Steve Bull's Blog, page 1279
October 21, 2017
Trump To Allow Release Of 3,000 Never Before Seen Documents On JFK Assassination
Following years of delays, President Trump announced on Twitter on Saturday morning that he will allow the release of more than 3,000 of classified documents from the FBI, CIA, and Justice Department on the assassination of John F. Kennedy. The unexpected announcement means that a trove of previously unseen documents will be released by the National Archives by October 26.
“Subject to the receipt of further information, I will be allowing, as President, the long blocked and classified JFK FILES to be opened,” Trump tweeted.
Donald J. Trump ✔@realDonaldTrumpSubject to the receipt of further information, I will be allowing, as President, the long blocked and classified JFK FILES to be opened
In 1992, Congress mandated that all assassination documents be released within 25 years, unless the president asserts that doing so would harm intelligence, law enforcement, military operations or foreign relations. The still-secret documents include more than 3,000 that have never been seen by the public and more than 30,000 that have been released previously, but with redactions, according to CBS. Trump’s decision means that thousands of formerly classified documents related to Kennedy’s assassination will be unveiled next week in compliance with the President John F. Kennedy Assassination Records Collection Act of 1992, which states that the federal government must release them by Oct. 26, 2017.
JFK scholars hope the new documents may provide insight into assassin Lee Harvey Oswald’s trip to Mexico City weeks before the killing, during which he visited the Soviet and Cuban embassies. Oswald’s stated reason for going was to get visas that would allow him to enter Cuba and the Soviet Union, according to the Warren Commission, the investigative body established by President Lyndon B. Johnson, but much about the trip remains unknown.
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Catalonia’s Political Crisis Snowballs into an Economic Crisis
Independence would be “horrific” and amount to “financial suicide,” said Spain’s Economy Minister. But financial suicide for whom?
It’s not easy being a Catalan bank these days. In the last few weeks the region’s two biggest lenders, Caixabank and Sabadell, have lost €9 billion of deposits as panicked customers in Catalonia have moved their money elsewhere. Many customers in other parts of Spain have also yanked their savings out of Catalan banks, but less out of fear than out of anger at the banks’ Catalan roots.
Moving their official company address to other parts of Spain last week may have helped ease that resentment, allowing the two banks to recoup some €2 billion of deposits. But the move has angered the roughly 2.5 million pro-independence supporters in Catalonia, many of whom have accounts at one of the two banks. Today they expressed that anger by withdrawing cash en masse.
Many protesters made symbolic withdrawals of €155 — a reference to Article 155 of the Spanish constitution, which Madrid activated today to impose direct rule over the semi-autonomous region. Others opted for €1,714 in a nod to the year 1714, when Barcelona was captured by the troops of King Felipe V, who then proceeded to suppress the rights of rebellious regions.
Some bank customers withdrew a lot more than that. The council of Argentona, a small town outside Barcelona, closed its accounts at Caixabank and Sabadell and transferred all €2.25 million of its funds to a branch of the Dutch lender Triodos. If other institutional or business customers follow Argentona’s example, Caixabank and Sabadell could have a big problem on their hands.
…click on the above link to read the rest of the article…
An Attack on Iran or North Korea Wouldn’t Be Putting ‘America First’
An Attack on Iran or North Korea Wouldn’t Be Putting ‘America First’
Almost every day I am asked by someone what the likelihood is that we may soon be at war with Iran or North Korea, or conceivably both. As it’s unlikely either of those countries will attack the United States since it would be suicidal, the question of war really means: are we going to attack them?
There are those who say all the tub-thumping emanating from Washington is just bluster. For example, Justin Raimondo of Antiwar.com writes that President Donald Trump is just engaging in “rhetorical pyrotechnics and scor[ing] political points with certain [domestic] constituencies while maintaining the status quo: in short, he gets to engage in what is essentially a theatrical performance entirely unrelated to what is actually occurring on the ground. His enemies, mistaking rhetoric for reality, have risen to the bait.”
I hope Raimondo is right but I fear otherwise. Underlying his analysis is the all-too-factual reality that attacking either country would result in catastrophe. “Millions would die, on both sides of the demilitarized zone,” if we were to move first, he writes. “For this reason, the US – despite Trump’s tweets – is not going to launch an attack on North Korea.” Similar logic applies to Iran.
Unfortunately, if a prudent assessment of costs and benefits had guided American policy in recent years, none of our other wars of choice would have taken place either – yet they did. The fact that foreseeable consequences may appear “unthinkable” to rational minds does not mean they are not regarded as quite thinkable to those making the decisions.
