alleged, Mark
Judge jumped on the bed bumping Mr. Kavanaugh off of her. It certainly sounds melodramatic to
say "they locked the door," but it didn't really mean anything in the event.
Ms. Mitchell also never got to the question of Dr. Ford's whereabouts in the late summer,
when the judiciary committee was led to believe by her handlers that she was in California,
though she was actually near Washington DC at her parent's beach house in Delaware, and Mr.
Grassley, the committee chair, could have easily dispatched investigators to meet with her
there. Instead, the Democrats on the committee put out a cockamamie story about her fear of
flying all the way from California - yet Ms. Mitchell established that Mrs. Ford routinely flew
long distances, to Bali, for instance, on her surfing trips around the world.
Overall, it was impossible to believe that Dr. Ford had not experienced something with
somebody -- or else why submit to such a grotesque public spectacle -- but the matter remains
utterly unproved and probably unprovable. Please forgive me for saying I'm also not persuaded
that the incident as described by Dr. Ford was such an "appalling trauma" as alleged. If the
"party" actually happened, then one would have to assume that 15-year-old Chrissie Blasey, as
she was known then, went there of her own volition looking for some kind of fun and excitement.
She found more than she bargained for when a boy sprawled on top of her and tried to grope her
breasts, grinding his hips against hers, working to un-clothe her, with his pal watching and
guffawing on the sidelines -- not exactly a suave approach, but a life-changing trauma? Sorry,
it sounds conveniently hyperbolic to me.
I suspect there is much more psychodrama in the life of Christine Blasey Ford than we know
of at this time. She wasn't raped and her story stops short of alleging an attempt at rape,
whoever was on top of her, though it is apparently now established in the public mind (and the
mainstream media) that it was a rape attempt. But according to #Metoo logic, every unhappy
sexual incident is an "appalling trauma" that must be avenged by destroying careers and
reputations.
The issues in the bigger picture concern a Democratic Party driven by immense bad faith to
any means that justify the defeat of this Supreme Court nominee for reasons that everyone over
nine-years-old understands : the fear that a majority conservative court will overturn Roe v.
Wade - despite Judge Kavanaugh's statement many times that it is "settled law."
What one senses beyond that, though, is the malign spirit of the party's last candidate for
president in the 2016 election and a desperate crusade to continue litigating that outcome
until the magic moment when a "blue tide" of midterm election victories seals the ultimate
victory over the detested alien in the White House.
"I'm going to rely on all of the people including Senator Grassley who's doing a very good
job," added Trump.
During meeting with the president of Chile, President Trump says he found Dr. Christine
Blasey Ford's testimony "very compelling." https:// cbsn.ws/2Oj63Rs
Meanwhile, CNBC reports that an attorney for Mark Judge, Kavanaugh's high school friend said
to have been in the room during an alleged groping incident, says that Judge "will answer any
and all questions posed to him" by the FBI.
"If the FBI or any law enforcement agency requests Mr. Judge's cooperation, he will answer
any and all questions posed to him," Judge's lawyer Barbara Van Gelder told CNBC in an email.
-
CNBC
Accuser Christin Blasey Ford says that both Judge and Kavanaugh were extremely drunk at a
1982 party that she has scant memories of, when Kavanaugh grinded his body against hers on a
bed and attempted to take her clothes off. She testified that it was only after Judge jumped on
the bed that the attack stopped.
Of note, four individuals named by Ford have all denied any memory of the party - including
Ford's "lifelong" friend, Leland Ingham Keyser, who says she has never been at a party where
Kavanaugh was in attendance.
American Dissident , 7 minutes ago
The same FBI that couldn't get to the bottom of the Las Vegas mass shooting in a year is
going to uncover new information about a 1982 high school party in a week - Right.
didthatreallyhappen , 13 minutes ago
the democrats are moving the goal posts to infinity. that was their plan all along. This
will never stop. Due process in this country is OVER, DONE, GOOD BYE
The hearing about potential Supreme Court Judge Brett Kavanaugh is still going on, but the
hearings have clearly missed 90% of key material facts that as always - as we have explained in
our books Splitting Pennies and
Splitting Bits , the world is not as it
seems; and certainly, not ever - as seen on TV. The peculiar thing about this particular
political circus is that the GOP is allowing this to happen, as if there's nothing they can do
to allow the left to manipulate the masses before the elections coming up, all we need after a
victimized woman by an old, respectable white man is another school shooting, this time with a
white rich kid holding the gun at a minority school. Having said that, if you do have children
at public schools, it might be worth considering home schooling or private school at least
until the swamp is drained, if it ever will be (or consider a remote rural public school where
staging such events is less likely). As these deep-state nut jobs will stop at nothing to
acheive their ends, which seem simple but evil: vindicate the Soros - Clinton Mafia (which is a
multi-family 'faction 2' power center that goes well beyond Bill & Hillary) and in the
process destroy Trump and everything connected to it.
Why wasn't this 'accuser' vetted, as one would be in a court case? This is after all the
'judiciary committee' we know the answer to that, this is political theater of the worst kind.
However if this were a court case, and the complaining witness were to undergo
cross-examination and deposition, they should ask the following questions:
What is Dr. Ford's relationship with the CIA, and with her father?
The importance of noting the CIA banking connections of Ralph G. Blasey Jr. , this
report explains, is due to the outbreak of what is now known as the " CIA
Bank War " -- and whose start of, in 1982, a CIA seized from publication news report
( Declassified
in Part-Sanitized Copy Approved for Release 2012/09/05: CIA-RDP90-00965R00150010-7 )
describes as: " This is Wall Street, the center of the international banking system, a
system on the edge of a crisis so severe that the Central Intelligence Agency is
preparing drastic measures. Something must be done to avert the breakdown of the Free
World's monetary system. "
Who paid for her lawyer, lie detector test, and other items related to her
testimony?
Was she offered a book deal?
What is Dr. Ford's association with the Soros foundation, directly or indirectly?
What is the association with Frederick_T._Melges and specifically,
did they collaborate on work involving mind control, memory, and time while at Stanford, or a
CIA think tank, or any other time?
What is the explanation that no other witness can testify to verify the statements of
what happened that night, combined with the lack of other physical evidence, and even
evidence to the contrary? (Such as Brett Kavanaugh's diary/journal he kept)
What are the political associations of Dr. Ford, specifically are there direct
connections to the Democratic party and Hillary Clinton, including but not limited to
when Clinton
was the Secretary of State ? (For those of you who don't know, the State Department is
the political cover for CIA operations globally.)
This staged, orchestrated, and artificial testimony is no doubt the creation of deep-state
actors connected to Soros/Clinton/CIA et. al. The GOP doesn't want to mention MKUltra in a
public hearing as this would take things in an entirely different direction. If this was a
court, it is highly doubtful that a jury would convict Kavanaugh based on he said she said with
no evidence for the complaining witness but an overwhelming amount of evidence for the defense.
Not only the hundreds of character letters of support, the diaries/journals, and all the work
Dr. Ford has done over the years on mind control as a qualified and practicing Dr. of
Psychology (Edited 10:00 am 9/28/2018, it was misreported "Psychiatry" Dr.
Ford works as a practicing psychologist in Stanford's department of Psychiatry ); but the
fact that Kavanaugh has actually worked for the Federal Government and the White House
specifically on a number of occasions and has gone through a Congressional confirmation many
times - why now? Something is fishy here, just as it was proven that several of the 'victims'
of Trump were actually paid actors, the mere accusation is enough to cast doubt on the whole
topic. And this accusation isn't from a poor helpless child, it is from a Dr. of Psychiatry
that has authored more than 50 papers on the topics of behavioral science, including topics of
great interest to the CIA such as:
Ford has written about the cognitive affect of the
September 11 terrorist attacks, too. She and her co-authors wrote, "[Our] findings
suggest that there may be a range of traumatic experience most conducive to growth and they
also highlight the important contributions of cognitive and coping variables to psychological
thriving in short- and longer-term periods following traumatic experience."
Finally, why is the GOP so defenseless as to allow such a show to occur, which will do much
greater damage to the mind of the Sheeple than it will to actually affect the appointing of
Judge Kavanaugh or not. Whether he is appointed or not, the damage to the minds of the masses
is done - this further polarizes an already polarized country divided between the 'sane' and
the 'insane.'
Article update 9/28/2018 - We have updated the article to reflect change in name, we wrote
'Psychiatry' which should have been 'Psychology' this was a mis-read on our end, in a rush to
publish quickly. Mistakes happen in quick sloppy journalism which operates under real-time
market conditions like trading. However, we do not believe it significantly impacts the
argument here, however, if we are to publish an article about misrepresented facts we better
have all of our facts right! Other elaboration will come in another article, to be composed
over the weekend. Stay tuned. www.globalintelhub.com
The breakout in Brent crude prices above $80 this week has prompted analysts at the sell
side banks to start talking about a return to $100 a
barrel oil . Even President Trump has gotten involved, demanding that OPEC ramp up
production to send oil prices lower before they start to weigh on US consumer spending, which
has helped fuel the economic boom over which Trump has presided, and for which he has been
eager to take credit.
But to hear respected petroleum geologist and oil analyst Art Berman tell it, Trump should
relax. That's because supply fundamentals in the US market suggest that the recent breakout in
prices will be largely ephemeral, and that crude supplies will soon move back into a
surplus.
Indeed, a close anaysis of supply trends suggests that the secular deflationary trend in oil
prices remains very much intact. And in an interview with MacroVoices , Berman laid out his argument using a handy
chart deck to illustrate his findings (some of these charts are excerpted below).
As the bedrock for his argument, Berman uses a metric that he calls comparative petroleum
inventories. Instead of just looking at EIA inventory data, Berman adjusts these figures by
comparing them to the five year average for any given week. This smooths out purely seasonal
changes.
And as he shows in the following chart, changes in comparative inventory levels have
precipitated most of the shifts in oil prices since the early 1990s, Berman explains. As the
charts below illustrate, once reported inventories for US crude oil and refined petroleum
products crosses into a deficit relative to comparative inventories, the price of WTI climbs;
when they cross into a surplus, WTI falls.
Looking back to March of this year, when the rally in WTI started to accelerate, we can on
the left-hand chart above how inventories crossed below their historical average, which Berman
claims prompted the most recent run up in prices.
Comparative inventories typically correlate negatively to the price of WTI. But
occasionally, perceptions of supply security may prompt producers to either ramp up - or cut
back - production. One example of this preceded the ramp of prices that started in 2010 when
markets drove prices higher despite supplies being above their historical average. The ramp
continued, even as supplies increased, largely due to fears about stagnant global growth in the
early recovery period following the financial crisis.
The most rally that started around July 2017 correlated with a period of flat production
between early 2016 and early 2018.
Meanwhile, speculators have been unwinding their long positions. Between mid-June 2017 and
January 2018, net long positions increased +615 mmb for WTI crude + products, and +776 for WTI
and Brent combined. Since then, combined Brent and WTI net longs have fallen -335 mmb, while
WTI crude + refined product net long positions have fallen -225 mmb since January 2018 and -104
mmb since the week ending July 10. This shows that, despite high frequency price fluctuation,
the overall trend in positioning is down.
And as longs have been unwinding, data show that the US export party has been slowing, as
distillate exports, which have been the cash cow driving US refined product exports, have
declined. Though they remain strong relative to the 5-year average, they have fallen relative
to last year. This has accompanied refinery expansions in Mexico and Brazil.
Meanwhile, distillate and gasoline inventories have been building.
Meanwhile, US exports of crude have remained below the 2018 average in recent weeks, even as
prices have continued to climb.
This could reflect supply fears in the global markets. The blowout in WTI-Brent spreads
would seem to confirm this. However, foreign refineries recognize that there are limitations
when it comes to processing US crude (hence the slumping demand for exports).
In recent weeks, markets have been sensitive to supply concerns thanks to falling production
in Venezuela and worries about what will happen with Iranian crude exports after US sanctions
kick in in November.
But supply forecasts for the US are telling a different story than supply forecasts for
OPEC. In the US, markets will likely remain in equilibrium for the rest of the year, until a
state of oversupply returns in 2019. But OPEC production will likely continue to constrict,
returning to a deficit in 2019.
Bottom line: According to Berman, the trend of secular deflation in oil prices remains very
much intact. While Berman expects prices to remain rangebound for the duration of 2018 - at
least in the US - it's likely markets will turn to a supply surplus next year, sending prices
lower once again.
In my own words then. According to Cook the power elites goal is to change its
appearance to look like something new and innovative to stay ahead of an electorate who are
increasingly skeptical of the neoliberalism and globalism that enrich the elite at their
expense.
Since they do not actually want change they find actors who pretend to represent change
, which is in essence fake change. These then are their insurgent candidates
Trump serves the power elite , because while he appears as an insurgent against the
power elite he does little to change anything
Trump promotes his fake insurgency on Twitter stage knowing the power elite will counter
any of his promises that might threaten them
As an insurgent candidate Trump was indifferent to Israel and wanted the US out of
Syria. He wanted good relations with Russia. He wanted to fix the health care system,
rebuild infrastructure, scrap NAFTA and TTIPS, bring back good paying jobs, fight the
establishment and Wall Street executives and drain the swamp. America First he said.
Trump the insurgent president , has become Israel's biggest cheerleader and has launched
US missiles at Syria, relations with Russia are at Cold War lows, infrastructure is still
failing, the percentage of people working is now at an all time low in the post housewife
era, he has passed tax cuts for the rich that will endanger medicare, medicaid and social
security and prohibit infrastructure spending, relaxed regulations on Wall Street, enhanced
NAFTA to include TTIPS provisions and make US automobiles more expensive, and the swamp has
been refilled with the rich, neocons , Koch associates, and Goldman Sachs that make up the
power elites and Deep State Americas rich and Israel First
@34 pft... regarding the 2 cook articles.. i found they overly wordy myself...
however, for anyone paying attention - corbyn seems like the person to vote for given how
relentless he is being attacked in the media... i am not so sure about trump, but felt cook
summed it up well with these 2 lines.. "Trump the candidate was indifferent to Israel and
wanted the US out of Syria. Trump the president has become Israel's biggest cheerleader and
has launched US missiles at Syria." i get the impression corbyn is legit which is why the
anti-semitism keeps on being mentioned... craig murrary is a good source for staying on top
of uk dynamics..
(a) talk coherently
(b) have some kind of movement consisting of people that agree with what is says -- that
necessitates (a)
Then he could staff his Administration with his supporters rather than a gamut of
conventional plutocrats, neocons, and hacks from the Deep State (intelligence, FBI and
crazies culled from Pentagon). As it is easy to see, I am describing an alternate reality.
Who is a Trumpian member of the Administration? His son-in-law?
The swamps been filled with all kinds of vile creatures since the Carter administration.
This is when the US/UK went full steam ahead with neoliberal globalism with Israel directing
the war on terror for the Trilateral Empire (following Bibis Jerusalem conference so as to
fulfill the Yinon plan). 40 years of terror and financial mayhem following the coup that took
place from 1963-1974. After Nixons ouster they were ready to go once TLC Carter/Zbig kicked
off the Trilateral era. Reagan then ran promising to oust the TLC swamp but broke his
promise, as every President has done since .
That's amazing example of contlling the nattarive and suppressing alternative sources. Should
go in all textbooks on the subject
Notable quotes:
"... Magnitsky did not disclose the theft. He first mentioned it in testimony in October 2008. But it had already been reported in the New York Times on July 24, 2008. In reality, the whistleblower was a certain Rimma Starova. She worked for one of the implicated shell companies and, having read in the papers that authorities were investigating, went to police to give testimony in April 2008 – six months before Magnitsky spoke of the scam for the first time (see here and here ). ..."
"... Why, then, did I report that about Magnitsky? Because at the time my sole source for the story was Team Browder, who had reached out to the Cyprus Mail and with whom I communicated via email. I was provided with 'information', flow charts and so on. All looking very professional and compelling. ..."
"... For the second article, I conversed briefly on the phone with the soft-spoken Browder himself, who handed down the gospel on the Magnitsky affair. Under the time constraints, and trusting that my sources could at least be relied upon for basic information which they presented as facts, I went along with it. I was played. But let's be clear: I let myself down too. ..."
"... Titled 'The Magnitsky Act – Behind The Scenes', it does a magisterial job of depicting how the director initially took Browder's story on faith, only to end up questioning everything. The docudrama dissects, disassembles and dismantles Browder's narrative, as Nekrasov – by no means a Putin apologist – delves deeper down into the rabbit hole. ..."
"... The point can't be stressed enough, as this very claim is the lynchpin of Browder's account. In his bestseller Red Notice, Browder alleges that Magnitsky was arrested because he exposed two corrupt police officers, and that he was jailed and tortured because he wouldn't retract. ..."
"... It gets worse for Nekrasov, as he goes on to discover that Magnitsky was no lawyer. He did not have a lawyer's license. Rather, he was an accountant/auditor who worked for Moscow law firm Firestone Duncan. Yet every chance he gets, Browder still refers to Magnitsky as 'a lawyer' or 'my lawyer'. ..."
"... The full deposition, some six hours long, is (still) available on Youtube . As penance for past transgressions, I watched it in its entirety. While refraining from using adjectives to describe it, I shall simply cite some examples and let readers decide on Browder's credibility. Browder seems to suffer an almost total memory blackout as a lawyer begins firing questions at him. He cannot recall, or does not know, where he or his team got the information concerning the alleged illicit transfer of funds from Hermitage-owned companies. ..."
"... According to Team Browder, in 2007 the 'Klyuev gang' together with Russian interior ministry officials travelled to Cyprus, ostensibly to set up the tax rebate scam using shell companies. But in his deposition, the Anglo-American businessman cannot remember, or does not know, how his team obtained the travel information of the conspirators. ..."
Before getting down to brass tacks, let me say that I loathe penning articles like this; loathe writing about myself or in the
first person, because a reporter should report the news, not be the news. Yet I grudgingly make this exception because, ironically,
it happens to be newsworthy. To cut to the chase, it concerns Anglo-American financier Bill Browder and the Sergei Magnitsky affair.
I, like others in the news business I'd venture to guess, feel led astray by Browder.
This is no excuse. I didn't do my due diligence, and take full responsibility for erroneous information printed under my name.
For that, I apologize to readers. I refer to two articles of mine published in a Cypriot publication, dated December 25, 2015 and
January 6, 2016.
Browder's basic story, as he has told it time and again, goes like this: in June 2007, Russian police officers raided the Moscow
offices of Browder's firm Hermitage, confiscating company seals, certificates of incorporation, and computers.
Browder says the owners and directors of Hermitage-owned companies were subsequently changed, using these seized documents. Corrupt
courts were used to create fake debts for these companies, which allowed for the taxes they had previously paid to the Russian Treasury
to be refunded to what were now re-registered companies. The funds stolen from the Russian state were then laundered through banks
and shell companies.
The scheme is said to have been planned earlier in Cyprus by Russian law enforcement and tax officials in cahoots with criminal
elements.
All this was supposedly discovered by Magnitsky, whom Browder had tasked with investigating what happened. When Magnitsky reported
the fraud, some of the nefarious characters involved had him arrested and jailed. He refused to retract, and died while in pre-trial
detention.
In my first article, I wrote: "Magnitsky, a 37-year-old Russian accountant, died in jail in 2009 after he exposed huge tax embezzlement
"
False . Contrary to the above story that has been rehashed countless times, Magnitsky did not expose any tax fraud, did not blow
the whistle.
The interrogation
reports show that Magnitsky had in fact been summoned by Russian authorities as a witness to an already ongoing investigation
into Hermitage. Nor he did he accuse Russian investigators Karpov and/or Kuznetsov of committing the $230 million treasury fraud,
as Browder claims.
Magnitsky did not disclose the theft. He first mentioned it in testimony in October 2008. But it had already been reported
in the New York Times
on July 24, 2008. In reality, the whistleblower was a certain Rimma Starova. She worked for one of the implicated shell companies
and, having read in the papers that authorities were investigating, went to police to give testimony in April 2008 – six months before
Magnitsky spoke of the scam for the first time (see
here
and here
).
Why, then, did I report that about Magnitsky? Because at the time my sole source for the story was Team Browder, who had reached
out to the Cyprus Mail and with whom I communicated via email. I was provided with 'information', flow charts and so on. All looking
very professional and compelling.
At the time of the first article, I knew next to nothing about the Magnitsky/Browder affair. I had to go through media reports
to get the gist, and then get up to speed with Browder's latest claims that a Cypriot law firm, which counted the Hermitage Fund
among its clients, had just been 'raided' by Cypriot police. The article had to be written and delivered on the same day. In retrospect
I should have asked for more time – a lot more time – and Devil take the deadlines.
For the second article, I conversed briefly on the phone with the soft-spoken Browder himself, who handed down the gospel
on the Magnitsky affair. Under the time constraints, and trusting that my sources could at least be relied upon for basic information
which they presented as facts, I went along with it. I was played. But let's be clear: I let myself down too.
In the ensuing weeks and months, I didn't follow up on the story as my gut told me something was wrong: villains and malign actors
operating in a Wild West Russia, and at the centre of it all, a heroic Magnitsky who paid with his life – the kind of script that
Hollywood execs would kill for.
Subsequently I mentally filed away the Browder story, while being aware it was in the news.
But the real red pill was a documentary by Russian filmmaker Andrei Nekrasov, which came to my attention a few weeks ago.
Titled 'The Magnitsky Act – Behind The Scenes', it does a magisterial job of depicting how the director initially took Browder's
story on faith, only to end up questioning everything. The docudrama dissects, disassembles and dismantles Browder's narrative, as
Nekrasov – by no means a Putin apologist – delves deeper down into the rabbit hole.
The director had set out to make a poignant film about Magnitsky's tragedy, but became increasingly troubled as the facts he uncovered
didn't stack up with Browder's account, he claims.
The 'aha' moment arrives when Nekrasov appears to show solid proof that Magnitsky blew no whistle.
Not only that, but in his
depositions
– the first one dating to 2006, well before Hermitage's offices were raided – Magnitsky did not accuse any police officers of being
part of the 'theft' of Browder's companies and the subsequent alleged $230m tax rebate fraud.
The point can't be stressed enough, as this very claim is the lynchpin of Browder's account. In his bestseller Red Notice,
Browder alleges that Magnitsky was arrested because he exposed two corrupt police officers, and that he was jailed and tortured because
he wouldn't retract.
We are meant to take Browder's word for it.
It gets worse for Nekrasov, as he goes on to discover that Magnitsky was no lawyer. He did not have a lawyer's license. Rather,
he was an accountant/auditor who worked for Moscow law firm Firestone Duncan. Yet every chance he gets, Browder still refers to Magnitsky
as 'a lawyer' or 'my lawyer'.
The clincher comes late in the film, with footage from Browder's April 15, 2015 deposition in a US federal court, in the Prevezon
case. The case, brought by the US Justice Department at Browder's instigation, targeted a Russian national who Browder said had received
$1.9m of the $230m tax fraud.
In the deposition, Browder is asked if Magnitsky had a law degree in Russia. "I'm not aware that he did," he replies.
The full deposition, some six hours long, is (still) available on
Youtube . As penance for past transgressions, I watched
it in its entirety. While refraining from using adjectives to describe it, I shall simply cite some examples and let readers decide
on Browder's credibility. Browder seems to suffer an almost total memory blackout as a lawyer begins firing questions at him. He
cannot recall, or does not know, where he or his team got the information concerning the alleged illicit transfer of funds from Hermitage-owned
companies.
This is despite the fact that the now-famous Powerpoint presentations – hosted on so many 'anti-corruption' websites and recited
by 'human rights' NGOs – were prepared by Browder's own team.
Nor does he recall where, or how, he and his team obtained information on the amounts of the 'stolen' funds funnelled into companies.
When it's pointed out that in any case this information would be privileged – banking secrecy and so forth – Browder appears to be
at a loss.
According to Team Browder, in 2007 the 'Klyuev gang' together with Russian interior ministry officials travelled to Cyprus,
ostensibly to set up the tax rebate scam using shell companies. But in his deposition, the Anglo-American businessman cannot remember,
or does not know, how his team obtained the travel information of the conspirators.
He can't explain how they acquired the flight records and dates, doesn't have any documentation at hand, and isn't aware if any
such documentation exists.
Browder claims his 'Justice for Magnitsky' campaign, which among other things has led to US sanctions on Russian persons, is all
about vindicating the young man. Were that true, one would have expected Browder to go out of his way to aid Magnitsky in his hour
of need.
The deposition does not bear that out.
Lawyer: "Did anyone coordinate on your behalf with Firestone Duncan about the defence of Mr Magnitsky?"
Browder: "I don't know. I don't remember."
Going back to Nekrasov's film, a standout segment is where the filmmaker looks at a briefing document prepared by Team Browder
concerning the June 2007 raid by Russian police officers. In it, Browder claims the cops beat up Victor Poryugin, a lawyer with the
firm.
The lawyer was then "hospitalized for two weeks," according to Browder's presentation, which includes a photo of the beaten-up
lawyer. Except, it turns out the man pictured is not Poryugin at all. Rather, the photo is actually of Jim Zwerg, an American human
rights activist beaten up during a street protest in 1961 (see
here and here ).
Nekrasov sits down with German politician Marieluise Beck. She was a member of the Parliamentary Assembly of the Council of Europe
(Pace), which compiled a report that made Magnitsky a cause celebre.
You can see Beck's jaw drop when Nekrasov informs her that Magnitsky did not report the fraud, that he was in fact under investigation.
It transpires that Pace, as well as human rights activists, were getting their information from one source – Browder. Later, the
Council of Europe's Andreas Gross admits on camera that their entire investigation into the Magnitsky affair was based on Browder's
info and that they relied on translations of Russian documents provided by Browder's team because, as Gross puts it, "I don't speak
Russian myself."
That hit home – I, too, had been fed information from a single source, not bothering to verify it. I, too, initially went with
the assumption that because Russia is said to be a land of endemic corruption, then Browder's story sounded plausible if not entirely
credible.
For me, the takeaway is this gem from Nekrasov's narration:
"I was regularly overcome by deep unease. Was I defending a system that killed Magnitsky, even if I'd found no proof that he'd
been murdered?"
Bull's-eye. Nekrasov has arrived at a crossroads, the moment where one's mettle is tested: do I pursue the facts wherever they
may lead, even if they take me out of my comfort zone? What is more important: the truth, or the narrative? Nekrasov chose the former.
As do I.
Like with everything else, specific allegations must be assessed independently of one's general opinion of the Russian state.
They are two distinct issues. Say Browder never existed; does that make Russia a paradise?
I suspect Team Browder may scrub me from their mailing list; one can live with that.
oncemore1 , 6 minutes ago
Soros and Browder are the same tribe. FULLSTOP.
Slipstream , 6 minutes ago
Wow. That's a big **** up. But at least this guy is a journalist with ethics. He got it
wrong and has said so, to set the record straight. This should be a case taught in every
journalism school in the world. Unfortunately, I don't see the Magnitsky Act being repealed
any time soon.
Usura , 8 minutes ago
Bill Browder is a lying ***
Thordoom , 12 minutes ago
Andrei Nekrasov now has webpage dedicated to The Magnitsky Act Behind the Scenes.
I watched the documentary too. The depositions of Browder were devastating to any notion
of him as truth-teller. And yet, he managed to dupe politicians and media around the
world.
Thordoom , 33 minutes ago
The only good thing Yeltsin did in his miserable life was to say " **** you " to Bill
Clinton in the end when he found out how they wanted to set him up with that 7 billion of IMF
money they stolen in order to put Boris Berezovsky in the charge of Russia as a president for
hire and stole anything that was not welded down. Yeltsin knowing that the only way for
Russia to survive was to put Vladimir Putin in charge to clense the unclean filth that
infested Russia in the 90s
resistedliving , 52 minutes ago
classic agitprop.
Don't trust Browder and his self-interests much but trust this guy less.
Browser knows he'll never see that money again and has spent his own funds on his one man
mission
Thordoom , 40 minutes ago
Stupid moron he is spending Knohorkovsky's money and HSBC bank money. Half of the UK and
US government officials and intl officials and Harward boys are deeply involved in this
looting of Russian people in the 90s.
RationalLuddite , 31 minutes ago
Classic Reverse blockade lie by you Restedliving. Good luck moving the middle on Browder .
He's just not that bright in lying so I suppose your Talmudic exegesis honed Accusatory
Inversion is worth a try.
Please keep it up. Seriously. "Agitprop"😄😄😄😄
You are like a Browder red-pill dispenser with every incoherent mendacious utterance.
Thank you mate :*
WTFUD , 29 minutes ago
Bruiser Browser Browder, ex light-heavyweight champion of La-La Potemkin Village,
Ninnyapolis, USA.
Shouldn't Fakebook be banning the US Government for a plethora of Fake News? Then again
it's a nice fit for these 2 entities, a cosy relationship.
The Paucity of Hope , 54 minutes ago
Nekrasov's movie has been disappeared, but was excellent. Also, look at The Forecaster,
about Martin Armstrong. It talks about Hermatage Capital and was blocked in the US and
Switzerland for several years.
Ahmeexnal , 57 minutes ago
Browder must hang!
chunga , 38 minutes ago
Not a single person in the US gov will even acknowledge this. None. Not one.
At the same time the US domestic affairs revolve around unsubstantiated stories of SC
nominee penis wagging, special prosecutors investigating **** actress affairs/bribery with
POTUS, FBI, DOJ off the rails, while at the same time asserting a moral authority to sanction
and/or attack other countries as though it's an obligation or entitlement.
There's a new film out regarding (il)legal finance: Scenes From the Spider's Web .
Some will find the information provided by Hudson in his interview segment
astounding and shocking, but somehow not altogether surprising.
The entire documentary "The Spider's Web: Britain's Second Empire" by Michael Oswald is
worth watching as an introduction to the corruption in the global finance industry. https://www.youtube.com/watch?v=np_ylvc8Zj8
And when you finish watching that - twice, three times, however many times you need for
all the information to sink in - you can read Nicholas Shaxson's excellent book "Treasure
Islands:Tax Havens and the Men who Stole the World", on which the documentary leans heavily
for information and structure.
Logic and reason seem to have been abandoned long ago in Washington's decision-making, even
more so given that Trump has completely renounced all his electoral promises regarding foreign
policy. The rapprochement with Moscow is now a distant mirage; the special relationship between
Xi Jinping and Trump is just the latter's propaganda, anxious as he is to reach an agreement
with the DPRK and show some example of success to his base.
The logic of imposing more than $200 billion in tariffs on Chinese products, and then asking
for strong support from Beijing in mediation with Pyongyang, seems more like the moves of a
desperate person rather than those of an amateur. Even historical allies like South Korea,
Pakistan, India and Turkey, as repeatedly
stressed recently , fear Washington's irrationality and politics of "America First" and are
running for cover. They are diversifying energy resources and ignoring American diktats, buying
armaments from Russia, cooperating with China in large infrastructure projects to connect the
vast Eurasian continent, and participating in economic and financial forums to diversify
funding and cooperate on a new and industrial level.
Indeed, the strategic triangle that emerges between Tehran, Beijing and Moscow, seems to
draw all the neighbouring countries into a large geopolitical waltz. A transition to a
multipolar reality brings many advantages to Washington's allies, but it also brings many
tensions with American oligarchs. The example of the sale of the S-400 in Ankara is an
important wake-up call for the oligarchs of the American military-industrial complex, who see a
potential loss in revenue. In the same way, the creation of an alternative system to SWIFT
strongly reduces the centrality of American banking institutions and thus their political
weight. We must also keep in mind Sino-Russian actions in Africa, which are progressively
breaking the chains of Western neo-colonialism, thereby freeing African countries to pursue a
more balanced foreign policy focused on their national interests.
This transition phase that we have been living in over the last few years will continue for
some time. Like an already written script, the trend is easily discernible to a lucid mind free
of Western propaganda. Erdogan certainly is not a person to be completely trusted, and the
talks in Astana should be understood in this light, especially if viewed from the
Russian-Iranian point of view. Yet such cooperation opens the door to an unprecedented future,
although at present Astana seems more like an alternative to a bloody war between countries in
Syria than a conversation between allies. Syria's future will unavoidably see the country's
territorial integrity maintained, thanks to allies who are now disengaged from the Western
system and are gravitating around centers of power opposed to Washington, namely Beijing,
Moscow and Tehran.
The reconstruction of the country will bypass western sanctions and bring significant
amounts of money to the country. In the same way Iraq, once under the rule of a dictator
friendly to Washington, today openly and genuinely collaborates with Moscow, and especially
Tehran, in defeating the Wahhabi proxies of Riyadh, an American ally.
The economic battle serves to complete the picture, with European allies forced to suffer
huge economic losses as a result of sanctions against Russia and Iran . The tariffs on trade,
especially to countries like Turkey, Japan and South Korea (although it
seems that this proposal was intentionally sabotaged by a collaborator within the Trump
administration), are further serving to push US allies to explore alternatives in terms of
trust and cooperation.
China and Russia have seized the opportunities, offering through adroit diplomacy military,
industrial and economic proposals that are drawing Washington's historical allies into a new
political reality where there is less space for Washington's diktats.
The European establishment in some Western countries like Germany, France and the UK seems
to have decided wait out Trump (this torture perhaps brought to an early end through a palace
coup). But many others have instead intuited what is really happening in the West. Two factions
are fighting each other, but still within the confines of a shared worldview that sees the
United States as the only benevolent world power, and the likes of China and Russia as rivals
that need to be contained. In such a difficult situation to manage, well-known leaders like
Modi, Abe, Moon Jae-In and Erdogan are starting to take serious steps towards exploring
possible alternatives to an exclusive alliance with the United States, that is, towards
experiencing the benefits of a multipolar-world environment.
It is not just a question for these countries of breaking the strategic alliance with the
United States. This aspect will probably not change for several years, especially in countries
that have enormous military and economic ties with Washington. The path that South Korea,
Turkey and Japan appear to be taking is deeply rooted in the concept of Multipolarity, which
diversifies international relations, allowing countries to shop around to find the best
opportunities. It is therefore not surprising to see the Japanese prime minister and the
Russian president discussing at the economic forum in Vladivostok the possibility of signing a
historic peace treaty. In the same way, if Turkey suffers a double political and economic
attack from the US, it should not surprise us if they decide to purchase the S-400 defense
system from Russia or start a full fledged campaign to de-dollarize. Such examples could be
repeated, but the case of South Korea stands out. There is no need for Seoul to wait for
Washington to mess things up diplomatically with Pyongyang before discussing the rebirth of
relations between the two countries. Seoul is anxious to seize the opportunity for a renewed
dialogue between leaders and solve the Korean impasse as much as possible. Finally, India,
which has no intention of losing the opportunity for an economic partnership with Beijing and a
military one with Moscow, launched the basis for a multi-party discussion between the Eurasian
powers on the Afghan situation that has caused so much friction with Islamabad, especially with
the new political phase that Imran Khan's victory as Pakistan's prime minister promises.
Washington faces all these scenarios with skepticism, annoyance and disgust, fearing losing
important countries and its ability to determine the regional balance around the planet. What
fascinates many analysts is the stubbornness and stupidity of US policy-makers. The more they
try to prolong the US unipolar moment, the more incentive they give to other countries to jump
on the multipolar bandwagon.
Even countries that probably have deep ties with the United States on an oligarchic level
will have no alternative other than to modify and redesign their strategic alliances over the
next 30 years. The United States continues along the path of diplomatic arrogance and strategic
stupidity, mired in a civil war among its elites, with no end in sight.
Each scenario involving the US now has to be viewed with two factors in mind: not just the
attempt to maintain an imperialist posture, but also an internal struggle involving its elites.
This adds a further level of confusion for America's allies and the world in general, who
strain to decipher the next moves of a deep state totally out of control.
All Comments 18
WTFUD , 1 minute ago
To American Exceptionalism
Dearly Beloved
We are gathered here . . . . . to say **** You . . . . . .
Adolfsteinbergovitch , 3 minutes ago
Next thing you know, the once glorious USA have become the pariah of this world.
And nobody sees this as a bad thing. That's just the cycle of life.
turkey george palmer , 12 minutes ago
It's always the same. Stupid corrupt right wing blather about family values back in the
80's, still a winning line of ********. Trump took it to cartoonish levels and got the low
informed vote to come out and git er done...
Course Hillary charged them up too, which is really surprising unless Ole bent pecker bill
really told Lynch to launch the deep state overthrow of trump and was actually letting
Hillary throw the election.
Disobedient Media has closely followed the work of the Forensicator , whose analysis has shed much light
on the publications by the Guccifer 2.0 persona for over a year. In view of the more recent
work published by the Forensicator regarding potential media collusion with Guccifer 2.0, we
are inclined to revisit an interview given by WikiLeaks Editor-In-Chief Julian Assange in
August of 2016, prior to the publication of the Podesta Emails in October, and the November US
Presidential election.
During the
interview, partially transcribed below, Assange makes a number of salient points on the
differentiation between the thousands of pristine emails WikiLeaks received, and those which
had surfaced in other US outlets by that date. Though Assange does not name the Guccifer 2.0
persona directly throughout the interview, he does name multiple outlets which publicized
Guccifer 2.0's documents.
The significance of revisiting Assange's statements is the degree to which his most
significant claim is corroborated or paralleled by the Forensicator's analysis. This is of
enhanced import in light of allegations by
Robert Mueller (not to mention the legacy media), despite a total absence of evidence, that
Guccifer 2.0 was WikiLeaks's source of the DNC and Podesta emails.
This author previously
discussed the possibility that Assange's current isolation might stem in part from the
likelihood that upon expulsion from the embassy, Julian Assange could provide evidential proof
that the DNC emails and Podesta emails published by WikiLeaks were not sourced from Russia, or
backed by the Kremlin, all without disclosing the identity of their source.
"In the US media there has been a deliberate conflation between DNC leaks, which is what
we've been publishing, and DNC hacks, of the US Democratic Party which have occurred over the
last two years, by their own admission what [Hillary Clinton] is attempting to do is to
conflate our publication of pristine emails – no one in the Democratic party argues
that a single email is not completely valid. That hasn't been done. The head of the DNC,
Debbie Wasserman-Schultz, has rolled as a result.
And whatever hacking has occurred, of the DNC or other political organizations in the
United States, by a range of actors – in the middle, we have something, which is the
publication by other media organizations, of information reportedly from the DNC, and that
seems to be the case. That's the publication of word documents in pdfs published by The Hill,
by Gawker, by The Smoking Gun. This is a completely separate batch of documents, compared to
the 20,000 pristine emails that we have at WikiLeaks.
In this [separate] batch of documents, released by these other media organizations, there
are claims that in the metadata, someone has done a document to pdf conversion, and in some
cases the language of the computer that was used for that conversion was Russian. So that's
the circumstantial evidence that some Russian was involved, or someone who wanted to make it
look like a Russian was involved, with these other media organizations. That's not the case
for the material we released.
The Hillary Clinton hack campaign has a serious problem in trying to figure out how to
counter-spin our publication because the emails are un-arguable There's an attempt to bring
in a meta-story. And the meta-story is, did some hacker obtain these emails? Ok. Well, people
have suggested that there's evidence that the DNC has been hacked. I'm not at all surprised
its been hacked. If you read very carefully, they say it's been hacked many times over the
last two years. Our sources say that DNC security is like Swiss Cheese.
Hillary Clinton is saying, untruthfully, that she knows who the source of our emails are.
Now, she didn't quite say "our emails." She's playing some games, because there have been
other publications by The Hill, by Gawker, other US media, of different documents, not
emails. So, we have to separate the various DNC or RNC hacks that have occurred over the
years, and who's done that. The source: we know who the source is, it's the Democratic
National Committee itself. And our sources who gave these materials, and other pending
materials, to us. These are all different questions. "
The core assertion made by Assange in the above-transcribed segment of his 2016 interview
with RT is the differentiation between WikiLeaks's publications from the altered documents
released by Guccifer 2.0 (after being pre-released to US media outlets as referenced by
Assange). This finer point is one that is corroborated by the Forensicator's analysis, and one
which it seems much of the public has yet to entirely digest.
"Ars Technica found "Russian fingerprints" in a PDF posted by Gawker the previous day.
Apparently, both Gawker and The Smoking Gun (TSG) had received pre-release copies of Guccifer
2.0's first batch of documents; Guccifer 2.0 would post them later, on his WordPress.com blog site. Although neither Gawker nor TSG
reported on these Russian error messages, some readers noticed them and mentioned them in
social media forums; Ars Technica was likely the first media outlet to cover those "Russian
fingerprints."
The Forensicator's analysis cannot enlighten us as to the ultimate source of WikiLeaks's
releases. At present, there is no evidence whatsoever to indicate that Guccifer 2.0 was, or was
not, WikiLeaks' source. There is no evidence connecting Guccifer 2.0 with WikiLeaks, but there
is likewise no evidence to rule out a connection.
It is nonetheless critically important, as Assange indicated, to differentiate between the
files published by Guccifer 2.0 and those released by WikiLeaks. None of the "altered"
documents (with supposed Russian fingerprints) published by Guccifer 2.0 appear in WikiLeaks's
publications.
It is also worth noting that, though Assange's interview took place before the publication
of the Podesta email collection, the allegations of a Russian hack based on Guccifer 2.0's
publication were ultimately contradicted by a DNC official, as reported by the Associated
Press. Disobedient
Media wrote:
" Ultimately, it is the DNC's claim that they were breached by Russian hackers, who stole
the Trump opposition report, which directly belies their allegation – because the
document did not come from the DNC, but from John Podesta's emails."
Again: The very document on which the initial "Russian hack" allegations were based did not
originate within the DNC Emails at all, but in the Podesta Emails, which at the time of
Assange's RT interview, had not yet been published.
"The fact the email to which the Trump opposition report was attached was later published
in the Podesta Email collection by WikiLeaks does not prove that Guccifer 2.0 and WikiLeaks
shared a source on the document. However, it does suggest that either the DNC, the operators
of the Guccifer 2.0 persona, or both parties had access to Podesta's emails. This raises
questions as to why the DNC would interpret the use of this particular file as evidence of
Russian penetration of the DNC."
This creates a massive contradiction within the DNC's narrative, but it does not materially
change Assange's assertion that the pristine emails obtained by WikiLeaks were fundamentally
distinct and should not be conflated with the altered documents published by Guccifer 2.0, as
the WikiLeaks publication of the Podesta emails contain none of the alterations shown in the
version of the documents published by Guccifer 2.0.
Though no establishment media outlet has reported on this point, when reviewing the evidence
at hand and especially the work of the Forensicator, it is evident that the Guccifer 2.0
persona never actually published a single email. The persona published documents and even
screenshots of emails – but never the emails themselves. Thus, again, Guccifer 2.0's
works are critically different from the DNC and Podesta email publications by WikiLeaks.
The following charts are included to help remind readers of the timeline of events relative
to Guccifer 2.0, including the date specific documents were published:
Image Courtesy Of The Forensicator
Image Courtesy of the Forensicator
This writer previously
opined on the apparent invulnerability of the Russiagate saga to factual refutation. One
cannot blame the public for such narrative immortality, as the establishment-backed press has
made every effort to confuse and conflate the alterations made to documents published by
Guccifer 2.0 and the WikiLeaks releases. One can only hope, however, that this reminder of
their distinct state will help raise public skepticism of a narrative based on no evidence
whatsoever.
It is also especially important to reconsider Julian Assange's statements and texts in light
of his ongoing isolation from the outside world, which has prevented him from commenting
further on an infinite array of subjects including Guccifer 2.0 and the "Russian hacking"
saga.
Winston S. contributed to the content of this report.
platyops , 22 minutes ago
The name was Seth Rich. They robbed him for his watch and money but forgot to take the
watch and money. Yes that makes as much sense as Dr. Ford and her imagination party!
Dems lie and maybe kill people but they do lie for sure!
Nature_Boy_Wooooo , 33 minutes ago
All signs point to a young Bernie Sanders supporter at the DNC named Seth Rich.
Surftown , 2 hours ago
Brennan is Guccifer 2.0 using NSA Toolkit ( hacked and released) to feign Russia -- to
promote the fake Russia interference narrative leading to the FISA warrant justification, or
better yet, to the Direct Obama FISA approval/override to approve surveillance of Mr
Trump.
Endgame Napoleon , 1 hour ago
There are a bunch of competing smartphone apps, letting you convert Word docs to PDFs,
believe it or not.
Maybe, they only work in limited form, but you can write a resume (or whatever) into the
app, saving it in Word, converting it to PDF and sending it to your email.
Real programmers seem to scoff at the technical precision of those apps, so maybe, they
are not as sophisticated as they appear to non-techies.
The sequencing of this is weird. If I read it right, it sounds like several publications
received the "converted" versions -- the screenshots or PDFs -- of some emails before
Wikileaks released the actual, non-converted emails.
Who released those to the media organizations, and how did they have access to the machine
containing the emails, enabling them to make screenshots, convert them to PDFs or whatever
they did to provide representations of the emails, not the actual emails that Wikileaks later
released?
bh2 , 2 hours ago
Actually, William Binney et al demonstrated the email transfer could not have been
effected outside the four walls of the DNC because the required network speeds did not exist
at that time to any external location, least of all one located outside the US.
The only way that transfer could happen in the time logged was onto a device located on
the DNC LAN.
Seth Rich is the person Assange all but directly named as the source.
These two things, taken together, provide a compelling refutation of the DNC fairy tale
that the emails were pilfered by Russia (or any other outside actor).
JimmyJones , 2 hours ago
Bunny said the download speed was indicating a USB thumb drive was used
medium giraffe , 2 hours ago
IIRC the transfer speed was similar to a USB bus speed, meaning it wasn't even transferred
over a local network, but by a USB flash device directly connected to a DNC PC or laptop.
Endgame Napoleon , 1 hour ago
The US Congress is so unprofessional, allowing this circus about high-school parties to
commandeer a SCOTUS confirmation hearing, but did you ever hear any of them trying to get to
the bottom of this complex stuff, calling in technical experts to explain this evidence to
voters?
Russia now awaits possible new sanctions as a result of its involvement in the United
States election and as a result of the potential nerve agent attack in England.
Who the **** writes this ****? Who believes those baldfaced lies?
Hass C. , 49 minutes ago
A little glimpse into how much influence Putin has on his own economy. Which is not much.
He is trying hard to remove Russia's testicles from the vice of US control but this is a slow
process as the economy and capital market are totally open, except for military production
which is under his own control and pretty much protected from the whims of markets.
The steady increase of sanctions has the objective of forcing Putin's hand into lashing
out and trying a dirigistic neo-stalinist approach, but this would cut Russia from foreign
technology and capital, make the best work force fly abroad, resulting in final
implosion.
Whether Russia survives as an industrial economy till US and the dollar loses its power
over it is anybody's guess. The more Russia is weakened at that time, the more likely China
will flood it with its love.
Ms No , 51 minutes ago
The thing with Putin is that he is a great leader and Patriot. He wishes us no harm and
would like to be our friends (the western population); however, Putin isn't motivated by
saving the world, your nation or you personally. His loyalty is to his people and their
future.
All actions that Putin has taken that ended up saving your *** were simply a benefit
gained by the happenstance of what benefits us benefitting him.
Putin will save his own (hopefully) but you have to save yourself. Remember that.
LaugherNYC , 8 minutes ago
If Putin wants to be friends with the West, then why did he reverse the course of openness
to the EU and NATO, the trend towards normalization, and turn hard right into an
ultra-nationalist despot, starting to spout the diseased philosophy of Ilyin, becoming a
xenophobic tin pot kleptocrat, like some African warlord, funneling funds and assets offshore
through shell companies and his buddies?
It will be interesting to see what happens when/if there is a real global investigation of
Putin's offshored assets, and an expose of how he has plundered his country. He will be the
very last to repatriate - nor should we want him to be forced into it. If you close his
escape hatch, Vlad will be forced to live up to his rhetoric, which is very Rapture-esque,
very nuclear nightmare, very Judgement Day Armageddon
Anonymous IX , 1 hour ago
Where's Billy Browder? What's next on his agenda? Billy, btw, the next time you allow
anyone to film you, have your handlers minimize the obvious drug and/or electronic mind
control over you a little earlier. You seem to "wake up" an awful lot...you know...where your
head snaps up like you didn't realize something...or you're "waking up" from something. Just
a helpful hint. You did so chronically throughout the Magnitsky film. Here's what a mind
looks like on "mind control." Don't look for eggs in a frying pan.
Ms No , 50 minutes ago
So mind control looks something like sleep apnea?
Savvy , 1 hour ago
the desire to keep assets out of the reach of the United States Treasury
Can you say 'capital flight'? I knew you could. Not a country in the world is going to
trust the US with a grain of salt.
Well done Trump and your $864billon/month deficit spending.
Ms No , 49 minutes ago
We really should stop referring to it as the US treasury. Its something else.
opport.knocks , 3 minutes ago
Lendery?
Cashlaudratomat?
Ponzi-prefecture?
The US Usury?
hooligan2009 , 1 hour ago
according to polls aired by tv station "euro news", putin's ratings are down 10% because
he wants to raise the retirement ages of men to 65 from 60 (male life expectancy is 66) and
womens retirement age from 55 to 60 (womens life expectancy is 71).
i guess this is proof that sanctions are working. putin has to raise the retirement age
and russians die 12-15 years earlier than those in the west.
oh, the humanity!
sanctions work: they hurt the bottom 50%, not those better off.
Balance-Sheet , 58 minutes ago
Good to note this and it appears to be correct. Male life expectancy is 65/66 on average
so many will die reaching for their first tiny pension check. I do not know why Putin simply
does not seek to save money by ordering people to be shot at 65 as a humane measure. Russia
has shot 10s of millions over the past 100 years so this will maintain a tradition.
I am interested in your remark on Putin's popularity- he appears to be slipping into
megalomania also typical of Russian leaders so perhaps he will be removed. Raising the
retirement age in Russia is recklessly stupid from a political perspective in an impoverished
country established as Earth's largest resource treasure house.
Ms No , 44 minutes ago
War and sanctions are expensive. Through this evil the world is impoverished. Zionist fiat
currency is also crushingly expensive. We would be exceedingly wealthy without all of this. A
whole different world could exist.
That probably wont happen until the next age (a golden age) though because people now are
inherently stupid and lack any connection. Sticking their appendenges in everything and
sinking completely in dense materialism is more important.
Hass C. , 39 minutes ago
Can you specify why you say he "appears to be slipping into megalomania"? Been observing
him for years and his megalomania index seems stable to me.
Also, Russian demography makes raising the retirement age necessary, they say. Their birth
rate is increasing but so does life expectancy.
opport.knocks , 1 minute ago
He will not be able to run for re-election so now is the time to implement necessary but
unpopular reforms.
Shemp 4 Victory , 38 minutes ago
according to polls aired by tv station "euro news"
Well, if "euro news" said, then so it is. Free European press can't lie.
hooligan2009 , 28 minutes ago
haha.. yes.. i watched it for ten minutes, so the same four headlines scrolled through in
a cycle three times in those ten minutes. pope, a survivor underneath a boat after two days
in lake victoria, blunt brexit and putins popularity.
nothing approcahing any quality whatsoever. i was just making sure the other side of the
house hadn't got past "stupid"!!!
123dobryden , 1 hour ago
Rossia. Davaj
notfeelinthebern , 1 hour ago
Yeah, he's giving the west the proverbial finger. Instead of creating a bridge to trade
and friendship, the west is doing nothing but trying to destroy an imaginary enemy.
Matteo S. , 1 hour ago
It is not imaginary from the anglo-saxon empire's point of view.
The anglo-saxon empire has been playing this game for more than 3 centuries.
It first constantly attacked France until it definitely emasculated it with Napoleon's
downfall.
Then it immediately went to the jugular of Russia. And on this occasion was formulated
Mackinder's gropolitics principles.
Then it went for Germany.
Then in again against USSR/Russia.
This is not due to imagination. This is a deliberate and structural way to interact with
the rest of the world. The anglo-saxon empire hates competition and tries to destroy any
potential competitor instead of agreeing to cooperate with peers.
Ms No , 42 minutes ago
The Anglo Saxon empire was occupied by Zionist money lending. They controlled the British
empire. A lot of those blueblood royal were theirs to begin with also. They were also the
bankers of Rome.
Matteo S. , 27 minutes ago
Forget your fantasies about the Catholic Church and the pope.
It is Protestants who have always dominated the anglo-saxon empire. Protestants from
Britain but also from Netherlands, Germany, France, who allied with the English and Scot
Protestants to build their mammonite empire.
And for one Rothschild family, you had the Astors, Vanderbilt's, Rockefellers, Carnegie's,
Morgans, Fords, ... etc, none of which were jewish.
The Zionists are just the tail of the anglo-saxon dog.
justdues , 1 hour ago
"Russia now awaits possible new sanctions as a result of it,s ALLEGED involvement in the
United States election and as a result of the ALLEGED nerve agent attack in England .
FIFTylers
hooligan2009 , 1 hour ago
quite right. no trial, no evidence and harsh sentences/convictions via trade
embargoes.
russia offered reciprocation so it could try Browder. the west said no, invented crimes
culminating in a Magnitsy act.
if individuals in Europe, the UK or the US were convicted and imprisoned without trial
governments in those places would be thrown out on their ear.
as it is, western governments can bring the entire planet to the brink of war, based on
their political opinions - with no evidence, no trial and no opportunity to argue a case for
a defence of charges.
JibjeResearch , 1 hour ago
lolz ahaha.... a bad choice..., any fiat is a bad choice...
Go phy.gold or cryptos (BTC, ETH, XTZ),
phy.silver is good too...
An Shrubbery , 40 minutes ago
Cryptosporidiosis are no different than fiat, maybe even a little worse. They are NOT
anonymous, and are becoming less and less so and eventually will be co-opted by deep state
operatives such as googoyle, facefuck, Twatter, amazog, etc. for the deep state. There is an
absolute record of your every transaction in the blockchain.
It's just a matter of time. There will be a crypto that we're all forced to use in the
near future, and big brother will have absolute control of it.
my new username , 1 hour ago
This has zero impact on working class Americans. It only affects liberals and rich
people.
DEDA CVETKO , 1 hour ago
Everything has impact on everything else. We are all, in some bizarre ways,
interconnected. Deripaska (pictured above) has a virtual global monopoly on aluminum trade.
Guess who uses aluminum? You guessed it: people like you and I. The airplane industry.
Consumer industry. The military. Medical equipment industry. Construction industry. Food
industry. Everyone!
There is no such thing as isolationism anymore. It wasn't possible even during Warren
Harding's presidency, let alone now. This deranged notion that Donald Trump will somehow
insulate us all from the effects of his aggressive overseas posturing is deranged beyond
description.
By initiating an attack on the Syrian province of Latakia, home to the Russia-operated
Khmeimim Air Base, Israel, France and the United States certainly understood they were flirting
with disaster. Yet they went ahead with the operation anyways.
On the pretext that Iran was preparing to deliver a shipment of weapon production systems to
Hezbollah in Lebanon, Israeli F-16s, backed by French missile launches in the Mediterranean,
destroyed what is alleged to have been a Syrian Army ammunition depot.
What happened next is already well established : a Russian Il-20 reconnaissance aircraft,
which the Israeli fighter jets had reportedly used for cover, was shot down by an S-200
surface-to-air missile system operated by the Syrian Army. Fifteen Russian servicemen perished
in the incident, which could have been avoided had Israel provided more than just one-minute
warning before the attack. As a result, chaos ensued.
Whether or not there is any truth to the claim that Iran was preparing to deliver
weapon-making systems to Hezbollah in Lebanon is practically a moot point based on flawed
logic. Conducting an attack against an ammunition depot in Syria – in the vicinity of
Russia's Khmeimim Air Base – to protect Israel doesn't make much sense when the
consequence of such "protective measures" could have been a conflagration on the scale of World
War III. That would have been an unacceptable price to achieve such a limited objective, which
could have been better accomplished with the assistance of Russia, as opposed to NATO-member
France, for example. In any case, there is a so-called "de-confliction system" in place between
Israel and Russia designed to prevent exactly this sort of episode from occurring.
And then there is the matter of the timing of the French-Israeli incursion.
Just hours before Israeli jets pounded the suspect Syrian ammunition storehouse, Putin and
Turkish President Recep Erdogan were in Sochi
hammering out the details on a plan to reduce civilian casualties as Russian and Syrian
forces plan to retake Idlib province, the last remaining terrorist stronghold in the country.
The plan envisioned the creation of a demilitarized buffer zone between government and rebel
forces, with observatory units to enforce the agreement. In other words, it is designed to
prevent exactly what Western observers have been fretting about, and that is unnecessary
'collateral damage.'
So what do France and Israel do after a relative peace is declared, and an effective measure
for reducing casualties? The cynically attack Syria, thus exposing those same Syrian civilians
to the dangers of military conflict that Western capitals proclaim to be worried
about.
Israel moves to 'damage control'
Although Israel has taken the rare move of acknowledging its involvement in the Syrian
attack, even expressing "sorrow" for the loss of Russian life, it insists that Damascus should
be held responsible for the tragedy. That is a highly debatable argument.
By virtue of the fact that the French and Israeli forces were teaming up to attack the
territory of a sovereign nation, thus forcing Syria to respond in self-defense, it is rather
obvious where ultimate blame for the downed Russian plane lies.
"The blame for the downing of the Russian plane and the deaths of its crew members lies
squarely on the Israeli side," Russian Defense Minister Sergey Shoigu said.
"The actions of the Israeli military were not in keeping with the spirit of the
Russian-Israeli partnership, so we reserve the right to respond."
Russian President Vladimir Putin, meanwhile, took admirable efforts to prevent the blame
game from reaching the boiling point, telling reporters that the
downing of the Russian aircraft was the result of "a chain of tragic circumstances, because the
Israeli plane didn't shoot down our jet."
Nevertheless, following this extremely tempered and reserved remark, Putin vowed that Russia
would take extra precautions to protect its troops in Syria, saying these will be "the steps
that everyone will notice."
Now there is much consternation
in Israel that the IDF will soon find its freedom to conduct operations against targets in
Syria greatly impaired. That's because Russia, having just suffered a 'friendly-fire' incident
from its own antiquated S-200 system, may now be more open to the idea of providing Syria with
the more advanced S-300 air-defense system.
Earlier this year, Putin and Israeli Prime Minister Benjamin Netanyahu reached an agreement
that prevented those advanced defensive weapons from being employed in the Syrian theater. That
deal is now in serious jeopardy. In addition to other defensive measures, Russia could
effectively create the conditions for a veritable no-fly zone across Western Syria in that it
would simply become too risky for foreign aircraft to venture into the zone.
The entire situation, which certainly did not go off as planned, has forced Israel into
damage control as they attempt to prevent their Russian counterparts from effectively shutting
down Syria's western border.
On Thursday, Israeli Major-General Amikam Norkin and Brigadier General Erez Maisel, as well
as officers of the Intelligence and Operations directorates of the Israeli air force will pay
an official visit to Moscow where they are expected to repeat their concerns of "continuous
Iranian attempts to transfer strategic weapons to the Hezbollah terror organization and to
establish an Iranian military presence in Syria."
Moscow will certainly be asking their Israeli partners if it is justifiable to subject
Russian servicemen to unacceptable levels of danger, up to and including death, in order to
defend Israeli interests. It remains to be seen if the two sides can find, through the fog of
war, an honest method for bringing an end to the Syria conflict, which would go far at
relieving Israel's concerns of Iranian influence in the region.
CoCosAB , 1 minute ago
The TERRORISTS keep doing the same **** all the time... And ***** PUTIN keeps cool!
Fecund Stench , 2 minutes ago
'There will, however, be some form of no-fly zone and as Vladimir Putin stated Russia will
take "the steps that everyone will notice."'
Failure to notice bespeaks complicity in the Ziomedia.
toady , 12 minutes ago
"...if it is justifiable to subject Russian servicemen to unacceptable levels of danger,
up to and including death, in order to defend Israeli interests."
Surely a few dozen Russians isn't comparable to all the Jews that died in the
holocaust.
Just as all the Jews that died in the holocaust aren't comparable to all the the Russians
that died in wwII.
isn't religion and the victim mentality a fun game to play?
JoeTurner , 13 minutes ago
Israel must have its lebensraum.....
bh2 , 45 minutes ago
Putin is not going to initiate WWIII over Syria or any military action within it. The
outcome in Syria affects Russian national interests. But unlike Crimea, it does not affect
any of Russia's vital national interests.
rejected , 35 minutes ago
If Syria was to shoot down one (1) American jet with one (1) pilot the US would respond
like it was Pearl Harbor and Syria for sure isn't vital to America's national interests
unless one considers results like Libya a national interest.
rejected , 1 hour ago
I seriously doubt Putin will allow the S-300 to Syria. Like the US, Russia is controlled
by the 5th column Jews inside Russia itself except the control is not as complete as in the
US. The Russian plane is Russia's USS Liberty.... and it is possible, and IMO that it was
France that shot down the plane. The fact that they fired missiles at the same time and that
has disappeared down the memory hole is very suspicious.
The West is out of control They talk International law but consider them selves above it.
Israel, France, UK, US have no 'right' to attack Syria. They have no right to be within
Syrian borders. They are now all allied with the terrorists and provide them with weapons.
Israel actually provides for their wounds at Israeli hospitals.
By the old definition of terrorist, it is the West that fits the description.
As for Mr. Putin,,, He has done what was unthinkable a short time ago. He has allowed the
murder of Russians. Not once,,, not twice,,, but now three times with only a whimper. He
actually defended the aggressors this time. This will only serve to make them double down. If
any more Russians are murdered it will be he who is guilty by lack of action. Even Somalia
fought back when the US tried an attack.
The author here defends Putin as acting with a cool head as the author, like so many
cowards thee days, dismisses those fifteen lives. He will also be responsible when the next
batch of Russians are sacrificed for world peace as the Western marauders, the US especially,
murders their way to world domination like Germany's Hitler and France's Napoleon.
It was Russia that saved the world from those two dictators and is why Russia stands proud
today. It is Russia's history to savagely defend Russians and Russia. Today with thousands of
Russians killed by Ukrainian Nazis supported and armed by the West (MAGA) and now Russians
killed in Syria by the West with little to no response from Russia other than "Its against
international law" and authors like this that nonchalantly discard Russian lives as necessary
for world peace.
Mr. Putin just needs to hand over the keys to Russia,,, for world peace of course.
"... Popularity of National Socialism in capitalist country like Germany was exactly due to that process of corruption of working class who embassy stoped to question system as long as provided them with goods. ..."
"... Henceforth, most goods manufactured for US consumption were to be produced abroad, from Mexico to China. Once US based multinationals started down this road, European and even Japanese ones followed. This did not mean an increase in productive forces but a substitution of one labour force for another. ..."
"... Thus the rise of Chinese industry was as much a part of this process as the deindustrialisation of formerly prosperous parts of the US and the UK. This has nothing to do with the evolution of our species and everything to do with the evolution of capitalism. This is what I mean by globalisation. ..."
"... It has not eradicated national borders but is a major factor in the recent development of far right nationalism in Europe. It is a strong contributor to the restructuring of western economies so that only a minority of British workers have full time permanent jobs. It is also used as leverage to drive down wages in western economies. ..."
"... I do not believe what I mean by globalisation is progressive at all. It has been pushed by the most reactionary political forces in western societies as an integral part of what the WSWS calls a social counter revolution. As the WSWS again points out it makes the preservation of national welfare states or a decent standard of living for working class people impossible. I am not calling for this to be reversed under capitalism. ..."
"... "...globalised production is the exploitation of lower wage rates in developing countries." ..."
"... As if domestic production were not the same thing. The author is essentially arguing for "lesser evil" exploitation in the interests of society as a whole. Reformists always do. ..."
"... "The crisis also exposed in full glare another of the central myths of the capitalist order -- that the state is somehow a neutral or independent organisation committed to regulating social and economic affairs in the interests of society as a whole." - Ten years since the collapse of Lehman Brothers ..."
"... "Keynes was a reformist and capable of formulating policies which, if followed, would make capitalism more amenable to the interests of the majority of people." ..."
"... The most important theoretical source of his thinking is his own work "The General Theory of Employment, Money and Interest" which is available to read or download free online. ..."
"... The US wants to reinforce it's declining global hegemonic position at any cost. Now they started with economic war against countries they see as not cooperating to their demands, but under current conditions this could easily transform into Global war at some point in future. ..."
In the aftermath of the global financial crisis ten years ago, the leaders of the world's
major powers pledged that never again would they go down the road of protectionism which had
such disastrous consequences in the 1930s -- deepening the Great Depression and contributing
to the outbreak of world war in 1939.
Yesterday US President Donald Trump announced tariffs on $200 billion worth of Chinese
goods in what the Washington Post described as "one of the most severe economic
restrictions ever imposed by a US president."
A levy of 10 percent will be imposed starting from September 24 and will be escalated to
25 percent in 2019 if the US does not receive what it considers to be a satisfactory
agreement. The new tariffs, which will cover more than 1,000 goods, come on top of the 25
percent tariff already imposed on $50 billion worth of industrial products. Trump has
threatened further measures on the remaining Chinese exports to the US totalling more than
$250 billion.
China has threatened retaliatory action including tariffs and other, as yet unspecified
measures, against the US, meaning that the world's number one and number two economies are
locked into a rapidly escalating trade war that will have global consequences.
Announcing the decision, Trump called on China to take "swift action" to end what he
called its "unfair trade practices" and expressed the hope that the trade conflict would be
resolved.
But there is little prospect of such an outcome because, while the US is demanding that
the trade deficit with China be reduced, the conflict does not merely centre on that issue.
China has made offers to increase its imports from the US, all of which have been rejected.
The key US demand is that the Chinese government completely abandon its program of economic
development and remain subservient to the US in high-tech economic sectors.
As the position paper issued by Washington in May put it: "China will cease providing
market-distorting subsidies and other types of government support that can contribute to the
creation or maintenance of excess capacity in industries targeted by the Made in China 2025
industrial plan."
In other words, China must completely scrap the foundational structures of its economy so
that it presents no threat to the economic dominance of US capitalism, a dominance which the
US intends to maintain, if it considers necessary, by military means. This was made clear
earlier this year when Washington designated China as a "strategic competitor," that is, a
potential military enemy. This is the inherent, objective, logic of the latest trade war
measures.
Their full significance can only be grasped when viewed with the framework of the
historical development of the global capitalist economy.
After the disastrous decade of the 1930s, and as the world plunged into war, leading
figures within the Roosevelt administration recognised that this situation was due in no
small measure to the division of the world into rival trade and economic blocs which tariff
and other trade restrictions had played a major role in creating.
Post-war planning centred on trying to overcome this contradiction between the global
economy and its division into rival great powers and blocs through the development of a
mechanism that ensured the expansion of world trade. This was the basis of the series of
measures set in place in the immediate aftermath of the war: the Bretton Woods monetary
system which tied major currencies to the dollar in fixed exchange rates, the General
Agreement on Tariffs and Trade that sought to bring down tariff barriers and the
establishment of the International Monetary Fund and the World Bank to ensure international
economic collaboration.
These measures, however, did not overcome the inherent contradictions of capitalism, above
all between the global economy and the nation-state system. Rather, they sought to contain
and mitigate them within a system based on the overwhelming economic dominance of the US.
But the growth of the world capitalist economy and the strengthening of the other major
powers undermined the very foundations on which they were based -- the absolute dominance of
the US. Within the space of a generation, the weakening of the US position was revealed in
August 1971 when it scrapped the Bretton Woods monetary system declaring that the dollar
would no longer be redeemable for gold.
The period since then has seen the ongoing weakening of the position of the US, which was
graphically revealed in the financial meltdown ten years ago when the US financial system was
shown to be a house of cards based on rampant speculation and outright criminal activity.
This situation has continued in the subsequent decade, threatening, another, even more
disastrous, financial crisis.
The US is now not only confronted with the economic power of its European rivals but a
major new one in the form of China. It is striving to reverse this situation. As Leon Trotsky
explained some eighty years ago, the hegemony of the US would assert itself most powerfully
not in conditions of boom but above all in a crisis when it would use every means -- economic
and military -- against all rivals to maintain its position.
The trade war measures against China are only one expression of this process. The US has
already carried out protectionist measures against Europe and Japan through the imposition of
tariffs on steel and aluminium and has threatened tariffs on cars and auto parts, which will
be invoked unless they join its push on China.
And as the China tariffs are imposed, top officials of the European Union are meeting to
discuss how they might overcome the financial sanctions the US will impose against European
companies if they maintain economic ties with Iran after November 4 following the unilateral
abrogation of the Iran nuclear deal.
The deal was not overturned because Iran had breached the agreement -- international
agencies found that it had fully complied. Rather, the United States unilaterally abrogated
the treaty in order to strengthen the strategic position of the US in the Middle East by
countering the influence of Iran, and because European corporations stood to benefit from the
opening up of new economic opportunities in that country at the expense of their US
rivals.
Now the State Department has warned that European companies are "on the railroad tracks"
if they defy US sanctions and firms that deal with the "enemy" will be barred from access to
the US financial system.
Writing in the 1930s, Leon Trotsky explained that the interdependence of every country in
the global economy meant that the program of economic nationalism, of the kind now being
practised by the Trump administration, was a reactionary "utopia" insofar as it set itself
the task of harmonious national economic development on the basis of private property.
"But it is a menacing reality insofar as it is a question of concentrating all the
economic forces of the nation for the preparation of a new war," he wrote five years before
the outbreak of World War II.
This "menacing reality" is now once again expressed in the fact that the trade war
measures against China, as well as those against Europe and Japan, have all been invoked on
"national security" grounds. Just as the US prepares for war, so too do all the other major
powers. This drive does not arise from the heads of the capitalist politicians -- their
actions are only the translation into politics of the objective logic and irresolvable
contradictions of the capitalist system over which they preside.
But there is another more powerful logic at work. The very development of globalised
production, which has raised the contradiction of the outmoded nation-state system with its
rival great powers to a new peak of intensity, has laid the foundations for a planned world
socialist economy. And it has created in the international working class, unified at an
unprecedented level, the social force to carry it out.
The latest Trump trade war measures underscore the urgency for the political and
theoretical arming of the working class with the program of world socialist revolution,
fought for by the International Committee of the Fourth International, if civilisation is to
go forward and the plunge into barbarism averted.
Beams excellent piece included:
"As the position paper issued by Washington in May put it: "China will
cease providing market-distorting subsidies and other types of government support that can
contribute to the creation or maintenance of excess capacity in industries targeted by the
Made in China 2025 industrial plan."
This issue of "government support" in China is reflected in the U.S. but in a different
way. Nashville and Tennessee governments alone have given hundreds of millions of dollars
in "tax incentives," payment for worker training and outright "grants" to corporations in
"government support."
Hospital Corporation of America (HCA) got millions for, of all things, furniture for new
offices which included thousands of dollars for a guitar-shaped table.
Gaylord's Opryland Resort got almost $14 million from the city to build a $90 million hotel
Waterpark that would only be open to hotel guests!
The state and its capitol are prepared to give Amazon more than $1.5 billion to have the
corporation move is second U.S. headquarters here.
Like the Chinese government and oligarchs, neither state nor city will reveal the details
or total amount.
As the WSWS has so correctly observed before, "the hypocrisy is breathtaking."
I should say I do not agree that globalised production is a beneficial or positive economic
development. I accept that as a by product there is a positive political result namely the
creation and expansion of the international working class. But the only reason for
globalised production is the exploitation of lower wage rates in developing countries. If
the cost of labour, taking into account currency exchange rates as well as wage levels,
were the same in every country and region, there would be no advantage in producing most
commodities in Asia for sale in North America or Europe (or vice versa). Also, I do not
accept that free trade is in everyone's interest. The only argument ever advanced in it's
favour by economists, the comparative advantage argument, is spurious. Even its
originators, Adam Smith and David Ricardo, accepted that the benefits would only apply if
capital was immobile across national boundaries, which hardly applies today. The US
economy's industrial growth, though the result of several factors, was only possible
because the US rejected free trade in favour of protective tariffs which protected its
infant industries from foreign competition. What is the central fallacy in the comparative
advantage argument is that the prosperity of the majority of a country's citizens under
capitalism depends on a strong, capital intensive, manufacturing sector, but which also
requires a large labour input. Only those jobs can pay a sufficiently high wage to workers.
Their spending power also invigorates the whole economy.
Thy major point about this issue global or local is often completely missed namely that
this dispute have nothing to do with Workers Socialist Revolution but to perhaps see ways
how to save capitalism in a way of sharing more wealth with working class, how to suppress
class struggle with Bread and Games or War, an old Roman method of divide and conquer.
Hence, capital controls, tarrifs , barriers, subsidies are instruments of having any
possibility of real social policies in capitalism system making it more livable and longer
lasting than in case of intensified pressure on working class and class struggle of
globalism versus nationalism.
Popularity of National Socialism in capitalist country like Germany was exactly due
to that process of corruption of working class who embassy stoped to question system as
long as provided them with goods.
Little did they know, that they were in 1930 confronted with no permanent political
solution to their class issues via improvement of standard of living and importance of
their labor on the propaganda spectrum,but with dead end politics of submission to one
political sellouts or another since their forced unity was just subordinated to capitalist
imperative of ufettered economic and military growth via extreme exploitation.
And that is what's wrong with nationalism namely it is shutting down paths of class
struggle toward class liberation, as it neuters this struggle.
There is a difference between the growth of global productive capacity and globalisation.
Prior to the latter process, manufacturing capacity was increased including by western
investment in developing countries, especially in Latin America. But production in those
countries was for local regional and national markets.
The US accepted competition from the German economy as a price to be paid for avoiding
the postwar threat of socialism. But the Japanese export driven model of growth was
eventually unacceptable. The US demanded the Japanese destroy this model by raising their
own currency to a level which made their exports much less competitive. The Japanese rich
were given financial opportunities in the US as compensation.
However, when the South Koreans and other nations copied the Japanese model, the US
government and US multinationals radically changed their economic policy. A conscious
choice was made by the Reagon administration to export manufacturing jobs en masse to
developing countries as well as attacking the incomes of US workers who had jobs.
Henceforth, most goods manufactured for US consumption were to be produced abroad,
from Mexico to China. Once US based multinationals started down this road, European and
even Japanese ones followed. This did not mean an increase in productive forces but a
substitution of one labour force for another.
Thus the rise of Chinese industry was as much a part of this process as the
deindustrialisation of formerly prosperous parts of the US and the UK. This has nothing to
do with the evolution of our species and everything to do with the evolution of capitalism.
This is what I mean by globalisation.
It has not eradicated national borders but is a major factor in the recent
development of far right nationalism in Europe. It is a strong contributor to the
restructuring of western economies so that only a minority of British workers have full
time permanent jobs. It is also used as leverage to drive down wages in western
economies.
Of course in recent years the Chinese and Indian economies have grown under these
policies so that there is now an increase of global capacity. Nor do I believe this process
has led to a genuinely more efficient system of production and distribution. To produce
products in one part of the world for distribution to another part half way around the
world is very inefficient, if the product could be made nearer to the point where it would
be used. It however becomes profitable if the labour used to produce it is much cheaper
than that available where the the object is to be sold.
I do not believe what I mean by globalisation is progressive at all. It has been
pushed by the most reactionary political forces in western societies as an integral part of
what the WSWS calls a social counter revolution. As the WSWS again points out it makes the
preservation of national welfare states or a decent standard of living for working class
people impossible. I am not calling for this to be reversed under capitalism.
That seems impossible. Only the overthrow of capitalism offers the possibility of
positive change. But under international socialism, globalised production chains will
finally be seen for what they are, an unnecessary and inefficient encumbrance on
humanity.
I think you are largely confusing globalisation with imperialism. I think you are also
misunderstanding the wsws position. The wsws does not call for xenophobic or nationalist
policies to close borders and keep workers imprisoned in their home countries to be used as
a captive labor force by the domestic bourgeoisie. The wsws calls for an internationalist
and proletarian socialist movement in conformity with that advocated by the workers
movement ever since the publication of the communist manifesto.
I really could not care less what you call it. I just want people to start treating each
other better. What makes those with sticky fingers think that they are so G.D. better than
everyone else that they can condemn whole segments to poverty and even death, all for the
sake of their bits of imaginary ego-boosts?
ALL of the "isms" in the world have never worked out a justification for greed and the
lust for power. No matter what the system, crooked people always try to exploit others, and
blamejustify it all on their "good genes". (edited)
Capitalism is no better or worse because it just doesn't matter what the system is, the
crooks will always cheat that system to get more than everyone else.
An interesting theory to describe what is essentially creation of a world customs union
based on the model that created Germany in 1871, the Zollverein. Spreading the customs
union (Zollverein) worldwide was the reason for the two world wars--instead of maintaining
a world federation politically and economically. The United Nations was designed to be a
federation, but under post-1945 changes in the USA and subsequent pressures on the UN and
its member states, it began developing into a union, not a federation. This was accompanied
with creation of a global Zollverein, tariff free borders and free trade.
The difference politically between a union and a federation is that in a federation the
member states award limited operating powers to a central coordinating body which does what
the members want; in a union the central body holds all the powers and tells the members
what to do.
The United Nations "holds all the powers and tells the members what to do" ? That's news to
me. As far as I can tell, the members do what they damn well please. The UN is more like a
fractured federation with a nearly impotent central body - the so-called "Security Council"
- which issues edicts but has no enforcement power. Same with the World Court.
The UN was designed by the victors of WWII to be "crippled", mere window-dressing as a
calming salve for the developing nations. From the start, it was meant to be largely
ineffective as the world's policeman and justice system .
All the nation states with any significant power are still more interested in preserving
as much their own power and hegemonic control as possible.
"...globalised production is the exploitation of lower wage rates in developing
countries."
As if domestic production were not the same thing. The author is essentially arguing
for "lesser evil" exploitation in the interests of society as a whole. Reformists always
do.
"The crisis also exposed in full glare another of the central myths of the
capitalist order -- that the state is somehow a neutral or independent organisation
committed to regulating social and economic affairs in the interests of society as a
whole." - Ten years since the collapse of Lehman Brothers
"However my fundamental advocacy of policy would be that of international socialism the
result of which would be the handing of power to the working class to be exercised
democratically ."
The "handing of power" from whom exactly?
As it is now, the minority holds the power. So it's reasonable to think you mean they
would hand the power over to the majority.
Which would be silly. But whether or not that was your meaning, "the handing of power to
the working class to be exercised democratically" besides being exactly backwards, is an
opportunist "understanding" of Marxism. It implies a perspective where the state does not
need to be destroyed.
"The crucial question for Marx was what was the social material force -- the class --
created by capitalist society itself, which would be the agency, the driving force, of this
transformation." - A promotion of the "life-style" politics of the pseudo-left
It's a version of the frequently and historically repeated goal of replacing one petty
bourgeoisie minority with another, betraying the material interests of the working class
and the revolution every time.
It seems like you might have just mentioned that phrase as an aside but it might
indicate the deeper problem.
Before you start analyzing which policies might be recommended (which seems to be mainly
what interests you) you have to understand the class nature of the problem. That doesn't
come down only to understanding that there are two classes in struggle in society
and then applying your everyday petty bourgeois thinking to it.
Have you read David North's Lenin, Trotsky and the Marxism of the October
Revolution ? It was written back in March yet it's still posted on the wsws main
page--for a reason.
It provides a concise explanation of some of the fundamental ideas and way of thinking
you have to understand if you want to have any kind of intelligent conversation
about socialism.
Nick Beams did not say that "globalised production chains employed represent a genuinely
beneficial development in some deep sense." He said that such an outcome is impossible
under capitalism and the system of competing nation-states.
The only "deep sense" is that he said it would be possible for globalization to
have a positive effect for humanity if the international working class were able to abolish
capitalism, the pursuit of private profit, warring nation-states, and institute
socialism.
Thank you comrade Nick Beams. US's century is 20th and a bygone one. You finely point out
on the basis of Trotskysm the mortal danger that humanity faces resulting from the
inter-imperialist rivalry that is escalating by the day.
Besides, the US's taking up of its rival China, the second biggest economy, in trade war
pose a military confrontation to which Russia could be attracted on to China side.
Also Russia has been taken up by American imperialism independently as a target. Brexit
hard or soft would also confound economic nationalism that is gathering momentum hugely. US
sanctions on Iran is bound to sharpen the conflict between European imperialists. Also
India appears to be in crisis on whether to abide by US dictats as per its Iranian economic
connection especially on oil purchase. US's increasing protectionism has already gone out
of control as per its implications to global polity and military activity. In view of this
critical situation the role of the working class, national and international, should
determine the future of humanity. Role of the revolutionary triumvirate, ICFI/SEP/IYSSE, is
of paramount importance. I appeal to national working classes to build SEP as your national
party of the socialist revolution. I appeal to youth and students to build your national
chapters of the IYSSE in schools, universities etc. as quickly as possible. World war is
haunting. Very existannce of the humanity on this palnet is uncertain, if we unitedly as
workers, youth and students fail to empower the party of the world revolution, ICFI.
Victory to international socialist revolution. Death to protectionism whose major advocate
is US capitalism/imperialism. Down with the psudo left and the trade unions.
Keynes, who designed the Bretton Woods system, also proposed an international banking
system and currency (called the Bancor). The purpose was to prevent the kind of unbalanced
world trade which now dominates the global economy. Under his proposed system, countries
with chronic trade surpluses would be penalised, thus preventing a situation like the
present with some nations being massive exporters and others massive importers. Instead,
all countries would hover around balanced trade where their imports equaled their exports
in value. The US government told Keynes to shut up about this plan or they would cancel
their promised postwar loans to the UK. The reason was that at the time the US planned to
be a net exporter. Incidentally, Keynes warned that if the system of managed currency
exchange rates were abandoned, the financial markets would become a "virtual senate" which
would have the power to dictate economic policies to nation states.
"Keynes, who designed the Bretton Woods system, also proposed an international banking
system and currency (called the Bancor). The purpose was to prevent the kind of
unbalanced world trade which now dominates the global economy."
Perpetually caught in a "lesser evil" loop of some variety or another from which the
reformist never escapes, applying the same failed (ruling class) logic over, and over and
over and over...
"But this solves nothing because, as Marx's analysis showed, the crises of capitalism
cannot be overcome by reforms to the monetary system because, while they necessarily
express themselves there, they were rooted in the very foundations of the capitalist
economy, in its DNA so to speak -- that is, in the social relations based on profit and the
market system." -Ten years after Lehman: New financial crises in the making
Keynes' suggestion would have "solved" or rather prevented one problem, but not every
problem of capitalism. Keynes was a reformist and capable of formulating policies which, if
followed, would make capitalism more amenable to the interests of the majority of people.
He was consciously trying to save capitalism from itself and said so. But you rightly
point out there is a major problem with this thinking, namely that it ignores the self
interest of governments and capitalists alike, who ignore such concepts of "enlightened"
self interest in favour of short term advantage.
Political reality intruded in Keynes' well-intentioned designs immediately as I've
mentioned and the whole Bretton Woods edifice was knocked down as soon as it proved
inconvenient for US interests.
Similarly, I strongly suspect Keynes would have disapproved of financial deregulation,
but the underlying development of US capitalism led to unstoppable political pressure for
its implementation.
"Keynes was a reformist and capable of formulating policies which, if followed, would
make capitalism more amenable to the interests of the majority of people."
For the life of me I can't figure why you'd praise a policy that more effectively
persuades or controls the masses to their own detriment and to the economic benefit of a
minority--other than to conclude that like Keynes and the rest of the petty bourgeoisie,
you're a reformist.
The most important theoretical source of his thinking is his own work "The General
Theory of Employment, Money and Interest" which is available to read or download free
online.
I only recently learned of his Bancor proposal in an article by George Monbiot
originally published in the Guardian. I read it on the Znet website, but I can't remember
when.
As for his quote about the financial markets becoming a virtual senate, I read that in
some article about finance but don't remember the source. Sorry I can't be more helpful.
There could be other books on his theories but he is somewhat unfashionable as mainstream
economics has mostly reverted to a more ideologically driven right wing position.
"In January, while Trump was requesting Congress to allocate funds for the US-Mexico border
wall, China sent delegates to Chile, inviting Latin American leaders to participate in the
Belt and Road Initiative. Months later, as Trump bullied US allies at the NATO summit,
China was wrapping up the "16+1 summit" in Bulgaria, where Chinese investment and
diplomatic relations were marketed to Central and Eastern European leaders. And most
recently, Chinese President Xi Jinping wrapped up his travels throughout Africa, where he
was visiting with heads of state and deepening China's relationships with the continent of
the future, while America picks a one-sided trade fight with Rwanda."
The US "makes war" while China makes business deals. Pick your poison--two capitalists
countries controlled by oligarchs which can only offer the working-class continued
exploitation.
An Excellent piece of article that explains clearly the trajectory that got us into
US-China trade war, and what this means for the Global Capitalist System going forward. If
we remember when trade war topic was first brought into picture Trump administration
officials were saying imposing tariffs on China and Europe were the only way to correct the
unfair trade balances. However, as the months progressed it quickly became known that US
officials were using unfair trade practices of China as a scapegoat to demand further
concessions from the Chinese authorities. These concessions include complete dismantlement
of Made in China 2025 program and put a hold to their Silk Road initiative. In other words,
Donald Trump and the entire American ruling circles see China as an existential long term
threat and they are using trade war as a weapon to contain China's rising political and
economical ambitions.
For now Trump is increasing the tariffs so as to force the Chinese leadership to
acquiesce to his conditions. Of course, I would expect in the coming days Chinese
authorities to rebuff this latest round of sanctions and that they would retaliate their
own tariffs.
On the other hand, the Trump administration has put Iran under severe sanctions, and
they also warned all big European Multinational corporations like Total and others to stop
doing business with Iran after November. So as we can see we are in a very precarious
Global situation right now due to rising contradictions between the needs of Global economy
and nation states.
The US wants to reinforce it's declining global hegemonic position at any cost. Now
they started with economic war against countries they see as not cooperating to their
demands, but under current conditions this could easily transform into Global war at some
point in future.
The international working classes are racists. They are misogynists. Xenophobic transphobes.
They do not think the way we want them to. Some of them actually still believe in God. And they are
white supremacists. Anti-Semites. Gun-toting, Confederate-flag-flying rednecks. Most of them
have never even heard of terms like "intersectionality," "TERF," and so on.
They do not respect the corporate media. They think that news sources like the Washington
Post, The New York Times, The Guardian, CNN, MSNBC, BBC, and so on, are basically propaganda
outlets for the global corporations and oligarchs who own them, and thus are essentially no
different from FOX, whose pundits they believe every word of.
Their minds are so twisted by racism and xenophobia that they can't understand how global
capitalism, the graduated phase-out of national sovereignty, the privatization of virtually
everything, the debt-enslavement of nearly everyone, and the replacement of their so-called
"cultures" with an ubiquitous, smiley-faced, gender-neutral, non-oppressive,
corporate-friendly, Disney simulation of culture are actually wonderfully progressive steps
forward on the road to a more peaceful, less offensive world.
Now this has been proved in numerous studies with all kinds of charts and graphs and so on.
And not only by the corporate statisticians, and the corporate media, and liberal think tanks.
Why, just this week, Mehdi Hasan, in an exasperated
jeremiad in the pages of The Intercept , that bastion of fearless, adversarial journalism
owned by billionaire Pierre Omidyar, proved, once again, that Donald Trump was elected because
PEOPLE ARE GODDAMN RACISTS!
Somewhere between the creation of the Magna Carta and now, leftists have forgotten why due
process matters; and in some cases, such as that of Judge Brett Kavanaugh, they choose to
outright ignore the judicial and civil rights put in place by the U.S. Constitution.
In this age of social media justice mobs, the accused are often convicted in the court of
public opinion long before any substantial evidence emerges to warrant an investigation or
trial. This is certainly true for Kavanaugh. His accuser, Christine
Blasey Ford , cannot recall the date of the alleged assault and has no supporting
witnesses, yet law professors are ready to ruin his entire life and career. Not because they
genuinely believe he's guilty, but because he's a pro-life Trump nominee for the Supreme
Court.
