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Global heating: Study shows impact of ‘climate racism’ in US – BBC

By Paul Homewood | Not A Lot Of People Know That | May 26, 2021

The clown Matt McGrath is at it again:

A new study says that black people living in most US cities are subject to double the level of heat stress as their white counterparts.

The researchers say the differences were not explained by poverty but by historic racism and segregation.

As a result, people of colour more generally, live in areas with fewer green spaces and more buildings and roads.

These exacerbate the impacts of rising temperatures and a changing climate.

Cities are well known magnifiers of a warmer climate.

The surface urban heat island effect is the technical term for the impact that the buildings, roads and infrastructure of cities have on temperatures.

All that concrete and asphalt attracts and stores more heat, ensuring that both days and nights in big urban areas are much warmer than the surrounding locations.

But, within cities, there are often large differences in this heat island impact, with areas rich in trees and green spaces noticeably cooler than those that are dense with housing and industry.

previous study in the US found a correlation between warmer neighbourhoods in big cities with racist housing practices dating back to the 1930s.

Back then, areas with large African-American or immigrant populations were “redlined” in documents by federal officials, and deemed too hazardous for home loans and investment.

This led to a concentration of poverty and low home ownership rates in some parts of big cities.

This new study takes a broader look at these warmer neighbourhoods and the people who are affected by them.

Using satellite temperature data combined with demographic information from the US Census, the authors found that the average person of colour lives in an area with far higher summer daytime temperatures than non-Hispanic white people.

https://www.bbc.co.uk/news/science-environment-57235904

The actual paper, which is here, does not mention “racism” at all. So why does McGrath introduce it as a concept, never mind inventing the term “climate racism”?

Quite what the “racist” housing policies of the 1930s have to do with 21st century America is beyond me. There has been nothing to stop people moving out of those areas since, as millions have. (This is known as “black flight”, with first the black middle class, followed by the working class, moving out to the suburbs, as the whites did before them. What is left tends to be the “underclass”. See here for more details.)

It is well known that poor people, particularly in inner cities, all around the world suffer worse outcomes in all sorts of ways, for instance healthcare, education and job prospects. And, as McGrath now seems to have realised, the urban heat island effect is far more significant than the tiny amount of climate warming seen in the last century.

Maybe instead of wasting trillions on fighting climate change, we should spend a fraction of it on improving inner cities.

May 26, 2021 Posted by | Economics, Fake News, Mainstream Media, Warmongering, Malthusian Ideology, Phony Scarcity | , | Leave a comment

Add The Wall Street Journal To The People Who Can’t Do Basic Arithmetic

By Francis Menton | Manhattan Contrarian | May 17, 2021

Let’s face it, lots of people aren’t very good at math, even rather basic math. On the other hand, some people are quite good at it. If you aren’t very good at math, there are plenty of other things for you to do in life. My own field of law practice mostly does not require much skill at math, and there are plenty of math-challenged people who are nevertheless very good lawyers.

But some big societal decisions require a certain level of math competence. Some of these decisions can involve multi-hundreds of billions of dollars, or even multi-trillions of dollars. For example, consider the question of whether proposed electricity generation system X has the capability to deliver the amount of electricity a state or region needs, and at the times it is needed. Answering this question is just a matter of applied basic arithmetic. Given the dollars involved, you would think that when a question like this is being addressed, it would be time to call in some people who could do the arithmetic, or who at least would be willing to try.

Yet when the issue is replacing generation of electricity by fossil fuels with generation by “renewables,” it seems that the need to believe that the renewables will work and be cost effective is so powerful that all efforts to do the arithmetic get banished. I last considered this issue in a post last week titled “California’s Zero Carbon Plans: Can Anybody Here Do Basic Arithmetic?” The answer for the California government electricity planners was a resounding “NO.” Today, the Wall Street Journal joins the math-challenged club with a front page story headlined “Batteries Challenge Natural Gas As America’s No. 1 Power Source.” (probably behind pay wall)

The theme of the story is that “renewable” energy sources, such as solar, paired with batteries to balance periods of low production, are rapidly becoming so cheap that they are likely to “disrupt” natural gas plants that have only recently been constructed:

[T]he combination of batteries and renewable energy is threatening to upend billions of dollars in natural-gas investments, raising concerns about whether power plants built in the past 10 years—financed with the expectation that they would run for decades—will become “stranded assets,” facilities that retire before they pay for themselves. . . . But renewables have become increasingly cost-competitive without subsidies in recent years, spurring more companies to voluntarily cut carbon emissions by investing in wind and solar power at the expense of that generated from fossil fuels.

To bolster the theme, we are introduced to industry executives who are shifting their investment strategies away from natural gas to catch the new renewables-plus-batteries wave. For example:

Vistra Corp. owns 36 natural-gas power plants, one of America’s largest fleets. It doesn’t plan to buy or build any more. Instead, Vistra intends to invest more than $1 billion in solar farms and battery storage units in Texas and California as it tries to transform its business to survive in an electricity industry being reshaped by new technology. “I’m hellbent on not becoming the next Blockbuster Video, ” said Vistra Chief Executive Curt Morgan.

But how does one of these solar-plus-battery systems work? Or for that matter, how does a wind-plus-battery system work? Can anybody do the arithmetic here to demonstrate how much battery capacity (in both MW and MWH) it will take to balance out a given set of solar cells at some particular location so that no fossil fuel backup is needed? You will not find that in this article.

Here’s something that ought to be obvious: solar panels at any location in the northern hemisphere will produce less power in the winter than in the summer. The days are shorter, and the sun is lower in the sky and consequently weaker. Therefore, any system consisting solely of solar panels plus batteries, where the batteries are seeking to balance the system over the course of a year, will see the batteries drawn down continuously from September to March, and then recharged from March to September. Do batteries that can deal with such an annual cycle of seasons even exist? From the Journal piece:

And while batteries can provide stored power when other sources are down, most current batteries can deliver power only for several hours before needing to recharge. That makes them nearly useless during extended outages. . . . Most current storage batteries can discharge for four hours at most before needing to recharge.

OK, then, so if solar-plus-battery systems are about to displace natural gas plants, what’s the plan for winter? They won’t say. The fact is, the only possible plans are either fossil fuel backup or trillions upon trillions of dollars worth of batteries. But the author never mentions any of that. How much fossil fuel backup? That’s an arithmetic calculation that is not difficult to make. But the process of making the calculation forces you to actually propose the characteristics of your solar-plus-battery system, which then makes the costs obvious. How much excess capacity of solar panels and batteries do you plan to build to minimize the down periods? Do you need solar panel capacity of four times peak usage, or ten times? Do you need battery capacity of one week’s average usage (in GWH) or two weeks or a full month?

The simple fact is that wind/solar plus battery systems would not need any government subsidies if they were cost effective. The Biden Administration is proposing to hand out many, many tens of billions of dollars to subsidize building these systems. They are clearly not cost-effective, and not even close. But no one in a position to know will make the relatively simple calculations to let us know how much this is going to cost. Even the Wall Street Journal can’t seem to grasp the math involved. And President Biden? It’s embarrassing even to ask the question.

May 20, 2021 Posted by | Economics, Fake News, Mainstream Media, Warmongering | | Leave a comment

Rosneft announces launch of flagship gas project in the Arctic

RT | May 16, 2021

Russian energy giant Rosneft has revealed the launch of the Rospan International gas project in the Yamal region of the Arctic. It is expected to become the company’s gas production hub in the region.

“Regarding natural gas, we want to announce that in the first quarter of 2021 the company launched its flagship gas project called Rospan,” Eric Liron, Rosneft’s vice president for in-house services, told investors during a teleconference this week.

The project will provide annual gas production of more than 20 billion cubic meters, as well as production of 5 million tons of gas condensate and more than one million tons of propane and butane, he added.

“At the moment, both technological lines have already been put into operation. The railway terminal for the shipment of propane and butane has also been opened, all the necessary pipeline infrastructure is operating and the production potential has been fully technically confirmed,” Liron said.

Rospan International, a subsidiary of Rosneft, produces gas and gas condensate at the Vostochno-Urengoysky and Novo-Urengoysky license areas.

May 16, 2021 Posted by | Economics | | Leave a comment

The Markets Are Rigged

Corbett • 05/14/2021

At base, the markets are a con game where the rich and powerful employ a raft of confidence men to lure suckers into the latest mania. In this game, the suckers are the general public who are left holding the bag as the market bubble bursts while the smart money swoops in to buy up the leftover assets at pennies on the dollar. In this week’s edition of The Corbett Report, James Corbett pulls back the curtain on the Wall Street casino and reveals how the house always wins the rigged games.

Watch on Archive / BitChute / Minds / Odysee / YouTube or Download the mp4

For those with limited bandwidth, CLICK HERE to download a smaller, lower file size version of this episode.

For those interested in audio quality, CLICK HERE for the highest-quality version of this episode (WARNING: very large download).

TRANSCRIPT

In December of 2020, video game retailer GameStop reported an operating loss of $63 million in the previous quarter on the back of an 11% reduction in the store base. The story—just one of dozens of such reports flooding the financial newswires—meant little to the general public and went largely unnoticed.

Two groups did show an interest in the news, however: the Wall Street vultures who see every faltering company as an easy source of money in the futures markets and a small band of retail investors who saw the potential for the floundering gaming franchise to turn things around.