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Museletter #304: Energy and Authoritarianism
Download printable PDF version here (PDF, 148 KB)
This is an extended version of the article. An edited version was delivered in the email Museletter.
Could declining world energy result in a turn toward authoritarianism by governments around the world? As we will see, there is no simple answer that applies to all countries. However, pursuing the question leads us on an illuminating journey through the labyrinth of relations between energy, economics, and politics.
The International Energy Agency and the Energy Information Administration (part of the U.S. Department of Energy) anticipate an increase in world energy supplies lasting at least until the end of this century. However, these agencies essentially just match supply forecasts to anticipated demand, which they extrapolate from past economic growth and energy usage trends. Independent analysts have been questioning this approach for years, and warn that a decline in world energy supplies—mostly resulting from depletion of fossil fuels—may be fairly imminent, possibly set to commence within the next decade.
Even before the onset of decline in gross world energy production we are probably already beginning to see a fall in per capita energy, and also net energy—energy that is actually useful to society, after subtracting the energy that is used in energy-producing activities (the building of solar panels, the drilling of oil wells, and so on). The ratio of energy returned on energy invested (EROEI) for fossil energy production has tended to fall as high-quality deposits of oil, coal, and natural gas are depleted, and as society relies more on unconventional oil and gas that require more energy for extraction, and on coal that is more deeply buried or that is of lower energy content.
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October 20, 2017
This is What it Looks Like When Credit Markets Go Nuts
Pricing of risk kicks bucket in record central-bank absurdity.
As the days pass, the perverse effects of central bank policies on the financial markets are getting more and more amazing. This includes the record-setting nuttiness now reigning in the European bond market, compared to the mere semi-nuttiness in the US bond market.
The 10-year yield of US Treasury Securities closed at 2.34% yesterday and at 2.33% today. This is low by historical standards. It’s barely above the rate of consumer price inflation as measured by CPI, which was 2.2% in September. This means that coupon payments barely make up for the loss of purchasing power. If inflation ticks up just a little, bondholders will be left in the hole. And a yield this low doesn’t compensate bondholders for any other risks, including duration risk, which can be significant. In other words, this is a bad deal.
But in this strange world, it looks practically sane, compared to the Draghi-engineered negative-yield absurdity that has overtaken the Eurozone, where the average yield of euro junk bonds – the riskiest bonds out there – dropped to 2.16%.
This chart, based on the BofA Merrill Lynch Euro High Yield Index via the St. Louis Fed, shows how the average euro junk-bond yield (red line) has plunged so far this year, on the way to what? Zero? The 10-year US Treasury yield (black line) has started rising in past weeks and, in late September rose above the euro junk bond yield for the first time ever:
This average junk-bond yield is based on a basket of below-investment-grade corporate bonds denominated in euros. Among the issuers are European subsidiaries of junk-rated American companies. For them, it’s nearly free money.
…click on the above link to read the rest of the article…
The First Amendment is Under Serious Assault in Order to Stifle Anti-Israel Boycotts
Assaults on freedom speech can be found in many aspects of American life these days, but one specific area that isn’t getting the attention it deserves relates to boycotts against Israel. Increasingly, we’re seeing various regional governments requiring citizens to agree to what essentially amounts to a loyalty pledge to a foreign government in order to participate in or receive government services.
I’m going to highlight two troubling examples of this, both covered by Israeli paper Haaretz. The first relates to Kansas.
From the article, In America, the Right to Boycott Israel Is Under Threat:
The First Amendment squarely protects the right to boycott. Lately, though, a legislative assault on that right has been spreading through the United States – designed to stamp out constitutionally protected boycotts of Israel…
Over the past several years, state and federal legislatures have considered dozens of bills, and in some cases passed laws, in direct violation of this important ruling. These bills and laws vary in numerous respects, but they share a common goal of scaring people away people from participating in boycotts meant to protest Israeli government policies, including what are known as Boycott, Divestment, and Sanctions (BDS) campaigns.
Today, the ACLU filed a lawsuit challenging one of those laws — a Kansas statute requiring state contractors to sign a statement certifying that they do not boycott Israel, including boycotts of companies profiting off settlements in the occupied Palestinian territories.
We are representing a veteran math teacher and trainer from Kansas who was told she would need to sign the certification statement in order to participate in a state program training other math teachers. Our client is a member of the Mennonite Church USA.
…click on the above link to read the rest of the article…
Into the Cold and Dark
It amuses me that the nation is so caught up in the sexual mischief of a single Hollywood producer when the nation as a whole is getting fucked sideways and upside down by its own political caretakers.