It goes without saying: to "sink Kavanaugh even if" Ford's allegation is untrue is
unethical, unconstitutional, and undemocratic. He has a right to due process, and before
liberals sharpen their pitchforks any further they would do well to remember what happened to
Brian Banks.
In the summer of 2002, Banks was a highly recruited 16-year-old linebacker at Polytechnic
High School in California with plans to play football on a full scholarship to the University
of Southern California. However, those plans were destroyed when Banks's classmate, Wanetta
Gibson, claimed that Banks had dragged her into a stairway at their high school and raped
her.
Gibson's claim was false, but it was Banks's word against hers. Banks had two options: go to
trial and risk spending 41 years-to-life in prison, or take a plea deal that included five
years in prison, five years probation, and registering as a sex offender. Banks accepted the
plea deal under the counsel of his lawyer, who
told him that he stood no chance at trial because the all-white jury would "automatically
assume" he was guilty because he was a "big, black teenager."
Gibson and her mother subsequently sued the Long Beach Unified School District and won a
$1.5 million settlement. It wasn't until nearly a decade later, long after Banks's promising
football career had already been tanked, that Gibson admitted she'd fabricated the entire
story.
Following Gibson's confession, Banks was exonerated with the help of the California
Innocence Project . Hopeful to get his life back on track, he played for Las Vegas
Locomotives of the now-defunct United Football League in 2012, and signed with the Atlanta
Falcons in 2013. But while Banks finally received justice, he will never get back the years or
the prospective pro football career that Gibson selfishly stole from him.
Banks's story is timely, and it serves as a powerful warning to anyone too eager to condemn
those accused of sexual assault. In fact, a film about Banks's ordeal, Brian Banks , is set to
premiere at the Los Angeles Film Festival next week.
Perhaps all the #MeToo Hollywood elites and their liberal friends should attend the
screening - and keep Kavanaugh in their minds as they watch.
Reaper , 2 minutes ago
False charges were condemned by Moses 3200 years ago. We need his solution: the false
accusser suffers the penalty they desired on ther falsely accused.
- This is a repost of the recent Palisade
Weekly Letter –
Earlier this week –
news went by relatively unnoticed by the ' mainstream ' financial media (CNCB and such)
that Beijing's started selling their U.S. debt holdings.
Putting it another way – they're dumping U.S. bonds. . .
"China's ownership of U.S. bonds, bills and notes slipped to $1.17 trillion, the lowest
level since January and down from $1.18 trillion in June."
And although they're starting to sell U.S. bonds – expect it to be at a slow and
steady pace. They don't want to risk hurting themselves over this.
I believe China may be selling just enough to get the attention of Trump and the Treasury. A
soft warning for them not to take things too far with tariffs and trade.
Yet already just as news hit the wire that China was selling bonds a few days ago –
U.S. yields spiked above 3%. . .
Don't forget that China's the U.S.'s largest foreign creditor. And this is an asset for
them.
And although them selling is worrisome – the real problems started months ago. . .
Over the last few months, my macro research and articles are all finally coming together.
This thesis we had is finally taking shape in the real world.
I wrote in a detailed piece a few months back that foreigners just aren't lending to the
U.S. as much anymore ( you can read that here ).
I called this the 'silent problem'. . .
Long story short: the U.S. is running huge deficits. They haven't been this big since the
Great Financial Recession of 08.
And it shouldn't come as a surprise to many.
Because of Trump's tax cuts, there's less government revenue coming in. And that means the
increased military spending and other Federal spending has to be paid for on someone else's
tab.
The U.S. does 'bond auctions' all the time where banks and foreigners buy U.S. debt –
giving the Treasury cash to spend now.
But like I highlighted in the 'silent problem' article (seriously, read it if you haven't)
– foreigners are buying less U.S. debt recently. . .
This is a serious problem because if the Treasury wants to spend more while collecting less
taxes, they need to borrow heavily.
This trend's continued since 2016 and it's getting worse. And with the mounting liabilities
(like pensions and social security and medicare), they'll need to borrow trillions more in the
coming years.
So, in summary – the U.S. has less interested foreign creditors at a time when they need
them more than ever.
But wait, it gets worse. . .
The Federal Reserve's currently tightening – they're raising rates and selling bonds
via Quantitative Tightening (QT – fancy word for sucking money out of system).
This is the second big problem – and I wrote about in 'Anatomy of a Crisis' (
read here ). And
even earlier than that
here .
So, while the Fed does this tightening, they're creating a global dollar shortage. . .
As I wrote. . . "This is going to cause an evaporation of dollar liquidity – making
the markets extremely fragile. Putting it simply – the soaring U.S. deficit requires an
even greater amount dollars from foreigners to fund the U.S. Treasury . But if the Fed is
shrinking their balance sheet , that means the bonds they're selling to banks are sucking
dollars out of the economy (the reverse of Quantitative Easing which was injecting dollars into
the economy). This is creating a shortage of U.S. dollars – the world's reserve currency
– therefore affecting
every global economy."
The Fed's tightening is sucking money – the U.S. dollar – out of the global
economy and banks. And they're doing this at a time when Foreigners need even more liquidity so
that they can buy U.S. debt.
How is the Treasury supposed to get funding if there's less dollars out there available? And
how can they entice investors if Foreigners don't have enough liquidity to fund U.S. debt?
These Emerging Markets must use their dollar reserves to prop up their own currencies and
economies today. They can't be worrying about funding U.S. pensions and other bloated spending
when their economies are crumbling.
These two themes I've written about extensively – the decline of foreign investors and
the Fed's tightening – have gotten us to this point today.
And the U.S. is extremely fragile because of both problems. . .
Here's the worst part – China probably knows this . That's why they're selling just
enough U.S. bonds to spook markets.
But if the trade war and soon-to-be a currency war continues, no doubt China will sell more
of their debt – sending yields soaring.
I just got done last week detailing how U.S. debt servicing costs (interest payments) are
already becoming very unsustainable ( click here if you missed it
).
At this point they're literally borrowing money just to pay back old debts – that's
known as a 'ponzi scheme'.
This is why I believe the Fed will eventually cut rates back to 0% – and then into
negative territory. And instead of sucking money out of the economy via QT, they're going to
start printing trillions more.
How else will the Treasury be able to get the funding they need?
I'll continue to keep you up to date with what's going on and how it all fits together.
But I think the two big problems I wrote about above are now converging into a new massive
problem. And I don't see any way out of it unless the Fed monetizes the U.S. Treasury and
outstanding debts. And that will cause massive moves in the markets.
I'm sure Trump will eventually
tweet , "Oh Yeah? Foreigners don't want to buy the U.S. debt? Blasphemy! Who needs you all
when we have a printing press!"
Or something like that. . .
TimeTraveller , 1 hour ago
I'm really starting to get sick of these crap reports from Palisade Research. Again they
are totally wrong on so many levels.
1. China is selling Treasuries, because they are pre-empting a debt crisis in their own
country and need Dollar financing for their overleveraged companies and their banking sector.
Also, China is lending money to every 3rd world country that needs infrustructure for it's
Belt and Road Initiative. Building ports, bridges and railways across Asia and Africa, costs
money.
2. Selling Treasuries will weaken the Dollar, so making the RMB stronger. China does NOT
want the RMB stronger because it erodes their exporters margins and competetiveness. Why
would they want to hurt themselves just to punish their biggest customer?
To even suggest China is "using the Nuclear option" of dumping Treasuries just shows your
total ignorance of the real world.
Palisade are clueless
ConanTheContrarian1 , 1 hour ago
OTOH, the crisis in Emerging Markets and the effect of capital flight on China are just
two of the MANY things not mentioned in this article. There has been tension building into
financial warfare between China and the US ever since they pegged the yuan low to the dollar
in 1987. The US is doing things under the table to China, China to the US, and they're both
quite capable of paying Adam Tumerkan (and others) to write hit pieces against the other
side. Think deeply before choosing a side.
Journalist Sara Carter told Sean Hannity during his Wednesday radio show that the FBI has
two sets of records in the Russia investigation, and that "certain people above Peter Strzok
and above Lisa Page" were aware of it - implicating former FBI Director James Comey and his #2,
Andrew McCabe.
Hannity : Sara, I'm hearing it gets worse than this–that there is potentially out
there–if you will, two sets of record among the upper echelon of the FBI–one that
was real one that was made for appearances . Is there any truth to this?
Carter : Absolutely, Sean . With the number of sources that I have been speaking with as
well as some others that there is evidence indicating that the FBI had separate sets of
books.
I will not name names until all of the evidence is out there, but there were certain
people above Peter Strzok and above Lisa Page that were aware of this . I also believe that
there are people within the FBI that have actually turned on their former employers and are
possibly even testifying and reporting what happened inside the FBI to both the Inspector
General and possibly even a Grand Jury.
""The two most aggressive central bank players in the equity markets are the Swiss
National Bank and the Bank of Japan. The goal of the Bank of Japan, which now owns 75% of
Japanese exchange-traded funds, is evidently to stimulate growth and defy longstanding
expectations of deflation. But the Swiss National Bank is acting more like a hedge fund,
snatching up individual stocks because "that is where the money is." About 20% of the SNB's
reserves are in equities, and more than half of that is in US equities.""
""Abolishing the central banks is one possibility, but if they were recaptured as public
utilities, they could serve some useful purposes. A central bank dedicated to the service of
the public could act as an unlimited source of liquidity for a system of public banks,
eliminating bank runs since the central bank cannot go bankrupt. It could also fix the
looming problem of an unrepayable federal debt, and it could generate "quantitative easing
for the people," which could be used to fund infrastructure, low-interest loans to cities and
states, and other public services.""
------------------------
This Ellen Brown article was referenced in Michael Hudson's latest article
""Today's financial malaise for pension funds, state and local budgets and underemployment is
largely a result of the 2008 bailout, not the crash. What was saved was not only the banks
– or more to the point, as Sheila Bair pointed out, their bondholders – but the
financial overhead that continues to burden today's economy.
Also saved was the idea that the economy needs to keep the financial sector solvent by an
exponential growth of new debt – and, when that does not suffice, by government
purchase of stocks and bonds to support the balance sheets of the wealthiest layer of
society. The internal contradiction in this policy is that debt deflation has become so
overbearing and dysfunctional that it prevents the economy from growing and carrying its debt
burden.""
""The beneficiaries are the stockholders who are concentrated in the wealthiest
percentiles of the population. Governments are not underwriting homeownership or the solvency
of labor's pension plans, but are underwriting the value of collateral backing the savings of
the narrow financial class.""
The fog of war and geopolitics makes initial responses to the attack on Russian and Syrian
forces recently difficult to assess.
Russian President Vladimir Putin's response seemed timid and was at odds with statements
from his Defense Minister Sergei Shoigu and more recent statements from Russia's Foreign
Ministry.
Putin backed off on explicitly blaming Israel for the downing of the IL-20 ELINT aircraft
which killed 15 Russian servicemen, but made it clear he holds them responsible for the attack
as a whole.
It was obvious to me that this attack was designed as a provocation to start World War III
in Syria and blame the Russians for attacking a NATO member without proper cause , since the
Syrian air defense forces were the ones responsible for shooting down the plane.
Lying us into war is a time-honored American political tradition, whether we're talking Fort
Sumter, Pearl Harbor or the Gulf of Tonkin. All of these incidents were avoidable by Presidents
intent on getting into a conflict while simultaneously playing the victim card by getting the
other side to shoot first.
I'm sorry if that is a controversial statement but the historical record on them is very,
very clear.
From Strategic Culture:
The setup is pretty clear. Israel and France coordinated an attack on multiple targets
within Syria without US involvement but with absolute US knowledge of the operation to
provoke Russia into going off half-cocked by attacking the inconsequential French frigate
which assisted Israel's air attack.
That would constitute an attack on a NATO member state and require a response from NATO,
thereby getting the exact escalation needed to continue the war in Syria indefinitely and
touch off WWIII.
This neatly bypasses any objections to a wider conflict by President Trump who would have
to respond militarily to a Russian attack on a NATO ally. It also would reassert NATO's
necessity in the public dialogue, further marginalizing Trump's attacks on it and any
perceived drive of his for peace.
My hat is off to Joachin Flores for his analysis here. It is long and involved and worth
your time to read. I will summarize it here. His thesis? Putin is trying to save Russian/French
relations by not naming France as the culprit for the lost plane and the 15 men.
That Russia noted French missile launches but didn't say what or who they hit. And before
the Russians said anything about the attack the French denied they had any involvement in the
attack.
Instead, Russia went along with the story the U.S. et.al. prepared in advance, which doesn't
fit what facts we know about the situation, that Syrian Air Defenses shot down the IL-20 by
mistake.
Both the French denial and the U.S. statements about Syrian air defenses being the culprit
came before anything official came from the Russians.
This is a classic "preparing the narrative" technique used by the West all the time. Seize
the story, plant seeds of doubt and put your opponent into a rhetorical box they can't wiggle
out of with the truth.
MH-17, Skripal, Crimea, chemical weapons attacks in Ghouta, Douma etc. These operations are
scripted.
And Flores is exactly right that this script was going off as planned with one small
problem.
The Russians went along with it.
Russia, and Putin, did the one thing that makes this whole thing look like a frame job, it
accepted the narrative of Israeli malfeasance in the interest of stopping a wider conflict by
accusing and/or attacking a NATO member, France.
Flores makes the salient point that the S-200 friendly fire scenario is highly unlikely.
That, in fact, France shot down the plane, was prepared to accept blame (which it did by
preemptively denying it was involved) and destroy what was left of Russian/French
relations.
Now Russia can use the excuse of Israeli betrayal as justification for upgrading Syria's air
defenses. Citing the very thing that caused the tragic death of their soldiers, antiquated air
defense systems which didn't properly identify friend from foe.
It may be a lie, but since when did that matter in geopolitics?
And as I point out in my other article
This is Israel's worst nightmare. A situation where any aerial assault on targets within
Syria would be suicide missions, puncturing the myth of the Israeli air force's superiority
and shifting the delicate balance of power in Syria decidedly against them.
This is why Prime Minister Benjamin Netanyahu worked Putin so hard over the last two
years. But, this incident wipes that slate clean. This was a cynical betrayal of Putin's
trust and patience. And Israel will now pay the price for their miscalculation.
Giving Syria S-300's does not avenge the fifteen dead Russian soldiers. Putin will have to
respond to that in a more concrete way to appease the hardliners in his government and at
home. His patience and seeming passivity are being pushed to their limit politically. This
is, after all, a side benefit to all of this for the neoconservative and globalist hawks in
D.C., Europe and Tel Aviv.
But, the real loss here for Israel will be Russia instituting a no-fly zone over western
Syria. Any less response from Putin will be seized upon by and the situation will escalate
from here. So, Putin has to deploy S-300's here. And once that happens, the real solution to
Syria begins in earnest.
And it means that if the FUKUS alliance -- France, the U.K. and the U.S. -- want an invasion
of Syria they will have to do so openly without a casus belli. And this is something we have
avoided for five years now.
Because lying us into war is how we maintain the illusion of fighting wars of conquest under
the rubric of Christian Just War Theory which supports our national spirit of manifest
destiny.
Ok, what of the assets mixed in with the idlib bunch. The FUKUS has pretty valuable people
in that group and maybe some information the west dos not want made available to Russia. I
think Putin can get some of those people and use them.
There's some other things the US has over there that they don't want anyone to be able to
show on TV
africoman , 18 hours ago
With the downing of the IL-20 ELINT aircraft which killed 15 Russian servicemen, by the
aggressions of Israhell
1st violating sovereign Syrian territory,
2nd attacking Syrian forces in multiple fronts and
3rd deliberately shielding themselves in the nearby Russian aircraft informing Russia
just 1 min about their illegal engagement, causing to be hit by Syrian S-200
Putin's response seemed timid/weak and was at odds with strong statements from his
Defense Minister Sergei Shoigu who put the blame directly on Israhell condemning and more
recent statements from Russia's Foreign Ministry.
Putin backed off on explicitly blaming Israel, saying it was chain of reaction that
caused the situation etc instead of pining it to that parasite
Yes, i observed the tondown by Putin, maybe we don't know the big boys like Putin knew
what is at stake than 15 Russian service men,RIP
It seems to me Putin/Russia is in the game for greater good than such provocation by the
middle finger and are paying dearly.
Russia didn't stick her nake for nothing as i said above,geopolitics and long term
national interest etc
The attack by Israhell came just after the "Idlib liberation deconfliction zone" deal
reached with Russia/Putin & Turkey/Erdogan after many hours of talk
That was something, not seen/wanted by the enemy of Syria.
So it was expected, provokation?
Maybe Putin's answer/response not verbally, it would gonna come practically, by ratcheting
up the defensive shield of Russian position and eventually upgrading Syrian air defense, as
both are now targeted if they pursue liberating Idlib from the filthy jihadist infestations,
including Iran.
The USA/UK warned Russia/Syria/Iran if they dare touch their 'rebel boys' then we will
respond UNSC dramatic talk on which what i found it interesting was that
the Syrian ambassador to UN,Dr.Bashar Jaafari exposed their hypocrisy asking the absurdity
that if they will let say 15,000 'rebels' aka terrorist in manchester city doing terrorism
and they will let Russia wanted to do same.
So i see toning down of Vlad is good in avoiding another provocation by Israhell/USA
One can see, Israhell blamed Syria right, then if Syria increased her ability of defense
then that will be seen as danger/aggression by Israhell
that is the statu quo there, criminals
OverTheHedge , 20 hours ago
There is another interpretation, over at MoonOfAlabama, which seems to be more sensible
than the doom-laden war-mongering rhetoric in this article.
1. Israel and Russia have a deconfliction agreement, so Russia would have notified Israel
about its IL-20 flight plans.
2. Israel would have agreed not to have fighter aircraft in that area, as part of the
agreement.
3. Israeli fighter planes used the IL-20 to mask their run in, which is a breach of the
agreement, and just rude, frankly. Israel appears to believe that agreements don't apply.
4. The Syrian air defence saw the Israeli planes, targeted and locked on. Panic in the
cockpit.
5. The Israeli pilot(s) used the bulk of the IL-20 to mask their radar reflection, and the
S-200 missile, being old and dim, went for the biggest radar cross-section. In other words,
the Israeli pilot saved his life by sacrificing the russian plane. Note that the missile
itself doesn't do IFF, and can't be recalled or retargeted once it is in the air. It has a
brain that an Atari 200 would be embarrassed by.
Whether this was in the plan, or just a brown trouser moment, is another question. If
there happened to be a civilian airliner in the vacinity, would the Israeli pilot have done
the same?
So, Israel is at fault for ignoring the agreement with Russia, and attacking despite
russian presence in a restricted area. It all went wrong. Lots of Israeli damage control with
Russia - offers to send the Israeli air force commander to Moscow to grovel in person, etc.
You can conspiracy theory as much as you like, and the French missile is not included in the
above, but I like ****-up over conspiracy, and idiot commanders not considering the
consequences more likely than vast overarching 200 move secret plans to rule the universe by
Thursday.
NB - the above is not my work, just in case you thought I was clever (unlikely, I
know).
rita , 21 hours ago
Putin as usual is brilliant, unlike the others who are continually trigger happy trying
desperately to inflate the situation in Syria!
RG_Canuck , 21 hours ago
Agreed, but I would like to see Putin grab that little frog by the te$ticle$ until he gets
on the ground and begs for mercy.
Posa , 22 hours ago
I totally agree with this interpretation. The tide is running with Russia-friendly
right-wing European parties who eventually will depose the Macron- Merkel axis, thanks to the
Social Dems accepting a flood of refugees from Bush-Clinton-Obama Regime Change War Crimes.
The writing is on the wall and Putin does not want to disrupt the inevitable flow of events
by being suckered into firing the first shots.
Loss of personnel and aircraft is accepted as war-time casualties... BUT I also agree that
retaliation will be more subtle, coming in the form of upgrades to defense of Syrian air
space defense. Of course, if Putin really wants to stick it to France- Israel he can also
complete the deal with Iran to sell the S series upgrades to Iran.
BrownCoat , 22 hours ago
Some of the interpretation is accurate. Some is Russian spin. The part I liked best
was:
"whether we're talking Fort Sumter, Pearl Harbor or the Gulf of Tonkin."
Darn right accurate! I would have added WMD's in Iraq to the list.
indus creed , 12 hours ago
According to Joel Skousen, Russia and China are not yet militarily ready to take on West.
Then again, Skousen used to be a CIA asset. Whom to believe these days?
Joiningupthedots , 23 hours ago
It changes nothing.
Russia, Syria, Iran and Hezbollah won the war.
The West is desperately trying to turn Syria into another Libya and is desperately
failing.
ZeroLounger , 23 hours ago
A video on one of the links describes large quantities of captagon were seized, along with
motorcycles and weapons, near Palmyra.
So a war fueled by meth, basically.
thisandthat , 11 hours ago
Always was, at least since ww2
Is-Be , 23 hours ago
Because lying us into war is how we maintain the illusion of fighting wars of conquest
under the rubric of Christian Just War Theory which supports our national spirit of
manifest destiny
I'm getting the distinct impression that monotheism is a very bad idea.
A curse upon Charlemagne the Butcher and Oathbreaker!
Captain Nemo de Erehwon , 1 day ago
The fog of war and geopolitics makes initial responses to the attack on Russian and Syrian
forces recently difficult to assess.
That would have been excellent one-line article. But no. We have to expand on it.
Yellow_Snow , 12 hours ago
Just heard that Russia is indeed setting up a 'No Fly Zone' and will be doing Naval
training/testing in zones around Syria... between 0 and 19000 altitude
IsaHell has attacked Syria by air 200 times while the world has stood by...
S-400 needs to get deployed - now is the time - what's the point of having these SAM's and
never using them...
Needs to stop
DEMIZEN , 1 day ago
the Russian heads will stay cool. militarily, it is too early to move in and go full
****** with air defences the Jews are too close and will study their gear and structure.
Russian voter is beginning to rise eyebrows i assume, and Putins reputation is taking a
hit. i bet there will some tough Putin videos following this mess to restore his image in
public. Russian public wants Jewish blood, but i cant see a good immediate response.Revenge
is best served cold.
this mess will be followed up with more gear and more training for SAA, you cant blame
Syrian Army for any of this, they sacrifice two dozens of soldiers on a good day. most of
Syria SAM crews were executed in the first months of the war.
ships will keep coming. SAA will keep growing, Russians will likely focus on Ukraine and
EU diplomacy now. Assad and Kurds need to sit down and look at the option. Opposition in
idlib will disarm or die.Guerillas w/o insignia will keep hitting SDF. US will leave AL Tanf.
Its going to be a slow winter.
BrownCoat , 22 hours ago
Putin's reputation is not taking a hit!
What did Israel achieve in this attack? No one is reporting. Maybe Israel wanted to hit
Iranian militia units that were concentrating for the attack on Idlib before the units were
redeployed. We don't know.
Israel did not claim any success, just an attack without the loss of any F-16s.
In the eyes of Russians, Putin stood up to the "evil empire" once again. The cost was 15
soldiers. Russian's mothers are very vocal about sons coming home in body bags. That causes
social unrest. Support for Putin does not waver however. The deaths are the price Russia pays
to protect the mother land.
The author is correct that Putin's restraint shows skill and courage. Putin's weakness was
assigning blame for the 15 soldiers. Assigning blame was probably the work of some
sycophantic underlings.
turkey george palmer , 15 hours ago
Ok, what of the assets mixed in with the idlib bunch. The FUKUS has pretty valuable people
in that group and maybe some information the west dos not want made available to Russia. I
think Putin can get some of those people and use them.
There's some other things the US has over there that they don't want anyone to be able to
show on TV
africoman , 18 hours ago
With the downing of the IL-20 ELINT aircraft which killed 15 Russian servicemen, by the
aggressions of Israhell
1st violating sovereign Syrian territory,
2nd attacking Syrian forces in multiple fronts and
3rd deliberately shielding themselves in the nearby Russian aircraft informing Russia
just 1 min about their illegal engagement, causing to be hit by Syrian S-200
Putin's response seemed timid/weak and was at odds with strong statements from his
Defense Minister Sergei Shoigu who put the blame directly on Israhell condemning and more
recent statements from Russia's Foreign Ministry.
Putin backed off on explicitly blaming Israel, saying it was chain of reaction that
caused the situation etc instead of pining it to that parasite
Yes, i observed the tondown by Putin, maybe we don't know the big boys like Putin knew
what is at stake than 15 Russian service men,RIP
It seems to me Putin/Russia is in the game for greater good than such provocation by the
middle finger and are paying dearly.
Russia didn't stick her nake for nothing as i said above,geopolitics and long term
national interest etc
The attack by Israhell came just after the "Idlib liberation deconfliction zone" deal
reached with Russia/Putin & Turkey/Erdogan after many hours of talk
That was something, not seen/wanted by the enemy of Syria.
So it was expected, provokation?
Maybe Putin's answer/response not verbally, it would gonna come practically, by ratcheting
up the defensive shield of Russian position and eventually upgrading Syrian air defense, as
both are now targeted if they pursue liberating Idlib from the filthy jihadist infestations,
including Iran.
The USA/UK warned Russia/Syria/Iran if they dare touch their 'rebel boyes' then we will
respond UNSC dramatic talk on which what i found it interesting was that
the Syrian ambassador to UN,Dr.Bashar Jaafari exposed their hypocrisy asking the absurdity
that if they will let say 15,000 'rebels' aka terrorist in manchester city doing terrorism
and they will let Russia wanted to do same.
So i see toning down of Vlad is good in avoiding another provocation by Israhell/USA
One can see, Israhell blamed Syria right, then if Syria increased her ability of defense
then that will be seen as danger/aggression by Israhell
that is the statu quo there, criminals
pluto the dog , 19 hours ago
To paraphrase Jean-Marie le Pen- Putin has described the Jewish takeover of Russia in 1917
and the slaughter of 62
million Christian Slavs that followed as "an incident of history" - and best
forgotten.
Putin is so deep in bed with Jewish oligarchs - and Bibi - it aint funny. LOL
Pleas note - the figure of 62 million dead is the most accurate yet. Was deduced by
researchers who had access to Kremlin archives for short period of time after the Soviet
Union imploded. So round that down to approx. 60 million and you will be safely in the ball
park.
Mustahattu , 20 hours ago
FUKUS alliance? More like FUCKUS alliance.
OverTheHedge , 20 hours ago
There is another interpretation, over at MoonOfAlabama, which seems to be more sensible
than the doom-laden war-mongering rhetoric in this article.
1. Israel and Russia have a deconfliction agreement, so Russia would have notified Israel
about its IL-20 flight plans.
2. Israel would have agreed not to have fighter aircraft in that area, as part of the
agreement.
3. Israeli fighter planes used the IL-20 to mask their run in, which is a breach of the
agreement, and just rude, frankly. Israel appears to believe that agreements don't apply.
4. The Syrian air defence saw the Israeli planes, targeted and locked on. Panic in the
cockpit.
5. The Israeli pilot(s) used the bulk of the IL-20 to mask their radar reflection, and the
S-200 missile, being old and dim, went for the biggest radar cross-section. In other words,
the Israeli pilot saved his life by sacrificing the russian plane. Note that the missile
itself doesn't do IFF, and can't be recalled or retargeted once it is in the air. It has a
brain that an Atari 200 would be embarrassed by.
Whether this was in the plan, or just a brown trouser moment, is another question. If
there happened to be a civilian airliner in the vacinity, would the Israeli pilot have done
the same?
So, Israel is at fault for ignoring the agreement with Russia, and attacking despite
russian presence in a restricted area. It all went wrong. Lots of Israeli damage control with
Russia - offers to send the Israeli air force commander to Moscow to grovel in person, etc.
You can conspiracy theory as much as you like, and the French missile is not included in the
above, but I like ****-up over conspiracy, and idiot commanders not considering the
consequences more likely than vast overarching 200 move secret plans to rule the universe by
Thursday.
NB - the above is not my work, just in case you thought I was clever (unlikely, I
know).
not-me---it-was-the-dog , 20 hours ago
" If there happened to be a civilian airliner in the vacinity, would the Israeli pilot
have done the same? "
only civilian airliners over syria......as far as i can tell, are from iran. so, answer
would be yes.
Southerly Buster , 18 hours ago
Have you not just described the 'official' story, a " chain of tragic
circumstances."
Nothing 'alternative' or 'clever' with the MoA's interpretation.
not-me---it-was-the-dog , 21 hours ago
no-fly zone over western syria? no.
no-fly zone over lebanon.
.........you read it here first.
rita , 21 hours ago
Putin as usual is brilliant, unlike the others who are continually trigger happy trying
desperately to inflate the situation in Syria!
RG_Canuck , 21 hours ago
Agreed, but I would like to see Putin grab that little frog by the te$ticle$ until he gets
on the ground and begs for mercy.
Posa , 22 hours ago
I totally agree with this interpretation. The tide is running with Russia-friendly
right-wing European parties who eventually will depose the Macron- Merkel axis, thanks to the
Social Dems accepting a flood of refugees from Bush-Clinton-Obama Regime Change War Crimes.
The writing is on the wall and Putin does not want to disrupt the inevitable flow of events
by being suckered into firing the first shots.
Loss of personnel and aircraft is accepted as war-time casualties... BUT I also agree that
retaliation will be more subtle, coming in the form of upgrades to defense of Syrian air
space defense. Of course, if Putin really wants to stick it to France- Israel he can also
complete the deal with Iran to sell the S series upgrades to Iran.
BrownCoat , 22 hours ago
Some of the interpretation is accurate. Some is Russian spin. The part I liked best
was:
"whether we're talking Fort Sumter, Pearl Harbor or the Gulf of Tonkin."
Darn right accurate! I would have added WMD's in Iraq to the list.
indus creed , 12 hours ago
According to Joel Skousen, Russia and China are not yet militarily ready to take on West.
Then again, Skousen used to be a CIA asset. Whom to believe these days?
Joiningupthedots , 23 hours ago
It changes nothing.
Russia, Syria, Iran and Hezbollah won the war.
The West is desperately trying to turn Syria into another Libya and is desperately
failing.
ZeroLounger , 23 hours ago
A video on one of the links describes large quantities of captagon were seized, along with
motorcycles and weapons, near Palmyra.
So a war fueled by meth, basically.
thisandthat , 11 hours ago
Always was, at least since ww2
Is-Be , 23 hours ago
Because lying us into war is how we maintain the illusion of fighting wars of conquest
under the rubric of Christian Just War Theory which supports our national spirit of
manifest destiny
I'm getting the distinct impression that monotheism is a very bad idea.
A curse upon Charlemagne the Butcher and Oathbreaker!
Baron Samedi , 23 hours ago
Had my champagne and a bottle of potassium iodide in my pocket ...
Like China, Putin is thinking the long game... not a quick score before the next
commercial timeout... and he's a chess player, so thinking ahead to the next set of moves is
the norm.... when this is lost, so is life.. think of Caesar as an example of those that
don't know when to say when... when to stop and smell the roses... when to consolidate
operations before the next set are begun.
What will the West do when their plans do go as planned? Sit around in the Med Sea for how
long? The Kurds will get played as the fools they are, same as always... this is the basic
script of all of our lives here in 'Purgatory'.. a school in self conscious awareness.. and
this is how we learn.... how many times does a lesson need to repeat before we learn? THink
of the example of Neo in that film 'The Matrix'.... "You've been done that street before
Neo..."
15 lives lost.... but no excuse yet given to start WW3 and lose many, many more... the
idiot puppets in the Western capitals get frustrated and lose their sanity.. as their OWO
puppet show is steered over the cliff by their own puppet masters in the SG... 'out with the
OWO, in with the NWO'... the best puppets are those that never even think they could be
one.... and so it goes.
pluto the dog , 23 hours ago
Putins in bed with Bibi just like Trump is. And Putins daughter is married to a *******
****. Does that sound familiar?
Yous are gonna be waitin a long time for WW3 to start
Blankone , 22 hours ago
What? Is Putin's daughter really married to a ***.
Holy ---, Just like all of Trump's kids who have married.
Damn
pluto the dog , 20 hours ago
Putins daughter now divorced from his buddy Nikolai Shamalovs son Kirill
no one in Russia is allowed to talk about this stuff
below link takes you to photo of Nikolai Shamalov. Please examine photo - looks very
ashkenazi to me LOL
The links of the stormfront article lay things out well.
I have the bad feeling again. I knew Putin's background was Russian mafia/corruption in
taking over from Yeltsin and that Putin was catering to the jews, but this was a
surprise.
Damn
Jung , 20 hours ago
She is married to a Dutchman and many were angry with them about MH17, so they left the
Netherlands. Don't worry about what he is, Putin knows his Grand Chessboard and has to avoid
problems with his fifth column in Russia (a group of Jewish people with a lot of clout.
One of these is not like the others.. , 23 hours ago
12$ a month!
Who do you think I am, Rothschild??
(I looked at the patreon link).
Is-Be , 23 hours ago
Here's a novel idea, France.
How about protecting France? It is, after all, called a Defence Force.
Or do tired eyes deceive me?
RG_Canuck , 21 hours ago
Defence Farce, more like it.
ZeroLounger , 23 hours ago
It appears that Armageddon is underway before our very eyes.
Buy stawks.
Is-Be , 23 hours ago
You have Armageddon, we have Ragnarok.
The difference is, we don't lust after Ragnarok.
Odin fears Ragnarok, for his doom is fortold.
Only Ask and Embla survive Ragnarok.
eyesofpelosi , 20 hours ago
Yes, the three (***/christian/islam) "*** cults" really WANT the end for all things.
Sickening, childish, and...evil. I'm a follower of Hela for the most part, yet I do not "rush
what is inevitable" either, lol.
terrific , 23 hours ago
The FUKUS alliance. Who thought that one up? It's hilarious.
FreeEarCandy , 23 hours ago
A false flag attack on any Christian historical site within Israel is all Israel needs to
do to drag the west into starting WW3. Historically, we know Israel has special place in
their heart for Christians.
besnook , 1 day ago
putin will respond in a way to get the most roi. he played this masterfully. concede on
issues when you have a lot to gain and nothing to lose.
tel aviv has a red dot on it's forehead now.
Captain Nemo de Erehwon , 1 day ago
The fog of war and geopolitics makes initial responses to the attack on Russian and Syrian
forces recently difficult to assess.
That would have been excellent one-line article. But no. We have to expand on it.
Yellow_Snow , 1 day ago
Russia should use Syria as a testing ground for the S-400 and the new S-500 systems... A
No fly Zone and 'hot' testing site
BrownCoat , 22 hours ago
It would be nice for the West, but...
1. Creating a No Fly Zone would force Russia to respond to any infraction. That reduces
Putin's options and diverts effort from Russia's objectives in Syria.
2. Installing S-400 or S-500 or S-999 would only show Israel and the US the capabilities
of these advanced weapon systems. According to the author, the S-300 is sufficient to keep
Israeli planes in check.
Yellow_Snow , 12 hours ago
Just heard that Russia is indeed setting up a 'No Fly Zone' and will be doing Naval
training/testing in zones around Syria... between 0 and 19000 altitude
IsaHell has attacked Syria by air 200 times while the world has stood by...
S-400 needs to get deployed - now is the time - what's the point of having these SAM's and
never using them...
Needs to stop
caconhma , 1 day ago
Prostitutin is a CIA asset and a total POS.
Shemp 4 Victory , 23 hours ago
Yeah, you're the adequacy, of course.
Your reactions are worthy of Pavlov's dog. You, I suppose, were trained with the same
methods.
Victor999 , 21 hours ago
Throw him a treat.
Anunnaki , 1 day ago
Putin is a Ziomist
Brazen Heist II , 1 day ago
Rooting for the collapse of FUKUS and Pissraeli imperialism.
But evil takes time to weaken because evil still has much more power than it deserves.
Putin is playing the long game, he knows these devils don't value anything they preach,
and they are sore losers about Syria, and he is neutering their scumbag behaviour, which may
seem like acquiesence to some, but it is merely realpolitik because he knows the FUKUS +
Pissrael can overpower Russia if they are united, esp when Russia is seen to strike back with
force directly.
They were united in Syria until their ragtag army of headchoppers fell apart, thanks to
Russian and Iranian realpolitik. So Russia, like China and Iran, is biding its time and
deflecting some big hits, taking a few blows, but they are in it for the victory in the long
run which means weakening the FUKUS + Pissraeli imperialist alliance through attrition and
clever maneuvering.
ThanksChump , 1 day ago
This analysis is compelling. It would be nice to have corroborating evidence that it was
the French vessel that shot down the IL-20, but even without that evidence, this story
satisfies the Occam's Razor test. This was a major gamble against a better player.
So, is Assad going to get new S-300 or new S-400 systems? The Iranians might feel slighted
if Assad gets S-400s.
DEMIZEN , 1 day ago
the Russian heads will stay cool. militarily, it is too early to move in and go full
****** with air defences the Jews are too close and will study their gear and structure.
Russian voter is beginning to rise eyebrows i assume, and Putins reputation is taking a
hit. i bet there will some tough Putin videos following this mess to restore his image in
public. Russian public wants Jewish blood, but i cant see a good immediate response.Revenge
is best served cold.
this mess will be followed up with more gear and more training for SAA, you cant blame
Syrian Army for any of this, they sacrifice two dozens of soldiers on a good day. most of
Syria SAM crews were executed in the first months of the war.
ships will keep coming. SAA will keep growing, Russians will likely focus on Ukraine and
EU diplomacy now. Assad and Kurds need to sit down and look at the option. Opposition in
idlib will disarm or die.Guerillas w/o insignia will keep hitting SDF. US will leave AL Tanf.
Its going to be a slow winter.
nowhereman , 1 day ago
OOOH Nastradamus
DEMIZEN , 1 day ago
i actually knew your were going to comment.
BrownCoat , 22 hours ago
Putin's reputation is not taking a hit!
What did Israel achieve in this attack? No one is reporting. Maybe Israel wanted to hit
Iranian militia units that were concentrating for the attack on Idlib before the units were
redeployed. We don't know.
Israel did not claim any success, just an attack without the loss of any F-16s.
In the eyes of Russians, Putin stood up to the "evil empire" once again. The cost was 15
soldiers. Russian's mothers are very vocal about sons coming home in body bags. That causes
social unrest. Support for Putin does not waver however. The deaths are the price Russia pays
to protect the mother land.
The author is correct that Putin's restraint shows skill and courage. Putin's weakness was
assigning blame for the 15 soldiers. Assigning blame was probably the work of some
sycophantic underlings.
sevensixtwo , 1 day ago
Who's going to say, "The Israelis attacked behind the Russian plane because they knew it
would mess up the radar on the S-200?"
BrownCoat , 22 hours ago
We don't know what caused the IL-20 destruction. Was it a French rocket? Was it a Syrian
or Russian working the missile defense system? My hunch is "friendly fire," but I wasn't
there.
Hindsight, the pilot should have disobeyed his flight plan and left the theater when the
SHTF. The plane could have landed in Cyprus. The pilot would have gotten grief (and probably
a demotion), but he would have saved the plane and its crew.
Mister Ponzi , 15 hours ago
You're making the mistake to let your emotions dominate your analysis. First, Russia does
not owe Syria (or any other Arab country for that matter) anything. As The Saker some time
ago rightly pointed out: Where was the Arab support for Russia in Chechenya or Georgia? Which
Arab country does recognize the indepence of Abkhasia, South Ossetia or Transnistria? What
was their reaction to Western sanctions against Russia? And how do they support Russia in the
case of Donbass or Crimea? Russia is in Syria only for her own interest and will do the
things that help her most. This will support the Assad government only in those areas where
the interest is aligned. If it were in Russian interest (which it isn't) they wouldn't
hesitate to get rid of Assad. Second, of course they give their S400s to Turkey because
Turkey is the big prize out there strategically. Sure, Erdogan is a despicable politicians
whose actions evoke memories of the darkest periods of the Ottoman Empire. But Russian
foreign policy is not driven by the hysterical human rights howling the West usually displays
(but only against governments that are not pro-Western) but by Realpolitik. You may welcome
it or reject it you must always analyze Russian foreign policy through this lens. Would
Russia tear Turkey out of the NATO phalanx if they could? Of course! Turkey would be a
tremendous loss for NATO strategically. This explains Russia's attitude towards Erdogan
including the chatter that it was Putin who warned Erdogan of the coup that was underway.
Third, the claim that Russia is too passive has been discussed so extensively that anyone who
wanted to understand the arguments of both sides and to weigh the pros and cons could have
done so, therefore, I'm not going to repeat the discussion here. For those who do not support
warmongering or cry "*****" all the time you can find a more balanced analysis of the Russian
position here:
Obviously a well planned operation and huge assault. No one is talking of the missiles
fired on Homs, Tartus and Latakia.
"One minute notice" by Israel, is patently unfair.
And the innocent US who took no part, but had a few nuclear subs and half a dozen warships
loaded and ready . . waiting for high noon!
Putin needs to get serious, or this will repeat in short time.
FBaggins , 1 day ago
Putin in dealing with three sociopath governments of three sociapathetic nations (Isreal,
the UK and the US) whose people are unable to elect leaders independent of the the sociopath
unelected puppet masters. He is not going to take the death of 15 servicemen lightly and the
sociopaths know this, but he is also not going to start WWIII over the incident. Sociopaths
like Netanyahu who want to escalate conflict in the area for the growth of Israel are
unpredictable.
Putin's job is to drive out the terrorist and stabilize the nation which is exactly the
opposite of what Israel, the UK and the US set out to do, but those nations continue to
support and even pay the terrorist insurgents they initially sent into Syria. They are
sociopaths because they do not give a rap about all of the killing and destruction they have
directly caused with their destabilization and regime change efforts to serve their own
designs. The entire world is aware of their crimes and increasingly will turn away from any
reliance on these nations or on their money.
The Ram , 1 day ago
FUKUS - forgot the 'I'. Should be written - I FUK US The 'I' being the real leader of the
pack.
Posa , 22 hours ago
Wrong. Getting into a shooting war at precisely the time when the US poodles in the EU are
ripe to be deposed would be a huge strategic mistake WHICH THE Anglo-Americans ARE TRYING to
provoke... not taking the bait is a smart move... in contrast to the USSR in Afghanistan, for
example, which became their Vietnam.
justdues , 1 day ago
Here is the oh so predictable Blankbrain with his usual demands that Putin act like a
punch drunk street thug and lash out at every provocation . Putin is way smarter than you
CIA/Mossad boy and those of us that aint in a hurry to see our loved ones vaporised thank God
for that.
"... My take on Minsky moment is that banking introduces positive feedback loop into the system, making it (as any dynamic system with strong positive feedback loop) unstable. ..."
"... To compensate you need to introduce negative feedback loop in a form of regulation and legal system that vigorously prosecute financial oligarchy "transgressions," instilling fear and damping its predatory behavior and parasitic rents instincts. In a way number of bankers who go to jail each year is metric of stability of the system. Which was a feature (subverted and inconsistent from the beginning and decimated in 70th) of New Deal Capitalism. ..."
These days are the tenth anniversary of the biggest Minsky
Moment since the Great Depression. While when it happened most commentators mentioned Minsky
and many even called it a "Minsky Moment," most of the commentary now does not use that term
and much does not even mention Minsky, much less Charles Kindleberger or Keynes. Rather much of
the discussion has focused now on the failure of Lehman Brothers on September 15, 2017. A new
book by Lawrence Ball has argued that the Fed could have bailed LB out as they did with Bear
Stearns in February of that year, with Ball at least, and some others, suggesting that would
have resolved everything, no big crash, no Great Recession, no angry populist movement more
recently, heck, all hunky dory if only the Fed had been more responsible, although Ball
especially points his finger at Bush's Treasury Secretary, Hank Paulson, for especially
pressuring Bernanke and Geithner at the Fed not to repeat Bear Stearns. And indeed when they
decided not to support Lehman, the Fed received widespread praise in much of the media
initially, before its fall blew out AIG and brought down most of the pyramid of highly
leveraged derivatives of derivatives coming out of the US mortgage market ,which had been
declining for over two years.
Indeed, I agree with Dean Baker as I have on so many times regarding all this that while
Lehman may have been the straw that broke the camel's back, it was the camel's back breaking
that was the problem, and it was almost certainly going to blow big time reasonably soon then.
It it was not Lehman, it was going to be something else. Indeed, on July 12, 2008, I posted
here on Econospeak a
forecast of this, declaring "It looks like we might be finally reaching the big crash in the US
mortgage market after a period of distress that started last August (if not earlier)."
I drew on Minsky's argument (backed by Kindleberger in his Manias, Panics, and
Crashes ) that the vast majority of major speculative bubbles experience periods of gradual
decline after their peaks prior to really seriously crashing during what Minsky labeled the
"period of financial distress," a term he adopted from the corporate finance literature. The US
housing market had been falling since July, 2006. The bond markets had been declining since
August, 2007, the stock market had been declining since October, 2007, and about the time I
posted that, the oil market reached an all-time nominal peak of $147 per barrel and began a
straight plunge that reached about $30 per barrel in November, 2008. This was a massively
accelerating period of distress with the real economy also dropping, led by falling residential
consumption. In mid-September the Minsky Moment arrived, and the floor dropped out of not just
these US markets, but pretty much all markets around the world, with world economy then falling
into the Great Recession.
Let me note something I have seen nobody commenting on in all this outpouring on this
anniversary. This is how the immediate Minsky Moment ended. Many might say it was the TARP or
the stress tests or the fiscal stimulus, All of these helped to turn around the broader slide
that followed by the Minsky Moment. But there was a more immediate crisis that went on for
several days following the Lehman collapse, peaking on Sept. 17 and 18, but with obscure
reporting about what went down then. This was when nobody at the Board of Governors went home;
cots made an appearance. This was the point when those at the Fed scrambled to keep the whole
thing from turning into 1931 and largely succeeded. The immediate problem was that the collapse
of AIG following the collapse of Lehman was putting massive pressure on top European banks,
especially Deutsches Bank and BNP Paribas. Supposedly the European Central Bank (ECB) should
have been able to handle this But along with all this the ECB was facing a massive run on the
euro as money fled to the "safe haven" of the US dollar, so ironic given that the US markets
generated this mess.
Anyway, as Neil Irwinin The Alchemists (especially Chap. 11) documented, the crucial
move that halted the collapse of the euro and the threat of a fullout global collapse was a set
of swaps the Fed pulled off that led to it taking about $600 billion of Eurojunk from the
distressed European banks through the ECB onto the Fed balance sheet. These troubled assets
were gradually and very quietly rolled off the Fed balance sheet over the next six months to be
replaced by mortgage backed securities. This was the save the Fed pulled off at the worst
moment of the Minsky Moment. The Fed policymakers can be criticized for not seeing what was
coming (although several people there had spotted it earlier and issued warnings, including
Janet Yellen in 2005 and Geithner in a prescient speech in Hong Kong in September, 2006, in
which he recognized that the housing related financial markets were highly opaque and fragile).
But this particular move was an absolute save, even though it remains today very little known,
even to well-informed observers.
Barkley Rosser
run75441 , September 18, 2018 7:07 am
Barkley:
A few days ago, it was just a housing bubble to which a few of us pointed out an abnormal
housing bubble created by fraud and greed on Wall Street. The market was riddled with false
promises to pay through CDS, countering naked-CDS both of which had little if any reserves in
this case to back up each AIG CDS insuring Goldman Sachs securities. When Goldman Sachs made
that call to AIG, there were few funds to pay out and AIG was on the verge of collapse.
And today, some of those very same created banks under TARP which were gambling then and
some of which had legal issues are free from the stress testing Dodd – Frank imposed
upon banks with assets greater than $50 billion. Did the new limit need to be $250 billion?
Volcker thought $100 billion was adequate and Frank argued for a slightly higher limit well
under $250 billion. The fox is in the chicken coop again with Deutsche Bank, BNP Paribas,
UBS, and Credit Suisse not being regulated as closely and 25 of the largest 38 banks under
less regulation. These are not community banks and they helped to bring us to our knees. Is
it still necessary for American Express to be a bank and have access to low interest rates
the Fed offers? I think not; but, others may disagree with me. It is not a bank.
You remember the miracle the Fed pulled off as detailed in The Alchemists which I also
read at your recommendation. I remember the fraud and greed on Wall Street for which Main
Street paid for with lost equity, jobs, etc. I remember the anger of Wall Street Execs who
were denied bonuses and states who had exhausted unemployment funding denying workers
unemployment. We were rescued from a worse fate; but, the memory of the cure the nation's
citizenry had to take for Wall Street greed and fraud leaves a bitter taste in my mouth.
EMichael , September 18, 2018 8:39 am
This never ending meme about Tarp saving the banks is really starting to aggravate me. The
Fed saved the banking system(on both sides of the Atlantic) before Tarp issued one dollar,
and they did so with trillions, not billions, of loans and guarantees that stopped the run on
the banks and mutual funds on both sides of the Atlantic.
Just look at the amounts. Tarp gave out $250 billion to the banks. Do people seriously
think this saved the banking system? Or that Wells goes under without their $25 billion
loan?
Tarp was window dressing and pr, not a solution by any stretch of the imagination.
"Bloomberg ran quite a story, yesterday. It stems from a Freedom of Information Act
Request that yielded the details of previously secret borrowing from the federal government
to the biggest banks.
The bottom line, reports Bloomberg, by March of 2009, the Fed had committed $7.77 trillion
"to rescuing the financial system, more than half the value of everything produced in the
U.S. that year." The lending began in August of 2007.
The reporting from Bloomberg Markets Magazine is spectacular, so we hope you click over
and give the exhaustive piece a read."
If you pick up The Alchemist, I believe you will see all of this ($7 trillion) explained
in there. TARP was used to buy up junk MBS from banks by the Treasury and separate from the
FED. It was also used to buy up bank stock to give them reserves. It saved two of the three
OEMs too.
Ken Houghton , September 18, 2018 11:52 am
The general U.S. mortgage market died on Hallwe'en 2006. By the first quarter of 2007, it
was dead even for IBs who owned originators.
There were two IBs who were dependent on MBS for their profits: Bear and Lehmann. Doesn't
mean they didn't have other businesses, but their earnings would go from a V-8 to a
3-cylinder.
Bear went first, and ShitforBrains Fuld & Co. had six months after that to shore up
capital, find a buyer, or go under.
We all knew that the reason Bear was saved wasn't out of generosity, but because it really
would have had a systemic effect had it gone through bankruptcy proceedings. But THAT was
because Bear had two core businesses, and the other one was Custodial Services.
Had Bear gone through bankruptcy, those Customer funds would have been inaccessible for at
least 30 days.
Lehmann had no similar function; failure of Lehmann was failure of Lehmann.
Fuld knew all of this and still fucked around for six months pretending he was driving a
911 instead of a Geo Metro.
Lawrence Ball is a brain-dead idiot if he thinks saving that firm would have in any way
made things better.
likbez , September 18, 2018 12:41 pm
My take on Minsky moment is that banking introduces positive feedback loop into the
system, making it (as any dynamic system with strong positive feedback loop) unstable.
To compensate you need to introduce negative feedback loop in a form of regulation and
legal system that vigorously prosecute financial oligarchy "transgressions," instilling fear
and damping its predatory behavior and parasitic rents instincts. In a way number of bankers
who go to jail each year is metric of stability of the system. Which was a feature (subverted
and inconsistent from the beginning and decimated in 70th) of New Deal Capitalism.
As neoliberalism is essentially revenge of financial oligarchy which became the ruling
class again, this positive feedback loop is an immanent feature of neoliberalism.
Financial oligarchy is not interesting in regulation and legal framework that suppresses
its predatory and parasitic "instincts." So this is by definition is an unstable system prone
to periodic financial "collapses." In which the government needs to step in and save the
system.
So the question about the 2008 financial crisis is when the next one commences and how
destructive it will be. Not why it happened.
likbez , September 18, 2018 12:47 pm
In a perverse way the percentage of financial executives who go to jail each year might be
viewed as a metric of stability of the financial system ;-)
There are a lot of folks out there talking recession in the near-term. Most of that derives
from history. Recession occurs every so often, or rather it used to.
It's really hard to have a decrease in GDP when you are running a deficit near a trillion
dollars. A trillion dollars is about 4.8% of GDP. If GDP grew by less than that then you have
some sort of word to invent to describe growth absent created money. (Not by the Fed, but also
not by capitalism). And there's a lot of cash being repatriated, and that damn sure hasn't
finished yet. So it's really hard to get a GDP decrease until all of that works through.
As has been noted before, the real danger in all of this is drawing attention to what
Bernanke did. When it is completely visible that money was created whimsically, and that the
Chinese have proven that you don't have to allow your currency to trade completely outside
government controls, then the system gets dicey.
The only thing stopping exporting country leadership from concluding that the oil is better
off underground for the grandchildren rather than being traded for pieces of paper with ink on
it -- the only thing preventing that conclusion is an array of advisors whose own personal
wealth would be endangered by such an exposure about money in general. They are the ones
whispering in the ears of their leadership, and their advice is not sourced in the best
interests of that country.
To a certain extent we could label all such advisors for all oil exporting countries as,
dare one say it, Deep State. Establishment political infrastructure in each country giving
advice sourced in their own well-being and not that of the country.
"... A basic principle should be the starting point of any macro analysis: The volume of interest-bearing debt tends to outstrip the economy's ability to pay. This tendency is inherent in the "magic of compound interest." The exponential growth of debt expands by its own purely mathematical momentum, independently of the economy's ability to pay – and faster than the non-financial economy grows. ..."
Wall Street did not let the Lehman Brothers crisis go to waste. The banks that have paid the
largest fines for financial fraud are now much bigger and more profitable. The victims of their
junk mortgage loans are poorer, and the economy is facing debt deflation.
Was it worth it? What was not saved was the economy.
That's a bold statement but cancerous growth is typical of any intelligence agency, especially CIA: all of them want more and more
budget money and try to influence both domestic and foreign policy. That's signs of cancel.
FBI actually has dual mandate: suppressing political dissent (STASI functions) and fight with criminals and organized crime.
The fact the President does not control his own administration, especially State Department isclearly visible now. He is more like
a ceremonial figura that is allowed to rant on Twitter, but can't change any thing of substance in forign policy. and Is a typucal Repiblican
in domenstic policy, betraying the electorate like Obama did
Notable quotes:
"... Sessions recused himself from the "Russia Collusion" investigation. Now that it is known to have been an extension of Democratic election rigging, and DC bureaucratic "Resistance," he could be initiate a broad sweep investigation into Washington, DC based bureaucratic bias and corruption. ..."
Shifting from Sessions to the much-maligned FBI, Trump said the agency was "a cancer" and that uncovering deep-seated corruption
in the FBI may be remembered as the "crowning achievement" of his administration, per
the Hill .
"What we've done is a great service to the country, really," Trump said in a 45-minute, wide-ranging interview in the Oval
Office.
"I hope to be able put this up as one of my crowning achievements that I was able to ... expose something that is truly a cancer
in our country."
Moreover, Trump insisted that he never trusted former FBI Director James Comey, and that he had initially planned to fire Comey
shortly after the inauguration, but had been talked out of it by his aides.
Trump also said he regretted not firing former FBI Director James Comey immediately instead of waiting until May 2017, confirming
an account his lawyer, Rudy Giuliani, gave Hill.TV earlier in the day that Trump was dismayed in 2016 by the way Comey handled
the Hillary Clinton email case and began discussing firing him well before he became president.
"If I did one mistake with Comey, I should have fired him before I got here. I should have fired him the day I won the primaries,"
Trump said. "I should have fired him right after the convention, say I don't want that guy. Or at least fired him the first day
on the job. ... I would have been better off firing him or putting out a statement that I don't want him there when I get there."
The FISA Court judges who approved the initial requests allowing the FBI to surveil employees of the Trump Campaign also came
in for some criticism, with Trump claiming they used "poor Carter Page, who nobody even knew, and who I feel very badly for...as
a foil...to surveil a candidate or the presidency of the United States." Trump added that he felt the judges had been "misled" by
the FBI.
He criticizing the Foreign Intelligence Surveillance Act (FISA) court's approval of the warrant that authorized surveillance
of Carter Page, a low-level Trump campaign aide, toward the end of the 2016 election, suggesting the FBI misled the court.
"They know this is one of the great scandals in the history of our country because basically what they did is, they used Carter
Page, who nobody even knew, who I feel very badly for, I think he's been treated very badly. They used Carter Page as a foil in
order to surveil a candidate for the presidency of the United States."
As for the judges on the secret intelligence court: "It looks to me just based on your reporting, that they have been misled,"
the president said, citing a series of columns in The Hill newspaper identifying shortcomings in the FBI investigation. "I mean
I don't think we have to go much further than to say that they've been misled."
"One of the things I'm disappointed in is that the judges in FISA didn't, don't seem to have done anything about it. I'm very
disappointed in that Now, I may be wrong because, maybe as we sit here and talk, maybe they're well into it. We just don't know
that because I purposely have not chosen to get involved," Trump said.
Trump continued the assault on Sessions during a brief conference with reporters Wednesday morning. When asked whether he was
planning to fire Sessions, Trump replied that "we're looking into lots of different things."
To be sure, Sessions has managed to hang on thus far. And if he can somehow manage to survive past Nov. 6, his fate will perversely
rest on the Democrats' success. Basically, if they wrest back control of the Senate (which, to be sure, is unlikely), Sessions chances
of staying on would rise dramatically. But then again, how much abuse can a man realistically endure before he decides that the costs
of staying outweigh the benefits of leaving?
DingleBarryObummer , 19 minutes ago
Sessions works for Trump, because Trump is running the uniparty russia-gate stormy-gate anti-trump show. Sessions was intentionally
placed there to stonewall and make sure the kabuki goes on. Rosenstein is a Trump appointee. This **** garners sympathy for him
as the persecuted underdog, rallies his base; and distracts from the obvious zio-bankster influence over his admin and his many
unfulfilled campaign promises. He's deceiving you. Why do you think Giuliani acts like such a buffoon? It's because that's what
he was hired for. All distractions and bullshit. He will not get impeached, Hillary is not going to jail, nothing will happen.
The zio-Banksters will continue to stay at the top of the pyramid, because that's who trump works for, NOT you and me.
"While Trump's fascination with the White House still burned within him [re: 2011], he also had The Apprentice to deal with--and
it wasn't as easy as you might think. He loved doing the show and was reluctant to give it up. At one point, he was actually thinking
of hosting it from the oval office if he made it all the way to the White House. He even discussed it with Stephen Burke, the
CEO at NBCUniversal, telling Burke he would reconsider running if the network was concerned about his candidacy." -Roger Stone
"To some people the notion of consciously playing power games-no matter how indirect-seems evil, asocial, a relic of the past.
They believe they can opt out of the game by behaving in ways that have nothing to do with power. You must beware of such people,
for while they express such opinions outwardly, they are often among the most adept players at power. They utilize strategies
that cleverly disguise the nature of the manipulation involved. These types, for example, will often display their weakness and
lack of power as a kind of moral virtue. But true powerlessness, without any motive of self-interest, would not publicize its
weakness to gain sympathy or respect. Making a show of one's weakness is actually a very effective strategy, subtle and deceptive,
in the game of power." -Robert Greene
Sparkey , 31 minutes ago
This is why the 'little' people love President 'The Donald' Trump, he says the things they would like to say, but have no platform
to speak from, Mushroom man The Donald has no fear he has got Mushroom power, and he has my support in what ever he does!
Secret Weapon , 43 minutes ago
Is Sessions a Deep State firewall? Starting to look that way.
TrustbutVerify , 48 minutes ago
Sessions recused himself from the "Russia Collusion" investigation. Now that it is known to have been an extension of Democratic
election rigging, and DC bureaucratic "Resistance," he could be initiate a broad sweep investigation into Washington, DC based
bureaucratic bias and corruption.
I suspect Sessions will last until after the mid-term elections. Then Trump will fire him and bring someone like Gowdy in to
head the DOJ and to bring about investigations.
And, my gosh, there seems to be so much to investigate. And to my mind prosecute.
loop, 49 minutes ago
"I've never seen a President - I don't care who he is - stand up to them (Israel). It just boggles the mind. They always
get what they want. The Israelis know what is going on all the time. I got to the point where I wasn't writing anything down.
If the American people understood what a grip these people have got on our government, they would rise up in arms.
Our citizens certainly don't have any idea what goes on."
- U.S. Navy Admiral and former head of the Joint Chiefs of Staff Thomas Moorer
mendigo, 59 minutes ago
Cool stuff. But really the cancer goes much deeper. That is the scary part. Trump is now largely controlled by the Borg.
Government employees and elected officials have a choice: can either play along and become wealthy and powerful or have
their careers destroyed, or worse.
Taxes/regulationUS/Global EconomicsThe
Minsky Moment Ten Years After These days are the tenth anniversary of the biggest Minsky
Moment since the Great Depression. While when it happened most commentators mentioned Minsky
and many even called it a "Minsky Moment," most of the commentary now does not use that term
and much does not even mention Minsky, much less Charles Kindleberger or Keynes. Rather much of
the discussion has focused now on the failure of Lehman Brothers on September 15, 2017. A new
book by Lawrence Ball has argued that the Fed could have bailed LB out as they did with Bear
Stearns in February of that year, with Ball at least, and some others, suggesting that would
have resolved everything, no big crash, no Great Recession, no angry populist movement more
recently, heck, all hunky dory if only the Fed had been more responsible, although Ball
especially points his finger at Bush's Treasury Secretary, Hank Paulson, for especially
pressuring Bernanke and Geithner at the Fed not to repeat Bear Stearns. And indeed when they
decided not to support Lehman, the Fed received widespread praise in much of the media
initially, before its fall blew out AIG and brought down most of the pyramid of highly
leveraged derivatives of derivatives coming out of the US mortgage market ,which had been
declining for over two years.
Indeed, I agree with Dean Baker as I have on so many times regarding all this that while
Lehman may have been the straw that broke the camel's back, it was the camel's back breaking
that was the problem, and it was almost certainly going to blow big time reasonably soon then.
It it was not Lehman, it was going to be something else. Indeed, on July 12, 2008, I posted
here on Econospeak a
forecast of this, declaring "It looks like we might be finally reaching the big crash in the US
mortgage market after a period of distress that started last August (if not earlier)."
I drew on Minsky's argument (backed by Kindleberger in his Manias, Panics, and
Crashes ) that the vast majority of major speculative bubbles experience periods of gradual
decline after their peaks prior to really seriously crashing during what Minsky labeled the
"period of financial distress," a term he adopted from the corporate finance literature. The US
housing market had been falling since July, 2006. The bond markets had been declining since
August, 2007, the stock market had been declining since October, 2007, and about the time I
posted that, the oil market reached an all-time nominal peak of $147 per barrel and began a
straight plunge that reached about $30 per barrel in November, 2008. This was a massively
accelerating period of distress with the real economy also dropping, led by falling residential
consumption. In mid-September the Minsky Moment arrived, and the floor dropped out of not just
these US markets, but pretty much all markets around the world, with world economy then falling
into the Great Recession.
Let me note something I have seen nobody commenting on in all this outpouring on this
anniversary. This is how the immediate Minsky Moment ended. Many might say it was the TARP or
the stress tests or the fiscal stimulus, All of these helped to turn around the broader slide
that followed by the Minsky Moment. But there was a more immediate crisis that went on for
several days following the Lehman collapse, peaking on Sept. 17 and 18, but with obscure
reporting about what went down then. This was when nobody at the Board of Governors went home;
cots made an appearance. This was the point when those at the Fed scrambled to keep the whole
thing from turning into 1931 and largely succeeded. The immediate problem was that the collapse
of AIG following the collapse of Lehman was putting massive pressure on top European banks,
especially Deutsches Bank and BNP Paribas. Supposedly the European Central Bank (ECB) should
have been able to handle this But along with all this the ECB was facing a massive run on the
euro as money fled to the "safe haven" of the US dollar, so ironic given that the US markets
generated this mess.
Anyway, as Neil Irwinin The Alchemists (especially Chap. 11) documented, the crucial
move that halted the collapse of the euro and the threat of a fullout global collapse was a set
of swaps the Fed pulled off that led to it taking about $600 billion of Eurojunk from the
distressed European banks through the ECB onto the Fed balance sheet. These troubled assets
were gradually and very quietly rolled off the Fed balance sheet over the next six months to be
replaced by mortgage backed securities. This was the save the Fed pulled off at the worst
moment of the Minsky Moment. The Fed policymakers can be criticized for not seeing what was
coming (although several people there had spotted it earlier and issued warnings, including
Janet Yellen in 2005 and Geithner in a prescient speech in Hong Kong in September, 2006, in
which he recognized that the housing related financial markets were highly opaque and fragile).
But this particular move was an absolute save, even though it remains today very little known,
even to well-informed observers.
Barkley Rosser
run75441 , September 18, 2018 7:07 am
Barkley:
A few days ago, it was just a housing bubble to which a few of us pointed out an abnormal
housing bubble created by fraud and greed on Wall Street. The market was riddled with false
promises to pay through CDS, countering naked-CDS both of which had little if any reserves in
this case to back up each AIG CDS insuring Goldman Sachs securities. When Goldman Sachs made
that call to AIG, there were few funds to pay out and AIG was on the verge of collapse.
And today, some of those very same created banks under TARP which were gambling then and
some of which had legal issues are free from the stress testing Dodd – Frank imposed
upon banks with assets greater than $50 billion. Did the new limit need to be $250 billion?
Volcker thought $100 billion was adequate and Frank argued for a slightly higher limit well
under $250 billion. The fox is in the chicken coop again with Deutsche Bank, BNP Paribas,
UBS, and Credit Suisse not being regulated as closely and 25 of the largest 38 banks under
less regulation. These are not community banks and they helped to bring us to our knees. Is
it still necessary for American Express to be a bank and have access to low interest rates
the Fed offers? I think not; but, others may disagree with me. It is not a bank.
You remember the miracle the Fed pulled off as detailed in The Alchemists which I also
read at your recommendation. I remember the fraud and greed on Wall Street for which Main
Street paid for with lost equity, jobs, etc. I remember the anger of Wall Street Execs who
were denied bonuses and states who had exhausted unemployment funding denying workers
unemployment. We were rescued from a worse fate; but, the memory of the cure the nation's
citizenry had to take for Wall Street greed and fraud leaves a bitter taste in my mouth.
EMichael , September 18, 2018 8:39 am
This never ending meme about Tarp saving the banks is really starting to aggravate me. The
Fed saved the banking system(on both sides of the Atlantic) before Tarp issued one dollar,
and they did so with trillions, not billions, of loans and guarantees that stopped the run on
the banks and mutual funds on both sides of the Atlantic.
Just look at the amounts. Tarp gave out $250 billion to the banks. Do people seriously
think this saved the banking system? Or that Wells goes under without their $25 billion
loan?
Tarp was window dressing and pr, not a solution by any stretch of the imagination.
"Bloomberg ran quite a story, yesterday. It stems from a Freedom of Information Act
Request that yielded the details of previously secret borrowing from the federal government
to the biggest banks.
The bottom line, reports Bloomberg, by March of 2009, the Fed had committed $7.77 trillion
"to rescuing the financial system, more than half the value of everything produced in the
U.S. that year." The lending began in August of 2007.
The reporting from Bloomberg Markets Magazine is spectacular, so we hope you click over
and give the exhaustive piece a read."
If you pick up The Alchemist, I believe you will see all of this ($7 trillion) explained
in there. TARP was used to buy up junk MBS from banks by the Treasury and separate from the
FED. It was also used to buy up bank stock to give them reserves. It saved two of the three
OEMs too.
Ken Houghton , September 18, 2018 11:52 am
The general U.S. mortgage market died on Hallwe'en 2006. By the first quarter of 2007, it
was dead even for IBs who owned originators.
There were two IBs who were dependent on MBS for their profits: Bear and Lehmann. Doesn't
mean they didn't have other businesses, but their earnings would go from a V-8 to a
3-cylinder.
Bear went first, and ShitforBrains Fuld & Co. had six months after that to shore up
capital, find a buyer, or go under.
We all knew that the reason Bear was saved wasn't out of generosity, but because it really
would have had a systemic effect had it gone through bankruptcy proceedings. But THAT was
because Bear had two core businesses, and the other one was Custodial Services.
Had Bear gone through bankruptcy, those Customer funds would have been inaccessible for at
least 30 days.
Lehmann had no similar function; failure of Lehmann was failure of Lehmann.
Fuld knew all of this and still fucked around for six months pretending he was driving a
911 instead of a Geo Metro.
Lawrence Ball is a brain-dead idiot if he thinks saving that firm would have in any way
made things better.
likbez , September 18, 2018 12:41 pm
My take on Minsky moment is that banking introduces positive feedback loop into the
system, making it (as any dynamic system with strong positive feedback loop) unstable.
To compensate you need to introduce negative feedback loop in a form of regulation and
legal system that vigorously prosecute financial oligarchy "transgressions," instilling fear
and damping its predatory behavior and parasitic rents instincts. In a way number of bankers
who go to jail each year is metric of stability of the system. Which was a feature (subverted
and inconsistent from the beginning and decimated in 70th) of New Deal Capitalism.
As neoliberalism is essentially revenge of financial oligarchy which became the ruling
class again, this positive feedback loop is an immanent feature of neoliberalism.
Financial oligarchy is not interesting in regulation and legal framework that suppresses
its predatory and parasitic "instincts." So this is by definition is an unstable system prone
to periodic financial "collapses." In which the government needs to step in and save the
system.
So the question about the 2008 financial crisis is when the next one commences and how
destructive it will be. Not why it happened.
likbez , September 18, 2018 12:47 pm
In a perverse way the percentage of financial executives who go to jail each year might be
viewed as a metric of stability of the financial system ;-)
the obligatory four freedoms of the EU are free movement of goods, services, persons and
capital throughout the Union. Open borders. That is the essence of the European Union, the
dogma of the Free Market.
The problem with the Open Border doctrine is that it doesn't know where to stop. Or it
doesn't stop anywhere. When Angela Merkel announced that hundreds of thousands of refugees were
welcome in Germany, the announcement was interpreted as an open invitation by immigrants of all
sorts, who began to stream into Europe. This unilateral German decision automatically applied
to the whole of the EU, with its lack of internal borders. Given German clout, Open Borders
became the essential "European common value", and welcoming immigrants the essence of human
rights.
Very contrasting ideological and practical considerations contribute to the idealization of
Open Borders. To name a few:
This combination of contrasting, even opposing motivations does not add up to a majority in
every country. Notably not in Hungary.
It should be noted that Hungary is a small Central European country of less than ten million
inhabitants, which never had a colonial empire and thus has no historic relationship with
peoples in Africa and Asia as do Britain, France, the Netherlands, and Belgium. As one of the
losers in World War I, Hungary lost a large amount of territory to its neighbors, notably to
Romania. The rare and difficult Hungarian language would be seriously challenged by mass
immigration. It is probably safe to say that the majority of people in Hungary tend to be
attached to their national identity and feel it would be threatened by massive immigration from
radically different cultures. It may not be nice of them, and like everyone they can change.
But for now, that is how they vote.
In particular, they recently voted massively to re
Like the Soviet Union, the European Union is not merely an undemocratic institutional
framework promoting a specific economic system; it is also the vehicle of an ideology and a
planetary project. Both are based on a dogma as to what is good for the world: communism for
the first, "openness" for the second. Both in varying ways demand of people virtues they may
not share: a forced equality, a forced generosity. All this can sound good, but such ideals
become methods of manipulation. Forcing ideals on people eventually runs up against stubborn
resistance.
There are differing reasons to be against immigration just as to be for it. The idea of
democracy was to sort out and choose between ideals and practical interests by free discussion
and in the end a show of hands: an informed vote. The liberal Authoritarian Center represented
by Verhofstadt seeks to impose its values, aspirations, even its version of the facts on
citizens who are denounced as "populists" if they disagree. Under communism, dissidents were
called "enemies of the people". For the liberal globalists, they are "populists" – that
is, the people. If people are told constantly that the choice is between a left that advocates
mass immigration and a right that rejects it, the swing to the right is unstoppable.
Orban's reputation in the West as dictator is unquestionably linked to his intense
conflict with Hungarian-born financier George Soros
And not only Soros, of course:
'I know that this battle is difficult for everyone. I understand if some of us are also
afraid. This is understandable, because we must fight against an opponent which is different
from us. Their faces are not visible, but are hidden from view; they do not fight directly,
but by stealth; they are not honourable, but unprincipled; they are not national, but
international; they do not believe in work, but speculate with money; they have no homeland,
but feel that the whole world is theirs.' --
Viktor Orbán
Watch the great Hungarian foreign minister repel attacks by the BBCs arrogant open borders
propagandist, rudely treating him like an ignorant child and calling him a racist for
defending his nation.
Economic liberals maintain that because Europe is aging, it needs young immigrant
workers to pay for the pensions of retired workers.
Not gonna happen. Their 80 IQ skills are uncompetitive and useless in Europe even before
Automation erases those low-skilled positions in the coming decade or two. Meanwhile, (real)
European youth unemployment rate is 20%. Young Europeans are not making babies because they
don't have a stable future. This can only get worse as the hostile invaders get preferential,
Affirmative Action treatment, in schools and workplaces. None of this is accidental.
There are, in my opinion, two reasons for letting the mass immigration happen:
- the Brussels belief, expressed in a 2009 official document, not secret, that the EU needs
60 million immigrants.
- a Merkel belief dat the Germans are bad, they caused two world wars and perpetrated the
holocaust, so the German people must be changed through mass immigration.
The Brussels belief seems to be based mainly on the increasing average age in the EU.
It is incomprehensible to me, at the same time fear that robots slowly will do all simple
jobs.
The Merkel belief, on the other side of the Atlantic, where few understand German, and
cannot or do not watch German tv, I wonder how many understand that the 20th century
propaganda of the victors still is decisive in German daily life and politics.
The danger of neonazi's and fascism is everywhere.
Nationalism, the equivalent of building gas chambers.
The EU also is based on the 20th century fairy tales, only the EU prevented wars in Europe
after WWII.
The idea that Germans were victims in two world wars, and, until Hitler became power in 1933,
also between the world wars, in unthinkable.
The idea that Endlösung meant deportation to Madagaskar, even more unthinkable.
That jews, as one Rothschild wrote to another around 1890, have and had but one enemy,
themselves, the world unthinkable is too weak.
Yet
'From prejudice to destruction', Jacob Katz, 1980, Cambridge MA
explains it, things as 'close economic cooperation, intermarriage, ostentious behaviour'.
In this respect
'Christianity and the Holocaust of the Hungarian Jewry', Moshe Y Herclz, 1993 New York
University press
also is a very interesting book, after jews in the thirties had been banned from many
intellectual professions not a single Hungarian newspaper could be published any more.
Soros trying to force Muslim immigrants on deeply catholic Hungary, he was born in
Hungary, experienced anti semitism, revenge ?
I was recently in Budapest on business and will likely be returning soon: It is the most
beautiful city I have ever seen, with stunning architectural restoration projects, almost
non-existent police and military presence, food and wines that rival those of Paris, and a
very friendly, non-bureaucratic and non-obsese (as opposed to the USA) population. I would
like to hear from others who have recently visited and have knowledge of the country.
Viszlát! -- John
When the fort of folly that Globalism is finally falls, Diana Johnstone's article will be
cited as exemplary in exposing its hidden grammar. That fall cannot be far off now given that
psy-ops can only work if people are ignorant of the manipulation afoot.
Great opening, Diana. For forty years the presstitude media have leaned on the use of
implication as argument to have the ninety-nine percent buy what they are selling. What was
not pointed out very well until now, is that their implications are all false. Now, only a
dummy among the dumbed-down cannot see it.
For those who have the patience to read the English subtitles, here is an excellent speech
given by Orbán in July. Here he outlines his thinking on the issues facing Hungary and
the world.
Viktor Orbán is a very intelligent leader, and he has the vast majority of the
Hungarian people behind him. History has taught those people many things, and they have had
enough. They are not fools. Look to them as an example for all of us.
@John Siman I was recently in Budapest on business and will likely be returning soon: It
is the most beautiful city I have ever seen, with stunning architectural restoration
projects, almost non-existent police and military presence, food and wines that rival those
of Paris, and a very friendly, non-bureaucratic and non-obsese (as opposed to the USA)
population. I would like to hear from others who have recently visited and have knowledge of
the country. Viszlát! -- John Wherever US influence is not yet overwhelming (and such
places are becoming fewer every day, unfortunately), you will still find "old-fashioned" ways
of interaction, few fatties, and decent food and drink.
People may become fat for many reasons, but most fatties these days in the Anglosphere
belong to the underclass. These wretches get fat from eating expensive trash at McDonald's
and other fast food outlets, and drinking Coca Cola and similar sugar-saturated garbage.
Their behavior may seem strange because their brains have largely withered away through
endless TV watching (mainly US or US-inspired visual trash), their hearing impaired by ear-
and mind numbing noise passing for music.
I am afraid the way out of that prison is long and tortuous for all victims of US
neoliberalism.
The usual anti-EU propaganda that Ms Johnstone has been peddling for at least a dozen years,
although she has recently moved from claiming to be a far-leftist to claiming to be a
far-rightest. Whatever pretext "proves" the EU to be evil is trotted out! However, she points
out very clearly Viktor Orban's dilemma. The choice for Hungary is between the EU and Putin's
tanks. After 40 years of occupation by a Soviet Union in which the ethnic Russians acted as
colonial overlords and the general contempt which Hungarians have for Slavs, choosing the
latter option would be political suicide for any Hungarian leader. Thus, Orban is stuck with
the EU whether he likes it or not and the other Member States are stuck with Orban whether
they like it or not. In addition, two of Ms Johnstone's factual claims need to be corrected.
The "EU" is taking no step whatsoever to strip Hungary of its political rights. The
(according to Ms Johnstone, "largely rubber stamp") European Parliament has adopted a
resolution calling on the Member States to sanction Hungary. The EP always does something
attention-grabbing in the run up to elections and since Ms Johnstone once worked for the
European Parliament (as a far-leftist!), I'm sure she knows that. Imposing sanctions, as
always in the EU, is a matter for the sovereign Member States and the decision has to be
unanimous. Poland has already said it will not vote for sanctions, so the whole thing is a
dead letter. Secondly, the claim that Hungary "never had a colonial empire" is untrue. It
never had a colonial empire outside Europe but before 1918, it ruled over Slovakia, most of
Croatia, Transylvania, now part of Romania, and the Vojvodina, now part of Serbia (so much
for Ms Johnstone's supposed "expertise" on ex-Yugoslavia!). In general, the frantic, almost
hysterical, tone of the article suggests that Ms Johnstone doesn't believe that Viktor Orban
is going to be the cause of the imminent and inevitable demise of the hated EU that she has
been predicting for as long as I have been reading her articles (and that goes back at least
14 years!).
@Michael Kenny The usual anti-EU propaganda that Ms Johnstone has been peddling for at
least a dozen years, although she has recently moved from claiming to be a far-leftist to
claiming to be a far-rightest. Whatever pretext "proves" the EU to be evil is trotted out!
However, she points out very clearly Viktor Orban's dilemma. The choice for Hungary is
between the EU and Putin's tanks. After 40 years of occupation by a Soviet Union in which the
ethnic Russians acted as colonial overlords and the general contempt which Hungarians have
for Slavs, choosing the latter option would be political suicide for any Hungarian leader.
Thus, Orban is stuck with the EU whether he likes it or not and the other Member States are
stuck with Orban whether they like it or not. In addition, two of Ms Johnstone's factual
claims need to be corrected. The "EU" is taking no step whatsoever to strip Hungary of its
political rights. The (according to Ms Johnstone, "largely rubber stamp") European Parliament
has adopted a resolution calling on the Member States to sanction Hungary. The EP always does
something attention-grabbing in the run up to elections and since Ms Johnstone once worked
for the European Parliament (as a far-leftist!), I'm sure she knows that. Imposing sanctions,
as always in the EU, is a matter for the sovereign Member States and the decision has to be
unanimous. Poland has already said it will not vote for sanctions, so the whole thing is a
dead letter. Secondly, the claim that Hungary "never had a colonial empire" is untrue. It
never had a colonial empire outside Europe but before 1918, it ruled over Slovakia, most of
Croatia, Transylvania, now part of Romania, and the Vojvodina, now part of Serbia (so much
for Ms Johnstone's supposed "expertise" on ex-Yugoslavia!). In general, the frantic, almost
hysterical, tone of the article suggests that Ms Johnstone doesn't believe that Viktor Orban
is going to be the cause of the imminent and inevitable demise of the hated EU that she has
been predicting for as long as I have been reading her articles (and that goes back at least
14 years!). Judging by your name, you are not a European, but an Englishman, or from
somewhere else in the Anglosphere. It is a good thing for England and especially the English
to be leaving the EuSSR, which is more of a prison than commonly realized. Ruled by a greedy
class of corrupt and, to make it worse, utterly mediocre, politicians, incompetent and stupid
bureaucrats (yes, I know this is an oxymoron) in the exclusive interest of ruthless big
corporations, human rights do not exist in the EuSSR.
Since the fall of the Berlin Wall, Europe has seen a wave of privatizations on a scale
only comparable to what happened in the former USSR. Nevertheless, taxation has increased to
a point where today, the average EuSSR "citizen" pays between 75% and 80% taxes on every Euro
he earns. The middle class is on its way to extinction. The judiciary is a joke, education
has been dismantled or stupidified, health care is a disaster, save in Southern Europe where
many doctors and nurses still have a sense of humanity.
The piece by Mrs. Johnstone may not be flawless, but it says what needs to be said.
70 years ago the Democrat party in the American South was the party of regular working
class White Southerners and promoted Southern heritage and Southern history including
Confederate history.
Then things change.
Now the national Democrat party and the Democrat party in the South hates Whites
Southerners, hates Southern heritage and Southern history and are promoting the desecration
of Confederate monuments and confederate graves.
60 years ago Hungarian was under Soviet Communist domination and Hungarian patriots looked
to the West – especially American and Great Britain to help them achieve some personal
freedom from Communism.
Now things have completely changed. It's the Wester (EU) UK BBC, American mass media that
restricts freedom and National Christianity in Hungary and pretty much everywhere else.
Russia is once again a health European Christian nation. Nobody in Hungary, Eastern Europe or
Russia wants to allow their countries to be invaded by millions of 3rd world Muslim
rapists.
So I living in Chicago IL (Obama was my neighbor) look to Hungary, Poland, Russia and
Eastern Europe for any small dose of freedom.
"I am altering the deal. Pray I don't alter it any further."
-- The Empire Strikes Back
Since Vladimir Putin brought up Bill Browder's name in Helsinki, events have escalated to a
fever pitch. Russia is under extreme attack the U.S./European financial and political
establishment.
Danske's report on these allegations are due on Wednesday.
No matter what they say, however, the die has been cast.
Danske is being targeted for termination by the U.S. and possible takeover by the European
Central Bank.
There's precedent for this but let me lay out some background first.
The Oldest
Trick
Browder's complaint says the money laundered is in connection with the reason why he was
thrown out of Russia and the $230 million in stolen tax money which Browder's cause
célèbre , the death of accountant Sergei Magnitsky, hangs on.
That crusade got the Magnitsky Act passed not only in the U.S. but all across the West, with
versions on the books in Canada, Australia the EU and other places.
Danske's shares have been gutted in the wake of the accusation.
The U.S. is now investigating this complaint and that shouldn't come as much of a shock.
The Treasury Department can issue whatever findings it wants, and then respond by starving
Danske of dollars, known as the "Death Blow" option the threat of which was plastered
all over the pages of the Wall St. Journal on Friday.
Note this article isn't behind the Journal's pay-wall. They want everyone to see this.
Browder filed complaints both in Demmark and in Estonia, and the Estonian government was
only too happy to oblige him.
The Devil Played
To see the whole picture I have to go back a littler further.
Back in March, Latvian bank, ABLV, was targeted in a similar manner, accused of laundering
money. Within a week the ECB moved in to take control of the bank even though it wasn't in
danger of failing.
It was an odd move, where the ECB exercised an extreme response utilizing its broader powers
given to it after the 2008 financial crisis, like it did with Spain's Banco Popular in
2017.
Why? The U.S. was looking for ways to cut off Russia from the European banking system. And
the ECB did its dirty work.
I wrote about this
back in May in relation to the Treasury demanding all U.S. investors divest themselves of
Russian debt within thirty days.
It threw the ruble and Russian debt markets into turmoil since Russian companies bought a lot
of euro-denominated debt after the Ruble Crisis of 2014, having been shut off from dollars.
ABLV was a conduit for many Russian entities to keep access to Europe's banks, having been
grandfathered in as clients when the Baltics entered the Euro-zone.
So, now a replay of ABLV's seizure is playing out through Browder's money laundering
complaint against Danske.
Was Convincing Everyone
The goal of this lawsuit is two-fold.
The first is to undermine the faith in the Danish banking system. Dutch giant ING is also
facing huge AML fines.
This is a direct attack on the EU banking system to being it under even more stringent
government control.
The second goal, however, is far more important. As I said, the U.S. is desperate to cut
money flow between the European Union and Russia, not just to stop the construction of
Nordstream 2, but to keep Russia's markets weak having to scramble for euros to make coupon
payments and create a roll-over nightmare.
Turkey is facing this now, Russia went through it in 2014/15.
So, attacking a major bank like Danske for consorting with dirty Russians and using Mr.
Human Rights Champion Browder to file the complaint is pure power politics to keep the EU
itself from seeking rapprochement with Russia.
Anti-Money Laundering laws are tyrannical and vaguely worded. And with the Magnitsky Act and
its follow-up, CAATSA, in place, they help support defining money laundering to include
anything the U.S. and the EU deem as supporting 'human rights violations.'
Seeing the trap yet?
Now all of it can be linked through simple accusation regardless of the facts. The bank gets
gutted, investors and depositors get nervous, the ECB then steps in and there goes another
tendril between Russia and Europe doing business.
And that ties into Browder's minions in the European Parliament, all in the pay of Open
Society Foundation, issued a threat of invoking Article 7 of the Lisbon Treaty to Cyprus over
assisting Russia investigate Browder's financial dealings there.
Why? Violations of Mr. Browder's human rights because, well, Russia!
What's becoming more obvious to me as the days pass is that Browder is an obvious asset of
the U.S. financial and political oligarchy, if not U.S. Intelligence. They use his humanitarian
bona fides to visit untold misery on millions of people simply to:
1) cover up their malfeasance in Russia
2) wage hybrid war on anyone willing to stand up to their machinations.
He Didn't Exist
Because when looking at this situation rationally, how does this guy get to run around
accusing banks of anything and mobilize governments into actions which have massive
ramifications for the global financial system unless he's intimately connected with the very
people that operate the top of that system?
How does this no-name guy in the mid-1990's, fresh 'off the boat' as it were, convince
someone to give him $25 million in CASH to go around Russia buying up privatization vouchers at
less than pennies on the dollar?
It simply doesn't pass a basic sniff test.
Danske is the biggest bank in Denmark and one of the oldest in Europe. The message should be
clear.
If they can be gotten to this way, anyone can.
Just looking at the list of people named in the Magnitsky Act, a list given to Congress by
Browder and copied verbatim without investigation, and CAATSA as being 'friends of Vladimir'
it's obvious that the target isn't Putin himself for his human rights transgressions but anyone
in Russia with enough capital to maintain a business bigger than a chain of laundromats in
Rostov-on-Don.
Honestly, even some in the U.S. financial press said it looked like they just went through
the Moscow phone book.
But, here the rub. In The Davos Crowd's single-minded drive to destroy Russia, which has
been going on now for close to two generations in various ways, they are willing to undermine
the very institutions on which a great deal of their power rests.
The more Browder gets defended by people punching far above his weight, the more obvious it
is that there is something wrong with his story. Undermining the reputation of the biggest bank
in Denmark is a 'playing-for-keeps' moment.