Within a matter of weeks, these two groups would clash in one of the most spectacular stock market face offs in recent memory. Even the White House got drawn into the saga.

REPORTER: I was concerned about the stock market activity we’re seeing around GameStop and now with some other stocks as well, including the subsidiary or whatever—the company that was . . .  Blockbuster?—and have there been any conversations with the SEC about how to proceed?

JEN PSAKI: Well, I’m also happy to repeat that we have the first female treasury secretary and a team that’s surrounding her and often questions about market we’ll send to them. But our team is of course—our economic team, including Secretary Yellen and others—are monitoring the situation.

SOURCE: Biden Team Is ‘Monitoring’ the Surge in GameStop Shares, Psaki Says

The human drama in the story made it easily recognizable as a David vs. Goliath narrative. Here was a ragtag band of mom-and-pop—or, in this case, millennial—investors going up against the hudge fund billionaires. And, just as it seemed they may actually have an effect, the full power of the financial and political system seemed to swoop in to suppress them.

But the “revelation” that retail investors are fighting a rigged game against the Wall Street hedge fund behemoths is hardly a revelation at all. In fact, it is merely the latest example in a long series of events showing that the stock market was never meant to bring riches and fortune to the average investor.

Instead, when the story is told in its full context, there is only one obvious conclusion to be drawn:

The Markets Are Rigged.

You’re tuned into The Corbett Report.

The stock market is often portrayed in the financial media as a magical crystal ball that can not only tell us about what is happening in the economy, but predict geopolitical events, forecast elections, or even reveal to us the inner workings of the minds of men.

BECKY QUICK: Alright, so polls are one way of trying to figure out who’s going to win. Watching the markets are another. They’re pretty good at predicting elections sometimes, too.

SOURCE: Here’s how markets may predict who will win the presidential election

LESLIE PICKER: Valuations on a price-to-earnings basis are below post-crisis averages leading some to believe that decent fundamentals could—emphasis on could—jumpstart the shares higher.

DOMINIC CHU: You’re telling me you don’t have a crystal ball . . .

PICKER: I don’t.

CHU: . . . And I don’t blame you.

PICKER: I don’t. But even I did I couldn’t say it here.

CHU: Alright.

PICKER: (Laughs)

SOURCE: Worldwide Exchange CNBC October 12, 2018 5:00am-6:00am EDT

KRISTINA HOOPER: Well, we could very well see some gains, some pullbacks, more gains. Certainly animal spirits are alive and well, but I would argue it’s a very different spirit animal than last year. Since the start of February our spirit animal is probably the chihuahua.

SOURCE: Bloomberg Markets Americas Bloomberg February 16, 2018 10:00am-11:00am EST

But this is a lie. In reality, the markets are driven not by underlying economic fundamentals, as the public is asked to believe, but by the actions of the central banks.

This is not even a controversial point.

In 2014, the Bank for International Settlements warned that central banks were causing “elevated” asset prices.

report from the Official Monetary and Financial Institutions Forum that same year warned that “Central banks around the world, including in Europe, are buying increasing volumes of equities” and “The same authorities that are responsible for maintaining financial stability are often the owners of the large funds that have the potential to cause problems.”

And in 2016—in the midst of the historic bull run that has seen the Dow Jones and S&P indexes reach all-time record high after all-time record high—economist Brian Barnier published a report documenting that between the beginning of the Federal Reserve’s quantitative easing program in 2008 and the 1st quarter of 2015, the Fed was directly responsible for 93% of equity value growth in the US.

This modern era of central bank-dominated markets, however, is only the latest version of a game that is as old as the markets themselves. At base it’s a con game where the rich and powerful employ a raft of confidence men to lure suckers into the latest market mania. In this game, the “suckers” are the general public who are left holding the bag as the market bubble bursts while the “smart money” swoops in to buy up the leftover assets at pennies on the dollar.

The game was being played as far back as 1814 when a uniformed man posing as the aide-de-camp of Lord Cathcart landed in Dover spreading the false rumour that Napoleon had been killed by a detachment of Cossacks. When the rumours reached London later that day, three men dressed up as French officers in white Bourbon cockades were parading across Blackfriars bridge proclaiming the end of the Napoleonic empire and the restoration of the Bourbon monarchy. By the time the British government officially dispelled the rumour later that afternoon, an elaborate fraud had already played out in the London stock markets. The rumour had kicked off a buying frenzy and the perpetrators of what is now known as The Great Fraud of Cowley—the ones who had started the rumours and hired the actors to help spread them—had already sold 1.1 million pounds worth of government stock into the market peak.

Another bit of market manipulation centering around Napoleon’s military fortunes played out again the next year, in 1815. Nathan Rothschild of the infamous Rothschild banking dynasty used the smuggling network that he and his brothers had built to funnel gold and silver to Wellington’s army to get news of Napoleon’s defeat at Waterloo back to London 24 hours before the official word reached the British government. Although a fancified version of the story involving homing pigeons and Nathan’s acting abilities at the stock exchange are easily dismissed as anti-Semitic slurs by the mainstream press, even the official Rothschild Archive treatment of the incident admits that Nathan Rothschild did receive early warning of Wellington’s victory and he did profit from that foreknowledge in the stock market. Historian Niall Ferguson has written on the subject in detail in his authorized biography of the Rothschilds and even the BBC published a story in 1998 outlining how the conspiracy functioned and how the brothers communicated in secret by writing their letters in the Judendeutsch script they had learned in their childhood in the Frankfurt Jewish ghetto.

The stock market con game isn’t just an historical relic, though. Those with advance knowledge of world events continue to profit from their insider information, sometimes in the most macabre way imaginable.

ANTONIO MORA: What many Wall Street analysts believe is that the terrorists made bets that a number of stocks would see their prices fall. They did so by buying what they call ‘puts.’ If you bet right the rewards can be huge. The risks are also huge unless you know something bad is going to happen to the company you’re betting against.

DYLAN RATIGAN: This could very well be insider trading at the worst, most horrific, most evil use you’ve ever seen in your entire life.

SOURCE: 9/11 Wall Street Blames Put Option Inside Trading On Terrorists

In the wake of 9/11, researchers began to uncover a money trail that proved those with advance knowledge of the attack had indeed used their insider information to profit from the events of that day.

In addition to the Securities and Exchange Commission in the United States, the governments of ItalyGermanyBelgium and other countries began their own investigations into a series of trades betting against companies that were hurt by 9/11—like Boeing, Merrill Lynch, United Airlines, Munich Re and others—and betting on companies that profited from the attacks—including a six-fold increase in call options on the stock of defense contractor Raytheon on September 10, 2001.

In subsequent years, not one, not two, but three separate, peer-reviewed papers concluded that the unusual trading in the weeks prior to 9/11 were “consistent with insiders anticipating the 9/11 attacks.” But incredibly, the SEC investigation into this money trail was abruptly terminated and the records of that investigation were subsequently destroyed.

Why? Because, as researchers like Kevin RyanMichael Ruppert and others later discovered, the trail led them to the doorstep not of Al Qaeda, but well-connected American businessmen and intelligence officials.

MICHAEL C. RUPPERT: So right after the attacks of 9/11 the name Buzzy Krongard surfaced. It was instant research that revealed that Buzzy Krongard had been allegedly recruited by CIA Director George Tenet to become the Executive Director at CIA, which is the number three position, right before the attacks.

And Alex Brown was one of the many subsidiaries of Deutsche Bank, one of the primary vehicles or instruments that handled all of these criminal trades by people who obviously knew that the attacks were going to take place, where, how and involving specific airlines.

SOURCE: Terror Trading 9/11

KEVIN RYAN: I came across this document that had been released: a memorandum for the record of the 9/11 Commission. It was prepared by a staff member of the 9/11 Commission. His name is Douglas Greenberg and he reviewed simply the FBI’s meetings on their communications related to this. This document identified a couple of companies that were flagged by the SEC (Securities and Exchange Commission) and one of them—this was September 21st just ten days after the attacks—one of these companies that was flagged was called Stratesec. And this is a very interesting company because it’s a security company that had contracts for the World Trade Center and Dulles Airport where one of the planes took off on 9/11, as well as United Airlines, which owned two of the other three planes. So this security company, Stratesec, was a very central player in in the events of 9/11, you could say, because they ran security for these different areas in the years leading up to 9/11.

So for them this company stopped to be flagged by the SEC was very compelling and when I looked at this document—prepared by the 9/11 Commission which wasn’t released until 2007—I noticed that the  names had been redacted of the stock traders, but I could make out who they were. In particular, one of them was a director of the company Stratesec. He was also a director of a company in Oklahoma, an aviation company. He was also a director of a Washington, DC-based financial organization. With just that information you could tell very clearly that this man was Wirt Dexter Walker. He was the Chief Executive Officer of Stratesec and also a director there. His wife, Sally Walker, was also named in the flagging by the SEC. So I began looking into that.

SOURCE: Terror Trading 9/11

JEREMY ROTHE-KUSHEL: …the last thing I want to leave you with is the National Reconnaissance Office was running a drill of a plane crashing into their building and you know they’re staffed by DoD and CIA…

ROBERT BAER: I know the guy that went into his broker in San Diego and said “Cash me out, it’s going down tomorrow.”

JEREMY ROTHE KUSHEL: Really?

ROBERT BAER: Yeah.

STEWART HOWE: That tells us something.

ROBERT BAER: What?

STEWART HOWE: That tells us something.

