"Who is the Times trying to protect? In its condemnation of conspiracy theories, the Times is responding to pressures being exerted from behind the scenes to get this story under control. Epstein knew and serviced very powerful people in corporate, finance and intelligence circles. He himself was a mere parvenu, from the standpoint of the ruling elite, but they had reason to fear that he might betray their ugly secrets. There is a social logic to the circling of the wagons in the Epstein case. The US financial oligarchy feels itself under siege. It senses the tremendous hostility that exists within the population. If millions suspect that Epstein was murdered, it is because they know instinctively that the US ruling elite is fully capable of such a crime. It is not the peculiar properties of the internet and social media that account for such suspicions, but the entirely justified sentiments among millions of working people, who see the criminal character of the class that controls all wealth and power in America." WSWS
The fall in long-term interest rates is essentially a vote of no confidence in the prospects for global growth, as investors seek safe havens for the cash that has been injected into the system. If there were opportunities for profitable investments in the real economy, money would move in that direction. Instead it is being pushed into financial assets. wsws
“I gave to the DOJ documents concerning both the origin of the Russian probe and the probe into Hillary Clinton, both of which I was involved in, and both of which turned out to be less about law enforcement than they were about political espionage,” Byrne told SaraACarter.com Monday. He noted that the communications will prove that the FBI also had an operation into Clinton Foundation that he was directly involved in....
“This is going to become the greatest political scandal in US history,” he said. “If we survive it, and if Rule of Law returns to America, it will be due to one man: Bill Barr.”it was all political. Everything you think you know about Russia and Clinton investigations is a lie,” Byrne told Atman. “It’s all a cover-up. It was all political espionage.”
2--If you can't beat them, ban them--US ban on govt contracts with Huawei & other Chinese tech firms comes into force
The ban takes aim at the world’s largest telecommunications network equipment maker, Huawei, and another Chinese corporation, ZTE, and their subsidiaries and affiliates. It also covers video surveillance and telecommunications equipment produced by Hytera Communications Corporation, Hangzhou Hikvision Digital Technology Company, and Dahua Technology Company.
3--Majority rules? Fifty-four percent of British adults believe that Johnson should be allowed to stay true to his promise and deliver Brexit in time, by October 31, even if he has to suspend Parliament to complete this herculean task.
The Joint Operation Center that will be established in cooperation between Turkey and the U.S. will become operational within the next few days, as first the party of U.S. personnel arrived in southeastern Turkey's Şanlıurfa, National Defense Ministry said Monday.The ministry said six personnel arrived in Şanlıurfa to begin work on the Joint Operation Center, without providing further details on the arriving team.
The statement said the operation center was expected to be operational within the next few days.
On Wednesday, Turkish military officials and their U.S. counterparts agreed to set up a safe zone in northern Syria that would be a "peace corridor" for displaced Syrians longing to return home.
Both sides also agreed on the immediate implementation of measures to address Turkey's security concern.
The officials also planned for a Joint Operations Center to be established in Turkey to coordinate and manage the establishment of the safe zone.
Turkey expects the creation of a 32-kilometer (20-mile) safe zone in northern Syria, which must be cleared of the People's Protection Units (YPG), the Syrian branch of the PKK. Ankara has warned that if establishment of such a zone is delayed, it will take cross-border military action to remove the terrorist threat at its southern border.
If implemented, this agreement can become the most important confidence-building measure between the two countries. If it turns into another Manbij agreement in terms of its implementation and if the U.S. side delays taking steps, it will be extremely hard for the two countries to work together in Syria.
It was expected that old Turkey would protect U.S. interests in the regions controlled by the U.S. In the same vein, certain EU member states were establishing their relations with the old Turkey parallel to the U.S. in a manner compatible with the U.S.Military coups, executions or trampling of democracy every decade in old Turkey did not bother the U.S. or EU much. The new Turkey, governed by President Recep Tayyip Erdoğan and the ruling Justice and Development Party (AK Party) since 2002, has disturbed those accustomed to the old order and is still disturbing those with independent attitudes....