But, it's one that can and will have serious repercussions over time.
It undermines the validity of government institutions, exposing corruption that proves we
live in a world ruled by men, not laws. That the U.S. and EU are fundamentally no different in
their leadership than banana republics.
And that's bad for currency and debt markets as capital always flows to where it is treated
best.
But, it's one that can and will have serious repercussions over time. The seizure of ABLV
and 2017's liquidation of Spain's Banco Popular were rightly described by Martin Armstrong as
defining moments where no one in their right mind would invest in a European banks if there was
the possibility of losing all of your capital due to a change in the political winds
overnight.
Using the European Parliament to censure Cyprus via Article 7 over one man's financial
privacy, which no one is guaranteed in this world today thanks to these same AML and KYC laws,
reeks of cronyism and corruption of the highest degree.
If you want to know what a catalyst for the collapse of the European banking system looks
like, it may well be what happens this week if Danske tries to fight the spider's web laid down
by Bill Browder and his friends in high places.
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hanekhw , 1 minute ago
Browder, the Clintons, Soros and the EU were made for each other weren't they? They've
been screwing us publicly for what, over two generations? And without a condom! We've gotten
how many FTDs (financially transmitted diseases) from these people? They never unzip their
flys.
geno-econ , 1 hour ago
According to Browder, Putin is worth over $100 Billion most of it stashed away in foreign
banks through intermediates and relatives. If true, it will bring down Putin and many western
banks. Perhaps a Red Swan is about to take off exposing an unsustainable .financial system
and corrupt political enterprise on both sides of the divide sur to cause chaos. Ironically,
Putin who represents Nationalism in Russia is under attack by Globalists accusing Putin of
Capitalistic Greed utilizing western banks Suicidal !
hanekhw , 16 minutes ago
Browder, the Clintons, Soros and the EU were made for each other weren't they? They've
been screwing us publicly for what, over two generations? And without a condom! We've gotten
how many FTDs (financially transmitted diseases) from these people? They never unzip their
flys.
zeroboris , 24 minutes ago
They use his humanitarian bona fides
Browder's bona fides? LOL
monad , 8 minutes ago
Minion (((Browder))) snitches on his masters. Nowhere to hide.
Vanilla_ISIS , 18 minutes ago
Someone should just kill this dude. Browder has certainly earned it.
roadhazard , 14 minutes ago
But what about the money laundering.
Panic Mode , 15 minutes ago
You better run. Your buddy McCain is gone and see who else will fight for you.
pndr4495 , 42 minutes ago
Somehow - Mnuchkin's desire to sell his Park Ave. apartment fits into this tale of
intrigue and bullshit.
markar , 47 minutes ago
Send this guy Browder a polonium cocktail. It's on me.
TahoeBilly2012 , 1 hour ago
((Browder)) ??
Clogheen , 37 minutes ago
Yes. Did you really need to ask?
geno-econ , 1 hour ago
According to Browder, Putin is worth over $100 Billion most of it stashed away in foreign
banks through intermediates and relatives. If true, it will bring down Putin and many western
banks. Perhaps a Red Swan is about to take off exposing an unsustainable .financial system
and corrupt political enterprise on both sides of the divide sur to cause chaos. Ironically,
Putin who represents Nationalism in Russia is under attack by Globalists accusing Putin of
Capitalistic Greed utilizing western banks Suicidal !
Max Cynical , 1 hour ago
I watch the banned documentary...The Magnitsky Act - Behind the Scenes.
Only the slimiest rats get into the club of "Can Do No Wrong" and these types of gigs.
Thaxter , 1 hour ago
This documentary is first class, a really absorbing look into the mind of the sociopath
Browder, a pathological, absolutely shameless liar and a very stupid and weak person. To
understand the influence that this insignificant invertebrate yields, look to his father,
Earl Russell Browder, who was the leader of the Communist Party in the United States during
the 1930s and the first half of the 1940s.
blindfaith , 22 minutes ago
Look no further than our own political circus to see that mighty hands pull the strings.
Like all strings, they will fray and break...eventually.
Jim in MN , 1 hour ago
Yes well the Big Question for us now is the degree to which the President is in control of
any of this.
Recall, dear ZH fighters, how we worked out a sound strategy for the Trump Administration
in the early days. Key aspects were to leave the generals and the bankers alone for a couple
of years. This would allow immigration, trade, health care and deregulation including tax
reform to form the early core wins, along with Supreme Court nominees of course.
Lo, cometh the Deep State and its frantic attempts to both save and conceal itself.
One key tentacle was to rouse the intelligence community into an active enemy of the
POTUS. This partially fouled up the 'leave the generals alone' strategy.
Another is to try to force war with the emergent Eurasian hegemony comprised of China and
Russia. This is seen all across the 'hinterland' of Russia.
The USA has no vital strategic interests in Eurasia at this juncture of history. Everyone
should be clear on that.
The USA's logical and sane policy stance is to support peace, free and fair trade, and
stable democracy, including border controls and the rule of law through LEADING BY
EXAMPLE.
So for Trump to continue to allow the financial sector Deep State traitors to operate
against a peaceful Eurasia is becoming increasingly intolerable.
Where to from here?
BandGap , 1 hour ago
Keep opening it up to scrutiny.
This article opened my eyes, I did not fully understand why Russia was all over Browder
except the stealing aspect, but bigger yet, why he was being protected by the EU/US.
No wonder Putin wants to work with the Donno. Taking Browder out and exposing this
manipulation works for both sides.
LA_Goldbug , 40 minutes ago
If Browder is a surprise to you then look at Khodorkovsky (there is more of these types
from he came from).
Because when looking at this situation rationally, how does this guy get to run around
accusing banks of anything and mobilize governments into actions which have massive
ramifications for the global financial system unless he's intimately connected with the very
people that operate the top of that system?"
Exactly. He was sent by the Anglo-Zionist Tribe otherwise he would be a nobody.
JacquesdeMolay , 1 hour ago
Also, a very good book on the topic: "suppressed and banned by the CIA's supplier, Amazon,
The Grand Deception: The Browder Hoax is a highly intelligent, frank and entertaining
take-down of one of the biggest hoaxes ever perpetrated on the US public and the world
– The Magnitsky Act. Krainer's study of Bill Browder's book and actions is a riveting,
unflinching expose of what might end up being pivotal in revealing one of this decade's big
hoaxes."
So your information and private data can be traded for some small amount of money to God knows whom
Notable quotes:
"... Considering that Amazon employees in the US are some of the most poorly paid in tech and retail (Jeff Bezos was recently booed by his own employees over low wages), perhaps the WSJ' s theory holds water. ..."
Amazon has launched an investigation to track down a sophisticated network of employees
running a "black market" of confidential information and favors, illegally sold through
intermediaries to site merchants in order to give them a competitive advantage over other
sellers, reports the
Wall Street Journal .
In addition to providing sales metrics, search keywords and reviewers' email addresses,
bribed Amazon employees would delete negative feedback for around $300 per review, with
middleman brokers typically demanding a five-review minimum from merchants looking to game the
system.
Employees of Amazon, primarily with the aid of intermediaries , are offering internal data
and other confidential information that can give an edge to independent merchants selling
their products on the site, according to sellers who have been offered and purchased the
data, brokers who provide it and people familiar with internal investigations.
...
In exchange for payments ranging from roughly $80 to more than $2,000 , brokers for Amazon
employees in Shenzhen are offering internal sales metrics and reviewers' email addresses, as
well as a service to delete negative reviews and restore banned Amazon accounts , the people
said.
...
Amazon is investigating a number of cases involving employees, including some in the U.S.,
suspected of accepting these bribes , according to people familiar with the matter.
-WSJ
The data brokers primarily operate ion China, as the number of new Amazon sellers in the
country has been skyrocketing. The Journal speculates that " Amazon employees in China have
relatively small salaries, which may embolden them to take risks. "
Considering that Amazon employees in the US are some of the most poorly paid in
tech and retail (Jeff Bezos was recently booed by his own
employees over low wages), perhaps the WSJ' s theory holds water.
The internal probe was launched after a tip over the practice in China was sent to Eric
Broussard, an Amazon VP in charge of overseeing global marketplaces. The company has since
moved key executives into different positions in China to try and "root out the bribery,"
reports the Journal .
"We hold our employees to a high ethical standard and anyone in violation of our Code faces
discipline, including termination and potential legal and criminal penalties," an Amazon
spokeswoman said of the situation, confirming that the company is investigating the claims. The
same applies to sellers: "We have zero tolerance for abuse of our systems and if we find bad
actors who have engaged in this behavior, we will take swift action against them ," she
said.
Merchant network
A major component of Amazon's success is its massive network of third-party merchants, where
the company derives the majority of merchandise sales. Over two million merchants now offer an
estimated 550 million products over Amazon, which constitutes over half of all units sold on
the site. Third party sales constituted an estimated $200 billion in gross merchandise volume
last year, according to estimates by FactSet.
As such, "Sellers must aggressively compete to
get their products noticed on the first page of search results, where customers typically make
most of their purchase decisions," notes the Journal .
Evolving manipulations
Merchants have long sought competitive advantages over each other - first gaming Amazon's
automated ranking system, by paying people to leave fake reviews and drive traffic to
products.
After some time, the black market for internal information emerged, as bribed employees
began providing data and access to various benefits, according to a person who has facilitated
by brokers.
Brokers are the middlemen between Amazon employees and sellers who want negative reviews
deleted or access to internal sales information. Brokers search for Amazon employees on
Chinese messaging platform WeChat
and send messages asking them if they would like to provide these services in exchange for
cash , according to brokers and sellers who say they have been approached by brokers.
The going rate for having an Amazon employee delete negative reviews is about $300 per
review , according to people familiar with the practice. Brokers usually demand a five-review
minimum, meaning that sellers typically must pay at least $1,500 for the service, the people
said.
-WSJ
For a lower fee, merchants can pay Amazon employees for the email addresses of verified
reviewers, giving them the opportunity to reach out to those who have left negative reviews for
the opportunity to persuade them to adjust or delete their comment - sometimes bribing the
reviewer with a free or discounted product.
Also offered for sale is proprietary sales information, "such as the keywords customers
typically use to search for items on Amazon's site, sales volume and other statistics about
buyers' habits, according to the people," enabling Amazon sellers to better craft product
descriptions in a manner which will boost their search result rankings.
At a recent conference hosted for sellers -- which wasn't run by Amazon -- a broker pulled
up internal keyword results on his laptop. The broker said $80 can buy information on sales
data, the number of times users searched for a certain product and clicked on a product page,
which sellers are bidding for advertisements and how much those cost, according to the person
who viewed the results.
-WSJ
One seller in China told the Journal that competition on the website had become so intense
that he needs to cheat in order to gain a competitive advantage. " If I don't do bad things I
will die ," he said.
If all else fails in rooting out the black market, perhaps Bezos will simply release the
hounds:
surf@jm , 9 minutes ago
China's motto......
Who needs Christian morality, when lying, cheating and stealing is our religion.....
surf@jm , 9 minutes ago
China's motto......
Who needs christian morality, when lying, cheating and stealing is our religion.....
Suicyco , 44 minutes ago
If you pay peanuts, you get monkeys
Last of the Middle Class , 44 minutes ago
Just like Wal Mart charging by the inch for shelf space. Same game different monkeys.
Normal , 44 minutes ago
Prime example of how the US is a fascist state: the corporation gets government to enforce
law on poor people.
DoctorFix , 1 hour ago
When Amazon opened the flood gates of corruption and scams by allowing Chinese sellers to
compete with Americans on the US site... well, the locals were fucked! Lying, scamming
Chinese fuckers don't care who or how they screw you. And Amazon doesn't give a shit so long
as it makes money. Fuck Amazon! That's why I cancelled any prime membership and haven't
bought a damn thing from them in ages.
803Mastiff , 1 hour ago
And the Pentagon farmed out their servers to AWS.....What are Amazon employees getting
paid for military intel?
richsob , 1 hour ago
If local retailers have a crappy inventory and the stores are staffed with surly
Millennials, then why shouldn't I buy stuff on Amazon at a better price? I support local
businesses that deserve being supported. The rest of them sound like a bunch of whiny
liberals who feel "entitled" to my money.
cornflakesdisease , 2 minutes ago
Everything on Amazon can be found online somewhere else cheaper. You check out the item on
Amazon and then buy it elsewhere. Any seller has to mark up on Amazon to pay Amazon.
Logically, then, from his direct website, he would be slightly cheaper.
I'm sorry, did I miss the part where Disgruntled Amazon employees sell access to the CIAs
web farms?
Being Free , 1 hour ago
I have a letter from a woman who used to work with Bezos at a McDonalds restaurant when
they were both in high school in Miami. She says Bezos walked her home from McDonalds one day
after work and sexually attacked her in her home. He tried to rip her clothes off her but she
managed to escape his evil clutches. She was and is so distraught over this incident that she
is still afraid especially now that he is such a wealthy and powerful man.
just the tip , 44 minutes ago
well played.
JoeTurner , 1 hour ago
Oligarchs bitchez ! it's their country....you just pay the taxes...
ZD1 , 1 hour ago
"A major component of Amazon's success is its massive network of third-party merchants,
where the company derives the majority of merchandise sales. Over two million merchants now
offer an estimated 550 million products over Amazon, which constitutes over half of all units
sold on the site. Third party sales constituted an estimated $200 billion in gross
merchandise volume last year, according to estimates by FactSet."
Mostly Chicom sweatshop shit.
abgary1 , 1 hour ago
Giving away our privacy for convenience sake is inane and insane.
Have we become that lazy and ignorant?
Without privacy and thus freedom we have nothing.
Midas , 37 minutes ago
Give me convenience or give me death!
--Jello Biafra
pitz , 1 hour ago
That's nothing. Amazon has access to the business data of a large number of businesses
that use AWS. The possibilities of abuse there are nearly endless.
bluebird100 , 1 hour ago
Get fucked Amazon, that's what you get for doing business in China.
Fuckin' sick of people moaning about Amazon, Google, Facebook, etc, yet spending half
their life on there and buying shit from them.
Personally I can't stand what Amazon has become and would never spend £1 with
them.
Facebook is evil shit designed to re-wire the brain to make you a self conscious
narcissist which will ultimately end in misery.
Google are a million miles away from 'do no evil' but TBH they have a very good product
however they are evil scumbags.
These companies literally believe they are gods, that they control the world.... just like
the big banks did before 2008.
I hope the crash comes soon.
-WetWipe
mrtoad , 1 hour ago
Banks do control the world
MARDUKTA , 1 hour ago
President will destroy them soon/CIA.
MedicalQuack , 1 hour ago
Heck, this is not just China being solicited, a couple weeks ago I had 4 voicemails, all
the same recording stating "making $17.00 to $35.00 an hour posting reviews to Amazon. I
didn't answer the calls and saw that they were junk and didn't run upon them until I checked
my voicemail for a real message I had missed and there they were.
They all had a different number to call and a different company name, but it was the same
recorded message on all 4 of them and this happened in a couple days, 2 on one day, and
another 2 the next day. I guess they figured I was not going to respond and took me off
attempt #5:)
Why wouldn't folks in the inside go after a scam like this, look at their CEO, a big fat
quant from Wall Street..and of course we have all heard and read the stories about how Amazon
pays...
This being said, I don't think this scam was just limited to China..if I remember
correctly, this was promoted as part time work with posting reviews to Amazon and work as
many hours as you like. I deleted all of them so I can't go back and listen again as they
were just nuisance calls like others that I just get rid of.
MARDUKTA , 1 hour ago
Bezos partnered with some tribal chieftain in Nigeria who is CEO of Scams-R-Us.
Nellie Ohr will sit for an interview with Congress next week, according to Rep. John
Ratcliffe (R-TX).
Ohr, an expert on Russia who speaks fluent Russian, is a central figure in the nexus between
Fusion GPS - the opposition research firm paid by the Clinton campaign to produce the "Steele
Dossier " - and the Obama Justice Department - where her husband, Bruce Ohr, was a senior
official. Bruce was demoted twice after he was caught lying about his extensive involvement
with Fusion's activities surrounding the 2016 US election.
Notably, the Ohrs had extensive contact with Christopher Steele, the ex-MI6 spy who authored
the salacious anti-Trump dossier used to justify spying on the Trump campaign during the
election, and later to smear Donald Trump right before he took office in 2017. According to
emails turned over to Congress and reported in late August, the Ohrs would have breakfast with
Steele on July 30 at the downtown D.C. Mayflower hotel - days after Steele had turned in
several installments of the infamous dossier to the FBI . The breakfast took place one day
before the FBI/DOJ launched operation "Crossfire Hurricane," the codename for the official
counterintelligence investigation into the Trump campaign.
"Great to see you and Nellie this morning Bruce," Steele wrote shortly following their
breakfast meeting. " Let's keep in touch on the substantive issues/s (sic). Glenn is happy to
speak to you on this if it would help," referring to Fusion GPS co-founder Glenn Simpson.
No stranger to the US intelligence community, Nellie Ohr represented the CIA's "Open Source
Works" group in a 2010 " expert working group report on
international organized crime" along with Bruce Ohr and Glenn Simpson .
Nayel , 56 minutes ago
I'd bet she gets up there and denies everything, lust like Strozk. And the DOJ does
nothing, and even allows the perjury to slide.
Sessions is clearly complicit. Loretta Lynch might as well be still running the show...and
perhaps she is...
Seeing as how the Shadow Government seems to be running the "Collusion Investigation"
on themselves...
thebriang , 1 hour ago
Is she going to name the 3 "journalists" that Fusion paid to start pushing the Russia
narrative in the MSM?
I want names, goddammit.
samsara , 1 hour ago
Thread by Thread the garment is unraveled for all to see
" Needless to say, Congress will have no shortage of questions to ask Nellie. "
Like why did she get a ham radio? I guess she didn't trust the NSA?
"... Rajan turned out to be a party pooper, questioning whether "advances" in the financial sector actually increased, rather than reduced, systemic risk . Former Treasury Secretary Larry Summers called him a Luddite . " I felt like an early Christian who had wandered into a convention of half-starved lions ," he wrote. But though delivered in genteel academic lingo, his paper was powerful and prescient. ..."
"... "There has been a shift of risk from the formal banking system to the shadow financial system." He also told me the post-crisis reforms did not address central banks' role in creating asset bubbles through accommodative monetary policy, which he sees as the financial markets' biggest long-term challenge. ..."
"... 99% of all people should invest in themselves first. That means having no debt and also having a small company that you only put sweat equity into to make it work starting out as a side business and keeping it as a side business even if it grows bigger. That also means going to college and earning a money making degree that is in demand. ..."
"The ultimate thing that brings down financial markets is excess leverage So, you look
where's the big leverage, and right now I think it's in emerging markets."
Shilling is particularly worried about the $8 trillion in dollar-denominated
emerging-market corporate and sovereign debt, especially as the U.S. dollar rises along with
interest rates. "The problem is as the dollar increases," he said, "it gets tougher and
tougher for them to service [that debt] because it takes more and more of their local
currency to do so." Of that,
$249 billion must be repaid or refinanced through next year , Bloomberg reported.
... ... ...
That housing-related stocks "saw a parabolic run-up" in 2016-17, but in
January his index "peaked and now it's coming down hard." And this spells "bad news on the
housing market looking 12 months down the road."
But the biggest danger, Stack told me, is from low-quality corporate debt. Issuance of
corporate bonds has "gone from around $700 billion in 2008 to about two and a half times that
[today]."
And, he added, more and more of that debt is subprime . Uh-oh.
In 2005, he pointed out, companies issued five times as much high-quality as subprime
debt, but last year "we had as much subprime debt, poor quality-debt issued, as quality debt
on the corporate level," he said, warning "this is the kind of debt that does get defaulted
on dramatically in an economic downturn."
"Managers have greater incentive to take risk because the upside is significant, while the
downside is limited."
"Moreover, the linkages between markets, and between markets and institutions, are now more
pronounced. While this helps the system diversify across small shocks, it also exposes the
system to large systemic shocks "
"The financial risks that are being created by the system are indeed greater [potentially
creating] a greater (albeit still small) probability of a catastrophic meltdown."
What he says now:
"There has been a shift of risk from the formal banking system to the shadow financial
system." He also told me the post-crisis reforms did not address central banks' role in
creating asset bubbles through accommodative monetary policy, which he sees as the financial
markets' biggest long-term challenge.
"You get hooked on leverage. It's cheap, it's easy to refinance, so why not take more of it?
You get lulled into taking more leverage than perhaps you can handle."
And what might be coming:
Rajan also sees potential problems in U.S. corporate debt, particularly as rates rise, and
in emerging markets, though he thinks the current problems in Turkey and Argentina are "not
full-blown contagion."
"But are there accidents waiting to happen? Yes, there are."
What he says now:
"I think the choice of Europe is going to have to put [all the debt] on the balance sheet of
the European Central Bank. If they don't, then the euro zone breaks apart and we're going to
get a 50% valuation collapse."
"Greece...is a rounding error. Italy is not . And Brussels and Germany are going to have to
allow Italy to overshoot their persistent debt, and the ECB is going to have to buy that
debt."
"If it doesn't happen, the debt triggers a crisis in Europe, [and] that triggers the
beginning of a global recession" but... "there are so many little dominoes, if they all start
falling, one leads to the next."
Mauldin estimates the world has almost "half a quadrillion dollars," or $500 trillion, in
debt and unfunded pension and other liabilities, which he views as unsustainable.
But the flashpoint for the next crisis is likely to be in Europe, especially Italy, he
maintains.
Fed-up with being Sick and Tired , 3 minutes ago
It is an interesting piece. I do recall seeing A. Gary Shilling speaking back then when I
watched mainstream financial news which I no longer do. It would be interesting now to hear
what these four would have to see to actually see de-leveraging occur, and a reset put in
motion. I am tiring of the shenanigans of Central Bankers who clearly are trying everything
to keep this mess propped up.
Iskiab , 21 minutes ago
These guys are all right in their risk assessments but are being cautious on saying how it
will play out. Debt is one factor; but protectionism, demographic changes, and
dedollarization are the other threats.
The truth is no one knows how things will unfold, but I'm betting stagflation will be in
the works for the US for an extended period soon.
smacker , 1 hour ago
The 2008 financial crash was fundamentally caused by excessive DEBT.
That excessive debt was in the hands of: government, corporates and private individuals
and the banksters were making huge profits out of it, so they had no incentive to rein it in.
Clowns like UK Chancellor Gordoom Brown went on record claiming that he'd abolished boom
& bust, so the borrow/spend culture went on. ho-ho.
But borrowers eventually got to the point where they simply couldn't take on any more
debt, so the economy crashed, given that it was based on rising never-ending debt.
All of the labels given to this debt mountain such as: sub-prime mortgages, derivatives,
excessive leverage etc are all valid for analysts to analyse but the common connection
between them all was excessive DEBT.
That is what I concluded at the time and it has been confirmed 1,000,000 times since
then.
I am on record saying that this huge debt pile would take a generation to work its way
thru the economy which implied a long recession or depression.
I also predicted there'd likely be a BIG RESET to speed up the adjustment process. Despite
central banks irresponsibly printing vast amounts of fiat to alleviate the consequences for
their friends the banksters (but in reality to create new asset price bubbles) and dropping
interest rates to near zero to encourage more debt and mal-investment, nothing that has
happened has changed my mind.
The situation today, 10 years later, is that debt levels are hugely higher than in 2008
and the solution which existed then remains on the table. It's just that central banks
falsely believe their money-printing actions will solve the problem whereas in truth they are
in denial.
You cannot solve a debt problem by printing more money and taking on more debt. Central
banks and the likes of Krugman think otherwise.
The day of reckoning is on the horizon: either there will be a huge long
recession/depression to work debt out of the system with all of its implications to asset
values and social cohesion AND/OR a BIG RESET will be enacted. The latter will destroy the
wealth of vast numbers of ordinary people with their savings and investments going down the
flusher.
Neither solution will be a pretty sight.
Prepare accordingly.
Cincinnatuus , 1 hour ago
I think you are spot on with your assessment of the situation, and it seems a great many
other knowledgeable people agree with you. In fact, many market prognosticators are openly
talking about a RESET as a result of the dollar value collapsing and a resulting
hyper-inflation. Too many people think this.
The Contrarian in me says because everybody is expecting that, it's not going to play out
that way. I too, talk about the value of the dollar getting cut in half from here. Instead of
a RESET, I expect the collapse of the value of the dollar to usher in a deflationary
implosion as all that unpayable debt and financial obligations collapses and gets marked down
to zero. Likely the Banksters try some sort of money printing orgy along the way... Never let
a good crisis go to waste.
smacker , 1 hour ago
This article from Robert Prechter dating back to 2010 predicted the:
Prechter wasn't wrong, he just couldn't predict when it would happen. He understood that
the only solution to the huge debt crises was to clear it by letting it work its way thru the
economy (a generation or so to do) or by a BIG RESET.
Nothing has changed. Except that in the last 10 years, central banks have taken actions to
kick the can down the road because they're in denial and think they know better.
What the central banks never took into account in 2008 was that ((other things)) have
changed in the past 10 years, most notably the waning power of the USD as the Global Reserve
Currency which can only have negative consequences.
Fed-up with being Sick and Tired , 3 minutes ago
It is an interesting piece. I do recall seeing A. Gary Shilling speaking back then when I
watched mainstream financial news which I no longer do. It would be interesting now to hear
what these four would have to see to actually see de-leveraging occur, and a reset put in
motion. I am tiring of the shenanigans of Central Bankers who clearly are trying everything
to keep this mess propped up.
Iskiab , 21 minutes ago
These guys are all right in their risk assessments but are being cautious on saying how it
will play out. Debt is one factor; but protectionism, demographic changes, and
dedollarization are the other threats.
The truth is no one knows how things will unfold, but I'm betting stagflation will be in
the works for the US for an extended period soon.
bunkers , 1 hour ago
Greg Hunter, on YouTube, interviews Catherine Austin Fitts in an early Sunday morning
release. It's excellent.
turkey george palmer , 1 hour ago
Ha, good times bad times like the song says
But when I whispered in her ear, I lost another friend, oooh.
smacker , 1 hour ago
The 2008 financial crash was fundamentally caused by excessive DEBT.
That excessive debt was in the hands of: government, corporates and private individuals
and the banksters were making huge profits out of it, so they had no incentive to rein it in.
Clowns like UK Chancellor Gordoom Brown went on record claiming that he'd abolished boom
& bust, so the borrow/spend culture went on. ho-ho.
But borrowers eventually got to the point where they simply couldn't take on any more
debt, so the economy crashed, given that it was based on rising never-ending debt.
All of the labels given to this debt mountain such as: sub-prime mortgages, derivatives,
excessive leverage etc are all valid for analysts to analyse but the common connection
between them all was excessive DEBT.
That is what I concluded at the time and it has been confirmed 1,000,000 times since
then.
I am on record saying that this huge debt pile would take a generation to work its way
thru the economy which implied a long recession or depression.
I also predicted there'd likely be a BIG RESET to speed up the adjustment process. Despite
central banks irresponsibly printing vast amounts of fiat to alleviate the consequences for
their friends the banksters (but in reality to create new asset price bubbles) and dropping
interest rates to near zero to encourage more debt and mal-investment, nothing that has
happened has changed my mind.
The situation today, 10 years later, is that debt levels are hugely higher than in 2008
and the solution which existed then remains on the table. It's just that central banks
falsely believe their money-printing actions will solve the problem whereas in truth they are
in denial.
You cannot solve a debt problem by printing more money and taking on more debt. Central
banks and the likes of Krugman think otherwise.
The day of reckoning is on the horizon: either there will be a huge long
recession/depression to work debt out of the system with all of its implications to asset
values and social cohesion AND/OR a BIG RESET will be enacted. The latter will destroy the
wealth of vast numbers of ordinary people with their savings and investments going down the
flusher.
Neither solution will be a pretty sight.
Prepare accordingly.
U. Sinclair , 1 hour ago
"The definition of insanity is doing the same thing over and over again, but expecting
different results".
Cincinnatuus , 1 hour ago
I think you are spot on with your assessment of the situation, and it seems a great many
other knowledgeable people agree with you. In fact, many market prognosticators are openly
talking about a RESET as a result of the dollar value collapsing and a resulting
hyper-inflation. Too many people think this.
The Contrarian in me says because everybody is expecting that, it's not going to play out
that way. I too, talk about the value of the dollar getting cut in half from here. Instead of
a RESET, I expect the collapse of the value of the dollar to usher in a deflationary
implosion as all that unpayable debt and financial obligations collapses and gets marked down
to zero. Likely the Banksters try some sort of money printing orgy along the way... Never let
a good crisis go to waste.
smacker , 1 hour ago
This article from Robert Prechter dating back to 2010 predicted the:
Prechter wasn't wrong, he just couldn't predict when it would happen. He understood that
the only solution to the huge debt crises was to clear it by letting it work its way thru the
economy (a generation or so to do) or by a BIG RESET.
Nothing has changed. Except that in the last 10 years, central banks have taken actions to
kick the can down the road because they're in denial and think they know better.
What the central banks never took into account in 2008 was that ((other things)) have
changed in the past 10 years, most notably the waning power of the USD as the Global Reserve
Currency which can only have negative consequences.
Wahooo , 56 minutes ago
Got the collapse right, but not the hyperinflation.
smacker , 51 minutes ago
Time will tell... if the huge debt problem is resolved correctly by actions intended to
clear it and the USD loses its GRC status, deflation followed by hyperinflation will likely
follow as USDs flood back into the US economy.
CoCosAB , 16 minutes ago
The simple solution is - an old fashion I know - a DEBT JUBILEE !
The last time some schmuck tried to make the millennia tradition return he got himself
crucified!
There's NO OTHER SOLUTION in the present status of the MONETARY SYSTEM to re-balance it.
Of course that the OWNERS of the SYSTEM and the WEALTH (DEBT) don't wont to see their WEALTH
disappear in a click of a button...
So, the next Great Transference of Wealth (1st in 2007/8 and so on) its about to
start!
The example given above its just a peanut " Paulson, of course, loaded up on CDS's and
made $4 billion in what has been called "the greatest trade ever." "We made 15 times our
money," Shilling says. "...
Keep it up SLAVES... "WORK, DEBT, CONSUME"
smacker , 7 minutes ago
A "debt jubilee" is equal to a BIG RESET. I believe this will be enacted but for .govs to
get away with it, there'll have to create a huge distraction so they can blame it on someone
else.
That distraction will almost certainly be WAR or some other major event on a big enough
scale to distract attention away from what they're doing.
Push , 2 hours ago
I guess Tyler has never heard of Lyndon LaRouche? He accurately predicted the 2008 crash,
and others previously. The fact is that monetary policy is not economics, and when you look
at the inter-connectivity of human labor from the perspective of scientific progress it's
easy to see where the financial system is heading, for a huge collapse.
If you study what the United States did coming out of the Revolutionary War to build this
nation, then the subsequent dismantling of Hamilton's system by Andrew Jackson, the the
re-implementation of Hamilton's system by Carey and Clay through Lincoln, you can see that
what people today consider "economics" has nothing to do with the productive powers of the
labor force. British Free Trade, floating exchange rates, the offshore banking industry, Wall
Street, and the City of London are subverting economic fortitude in favor of the
consolidation of power in a process to build a new kind of empire.
The Real Tony , 2 hours ago
Eventually America will run out of lies to tell. This will be the catalyst for the next
crises.
truthalwayswinsout , 2 hours ago
No reason to listen to any of this or even care. Do not invest in the stock market; it is a scam and will always be a scam.
99% of all people should invest in themselves first. That means having no debt and also
having a small company that you only put sweat equity into to make it work starting out as a
side business and keeping it as a side business even if it grows bigger. That also means
going to college and earning a money making degree that is in demand.
Everyone in our family has no mortgages. Everyone in our family has small companies that
because they have no debt churn out cash like ATMs from $6K to $170K per year. And when the
markets crash or assets become extremely cheap we buy assets. We bought homes in the last
fiasco, did minor fixes, rented them, and sold them all 3 years ago. We made a 220% return in
6 years.
We are going to do it again with homes because they will again fall off dramatically and
this time we can pay cash for all the purchases. We will also be looking at unique food
companies that are over leveraged that we can buy at 10 cents on the dollar. (One of our
family is a chef and makes all kinds of stuff that can be packaged and sold but we have no
market access).
Batman11 , 3 hours ago
Problem solving involves two steps.
Understand the problem
Find a solution
Post 2008 - "It was a black swan". We didn't complete step 1, so we couldn't learn anything. The Chinese have now completed step one and have seen their Minsky moment on the
horizon. The indicators of financial crises are over inflated asset prices and the private
debt-to-GDP ratio. Debt is being used to inflate asset prices.
They are called Minsky moments. Too late for Australia, Canada, Sweden, Norway and Hong Kong as they've been inflating
their real estate markets with mortgage lending. Wall Street leverages up the asset price bubble to make the bust much worse.
"It's nearly $14 trillion pyramid of super leveraged toxic assets was built on the back
of $1.4 trillion of US sub-prime loans, and dispersed throughout the world" All the
Presidents Bankers, Nomi Prins.
Leverage is just a profit and loss multiplier. The bankers take the bonuses on the way up and taxpayers cover the losses on the way
down.
Batman11 , 3 hours ago
Bankers only have one real product and that's debt. When they are messing about you can see it in the private debt-to-GDP ratio. It's that simple. They are clever and hide what they are doing on the surface, you just look underneath.
It's easy to see when you know where to look. Even the FED should be able to understand it. Well, we can just tell them where to look anyway; Harvard PhDs aren't what they used to
be.
Batman11 , 2 hours ago
How can bankers use their debt products to create real wealth and increase GDP for
growth? The UK:
Before 1980 – banks lending into the right places that result in GDP growth. After 1980 – banks lending into the wrong places that don't result in GDP growth. The UK eliminated corset controls on banking in 1979 and the banks invaded the mortgage
market and this is where the problem starts.
Richard Werner was in Japan in the 1980s when it went from a very stable economy and
turned into a debt fuelled monster. He worked out what happened and had all the clues
necessary to point him in the right direction. Bank credit (lending) creates money.
1929 – Inflating the US stock market with debt (margin lending)
2008 – Inflating the US real estate market with debt (mortgage lending)
Inflating asset prices with debt (type 3 lending).
Creating real wealth and increasing GDP (growth) requires type 1 lending.
Batman11 , 56 minutes ago
Economic liberalism – the fundamental flaw. Everyone looks to make as much money as possible, doing as little as possible. Asset stripping, activist shareholders being a very good example. Real wealth creation involves making real goods and providing real services, and involves
real work.
It doesn't look very attractive; there are easier ways to make money.
hillwalker , 3 hours ago
The Parasites! No mention of the over $600 TRILLION opaque OFF BALANCE SHEET derivatives market!
Nelbev , 5 hours ago
I think these guys miss the obvious.
1.) There is a housing bubble in London, OZ, Canada in Vancouver and Toronto. US prices
have bounced back nominally, but financing better than prior. The banking crisis will start
with housing bubble abroad.
2.) US deficits and debts are at a stage where inflation will lead to higher rates. The
amount to service the public and private debt load will increase with interest rates. You
cannot just print money forever and expect it never to catch up, or excess reserves not to
escape the banking system blowing air on the fire. The debt load publicly is dangerously high
and will trigger a fiscal crisis when add about $200+ billion a year to fiscal budget.
3.) The EU will disintegrate over next few years, global recession will just accelerate
that and be a feedback, could be a bit of a buffer on US with flight to quality. Think about
when UK contribution to EU budget drys up in March 2019, will EU raise taxes on rest by 20%
to pay for Eurocrats salaries?, and what if Italy has a referendum? EU is mess in making.
4.) Next recession, which could be triggered by stochastic shock of a trade war (err ...
gov managing economy always f*cks it up), the monetary authorities have no buffer to lower
interest rates due to policy since housing bubble, only more useless QE, little stimulus,
just inflation in works.
5.) Last was housing bubble, next is bond bubble . 30 yr tb at 3.13 - you have to
be idiot (or PBC which cannot unload their trill $ portfolio of US toilet paper without
depressing prices) to hold and expect inflation next 30 years at less. You think magically a
trillion dollar year federal deficit will shrink under DT? It really does not matter what the
fed does, stuck in a hard space, print more money to keep ponzi scheme going or neutralize
federal with higher rates and try to shrink balance sheet. You cannot keep interest rates low
when commodity futures arbitrage during inflation offer an alternate return. Easy money will
just fuel fire.
Md4 , 3 hours ago
The Fed can, and does, manipulate some interest rates, and it's balance sheet, all the
time.
But, as I see it, (hyper) inflation isn't just a money supply issue.
It's also a vote of confidence...
Ballooning deficits, and rising debt loads are not elements of fundamentally
healthy economies.
Rather than disappearing dumped U.S. debt, the Fed may just add it to it's "holdings", and
therefore, ensure there's always a "buyer".
Theoretically, perhaps.
But, it can't buy all U.S. debt, lest there be no real "market".
So, that means debt issued won't be free.
It also means there's a real limit to just how much the Fed can manage inflation...
Normalisation of Deviance , 4 hours ago
Excellent comment. Reminds me of the good old days when the comments at ZH were more more
informative and well written than the articles, (which were also informative and well
written).
Also Gold Bitchezz!
Superlat , 4 hours ago
Whether or not this matters, the housing bubble in Seattle has peaked, if not completely
popped. However, it's gone far enough that just about everyone including the media is
admitting a downturn is happening. Whether it persists is anyone's guess.
Maybe the next crisis is just cumulative, not one big thing.
The Real Tony, 2 hours ago
More like the Chinese buying up everything in Seattle has peaked.
The Real Tony , 2 hours ago
The Pakis in Brampton and Mississauga Ontario, Canada will throw their last welfare cheque
towards housing before losing their home/homes to the bank. It might take longer than you
think.
ZIRPdiggler , 5 hours ago
Sorry to rain all over your doom porn ZH'ers but I don't think we are going to have an
"economic collapse". Also, I just heard a new Lindsay Williams.....he says the Trump election
changed everything for the dark cabal's plans lol. Says they're gonna take the DOW over
40,000. Of course, Armstrong has been predicting that for a long long time. So go figure.
Maybe cycles are bullet proof, regardless of who's trying to do the manipulation. keep buying
that gold though....maybe your great grand children can benefit from it.
Md4 , 5 hours ago
"If it doesn't happen, the debt triggers a crisis in Europe, [and] that triggers the
beginning of a global recession" but... "there are so many little dominoes, if they all start
falling, one leads to the next."
What people don't seem to understand yet, is that this is no longer just an economic or
even a debt problem ex parte.
The non-solution of the last ten years have now made this a human quality of life
problem.
The loss of so many middle class income opportunities over the now-near 50 years of
outsourcing, has not only caused more insurmountable debt loads to form, but the chronic
income insufficiency is hammering even first-world social psyches as never before.
After all, rising debt is rising for a reason.
It's a big mistake to automatically assume a financial collapse has to precede a
social calamity.
It can easily be the other way around...
Captain Nemo de Erehwon , 3 hours ago
You have to design financial systems for human needs, taking into account human
characteristics. There are no "laws" of social sciences that "must" be followed. Physics is
the only constraint.
Fred box , 6 hours ago
Bottom line folks,this party is over done.One of many different things can cause at the least a 20%
correction(-5000pts) as well as bigger.The TBTF are now To Humungous To Fail.We live in
interesting times!
TRN , 6 hours ago
Likely 40% correction.
LeftandRightareWrong , 6 hours ago
Public pension systems and unfettered illegal immigration.
Normal , 6 hours ago
$500 trillion, in debt. That means that some kind of system had it to lend. Makes me want
to puke and then go start a revolution.
Bricker , 7 hours ago
All 3 in common...Debt bomb. 1929 Debt, 2008 Debt, 20?? debt; IMO its student loans
wrapped up as commercial paper and bonds.
Someone is going to miss an interest payment after tranches are bet on with student
loans
GoldHermit , 7 hours ago
Watch the Big Short. Those guys came as close as anyone IMO
daedon , 7 hours ago
No, READ The Big Short.
Erwin643 , 7 hours ago
Yeah, try making a movie based on a book. You have to take a lot of shortcuts. I think The Big Short was one of the very best films ever made, based on a book.
The actors played their real-life counterparts perfectly.
daedon , 7 hours ago
Forget (broken clock) Schiff, I read a great book in 1993, The Great Reckoning: Protect
Yourself in the Coming Depression. That was 25 years ago, I'm getting impatient. French president Charles de Gaulle saw this shit coming in 1968 and he died waiting for
it.
The Roman Empire lasted 500 years, so be patient, Trump's bosses have an armada of think
tanks staffed with Aspies that have IQs well above low earth orbit at their disposal, so they
could drag this out another 1000 years.
If not always fair or flexible, it seems efficient – attorneys collecting large fees
in a justice system designed to enrich attorneys.
A shyster attorney that I had the
unfortunate experience in working with, did tell the truth once when he said that there is no
such thing as a justice system but there is a legal industry.
"... That said, many - including Yahoo News's Michael Isikoff (the guy whose article containing info fed to him by Christopher Steele was used by the FBI to obtain Carter Page's FISA warrant) - have pointed to potential targets on the left. ..."
"... Those people include former Manafort associates Tony Podesta, Vin Weber and Greg Craig - all of whom failed to register as foreign agents in connection with work outside the United States, as well as members of the Obama administration . Of course, the thought of Mueller going after "the untouchables" seems a bit far fetched. ..."
"... The FSB ambition: to choose the least competent Presidential candidate and, unbeknownst to him, smooth his way to the White House. Thus Robert Meuller's inconvenient truth: If Donald Trump were competent enough to be entrusted with collusion, then he would be too competent for the FSB to achieve its ambitions! I bet the FSB people in charge are gobsmacked that The Donald hasn't been impaled on the 25th Amendment yet! ..."
"... I don't understand Dershowitz here. What could Manafort say that Papadopoulos and Flynn haven't already told Mueller? He was Trump's campaign manager for what three months? ..."
"... If anyone had something juicy on Trump it'd be Michael Flynn since he was in the Trump administration if just for a short time. This is about keeping this farce of a charade going as long as humanly possible. ..."
"... My guess -- a guess -- is that Mueller is under a lot of pressure from the Clinton Family including Brennan, Clapper et al to find something, anything, on enough people to make the last 2 years look legit to the Americans who watch CNN. ..."
"... My guess is that the CF has gone from supporting Mueller to making him scared. ..."
"... That should work for continuing the Conspiracy theory... It is all the DOJ, FBI, Sessions and now newcomer Manafort trying to BRING Down the POTUS. All of this is happening to such a great guy like Trump... Sad huh... ..."
"... Jesus you Trumptards are delusional. The average American is no more likely to take up arms against his masters than the North Koreans are. ..."
Harvard Law professor and prominent liberal Alan Dershowitz - who has been shunned by the
liberal elite of late for defending President Trump - now says that the White House should be
alarmed over Paul Manafort's plea deal with special counsel Robert Mueller.
" Well of course they should be ," replied Dershowitz - though he added the rather large
caveat that Mueller is "not a credible witness," and would be at best be a corroborating
witness against Trump.
"There's nothing he can testify to that would probably lend weight to impeachment because he
didn't have close contact with President Trump while he was president," said Dershowitz. " What
they are looking for is self-corroborating information that can be used against Trump if they
can make him sing and then there's the possibility of him composing, elaborating on the story
."
Dershowitz added that there is "no doubt" Mueller is trying to flip Manafort against
Trump.
" Once he agrees to cooperate, he has to cooperate about everything , said Dershowitz.
"There's no such thing as partial cooperation."
As for Trump pardoning Manafort? That's now "off the table," and that flipping on the
President "opens up a lot of doors that probably haven't been opened before."
It's a "big win" for Mueller, Dershowitz concludes.
That said, many - including Yahoo
News's Michael Isikoff (the guy whose article containing info fed to him by Christopher Steele
was used by the FBI to obtain Carter Page's FISA warrant) - have pointed to potential targets
on the left.
Those people include former Manafort associates Tony Podesta, Vin Weber and Greg Craig - all
of whom failed to register as foreign agents in connection with work outside the United States,
as well as members of the Obama administration . Of course, the thought of Mueller going after
"the untouchables" seems a bit far fetched.
quintus.sertorius , 19 minutes ago
The Tribe plays both sides: Dershowitz the plant in Trump team has the same real loyalty
as fellow tribesman Haim Saban or Sheldon Adelson. They want to blackmail Trump into fighting
Israel's war in Syria.
radbug , 55 minutes ago
The FSB ambition: to choose the least competent Presidential candidate and, unbeknownst to
him, smooth his way to the White House. Thus Robert Meuller's inconvenient truth: If Donald
Trump were competent enough to be entrusted with collusion, then he would be too competent
for the FSB to achieve its ambitions! I bet the FSB people in charge are gobsmacked that The
Donald hasn't been impaled on the 25th Amendment yet!
ZazzOne , 1 hour ago
"Big Win For Mueller"? Only if he plans on going after the founders of the Red Shoe "Pedo"
Club.....John and Tony Podesta! Though I highly doubt he'll ever go down that rabbit
hole!!!!!
Straddling-the-fence , 2 hours ago
Once he agrees to cooperate, he has to cooperate about everything , said Dershowitz.
"There's no such thing as partial cooperation.
That's asinine. There are terms to a plea agreement. Unless those terms encompass what is
claimed above, then that is simply false.
KekistanisUnite , 3 hours ago
I don't understand Dershowitz here. What could Manafort say that Papadopoulos and Flynn
haven't already told Mueller? He was Trump's campaign manager for what three months?
George
Papadopoulos I don't know how long he was there but if really has nothing of value to offer
then neither would Manafort.
If anyone had something juicy on Trump it'd be Michael Flynn
since he was in the Trump administration if just for a short time. This is about keeping this
farce of a charade going as long as humanly possible.
Econogeek , 3 hours ago
My guess -- a guess -- is that Mueller is under a lot of pressure from the Clinton Family
including Brennan, Clapper et al to find something, anything, on enough people to make the
last 2 years look legit to the Americans who watch CNN.
My guess is that the CF has gone from supporting Mueller to making him scared.
ThePhantom , 4 hours ago
i like to think Mueller is on the plate too, and this is his chance to save his own ass.
Greg Craig and Podesta's names are out in all the papers .... they worked with manafort first
and foremost....
no idea what dershowitz is talking about.. none.
Calvertsbio , 4 hours ago
Yea sure he is, the SPECIAL Counsel running the show to bring down corruption is "ON THE
PLATE" yea, ok...
That should work for continuing the Conspiracy theory... It is all the DOJ, FBI, Sessions
and now newcomer Manafort trying to BRING Down the POTUS. All of this is happening to such a
great guy like Trump... Sad huh...
Doesn't make much difference how much of this BS is posted, no one is buying it anymore...
Even FAUX news has basically given up on him... Everyone know that once it all comes out, it
will be labelled by HIS SHEEPLE that it is all made up BS to take him down...
Hillary did it... no ! Sessions did it, nope, it was RYAN ? McConnell... lets keep the
guessing game going... The Dossier did it...
BigJim, 4 hours ago
"The swamp critters better stop ignoring the Hillary/DNC side of this or the population is going to be marching in with
pitchforks and guillotines."
Jesus you Trumptards are delusional. The average American is no more likely to take up arms against his masters than
the North Koreans are.
CHUCK TODD TROTSKY: Yeah, I was just going to say, if the F.B.I., for instance, had a FISA
court order of some sort for a surveillance, would that be information you would know or not
know?
CLAPPER: Yes.
CHUCK TODD TROTSKY: You would be told this?
CLAPPER: I would know that.
CHUCK TODD TROTSKY: If there was a FISA court order–
CLAPPER: Yes.
CHUCK TODD TROTSKY: –on something like this.
CLAPPER: Something like this, absolutely.
CHUCK TODD TROTSKY: And at this point, you can't confirm or deny whether that exists?
>>>CLAPPER: I can deny it.<<<
The head of ObaMao's intelligence, the DNI ...(Clapper)...just lied on national TeeeVeee,
to the American public, with a straight face, something we all now know to be absolutely,
verifiably, true.
Something as blatantly deceptive as this needs something special in return. Like a
noose.
FreedomWriter ,
Yeah, lying on CNN, apparently you can be arrested for that, it's almost as bad as lying
to Congress under oath..... oh wait...
nmewn ,
They are twisted, seditious, criminal , lying, bastards.
In a nutshell: Hillary Clinton paid a foreign agent (Christopher Steele, via two entities
to wipe her fingerprints, those being Perkins Coie & Fusion GPS) to fabricate the pretext
of FISA warrants... which her cronies then dutifully introduced into a secret court ...and
were granted FISA warrants (not once but FOUR TIMES) for US government intelligence agencies
to spy on her political opponents.
Its unprecedented, a scandal more vast and all encompassing than Watergate.
And...having found NOTHING (again, four times) to charge Carter Page with, they leak to
their cronies in the Alinsky Press that US government intelligence agencies do in fact have
an active spying operation going on against American citizens to damage the reputations and
careers having failed to find any evidence of "Russian collusion" which (again) was the
pretext for the FISA warrants.
Now that those among us with a fully functional brain know FOR SURE that there are TWO
SETS of laws in this nation we can go about our individual activities and businesses with
total disregard to "their laws" without any self imposed moral or ethical trepidation.
herbivore ,
There's just one set of laws, but they're selectively enforced, depending on whether
you're one of the little people or you're among the elite. Must be nice to be one of the
elite, not having to worry about laws and stuff.
Carter Paige? You mean the guy this time last year was a Russian spy? The guy who hasn't
been charged with anything? The guy that the original FISA warrants were issued against in
order to spy on the trump campaign? Oh yeah that guy.
Is he connected to the Papadopoulos guy? You know... The guy that got 14 days for lying to
meathead?
And now Manafort. Somehow hes bringing Trump down for sure. Even if it doesn't have
anything to do with the Trump campaign.
As looney would say... Looney
Dilluminati ,
From my understanding the unmasking of a national security investigation does make liable
to suit the press by Carter Page, additionally I'm still amazed that people are seeing this
through their preconceptions. How NSL (national security letters) and FISA material made it
consistently from the top echelons of government needs people asking some genuine questions.
If you have followed this carefully, it is evident that despite the non-related charges
brought forth by Mueller that this was a politicized prosecution by the establishment. The
questioning of the narrative of this gets people called all types of names.
Talking about establishment behaving badly:
I finally came across an article where the establishment is calling people "Satan" and the
article was accurate from the standpoint of an "establishment analysis" but of course left
out the actual details of the ongoing criminal racketeering.
I had a person say that they "felt sorry for me" Pity being an expression of disrespect
that I no longer attended Church, and I thought to myself that it wasn't worth the reply that
saying sorry or asking forgiveness cuts it, or that the decision or another or your belief
yourself guarantees you are saved if your repeated heinous crimes boil down to asking
"forgiveness" a mistake, bad judgement.
And the abuse was SEVERE again the details are slowly coming out but you see how the
Demonization process works. The response in both cases identical.
And remember that none of this is new.. simply signs of very corrupt people feeling
non-accountable to anything. I fully expect the abuse at the Church to continue, I expect the
Star Chamber establishment to become more bold.. and in summation I'm predicting very cleanly
and accurately this ends badly. No escaping this.. it ends badly
If this insurance policy were actually true, it also could include tactics memorialized in
a memo, written in 2009 by a Democratic strategist working at the time for the liberal smear
group Media Matters.
>It described how to fight a "well funded, presidential-style campaign to discredit and
embarrass" targets. Private eyes would probe into their personal lives, courts would be used
for lawsuits. "Massive demonstrations" would be organized, Michael Moore would make a
negative documentary and "a team of trackers" would stake out targets at events. "Opposition
research" would be collected.
The targets would be attacked on social media, yard signs posted in their neighborhoods,
and a "mole" placed inside their organization.
If there really were an insurance policy against Trump, it might include having ex-intel
officials getting hired at national news outlets where they'd monitor and influence news
organizations, and be invited to give daily spin on controversies surrounding their own
actions.
Figures such as former Director of National Intelligence James Clapper, former Comey aide
Josh Campbell and others could get hired by CNN; former CIA Director John Brennan and
ex-Mueller/Comey aide Chuck Rosenberg could get hired by NBC and MSNBC.
But all that would never really happen. Or if it did, it's downright silly to think of it
as part of an organized insurance policy.
Uncovered text messages reveal that FBI agent Peter Strzok wanted to use CNN's
"bombshell" report about the infamous "Steele Dossier" to interview witnesses in the
Trump-Russia probe
CNN used leaked knowledge that Comey briefed Trump on the dossier as a trigger to
publish
The FBI knew of CNN's plans to publish, confirming a dialogue between the FBI and
CNN
This is particularly damning in light of revelations of FBI-MSM collusion against the
Trump campaign
Newly revealed text messages between former FBI agent Peter Strzok and former FBI attorney
Lisa Page reveal that Strzok wanted to use CNN's report on the infamous "Steele Dossier" to
justify interviewing people in the Trump-Russia investigation, reports CNN . "
Sitting with Bill watching CNN. A TON more out ," Strzok texted to Page on Jan. 10, 2017,
following CNN's report.
"Hey let me know when you can talk. We're discussing whether, now that this is out, we use
it as a pretext to go interview some people ," Strzok continued.
Recall that CNN used the (leaked) fact that former FBI Director James Comey had briefed
then-President-Elect Donald Trump on a two-page summary of the Steele Dossier to justify
printing their
January report .
This is a troubling development in light of a
May report that the FBI knew that CNN was " close to going forward " with the Steele
Dossier story, and that " The trigger for them is they know the material was discussed, "
clearly indicating active communications between CNN and the FBI.
Weeks later, as the Daily Caller 's
Chuck Ross notes, the FBI approached former Trump campaign adviser George Papadopoulos "under
the guise of interviewing him about his contacts with an alleged source for the dossier."
In short, knowledge of the Comey-Trump briefing was leaked to CNN, CNN printed the story,
Strzok wanted to use it as a pretext to interview people in the Trump-Russia investigation, and
weeks later George Papadopoulos became ensnared in their investigation.
And when one considers that we learned of an FBI "
media leak strategy " this week, it suggests pervasive collusion between Obama-era
intelligence agencies and the MSM to defeat, and then smear Donald Trump after he had won the
election.
Text messages discussing the "media leak strategy" were revealed Monday by Rep. Mark Meadows
(R-NC). The messages, sent the day before and after two damaging articles about former Trump
campaign adviser Carter Page, raise " grave concerns regarding an apparent systematic culture
of media leaking by high-ranking officials at the FBI and DOJ related to ongoing
investigations."
A review of the documents suggests that the FBI and DOJ coordinated efforts to get
information to the press that would potentially be "harmful to President Trump's
administration." Those leaks pertained to information regarding the Foreign Intelligence
Surveillance Court warrant used to spy on short-term campaign volunteer Carter Page.
The letter lists several examples:
April 10, 2017: (former FBI Special Agent) Peter Strzok contacts (former FBI Attorney)
Lisa Page to discuss a "media leak strategy." Specifically, the text says: "I had literally
just gone to find this phone to tell you I want to talk to you about media leak strategy
with DOJ before you go."
April 12, 2017: Peter Strzok congratulates Lisa Page on a job well done while referring
to two derogatory articles about Carter Page. In the text, Strzok warns Page two articles
are coming out, one which is "worse" than the other about Lisa's "namesake"." Strzok added:
"Well done, Page." -
Sara Carter
Recall that Strzok's boss, former FBI Deputy Director Andrew McCabe, was fired for
authorizing self-serving leaks to the press.
Also recall that text messages released in January reveal that Lisa Page was on the phone
with Washington Post reporter Devlin Barrett , then with the New York Times , when the
reopening of the Clinton Foundation investigation hit the news cycle - just one example in a
series of text messages matching up with MSM reports relying on leaked information, as reported
by the
Conservative Treehouse .
♦Page: 5:19pm "Still on the phone with Devlin . Mike's phone is ON FIRE."
♥Strzok: 5:29pm "You might wanna tell Devlin he should turn on CNN, there's news
on."
♦Page: 5:30pm "He knows. He just got handed a note."
♥Strzok: 5:33pm "Ha. He asking about it now?"
♦Page: 5:34pm "Yeah. It was pretty funny. Coming now."
At 5:36pm Devlin Barrett tweets:
Meadows says that the texts show " a coordinated effort on the part of the FBI and DOJ to
release information in the public domain potentially harmful to President Donald Trump's
administration. "
Revisiting the FBI-CNN connection
Going back to the
internal FBI emails revealed in May by Sen. Ron Johnson (R-WI), we find that McCabe had
advance knowledge of CNN's plans to publish the Steele Dossier report.
In an email to top FBI officials with the subject "Flood is coming," McCabe wrote: " CNN is
close to going forward with the sensitive story ... The trigger for them is they know the
material was discussed in the brief and presented in an attachment." McCabe does not reveal how
he knew CNN's "trigger" was Comey's briefing to Trump.
McCabe shot off a second email shortly thereafter to then-Deputy Attorney General Sally
Yates along with her deputy, Matthew Alexrod, with the subject line "News."
" Just as an FYI, and as expected ," McCabe
wrote , " it seems CNN is close to running a story about the sensitive reporting. " Again,
how McCabe knew this is unclear and begs investigation.
Johnson also wanted to know when FBI officials " first learned that media outlets, including
CNN, may have possessed the Steele dossier. "
As
The Federalist noted in May, "To date, there is no public evidence that the FBI ever
investigated the leaks to media about the briefing between Trump and Comey. When asked
in a recent interview by Fox News Channel's Bret Baier , Comey scoffed at the idea that the
FBI would even need to investigate the leak of a secret briefing with the incoming
president."
" Did you or your subordinates leak that? " Baier
asked .
" No ," Comey responded. " I don't know who leaked it. "
" Did you ever try to find out? " Baier asked.
" Who leaked an unclassified public document? " Comey said, even though Baier's question
was about leaking details of a briefing of the incoming president, not the dossier. " No ,"
Comey said.
And now it looks like we have an answer for why the FBI never investigated the leak...
k3g ,
Tell me again how Watergate was impeachable and this - Obamagate, Spygate, Framegate,
ReverseCollusionGate, whatever ya wanna call it - is not .
Watergate was nothing next to this. And Obama's prints are all over it. The guy used govt
resources - FBI, US intel, foreign partner intel - to try to destroy a candidate in order to
throw a US POTUS election, and upon failing continued to try to take the guy out. Methinks
that's why Obama's been looking so gaunt and wan of late. The guy looks terminal.
herbivore ,
There is only one agency in the U.S. government that can put people in prison and it's
called the DOJ. Not only that, there are only a handful of people at the top of the DOJ who
can decide who and who not to prosecute. Therefore, if you're the Clinton/Obama crime family,
you only need a few loyalists at the top of the DOJ and you can get away with pretty much
anything. Clearly, the Clinton/Obama crime family had and STILL have those loyalists on their
side. Trump has done a pathetic job of changing that.
BendGuyhere ,
The good news, if you noticed, is the big swamp creatures (Comey, McCabe, Brennan, et al),
that were SO loud and proud just a few months ago seem to have gotten really quiet
lately.
This could mean that SHIT IS GETTING REAL and their lawyers are telling them to STFU.
So maybe the keebler elf grandpa Sessions is in fact orchestrating a legal checkmate on
all these fuckers as the drip=drip becomes a deluge.
The deep state may try to manufacture a distraction-any ideas?
Anunnaki ,
Since 9/11 the Permanent government is immune from legal responsibility and
accountability
if we lived by the same Laws we used against Chelsea Manning, Snowden, Assange and the
rest Obama, Hellary, Huma, Lynch. Comey, Mueller, Yates, Rice, Jarrett, McCabe, the Ohrs,
Strzok and Page, Glenn Simpson would all get serious jail time
CNN should lose their broadcast license over this
Alas, Rip Van Sessions continues to do nothing and all the Crying Cheetolini can do is
bitch tweet like a eunuch
urhotdogs ,
Obama must be panicking. He is all of a sudden "out of retirement" and campaigning to get
Dems elected to take back the house and the Senate. If that happens, all the corruption from
his Administration can be swept back under the rug and Trump impeached and his ass saved.
G-R-U-N-T ,
The ObamaSpy ring to frame Trump, his family, his campaign and the American people is a
hell of a lot more extensive than most people think. The web not only extends domestically
but internationally, the FVEY's, mainly Great Britain and Australia would appear to have
their hand in this as well.
Yes, treason and espionage, all for a few pieces of silver and the illusion of power. All
the 'gas lighting' propaganda and contempt with NO evidence was and is all a set-up by those
nefarious forces that used to run the cesspool.
'They never thought she would lose' , like Hilary allegedly said: "If that fucking bastard
wins we all hang from nooses", do tell, do tell.
We elected Trump to take back our country and I believe that's exactly what he's
doing!
StarGate ,
Fact that Obama used Britain's GHCQ to spy on the Republican candidate he was trying to
prevent win as Prez - recall Obama said emphatically "Trump will never be President" - so now
we know WHY Obama was so certain;
And fact that UK/ Aussie Ambassador Downer coordinated with FBI conspirators against the
Republican candidate; (recall that the Aussie Prez call with Trump was made public probably
by Aussie Prez Turnbull himself)...
And fact that Obama RENEWED the British GHCQ spy op against Trump as he was Prez; puts the
FBI British spy Dossier caper and all the FBI agents into the TREASON category because they
were working AGAINST USA interests WITH foreign countries - Britain and Australia.
Dan'l ,
So much for the highly anticipated internal FBI investigation by that clown Horowitz, the
Inspector General who said there was "no evidence" of political influence by the FBI
investigators. He said that with a straight face.
thinkmoretalkless ,
Politics is the only thing forestalling swift justice in this sordid mess. The media has
exposed itself as ridiculously complicit in a seditious conspiracy by a group of narcissistic
elite establishment underlings. I am as impatient as anyone else who see the blatant
corruption and little in the way of prosecutorial response, but if this is as some portend a
sophisticated attempt to drain the swamp then there is some hope a significant and honest
reckoning awaits. I don't blame those not optimistic, but personally I'm trying Trumps power
of positive thinking.
Marketing Consultant ,
What a bunch of bad people.
True swamp rats that don't deserve a position in government.
MK ULTRA Alpha ,
Another angle we must consider, the CIA was deeply involved. I believe it was the CIA
managing the coup, the FBI was taking orders from the CIA who was planning and leading the
overthrow of Trump.
Brennan and his WH coordinator Clapper are guilty. The FBI is just an attack dog of what
the CIA set up with help from MI6. Clapper contacted MI6 for electronic intercept, the WH
couldn't use NSA, there would have been a paper trail. And NSA would have told. Clapper is
the one who contacted and used UK MI6 assets. (Steele a former MI6 agent? No, Steele is
working for MI6.)
Everything leads back to Brennan and Clapper from the beginning. Brennan was deep into the
election and re-election of Obama supplying intelligence data during the campaign.
It was Brennan who set up the game plan for the coup. Even his statements from the
beginning indicated this. Will Brennan fall on his sword for Obama? Will Clapper fall on his
sword for Obama? Brennan is a hard core communist, he may take the bullet for Obama, but not
Clapper.
We don't get MSM stating this, is it fear of the CIA. Or is it fear there will be no more
anonymous sources. Remember FBI agents were taking bribes for leaking data to the MSM. I
doubt they're still working for the FBI. There has been a secret purge at the top. It was
stated on MSM several FBI have left the FBI.
Interesting CNN has a former homosexual CIA officer who stated the CIA would kill Trump.
He's a regular CNN employee. It was CNN, the FBI used to leak data to set Trump up.
Should CNN be sued? Should the NYT be sued? It's better to hit them in the pocket
book.
Another point, remember General Flynn? I believe the CIA wanted to take him out. It was
said he didn't lie by the FBI who did the interview, later higher ups, Comey and the like
said he lied.
I believe the CIA wanted to pay him back for exposing Brennan's unlawful operations in
Syria.
Also, remember the Las Vegas hit on Trump kind of supporters, could this have been a
message by the CIA to the WH to expect a hit if Brennan was exposed. Just saying, we have to
review every angle to the equation because the level of corruption in the government is
beyond the belief of the average American. These players are above the law, perhaps this was
a reminder.
Is the FBI going to accept their fate of being the fall guy for the CIA?
freedommusic ,
GCHQ had back door into NSA...
1970SSNova396 ,
The head of GCHQ resigned days before The Don took the keys to the white house so he could
spend more time with the children. The Don knows the deal. Get the new guy on the SC and then
shit will hit the fan. Trump has zero to lose going forward and he is going to rock the
house.
chrbur ,
The Mueller Investigation is a international embarrassment. The search for a Trump/Russia
connection by Inspector Clouseau is turning up over do jaywalking tickets while the glaringly
obvious crimes of the Clinton Crime Family, aka, the Democrat party are ignored. I have to
tell everyone that I am Canadian and I voted for Justin Trudeau.....hey.....it is less
shameful.....
StarGate ,
Those who set up the Mueller Special Counsel (Rosenstein who used to perhaps still does,
work for Hillary) did so, not only to create a false impeachment process against Trump but
also to undermine any of his efforts to take America back for Americans.
Are they succeeding? Yes and No.
Trump already stopped the TTP, Paris nonAccord, Iran nuclear delay, set ups. Trump began
the world Peace engine with outreach to North Korea and Russia. He began an adjustment to the
tax system and regulatory small business chokers. He has made inroads to curb corruption at
the FBI;
But without a Congress that is on the side of America, he has not been able to stop the
not-legal alien criminal inflow and "sanctuary-mafia" protection system - as yet.
1970SSNova396 ,
Trump is up against the NWO/Globalist/Jewish Bankers/Jewish MSM Cabal 24/7/365. He has
cost them billions in his two years. Trump has few friends in congress because they're owned
by the above as well.
There is no doubt Trump has /is bringing everybody out onto the stage and you can see just
how fuking corrupt this country is and has been for 40 years. This is the last chance.
urhotdogs ,
Ryan, McConnell and many Rinos complicit in all of this. Notice they've never come out and
condemn the FBI or DOJ involvement in all this. Only a few Republicans keeping this going
Thom Paine ,
ALSO those given immunity by Meuller may not have immunity , and could have it reversed,
if it can be shown the only reason immunity was given them was to protect them against future
prosecution.
Immunity requires that the person have important evidence for a trial and that they could
be implicating themselves in a criminal act by providing that evidence, ie they were somehow
involved in the commission of the crime, in some relate-able way. Immunity gives them
protection against being prosecuted for related crimes.
You cannot give somebody immunity against Tax Fraud prosecution when they are providing
evidence of a car accident they saw.
Providing immunity for all unrelated crimes is the same power as the POTUS power of
pardon.
SO the DOJ could at some future time challenge the immunity given by Mueller on the basis
that is given only to protect them, and in exchange for nothing tangible. i.e. a fraud.
Which may mean Mueller could be prosecuted for prevision of justice.
Uncovered text messages reveal that FBI agent Peter Strzok wanted to use CNN's
"bombshell" report about the infamous "Steele Dossier" to interview witnesses in the
Trump-Russia probe
CNN used leaked knowledge that Comey briefed Trump on the dossier as a trigger to
publish
The FBI knew of CNN's plans to publish, confirming a dialogue between the FBI and
CNN
This is particularly damning in light of revelations of FBI-MSM collusion against the
Trump campaign
Newly revealed text messages between former FBI agent Peter Strzok and former FBI attorney
Lisa Page reveal that Strzok wanted to use CNN's report on the infamous "Steele Dossier" to
justify interviewing people in the Trump-Russia investigation, reports CNN
.
911bodysnatchers322 ,
So now CNN is complicit in illegal leaking, (dis)information laundering, citizen
targetting, conspiracy against rights, subversion, sedition and treason?
No wonder it's a nonstop Trump hate fest. They aren't just trying to get Trump impeached
in the court of public opinion, they're desperate to get rid of him before he 100% destroys
him
Well it's too late. Impeach away. But we'll still hold CNN for treason. The two things
aren't related. You can't steal from a store just because Trump set the one next to it on
fire
BGO ,
Fatigue is setting in with this charade. Soon the (((pundits))) will respond with the
obligatory ***yawn*** troll to all future allegations.
If Trump cannot or is unable to respond to this non-sense in the harshest terms possible,
he should not be president. It's amazing no one in this drama has met their maker Hitlery
style. If that cunt was in charge and dealing with this shit, bodies would have already hit
the floor.
J Mahoney ,
This whole situation has to piss off anyone that is even 10% objective. How could any
elected representative or senator still spew shit like "Leave Mueller Alone"
BOTTOM LINE -- If we do not get to work quickly to elect non establishment republicans in
the midterms NOTHING will EVER be done and Trump may be forced out if Dems make gains
apocalypticbrother ,
All old news. No one in jail except Manafort. It really seems like Trump is powerless
against agencys. He must hate being a powerless president.
squid ,
If, and I do mean IF, the GOP holds onto both houses of congress.....
Everyone of these fucks has to be indited with sedition, PERIOD.
its slam dunk. And, if the elected houses ever wants to get hold of the CIA, FBI and NSA
and gain some control over those rogue agencies 20-50 agents from each will have to go down
to spend the rest of their lives in Leavenworth.
These uncollected asshats have tried to change the government of the United States.
The only person on the left that appears to understand this is Glen Greenwald.
Squid
Save_America1st ,
the problem is that in my opinion the majority of the GOP is also so fucking corrupt that
I don't think most of them actually want to hold control of the House. They never even wanted
Trump to win in the first place. On top of that, I would say many of those treasonous
scumbags probably actually wanted Hitlery to win the fucking thing even if Trump wasn't going
to be her opponent!
Look at all the resignations. Never seen before in history. Why? Two reasons...Trump is
using the evidence to push many of them out or they end up in Guantanamo for life. And others
in the beginning were quitting in order to give up part of the majority in order to flip the
House to the even more evil, treasonous Demoscums so that it would restrict Trump's full
majority.
Just look how "No Name" McStain acted when voting down against repealing O-Fuck-You-Care,
right???
He was a traitor, plain and fucking simple. We all know it. Fuck their bullshit funeral.
That was a cathedral full of traitors to this country. Psychopaths and sociopaths. Except for
General Kelly and General Mattis keeping a close eye on that room full of demons.
"Strzok CERTAINLY wasn't the only one... Obozo, Hitlery, Lynch, Comey, Rice, Kerry, DOJ, FBI, CIA, MSM, et alia!" McCain, Shummer, Pelosi, Ryan, McConnell and lots of other are co-conspirators in the
overthrow of the elected Govt.
And a large portion, if not the Majority, of the Oligarchs including the Owners of the 5
Media Companies and Big Tech which may have the same exact owners as the Media Companies.
Shemp 4 Victory ,
This is particularly damning in light of revelations of FBI-MSM collusion against the
Trump campaign
Collusion of big government and big media? That's textbook fascism. (Of course, nobody
reads textbooks, so...)
"Hey let me know when you can talk. We're discussing whether, now that this is out, we
use it as a pretext to go interview some people," Strzok continued.
"Because any pretext that provides even the flimsiest plausibility means we can play our
little power games and ride the gravy train to easy money instead of pretending to do the
work that taxpayers think they are paying us to do."
Above the law, like they all are.
Creative_Destruct ,
"...pervasive collusion between Obama-era intelligence agencies and the MSM to defeat, and
then smear Donald Trump after he had won the election. "
Yes, it was (and is) a concerted effort at collusion to politically assassinate Trump. But
remember, this is a rigged game. The campaign's (non) "collusion" will be crammed into
whatever "legitimate", "legal" mold it will fit; the conspiracy to "find a crime" for Trump
within the Deep/In-You-Face State is simply "oversight" and "investigation."
The Mueller investigation has been going on for a very long time - if he had found
anything of any real value it would be out there already, trying to reduce Trump popularity
and hit the GOP mid-terms.
The Mid Terms are very important to Deep State. The Dems must at least get the House back
in order to stop Trump.
That Mueller and Co have virtually have found nothing to put out there to stop Trump and
the GOP means they have fuck all, and are now clutching at Straws.
They are going to have to go the Bullshit path....start inventing. OH and all sorts of
False Flags between now and Mid Terms are guaranteed. ALSO will the neocons dupe Trump into a
Syria mistake that causes the death of many US soldiers? We know Deep State don't care who or
how many they kill, so long as they get what they want.
One wonders if the Censoring of Conservative media, and Political Sites is because Deep
State are planning to Assassinate President Trump , as is stated on Alex Jone's site.
BANNED VIDEOS – PENTAGON INTEL SAYS GLOBALISTS WANT TRUMP DEAD BY MARCH 2019
Watch the clips censored by over one hundred websites
There have probably been several Trump assassination attempts since he was elected.
Knowing what happened to Lincoln when he vetoed the National Bank / Fed Reserve of his
time;
And what happened to JFK when he stated he would shut down the CIA;
Trump is fully aware he performs a death defying act daily. There may be others out there
willing to make the Trump-JFK-Lincoln sacrifice, to take back America, but not Pence, not
Sanders, not any current Democrat prez wanna be.
Thom Paine ,
It would be impossible, or an exercise in suicide by the GOP and or Democrats if they
actually impeached Trump.
Two thirds of the Senate is required for Impeachment, meaning the GOP would have to
vote with the Dems and that would mean total devastation of the GOP at the following
elections.
If the Dems tried impeachment, they would be only signaling to their hardcore base, but
there would be a significant voter backlash against them. It would be a self defeating
act.
If the GOP and Dems voted to impeach Trump in the Senate, Trump can appeal to the
Supreme Court.
The Supreme Court would deny the Impeachment - unless there was proper legal
cause.
There has to be a legally provable breach of Federal law outside the POTUS exercise of
powers. Extraordinary prosecution requires extraordinary evidence.
You cannot remove a President elected by 62 million people on flimsy hearsay, or 'he said
she said' evidence, or pure circumstantial evidence. It would also set a precedence where
Presidents could be impeached on the drop of a hat.
At the moment the Dems and Deep State want to impeach Trump because he beat Clinton and
fucked up the last step in their plan to own America.
If Trump beat Sanders not many would be whining right now, they wouldn't care.
StarGate ,
Your premise legally appears to be accurate, that the Supreme Court is a failsafe against
a retaliatory political impeachment, based primarily on fact Hillary lost.
However, that means the Supreme Court would have to been beyond corruption and Trump would
have to bring a case.
j0nx ,
No. All the Dems and deep state need to know is that a lot of the deplorable would riot
like mofos if they tried. No dem would be safe. You think they don't know that? Sociology
101.
Saying the deplorables wouldn't riot is like saying Obama's minions wouldn't have if the
shoe were reversed 7 years ago and there was an open coup against him like there is
Trump.
Withdrawn Sanction ,
Sorry to nit pick, but there are 2 steps here: the first is impeachment by the House. Akin
to an indictment. Then there is a trial in the Senate which is presided over by the Chief
Justice of the SC. THEN a 2/3s affirmative vote is required for conviction and removal from
office.
An impeachment just like an indictment is meaningless w/o a conviction. You see how much
"damage" an impeachment did to Slick Willy. Didn't skip a beat
"Whoever, when the United States is at war, shall willfully make or convey false reports
or false statements with intent to interfere with the operation or success of the military or
naval forces of the United States, or to promote the success of its enemies, or shall
willfully make or convey false reports, or false statements, . . . or incite insubordination,
disloyalty, mutiny, or refusal of duty, in the military or naval forces of the United States,
or shall willfully obstruct . . . the recruiting or enlistment service of the United States,
or . . . shall willfully utter, print, write, or publish any disloyal, profane, scurrilous,
or abusive language about the form of government of the United States, or the Constitution of
the United States, or the military or naval forces of the United States . . . or shall
willfully display the flag of any foreign enemy, or shall willfully . . . urge, incite, or
advocate any curtailment of production . . . or advocate, teach, defend, or suggest the doing
of any of the acts or things in this section enumerated and whoever shall by word or act
support or favor the cause of any country with which the United States is at war or by word
or act oppose the cause of the United States therein, shall be punished by a fine of not more
than $10,000 or imprisonment for not more than twenty years, or both...."
or sedition = this
" A review of the documents suggests that the FBI and DOJ coordinated efforts to get
information to the press that would potentially be "harmful to President Trump's
administration. "
There is one small point everyone seems to be over looking. It was Rosenstein's official
recommendation to Trump to terminated Comey because Rosenstein was trying to install Mueller
as FBI director, a professional "yes man" and cover up specialist. So when Trump wouldn't
make Mueller FBI director, then Rosenstein had to destroy Trump to cover up. He appointed
Mueller to special council.
The cover ups go all the way back to 9/11.
missionshk ,
missed that they are all tied to 911 conspirators, brennan, mueller, comey
missed the satanists dems.drinking the blood of children, weiners laptop, and pakistani
spies
missed the clinton bribery foundation, and failed one world government
and missed continued demonization of russia, the social paid antifa soros treason
One of the most intriguing aspects of the 2007-09 financial crisis is how little understanding there is of what
actually occurred. Some of this has to do with the complexities of the event, as well as how hard it is to
identify forces lurking below the surface that had built up over the years.
Even a decade later, many people still cling to
false ideas
about the underlying causes (there wasn't just one, folks!) of the crisis. What follows are my 10
favorite flawed memes,
misunderstandings
and just outright falsehoods about the financial crisis and its aftermath:
No. 1.
Lehman's collapse caused the crisis
: "If only we had saved Lehman Brothers, we could
have avoided the crisis," goes a popular lament. This reflects a
fundamental misunderstanding
of the scale of the dislocations. To accept this premise -- former Lehman
employees are some of the loudest apostles of this theory -- then one has to pretend an entire universe of other
issues didn't exist.
Lehman, like
Bear Stearns
before it, suffered from many of the same issues that afflicted most of the U.S.'s other big
banks and brokers: too much junk paper, too much leverage, too little capital and deficient risk controls. Lehman
was simply among the most overleveraged and undercapitalized of the lot.
No. 2.
If not for X, we would have been OK:
Take your pick
of things to insert here, but it's important to understand that this was not a
single event
, but rather the result of
many factors
that came together over time. These include: the Federal Reserve's ultralow interest rates, a fundamentally weak
recovery from the dot-com collapse, the housing boom and bust, huge amounts of financial leverage, securitization
of mortgages, the embrace of derivatives and reckless deregulation of the financial industry that enabled much of
the above, and more. I depicted these elements via
this
graphic
in "
Bailout
Nation
."
No. 3.
Repeal of Glass-Steagall
: The argument is that in the decades after Glass-Steagall was
enacted during the Great Depression, Wall Street crises were confined to Wall Street and didn't spill onto Main
Street. See as examples the 1987 stock-market crash or the Mexican peso crisis of 1994. But the causative issue we
run into to is the but-for test. Would we have had a crisis if Glass-Steagall were still in place? I don't see how
we can make that claim. Perhaps had Glass-Steagall not been repealed,
the crisis
might have been smaller, but it is very hard to say it wouldn't have occurred anyway.
No. 4.
Bailouts were the only option
: There were many other options, but they would have been
very painful and required considerable foresight. I believed then (and still believe) that the best course of
action would have been
prepackaged bankruptcies
for all the insolvent institutions instead of bailouts. I would have had the federal
government provide debtor-in-possession financing, allowed qualified private institutional investors to bid on the
assets thereby letting markets set the valuations, with the government picking up the rest. It would have been
more difficult in the short term, but the economy would have rebounded much sooner.
No. 5.
Taxpayers were repaid in full and even made a profit
: There are two major issues with
this claim: The first is that the Troubled Asset Relief Program and most other loans and bailouts were all (or
almost all) repaid. But to make that happen, the federal government in a move questioned by tax experts allowed
failed American International Group to carry forward the net operating losses for use to offset future earnings;
this was a
stealth bailout
worth
tens of billions
of dollars that didn't appear to "cost" anything. Meanwhile the Federal Reserve kept rates at
zero for almost a decade. This resulted in a huge transfer from savers to bailed-out lenders.
The federal government also took a huge amount of risk during a period when financial markets tripled. And that
is before we account for all of the collateral losses and moral hazards we created.
No. 6.
No one went to jail because stupidity isn't a crime
: This one is laugher, from the
behavior of the executives at Lehman Brothers to all of the
foreclosure fraud
that took place. Jesse Eisinger, author of "
The
Chickenshit Club: Why the Justice Department Fails to Prosecute Executives
," explained how the white-collar
defense bar successfully lobbied and undercut the Department of Justice during the years before the crisis. You
can't
convict a criminal
if you don't have the personnel, intellectual firepower or stomach to prosecute in the
first place.
No. 7.
Borrowers were as blameworthy as lenders
: First, we know that for huge swaths of the
banking industry, the basis for lending changed in the run-up to the crisis. For most of financial history, credit
was granted based on the borrower's
ability to repay
. In the years before the crisis, the incentive to lend shifted: It was based not on the
likelihood of repayment but on whether a loan could be sold to someone else, often a securities firm, which would
repackage the loan with other loans to create a mortgage-backed security. Selling 30-year mortgages with a 90-day
warranty changes the calculus for who qualifies: just find a warm body that will make the first three payments;
after that it's someone else's problem.
Second, we know that if you offer people free money, they will take it. This is among the reasons we have
banking regulations in the first place. We expect the banking professionals to understand risk better than the
unwashed masses.
No. 8.
Poor people caused the crisis
: This is another intellectually dishonest claim. If any
U.S.
legislation
such as the
Community
Reinvestment Act
was the actual cause of the crisis, then the boom and bust wouldn't have been global. Second,
if poor people and these policies were the cause, then the crisis would have been centered in South Philadelphia;
Harlem, New York; Oakland, California; and Atlanta instead of the burgeoning suburbs of Las Vegas, Southern
California, Florida and Arizona. The folks making this argument seem to have questionable motivations.
No. 9.
The Fed made a mistake by stepping in when Congress refused:
Congress is the
governmental entity that should have done more in response to the crisis. But it didn't, and all of those members
who opposed efforts to repair the economy and financial system should have been thrown out of office. The Fed gave
cover to Congress, creating congressional moral hazard and allowing it to
shirk its
responsibilities
. We don't know how the world would have looked if that hadn't happened, but I imagine it
would be significantly different than it does today -- and not necessarily better.
No. 10.
Lehman could have been saved
: This is perhaps the most
delusional
of all the claims.
Lehman
was
insolvent
. We know this from an accounting sleight-of-hand it performed called Repo 105, in which it
which "sold" $50 billion in holdings to an entity it owned, booked a profit just before quarterly earnings, then
repurchased the holdings. The sleuthing done by hedge-fund manager David Einhorn reached the same conclusion about
Lehman's solvency long
before the collapse
;
the Fed itself
also made clear that it couldn't take on Lehman's losses.
When people stubbornly refuse to acknowledge facts, when they insist on staying married to their own faulty
belief system, it becomes very challenging to respond with sound policies. As a society, the sooner we reckon with
reality, the sooner we can begin to avoid disasters like the financial crisis.
Days after Google was exposed trying to
help Hillary Clinton
win the 2016
election, a leaked "internal only"
video published by
Breitbart
Senior
Tech correspondent Allum Bokhari
reveals a panel of Google executives
who are absolutely beside themselves
following Hillary Clinton's historic
loss.
The video is a full recording of
Google's first all-hands
meeting following the 2016 election
(these weekly meetings are known
inside the company as "TGIF" or
"Thank God It's Friday" meetings).
Sent to Breitbart News by an
anonymous source, it features
co-founders Larry Page and
Sergey Brin, VPs Kent Walker and
Eileen Naughton, CFO Ruth Porat, and
CEO Sundar Pichai
. -
Breitbart
In the video, Brin can be heard
comparing Trump supporters to fascists
and extremists - arguing that like
other extremists, Trump voters suffered
from "boredom" which has, he
claims, historically led to fascism and
communism.
He then asks his company what they
can do to ensure a "better quality of
governance and decision-making."
And according to Kent Walker, VP for
Global Affairs, those who support
populist causes like the MAGA movement
are motivated by "fear, xenophobia,
hatred and a desire for answers that
may or may not be there."
He later says that
Google
needs to fight to ensure that populist
movements around the world are merely a
"blip" and a "hiccup" in the arc of
history that "bends towards progress."
The video can be seen below, however
scroll down for a list of timestamped
segments to note, courtesy of
Breitbart
.
(00:00:00 – 00:01:12) Google
co-founder Sergey Brin states that
the weekly meeting is
"probably not the most joyous we've
had"
and that
"most
people here are pretty upset and
pretty sad."
(00:00:24) Brin contrasts the
disappointment of Trump's election
with his excitement at the
legalization of cannabis in
California, triggering laughs and
applause from the audience of Google
employees.
(00:01:12) Returning to
seriousness, Brin says he is
"deeply offen[ded]"
by the
election of Trump, and that the
election
"conflicts with
many of [Google's] values."
(00:09:10) Trying to explain the
motivations of Trump supporters,
Senior VP for Global Affairs, Kent
Walker
concludes: "fear, not
just in the United States, but
around the world is fueling
concerns, xenophobia, hatred, and a
desire for answers that may or may
not be there."
(00:09:35) Walker goes on to
describe the Trump phenomenon as a
sign of "tribalism that's
self-destructive [in] the
long-term."
(00:09:55) Striking an
optimistic tone, Walker assures
Google employees that despite the
election,
"history is on our
side"
and that the
"moral arc of history bends towards
progress."
(00:10:45) Walker approvingly
quotes former Italian Prime Minister
Matteo Renzi's comparison between
"the world of the wall" with its
"isolation and defensiveness" and
the "world of the square, the
piazza, the marketplace, where
people come together into a
community and enrich each other's
lives."
(00:13:10) CFO Ruth Porat
appears to break down in tears when
discussing the election result.
(00:15:20) Porat promises that
Google will "use the great strength
and resources and reach we have to
continue to advance really important
values."
(00:16:50) Stating
"we
all need a hug,"
she then
instructs the audience of Google
employees to hug the person closest
to them.
(00:20:24) Eileen Noughton, VP
of People Operations, promises that
Google's policy team in DC is "all
over" the immigration issue and that
the company will "keep a close watch
on it."
(00:21:26) Noughton jokes about
Google employees asking, '
Can
I move to Canada?
' after
the election. She goes on to
seriously discuss the options
available to Google employees who
wish to leave the country.
(00:23:12) Noughton does
acknowledge "diversity of opinion
and political persuasion" and notes
that s
he has heard from
conservative Google employees who
say they "haven't felt entirely
comfortable revealing who [they]
are."
and urged
"tolerance." (Several months later,
the company would fire James Damore
allegedly for disagreeing with
progressive narratives.)
(00:27:00) Responding to a
question about "filter bubbles,"
Sundar Pichai promises to work
towards "correcting" Google's role
in them
(00:27:30)
Sergey Brin
praises an audience member's
suggestion of increasing matched
Google employee donations to
progressive groups.
(00:34:40)
Brin compares
Trump voters to "extremists,"
arguing for a correlation between
the economic background of Trump
supporters and the kinds of voters
who back extremist movements. Brin
says that "voting is not a rational
act" and that not all of Trump's
support can be attributed to "income
disparity." He suggests that Trump
voters might have been motivated by
boredom rather than legitimate
concerns.
(00:49:10) An employee asks if
Google is willing to "invest in
grassroots, hyper-local efforts to
bring tools and services and
understanding of Google products and
knowledge" so that people can "make
informed decisions that are best for
themselves." Pichai's response:
Google will ensure its "educational
products" reach "segments of the
population [they] are not
[currently] fully reaching."
(00:54:33) An employee asks what
Google is going to do about
"misinformation" and "fake news"
shared by "low-information
voters." Pichai responds by stating
that
"investments in machine
learning and AI" are a "big
opportunity" to fix the problem.
(00:56:12) Responding to an
audience member, Walker says Google
must ensure the rise of populism
doesn't turn into "a world war or
something catastrophic and instead
is a blip, a hiccup."