ROBERT BAER: Well, his brother worked at the White House.

(SOURCE: WeAreChangeLA debriefs CIA Case Officer Robert Baer about apparent Mossad and White House 9/11 foreknowledge)

Horrific as these instances of insider trading are, an even deeper layer of the story lies in the fact that these trades—unlike the high-profile show trials of Martha Stewart and other stories-of-the-week—never result in prosecutions. The protection afforded the 9/11 inside traders speaks to an even deeper layer of the problem: the use of the markets to line the pockets of insiders and their political cronies is not a bug in the system, but a feature. In fact, the entire system has been designed to be manipulable, ensuring that the little guys never have a chance against the billionaire bankers and hedge funds.

A clue to this story goes back to the most well-known event in stock market history: the Great Crash of 1929. Even there, in the midst of one of the most devastating financial collapses in human history, there was money to be made by insiders who knew what was coming.

One such insider was Albert Henry Wiggin, Chairman of the Chase National Bank and the man who had been instrumental in attracting the Rockefeller family to begin their century-long involvement in Chase. When the market began plummeting on Black Thursday 1929, Wiggin and his fellow banking associates were lauded as heroes for their actions to restore order to the market, which culminated in New York Stock Exchange Vice President Richard Whitney stepping out on the floor of the Exchange and making a great commotion by yelling out orders for key stocks at above-market prices.

What the public did not know, but what emerged three years later during congressional investigation, was that by the time chaos descended on Black Tuesday 1929, Wiggin had already positioned himself to profit handsomely from the financial havoc that he knew was coming. As Nomi Prins details in her book, All the President’s Bankers: The Hidden Alliances that Drive American Power:

Wiggin knew he was covered no matter what happened. Shortly before the Crash, he shorted shares in his own bank by borrowing shares from various brokers at prices he anticipated would fall, at which time he would buy the shares in the market at lower prices and return them to the brokers, making money on the difference. When the Dow stood at 359 on September 23, 1929 (the market had topped out twenty days earlier at 381), he placed what would be a hugely profitable bet that Chase’s stock would fall.

[. . .]

Before shorting those shares, Wiggin executed another profitable and shady strategy, using his bank’s funds to plump the shares up. He placed $200 million of his depositors’ money into trusts that speculated in Chase stock, thus participating in the very pool operations that artificially boosted its price during the run-up to the Crash. He pocketed $10.4 million from these trades, including $4 million from shorting the shares he drove up (after he drove them up) during the two-week period preceding the Crash. His justification for selling his own shares while Chase Securities was pushing customers to buy them was that the price was “ridiculously high.” He had, in effect, bet against all the other Chase shareholders who had trusted in his hype about the firm.

Another person who profited greatly from the financial crash was Joseph P. Kennedy, father of future president John F. Kennedy. The famous story, likely apocryphal but parroted by NPRThe Washington PostPBS and any number of mainstream outlets, is that Kennedy, a savvy stock trader, knew the market was overheated when a random shoeshine boy gave him stock tips.

If this story is to be believed, Joe’s random interaction with a shoeshine boy in 1929 was one of the most profitable conversations of his life. Not only did Kennedy sell off most of his stock holdings shortly before the crash, he aggressively shorted the markets, meaning that while most of America—and much of the world—was plunged into one of the deepest and most prolonged financial crises in the history of the country, the Kennedy family flourished. In 1977, eight years after Joe’s death, the New York Times estimated the family fortune to be somewhere between $300 and $500 million.

There are more than enough reasons to doubt that it was actually a brief chat with a shoeshine boy that led to Kennedy’s remarkable good fortune, however. The patriarch of the Kennedy dynasty had a reputation as an unscrupulous businessman, including the persistent allegations that he made his fortune in bootlegging during the Prohibition era. And so it was a shock to the nation when President Franklin Delano Roosevelt appointed Kennedy to head the newly created Securities and Exchange Commission in 1934.

Even the Securities and Exchange Commission’s Historical Society struggles to explain the choice. “Kennedy had profited handsomely from financial manipulation,” their website frankly admits, “but he understood keenly the need to balance the interests of the people with the imperatives of the financial markets.” For his part, when asked why he had tapped a well-known scoundrel like Kennedy to head such an agency, President Roosevelt is said to have replied: “Takes one to catch one.”

That the SEC, the “independent federal agency” tasked with regulating the markets, should have an admitted market manipulator as its first chair should not be surprising when the agency’s track record is examined. Time and again, the SEC has not just allowed market manipulation to take place, but actively facilitated it.

When the largest Ponzi scheme in market history, Bernie Madoff’s unbelievable $64.8 billion investment fraud scam, came to a crashing halt with his arrest in December of 2008, attention turned to the SEC. How could the agency, which had investigated Madoff’s investment firm multiple times, not have halted the scam earlier?

A subsequent Inspector General report made the scope of this “failure” even more unbelievable, finding that “between June 1992 and December 2008 when Madoff confessed, the SEC received six substantive complaints that raised significant red flags concerning Madoff’s hedge fund operations and should have led to questions about whether Madoff was actually engaged in trading.” After excoriating the agency for its incompetence time and again over the course of two decades of failed opportunities, the report concludes:

As the foregoing demonstrates, despite numerous credible and detailed complaints, the SEC never properly examined or investigated Madofi’s trading and never took the necessary, but basic, steps to determine if Madoff was operating a Ponzi scheme. Had these efforts been made with appropriate follow-up at any time beginning in June of 1992 until December 2008, the SEC could have uncovered the Ponzi scheme well before Madoff confessed.

HARRY MARKOPOLOS: I gift wrapped and delivered the largest Ponzi scheme in history to them and somehow they couldn’t be bothered to conduct a thorough and proper investigation because they were too busy on matters of higher priority. If a $50 billion Ponzi scheme doesn’t make the SEC’s priority list, then I want to know who sets their priorities.

SOURCE: Madoff tipster Markopolos calls SEC captive to Wall Street

Similarly, when Enron shook the markets in 2001 by declaring the then-largest bankruptcy in history after its systemic accounting fraud was exposed, the question of the SEC’s role in the scandal arose. Why had the agency not caught on to the scam? A subsequent Senate Committee report excoriated the commission, noting that the “watchdog” had only opened one (unrelated) investigation into Enron in the past decade, that it repeatedly missed warning signs of corporate misconduct, that it granted the company unusual leeway in using mark-to-market accounting for its transactions and did not even seek to validate the models employed by the energy giant. In the end, the committee concluded that the entire affair represented a “systemic and catastrophic failure” of the SEC.

But the SEC did not use the lessons learned in these “systemic and catastrophic failures” to stop such fraud from taking place in the future. In fact, the Commission responded to these “failures” not by stringently cracking down on these scams, but by helping to facilitate new kinds of untraceable accounting trickery.

In the wake of the signal “failures” of SEC and other regulators to prevent the scandalous accounting fraud and subsequent catastrophic failures of Enron, Worldcom and Tyco, the US Congress passed the Sarbanes-Oxley Act, a federal law intended to “protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws, and for other purposes.” The nature of those “other purposes” soon became apparent as the devil emerged from the details of the software that promised to streamline the Sarbanes-Oxley compliance process for companies operating in the new regulatory environment.

One of these software solutions was EmailXtender, an email archiving program designed to help companies comply with Sarbanes-Oxley reporting requirements. The program was supposed to create a permanent record of emails so that auditors would be able to access all communications in the future, but, according to Richard Grove, who was working as a software salesman selling the program to prospective corporate clients, the program actually provided companies with a way to permanently and untraceably delete those records.

RICHARD GROVE: So a few weeks later in August of 2003 I was at a client called the NASD— which later changed its name so it’s now called the Financial Industry Regulatory Authority—and the NASD was looking at our product and they wanted to use it internally. And one of the guys across the table says to me, “Hey, wait a minute. This product has a back door! Because right here where you’re supposed to take this information and put it on the write-once-read-many storage, which is a type of permanent storage,” he said, “There’s this jar file and you can delete the jar file and then there’s no evidence of that transaction whatsoever.”

So he was showing me across a table that there’s a loophole, there’s a back door in a software that allows nefarious transactions to go on and subsequently they didn’t buy the software they’re like, “This is bullshit, this isn’t worth the money. This is not what it’s supposed to be and you should do something about that.” Now, I had management from my side in the meeting so I went to my managers afterwards and I’m like, “What’s this all about and why what’s going on with this?” and I was told not to talk about it.

SOURCE: The Economy Lie – Part 2 – Richard Grove

Concerned with the possibility for mass financial fraud that was being enabled by this software, Grove took his concerns to the SEC. But instead of acting on this information to launch an investigation into the company and the software, the SEC not only dismissed Grove’s warning, but went out and bought that very software for their own use.

RICHARD GROVE: Right now the SEC reports to the President. So at the end of the day when the SEC was telling me they’re not interested, they’re telling me they’re not interested because I’m tying the Bush administration in with billionaire Richard Egan and his company that’s helping these companies do this. Of course they don’t want to sponsor that getting out to the public.

I filed a lawsuit, I represented myself in court against a multi-billion dollar international corporation and after three years—and after proving my case in court, including the fact that the SEC acted with complicity to protect the perpetrators—my case was dismissed on a technicality. Recognizing that the events I proved in court actually happened but were conveniently “outside the statute of limitations for the Sarbanes-Oxley Act.”