Solutions to problems within the Middle East and the Eastern Mediterranean are not possible without Turkey. It is not possible to succeed in the war on terror and to cope with the migrant crisis without cooperating with Turkey. It has perfect relationships in Africa, Latin America and Asia. While cooperating with superpowers like Russia and China in many fields, it is also places importance on its strategic partnership with the U.S., despite many mistakes by Washington that go against Turkey's interests. Ankara has close ties with many EU member states. Perhaps this is the problem. Some countries that were used to the old Turkey are having a hard time dealing with the new Turkey. As a result, they are working hard to weaken the new Turkey to prevent it from becoming an opponent.
After the end of the Cold War, a seemingly unipolar world order had emerged. While the United States assumed the global role of the sole hegemon, the world's one and only gendarmerie, the so-called new world order concluded with unjust and unlawful occurrences that were not seen during the Cold War.Without bothering themselves to rely on any principle of legitimacy, the U.S. occupied Afghanistan and Iraq with impunity. Both of these countries were dragged into 20 years of political chaos that is still continuing. Although the U.S. still holds a concrete power of destruction in the international arena, they appear to have lost most of their constructive capability
The new world order lasted as far as the emergence of the Arab Spring. The U.S. and their European allies had the upper hand until the eruption of the Syrian crisis. However, the hesitancy and indecisiveness of the Obama administration in the Syrian civil war strengthened Russia's hand.
Russians seized the opportunity to establish regional superiority over their rival U.S. Russia has rapidly become the predominant power not only in Syria, but also in the whole region from the Caspian Sea to the Mediterranean, hence the end of the unipolar world order.
The Syrian crisis re-shaped both the international balance of power and the bilateral relations of the U.S. with not only Russia, but also Turkey. Aiming to democratize the Syrian political regime, the U.S. and Turkey were allies in the initial phase of the Syrian civil war.
Yet, the Obama administration was dreaming about re-integrating Iran into the world order, while neglecting Turkey's interests in the region. Then, two major arguments had rapidly become predominant in the foreign policy debates of the Western countries: If the Syrian regime collapses, al-Qaida would rule over Syria, and if Syria holds a democratic election, the Muslim Brotherhood would win just like in Egypt....
After realizing that they were stabbed in their backs during the Syrian crisis, Turkey put an end to its alliance with the U.S. Immediately after Turkey adopted such an independent foreign policy attitude, three ferocious terrorist organizations had begun to realize successive terrorist attacks in Turkey, i.e. the PKK, Daesh, and the Gülenist Terror Group (FETÖ).
Fortunately, Turkey succeeded in defeating all these terrorist organizations. In fact, Turkey was the first country which waged a direct war against Daesh in Syria and proved that it could be wiped out. The PKK was devastated first in Turkey and then in Afrin. Finally, after the failed coup of July 15, 2016, FETÖ was totally vanquished in Turkey.
In order to resolve the long-standing Syrian civil war, Turkey initiated the Astana peace process directly with Russia and Iran and indirectly with the Syrian regime.
Such a proactive foreign policy attitude broke the monopoly of the Western powers over the resolution of international crises. In this respect, Turkey actively contributed to the fall of the unipolar "new world order" of the post-Cold War era
e the essence of the U.S. negotiations with China over the trade wars was to move China's currency yuan towards convertibility; that is, to convince or force China to allow the determination of the value of its money in market conditions. China, on the other hand, did not want to give up the ability to manage the value of its money, which it considered as the biggest trump card.
For China, such a vicious attack on its currency and economy is also a threat to its economic security. Tuesday morning when I was drafting these lines, the new development reflected on the global public from day to the morning was China warning Japan, South Korea and Australia for having U.S. missiles on their soil. This means that the South China Sea will be heating up. Both the U.S. and Far East stock exchanges negatively reacted to Trump driving the "economic war" with China to such a harsh extent.
The denunciations began as soon as Epstein’s death was reported, in an attempt to delegitimize well-grounded and entirely appropriate suspicions of foul play, and in the complete absence of any credible explanation—or any explanation at all—as to how Epstein could wind up dead while in federal custody.