(00:58:22) Brin compares Trump
voters to supporters of fascism and
communism, linking the former
movement to "boredom," which Brin
previously linked to Trump voters.
"It sort of sneaks up sometimes,
really bad things" says Brin.
(01:01:15) A Google employee
states:
"speaking to white
men, there's an opportunity for you
right now to understand your
privilege"
and urges
employees to "go through the
bias-busting training, read about
privilege, read about the real
history of oppression in our
country." He urges employees to
"discuss the issues you are
passionate about during Thanksgiving
dinner and don't back down and laugh
it off when you hear the voice of
oppression speak through metaphors."
Every executive on stage – the CEO,
CFO, two VPs and the two Co-founders
– applaud the employee.
(01:01:57) An audience member
asks if the executives see "anything
positive from this election result."
The audience of Google employees,
and the executives on stage, burst
into laughter. "Boy, that's a really
tough one right now" says Brin.
Google and it's execs seem to be a collective of Dr.
Frankenstein's whose creation unknowingly or knowingly practices evil
against innocence.
Little Girl Scene from 1931
Frankenstein
and 1974
Young
Frankenstein
We saw the scene in 1931
Frankenstein
where the creature
meets a young girl. Although a little afraid, she accepts him and
plays games with him. After they throw all the petals from a flower
into the lake, he looks around for something else to throw. He picks
her up and throws her in. Until recently, the actual toss was cut
from presentations of the film, because it is just too painful.
DeadFred
,
I have a friend who was there that night with the election coverage
crew. He's a secret conservative trying not to lose his good paying
job so I won't give details. But he described a scene to me that
would be comical if it wasn't so pathetic. It was pretty much how it
is described here and he had to just grit his teeth and try to keep
from laughing or crying. "Just keep repeating, $190,000 per year"
uhland62
,
When the Emperor (google) doesn't like his people he must go and find
himself another people.
Thebighouse
,
SOMEHOW GOOGLE FACEBOOK TWITTER NEED TO PAY US FOR USING OUR PERSONAL
AND DEMOGRAPHIC INFORMATION WITHOUT
"REAL" CONSENT.
Ever gone googling? They need to pay you for selling you
information. It is blatant theft. You are ENTITLED TO YOUR MONEY.
I got that word entitled from Warren and obummers micky and barry.
Oh and sharpton too.
bobdog54
,
First, they may have a reasonably good, not high, IQ but it's clear
the stark reality of the real world and its people are completely
unknown to them or they have little to no integrity.
Second,
maybe they are completely brain dead to support a clear criminal over
4 decades or they themselves are essentially of the criminal mind.
I don't give a fuck about the next new iPhones that will not deliver any improvements in
technology. Bigger is just bigger, not better. How about Apple fix the problems that really
irritate people; 1) Siri sucks, fix the fucking thing, 2) Speech to text sucks, fix the
fucking thing, 3) Apple has never been able to maintain a reliable Bluetooth connection to a
headset, fix the fucking thing. That's just a the beginning. Stop blowing it out about your
wonderful amazing new OLED screens, it's already old technology, Samsung phones have had OLED
screens for years. How about Apple do what Jobs did and come up with products that change the
way people do things. The iPhone changed the way people communicate. The iPod changed the way
people listened to and purchased music. Invent something we haven't seen before and don't
even know we need it until it's introduced. Or...., just shut the fuck up...
alfbell ,
The new iPhone allows the CIA and NSA to keep better track of you and your activities.
Don't worry though, this is for your safety and protection.
TalkToLind ,
I only buy inexpensive, unlocked phones with removable batteries and I pay cash for
them.
Dr. Winston O'boogie ,
I prefer to keep my Galaxy S8. It is more than enough for my liking. I also have managed
to be perfectly satisfied with my 10 year old pc (with a few minor upgrades). The only Apple
product I use is my trusty, old Ipod.
This continued obsession with the masses to get their hands on the latest Apple product is
ridiculous.
AnonymousCitizen ,
Faster, thinner, more pixels, better camera. Okay, got it.
Remember a few editions ago when I wrote in celebration of the cross-aisle cooperation
between Senator Elizabeth Warren and President Donald Trump with respect to the re-engineering
of the equity complex? After all, it was only a month ago. However, for those who fail this
recall test, the gist of it was as follows. Senator Warren introduced a bill to regulate large
corporations in a manner that de-emphasizes profits as a corporate objective, and the President
sought to soften the blow by suggesting a reduction in the frequency at which company
chieftains would be required to announce the certain-to-be bad news to the investing
public.
At the time, I was deeply touched by the prospect of narrowing the gap between two schools
of economic thought -- so deeply at odds with one another, to such deep annoyance and detriment
to the well-being of the masses. However, I feared it was a "one-off".
So it brings me great pleasure to report upon the happy news that the divide continues to
close. As my readers are probably aware, everyone's favorite Socialist Senior Citizen Senator:
Bernie Sanders, took to the airwaves this past week to denounce the evils of what by many
accounts is everyone's favorite publicly traded corporation. In live television interviews,
and, of course, on Twitter, Bro Bernie entered into a full-throated denouncement of Amazon,
going so far as to include a series of ad-hominem attacks on its fabulously infallible
founder: one Jeff Bezos.
In doing so, Sen. Sanders joins a critical chorus led by the President, who for months has
been throwing shade at the erstwhile bookseller that would take over the world. Bernie is
passionately (if questionably) upset about the unfair treatment of Amazon workers. Trump is
presumably most peeved at the temerity of Bezos at having taken ownership/control over the
Washington Post. But both agree on one thing: the great unwashed are getting a raw deal with
respect to the business arrangement between the Company and the U.S. Postal Service.
I've looked into these matters, and objectively as I can determine, this is not an open and
shut case against Amazon. Yes, they're getting a government (and therefore a taxpayer) subsidy,
but they are arguably performing services that would be difficult and more expensive for the
post office to undertake without them – rain, sleet, snow and gloom of night
notwithstanding.
Meanwhile, to their everlasting credit, both Amazon and its shareholders reacted to the
rhetorical pummeling with characteristic equanimity:
It's not as though they didn't feel the sting a bit, and here, the sentimental can be
forgiven if they lament the timing. Sharp-eyed observers will note a slight down-tick in the
price at the more immediate, right end portion of the graph. This reversal is all the more
unfortunate because on Tuesday, the day after our traditional holiday celebrating the working
class, the Company's valuation joined that of Apple's as the only business enterprise ever to
surpass the lofty and heretofore unimaginable $1T threshold.
But that was then; as of Friday's close, Amazon's market capitalization fell to the
beggarly-by- comparison level of $952B.
It says here that Amzonians of every stripe should keep that stiff upper lip demeanor at the
ready, as I suspect they may face a string of challenges before the inevitable happens, and the
Company achieves full global hegemony.
Because, while the following edict did not make the cut on my "10 Commandments of Risk
Management", it probably should have: any enterprise that has found itself in the
cross-hairs of both Trump and Bernie has reason to worry.
And if Amazon is staring into the face of a political spit storm, so, too, perhaps, are
those other lovable Tech Titans whose stock performance have so deeply enriched us in the
post-crash era. Consider, if you will, the recent pricing action of a couple of other tech
darlings: Facebook and Twitter, linked not only by the social media stranglehold they
collectively command, but also by the fact that each company sent one of their gods down from
their heavenly Silicon Valley Olympus, to earthly Washington, where each faced full-on Capitol
Hill roasting:
Facebook Defacing:
Twitter De-Tweeting:
Now, this is a Dickensian Tale of Two Stocks if ever there was one. With Zuck presumably
hiding under his desk, Sheryl Sandberg taking the Congressional heat this round. In the wake of
all that, Facebook managed to breach the lows registered after its historic July tanking of
earnings, and is knocking on the door of breaking the bottoms recorded when Zuck had to explain
away to hostile legislatures the pimping out of user data to sketchy organizations like
Cambridge Analytica. By contrast, the long-besieged Twitter, which had been on an improbable
profit upswing of late, managed to give back all and then-some in the wake of Jack Dorsey's
Capitol Hill Star Chamber Inquisition.
Anybody notice a pattern here? Well, for me, what we're witnessing is the early innings of
what I expect to be a slowly unfolding, populist/political undermining of the flower of the
American Tech industry. Now, I don't expect anything overly nasty to transpire in the short
term; more likely than not, the garroting of Silicon Valley high-flyers will be a multi-year
proposition. Rather, I suspect that the TMT/big dogs of the NDX will more than likely reach new
highs – perhaps material ones – before they face the prospect of careening,
Icarus-like, to terra firma.
But if the prevailing tone – taking place as it is under a presumably
business-friendly political paradigm -- is any indication, I shudder to think about what
happens when the progressive elements re-assert their mojo and take hold of the control
panel. And trust me, they will: if not immediately then eventually.
Of course, one cannot help but admire the way that West Coast Tech monsters – from San
Diego to Seattle – have anticipated this, and attempted, and with some success, to brand
themselves as torch carriers for the progressive mindset. I believe is that this will work for
a while, but not into perpetuity. Eventually, they will be unmasked and vilified as the filthy,
profit-seeking capitalists that they are.
And here, perhaps, is the main (if most obvious) point: as Tech goes, so goes the stock
market. I don't have the exact figures handy, but I can assure you that if you review index
gains over the last, say, five years, and remove the contribution of Apple, Amazon, Facebook,
Microsoft and Google from the equation, you're looking at a chart that, best case, is
flat as a pancake. As such, I don't think that the unfolding Madam Defarge (villainess of Tale
of Two Cities, known most prominently for knitting at the guillotine) dynamic that I fear may
be emerging in Tech-land is much cause for celebration.
The shortened week brought a small taste of the look and feel of the new-age vibe that
awaits us. Equity indices retreated, but only modestly, and in manner that failed to capture
the carnage that lies beneath. I may be connecting dots too far flung to merit they're linkage,
but it is not lost on me that all of the above transpired against the backdrop of a
deteriorating geopolitical sneaker fire (Nike?). I won't waste much space here, but between the
editorial stylings of Anonymous, the absolute (if unsuccessful) effort to turn the Kavanaugh
hearings into a pig circus, the breathless anticipation of another Bob Woodward political
workover, and the unfortunate ramping up of trade skirmishes, it's hard not to look at the
world with a glaze in one's eyes and a growing pit in one's stomach.
But of course and as always the news by no means all bad. The Jobs Report pretty much checks
every bling box, so much so that slumbering holders of longer-term U.S. debt, and sold down
some of their holdings. Factset is projecting another boffo quarter at about ~+20%.
Equities, though, remain a quandary nonetheless (as do Commodities), but my hunch is that
the indices will gather themselves a bit over the next few sessions, before breaking everyone's
heart – yet again -- later in the month. Moreover, if the months-long pattern holds
(Trump offsetting domestic political bludgeons with accretive policy actions), I would expect
some happy noise from the front of the trade wars over the next several days. There'd better
be, because the long knives are out against the current administration, and the only defensive
weapon at their disposal is one that involves playing offense on the economy.
I'm more than willing to do my share, so, as I sign off, know that I'm logging into my
Amazon Prime account to purchase a holy document called "The Art of the Deal", along with "Our
Revolution: A Future to Believe In", written by one Bernie Sanders, and released on November
15, 2016, exactly one week after the author of the former book, against all odds, won the
presidential election.
Who knows? Maybe Donnie and Bernie have more common ground than they realize, and if I find
anything of this sort, I'll be sure to pass it along – to them, and, of course, to
you.
TIMSHEL
This post is brought to you by General Risk Advisors, a full service risk solutions group.
For more information, visit genriskadvisors.com .
At this point there's not even so much as feigning surprise or
suspense in the now sadly all-too-familiar Syria script out of Washington.
The Wall Street Journal has just published a bombshell on Sunday evening as Russian and
Syrian warplanes continue bombing raids over al-Qaeda held Idlib, citing
unnamed US officials who claim " President Bashar al-Assad of Syria has approved the use of
chlorine gas in an offensive against the country's last major rebel stronghold."
And perhaps more alarming is that the report details that Trump is undecided over whether
new retaliatory strikes could entail expanding the attack to hit Assad allies Russia and Iran
this time around .
That's right, unnamed US officials are now claiming to be in possession of intelligence
which they say shows Assad has already given the order in an absolutely unprecedented level of
"pre-crime" telegraphing of events on the battlefield .
And supposedly these officials have even identified the type of chemical weapon to be used:
chlorine gas .
The anonymous officials told the WSJ of "new U.S. intelligence" in what appears an eerily
familiar repeat of precisely how the 2003 invasion of Iraq was sold to the American public
(namely, "anonymous officials" and vague assurances of unseen intelligence) -- albeit posturing
over Idlib is now unfolding at
an intensely more rapid pace :
Fears of a massacre have been fueled by new U.S. intelligence indicating Mr. Assad has
cleared the way for the military to use chlorine gas in any offensive, U.S. officials said .
It wasn't clear from the latest intelligence if Mr. Assad also had given the military
permission to use sarin gas , the deadly nerve agent used several times in previous regime
attacks on rebel-held areas. It is banned under international law.
It appears Washington is now saying an American attack on Syrian government forces and
locations is all but inevitable .
And according to the report, President Trump may actually give the order to attack even if
there's no claim of a chemical attack, per the WSJ:
In a recent discussion about Syria, people familiar with the exchange said, President
Trump threatened to conduct a massive attack against Mr. Assad if he carries out a massacre
in Idlib , the northwestern province that has become the last refuge for more than three
million people and as many as 70,000 opposition fighters that the regime considers to be
terrorists.
The Pentagon is crafting military options , but Mr. Trump hasn't decided what exactly
would trigger a military response or whether the U.S. would target Russian or Iranian
military forces aiding Mr. Assad in Syria , U.S. officials said.
Crucially, this is the first such indication of the possibility that White House and defense
officials are mulling over hitting "Russian or Iranian military forces" in what would be a
monumental escalation that would take the world to the brink of World War 3.
The WSJ report cites White House discussions of a third strike -- in reference to US attacks
on Syria during the last two Aprils after chemical allegations were made against Damascus --
while indicating it would "likely would be more expansive than the first two" and could include
targeting Russia and Iran .
During the debate this year over how to respond to the second attack, Mr. Trump's
national-security team weighed the idea of hitting Russian or Iranian targets in Syria ,
people familiar with the discussions said. But the Pentagon pushed for a more measured
response, U.S. officials said, and the idea was eventually rejected as too risky.
A third U.S. strike likely would be more expansive than the first two, and Mr. Trump would
again have to consider whether or not to hit targets like Russian air defenses in an effort
to deliver a more punishing blow to Mr. Assad's military.
Last week the French ambassador, whose country also vowed to strike Syria if what it deems
credible chemical allegations emerge, said during a U.N. Security Council meeting on Idlib :
"Syria is once again at the edge of an abyss."
With Russia and Iran now in the West's cross hairs over Idlib, indeed the entire world is
again at the edge of the abyss.
developing...
Jack Oliver ,
You must read this - Bolton is definitely FUCKING insane !
LOL Wall Street Journal citing unnamed sources again. Anyone that gives this more than
0.0003 seconds worth of attention is a barely functional retard. Haha, looking at the
comments below, we have a bunch of Charley Brown's running up to kick a football held by
Lucy. Fuckin moron cunts.
Bokkenrijder ,
Trump has already written and signed the order for the attack, the only thing that needs
to be added is the appropriate date for when Israel gives the green light
Wake up Trumptards!
Citium ,
Ok after all those thumbs down when I called Trump part of the swamp? You guys still agree
that he wants to help the American people?
Get a grip. Y'all are getting Hoodwinked like Obama's first term. Increasing debt,
increasing military expansion to police the globe, stimulus in he form of tax cuts to
corporations who barely pay taxes, his inability to control Jeff sessions, his increase in
deficits, expanded the surveillance state and takes credit for the Federal reserve all time
high fake market.
Are you guys fucking delusional? Q is mossad, Alex Jones is mossad. Wake up. Both parties
hate you and this is all Kabuki theater.
After a decade of writing about the crisis, we are now subjected to an orgy of yet more
chatter with not much insight. It speaks volumes that the likes of Ben Bernanke, Timothy
Geithner, and Hank Paulson are deemed fit to say anything about it, let alone pitch the need
for the officialdom to have more bank bailout tools in a New York Times op-e titled What
We Need to Fight the Next Financial Crisis .
The fact that they blandly depict crises that demand extraordinary interventions as to be
expected confirms that greedy technocrats like them are a big part of the problem. Their call
for more help for financiers confirms that they have things backwards. How about doing more to
make sure that future crises aren't meteor-killing-the-dinosaurs level events, and foisting
more costs and punishments on the financiers who got drunk and rich on too much risk-taking?
The first line of defense should be stronger regulations, including prohibition of certain
activities.
As the Financial Times' Martin Wolf
pointed out in a recent crisis retrospective , the response of central bankers and
financial regulators to the crisis was to restore the status quo ante, and not engage in root
and branch reform, as took place in the Great Depression. But as we've pointed out, the
response to the crisis represented the greatest looting of the public purse in history. The
post-crisis era of super-low interest rates represented an additional transfer of income from
savers to the financial system. In the US, the so-called "get out of massive mortgage
securitization liability for almost free" card otherwise known as the National Mortgage
Settlement represented a not-widely recognized second bailout of banks and mortgage servicers.
No wonder banksters are seeking a rinse and repeat.
An overfinancialized economy is good for no one save banksters and their paid retainers.
Economists in recent years have been describing how larger financial systems hurt growth. For
instance, the IMF found that the optimal development of a financial system was roughly where
Poland is. The IMF conceded that it might be possible to have a larger banking system not drag
down the economy if it were well regulated. Other studies have found that economies with large
financial sectors typically have more inequality, and inequality is separately seen as a
negative for growth. So there's no sound policy reason to coddle banks rather than cut them
down to size.
But the winners get to write the histories, and the friends of Big Finance came out on top.
Despite the press occasionally listing the economists like Michael Hudson and Steve Keen who
saw the crisis coming, they have only marginally higher profiles now than they did a decade
ago. Nassim Nicholas Taleb wrote bestsellers, yet his blistering descriptions of how financial
risk analysts and managers are intellectual frauds has had virtually no impact on practice.
Similarly, Andy Haldane, the Bank of England's executive director of financial stability, is
often called one of the most creative and insightful economists of his generation, but his
studies and speeches on what went wrong and what might be done, like forcing more
specialization and diversity among financial firms, are regularly praised in academia and the
press and ignored as guides for reform. 1
And none other than the New York Fed's William Dudley came up with a way to bring
partnership-type incentive structures back to big banks by requiring executives and producers
to have a high percentage of their bonuses retained in the firms as a type of junior equity to
be the first funds tapped in the event of losses or large legal settlements. Not only would
this lead key players to be far more concerned about risk, but as Dudley pointed out, it would
also lead everyone to be far more concerned if they saw another business unit engaged in dodgy
practices that they might wind up paying for, and apply pressure to have them shut down.
Predictably, this idea made far too much sense to get any traction.
By contrast, Bernanke was a true believer in the Great Moderation, the mid-2000s
self-congratulatory mainstream economist view that they had produced the best of all possible
worlds. Bernanke in fact continued the so-called Greenspan put which incentivized investors and
bankers to take on financial risks, since they knew if anything bad happened, the Fed would
rush to their rescue. The Fed, and Bernanke in particular, were badly behind the curve. In May
2007, Bernanke said that subprime was contained , and in
July 2008, gave Fannie and Freddie clean bills
of health.
Geithner, when he was head of the New York Fed, did acknowledge that the brave new world of
slicing, dicing, and distributing risk might make it more difficult to manage a crisis, but
then insisted that there was no way to roll the clock back. Linear projections of trends is
naive but a great excuse for inaction. Geithner said nary a peep when banks who had just been
bailed out gave a raised middle finger to the American public by paying their executives and
staffs record bonuses in 2009 and 2010 rather than rebuilding their balance sheets. The Bush
Administration considerately left $75 billion of TARP monies unspent for the Obama
Administration to use to fund mortgage modifications. Funny how the Treasury never took that
up. Instead, Geithner instituted supposed mortgage assistance programs like HAMP whose purpose,
as Geithner put it to SIGTARP head Neil Barofsky, was to "foam the runway" for banks by
spreading out when foreclosures would happen rather than preventing them. Recall that 9 million
homes were foreclosed upon. Many had missed only a payment or two due to job loss or hours
cutbacks; some were victims of bad servicing. Giving borrowers with viable levels of income
mortgage modifications would have been a win for investors too. But the Treasury never cared
about borrowers and convinced itself that taking care of banks would help the real economy, in
a Wall Street variant of trickle-down theory.
And Paulson? Although he wasn't on the scene as long as Bernanke and Geithner, recall that
Treasury staffer Neel Kashkari whipped up a 50,000 foot "How do we deal with a crisis" think
piece that Paulson & Co. deemed to be just terrific and tossed in a drawer. Recall that
Paulson's first TARP proposal was a mere 3 pages demanding $700 billion, more than the hard
costs of the Iraq War, and even worse, put the Treasury beyond the rule of law with this
provision:
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and
committed to agency discretion, and may not be reviewed by any court of law or any
administrative agency.
So the bailer-outers-in-chief are keen to prescribe more of what they foisted on the
American public. It should come as no surprise that they didn't pump for stronger financial
reforms, were perfectly content to allow the Fed to authorize banks subject to stress tests to
pay dividends and bonuses rather than have them build up much bigger capital cushions, and in
Bernanke's case, call for a resumption of austerity policies in 2012.
Each one of this terrible trio has a much longer rap sheet. But the mere fact that they have
the temerity to subject the public to their cronyistic blather, and worse, the New York Times
dignifies it, shows that, as Talleyrand said of the Bourbons, that policymakers and pundits
have learned nothing and forgotten nothing.
____
1 Haldane, with former Bank of England governor Mervyn King and Adair Turner at
the FSA, did fight hard for a Glass-Steagall type bank breakup, but the UK Treasury succeeded
in watering down their proposal to mere ring-fencing.
Geithner cured me of calling myself a Democrat. That little pipsqueak is worse than
Paulson. To be fair, his boss was famous for his awesome awesomeness.
Responding to an anonymous Op-Ed in the New York Times detailing an active resistance within
the Trump White House, former White House chief strategist Steve Bannon told
Reuters that President Trump is facing a "coup" the likes of which haven't been seen since
the American Civil War.
... ... ...
" This is a crisis . The country has only ever had such a crisis in the
summer of 1862 when General McClellan and the senior generals, all Democrats in the Union Army,
deemed that Abraham Lincoln was not fit and not competent to be commander in chief ," said
Bannon - whose departure from the White House was in large part over a fallout with Trump's
"establishment" advisers. Bannon said at the time that the "Republican establishment" sought to
nullify the results of the 2016 election and effectively neuter Trump.
"There is a cabal of Republic establishment figures who believe Donald Trump is not fit to
be president of the United States. This is a crisis," Bannon said in Rome.
Anonymous IX ,
The naivete of so many astounds me. Do you really think that Trump cannot get the name of
the person who wrote the op-ed? In the old days, you sent your operatives to break into the
Watergate. With today's computers and backdoors everywhere into any computer system [open
your reading horizons... https://www.rt.com/op-ed/437895-privacy-five-eyes-encryption/
], anyone can obtain this information if they so desire. Why is Trump being portrayed as a
poor "rich guy" who only wants the best for the country while valiantly fighting a nefarious
coup...whose members, by the way, are so clever and clandestine that they write an op-ed in
the friggin' New York Times! Sorry...don't have much time to continue discussing op-eds in
the NYT, gotta go re-insert ourselves into an independent sovereign nation, called Syria,
where our 1%-ers have deemed we need to go!
I like Trump's bravado and I like his partner, Melania. Designers should definitely bring
back slits in skirts! Scroll down. Here's a lady with class and style. She doesn't have to
show you her entire bosom for you to get the idea that she's hot! https://www.breitbart.com/big-hollywood/2018/09/03/melania-trump-labor-day-looks/
thebigunit ,
Silicon Valley comes full circle:
Apple's famous "1984" ad.
How ironic.
The guy on the TV screen is Tim Cook. He's saying "WE MUST SUPPRESS ALEX JONES!"
The anonymous leaker might not exist. Maybe the oped was written by someone at the new
york times. The reason for lying such might be to make Trump start hunting for his own
subordinates, that could turn some of his subordinates against him who then become an actual
leaker. I think this is their plan.
Moe Howard ,
Of course it is a coup in progress. So obvious it is beyond a question.
The fake op-ed was just the latest shot.
Seems to me that we need to break up and destroy these MSM and interweb monopolies.
No more dual national control over media outlets.
DEDA CVETKO ,
Yes, Steve Bannon. This is a coup. And it is a bad, bad, bad nazi-style,
beer-putsch kind of coup, the night of long knives and all.
But this is the coup you and your party (as well as your technical adversaries, but
friends in real life - the "democrats" - have been preparing for decades . This is the
coup you have been paving the way for with bombbombbomb Iran, with "export of
democracy" to Libya, Syria, Egypt, Iraq, Afghanistan, the Balkans and Russia (and pretty much
everywhere else); with weaponization of dollar and global finance and militarization of media
and the police, with colored and rosey and khaki revolutions, with vulture hedge funds as the
primary instrument of the foreign policy and with 1% distribution of the 99% of national
wealth.
Yes. Steve Bannon. These are all proud accomplishments of the Republican and
Democratic party.
This is the coup your party (as well as the other one) has been funding for almost
three decades by voting for $1 trillion-per-year war budgets and never-ending wars across the
globe and by vigorously bankrolling the nazi merchants of death a/k/a/
military-industrial-financial-academic-media complex. And now you are shocked to learn that
nazis have fondness for putcshes? No kiddin', Sherlock!
This is the coup your party ideologically, theologically and morally justified in
terms of divine national exceptionalism, messianic narcissism, arrogant group-think and
never-ending pursuit of national might-makes-right and peace-through-strength.
Yes, Steve Bannon, the Rev. Jeremiah Wright was right when he said that the chickens are
coming home to roost, er...roast. But this time, they are not coming home as McDonalds'
Chikken McNuggets or Kentucky Fried Chicken Shit. This time they are returning as chicken
guts'n'bones for the gigantic globalist chicken soup called New World Order.
You and your party should be rejoicing, not bemoaning. For, after all, this is your
proudest achievement and your finest hour.
God is The Son ,
Bannon is a retard, Trump is a retard, both Zionists. The only hope is Mattias to a Order
Coup De Ta. Military General needs to recognize that how Israel, Jews, Rothschilds have taken
over Banking Politics and Media in US and have hijacked US and are looting it. He also needs
to realize that they run the Left and the Right of Politics's. Arrest Trump, Alex Jones,
Zionists, ABC, FOX, Re-Investigate 9/11 findings will probably come to that the CIA and
Zionists did it, and that JFK killing was also CIA and Zionists. The CIA gets destroyed into
Thousand pieces and Israeli influence is removed entirely from all parts of American Society.
Federal Reserve, gets taken and turned into Public Central Bank of America under eye of US
Military. Rothschilds then told to leave or Arrested.
Peter41 ,
Well, correct up to a point. The established world order elites "saved" the system in
2007-08, by propping up the moribund banks (Citibank, JP Morgan, and others) by massive
injections of liquidity. Rather than removing this liquidity after the debacle, the Fed kept
the accelerator to the floor with continued "quantitative easing." Now presiding over a
$4Trillion balance sheet, the Fed is in the famous "liquidity trap" which Lord Keynes avoided
describing a solution for, by opining, "in the long run we are all dead."
Well, the elites are now in the position of watching the whole shitteree come unglued as
the Fed's policies framed by the elites will soon come unwound. Then, the elites will be
exposed as powerless.
Griffin ,
The old world order was not so organised, and the main ideology the ruling elites had in
common was transfer of wealth and wealth control,.
Using ideas like privatisation to get control of strategic assets like natural resources,
energy etc.
Using scams like pump and dump to suck wealth out of economies and then investing outside
the economy or planting it in a tax haven.
In Iceland there was roughly a 5 year interval between crashes. I called it the bubble
crash machine.
The msm and bank analysts were a important tool for politicians to keep this scam running,
but its dead now.
The new world order was supposed to be far more advanced and more organised, a tool to
eliminate all kinds of problems for large corporations, like the sovereign rights of states
for instance.
This was supposed to be a fusion between the superstate in Europe, where Merkel was at the
helm, and the liberal globalist friendly USA where Hillary was supposed to lead.
If this would have materialised it would have enabled multinational corporations to sue
nation states for imposing inconvenient laws that could suppress hopes of future profits for
instance, giving the corporations a indirect control over state politics, overriding
democracy and constitutions.
Abraxas ,
Coup, my ass. These guys turn everything upside-down. What a bunch of hyaenas.
Just look, these are the people that will drag us all down to the depths of hell with
them, telling us how nice and prosperous ride we'll have getting there. Stop this train, I
want to get off!
shortonoil ,
Having worked around DC I can tell you that the place collects nutcases, screwballs, and
sociopaths like fresh dog fresh shit collects flies. The Deep State is not the problem, the
problem is the DC State! DC is the epicenter of power hungry, greedy, self centered, self
serving, backstabbing, backbiting lunatics, and every one of them is looking for a gimmick to
advance their own personal agenda. The welfare of the nation is number 101 on their list of
100. Too much money, in too small a place with too many people trying to climb the same
ladder at the same time leads to anarchy. Give the power to collect money, and regulate back
to the States where it belongs, and let DC sink back into the swamp it was built on. The
Federal Government is out of control. The States have the Constitutional power, and
responsibility to regulate, and control the Federal government, and they had better start
using it before this dog and pony show breaks down into a lynching party.
Herdee ,
U.S. under Trump interfering in the internal affairs of Venezuela. The CIA goes around the
world overthrowing governments. American hypocrisy is so phony, especially their Washington
NeoCon/NeoNazi politicians:
These uniparty hacks are the same who claim Trump has disemboweled the Obama agenda, which
he has. Some nutcase... doing what he ran on. The only things he can't get done are because
of the career uniparty hacks.The op-ed was nothing more then carryover from the McCain
funeral. It's all transparent and meaningless, but a useful tool for Trump now.
DingleBarryObummer ,
"To some people the notion of consciously playing power games-no matter how indirect-seems
evil, asocial, a relic of the past. They believe they can opt out of the game by behaving in
ways that have nothing to do with power. You must beware of such people, for while they
express such opinions outwardly, they are often among the most adept players at power. They
utilize strategies that cleverly disguise the nature of the manipulation involved. These
types, for example, will often display their weakness and lack of power as a kind of moral
virtue. But true powerlessness, without any motive of self-interest, would not publicize its
weakness to gain sympathy or respect. Making a show of one's weakness is actually a very
effective strategy, subtle and deceptive, in the game of power" -Robert Greene '48 Laws of
Power'
chumbawamba ,
What results though? So far, the results are in and the swamp is still pretty full.
As Dinglebutt pondered: deception, but for what purpose? Have you considered that you
might be being lulled into a safe landing right into the heart of totalitarianism?
Don't think for one moment Trump isn't capable of selling you out for his own
interests.
-chumblez.
Dilluminati ,
correction demonic coup (re-posted) but the Pizza gate it seems to be real, all the fake
news for generatons and the one story the globalists couldn't get to uncovering ~~~ YOU MUST
DECIDE!!
Sweden tonight.. Europe tomorrow. The left lives in fantasy land. Where Kapernick is some
NFL hero and the guy sucked at QB, I mean looking at the record, he sucked, he didn't win
anything. He ran like Mike Vick and that is about that.. and like Mike he suddenly realized
that EVERYBODY runs fast in the NFL unlike college. Then there is IMMIGRATION notice how the
globalists love three things above all others: profits for the 1%, paying no taxes, and they
love them some open borders and immigrant cheap labor. Take for example the imaginary op-ed
fake news from the NYT, or the CNN fake news story with leftist Lanny Davis, or lets drag
that whore Stormy out on stage for another trailer park runway dollar bill, or how about the
hearings on SCOTUS and Spartacus? Pocahontas? Abolishing Ice to fight crime, getting rid of
the 2nd amendment to make us safer, Or more gun legislation in Chicago or Baltimore doubling
down on stupid.. And now the ghouls who run the Democratic party have to go and try and sell
the Obama myth, talk about fantasy.. what the fuck was Obamacare? Where was the $ saved and
could people keep their doctor if they wanted? Each and every idea the Democrats and left
have come up with is proof that what the left doesn't fuck up it shits upon instead, and
now.. after being globally discredited the GLOBALISTS cocksuckers are done. Name a single
promise that the Globalists kept to any but the 1% the cocksuckers!
But turn on any globalist media, the NFL, ESPN, CNN, and of the Globalist monopoly news or
media outlets, the same lies are told. These Globalist cocksuckers cannot stop telling these
lies so instead they need to be removed by ballot, laws, and if need be FORCE!
The rudeness and desperation of the 1% is astonishing, but their boldness is like that of
the Pedophile Catholic Church! They get up on stage and do their empty virtue signalling and
then rape their communities cynically and with methodical efficiency, yes they are the 1% and
they do not care, yes they are the 1% and there is now no laws to confront them. There is
only the ballot. They intend to run to New Zealand as they know their days are numbered, they
skip the hearings like Google when called to account by Congress, and still you turn on the
media and see:
I'm sure Madeline has brokered some deal to service some 1% benefactor somewhere. But
again the rudeness, they come into your home under the guise of sports, under the guise of a
legitimate news source, and then they spread their LIES and distortions.
Watch Brexit and Google pissing in the face of Congress.. they do not respect the ballot
though they clamor about democracy, they but care about the 1% like the Pedophile Catholic
Church and do not care about your laws, they want to abolish Ice, they want to disarm you so
that they can more efficiently abuse you. That is your globalists not some loser on a Nike
ad, who has less of a career than say Tim Tebow (who could run) but wasn't the apologist and
hate America first Cunt stooge of the globalists. Watch Brexit and Google as they piss in the
face of democracy and remember.
This brief comment became the biggest headline news to come out of the third debate, as
many saw it as Mr Trump threatening to shatter a 240-year-old electoral tradition, one of the
cornerstones of US democracy: the losing candidate must always concede defeat, regardless of
the result.
Presidential rival Hillary Clinton called his stance "horrifying", saying it "was not
the way our democracy works".
Barack Obama labelled Trump's comments as "dangerous", and damaging to
democracy.
You see how that works? The left is like the Pedophile Catholic Church all worked up about
the plastic in the ocean, one set of laws and democracy for you, and another for them..
The lies, the globalist lies.. vote for your freedom.. What does the NFL and the Pedophile
Catholic Church have in common? NEITHER PAYS TAXES! Them globalists them silly globalists:
love three things above all others: profits for the 1%, paying no taxes, and they love them
some open borders and immigrant cheap labor.
The real PIZZA GATE my friends is the Globalists. The 1% with their laws, unaccountable to
ours which they twist against us.
I'm watching Bob Woodward being pimped by the Globalists media this morning, and I have to
think that in this guy's lifetime the largest scandal in the Church, the global abuse and
coverup, never warranted an op-ed. Need I say more? When you look at the fabled globalist Bob
Woodward, remember that he missed the abuse, the cover-up, the complete and orchestrated
abuse of power globally, he missed that story!
It took the state of Pennsylvania and a Grand Jury to tell that story that the globalist
and Bob Woodward would not, instead he peddled rumors, similar to Stormy trotted out for a
dollar bill on the trailer park runway.
notfeelinthebern ,
Been nothing but a coup since before day one even.
iinthesky ,
Started right after the Trump stepped off the escalator
Jim in MN ,
If the globalist elite neolibcon blackmail files ever see the light of day a lot of folks
are going to swing from nooses...where have I heard that phrase before....
This is still our last peaceful chance for change.
iinthesky ,
I think most historically competent folks quickly come to the conclusion that ''Kompramat"
as the Russians call it is without a doubt how the government governs itself.. hence an
'outsider' is rarely ever seen and never allowed to govern
The past is not dead; it is people who are sleeping . The current night and daymares that we
are having arise out of murders lodged deep in our past that have continued into the present.
No amount of feigned amnesia will erase the bloody truth of American history, the cheap grace
we bestow upon ourselves.
We have, as Harold Pinter said in his Nobel address, been feeding on "a vast tapestry of
lies" that surrounds us, lies uttered by nihilistic leaders and their media mouthpieces for a
very long time. We have, or should have, bad consciences for not acknowledging being active or
silent accomplices in the suppression of truth and the vicious murdering of millions at home
and abroad.
But, as Pinter said,
"I believe that despite the enormous odds which exist, unflinching, unswerving, fierce
intellectual determination, as citizens, to define the real truth of our lives and our
societies is a crucial obligation which devolves upon us all. It is in fact mandatory."
No one is more emblematic of this noble effort than David Ray Griffin, who, in book after
book since the attacks of 11 September 2001, has meticulously exposed the underside of the
American empire and its evil masters. His persistence in trying to reach people and to warn
them of the horrors that have resulted is extraordinary. Excluding his philosophical and
theological works, this is his fifteenth book since 2004 on these grave issues of life and
death and the future of the world.
In this masterful book, he provides a powerful historical argument that right from the start
with the arrival of the first European settlers, this country, despite all the rhetoric about
it having been divinely founded and guided, has been "more malign that benign, more demonic
than divine." He chronologically presents this history, supported by meticulous documentation,
to prove his thesis. In his previous book, Bush and Cheney: How They Ruined America and the
World , Griffin cataloged the evil actions that flowed from the inside job/false flag attacks
of September 11th, while in this one -- a prequel -- he offers a lesson in American history
going back centuries, and he shows that one would be correct in calling the United States a
"false flag empire."
The attacks of 11 September 2001 are the false flag fulcrum upon which his two books pivot.
Their importance cannot be overestimated, not just for their inherent cruelty that resulted in
thousands of innocent American deaths, but since they became the justification for the United
States' ongoing murderous campaigns termed "the war on terror" that have brought death to
millions of people around the world. An international array of expendable people. Terrifying as
they were, and were meant to be, they have many precedents, although much of this history is
hidden in the shadows. Griffin shines a bright light on them, with most of his analysis focused
on the years 1850-2018.
As a theological and philosophical scholar, he is well aware of the great importance of
society's need for religious legitimation for its secular authority, a way to offer its people
a shield against terror and life's myriad fears through a protective myth that has been used
successfully by the United States to terrorize others. He shows how the terms by which the U.S.
has been legitimated as God's "chosen nation" and Americans as God's "chosen people" have
changed over the years as secularization and pluralism have made inroads. The names have
changed, but the meaning has not. God is on our side, and when that is so, the other side is
cursed and can be killed by God's people, who are always battling el diabalo.
He exemplifies this by opening with a quote from George Washington's first Inaugural Address
where Washington speaks of "the Invisible Hand" and "Providential agency" guiding the country,
and by ending with Obama saying "I believe in American exceptionalism with every fiber of my
being." In between we hear Andrew Jackson say that "Providence has showered on this favored
land blessings without number" and Henry Cabot Lodge in 1900 characterize America's divine
mission as "manifest destiny." The American religion today is American Exceptionalism, an
updated euphemism for the old-fashioned "God's New Israel" or the "Redeemer Nation."
At the core of this verbiage lies the delusion that the United States, as a blessed and good
country, has a divine mission to spread "democracy" and "freedom" throughout the world, as
Hilary Clinton declared during the 2016 presidential campaign when she said that "we are great
because we are good," and in 2004 when George W. Bush said, "Like generations before us, we
have a calling from beyond the stars to stand for freedom." Such sentiments could only be
received with sardonic laughter by the countless victims made "free" by America's violent
leaders, now and then, as Griffin documents.
Having established the fact of America's claim to divine status, he then walks the reader
through various thinkers who have taken sides on the issue of the United States being benign or
malign. This is all preliminary to the heart of the book, which is a history lesson documenting
the malignancy at the core of the American trajectory.
"American imperialism is often said to have begun in 1898, when Cuba and the Philippines
were the main prizes," he begins. "What was new at this time, however, was only that America
took control of countries beyond the North American continent."
The "divine right" to seize others' lands and kill them started long before, and although no
seas were crossed in the usual understanding of imperialism, the genocide of Native Americans
long preceded 1898. So too did the "manifest destiny" that impelled war with Mexico and the
seizure of its land and the expansion west to the Pacific. This period of empire building
depended heavily on the "other great crime against humanity" that was the slave trade, wherein
it is estimated that 10 million Africans died, in addition to the sick brutality of slavery
itself. "No matter how brutal the methods, Americans were instruments of divine purposes,"
writes Griffin. And, he correctly adds, it is not even true that America's overseas
imperialistic ventures only started in 1898, for in the 1850s Commodore Perry forced "the
haughty Japanese" to open their ports to American commerce through gunboat diplomacy.
Then in 1898 the pace of overseas imperial expansion picked up dramatically with what has
been called "The Spanish-American War" that resulted in the seizure of Cuba and the Philippines
and the annexing of Hawaii. Griffin says these wars could more accurately be termed "the wars
to take Spanish colonies." His analysis of the brutality and arrogance of these actions makes
the reader realize that My Lai and other more recent atrocities have a long pedigree that is
part of an institutional structure, and while Filipinos and Cubans and so many others were
being slaughtered, Griffin writes, "Anticipating Secretary of Defense Donald Rumsfeld's
declaration that 'we don't do empire,' [President] McKinley said that imperialism is 'foreign
to the temper and genius of this free and generous people.'"
Then as now, perhaps mad laughter is the only response to such unadulterated bullshit, as
Griffin quotes Mark Twain saying that it would be easy creating a flag for the Philippines:
We can have just our usual flag, with the white stripes painted black and the stars
replaced by the skull and cross-bones.
That would have also worked for Columbia, Panama, Puerto Rico, the Dominican Republic,
Haiti, Nicaragua, and other countries subjugated under the ideology of the Monroe Doctrine;
wherever freedom and national independence raised its ugly head, the United States was quick to
intervene with its powerful anti-revolutionary military and its financial bullying. In the Far
East the "Open Door" policy was used to loot China, Japan, and other countries.
But all this was just the beginning. Griffin shows how Woodrow Wilson, the quintessentially
devious and treacherous liberal Democrat, who claimed he wanted to keep America out of WW I,
did just the opposite to make sure the U.S. would come to dominate the foreign markets his
capitalist masters demanded. Thus Griffin explores how Wilson conspired with Winston Churchill
to use the sinking of the Lusitania as a casus belli and how the Treaty of Versailles's harsh
treatment of Germany set the stage for WW II.
He tells us how in the intervening years between the world wars the demonization of Russia
and the new Soviet Union was started. This deprecation of Russia, which is roaring at
full-throttle today, is a theme that recurs throughout The American Trajectory. Its importance
cannot be overemphasized. Wilson called the Bolshevik government "a government by terror," and
in 1918 "sent thousands of troops into northern and eastern Russia, leaving them there until
1920."
That the U. S. invaded Russia is a fact rarely mentioned and even barely known to Americans.
Perhaps awareness of it and the century-long demonizing of the U.S.S.R./Russia would enlighten
those who buy the current anti-Russia propaganda called "Russiagate."
To match that "divine" act of imperial intervention abroad, Wilson fomented the Red Scare at
home, which, as Griffin says, had lasting and incalculable importance because it created the
American fear of radical thought and revolution that exists to this very day and serves as a
justification for supporting brutal dictators around the world and crackdowns on freedom at
home (as is happening today).
He gives us brief summaries of some dictators the U.S has supported, and reminds us of the
saying of that other liberal Democrat, Franklin Roosevelt, who famously said of the brutal
Nicaraguan dictator Anastasio Somoza, that "he may be a son-of-a-bitch, but he's our
son-of-a-bitch." And thus Somoza would terrorize his own people for 43 years. The same took
place in Cuba, Chile, Iran, Guatemala, the Dominican Republic, Haiti, etc. The U.S. also
supported Mussolini, did nothing to prevent Franco's fascist toppling of the Spanish Republic,
and supported the right-wing government of Chiang-Kai Shek in its efforts to dominate
China.
It is a very dark and ugly history that confirms the demonic nature of American actions
around the world.
Then Griffin explodes the many myths about the so-called "Good War" -- WW II. He explains
the lies told about the Japanese "surprise" attack on Pearl Harbor; how Roosevelt wished to get
the U.S. into the war, both in the Pacific and in Europe; and how much American economic
self-interest lay behind it. He critiques the myth that America selflessly wished to defend
freedom loving people in their battles with brutal, fascist regimes. That, he tells us, is but
a small part of the story:
This, however, is not an accurate picture of American policies during the Second World
War. Many people were, to be sure, liberated from terrible tyrannies by the Allied victories.
But the fact that these people benefited was an incidental outcome, not a motive of American
policies. These policies, as [Andrew] Bacevich discovered, were based on 'unflagging
self-interest.'
Then there are the conventional and atomic bombings of Hiroshima and Nagasaki. Nothing could
be more demonic, as Griffin shows. If these cold-blooded mass massacres of civilians and the
lies told to justify them don't convince a reader that there has long been something radically
evil at the heart of American history, nothing will. Griffin shows how Truman and his advisers
and top generals, including Dwight Eisenhower and Admiral William D. Leahy, Truman's Chief of
Staff, knew the dropping of the atomic bombs were unnecessary to end the war, but they did so
anyway.
He reminds us of Clinton's Secretary of State Madeline Albright's response to the question
whether she thought the deaths of more than 500, 000 Iraqi children as a result of Clinton's
crippling economic sanctions were worth it: "But, yes, we think the price is worth it." (Notice
the "is," the ongoing nature of these war crimes, as she spoke.) But this is the woman who also
said, "We are the indispensable nation. We stand tall "
Griffin devotes other chapters to the creation of the Cold War, American imperialism during
the Cold War, Post-Cold War interventions, the Vietnam War, the drive for global dominance, and
false flag operations, among other topics.
As for false flag operations, he says, "Indeed, the trajectory of the American Empire has
relied so heavily on these types of attacks that one could describe it as a false flag empire."
In the false flag chapter and throughout the book, he discusses many of the false flags the
U.S. has engaged in, including Operation Gladio, the U.S./NATO terrorist operation throughout
Europe that Swiss historian Daniele Ganser has extensively documented, an operation meant to
discredit communists and socialists. Such operations were directly connected to the OSS, the
CIA and its director Allen Dulles, his henchman James Jesus Angleton, and their Nazi
accomplices, such as General Reinhard Gehlen. In one such attack in 1980 at the Bologna, Italy
railway station, these U.S. terrorists killed 85 people and wounded 20 others. As with the
bombs dropped by Saudi Arabia today on Yemeni school children, the explosive used was made for
the U.S. military. About these documented U.S. atrocities, Griffin says:
These revelations show the falsity of an assumption widely held by Americans. While
recognizing that the US military sometimes does terrible things to their enemies, most
Americans have assumed that US military leaders would not order the killing of innocent
civilians in allied countries for political purposes. Operation Gladio showed this assumption
to be false.
He is right, but I would add that the leaders behind this were civilian, as much as, or more
than military.
In the case of "Operation Northwoods," it was the Joint Chiefs of Staff who presented to
President Kennedy this false flag proposal that would provide justification for a U.S. invasion
of Cuba. It would have involved the killing of American citizens on American soil, bombings,
plane hijacking, etc. President Kennedy considered such people and such plans insane, and he
rejected it as such. His doing so tells us much, for many other presidents would have approved
it. And again, how many Americans are aware of this depraved proposal that is documented and
easily available? How many even want to contemplate it? For the need to remain in denial of the
facts of history and believe in the essential goodness of America's rulers is a very hard nut
to crack. Griffin has written a dozen books about 11 September 2001, trying to do exactly
that.
If one is willing to embrace historical facts, however, then this outstanding book will open
one's eyes to the long-standing demonic nature of the actions of America's rulers. A reader
cannot come away from its lucidly presented history unaffected, unless one lives in a
self-imposed fantasy world. The record is clear, and Griffin lays it out in all its graphic
horror. Which is not to say that the U.S. has not "done both good and bad things, so it could
not sensibly be called purely divine or purely demonic." Questions of purity are meant to
obfuscate basic truths. And the question he asks in his subtitle -- Divine or Demonic? -- is
really a rhetorical question, and when it comes to the "trajectory" of American history, the
demonic wins hands down.
I would be remiss if I didn't point out one place where Griffin fails the reader. In his
long chapter on Vietnam, which is replete with excellent facts and analyses, he makes a crucial
mistake, which is unusual for him. This mistake appears in a four page section on President
Kennedy's policies on Vietnam. In those pages, Griffin relies on Noam Chomsky's terrible book
-- Rethinking Camelot: JFK, the Vietnam War, and US Political Culture (1993), a book wherein
Chomsky shows no regard for evidence or facts -- to paint Kennedy as being in accord with his
advisers, the CIA, and the military regarding Vietnam. This is factually false. Griffin should
have been more careful and have understood this. The truth is that Kennedy was besieged and
surrounded by these demonic people, who were intent on isolating him, disregarding his
instructions, and murdering him to achieve their goals in Vietnam. In the last year of his
life, JFK had taken a radical turn toward peace-making, not only in Vietnam, but with the
Soviet Union, Cuba, and around the globe. Such a turn was anathema to the war lovers. Thus he
had to die. Contrary to Chomsky's deceptions, motivated by his hatred of Kennedy and perhaps
something more sinister (he also backs the Warren Commission, thinks JFK's assassination was no
big deal, and accepts the patently false official version of the attacks of 11 September 2001),
Griffin should have emphatically asserted that Kennedy had issued NSAM 263 on October 11, 1963
calling for the withdrawal of American troops from Vietnam, and that after he was assassinated
a month later, Lyndon Johnson reversed that withdrawal order with NSAM 273. Chomsky
notwithstanding, all the best scholarship and documentary evidence proves this. And for
Griffin, a wonderful scholar, to write that with the change from Kennedy to Johnson that "this
change of presidents would bring no basic change in policy" is so shockingly wrong that I
imagine Griffin, a man passionate about truth, simply slipped up and got sloppy here. For
nothing could be further from the truth.
Ironically, Griffin makes a masterful case for his thesis, while forgetting the one pivotal
man, President John Kennedy, who sacrificed his life in an effort to change the trajectory of
American history from its demonic course.
It is one mistake in an otherwise very important and excellent book that should be required
reading for anyone who doubts the evil nature of this country's continuing foreign policy.
Those who are already convinced should also read it, for it provides a needed historical
resource and impetus to help change the trajectory that is transporting the world toward
nuclear oblivion, if continued.
If -- a fantastic wish! -- The American Trajectory: Divine or Demonic ? were
required reading in American schools and colleges, perhaps a new generation would arise to
change our devils into angels, the arc of America's future moral universe
CHX13 ,
For many decades, the US has been preying upon the ROTW via the petro-$. The late $trength
will prove it$ ultimate downfall, IMHO. The world is imploding as we speak. Too much bad debt
all over, tens if not hundred of trillions in the US and the ROTW combined. US debt 21T plus
(21T that is unaccounted for) plus 100+ T unfunded liabilities and a totally pension system
on the verge of collapse etc etc etc and this is the "good ol' U S(S) of A... No need to pull
China or Europe through the meat grinder, there's plenty of unsolved (read "unsolvable")
problems at home already. No finger pointing needed, the US is a wolf in sheepskin, that's
for sure. There's a lot of good-natured folk in the US though that simply have no clue
whatsoever about what is about to be going down. I feel sorry for them, they really believe
in "their duty for the country", in "liberty and justice for all" et al. Things that once
made the US indeed great, but that was lost many many many moons ago. So I'd say divinely
diabolic. #So sad.
Adolfsteinbergovitch ,
A country is exceptional, until it isn't any longer.
khnum ,
Reuters has just run a story International criminal court judges at the Hague will face
heavy sanctions if they investigate American war crimes in Afghanistan,lawlessness next stop
perdition.
The matrix has u ,
That would be right. Americunt "Exceptionalism" still at work.
"... Fourth, privatization was supposed to reduce public sector monopolies, but there is often little evidence of significant erosion of the monopolies enjoyed by privatized SOEs. Arguably, technological change and innovation, e.g., in telecommunications, were far more significant in eroding privatized monopolies and reducing costs to consumers, than privatization per se. ..."
"... Also, natural monopolies (such as public utilities) are often deemed inefficient due to the monopolistic nature of the industry or market. The question which arises then is whether private monopoly is better, even with regulation intended to protect the public interest. ..."
Jerri-Lynn here. This short post usefully debunks arguments advanced to promote the privatization fairy. The author's reminds us
that state ownership, when done properly, as in Singapore, can offer its own benefits and " is recognized there as the reason for
public accountability, better governance and management."
By Jomo Kwame Sundaram, former UN Assistant Secretary General for Economic Development. Originally published at
Inter Press Service
KUALA LUMPUR, Malaysia, Sep 4 2018 (IPS) – Several arguments have been advanced to justify privatization since the 1980s. Privatization
has been advocated as an easy means to:
Reduce the government's financial and administrative burden, particularly by undertaking and maintaining services and infrastructure;
Promote competition, improve efficiency and increase productivity in providing public services;
Stimulate private entrepreneurship and investment to accelerate economic growth;
Help reduce the public sector's presence and size, with its monopolistic tendencies and bureaucratic support.
Moot case for privatization
First, privatization is supposed to reduce the government's financial and administrative burdens, particularly in providing services
and infrastructure. Earlier public sector expansion was increasingly seen as the problem, rather than part of the solution. Thus,
reducing the government's role and burden was expected to be popular.
Second, privatization was believed by some to be a means to promote competition, improve efficiency and increase productivity
in service delivery. This belief was naďve, confusing the question of ownership with that of promoting competition.
It was believed that privatization would somehow encourage competition, not recognizing that competition and property rights are
distinct, and not contingent issues. Associated with this was the presumption that competition would automatically result in greater
efficiency as well as improved productivity, not recognizing economies of scale and scope in many instances.
Third, privatization was expected to stimulate private entrepreneurship and investment. There is also a popular, but naďve belief
that privatization was going to stimulate private entrepreneurship when, in fact, the evidence is strong, in Malaysia and elsewhere,
that privatization often crowds out the likelihood of small and medium-sized enterprises actually emerging to fill the imagined void,
presumed to exist following privatization.
Admittedly, there is scope for new entrepreneurship with privatization as new ways and ideas offered by the private sector are
considered – or reconsidered – as the new privatized entity seeks to maximize the profits/rents to be secured with privatization.
However, the private purchase of previously public property, in itself, does not augment real economic assets. Private funds are
thus diverted, to take over SOEs, and consequently diminished, rather than augmented. Hence, private funds are less available for
investing in the real economy, in building new economic capacities and capabilities.
Fourth, privatization was supposed to reduce public sector monopolies, but there is often little evidence of significant erosion
of the monopolies enjoyed by privatized SOEs. Arguably, technological change and innovation, e.g., in telecommunications, were far
more significant in eroding privatized monopolies and reducing costs to consumers, than privatization per se.
From the 1980s, if not before, various studies have portrayed the public sector as a cesspool of abuse, inefficiency, incompetence
and corruption. Books and articles, often with clever titles such as 'vampire state', 'bureaucrats in business' and so on, provided
the justification for privatization.
Undoubtedly, there were some real horror stories, which have been conveniently and frequently cited as supposedly representative
of all SOEs. But other experiences can also be cited to show that SOEs can be run quite efficiently, even on commercial bases, confounding
the dire predictions of the prophets of public sector doom.
Has privatization improved efficiency?
Although some SOEs have been better run and are deemed more efficient after privatization, the overall record has hardly been
consistent. Thus, it is important to ascertain when and why there have been improvements, or otherwise. It is also important to remember
that better-run privatized SOEs, in and of themselves, do not necessarily serve the national or public interest better.
Undoubtedly, most SOEs can be better run and become more efficient. But this is not always the case as some SOEs are indeed already
well run. For instance, very few privatization advocates would insist that most SOEs in Singapore are poorly run.
As its SOEs are generally considered well-run, public ownership is not used there to explain poor governance, management or abuse;
instead, public ownership is recognized there as the reason for public accountability, better governance and management.
Principal-agent managerial delegation dilemma
Hence, in different contexts, with appropriately strict supervision, SOEs can be and have indeed been better run. Privatization,
in itself, does not solve managerial delegation problems, i.e., the principal-agent problem, as it is not a problem of public ownership
per se.
With SOEs, the principal is the state or the government while the agents are the managers and supervisors, who may -- or may not
-- pursue the objectives intended by the principal.
This is a problem faced by many organizations. It is also a problem for private enterprises or corporations, especially large
ones, especially where the principal (shareholders) may not be able to exercise effective supervision or control over the agent.
Also, natural monopolies (such as public utilities) are often deemed inefficient due to the monopolistic nature of the industry
or market. The question which arises then is whether private monopoly is better, even with regulation intended to protect the public
interest.
The answer needs to be ascertained analytically on the basis of evidence, and cannot be presumed a priori. If an industry is a
natural monopoly, what does privatization achieve? Often, it means a transfer to private hands, which can be problematic and possibly
dangerous for the public interest.
These great businesses -- banking, brokering, bill discounting, loan floating, company
promoting -- form the central ganglion of international capitalism. United by the strongest
bonds of organization, always in closest and quickest touch with one another, situated in
the very heart of the business capital of every state, controlled, so far as Europe is
concerned, chiefly by men of a single and peculiar race , who have behind them many
centuries of financial experience, they are in a unique position to manipulate the policy
of nations. No great quick direction of capital is possible save by their consent and
through their agency. Does anyone seriously suppose that a great war could be undertaken by
any European state, or a great state loan subscribed, if the house of Rothschild and its
connections set their face against it? . There is not a war, a revolution, an anarchist
assassination, or any other public shock, which is not gainful to these men; they are
harpies who suck their gains from every new forced expenditure and every sudden
disturbance of public credit . These men are the only certain gainers from the [Boer] war,
and most of their gains are made out of the public losses of their adopted country
or the private losses of their fellow-countrymen.
Prescient words written by J.A. Hobson in his classic study of imperialism in 1902. In
over a century, little has changed. If anything, the power of these harpies has grown.
They are currently orchestrating a concerted attack on democracy itself in both Britain and
the U.S. The assault is being spearheaded not by the IDF, but by a captured, weaponized, news
media and corrupt politicians. If the Zionists are successful in their campaign to
criminalize the truth, who will heed their cries for help if ever the tables are turned?
More plausible theory is that it was written by NYT staff in Iago-style operation to saw discord in Trump administration
and promote Woodward's book
Notable quotes:
"... might be just what the NYT wants the Trump Whitehouse to waste time on. ..."
"... It could very well be a trap. In fact, the timing almost guarantees it. The other alternative is that the NYT is very desperate and the Deep State in dire straights. ..."
"... I don't think the op-ed piece came from anyone in the WH. It's fake but rest assured Trump can still use it to his advantage. ..."
"... The "op-ed" was likely either a set-up fabrication / amalgam from the CIA Toilet Paper of Record or some deluded over ambitious piece of shit like Nikki Haley. ..."
1) The NYT OpEd was actually written by one of the people who were fired during the very
EARLY days of the Trump administration because they turned out to not be so good (like
Bannon, Preibus, Walsh, Yates, Comey, Spicer, Gorka, Tillerson, McMaster, etc). This also
makes sense because they are describing (very exaggerated) the early days of the Trump admin
which were known to be somewhat chaotic before Trump got a good chief of staff (because
Preibus was useless)
2) The NYT has been holding onto the letter for almost two years as a weapon to use during
the mid-term elections
3) Looking for them inside the current administration is useless, because they are already
long gone
4) The NYT is probably stretching the truth about them being "senior" official which they
have a history of stretching the truth on for sources
5) It is also the exact same person as the (primary/only) source for all the accusations
in Woodward's book
Assuming this was written recently is a HUGE tactical oversight and might be just what the NYT wants the Trump
Whitehouse to waste time on.
Brazen Heist II ,
It could very well be a trap. In fact, the timing almost guarantees it. The other alternative is that the NYT is very desperate and the Deep State in dire
straights.
FreeEarCandy ,
"Issue Of National Security" and "looking into legal action".
If its a "REAL" issue of national security looking into legal action is non sequitur. You
raid the NYT and send all the usual suspects to Guantanamo Bay for a little water
boarding.
This whole stunt is pure political mind fuckery. Since when does the justice department
determine if we can legally defend our national security?
Kreditanstalt ,
Trump, like the rest of the Deep State elite, detests and is enraged more by "disloyalty"
among fellow elitists than by the opposition!
Dangerclose ,
I don't think the op-ed piece came from anyone in the WH. It's fake but rest assured Trump
can still use it to his advantage. I'll bet he gets EVERYONE to show a little more support
and less resistance. Hmmmmmm?
benb ,
The "op-ed" was likely either a set-up fabrication / amalgam from the CIA Toilet Paper of
Record or some deluded over ambitious piece of shit like Nikki Haley.
In any event it doesn't
matter. It's all about subversion. The Communist Party USA (Democrats) and Deep State know
they are about to get their asses handed to them in November.
They're are a bunch of desperate assholes at this point. Heads up. Be ready for anything
from here on out.
Looks like this Iago-style false flag operation by NYT: the anonymous author does not exists and the the plot is to saw
discord and mutual suspicion
Notable quotes:
"... The more I study US politics, the less useful I find it to think of it in political terms. The two-headed one party system exists to give Americans the illusion of choice while advancing the agendas of the plutocratic class which owns and operates both parties, yes, but even more importantly it's a mechanism of narrative control. ..."
"... If you belonged to a ruling class, obviously your goal would be to ensure your subjects' continued support for you. In a corporatist oligarchy, the rulers are secret and the subjects don't know they're ruled, and power is held in place with manipulation and with money. As such a ruler your goal would be to find a way to manipulate the masses into supporting your agendas, and, since people are different, you'd need to use different narratives to manipulate them. You'd have to divide them, tell them different stories, turn them against each other, play them off one another, suck them in to the tales you are spinning with the theater of enmity and heroism. ..."
"... As a result of the New York Times op-ed, if this administration engages in yet another of its many, many establishment capitulations (let's say by attacking the Syrian government again ), Trump's supporters won't see it as his fault; it will be blamed on the deep state insiders in his administration who have been working to thwart his agendas of peace and harmony. ..."
"... Would a billionaire WWE Hall of Famer and United States President understand the theater of staged conflict for the advancement of plutocratic interests, and willingly participate in it? I'm going to say probably. ..."
If any evidence existed to be found that Donald Trump had illegally colluded with the
Russian government to rig the 2016 presidential election, that evidence would have been picked
up by the sprawling surveillance networks of the US and its allies and leaked to the Washington
Post before Obama left office.
Russiagate is like a mirage. From a distance it looks like a solid, tangible thing, but when
you actually move in to examine it critically you find nothing but gaping plot holes,
insinuation, innuendo, conflicting narratives, bizarre mental contortions to avoid
acknowledging contradictory information, a few arrests for corruption and process crimes, and a
lot of hot air. The whole thing has been held together by nothing but the confident-sounding
assertions of pundits and politicians and sheer, mindless repetition. And, as we approach the
two year mark since this president's election, we have not seen one iota of movement toward
removing him from office. The whole thing's a lie, and the smart movers and shakers behind it
are aware that it is a lie.
And yet they keep beating on it. Day after day after day after day it's been Russia, Russia,
Russia, Russia. Instead of attacking this president for his many, many real problems in a way
that will do actual damage, they attack this fake blow-up doll standing next to him in a way
that never goes anywhere and never will, like a pro wrestler theatrically stomping on the
canvass next to his downed foe.
What's up with that?
... ... ....
As you doubtless already know by now, the New York Times has made the wildly controversial
decision to publish an anonymous op-ed
reportedly authored by "a senior official in the Trump administration." The op-ed's author
claims to be part of a secret coalition of patriots who dislike Trump and are "working
diligently from within to frustrate parts of his agenda and his worst inclinations." These
"worst inclinations" according to the author include trying to make peace with Moscow and
Pyongyang, being rude to longtime US allies, saying mean things about the media, being
"anti-trade", and being "erratic". The possibility of invoking the 25th Amendment is briefly
mentioned but dismissed. The final paragraphs are spent gushing about John McCain for no
apparent reason.
I strongly encourage you to read the piece in its entirety, because for all the talk and
drama it's generating, it doesn't actually make any sense. While you are reading it, I
encourage you to keep the following question in mind: what could anyone possibly gain by
authoring this and giving it to the New York Times ?
Seriously, what could be gained? The op-ed says essentially nothing, other than to tell
readers to relax and trust in anonymous administration insiders who are working against the bad
guys on behalf of the people (which is interestingly the exact same message of the right-wing
8chan conspiracy phenomenon QAnon, just with the white hats and black hats reversed). Why would
any senior official risk everything to publish something so utterly pointless? Why risk getting
fired (or risk losing all political currency in the party if NYTAnon is Mike Pence, as
has been
theorized ) just to communicate something to the public that doesn't change or accomplish
anything? Why publicly announce your undercover conspiracy to undermine the president in a
major news outlet at all?
What are the results of this viral op-ed everyone's talking about? So far it's a bunch of
Democratic partisans making a lot of excited whooping noises, and Trump loyalists feeling
completely vindicated in the belief that all of their conspiracy theories have been proven
correct. Many rank-and-file Trump haters are feeling a little more relaxed and complacent
knowing that there are a bunch of McCain-loving "adults in the room" taking care of everything,
and many rank-and-file Trump supporters are more convinced than ever that Donald Trump is a
brave populist hero leading a covert 4-D chess insurgency against the Deep State. In other
words, everyone's been herded into their respective partisan stables and trusting the
narratives that they are being fed there.
And, well, I just think that's odd.
Did you know that Donald Trump is in the WWE Hall of Fame ? He was inducted
in 2013, and he's been enthusiastically involved in pro wrestling for many years, both as a fan
and as a performer .
He's made more of a study on how to draw a crowd in to the theatrics of a choreographed fight
scene than anyone this side of the McMahon family (a member of whom happens to be part of the Trump
administration currently).
You don't have to get into any deep conspiratorial rabbit hole to consider the possibility
that all this drama and conflict is staged from top to bottom. Commentators on all sides
routinely crack jokes about how the mainstream media pretends to attack Trump but secretly
loves him because he brings them amazing ratings. Anyone with their eyes even part way open
already knows that America's two mainstream parties feign intense hatred for one another while
working together to pace their respective bases into accepting more and more neoliberal
exploitation at home and more and more neoconservative bloodshed abroad. They spit and snarl
and shake their fists at each other, then cuddle up and share candy
when it's time for a public gathering. Why should this administration be any different?
I believe that a senior Trump administration official probably did write that anonymous
op-ed. I do not believe that they were moved to write it out of compassion for the poor
Americans who are feeling emotionally stressed about the president. I believe it was written
and published for the same reason many other things are written and published in mainstream
media: because we are all being played.
The more I study US politics, the less useful I find it to think of it in political terms.
The two-headed one party system exists to give Americans the illusion of choice while advancing
the agendas of the plutocratic class which owns and operates both parties, yes, but even more
importantly it's a mechanism of narrative control. If you can separate the masses into two
groups based on extremely broad ideological characteristics, you can then funnel streamlined
"us vs them" narratives into each of the two stables, with the white hats and black hats
reversed in each case. Now you've got Republicans cheering for the president and Democrats
cheering for the CIA, for the FBI, and now for a platoon of covert John McCains alleged to be
operating on the inside of Trump's own administration. Everyone's cheering for one aspect of
the US power establishment or another.
If you belonged to a ruling class, obviously your goal would be to ensure your subjects'
continued support for you. In a corporatist oligarchy, the rulers are secret and the subjects don't
know they're ruled, and power is held in place with manipulation and with money. As such a
ruler your goal would be to find a way to manipulate the masses into supporting your agendas,
and, since people are different, you'd need to use different narratives to manipulate them.
You'd have to divide them, tell them different stories, turn them against each other, play them
off one another, suck them in to the tales you are spinning with the theater of enmity and
heroism.
As a result of the New York Times op-ed, if this administration engages in yet another of
its many, many establishment capitulations (let's say by
attacking the Syrian government again ), Trump's supporters won't see it as his fault; it
will be blamed on the deep state insiders in his administration who have been working to thwart
his agendas of peace and harmony. Meanwhile those who see Trump as a heel won't experience any
cognitive dissonance if any of the establishment agendas they support are carried out, because
they can give the credit to the secret hero squad in the White House.
Would a billionaire WWE Hall of Famer and United States President understand the theater of
staged conflict for the advancement of plutocratic interests, and willingly participate in it?
I'm going to say probably.
* * *
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Woke: A Field Guide for Utopia Preppers .
Federal prosecutors have been using a grand jury over the last several months to investigate
former FBI Deputy Director Andrew McCabe, reports the
Washington Post , citing two people familiar with the matter.
What's more, the grand
jury has summoned at least two witnesses, and the case is ongoing according to WaPo 's sources.
The presence of the grand jury shows prosecutors are treating the matter seriously,
locking in the accounts of witnesses who might later have to testify at a trial. But such
panels are sometimes used only as investigative tools, and it remains unclear if McCabe will
ultimately be charged. -
Washington Post
McCabe was fired on March 16 after Justice Department Inspector General Michael Horowitz
issued a criminal referral following a months-long probe, which found that McCabe lied four
times, including twice under oath, about authorizing a self-serving leak to the press. Horowitz
found that McCabe " had made an unauthorized disclosure to the news media and lacked candor -
including under oath - on multiple occasions. "
Specifically, McCabe was fired for lying about authorizing an F.B.I. spokesman and attorney
to tell Devlin Barrett of the Wall St.
Journal - just days before the 2016 election, that the FBI had not put the brakes on a
separate investigation into the Clinton Foundation, at a time in which McCabe was coming under
fire for his wife taking a $467,500 campaign contribution from Clinton proxy pal, Terry
McAuliffe.
In order to deal with his legal woes, McCabe set up a GoFundMe "legal defense fund" which
stopped accepting donations, after support for the fired bureaucrat took in over half a million
dollars - roughly $100,000 more than his wife's campaign took from McAuliffe as McCabe's office
was investigating Clinton and her infamous charities. Who's lying?
In May , federal investigators from the D.C. U.S. Attorney's office interviewed former FBI
director James Comey as part of an ongoing probe into whether McCabe broke the law when he lied
to federal agents, reports the
Washington Post .
Investigators from the D.C. U.S. Attorney's Office recently interviewed former FBI
director James B. Comey as part of a probe into whether his deputy, Andrew McCabe, broke the
law by lying to federal agents -- an indication the office is seriously considering whether
McCabe should be charged with a crime, a person familiar with the matter said. -
Washington Po st
Of particular interest is that Comey and McCabe have given conflicting reports over the
events leading up to McCabe's firing, with
Comey calling his former deputy a liar in an April appearance on The View, where he claimed
to have actually "ordered the [IG] report" which found McCabe guilty.
Comey was asked by host Megan McCain how he thought the public was supposed to have
"confidence" in the FBI amid revelations that McCabe lied about the leak.
" It's not okay. The McCabe case illustrates what an organization committed to the truth
looks like ," Comey said. " I ordered that investigation. "
Comey then appeared to try and frame McCabe as a "good person" despite all the lying.
"Good people lie. I think I'm a good person, where I have lied," Comey said. " I still
believe Andrew McCabe is a good person but the inspector general found he lied , " noting that
there are "severe consequences" within the DOJ for doing so.
This is a classic color revolutions trick, usually called "Diplomats letter". Used many times
in many color revolutions worldwide. In EuroMaydan it preceded "sniper massacre".
Notable quotes:
"... I think he has to do it ASAP because the NYT editorial looks like an act of desperation and I expect Mueller to pile on soon, so beat them to the punch and put them on their heels for a change. No doubt, this is hardball. ..."
Now that ridiculously juvenile NYT's "op-ed" starts to make sense...they were given a
heads up on the GJ proceedings against this "stellar public servant" and wanted to knock it
off the front page.
What's in my head is declassifying a bunch of nasty shit.
Either way, if NYT made up fake news pretending to be a senior white house official, OR,
there really is somebody in his inner circle anonymously stabbing POTUS in the back, it is
very bad news and there should be serious hell to pay. I do not like nor trust a single one
of his appointees so I'm guessing it's somebody. It would be suicide for NYT getting caught
making this all up, that would be risky business IMO.
This isn't a complicated timeline of he said, she said over this piss dossier that glosses
people's eyes over. This is very simple stuff people can understand and Trump could make a
very rational case that the swamp is so damn deep he can't even put together a staff without
it being infiltrated and say "here look" and declassify shit that would encompass ALL the
recent scandals and ensnare the fake news experts colluding to make this happen.
That would light a big fire in DC that would be very hard to put out.
Well personally I don't believe for one second that the "op-ed" was anything other than
Fake Nuuuz.
As far as ordering the release/declassification of everything the DoJ & FBI has on the
Hillary Dossier I believe it's getting close but it's a hardball kind of swamp, it would be
before the midterms for maximum effect I would think.
I think he has to do it ASAP because the NYT editorial looks like an act of desperation
and I expect Mueller to pile on soon, so beat them to the punch and put them on their heels
for a change. No doubt, this is hardball.
As was no doubt their intent, the mainstream media has succeeded in overshadowing the Kavanaugh
confirmation hearing with a flurry of stories about a mutiny allegedly brewing inside the West Wing
that has set
more than a
few
tongues
wagging
about the
possibility of Trump's cabinet invoking the 25th amendment
(an eventuality that was once reportedly discussed by former White House Chief Strategist
Steve Bannon
). But while White House officials have already vehemently denied the quotes
gathered by Bob Woodward
in the strategically leaked (to his own newspaper) excerpts from the
Watergate reporter's upcoming book, speculation is shifting to
who might be the mystery author
of a scathing NYT op-ed reportedly penned by a "senior
administration official" that portrays Trump as unfit for office.
Fortunately for Trump, several voices of moderation have come forward to condemn the attacks
(amid speculation that the Times' "senior" source may not be so senior after all).
But this
incipient backlash didn't deter Axios (a media org that, like the Times, is notoriously critical of
Trump) from piling on with a story about President Trump's intensifying distrust of those in his
inner circle.
Trump, Axios claims, is "deeply suspicious of much of the government he
oversees" from federal agency grunts all the way up to those privileged few with unfettered access
to the Oval Office. The piece even goes so far as to quote yet another anonymous "senior
administration official" as saying that "a lot of us are wishing we'd been the writer."
"I find the reaction to the NYT op-ed fascinating - that people seem so shocked that there is
a resistance from the inside," one senior official said.
"A lot of us [were] wishing
we'd been the writer, I suspect ... I hope he [Trump] knows - maybe he does? - that there are
dozens and dozens of us."
And in case you couldn't figure out why this is important, allow
Axios
to elaborate:
Why it matters:
Several senior White House officials have described their
roles to us as saving America and the world from this president.
A good number of current White House officials have privately admitted to us they consider
Trump unstable, and at times dangerously slow.
But the really deep concern and contempt, from our experience, has been at the agencies -- and
particularly in the foreign policy arena.
In what was perhaps the most bombastic claim included in the piece, Trump reportedly once
carried around with him a list of suspected leakers.
"The snakes are everywhere but we're
getting rid of them,"
he reportedly told
Axios.
For some time last year,
Trump even carried with him a handwritten list of people
suspected to be leakers undermining his agenda.
"He would basically be like, 'We've gotta get rid of them.
The snakes are everywhere
but we're getting rid of them,'"
said a source close to Trump.
Trump would often ask staff whom they thought could be trusted.
He often
asks the people who work for him what they think about their colleagues, which can be not only
be uncomfortable but confusing to Trump: Rival staffers shoot at each other and Trump is left
not knowing who to believe.
And just in case you haven't read enough about Trump's purported obsession with "snakes" -
here's some more.
"When he was super frustrated about the leaks, he would rail about the 'snakes' in
the White House,"
said a source who has discussed administration leakers with the
president.
"Especially early on, when we would be in Roosevelt Room meetings,
he would sit down
at the table, and get to talking, then turn around to see who was sitting along the walls behind
him."
"One day, after one of those meetings, he said, 'Everything that just happened is going to
leak. I don't know any of those people in the room.' ... He was very paranoid about this."
All of this reinforces the idea that Trump truly believes that there is an organized "deep
state" conspiracy to take him down.
Of course, what Axios neglects to say,
is that he's
not wrong.
"Trump flopped as an owner of a professional football
team, effectively killing not only his own franchise but
the league as a whole... He bankrupted his casinos five
times over the course of nearly 20 years. His eponymous
airline existed for less than three years and ended up
almost a quarter of a billion dollars in debt. And he has
slapped his surname on a practically never-ending
sequence of duds and scams (Trump Ice bottled water,
Trump Vodka, Trump Steaks,
Trump
magazine, Trump
Mortgage, Trump University -- for which he settled a
class-action fraud lawsuit earlier this year for $25
million)."
And Kruse didn't even mention The Donald's sixth
bankruptcy, the one he filed for the debt-ridden Plaza Hotel
in 1992.
So, people, what do you think Trump, the
bankrupter-in-chief, is gonna do to the good old US of A?
That's one of my major hopes for this presidency. That
Trump can get us through the coming bankruptcy without
a large scale war/depression breaking out.
"one senior
official said"... oh really, why should I believe
that? When something is obvious BS, repeating it
just makes you look foolish, it doesn't make it
true, Hitlers propaganda play book is dated and no
longer functions in the age of the internet. At
least we know that Operation Mocking Bird is alive
and well.
This just shows us how they keep recycling
the same shit bureaucrat's over and over
again and they become an animal that lives
within and outside of whomever is POTUS.
Perhaps it's time to burn the whole thing
down and start over again.....
We the People are not so
schooled in the finer points.
We have rope and can see
treason with our own eyes, and
figure to do our part, be
civic minded for the greater
good and all.
If he has the power to do it, the time is
right to declassify some major bombs on the
swamp.
It sounds sensational but it's also
a step in the right direction to move the
capital out of DC. It really is the nerve
center of raunch, deceit, fraud and an
irredeemable shit hole.
Agreed, but moving won't help. The problem
is the concentration of money and power.
You could move the capitol every day and
the swamp would follow like remoras follow
a shark
The only way to deal with the Debt, is to grow the
economy and shrink it on a relative basis. So much
of the past debt was incurred on non-productive
expenditures that yield no returns.
Trump knows
that. Amazing what he gets done with all the
snipers outside and all the cockroaches inside. A
lesser man would have said fuck it a long time ago.
Its as if they think the people actually support
the Deep State Establishment and don't loath them.
Please tell me how I should really love John McCain
again now that he's dead.
"Trump, Axios claims, is
'deeply suspicious of much of the government
he oversees'
"
Again, if people believed the corporate
media Trump wouldn't be president right now,
HIllary would be, so that fight is pretty
much over.
Also, just because you are paranoid and
think they are all out to get you doesn't
mean it isn't true!. Of course the deep
state hates Trump. It's all just a circus
and a show until it's not. I really don't
know what Trump is waiting for. Call Bill
Binney in and get your heads together and
take down all the deep state.
PUT THEM ALL IN PRISON.
Yes, it will wipe out the whole government
as we know it.... but that is why Trump was
elected in the first place.
a very big part. rub is, i don't think he
knew. i think wray came in on a "if you
don't appoint him, the FIB is going to be
without a director" sort of threat. i think
sessions totally ass raped trump.
as for the remainder of his
administration, if you turn the white house
into goldman south, what exactly do you
expect for an economic plan.
as for the pre-election dumbfucks saying
trump is an executive, he will appoint good
people, and let them do their jobs. i
haven't seen one good appointment yet out of
trump. out of all of his appointments, scott
pruitt was the best and trump should have
backed him up, but didn't. he was sacrificed
to the environmentalists.
holee shit!!!!!
have i got an off topic comment to make.
i clicked on the globalintelhub link at
the top of the page about the possible source
of the op-ed.
what i found about one fourth of the way
into the article stopped me dead in my
tracks. this is the comment that did it:
But what is news in this disclosure
are the
newly
released emails
between Mark Mazzetti,
the New York Times's national security and
intelligence reporter, and CIA spokeswoman
Marie Harf.
you see it? do you see it? MARIE
HARF!!!!!!!!!!!!!!!!!!!!!!!!!!!!
does that name ring a bell? it damn well
should. she was a long time spokeshole in
the HNIC state department. she is the one
who uttered the phrase:
We need in the medium to longer term
to go after the root causes that leads people
to join these groups, whether it's a lack of
opportunity for jobs,
jobs for jihadists!!!! and this whore
still has a job in gov't? as a CIA
spokeshole? RUFKM
my fucking gawd get rid of these fucking
people!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
So if they go 25th Amendment on him will
Trump supporters chimp out or wait for the
proof to be presented and evaluate if his
staff have a vaild point?
Edit: I mostly
agree with your post and thats why I have
been so critical. What I saw early on, and
since, has been one big clusterfuck of
"you keep making decisions that in no way
reflect a person who is as awesome as you
promised."
Figures. When you are blocked from pillaging foreign
nations, you of course turn to the idea of bankruptcy.
You people just don't seem to understand that you are
not kings and queens, but common folk and you should
pay your debts, and tighten your belts. It would be
relatively short term pain for long term gain.
That,
more than anything else, speaks to the absence of any
character in the American make up.
I'll not believe it until Woof Shitzer and/or
Rachel Madcow confirm these rumors.
Radical Left
Plagiarist Farheed Diarrhea has evidently been
preoccupied by being dumped by his wife after 21
years of hardship so we won't be hearing his inane
comments bashing Trump for awhile.
Zakaria was suspended for a week in August
2012 while Time and CNN investigated an allegation
of plagiarism
[46]
involving an August 20 column on gun control with
similarities to a New Yorker article by
Jill Lepore
. In a statement Zakaria apologized,
saying that he had made "a terrible mistake."
Go back to Chinese Tire and buy some "made in
Canada" crap. Tell me again how the "Canadians"
co-opted the British in 1812 . Watch some more
Franz Kafka on the CBC, the Chinese Broadcasting
Corporation and explain to the CAW in southern
Ontario how Justine Twinklesocks traded auto worker
jobs for the Quebec Milk Quota.
There are
Canadians with character, but you ain't one of
them.
The US went into receivership in 1933, so I guess
"make it bankruptier?"
I have no problem with this,
since it's going to be interesting to see how the
debtors (The US and its employees) are going to pay
the creditors (that would be the Citizens) back for
the $17 trillion they owe us.
Going to have to be one helluva bake sale.
But my guess is they will just throw another woar
and kill off another generation of Creditors like they
have done for the past century. (And collect the
insurance premiums, since Social Security Insurance
pays out to the primary beneficiary first..and that
would be...The US GOv).
What? You thought Social Security was for YOUR
benefit?! Hahah, silly wabbits.
Is Vice President Mike Pence trying to pull off a "House of Cards"-style scheme to undermine Trump
and increase his own chances of assuming the presidency?
Apparently, more than a few journalists
believe that might be the case. According to the Huffington Post, some believe that
the use
of a single word - "lodestar" - is a crucial tell
pointing toward Pence as the op-ed's
author. During the op-ed's final paragraphs the mystery author refers to John McCain as "a lodestar
for restoring honor to public life and our national dialogue."
Senator John McCain put it best in his farewell letter.
All Americans should
heed his words and break free of the tribalism trap, with the high aim of uniting through our
shared values and love of this great nation.
We may no longer have Senator McCain. But we will always have his example - a
lodestar for restoring honor to public life and our national dialogue.
Mr. Trump may
fear such honorable men, but we should revere them.
There is a quiet resistance within the administration of people choosing to put
country first.
But the real difference will be made by everyday citizens rising above
politics, reaching across the aisle and resolving to shed the labels in favor of a single one:
Americans.
Pence has, of course, categorically denied these allegations and affirmed his loyalty to the
president.
Still, one video circulating on twitter shows Pence using the word in eight different speeches
dating back to 2001, when he was a Congressman from Indiana.
At the very least, there's some evidence to suggest that the author is a man. As Bloomberg's
Jennifer Jacobs pointed out yesterday, the Times' official Twitter feed may have inadvertently
revealed their gender.
For those who aren't familiar with the word, Merriam-Webster defines "lodestar" as
"a
star that leads or guides"
or a person who
"serves as an inspiration, model, or
guide."
To be sure, the Pence theory isn't without its holes. Trump staffers have said previously that
they pay attention to the idioms employed by others as a defense mechanism when speaking to the
press under the guise of anonymity.
"To cover my tracks, I usually pay attention to other staffers' idioms and use that in
my background quotes.
That throws the scent off me," one White House official told
Axios
.
But online betting markets have put Pence at the top of the list of suspects, with MyBookie
currently
reflecting 2-to-3 odds
on Pence as the culprit, per the
New
York Post
. The favorite right now, at 1-3 odds, is "the field" - i.e. someone not listed among
the 18 most likely senior admin officials, according to the Costa-Rica-based betting operation.
Still, at first brush, the theory makes a degree of sense:
As first in line for the
throne, Pence undoubtedly has the most to gain from the collapse of the Trump presidency.
But it's equally likely that a more junior official could've intentionally included these cues to
sow discord in the ranks.
As the Trump administration has proved time and time again, anything is possible in the West
Wing.
not sure pence is entirely a team member ... he has been told
to wait for more ... being around the trump tower, you can see
why pence would believe it besides the fact that he must have
been talking to real players that he knows they are real
players ...
having said all that, 100% this is coordinated ... it is no
coincidence it comes out at the same time with Bob Woodwards
book, Theresa May verdict on assailant of the failed attempt to
kill in salisbury soil, big offensive in Idlib (where trimp is
doing a 180 degrees and being a team member again ... to name
just a few ... it is the end of the line ... that economist
magazine "prediction" from 1988 on 30 years later comes to mind
... time for the US to come down hard i suppose ...
No way is the op-ed writer VP Pence. It
doesn't have his boring Midwestern tone.
It seems much more likely that the
letterbomb was written by a group --
not
in
the administration.
Rather, a
group of Deep State crybabies who aren't
getting their way and have devised this
lame, transparent effort akin to
Valley girls passing notes in homeroom ...
"like, I mean, um, whatever" ... because
they're too dumb to do anything else. And
the NYTimes ate it up.
But he IS a moron. All the war mongering pharisees are
morons.
Pence is a pro war psychopath who is very much
disconnected from his tortured soul and is a simple
biological robot devoid of higher levels of thought.
Pence is literally a moron. Only humans have souls and
access to imagination, inspiration, intuition, empathy:
pharisees DO NOT. They are all robotic machines: morons.
There being so many convoluted theories floating around,
here's mine. Trump, Pence and friends arranged this whole
editorial/reaction incident. As you point out, many other
stories were suddenly demoted to by-the-way status. This
gives Trump another reason to urge his supporters to be
enraged. It also could provide courage for purges within the
administration, someqthing it has long needed. Diverse
elements of the MSM are even attacking each other.
Ultimately, ask yourselves: cui bono? Who benefits?
It is
all too confusing. I'm getting a headache. Back to munching
on dark chocolate and watching cat videos.
Millions were beginning to think that that Trump wasn't
really leading the charge against the NWO and that he was
really
part of the NWO himself
--just like the NYT and the
person who wrote the op-ed, but by attacking Trump, these
NWO stooges
proved
Trump is leading the charge
against the NWO, and
proved
(after the
Sarah Jeong scandal
) to just as many others that the
NYT really is the most trustworthy institution in America
... just when both the NYT and Trump needed some street
cred the most ... and there's no way we are getting
played ... and there's no way this could be just theater
... or a psyop ... oh wait ...
Wasn't there a ZH article a few weeks ago about an algorithm that
could predict the author of a text, to a very high 90's percentile,
based on speech patterns?
I say we try it out and root out this
"saboteur".
However, I think we'd find that they are a fake.
Something about it feels contrived, why would a deep spate
functionary expose the apparatus that controls power regardless of
who is elected? What is the first rule of Fight Club?