And once I understood the purpose of Sarbanes-Oxley regulations was to keep these companies from deleting files and that the back door in the software allow these companies to delete files— and more importantly the fact that someone outside of the company that’s not even associated with the company but has access to that software could launder money or steal money or just delete money from corporations and switch financial records all around without anyone, any investigator, any auditor being able to audit that—those things I thought were interesting. But when the SEC, after I told them, bought the software with the back door in it and started to use it for itself then I knew that the SEC was not there to regulate like I thought it was. They were also, “Hey, we can find a benefit from this back door in a software. We can delete files now. Now we’re above the law!”

SOURCE: The Economy Lie – Part 2 – Richard Grove

But of all the various schemes for manipulating the markets, none have been quite so brazen as the Plunge Protection Team.

Formally known as the “Working Group on Financial Markets,” the Plunge Protection Team, or PPT, was born in the wake of another stock market crash: Black Monday of October 1987. Far from a “conspiracy theory” or “internet rumour,” the formation of the group was announced in the pages of the Federal Register on March 22, 1988, which contained, on page 9421, the text of Executive Order 12631, a seemingly mundane announcement signed by President Reagan on March 18, 1988.

The order, citing “the major issues raised by the numerous studies on the events in the financial markets surrounding October 19, 1987,” goes on to establish a working group of the treasury secretary, the Fed chair, the chair of the Securities and Exchange Commission (SEC) and the chair of the Commodity Futures Trading Commission (CFTC). It empowers the group to “consult, as appropriate, with representatives of the various exchanges, clearinghouses, self-regulatory bodies, and with major market participants to determine private sector solutions wherever possible” and to report back to the president.

Hidden behind this innocuous-sounding rhetoric is an organization that has been at work for the last three decades, quietly but documentably intervening to prop up the markets whenever they start plunging—or even sagging.

The name “Plunge Protection Team” comes from a Washington Post article that ran under that headline in February 1997. In that piece, staff writer Brett D. Fromson revealed how the Working Group on Financial Markets (like “defense planners in the Cold War period”) war-game various market cataclysms and their response to them. One scenario Fromson described involves a large sell-off on a Monday morning after a week of tanking markets.

“The chairman of the New York Stock Exchange has called the White House chief of staff and asked permission to close the world’s most important stock market. [. . .] In the Oval Office, the president confers with the members of his Working Group on Financial Markets—the secretary of the treasury and the chairmen of the Federal Reserve Board, the Securities and Exchange Commission and the Commodity Futures Trading Commission. The officials conclude that a presidential order to close the NYSE would only add to the market’s panic, so they decide to ride out the storm. The Working Group struggles to keep financial markets open so that trading can continue. By the closing bell, a modest rally is underway.”

The article acknowledged that each of the Plunge Protection Team’s constituent agencies (the treasury, the Fed, the SEC and the CFTC) have a “confidential plan” on file to deal with a market meltdown. But aside from trivial details (the SEC’s plan is called the “red book,” for example, after the color of the document’s cover) nothing of substance is revealed. How, exactly, do the agencies plan to “keep financial markets open so that trading can continue”?

A major clue to the PPT manipulation puzzle came in the form of a 1989 Wall Street Journal op-ed by Robert Heller, who was at the time exiting a three-year stint as Federal Reserve System governor. Entitled “Have Fed Support Stock Market, Too,” Heller’s op-ed argued that the so-called “circuit breakers” set up after the Black Monday 1987 scare were not sufficient to prevent another recurrence of panic. “Instead,” he opined, “an appropriate institution should be charged with the job of preventing chaos in the market: the Federal Reserve.” In Heller’s vision, the Fed could prevent a market rout by stepping in to purchase stock futures contracts during sell-offs.

Rather than regarding Heller’s piece as a mere op-ed offering a proposal for something the Fed could do in the future, however, some reporters—like John Crudele, the man who drew attention to Heller’s “proposal” in the first place—have suggested that the Wall Street Journal piece was in fact a trial balloon, preparing the public for the eventual revelation that the Fed was already intervening in the markets.

If Heller’s op-ed was a trial balloon, the full truth was finally revealed to the public in the wake of “the day that changed everything.” After all, if the PPT was ever going to intervene to prop up the markets, the pandemonium of 9/11 and the ensuing market sell-off presented them with the perfect opportunity to do so.

And so it was that George Stephanopolous appeared on ABC’s Good Morning America on September 17, 2001, to blithely announce to the American public that their markets were a sham:

GEORGE STEPHANOPOLOUS: What I wanted to talk about for a few minutes is the various efforts that are going on in public and behind the scenes by the Fed and other government officials to guard against a free-fall in the markets. [. . .] The Fed in 1989 created what is called the ‘Plunge Protection Team’—which is the Federal Reserve, big major banks, representatives of the New York Stock Exchange and the other exchanges—and they have been meeting informally so far. And they have a kind of an informal agreement among major banks to come in and start to buy stock if there appears to be a problem. They have in the past acted more formally . . . I don’t know if you remember, but in 1998, there was a crisis called the Long-Term Capital Crisis. It was a major currency trader, and there was a global currency crisis. And they, with the guidance of the Fed, all of the banks got together when it started to collapse and propped up the currency markets. And they have plans in place to consider [doing] that [again] if the markets start to fall.

SOURCE: Good Morning America, Septermber 17, 2001

And, just like when it was calmly admitted in 2016 that the “record bull run” since 2008 had been a Federal Reserve-created mirage, the public was flat-out told in 2001 that the Fed would coordinate with the banks to interfere in the markets as needed. And in both cases, these revelations were promptly memory-holed and ignored in all future reporting of the market’s gyrations.

So what do the manipulations of the Plunge Protection Team actually look like?

On Monday, February 5, 2018, things were playing out on the floor of the New York Stock Exchange much like the “nightmare scenario” painted in the 1997 Washington Post article by Fromson. After a 666-point decline the previous Friday, the Dow Jones was down a further 1,600 points on the day, as big a decline as the index had ever seen. . . . And then, miraculously, late in the afternoon “[s]omeone arbitrarily and aggressively started buying stocks and halved the loss.”

As John Crudele, the journalist that has been covering the PPT and its machinations for decades now, observed at the time:

Nobody has ever proven that the Fed and its friends actually protect Wall Street against plunges. It is, you might say, the Loch Ness monster of the financial world — people get glimpses of something but never see a clear picture.

That’s what happened during the financial crisis of 2007 and 2008. Telephone records I obtained showed numerous calls between then-Treasury Secretary Hank Paulson and contacts on Wall Street on days when the stock market was tanking and the decline needed to be stopped.

The action in stocks on those days looked a lot like what happened on Monday, when the Dow was down nearly 1,600 points and was suddenly jerked back to a smaller loss.

For decades now, a similar scene has played out on days of dramatic market plunges. After an initial sell off, a late afternoon rally by a mystery buyer would reassure the markets and claw back the loss. Sometimes, the manipulation was so obvious it left literal straight lines in the charts. But still, no official word ever came from the Plunge Protection Team itself.

. . . until December 2018, that is. Ten months after Crudele called out the PPT’s actions to prop up the Dow Jones after its 1600 point plunge, then-Treasury Secretary Steve Mnuchin openly announced that he was calling on the Plunge Protection Team to “assure normal market operations” during a December stock slide that was on track to be the worst December in the US markets since 1930.  As Forbes put it in their headline about the move: “Mnuchin Calls Plunge Protection Team; Stocks Soar One Day Later.” In the article, Forbes writer Adam Sarhan noted of the events following Mnuchin’s open call to the PPT:

“The market was closed on Tuesday for Christmas but stocks soared 1,000 points (the largest gain since the last bear market during the financial crisis) on Wednesday. Literally, the first day after that call was made. I can’t make this up.”

With a gift for understatement, Sarhan concludes that: “One important lesson investors can learn from the market action over the past decade is that the government plays a very important role.”

From crooked regulators to outright manipulation, from “failed” investigations to insider trading windfalls, the markets have been one big con job on the American public, and the people of the world, since their inception. In fact, there are many more examples of fraud, deception and manipulation that could be documented.

There is, for example, the testimony of Bill Murphy to the Commodity Futures Trading Commission during a hearing on suppression of precious metal prices.

BART CHILTON: But can you give the Commission some specific evidence, some specific examples of how you think that’s occurring, when you think that’s occurring?

BILL MURPHY: Yes I can and I had 11 years worth of evidence that all hangs together here. But somebody came to my attention two days ago of a whistleblower nature that we’re going to handle hand to the press afterwards and we think it’s very important for the American public and this hearing to have this information.

On March 23rd, 2010, GATA Director Adrian Douglas was contacted by a whistleblower by the name of Andrew Maguire. Mr. McGuire, formerly of Goldman Sachs, is a metal trader in London. He has been told first hand by traders working for JPMorgan Chase, that JPM manipulates the precious metals markets and they brag how they make money doing so.

In November 2009, he contacted the CFTC Enforcement Division to report this criminal activity. He described in detail the way JPM signals to the markets its intentions to take down the precious metals. Traders recognize these signals and make money shorting the metals alongside JPM. Maguire explained how there are routine market manipulations at the time of option expiry, non-farm payroll data releases, and COMEX contract rollover, as well as ad-hoc events.