The campaign against “conspiracy theories” intensified on Monday. The Times published a filthy column by Charlie Warzel claiming that the widespread questioning of Epstein’s suicide was the product of a “deeply poisoned information ecosystem—one that’s built for speed and designed to reward the most incendiary impulses of its worst actors. It has ushered in a parallel reality unrooted in fact and helped to push conspiratorial thinking into the cultural mainstream.”...
“Senior law-enforcement officials, members of Congress and Mr. Epstein’s accusers have all demanded answers about why Mr. Epstein was not being more closely monitored. On Sunday, the Bureau of Prisons offered no explanation for why Mr. Epstein was left alone and not checked on.
“Mr. Epstein’s death has also unleashed a torrent of unfounded conspiracy theories online, with people suggesting, without evidence, that Mr. Epstein was killed to keep him from incriminating others.”
The contrast here is revealing. The prison officials have given no explanation for what took place on their premises, under their control, but the charge of proceeding with “no evidence” is laid at the feet of those suggesting that Epstein was murdered!
When it comes to “conspiracy theories,” of course, the one most amplified by the corporate media, and without the slightest evidence, is the claim that “Russian interference” in the 2016 presidential election accounts for the victory of Trump over Hillary Clinton. The New York Times and the Washington Post have been flogging that “conspiracy theory” for the last three years, only to have the Mueller report, awaited with great fanfare, turn out to be a damp squib.
who is the Times trying to protect? In its condemnation of conspiracy theories, the Times is responding to pressures being exerted from behind the scenes to get this story under control. Epstein knew and serviced very powerful people in corporate, finance and intelligence circles. He himself was a mere parvenu, from the standpoint of the ruling elite, but they had reason to fear that he might betray their ugly secrets. There is a social logic to the circling of the wagons in the Epstein case. The US financial oligarchy feels itself under siege. It senses the tremendous hostility that exists within the population. If millions suspect that Epstein was murdered, it is because they know instinctively that the US ruling elite is fully capable of such a crime. It is not the peculiar properties of the internet and social media that account for such suspicions, but the entirely justified sentiments among millions of working people, who see the criminal character of the class that controls all wealth and power in America
The American oligarchy, which includes both the owners and the editors of the New York Times, fears that a scandal implicating members of the elite in child prostitution and related sordid activities may have a politically explosive character. They are concerned that the exposure of foul play in Epstein’s death may lead to the same type of political revelations that his removal was intended to prevent.
The Epstein affair is not just a tawdry scandal, one among many. It is a significant political event. It demonstrates the nature of the US ruling elite, which is no less capable of the most heinous crimes than the Saudi sheiks who organized the butchery of Jamal Khashoggi.
Every great revolution in history has been preceded by similar scandals, in which the criminal and reactionary character of the old ruling class reveals itself, and that class is exposed for what it is: a cancer on the body politic.
Marx once explained that the laws of capitalist economy do not operate openly and transparently. They can be hidden for long periods of time, but eventually they assert themselves in the same way as the law of gravity when a house crashes down about our ears.
... one thing is certain: every step will bring an increased response from the ruling financial elites as they attempt to restore value to their mountain of fictitious assets, created through the press of a computer button or the operation of an algorithm, by intensifying the attacks on the working class, going far beyond those initiated in response to the crisis of a decade ago
15--Comey's FBI was running a secret counterintelligence operation against Trump, new docs show
Newly obtained documents confirm that James Comey’s FBI was running a secret and corrupt counterintelligence operation against the Trump campaign in the summer of 2016 and repeatedly deceiving the Foreign Intelligence Surveillance Court (FISC) thereafter in order to wiretap a Trump campaign associate.The disclosure was the result of a federal lawsuit and a year of litigation. Despite efforts by FBI Director Christopher Wray to obstruct, a federal court issued an order that forced the FBI and Department of Justice to produce the records known as “302 reports.” They are a summary of interviews FBI agents conducted with Bruce Ohr, a top DOJ official
whether zub-zero interest rates actually work is open to debate, however. So says Richard Koo, the chief economist of the Nomura Research Institute.