I have a suspicion it is a plant, in an effort to convince the
masses that the deep state does exist. They are preaching to the
choir here at ZH, but 98% of the country has absolutely no idea what
the fuck Deep State even means. This makes it real for the common
man, In that respect, I guess it's a good thing. It just feels fake
though.
This whole year is playing out like the script from "House of Cards."
Now the MSM is calling for Trump to be removed as "unfit to hold
office." Liberals have hated Donald Trump since he first appeared on the
scene oil the 1970s as a loudmouth trust fund developer. They fought
every project he undertook and mocked him. Famously, "Spy" Magazine
belittled him as a "short-fingered vulgarian and Queens-born casino
operator" every time they mentioned his name, which was often. The
magazine's editor, Graydon Carter, despised Trump. Trump predicted the
magazine would fail within a year. So Carter put a calendar in the back
of the magazine, tearing off the days to prove Trump wrong. Alas, Trump
was right, and Spy shuttered before the year was out. It was a shame,
because the magazine was terrific and funny, but it had that typical
liberal New York Ivy League snottiness and superiority.
As
embarrassing as Trump may be, and he is certainly that, he is not
insane, nor unable to do the job. You may hate the job he is doing, but
this country has laws. If Mueller proves Trump committed real crimes
that mandate his indictment and removal, then so be it. But until then,
just because he runs a chaotic ship doesn't mean he can simply be taken
out.
An op-ed written in the New York Times by an anonymous "senior official in the Trump
administration" has drawn harsh rebuke from both sides of the aisle and beyond - after everyone
from President Trump to Glenn Greenwald to the
Los Angeles Times
chimed in with various
criticisms.
The author, who claims to be actively working against Trump in collusion with other
senior officials in what they call a "resistance inside the Trump administration," has now been
labeled everything from a coward, to treasonous, to nonexistent.
Trump, as expected,
lashed out
at the "failing" New York Times - before questioning whether the the mystery
official really exists, and that if they do, the New York Times should reveal the author's identity
as a matter of national security.
Trump supporters, also as expected, slammed the op-ed as either pure fiction or treason - a
suggestion Trump made earlier Wednesday.
What we don't imagine the anonymous author or the
Times
saw coming was the onslaught of
criticism coming from the center and left - those who stand to benefit the most from Trump's fall
from grace, or at least probably wouldn't mind it.
In an op-ed which appeared hours after the
NYT
piece, Jessica Roy of
the
Los
Angeles Times
writes: "
No, anonymous Trump official, you're not 'part of
the resistance.' You're a coward
" for not going
far enough
to stop Trump and in
fact enabling him.
If they really believe there's a need to subvert the president to protect the country,
they should be getting this person out of the White House. But they're too cowardly and
afraid of the possible implications
. They hand-wave the notion thusly:
"Given the instability many witnessed, there were early whispers within the cabinet of
invoking the 25th Amendment, which would start a complex process for removing the president. But
no one wanted to precipitate a constitutional crisis."
How is it that utilizing the 25th Amendment of the Constitution would cause a crisis,
but admitting to subverting a democratically elected leader wouldn't?
...
If you're reading this, senior White House official, know this: You are not resisting
Donald Trump. You are enabling him for your own benefit. That doesn't make you an unsung hero.
It makes you a coward. -
LA
Times
Meanwhile, Glenn Greenwald - the Pulitzer Prize Winning co-founder of
The Intercept,
also
called the author of the op-ed
a "coward" whose ideological issues "voters didn't ratify."
Greenwald continues; "The irony in the op-ed from the NYT's anonymous WH coward is glaring and
massive:
s/he accuses Trump of being "anti-democratic" while boasting of membership in an
unelected cabal that covertly imposes their own ideology with zero democratic accountability,
mandate or transparency.
"
So who is the "coward" in the White House?
While the author remains anonymous, there are a couple of clues in the case. For starters,
Bloomberg
White
House reporter Jennifer Jacobs points out that the
New York Times
revealed that a man
wrote the op-ed, which rules out Kellyanne Conway, Nikki Haley, Ivanka and Melania (the latter two
being
CNN's
suggestions
).
A second clue comes from the language used in the op-ed, and in particular "
Lodestar
"
- a rare word used by Mike Pence in at least one speech. Then again, someone trying to make one
think it's pence would also use that word (which was oddly Merriam-Webster's
word of the day
last
Tuesday).
A pence-theory hashtag has already emerged to support this theory;
#VeepThroat
Given the Op-Ed's praise of the late Senator John McCain, never-Trumper and Iraq War
sabre-rattler Bill Kristol tweeted that it was Kevin Hassett, the Chairman of the Council of
Economic Advisers. Of course, Kristol and whoever wrote the op-ed are ideologically aligned, so one
might question why he would voluntarily work against this person.
So while we don't know who wrote the op-ed, it appears to be backfiring spectacularly on its
author(s) amid wild theories and harsh rebuke from all sides of the aisle.
We're sure Carlos Slim - the largest owner of the
New York Times
and once the richest
man on earth, is having a good laugh at Trump's expense either way... for now.
Perhaps Trump can push the "fabrication" angle longer than NYT can retain the moral high ground
- especially after they hired, then refused to fire,
Sarah Jeong
- a new addition to the NYT editorial board who was revealed in old tweets to be an
openly bigoted, with a particularly deep hatred of "old white men."
The
New York Times
stood by Jeong - claiming she was simply responding to people
harassing her for being an Asian lesbian - only to have their absurd theory shredded within hours
.
Jeong
in fact has a multi-year history of unprovoked and random comments expressing hatred towards white
men.
And now she's right on the front lines of perhaps the greatest attempt to smear Trump yet. Not
exactly a good look for the
Times
at a time when MSM credibility has already taken a hit.
How many
broke bread
with the Clinton campaign leading up to the 2016 election?
Vote up!
158
Vote down!
2
Coup d'etat, in every sense of the word.......Constitution? What's that?
Roaches aren't even scurrying when you turn the lights on anymore. Trying to overthrow an elected standing government is the very definition of
treason.
That is an interesting angle. . . Trump creating his
own narratives by using agents to leak to the
blatently bias NYT. Jeebus, but the trouble that
strategy could cause. Millions out there are wound
tight across Amerika. Wouldnt take much of a spark to
get a good fire going. .
These are all staged irrelevances designed to distract
people...the few remaining people who are not addicted to
their screens. Remember - all media, all members of both
parties, all white house employees and especially Trump
work for the same cabal. No one can step out of line and
stay alive. The cabal knows everything.
If people yell loud and often enough, many will
actually forget that they are now knee deep in
ice-cold saltwater.
#Titanic
Let's focus on the important things, like a
scripted reality show fight, versus, idk, the fact
that we are again on the precipice of yet another
meltdown, only this time the Fed is fucked cause
nobody can borrow anymore $$, interest rates are still
way too low, and we are on our way to a Maunder
Minimum.
I could go on and on with REAL issues, but it seems
we just don't talk about them anymore. No need to see
how medical is bankrupting us, pensions are fucked,
"students" are quickly on their way to being
skullfucked with no way out.
We are setup for a calamity that will be 10x worse
than 2008, and the only thing I hear is the ever
increasing volume of "Everything is Awesome."
My dear, you don't really quite realize what you have
given the Trump Administration.
What the Times have
done is assured their readers that there is a counter
coup currently underway to bring down this sitting
President.
Back up and let that reality marinate.
Understand that now any failings or short comings that
come out of this administration can be laid at the feet
of the saboteurs working to bring down the government.
So if the economy rolls over and dies, it's the
saboteur's fault. If gas prices spike, it's the
senator's fault. If a nuke goes off in an American city,
it's the saboteur's fault. If the President is
impeached, it is the saboteur's fault. Any opposition to
this President from this point on is the result of a
concerted effort on the part of a gang of saboteurs to
bring down the government.
Merry Christmas, you have
just added the raison d'eter for a purge of all Obama
appointees in every executive agency.
President Trump thought that he could 'go along
to get along'. He is a slow learner. Taking credit
for a ginormous stock market bubble created by
cheap credit and buybacks, no real effort to build
a wall, massive tax cuts to
millionaires/billionaires, kissing Israel's ass,
the list goes on and on. The man hasn't done much
of anything to really help the middle class. And,
he hasn't done enough to even protect himself. The
op-ed is a hit piece. So what. But, Trump better
get up to speed sooner rather than later.
Are you really this stupid? The Trump administration
is owned by the banksters, every bit as much as the
'saboteur'. You really don't understand the game at
all.
CIA hit piece to discredit Trump and
sow division in the cabinet shortly before midterms.
If Trump fires half of his cabinet, or locks everyone down
hunting for the mole - "Seee?! We told you he was tyrannical!"
If he doesn't react or address it, it hangs out there,
continuing to make everyone believe he's an unstable bumbling
moron. And as he's stated previously, he's a "very stable
genius".
Either way, what may have been a clever ploy is a ham-fisted
CIA plot that misjudged it's audience (like they've never done
THAT before) and will continue to backfire. People are so sick
of the virtue signalling horseshit (Nike and Kuntpaernik come
to mind) that it's almost a guaranteed backfire when you try to
do it.
Imagine for a moment that you win the lottery and are appointed the
director of the CIA. Do you have any idea what the CIA does? Do you have
any inkling beyond what you have read in the media and the alternate media
of what agendas are afoot? Do you have any idea of what's at stake? Do
you have a clue about who you can trust? Are the lower echelons for you or
against you? Who do you talk to just to find out what is going on? Once
you are informed can you trust the information? Are the options you are
offered real options or are the serving someone's private agenda?
Now
imagine that you are President of the United States and half the electorate
wants to remove you from office. Who do you tap on the shoulder to
initiate the purge? How do you know they won't purge you?
I never said I was smart but I worked for one of the most corrupt
bureaucracies in the world for about a decade, and I learned a few
things about political tools and how to manipulate the narrative. What
the Times has done is publicly assert that there are saboteurs working
in the Trump administration who are actively attempting to bring down
this President. The Resistance i.e. the Democratic Party through its
mouth piece has openly stated that they are participating in an ongoing
coup to bring down the government. Do you not realize what kind of club
that has just been handed to Trump to beat down his opposition? Any
opposition is now aiding and abetting the attempted coup.
As for
government, the banks lent the money to purchase it in 1913. The banks
running the show is old news.
CIA hit piece to discredit Trump and sow division
in the cabinet shortly before midterms.
If Trump fires half of his cabinet, or locks everyone down hunting for
the mole - "Seee?! We told you he was tyrannical!" If he doesn't react or
address it, it hangs out there, continuing to make everyone believe he's an
unstable bumbling moron. And as he's stated previously, he's a "very stable
genius".
Either way, what may have been a clever ploy is a ham-fisted CIA plot
that misjudged it's audience (like they've never done THAT before) and will
continue to backfire. People are so sick of the virtue signalling horseshit
(Nike and Kuntpaernik come to mind) that it's almost a guaranteed backfire
when you try to do it.
syria had a legitimately elected government too, and look what's gone on
for the last seven years there.
you think these fuckers at CIA see any
difference between what they are able to do there and here in the US?
over there they drop pallets of weapons from the sky. over here they
drop what passes for information from their mockingbird operations.
same difference.
most america haters here at ZH are laughing because they think this
is the US getting their comeuppance. the comeuppance we are getting is
for challenging those who have been doing this to others for all these
years. it's not other nations turning around and doing this to the US.
it is those who have done this to others, are now doing it to the
citizens of the US. those america haters better hope we citizens win,
if not, that hell trump said would be unleashed on iran, will be
unleashed on the world. and all the hyperweapons invented or dreamed of
will not be able to stop it.
Government , its representatives and its agencies are unscrupulous
and immoral beyond the imagination of a normal person.
Northwoods,
Iraq WMD, Vietnam chemical weapon campaign, The Lusitania, Grenada,
Tonkin, kennedy assassinations.
The amazing thing is how people swallow all that and trot off to
the polls and never ask for any murderous corrupt bastard to be held
to account.
Meanwhile we lost the free press so now no lone voice questions
the moves of the real powers. The waste their voice on partisan
bickering over people who are only puppets leaving real power to play
its global killing games un remarked.
For anyone that hasn't seen this yet check out this video of McStain's
"funeral" where Mattis and Kelly give Lindsey Graham the stare down after he
gives hugs to Huma Abedine.
Graham refuses to look at General Kelly and when he finally does Kelly
points to his right eye like "We're watching you punk". Graham definitely
looks like a little boy caught with his hand in the cookie jar as both Mattis
and Kelly stare him down. It's classic.
During the embrace, Miss Lindsey and Huma touch hands. I assumed
something small was being handed off between them, and Kelly's gesture
indicated that he had witnessed the transfer. Mattis appeared to be
touching an earpiece, as though he were concentrating on something being
said.
Mob funeral. "Remember Michael, the guy that comes to you from the Senate,
and promises you that you will be safe on his territory... that's the
traitor."
Graham, "Mueller must continue the investigation."
Ahhh Yes, Huma Abedine, the middle eastern spy / goddess (not) married to an
Ashkenazi Weiner.
Anthony Weiner and Ashkenazi CHUTZPAH
Most normal people would be thankful that after dealing with what Anthony
Weiner has been through over the past few years that they were still
breathing.
His original "sexting" scandal would have crushed lesser human beings.
But the intrepid and moronic recidivist Weiner is still at it!
Weiner represents Ashkenazi Jewish hubris at its most egregious.
It is clear that he has no shame, and continues to believe that there are
no rules for his truly deplorable behavior. It is a sense of Jewish
entitlement that is based on a "Da'as Torah" mentality that allows Jewish
leaders and prominent figures like politicians to think that they are above
the Law.
It is truly a stunning development that is sure to plague the Clinton
presidential campaign.
In a 2010 Politico article written by current MSNBC host Steve Kornacki we
see clearly how Weiner gradually became unmoored from his patron Senator
Charles Schumer, also an Ashkenazi Jew, and aggressively upped his public
profile:
How come Gen. Flynn didn't have a GoFundMe deal working for him? I know he is a
man of integrity, but I would have contributed had I known of such a fund.
one can only hope he's been thrown under the bus. If he's taking one for the team
it'll be a slap on the wrist, maybe a year in an open prison or so and a
directorship once he's beern "rehabilitated". If he's ben shat on, expect
fireworks and much ass-covering by means of singing. /popcorn
Trump has seven members of his campaign team under indictment. Between Faux News
and the Republican National Committee, and their attorneys, who should have been
vetting Donald Trump's choices? Clearly, no attorney at Faux or the RNC took time
to do background checks. The two fossils, McConnell and Giuliani didn't foresee
any problems with Trump's campaign team, nor did Adelson, the Koch Brothers, or
Rupert Murdoch.
So how is McCabe any different from Manafort, Gates,
Papadopoulous, or Mike Flynn? and come 24 Sept, I want to hear Trump talk at
length and in detail about Mike Flynn: where did Flynn learn money laundering?
did he pass techniques on to anyone else? Why is he giving speeches to the
Ukraine? the United States military got its ass kicked in Viet Nam because of
Russia and Communist China, and the Ukraine is a direct line to Russian
oligarchs. Robert Mueller is doing the vetting job that someone in the Republican
Party should have done as Trump assembled his team.
The day after Trump's surprising win on Nov. 9, 2016, the FBI counterintelligence
team engaged in a new mission, bluntly described in another string of emails
prompted by another news leak.
"We need ALL of their names to scrub, and we should give them ours for the
same purpose," Strzok emailed Page on Nov. 10, 2016, citing a Daily Beast article
about some of former Trump campaign chairman Paul Manafort's allegedly unsavory
ties overseas.
"Andy didn't get any others," Page wrote back, apparently indicating McCabe
didn't have names to add to the "scrub."
"That's what Bill said," Strzok wrote back, apparently referring to then-FBI
chief of counterintelligence William Priestap. "I suggested we need to exchange
our entire lists as we each have potential derogatory CI info the other doesn't."
CI is short for confidential informants.
It's an extraordinary exchange, if for no other reason than this: The very day
after Trump wins the presidency, some top FBI officials are involved in the sort
of gum-shoeing normally reserved for field agents, and their goal is to find
derogatory information about someone who had worked for the president-elect.
Most of the arguments ranging around them are what Jordan Peterson calls "pseudo issues."
Let's try to take stock of what the real issues might be.
Energy
The shale oil "miracle" was a stunt enabled by supernaturally low interest rates, i.e.
Federal Reserve policy. Even The New York Times said so yesterday ( The
Next Financial Crisis Lurks Underground ). For all that, the shale oil producers still
couldn't make money at it. If interest rates go up, the industry will choke on the debt it has
already accumulated and lose access to new loans. If the Fed reverses its current course - say,
to rescue the stock and bond markets - then the shale oil industry has perhaps three more years
before it collapses on a geological basis, maybe less. After that, we're out of tricks. It will
affect everything.
The perceived solution is to run all our stuff on electricity, with the electricity produced
by other means than fossil fuels , so-called alt energy. This will only happen on the most
limited basis and perhaps not at all. (And it is apart from the question of the decrepit
electric grid itself.) What's required is a political conversation about how we inhabit the
landscape, how we do business, and what kind of business we do. The prospect of dismantling
suburbia -- or at least moving out of it -- is evidently unthinkable. But it's going to happen
whether we make plans and policies, or we're dragged kicking and screaming away from it.
Indeed. Especial kudos for mentioning that the bailout cost way way more than the "Tarp"
program. Some additional thoughts though.
1. Our financial economy is now so subsidized and rigged, I wonder if it is even possible
to have a traditional financial-style collapse? I mean, the stock market is high only because
the companies are borrowing like crazy to boost their stock prices, and the Federal Reserve
will manufacture unlimited money to boost and bail out financial firms. However, on its own
this won't cause hyperinflation, because this money is mostly not making it back onto Main
Street, it's just money chasing money in the the clouds. I suggest that perhaps the next
collapse will be triggered by physical matters, as massive immigration fuels continued
population growth, and the real economy is starved of the massive physical investment needed
to deal with this and our own industrial base is gutted by free trade agreements. A physical
collapse cannot be papered over by financial manipulation
2. There will be no revolution, sorry. Look at Barack Obama, for eight years he was as
corrupt a whore to big money as any US politician, and the man is still treated as a secular
saint. The Democrats are for Wall Street bailouts and eternal pointless wars etc.etc. but
people will keep voting for them because Trump is a fascist, a racist, "literally Hitler." I
mean, CNN told them so, so it must be true. Meanwhile, even though it looked like the
Republicans for a moment were going to deal with reality, they too have mostly been co-opted
into mindlessly supporting Trump because the Democrats are "socialists" (hah! Lenin would
have had a good laugh at that one) and Nancy Pelosi is weird.
I think you'll find what common sense might predict, namely, that deaths by shooting have
declined in per capita terms. Maybe people still manage to commit suicide as reliably by
other means but there can have been no substitute for accidental shootings.
"... Many of the root causes of the crisis remain today, making another economic downturn or collapse possible. The New Yorker reports that little has changed since 2008, with Wall Street banks returning to risky behavior and the inadequate regulation of Dodd-Frank being weakened. Big finance is more concentrated and dominant than it was before the crash. Inequality and debt have expanded, and despite the capital class getting wealthier in a record stock market with corporate profits soaring, real wages are stuck at pre-crisis levels . ..."
"... So, when the next crash comes. Let's put forward a People's Agenda. Let's be like Iceland and mobilize for policies that put people first. Collectively, we have the power to overcome the political elites and their donor class. ..."
Ten years ago, there was panic in Washington, DC, New York City and financial
centers around the world as the United States was in the midst of an economic
collapse. The crash became the focus of the presidential campaign between Barack
Obama and John McCain and was followed by protests that created a popular movement,
which continues to this day.
Banks: Bailed Out; The People: Sold Out
On the campaign trail, in March 2008,
Obama blamed mismanagement of the economy on both Democrats and Republicans
for rewarding financial manipulation rather than economic productivity. He called
for funds to protect homeowners from foreclosure and to stabilize local governments
and urged a 21st Century regulation of the financial system. John McCain opposed
federal intervention, saying the country should not bail out banks or homeowners
who knowingly took financial risks.
By September 2008, McCain and Obama
met with President George W. Bush and together they called for a $700 billion
bailout of the banks, not the people. Obama and McCain issued a joint statement
that called the bank bailout plan "flawed," but said, "the effort to protect
the American economy must not fail."
Obama expressed "outrage" at the "crisis," which was "a direct result of
the greed and irresponsibility that has dominated Washington and Wall Street
for years."
By October 2008, the Troubled Asset Relief Program (TARP), or bank bailout,
had recapitalized the banks, the Treasury had stabilized money market mutual
funds and the FDIC had guaranteed the bank debts. The Federal Reserve began
flowing money to banks, which would ultimately total almost twice
the $16 trillion claimed in a federal audit. Researchers at the University
of Missouri found that the Federal Reserve gave
over $29 trillion
to the banks.
" the crisis took years to emerge. It was caused by reckless lending practices,
Wall Street greed, outright fraud, lax government oversight in the George W.
Bush years, and deregulation of the financial sector in the Bill Clinton years.
The deepest source, going back decades, was rising inequality. In good times
and bad, no matter which party held power, the squeezed middle class sank ever
further into debt."
Before his inauguration, Obama proposed an economic stimulus plan, but, as
Paul Krugman wrote, "Obama's prescription doesn't live up to his diagnosis.
The economic plan he's offering isn't as strong as his language about the economic
threat."
In the end, the stimulus was even smaller than what Obama proposed. Economist
Dean Baker explained that it may have created 2 million jobs, but we needed
12 million. It was $300 billion in 2009, about the same in 2010, and the remaining
$100 billion followed over several years -- too small to offset the $1.4 trillion
in annual lost spending.
Protest near Union Square in New York, April, 2010. Popular Resistance
Still at Risk
Many of the root causes of the crisis remain today, making another economic
downturn or collapse possible. The
New Yorker reports that little has changed since 2008, with Wall Street
banks returning to risky behavior and the inadequate regulation of Dodd-Frank
being weakened. Big finance is more concentrated and dominant than it was before
the crash. Inequality and debt have expanded, and despite the capital class
getting wealthier in a record stock market with corporate profits soaring,
real wages are stuck at pre-crisis levels .
People are economically insecure in the US and live with growing despair,
as measured by
reports on well-being . The
Federal Reserve reported in 2017 that "two in five Americans don't have
enough savings to cover a $400 emergency expense." Further, "more than one in
five said they weren't able to pay the current month's bills in full, and more
than one in four said they skipped necessary medical care last year because
they couldn't afford it."
Positive Money writes: "Ten years on, big banks are still behaving in
reckless, unfair and neglectful ways . The structural problems with our
money and banking system still haven't been fixed. And many experts fear that
if we don't change things soon, we're going to sleepwalk into
another crash ."
Larry Eliott wrote in the Guardian , "Capitalism's near-death experience
with the banking crisis was a golden opportunity for progressives." But the
movement in the United States was not yet in a position to take advantage of
it.
There were immediate protests. Democratic Party-aligned groups such as USAction,
True Majority and others
organized nationwide actions . Over 1,000 people
demonstrated on Wall Street and phones in Congress were ringing wildly.
While there was opposition to the bailout, there was a lack of national consensus
over what to do.
Protests continued to grow. In late 2009, a
"Move Your Money" campaign was started that urged people to take their money
out of the big banks and put it in community banks and credit unions. The most
visible anti-establishment rage in response to the bailout arose later
in the Tea Party and Occupy movements . Both groups shared a consensus that
we live in a rigged economy created by a corrupt political establishment. It
was evident that
the US is an oligarchy, which serves the interests of the wealthy while
ignoring the necessities of the people.
The anti-establishment consensus continues to grow and showed itself in the
2016 presidential campaigns of Senator Bernie Sanders and Donald Trump. They
were two sides of the same coin of populist anger that defeated Jeb Bush and
Hillary Clinton. Across the political spectrum, there is a political crisis
with
both mainstream, Wall Street-funded political parties being unpopular but
staying in power due to a calcified political system that protects the duopoly
of Democrats and Republicans.
Preparing for the Next Collapse
When the next financial crisis arrives, the movement is in a much stronger
position to take advantage of the opportunity for significant changes that benefit
people over Wall Street. The Occupy movement and other efforts since then have
changed the national dialogue so that more people are aware of wealth inequality,
the corruption of big banks and the failure of the political elites to represent
the people's interests.
There is also greater awareness of alternatives to the current economy. The
Public Banking movement has grown significantly since 2008. Banks that need
to be bailed out could be transformed into public banks that serve the people
and are democratically controlled. And there are multiple platforms, including
our People's
Agenda , that outline alternative solutions.
We also know the government can afford almost $30 trillion to bail out the
banks. One sixth of this could provide a $12,000 annual basic income, which
would cost $3.8 trillion annually,
doubling Social Security payments to $22,000 annually, which would cost
$662 billion, a $10,000
bonus for all US public school teachers, which would cost $11 billion, free
college for all high school graduates, which would cost $318 billion, and universal
preschool, which would cost $38 billion. National improved Medicare for all
would actually
save the nation trillions of dollars over a decade. We can afford to provide
for the necessities of the people.
We can look to Iceland for an example of how to handle the next crisis. In
2008 , they jailed the bankers, let the banks fail without taking on their
debt and put controls in place to protect the economy. They recovered more quickly
than other countries and with less pain.
How did they do it? In part, through protest. They held sustained and noisy
protests, banging pots and pans outside their parliament building for five months.
The number of people participating in the protests grew over time. They created
democratized platforms for gathering public input and sharing information widely.
And they created new political parties, the Pirate Party and the Best Party,
which offered agendas informed by that popular input.
So, when the next crash comes. Let's put forward a People's Agenda. Let's
be like Iceland and mobilize for policies that put people first. Collectively,
we have the power to overcome the political elites and their donor class.
John Gunther Dean, now 92, and a former American ambassador to
five countries, has long maintained that Israel was behind his
attempted assassination on August 28, 1980, in a suburb of
Beirut, which was attributed to a rightwing Lebanese group. Dean
and his wife and daughter and son-in-law were in a motorcade and
narrowly escaped serious injury.
Dean said that he was targeted because he was doing something
regarded as antithetical to Israel's interest: consulting with
the Palestine Liberation Organization and its head, Yasser
Arafat, at a time when such contacts were the third rail in US
politics. He was also outspokenly critical of Israeli attacks on
Lebanon.
A new book offers backing to Dean's claim. But while that book
has been highly-publicized, the question of whether Israel
attacked our ambassador has gotten no attention in the press.
That is not a surprise; for Dean has asserted that the case
itself was never thoroughly investigated by the U.S. government.
Let's begin this story where I first heard about it, from
historian Remi Brulin's twitter thread
on
May 30:
"On August 28, 1980, the three-car motorcade of John Gunther
Dean, the American Ambassador to Lebanon, was attacked on the
motorway by several assailants armed with automatic rifles as
well as light anti-tank weapons or LAWs. The ambassador and his
wife escaped unscathed.
"This attack is in
RAND's
'terrorism' database
. Entry states that 'responsibility for
attack was later claimed by the Front for the Liberation of
Lebanon from Foreigners, a shadowy right-wing group.' Various
media outlets at the time reported on FLLF taking credit for the
attack
"Over the years Ambassador Dean has repeatedly argued that
Israel was behind the August 1980 attempt on his life. In a
n
interview for the Oral History Project
in September 2000, he
explained how the Lebanese Intelligence services had managed to
retrieve the empty canisters of two of the light anti-tank
weapons (LAWs) that had been used during the attack on his
motorcade and, during raiding a house by the intersection where
the assault had taken place, found 8 more. Dean collected the
numbers on the 10 missiles & sent them to Washington to be
traced.
"Three weeks (and one angry phone call) later, the US Ambassador
finally learned 'where the light anti-tank weapons came from,
where they were shipped to, on what date, who paid for them, and
when they got to their destination.'
"The LAWs had been manufactured in the US and 'were sold and
shipped to Israel in 1974.' In
this
interview
, Dean further states that he "did find out a great
deal about this incident' over the following years, and calls
this assassination attempt 'one of the more unsavory episodes in
our Middle Eastern history' and ends by noting that 'our
Ambassador to Israel, Sam Lewis, took up this matter with the
Israeli authorities.'
"Dean concludes: 'I know as surely as I know anything that
Mossad, the Israeli intelligence agency, was somehow involved in
the attack. Undoubtedly using a proxy, our ally Israel had tried
to kill me.' [Haaretz
covered
Dean's claim, made in his 2009 autobiography
; so did
The
Nation
]
"All of this has been known for years, although it is very
rarely discussed in the US media. When discussed, Dean's
assertions/accusations are dismissed as conspiracy theories.
"In January however, a book was published that appears to
reinforce the plausibility of Dean's position. The book is Ronen
Bergman's
Rise
and Kill First
.
It has received rave reviews in the US
press, and its author has been interviewed countless times since
the book was published. The book focuses on Israeli 'targeted
assassinations' and it contains one truly remarkable revelation.
"In 1979, [Rafael] Eitan and [Meir] Dagan [both brass in the
Israel Defense Forces] created the Front for the Liberation of
Lebanon from Foreigners, and ran that fictitious group from 1979
to 1983. In 1981 and 1982, Ariel Sharon used that Front to
conduct a series of indiscriminate car bombings that killed
hundreds of civilians.
"The objective of this massive 'terrorist' car bombing campaign
was to 'sow chaos' amongst the Palestinian & Lebanese civilian
population" and, in 1981-82, to provoke the PLO into resorting
to 'terrorism,' thus providing Israel with an excuse to invade
Lebanon.
"The FLLF operation is described in great details in Bergman's
book. His account is based solely on first hand accounts from
Israeli officials involved in the operation or who were aware of
it at the time. It is also described in detail in my article
here [
in
Mondoweiss in May:
The remarkable disappearing act of
Israel's car-bombing campaign in Lebanon or: What we (do not)
talk about when we talk about 'terrorism'].
"As I show in this article, not a SINGLE review of Bergman's
book in the US media has mentioned the FLLF operation. Nor has
it been mentioned in a SINGLE of the countless interviews he has
given on the topic over the last few months. The US media has
thus been fully silent about the fact that Israeli officials
directed a major & fully indiscriminate car bombing campaign
that killed 100s of civilians in Lebanon. This silence also
means that the US media has failed to notice the possible
implications of this revelation about the Dean case.
"Bergman himself does not mention the assassination attempt
against Dean. But we know that the FLLF took credit for this
attack at the time. That Dean's own investigation pointed to
Israel & to its Lebanese proxies. And we now know that the FLLF
was CREATED and RUN by Israel.
"None of this is absolutely conclusive, of course. Nonetheless,
this topic might warrant investigation from US journalists (who
might also want to write about the FLLF car bombing campaign, ie
about Israeli officials resorting to 'terrorism.'"
Brulin subsequently added this important comment:
Bergman does note on several occasions in his book that he
is not allowed to write and talk about a lot of the
operations that his sources talked to him about. I wonder if
this FLLF operation vs Dean is one of those.
Let us add some details and context. Dean was born to a Jewish
family in Germany in 1926 and escaped the Holocaust to the
United States in 1938, later graduating from a Kansas City high
school. It goes without saying that being ambassador to five
countries, Cambodia, Denmark, Lebanon, Thailand and India, is a
stellar career in foreign service.
I reached out to Dean and did not hear from him, but in his oral
history, the ambassador says that the attack was a "horrible
experience" that scarred his daughter.
The road at that stretch was wide and a Mercedes car was
parked below a small hill overlooking the road. As we
turned, our convoy took 21 rifle bullets and two grenades
anti-tank fired against the car I was in. My wife threw
herself on top of me and said: "Get your head down" because
I was trying to look out and was stunned by the "fireworks".
When you have these light anti-tank weapons (LAWs) explode,
there are a lot of sparks and explosions. The two LAWs fired
at my car bounced off the rear of the car. I also noticed
that on the window of my armored car there were some shots
all very well centered where I was sitting, but they had not
penetrated because the plastic windows were bullet-proof.
In his autobiography
Danger
Zones,
Dean says he urged the State Department to
investigate, but: "No matter how hard I tried, I could not get a
straight answer from the State Department about what the U.S.
had discovered in its investigations I was simply told to
resume my duties as ambassador. That was not so easy when I
learned what the Lebanese intelligence agency found out [using
the numbers on the weapons]."
Dean says he was clearly understood to be an enemy of Israel
because on repeated occasions he had publicly condemned Israel's
attacks on Lebanon's borders and air space, a stance the State
Department usually did not take.
Scurrilous attacks on me in the Israeli Knesset and the
Israeli press just prior to the assassination attempt
indicate that the Israeli authorities were unhappy with the
activist role I played in Lebanon, defending Lebanese
sovereignty and maintaining an active relationship with the
PLO–the very policies I was given to pursue by the president
of the United States. The venomous talk in the Israeli
Knesset by the right-wing parties portrayed me as a tool of
the Palestinians. Because I was willing, even eager, to talk
with all the factions in Lebanon's civil war, I was
suspected of being anti-Israel.
Dean said he had a "close working relationship" with the PLO–
including calling on Yasser Arafat to help broker the release of
13 of 66 American hostages held by Iranians in Tehran in
November 1979, those 13 being the women and African-Americans.
"On a number of occasions the PLO helped me to get Americans
released American authorities considered the PLO a valid
interlocutor for discussing ways of finding a nonmilitary
solution to the Israeli-Palestinian conflict."
At that time, the PLO was verboten in official policy circles.
Andrew Young was forced to resign as Jimmy Carter's ambassador
to the U.N. in 1979 after the Israelis leaked the fact that he
had met with a representative of the PLO. In 1977,
Ted
Koppel and Marvin Kalb wrote
a thriller that turned on a US
official having a supersecret meeting with a fictitious
Palestinian group, and it leaking and the official being charged
with betraying Israel. In 1976, the dissident Jewish peace group
Breira came apart after Wolf Blitzer, who was at the time also
working for the Israel lobby group AIPAC, reported in the
Jerusalem Post that Breira members had met with PLO officials.
Dean had a reputation for being free-thinking in Washington
circles. In 1988, when Dean was ambassador to India, Pakistani
President Muhammad Zia-ul-Haq died in Pakistan when his plane
was sabotaged. Dean maintained that Israel was behind the
assassination because it did not want Pakistan to obtain nuclear
weapons, which it was then developing. Dean's speculation was
based in part on the fact that pro-Israel congressmen (Stephen
Solarz and Tom Lantos) had visited him in New Delhi and pressed
him to support Israel's ally India over Pakistan and to seek to
thwart Pakistan's path toward nukes.
"The more I pushed for answers, the more officials from the
Reagan administration pushed back," he wrote. Within a year,
Dean, 63, retired amid official questions about his sanity under
"strain." "The department's first thought was to send me to an
asylum." Instead he was sent to Switzerland for "recuperation,"
he writes in his autobiography. "This was the kind of technique
that the Stalinist regime used to silence its critics in the
Soviet Union."
Ronen Bergman's new book
on
the Israeli assassination and terrorism campaign
contains no
reference to the John Gunther Dean attack. I asked him via a
twitter message why he had left it out, noting that his
revelation about Israeli security officials establishing the
Front for the Liberation of Lebanon from Foreigners gives
credence to Dean's claim. He did not respond.
The Israeli investigative reporter is now working for the New
York Times, and lately reported in the Times on the
killing
of a Syrian rocket scientist in a car bomb attack
in
northwestern Syria on the night of August 4, evidently by
Israel.
P.S. The US government has had a miserable record of
investigating
known
Israeli
attacks on Americans– on the USS Liberty in 1967 and Rachel
Corrie in 2003.
Good to see Dean being taken seriously after so long in the
wilderness.
The throwaway line about Dean, a Jew, being born in Germany and
escaping the Holocaust when his family went to America in 1938,
is a bit much, but serves to remind us what a challenge it is
for those of Tribal consciousness such as friend Weiss, to hew
to the truth when the opposing lie is so consequential.
Expensive weapon systems for export is Trump administration official policy, his Military
Keyseanism stance.
Notable quotes:
"... The US is to render substantial military assistance to a country with an economy in the doldrums , reforms that have foundered , a democracy that is in question , and corruption that is widespread . ..."
...
Kurt Volker , US Special Representative for Ukraine Negotiations, said in an interview
with the Guardian published on September 1 that "Washington is ready to expand arms supplies to
Ukraine in order to build up the country's naval and air defense forces in the face of
continuing Russian support for
eastern separatists ." According to him, the Trump administration was "absolutely" prepared
to go further in supplying lethal weaponry to Ukrainian forces than the anti-tank
missiles it delivered in April .
Mr. Volker explained that "[t]hey need to rebuild a navy and they have very limited air
capability as well. I think we'll have to look at air defense."
The diplomat
believes Ukraine needs unmanned aerial vehicles, counter-battery radar systems, and
anti-sniper systems. The issue of lethal arms purchases has been discussed at the highest
level.
The National Defense Authorization Act for Fiscal Year 2019 allocated
$250m in military assistance to Ukraine, including lethal arms. The
US has delivered Javelin anti-tank missile systems to Kiev but this time the
ambassador talked about an incomparably larger deal. Former President Barack
Obama had been unconvinced that granting Ukraine lethal defensive weapons
would be the right decision, in view of the widespread corruption there. This
policy has changed under President Trump, who - among other things - approved deliveries
of anti-tank missiles to Kiev last December.
Ukraine has officially requested US air-defense systems. According to
Valeriy Chaly, Ukraine's ambassador to the United States, the Ukrainian
military wants to purchase at least three air-defense systems. The cost of
the deal is expected to exceed $2 billion, or about $750 million apiece. The
system in question was not specified, but it's generally believed to be the
Patriot.
Volker's statement was made at a time of rising tensions in the Sea of Azov,
which is legally shared by Ukraine and Russia. It is connected to
the Black Sea through the Kerch Strait. The rhetoric has heated up and ships
have been placed under arrest as this territorial dispute turns the area
into a flashpoint.
Russia has
slammed the US for backing Ukraine's violations of international law in
the area. According to a 2003 treaty, the Sea of Azov is a jointly
controlled territory that both countries are allowed to use freely.
The US military already runs a maritime operations center located within
Ukraine's Ochakov naval base. The facility is an operational-level warfare
command-and-control organization that is designed to deliver flexible
maritime support throughout the full range of military operations. Hundreds
of US and Canadian military instructors are
training Ukrainian personnel at the Yavorov firing range.
NATO has
granted Ukraine the status of an aspirant
country - a step that is openly provocative toward Russia. Macedonia,
Georgia, and Bosnia-Herzegovina are also aspirant nations. Last year,
Ukraine's parliament adopted
a resolution recognizing full membership in NATO as a foreign policy
goal. In 2008, NATO agreed that Ukraine along with Georgia should become a
full-fledged member. In March, Ukraine, Moldova, and Georgia announced the
formation of an alliance to oppose Russia.
I received a message last week from a savvy reader, a former McKinsey partner who has also
done among other things significant pro-bono work with housing not-for-profits (as in he has
more interest and experience in social justice issues than most people with his background).
His query:
We both know that financialization has, among so many other things, turned large swaths of
the capital markets into a casino
Here's my thought/question: is there a house?
The common wisdom is that the 'house wins' in casinos
In all likelihood, at least in the great financial crisis, the TBTF banks were the 'house'
yet, it's at least a bit different from a casino house because, absent the bailouts, those
banks would not have won.
So, who or what was really the 'house'? Was it the Fed? Did the Fed actually 'win'?
Maybe the 'house' is the 1% . or, more precisely, the .01%???
I have included this fetching image to give you the opportunity to formulate your own answer
before scrolling down.
My reply:
The producers in finance: the managing directors and heads of trading desks at major
banks, the more senior managers who are along for the ride, the hedgies, guys in private
equity.
The "house" is individuals, not institutions. That is how looting works.
Remember, the question is not merely who wins from our current hypertrophied financial
system, but who is set up to be the house, as in to win no matter what. The answer in this case
is intrinsically linked to looting.
an economic underground can come to life if firms have an incentive to go broke for profit
at society's expense (to loot) instead of to go for broke (to gamble on success). Bankruptcy
for profit will occur if poor accounting, lax regulation, or low penalties for abuse give
owners an incentive to pay themselves more than their firms are worth and then default on
their debt obligations. Bankruptcy for profit occurs most commonly when a government
guarantees a firm's debt obligations. The most obvious such guarantee is deposit insurance,
but governments also implicitly or explicitly guarantee the policies of insurance companies,
the pension obligations of private firms, virtually all the obligations of large banks,
student loans, mortgage finance of subsidized housing, and the general obligations of large
or influential firms. . . .
Because net worth is typically a small fraction of total assets for the insured
institutions, . . . bankruptcy for profit can easily become a more attractive strategy for
the owners than maximizing true economic values. If so, the normal economics of maximizing
economic value is replaced by the topsy-turvy economics of maximizing current extractable
value , which tends to drive the firm's economic net worth deeply negative. Once owners
have decided that they can extract more from a firm by maximizing their present take, any
action that allows them to extract more currently will be attractive -- even if it causes a
large reduction in the true economic net worth of the firm).
The difference between the classic Akerlof/Romer notion of looting, where the owner
ssyphoned off funds and left the company so fragile that eventual bankruptcy was almost
inevitable, is that the evolution of Wall Street has produced a much broader class of
individuals who are treated as if they have claims on profit streams. That puts them in a
quasi-ownership position.
These "producers" are typically perceived to have enough control over a revenue stream as to
have leverage over the institution. That includes anyone who runs a profit center (and
remember, a profit center can be as small as one trader and a trading assistant), as well as
individuals on the more-team-oriented investment banking side of the house that have strong
enough client relationships that they could take some business with them (and perhaps other
members of their team) if they left. As we explained in ECONNED:
In the financial services industry version of looting, we instead have firms where
operational authority, is decentralized, vested in senior business managers, or "producers."
As a result of industry evolution and perceived competitive pressures, these producers, as a
result of formal incentives plus values held widely within the industry, focused solely on
producing the maximum amount possible in the current bonus period. The formal and informal
rewards system thus tallies exactly with the topsy-turvy scheme of " maximizing current
extractable value ."
This behavior in the past was positive, indeed highly productive, as long as it was
contained and channeled via tough-minded oversight, meaning top management who could properly
supervise the business. The main mechanisms are management reporting systems, risk
management, and personal understanding of and involvement in day-to-day operations, plus
external checks, such as regulations and criminal penalties. For a host of reasons, the
balance of power has shifted entirely toward the forces that encourage looting. And because
the damage that results cannot clearly be pinned on the top brass it is difficult to
ascertain from the outside whether the executives merely unwittingly enabled this process or
were active perpetrators.
Notice this excessive extraction that led to business failure took place even though these
firms had high levels of employee stock ownership. At Bear Stearns, members of the firm owned
roughly one-third of the shares. At Lehman, they held nearly 30%, and the average managing
director owned shares worth on average two times his annual take. Economic theory says that
share ownership by employees and managers should lead them to produce the best long-term
results for the enterprise. Yet those assumptions were shown to be flawed on Wall Street, as
they were with Enron, in which 62% of the 401(k) assets were invested in Enron stock, and
senior management also had significant share ownership.
Just as we have seen in Corporate America, using equity to align the interests of managers
and shareholders has produced the converse of what the theorists expected, a pathological
fixation on short-term results. On Wall Street, where the business model and rewards systems
already had an intrinsic propensity to emphasize the quick kill, widespread employee
ownership was an ineffective counter at best and more likely served to reinforce the fixation
on current performance, irrespective of the true cost of achieving it.
The very worst feature of looting version 2.0 is that it has created doomsday machines. In
the old construct, the CEO fraudsters would drain a business, let it fail, and move on. The
fact of bankruptcy assured that the trail of wreckage would catch up with them sooner or
later. But here, the firms, due to their perceived systemic importance, are not being
permitted to fail. So there are no postmortems, in particular criminal investigations, to
determine to what extent fraud, as opposed to mere greed and rampant stupidity, led to what
would otherwise have been their end.
Now mind you, these producers aren't the Ayn Randian rugged individualists that they often
envision themselves to be. Their success depends on institutional infrastructure: concentrated
capital and information flows, access to cheap leverage, risk control systems, a back office,
etc. Quite a few successful Goldman traders have flopped when trying to launch their own hedge
fund. John Meriwether, a storied Salomon trader, has presided over a series of hedge fund
failures in his later life, the most spectacular being LTCM. Former Goldman CEO Jon Corzine is
another high profile example of a supposedly successful trader and trading manager who came a
cropper when given more degrees of freedom at MF Global than at his former home.
But while these individuals' ability to succeed on a stand-alone basis or in different type
of firm is subject to question, they nevertheless hold their employers hostage. If they decamp
to a competitor, they not only take some (or a lot) of their revenues with them, but they can
damage the ability to be competitive in closely aligned businesses. Senior people cannot be
replaced quickly and each unit's activity is so specialized that employees from other area
can't pinch hit for the recently departed producer or team. And if the loss is significant
enough, competitors will poach on other business units, which in a worse case scenario can put
a firm in a downspiral.
And the worst is given the present structure of these firms, there is no simple way to curb
the leverage these staffers have over their employers. Again from ECONNED:
On paper, capital markets enterprises look like a great opportunity. The firms that are at
the nexus of global money flows participate in a very high level of transactions. Enough of
them are in complex products or not deeply liquid markets so as to allow firms to find ways
to uncover, in many cases create, and capture profit opportunities. New, typically
sophisticated products often provide particularly juicy returns to the intermediary. And in
theory, clever, adaptive, narrowly skilled staff can stay enough ahead of the game so that
the amount captured off this huge transaction flow is handsome.
Once again, however, the real world deviates in important respects from the fantasy. Why?
This business model is also a managerial nightmare.
We have a paradox: "success" and profitability in the investment banking context entails
giving broad discretion to individuals with highly specialized know-how. But the businesses
have outgrown the ability to monitor and manage these specialists effectively. The high
frequency, meaningful stakes, and large absolute number of decisions made at the operational
level, the geographic span of these firms, and the often imperfectly understood
interconnections among business risks make effective supervision well-nigh impossible.
What is intriguing about the ex-McKinsey partner's question is that even after reading
extensively about the crisis, he was unable to see the true locus of power in the financial
services industry. Yet the answer is obvious to anyone who has worked in or closely with major
capital markets firms.
And the conundrum we have outlined means the people who call for prosecutions of individuals
are exactly right. Punishing firms is ineffective. Firms are fluid; key players can and often
do move around. And the culpability for bad practices typically resides both at the producer
level (the manager immediately responsible for the unit in which the bad conduct took place)
and more senior management (which typically benefits directly from any ill-gotten profits, in
terms of their compensation levels, and needs to be held responsible, even if they were simply
derelict in duty, as opposed to actively complicit).
When the SEC was respected and feared, back in the stone ages of the 1970s, the capital
markets delivered far better value for society as a whole than they do now. But even though
financial services industry looters are the big winners in the capital markets casino, many
members of the 0.1% have been along for the ride. Until some of the uber-rich join the great
unwashed as victims of financial services industry looting, the house has nothing to worry
about.
"Consider this analogy: In a hypothetical casino card game the house takes 5% of every
pot. If 10% of the money at the table is on average played on each hand, then the house takes
0.5% of the money in the game on each rake. After 200 hands, 100% of the money that is on
average at the table has been taken by the house. The only way the game may continue is to
have new money come to it. The winners, of course, smell the new blood and even anticipate it
greedily. And the biggest winner over a time is always the house. Until the free market
ideologues took over, the biggest difference between a casino bank and finance was that the
gaming house took a bigger cut of the handle.
"The media have played up the CDS and futures gambling aspect of derivatives, in what they
call 'Casino Capitalism.' This distracts from the better casino analogy where the principal
players are the house that always wins. The fundamental function of the big hedge funds,
banks, brokerages, private equity firms [formerly venture capitalists] investors and
insurance companies is to take a cut of almost every transaction and enterprise through
interest on finance and profit on investment, banking, debt and credit card fees, etc. Even
if some of them did lose a little on the derivatives frenzy and didn't pass on their losses
– to we, the people, their victims, the all time losers – by virtue of the
bailout, the biggest just got bigger and only the suckers and small fry got hurt badly or
wiped out."
Good analogy. I see the casino as two camps: 1) Those getting commissions on trades; and
2) those supplying casino credit to players needing help through volitile periods. The house
loves volatility because it drives both of these mechanisms for paying the house.
Great post Yves. I was taken by this portion near the end:
When the SEC was respected and feared, back in the stone ages of the 1970s, the capital
markets delivered far better value for society as a whole than they do now. But even though
financial services industry looters are the big winners in the capital markets casino, many
members of the 0.1% have been along for the ride. Until some of the uber-rich join the great
unwashed as victims of financial services industry looting, the house has nothing to worry
about.
I had thought that this had indeed started to happen. The biggest example I can think of
is JP Morgan's dealings with Madoff's failed Ponzi scheme. And probing the recesses of my
memory and then searching the blog, I came up with these stories:
So it would seem that the 1%, dare I say, 0.1% and 0.01% are indeed being hit. But they
seem unable to align their material interests with better control over Wall St. Is that
because an relatively insignificant portion of the uber wealthy are being hit, or because
Wall St. is so deeply embedded in the bodies that should be regulating it?
Even among the super-rich, there is a collective action problem. I met with Blavatnik to
discuss the idea of broader noise-making about JP Morgan misconduct. He made clear he was not
interested in looking like an enemy of banks, that (among other things) as a buyer and seller
of companies, he needed them. He was receptive to the idea of narrower action but I concluded
the cost of doing it right was probably higher than made sense given the uncertain payoff.
But part of it also is that structurally, they are forced to go after the institution. They
can't single out the individuals who were the immediate perps (save for describing their role
in litigation).
And you also have the problem of denial. Blavanik was so clearly abused, in a way that
there was no basis for self-recriminatation that he was clear about taking action, which in
his case was suing. But a lot of people are really embarrassed about losing money or being
taken advantage of. So even if they might threaten litigation, they won't talk it up among
their peers to try to shift opinions and recruit allies.
So I'd hazard things have to get worse before the real economy types start to organize to
rein in Wall Street.
"But a lot of people are really embarrassed about losing money or being taken advantage
of. So even if they might threaten litigation, they won't talk it up among their peers to try
to shift opinions and recruit allies."
Very well said! This same psychology partly explains why, at the lower end of the
socio-economic spectrum, it is so difficult to get workers to go after even egregious cases
of wage theft. Plus, these workers rightly understand that, by taking action, they risk
gaining a "troublemaker" label that will make it very hard for them to keep earning their
daily bread.
I agree with Larry– this is a really great, great post of yours. I think I now have
to get your book and read it -- soon .
In reading through the fascinating observations, I was reminded of a saying which, in the
current context would run, "If you have to ask 'Who is the 'House' in this (gaming
operation)?' then it's clear that you and yours don't belong to it."
'Maximizing current extractable value tends to drive the firm's economic net worth
deeply negative.'
This is true in spades for governments. Lawrence Kotlikoff has estimated Usgov's negative
net worth at minus $200 trillion, or twelve years' worth of GDP.
For those at the top, looting is done indirectly by capitalizing on one's prestige and
power after leaving office. Those lifelong public servants, the Clintons, have raked in
nearly half a billion this way.
Meanwhile, our corpgov sponsors loot directly via federal expenditures. Our splendid new
war in Syria, voted yesterday, is looting in its purest form.
And certainly our healthcare system is organized around the principle of looting. Cui
bono? Well, the insurance companies, hospital groups and pharma companies. Who owns them? The
usual plutocrat suspects. Since they make the rules, it's hard to find a game that they
lose.
It seems to me that there is a sever disconnect between money and value delivered. The
whole system seems utterly broken because of the asynchronous nature of debt. You can make a
trick look like value by deferring the truth through debt.
"Money" has become too abstract and that we need to move back up the scale towards
bartering in order to re-assert the link between reward and value delivered.
"Investors who lost their life savings in convicted Texas financier R. Allen Stanford's $7
billion Ponzi scheme got their day in court today on the first day of the Supreme Court's
2013 term, but it was unclear whether their plea will pay dividends. Unable to recover their
investments from Stanford or his fraudulent entities, including a bank based in Antigua, the
plaintiffs filed class-action lawsuits in state and federal courts in Texas and Louisiana.
But a law passed by Congress in 1998 was intended to preclude such lawsuits and assert
federal jurisdiction. Faced with conflicting lower court rulings, the Supreme Court must
decide whether to side with the defrauded investors or the financial institutions, law firms
and insurance companies accused of aiding Stanford's scheme. The federal government, seeking
to protect the Securities and Exchange Commission's regulatory authority over security fraud
claims, is siding with the defendants." http://www.businessreport.com/section/tagged&tagID=1085&tag=Fraud
I think a lot of very wealthy fraud victims still believe that they have a chance of
recovering their losses through legal channels, not realizing how much the game has been
rigged to allow the fraudsters to operate with impunity. Perhaps more importantly, I think a
lot of wealthy investors are simply unaware of how they are being fleeced. They have very
diversified investments, usually managed by other people. They may feel mildly disappointed
that their returns are modest in what the media has told them is a historic bull market. Yet
as long as some parts of their portfolio do bring decent returns, the overall picture they
have of their finances is that of modest growth– so they shrug off the possibility that
they have been conned. No one likes to think of themselves as a mark. As long as they still
have enough money sloshing around to live in the style to which they're accustomed, why go
into all the ugly details?
You make some valid points about the wealthier investors and not wanting to believe that
they're a mark or a victim of some looter. That, plus they're probably connected by family or
societal ties to the looters, so they don't want to make waves. Making waves are for the
rabble, who'll lose anyway.
Unless or until the looting gets really egregious and/or enough of the very wealthy (upper
2% or 3% but not .1%) starting seeing their wealth dwindling, don't expect them to lift a
finger or make a stink.
The court cases against crooks like Madoff and Stanford may (have in the case of Madoff, I
believe) result in investors getting some of their money back, but I believe it ends up being
pennies on the dollar. Probably worse than the drubbing that investors took from the crash of
'08.
Believing that the USA regulatory, administrative and/or "justice" system will serve your
needs is what I like to call Magical Thinking. Ain't gonna happen. Most we rubes might get
is, as with Madoff's case, pennies on the dollar.
Great post and great question–the term "maximizing current extractable value" is a
terrific term that should be more generally used about all assets and call it "MCEV." Anyway
the term does open up vast horizons. As for who the "House" is I think it is not the key
managers and traders who seem to have the world by the short hairs but, instead, the imperial
apparatus that consists of a network of oligarchs around the world that make sure the crooked
game continues and this would include the crooked dealers; we have to remember that,
ultimately the ones who control the guns are always going to be the House.
Until some of the uber-rich join the great unwashed as victims of financial services
industry looting, the house has nothing to worry about.
-- -- --
It will happen but not on our schedule. Patience is a virtue.
I think there's a huge wall of cognitive dissonance and learned frames to overcome.
We have been trained to see the systems as orbits of institutions, and to assume there's
structures serving to keep them in line. Even when those break down, we still grant implicit
assumption that people work for institutions, not the other way around.
It remains invisible to most of the country that the system has evolved to legalize and
enable looting by sociopathic individuals on a massive-widespread-systematic-ongoing scale.
It's so simple, so pedestrian.. so un-American.
Yes. A must-read on that issue (the role of loose networks of individuals who play
multiple role, and how those alliances have come to dominate the power structure) is Janine
Wedel's The Shadow Elite.
First, largely I agree. It's important to highlight the role of individuals.
Second, the house doesn't win every single hand. It loses often, with very high variance.
In a way, that's part of the trick that keeps it from being obvious the house ultimately
always wins: because the house only wins on average.
So the TBTF institutions (qua institutions) can also act as the house, even if they had
lost the 2008 hand. Which, it should be noted, they didn't. "Absent the bailout, they would
have lost" almost misses the whole point.
The heads-I-win-tails-you-lose nature of the social guarantees and bailouts are
effectively an extremely valuable option. Whomever is getting those options for free is
acting analagous to the house.
I hate to break it to yee "New Deal "socialists but banking extraction is very much state
policy.
The state is the bank and the bank is the state.
We can easily see this as wealth is concentrated.
This is how it has worked since Tudor times.
The King is no longer divine and all that jazz.
The bank took its seat inside the Tabernacle.
And as they say the rest is history or was it the end of history ?
McMike un-American, or quintessentially American? Better yet, pandemic through history,
regardless of Empire? The hoorah Kool-Aid we get in our early years is strong stuff when we
cling to a false paradigm, such as , "American", it prevents us from moving into a new
paradigm and order. I mention how arcane our Constitution is to folks, how we can and should
re-tool for the 21st century and beyond, and folks recoil in horror. Is my concept, or their
reaction un-American? BTW, I can't imagine Chris Hedges, Sarah Palin, Karl Rove, Noam Chomsky
all in the same room hammering out a new Constitution. Why would they get the invite? Do we
have to abdicate our thinking to Proxy? Sure is easy to have little-and-declining hope these
days if one is paying even a bit of attention back to, Dancing with the Master Chefs! The
Kardashian-Jenners are guests!!
It is interesting how small a percentage of the citizenry is able to really remove the
Kool Aid induced veil over our eyes and really accept what this country is. I have friends
who have directed me NOT to discuss these "UnAmerican" issues with them ever again. They
simply will not countenance any discussion about how badly we are being ripped off by our
elected officials (and others, of course) in the District of Criminals. It doesn't matter how
some vote – not a partisan issue – it's the majority. Hooray for the Red, White
& Blue is, apparently, very compelling for the majority. Pass the clicker!
One of the better examples of short term extraction vs company future.
At Simmons, Bought, Drained and Sold, Then Sent to Bankruptcy
Oct 4, 2009 Left, the Simmons Bedding Company in early days. Right, Zalmon Its recent
history has been notable, too, but for a different reason. Simmons
Excellent post with a particularly concise description of the problem. I'm trying to
imagine how the system could have evolved to its current state without the repeal of
Glass-Steagall, but I can't. Your mention of Meriwether and Corzine makes my point. The
"managers" you refer to are able to create profit centers because of the discounted (and
subsidized) access to capital that TBTF banks receive from all of us. Left to fend for
themselves in the market for access to capital that us mere mortals conduct business, they
are no more than average.
The repeal of Glass Steagall was not the key event. Glass Steagall was a dead letter long
before it was repealed. Banks were already substantial participants in capital markets by
then. Credit Suisse (a bank) bought First Boston (a major investment bank and top bond
trader, of Salomon's stature) in 1988, 11 years before Glass Steagall was repealed.
If I had to single change that over time changed the industry most, it was the repeal in
1970 of the New York Stock Exchange rule that required all members to be partnerships.
For me, an outsider, the big change was the move on Wall Street, from the white shoe, golf
club leisure class to the Brooklyn hard scrabble, hungry guy. 1980s? 1970s?
The Brooklyn boys were eager, in a hurry, and had sharp elbows. This may be too broad but
– much of the damage done by The Street was perhaps done by such "boys," not the old
crowd of [HYP] Harvard-Yale-Princeton guys from top families.
If so, democratization of some industries doesn't always work.
The critical events began much earlier. Nixon closing the gold window and cementing the
special relationship with Saudi Arabia that tled the oil market to the dollar, giving the
largest banks access to essentially unlimited off shore deposits, as well as a magnificent
usury opportunity to plunder oil starved nations, activities which the Fed could not have
regulated if it wanted to. Money essentially ceased to exist as a store of value. Mega banks
could no longer be resolved, only bailed out. After 1973 only individuals and bit players
have been allowed to fail. As the amount of money in circulation mushroomed, it had nowhere
to go but transactions escalating asset values, particularly corporate asset values.
Successful looters gained control of the transaction machinery.
On the subject of the rich who lose money to looters, it is worth remembering that the
rich are not homogenous. There are the smart, amoral rich who will generally get richer and
there are also the dumb rich (sometimes the children of smart amoral rich) who the first
category regard as legitimate and extremely tempting prey. And as they are dumb, they
probably will never think or know how to do anything to redress their losses.
I came across some who clearly regarded it as a badge of honour to boast how much they had
lost through Madoff (presumably because it showed how much they had to lose initially). These
are the people who provide the basis for the (sometimes true) saying 'clogs to clogs in three
generations'.
I have been introduced to a new term – maximum company extractable value.
There seems to be no difference between the thoughts and actions of company leaders who know
the firm is going down.
The bailouts I don't think make much difference in their behavior, were the bailouts not
available.
I assume the thieves' notion of maximum extractable value means taking every cent out of what
is currently available.
Don Levit
"Maximum extractable value" -- savor the sounds here -- plenty of masculine consonants to
make the neurons stand up and tingle.
There must be an HBS course here. And certainly a B-school paper on the topic with plenty
of empiricals, especially gathered since the 2000s, the fertile times.
Also wealth here for a consulting practice built on this pillar. Impressive when a highly
paid young consultant throws it at you.
Your summary of the Akerlof and Romer paper sounds like an instruction manual for private
equity.
And as for who is the house? I remember flying into Las Vegas on Southwest Airlines one
day and after landing, the pilot came on and said "Welcome to Vegas! And for all of you
getting ready to gamble, please take a look out the right side of the plane. See those big,
gleaming, new fancy hotels? They weren't built with money from the winners."
I imagine if you take a similar plane ride into the Hamptons, you'll see equally
impressive mansions, and they also weren't built with money from the winners of the Wall St.
casino. So what's the difference? The hotels are owned by the casino corporations, while the
Hamptons mansions are owned by private individuals
These hotels were probably built with a little bit of money from the losers and a lot of
money from leverage IOW printed money from misallocation of capital if you believe that a
city based on gambling is a waste of resources and destructive to society over the mid to
long term.
The Finance and Bankster Offal, carefully backed up by "DogPatch-DC", who the ef* else!
Believing otherwise is like devoting fervent prayers to the Tooth Fairy! Apparently the rich
are often even dumber!
When the whole system has been so looted for so long – by decades of IBGYBG scam
artists – it is a dead man walking. It is time to change it. In a revolutionary
fashion. It might be good PR to throw the sleaziest traders in jail, but that isn't gonna
change anything fundamentally because fear of prosecution will just make the next gen
cleverer. A financial system that is uncorruptible seems like a fantasy though. When has
there ever been one? That very question could be the basis of new finance. Since nothing we
have tried so far has worked over the long run we need to look at the way human society
evolves and stay one step ahead of it – financially. Don't ask me how.
Do I hear a tune of desperation here -- "scam artists," "a dead man walking," "sleaziest
traders in jail", "fantasy"?
And change in "a revolutionary fashion"?
Actually, I don't think we've really explored economic alternatives here in the USA. Yeah,
some talked about socialism during the Real Depression. But mostly we've embroidered and
tinkered with our current set-up. So if we don't want socialism and capitalism is broken,
what's left?
Alternatives do exist to our current financial and economic systems. Unfortunately they
haven't received much in the way of PR, much less public discussion. For example, some here
have mentioned Gar Alperovitz.
But there are many other ideas. Maybe NakedCap can help spread these.
To some real extent, however, hasn't it always been a casino? In fact, the police who ran
the first stock traders off of Paris street corners understood this to be a fact, as did
those who rioted against them. At least, this is my recollection of. . . someone's account
(Henwood's? Maybe I picked this up in a lecture from Tom Weisskopf decades ago. . .) Would
love it if someone could point me to early accounts of these dealings because there would be
a lot to learn from them. . .
I think there's a tendency of reformist as opposed to structural analysts to posit this
perversion of something that was at one time good (the noble stock market has been turned
into a casino!). . . nah. Even the original notion of shared risk in the buying and selling
of shares is in no way a democratizing function, but a game for the one percent. (Of course,
it could be SOLD as such. . . )
"And the conundrum we have outlined means the people who call for prosecutions of
individuals are exactly right. Punishing firms is ineffective. Firms are fluid; key players
can and often do move around. And the culpability for bad practices typically resides both at
the producer level (the manager immediately responsible for the unit in which the bad conduct
took place) and more senior management (which typically benefits directly from any ill-gotten
profits, in terms of their compensation levels, and needs to be held responsible, even if
they were simply derelict in duty, as opposed to actively complicit)."
======================================================
So clearly put, so nicely explained. The American way – mistakes were made ..let's not
dwell in the past.
Seemed like a simple question with simple answer to me: The dealers are the house. Duh.
That's why they've been lobbying for this system for so long.
Agree that it's astounding that anyone who worked for McKinsey could be confused about
this issue.
You are of course right that there are certain individuals within the dealers who make the
most off of the system -- but something tells me you'd find the same basic phenomenon in the
casino business. "The house wins" doesn't mean that low-level employees of the house win, and
it doesn't mean that shareholders of the house win.
Came back to post something like this–the "house" is never as clear cut an entity in
gambling as it looks, either. Turns out the city fathers take their cut, local interests, the
Mafia has its hand in, the pols who cleared the way legally. . .
Developing the tradition charted by C. Wright Mills in his 1956 classic The Power Elite , in his
latest book, Professor Peter Phillips starts by reviewing the transition from the nation state
power elites described by authors such as Mills to a transnational power elite centralized on
the control of global capital.
Thus, in his just-released study Giants: The Global Power
Elite , Phillips, a professor of political sociology at Sonoma State University in the USA,
identifies the world's top seventeen asset management firms, such as BlackRock and J.P Morgan
Chase, each with more than one trillion dollars of investment capital under management, as the
'Giants' of world capitalism. The seventeen firms collectively manage more than $US41.1
trillion in a self-invested network of interlocking capital that spans the globe.
This $41 trillion represents the wealth invested for profit by thousands of millionaires,
billionaires and corporations. The seventeen Giants operate in nearly every country in the
world and are 'the central institutions of the financial capital that powers the global
economic system'. They invest in anything considered profitable, ranging from 'agricultural
lands on which indigenous farmers are replaced by power elite investors' to public assets (such
as energy and water utilities) to war.
In addition, Phillips identifies the most important networks of the Global Power Elite and
the individuals therein. He names 389 individuals (a small number of whom are women and a token
number of whom are from countries other than the United States and the wealthier countries of
Western Europe) at the core of the policy planning nongovernmental networks that manage,
facilitate and defend the continued concentration of global capital. The Global Power Elite
perform two key uniting functions, he argues: they provide ideological justifications for their
shared interests (promulgated through their corporate media), and define the parameters of
action for transnational governmental organizations and capitalist nation-states.
More precisely, Phillips identifies the 199 directors of the seventeen global financial
Giants and offers short biographies and public information on their individual net wealth.
These individuals are closely interconnected through numerous networks of association including
the World Economic Forum, the International Monetary Conference, university affiliations,
various policy councils, social clubs, and cultural enterprises. For a taste of one of these
clubs, see this account of The Links in New York. As Phillips
observes: 'It is certainly safe to conclude they all know each other personally or know of each
other in the shared context of their positions of power.'
The Giants, Phillips documents, invest in each other but also in many hundreds of investment
management firms, many of which are near-Giants. This results in tens of trillions of dollars
coordinated in a single vast network of global capital controlled by a very small number of
people. 'Their constant objective is to find enough safe investment opportunities for a return
on capital that allows for continued growth. Inadequate capital-placement opportunities lead to
dangerous speculative investments, buying up of public assets, and permanent war spending.'
Because the directors of these seventeen asset management firms represent the central core
of international capital, 'Individuals can retire or pass away, and other similar people will
move into their place, making the overall structure a self-perpetuating network of global
capital control. As such, these 199 people share a common goal of maximum return on investments
for themselves and their clients, and they may seek to achieve returns by any means necessary
– legal or not . the institutional and structural arrangements within the money
management systems of global capital relentlessly seek ways to achieve maximum return on
investment, and the conditions for manipulations – legal or not – are always
present.'
Like some researchers before him, Phillips identifies the importance of those transnational
institutions that serve a unifying function. The World Bank, International Monetary Fund, G20,
G7, World Trade Organization (WTO),
World Economic Forum (WEF), Trilateral
Commission, Bilderberg Group ,
Bank for International Settlements, Group of 30 (G30), the Council on Foreign Relations and the International Monetary
Conference serve as institutional mechanisms for consensus building within the transnational
capitalist class, and power elite policy formulation and implementation. 'These international
institutions serve the interests of the global financial Giants by supporting policies and
regulations that seek to protect the free, unrestricted flow of capital and debt collection
worldwide.'
But within this network of transnational institutions, Phillips identifies two very
important global elite policy-planning organizations: the Group of Thirty (which has 32 members) and the extended executive
committee of the Trilateral Commission
(which has 55 members). These nonprofit corporations, which each have a research and support
staff, formulate elite policy and issue instructions for their implementation by the
transnational governmental institutions like the G7, G20, IMF, WTO, and World Bank. Elite
policies are also implemented following instruction of the relevant agent, including
governments, in the context. These agents then do as they are instructed.Thus, these 85 members
(because two overlap) of the Group of Thirty and the Trilateral Commission comprise a central
group of facilitators of global capitalism, ensuring that 'global capital remains safe, secure,
and growing'.
So, while many of the major international institutions are controlled by nation-state
representatives and central bankers (with proportional power exercised by dominant financial
supporters such as the United States and European Union countries), Phillips is more concerned
with the transnational policy groups that are nongovernmental because these organizations 'help
to unite TCC power elites as a class' and the individuals involved in these organizations
facilitate world capitalism. 'They serve as policy elites who seek the continued growth of
capital in the world.'
Developing this list of 199 directors of the largest money management firms in the world,
Phillips argues, is an important step toward understanding how capitalism works globally today.
These global power elite directors make the decisions regarding the investment of trillions of
dollars. Supposedly in competition, the concentrated wealth they share requires them to
cooperate for their greater good by identifying investment opportunities and shared risk
agreements, and working collectively for political arrangements that create advantages for
their profit-generating system as a whole.
Their fundamental priority is to secure an average return on investment of 3 to 10 percent,
or even more. The nature of any investment is less important than whatit yields: continuous
returns that support growth in the overall market. Hence, capital investment in tobacco
products, weapons of war, toxic chemicals, pollution, and other socially destructive goods and
services are judged purely by their profitability. Concern for the social and environmental
costs of the investment are non-existent. In other words, inflicting death and destruction are
fine because they are profitable.
So what is the global elite's purpose? In a few sentences Phillips characterizes it thus:
The elite is largely united in support of the US/NATO military empire that prosecutes a
repressive war against resisting groups – typically labeled 'terrorists' – around
the world. The real purpose of 'the war on terror' is defense of transnational globalization,
the unimpeded flow of financial capital around the world, dollar hegemony and access to oil; it
has nothing to do with repressing terrorism which it generates, perpetuates and finances to
provide cover for its real agenda. This is why the United States has a long history of CIA and
military interventions around the world ostensibly in defense of 'national interests'.
Wealth and Power
An interesting point that emerges for me from reading Phillips thoughtful analysis is that
there is a clear distinction between those individuals and families who have wealth and those
individuals who have (sometimes significantly) less wealth (which, nevertheless, is still
considerable) but, through their positions and connections, wield a great deal of power. As
Phillips explains this distinction, 'the sociology of elites is more important than particular
elite individuals and their families'. Just 199 individuals decide how more than $40 trillion
will be invested. And this is his central point. Let me briefly elaborate.
There are some really wealthy families in the world, notably including the families
Rothschild (France and the United Kingdom), Rockefeller (USA), Goldman-Sachs (USA), Warburgs
(Germany), Lehmann (USA), Lazards (France), Kuhn Loebs (USA), Israel Moses Seifs (Italy),
Al-Saud (Saudi Arabia), Walton (USA), Koch (USA), Mars (USA), Cargill-MacMillan (USA) and Cox
(USA). However, not all of these families overtly seek power to shape the world as they
wish.
Similarly, the world's extremely wealthy individuals such as Jeff Bezos (USA), Bill Gates
(USA), Warren Buffett (USA), Bernard Arnault (France), Carlos Slim Helu (Mexico) and Francoise
Bettencourt Meyers (France) are not necessarily connected in such a way that they exercise
enormous power. In fact, they may have little interest in power as such, despite their obvious
interest in wealth.
In essence, some individuals and families are content to simply take advantage of how
capitalism and its ancilliary governmental and transnational instruments function while others
are more politically engaged in seeking to manipulate major institutions to achieve outcomes
that not only maximize their own profit and hence wealth but also shape the world itself.
So if you look at the list of 199 individuals that Phillips identifies at the centre of
global capital, it does not include names such as Bezos, Gates, Buffett, Koch, Walton or even
Rothschild, Rockefeller or Windsor (the Queen of England) despite their well-known and
extraordinary wealth. As an aside, many of these names are also missing from the lists compiled
by groups such as Forbes and
Bloomberg , but their
absence from these lists is for a very different reason given the penchant for many really
wealthy individuals and families to avoid certain types of publicity and their power to ensure
that they do.
In contrast to the names just listed, in Phillips' analysis names like Laurence (Larry) Fink
(Chairman and CEO of BlackRock), James (Jamie) Dimon (Chairman and CEO of JPMorgan Chase) and
John McFarlane (Chairman of Barclays Bank), while not as wealthy as those listed immediately
above, wield far more power because of their positions and connections within the global elite
network of 199 individuals.
Predictably then, Phillips observes, these three individuals have similar lifestyles and
ideological orientations. They believe capitalism is beneficial for the world and while
inequality and poverty are important issues, they believe that capital growth will eventually
solve these problems. They are relatively non-expressive about environmental issues, but
recognize that investment opportunities may change in response to climate 'modifications'. As
millionaires they own multiple homes. They attended elite universities and rose quickly in
international finance to reach their current status as giants of the global power elite. 'The
institutions they manage have been shown to engage in illegal collusions with others, but the
regulatory fines by governments are essentially seen as just part of doing business.'
In short, as I would characterize this description: They are devoid of a legal or moral
framework to guide their actions, whether in relation to business, fellow human beings, war or
the environment and climate. They are obviously typical of the elite.
Any apparent concern for people, such as that expressed by Fink and Dimon in response to the
racist violence in Charlottesville, USAin August 2017, is simply designed to promote
'stability' or more precisely, a stable (that is, profitable) investment and consumer
climate.
The lack of concern for people and issues that might concern many of us is also evident from
a consideration of the agenda at elite gatherings. Consider the International Monetary
Conference. Founded in 1956, it is a private yearly meeting of the top few hundred bankers in
the world. The American Bankers Association (ABA) serves as the secretariat for the conference.
But, as Phillips notes: 'Nothing on the agenda seems to address the socioeconomic consequences
of investments to determine the impacts on people and the environment.' A casual perusal of the
agenda at any elite gathering reveals that this comment applies equally to any elite forum.
See, for example, the agenda of the recent WEF meeting in
Davos . Any talk of 'concern' is misleading rhetoric.
Hence, in the words of Phillips: The 199 directors of the global Giants are 'a very select
set of people. They all know each other personally or know of each other. At least 69 have
attended the annual World Economic Forum, where they often serve on panels or give public
presentations. They mostly attended the same elite universities, and interact in upperclass
social setting[s] in the major cities of the world. They all are wealthy and have significant
stock holdings in one or more of the financial Giants. They are all deeply invested in the
importance of maintaining capital growth in the world. Some are sensitive to environmental and
social justice issues, but they seem to be unable to link these issues to global capital
concentration.'
Of course, the global elite cannot manage the world system alone: the elite requires agents
to perform many of the functions necessary to control national societies and the individuals
within them. 'The interests of the Global Power Elite and the TCC are fully recognized by major
institutions in society. Governments, intelligence services, policymakers, universities, police
forces, military, and corporate media all work in support of their vital interests.'
In other words, to elaborate Phillips' point and extend it a little, through their economic
power, theGiants control all of the instruments through which their policies are implemented.
Whether it be governments, national military forces, 'military contractors' or mercenaries
(with at least $200 billion spent on private security globally, the industry currently employs
some fifteen million people worldwide) used both in 'foreign' wars but also likely deployed in
future for domestic control, key 'intelligence' agencies, legal systems and police forces,
major nongovernment organizations, or the academic, educational, 'public relations propaganda',
corporate media, medical, psychiatric and pharmaceutical industries, all instruments are fully
responsive to elite control and are designed to misinform, deceive, disempower, intimidate,
repress, imprison (in a jail or psychiatric ward), exploit and/or kill (depending on the
constituency) the rest of us, as is readily evident.
Defending Elite Power
Phillips observes that the power elite continually worries about rebellion by the 'unruly
exploited masses' against their structure of concentrated wealth. This is why the US military
empire has long played the role of defender of global capitalism. As a result, the United
States has more than 800 military bases (with some scholars suggesting 1,000) in 70 countries
and territories. In comparison, the United Kingdom, France, and Russia have about 30 foreign
bases. In addition, US military forces are now deployed in 70 percent of the world's nations
with US Special Operations Command (SOCOM) having troops in 147 countries, an increase of 80
percent since 2010. These forces conduct counterterrorism strikes regularly, including drone
assassinations and kill/capture raids.
'The US military empire stands on hundreds of years of colonial exploitation and continues
to support repressive, exploitative governments that cooperate with global capital's imperial
agenda. Governments that accept external capital investment, whereby a small segment of a
country's elite benefits, do so knowing that capital inevitably requires a return on investment
that entails using up resources and people for economic gain. The whole system continues wealth
concentration for elites and expanded wretched inequality for the masses .
'Understanding permanent war as an economic relief valve for surplus capital is a vital part
of comprehending capitalism in the world today. War provides investment opportunity for the
Giants and TCC elites and a guaranteed return on capital. War also serves a repressive function
of keeping the suffering masses of humanity afraid and compliant.'
As Phillips elaborates: This is why defense of global capital is the prime reason that NATO
countries now account for 85 percent of the world's military spending; the United States spends
more on the military than the rest of the world combined.
In essence, 'the Global Power Elite uses NATO and the US military empire for its worldwide
security. This is part of an expanding strategy of US military domination around the world,
whereby the US/ NATO military empire, advised by the power elite's Atlantic Council , operates in service to the
Transnational Corporate Class for the protection of international capital everywhere in the
world'.
This entails 'further pauperization of the bottom half of the world's population and an
unrelenting downward spiral of wages for 80 percent of the world. The world is facing economic
crisis, and the neoliberal solution is to spend less on human needs and more on security. It is
a world of financial institutions run amok, where the answer to economic collapse is to print
more money through quantitative easing, flooding the population with trillions of new
inflation-producing dollars. It is a world of permanent war, whereby spending for destruction
requires further spending to rebuild, a cycle that profits the Giants and global networks of
economic power. It is a world of drone killings, extrajudicial assassinations, death, and
destruction, at home and abroad.'
Where is this all heading?
So what are the implications of this state of affairs? Phillips responds unequivocally:
'This concentration of protected wealth leads to a crisis of humanity, whereby poverty, war,
starvation, mass alienation, media propaganda, and environmental devastation are reaching a
species-level threat. We realize that humankind is in danger of possible extinction'.
He goes on to state that the Global Power Elite is probably the only entity 'capable of
correcting this condition without major civil unrest, war, and chaos' and elaborates an
important aim of his book: to raise awareness of the importance of systemic change and the
redistribution of wealth among both the book's general readers but also the elite, 'in the hope
that they can begin the process of saving humanity.' The book's postscript is a 'A Letter to
the Global Power Elite', co-signed by Phillips and 90 others, beseeching the elite to act
accordingly.
'It is no longer acceptable for you to believe that you can manage capitalism to grow its
way out of the gross inequalities we all now face. The environment cannot accept more pollution
and waste, and civil unrest is everywhere inevitable at some point. Humanity needs you to step
up and insure that trickle-down becomes a river of resources that reaches every child, every
family, and all human beings. We urge you to use your power and make the needed changes for
humanity's survival.'
But he also emphasizes that nonviolent social movements, using the Universal Declaration of
Human Rights as a moral code, can accelerate the process of redistributing wealth by pressuring
the elite into action.
Conclusion
Peter Phillips has written an important book. For those of us interested in understanding
elite control of the world, this book is a vital addition to the bookshelf. And like any good
book, as you will see from my comments both above and below, it raised more questions for me
even while it answered many.
For this reason I do not share his faith in moral appeals to the elite, as articulated in
the letter in his postscript. It is fine to make the appeal but history offers no evidence to
suggest that there will be any significant response. The death and destruction inflicted by
elites is highly profitable, centuries-old and ongoing. It will take powerful,
strategically-focused nonviolent campaigns (or societal collapse) to compel the necessary
changes in elite behavior. Hence, I fully endorse his call for nonviolent social movements to
compel elite action where we cannot make the necessary changes without their involvement. See
'A Nonviolent Strategy to End Violence and Avert Human Extinction' and Nonviolent Campaign Strategy .
Fundamentally, Giants: The Global Power
Elite is a call to action. Professor Peter Phillips is highly aware of our predicament
– politically, socially, economically, environmentally and climatically – and the
critical role played by the global power elite in generating that predicament.
If we cannot persuade the global power elite to respond sensibly to that predicament, or
nonviolently compel it to do so, humanity's time on Earth is indeed limited.
Robert J. Burrowes has a lifetime commitment to understanding and ending human violence.
He has done extensive research since 1966 in an effort to understand why human beings are
violent and has been a nonviolent activist since 1981. He is the author of 'Why Violence?' His email address is [email protected]
and his website is here
.
Watch - Financial Rape of America ;
Former Assistant Secretary of Housing Catherine Austin Fitts warns that the "financial rape
of America" is nothing more than "re-engineering" the debt based economy
Russian Oligarch Oleg Deripaska, a close associate of Vladimir
Putin, has gone on record with
The
Hill
's John Solomon - admitting to colluding with Americans
leading up to the 2016 US election, except it might not be what
you're thinking.
Deripaska, rumored to be Donald Trump's "
back
channel
" to Putin via the Russian's former association with Paul
Manafort, says he "colluded" with the
US
Government
between 2009 and 2016.
In 2009, when
Robert
Mueller was running the FBI
, the agency asked Deripaska to
spend $25 million of his own money to bankroll an FBI-supervised
operation to rescue a retired FBI agent - Robert Levinson, who was
kidnapped in 2007 while working on a 2007 CIA contract in Iran. This
in and of itself is more than a bit strange.
Deripaska agreed, however the Obama State Department, headed by
Hillary Clinton, scuttled a last-minute deal with Iran before
Levinson could be released. He hasn't been heard from since.
FBI agents courted Deripaska in 2009 in a series of secret hotel
meetings in Paris; Vienna; Budapest, Hungary, and Washington
.
Agents persuaded the aluminum industry magnate to underwrite the
mission. The Russian billionaire insisted the operation neither
involve nor harm his homeland. -The Hill
In other words -
Trump's
alleged "back channel" to Putin was in fact an FBI asset
who
spent $25 million helping Obama's "scandal free" administration find
a kidnapped agent. Deripaska's admitted
Steele, Ohr and the 2016 US Election
Trending Articles
Earth's "Big Freeze" Looms As Sun Remains Devoid
Of
Scientists believe that Earth could experience a
"big freeze" as the sun goes through what's
known as "solar minimum."
As the
New
York Times
frames it, distancing Deripaska from the FBI (no
mention of the $25 million rescue effort, for example), the Russian
aluminum magnate was just one of several Putin-linked Oligarchs the
FBI tried to flip.
The attempt to flip Mr. Deripaska was part of a broader,
clandestine American effort to gauge the possibility of gaining
cooperation from roughly a half-dozen of Russia's richest men,
nearly
all of whom, like Mr. Deripaska, depend on President Vladimir V.
Putin to maintain their wealth, the officials said. -
NYT
Central to the recruiting effort were two central players in the
Trump-Russia investigation; twice-demoted DOJ #4 official
Bruce
Ohr and Christopher Steele
- the author of the largely
unverified "Steele Dossier."
Steele, a longtime associate of Ohr's, worked for Deripaska
beginning in 2012 researching a business rival - work which would
evolve to the point where the former British spy was interfacing
with the Obama administration on his behalf - resulting in Deripaska
regaining entry into the United States, where he visited numerous
times between 2009 and 2017.
The State Department tried to keep him from getting a U.S. visa
between 2006 and 2009 because they believed he had unspecified
connections to criminal elements in Russia as he consolidated
power in the aluminum industry. Deripaska has denied those
allegations...
Whatever the case,
it
is irrefutable that after he began helping the FBI, Deripaska
regained entry to the United States
. And he visited
numerous times between 2009 and 2017, visa entry records show. -
The
Hill
Deripaska is now banned from the United States as one of
several
Russians sanctioned
in April in response to alleged 2016
election meddling.
In a September 2016 meeting,
Deripaska
told FBI agents that it was "preposterous" that Paul Manafort was
colluding with Russia to help Trump win the 2016 election
.
This, despite the fact that Deripaska and Manafort's business
relationship "ended in lawsuits, per
The
Hill
- and the Russian would have every reason to throw
Manafort under the bus if he wanted some revenge on his old
associate.
So the
FBI
and DOJ secretly collaborated with Trump's alleged backchannel over
a seven-year period
, starting with Levinson, then on
Deripaska's Visa, and finally regarding whether Paul Manafort was an
intermediary to Putin. Deripaska vehemently denies the assertion,
and even took out newspaper advertisements in the US last year
volunteering to testify to Congress, refuting an
AP
report
that he and Manafort secretly worked on a plan to
"greatly benefit the Putin government" a decade ago.
Soon after the advertisements ran, representatives for the House
and Senate Intelligence Committees called a Washington-based
lawyer for Mr. Deripaska, Adam Waldman, inquiring about taking
his client up on the offer to testify, Mr. Waldman said in an
interview.
What happened after that has been in dispute. Mr. Waldman, who
stopped working for Mr. Deripaska after the sanctions were
levied, said he told the committee staff that his client would
be willing to testify without any grant of immunity, but would
not testify about any Russian collusion with the Trump campaign
because "he doesn't know anything about that theory and actually
doesn't believe it occurred." -
NYT
In short, Deripaska wants it known that he worked with the FBI and
DOJ, and that he had nothing to do with the Steele dossier.
Today, Deripaska is banned anew from the United States, one of
several Russians sanctioned in April by the Trump administration
as a way to punish Putin for 2016 election meddling. But he
wants to be clear about a few things, according to a statement
provided by his team.
First,
he did collude with Americans in the form of voluntarily
assisting and meeting with the FBI, the DOJ and people such as
Ohr between 2009 and 2016.
He also wants Americans to know
he
did not cooperate or assist with Steele's dossier, and he tried
to dispel the FBI notion that Russia and the Trump campaign
colluded during the 2016 election
. -
The
Hill
Interestingly, Steele's dossier which was partially funded by the
Clinton campaign, relied on
senior
Kremlin officials
.
This war is tremendous waste of resources on both sides with no clear
victory in sight. Killing of individual commanders does not change the
strategic situation. It just invites retaliation.
Although the war did increase the coherence of the Ukrainian society
(like any war does) the price is way too high.
Zakharchenko was a soldier and knew the risks, many others are ready to take his
place.
VV Putin could have occupied the whole so-called ukraine in the same manner he occupied
Crimea, even better, he could've sent volunteers to shoot CIA and Mossad agents during the
maidan events.Lots of volunteers.
He didnt.
Please consider that ukraine project is an infinite black hole sucking money and resources
(agents, weapons, influence) from the Hegemon, at the same time bringing him absolutely
nothing.
Especially the Debaltsevo cauldron was painful, as lots of modern artillery control gear
was lost in pristine state and sent directly to Moscow.Without considering the humiliation of
German and Canadian mercenaries being caught and released for indeterminate price.
In exchange the Hegemon learned that Russian artillery is still as dangerous as in '45, at
Saur Mogila whole battalions of Ukrainian army disappeared literally in minutes when caught
by Buratino fire.
Perhaps some remember the shellshocked Ukrainian infantry lieutenant, when interviewed by
CNN freshly out of Ilovaisk, screaming into the mic that *two meters, you must dig two
meters, or you die!* , well-intentioned American female reporter decidedly confused.
The show will go on until Hegemon decides that he had enough, and gives green light to the
ukrainian army to coup the govt, exterminate the nazi battalions, and begin a very slow and
painful ascension back into a semblance of normality first, then re-unification with the
Motherland next.