On February 3 he gave two days’ advance warning by email to Eliud Ramirez, a senior investigator for the CFTC’s Enforcement Division, that the precious metals would be attacked upon the release of the non-farm payroll data on February 5. Then on February 5, as it played out exactly as predicted, further e-mails were sent to Ramirez while the manipulation was in progress.

It would not be possible to predict such a market move unless the market was manipulated.

In an email on that day, Mr. Maguire wrote: “It is common knowledge here in London amongst the metals traders that it is JPM’s intent to flush out and cover as many shorts as possible prior to any discussion in March about position limits. I feel sorry for all those not in the loop. A serious amount of money was made and lost today and in my opinion as a result of the CFTC [allowing] by your own definition an illegal concentrated and manipulative position to continue.”

 SOURCE: Bill Murphy of GATA Reveals Whistle-Blower in Gold Price Suppression

Or there was the 2010 Flash Crash, the harrowing 35-minute window from 2:32 PM to 3:07 PM on May 6, 2010, when the Dow plunged nearly 1,000 points . . . and then gained most of it back. The incredible and unprecedented swing left traders and financial talking heads completely stymied, but after five years of relentless investigation, the Department of Justice presented the man that they framed as the arch-mastermind that set off the most alarming collapse-and-recovery in the history of the markets: a day trader living in his parent’s house in Hounslow.

NARRATOR: 15 minutes of chaos that shook the world’s biggest markets.

NEWS ANCHOR: What the heck is going on down there?

REPORTER: I don’t know. There is fear. This is capitulation, really.

LIAM VAUGHN: On May 6th, 2010, without warning, the U.S. stock market and futures markets just crashed.

REPORTER: It can’t be there. That is not a real price.

ANCHOR: The flash crash, which wiped a trillion dollars off the value of American companies in five minutes. . . .

LIAM VAUGHN: To look at a price chart, it looked like a kind of runaway elephant.

ANCHOR: It took authorities five years, guys, to track down this lone British trader, allegedly involved in a 2010 flash crash.

REPORTER: Navinder Singh Sarao, dubbed the hound of Hounslow, has been accused of manipulating the market.

REPORTER: U.S. regulators claim he made about $40 Million

SOURCE: The Wild $50M Ride of the Flash Crash Trader

Despite the fact that multiple professorsmainstream newspapers and even a former rogue trader himself all testified to the impossibility that the incredible rollercoaster of the Flash Crash was really caused by the “spoofing” antics of a lone trader, the story was effectively shelved and the underlying issue of the algorithmically-driven High Frequency Trading—which involves bots performing large numbers of orders in fractions of a second and requires traders to pay millions of dollars to co-locate their servers with the exchanges’ computers to give them a head start on their competitors that is measured in milliseconds—was never addressed.

Or there was the insider trading scandal of 2020, when multiple senators were probed for insider trading after being briefed by the senate’s health and foreign affairs committees about the likely effects of the coronavirus scare in the US.

JESSICA SMITH: Yeah, Adam, several senators are facing criticism this morning after reports that they sold stock after being briefed about the coronavirus. But before the market started tanking, four senators are said to have made trades. But two in particular are facing a lot of criticism.

The first is Senator Richard Burr. ProPublica reports on February 13th he sold between $628,000 to $1.7 million dollars worth of stock in 33 separate transactions. He is the chairman of the Senate Intel committee and he was getting daily briefings about the coronavirus at that time according to Reuters. So there are a lot of questions about why he made those trades.

SOURCE: 4 US senators under scrutiny after dumping millions in stocks

The probe into Senator Burr—who was one of the only senators to vote against the legislation that made such insider trading illegal—and the other accused senators was later dropped with no charges filed.

In fact, there are many, many such examples of market rigging, insider trading and manipulation of stock and commodity prices for the benefit of the bankers and their political allies that could be detailed, not just in the US markets, but in markets around the world. But such an exhaustive list would be, by this point, unnecessary. The markets are rigged, and that rigging is pervasive and systemic.

So it should come as no surprise that the GameStop pandemonium began when it was observed that another common method of market manipulation was taking place on GameStop’s stock: naked shorting.

Naked shorting involves traders taking advantages of loopholes and discrepancies in paper and electronic trading systems to short shares that don’t even exist. In this case, hedge funds, convinced that the flailing gaming retailer was going to go the way of BlockBuster Video and seeing the December 2020 reports of operating losses, began aggressively shorting the stock. By the time the “wallstreetbets” community on reddit discovered the naked shorting operation, the hedge funds were already 140% short on shares of GameStop, meaning that 40% more stock was being sold short than even existed.

This led to the massive short squeeze in January, with redditors and other retail investors buying up shares in GameStop and running up the stock price, forcing the hedge funds to buy up stock to cover their shorts and exposing them to billions of dollars in losses.

But that was only the beginning of the revelations of market rigging in the GameStop saga. The remarkable squeeze was brought to an abrupt halt when Robinhood—the electronic trading platform that burst on the scene in 2014 promising to “democratize the stock market” with its zero-commission trading app—stopped trading on GameStop and other wallstreetbets-driven trades like AMC Entertainment, BlackBerry and Nokia. The official explanation for the trading halt—that Robinhood had to suspend trading in the stocks until it could increase its collateral with the Depository Trust & Clearing Corporation—merely underlines the point that the average mom-and-pop investor will continue to be thwarted from trading while the massive hedge funds and market makers with direct access to the markets will always be able to cover their positions in the event of any popular, “democratic” market activity.

This point was further underlined when yet another aspect of the retail investing scam was revealed: payment for order flow, or PFOF, in which hedge funds pay retail brokerages for access to their customers’ trades. With this information, hedge funds can not only buy orders before they are processed and flip the trade back to the market, pocketing the spread between the buy and sell price, but they can front run orders, effectively cutting in front of the brokerages’ clients to buy hot stocks before the retail investors. As it turns out, Robinhood made nearly $700 million selling their clients’ trade data to the big hedge funds in 2020 alone.

Nor was it a surprise when it was learned that Biden’s Treasury Secretary, Janet Yellen, was paid over $800,000 in speaking fees by Citadel LLC which operates both Citadel—a hedge fund that provided a $2 billion emergency backstop for GameStop short seller Melvin Capital—and Citadel Securities—”a market maker that handles about 40% of U.S. retail stock order flow, including from brokerages like free-trading app Robinhood.” When asked whether Yellen would recuse herself from advising the president on the GameStop situation, White House press secretary Jen Psaki responded that she wouldn’t, saying that Yellen was an expert and that she deserved the money.

REPORTER: . . . And I had a follow-up on the markets and everything that’s happening with GameStop. You did mention, I believe yesterday, that the treasury secretary is monitoring the situation and she’s, kind of, on top of it. There have been some kind of concerns about her previous engagements with Citadel and speaking fees that she has received from Citadel. Are there any plans to have her recuse herself from advising the President on GameStop and the whole Robinhood situation?

PSAKI: Well, just to be clear, what I said was that we have—the treasury secretary is now confirmed. Obviously, we have a broad economic team. The SEC put out a statement yesterday that I referred to. But I don’t think I have anything more for you on it, other than to say, separate from the GameStop issue, the secretary of treasury is one of the world-renowned experts on markets, on the economy. It shouldn’t be a surprise to anyone she was paid to give her perspective and advice before she came into office.

SOURCE: Press Briefing by Press Secretary Jen Psaki (January 28, 2021)

The entire affair grew even more absurd when internet researchers discovered that Jen Psaki’s relative, Jeff Psaki, himself worked for Citadel. The “fact checkers” at Newsweek were quick to rule the story as false, however, not because Psaki’s relative did not in fact work for Citadel, but because “a source close to Jeff” told Newsweek that “Jen and Jeff Psaki are distant second cousins but have no relationship.”

Whatever further twists and turns the GameStop saga takes, the conclusion is foregone: the “little people” may be able to get one past the goalkeepers of the manipulated markets here and there, but those deviations from the standard will always return to the status quo. In the end, the hedge funds and their billions will be protected while the little guy will be misinformed, steered down blind alleys, panicked, tricked into investing in bubbles, and, ultimately, fleeced for the benefit of the financial vultures and their bought-and-paid-for politicians and regulatory friends.

At last the David and Goliath story that has been woven around the GameStop insurrection is revealed for what it is: a story, a fable, a convenient narrative to trick the public back into the phoney, manipulated markets to once again take their place at the casino table. It  is designed to trick people into thinking that this time they’ll be able to win against the house. But that is not how a casino works. In the central-bank inflated, derivatives-laden mystery markets of Wall Street, the games are rigged, the dice is  loaded, and the house always wins in the end.

None of this is surprising to those who have known for decades that the markets are rigged. But every generation needs to see the deception play out in real time to understand just how deep and pervasive the systemic rot is. From this point on, those who have experienced the effects of this deception only have to answer one question: Are you going to continue to play Wall Street’s rigged game, or are you going to take your chips off the table and invest in local businesses and projects with the people on Main Street?

The choice is yours. It always has been.

May 16, 2021 Posted by | Corruption, Deception, Economics, Timeless or most popular, Video | | Leave a comment

How did this cause us to ransack our society? Here is the reality

TheFatEmperor | May 10, 2021

Visualise the reality. And SHARE like hell.

Big thanks to Geoffrey Kell who sent me this to share – four OUR CHILDREN.