“In my view,” he writes, “the adoption of negative interest rates is an act of desperation born out of despair over the inability of quantitative easing and inflation targeting to produce the desired results.”
The failure of the BOJ and the ECB to meet their inflation and growth goals is shared by the Federal Reserve and the Bank of England. None of these central banks understand that their textbook solutions don’t fit the real economy, Koo asserts.
Ultra-low interest rates in theory spur corporations to borrow to make real investments in plant and equipment and spur households to purchase houses and durable goods. Instead, the private sectors in both Japan and the U.S. have run savings surpluses, hallmarks of what Koo calls a “balance sheet recession.”
The lack of recognition that the private sector seeks to minimize debt rather than maximize profits explains why record-low interest rates haven’t set off a boom or inflation. Indeed, it reflects a “crisis in macroeconomics,” he says. And on a more practical level, why corporations sit on record hoards of cash (taxes aside).
Corporate pretax profits have grown from 5 percent to 9 percent of US GDP since the late 1990s, while wages shrank from 46 percent to 43 percent, according to Federal Reserve data
It has been a decade since the Federal Reserve and other central banks began cutting interest rates to zero -- or even below -- and injecting unprecedented amounts of cash into the global financial system via quantitative easing. And while global stocks are at or near record highs, central banks around the world are increasingly abandoning their hopes of normalizing policy with economic growth slowing. On top of that, public and private debt levels are higher than ever.
Some central banks are prepared to take drastic measures. In February, the staff at the International Monetary Fund published a guide to make even more negative interest rates work. Meanwhile, proponents of “modern monetary theory” argue that governments should generate money and distribute it across the economy, until it reaches full employment.
It’s clear that central bank growth models are broken and the fix isn’t more money printing. While saving our economy from a deeper crisis, central bank liquidity injections only delayed this inevitable reckoning. Since the Bretton Woods agreement in 1944, Western governments have used private and public debt to achieve the higher levels of prosperity promised to their electorates. Private debt outgrew gross domestic product by four times in the US since the 1960s. The Institute of International Finance says global debt stands at $243 trillion, more than three times worldwide gross domestic product
20-- The expansion is debt fueled--Galbraith
James Galbraith: The Dow DJIA, +1.86% is not a serious indicator of the condition of the economy. What we’ve had is a long but fairly slow expansion and a lot of reduction in the effective size of the labor force. Employment ratios have risen a little, but they are still way below where they were 10 or, for that matter, 20 years ago.
I think there are really major changes in the structure of the economy going forward. The share of business investment has been quite low, share of construction has been very low, and that means the economy is being driven increasingly by the consumer. The consumer is dependent upon the access to debt, auto loans, consumer loans and student loans. Those things will build up over time until such time as there is a crack and households decide that they no longer wish to access the credit — at which point this phase of the expansion will end....
You talk about how China and other countries are passing the U.S. by.
I think that is clearly the case in the wider world. The Chinese have engaged in an extraordinary exercise in engineering in recent years domestically, building 12,000 miles of high-speed rail. They now have vast engineering capacity, and they are applying it to their periphery — a One Belt One Road network that will orient commerce across Eurasia and into Africa as well that is in the interest of furthering Chinese development. This is on a scale which dwarfs anything that is being conceived of in the United States.
You cannot have a functioning economy, let alone a democratic government, if the banks are running the government. You have to have a situation where banks, which are publicly chartered institutions, serve a public purpose with some common objectives. Some banks blew out the mortgage market, [and] they blew out technology investment two decades ago. What are they doing now? They are financing energy investments, and they are financing consumer debt. This is an almost brainless approach.
"QE causes asset prices to go up more than new output, and pushes income towards upper income individuals The snag is upper income individuals don't spend money. So you produce $100 income without recycling that spending into the real economy. so you have to do something egalitarian to stimulate aggregate demand>"