As usual, the most vulnerable, old people, women, workers will suffer the most, and the
guilty will go unpunished.
Not Pepe's best sauce, but always worth a read. He's best when he's reporting from the
field. His armchair geopolitics aren't that much better than anyone else's.
That said, Eurasian integration, Western Hemispheric energy independence, the populist
revolt against forced globalization/sovereignty elimination/kleptocracy and the outbreak of
global peace are all changing the chessboard profoundly. Most of the premises of traditional
imperialist power politics are simply blown away. Instead, a new 'Chinese Peace with Russian
Muscle' is the de facto hegemony in the vast bulk of the world, including parts of South
American and most of Africa. With the Brits and French too slow and stupid to react, the
Germans as weaselly and venal as ever, and the Japanese comatose, the hulk known as the G7 is
heeling over into full capsize mode. And, good riddance.
Now the G20 has to either stand up or collapse. Much depends on which outcome
develops.
However it works out, we can all stand and cheer that it is not a US dependent historical
course any more. We've ceded our moral and military leadership. Perhaps we can reform, even
if by bloody revolution, and re-emerge with something to give the rest of the world. Free
markets, liberty, democracy, freedom of thought......the future is now really a question of
whether any of these ideas will have a chance in a remade global order dominated, so far, by
dictatorship, corruption, and moral crime.
So, we tend to our own house now. Anyone got a pack of matches?
** We've ceded our moral and military leadership **
Kosovo, Iraq, Afghanistan, Benghazi, Libya, Syria, Ukraine, Georgia, NATO expansion, the
Clintoons, the Bush dynasty of mediocrity, our open border, offshoring, Muslim ass kissing,
free-ranging Antifa filth, media monopoly and lies, foreigners taking university slots,
sexual confusion, ass kissing homosexuals, groveling before bat shit crazy feminists,
destruction of our basic legal document through judicial usurpation, diseased leftists
spouting lies and delusion, excusing black dysfunction, fiscal incontinence, unaddressd
monopolies, attacks on free speech, criminal immunity for elites, a president who won't
exercise his authority and tolerates insubordination, an unaccountable bureaucracy, a loose
cannon prosecutor, Jewish political domination, slobbering over Israel as though Jerusalem is
our capitol not Washington, denigration of the white majority culture, celebration of
miscegenation, degradation of marriage, our diseased educational establishment, rampant vote
fraud, illegal and unconstitutional wars, chest beating about "exceptionalism," and a
generally crap culture all say you're right.
There will be no sudden and dramatic collapse. There will only be a slow, painful,
never-ending, degrading decay into nothingness, a death from one million pundits, a process
readily apparent (literally) all around us. Tune in to CNN, see for yourself.
I see your point, but I am not convinced bankers work independently. Bankers do not have a
monopoly on psychotics. The psychotics in gov have as much greed and craving for power as the
bankers and I believe they work around, with, and against each other for various reasons just
like everything else in the world works. Thus a one dimensional theory will not be complete -
and maybe that is what you are arguing: to include bankers in geopolitics. I agree the
bankers are a big part of the rotten problem but like when I am overseas - I watch the guys
with the guns.
Most of the planet has put up with a lot of shit from America It's good that it's finally
coming to an end.
"We have about 50% of the world's wealth but only 6.3% of its population... Our real task
in the coming period is to devise a pattern of relationships which will permit us to maintain
this position of disparity without positive detriment to our national security. To do so, we
will have to dispense with all sentimentality and daydreaming, and our attention will have to
be concentrated everywhere on our immediate national objectives. We need not deceive
ourselves that we can afford today the luxury of altruism and world benefaction... We should
cease to talk about vague and unreal objectives such as human rights, the raising of the
living standards, and democratization. The day is not far off when we are going to have to
deal in straight power concepts. The less we are then hampered by idealistic slogans, the
better."
George Kennan, State Department memo, 1948
America never gave up on the idealistic slogans -- the figleaf for the Empire of Chaos.
Finally shutting the fuck up after the game is over will be welcome.
"... No wonder one of the side effects of progressive Eurasia integration will be not only a death blow to Bretton Woods but also to "democratic" neoliberalism. ..."
Alastair Crooke took a great
shot at deconstructing why Western global elites are terrified of the Russian
conceptualization of Eurasia.
It's because "they 'scent' a stealth reversion to the old, pre-Socratic values: for the
Ancients the very notion of 'man', in that way, did not exist. There were only men: Greeks,
Romans, barbarians, Syrians, and so on. This stands in obvious opposition to universal,
cosmopolitan 'man'."
So it's Heraclitus versus Voltaire – even as "humanism" as we inherited it from the
Enlightenment, is de facto over.
Whatever is left roaming our wilderness of mirrors depends on
the irascible mood swings of the Goddess of the Market.
No wonder one of the side effects of
progressive Eurasia integration will be not only a death blow to Bretton Woods but also to
"democratic" neoliberalism.
What we have now is also a remastered version of sea power versus land powers. Relentless
Russophobia is paired with supreme fear of a Russia-Germany rapprochement – as Bismarck
wanted, and as Putin
and Merkel recently hinted at. The supreme nightmare for the U.S. is in fact a truly
Eurasian Beijing-Berlin-Moscow partnership.
The Belt and Road Initiative (BRI) has not even begun; according to the official Beijing
timetable, we're still in the planning phase. Implementation starts next year. The horizon is
2039.
"... " One of the worst things that can happen to our country, is when Russia ever gets driven to China. We have driven them together – with the big oil deals that are being made. We have driven them together. That's a horrible thing for this country. We have made them friends because of incompetent leadership. I believe I would get along very nicely with Putin – okay? And, I mean [that] where we [the US] have the strength. I don't think we need the sanctions. I think that we would get along very, very well." ..."
"... Art of the Deal ..."
"... Identify a big goal (tax cuts, balanced trade, the wall, etc.). ..."
"... Identify your leverage points versus anyone who stands in your way (elections, tariffs, jobs, etc.). ..."
"... Announce some extreme threat against your opponent that uses your leverage. ..."
"... If the opponent backs down, mitigate the threat, declare victory and go home with a win. ..."
"... If the opponent fires back, double down. If Trump declares tariffs on $50 billion of good from China,and China shoots back with tariffs on $50 billion of goods from the U.S., Trump doubles down with tariffs on $100 billion of goods, etc. Trump will keep escalating until he wins." ..."
"... Eventually, the escalation process can lead to negotiations with at least the perception of a victory for Trump (North Korea) -- even if the victory is more visual than real. ..."
"... "The position of Europe is clear. It isn't a coincidence that Trump, while enumerating the enemies of the US (the EU, China, and Russia), made it clear that he considers Russia to be a smaller problem [than the EU], because there are practically no economic contradictions ("Nord Stream-2" doesn't count) with it. It's not China, with which the US has the biggest negative trade balance, but the EU, which Trump fairly defined as the main trade competitor, receiving unjustified economic benefits from political agreements with the US, and which is the main 'foe' of the US. ..."
"... "[Thus Trump] resolves his military-political contradictions with Russia, [and consequently] reduces the value of the EU as an ally for Washington, to zero Europe was accustomed to (and hoped to continue to use) its role of a springboard for the fight against Russia as [the primordial] argument that was supposed to keep Trump away from making the last step (complete separation with the EU). ..."
"... In recent days, Merkel, after the NATO summit, started talking literally [that Trump's hostility towards Europe is unjustified], because Europe battles with Russia for the interests of the US. ..."
"... "For the EU it was crucial that this argument continued to work. Otherwise, Washington indeed, would have more common ground with Moscow than with Brussels. And Europe isn't ready for a sharp confrontation with the US. Having rested on its laurels [i.e. on its conviction that it occupied, as it were, some 'moral high ground of values']. Europe wasn't engaged (in difference, for example, from China), in the diversification of economic ties and appeared to be strongly dependent on access to the American market. ..."
"... "Without having risked to be ahead of Trump in the question of normalising relations with Russia, EU leaders were fatally afraid that Trump and Putin, despite all difficulties, will do the impossible and reach an agreement, especially as both proved to be people who are ready to instantly make decisions that change the destiny of the world. ..."
"... "The position taken by the EU raised the value of the summit for Russia too. Moscow can wait until Washington is ready for reconciliation. But, taking into account the obvious intention of Europe to manoeuvre between Russia and the US, trying to preserve the geopolitical configuration that is profitable for itself, but doesn't suit either Trump nor Putin, Russia was also interested in showing to the whole world the success of the summit and good prospects for achieving definitive and comprehensive agreements." ..."
"... The latent hatred for Russia is unmistakeably revealed. This animosity will not be a surprise to Putin – though the extremity of the elite language used towards Trump will make Russians aware of their ..."
"... What does such language portend? The roots of American Russo-phobia go deep. It starts with American Trotskyist activists' on ground participation in the initial Trotskyist Bolshevik revolution – largely financed, and orchestrated by Wall Street. ..."
"... Of course, what rankles most in America, and amongst European liberal elites, is the apparent according of moral equivalence of Putin to America, and to America's intelligence capabilities. America believes it WON – it won the Cold War culturally, and in terms of its systems of government and economics. ..."
"... The western Establishment anger stems ultimately from Russia's refusal to acquiesce to their merited 'defeatism' (in this view): Putin rejected to merge Russia into the American-led global order, preferring Russia to remain somehow 'Russian', in its own Russian cultural way. ..."
"... And for Trump? The 'smart money' says that he will be indicted, or impeached, after the midterms. I doubt it. For all John Brennan's talk of "High Crimes and Misdemeanors" (the precise legal language of impeachment), there is no crime. If any, crimes per se ..."
Maybe we are misreading things. Not a small number of commentaries have suggested
that President Trump intended for Helsinki to re-set the Kissinger-esque triangulation
between the US, Russia and China. And there are good grounds for making such
a hypothesis. At a 2015 press conference, Trump, himself, took the Kissinger
line -- that the US should always try to keep Russia and China divided, and
never allied together against America):
" One of the worst things that can happen to our country, is when
Russia ever gets driven to China. We have driven them together – with the
big oil deals that are being made. We have driven them together. That's
a horrible thing for this country. We have made them friends because of
incompetent leadership. I believe I would get along very nicely with Putin
– okay? And, I mean [that] where we [the US] have the strength. I don't
think we need the sanctions. I think that we would get along very, very
well."
This makes a lot of sense, but maybe in Helsinki Trump was doing something
a little less strategic and more down-to-earth – something more in line with
his Art of the Deal philosophy.
We have, over the decades, developed a fairly precise mental model of how
"Presidents are supposed to behave; and how the policymaking process is supposed
to be carried out. Obviously, Trump does not fit their model", Jim Rickards
writes . "[GW] Bush and Obama were totally process-driven. You could see
events coming a mile away as they wound their way through the West Wing and
Capitol Hill deliberative processes." With Trump, Rickards continues, "there
is a process, but it does not adhere to a timeline or existing template. Trump
seems to be the only process participant most of the time. No one else in Washington
thinks this way. Washington insiders try to avoid confrontation, avoid escalation,
compromise from the beginning, and finesse their way through any policy process."
"Here's the Trump process:
Identify a big goal (tax cuts, balanced trade, the wall, etc.).
Identify your leverage points versus anyone who stands in your way
(elections, tariffs, jobs, etc.).
Announce some extreme threat against your opponent that uses your
leverage.
If the opponent backs down, mitigate the threat, declare victory
and go home with a win.
If the opponent fires back, double down. If Trump declares tariffs
on $50 billion of good from China,and China shoots back with tariffs on
$50 billion of goods from the U.S., Trump doubles down with tariffs on $100
billion of goods, etc. Trump will keep escalating until he wins."
Eventually, the escalation process can lead to negotiations with at least
the perception of a victory for Trump (North Korea) -- even if the victory is
more visual than real.
So, if we reframe the Helsinki meeting through this Art of the Deal lens,
what do we get? Seeing that thedivergencies of vision between Russia and the
US are so substantial, and the common ground is so small, there is very little
prospect for a 'strategic global deal'. In fact, President Trump has little
that he can offer Russia: sanctions relief is not in his gift (it is in the
maw of Congress), and he could not – at this stage – relinquish Ukraine, even
if Trump understands that the US and Europe bought a 'pig in a poke' with its
Maidan coup in Kiev.
"So", as Russian commentator, Rostislav Ishchenko, writes (in Russian, translation
here ): "We have a situation where both parties even prior to negotiations,
knew that they wouldn't be able to come to some arrangement, and they didn't
even prepare for such a thing (it wasn't planned to sign anything following
the results of negotiations). At the same time, both parties needed the event
to be successful". Ishchenko continues: "Trump obviously blackmails the European
Union with a possible agreement with Russia. But Putin also needs to show Europe
that there are other fish in the sea besides them."
"The position of Europe is clear. It isn't a coincidence that Trump,
while enumerating the enemies of the US (the EU, China, and Russia), made
it clear that he considers Russia to be a smaller problem [than the EU],
because there are practically no economic contradictions ("Nord Stream-2"
doesn't count) with it. It's not China, with which the US has the biggest
negative trade balance, but the EU, which Trump fairly defined as the main
trade competitor, receiving unjustified economic benefits from political
agreements with the US, and which is the main 'foe' of the US.
"[Thus Trump] resolves his military-political contradictions with
Russia, [and consequently] reduces the value of the EU as an ally for Washington,
to zero Europe was accustomed to (and hoped to continue to use) its role
of a springboard for the fight against Russia as [the primordial] argument
that was supposed to keep Trump away from making the last step (complete
separation with the EU).
In recent days, Merkel, after the NATO summit, started talking literally
[that Trump's hostility towards Europe is unjustified], because Europe battles
with Russia for the interests of the US.
"For the EU it was crucial that this argument continued to work.
Otherwise, Washington indeed, would have more common ground with Moscow
than with Brussels. And Europe isn't ready for a sharp confrontation with
the US. Having rested on its laurels [i.e. on its conviction that it occupied,
as it were, some 'moral high ground of values']. Europe wasn't engaged (in
difference, for example, from China), in the diversification of economic
ties and appeared to be strongly dependent on access to the American market.
"Without having risked to be ahead of Trump in the question of normalising
relations with Russia, EU leaders were fatally afraid that Trump and Putin,
despite all difficulties, will do the impossible and reach an agreement,
especially as both proved to be people who are ready to instantly make decisions
that change the destiny of the world.
"The position taken by the EU raised the value of the summit for
Russia too. Moscow can wait until Washington is ready for reconciliation.
But, taking into account the obvious intention of Europe to manoeuvre between
Russia and the US, trying to preserve the geopolitical configuration that
is profitable for itself, but doesn't suit either Trump nor Putin, Russia
was also interested in showing to the whole world the success of the summit
and good prospects for achieving definitive and comprehensive agreements."
In short, Trump was using Helsinki to leverage "an extreme threat against
your opponent" (Europe), by voiding the European 'card' of its 'usefulness'
to America through its constant battling against Russia. Indeed the recent
NATO final comunique, reads almost precisely as an legal indictment of Russia
and its behavior.
Both Trump and Putin took a big political risk by staging this 'end
to Cold War – coup de théâtre'. Trump has unleashed extraordinary hysteria in
parts of the US, provoking numerous Washington Post op-eds to language such
as characterising Trump's words (at the press conference) as 'apostasy' and
'a cancer amongst us'. (Apostasy is the language used by violent jihadists against
non-believers.)
The latent hatred for Russia is unmistakeably revealed. This animosity will
not be a surprise to Putin – though the extremity of the elite language used
towards Trump will make Russians aware of their risks – what
might ensue were Trump somehow be removed from office?
What does such language portend? The roots of American Russo-phobia go deep.
It starts with American Trotskyist activists' on ground participation in the
initial Trotskyist Bolshevik revolution –
largely financed, and orchestrated by Wall Street.
Not only did New York
bankers provide money, they also facilitated safe passage to Russia for revolutionaries
such as Trotsky and others. Stalin's ultimate killing of the Trotskyist killers
in the 1930s (and many others) is at the root of the Russian 'thuggery' language
still circulating in US (even if some have forgotten its origins). Stalin's
cleansing has never been forgiven by certain circles in the US.
Of course, what rankles most in America, and amongst European liberal elites,
is the apparent according of moral equivalence of Putin to America, and to America's
intelligence capabilities. America believes it WON – it won the Cold War culturally,
and in terms of its systems of government and economics. This 'End to History'
hubris voided – in this ecstatic state – the need to treat Russia as other than
a psychologically 'defeated people', (which they were not).
The western Establishment anger stems ultimately from Russia's refusal
to acquiesce to their merited 'defeatism' (in this view): Putin rejected to
merge Russia into the American-led global order, preferring Russia to remain
somehow 'Russian', in its own Russian cultural way.
What are the implications for Europe? For Europe this is a catastrophe. It
means that US dialogue with Putin will continue. Where to run for the EU – to
Washington or to Moscow? To remain loyal to an old suzerain or to try to adhere
to a new one, before others get there first?
Moreover, unlike Russia, Europe can't wait. By meeting Putin, Trump brought
the US out of zugzwang, having handed over to the European Union the right to
make this same move, which only risks complicating Euro politics – beyond its
existing challenges.
And for Trump? The 'smart money' says that he will be indicted, or impeached,
after the midterms. I doubt it. For all John Brennan's talk of "High Crimes
and Misdemeanors" (the precise legal language of impeachment), there is no crime.
If any, crimes per se may emerge out from a very different quarter.
And Trump likely will survive the current hysterics.
On the "blue" side of things, mendacity rules as usual lately, especially in
the Deep State septic abscess that the Russia probe has become.
Department
of Justice official Bruce Ohr, twice demoted but still on the payroll, went
into a closed congressional hearing and apparently threw everybody but his
mother under the bus, laying out an evidence trail of stupendous, flagrant
corruption in that perfidious scheme to un-do the election results of 2016.
Most amazingly, it was revealed that Mr. Ohr had not been called to testify
by special counsel Robert Mueller nor by the federal prosecutor John Huber,
who is charged with investigating the FBI / DOJ irregularities surrounding
the Russia probe.
It is amazing because Mr. Ohr is precisely the
pivotal figure in what now looks like an obvious conspiracy to politically weaponize the agencies against the Golden Golem.
An
awful lot of people have some 'splainin' to do on that one, starting with
the Attorney General and his deputy. Who will put it to them?
Kunstler sums it all up colorfully and correctly. If America is
to survive we need to take the money out of politics but fat
chance of that. In ancient Athens and in Rome's early republic
period, positions in government were given to men respected by
their peers and known to be honest and fair. Look at our
Congress. Look at the lowlife presidents of the last 25 years. A
sex degenerate, a brain-damaged alcoholic, a jive dancing
homosexual. And they lionize McCain as a great man. He actually
plans his own funeral with multiple venues and has presidents
kissing his ass even in death and all for anti-Trump
showmanship. This doesn't look like a nation on the way up to
me.
Ancient Athens and Rome faced the same problem - complete political
corruption - their leaders were chosen on the basis of their wealth
and property - indeed, if you weren't a property holder, you usually
weren't even a citizen. And their personal lives back then were
just as perverted, if not more so than our politicians and captains
of industry today.
Baron, if you are right,
historians (if there are any), will one day compare
Rome's emperors from Caligula to Nero
to recent US presidents.
History repeats, first as tragedy, then as farce
. - K. Marx
He seems to be saying that the real Fed chairman is an algo on
steroids, and while elites know it, they will not admit it,
publicly, whereas the serfs still blame things like offshoring
of jobs and displacement from jobs by illegal aliens with
welfare-hoisted wages, hence their attendance at MAGA rallies, not
that Trump has succeeded in motivating the congressional swamp to do
anything about this. He also seems to be saying that, when it hits
the fan, underemployed serfs will win something, but will blame
elites despite their winnings. If the post-collapse "winnings"
are anything like other economic upsides for serfs, they better not
blink, or they will miss all the good stuff. It will be a lot like
that imperceptible payroll tax cut that Obama's stimulus provided to
most non-welfare-eligible serfs, living on earned-only income, or
what most serfs got out of the Trump tax cuts: a
Costco-membership-sized lift to their monthly paychecks, which
are half consumed by rent alone.
"... I was not sure whether Trump was controlled opposition or simply a useful scapegoat for the economic crisis that globalists are clearly engineering. Now it appears that he is both. ..."
"... Many businessmen end up dealing with elitist controlled banks at some point in their careers. But when Trump entered office and proceeded to load his cabinet with ghouls from Goldman Sachs, JP Morgan, the Council on Foreign Relations and give Wilber Ross the position of Commerce Secretary, it became obvious that Trump is in fact a puppet for the banks. ..."
"... If one examines the history of fake coups, there is ALWAYS an element of orchestrated division, sometimes between the globalists and their own puppets. This is called 4th Generation warfare, in which almost all divisions are an illusion and the real target is the public psyche. ..."
"... the overall picture is not as simple as "Left vs. Right." Instead, we need to look at the situation more like a chess board, and above that chess board looms the globalists, attempting to control all the necessary pieces on BOTH sides. Every provocation by leftists is designed to elicit a predictable response from conservatives to the point that we become whatever the globalists want us to become. ..."
"... Therefore it is not leftists that present the greatest threat to individual liberty, but the globalist influenced Trump administration. A failed coup on the part of the left could be used as a rationale for incremental and unconstitutional "safeguards." And conservatives may be fooled into supporting these measures as the threat is overblown. ..."
At that time I was certain that the globalists would find great use for a Trump presidency,
more so in fact than a Clinton presidency. However, I was not sure whether Trump was controlled
opposition or simply a useful scapegoat for the economic crisis that globalists are clearly
engineering. Now it appears that he is both.
Trump's history was already suspicious. He was bailed out of his considerable debts
surrounding his Taj Mahal casino in Atlantic City in the early 1990s by
Rothschild banking agent Wilber Ross , which saved him from embarrassment and
possibly saved his entire fortune . This alone was not necessarily enough to deny Trump the
benefit of the doubt in my view.
Many businessmen end up dealing with elitist controlled banks at some point in their
careers. But when Trump entered office and proceeded to load his cabinet with ghouls from
Goldman Sachs, JP Morgan, the Council on Foreign Relations and give Wilber Ross the position of
Commerce Secretary, it became obvious that Trump is in fact a puppet for the banks.
Some liberty movement activists ignore this reality and attempt to argue around the facts of
Trump's associations. "What about all the media opposition to Trump? Doesn't this indicate he's
not controlled?" they say. I say, not really.
If one examines the history of fake coups, there is ALWAYS an element of orchestrated
division, sometimes between the globalists and their own puppets. This is called 4th Generation
warfare, in which almost all divisions are an illusion and the real target is the public
psyche.
This is not to say that leftist opposition to Trump and conservatives is not real. It
absolutely is. The left has gone off the ideological deep end into an abyss of rabid frothing
insanity, but the overall picture is not as simple as "Left vs. Right." Instead, we need to
look at the situation more like a chess board, and above that chess board looms the globalists,
attempting to control all the necessary pieces on BOTH sides. Every provocation by leftists is
designed to elicit a predictable response from conservatives to the point that we become
whatever the globalists want us to become.
... ... ...
As this is taking place, conservatives are growing more sensitive to the notion of a leftist
coup, from silencing of conservative voices to an impeachment of Trump based on fraudulent
ideas of "Russian collusion."
To be clear, the extreme left has no regard for individual liberties or constitutional law.
They use the Constitution when it suits them, then try to tear it down when it doesn't suit
them. However, the far-left is also a paper tiger; it is not a true threat to conservative
values because its membership marginal, it is weak, immature and irrational. Their only power
resides in their influence within the mainstream media, but with the MSM fading in the face of
the alternative media, their social influence is limited. It is perhaps enough to organize a
"coup," but it would inevitably be a failed coup.
Therefore it is not leftists that present the greatest threat to individual liberty, but the
globalist influenced Trump administration. A failed coup on the part of the left could be used
as a rationale for incremental and unconstitutional "safeguards." And conservatives may be
fooled into supporting these measures as the threat is overblown.
I have always said that the only people that can destroy conservative principles are
conservatives. Conservatives diminish their own principles every time they abandon their
conscience and become exactly like the monsters they hope to defeat. And make no mistake, the
globalists are well aware of this strategy.
Carroll Quigley, a pro-globalist professor and the author of Tragedy and Hope, a book
published decades ago which outlined the plan for a one world economic and political system, is
quoted in his address ' Dissent: Do We Need It
':
"They say, "The Congress is corrupt." I ask them, "What do you know about the Congress? Do
you know your own Congressman's name?" Usually they don't. It's almost a reflex with them,
like seeing a fascist pig in a policeman. To them, all Congressmen are crooks. I tell them
they must spend a lot of time learning the American political system and how it functions,
and then work within the system. But most of them just won't buy that. They insist the system
is totally corrupt. I insist that the system, the establishment, whatever you call it, is so
balanced by diverse forces that very slight pressures can produce perceptible results.
For example, I've talked about the lower middle class as the backbone of fascism in the
future. I think this may happen. The party members of the Nazi Party in Germany were
consistently lower middle class. I think that the right-wing movements in this country are
pretty generally in this group."
Is a "failed coup" being staged in order to influence conservatives to become the very
"fascists" the left accuses us of being? The continuing narrative certainly suggests that this
is the game plan.
* * *
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"... For dessert today, I offer Russia's Grand Strategy Revisited published on the 24th. The Outlaw US Empire is in the midst of a Seldon Crisis but lacks the means to even recognize the spectacular mess its made for itself, much of which is quite visibly articulated in its NDS I linked to above. ..."
"... By every metric I've observed, the USA's citizenry from all political POVs wants a return to Reality for that's the only basis from which to address and solve the many domestic problems. ..."
Too Funny!
Trump whines, threatens pullout from WTO again! After decades of bullying
nations and impoverishing their people, other nations are using the Outlaw
US Empire's WTO as a weapon against it, so Trump cries Unfair! As I wrote
above, Big Money's trapped within its own web.
The "Softies" are yet another entity in the Smoke & Mirrors Fun House
designed to fool and gain citizenry's consent to be robbed blind.
Russians already went through that and are very wary as illustrated by
the very sensitive nature of the recent
Pension System Reform Debate and legislation that Putin had to solve
using his political capital.
As with all politicians, you won't know what you elected until you learn
how your rep votes issues, although some can be anticipated by examining
their past behavior as with our pseudo Democrat-Socialist.
For dessert today, I offer Russia's
Grand Strategy Revisited published on the 24th. The Outlaw US
Empire is in the midst of a Seldon Crisis but lacks the means to even recognize
the spectacular mess its made for itself, much of which is quite visibly
articulated in its NDS I linked to above.
By every metric I've observed, the USA's citizenry from all political
POVs wants a return to Reality for that's the only basis from which to address
and solve the many domestic problems.
Big Money refuses as its addicted to Smoke & Mirrors since that's what
was used to gain its power and will now double-down.
"... Developing the tradition charted by C. Wright Mills in his 1956 classic The Power Elite , in his latest book, Professor Peter Phillips starts by reviewing the transition from the nation state power elites described by authors such as Mills to a transnational power elite centralized on the control of global capital. ..."
Developing the tradition charted by C. Wright Mills in his 1956 classic The Power Elite
, in his latest book, Professor Peter Phillips starts by reviewing the transition from the
nation state power elites described by authors such as Mills to a transnational power elite
centralized on the control of global capital.
Thus, in his just-released study Giants: The Global
Power Elite , Phillips, a professor of political sociology at Sonoma State University
in the USA, identifies the world's top seventeen asset management firms, such as BlackRock and
J.P Morgan Chase, each with more than one trillion dollars of investment capital under
management, as the 'Giants' of world capitalism. The seventeen firms collectively manage more
than $US41.1 trillion in a self-invested network of interlocking capital that spans the
globe.
This $41 trillion represents the wealth invested for profit by thousands of millionaires,
billionaires and corporations. The seventeen Giants operate in nearly every country in the
world and are 'the central institutions of the financial capital that powers the global
economic system'. They invest in anything considered profitable, ranging from 'agricultural
lands on which indigenous farmers are replaced by power elite investors' to public assets (such
as energy and water utilities) to war.
In addition, Phillips identifies the most important networks of the Global Power Elite and
the individuals therein. He names 389 individuals (a small number of whom are women and a token
number of whom are from countries other than the United States and the wealthier countries of
Western Europe) at the core of the policy planning nongovernmental networks that manage,
facilitate and defend the continued concentration of global capital. The Global Power Elite
perform two key uniting functions, he argues: they provide ideological justifications for their
shared interests (promulgated through their corporate media), and define the parameters of
action for transnational governmental organizations and capitalist nation-states.
More precisely, Phillips identifies the 199 directors of the seventeen global financial
Giants and offers short biographies and public information on their individual net wealth.
These individuals are closely interconnected through numerous networks of association including
the World Economic Forum, the International Monetary Conference, university affiliations,
various policy councils, social clubs, and cultural enterprises. For a taste of one of these
clubs, see this account of The Links in New York. As Phillips
observes: 'It is certainly safe to conclude they all know each other personally or know of each
other in the shared context of their positions of power.'
The Giants, Phillips documents, invest in each other but also in many hundreds of investment
management firms, many of which are near-Giants. This results in tens of trillions of dollars
coordinated in a single vast network of global capital controlled by a very small number of
people. 'Their constant objective is to find enough safe investment opportunities for a return
on capital that allows for continued growth. Inadequate capital-placement opportunities lead to
dangerous speculative investments, buying up of public assets, and permanent war spending.'
Because the directors of these seventeen asset management firms represent the central core
of international capital, 'Individuals can retire or pass away, and other similar people will
move into their place, making the overall structure a self-perpetuating network of global
capital control. As such, these 199 people share a common goal of maximum return on investments
for themselves and their clients, and they may seek to achieve returns by any means necessary
– legal or not . the institutional and structural arrangements within the money
management systems of global capital relentlessly seek ways to achieve maximum return on
investment, and the conditions for manipulations – legal or not – are always
present.'
Like some researchers before him, Phillips identifies the importance of those transnational
institutions that serve a unifying function. The World Bank, International Monetary Fund, G20,
G7, World Trade Organization (WTO),
World Economic Forum (WEF), Trilateral
Commission, Bilderberg Group ,
Bank for International Settlements, Group of 30 (G30), the Council on Foreign Relations and the International Monetary
Conference serve as institutional mechanisms for consensus building within the transnational
capitalist class, and power elite policy formulation and implementation. 'These international
institutions serve the interests of the global financial Giants by supporting policies and
regulations that seek to protect the free, unrestricted flow of capital and debt collection
worldwide.'
But within this network of transnational institutions, Phillips identifies two very
important global elite policy-planning organizations: the Group of Thirty (which has 32 members) and the extended executive
committee of the Trilateral Commission
(which has 55 members). These nonprofit corporations, which each have a research and support
staff, formulate elite policy and issue instructions for their implementation by the
transnational governmental institutions like the G7, G20, IMF, WTO, and World Bank. Elite
policies are also implemented following instruction of the relevant agent, including
governments, in the context. These agents then do as they are instructed. Thus, these 85
members (because two overlap) of the Group of Thirty and the Trilateral Commission comprise a
central group of facilitators of global capitalism, ensuring that 'global capital remains safe,
secure, and growing'.
So, while many of the major international institutions are controlled by nation-state
representatives and central bankers (with proportional power exercised by dominant financial
supporters such as the United States and European Union countries), Phillips is more concerned
with the transnational policy groups that are nongovernmental because these organizations 'help
to unite TCC power elites as a class' and the individuals involved in these organizations
facilitate world capitalism. 'They serve as policy elites who seek the continued growth of
capital in the world.'
Developing this list of 199 directors of the largest money management firms in the world,
Phillips argues, is an important step toward understanding how capitalism works globally today.
These global power elite directors make the decisions regarding the investment of trillions of
dollars. Supposedly in competition, the concentrated wealth they share requires them to
cooperate for their greater good by identifying investment opportunities and shared risk
agreements, and working collectively for political arrangements that create advantages for
their profit-generating system as a whole.
Their fundamental priority is to secure an average return on investment of 3 to 10 percent,
or even more. The nature of any investment is less important than what it yields: continuous
returns that support growth in the overall market. Hence, capital investment in tobacco
products, weapons of war, toxic chemicals, pollution, and other socially destructive goods and
services are judged purely by their profitability. Concern for the social and environmental
costs of the investment are non-existent. In other words, inflicting death and destruction are
fine because they are profitable.
So what is the global elite's purpose? In a few sentences Phillips characterizes it thus:
The elite is largely united in support of the US/NATO military empire that prosecutes a
repressive war against resisting groups – typically labeled 'terrorists' – around
the world. The real purpose of 'the war on terror' is defense of transnational globalization,
the unimpeded flow of financial capital around the world, dollar hegemony and access to oil; it
has nothing to do with repressing terrorism which it generates, perpetuates and finances to
provide cover for its real agenda. This is why the United States has a long history of CIA and
military interventions around the world ostensibly in defense of 'national
interests'.
An interesting point that emerges for me from reading Phillips thoughtful analysis is that
there is a clear distinction between those individuals and families who have wealth and those
individuals who have (sometimes significantly) less wealth (which, nevertheless, is still
considerable) but, through their positions and connections, wield a great deal of power. As
Phillips explains this distinction, 'the sociology of elites is more important than particular
elite individuals and their families'. Just 199 individuals decide how more than $40 trillion
will be invested. And this is his central point. Let me briefly elaborate.
There are some really wealthy families in the world, notably including the families
Rothschild (France and the United Kingdom), Rockefeller (USA), Goldman-Sachs (USA), Warburgs
(Germany), Lehmann (USA), Lazards (France), Kuhn Loebs (USA), Israel Moses Seifs (Italy),
Al-Saud (Saudi Arabia), Walton (USA), Koch (USA), Mars (USA), Cargill-MacMillan (USA) and Cox
(USA). However, not all of these families overtly seek power to shape the world as they
wish.
Similarly, the world's extremely wealthy individuals such as Jeff Bezos (USA), Bill Gates
(USA), Warren Buffett (USA), Bernard Arnault (France), Carlos Slim Helu (Mexico) and Francoise
Bettencourt Meyers (France) are not necessarily connected in such a way that they exercise
enormous power. In fact, they may have little interest in power as such, despite their obvious
interest in wealth.
In essence, some individuals and families are content to simply take advantage of how
capitalism and its ancilliary governmental and transnational instruments function while others
are more politically engaged in seeking to manipulate major institutions to achieve outcomes
that not only maximize their own profit and hence wealth but also shape the world itself.
So if you look at the list of 199 individuals that Phillips identifies at the centre of
global capital, it does not include names such as Bezos, Gates, Buffett, Koch, Walton or even
Rothschild, Rockefeller or Windsor (the Queen of England) despite their well-known and
extraordinary wealth. As an aside, many of these names are also missing from the lists compiled
by groups such as Forbes and
Bloomberg , but their
absence from these lists is for a very different reason given the penchant for many really
wealthy individuals and families to avoid certain types of publicity and their power to ensure
that they do.
In contrast to the names just listed, in Phillips' analysis names like Laurence (Larry) Fink
(Chairman and CEO of BlackRock), James (Jamie) Dimon (Chairman and CEO of JPMorgan Chase) and
John McFarlane (Chairman of Barclays Bank), while not as wealthy as those listed immediately
above, wield far more power because of their positions and connections within the global elite
network of 199 individuals.
Predictably then, Phillips observes, these three individuals have similar lifestyles and
ideological orientations. They believe capitalism is beneficial for the world and while
inequality and poverty are important issues, they believe that capital growth will eventually
solve these problems. They are relatively non-expressive about environmental issues, but
recognize that investment opportunities may change in response to climate 'modifications'. As
millionaires they own multiple homes. They attended elite universities and rose quickly in
international finance to reach their current status as giants of the global power elite. 'The
institutions they manage have been shown to engage in illegal collusions with others, but the
regulatory fines by governments are essentially seen as just part of doing business.'
In short, as I would characterize this description: They are devoid of a legal or moral
framework to guide their actions, whether in relation to business, fellow human beings, war or
the environment and climate. They are obviously typical of the elite.
Any apparent concern for people, such as that expressed by Fink and Dimon in response to the
racist violence in Charlottesville, USA in August 2017, is simply designed to promote
'stability' or more precisely, a stable (that is, profitable) investment and consumer
climate.
The lack of concern for people and issues that might concern many of us is also evident from
a consideration of the agenda at elite gatherings. Consider the International Monetary
Conference. Founded in 1956, it is a private yearly meeting of the top few hundred bankers in
the world. The American Bankers Association (ABA) serves as the secretariat for the conference.
But, as Phillips notes: 'Nothing on the agenda seems to address the socioeconomic consequences
of investments to determine the impacts on people and the environment.' A casual perusal of the
agenda at any elite gathering reveals that this comment applies equally to any elite forum.
See, for example, the agenda of the recent WEF meeting in
Davos . Any talk of 'concern' is misleading rhetoric.
Hence, in the words of Phillips: The 199 directors of the global Giants are 'a very select
set of people. They all know each other personally or know of each other. At least 69 have
attended the annual World Economic Forum, where they often serve on panels or give public
presentations. They mostly attended the same elite universities, and interact in upperclass
social setting[s] in the major cities of the world. They all are wealthy and have significant
stock holdings in one or more of the financial Giants. They are all deeply invested in the
importance of maintaining capital growth in the world. Some are sensitive to environmental and
social justice issues, but they seem to be unable to link these issues to global capital
concentration.'
Of course, the global elite cannot manage the world system alone: the elite requires agents
to perform many of the functions necessary to control national societies and the individuals
within them. 'The interests of the Global Power Elite and the TCC are fully recognized by major
institutions in society. Governments, intelligence services, policymakers, universities, police
forces, military, and corporate media all work in support of their vital interests.'
In other words, to elaborate Phillips' point and extend it a little, through their economic
power, the Giants control all of the instruments through which their policies are implemented.
Whether it be governments, national military forces, 'military contractors' or mercenaries
(with at least $200 billion spent on private security globally, the industry currently employs
some fifteen million people worldwide) used both in 'foreign' wars but also likely deployed in
future for domestic control, key 'intelligence' agencies, legal systems and police forces,
major nongovernment organizations, or the academic, educational, 'public relations propaganda',
corporate media, medical, psychiatric and pharmaceutical industries, all instruments are fully
responsive to elite control and are designed to misinform, deceive, disempower, intimidate,
repress, imprison (in a jail or psychiatric ward), exploit and/or kill (depending on the
constituency) the rest of us, as is readily evident.
Defending Elite Power
Phillips observes that the power elite continually worries about rebellion by the 'unruly
exploited masses' against their structure of concentrated wealth. This is why the US military
empire has long played the role of defender of global capitalism. As a result, the United
States has more than 800 military bases (with some scholars suggesting 1,000) in 70 countries
and territories. In comparison, the United Kingdom, France, and Russia have about 30 foreign
bases. In addition, US military forces are now deployed in 70 percent of the world's nations
with US Special Operations Command (SOCOM) having troops in 147 countries, an increase of 80
percent since 2010. These forces conduct counterterrorism strikes regularly, including drone
assassinations and kill/capture raids.
'The US military empire stands on hundreds of years of colonial exploitation and continues
to support repressive, exploitative governments that cooperate with global capital's imperial
agenda. Governments that accept external capital investment, whereby a small segment of a
country's elite benefits, do so knowing that capital inevitably requires a return on investment
that entails using up resources and people for economic gain. The whole system continues wealth
concentration for elites and expanded wretched inequality for the masses .
'Understanding permanent war as an economic relief valve for surplus capital is a vital part
of comprehending capitalism in the world today. War provides investment opportunity for the
Giants and TCC elites and a guaranteed return on capital. War also serves a repressive function
of keeping the suffering masses of humanity afraid and compliant.'
As Phillips elaborates: This is why defense of global capital is the prime reason that NATO
countries now account for 85 percent of the world's military spending; the United States spends
more on the military than the rest of the world combined.
In essence, 'the Global Power Elite uses NATO and the US military empire for its worldwide
security. This is part of an expanding strategy of US military domination around the world,
whereby the US/ NATO military empire, advised by the power elite's Atlantic Council , operates in service to the
Transnational Corporate Class for the protection of international capital everywhere in the
world'.
This entails 'further pauperization of the bottom half of the world's population and an
unrelenting downward spiral of wages for 80 percent of the world. The world is facing economic
crisis, and the neoliberal solution is to spend less on human needs and more on security. It is
a world of financial institutions run amok, where the answer to economic collapse is to print
more money through quantitative easing, flooding the population with trillions of new
inflation-producing dollars. It is a world of permanent war, whereby spending for destruction
requires further spending to rebuild, a cycle that profits the Giants and global networks of
economic power. It is a world of drone killings, extrajudicial assassinations, death, and
destruction, at home and abroad.'
Where is this all heading?
So what are the implications of this state of affairs? Phillips responds unequivocally:
'This concentration of protected wealth leads to a crisis of humanity, whereby poverty, war,
starvation, mass alienation, media propaganda, and environmental devastation are reaching a
species-level threat. We realize that humankind is in danger of possible extinction'.
He goes on to state that the Global Power Elite is probably the only entity 'capable of
correcting this condition without major civil unrest, war, and chaos' and elaborates an
important aim of his book: to raise awareness of the importance of systemic change and the
redistribution of wealth among both the book's general readers but also the elite, 'in the hope
that they can begin the process of saving humanity.' The book's postscript is a 'A Letter to
the Global Power Elite', co-signed by Phillips and 90 others, beseeching the elite to act
accordingly.
'It is no longer acceptable for you to believe that you can manage capitalism to grow its
way out of the gross inequalities we all now face. The environment cannot accept more pollution
and waste, and civil unrest is everywhere inevitable at some point. Humanity needs you to step
up and insure that trickle-down becomes a river of resources that reaches every child, every
family, and all human beings. We urge you to use your power and make the needed changes for
humanity's survival.'
But he also emphasizes that nonviolent social movements, using the Universal Declaration of
Human Rights as a moral code, can accelerate the process of redistributing wealth by pressuring
the elite into action.
Conclusion
Peter Phillips has written an important book. For those of us interested in understanding
elite control of the world, this book is a vital addition to the bookshelf. And like any good
book, as you will see from my comments both above and below, it raised more questions for me
even while it answered many.
For this reason I do not share his faith in moral appeals to the elite, as articulated in
the letter in his postscript. It is fine to make the appeal but history offers no evidence to
suggest that there will be any significant response. The death and destruction inflicted by
elites is highly profitable, centuries-old and ongoing. It will take powerful,
strategically-focused nonviolent campaigns (or societal collapse) to compel the necessary
changes in elite behavior. Hence, I fully endorse his call for nonviolent social movements to
compel elite action where we cannot make the necessary changes without their involvement. See
'A Nonviolent Strategy to End Violence and Avert Human Extinction' and Nonviolent Campaign Strategy .
Fundamentally, Giants: The Global
Power Elite is a call to action. Professor Peter Phillips is highly aware of our
predicament – politically, socially, economically, environmentally and climatically
– and the critical role played by the global power elite in generating that
predicament.
If we cannot persuade the global power elite to respond sensibly to that predicament, or
nonviolently compel it to do so, humanity's time on Earth is indeed limited.
*
Robert J. Burrowes has a lifetime commitment to understanding and ending human violence.
He has done extensive research since 1966 in an effort to understand why human beings are
violent and has been a nonviolent activist since 1981. He is the author of 'Why Violence?' His email address
is [email protected]
and his website is here . He is a frequent contributor to Global
Research.
Freedom Caucus Chairman Mark Meadows (R-NC) dropped a late-night
bombshell on Monday suggesting there's evidence that the FBI and DOJ
rigged their own FISA spy warrants by leaking information to the
press, then using the resultant articles to obtain court
authorization to surveil targets.
"We've learned NEW information suggesting our suspicions are true:
FBI/DOJ
have previously leaked info to the press, and then used those same
press stories as a separate source to justify FISA's
,"
tweeted Meadows.
We've learned NEW information suggesting our
suspicions are true: FBI/DOJ have previously
leaked info to the press, and then used those
same press stories as a separate source to
justify FISA's
Unreal. Tomorrow's Bruce Ohr interview is even
more critical. Did he ever do this?
Until now, we've known that the creator of the so-called Steele
Dossier, former UK spy Christopher Steele, leaked information
directly to
Yahoo!
News
journalist Michael Isikoff - whose article became a
supporting
piece of evidence
in the FBI's FISA warrant application and
subsequent renewals for Trump adviser Carter Page.
So while we've known that Steele seeded Isikoff with information
from his dubious dossier, and that the FBI then used both Steele's
dossier and Isikoff's Steele-inspired article to game the FISA
system,
Rep.
Mark Meadows now says that the FBI/DOJ directly leaked information
to the press, which they then used for the same type of FISA scheme.
Strong evidence was discovered in January suggesting that former FBI
employee Lisa Page
leaked
privileged information
to Devlin Barrett, formerly of the
Wall
Street Journal
and now with the
Washington
Post
. Whether any of Barrett's reporting was subsequently used
to obtain a FISA warrant is unknown.
Meanwhile, Rep. Meadows's Monday night tweet comes hours before
twice-demoted DOJ employee Bruce Ohr is set to give closed-door
testimony to the House Oversight Committee. Ohr was caught lying
about his involvement with opposition research firm Fusion GPS
co-founder Glenn Simpson - who employed Steele.
Ohr's
CIA-linked
wife,
Nellie, was also
employed
by Fusion
as part of the firm's anti-Trump efforts, and had
ongoing communications with the ex-UK spy, Christopher Steele as
well.
- Bruce Ohr's wife, Nellie, worked for the firm
hired by the Clinton campaign to write the
dossier
- Bruce Ohr gave the dossier to the FBI
- The FBI then used the same dossier to spy on
the Trump campaign
When he comes to Congress tomorrow, Bruce Ohr
has explaining to do
Based on
new
emails
recently turned over to Congressional investigators, Ohr
was revealed to have been
feeding
information to the FBI from Steele, long after the FBI had
officially cut Steele off for inappropriate leaks to the press.
"Conspiracy theorists" ? We have emails showing
Bruce Ohr and Chris Steele, Clinton-paid dossier
author, were frequently communicating. Ohr was
getting info from Steele long after the FBI
claimed Steele was formally 'terminated' as a
source. They had 60+ contacts.
Ohr's role as a conduit between Steele and the FBI continued for
months
and resulted in 12 separate FBI interviews,
including several after Trump's inauguration. According to Ohr's
then-supervisor, Deputy Attorney General Rod Rosenstein, Ohr
worked on the Russia probe without his permission and without
his knowledge. -
The
Federalist
House Oversight and Government Reform Committee Chairman Trey Gowdy
vowed that Tuesday's Ohr testimony would "
get
to the bottom of what he did, why he did it, who he did it in
concert with, whether he had the permission of the supervisors at
the Department of Justice."
Last week, President Trump called for Attorney General Jeff Sessions
to fire Ohr after his and Nellie's relationship with Simpson
emerged. Trump tweeted: "Will Bruce Ohr, whose family received big
money for helping to create the phony, dirty and discredited
Dossier, ever be fired from the Jeff Sessions 'Justice' Department?
A total joke!"
Will Bruce Ohr, whose family received big money
for helping to create the phony, dirty and
discredited Dossier, ever be fired from the Jeff
Sessions "Justice" Department? A total joke!
Trump's threat came one day after two tweets about Ohr, noting a
connection to former FBI agent Peter Strzok, as well as a text sent
by Ohr after former FBI Director James Comey was fired in which Ohr says
"afraid they will be exposed."
"Very concerned about Comey's firing, afraid
they will be exposed," said Bruce Ohr. DOJ's
Emails & Notes show Bruce Ohr's connection to
(phony & discredited) Trump Dossier. A creep
thinking he would get caught in a dishonest act.
Rigged Witch Hunt!
"The FBI received documents from Bruce Ohr (of
the Justice Department & whose wife Nelly worked
for Fusion GPS)." Disgraced and fired FBI Agent
Peter Strzok. This is too crazy to be believed!
The Rigged Witch Hunt has zero credibility.
More Ohr questions remain. For example, why did Nellie Ohr obtain a
Ham Radio license right in
May,
2016?
As Ham enthusiast George Parry wondered in The Federalist
in March, was it to avoid detection while working on the anti-Trump
effort?
So,
was
Nellie Ohr's late-in-life foray into ham radio an effort to
evade the Rogers-led NSA detecting her participation in
compiling the Russian-sourced Steele dossier
? Just as
her husband's omissions on his DOJ ethics forms raise an
inference of improper motive, any competent prosecutor could use
the circumstantial evidence of her taking up ham radio while
digging for dirt on Trump to prove her consciousness of guilt
and intention to conceal illegal activities. -
The
Federalist
And since none of this apparently justifies the appointment of a
second special counsel by the DOJ, perhaps Bruce can offer up some
answers during Tuesday's session? Of course, we'll never know what
he said unless someone leaks.
We warned previously that
something big is coming in Syria as the final showdown for al-Qaeda held
Idlib looms with the Syrian Army and Russian aerial and naval forces taking
position.
Pentagon and US officials continue pushing the gambit, setting the stage
to play the "Assad is gassing his own people" card should so much as an inkling
of a White Helmets allegation emerge , in an unprecedented level of telegraphing
intentions for leverage on the battlefield.
And right on cue CNN has ramped up its coverage over the past of week of
the
"last rebel-held stronghold" in Syria, sending a hijab-covered reporter
into the territory under rebel permission to interview civilians which CNN
says Assad seeks to wipe out, possibly through sarin or other chemical attack
.
Except the "rebel" coalition in control of this major "final holdout" is
but the latest incarnation of al-Qaeda, calling itself Hay'at Tahrir al-Sham
(HTS) and has held the province, the capital city of which is Idlib city, since
a successful Western and Gulf ally sponsored attack on the area in 2015.
From National Security Advisor John Bolton's
statements last week to Secretary of State Mike Pompeo's
"warning" to his Russian counterpart to Tuesday's State Department press
briefing, where spokeswoman Heather Nauert reiterated
reiterated to reporters the United States "will respond to any verified
chemical weapons use in Idlib or elsewhere in Syria ... in a swift and appropriate
manner"...
It now appears the US stands ready to respond militarily to even the most
unlikely and flimsiest of accusations .
And why wouldn't Hay'at Tahrir al-Sham militants, now surrounded by Syrian
and Russian forces and facing imminent defeat, redeem what's essentially the
US offer to "call in the Air Force" against Assad's army? All they have to do
is utter the words "chemical weapons attack!" to their friends in the Western
media.
The Idlib campaign is predicted to be the bloodiest and longest grinding
final battle of the war, and what should by now be obvious to all is this: Assad,
on the verge of total victory has absolutely no incentive whatsoever to commit
the one act that would ensure his own demise after arguably barely surviving
seven years of war.
And at the same time the HTS/AQ "rebels" have every incentive to bring to
fruition what US officials have this week so clearly laid out for them .
After all, it's happened before in Idlib, with not so much as an on-the-ground
investigation to collect evidence to back the claim (usually the minimal investigative
threshold for the UN and OPCW), as occurred in the April 2017 Khan Sheikhoun
claimed "sarin attack" incident, which resulted in the first time President
Trump ordered airstrikes on Syria. To this day the international chemical investigative
body and watchdog, the OPCW,
has yet to visit the site due to its being controlled by al-Qaeda forces
.
Nauert said further on Tuesday that senior U.S. officials have engaged with
their Russian counterparts "to make this point very clear to Damascus" -- that
chemical weapons "will not be tolerated" -- and could meet with massive military
response . She also repeated that Assad would be held responsible.
Meanwhile Russia has
cited its own intelligence
saying that Syrian armed groups in Idlib are preparing for a staged chemical
provocation, which Moscow says the West will use to justify a strike against
Syrian government forces.
Speaking to
Newsweek on Monday , Syria analyst Joshua Landis said that there is every
reason to doubt the veracity of past rebel claims regarding government chemical
weapons usage -- a surprising admission given his prominence as speaking from
within the heart of the media foreign policy establishment.
Landis
said , "I don't know what to make of the U.S. and Russian war of words over
the potential use of chemical weapons in Idlib. The final reports on the use
of chemical weapons in Ghouta were not definitive."
"There was no evidence found for the use of nerve agents, but controversy
over the use of chlorine gas. The rebels had reason to carry out a false flag
operation, as the regime and Russians suggested , but the regime refused to
let U.N. inspectors in to test for chemical weapons until after a lengthy delay,
which was suspicious," he concluded.
A Chinese-owned firm with operations in Washington D.C. hacked
Hillary Clinton's private server "
throughout
her term as secretary of state and obtained nearly all her emails
,"
reports the
Daily
Caller
'
s Richard Pollock.
The Chinese firm
obtained
Clinton's emails in real time
as she sent and received
communications and documents through her personal server,
according to the sources, who said the hacking was conducted as
part of an intelligence operation.
The Chinese wrote code that was embedded in the server
,
which was kept in Clinton's residence in upstate New York.
The
code generated an instant "courtesy copy" for nearly all of her
emails and forwarded them to the Chinese company
,
according to the sources. -
Daily
Caller
During a July 12 House Committee on the Judiciary hearing, Texas
Rep. Louie Gohmert (R) disclosed that the Intelligence Community
Inspector General (ICIG) found that virtually all of Clinton's
emails from her homebrew server were
funneled
to a "foreign entity."
Gohmert did not reveal the entity's
identity - however he said it wasn't Russia.
A government staff official briefed on the ICIG's findings told the
Daily
Caller
that the Chinese firm which hacked Clinton's emails
operates
in Washington's northern Virginia suburbs,
and that it was
not a technology firm - but a "front group" for the Chinese
government.
Warnings ignored
Two ICIG officials, investigator Frank Ruckner and attorney Janette
McMillan, repeatedly warned FBI officials of the Chinese intrusion
during several meetings, according to the
Daily
Caller
, citing a "former intelligence officer with expertise in
cybersecurity issues who was briefed on the matter."
Among the FBI officials warned was
Peter
Strzok
-
who
was fired earlier this month from the agency over anti-Trump text
messages he sent while spearheading an investigation of Trump's 2016
campaign. Strzok did not act on the ICIG's warning according to
Gohmert - who added that Strzok and three other top FBI officials
knew
about an "anomaly" on Clinton's server
.
In other words;
Strzok,
while investigating Clinton's email server, completely ignored the
fact that
most
of
Clinton's emails were sent to a foreign entity -
while
IG Horowitz simply didn't want to know about it.
The Intelligence Community Inspector General (ICIG) found an
"anomaly on Hillary Clinton's emails going through their private
server, and when they had done the forensic analysis, they found
that her emails,
every
single one except four, over 30,000
, were going to an
address that was not on the distribution list," Republican Rep.
Louie Gohmert of Texas said during a hearing with FBI official
Peter Strzok. -
Daily
Caller
Gohmert: "
It
was going to an unauthorized source that was a foreign entity
unrelated to Russia.
"
Strzok admitted to meeting with Ruckner but said he couldn't
remember the "specific" content of their discussion.
"The forensic examination was done by the ICIG and they can document
that," Gohmert said, "but
you
were given that information and you did nothing with it
."
Meanwhile, four separate attempts were also made to notify DOJ
Inspector General Michael Horowitz to brief him on the
massive
security breach
, however Horowitz "never returned the
call."
Internal Pushback
In November of 2017, IG McCullough - an Obama appointee - revealed
to
Fox
News
that
he
received pushback
when he tried to tell former DNI James Clapper
about
the
foreign entity which had Clinton's emails
and other
anomalies.
Instead of being embraced for trying to expose an illegal act,
seven
senators
including Dianne Feinstein (D-Ca) wrote a letter
accusing him of politicizing the issue.
"It's absolutely irrelevant whether something is marked classified,
it is the character of the information," he said.
McCullough said that from that point forward, he received only
criticism and an "adversarial posture" from Congress when he
tried to rectify the situation.
"I expected to be embraced and protected," he said, adding that
a Hill staffer "chided" him for failing to consider the
"political consequences" of the information he was blowing the
whistle on. -
Fox
News
On one hand you have extensive evidence of criminality, with zero
investigations. On the other hand you have zero evidence of
criminality, with an eternal open ended investigation. And people
think the deep state does not exist?
Shocking that Diane Finestein however she spells it blocked
investigation of Chinese hacking. Her handler/ driver of 20 years also
denies knowledge of hacking.
Yes this was the bombshell at the Strzok testimony, but then Rep.
Gohmert made that crack about Strzok's wife which was all over tee-vee.
Wish he wouldn't have done that - should have said something like "Ya'
mean, the Chinese penetrated Hillary?"
In a few hrs, Orr is going to be testifying behind closed doors because
of national security issues.
So now we know the reason for the behind closed doors hearing it's to
keep this info from We The People and it sure in hell isn't to keep it
from the Russians, Chinese, UK, OZ, or any other 2-bit dictator with an
internet connection.
"... This financial dynamic has hijacked industrial capitalism. It is leading economies to polarize and ultimately collapse under the weight of their debt burden. That is the inherent dynamic of finance capitalism. The debt overhead leads to a financial crisis that becomes an opportunity to impose emergency rule to replace democratic lawmaking. So contrary to Hayek's anti-government "free enterprise" warnings, "slippery slope" to totalitarianism is not by socialist reforms limiting the rentier class's extraction of economic rent and interest, but just the opposite: the failure of society to check the rentier extraction of income vesting a hereditary autocracy whose financial and rent-seeking business plan impoverishes the economy at large. ..."
Text of Michael Hudson's speech on debt and the world economy, presented at Peking
University's School of Marxist Studies, May 5-6, 2018.
Volumes II and III of Marx's Capital describe how debt grows exponentially, burdening the
economy with carrying charges. This overhead is subjecting today's Western finance-capitalist
economies to austerity, shrinking living standards and capital investment while increasing
their cost of living and doing business. That is the main reason why they are losing their
export markets and becoming de-industrialized.
What policies are best suited for China to avoid this neo-rentier disease while raising
living standards in a fair and efficient low-cost economy? The most pressing policy challenge
is to keep down the cost of housing. Rising housing prices mean larger and larger debts
extracting interest out of the economy. The strongest way to prevent this is to tax away the
rise in land prices, collecting the rental value for the government instead of letting it be
pledged to the banks as mortgage interest.
The same logic applies to public collection of natural resource and monopoly rents. Failure
to tax them away will enable banks to create debt against these rents, building financial and
other rentier charges into the pricing of basic needs.
U.S. and European business schools are part of the problem, not part of the solution. They
teach the tactics of asset stripping and how to replace industrial engineering with financial
engineering, as if financialization creates wealth faster than the debt burden. Having rapidly
pulled ahead over the past three decades, China must remain free of rentier ideology that
imagines wealth to be created by debt-leveraged inflation of real-estate and financial asset
prices.
Western capitalism has not turned out the way that Marx expected. He was optimistic in
forecasting that industrial capitalists would gain control of government to free economies from
unnecessary costs of production in the form of rent and interest that increase the cost of
living (and hence, the break-even wage level). Along with most other economists of his day, he
expected rentier income and the ownership of land, natural resources and banking to be taken
out of the hands of the hereditary aristocracies that had held them since Europe's feudal
epoch. Socialism was seen as the logical extension of classical political economy, whose main
policy was to abolish rent paid to landlords and interest paid to banks and bondholders.
A century ago there was an almost universal belief in mixed economies. Governments were
expected to tax away land rent and natural resource rent, regulate monopolies to bring prices
in line with actual cost value, and create basic infrastructure with money created by their own
treasury or central bank. Socializing land rent was the core of Physiocracy and the economics
of Adam Smith, whose logic was refined by Alfred Marshall, Simon Patten and other bourgeois
economists of the late 19th century. That was the path that European and American capitalism
seemed to be following in the decades leading up to World War I. That logic sought to use the
government to support industry instead of the landlord and financial classes.
China is progressing along this "mixed economy" road to socialism, but Western economies are
suffering from a resurgence of the pre-capitalist rentier classes. Their slogan of "small
government" means a shift in planning to finance, real estate and monopolies. This economic
philosophy is reversing the logic of industrial capitalism, replacing public investment and
subsidy with privatization and rent extraction. The Western economies' tax shift favoring
finance and real estate is a case in point. It reverses John Stuart Mill's "Ricardian
socialism" based on public collection of the land's rental value and the "unearned increment"
of rising land prices.
Defining economic rent as the unnecessary margin of prices over intrinsic cost value,
classical economists through Marx described rentiers as being economically parasitic, not
productive. Rentiers do not "earn" their land rent, interest or monopoly rent, because it has
no basis in real cost-value (ultimately reducible to labor costs). The political, fiscal and
regulatory reforms that followed from this value and rent theory were an important factor
leading to Marx's value theory and historical materialism. The political thrust of this theory
explains why it is no longer being taught.
By the late 19th century the rentiers fought back, sponsoring reaction against the socialist
implications of classical value and rent theory. In America, John Bates Clark denied that
economic rent was unearned. He redefined it as payment for the landlords' labor and enterprise,
not as accruing "in their sleep," as J. S. Mill had characterized it. Interest was depicted as
payment for the "service" of lending productively, not as exploitation. Everyone's income and
wealth was held to represent payment for their contribution to production. The thrust of this
approach was epitomized by Milton Friedman's Chicago School claim that "there is no such thing
as a free lunch" – in contrast to classical economics saying that feudalism's legacy of
privatized land ownership, bank credit and monopolies was all about how to get a free lunch, by
exploitation.
The other major reaction against classical and Marxist theory was English and Austrian
"utility" theory. Focusing on consumer psychology instead of production costs, it claimed that
there is no difference between value and price. A price is whatever consumers "choose" to pay
for commodities, based on the "utility" that these provide – defined by circular
reasoning as being equal to the price they pay. Producers are assumed to invest and produce
goods to "satisfy consumer demand," as if consumers are the driving force of economies, not
capitalists, property owners or financial managers.
Using junk-psychology, interest was portrayed as what bankers or bondholders "abstain" from
consuming, lending their self-denial of spending to "impatient" consumers and "credit-worthy"
entrepreneurs. This view opposed the idea of interest as a predatory charge levied by
hereditary wealth and the privatized monopoly right to create bank credit. Marx quipped that in
this view, the Rothschilds must be Europe's most self-depriving and abstaining family, not as
suffering from wealth-addiction.
These theories that all income is earned and that consumers (the bourgeois term for
wage-earners) instead of capitalists determine economic policy were a reaction against the
classical value and rent theory that paved the way for Marx's analysis. After analyzing
industrial business cycles in terms of under-consumption or over-production in Volume I of
Capital, Volume III dealt with the precapitalist financial problem inherited from feudalism and
the earlier "ancient" mode of production: the tendency of an economy's debts to grow by the
"purely mathematical law" of compound interest.
Any rate of interest may be thought of as a doubling time. What doubles is not real growth,
but the parasitic financial burden on this growth. The more the debt burden grows, the less
income is left for spending on goods and services. More than any of his contemporaries, Marx
emphasized the tendency for debt to grow exponentially, at compound interest, extracting more
and more income from the economy at large as debts double and redouble, beyond the ability of
debtors to pay. This slows investment in new means of production, because it shrinks domestic
markets for output.
Marx explained that the credit system is external to the means of production. It existed in
ancient times, feudal Europe, and has survived industrial capitalism to exist even in socialist
economies. At issue in all these economic systems is how to prevent the growth of debt and its
interest charge from shrinking economies. Marx believed that the natural thrust of industrial
capitalism was to replace private banking and money creation with public money and credit. He
distinguished interest-bearing debt under industrial capitalism as, for the first time, a means
of financing capital investment. It thus was potentially productive by funding capital to
produce a profit that was sufficient to pay off the debt.
Industrial banking was expected to finance industrial capital formation, as was occurring in
Germany in Marx's day. Marx's examples of industrial balance sheets accordingly assumed debt.
In contrast to Ricardo's analysis of capitalism's Armageddon resulting from rising land-rent,
Marx expected capitalism to free itself from political dominance by the landlord class, as well
as from the precapitalist legacy of usury.
This kind of classical free market viewed capitalism's historical role as being to free the
economy from the overhead of unproductive "usury" debt, along with the problem of absentee
landownership and private ownership of monopolies – what Lenin called the economy's
"commanding heights" in the form of basic infrastructure. Governments would make industries
competitive by providing basic needs freely or at least at much lower public prices than
privatized economies could match.
This reform program of industrial capitalism was beginning to occur in Germany and the
United States, but Marx recognized that such evolution would not be smooth and automatic.
Managing economies in the interest of the wage earners who formed the majority of the
population would require revolution where reactionary interests fought to prevent society from
going beyond the "bourgeois socialism" that stopped short of nationalizing the land, monopolies
and banking.
World War I untracked even this path of "bourgeois socialism." Rentier forces fought to
prevent reform, and banks focused on lending against collateral already in place, not on
financing new means of production. The result of this return to pre-industrial bank credit is
that some 80 percent of bank lending in the United States and Britain now takes the form of
real estate mortgages. The effect is to turn the land's rental yield into interest.
That rent-into-interest transformation gives bankers a strong motive to oppose taxing land
rent, knowing that they will end up with whatever the tax collector relinquishes. Most of the
remaining bank lending is concentrated in loans for corporate takeovers, mergers and
acquisitions, and consumer loans. Corporate capital investment in today's West is not financed
by bank credit, but almost entirely out of retained corporate earnings, and secondarily out of
stock issues.
The stock market itself has become extractive. Corporate earnings are used for stock
buybacks and higher dividend payouts, not for new tangible investment. This financial strategy
was made explicit by Harvard Business School Professor Michael Jensen, who advocated that
salaries and bonuses for corporate managers should be based on how much they can increase the
price of their companies' stock, not on how much they increased or production and/or business
size. Some 92 percent of corporate profits in recent years have been spent on stock buyback
programs and dividend payouts. That leaves only about 8 percent available to be re-invested in
new means of production and hiring. Corporate America's financial managers are turning
financialized companies into debt-ridden corporate shells.
A major advantage of a government as chief banker and credit creator is that when debts come
to outstrip the means to pay, the government can write down the debt. That is how China's banks
have operated. It is a prerequisite for saving companies from bankruptcy and preventing their
ownership from being transferred to foreigners, raiders or vultures.
Classical tax and banking policies were expected to streamline industrial economies,
lowering their cost structures as governments replaced landlords as owner of the land and
natural resources (as in China today) and creating their own money and credit. But despite
Marx's understanding that this would have been the most logical way for industrial capitalism
to evolve, finance capitalism has failed to fund capital formation. Finance capitalism has
hijacked industrial capitalism, and neoliberalism is its anti-classical ideology.
The result of today's alliance of the Finance, Insurance and Real Estate (FIRE) sector with
natural resource and infrastructure monopolies has been to reverse that the 20th century's
reforms promoting progressive taxation of wealth and income. Industrial capitalism in the West
has been detoured along the road to rent-extracting privatization, austerity and debt
serfdom.
The result is a double-crisis: austerity stemming from debt deflation, while public health,
communications, information technology, transportation and other basic infrastructure are
privatized by corporate monopolies that raise prices charged to labor and industry. The debt
crisis spans government debt (state and local as well as national), corporate debt, real estate
mortgage debt and personal debt, causing austerity that shrinks the "real" economy as its
assets and income are stripped away to service the exponentially growing debt overhead. The
economy polarizes as income and wealth ownership are shifted to the neo-rentier alliance headed
by the financial sector.
This veritable counter-revolution has inverted the classical concept of free markets.
Instead of advocating a public role to lower the cost structure of business and labor, the
neoliberal ideal excludes public infrastructure and government ownership of natural monopolies,
not to speak of industrial production. Led by bank lobbyists, neoliberalism even opposes public
regulation of finance and monopolies to keep their prices in line with socially necessary cost
of production.
To defend this economic counter-revolution, the National Income and Product Accounts (NIPA)
and Gross Domestic Product (GDP) measures now used throughout the world were inspired by
opposition to progressive taxation and public ownership of land and banks. These statistical
measures depicting finance, insurance and real estate as the leaders of wealth creation, not
the creators merely of debt and rentier overhead.
What is China's "Real" GDP and "real wealth creation"?
Rejection of classical value theory's focus on economic rent – the excess of market
price over intrinsic labor cost – underlies the post-classical concept of GDP. Classical
rent theory warned against the FIRE sector siphoning off nominal growth in wealth and income.
The economics of Adam Smith, David Ricardo, J.S. Mill and Marx share in common the view that
this rentier revenue should be treated as an overhead charge and, as such, subtracted from
national income and product because it is not production-related. Being extraneous to the
production process, this rentier overhead is responsible for today's debt deflation and
economically extractive privatization that is imposing austerity and shrinking markets from
North America to Europe.
The West's debt crisis is aggravated by privatizing monopolies (on credit) that historically
have belonged to the public sector. Instead of recognizing the virtues of a mixed economy,
Frederick Hayek and his followers from Ayn Rand to Margaret Thatcher, Ronald Reagan, the
Chicago School and libertarian Republicans have claimed that any public ownership or regulation
is, ipso facto, a step toward totalitarian politics.
Following this ideology, Alan Greenspan aborted economic regulation and decriminalized
financial fraud. He believed that in principle, the massive bank fraud, junk-mortgage lending
and corporate raiding that led up to the 2008 crisis was more efficient than regulating such
activities or prosecuting fraudsters.
This is the neoliberal ideology taught in U.S. and European business schools. It assumes
that whatever increases financial wealth most quickly is the most efficient for society as a
whole. It also assumes that bankers will find honest dealing to be more in their economic
self-interest than fraud, because customers would shun fraudulent bankers. But along with the
mathematics of compound interest, the inherent dynamic of finance capitalism is to establish a
monopoly and capture government regulatory agencies, the justice system, central bank and
Treasury to prevent any alternative policy and the prosecution of fraud.
The aim is to get rich by purely financial means – by increasing stock-market prices,
not by tangible capital formation. That is the opposite of the industrial logic of expanding
the economy and its markets. Instead of creating a more productive economy and raising living
standards, finance capitalism is imposing austerity by diverting wage income and also corporate
income to pay rising debt service, health insurance and payments to privatized monopolies.
Progressive income and wealth taxation has been reversed, siphoning off wages to subsidize
privatization by the rentier class.
This combination of debt overgrowth and regressive fiscal policy has produced two results.
First, combining debt deflation with fiscal deflation leaves only about a third of wage income
available to be spent on the products of labor. Paying interest, rents and taxes – and
monopoly prices – shrinks the domestic market for goods and services.
Second, adding debt service, monopoly prices and a tax shift to the cost of living and doing
business renders neo-rentier economies high-cost. That is why the U.S. economy has been
deindustrialized and its Midwest turned into a Rust Belt.
How Marx's economic schema explains the West's neo-rentier problem
In Volume I of Capital, Marx described the dynamics and "law of motion" of industrial
capitalism and its periodic crises. The basic internal contradiction that capitalism has to
solve is the inability of wage earners to be paid enough to buy the commodities they produce.
This has been called overproduction or underconsumption, but Marx believed that the problem was
in principle only temporary, not permanent.
Volumes II and III of Marx's Capital described a pre-capitalist form of crisis, independent
of the industrial economy: Debt grows exponentially, burdening the economy and finally bringing
its expansion to an end with a financial crash. That descent into bankruptcy, foreclosure and
the transfer of property from debtors to creditors is the dynamic of Western finance
capitalism. Subjecting economies to austerity, economic shrinkage, emigration, shorter life
spans and hence depopulation, it is at the root of the 2008 debt legacy and the fate of the
Baltic states, Ireland, Greece and the rest of southern Europe, as it was earlier the financial
dynamic of Third World countries in the 1960s through 1990s under IMF austerity programs. When
public policy is turned over to creditors, they use their power for is asset stripping,
insisting that all debts must be paid without regard for how this destroys the economy at
large.
China has managed to avoid this dynamic. But to the extent that it sends its students to
study in U.S. and European business schools, they are taught the tactics of asset stripping
instead of capital formation – how to be extractive, not productive. They are taught that
privatization is more desirable than public ownership, and that financialization creates wealth
faster than it creates a debt burden. The product of such education therefore is not knowledge
but ignorance and a distortion of good policy analysis. Baltic austerity is applauded as the
"Baltic Miracle," not as demographic collapse and economic shrinkage.
The experience of post-Soviet economies when neoliberals were given a free hand after 1991
provides an object lesson. Much the same fate has befallen Greece, along with the rising
indebtedness of other economies to foreign bondholders and to their own rentier class operating
out of capital-flight centers. Economies are obliged to suspend democratic government policy in
favor of emergency creditor control.
The slow economic crash and debt deflation of these economies is depicted as a result of
"market choice." It turns out to be a "choice" for economic stagnation. All this is
rationalized by the economic theory taught in Western economics departments and business
schools. Such education is an indoctrination in stupidity – the kind of tunnel vision
that Thorstein Veblen called the "trained incapacity" to understand how economies really
work.
Most private fortunes in the West have stemmed from housing and other real estate financed
by debt. Until the 2008 crisis the magnitude of this property wealth was expanded largely by
asset-price inflation, aggravated by the reluctance of governments to do what Adams Smith, John
Stuart Mill, Alfred Marshall and nearly all 19th-century classical economists recommended: to
keep land rent out of private hands, and to make the rise in land's rental value serve as the
tax base.
Failure to tax the land leaves its rental value "free" to be pledged as interest to banks
– which make larger and larger loans by lending against rising debt ratios. This "easy
credit" raises the price of obtaining home ownership. Sellers celebrate the result as "wealth
creation," and the mainstream media depict the middle class as growing richer by higher prices
for the homes its members have bought. But the debt-financed rise in housing prices ultimately
creates wealth mainly for banks and their bondholders.
Americans now have to pay up to 43 percent of their income for mortgage debt service,
federally guaranteed. This imposes such high costs for home ownership that it is pricing the
products of U.S. labor out of world markets. The pretense is that using bank credit (that is,
homebuyers' mortgage debt) to inflate the price of housing makes U.S. workers and the middle
class prosperous by enabling them to sell their homes to a new generation of buyers at higher
and higher prices each generation. This certainly does not make the buyers more prosperous. It
diverts their income away from buying the products of labor to pay interest to banks for
housing prices inflated on bank credit.
Consumer spending throughout most of the world aims above all at achieving status. In the
West this status rests largely on one's home and neighborhood, its schools, transportation and
other public investment. Land-price gains resulting from public investment in transportation,
parks and schools, other urban amenities and infrastructure, and from re-zoning land use. In
the West this rising rental value is turned into a cost, falling on homebuyers, who must borrow
more from the banks. The result is that public spending ultimately enriches the banks –
at the tax collector's expense.
Debt is the great threat to modern China's development. Burdening economies with a rentier
overhead imposes the quasi-feudal charges from which classical 19th-century economists hoped to
free industrial capitalism. The best protection against this rentier burden is simple: first,
tax away the land's rising rental valuation to prevent it from being paid out for bank loans;
and second, keep control of banks in public hands. Credit is necessary, but should be directed
productively and debts written down when paying them threatens to create financial
Armageddon.
Marx's views on the broad dynamics of economic history
Plato and Aristotle described a grand pattern of history. In their minds, this pattern was
eternally recurrent. Looking over three centuries of Greek experience, Aristotle found a
perpetual triangular sequence of democracy turning into oligarchy, whose members made
themselves into a hereditary aristocracy – and then some families sought to take the
demos into their own camp by sponsoring democracy, which in turn led to wealthy families
replacing it with an oligarchy, and so on.
The medieval Islamic philosopher Ibn Khaldun saw history as a rise and fall. Societies rose
to prosperity and power when leaders mobilized the ethic of mutual aid to gain broad support as
a communal spirit raised all members. But prosperity tended to breed selfishness, especially in
ruling dynasties, which Ibn Khaldun thought had a life cycle of only about 120 years. By the
19th century, Scottish Enlightenment philosophers elaborated this rise-and-fall theory,
applying it to regimes whose success bred arrogance and oligarchy.
Marx saw the long sweep of history as following a steady upward secular trend, from the
ancient slavery-and-usury mode of production through feudalism to industrial capitalism. And
not only Marx but nearly all 19th-century classical economists assumed that socialism in one
form or another would be the stage following industrial capitalism in this upward technological
and economic trajectory.
Instead, Western industrial capitalism turned into finance capitalism. In Aristotelian terms
the shift was from proto-democracy to oligarchy. Instead of freeing industrial capitalism from
landlords, natural resource owners and monopolists, Western banks and bondholders joined forces
with them, seeing them as major customers for as much interest-bearing credit as would absorb
the economic rent that governments would refrain from taxing. Their success has enabled banks
and bondholders to replace landlords as the major rentier class. Antithetical to socialism,
this retrogression towards feudal rentier privilege let real estate, financial interests and
monopolists exploit the economy by creating an expanding debt wedge.
Marx's Theories of Surplus Value (German Mehrwert), his history of classical political
economy, poked fun at David Ricardo's warning of economic Armageddon if economies let landlords
siphon off of all industrial profits to pay land rent. Profits and hence capital investment
would grind to a halt. But as matters have turned out, Ricardo's rentier Armageddon is being
created by his own banking class. Corporate profits are being devoured by interest payments for
corporate takeover debts and related financial charges to reward bondholders and raiders, and
by financial engineering using stock buybacks and higher dividend payouts to create "capital"
gains at the expense of tangible capital formation. Profits also are reduced by firms having to
pay higher wages to cover the cost of debt-financed housing, education and other basic expenses
for workers.
This financial dynamic has hijacked industrial capitalism. It is leading economies to
polarize and ultimately collapse under the weight of their debt burden. That is the inherent
dynamic of finance capitalism. The debt overhead leads to a financial crisis that becomes an
opportunity to impose emergency rule to replace democratic lawmaking. So contrary to Hayek's
anti-government "free enterprise" warnings, "slippery slope" to totalitarianism is not by
socialist reforms limiting the rentier class's extraction of economic rent and interest, but
just the opposite: the failure of society to check the rentier extraction of income vesting a
hereditary autocracy whose financial and rent-seeking business plan impoverishes the economy at
large.
Greece's debt crisis has all but abolished its democracy as foreign creditors have taken
control, superseding the authority of elected officials. From New York City's bankruptcy to
Puerto Rico's insolvency and Third World debtors subjected to IMF "austerity programs,"
national bankruptcies shift control to centralized financial planners in what Naomi Klein has
called Crisis Capitalism. Planning ends up centralized not in the hands of elected government
but in financial centers, which become the de facto government.
England and America set their economic path on this road under Margaret Thatcher and Ronald
Reagan by 1980. They were followed by even more pro-financial privatization leaders in Tony
Blair's New Labour Party and Bill Clinton's New Democrats seeking to roll back a century of
classical reforms and policies that gradually were moving capitalism toward socialism. Instead,
these countries are suffering a rollback to neofeudalism, whose neo-rentiereconomic and
political ideology has become mainstream throughout the West. Despite seeing that this policy
has led to North America and Europe losing their former economic lead, the financial power
elite is simply taking its money and running.
So we are brought back to the question of what this means for China's educational policy and
also how it depicts economic statistics to distinguish between wealth and overhead. The great
advantage of such a distinction is to help steer economic growth along productive lines
favoring tangible capital formation instead of policies to get rich by taking on more and more
debt and by prying property away from the public domain.
If China's main social objective is to increase real output to raise living standards for
its population – while minimizing unproductive overhead and economic inequality –
then it is time to consider developing its own accounting format to trace its progress (or
shortcomings) along these lines. Measuring how its income and wealth are being obtained would
track how the economy is moving closer toward what Marx called socialism.
Of special importance, such an accounting format would revive Marx's classical distinction
between earned and unearned income. Its statistics would show how much of the rise in wealth
(and expenditure) in China – or any other nation – is a result of new tangible
capital formation as compared to higher rents, lending and interest, or the stock market.
These statistics would isolate income and fortunes obtained by zero-sum transfer payments
such as the rising rental value of land sites, natural resources and basic infrastructure
monopolies. National accounts also would trace overhead charges for interest and related
financial charges, as well as the economy's evolving credit and debt structure. That would
enable China to measure the economic effects of the banking privileges and other property
rights given to some people.
That is not the aim of Western national income statistics. In fact, applying the accounting
structure described above would track how Western economies are polarizing as a result of their
higher economic rent and interest payments crowding out spending on actual goods and services.
This kind of contrast would help explain global trends in pricing and competitiveness.
Distinguishing the FIRE sector from the rest of the economy would enable China to compare its
economic cost trends and overhead relative to those of other nations. I believe that these
statistics would show that its progress toward socialism also will explain the remarkable
economic advantage it has obtained. If China does indeed make this change, it will help people
both in and out of China see even more clearly what your government is doing on behalf of the
majority of its people. This may help other governments – including my own – learn
from your example and praise it instead of fearing it.
"... And now Davis, the Clinton fixer, is Michael Cohen's lawyer. The fixer defending a fixer. So who pays the bill? Well, ostensibly no-one, because Davis started a Go Fund Me campaign where people can donate so Cohen "can tell people the truth about Trump". The goal is $500,000. Which goes to .. Lanny Davis. ..."
"... On TV yesterday he apparently promoted a wrong URL , which was promptly picked up by someone else who had it redirect to the Trump campaign. Even fixers screw up, right? Still, there's already well over $100,000 donated for Cohen Davis. But why $500,000? One of the accusations against Cohen concerns lying to a bank for a $20 million loan. He bought an apartment not long ago for $6.7 million. He owned multiple apartments in Trump buildings. ..."
"... Did he lose everything when Robert Mueller et al raided his office, home and hotel room on April 9 2018? Were all his assets frozen? Possibly. What we do know is that he 'expected' the Trump campaign to pay for his legal fees. Which they declined. Or rather, as Fortune reported in June : "The Trump campaign has given some money to Cohen to help cover legal expenses for the Russia investigation. To date, though, it has not offered financial assistance in the investigation of his business practices." ..."
"... But anyway. So Lanny Davis, fixer of fixers and presidents, goes on a talk-show tour last night and what do you think happens? He walks back just about everything he's said the previous day. Aaron Maté made a list in this Twitter thread ..."
"... What do you think will happen when someone of the stature of Bob Mueller spends 18 months investigating the Clintons and their fixers? Perhaps the events of the past few days won't bring such a 2nd Special Counsel any closer, but by the same token they might do just that. Offense is the best defense. ..."
"... That is both dangerous in that the mandate of a Special Counsel should be limited lest it becomes endless and veers off the reasons it was initiated, as well as in the risk that it can easily turn into a party-political tool to hurt one's opponent while one's own dirt remains unscrutinized. ..."
"... In the end, I can draw only one conclusion: there are so many sharks and squids swimming in the swamp that either it should be expanded or the existing one should be cleaned up and depopulated. So bring it: investigate the FBI, the Clintons, and fixers like Lanny Davis and Michael Avenatti, the same way the Trump camp has been. ..."
If there's one thing that is exposed in the sorry not-so-fairy tale of former Trump aides Paul Manafort and Michael Cohen, it's
that Washington is a city run by fixers. Who often make substantial amounts of money. Many though by no means all, start out as lawyers
and figure out that let's say 'the edges of what's legal' can be quite profitable.
And it helps to know when one steps across that edge, so having attended law school is a bonus. Not so much to stop when stepping
across the edge, but to raise one's fees. There's a lot of dough waiting at the edge of the law. None of this should surprise any
thinking person. Manafort and Cohen are people who think in millions, with an easy few hundred grand thrown in here and there.
But sometimes the fixers happen to come under scrutiny of the law, like when they get entangled in a Special Counsel investigation.
Both Manafort and Cohen now rue the day they became involved with Trump, or rather, the day he was elected president and solicited
much more severe scrutiny.
Would either ever have been accused of what they face today had Trump lost to Hillary? It's not too likely. They just gambled
and lost. But there are many more just like them who will never be charged with anything. Still, a new fixer name has popped up the
last few days who may, down the line, not be so lucky.
And that's not even because Lanny Davis is a registered foreign agent for Dmytro Firtash, a pro-Russia Ukrainian oligarch wanted
by the US government. After all, both Manafort and Cohen have their contacts in that part of the world. Manafort made tens of millions
advising then-president Yanukovich in the Ukraine before the US coup dethroned the latter. Cohen's wife is Ukrainian-American.
Lanny Davis is a lawyer, special counsel even, for the Clintons. Has been for years. Which makes it kind of curious that Michael
Cohen would pick him to become his legal representation. But that's not all Davis is involved in. Like any true fixer, he has his
hands in more cookie jars than fit in the average kitchen. Glenn Greenwald wrote this in August 2009 about the health care debate:
After Tom Daschle was selected to be Barack Obama's Secretary of Health and Human Services and chief health care adviser, Matt
Taibbi wrote: "In Washington there are whores and there are whores, and then there is Tom Daschle." One could easily have added:
"And then there's Lanny Davis." Davis frequently injects himself into political disputes, masquerading as a "political analyst"
and Democratic media pundit, yet is unmoored from any discernible political beliefs other than: "I agree with whoever pays me."
It's genuinely difficult to recall any instance where he publicly defended someone who hadn't, at some point, hired and shuffled
money to him. Yesterday, he published a new piece simultaneously in The Hill and Politico – solemnly warning that extremists on
the Far Left and Far Right are jointly destroying democracy with their conduct in the health care debate and urging "the vast
center-left and center-right of this country to speak up and call them out equally" – that vividly illustrates the limitless whoring
behavior which shapes Washington generally and specifically drives virtually every word out of Lanny Davis' mouth.
Davis' history is as long and consistent as it is sleazy. He was recently hired by Honduran oligarchs opposed to that country's
democratically elected left-wing President and promptly became the chief advocate of the military coup which forcibly removed
the President from office. He became an emphatic defender of the Israeli war on Gaza after he was named by the right-wing The
Israel Project to be its "Senior Advisor and Spokesperson." He has been the chief public defender for Joe Lieberman, Jane Harman
and the Clintons, all of whom have engaged his paid services.
And as NYU History Professor Greg Grandin just documented: "Recently, Davis has been hired by corporations to derail the labor-backed
Employee Free Choice Act, which would make it easier for unions to organize, all the while touting himself as a "pro-labor liberal."
Davis was also the chief U.S. lobbyist of the military dictatorship in Pakistan in the late 90s and played an important role in
strengthening relations between then President Bill Clinton and de facto president General Perez Musharraf."
Trending Articles Majority Of Young Americans Live In A Household Receiving
New analysis from CNS News finds that the majority of Americans under 18 live in households that take "means-tested
There's much more in that article, but you get the drift. And now Davis, the Clinton fixer, is Michael Cohen's lawyer. The fixer
defending a fixer. So who pays the bill? Well, ostensibly no-one, because Davis started a Go Fund Me campaign where people can donate
so Cohen "can tell people the truth about Trump". The goal is $500,000. Which goes to .. Lanny Davis.
On TV yesterday
he apparently promoted a wrong URL , which was promptly picked up by someone else who had it redirect to the Trump campaign.
Even fixers screw up, right? Still, there's already well over $100,000 donated for Cohen Davis. But why $500,000? One of the
accusations against Cohen concerns lying to a bank for a $20 million loan. He bought an apartment not long ago for $6.7 million.
He owned multiple apartments in Trump buildings.
Did he lose everything when Robert Mueller et al raided his office, home and hotel room on April 9 2018? Were all his assets frozen?
Possibly. What we do know is that he 'expected' the Trump campaign to pay for his legal fees. Which they declined. Or rather, as
Fortune reported in June : "The
Trump campaign has given some money to Cohen to help cover legal expenses for the Russia investigation. To date, though, it has not
offered financial assistance in the investigation of his business practices."
It seems safe to assume that's the point where Cohen turned, or was turned, to Lanny Davis. From a full decade of being Trump's
fixer to being fixed by the Clintons' fixer. That's a big move. It raises a number of questions :
First, why did Trump not pay Cohen's legal fees? This is 2 months after the raid on the man's office, home, hotel room, in
which huge amounts of files and disks etc. were seized.
Second question: if Lanny Davis only now sets up a Go Fund Me campaign, who's been paying him over the past 2 months? Did Cohen
sell assets, or is someone else involved?