NOTE: My extensive research and interviewing / video/sound editing and much more does require support – please consider helping if you can with monthly donation to support me directly, or one-off payment: https://www.paypal.com/donate?hosted_button_id=69ZSTYXBMCN3W

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May 15, 2021 Posted by | Civil Liberties, Economics, Timeless or most popular, Video | , | Leave a comment

Partners Don’t Use Blackmail: Top German Lawmaker Slams US Attempts to Block Nord Stream 2

By Tim Korso – Sputnik – 13.05.2021

Washington has been strongly opposed to the Nord Stream 2, a joint project by Russia’s Gazprom and European energy giants, trying to stop its construction with sanctions. The European beneficiaries of the project have condemned the US meddling in the bloc’s economic and energy affairs.

The Nord Stream 2 pipeline is an economic project beneficial to German interests and thus must be completed in the shortest term possible, parliamentary co-leader of the German party The Left, Dietmar Bartsch has stated. The lawmaker, who is expected to fight for the chancellor’s seat in this year’s election, added that the US must not create obstacles for the project’s completion.

“Washington must not make decisions for Germany and Europe regarding their energy security. Partners do not resort to blackmail and threats in their relations”, Bartsch stressed.

The US has repeatedly objected to the plans of European countries to complete and certify the Nord Stream 2 pipeline, which was designed to deliver up to 55 million cubic metres of Russian natural gas per year. Washington claims the pipeline undermines European energy security, making it dependent upon Moscow, and suggests buying American or Israeli LNG instead. The White House also expressed concern that Nord Stream 2 will deprive Ukraine of lucrative contracts on the transit of Russian gas through its territory. The latter has been disrupted by Kiev multiple times in the past.

EU powers, especially Germany, have defended the project, insisting that the continent’s energy supplies are sufficiently diversified. German politicians and lawmakers regularly denounce the sanctions Washington has put in place in order to force European countries to abandon the pipeline. Russia, for its part, has assured the West that gas transit through Ukraine will continue as long as it remains economically viable.

The Nord Stream 2 is now in the final stages of construction despite the US countermeasures. Around 5% of the pipe remains to be built according to statements by the operating company. The question, however, remains whether any European entity will agree to certify the pipeline once it’s complete to allow it to turn on the taps, as they would risk falling under American sanctions by doing so.

May 13, 2021 Posted by | Economics, Russophobia | , , , | Leave a comment

Degrowth: Universities Push Permanent Poverty as the Solution to Climate Change

By Eric Worral | Watts Up With That? | May 12, 2021

According to modelling by University of Sydney and ETH Zürich, scaling back total production and placing a cap on maximum wealth would not only save the planet, it would also allow us all to enjoy shorter working weeks and the financial security of a generous universal basic income.

Climate Change Modeling of “Degrowth” Scenarios – Reduction in GDP, Energy and Material Use

UNIVERSITY OF SYDNEY | MAY 11, 2021

Well-being can be maintained in a degrowth transition. […]

Degrowth focuses on the global North and is defined as an equitable, democratic reduction in energy and material use while maintaining wellbeing. A decline in GDP is accepted as a likely outcome of this transition. […]

“We can still satisfy peoples’ needs, maintain employment and reduce inequality with degrowth, which is what distinguishes this pathway from recession,” Mr Keyßer says.

“However, a just, democratic and orderly degrowth transition would involve reducing the gap between the haves and have-nots, with more equitable distribution from affluent nations to nations where human needs are still unmet — something that is yet to be fully explored.”

A ‘degrowth’ society could include:

  • A shorter working week, resulting in reduced unemployment alongside increasing productivity and stable economic output.
  • Universal basic services independent of income, for necessities i.e. food, health care, transport.
  • Limits on maximum income and wealth, enabling a universal basic income to be increased and reducing inequality, rather than increasing inequality as is the current global trend.

I think it is only fair to give the professors an opportunity to showcase their degrowth theories, by slashing their university funding, so they can demonstrate by example how much happier we would be if we all embraced a permanent reduction in income.

May 12, 2021 Posted by | Civil Liberties, Economics, Malthusian Ideology, Phony Scarcity, Timeless or most popular | Leave a comment

Pandemic: follow the real money, the unthinkable amount of money

By Jon Rappoport | No More Fake News | May 12, 2021

For the past year, I’ve been demonstrating that every major scientific assertion about the so-called pandemic is a lie. This article is about something else.

The money.

Money that makes the bailout/stimulus sums look like chump change. Money that makes Bill Gates look like a guy on welfare scraping by.

To understand my line of approach here, you have to understand that people are conditioned, in many ways, to accept modern medical care.

One successful method of conditioning: a whole nation is invaded by medical propaganda and medical treatment, during a purported crisis. The bottom line: “only doctors can save the population.”

Think about that chunk of mind control. Think about the long-term implications.

And as you read on, picture very populous countries that, to a significant degree, still rely on non-modern traditional medicine—herbs, natural remedies, etc.

Do you really believe that when the authorities declare the medical/pandemic crisis is over, the populations of such invaded countries will just go back to their former beliefs and practices?

“Thank you for saving our lives with drugs and vaccines, but now we’ll return to our ancient Ayurveda and acupuncture…”

The invasion of the doctors and the public health authorities, during the crisis, is the point of the spear. The way in. The first planned stage of PERMANENTLY CONVERTING THE WHOLE COUNTRY TO MODERN PHARMACEUTICAL MEDICINE.

We’re talking about MARKETS.

New markets as targets of the invasion.

Where are these new markets?

China, India, Indonesia, for example.

Each of these countries still maintains, to a significant degree, traditional non-modern healing practices.

What will happen in the long term, beyond the current “pandemic,” if Big Pharma is able to gain a total monopolistic position in these nations?

What if the invasion of the COVID drugs and vaccines is successfully followed by new waves of modern medical/pharmaceutical ground troops, and a complete takeover of these nations is achieved?

How much money would we be talking about?

Here, from registerednursing.org (12/25/20) is a startling assessment:

“During one’s lifetime, over $400K will be spent on the average American’s healthcare in today’s dollars. And that is if medical costs rise [at] the same rate as inflation. If medical costs rise at 3% more than inflation, your healthcare will cost over $2MM, the vast majority of which will take place after the age of 45.”

Yes, healthcare costs in America are very high. So let’s cut that $400K in half. Let’s say the lifetime healthcare cost for the average person is $200K.

How many people, combined, live in China, India, and Indonesia?

Let’s peg that figure at 3 billion.

Now, imagine that 30 years from now, each one of those people is being subjected to modern medicine, at the rate of $200K for a lifetime.

What is 3 billion people multiplied by $200K?

600 TRILLION DOLLARS.

That’s a market.

Is that a permanent market pharmaceutical companies and hospitals and public-health doctors think is worth fighting for?

A market to control and own?

And if the opening salvo in that fight needed some tremendous IMPACT, some serious conditioning and mind control, would the declaration of a global pandemic do the trick?

Would the masks and distancing and lockdowns and business closures and bankruptcies and travel bans; the wall-to-wall media fear-porn day after day; the contact tracing and antiviral drugs and vaccines; the heavy police presence to enforce all the restrictions; the inflated false case and deaths numbers—would that declared pandemic be the way to go…if the ultimate goal is a 600 TRILLION DOLLAR MARKET?

You bet it would.

And that’s the way corporations view the planet.

As markets.

Territories to capture.

And now you can see the financial reason why the powers-that-be are forcing this false pandemic on the whole world in every possible way:

THE MONEY that’s at stake.

CODA: A person could say a 600-trillion-dollar market is impossible; there isn’t enough fake money you can invent to cover it. And maybe that’s true. But however you need to cut that awesome figure to accommodate what banks can achieve, the final number is still going to be an overwhelming percentage of the global economy.

Which is why I’ve been saying for some years that we live in a medical civilization.

“But… but wait… you’re never going to get all three billion people into lifetime care in the modern medical system…”

“True. The three billion people and the 600 trillion-dollar market is the striven-for ideal, the far shore of the pot of gold.”

“And those three countries you mentioned—China, India, and Indonesia—they already have a significant amount of modern medicine.”

“Yes they do. But they also have a significant amount of non-modern traditional healing. And notice that I only mentioned those three nations, in arriving at the 600 trillion-dollar figure. I said nothing about about South America or Africa, for example.”

“Oh.”

May 12, 2021 Posted by | Deception, Economics | , | Leave a comment

Telegraph’s Global Security Correspondents Claim No Trade Off Between Lockdowns and the Economy

By Will Jones • Lockdown Sceptics • May 12, 2021  

The Telegraph‘s Global Health Security correspondents Paul Nuki and Sarah Newey claimed this morning that there is “no trade off” between the economy and public health when it comes to COVID-19 and lockdowns.

Writing in the newspaper, the correspondents (whose coverage is partly funded by the Bill and Melinda Gates Foundation) write that the “‘health v economy’ trade-off” is “false” because “countries where the virus was swiftly contained – such as Vietnam – have seen less economic damage, plus far fewer deaths”.

This claim, based on one country, fails to acknowledge that the entire South East Asian region, regardless of the measures taken, has had a much milder experience of COVID-19 than some other parts of the world, particularly Europe and the Americas. Furthermore, while it may be true that Vietnam’s early border closures produced better outcomes (there is some evidence of this), that bird has well and truly flown for most of the world so the example of Vietnam is now irrelevant as far as this pandemic is concerned.