Behind all the smoke, mirrors, Trump bluster, Schumer fog, and media mystification about the vaudeville act known as The Budget and The Tax Cut, both political parties are fighting for their lives and the Deep State knows that it is being thrown overboard to drown in red ink. There’s really no way out of the financial conundrum that dogs the republic and something’s got to give.
Many of us have been waiting for these tensions to express themselves by blowing up the artificially levitated stock markets. For about a year, absolutely nothing has thwarted their supernatural ascent, including the threat of World War Three, leading some observers to believe that they have been rigged to perfection. Well, the algo-bots might be pretty fine-tuned, and the central bank inputs of fresh “liquidity” pretty much assured, but for all that, these markets are still human artifacts and Murphy’s Law still lurks out there in the gloaming with its cohorts, the diminishing returns of technology (a.k.a. “Blowback”), and the demon of unintended consequences.
Many, including yours truly, have expected the distortions and perversions on the money side of life to express themselves in money itself: the dollar. So far, it has only wobbled down about ten percent. This is due perhaps to the calibrated disinformation known as “forward guidance” issued by this country’s central bank, the Federal Reserve, which has been threatening — pretty idly so far — to raise interest rates and shrink down its vault of hoarded securities — a lot of it janky paper left over from the misadventures of 2007-2009.
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Putin Slams US: “The Biggest Mistake Russia Ever Made Was To Trust You”
Russian President Vladimir Putin has not yet formally declared his intention to seek another term as leader of Russia, but many observers noted that a sweeping speech he gave at the Valdai Discussion Club in Sochi this week served as a template for his campaign ahead of the March election.
The speech’s overarching theme was to burnish Putin’s accomplishments as the man who restored “power and respect” to Russia. But in doing so, he heaped abuse on the US and its western allies, accusing them of selectively adhering to international law, and of taking advantage of Russia during the 1990s when the country was struggling to rebuild following the collapse of the Soviet Union, Bloomberg reported.
He accused the US of abusing Russia’s trust, and seeking to take advantage of the political and economic chaos that persisted for much of the 1990s and early 2000s, according to Russia Today.
“The biggest mistake our country made was that we put too much trust in you; and your mistake was that you saw this trust as a lack of power and you abused it,’’ he said during a question-and-answer session that was carried on national television. What was needed, he said, was “respect.’’
High on Putin’s list of perceived slights was the US’s failure to keep its end of the bargain in a host of international disarmament agreements. He explained that, while Moscow doesn’t plan to exit any existing treaties, he promised an “instant, symmetrical response” if Washington decides to quit first.
…click on the above link to read the rest of the article…
Clinton, Assange and the War on Truth
Australia’s public broadcasting network gave Hillary Clinton an open mike to defame WikiLeaks’ Julian Assange as “a tool of Russian intelligence” without giving him a chance to respond, as John Pilger describes.
On Oct. 16, the Australian Broadcasting Corporation aired an interview with Hillary Clinton: one of many to promote her score-settling book about why she was not elected President of the United States.
Hillary Clinton at the Code 2017 conference on May 31, 2017.
Wading through the Clinton book, What Happened, is an unpleasant experience, like a stomach upset. Smears and tears. Threats and enemies. “They” (voters) were brainwashed and herded against her by the odious Donald Trump in cahoots with sinister Slavs sent from the great darkness known as Russia, assisted by an Australian “nihilist,” Julian Assange.
In The New York Times, there was a striking photograph of a female reporter consoling Clinton, having just interviewed her. The lost leader was, above all, “absolutely a feminist.” The thousands of women’s lives this “feminist” destroyed while in government — Libya, Syria, Honduras — were of no interest.
In New York magazine, Rebecca Trainster wrote that Clinton was finally “expressing some righteous anger.” It was even hard for her to smile: “so hard that the muscles in her face ache.” Surely, she concluded, “if we allowed women’s resentments the same bearing we allow men’s grudges, America would be forced to reckon with the fact that all these angry women might just have a point.”
Drivel such as this, trivializing women’s struggles, marks the media hagiographies of Hillary Clinton. Her political extremism and warmongering are of no consequence. Her problem, wrote Trainster, was a “damaging infatuation with the email story.” The truth, in other words.
…click on the above link to read the rest of the article…
“God Is All I Have” – One Month In, Puerto Ricans Fight For Survival Amid Sluggish Recovery
A day after President Donald Trump gave his administration’s Puerto Rico response a “10 out of 10” during a White House meeting with the island’s Gov. Riccardo Rossello, a handful of media outlets are reporting that, one month after Maria first made landfall in southeastern Puerto Rico, many villages still don’t have access to electricity, clean water or – in more than a few cases – the outside world.
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It was great to have Governor @RicardoRossello of #PuertoRico