Anyway, so Davis goes on TV with big words about how Cohen will tell all about Trump -provided people donate half a million- and
adding "I know that Mr. Cohen would never accept a pardon from a man that he considers to be both corrupt and a dangerous person
in the oval office. And [Cohen] has flatly authorized me to say under no circumstances would he accept a pardon from Mr. Trump."
Oh, and that "the turning point for his client's attitude toward Trump was the Helsinki summit in July 2018 which caused him to
doubt Trump's loyalty to the U.S." That, to my little brain, doesn't sound like something that would come from Cohen. That sounds
more like a political point the likes of which Cohen has never made. That's plain old Russiagate.
But anyway. So Lanny Davis, fixer of fixers and presidents, goes on a talk-show tour last night and what do you think happens?
He walks back just about everything he's said the previous day. Aaron Maté made a list in this Twitter thread:
1/ In a few minutes of airtime today, Michael Cohen attorney Lanny Davis has rejected a key Steele dossier claim, and, more
significantly I think, the basis for all of the ceaseless, frenzied speculation that Cohen has something to offer Mueller on Trump-Russia
collusion:
3/ Right after, Davis walks back his already heavily qualified innuendo to
@ Maddow -- which generated endless chatter -- about Cohen being useful
to Mueller's probe on collusion & knowing of hacking. Now Davis claims he was "tentative", that Cohen "may or may not be useful",
etc:
4/ Earlier in the day, Davis also asserted that Cohen was "never, ever" in Prague -- undermining a key claim in the Steele
dossier that he went there in August/September 2016 as part of the collusion scheme:
https:// twitter.com/ChuckRossDC/st atus/1032427395993624576
6/ So in short: Lanny Davis has not just denied what was explosively alleged about Cohen-Trump by Steele, CNN, and McClatchy,
but has also walked back the explosive speculation about Cohen-Trump that Lanny Davis himself generated.
Is Michael Cohen sure he wants this guy as his lawyer? Is he watching this stuff?
If Cohen and Manafort have broken laws, they should be punished for it. The same goes for all other Trump campers, including the
Donald. But it would be good if people realize that Cohen and Manafort are not some kind of stand-alone examples, that they are instead
the norm in Washington. And Moscow, and Brussels, London, everywhere there's a concentration of power. In all these places, and probably
more so in DC, there are these folks specializing in the edge of the law.
What do you think will happen when someone of the stature of Bob Mueller spends 18 months investigating the Clintons and their
fixers? Perhaps the events of the past few days won't bring such a 2nd Special Counsel any closer, but by the same token they might
do just that. Offense is the best defense.
I don't know, we don't know, what monsters Trump has swept under his luxurious carpets. But we do know that those are not the
only monsters in Washington. Meanwhile, the Steele dossier that was used to start the entire Mueller remains just about entirely
unverified. The Russian collusion meme he was tasked with investigating has so far come up empty.
That he would find something if he tried hard enough was obvious from the start. That is both dangerous in that the mandate of
a Special Counsel should be limited lest it becomes endless and veers off the reasons it was initiated, as well as in the risk that
it can easily turn into a party-political tool to hurt one's opponent while one's own dirt remains unscrutinized.
In the end, I can draw only one conclusion: there are so many sharks and squids swimming in the swamp that either it should be
expanded or the existing one should be cleaned up and depopulated. So bring it: investigate the FBI, the Clintons, and fixers like
Lanny Davis and Michael Avenatti, the same way the Trump camp has been.
Because if you don't do that, you can only possibly end up in an even bigger mess. You can't drain half a swamp.
Federal prosecutors have granted immunity to American Media Inc. CEO and longtime friend of
President Trump, David Pecker, reports the Wall Street
Journal .
This "Trump vs Davos globalists" theme is unconvincing. Trump actions
are ruthless globalist actions, who wnat to preverse the US status of
superpower at all costs, even by abrogating important treaties.
He might be not a neoliberal globalist thouth -- he does not offere equl
seats on the table to vassals.
Trumpo statement that if Germany buy Russian gas it does not need NATO
is very shroud indeed.
Notable quotes:
"... Optics are important and this image captures what both parties wanted to convey. This meeting is the beginning of a shift in the relationship between Germany and Russia for the better. ..."
"... The obvious answer is necessity brought about by pressure being placed on both countries by Donald Trump through sanctions and tariffs and their shared interests represented by the Nordstream 2 pipeline. ..."
"... But, this meeting went far deeper than that, especially since Merkel's Foreign Minister Heiko Maas boldly proclaimed that Europe needs an alternative to the SWIFT system of international electronic payments so as to keep global trade alive while the U.S. further weaponizes the U.S. dollar ..."
"... Why would Merkel allow Maas to state this publicly and why was it picked up by that establishment stenographer The Financial Times ? ..."
"... If Trump's goal, as presented by much of the European press (as presented here by Gilbert Doctorow), is to regain complete subjugation of Europe to American dominance, then this seems counter-productive. ..."
"... SWIFT is the main lever on which much of the U.S.'s sanctions power rests. Because it is through SWIFT that transactions can be tracked, payments halted and fines imposed. That none of this is strictly legal is irrelevant in the game of power-politics. ..."
"... This undermines the EU's credibility at a foundational level. It shows them to be the toothless and, in EU President Donald Tusk's case, witless when faced with opposition to their rule that isn't supported by The Davos Crowd, which Trump most definitely doesn't represent. ..."
"... And I've talked about these in the past. His real goal is the destruction of that post WWII institutional order which in his mind bankrupts the U.S. treasury through massive trade deficits. ..."
"... I said back in June that Trump's leaving the JCPOA was all part of his strategy to drive a wedge between the U.S. and Germany. The Davos Crowd needs that deal to keep the dream of transferring the power of the world back to Europe from the U.S. via cheap, Iranian energy and keep the conflict between Israel/Saudi Arabia and Iran front and center to foment global chaos awhile keeping Russia from getting rich again. ..."
"... It needs that to support the narrative we need NATO to protect us from the inevitable Russian attack after we provoke them into it. This keeps the money flowing through the banks and lobbyists while draining the U.S. dry through the military/industrial complex. ..."
"... And despite relentless Russia bashing since before Trump was elected, the American people overwhelmingly want peace with Russia, not war. ..."
"... By driving a wedge between Germany and the US over NATO and attacking the foundations of the German economy Trump is ensuring the current rapprochement between Germany and Russia? ..."
Vladimir Putin's charm tour of Germany and Austria last weekend is a significant sign of
change to come.
To the U.S. and European press Putin is only a step or two away from Hitler reincarnated
(thanks chiefly to Bill Browder). It serves the purpose of maintaining the post WWII
institutional order.
But, Putin is always nothing but relentlessly patient in his diplomatic efforts, even when
European leaders, like Merkel, treat him and Russia poorly. She is, after all, the leading
mouthpiece and political ally of The Davos Crowd that believes they run the world.
The conduct of his Foreign Ministry under Sergei Lavrov always strikes the perfect balance
between bluntness and diplo-speak.
So, color me surprised when I see the official photos of his meeting with Merkel carefully
framed to paint him in a positive light.
Putin in light blues and grays, Merkel in green, the fountain in the background, leaning in
looking directly at each other and a simple Sunday morning chat.
If I didn't know better I'd be expecting them to share photos of their grandkids, well,
Putin's grandkids anyway.
Optics are important and this image captures what both parties wanted to convey. This
meeting is the beginning of a shift in the relationship between Germany and Russia for the
better.
And the question is why?
The obvious answer is necessity brought about by pressure being placed on both countries by
Donald Trump through sanctions and tariffs and their shared interests represented by the
Nordstream 2 pipeline.
But, this meeting went far deeper than that, especially since Merkel's Foreign Minister
Heiko Maas boldly proclaimed that Europe needs an alternative to the SWIFT system of
international electronic payments so as to keep global trade alive while the U.S. further
weaponizes the U.S. dollar.
The U.S. just seized another $5 billion of Russian 'oligarch' money using Credit Suisse as
its enforcement arm.
SWIFT is the main lever on which much of the U.S.'s sanctions power rests. Because it is
through SWIFT that transactions can be tracked, payments halted and fines imposed. That none of
this is strictly legal is irrelevant in the game of power-politics.
Banks like Credit Suisse can't function without access to SWIFT.
So they will roll over to the pressure. That's why the response from EU leadership to
Trump's abandoning the JCPOA has been far more bark than bite. Because the measures implemented
to protect European businesses from U.S. retaliation against them hold no weight with the
companies staring at billions in losses.
Case in point: France's Total pulling out of a multi-billion exploration deal with Iran.
This undermines the EU's credibility at a foundational level. It shows them to be the
toothless and, in EU President Donald Tusk's case, witless when faced with opposition to their
rule that isn't supported by The Davos Crowd, which Trump most definitely doesn't
represent.
So, again, the question is why?
All of this seems incredibly contradictory, at times even to a jaded and cynical observer
like me. Until you step back for a second and think bigger picture and ask the most important
question of all.
What are Trump's real goals?
It's Good to Have Goals
And I've talked about these in the past. His real goal is the destruction of that post WWII
institutional order which in his mind bankrupts the U.S. treasury through massive trade
deficits.
And in a word that means . NATO.
Trump goal is the dissolution of NATO. He wants it dismantled because it is a massive drain
on our capital base. Building weapons and maintaining bases in Europe is expensive and that
money is needed here. He knows this.
Even the mere hint of this has The Davos Crowd in apoplexy. Hence, the post-Helsinki freak
out. Hence, the drive to impeach him over Stormy Freaking Daniels. It's pathetic.
I said back in June that Trump's leaving the JCPOA was all part of his strategy to drive a
wedge between the U.S. and Germany. The Davos Crowd needs that deal to keep the dream of transferring the power of the world
back to Europe from the U.S. via cheap, Iranian energy and keep the conflict between
Israel/Saudi Arabia and Iran front and center to foment global chaos awhile keeping Russia from
getting rich again.
It needs that to support the narrative we need NATO to protect us from the inevitable
Russian attack after we provoke them into it. This keeps the money flowing through the banks
and lobbyists while draining the U.S. dry through the military/industrial complex.
The problem is that that narrative is garbage. And despite relentless Russia bashing since
before Trump was elected, the American people overwhelmingly want peace with Russia, not
war.
Poland and the Baltics sound like Democrats unhinged hysterical children over the 'threat of
Russian aggression.'
This is why Trump is also pressuring Turkey at the same time. He knows Europe is vulnerable
to Turkey's implosion. Turkey and Germany are major trading partners and the vast bulk of
Turkey's foreign currency exposure is owned by European banks, making them, as
I've said previously, Ground Zero for the debt bomb.
So the final question then is this.
Has this been Trump's goal the entire time? Is this what Trump and Putin discussed behind
closed doors in Helsinki?
The NATO Wedge
By driving a wedge between Germany and the US over NATO and attacking the foundations of
the German economy Trump is ensuring the current rapprochement between Germany and Russia?
Merkel, for her part, has been so terminally weakened by her immigration policy and
strong-armed approach to dissent that this whirlwind weekender by Putin was as much for her
benefit, politically, as his.
The implication being that if Merkel wants to stay in power with her weakening coalition and
poll numbers it's time for her to reverse course. And if that means cozying up to Russia then
so be it.
Merkel will continue to talk a good game about Crimea and Ukraine while Putin will speak
directly to the German people about ending the humanitarian crisis in Syria as a proxy for
ending the threat of further immigration.
This outflanks Merkel's position and undermines George Soros' goals of the cultural
destruction of Europe. At this point, politically, how can Merkel even argue against that
without betraying her true loyalties?
And that's what makes the implications of this Summit-That-Wasn't so interesting.
If this is indeed the case then the future of the world rests on the mid-term elections and
whether Trump is not indicted for having sex with a couple of porn stars.
I almost feel dirty writing that.
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The antagonism between Saudi Arabia and Iran sets off a variety of political reverberations
affecting the countries of the Persian Gulf, unsettling the situation between Turkey, Syria,
and Iraq, and entangling Russia and the United States in the ensuring imbroglio.
... ... ...
The role of the Russian Federation cannot be viewed apart from what is happening in the
energy-rich, formerly Soviet Central Asian republics. The so-called -Stans (Kazakhstan,
Uzbekistan, Azerbaijan, and Turkmenistan) are major players in today's energy markets. Whatever
they do, however, cannot be seen as separate from what Russia is doing or from Russia's
intentions. Although some of them, primarily Azerbaijan, have initiated projects that are not
aligned with Moscow's goals, they nevertheless need to behave in ways that do not upset their
powerful northern neighbour on whom they are heavily reliant, to some extent, for their welfare
(due to their dependence on oil and gas pipeline networks).
Politics is therefore deeply intertwined with energy in most of those cases, bringing
diplomacy front and centre as a determinant of behaviour and economic outcomes.
... ... ...
Europe's problem is that, with the exception of North Sea oil and gas, it relies entirely on
imports to provide it with a comfortable level of energy. Thus, events in the Middle East and
the Russian stance toward the continent determines whether it is adequately supplied with
energy or faces shortages.
The deposits in the North Sea have kept some European states (Britain and Scandinavia among
others) well supplied for quite a while. But unfortunately there is a strong suspicion that
these deposits are diminishing at a dangerous rate. As a result Europe will gradually become
dependent on imports from the Middle East, North Africa, Russia, and the Atlantic (Angola,
Brazil, Mexico, and the US). The situation is disquieting since Japan, and more recently,
China, are seeking to buy their own supplies from the same sources.
"...Things started to change after the fracking and shale gas revolution. The United
States suddenly realized that it could not only became absolutely self-sufficient in oil and
gas, but it also emerged as one of the most important exporters to the rest of the
world..."
Ths is factually untrue. The US still depends on crude oil imports to meet its needs. And
if this simple, verifiable fact is misunderstood by the author, then I have to wonder about
the rest of his analysis...
From the middle of the last century to the present, everything has been about oil. The
peak oilers were correct. What they did not consider was the power of debt to hold this whole
thing together long after it should have collapsed. Shale oil is not profitable. That does
not mater as long as debt underwrites the cost of production. What does matter is the rapid
decline rate of shale oil wells. Yes it is true that shale wells are continuing to produce
long after they have reached their peak but it is the volume of production that matters.
If you read the projections put out by the Hirsch Report, the Llyiods Report and the
Bundeswehr Report, things should get interesting in the next couple of years.
You can always count on the neocons in Congress to ignore reality, ignore evidence, and
ignore common sense in their endless drive to get us involved in another war.
Last week, for example, Senators John McCain (R-AZ), Lindsey Graham (R-NC), Bob Menendez
(D-NJ), and others joined up to introduce what Senator Graham called "the sanctions bill from
hell," aimed at applying "crushing" sanctions on Russia.
Senator Graham bragged that the bill would include "everything but the kitchen sink" in its
attempt to ratchet up tensions with Russia.
Sen Cory Gardner (R-CO) bragged that the new sanctions bill "includes my language requiring
the State Department to determine whether Russia merits the designation of a State Sponsor of
Terror."
Does he even know what the word "terrorism" means?
Sen Ben Cardin (D-MD) warns that the bill must be passed to strengthen our resolve against
"Vladimir Putin's pattern of corroding democratic institutions and values around the world, a
direct and growing threat to US national security."
What has Russia done that warrants "kitchen sink" sanctions that will "crush" the country
and possibly designate it as a sponsor of terrorism? Sen. Menendez tells us:
"The Kremlin continues to attack our democracy, support a war criminal in Syria, and
violate Ukraine's sovereignty."
There is a big problem with these accusations on Russia : they're based on outright lies and
unproven accusations that continue to get more bizarre with each re-telling .
How strange that when US Senators like Menendez demand that we stand by our NATO allies even
if it means war, they attack Russia for doing the same in Syria. Is the Syrian president a "war
criminal," as he claims? We do know that his army is finally, with Russian and Iranian help,
about to defeat ISIS and al-Qaeda, which with US backing for seven years have turned Syria into
a smoking ruin. Does Menendez and his allies prefer ISIS in charge of Syria?
And how hypocritical for Menendez to talk about Russia violating Ukraine's sovereignty. The
unrest in Ukraine was started by the 2014 US-backed coup against an elected leader. We have
that all on tape!
How is Russia "attacking our democracy"? We're still waiting for any real evidence that
Russia was involved in our 2016 elections and intends to become involved in our 2018 elections.
But that doesn't stop the propagandists, who claim with no proof that Russia was behind the
election of Donald Trump.
These Senators claim that sanctions will bring the Russians to heel, but they are wrong.
Sanctions are good at two things only: destroying the lives of innocent civilians and leading
to war.
As I mentioned in an episode of my Liberty Report last week, even our own history shows that
sanctions do lead to war and should not be taken lightly. In the run-up to US involvement in
the War of 1812, the US was doing business with both France and the UK, which were at war with
each other. When the UK decided that the US was favoring France in its commerce, it imposed
sanctions on the US. What did Washington do in response? Declared war. Hence the War of 1812,
which most Americans remember as that time when the British burned down the White House.
Recent polls show that the majority of Americans approve of President Trump's recent meeting
with Russian President Vladimir Putin. Among Republicans, a vast majority support the meeting.
Perhaps a good defeat in November will wake these neocon warmongers up. Let's hope so!
CIA whistleblower Kevin Shipp says that the
mainstream
media is laser-focused on the recent Cohen plea and the Manafort conviction,
both of which have nothing to do with "Russian collusion."
He says
this is because the mainstream media are conspirators and have nothing to do
with real news.
"They have, from their editors on down and their corporate owners,
an objective and, in this case, to remove Donald Trump. He stands
against everything that they are, the Left or the 'Dark Left' as I
call it.
Trump
is actually confronting the Shadow Government and Deep State, and he
has them shaking.
He has the news media shaking that pushes
these really leftist things. So,
they
are intentionally and on purpose blocking the news and deleting the
news about things like this soft coup, the (phony) dossier
."
This is a very powerful interview. If you have the time, we suggest you
watch it in its entirety. It is just over 37 minutes long.
Shipp went on to detail the truth: "The MSM will not tell you the latest
revelation and that is
Bruce
Ohr, who was the fourth highest ranking official in the Obama Justice
Department (DOJ), wrote the now infamous phony Trump Dossier which was
used to apply for fraudulent federal wiretaps (with the FISA Court) to
spy on Trump.
"
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Over the past half year the West has increasingly
taken note of the significantly heightened pace of
both Chinese and
Shipp says all of this investigating started with Bruse Ohr, and he'll
be the next to lose his security clearance.
"It all started from the fake dossier which led eventually to the
appointment of Robert Mueller (Special Prosecutor) and the entire
foundation is based on a falsity. . . .
I
understand the next revocation of security clearance is probably
going to be Bruce Ohr because he crafted the fake dossier with
Christopher Steele, and he may even have written the thing...
After the FBI supposedly fired Christopher Steele, Bruce Ohr had at
least 70 communications (with Steele) back and forth talking about
the 'firewall' is still there to protect us
. Recent
accounts show that Bruce Ohr either wrote the dossier with
Christopher Steele or he wrote it himself in communication with
Christopher Steele." –
Kevin
Shipp
When Hunter asked Shipp if the dossier meant to frame Trump came
directly from the FBI and the DOJ, Shipp confirmed that it did.
"Yes. Oh, they coordinated it for sure.
There are 70 emails
back and forth between Ohr and Steele crafting the dossier. So, the
FBI and Department of Justice were intimately involved with the
creation and publication of that dossier."
"They even went further than that. The FBI and CIA
counter-intelligence even placed an agent inside the Trump
campaign."
-Kevin
Shipp
Shipp concluded that a Civil War in the making right now.
"I
think we are at the beginning of a civil war. You've got the 'Dark Left'
and you've got the Conservative people, the Constitutionalists.
In
progressivism, one of its tenets is to change the Constitution,
especially the First Amendment, and uproot traditional America.
Whatever
happens in November is going to intensify that
. . . . Their
attack is against Christians and the Constitution."
History has a velocity of its own, and its implacable forces
will
drag
the good, the bad, the clueless, the clever, the guilty, the
innocent, the avid, and the unwilling to a certain fate.
One
can easily see a convergence of vectors shoving the nation
toward political criticality this autumn.
Mr. Trump is like some unfortunate dumb brute of the ancient
Teutonic forests with a bulldog clamped to his nose, the rest of
the pack close behind snapping at his hamstrings and soft,
swaying underbelly.
His
desperate bellowing goes unanswered by the indifference of the
trees in forest, the cold moon above, and all the other
furnishings of his tragic reality.
As these things tend to happen, it looks like the exertions of
Robert Mueller have turned from the alleged grave offenses of a
foreign enemy to the sequela of consort with a floozie. Down
goes Mr. Trump's private attorney, Michael Cohen, in his
personal swamp of incriminating files and audio recordings.
Enter, stage left, one David Pecker, publisher of the venerable
National
Enquirer
-- the newspaper of wreckage -- on his slime-trail
of induced testimony. And there is your impeachable offense: an
illegal campaign contribution.
ne way or another
, as Blondie used to sing,
I'm gonna getcha, getcha, getcha
.
Some in this greatest of all possible republics may be asking
themselves if this is quite fair play, given the hundreds of
millions of dollars washed-and-rinsed through the laundromat
known as the Clinton Foundation, and related suspicious doings
in that camp of darkness. But remember, another president, Jimmy
Carter, once declared to the shock of official Washington that
"life
is unfair."
What I wonder is what these dogs of vengeance reckon will happen
when they achieve their goal of bringing down the bellowing bull
and pulling his guts out.
Perhaps a few moments of
tribal satisfaction, one last war dance around the fire, and
when the fire dies out, they will find themselves under the same
cold indifferent moon with blood on their snouts and an ill wind
blowing in the tree tops.
After two years of fomenting hysteria, the "winners" will
discern the reality behind all the melodrama:
the
financialization rackets that replaced what used to be the
economy have come unglued, and institutions begin to fail left
and right
: banks, pension funds, corporations, state
and municipal governments, federal promises to pay this and
that, and, in general, the ability of the USA to carry on
anything approximating what might be considered normal life.
It will be interesting to see how the impeachment of Donald
Trump plays as all this goes down.
My
guess is that the people warning about a second civil war are
not far off the mark.
The final consequence of a
political-economy based on the proposition that
anything
goes and nothing matters
will be the rueful discovery that
consequences actually exist, and
consequently
that
anything can't go and some things really do matter: like whether
or not money is actually worth what it says it's worth.
That issue will surely be determined by whether the borrowers of
money can possibly pay back what they owe. The discovery that
it's impossible will coincide with whatever the legal fate of
Donald Trump's presidency might be. The result of all this is
apt to be a political nightmare of bankruptcy and bloodshed that
makes the first civil war (1861-1865) look like a tale of
knighthood in flower.
Our national living arrangements are far too fragile.
The
players on both sides of this dire game must assume that the
trappings of American life are sturdy, and they are quite wrong
about that. Personalities are not in control anymore. Murphy's
law rules, and we're about to find out how that law differs from
the federal election statutes and the humdrum business of
indicting ham sandwiches just because they're out there on the
table.
Neocon Thomas Friedman is a typical chichenhawk. His opinion does not
matter much -- this is a paid work of a lobbyist for military industrial
complex
But the idea that interests of "real manufactures" and financial
industry are no longer aligned is valid.
Notable quotes:
"... The conflict between transnational financial capitalism and productive national capitalism has entered into a paroxystic phase. On one side, Presidents Trump and Putin are negotiating the joint defence of their national interests. On the other, the major daily newspaper for the US and the world is accusing the US President of high treason, while the armed forces of the US and NATO are preparing for war with Russia and China. ..."
The conflict between
transnational financial capitalism and productive national capitalism has entered into a
paroxystic phase. On one side, Presidents Trump and Putin are negotiating the joint defence
of their national interests. On the other, the major daily newspaper for the
US and the world is accusing the US President of high treason, while the
armed forces of the US and NATO are preparing for war with Russia and China.
"You have attacked our democracy. Your well-worn gamblers' denials do not interest us. If
you continue with this attitude, we will consider it an act of war." This is what Trump should
have said to Putin at the Helsinki Summit, in the opinion of famous New York Times
editorialist Thomas Friedman, published in La Repubblica . He went on to accuse the
Russian President of having "attacked NATO, a fundamental pillar of international security,
destabilised Europe, and bombed thousands of Syrian refugees, causing them to seek refuge in
Europe."
He then accused the President of the United States of having " repudiated his oath on the
Constitution " and of being an " asset of Russian Intelligence " or at least playing at being
one.
What Friedman expressed in these provocative terms corresponds to the position of a powerful
internal and international front (of which the New York Times is an important
mouthpiece) opposed to USA-Russia negotiations, which should continue with the invitation of
Putin to the White House. But there is a substantial difference.
While the negotiations have not yet borne fruit, opposition to the negotiations has been
expressed not only in words, but especially in facts.
Cancelling out the climate of détente at the Helsinki Summit, the planetary
warmongering system of the United States is in the process of intensifying the preparations for
a war reaching from the Atlantic to the Pacific:
After the landing of an US armoured
brigade in Anvers, totalling a hundred tanks and a thousand military vehicles, a US aerial
brigade landed in Rotterdam with sixty attack helicopters. These forces and others, all of them
USA/NATO, are deployed along the borders of Russian territory, in the framework of operation
Atlantic Resolve , launched in 2014 against " Russian aggression. " In its anti-Russian
function, Poland asked for the permanent presence of an armoured US unit on its own territory,
offering to pay between 1.5 - 2 billion dollars per year.
At the same time, NATO is
intensifying the training and armament of troops in Georgia and Ukraine, candidates for entry
into membership of the Alliance on the frontiers with Russia.
Meanwhile, the US Congress received
with all honours Adriy Parubiy, founder of the National-Social Party (on the model of Adolf
Hitler's National-Socialist Party), head of the neo-Nazi paramilitary formations employed by
NATO in the Maïdan Square putsch.
NATO command in Lago Patria (JFC
Naples) – under the orders of US Admiral James Foggo, who also commands the US naval
forces in Europe and those in Africa – is working busily to organise the grand-scale
exercise Trident Juncture 18 , in which will participate 40,000 military personnel, 130
aircraft and 70 ships from more than 30 countries including Sweden and Finland, which are NATO
partners. The exercise, which will take place in October in Norway and the adjacent seas, will
simulate a scenario of " collective defence " - naturally enough, against " Russian aggression.
"
In the Pacific, the major naval
exercise RIMPAC 2018 (27 June to 2 August) is in full swing - organised and directed by
USINDOPACOM, the US Command which covers the Indian and Pacific oceans – with the
participation of 25,000 sailors and marines, more than 50 ships and 200 war-planes.
The exercise – in which France, Germany and the United Kingdom are also participating
– is clearly directed against China, which Admiral Phil Davidson, commander of
USINDOPACOM, defines as a "major rival power which is eroding the international order in order
to reduce the access of the USA to the region and thus become hegemonic."
When Trump meets Chinese President Xi Jinping, Friedman will no doubt accuse him of
connivance not only with the Russian enemy, but also with the Chinese enemy.
"... These wars, no matter what form they take, are a circus for the public. They are engineered to create controlled chaos and manageable fear. They are a means to influence us towards a particular end, and that end, in most cases, is more social and economic influence in the hands of a select few. In each instance, people are being convinced to believe that the world is being divided when it is actually being centralized. ..."
"... Globalists themselves are drawn together by an ideology. They have no common nation, they have no common political orientation, they have no common cultural background or religion, they herald from the East just as they herald from the West. They have no true loyalty to any mainstream cause or social movement. ..."
"... What do they have in common? They seem to exhibit many of the traits of high level narcissistic sociopaths, who make up a very small percentage of the human population. These people are predators, or to be more specific, they are parasites. They see themselves as naturally superior to others, but they often work together if there is the promise of mutual benefit. ..."
"... Contrary to popular belief in the liberty movement, Putin DID NOT kick out international banks or remove their power structures during his presidential rise. In fact, Rothschild banks still operate in Russia to this day, while Goldman Sachs and JP Morgan continue to act as the largest investment banks in the country. ..."
"... The globalist presence in Russia is perhaps why the nation developed such a close relationship with the IMF after the fall of the Soviet Union , why they continue their ties to the IMF an the Bank for International Settlements to this day and why the Kremlin has in the past called for a new global currency system controlled by the IMF. ..."
"... Trump has also had extensive dealings with the globalists, including Rothschild connected banking elites for the past 25 years. Wilber Ross , an investment banker working for the Rothschilds, was the primary agent that bailed Trump out of his considerable debts surrounding his Taj Mahal casino in Atlantic City. After Trump's rise to the White House, he made Wilber Ross commerce secretary and Ross now heavily promotes the developing trade war. ..."
"... Clearly, there is no "division" between the world's political leaders when it comes to who they are allied with. International banks and globalist think tanks are involved with ALL of them. But what about the rest of the world in general? Isn't the trade war causing division and decentralization among nations and economies? When you look at the very top of the pyramid, the divisions vanish. ..."
The greatest tool at the disposal of globalists is the
use
of false paradigms to manipulate public perception and thus public action
.
The masses are led to believe that at the highest levels of geopolitical and
financial power there is such a thing as "sides." This is utter nonsense when we
examine the facts at hand.
We are told the-powers-that-be are divided by "Left" and "Right" politics,
yet
both sides actually support the same exact policy actions when it comes to the
most important issues of the day and only seem to differ in terms of rhetoric,
which is meaningless and cosmetic anyway.
That
is to say, it's nothing but Kabuki theater.
We are told that corporate power must be balanced by government power and that
government power must be balanced by "free markets," when in reality
corporations are chartered and protected by governments and free markets simply
don't exist in today's economy.
In the case of social media
"censorship," we are told that the solution is to use government power to
enforce "fairness" instead of simply launching our own alternative platforms.
Yet, social media corporations exist in the form of monopolies exactly because
of government power and intervention in business. The abuses of one "side" are
being used to push us into the arms of the other side, which is just as abusive.
In terms of geopolitics, we are told that national powers stand "at
cross-purposes;"
that they have different interests and different goals,
which has led to things like "trade wars" and sometimes shooting wars.
Yet,
when we look at the people actually pulling the strings in most of these
countries, we find the same names and institutions.
Whether you are in
America, Russia China, the EU, etc., globalist think tanks and international
banks are everywhere, and the leaders in all of these countries call for MORE
power for such institutions, not less.
These wars, no matter what form they take, are a circus for the public. They are
engineered to create controlled chaos and manageable fear. They are a means to
influence us towards a particular end, and that end, in most cases, is more
social and economic influence in the hands of a select few. In each instance,
people are being convinced to believe that the world is being divided when it is
actually being centralized.
The key to any magic show is to get the audience to participate in the lie; to
get them to focus on the distracting hand
, to assume that what they are
seeing is actually what is really happening - to suspend their skepticism.
Make no mistake, what we are seeing in geopolitics today is indeed a magic show.
The
false East/West paradigm is as powerful if not more powerful than the false
Left/Right paradigm. For some reason, the human mind is more comfortable
believing in the ideas of division and chaos, and it often turns its nose up
indignantly at the notion of "conspiracy." But conspiracies and conspirators can
be demonstrated as a fact of history. Organization among elitists is
predictable.
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'Rich' Americans Have Never Been More Comfortable Relative
The last few months have seen a dramatic divergence between
the 'comfort' of the haves and the have-notes.
Globalists themselves are drawn together by an ideology.
They have no
common nation, they have no common political orientation, they have no common
cultural background or religion, they herald from the East just as they herald
from the West. They have no true loyalty to any mainstream cause or social
movement.
What do they have in common?
They seem to exhibit many of the
traits of high level narcissistic sociopaths, who make up a very small
percentage of the human population. These people are predators, or to be more
specific, they are parasites. They see themselves as naturally superior to
others, but they often work together if there is the promise of mutual benefit.
The closest thing I can relate narcissistic sociopaths (and thus globalists) to
in mythology would be vampires. I have often wondered if the concept of
"vampires" was created as a way for the peasants of the dark ages to explain the
soulless and monstrous behavior of the elites of their time. The notion that any
person is capable of that kind if evil, let alone organized evil in the form of
a cabal, is hard for people to accept to this day.
Vampires in mythology are usually depicted as elites, hiding in plain site as
leaders of communities in the upper echelons of society. They seek out a
village, insert themselves as upstanding patrons and aristocrats, then feed
until that village is destroyed. Afterward, they move on to the next village.
This is what they are. This is what they do, and they do it in organized fashion
to make the process more efficient.
It takes a village to feed a vampire, or a narcissistic sociopath.
I relate this metaphor because I think it's important for the average person to
understand what we are really dealing with here. When some people recoil at the
notion of a syndicate at the highest levels of finance and politics working
towards nefarious purposes, they should know that this is easily explained not
only in terms of historic myths and archetypes, but in well documented
psychological study.
Analysts and activists within the liberty movement have proven impressively
immune to many of the narratives and lies of conspiratorial globalists, which is
why they are now the main target of multiple propaganda campaigns. Globalists
don't feel comfortable climbing into their coffins to sleep during the day while
so many Van Helsings are lurking about exposing their activities.
The latest propaganda effort I have seen is the narrative of the "multipolar
world" developing in the wake of what the IMF refers to as the "global economic
reset." In fact, the term "multipolar world" is being used in alternative media
circles a lot these days, and this is once again a ploy designed to con us into
believing that centralization is no longer a threat and that the divisions we
see are real rather than fabricated.
Under the multipolar narrative, we are told that the shift away from the U.S.
dollar as the world reserve is now happening and that this is being led by
Eastern political powers seeking alternatives. This is true, to a point.
The lies surrounding this development are many, though. We are told that Eastern
political powers are at odds with globalists and globalism -- this is false. We
are told that BRICS nations are seeking a decentralized system to replace dollar
hegemony -- this is false. We are told that Eastern leaders like Putin and Xi are
countering the globalist power grab and are being targeted by the elites as if
they are "rebelling" against the empire -- this is also false. We are told that
the trade war is a means for Donald Trump to disrupt globalization and throw a
monkey wrench into the globalists plans -- this is fantasy.
Liberty activists and analysts are particularly susceptible to the idea because
it plays on our desire to see the longstanding dollar-based empire of the
Federal Reserve fall into the oblivion it deserves.
The
problem is that the narrative is based on the fraudulent assumption that the
globalist empire is rooted in the "American empire."
Here are the facts
:
Globalist influences are hyper-present in eastern nations.
For example,
Vladimir Putin, who is often depicted as some kind of anti-globalist hero in
liberty movement discussions, is not anti-globalist at all. Putin was
"discovered" by vocal new world order proponent Henry Kissinger decades ago in
the early 1990s before he took on the role as acting president of Russia. Putin
relates his first meeting with Kissinger and their longstanding friendship in
the book
First
Person
, his autobiographical account of his early career.
Contrary to popular belief in the liberty movement, Putin DID NOT kick out
international banks or remove their power structures during his presidential
rise. In fact,
Rothschild
banks
still operate in
Russia
to
this day, while
Goldman
Sachs and JP Morgan
continue to act as the largest investment banks in the
country.
The
globalist
presence in Russia
is perhaps why the nation developed such a close
relationship with the IMF after the fall of the Soviet Union
, why they
continue their ties to the IMF an the Bank for International Settlements to this
day and why the Kremlin has in the past called for a new global currency system
controlled by the IMF.
China has also called for the same new monetary system
, not decentralized,
but completely centralized under the IMF.
China has been under the
influence
of
the Rockefeller Foundation
since around 1915, when they opened a university
in the country based on the University of Chicago. China continues its ties to
the globalists through the BIS and IMF, and
Goldman
Sachs
is heavily involved in Chinese government activities and business
arrangements. Only last year, Goldman established a $5 billion deal with an arm
of the Chinese government to make it easier to purchase companies and assets
within the United States. Donald Trump praised the deal as beneficial to the
U.S., which is not surprising considering the number of Goldman Sachs alumni
Trump has involved in his cabinet.
Trump has also had extensive dealings with the globalists, including Rothschild
connected banking elites for the past 25 years.
Wilber
Ross
, an investment banker working for the Rothschilds, was the primary
agent that bailed Trump out of his considerable debts surrounding his Taj Mahal
casino in Atlantic City. After Trump's rise to the White House, he made
Wilber
Ross commerce secretary
and Ross now heavily promotes the developing trade
war.
Clearly, there is no "division" between the world's political leaders when it
comes to who they are allied with.
International banks and
globalist think tanks are involved with ALL
of
them. But what about the rest of the world in general? Isn't the trade war
causing division and decentralization among nations and economies? When you look
at the very top of the pyramid, the divisions vanish.
Consider Russia's ongoing oil pipeline deal with
Germany
,
or Russia's latest deal to allow
China
to farm over 2.5 million acres of Russian land
, helping directly combat U.S.
sanctions. Or what about the
Caspian
Sea
deal between Russia, Iran and multiple other countries to end the
dispute over the region? And how about China's defiance of sanctions on
Iranian
oil
? Or the EU's growing protests over US interference in their oil trade
with both Iran and Russia?
These are just some of the latest examples of the rest of the world melding into
a larger conglomerate in the wake of the trade war. The trade war is bringing
all these supposedly disparate countries together in a way that is rather
convenient for globalists. If we take into account the reality of globalist
influence in all major economies, then we have to also take into account the
possibility that the "global economic reset" is not about a "multipolar world,"
but an even more centralized unipolar world. A world which sacrifices the U.S.
model along with the dollar as world reserve and replaces it with something
EVEN
WORSE.
In the meantime, liberty activists are lately being told that they should rally
around the death of dollar and the global reset as if it is the end of
globalism.
In other words, we are supposed to stupidly believe that the
shift to the new world order is "decentralization" simply because they call it
"multipolar."
Just
because the U.S. is no longer the face of the beast does not mean the beast is
gone.
* * *
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just read, visit our donations page
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"... Duncan described herself as an avid supporter of President Trump, but said she was moved by four full boxes of exhibits provided by Mueller's team – though she was skeptical about prosecutors' motives in the financial crimes case. ..."
"... Though Duncan said the jury was not political in its conviction, she said she was skeptical of prosecutors' intentions, which she implied were political. ..."
A juror who sat on former Trump campaign chairman Paul Manafort's
case said on
Fox
News Wednesday night
that a
lone
juror prevented a ruling on all 18 counts against Manafort.
Juror
Paula Duncan said a lone juror could not come to a guilty verdict on
10 charges, forcing judge T.S. Ellis III to declare a mistrial on 10
of Manafort's 18 counts.
"It was one person who kept the verdict from being guilty on all 18
counts," Duncan, 52, said. She added that Mueller's team of
prosecutors often seemed bored, apparently catnapping during parts
of the trial.
In an exclusive interview on
@
foxnewsnight
,
Paul Manafort juror Paula Duncan said Special
Counsel Robert Mueller's team was one holdout
juror away from convicting Paul Manafort on all
18 counts of bank and tax fraud.
https://
fxn.ws/2Mrmrzb
While the identities of the jurors have been closely held, kept
under seal by Judge T.S. Ellis III at Tuesday's conclusion of the
high-profile trial, Duncan gave a behind-the-scenes account to Fox
News on Wednesday, after the jury returned a guilty verdict against
the former Trump campaign chairman on eight financial crime counts
and deadlocked on 10 others.
Duncan described herself as an avid supporter of President Trump,
but said she was moved by four full boxes of exhibits provided by
Mueller's team – though she was skeptical about prosecutors' motives
in the financial crimes case.
"Certainly Mr. Manafort got caught breaking the law, but he
wouldn't have gotten caught if they weren't after President
Trump," Duncan said of the special counsel's case, which she
separately described as a "witch hunt to try to find Russian
collusion," borrowing a phrase Trump has used in tweets more
than 100 times.
Though Duncan said the jury was not political in its conviction, she
said she was skeptical of prosecutors' intentions, which she implied
were political.
Following a lengthy jury deliberation, former
Trump
campaign
manager Paul Manafort was
convicted
on
eight counts, including tax fraud, failure to disclose
foreign bank accounts, and bank fraud –
even
though jurors were still hung on another ten counts
:
"If we cannot come to a consensus for a single count, how can we
fill in the verdict sheet?" the jurors asked in the note.
"It is your duty to agree upon a verdict if you can do so," said
Ellis, who encouraged each juror to make their own decisions on
each count. If some were in the minority on a decision, however,
they could think about the other jurors' conclusions.
Notably, the case has nothing
to
do
with "Trump, the Trump campaign or the 2016 US election" – it
has to do with work Manafort did with former Ukranian President
Victor Yanukovych from 2005-2014.
The
case was referred to the federal prosecutors in the Southern
District of New York (SDNY) by Special Investigator
Robert
Mueller
who also referred Democrat superlobbyist Tony Podesta
for prosecution as part of similar work he did for Yanukovych.
All of this begs the question – if Tony Podesta committed the same
crimes as Paul Manafort, why hasn't the SDNY brought charges against
him?
Last year, Tucker Carlson exposed just how close Tony Podesta and
the
Podesta
Group
were to the Ukranian and Russian governments...
...which was summed up in the below list originally complied by
iBankCoin
–
detailing Manafort's close ties with the Podesta Group regarding
Russian
/Ukranian
lobbying:
Lobbyist and temporary Trump campaign manager Paul Manafort
is at the center of the Russia probe – however the scope of
the investigation has broadened to include his activities
prior to the 2016 election.
Manafort worked with the Podesta Group since at least
2011 on behalf of Russian interests
, and was at the
Podesta Group offices "all the time, at least once a
month," peddling Russian influence through a shell group
called the
European
Centre for a Modern Ukraine
(ECMU).
Manafort brought a "parade" of Russian oligarchs to congress
for meetings with members and their staffs, however, the
Russia's
"central effort" was the Obama Administration.
In 2013,
John
Podesta recommended that Tony hire David Adams, Hillary
Clinton's chief adviser at the State Department, giving them
a "direct liaison" between the group's Russian clients and
Hillary Clinton's State Department.
In late 2013 or early 2014,
Tony
Podesta and a representative for the Clinton Foundation met
to discuss how to help Uranium One
– the Russian
owned company that controls 20 percent of American Uranium
Production – and whose board members gave over $100 million
to the Clinton Foundation.
"
Tony
Podesta was basically part of the Clinton Foundation."
Believing she would win the 2016 election,
Russia
considered the Podesta Group's connection to Hillary highly
valuable
.
Podesta Group is a nebulous organization with no board
oversight and all financial decisions made by Tony Podesta.
Carlson's source said
payments
and kickbacks could be hard for investigators to trace,
describing it as a "highly secret treasure trove."
One
employee's only official job was to manage Tony Podesta's
art
collection
, which could be used to conceal
financial transactions.
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"Thank God This Is Happening" Russia Says Time
Has Come To
With the US unveiling a new set of sanctions
against Russia on Friday, Moscow said it would
definitely respond to
Additionally, Zerohedge
explained
why
this list is so significant:
emails obtained by the Associated Press showed that Gates
personally directed two Washington lobbying firms,
Mercury
LLC and the Podesta Group, between 2012 and 2014 to set up
meetings between a top Ukrainian official and senators and
congressmen on influential committees involving Ukrainian
interests
. Gates noted in the emails that the official,
Ukraine's foreign minister, did not want to use his own embassy
in the United States to help coordinate the visits.
And this is where the plot thickens,
because
while the bulk of the press has so far spun the entire Ukraine
lobbying scandal, which led to Manafort's resignation, as the
latest "proof" that pro-Moscow powers were influencing not only
Manafort but the Trump campaign in general (who some democrats
have even painted of being a Putin agent), the reality is that a
firm closely tied with the Democratic party, the Podesta Group,
is just as implicated.
As AP further adds, the European Center for a Modern Ukraine, a
Brussels-linked nonprofit entity which allegely ran the lobbying
project,
paid
Mercury and the Podesta Group a combined $2.2 million over
roughly two years.
In papers filed in the U.S. Senate,
Mercury and the Podesta Group listed the European nonprofit as
an independent, nonpolitical client. The firms said the center
stated in writing that it was not aligned with any foreign
political entity.
In other words, the Podesta Group was likely
as
much or even more complicit in any wrongdoing than Manafort was
.
Of course, none of this stopped
Mueller
from
offering
Podesta immunity – in exchange for testimony against Manafort:
It is not as though Manafort is blameless or guilt-free in his
conduct – and according to Corey Lewandowski,
President
Trump
himself was not particularly fond of
some
of
his conduct on the campaign trail, at one point
lowering
his helicopter
to berate him via cell phone:
While were in the air, heading for Delaware, somebody -- I think it
was Ann Coulter -- tweeted out
a
quote from Manafort saying that Trump shouldn't be on television
anymore
, that he shouldn't do the Sunday shows. And
from now on Manafort would do all shows. Because he's the
fucking expert, right? Not Trump, who had already turned the
whole primary race on its head
"Yes, sir," Hope said, "Paul said he doesn't want you on TV."
Trump went fucking ballistic. We were still over the New York
metropolitan area, where you can get cell service if you fly at
a low altitude.
"Lower it!" Trump yelled to the pilot. "I have to make a call."
He got Manafort on the phone, "Did you say I shouldn't be on TV
on Sunday??" Manafort could barely hear him because of the
helicopter motor. But Trump said,
"I'll
go on TV anytime I goddamn fucking want and you won't say
another fucking word about me! Tone it down? I wanna turn it up!
I don't wanna tone anything down! I played along with your
delegate charts, but I have had enough."
He got Paul on the phone and completely decimated him again
verbally. Ripped his fucking head off. I wish I'd recorded it,
because it was one of the greatest takedowns in the history of
the world.
"You're a political pro? Let me tell you something. I'm a pro at
life. I've been around a time or two. I know guys like you, with
your hair and your skin "
and again, according to Lewandowski, Trump was unaware of
Manafort's connections when he took the job, but was seriously
unhappy about them after they were released to the press:
"It's all lies," Manafort said. "My lawyers are fighting it."
"But if it's in the paper someone has to give Trump a heads-up,
because if it's in the paper, it's reality."
Just as Steve had thought, the story ran the next day, August
15, on Page One, above the fold.
"I've got a crook running my campaign," Trump said when he read
it.
However, in spite of his apparent misgivings for Manafort, Trump has
decided to support him – ostensibly because he did not cave to the
outrageous demands of the Mueller "
investigation
":
I feel very badly for Paul Manafort and his
wonderful family. "Justice" took a 12 year old
tax case, among other things, applied tremendous
pressure on him and, unlike Michael Cohen, he
refused to "break" - make up stories in order to
get a "deal." Such respect for a brave man!
....and why hasn't the Podesta brother been
charged and arrested, like others, after being
forced to close down his very large and
successful firm? Is it because he is a VERY well
connected Democrat working in the Swamp of
Washington, D.C.?
...the Podesta brothers are both well-connected swamp creatures, on
the same political team as the
uber-politicized
SDNY
assigned to levy charges against them.
CIA spies operating within the Kremlin have suddenly "gone to ground" according to the
New York
Times , citing American officials clearly abusing their security clearances.
The officials do not think their sources have been compromised or killed - rather, they've
been spooked into silence amid "more aggressive counterintelligence by Moscow, including
efforts to kill spies," according to the Times, pointing to the still-unsolved March poisoning
of former Russian double-agent Sergei Skripal in the UK.
Curiously, the Times immediately suggests that the lack of intelligence is " leaving the CIA
and other spy agencies in the dark about precisely what Mr. Putin's intentions are for
November's midterm elections. "
But American intelligence agencies have not been able to say precisely what are Mr.
Putin's intentions : He could be trying to tilt the midterm elections, simply sow chaos or
generally undermine trust in the democratic process . - NYT
There it is. Of course, buried towards the end of the article is this admission:
But officials said there has been no concrete intelligence pointing to Mr. Putin ordering
his own intelligence units to wade into the election to push for a certain outcome , beyond a
broad chaos campaign to undermine faith in American democracy.
Meanwhile, "current and former officials" tell the Times that the outing of FBI spy Stefan
Halper, who infiltrated the Trump campaign, had a " chilling effect on intelligence collection
."
"... Since the 80s, the stock market capitalization to GDP ratio has been much higher than the historical norm, higher than when the US had higher rates of growth. ..."
"... In financialized economies with inflated asset prices, people have low savings and can't even afford to buy real estate or can only afford it by taking on lots of debt and having to depend on further price inflation so that they don't go underwater. In countries with financial repression, public debt tends to be low and interest rates tend to be low and capital gets directed towards industry ..."
"... Well like I said earlier, this is a matter of one's values and views on political economy. If one prefers asset price inflation and a capital structure of heavily indebted households and young adults, then there's nothing wrong and everything is rosy. ..."
"... Household income overall, not just wages, has stagnated. ..."
Whether it's an irrational criticism or not depends on one's values and
views on political economy. To some, the financial sector has manifestly
failed at allocating capital properly and is filled with rent seeking. Others
will point to its size and the capitalization of financial markets as evidence
of its value and importance.
What's the evidence that it has failed at allocating capital successfully?
No shortage of rent-seeking of course. But if there's one thing I've
learned it's that bagholders are gonna bag. This isn't some hypothetical either, look at countries without sophisticated
financial markets. People are forced to save by speculating in real estate,
and credit is often not available to business unless the state makes it
available (perfectly reasonable in such economies to be fair).
Since the 80s, the stock market capitalization to GDP ratio has been
much higher than the historical norm, higher than when the US had higher
rates of growth.
There have been several bubbles, and consumer debt has
risen significantly while income has stagnated and startup formation is
at a 40 year low. Capital allocation has been very unproductive. It's caused
lots of asset price inflation and increased debt without producing new assets
and income streams. Capital allocation is highly centralized and it has
the same problems communist economies have with central planning where capital
is centralized in the state. A lot of unproductive activity and rent seeking.
In financialized economies with inflated asset prices, people have low
savings and can't even afford to buy real estate or can only afford it by
taking on lots of debt and having to depend on further price inflation so
that they don't go underwater. In countries with financial repression, public
debt tends to be low and interest rates tend to be low and capital gets
directed towards industry.
Since the 80s, the stock market capitalization to GDP ratio has been
much higher than the historical norm, higher than when the US had higher
rates of growth.
Stock prices were unusually low in the 1970s, as epitomized by BusinessWeek's
famous 1979 The Death of Equities cover. In addition to reversion to the mean, several other factors made stocks
more valuable since that time.
The collapse of inflation and interest rates increased the net present
value of stocks, the rise of emerging markets with poor domestic capital
markets increased foreign demand for stocks, America's persistent trade
deficit further increased foreign demand for American assets, and the low-cost
trading and 401k revolutions.
Well like I said earlier, this is a matter of one's values and views
on political economy. If one prefers asset price inflation and a capital
structure of heavily indebted households and young adults, then there's
nothing wrong and everything is rosy.
Household income overall, not just wages, has stagnated.
Startup formation is still at a 40 year low, despite all the noise about
venture capital and Silicon Valley.
ROC and ROE are based on corporate income, which are at historical highs.
The rest of your comment is just econ 101 and biz school corp finance
and accounting 101 hand waving to justify the status quo.
Your whole argument in the original post is that Tesla and SpaceX could
not get the capital that they have without Musk committing fraud and violating
a bunch of laws. In other words, two new industrial firms with tremendous
brand value and advancing decades ahead of the competition (
https://www.nextbigfuture.com/2018/05/every-3-5-years-spacex-is-adding-a-decade-lead-on-competitors.html
) could not have been capitalized otherwise.
"Russian influence will flow through that pipeline right into Europe, and that is what we
are going to prevent," an unnamed U.S. official told the
Wall Street Journal just as Russian President Vladimir Putin and Chancellor Angela
Merkel meet outside of Berlin on Saturday centered on the two countries moving forward with the
controversial Russian-German Nord Stream 2 gas pipeline, but also involving issues from the
Iran nuclear deal to ending the war in Syria.
Intense pressure from Washington is overshadowing the project, construction of which is
already in advanced stages, as
the WSJ cites current and former US officials who say sanctions are under discussion and
could be mobilized in a mere matter of weeks .
These potential sanctions, ostensibly being discussed in response to US intelligence claims
of Russian interference in the 2016 election, could target companies and financial firms
involved in the massive pipeline's construction . This comes after comments from President
Trump at the opening of a NATO summit in July made things uncomfortable for his German
counterpart when he said that Germany is so dependent on Russia for energy that it's
essentially being "held captive" by Vladimir Putin and his government.
"Germany is captive of Russia because it is getting so much of its energy from Russia. They
pay billions of dollars to Russia and we have to defend them against Russia,"
Trump told NATO chief Jens Stoltenberg at a televised opening breakfast.
The pipeline has been opposed by multiple US administrations, who have long accuse the
Kremlin of seeking to accrue political leverage over Europe given the latter's already high
dependence on Russian natural gas. The pipeline has been a frequent talking point and target of
attacks by Trump,
who has threatened to escalate the trade war against Germany going back months if it
supported the construction of the pipeline. US officials have also expressed concern that
Russia will pull pack significantly from delivering natural gas via Ukraine when its Gazprom
tranit contract expires by the close of 2019. Ukraine is currently the chief Russian
natural-gas export point to the EU and depends heavily on levying fees on this trade.
Both Russia and Germany have sought to calm US concerns over the Ukraine issue, with Putin
himself reportedly telling both Merkel and Trump that he is "ready to preserve" gas transit
through Ukraine even after Nord Stream 2 was completed.
US officials speaking to the WSJ , however, downplayed the Ukraine issue, instead focusing
on the urgency of allowing such significant and irreversible Russian economic, political, and
infrastructural inroads into the heart of Europe .
Richard Grenell, the U.S. ambassador to Germany, told the
WSJ , "We have been clear that firms working in the Russian energy export-pipeline sector
are engaging in a line of business that carries sanctions risk," -- something which he's
repeatedly emphasized with officials in Berlin. President Trump himself has also reportedly
raised the issue directly with Chancellor Merkel on multiple occasions. But for all the shrill
US media claims that Trump is somehow doing Putin's bidding, the WSJ
has this illuminating line : "Officially, the European Commission, the EU's executive body,
is coordinating the gas-transit talks, but Ms. Merkel also has played a leading role because of
her regular contacts and longstanding relationship with Mr. Putin, European officials say
."
Meanwhile, it appears that Washington has a losing hand even while making threats of
sanctions in an attempt to block the pipeline project.
A European energy executive familiar with the discussions said company representatives had
told John McCarrick, deputy assistant secretary in the State Department's Bureau of Energy
Resources, that the five European companies and Gazprom had already provided €5.5
billion ($6.3 billion) in financing and that the project wouldn't be stopped even if the U.S.
were to impose sanctions .
The Nord Stream 2 project was started in 2015 and is a major joint venture between Russia's
Gazprom and European partners, including German Uniper, Austria's OMV, France's Engie,
Wintershall and the British-Dutch multinational Royal Dutch Shell.
The pipeline is set to run from Russia to Germany under the Baltic Sea - doubling the
existing pipeline's capacity of 55 cubic meters per year, and is therefore critical for
Europe's future energy needs.
Currently, the second phase involves utilizing an existing pipeline already channelling
smaller amount of gas from Russia to Germany. Construction for the second phase started in May
of this year.
The FBI has been dealt a major blow after a Washington DC judge
ruled
that the agency must respond to a FOIA request
for documents concerning the bureau's
efforts to verify the controversial Steele Dossier,
before it was used as the foundation
of a FISA surveillance warrant application and subsequent renewals.
US District Court Judge Amit
Mehta - who in January sided with the FBI's decision to ignore the FOIA request, said that
President Trump's release of two House Intelligence Committee documents (the "Nunes" and "Schiff"
memos) changed everything.
Considering that the FBI offered Steele
$50,000
to
verify the Dossier's claims yet never paid him, BuzzFeed has unsuccessfully
tried
to do the same
to defend themselves in a dossier-related lawsuit, and a
$50 million Soros-funded investigation
to continue the hunt have turned up nothing that we
know of - whatever documents the FBI may be forced to cough up regarding their attempts to verify
the Dossier could prove highly embarrassing for the agency.
[I]f Mr. Steele could get solid corroboration of his reports, the F.B.I. would pay
him $50,000 for his efforts
, according to two people familiar with the offer.
Ultimately,
he was not paid
. -
NYT
What's more,
forcing the FBI to prove they had an empty hand will likely embolden calls
to disband the special counsel investigation
- as the agency's mercenary and politicized
approach to "investigations" will be laid all the more bare for the world to see. Then again, who
knows - maybe the FBI verified everything in the dossier and it simply hasn't leaked.
That said, while the FBI will likely be forced to acknowledge the documents thanks to the
Thursday ruling, the agency will still be able to try and convince the judge that there are other
grounds to withhold the records.
In January, Mehta
blessed the FBI's decision
not to disclose the existence of any records containing the agency's
efforts to verify the dossier - ruling that Trump's tweets about the dossier didn't require the FBI
and other intelligence agencies to act on records requests.
"
But then the ground shifted
," writes Mehta of Trump declassifying the House
memos. "As a result of the Nunes and Schiff Memos, there is now in the public domain meaningful
information about how the FBI acquired the Dossier and how the agency used it to investigate
Russian meddling."
The DOJ also sought to distinguish between the Steele Dossier and a synopsis of the dossier
presented to both Trump and then-President Obama in 2016, however Mehta rejected the attempt,
writing "That position defies logic," while also rejecting the government's refusal to even say if
the FBI has a copy of that synopsis.
"It remains no longer logical nor plausible for the FBI to maintain that it cannot confirm nor
deny the existence of documents," Mehta wrote.
It is simply not plausible to believe that, to whatever extent the FBI has made efforts to
verify Steele's reporting, some portion of that work has not been devoted to allegations that
made their way into the synopsis. After all,
if the reporting was important enough to
brief the President-elect, then surely the FBI thought enough of those key charges to attempt to
verify their accuracy
. It will be up to the FBI to determine which of the records in
its possession relating to the reliability of the Dossier concerns Steele's reporting as
discussed in the synopsis.
"This ruling represents another incremental step in revealing just how much the FBI has been
able to verify or discredit the rather personal allegations contained in that synopsis derived from
the Steele dossier," said Brad Moss, a lawyer pressing the lawsuit for the pro-transparency group,
the James Madison Project. "It will be rather ironic if the president's peripheral actions that
resulted in this ruling wind up disclosing that the FBI has been able to corroborate any of the
'salacious' allegations."
In other words, the FBI must show what they did to verify the claims contained within the Nunes
and Schiff memos.
Because the case was heard on appeal, the ruling will not take immediate effect, notes
Politico
,
which
adds that the appeals court is now likely to remand the case to Mehta, while the FBI is going to
try and convince him the records should remain unreleased.
Strange how the alphabet soup agencies always seem to fight hardest
only when it comes to hiding embarrassing information from the
American people. Yet they wonder why we don't consider them all
civil servants and heroes.
"... But to an extent hardly imaginable in 2008, all the world's leading economies are locked in a perpetually escalating cycle of economic warfare. This global trade war is spearheaded by the Trump White House, which sees trade sanctions and tariffs, such as the onslaught it launched against Turkey, as an integral component of its drive to secure the United States' geopolitical and economic interests at the expense of friend and foe alike. ..."
"... But while they are deeply divided as to their economic and geo-political objectives, the capitalist ruling classes are united on one essential question. However the next stage of the ongoing breakdown of world capitalism proceeds, they will all strive by whatever means considered necessary to make the working class the world over pay for it. ..."
"... In 2008, capitalist governments around the world, above all in the US, derived enormous benefit from the decades-long suppression of the class struggle by the trade unions and the parties of the political establishment. The rescue operation they carried out on behalf of parasitic and criminal finance capital would not have been possible without it ..."
"But to an extent hardly imaginable in 2008, all the world's leading economies are locked
in a perpetually escalating cycle of economic warfare. This global trade war is spearheaded
by the Trump White House, which sees trade sanctions and tariffs, such as the onslaught it
launched against Turkey, as an integral component of its drive to secure the United States'
geopolitical and economic interests at the expense of friend and foe alike.
The character of world economy has undergone a major transformation in the past decade in
which economic growth, to the extent it that it occurs, is not driven by the development of
production and new investments but by the flow of money from one source of speculative and
parasitic activity to the next."
"But while they are deeply divided as to their economic and geo-political objectives, the
capitalist ruling classes are united on one essential question. However the next stage of the
ongoing breakdown of world capitalism proceeds, they will all strive by whatever means
considered necessary to make the working class the world over pay for it.
This is the lesson from the past decade which, in every country, has seen a deepening
attack on wages, social conditions and living standards as wealth is redistributed up the
income scale, raising social inequality to unprecedented heights.
In 2008, capitalist governments around the world, above all in the US, derived enormous
benefit from the decades-long suppression of the class struggle by the trade unions and the
parties of the political establishment. The rescue operation they carried out on behalf of
parasitic and criminal finance capital would not have been possible without it."
Big trouble is brewing in the mighty North Dakota Bakken Oil Field. While oil production in
the Bakken has reversed since it bottomed in 2016 and increased over the past few years, so has
the amount of by-product wastewater. Now, it's not an issue if water production increases along
with oil. However, it's a serious RED FLAG if by-product wastewater rises a great deal more
than oil.
And... unfortunately, that is exactly what has taken place in the Bakken over the past two
years. In the oil industry, they call it, the rising "Water Cut." Furthermore, the rapid
increase in the amount of water to oil from a well or field suggests that peak production is at
hand . So, now the shale companies will have an uphill battle to try to increase or hold
production flat as the water cut rises.
According to the North Dakota Department of Mineral Resources, the Bakken produced 201
million barrels of oil in the first six months of 2018. However, it also produced a stunning
268 million barrels of wastewater:
Thus, the companies producing shale oil in the Bakken had to dispose of 268 million barrels
of by-product wastewater in just the first half of the year. I have spoken to a few people in
the industry, and the estimate is that it cost approximately $4 a barrel to gather, transport
and dispose of this wastewater. Which means, the shale companies will have to pay an estimated
$2.2 billion just to get rid of their wastewater this year.
Now, some companies may be recycling their wastewater, but this isn't free. Actually, I have
seen estimates that it cost more money to recycle wastewater than it does to simply dispose of
it. So, as the volume of wastewater increases while the percentage of oil production declines,
then the shale companies are hit with a double-whammy... less oil revenue and rising wastewater
disposal costs.
To give you an idea just how much more water is being produced versus oil in the Bakken, I
went back to the North Dakota Department of Mineral Resources and looked at their data back to
2015. Unfortunately, the data published in excel only goes back to 2015, even though they have
figures published in PDF form starting in 2003.
Regardless, four years is plenty of time to show just how bad the situation is becoming in
the Bakken. In June 2015, the North Dakota Bakken produced 16% more water than oil. However
June this year, the Bakken field produced 38% more water than oil :
You will notice that overall oil and water production declined in 2016, due to the falling
oil price, but as production grew in 2017 and 2018, the percentage increase of by-product
wastewater surged to 32% and 38% respectively. Here is an interesting comparison:
Bakken Oil & Water Production:
June 2015 Oil = 34.4 million barrels
June 2015 Water = 39.8 million barrels (16% more water)
June 2018 Oil = 33.8 million barrels
June 2018 Water = 46.8 million barrels (38% more water)
As we can see, while overall Bakken oil production in June 2018 was less than it was in June
2015, the volume of waster water increased by an additional 7 million barrels.
I believe there are two negative forces at work in the Bakken as it pertains to the rising
volume of wastewater.
As the wells and field age, more water is produced than oil
Larger Frac Stages, which require more water and sand, are now being utilized to keep
production growing or to keep it from falling
While a rising water cut isn't a surprise to the industry as it is a natural progression of
an aging oil well or field, the use of Larger Frac Stage wells should be a WAKE-UP CALL to
investors. Why? Because Larger Frac Stage wells consume a great deal more water and sand to
produce more oil initially, but the decline rates are even more severe than regular shale
wells.
So, when the Investor Relations are bragging how the companies are using the newer
technology of more complex Large Frac Stage wells, this isn't a good sign. This means that the
company is now desperate to try and grow production, or at worst, to keep it from falling.
Unfortunately, the U.S. Shale Industry is in serious trouble. Most of the shale fields have
reached a peak and when production starts to decline, especially during a collapsing oil price,
I forecast a rapid disintegration of the industry. We must remember, as the oil price and oil
production falls, then company stock and asset values will plummet while the high debt levels
remain. Thus, the shale industry will have increasing difficulty in servicing its debt.
I will continue to monitor the production of oil and wastewater in the Bakken. Please check
back for updates.
The most embarrassing outcome will turn out to be that they actually did nothing to verify
the Steele dossier. Why would they question it? They wanted to use it as a political tool. Do
I question and inspect a hammer before I swing it?
Barring that, if they did try to verify it, their complete and utter stupidity will see
the light of day.
In either case they are truly fucked by this court order.
So the FBI's position is that they cannot confirm nor deny the existence of documents to
confirm or deny the truth of the dossier, but they used it in the FISA warrants. But the
procedure required for the warrants are that all information must be verified, so those
documents need to exist. So the FBI is admitting that they did not follow the required
procedure. That makes the warrants void, which means that all information obtained that way
is mute, and thus the entire case collapses. Further, filling a warrant request where the
rules have not been followed is perjury, making everyone who signed it guilty of a criminal
offense against the court.
But always remember, the FBI/DOJ is "honorable". Yeah, that's the term
they use to refer to the scumbags that "represent" us in congress. In
reality, "there is no honor amongst thieves", and government is full of
them because sociopaths gravitate to positions of power.
It's a unruly fuck show at the FBI and nobody is being held accountable. No
leadership, no standards, no neutrality, no accountability. Obama weaponized
the FBI. Fire everyone.
The
Wall Street Journal
continues to counter
the
liberal
mainstream media's Trump Derangement Syndrome
, dropping uncomfortable truth-bombs and
refusing to back off its intense pressure to get to the truth and hold those responsible,
accountable (in a forum that is hard for the establishment to shrug off as 'Alt-Right' or
'Nazi' or be 'punished' by search- and social-media-giants) .
And
once again Kimberley
Strassel
- who by now has become the focus of social media attacks for her truth-seeking
reporting - does it again this morning, as she points out -
hours after former CIA Director
Brennan threw a tantrum over having his security clearance removed - that while Justice has
released some damning documents - particularly on what Bruce Ohr was doing - much of the truth
is still classified.
The Federal Bureau of Investigation and Justice Department have continued to insist they did
nothing wrong in their Trump-Russia investigation. This week should finally bring an end to
that claim, given the clear evidence of malfeasance via the use of Bruce Ohr.
Mr. Ohr was until last year associate deputy attorney general.
He began feeding information to the FBI from dossier author Christopher Steele in late 2016
- after the FBI had terminated Mr. Steele as a confidential informant for violating the
bureau's rules. He also collected dirt from Glenn Simpson, cofounder of Fusion GPS, the
opposition-research firm that worked for Hillary Clinton's campaign and employed Mr. Steele.
Altogether, the FBI pumped Mr. Ohr for information at least a dozen times, debriefs that remain
in classified 302 forms.
All the while, Mr. Ohr failed to disclose on financial forms that his wife, Nellie, worked
alongside Mr. Steele in 2016, getting paid by Mr. Simpson for anti-Trump research. The Justice
Department has now turned over Ohr documents to Congress that show how deeply tied up he was
with the Clinton crew - with dozens of emails, calls, meetings and notes that describe his
interactions and what he collected.
Mr. Ohr's conduct is itself deeply troubling. He was acting as a witness (via FBI
interviews) in a case being overseen by a Justice Department in which he held a very senior
position. He appears to have concealed this role from at least some superiors, since Deputy
Attorney General Rod Rosenstein testified that he'd been unaware of Mr. Ohr's intermediary
status.
Lawyers meanwhile note that it is a crime for a federal official to participate in any
government matter in which he has a financial interest. Fusion's bank records presumably show
Nellie Ohr, and by extension her husband, benefiting from the Trump opposition research that
Mr. Ohr continued to pass to the FBI. The Justice Department declined to comment.
But for all Mr. Ohr's misdeeds, the worse misconduct is by the FBI and Justice
Department.
It's bad enough that the bureau relied on a dossier crafted by a man in the employ of the
rival presidential campaign. Bad enough that it never informed the Foreign Intelligence
Surveillance Court of that dossier's provenance. And bad enough that the FBI didn't fire Mr.
Steele as a confidential human source in September 2016 when it should have been obvious he was
leaking FBI details to the press to harm Donald Trump's electoral chances. It terminated him
only when it was absolutely forced to, after Mr. Steele gave an on-the-record interview on Oct.
31, 2016.
But now we discover the FBI continued to go to this discredited informant in its
investigation after the firing -- by funneling his information via a Justice Department cutout.
The FBI has an entire manual governing the use of confidential sources, with elaborate rules on
validations, standards and documentation. Mr. Steele failed these standards. The FBI then
evaded its own program to get at his info anyway.
And it did so even though we have evidence that lead FBI investigators may have suspected
Mr. Ohr was a problem.
An Oct. 7, 2016, text message from now-fired FBI agent Peter Strzok to his colleague Lisa
Page reads: "Jesus. More BO leaks in the NYT," which could be a reference to Mr. Ohr.
The FBI may also have been obtaining, via Mr. Ohr, information that came from a man the FBI
had never even vetted as a source -- Mr. Simpson. Mr. Steele had at least worked with the FBI
before; Mr. Simpson was a paid political operative. And the Ohr notes raise further doubts
about Mr. Simpson's forthrightness. In House testimony in November 2017, Mr. Simpson said only
that he reached out to Mr. Ohr after the election, and at Mr. Steele's suggestion. But Mr.
Ohr's inbox shows an email from Mr. Simpson dated Aug. 22, 2016 that reads, in full: "Can u
ring."
The Justice Department hasn't tried to justify any of this; in fact, last year it quietly
demoted Mr. Ohr. In what smells of a further admission of impropriety, it didn't initially turn
over the Ohr documents; Congress had to fight to get them.
But it raises at least two further crucial questions.
First, who authorized or knew about this improper procedure? Mr. Strzok seems to be in the
thick of it, having admitted to Congress interactions with Mr. Ohr at the end of 2016. While
Mr. Rosenstein disclaims knowledge, Mr. Ohr's direct supervisor at the time was the previous
deputy attorney general, Sally Yates. Who else in former FBI Director Jim Comey's inner
circle and at the Obama Justice Department nodded at the FBI's back-door interaction with a
sacked source and a Clinton operative?
Second, did the FBI continue to submit Steele- or Simpson-sourced information to the FISA
court? Having informed the court in later applications that it had fired Mr. Steele, the FBI
would have had no business continuing to use any Steele information laundered through an
intermediary.
* * *
Strassel concludes with the point that she and The Wall Street Journal Editorial Board have
been hammering for months...
We could have these answers pronto; they rest in part in those Ohr 302 forms. And so once
again: a call for President Trump to declassify.
It's time for things to get more serious than slaps on the wrist, firings, and
self-inflicted black-eyes!
That Mueller is ignoring this OBVIOUS
Clinton/Steele/Ohr/FBI etc, etc Russian collusion
while prosecuting Manafort for an unrelated, 2005
financial crime (while granting IMMUNITY to Tony
Podesta for the identical crime) is all the proof you
need it's a coverup, not an "investigation" into
russian collusion.
Strassel deserves a Pulitzer. But instead, CNN
received an award for their comey story (after it was
proven that comey leaked the documents to
them....it's not that CNN did tons of investigative
work....the docs were handed to them and they
published them - dutifully in exchange for an award
to be given at the WH Correspondents' dinner.)
That's a fact, long after Steele was fired as a "foreign
asset" Ohr was still passing his Russian procured
bullshit through to fellow travelers within the FBI & DoJ...like
McCabe and Stzrok.
Hell the day before the Trump Tower
meeting with Natalia, Glenn Simpson was dining with this
"Russian government lawyer".And oddly enough, the very next
day too.
The ONLY Russian collusion was happening on the dim side
and one of the first clues is ALWAYS watch for what they
are accusing other's of cuz that is what THEY are doing ;-)
Every time I read these things I start by saying the
FBI/DOJ was trying to hide ____ , then I replace that
with the FBI/DOJ conspired to hide ____. You start doing
that too much and you have to say the FBI/DOJ colluded
to nullify the election, overthrow an elected president.
Somewhere this Summer I started saying the word coup
with a little more conviction. When 350 news outlets
then write coordinated editorials targeting that same
president, not the architects of this conspiracy, this
failed (so far) coup, I tend to side more against than
with them. Journalism and Yellow Journalism are
different things - I think that's why they added
"Yellow" to the term.
"When CNN and MSNBC start to ask questions like this then
I'll start paying attention."
Their money loving greed will never allow them to tell their
dedicated liberals any such thing..
The media is the enemy of the Constitution, its amendments,
and the Declaration of Independence. They do not care about who
they hurt, they do not care about Americans or America....they
are a foreign enemy under foreign control.
Hatch Act Violations by many in FBI... plus CIA, NSA, DNI, DOJ.
Prohibitions against political activity by Federal Employees. Brennen
should be scared that we all prove common policy prohibition does lead
to lying/deceit and even sedition, treason, subterfuge, subversion
charges.
This article, along with all the other reports, always state that the
DOJ did this, the FBI did that, but fails to name the individual
involved or the department heads who were responsible. The information
is always muddled and obfuscated by the bureaucratic organization, so
no individual is responsible. Enough of this, name names please!!! or
no one will ever be accountable.
Stalin had the Moscow Trials where he framed his opposition and had
them executed. Does anyone doubt had Hillary won that she would have
orchestrated the prosecution of Trump and his cronies knowing full well
she ran the entire frame-up behind the scenes?
Who would have stood
up for Trump? Both sides wanted him buried and gone. History would
have written that Trump was the ultimate Manchurian candidate...paid
for, supported by, and mandated to by Russia, now serving a life
sentence for treason.
Very insightful comment. Nobody has any doubt but half the country
wouldn't care. The other half as you eluded to, would be scattered
to the wind and left at the mercy of the controlled opposition that
is the Republican Party.
We all need to be ready to form a
Big Tent Party
outside the power structure of the
current D's and R's. Obviously not the moment now but there will
come a moment when we all must strike out
Alone...Together
.
Leave these shit stains and all of their divide and conquer BS in
the dust.
Double pronged exercise: 1) Start war with Russia, steal its oil, break into tiny States
to destroy its power; 2) Destroy Trump as enemy of globalist world domination and USA
disintegration plan.
MSM propaganda arm to sell (1) and (2).
These retired Intel specialists keep interfering in the game and interjecting inconvenient
facts:
DNC server never hacked by Russia or anyone. It was an insider transfer. Insider dead.
Dead men tell no tales and so far, neither does Wikileaks.
VIPS is doing some excellent work and they show what really happened while Rosenstein is
out to Lunch, Sessions is deaf dumb and blind - useless - both Sessions and Rosenstein need
to go.
Muller does not care and he is not interested in the truth and is ignoring the facts and
the corruption in the FBI/DOJ - Muller and his band of Clinton Loyalist are trying to frame
Trump.
Rosenstein and Mueller KNOW the DNC server was not hacked by Russia or by anyone. Insider
transfer. So are they working for HilBarry? Or is this a magic act?
What Sessions is doing is unknown. He knows he was set up by Barry sending the Russian
ambassador to his office and by (FBI? Spy) Paul Ericsson offering to connect campaign thru
him to Russia. He had to recuse or be in the midst of the mess. Does he have a plan? - we
don't know.
It's not Russiagate, it's Americagate and it's your problem, not ours.
The only significant remaining question is whether you fade gracefully from the page of
History or whether you take the Samson Option and we all go out flash-bang.
I have a ton of respect for Binney. Regardless as to how fucked up this country is and its
govt, there are still people who will step up and try to set the record straight.
If you put a camera in front of a bunch of randomly selected Americans and ask them to
state their name and where they live, before answering if they voted for Trump, you get a lot
of No replies.
Now do the same questioning anonymously. The number of Nos drops.
This is the gaping hole in Goebbels argument. Anonymous polls can get closer to the truth.
Then the "accepted truth" is challenged, as in 9-11.
"There has been much amateurish journalism, false reporting, misrepresentation,
distortion, misquotation, and omission." In other words, the CIA was behind this.
so... the upshot is that G.2 and DCLeaks fabricated the leak as a hack AND the tools to do
this and to fabricate signatures/date stamps etc existed in the CIA (proven here: https://wikileaks.org/ciav7p1/cms/index.html
) and possibly MI6, but not in Russia, or Romania?
the CIA has "stations" all over the world?
looks like a few facebook and twitter posts have resulted in the alphabet soup, deep
state, DNC and MSM spending tens of billions of dollars pushing a false agenda against russia
AND have caused hundreds of billions of exra dollars on military expenditure and extra
security globally.
in which case, they have won by further diverting taxes away from taxpayers and increasing
debt where insufficient taxes remain/ed.
The fact that the files were downloaded from the DNC computer, and not hacked from abroad,
should be the key to unlocking Clinton conspiracies that would destroy large portions of the
Democrat establishment if revealed.
I can achieve up to 1 Gbit/s up & downstream. The average up/downstream is probably
quite a bit lower but +50mb/s is probably average. So i lol at the VIPS LOL
The poison of partisan propaganda dumped into American polity to prevent the prosecution
of the guilty (for illegally spying on Trump campaign and the assorted crimes associated with
it, including the murder of Seth Rich) will continue to foul the atmosphere for decades. The
fight is certainly between an unelected octopus that has captured all the three wings of
American polity, and a determined if not well armed citizens. The end is not near.
There is a small, nice book by C Northecote Parkinson, "The Law and the Profits". He
describes how in 1909 the British empire started a simultaneous course of welfare state and
empire building warfare state bureacracy, and how it eventually bankrupted the people by
1945. America started its own version with L B Johnson's Great Society and Vietnam War. Since
American economy was much bigger the dichotomous struggle has lasted much longer. But now the
time to choose one over another is at hand. Candidate Trump advocated trimming the warfare
state more and first. But President Trump is sending mixed signals.
The only saving grace is the self aware American citizenry and its capacity to reform
itself.
"... Can someone explain this to me like I'm 5. Some poor slub, baker in Colorado is forced to make a cake for some homos (I say it with love) because he violated their constitutional right of equal protection. But, twitter and Facebook can ban and censor free speech in violation of the constitution. The baker is privately owned and the propaganda companies are public, what's the deal? ..."
That is a very good idea. Trump's use of another honest 'platform' would be one heluvan
endorsement, which is what the alt - twitters need, lacking all the (((billions))) the big
(((3))) were given (which is why we know all about them but not so much the honest, free
speech alternatives)
Can someone explain this to me like I'm 5. Some poor slub, baker in Colorado is forced to
make a cake for some homos (I say it with love) because he violated their constitutional
right of equal protection. But, twitter and Facebook can ban and censor free speech in
violation of the constitution. The baker is privately owned and the propaganda companies are
public, what's the deal?
Because as it stands these companies are private entities that can do whatever they want
shy of discriminating against a person of one of several protected classes for one of several
activities.
If the baker refused to bake a cake for the Log Cabin Republicans on the grounds that they
were republicans then everything is cool. but if he refused on the grounds that they are "
Log Cabins " then that aint cool.
Still doesn't compute to me.... certain groups have only attained "protected " status due
to the constitutional interpretation of "equal protection " .... in other words they are only
protected because their constitutional rights may have been violated. How is the social media
banning and censorship of groups not a violation of their constitutional rights, as long as
they don't advocate violence?
Although political speech is protected speech, there is no requirement for private
organizations to honor the same code that the central state must honor. If Twitter banned you
because you were black, white or gay then you would have a case.
And you DONT want it that way. This is a moral panic not unlike the Red Scare of the 50's,
the Satanic Panic of the 80s. In both cases there was a grain of truth that was used to
employ broad sweeping over-reactions from people and corporations. They were both eventually
replaced with the exact opposite of their stated goals.
If you started a media company you do not want the gov telling you that you must publish
one thing or another.
Do not worry. This will blow up spectacularly. We are witnessing the last gasps of Legacy
Media. They have become irrelevant. The future is the Wild West of Information. There will be
a tipping point soon when the body politic suddenly wakes up and rejects the old way and
realizes that what we crave for news and entertainment is On Another Channel. That channel
will be Alt-Tech.
Alt-Tech will not contain CNN, Fox News et al. They will be outcompeted by the truth and
actual investigative journalism and gritty-pulpy entertainment that is ALL against the TOS of
the Legacy Tech giants.
You-tube, Twitter will go the way of Facebook where anyone with a brain knows that they
are riddled with zombie accounts. Advertisers will flee (as they have already begun to do)
and the architecture of Soc. Media will change forever. That is the future. Prepare for
it.
Do not fall for the public utilities angle. These companies live by the sword and they
will die by the sword. What develops out of their demise needs to be unfettered and pure.
Look to the giant creators like Pewdiepie and Alex Jones to get together and join en mass
an Alt-tech social media site. The two of them together have more subscribers/fans than ALL
of the cable pundits COMBINED.
Calling Peter Thiel...Put together an alt-social media site and Trump can promote it by
cross posting his messages there. Only he won't post them ALL...
The really good ones he will post on Alt-Tech and force the world to bend.
This raises another point. The true power of Trump and social media is the power of the
Boycott. Trump can destroy Billion dollar industries with a single message.
Trump, with this power can be the first president that continues to rule after office via
social media. THAT my friends is the thing that scares the living shit out of the deep state.
It is exactly what Barry Soweto Wanted to do but was thwarted at the last minute. It is the
reason they are turning themselves inside out to silence the groundswell.
Something wicked this way comes for NWO Globalist Vampires.
Thursday, the New York Times decried Trump's accusation that the media are "the enemy of the
people." "Insisting that truths you don't like are 'fake news' is dangerous to the lifeblood of
democracy. And calling journalists 'the enemy of the people' is dangerous, period," said the
Times .
FBI Forensic labs are shit and dishonest. They had 20 years of cases reviewed because of
their false testimony on hair matching. Went into court swearing that dog hair was an exact
match to the suspects.
FBI forensics are nothing more than a bullshit factory for manufacturing convictions.
What is the science behind ballistic "matching" of a bullet to a gun? Just a carefully
constructed lie. They imply every gun bullet combination is unique. There is NO scientific
basis for claiming that. In other words a "match" might be correct but the "match" might also
apply to a shitload of other weapons. Those lying fucks go into court every day and bullshit
juries.
What is the science behind claiming every fingerprint is unique? Most people believe that
bullshit but there is no science behind it.
What do you make of this exchange?
Lab Tech: "Here are the results from analyzing the residue on the device" (Finding is
pyrodex - not gunpowder. Pyrodex is not an explosive so federal crimes aren't implicated)
ATF Agent: "Are you sure? Wasn't there any black powder? We need that" (Black powder is
considered an explosive thus implicating federal crimes)
Lab Tech: "Don't worry. The results are preliminary - we will find it"
Lab Tech: "Here are the final results. We found a small amount of black powder residue.
You have your device."
The only part of the FBI that might not be corrupted is their efforts against sex
trafficking. But even their anti child molesting activity isn't worth much because all they
do is get perverts downloading images and videos. They don't go after the actual molesters
because almost always has to be a state thing. Resources given to the FBI for this would be
better handled at the state level.
"... Bruce Ohr and his wife are complicit in the fake Christopher Steele Russian dossier ..."
"... All of this was orchestrated by the Obama Administration ..."
"... All of these FBI and DOJ people are just lackeys who take their orders from higher-ups. The real deep state controllers seem to always be protected by the underlings. But it's the underlings who fall on the sword. ..."
I've posted this before, I keep this running timeline:
Sep/15 Washington Free Beacon retains FusionGPS for oppo-research
on Trump.
Spring/16 WFB drops oppo-research project with Fusion GPS, DNC/HRCC
picks project up, money washed through Perkins Coie/Marc Elias
Apr28/16 NSA (Rogers) bans FBI 'private contractors' from access
to NSA database (Daniel Richman-Comey's leak-buddy, Shearer+Blumenthal? FusionGPS?).
Based on audit by FISA Judge Rosemary Collyer (released Apr26/17).
May/16 FusionGPS hires Nellie Ohr, wife of DD DOJ for organized
crime Bruce Ohr.
10May/16 Papadopoulos meets Australian ambassador, Clinton
Foundation sponsor
Alexander Downer in 'Kensington Wine Room' in
London
Jun/16 FBI attempts to get FISA warrant on Trump campaign –
denied.
MidJul/16 State Dept/John Winer gives Chris Steele 'dossier2,'
received from Clinton operatives Shearer+Blumenthal. Victoria Nuland, Elizabeth
Dibble also get copies.
Jul06/16 FBI/Comey vindicate HRC. Agent Strzok lead the case.
Jul/16 Steele gives dossier to FBI agent in Rome.
Jul31/16 FBI initiates investigation of Carter Page (former FBI
informer in Russian banker sting).
Aug15/16 FBI agents Strzok+Page discuss
"insurance policy" in Andy's office.
Sep/16 Steele comes to WDC, offering dossier to WaPo, NYT,CNN,
New Yorker &
Yahoo, violating FBI orders.
Only Yahoo/Isakoff takes the bait.
Mid-Oct/16 Clapper/ODNI + Carter/DOD lobby POTUS to fire Adm.
Rogers/NSA
Oct21/16 FISA warrant issued on Carter Page, based almost
completely on dossier.
Surveillance of Trump tower begins.
Nov01/16 FBI terminates relation with "CHS" Steele.
Nov08/16 Trump elected.
Nov17/16 GCHQ/Robert Hannigan writes FM Boris Johnson that there is
request from
Susan Rice to extend Aug28/16 five eyes
warrant on floors 5+26 Trump Tower,
referred to as operation "Fullsome"
(by-passing US civil rights protections??)
Nov18/16 Rogers/NSA meets Trump in Trump Tower
Nov19/16 Trump moves transition team from Trump Tower to Bedminster
Golf Club
Nov22/16 DD DOJ Bruce Ohr (wife at FusionGPS), begins extensive
unauthorized contact on behalf of FBI with Steele, resulting in 12
FBI302's from 11/22/16-05/17/17.
Dec09/16 Never-Trumper Sen. McCain (R-AZ) sends David Kremer to
London to meet
With Steele, get copy of dossier, McCain turns
it over to FBI.
Jan03/17 Ranking democrat Diane Feinstein (D-CA) resigns from
Senate Intelligence (SSCI). Her staffer Dan Jones raises $50 mil for
FusionGPS – for Russian interference research. Replaced by Mark Warner (D-VA).
Jan06/17 Comey briefs Trump on 'salacious and unverified'
dossier.
Jan09/17 Buzzfeed publishes the dossier, other press outlets
follow.
Jan11/17 ODNI/Clapper makes official statement "IC has not made
any judgement that the information is reliable." Nobody knew
"info" is already basis of FISA warrant.
Jan12/17 Comey/Yates extend FISA warrant with 'salacious and
unverified' dossier 2
nd
time.
Feb01/17 Leaks of SIGINT starts, Trump=Australian PM,
Flynn=Russian Amb. Kislyak, etc.
Feb14/17 Flynn resigns.
Mar01/17 AG Sessions recuses.
Mar30/17 Mark Warner of SSCI tries to establish backdoor contact
with Russian oligarch Oleg Deripaska and Chris Steele via Deripaska's
rep, Adam Waldman.
1st week, before 16 - Caputo reports someone claiming to be a former NSA
agent offered him Hillary emails. He declined concerned they were
classified and urged whistleblower process be followed. He reported event
to Mueller.
9 or 13 - FBI Priestap in London
10 - *Papadopoulos meets Australian ambassador & Clinton Foundation
sponsor Alexander Downer in 'Kensington Wine Room' in London
Reported by NYT on 30 Dec 2017.
10 - Paul Ericsson sends "Kremlin Connection" email to Sen Sessions
offering to hook DJT campaign up with Russia's Putin
May Date? - Rosenstein-Mueller Special Counsel team member Preet Bharara
granted a special Visa for Russian agent Natalia Veselnitskaya in order for
her to meet with Trump Jr at a June 2016 Tower meeting the FBI would
record. Obama sent one of his translators to the meeting. Natalia needed a
special Visa because she was barred from entering the US.