Perhaps, though, they have a future pandemic in mind. In fact, the peer-reviewed evidence is that lockdowns have no impact on the epidemic death toll (although it’s worth noting that Vietnam, which Nuki and Newey hold up as an example we should follow in future, has never imposed a full, country-wide lockdown). It’s also not clear how countries which close their borders to an endemic virus can ever hope to open them again – a problem Vietnam is currently experiencing. Vietnam is also not exactly an international global hub.

The article is part the Global Health Security team’s promotion of an agenda to give the World Health Organisation more funding and more power to declare pandemics faster and be more proactive in ensuring compliance amongst states with public health edicts. They note approvingly that the pandemic has “thrust health to the centre stage, and may be an opportunity to promote a ‘green and healthy recovery’”. They appear to like the idea of a fast-acting global government imposing lockdowns so we can all be like Vietnam and “contain” the virus quickly, supposedly without suffering economic damage despite the vast disruption to the global economy this would bring.

Nuki and Newey highlight the problem of “viral misinformation” as one of 13 “mistakes” made early in the pandemic, though they blame the internet and social media rather than the WHO, despite its part in promoting myths about the virus such as that it doesn’t spread between humans and it doesn’t spread via aerosols.

But are Nuki and Newey engaging in disseminating misinformation of their own, making the bizarre claim that public health containment strategies have no trade-off with the economy based on a single unrepresentative country? When the U.K. economy shrank by a record 9.9% in 2020, this claim is frankly ridiculous and such claims are at odds with the Telegraph’s overall coverage of the way different countries have managed the pandemic, which has been quite balanced. Should the paper really be allowing a team of journalists whose work is partly funded by the Bill and Melinda Gates Foundation to use its platform to promote an agenda of enhanced global control in the name of public health?

May 12, 2021 Posted by | Civil Liberties, Economics, Fake News, Mainstream Media, Warmongering, Science and Pseudo-Science | , , | Leave a comment

Update on ivermectin for covid-19

By Sebastian Rushworth, M.D. | May 9, 2021

Back in January I wrote an article about four randomized controlled trials of ivermectin as a treatment for covid-19 that had at that time released their results to the public. Each of those four trials had promising results, but each was also too small individually to show any meaningful impact on the hard outcomes we really care about, like death. When I meta-analyzed them together however, the results suddenly appeared very impressive. Here’s what that meta-analysis looked like:

It showed a massive 78% reduction in mortality in patients treated with covid-19. Mortality is the hardest of hard end points, which means it’s the hardest for researchers to manipulate and therefore the least open to bias. Either someone’s dead, or they’re alive. End of story.

You would have thought that this strong overall signal of benefit in the midst of a pandemic would have mobilized the powers that be to arrange multiple large randomized trials to confirm these results as quickly as possible, and that the major medical journals would be falling over each other to be the first to publish these studies.

That hasn’t happened.

Rather the opposite, in fact. South Africa has even gone so far as to ban doctors from using ivermectin on covid-19 patients. And as far as I can tell, most of the discussion about ivermectin in mainstream media (and in the medical press) has centred not around its relative merits, but more around how its proponents are clearly deluded tin foil hat wearing crazies who are using social media to manipulate the masses.

In spite of this, trial results have continued to appear. That means we should now be able to conclude with even greater certainty whether or not ivermectin is effective against covid-19. Since there are so many of these trials popping up now, I’ve decided to limit the discussion here only to the ones I’ve been able to find that had at least 150 participants, and that compared ivermectin to placebo (although I’ll add even the smaller trials I’ve found in to the updated meta-analysis at the end).

As before, it appears that rich western countries have very little interest in studying ivermectin as a treatment for covid. The three new trials that had at least 150 participants and compared ivermectin with placebo were conducted in Colombia, Iran, and Argentina. We’ll go through each in turn.

The Colombian trial (Lopez-Medina et al.) was published in JAMA (the Journal of the American Medical Association) in March. There is one thing that is rather odd with this study, and that is that the study authors were receiving payments from Sanofi-Pasteur, Glaxo-Smith-Kline, Janssen, Merck, and Gilead while conducting the study. Gilead makes remdesivir. Merck is developing two expensive new drugs to treat covid-19. Janssen, Glaxo-Smith-Kline, and Sanofi-Pasteur are all developers of covid vaccines. In other words, the authors of the study were receiving funding from companies that own drugs that are direct competitors to ivermectin. One might call this a conflict of interest, and wonder whether the goal of the study was to show a lack of benefit. It’s definitely a little bit suspicious.

Anyway, let’s get to what the researchers actually did. This was a double-blind randomized controlled trial that recruited patients with mildly symptomatic covid-19 who had experienced symptom onset less than 7 days earlier. Potential participants were identified through a statewide database of people with positive PCR-tests. By “mildly symptomatic” the researchers meant people who had at least one symptom but who did not require high-flow oxygen at the time of recruitment in to the trial.

Participants in the treatment group received 300 ug/kg body weight of ivermectin every day for five days, while participants in the placebo group received an identical placebo. 300 ug/kg works out to 21 mg for an average 70 kg adult, which is quite high, especially when you consider that the dose was given daily for five days. For an average person, this would work out to a total dose of 105 mg. The other ivermectin trials have mostly given around 12 mg per day for one or two days, for a total dose of 12 to 24 mg (which has been considered enough because ivermectin has a long half-life in the body). Why this study gave such a high dose is unclear. However, it shouldn’t be a problem. Ivermectin is a very safe drug, and studies have been done where people have been given ten times the recommended dose without any noticeable increase in adverse events.

The stated goal of the study was to see if ivermectin resulted in more rapid symptom resolution than placebo. So participants were contacted by telephone every three days after inclusion in the study, up to day 21, and asked about what symptoms they were experiencing.

398 patients were included in the study. The median age of the participants was 37 years, and they were overall very healthy. 79% had no known co-morbidities. This is a shame. It means that this study is yet another one of those many studies that will not be able to show a meaningful effect on hard end points like hospitalization and death. It is a bit strange that studies keep being done on young healthy people who are at virtually zero risk from covid-19, rather than on the multi-morbid elderly, who are the ones we actually need an effective treatment for.

Anyway, let’s get to the results.

In the group treated with ivermectin, the average time from inclusion in the study to becoming completely symptom free was 10 days. In the placebo group that number was 12 days. So, the ivermectin treated patients recovered on average two days faster. However, the difference was not statistically significant, so the result could easily be due to chance. At 21 days after inclusion in the study, 82% had recovered fully in the ivermectin group, as compared to 79% in the placebo group. Again, the small difference was not statistically significant.

In terms of the hard end points that matter more, there were zero deaths in the ivermectin group and there was one death in the placebo group. 2% of participants in the ivermectin group required “escalation of care” (hospitalization if they were outside the hospital at the start of the study, or oxygen therapy if they were in hospital at the start of the study) as compared with 5% in the placebo group. None of these differences was statistically significant. But that doesn’t mean they weren’t real. Like I wrote earlier, the fact that this was a study of healthy young people meant that, even if a meaningful difference does exist in risk of dying of covid, or of ending up in hospital, this study was never going to find it.

So, what can we conclude?

Ivermectin does not meaningfully shorten duration of symptoms in healthy young people. That’s about all we can say from this study. Considering the conflicts of interest of the authors, my guess is that this was the goal of the study all along: Gather together a number of young healthy people that is too small for there to be any chance of a statistically significant benefit, and then get the result you want. The media will sell the result as “study shows ivermectin doesn’t work” (which they dutifully did).

It is interesting that there were signals of benefit for all the parameters the researchers looked at (resolution of symptoms, escalation of care, death), but that the relatively small number and good health status of the participants meant that there was little chance of any of the results reaching statistical significance.

Let’s move on to the next study, which is currently available as a pre-print on Research Square (Niaee et al.). It was randomized, double-blind, and placebo-controlled, and carried out at five different hospitals in Iran. It was funded by an Iranian university.

In order to be included in the trial, participants had to be over the age of 18 and admitted to hospital because of a covid-19 infection (which was defined as symptoms suggestive of covid plus either a CT scan typical of covid infection or a positive PCR test).

150 participants were randomized to either placebo (30 people) or varying doses of ivermectin (120 people). The fact that they chose to make the placebo group so small is a problem, because it makes it very hard to detect any differences even if they do exist, by making the statistical certainty of the results in the placebo group very low.

The participants were on average 56 years old and the average oxygen saturation before initiation of treatment was 89% (normal is more than 95%), so this was a pretty sick group. Unfortunately no information is provided on how far along people were in the disease course when they started receiving ivermectin. It stands to reason that the drug is more likely to work if given ten days after symptom onset than when given twenty days after symptom onset, since death usually happens around day 21. If you, for example, wanted to design a trial to fail, you could start treating people at a time point when there is no time for the drug you’re testing to have a chance work, so it would have been nice to know at what time point treatment started in this trial.

So, what were the results?

20% of the participants in the placebo group died (6 out of 30 people). 3% of the participants in the various ivermectin groups died (4 out of 120 people). That is an 85% reduction in the relative risk of death, which is huge.

So, in spite of the fact that the placebo group was so small, it was still possible to see a big difference in mortality. Admittedly, this is a pre-print (i.e. it hasn’t been peer-reviewed yet), and the absolute numbers of deaths are small, so there is some scope for random chance to have created these results (maybe people in the placebo group were just very unlucky!). However, the study appears to have followed all the steps expected for a high quality trial. It was carried out at multiple different hospitals, it used randomization and a control group that received a placebo, and it was double-blinded. And death is a very hard end point that is not particularly open to bias. So unless the researchers have falsified their data, then this study constitutes reasonably good evidence that ivermectin is highly effective when given to patients hospitalized with covid-19. That’s great, because it would mean that the drug can be given quite late in the disease course and still show benefit.