9 - Russian Rinat Akhmetshin visits Obama White House for the day.
Later he was in Trump Tower meeting of June 2016. WH visitor Log.
JUNE 2016
9 - Infamous Trump Tower meeting w/ Jr and Russian atty Natalia. Then
Natalia meets w/ Simpson Fusion GPS before & after Tower mtg
14 - Russian atty Natalia attends US House Foreign Affairs hearing.
DATE? - Russian atty attends Magnitsky Act meeting w/ Dem Reps
Rohrbacher and Dellums.
26 - 1st FISA court warrant denied.
27 - DoJ AG Lynch met with Bill Clinton on Arizona airport tarmac
28 - CIA Evan McMullin sister creates fake "Trump OrGAINization" site
and bought from GoDaddy the domain trump-email.com. Site then fake robot
calls Russian Alfa Bank to create 'ping trail.'
Did not keep McMullin research. There were family
pics of them. They attended same Auburn High School in WA, near
Seattle.
Was Mormon mission agent in Brazil. Interned for CIA while at
Mormon college. Agent for UN in Israel & Muslim nation of Jordan. For
CIA was recruiter for Muslim radicals. Worked w/ British UK spy
system. Did he know Steele?
McMullin ran against DJT in 2016 election w/ backers 'never
Trump'. Got 21% UT vote. McMullin went directly from CIA to being
"undercover?" Prez candidate.
Also of note,
Halper is UK citizen (&US) plus Rhodes at Oxford same time as
Rhodes Bill Clinton. It is unknown if Rhodes scholars take loyalty
oath to UK.
Right on McMullin. The fact that Alfa Bank Russia was pinging
Trump tower was brought up several times by the Lamestream Media
during peak 'muh Russia' in 2017, and believe Clinton mentioned it
in one of the debates. But there are Russian owners of apartments
in Trump Tower who apparently use the house server, and (I
speculate) that these Russian residents were managing their own
private banking.
Now you make it sound like it was a set-up by
McMullin's sister? By the way I agree with your analysis of the
CIA candidate... at least strip Utah's electoral college votes
from Trump.
Again, there can never be a legal judgement that the DOJ and/or the FBI tried
to sway a political election and then engaged in seditious actions when the
election wasn't swayed. This would "destroy" the power of these
institutions. It is obvious and EVIDENT that there was a conspiracy by DOJ
and FBI employees to stop Trump.
The issue the Deep State has is that they
were able to successfully end the IRS exposure by destroying all of the
evidence as Obama was elected for another 4 years. The Deep State expected
Hillary to win and stay for 8 years so none of this DOJ/FBI information would
see the light of day. Trump is in charge now. If the Rs take more seats in
2018 the Deep State may do some really interesting things as they are feeling
the heat. Sessions has been playing the wait and see game. As a career
politician he is waiting to see which way the wind blows in November.
It is normal tendency in US Military to try to control war news, hold back
information from the public like coffins coming home from Vietnam or Iraq.
And we are not surprised if the Pentagon actually engaged in counter
intelligence against US Citizens. I've said this about Obama Care (ACA) and
Mr. Guber or whatever... and I've said this about Hillary Clinton.
- It is
completely different when our MICC in FBI, CIA, NSA, DOJ, engage in Hatch Act
Violations while on the Job against a presidential candidate with phony intel,
spies, false statements to FISA court, false news stories... then 'Smirk' on
camera and continue to lie to all of America. Hatch Act governs political
behavior, but I'd say the FBI, NSA, CIA, DOJ are to be held to the highest
levels of behavior. No politics on Govt Time/working hours.
https://www.usda.gov/oig/webdocs/Hatch_Act.pdf
"He appears to have concealed this role from at least some superiors, since
Deputy Attorney General Rod Rosenstein testified that he'd been unaware of Mr.
Ohr's intermediary status."
Is this an attempt at humor by Strassel?
And why won't Trump declassify??????????????!!!!!!!!!!!!!!!!
Bruce Ohr and his wife are complicit in the fake Christopher Steele Russian
dossier. Feckless Jeff Sessions needs to indict Ohr and his wife (and the rest
of the Deep State cabal) involved in their treasonous coup attempt against the
duly elected POTUS!!!!!!!
All of this was orchestrated by the Obama Administration.
And because Obama must be recognized historically as the greatest and most
honest president of all time, because he was the first black president
ever.....
We cannot allow the legacy of the first black president to be tarnished
To
allow anything else to happen could offend someone.
Obama knew this would be the case and thus he knew he had a free pass to get
away with anything he wanted.
Hillary knew the exact same thing and, well, When you give an honest person
a chance to get away with a few things they will take a mile. Hillary is not
an honest person, so she went as far as possible under the belief that she
would get away with it.
All of these FBI and DOJ people are just lackeys who take their orders from
higher-ups. The real deep state controllers seem to always be protected by
the underlings. But it's the underlings who fall on the sword.
The Wall Street Journal
continues to counter the liberal
mainstream media's Trump Derangement Syndrome , dropping uncomfortable truth-bombs and
refusing to back off its intense pressure to get to the truth and hold those responsible,
accountable (in a forum that is hard for the establishment to shrug off as 'Alt-Right' or
'Nazi' or be 'punished' by search- and social-media-giants) .
And once again Kimberley
Strassel - who by now has become the focus of social media attacks for her truth-seeking
reporting - does it again this morning, as she points out - hours after former CIA Director
Brennan threw a tantrum over having his security clearance removed - that while Justice has
released some damning documents - particularly on what Bruce Ohr was doing - much of the truth
is still classified.
The Federal Bureau of Investigation and Justice Department have continued to insist they did
nothing wrong in their Trump-Russia investigation. This week should finally bring an end to
that claim, given the clear evidence of malfeasance via the use of Bruce Ohr.
Mr. Ohr was until last year associate deputy attorney general.
He began feeding information to the FBI from dossier author Christopher Steele in late 2016
- after the FBI had terminated Mr. Steele as a confidential informant for violating the
bureau's rules. He also collected dirt from Glenn Simpson, cofounder of Fusion GPS, the
opposition-research firm that worked for Hillary Clinton's campaign and employed Mr. Steele.
Altogether, the FBI pumped Mr. Ohr for information at least a dozen times, debriefs that remain
in classified 302 forms.
All the while, Mr. Ohr failed to disclose on financial forms that his wife, Nellie, worked
alongside Mr. Steele in 2016, getting paid by Mr. Simpson for anti-Trump research. The Justice
Department has now turned over Ohr documents to Congress that show how deeply tied up he was
with the Clinton crew - with dozens of emails, calls, meetings and notes that describe his
interactions and what he collected.
Mr. Ohr's conduct is itself deeply troubling. He was acting as a witness (via FBI
interviews) in a case being overseen by a Justice Department in which he held a very senior
position. He appears to have concealed this role from at least some superiors, since Deputy
Attorney General Rod Rosenstein testified that he'd been unaware of Mr. Ohr's intermediary
status.
Lawyers meanwhile note that it is a crime for a federal official to participate in any
government matter in which he has a financial interest. Fusion's bank records presumably show
Nellie Ohr, and by extension her husband, benefiting from the Trump opposition research that
Mr. Ohr continued to pass to the FBI. The Justice Department declined to comment.
But for all Mr. Ohr's misdeeds, the worse misconduct is by the FBI and Justice
Department.
It's bad enough that the bureau relied on a dossier crafted by a man in the employ of the
rival presidential campaign. Bad enough that it never informed the Foreign Intelligence
Surveillance Court of that dossier's provenance. And bad enough that the FBI didn't fire Mr.
Steele as a confidential human source in September 2016 when it should have been obvious he was
leaking FBI details to the press to harm Donald Trump's electoral chances. It terminated him
only when it was absolutely forced to, after Mr. Steele gave an on-the-record interview on Oct.
31, 2016.
But now we discover the FBI continued to go to this discredited informant in its
investigation after the firing -- by funneling his information via a Justice Department cutout.
The FBI has an entire manual governing the use of confidential sources, with elaborate rules on
validations, standards and documentation. Mr. Steele failed these standards. The FBI then
evaded its own program to get at his info anyway.
And it did so even though we have evidence that lead FBI investigators may have suspected
Mr. Ohr was a problem.
An Oct. 7, 2016, text message from now-fired FBI agent Peter Strzok to his colleague Lisa
Page reads: "Jesus. More BO leaks in the NYT," which could be a reference to Mr. Ohr.
The FBI may also have been obtaining, via Mr. Ohr, information that came from a man the FBI
had never even vetted as a source -- Mr. Simpson. Mr. Steele had at least worked with the FBI
before; Mr. Simpson was a paid political operative. And the Ohr notes raise further doubts
about Mr. Simpson's forthrightness. In House testimony in November 2017, Mr. Simpson said only
that he reached out to Mr. Ohr after the election, and at Mr. Steele's suggestion. But Mr.
Ohr's inbox shows an email from Mr. Simpson dated Aug. 22, 2016 that reads, in full: "Can u
ring."
The Justice Department hasn't tried to justify any of this; in fact, last year it quietly
demoted Mr. Ohr. In what smells of a further admission of impropriety, it didn't initially turn
over the Ohr documents; Congress had to fight to get them.
But it raises at least two further crucial questions.
First, who authorized or knew about this improper procedure? Mr. Strzok seems to be in the
thick of it, having admitted to Congress interactions with Mr. Ohr at the end of 2016. While
Mr. Rosenstein disclaims knowledge, Mr. Ohr's direct supervisor at the time was the previous
deputy attorney general, Sally Yates. Who else in former FBI Director Jim Comey's inner
circle and at the Obama Justice Department nodded at the FBI's back-door interaction with a
sacked source and a Clinton operative?
Second, did the FBI continue to submit Steele- or Simpson-sourced information to the FISA
court? Having informed the court in later applications that it had fired Mr. Steele, the FBI
would have had no business continuing to use any Steele information laundered through an
intermediary.
* * *
Strassel concludes with the point that she and The Wall Street Journal Editorial Board have
been hammering for months...
We could have these answers pronto; they rest in part in those Ohr 302 forms. And so once
again: a call for President Trump to declassify.
It's time for things to get more serious than slaps on the wrist, firings, and
self-inflicted black-eyes!
Trump revoked Brennan's clearance for what he called "unfounded and outrageous allegations"
against his administration, while also announcing that the White House is evaluating whether to
strip clearances from other former top officials.
Trump later told the Wall Street Journal his decision was connected to the ongoing federal
probe into alleged Russian interference in the 2016 election and allegedly collusion by his
presidential campaign.
"I call it the rigged witch hunt, (it) is a sham," Trump said in an interview with the
newspaper on Wednesday. "And these people led it."
"It's something that had to be done," Trump added. -
Reuters
"... So why should you care? Why does that matter to you or me? Well, like most emerging market financial crisis there is the danger of contagion . ..."
"... Turkey's economy is four times the size of Greece, and roughly equal in size to Lehman Brothers circa 2008. ..."
"... Turkey's other borders face six nations: Georgia, Iran, Iraq, Syria, Armenia, and Nakhchivan, a territory affiliated with Azerbaijan. Five of those are involved in ongoing armed conflicts or outright war. ..."
"... NATO has long outlived its' usefulness. Cancel its' stipend and bring our soldiers, marines, sailors and airmen and women home! Put them to work here. Fighting fires. ..."
"... NATO only seems to be useful to the hegemony that supports it. Peace is not it's mission. ..."
By now you've probably heard that Turkey is having a financial crisis, and Trump appears to be pouring gasoline on it.
But you may not understand what is happening, or you may not know why it's important.
So let's do a quick recap
.
Turkey's currency fell to a new record low today. Year to date it's lost almost half its value, leading some investors and
lenders inside and outside of Turkey to lose confidence in the Turkish economy.
...
"Ninety percent of external public and private sector debt is denominated in foreign currencies," he said.
Here's the problem. Because of the country's falling currency, that debt just got a lot more expensive.
A Turkish business now effectively owes twice as much as it did at the beginning of the year. "You are indebted in the U.S.
dollar or euro, but your revenue is in your local currency," explained Lale Akoner, a market strategist with Bank of New York
Mellon's Asset Management business. She said Turkey's private sector currently owes around $240 billion in foreign debt.
This is all about hot money that has been washing around in a world of artificially low interest rates, and now, finally, an
external shock happened. As it
always happens .
The bid-ask spread, or the difference between the price dealers are willing to buy and sell the lira at, has widened beyond
the gap seen at the depth of the global financial crisis in 2008, following Lehman Brothers Holdings Inc.'s collapse.
So why should you care? Why does that matter to you or me? Well, like most emerging market financial crisis there is the
danger of contagion
.
The turmoil follows a similar currency crash in Argentina that led to a rescue by the International Monetary Fund. In recent
days, the Russian ruble, Indian rupee and South African rand have also tumbled dramatically.
Investors are waiting for the next domino to fall. They're on the lookout for signs of a repeat of the 1997-1998 Asian financial
crisis that began when the Thai baht imploded.
A minor currency devaluation of the Thai baht in 1997 eventually led to 20% of the world's population being thrust into poverty.
It led to Russia defaulting in 1998, LTCM requiring a Federal Reserve bailout, and eventually Argentina defaulting in 2001.
Turkey's economy is four times the size of Greece, and roughly equal in size to Lehman Brothers circa 2008.
The markets want Turkey to run to the IMF for a loan, but that would require a huge interest rate hike and austerity measures
that would thrust Turkey into a long depression. However, that isn't the
biggest obstacle .
The second is that Erdogan would have to bury his hatchet with the United States, which remains the IMF's largest shareholder.
Without U.S. support, Turkey has no chance of securing an IMF bailout program.
There is another danger, a political one and not so much an economic one, that could have dramatic implications.
If Erdogan isn't overthrown, or humbled, then there is an ironclad certainty that Turkey will
leave NATO and
the West.
Turkey, unlike Argentina, does not seem poised to turn to the International Monetary Fund in order to stave off financial collapse,
nor to mend relations with Washington.
If anything, the Turkish President looks to be doubling down in challenging the US and the global financial markets -- two
formidable opponents.
...
Turkey would probably no longer view the US as a reliable partner and strategic ally.
Whoever ends up leading the country, a wounded Turkey would most likely seek to shift the center of gravity away from the West
and toward Russia, Iran and Eurasia.
It would make Turkey less in tune with US and European objectives in the Middle East, meaning Turkey would seek to assert a
more independent security and defense policy.
Erdogan has warned Trump that Turkey would
"seek new friends" , although Russia and China haven't yet stepped up to the plate to bat for him.
Russia, Iran and China do have a common interest when in comes to undermining the
petrodollar . Pulling Turkey into their sphere of influence would be a coup.
Turkey lies at a historic, strategic crossroad. The
bridge between the peaceful West and the war-ridden dictatorships of the East that the West likes to bomb.
On its Western flank, Turkey borders Greece and Bulgaria, Western-facing members of the European Union. A few years ago, Turkey
-- a member of NATO -- was preparing the join Europe as a full member.
Turkey's other borders face six nations: Georgia, Iran, Iraq, Syria, Armenia, and Nakhchivan, a territory affiliated with
Azerbaijan. Five of those are involved in ongoing armed conflicts or outright war.
Losing Turkey would be a huge setback for NATO, the MIC, and the permanent war machine.
more struggling economies are starting to get it. Trade wealth for the rulers (IMF supporters) to be paid by the rest of us.
Fight back. Squeeze the bankers balls. Can't have our resources, now way, no how, without a fight.
in a flailing Turkey? Weren't there some outside potential takers encouraging China when it floated its currency proposal?
Nastarana on Tue, 08/14/2018 - 8:41pm
NATO has long outlived its' usefulness. Cancel its' stipend and bring our soldiers, marines, sailors and airmen and women home! Put them to work here. Fighting fires.
Patrolling our shores for drug running and toxic dumping. Teaching school, 10 kids per class maximum. Refurbishing buildings and
housing stock. Post Cold War, an military alliance with Turkey makes no sense.
Meanwhile going back to the ongoing escalation in political tensions between the US and
Turkey, one day after Erdogan vowed to boycott US electronics products, including the iPhone,
Ankara slapped an additional tax on imports of a broad range of American goods. Turkey
announced it would impose an additional 50% tax on U.S. rice, 140% on spirits and 120% on cars.
There are also additional charges on U.S. cosmetics, tobacco and some food products. The was Erdogan's latest retaliation for the Trump administration's punitive actions over the past few
weeks to pressure Turkey into releasing an American pastor.
Bloomberg
calculated that the items listed in the decree accounted for $1 billion of imports last
year, similar to the amount of Turkish steel and aluminum exports that were subjected to higher
tariffs by President Donald Trump last week.
The decision shows Turkey giving a proportionate
response to American "attacks" on the Turkish economy, Vice President Fuat Oktay said in tweets
this morning.
No matter how globalism is repackaged, it always smells the same way in the end.
For decades, the globalists have subtly (or sometimes not so subtly) been moving us toward a
world in which national borders have essentially been made meaningless . The ultimate goal, of
course, is to merge all the nations of the world into a "one world socialist utopia" with a
global government, a global economic system and even a global religion.
The European Union is a model for what the elite hope to achieve eventually on a global
scale . The individual nations still exist, but once inside the European Union you can travel
wherever you want, economic rules have been standardized across the Union, and European
institutions now have far more power than the national governments.
Liberty and freedom have been greatly restricted for the "common good", and a giant horde of
nameless, faceless bureaucrats constantly micromanages the details of daily life down to the
finest details.
With each passing day the EU becomes more Orwellian in nature, and that is why so many in
Europe are completely fed up with it.
"... Trump in fact was not the consensus candidate of the American capitalist class back to the 2016 election. So with respect to these economic policies, especially about his trade protectionist measures, these new tariffs imposed on the Chinese goods, let's put it this way: These are not, certainly not the traditional kind of neoliberal economic policy as we know it. So some sections of the American manufacturing sector [capitalists] may be happy about this. But I would say the majority of the American capitalists probably would not approve this kind of trade war against China. ..."
"... So on the Chinese part, ironically, China very much depends on these overall what Martin Wolf called liberal global order, which might better be called the model of global neoliberal capitalism. So China actually much more depends on that. ..."
"... despite whatever happened to the U.S., China would still be committed to the model of openness, committed to privatization and the financial liberalization. The Chinese government has declared new measures to open up a few economic sectors to foreign investment. ..."
"... for China to rearrange towards this kind of domestic consumption-led model of economic development, the necessary condition is that you have income, wealth redistribution towards the workers, towards poor people. And that is something that the Chinese capitalists will resist. And so that is why and so far China has not succeeded in transforming itself away from this export-led model based on exploitation of cheap labor. ..."
"... first of all, China is not socialist at all today. So income of economic sector, the [space] sector accounts for a small number, a small fraction of the overall economy, by various measurements. ..."
"... And so it's expected China will also become the world's largest importer of natural gas by the year 2019. So you are going to have China to be simultaneously the largest importer of oil, natural gas, and coal. ..."
"... let's say the Chinese government right now, even though is led by the so-called Communist Party, is actually much more committed to the neoliberal global order that the Trump administration in the U.S. ..."
"... The Trump administration of this trade protectionist policy, although not justified, it reflects fundamental social conflicts within the U.S. itself, and that probably cannot be sorted out by the Americans' current political system. ..."
"... So the overall neoliberal regime has become much more unstable. ..."
PAUL JAY: Welcome to The Real News Network. I'm Paul Jay.
The Financial Times chief economic columnist Martin Wolf has called Trump's trade wars with
Europe and Canada, but obviously the big target is China, he's called this a war on the liberal
world order. Well, what does this mean for China? China's strategy, the distinct road to
socialism which seems to take a course through various forms of state hypercapitalism. What
does this mean for China? The Chinese strategy was developed in what they thought would be a
liberal world order. Now it may not be that at all.
Now joining us to discuss what the trade war means for China, and to have a broader
conversation on just what is the Chinese model of state capitalism is Minqi Li, who now joins
us from Utah. Minqi is the professor, is a professor of economics at the University of Utah.
He's the author of The Rise of China and the Demise of the Capitalist World Economy, and the
editor of Red China website. Thanks for joining us again, Minqi.
MINQI LI: Thank you, Paul.
PAUL JAY: So I don't think anyone, including the Chinese, was expecting President Trump to
be president Trump. But once he was elected, it was pretty clear that Trump and Bannon and the
various cabal around Trump, the plan was twofold. One, regime change in Iran, which also has
consequences for China. And trade war with China. It was declared that they were going to take
on China and change in a fundamental way the economic relationship with China and the United
States. And aimed, to a large extent, trying to deal with the rise of China as an equal, or
becoming equal, economy, and perhaps someday in the not-too-distant future an equal global
power, certainly as seen through the eyes of not just Trumpians in Washington, but much of the
Washington political and economic elites.
So what does this mean for China's strategy now? Xi Jinping is now the leader of the party,
leader of the government, put at a level virtually equal to Mao Tse-tung. But his plan for
development of the Chinese economy did not, I don't think, factor in a serious trade war with
the United States.
MINQI LI: OK. As you said, Trump was not expected. Which meant that Trump in fact was not
the consensus candidate of the American capitalist class back to the 2016 election. So with
respect to these economic policies, especially about his trade protectionist measures, these
new tariffs imposed on the Chinese goods, let's put it this way: These are not, certainly not
the traditional kind of neoliberal economic policy as we know it. So some sections of the
American manufacturing sector [capitalists] may be happy about this. But I would say the
majority of the American capitalists probably would not approve this kind of trade war against
China.
Now, on the Chinese part, and we know that China has been on these parts, there was
capitalist development, and moreover it has been based on export-led economic growth model and
with exploitation of cheap labor. So on the Chinese part, ironically, China very much depends
on these overall what Martin Wolf called liberal global order, which might better be called the
model of global neoliberal capitalism. So China actually much more depends on that.
And so you have, indeed there are serious trade conflicts between China and U.S. that will,
of course, undermine China's economic model. And so far China has responded to these new
threats of trade war by promising that China, despite whatever happened to the U.S., China
would still be committed to the model of openness, committed to privatization and the financial
liberalization. The Chinese government has declared new measures to open up a few economic
sectors to foreign investment.
Now, with respect to the trade itself, at the moment the U.S. has imposed tariffs on, 25
percent tariffs on the worth of $34 billion of Chinese goods. And then Trump has threatened to
impose new tariffs on the additional $200 billion worth of Chinese goods. But this amount at
the moment is still a small part of China's economy, about 3 percent of the Chinese GDP. So the
impact at the moment is limited, but certainly has created a lot of uncertainty for the global
and the Chinese business community.
PAUL JAY: So given that this trade war could, one, get a lot bigger and a lot more serious,
and/or even if they kind of patch it up for now, there's a lot of forces within the United
States, both for economic and geopolitical reasons. Economic being the discussion about China
taking American intellectual property rights, becoming the new tech sector hub of the world,
even overpassing the American tech sector, which then has geopolitical implications; especially
when it comes to the military. If China becomes more advanced the United States in artificial
intelligence as applied to the military, that starts to, at least in American geopolitical
eyes, threaten American hegemony around the world.
There are a lot of reasons building up, and it's certainly not new, and it's not just Trump.
For various ways, the Americans want to restrain China. Does this start to make the Chinese
think that they need to speed up the process of becoming more dependent on their own domestic
market and less interested in exporting cheap labor? But for that to happen Chinese wages have
to go up a lot more significantly, which butts into the interests of the Chinese billionaire
class.
MINQI LI: I think you are right. And so for China to rearrange towards this kind of domestic
consumption-led model of economic development, the necessary condition is that you have income,
wealth redistribution towards the workers, towards poor people. And that is something that the
Chinese capitalists will resist. And so that is why and so far China has not succeeded in
transforming itself away from this export-led model based on exploitation of cheap labor.
PAUL JAY: You know, there's some sections of the left in various parts of the world that do
see the Chinese model as a more rational version of capitalism, and do see this because they've
maintained the control of the Chinese Communist Party over the politics, and over economic
planning, that do see this idea that this is somehow leading China towards a kind of socialism.
If nothing else, a more rational planned kind of capitalism. Is that, is there truth to
this?
MINQI LI: Well, first of all, China is not socialist at all today. So income of economic
sector, the [space] sector accounts for a small number, a small fraction of the overall
economy, by various measurements.
And then regarding the rationality of China's economic model, you might put it this way: The
Chinese capitalists might be more rational than the American capitalists in the sense that they
still use most of their profits for investment, instead of just financial speculation. So that
might be rational from the capitalist perspective. But on the other hand, regarding the
exploitation of workers- and the Chinese workers still have to work under sweatshop conditions-
and regarding the damage to the environment, the Chinese model is not rational at all.
PAUL JAY: My understanding of people that think this model works better, at least, than some
of the other capitalist models is that there's a need to go through this phase of Chinese
workers, yes, working in sweatshop conditions, and yes, wages relatively low. But overall, the
Chinese economy has grown by leaps and bounds, and China's position in the world is more and
more powerful. And this creates the situation, as more wealth accumulates, China is better
positioned to address some of the critical issues facing China and the world. And then, as bad
as pollution is, and such, China does appear to be out front in terms of developing green
technologies, solar, sustainable technology.
MINQI LI: OK. Now, Chinese economy has indeed been growing rapidly. It used to grow like
double-digit growth rate before 2010. But now China's growth rate has slowed down just under 7
percent in recent years, according to the official statistics. And moreover, a significant part
of China's growth these days derives rom the real estate sector development. And so there has
been this discussion about this growing housing market bubble. And it used to be that this
housing price inflation was limited to a few big cities. But for the first half of 2018,
according to the latest data, the national average housing price has grown by 11 percent
compared to the same period last year. And that translates into a pace of doubling every six
years.
And so that has generated lots of social resentment. And so not only the working class these
days are priced out of the housing market. Moreover, even the middle class is increasingly
priced out of the housing market. So that is the major concern. And in the long run, I think
that China's current model of accumulation will also face the challenge of growing social
conflicts. Worker protests. As well as resources constrained and environmental damage. And
regarding the issue of China's investment in renewable energy, it is true. China is the largest
investor in renewable energy development, in the solar panels. And although China is of all the
largest investor in about everything.
And so China is still the largest emitter of greenhouse gases in the world, accounting for
almost 30 percent of the total carbon dioxide emissions in the world every year. And then
China's own oil production in decline, but China's oil consumption is still rising. So as a
result, China has become the world's largest oil importer. That could make the Chinese economy
vulnerable to the next major oil price shock.
PAUL JAY: And how seriously is climate change science taken in China? If one takes the
science seriously, one sees the need for urgent transformation to green technology. An urgent
reduction of carbon emission. Not gradual, not incremental, but urgent. Did the Chinese- I
mean, it's not, it's so not taken seriously in the United States that a climate denier can get
elected president. But did the Chinese take this more seriously? Because you don't get the
same, any sense of urgency about their policy, either.
MINQI LI: Well, yeah. So like many other governments, the Chinese government also pays lip
service to the obligation of climate stabilization. But unfortunately, with respect to policy,
with respect to mainstream media, it's not taken very seriously within China. And so although
China's carbon dioxide emissions actually stabilized somewhat over the past few years, but is
starting to grow again in 2017, and I expect it will continue to grow in the coming year.
PAUL JAY: I mean, I can understand why, for example, Russia is not in any hurry to buy into
climate change science. Its whole economy depends on oil. Canada also mostly pays lip service
because the Alberta tar sands is so important to the Canadian economy. Shale oil is so
important to the American economy, as well as the American oil companies own oil under the
ground all over the world. But China is not an oil country. You know, they're not dependent on
oil income. You'd think it'd be in China's interest to be far more aggressive, not only in
terms of how good it looks to the world that China would be the real leader in mitigating,
reducing, eliminating the use of carbon-based fuels, but still they're not. I mean, not at the
rate scientists say needs to be done.
MINQI LI: Not at all. Although China does not depend on all on oil for income, but China
depends on coal a lot. And the coal is still something like 60 percent of China's overall
energy consumption. And so it's still very important for China's energy.
PAUL JAY: What- Minqi, where does the coal mostly come from? Don't they import a lot of that
coal?
MINQI LI: Mostly from China itself. Even though, you know, China is the world's largest coal
producer, on top of that China is either the largest or the second-largest coal importer in the
world market as well. And then on top of that, China is also consuming an increasing amount of
oil and natural gas, especially natural gas. And so although natural gas is not as polluting as
coal, it's still polluting. And so it's expected China will also become the world's largest
importer of natural gas by the year 2019. So you are going to have China to be simultaneously
the largest importer of oil, natural gas, and coal.
PAUL JAY: The Chinese party, just to get back to the trade war issue and to end up with, the
idea of this Chinese nation standing up, Chinese sovereignty, Chinese nationalism, it's a
powerful theme within this new Chinese discourse. I'm not saying Chinese nationalism is new,
but it's got a whole new burst of energy. How does China, if necessary to reach some kind of
compromise with the United States on the trade war, how does China do that without looking like
it's backing down to Trump?
MINQI LI: Well, yes, difficult task for the Chinese party to balance. What they have been
right now is that on the one hand they promise to the domestic audience they are not going to
make concessions towards the U.S., while in fact they are probably making concessions. And then
on the other hand the outside world, and they make announcement that they will not change from
the reform and openness policy, which in practice means that they will not change from the
neoliberal direction of China's development, and they will continue down the path towards
financial liberalization. And so that is what they are trying to balance right now.
PAUL JAY: I said finally, but this is finally. Do the Americans have a case? Does the Trump
argument have a legitimate case that the Chinese, on the one hand, want a liberal world order
in terms of trade, and open markets, and such? On the other hand are not following intellectual
property law, property rights and law, the way other advanced capitalist countries supposedly
do. Is there something to that case?
MINQI LI: Well, you know, let's say the Chinese government right now, even though is led
by the so-called Communist Party, is actually much more committed to the neoliberal global
order that the Trump administration in the U.S. - but I don't want to make justifications
for the neoliberal global order. But let's put it this way: The Trump administration of
this trade protectionist policy, although not justified, it reflects fundamental social
conflicts within the U.S. itself, and that probably cannot be sorted out by the Americans'
current political system.
PAUL JAY: So the crisis- you know, when you look at the American side and the Chinese side,
including the deep debt bomb people talk about in China, there really is no sorting out of this
crisis.
MINQI LI: So the overall neoliberal regime has become much more unstable.
PAUL JAY: All right. Thanks for joining us, Minqi. I hope we can pick this up again
soon.
MINQI LI: OK. Thank you.
PAUL JAY: Thank you for joining us on The Real News Network.
We are in a very peculiar ideological and political place in which Democracy (oh sainted
Democracy) is a very good thing, unless the voters reject the technocrat class's leadership.
Then the velvet gloves come off. From the perspective of the elites and their technocrat
apparatchiks, elections have only one purpose: to rubberstamp their leadership.
As a general rule, this is easily managed by spending hundreds of millions of dollars on
advertising and bribes to the cartels and insider fiefdoms who pony up most of the cash.
This is why incumbents win the vast majority of elections. Once in power, they issue the
bribes and payoffs needed to guarantee funding next election cycle.
The occasional incumbent who is voted out of office made one of two mistakes:
1. He/she showed a very troubling bit of independence from the technocrat status quo, so a
more orthodox candidate is selected to eliminate him/her.
2. The incumbent forgot to put on a charade of "listening to my constituency" etc.
If restive voters can't be bamboozled into passively supporting the technocrat status quo
with the usual propaganda, divide and conquer is the preferred strategy. Only voting for the
technocrat class (of any party, it doesn't really matter) will save us from the evil Other :
Deplorables, socialists, commies, fascists, etc.
In extreme cases where the masses confound the status quo by voting against the technocrat
class (i.e. against globalization, financialization, Empire), then the elites/technocrats will
punish them with austerity or a managed recession. The technocrat's core ideology boils down to
this:
1. The masses are dangerously incapable of making wise decisions about anything, so we have
to persuade them to do our bidding. Any dissent will be punished, marginalized, censored or
shut down under some pretext of "protecting the public" or violation of some open-ended
statute.
2. To insure this happy outcome, we must use all the powers of propaganda, up to and
including rigged statistics, bogus "facts" (official fake news can't be fake news, etc.),
divide and conquer, fear-mongering, misdirection and so on.
3. We must relentlessly centralize all power, wealth and authority so the masses have no
escape or independence left to threaten us. We must control everything, for their own good of
course.
4. Globalization must be presented not as a gargantuan fraud that has stripmined the planet
and its inhabitants, but as the sole wellspring of endless, permanent prosperity.
5. If the masses refuse to rubberstamp our leadership, they will be punished and told the
source of their punishment is their rejection of globalization, financialization and
Empire.
Technocrats rule the world, East and West alike. My two favorite charts of the outcome of
technocrats running things to suit their elite masters are:
The state-cartel-crony-capitalist version: the top .1% skim the vast majority of the gains
in income and wealth. Globalization, financialization and Empire sure do rack up impressive
gains. Too bad they're concentrated in the top 1.%.
The state-crony-socialist version: the currency is destroyed, impoverishing everyone but the
top .1% who transferred their wealth to Miami, London and Zurich long ago. Hmm, do you discern
a pattern here in the elite-technocrat regime?
Ideology is just a cover you slip over the machine to mask what's really going on.
"... Facebook employees said privately over the past several months that Chief Executive Mark Zuckerberg wants to outsource many of the most sensitive political decisions, leaving fact-checking to media groups and geopolitics to think tanks. The more he succeeds, the fewer complications for Facebook's expansion, the smaller its payroll, and the more plausible its positioning as a neutral platform. Facebook did not respond to a request for comment. ..."
"... The establishment "elites" are in such denial about the consequences of the world they created, all they can do is spastically attack symptoms. Trump didn't divide U.S. society and Alex Jones didn't cause our widespread (and entirely justifiably) distrust in institutions; the status quo system did that via its spectacular failures. Trump's election and Alex Jones' popularity are merely symptoms of an incredibly corrupt and failed status quo paradigm, the stewards of which continually refuse to take a look in the mirror, accept blame and reform. ..."
Anyone who tells you the recent escalation of censorship by U.S. tech giants is merely a
reflection of private companies making independent decisions is either lying or dangerously ignorant.
In the case of Facebook, the road from pseudo-platform to willing and enthusiastic tool of
establishment power players is fairly straightforward. It really got going earlier this year when
issues surrounding egregious privacy violations in the case of Cambridge Analytica (stuff that had
been
going
on for years
) could finally be linked to the Trump campaign. It was at this point that
powerful and nefarious forces spotted an opportunity to leverage the company's gigantic influence in
distributing news and opinion for their own ends. Rather than hold executives to account and break up
the company, the choice was made to commandeer and weaponize the platform. This is where we stand
today.
Let's not whitewash history though. These tech companies have been compliant, out of control
government snitches for a long time. Thanks to Edward Snowden, we're aware of the deep and
longstanding cooperation between these lackeys and U.S. intelligence agencies in the realm of mass
surveillance. As such, the most recent transformation of these companies into full fledged information
gatekeepers should be seen in its proper context; merely as a dangerous continuation and expansion of
an already entrenched reality.
But it's all out in the open now. Facebook isn't even hiding the fact that it's outsourcing much of
its "fake news" analysis to the Atlantic Council, a think tank funded by NATO, Gulf States and defense
contractors. As reported by
Reuters
:
Facebook began looking for outside help amid criticism for failing to rein in Russian
propaganda ahead of the 2016 presidential elections
With scores of its own cybersecurity professionals and $40 billion in annual revenue in
2017, Facebook might not seem in need of outside help.
It doesn't need outside help, it needs political cover, which is the real driver behind this.
But the lab and Atlantic Council bring geopolitical expertise and
allow Facebook to
distance itself from sensitive pronouncements.
On last week's call with reporters, Alex
Stamos, Facebook's chief security officer, said the company should not be expected to identify or
blame specific governments for all the campaigns it detects.
"Companies like ours don't have the necessary information to evaluate the relationship
between political motivations that we infer about an adversary and the political goals of a
nation-state," said Stamos, who is leaving the company this month for a post at Stanford
University. Instead, he said Facebook would stick to amassing digital evidence and turning
it over to authorities and researchers.
It would also be awkward for Facebook to accuse a government of wrongdoing when the company
is trying to enter or expand in a market under that government's control.
Facebook donated an undisclosed amount to the lab in May that was enough, said
Graham Brookie, who runs the lab, to vault the company to the top of the Atlantic Council's donor
list, alongside the British government.
Facebook employees said privately over the past several months that Chief Executive
Mark Zuckerberg wants to outsource many of the most sensitive political decisions, leaving
fact-checking to media groups and geopolitics to think tanks.
The more he succeeds, the
fewer complications for Facebook's expansion, the smaller its payroll, and the more plausible its
positioning as a neutral platform. Facebook did not respond to a request for comment.
Now that it's been established that Facebook is in fact censoring based on advice provided by
former spooks and other assorted establishment charlatans, let's talk about what this means. I think
there are two major takeaways.
First and foremost, the entire push to make arbitrary de-platforming by tech giants the new
norm proves the establishment is scared to death.
The very powerful folks accustomed to
manipulating and shaping the world via narrative creation aren't terrified about what Alex Jones says,
they're terrified that it's popular. The establishment "elites" are in such denial about the
consequences of the world they created, all they can do is spastically attack symptoms. Trump didn't
divide U.S. society and Alex Jones didn't cause our widespread (and entirely justifiably) distrust in
institutions; the status quo system did that via its spectacular failures. Trump's election and Alex
Jones' popularity are merely symptoms of an incredibly corrupt and failed status quo paradigm, the
stewards of which continually refuse to take a look in the mirror, accept blame and reform.
The way I see it, two key events of the 21st century directly led to the situation we find
ourselves in currently. The launching of the Iraq war based on false evidence spread by intelligence
agencies, politicians and the media, and the decision to bail out bankers and protect them from jail
in the aftermath of the financial crisis. Combined, these two things created an environment of anger
and distrust in which nearly anything becomes possible politically and socially. Trump and Alex Jones
are symptoms of a failing society, not the root causes of it.
If I'm right about this, censorship of such voices by SilIcon Valley billionaires will backfire
spectacularly. Alex Jones has now been made a martyr by tech oligarchs and deep state think tanks,
which gives him more street cred than he had before. De-platforming does nothing to the demand side of
the equation when it comes to his content, as we saw with his Infowars app
soaring
in the charts
soon after the purge. If people want to find Alex Jones and Infowars, they will find
it. Moreover, other communities are beginning to wake up to how dangerous all of this is. For example,
last week we witnessed a growing number of Bitcoiners
create
accounts at decentralized Twitter-alternative Mastodon
in case Jack Dorsey decides to step up
censorship there.
Ultimately, it's safer for society to have open public forums where all ideas -- whether you
consider them dangerous and crazy or not -- can be openly expressed alongside each other. That way we
can see what's out there and debate or debunk them in front of large and diverse audiences.
This is 2018 and de-platforming popular content won't make it go away.
It'll just
shift it over into areas of the internet you can't see, where it'll fester and grow stronger over time
in even more intense and radicalized echo chambers.
You'll think it's gone from society
because it's been safely cleansed from your corporate-government Facebook timeline, but it may grow
even stronger in the shadows.
This is particularly the case in a nation dominated by an
entrenched, corrupt and unaccountable elitist class. One that refuses to confront the reality of its
monumental failures, and instead chooses to self-interestedly obsess over what are just symptoms of a
decadent empire in decline.
* * *
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"There is also international fury over Facebook's
denial of a platform of Infowars and Alex Jones. One of
the self-proclaimed media Masters of the Universe is
facing anger from multiple groups. One report says that
to appease the hard-left, Israeli-controlled
Facebook pulled the plug on 40 million users in July
alone
.
Facebook, Twitter, YouTube, and internet providers
abuse their monopoly by deciding who and what information
should be available to the public. It is a sinister
reminder of life in the past when corporate-owned media,
in alliance with government, manipulated minds by
spinning news and information
As well as Alex Jones, Ron Paul, David Icke, SGT
report and ex-CIA Michael Scheuer,
hundreds of
sites critical of Zionism or Globalism have been denied
access to Facebook, Twitter, and other platforms
.
YouTube allows promotion of abortion; even provide
recipes for abortion food but remove academic opinions
being aired....."
this crap shifted into high gear after the unite the right
fiasco. been going on a long time. web hosting companies
banned many MANY of the best websites right after that
production
But CIA and Pentagon have bought off all platforms, all
mainstream media. When I say CIA and Pentagon I mean Israel.
Whose idea was it for the NSA and mass surveillance? Israel.
Whose idea is it to implement SWAT as S.O.P. of all police in
the entire country and world? Israel. Whose idea is it to jail
someone into solitary confinement long before any charges are
filed (Michael Coen, Tommy Robinson, Assange)? Israel. Who is
Silicon Valley, all tech? Israel Inside. Israel manufactures
Intel chips and set exploits specifically for surveillance on
anyone's personal device. Yet Congress just voted for $38
billion to Israel over the next 10 years. Here at home -- TV,
Rachael Maddow and the rest making double digit millions to
propagandise and foment madness, normalize child sex abuse and
torture and protect Israel from all real and true scrutiny.
We deserve everything we get. Period. We don't hold anyone
accountable, either by court or by assassination. We're
pathetic citizens of a usurped nation.
Sadly, this is the truth. As a peoole we have become
pathetic and weak. Not by choice mind you, but by design.
People lived long before vaccines and fluoride in the water.
If you must use social media, as we all should, its a
great source for information and discussion, try the new app
called Mumblit.
The father of lies vs the rest
of the spiritual world whatever that is to you.
It really is just good vs evil and it's funny what teammates
you end up with but in the grand scheme of things even if Trump
is doing someone else's bidding there is a greater plan.
I think too many don't understand that Trump was part of a
marketing plan put there by the same people he's just a change
of management style.
They were never going to put Hillary in there she's not a
like able enough person, her husband was, she's not, and that's
a terrible flaw for a national level politician.
It was simply a management change to buy time.
Everything to me is a matter of divide and conquer, they are
splitting the population right down the middle for a reason to
buy more time.
Why?
Well obviously to finish implementing the control grid of
course and I think it's at the stage now they are confident
they can move on it.
AI is scheduled to be our new overlord and we'll all be
powerless to defend ourselves from it when it's fully engaged.
The primary defenders of our civilization come complete with
an entire mythos that even predicts all this conveniently allow
certain folks to rapture out of it and leaving the rest of us
to deal with the wickedness on our own.
It's a matrix of control but who's doing the controlling?
Why?
We are indoctrinated that this world is not our ultimate
reward, this world is Satan's world and our ultimate reward
comes in heaven not the earth.
Maybe that's true, maybe that's just the lie they tell you
to keep you in line?
The only hope humanity has is a war among elites, only that
is going to save us, we need division among our adversaries
what's good for the goose is good for the gander type of thing.
Good post.
Yeah it all gets deep and takes serious
reflection.
Then you have to eat.
And defend yourself.
And keep yourself from just wanting to pull the ejection
handle.
Yes. The article says "The very powerful folks accustomed to
manipulating and shaping the world via narrative creation..."
This Zionist Communist Global Dictatorship have done just that - they
have set ethnic-European females against our wonderful males by
turning them into feminazis who love pseudo victimhood and the blame
game. And look what is the UNTOLD STORY OF OUR MEN:
I still have the privilege of having a
neighbor who went through the Great Depression, and fought in WWII.
He's traditionally an old school Democrat, but even he admitted
society out here has lost it.
He's also about the only person I truly relate to, and can have a
pleasant, high-cognitive, logical conversation with these days.
Now imagine being him (in his 90's), fully coherent, and seeing
these spoiled, brainwashed little shits out here, and those in NYC
and DC, run amuck actively tearing down the American society along
with older Western values that were built in the modern age by his
generation, damn.
The left is scared, and rightly so.
They are actually drawing more
attention to the voices they wish to cancel out. Typical
liberal/leftist cluelessness.
The spirit was freedom and justice
And it's keepers seem generous and kind
It's leaders were supposed to serve the country
But now they won't pay it no mind
'Cause the people grew fat and got lazy
And now their vote is a meaningless joke
They babble about law and order
But it's all just an echo of what they've been told
Yeah, there's a monster on the loose
It's got our heads into a noose
And it just sits there watchin'
Our cities have turned into jungles
And corruption is stranglin' the land
The police force is watching the people
And the people just can't understand
We don't know how to mind our own business
'Cause the whole worlds got to be just like us
Now we are fighting a war over there
No matter who's the winner
We can't pay the cost
'Cause there's a monster on the loose
It's got our heads into a noose
And it just sits there watching
(America)
America where are you now?
Don't you care about your sons and daughters?
Don't you know we need you now
We can't fight alone against the monster
If you listen to the radio much, you will see that the
60's, 70's etc have been filtered. They ONLY play
songs they approve of.
No MONSTER
No Working Class Hero
on and on.
<Snip>
When they've tortured and scared you for twenty odd
years
Then they expect you to pick a career
When you can't really function you're so full of fear
A working class hero is something to be
A working class hero is something to be
Keep you doped with religion and sex and TV
And you think you're so clever and classless and free
But you're still fucking peasants as far as I can see
A working class hero is something to be
A working class hero is something to be
Agreed. But it doesn't mean that sides don't matter. They adhere
to the Frankfort school of thought, which takes from Hegel, the
dialectic of politics. By Frankfort, I mean Bolsheviks. They
fund the Left and Right to move the mind of society in general,
through Thesis, Anti-thesis or Left/Right, to a compromise
where the desired solution was known. This is now evident in the
caging of speech to include ONLY the dialectic. Same story
repeating itself, every time Bolsheviks are allowed to feed on the
public.
Despite their best efforts, they can't block the internet.
And as Ayn
Rand famously said "You can ignore reality, but you can't ignore the
consequences of reality". The Middle Class is dying, the American dream is
dead, the Millenials are still living in Mom's basement and developing
ideas about "Democratic Socialism" involving more Free Shit and Bigger
Government, largely because of the above and because they have never been
given an opportunity to experience real free market capitalism.
That will come as a last ditch effort to put the milk back in the
bottle. I'm sure everyone will just forget everything and go on with
their slave life*
*Those of us designated as the workers to pay for
all the shitheads, that is. The shitheads will be fine with being
ignorant. To fix anything might mean they have to work. "Fuck that" is
what they will always say until they are forced to go cold turkey.
Hammer it and remove all EMF's. An old microwave over works as a Faraday cage. Also; if you take a cell phone and wrap it in
just a layer or two of aluminum foil; it will not make or receive calls.
Good point. Save alot of shekkels too. Why just the other day I was standing in grocery line having an imaginary conversation
with my imaginary broker, on my fake phone! The conversation became quite heated. It was all going swell until I ran into the
door on my way out, fell over backwards, spilt the milk carton, and crushed a dozen eggs. No one even noticed ..
They don't need GPS to know where you are, cell towers report the same information to good enough accuracy for most uses. When
Google is tracking you, that is how they are doing it usually.
OSMand replaces google maps very nicely, and works perfectly fine completely off line (by GPS). It also doesn't have to allow
google to update its maps every 30 days to keep it working, download maps for anywhere in the world and just use them.
Lineage OS is a replacement for Android OS. I've had it in 2 phones so far, quite content with it. Open source, so lots of
eyes on it to make sure this sort of shit isn't happening. You can minimize or completely eliminate the google presence, your
choice.
Whether some deep-down shit is tracking me, I have no idea. I assume it is, and act accordingly.
Love to try lineage but I'm on Verizon and their phones since the note 5 are locked down good. Rooting, jailbreaking, or what
ever you call it is the way to go if your concerned about privacy.
Even taking the battery out doesn't work anymore... they've built in transistors that will
hold enough juice to keep the tracking capabilities enabled for several hours after the
battery is removed.
Peter Strzok,
who spearheaded the FBI's investigations into both the Clinton email
"matter" and the investigation into Russian interference in the 2016 election,
has been
fired from the agency over anti-Trump texts,
according to The
Washington
Post
.
Aitan Goelman, Strzok's lawyer, said
FBI Deputy Director David L. Bowdich ordered the
firing on Friday
-- even though the director of the FBI office that normally handles
employee discipline had decided Strzok should face only a demotion and 60-day suspension.
Goelman said the move undercuts the FBI's repeated assurances that Strzok would be afforded the
normal disciplinary process. -
Washington
Post
"
This isn't the normal process in any way more than name
," Goelman said.
Strzok's termination follows a
June report
that he was physically escorted out of an FBI building despite still being employed
by the agency.
In response Goelman said in a statement: "
Pete has steadfastly played by the rules and
respected the process
, and yet he continues to be the target of unfounded personal
attacks, political games and inappropriate information leaks."
In the same June letter, Goelman complained about the "
impartiality of the disciplinary
process, which now appears tainted by political influence
."
In other words, Peter Strzok - who vowed in a text message to his FBI mistress to "stop" Trump,
was the victim of political bias - according to his attorney.
Goelman also wrote that "instead of publicly calling for a long-serving FBI agent to be
summarily fired, politicians should allow the disciplinary process to play out free from political
pressure." We are confident that
everyone
will be very interested in watching the
"impartial" disciplinary process play out fully in the coming months.
Goelman's conclusion: "Despite being put through a highly questionable process, Pete has
complied with every FBI procedure, including being escorted from the building as part of the
ongoing internal proceedings."
Strzok's anti-Trump sentiment came to light after an internal investigation revealed he and his
FBI mistress Lisa Page had exchanged 50,000 text messages, many of which contained clear animus
towards then-candidate Donald Trump.
Strzok's position in the bureau had been precarious since last summer, when Inspector General
Michael E. Horowitz told Special Counsel Robert S. Mueller III that the lead agent on his team
had been exchanging anti-Trump messages with an FBI lawyer. The next day, Mueller expelled
Strzok from the group.
The lawyer, Lisa Page, had also been a part of Mueller's team, though she left a few weeks
earlier and no longer works for the FBI. She and Strzok were having an affair. -
Washington
Post
Perhaps the most alarming of the exchanges mentions an "insurance policy" in the event Trump is
elected.
"
I want to believe the path you threw out for consideration in Andy's office - that
there's no way he
[Trump]
gets elected - but I'm afraid we can't take that risk."
Strzok
wrote to Page, adding "
It's like a life insurance policy in the unlikely event you die
before you're 40
."
In another text exchange, Strzok tells Page: "I am riled up. Trump is a f*cking idiot, is unable
to provide a coherrent answer," and
"I CAN'T PULL AWAY, WHAY THE F*CK HAPPENED TO OUR
COUNTRY (redacted)??!?!
"
Page then messages Strzok, saying "And maybe you're meant to stay where you are because you're
meant to
protect the country from that menace
. (links to NYT article), to which
Strzok replied "
I can protect our country at many levels
."
The text messages made
abundantly clear
that Strzok - the man who downgraded
the FBI's assessment of Hillary's email mishandling from "grossly negligent" to "extremely
careless," and
used a largely unfounded Trump-Russia dossier to launch a
counterintelligence operation
- holds a deep disdain for Donald Trump.
In response to the discovery of Strzok and Page's texts, President Trump derided the pair as
"FBI lovers." On Sunday, Trump tweeted "Will the FBI ever recover it's once stellar reputation, so
badly damaged by Comey, McCabe, Peter S and his lover, the lovely Lisa Page, and other top
officials now dismissed or fired? So many of the great men and women of the FBI have been hurt by
these clowns and losers!"
Strzok testified at a Congressional earing last month, asserting that there was "no evidence of
bias in my professional actions," and that his testimony was "just another victory notch in
[Russian President Vladimir] Putin's belt and another milestone in our enemies' campaign to tear
America apart."
The now-former FBI agent also creeped people out with a weird smirk during the session, as well
as the generally creepy faces he made:
PS tried to influence a US election! He should be
made an example of to put fear in the 'Russians' or
anyone else that ever tries to throw an election, a
sentence of life in a hard labor camp will be fair!
They didn't issue a firearm to him. He was not a graduate of
FLETC nor a law enforcement agent/officer. He is not an 1811
criminal investigator. He was a CIA puke shipped to FBI for
detail by Brennan. This is all lies.
Sounds like my lib
brother who says there is no need to go after Hillary because she
lost. I told him by that logic we shouldn't have tried the Nazis
because they lost.
Firing him only means he is of no more use. Lisa Page was fired after she
had no more use other than testifying. I'll be interested to see what
happens to PS. He represents an interesting mix of factors. His background
is pure Deep State yet he is personally well and truly screwed. Will he
flip to save his hide or will he go down with the globalist ship? I
personally think he turned on them but that is just a guess. The
demon-possessed kabuki testimony was just an act he was told to portray for
optics IMHO. Tie will tell
He played a big role in the CIA infiltration of the FBI (to get
around that annoying policy of no spying on Americans in the CIA...
officially of course). He doesn't even show up as completing the FBI
Academy program... same for McCabe...
But why is he not being
charged for conspiracy to take down a sitting president using official
government agency tools?
I doubt PS has any dirt on anyone who hasn't already been fired.
No,
his best bet personally is to make a truckload of cash for appearances,
talks and book advances (no one will buy them, of course). The Deep
State look after their own.
Strzok thought he would be safe towing the FBI party line during his
congressional hearing, where he behaved like a useful idiot. Now that he
is on record defending the FBI, it was no longer necessary to keep him on
the payroll, so the FBI fired him. That's how the deep-state closes ranks
after they discard one of their own who stupidly embarrassed them by
leaving text messages that showed FBI corruption in exonerating Clinton and
framing Trump.
"
In other words, Peter Strzok - who vowed to "stop" Trump, was the
victim of political bias according to his attorney."
Everything
I say is a lie. But, if everything I say is a lie, then, I'm lying as I say
this. Therefore, everything I say is truth. But, if everything I say is
true, and I'm telling you that I am lying
This is awesome because Team Mueller & Co. won't be able to resist from
pulling at the threads of this latest twist, as in "was Stroke's firing
politically motivated...", and will further unravel the DNC's, Democrats
and Fusion GPS collusion at all levels of government.
Fucking genius
move, and most well deserved (though he got off easy). If he's smart
he'll stay out of the public eye.
who at the FBI awarded immunity
from prosecution to Clintons lawyers et al?
was it Comey, Strzok, McCabe?
why does that immunity still stand if the FBI officers that granted
it were poltical hacks fucking on government time and using
federal/taxpayers money?
The FBI packed with Ivy Leaguers, Friends and Relatives of Wall Street,
Social Justice Warriors, and Govt types who know they are above the Law.
The real question is, is the FBI worth saving ?
or can it even be saved and made back into a beacon of integrity?
The best policy would be to close it, terminate everyone and transfer
any law enforcement or national secutiry work that it might have
inadvertently been doing, to the various other myriad of Law Enforcement
Agencies, like Homeland, US Marshals, Treasury, ATF etc etc etc.....
"... Gilbert Doctorow is an independent political analyst based in Brussels. His latest book, "Does the United States Have a Future?" was published on 12 October 2017. Both paperback and e-book versions are available for purchase on http://www.amazon.com and all affiliated Amazon websites worldwide. See the recent professional review http://theduran.com/does-the-united-states-have-a-future-a-new-book-by-gilbert-doctorow-review/ For a video of the book presentation made at the National Press Club, Washington, D.C. on 7 December 2017 see https://www.youtube.com/watch?v=ciW4yod8upg ..."
Tharoor quotes from New York Times columnist David Brooks who concluded that Trump's behavior was that "of a man who
wants the alliance to fail." He quotes extensively from Guy Verhofstadt, a former Belgian prime minister and leader of the Liberal
political fraction in the European Parliament fighting for a much more integrated EU, who sees Trump as the enemy of liberal internationalism
and ally of his own alt right enemies in Europe.
Tharoor also brings into play Martin Wolf of the Financial Times , who delivered a scathing attack on Trump for his rejection
of the West: " today the U.S. president appears hostile to core American values of democracy, freedom and the rule of law; he feels
no loyalty to allies; he rejects open markets; and he despises international institutions."
In the 23 July issue of "Today's World View," Tharoor takes advantage of the time gone by since Helsinki to refine the conclusions.
He offers a pithy commentary from Susan Glasser of The New Yorker : "We are witnessing nothing less than the breakdown of
American foreign policy."
In the same issue, Tharoor notes that public reaction to Trump in Helsinki is less pronounced than one might suppose from reading
the pundits. He offers the following remarks of colleagues on the results of a recent poll: "Most Americans do not feel Trump went
'too far' in supporting Puitn, and while more Americans say U.S. leadership has gotten weaker than stronger under Trump, his ratings
on this question are slightly improved from last fall."
If we go back in time to the days following Trump's visit to the NATO gathering in Brussels, we find in the headlines of the 11
July issue another take on what Trump is doing:
"Trump's NATO trip shows 'America First' is 'America Alone.'"
Here we read about Trump's insistence that America "stop footing Europe's bill" for its defense, namely his demand that all NATO
allies pay up 2% of GDP at once, not in the remote future; and that they prepare to double that to 4% very quickly. By intentional
abrasiveness, these moves by Trump are, Tharoor tells us, "undercutting the post-World War II order in pursuit of short-term, and
likely illusory, wins."
All of these comments address the question of what Trump opposes. However, Tharoor is unable to say what, if anything, Trump stands
for. There are only hints: continued US hegemony but without the ideological cover; might makes right; nationalism and the disputes
that lead to war.
Does this make sense? Or is it just another way of saying that Trump's foreign policy stance is an inconsistent patchwork, illogical
and doomed to fail while causing much pain and destruction along the way?
I fully agree with the proposition that Donald Trump is ripping up the post-Cold War international order and is seeking to end
NATO and the rest of the alliance system by which the United States has maintained its global hegemony for decades. But I believe
this destructive side is guided by a creative vision of where he wants to take US foreign policy.
This new foreign policy of Donald Trump is based on an uncompromising reading of the teachings of the Realist School of international
affairs, such as we have not seen since the days of President Teddy Roosevelt, who was its greatest practitioner in US history.
This is not isolationism, because Trump is acting to defend what he sees as US national interests in foreign trade everywhere
and in geopolitics in one or another part of the world. However, it is a world in which the US is cut free from the obligations of
its alliances which entail maintenance of overseas bases everywhere at the cost of more than half its defense budget. He wants to
end the risks of being embroiled in regional wars that serve our proxies, not core US national interests. And he is persuaded that
by a further build-up of military might at home, by adding new hi-tech materiel the US can secure its interests abroad best of all.
I reach these conclusions from the snippets of Trump remarks which appear in the newspapers of daily record but are intentionally
left as unrelated and anecdotal, whereas when slotted together they establish the rudiments of an integrated worldview and policy.
For example, I take his isolated remark that the United States should not be prepared to go to war to defend Montenegro, which
recently passed NATO accession, because Montenegro had been a trouble-maker in the past. That remark underwent virtually no analysis
in the media, though it could be made only by someone who understood, remarkably, the role of Montenegro at the Russian imperial
court of Nicholas II precisely as "troublemaker," whose dynastic family aided in their own small way the onset of WWI.
Donald Trump is not a public speaker. He is not an intellectual. We cannot expect him to issue some "Trump Doctrine" setting out
his Realist conception of the geopolitical landscape. All we get is Tweets. This inarticulate side of Trump has been used by his
enemies to argue he has no policy.
In fact, Trump is the only Realist on the landscape.
Going back to 2016, I thought he was being guided by Henry Kissinger during the campaign and then in the first months of his presidency,
I misjudged entirely. Trump is true to the underlying principles of Realism without compromise, whereas Henry K. made his peace with
the prevailing Wilsonian Idealism of the American Establishment a couple of decades ago in order to remain welcome in the Oval Office
and not to be entirely marginalized.
Trump's vision of Realism draws from the source in the Treaty of Westphalia, 1648 with its guiding concept of sovereign nation-states
that do not intervene in others' domestic affairs. It further draws on the notions of raison d'état or national interest
developed by the French court of Louis XIV and then taken further by "perfidious Albion" in the eighteenth century, with temporary
and ever changing combinations of states in balance of power realignments of competitors. The history of the Realist School
was set out magnificently by Kissinger in his 1994 work Diplomacy . It is a pity that the master himself strayed from true
and narrow.
In all of this, you have the formula for Trump's respect, even admiration for Putin, since that also is now Vladimir Vladimirovich's
concept of Russia's way forward: as a strong sovereign state that sets its own course without the constraints of alliances and based
on its own military might.
The incredible thing is how a man with such poor communication skills, a man who does not read much came to such an integrated
vision that outstrips the conceptual abilities of his enemies, his friends and everyone in between.
We are tempted to look for a mentor, and one who comes to mind is Steve Bannon, who is very articulate, razor-sharp in his intellect
and who provided Trump with much of the domestic content of his 2016 campaign from the alt right playbook. And though Bannon publicly
broke with Trump in their falling out over his ever diminishing role in the Administration, Bannon's ongoing project, in particular
his Movement to influence European politics and shift it to the Right by coordinating activities across the Continent during the
parliamentary elections of May 2019, very closely parallel what Trump's ambassador in Berlin seems to be doing in Trump's name.
It may well be that the President and his confidantes find it prudent for him to play the hapless fool, the clueless disrupter
of the global political landscape until he has the support in Congress to roll out the new foreign policy that is now in gestation.
The logical consequence of such a Realist approach to foreign policy will be to reach an understanding with the world's other
two principal military powers, Russia and China, regarding respective spheres of influence in their geographic proximity. But I do
not believe we will see a G-3 succeeding America's unipolar moment. Given the predispositions of both Russia and China, we are more
likely to see a broader board of governors of global policy in the form of the G-20, ushering in the multipolar age. In such a formulation,
regional conflicts will be settled locally by the interested parties and with the major powers involved only as facilitators, not
parties to conflict. That promises a much more stable and peaceful future, something which none of Donald Trump's detractors can
begin to imagine as his legacy.
The shift will be to hybrids - not fully-electric. I don't know of ANY country that has
the infrastructure, let alone the electrical production capacity, to cover the needs of
all-electric vehicles.
Fossil fuelled vehicles will be with us for a LONG time to come.
Somehow the Saudis don't strike me as people who buy a.non gasoline car manufacturer
invested in a solar city failure for a pumped up price and ever postponed profits and barely
met production promises with faulty cars factory gated.
This is ,of course, hypothesis by Eric Zuesse, and the idea that the USA elite decided to
abandon EU elite is somewhat questionable, but some of his consideration are interesting...
Notable quotes:
"... Yeah, its the defense contractors. It has nothing to do with the zillions of cars that clog every fucking freeway in this country every morning and every evening, 7 days a week. Its not the assholes cruising around in monster trucks alone, just to show off their stupid trucks. It has nothing to do with the the zillions of jets screaming through the skies carry all those fat assholes to meetings all over the world for no reason. It has nothing to do with the billions of barrels of oil that come to the US on tankers as long as city blocks filled constantly day and night. ..."
The following is entirely from open online sources that I have been finding to be
trustworthy on these matters in the past. These sources will be linked-to here; none of this
information is secret, even though some details in my resulting analysis of it will be entirely
new.
It explains how and why the bottom-line difference between Donald Trump and Barack Obama,
regarding US national security policies, turns out to be their different respective estimations
of the biggest danger threatening the maintenance of the US dollar as the world's leading or
reserve currency. This has been the overriding foreign-policy concern for both Presidents .
Obama placed as being the top threat to the dollar, a breakaway of the EU (America's largest
market both for exports and for imports) from alliance with the United States. He was
internationally a Europhile. Trump, however, places as being the top threat to the dollar, a
breakaway of Saudi Arabia and of the other Gulf Arab oil monarchies from the U.S. Trump is
internationally a Sunni-phile: specifically a protector of fundamentalist Sunni monarchs -- but
especially of the Sauds themselves --
and they hate Shia and especially the
main Shia nation, Iran .
Here's how that change, to Saudi Arabia as being America's main ally, has happened --
actually it's a culmination of decades. Trump is merely the latest part of that process of
change. Here is from the US State Department's official
historian , regarding this history:
By the 1960s, a surplus of US dollars caused by foreign aid, military spending, and
foreign investment threatened this system [the FDR-established 1944 Bretton Woods gold-based US dollar as
the world's reserve currency ], as the United States did not have enough gold to cover
the volume of dollars in worldwide circulation at the rate of $35 per ounce; as a result, the
dollar was overvalued. Presidents John F. Kennedy and Lyndon B. Johnson adopted a series of
measures to support the dollar and sustain Bretton Woods: foreign investment disincentives;
restrictions on foreign lending; efforts to stem the official outflow of dollars;
international monetary reform; and cooperation with other countries. Nothing worked.
Meanwhile, traders in foreign exchange markets, believing that the dollar's overvaluation
would one day compel the US government to devalue it, proved increasingly inclined to sell
dollars. This resulted in periodic runs on the dollar.
It was just such a run on the dollar, along with mounting evidence that the overvalued
dollar was undermining the nation's foreign trading position, which prompted President
Richard M. Nixon to act, on August 13, 1971 [to end the convertibility of dollars to
gold].
When Nixon ended
the gold-basis of the dollar and then in 1974 secretly switched to the current oil-basis,
this transformation of the dollar's backing, from gold to oil, was intended to enable the
debt-financing (as opposed to the tax-financing, which is less acceptable to voters) of
whatever military expenditure would be necessary in order to satisfy the profit-needs of
Lockheed Corporation and of the other US manufacturers whose only markets are the US Government
and its allied governments, as well as of US extractive industries such as oil and mining
firms, which rely heavily upon access to foreign natural resources, as well as of Wall Street
and its need for selling debt and keeping interest-rates down (and stock-prices -- and
therefore aristocrats' wealth -- high and rtising).
This new system didn't only supply a constant flow of Saudi tax-money to the US Government;
it supplied a constant flow of new sales-orders and profits to the military firms that were
increasingly coming to control the US Government -- for the benefit of both aristocracies: the
Sauds, and America's billionaires.
That was near the end of the FDR-produced 37-year period of US democratic leadership of the
world, the era that had started at Bretton Woods in 1944. It came crashing to an end not in
1974 (which was step two after the 1971 step one had ended the 1944 system) but on the day when
Ronald Reagan entered the White House in 1981. The shockingly sudden ascent, from that moment
on, of US federal Government debt (to be paid-off by future generations instead of by current
taxpayers) is shown, right here, in a graph
of "US Federal Debt as Percent of GDP, 1940-2015" , where you can see that the debt had
peaked above 90% of GDP late in WW II between 1944-1948 , and then plunged during Bretton
Woods, but in 1981 it started ascending yet again, until reaching that WW II peak for a second
time, as it has been ever since 2010 , when Obama bailed-out the mega-banks and their
mega-clients, but didn't bail out the American public, whose finances had been destroyed by
those banksters' frauds, which Obama refused to prosecute; and, so, economic inequality in
America got even more extreme after the 2008 George W. Bush crash, instead of less extreme
afterward (as had always happened in the past).
Above 90% debt/GDP during and immediately following WW II was sound policy, but America's
going again above 90% since 2010 has reflected simply an aristocratic heist of America, for
only the aristocracy's benefit -- all of the benefits going only to the super-rich.
Another, and
more-current US graph shows that, as of the first quarter of 2018, this percentage
(debt/GDP) is, yet again, back now to its previous all-time record high of 105-120%%, which had
been reached only in 1945-1947 (when it was justified by the war).
But can the US Government's extreme misallocation of wealth, from the public to the
insiders, continue without turning this country into a much bigger version of today's Greece?
More and more people around the world are worrying about that. Of course, Greece didn't have
the world's reserve currency, but what would happen to the net worths of America's billionaires
if billionaires worldwide were to lose faith in the dollar? Consequently, there's intensified
Presidential worrying about how much longer foreign investors will continue to trust the
oil-based dollar.
America's political class now have two competing ideas to deal with this danger , Obama's
versus Trump's, both being about how to preserve the dollar in a way that best serves the needs
of 'defense' contractors, extractive firms, and Wall Street. Obama chose Europe (America's
largest market) as America's chief ally (he was Euro-centric against Russia); Trump chose the
owner of Saudi Arabia (he's Saudi-Israeli centric against Iran) -- that's the world's largest
weapons-purchaser, as well as the world's largest producer of oil (as well as the largest
lobbies) .
The Saudi King owns Saudi Arabia, including the world's largest and most valuable oil
company, Aramco, whose oil is the "sweetest" -- the least expensive to extract and refine --
and is also the most abundant, in all of the world, and so he can sell petroleum at a profit
even when his competitors cannot. Oil-prices that are so low as to cause economic losses for
other oil companies, can still be generating profits -- albeit lowered ones -- for King Saud;
and this is the reason why his decisions determine how much the global oil-spigot will be
turned on, and how low the global oil-price will be, at any given time. He controls the value
of the US dollar. He controls it far more directly, and far more effectively, than the EU can.
It would be like, under the old FDR-era Bretton Woods system, controlling the exchange-rates of
the dollar, by raising or lowering the amount of gold produced. But this is liquid gold, and
King Saud determines its price.
Furthermore, King Saud also leads the Gulf Cooperation Council of all other Arab oil
monarchs, such as those who own UAE -- all of them are likewise US allies and major
weapons-buyers.
In an extraordinarily fine recent article by Pepe Escobar at Asia Times, "Oil
and gas geopolitics: no shelter from the storm" , he quotes from his not-for-attribution
interviews with "EU diplomats," and reports:
After the Trump administration's unilateral pull-out from the Iran nuclear deal, known as
the Joint Comprehensive Plan of Action (JCPOA), European Union diplomats in Brussels, off the
record, and still in shock, admit that they blundered by not "configuring the eurozone as
distinct and separate to the dollar hegemony". Now they may be made to pay the price of their
impotence via their "outlawed" trade with Iran.
As admitted, never on the record, by experts in Brussels; the EU has got to reevaluate its
strategic alliance with an essentially energy independent US, as "we are risking all our
energy resources over their Halford Mackinder geopolitical analysis that they must break up
[the alliance between] Russia and China."
That's a direct reference to the late Mackinder epigone Zbigniew "Grand Chessboard"
Brzezinski, who died dreaming of turning China against Russia.
In Brussels, there's increased recognition that US pressure on Iran, Russia and China is
out of geopolitical fear the entire Eurasian land mass, organized as a super-trading bloc via
the Belt and Road Initiative (BRI), the Eurasia Economic Union (EAEU), the Shanghai
Cooperation Organization (SCO), [and] the Asia Infrastructure Investment Bank (AIIB), is
slipping away from Washington's influence.
This analysis gets closer to how the three key nodes of 21st century Eurasia integration
-- Russia, China and Iran -- have identified the key issue; both the euro and the yuan must
bypass the petrodollar, the ideal means, as the Chinese stress, to "end the oscillation
between strong and weak dollar cycles, which has been so profitable for US financial
institutions, but lethal to emerging markets."
It's also no secret among Persian Gulf traders that in the -- hopefully unlikely -- event
of a US-Saudi-Israeli war in Southwest Asia against Iran, a real scenario war-gamed by the
Pentagon would be "the destruction of oil wells in the GCC [Gulf Cooperation Council]. The
Strait of Hormuz does not have to be blocked, as destroying the oil wells would be far more
effective."
And what the potential loss of over 20% of the world's oil supply would mean is
terrifying; the implosion, with unforeseen consequences, of the quadrillion derivatives
pyramid, and consequentially [consequently] of the entire Western financial casino
superstructure.
In other words: it's not the 'threat' that perhaps, some day, Iran will have nuclear
warheads, that is actually driving Trump's concern here (despite what Israel's concerns are
about that matter), but instead, it is his concerns about Iran's missiles, which constitute the
delivery-system for any Iranian warheads: that their flight-range be short enough so that the Sauds will be
outside their range . (The main way Iran intends to respond to an invasion backed by the
US, is to attack Saudi Arabia -- Iran's leaders know that the US Government is more dependent
upon the Sauds than upon Israel -- so, Iran's top targets would be Saudi capital Riyadh, and
also the Ghawar oil field, which holds over half of Saudi oil. If US bases have been used in
the invasion, then all US bases in the Middle East are also be within the range
of Iran's missiles and therefore would also probably be targeted.)
Obama's deal with Iran had focused solely upon preventing Iran from developing nuclear
warheads -- which Obama perhaps thought (mistakenly) would dampen Israel's (and its billionaire
US financial backers') ardor for the US to conquer Iran. Israel had publicly said that their
concern was Iran's possibility to become a nuclear power like Israel became; those possible
future warheads were supposed to be the issue; but, apparently, that wasn't actually the issue
which really drove Israel. Obama seems to have thought that it was, but it wasn't, actually.
Israel, like the Sauds, want Iran conquered. Simple. The nuclear matter was more an excuse than
an explanation.
With Trump now in the White House, overwhelmingly by money from the Israel lobbies (proxies
also for the Sauds) -- and with no equivalently organized Jewish opposition to the pro -Israel
lobbies (and so in the United States, for a person to be anti-Israel is viewed as being
anti-Semitic, which is not at all true, but Israel's lies say it's true and many Americans
unfortunately believe it) -- Trump has not only the Sauds and their allies requiring him to be
against Iran and its allies, but he has also got this pressure coming from Israel: both the
Big-Oil and the Jewish lobbies drive him. Unlike Obama, who wasn't as indebted to the Jewish
lobbies, Trump needs to walk the plank for both the Sauds and Israel.
In other words: Trump aims to keep the dollar as the reserve currency by suppressing not
only China but also the two main competitors of King Saud: Iran and Russia. That's why
America's main 'enemies' now are those three countries and their respective allies.
Obama was likewise targeting them, but in a different priority-order , with Russia being the
main one (thus Obama's takeover
of Ukraine in February 2014 turning it against Russia, next door ); and that difference was
due to Obama's desire to be favorably viewed by the residents in America's biggest export and
import market, the EU, and so his bringing another member (Ukraine) into the EU (which still
hasn't yet been culminated).
Trump is instead building on his alliance with King Saud and the other GCC monarchs, a group
who can more directly cooperate to control the value of the US dollar than the EU can.
Furthermore, both conservative (including Orthodox) Jews in the United States, and also white
evangelical Protestants in the US, are strongly supportive of Israel, which likewise sides with
the Arab oil monarchs against Iran and its allies. Trump needs these people's votes.
Trump also sides with the Sauds against Canada. That's a matter which the theorists who
assert that Israel controls the US, instead of that the Sauds (allied with America's and
Israel's billionaires) control the US, ignore; they ignore whatever doesn't fit their theory.
Of course, a lot doesn't fit their theory (which equates "Jews" with "Israelis" and alleges
that "they" control the world), but people whose prejudices are that deep-seated, can't be
reached by any facts which contradict their self-defining prejudice. Since it defines
themselves, it's a part of them, and they can never deny it, because to do so would be to deny
who and what they are, and they refuse to change that. The Sauds control the dollar; Israel
does not, but Israel does the lobbying, and both the Sauds and Israel want Iran destroyed.
Trump gets this pressure not only from the billionaires but from his voters.
And, of course, Democratic Party billionaires push the narrative that Russia controls
America. It used to be the Republican Joseph R. McCarthy's accusation, that the "commies" had
"infiltrated" , especially at the State Department . So: Trump
kicked out Russia's diplomats, to satisfy those
neocons -- the neoconservatives of all Parties and persuasions, both conservative and
liberal.
To satisfy the Sauds, despite the EU, Trump has dumped the Iran deal . And he did it also to
satisfy Israel, the main US lobbyists for the Sauds. (Americans are far more sympathetic to
Jews than to Arabs; the Sauds are aware of this; Israel handles their front-office.) For Trump,
the Sauds are higher priority than Europe; even Israel (who are an expense instead of a
moneybag for the US Government) are higher priority than Europe. Both the Sauds and Israel
together are vastly higher. And the Sauds alone are higher priority for Trump than are even
Canada and Europe combined . Under Trump, anything will be done in order to keep the Sauds
and
their proxy-lobbyists (Israel) 'on America's side'.
Consequently, Trump's political base is mainly against Iran and for Israel, but Obama's was
mainly against Russia and for the EU. Obama's Democratic Party still are controlled by the same
billionaires as before; and, so, Democrats continue demonizing Russia, and are trying to make
as impossible as they can, any rapprochement with Russia -- and, therefore, they smear Trump
for anything he might try to do along those lines.
Both Obama and Trump have been aiming to extend America's aristocracy's dominance around the
world, but they employ different strategies toward that politically bipartisan
American-aristocratic objective: the US Government's global control, for the benefit of the US
aristocracy, at everyone else's expense. Obama and Trump were placed into the White House by
different groups of US billionaires, and each
nominee serves his/her respective sponsors , no public anywhere -- not even their voters'
welfare.
An analogous example is that, whereas Fox News, Forbes, National
Review, The Weekly Standard, American Spectator, Wall Street Journal, Investors Business Daily,
Breitbart News, InfoWars, Reuters, and AP , are propagandists for the Republican Party ; NPR,
CNN, NBC, CBS, ABC, Mother Jones, The Atlantic, The New Republic, New Yorker, New York
Magazine, New York Times, Washington Post, USA Today, Huffington Post, The Daily Beast , and
Salon , are propagandists for the Democratic Party ; but, they all draw their chief sponsors
from the same small list of donors who are America's billionaires, since these few people
control the top advertisers, investors, and charities, and thus control nearly all of the
nation's propaganda. The same people who control the Government control the public; but,
America isn't a one-Party dictatorship. America is, instead, a multi-Party dictatorship . And
this is how it
functions.
Trump cancelled the Iran deal because a different group of billionaires are now in control
of the White House, and of the rest of the US Government. Trump's group demonize especially
Iran; Obama's group demonize especially Russia. That's it, short. That's America's aristocratic
tug-of-war; but both sides of it are for invasion, and for war. Thus, we're in the condition of
'permanent war for permanent peace' -- to satisfy the military contractors and the billionaires
who control them. Any US President who would resist that, would invite assassination; but,
perhaps in Trump's case, impeachment, or other removal-from-office, would be likelier. In any
case, the sponsors need to be satisfied -- or else -- and Trump knows this.
Trump is doing what he thinks he has to be doing, for his own safety. He's just a figurehead
for a different faction of the US aristocracy , than Obama was. He's doing what he thinks he
needs to be doing, for his survival. Political leadership is an extremely dangerous business.
Trump is playing a slightly different game of it than Obama did, because he represents a
different faction than Obama did. These two factions of the US aristocracy are also
now battling each other for political control over Europe .
The US #1 objective is to protect US$ as the only one reserve currency that is the
foundation of US economic and military power as well as the US economic stability and
prosperity
Zionist Banking Mafia controls US$ and both US major political Parties
The USA can accomplish its goals only by destroying China, Russia, and Iran. The USA
cannot achieve its goals short of having a major military confrontation with China. Russia
is only one power that can provide/satisfy China with raw materials including oil &
gas. However, politically Trump is locked in a corner by the Democratic Party and it's
globalists allies who are trying to destroy Russia due to it's "misguided" policies in
Syria and Iran.
China understands the game and does it's best to confront America. Time is on China's
side. Very shortly China will move it's military to Iran and Syria with Turkey becoming a
serious US headache.
The Bottom Line
Trump and its policies have no chance to succeed neither inside nor outside the USA. The
USA has less than 3-5 years to maintain the present status quo.
Yeah, its the defense contractors. It has nothing to do with the zillions of cars that clog every fucking freeway in this
country every morning and every evening, 7 days a week. Its not the assholes cruising around
in monster trucks alone, just to show off their stupid trucks. It has nothing to do with the
the zillions of jets screaming through the skies carry all those fat assholes to meetings all
over the world for no reason. It has nothing to do with the billions of barrels of oil that
come to the US on tankers as long as city blocks filled constantly day and night.
Its not that, its Lockheed selling them airplanes. Thats how the sand niggers got so much
US money, Lockheed.
What a fucking conspiratorial ass-swipe this guy is.
Eric Zeusse ranks in popularity right along the Gatestone Institute - though Eric may just
be ignorant and opinionated whilst Gatestone is an affirmative disinformation propaganda
organ, both are equally annoying to read. I just came for the comments :).
+1. Eric Zuesse is part-and-parcel of the agenda that the Gatestone Institute
espouses.
Eric Zuesse's real agenda can be revealed by his position on 9/11 (see second link below).
He also blames Obama for everything (he shifts the blame away from Israel onto any other
party which could be blamed due to either direct or indirect ties)
Here is Eric Zuesse in his own words:
Notice the absence of Israel/Zionism
Historic New Harpers Article Exposes Who Controls America
Posted on December 17, 2015 by Eric Zuesse.
"The fundamentalist-Sunni royal family of the Sauds have bought the highest levels of the
U.S. government in order to control U.S. foreign policies, especially the ongoing wars to
take down the governments of Iraq, Libya, Syria, and ultimately (they hope) of Russia itself,
which latter nation has allied itself instead with Shia countries. The controlling entities
behind American foreign policies since at least the late 1970s have been the Saud family and
the Sauds' subordinate Arabic aristocracies, which are the ones in Qatar (the al-Thanis),
Kuwait (the al-Sabahs), Turkey (the Turkish Erdoğans, a new royalty), and UAE (its six
royal families: the main one, the al-Nahyans in Abu Dhabi; the other five: the al-Maktoums in
Dubai, al-Qasimis in Sharjah, al-Nuaimis in Ajman, al-Mualla Ums in Quwain, and al-Sharqis in
Fujairah). Other Saudi-dominated nations -- though they're not oil-rich (more like Turkey in
this regard) -- are Pakistan and Afghanistan."
". But, perhaps, one can safely say that the alliance between the U.S. aristocracy and the
royal Sauds, is emerging as a global dictatorship, a dictatorial type of world government.
Because, clearly: those two aristocraciues have been, to a large extent, ruling the world
together, for several decades now. From their perspective, jihadists are themselves a weapon,
not merely a political nuisance.
This is a more realistic explanation of America's decades-long catastrophic failures to
make significant progress in eliminating even a single one of the numerous jihadist groups
around the world: that's how things have been planned to be. It's not just 'intelligence
errors' or 'not being tough enough.' Those 'explanations' are just cover-stories, propaganda,
PR from the aristocrats. It's skillful 'crowd control': keeping the people in their 'proper'
places."
9/11: Israel Didn't Do It; The Plan Was Co-Led by U.S. & Saud Governments
By Eric Zuesse
March 15, 2018
"9/11 was a well-planned operation, whatever it was. Substantial money paid for it, but
little if any of that came from either Iran or Israel. It all came from
fundamentalist-Sunnis.
And, if all of the money was fundamentalist-Sunni, then the only non-Sunni people who
could have been involved in planning the operation would have been George W. Bush and his
friends
The problem certainly isn't Jews nor Muslims. The problem is the aristocracy, which
controls Saudi Arabia, and the aristocracy which controls Israel, and the aristocracy which
controls America. The victim is the public, and the victimizer is the aristocracy. It's not
just 9/11."
Obama's Nazis
Posted on August 17, 2014 by Eric Zuesse.
(Zuesse's obsession with the word nazis or Nazis)
"What Obama has done and is doing in Ukraine is historic, like what Adolf Hitler did, and
like what Slobodan Milosevic* did, and like other racist fascists have done; and he, and we
Americans (if we as a nation continue accepting this), will be remembered for it, like they
and their countries were. Evil on this scale cannot be forgotten. No matter how solidly the
American "news" media hide this history, it is already solidly documented for the history
books. Obama will be remembered as the worst President in U.S. history, just as the
racist-fascist or 'nazi' leaders of other countries are."
Jewish Billionaire Finances Ukraine's Aydar SS Nazi Troops
Posted on April 7, 2015 by Eric Zuesse.
"The hyper-nationalist Ukrainian-Israeli billionaire Ihor Kolomoysky, a friend of the
Obama White House and employer of Joe Biden's son Hunter Biden, is a major donor to far-right
Ukrainian causes. He sides with the followers of Stepan Bandera, the pro-Nazi Ukrainian
leader whom Hitler ditched when Bandera made clear that he wanted Ukraine to be nazi but
independent of Germany's Nazi Party. Briefly, Bandera's #2 in command, Yaroslav Stetsko, led
nazi Ukraine, and approved the slaughter of thousands of Jews there."
"Zuesse is pushing Zionist lies. One of the links in the article goes to a Reuters story,
"Exclusive – Over 100 Russian soldiers killed in single Ukraine battle – Russian
rights activists," that claims to get its info from the "Russian presidential human rights
council."
If you want to read more lies by Zuesse, go to this "AMAZON" link to read reviews of his
book, "Iraq War: The Truth," in which Zuesse claims that GW Bush invaded Iraq to thank Jesus
for his alcohol and drug addiction cure and to neuter the International Criminal Court???
There is one comment lavishing praise on Zuesse's book about the Iraq War by David
Swanson, another Zionist tool and BS artist, who's been outed in the past by the blog,
"American Everyman."
See how fast the internet warriors are to claim the article is rubbish, and not reflecting
reality. No argument to back up their propaganda, but that's not important. Must be
depressing running the Sunday evening shift in the cubicle farm; all the boys in their neatly
pressed uniforms, clicking away to keep us safe from democracy. Well done lads, another day
keeping the evil Russians /Iranians at bay.
I actually find it interesting to see what shakes the foundations, and this article seems
to be something that they don't like, so probably worth a re-read just to get all the
nuances. Of course, the author suggesting that it is not Jews running America will get short
shrift from some commenters, but it is certainly interesting to have pointed out, finally,
that Israel is a net drain, and Saudi Arabia an enormous gain for the US. We always say to
follow the money, and whilst Israel is good profit for the MIC, Saudi Arabia IS the
petrodollar system - mustn't forget that. No oil in Saudi Arabia, no petrodollar. I wonder
how long they have left until it's all gone? That would probably be the over-riding factor in
deciding war with Iran.
I always wondered why the EU did nit make bigger efforts to replace the petrodollar with
the petroeuro but nobody wants to end up as Ghadaffi or Saddam Hussein who threatened to do
just that. Iran has also repeatedly threaten to that. Also Putin has recently said that
Russia wants to move away from the petrodollar. He must know that that is dangerous for one's
health so there must be some sort of alliance against the dollar being formed.
Rising oil prices will slow down the growth and secular stagnation will return. The USA
economy has no capacity to grow in oil prices are approximately above $70-$80
Four months after the CBO surprised US economy watchers by releasing an especially strong
outlook for 2018 US GDP, which it said would hit 3.3%, on Monday afternoon in its latest
projections , the CBO unexpectedly trimmed its 2018 real GDP forecast to 3.1% citing
concerns over rising trade war coupled with higher inflation.
The Congressional Budget Office kept its 2019 GDP growth forecast unchanged at 2.4%, and
also trimmed its 2020 outlook to 1.7% from 1.8% in April.
What does it matter, they have adjusted what constitutes GDP 3 times in the last fiver
years. The most current being the extra 1 trillion they found by basically adjusting the
price deflator down ward.
The fact is there is NOTHING NEW in this economy generating higher GDP except Cost and
Debt. Healthcare alone over the last 5 years has added trillions yet it picks everyone's
pockets to the point they cant use it.
So the question is looking at today's markets, who will be the first domino to fall? Some
thought Cyprus but that was contained. Then there was Greece but that was contained. There was
talk of Italy being the first. Then last week we had Turkey. If the Turkish situation
deteriorates you can bet that the financial markets will, like during the Asian crisis, become
nervous regarding areas beyond Turkey bringing considerable risks of financial contagion. We
already saw investors dumping stocks such as Italian bank UniCredit last week, for fear that
they are over exposed to risks in Turkey. According to the Bank for International Settlements,
international banks had outstanding loans of $224 billion to Turkish borrowers, including $83
billion from banks in Spain, $35 billion from banks in France, $18 billion from banks in Italy,
$17 billion each from banks in the United States and in the United Kingdom, and $13 billion
from banks in Germany. So what happens next is anybody's guess but to believe that it couldn't
happen again is probably not the most prudent view to take.