Let’s move on to the third trial (Chahla et al.), which is currently available as a pre-print on MedRxiv. It was carried out in Argentina, and funded by the Argentinean government. Like the first trial we discussed, this was a study of people with mild disease. It literally boggles my mind that so many researchers choose to study people with mild disease instead of studying those with more severe disease. Especially when you consider that these studies are all so small. A study of people with mild disease needs to be very large to find a statistically significant effect, since most people with covid do well regardless. The risk of false negative results is thus enormous. If you’re going to do a small-ish study, and you want to have a reasonable chance of producing results that reach statistical significance, it would make much more sense to do it on sick hospitalized patients.

The study was randomized, but it wasn’t blinded, and there was no placebo. In other words, the intervention group received ivermectin (24 mg per day), while the control group didn’t receive anything. This is a bad bad thing. It means that any non-hard outcomes produced by the study are really quite worthless, since there is so much scope for the placebo effect and other confounding factors to mess up the results. For hard outcomes, in particular death, it should be less of a problem (although we wouldn’t expect any deaths in such a small study of mostly healthy people with mild disease anyway).

The study included people over the age of 18 with symptoms suggestive of covid-19 and a positive PCR test. The average age of the participants was 40 years, and most had no underlying health issues. A total of 172 people were recruited in to the study.

The researchers chose to look at how quickly people became free of symptoms as their primary endpoint. This is enormously problematic, since the study, as already mentioned, wasn’t blinded and there was no placebo. Any difference between the groups could easily be explained by the placebo effect and by biases towards treatment benefit among the researchers.

Anyway, the study found that 49% in the treatment group were free of symptoms at five to nine days after the beginning of treatment, compared with 81% in the control group. However, the lack of blinding means that this result is worthless. The methodology is just too flawed.

No data is provided on the number of people who died in each group. Since it isn’t reported, I think it’s safe to assume that there were no deaths in either group. Nor is any data provided on the number of hospitalizations in each group.

So, what does this study tell us?

Absolutely nothing at all. What a waste of time and money.

Let’s move on and update our meta-analysis. The reason we need to do a meta-analysis here is that none of the trials of ivermectin is large enough on its own to provide a definitive answer as to whether it is a useful treatment for covid-19 or not. For those who haven’t heard of meta-analyses before, basically what you do is just take the results from all different studies in existence that fulfill your pre-selected criteria, and then put them together, so as a to create a single large “meta”-study. This allows you to produce results that have a much higher level of statistical significance. It is particularly useful in a situation where all the individual trials you have to work with are statistically underpowered (have too few participants), as is the case here.

In this new meta-analysis, I’ve included every double-blind randomized placebo-controlled trial I could find of ivermectin as a treatment for covid. Using only double-blind placebo-controlled trials means that only the highest quality studies are included in this meta-analysis, which minimizes the risk of biases messing up the results as far as possible. In order to be included, a study also had to provide mortality data, since the goal of the meta-analysis is to see if there is any difference in mortality.

I was able to identify seven trials that fulfilled these criteria, with a total of 1,327 participants. Here’s what the meta-analysis shows:

What we see is a 62% reduction in the relative risk of dying among covid patients treated with ivermectin. That would mean that ivermectin prevents roughly three out of five covid deaths. The reduction is statistically significant (p-value 0,004). In other words, the weight of evidence supporting ivermectin continues to pile up. It is now far stronger than the evidence that led to widespred use of remdesivir earlier in the pandemic, and the effect is much larger and more important (remdesivir was only ever shown to marginally decrease length of hospital stay, it was never shown to have any effect on risk of dying).

I understand why pharmaceutical companies don’t like ivermectin. It’s a cheap generic drug. Even Merck, the company that invented ivermectin, is doing it’s best to destroy the drug’s reputation at the moment. This can only be explained by the fact that Merck is currently developing two expensive new covid drugs, and doesn’t want an off-patent drug, which it can no longer make any profit from, competing with them.

The only reason I can think to understand why the broader medical establishment, however, is still so anti-ivermectin is that these studies have all been done outside the rich west. Apparently doctors and scientists outside North America and Western Europe can’t be trusted, unless they’re saying things that are in line with our pre-conceived notions.

Researchers at McMaster university are currently organizing a large trial of ivermectin as a treatment for covid-19, funded by the Bill and Melinda Gates foundation. That trial is expected to enroll over 3,000 people, so it should be definitive. It’s going to be very interesting to see what it shows when the results finally get published.

May 9, 2021 Posted by | Corruption, Economics, Science and Pseudo-Science | , , , | Leave a comment

Joe Biden’s Offshore Wind Energy Mirage

The reality is a lot of turbines, not much energy.

By Craig Rucker | Real Clear Energy | May 6, 2021

President Biden recently announced ambitious plans to install huge offshore industrial wind facilities along America’s Atlantic, Gulf of Mexico and Pacific coasts. His goal is to churn out 30 gigawatts (30,000 megawatts) of wind capacity by 2030, ensuring the U.S. “leads by example” in fighting the “climate crisis.”

Granted “30 by 2030” is clever PR. But what are the realities?

The only existing U.S. offshore wind operation features five 6-MW turbines off Rhode Island. Their combined capacity (what they could generate if they worked full-bore, round the clock 24/7) is 30 MW. Mr. Biden is planning 1,000 times more offshore electricity, perhaps split three ways: 10,000 MW for each coast.

While that might sound impressive, it isn’t.  It means total wind capacity for the entire Atlantic coast, under Biden’s plan, would only meet three-fourths of the peak summertime electricity needed to power New York City.  Again, this assumes the blades are fully spinning 24/7. In reality, such turbines would be lucky to be operating a top capacity half the time. Even less as storms and salt spray corrode the turbines, year after year.

The reason why is there is often minimal or no wind in the Atlantic – especially on the hottest days. Ditto for the Gulf of Mexico. No wind means no electricity – right when you need it most.

Of course, too little wind isn’t the only issue. Other times, there’s too much wind – as when a hurricane roars up the coast. That’s more likely in the Gulf of Mexico. But the Great Atlantic Hurricane of 1944 had Category 4 winds in Virginia, Category 3 intensity off Cape Hatteras (NC), Long Island and Rhode Island, and Category 2 when it reached Maine. It sank four U.S. Navy and Coast Guard ships.

When storms or hurricanes hit, turbines can be destroyed. Repairing or replacing hundreds of offshore turbines could take years.

If the White House is planning to generate all that power using common 6-MW turbines, our coastlines would need a hefty 5,000 of the 600-foot tall monsters dotting them. The Washington Monument is 655 feet tall.

Going instead with 12-MW turbines, like the 850-foot-tall GE Haliade-X turbines Virginia is planning to install off its coast, America would still need 2,500 of the behemoths – just to complete Phase One of Biden’s plan. 30,000 megawatts by 2030.  Even if these were all plopped in the Atlantic, it still would not be enough to meet New York State’s current electricity needs.

And what about the environment?

How many millions of tons of steel, copper, lithium, cobalt, rare earth elements, concrete, petroleum-based composites (for turbine blades) and other raw materials would be required to manufacture and install the turbines and undersea electrical cables, especially where deep-water turbines are involved?

How many billions of tons of ore would have to be mined, crushed, processed and refined – considering that it takes 125,000 tons of average ore for every 1,000 tons of pure copper metal?

Not only would nearly all of this mining and manufacturing require fossil fuels, but much of it would be done in China, or in other countries by Chinese-owned companies. Haliade-X turbines are also manufactured in China. And much of the mining and processing is done under horrid workplace safety and environmental conditions, often with near-slave and child labor.

More turbines will also kill countless birds and bats. Turbine infrasound and other noise have been implicated in disorienting and stranding whales and dolphins. The numbers, height and low-frequency turbine noise also interferes with surface ships, submarines, aircraft and radar.

Nuclear power or billions of batteries (or retained fossil fuel power plants) will have to back up every megawatt of intermittent, unreliable wind power, so that society can function every time the wind fails. That means more raw materials, transmission lines and costs.

Even with massive taxpayer subsidies, electricity generated by offshore turbines will cost many times what we are paying today, even in New York and California. That will have especially heavy impacts on energy-intensive industries, hospitals, and poor, middle-class, minority and fixed-income families.

Economic, environmental and climate justice reviews must fully, carefully and honestly assess every one of these factors. No “expedited” or “climate emergency” shortcuts should be permitted.

President Biden likes to say offshore wind energy is clean, green, renewable and sustainable. Wind itself certainly is. But harnessing the wind (or sun), to meet the needs of modern civilization is not – especially in ocean environments.

Claiming otherwise is a mirage – a scam. Maybe that’s why the Bureau of Ocean Energy Management already canceled two wind projects off Long Island. The costs and impacts are enormous, and local opposition was high. Do climate activists in and out of the Biden Administration expect otherwise anywhere else?

Craig Rucker is president of the Committee For A Constructive Tomorrow (www.CFACT.org).

May 8, 2021 Posted by | Economics, Environmentalism, Malthusian Ideology, Phony Scarcity, Progressive Hypocrite | | Leave a comment