Pete Buttigieg Is Officially Running for President

Pete Buttigieg is officially running for president. He announced his decision to enter the crowded Democratic primary at a Sunday rally:

<blockquote class=”twitter-tweet” data-lang=”en”><p lang=”en” dir=”ltr”>Mayor <a href=”https://twitter.com/PeteButtigieg?ref_src=twsrc%5Etfw”>@PeteButtigieg</a>: &quot;My name is Pete Buttigieg. They call me Mayor Pete. I'm a proud son of South Bend, Indiana, and I am running for President of the United States.&quot; <a href=”http://bit.ly/2KDMIK5> <a href=”https://t.co/CaCkpvtgqP”>pic.twitter.com/CaCkpvtgqP</a></p>&mdash; The Hill (@thehill) <a href=”https://twitter.com/thehill/status/1117680453757145088?ref_src=twsrc%5Etfw”>April 15, 2019</a></blockquote>
<script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″></script>

The 37-year-old mayor of South Bend, Indiana, first made waves in January when he organized an exploratory committee. Since that time, he has unexpectedly become one of the better-known names in the race. As of the beginning of April, he had attracted $7 million in donations.

Buttigieg’s combination of identities—Midwestern mayor, Afghanistan veteran, openly gay and married—has helped him stand out from his fellow contenders. But they’ve also placed him at odds with some on the cultural left, as when Christina Cauterucci complained that he was not overtly gay enough. Such criticisms drew a sharp retort from The Washington Post‘s Drew Goins, who pointed out that an openly gay man’s “rising popularity in a presidential primary contest is a once-unimaginable accomplishment.”

Buttigieg shares many ideas with his fellow progressives in the race, even endorsing the notion of battling the conservative SCOTUS majority through court-packing. But he breaks with the pack on some issues—he opposes free college, for example, because he finds it difficult to support subsidizing the minority of Americans who earn more because of their college degree. He has also used his military service to promote a relatively non-interventionist foreign policy and to criticize “endless war.”

Bonus Link: Ira Stoll calls Buttigieg “the most interesting Democrat running for president.”

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“I Finally Agree With Cher” Trump Exposes Liberal Elites’ Virtue-Signaling Hypocrisy

By threatening to send migrants to sanctuary cities, President Trump has forced liberals to confront their hypocritical NIMBYism as they scramble to come up with excuses to justify why the migrants whom they’ve defended as victims of a ‘White Nationalist’ agenda are actually ‘too dangerous’ to live among the urban elite.

We’ve seen it already with Cory Booker’s admission that releasing migrants to sanctuary cities would “make us less safe.” Then on Sunday, legendary pop diva Cher tweeted that moving migrants to California’s sanctuary cities would be all well and good if it weren’t for the “50,000 American citizens who LIVE ON THE STREETS.”

We wonder if Cher realized when she sent this tweet that she was echoing a popular ‘white nationalist’ talking point. Somehow, we doubt it.

At any rate, President Trump was clearly amused, and on Monday he tweeted a screenshot of the tweet (though the original hasn’t been deleted, we wouldn’t be surprised to see it taken down) with the caption: “I finally agree with @Cher!”

He followed that up with another tweet affirming that some migrants will be moved to sanctuary cities pending review by the Department of Homeland Security.

Having to substantiate one’s virtue signaling with action is every liberal’s worst nightmare. President Trump has found an extremely clever way to stress-test this theory.

We look forward to hearing more liberals explain why we should take in more migrants…so long as they aren’t brought to live in their neighborhoods.

via ZeroHedge News http://bit.ly/2X9uVvC Tyler Durden

Redacted Mueller Report To Be Released To Congress & Public On Thursday

Let the games begin (continue)…

Justice Department spokeswoman Kerri Kupec announced this morning Attorney General William Barr is expected to send Special Counsel Robert Mueller’s report to Congress and make it public on Thursday (ahead of the long weekend’s news cycle).

Those following Mueller’s investigation will pore over the report’s almost 400 pages for any new disclosures of contacts between Trump’s presidential campaign and Russian operatives who interfered in the 2016 election, as well as evidence that the president sought to obstruct justice by interfering in the probe.

But, as Bloomberg reports, readers also will puzzle over sections that Barr has said he’ll blank out. He’s said the redacted material will be color-coded to indicate whether it involves classified material, grand jury information or damage to the reputation of a private citizen “peripheral” to the investigation.

One key question the report may answer is why Mueller decided not to make a recommendation one way or the other on whether to charge Trump with obstructing justice.

We look forward to Schiff and Swalwell’s comments…

As a reminder, Barr will testify about the Mueller report before the House and Senate Judiciary panels on May 1 and May 2.

via ZeroHedge News http://bit.ly/2v7MKiK Tyler Durden

Is Marijuana a Gateway to Opioids?

During a hearing on the 1937 law that effectively banned cannabis throughout the United States, a congressman asked Federal Bureau of Narcotics Commissioner Harry Anslinger “whether the marihuana addict graduates into a heroin, an opium, or cocaine user.” Anslinger, who at that point was blaming marijuana for inspiring outbursts of vicious and irrational violence, said he had seen no evidence that its users progress to other drugs. “I have not heard of a case of that kind,” he said. “I think it is an entirely different class. The marihuana addict does not go in that direction.”  

By the early 1950s, Anslinger had changed his mind. “Over 50 percent of those young [heroin] addicts started on marijuana smoking,” he told a congressional committee in 1951. “They started there and graduated to heroin; they took the needle when the thrill of marijuana was gone.”

Anslinger reiterated that point four years later, when he testified in favor of stricter penalties for marijuana offenses. “While we are discussing marijuana,” a senator said, “the real danger there is that the use of marijuana leads many people eventually to the use of heroin.” Anslinger agreed: “That is the great problem and our great concern about the use of marijuana, that eventually if used over a long period, it does lead to heroin addiction.”

1951 story

The idea that marijuana use “leads to” heroin use, eventually known as the “stepping-stone” or “gateway” theory, became a durable theme of anti-pot propaganda, echoes of which can still be heard today. As vice president, Joe Biden, currently the leading contender for the Democratic presidential nomination, said “I think legalization is a mistake” because “I still believe it’s a gateway drug.” A couple of years ago, before coming around on legalization, New York Gov. Andrew Cuomo likewise worried that “marijuana leads to other drugs, and there is a lot of proof that is true.” 

Was Cuomo right about that? Was Anslinger onto something when he warned that today’s pot smoker is tomorrow’s heroin addict?

Anslinger was right that people who use marijuana are more likely than people who don’t to eventually try heroin. But the nature of the relationship between cannabis consumption and the use of “harder” drugs remains controversial: Does marijuana use cause opioid use and, if so, in what sense? Can the association be explained by factors that independently predispose people to use both kinds of drugs?

These questions take on added significance given the ongoing collapse of marijuana prohibition across the United States, a development that has coincided with a surge in opioid-related deaths. But despite the superficial appeal of linking those two trends, the evidence suggests that legalizing marijuana does not cause an increase in opioid-related harm and may in fact mitigate it.

Clear Correlations, Contested Causes

It clearly is not true that marijuana use inexorably leads to heroin use, as Anslinger sometimes implied. Recent data from the National Survey on Drug Use and Health indicate that 123 million Americans have tried marijuana, while 5.3 million have tried heroin. In other words, marijuana use is more than 20 times as common as heroin use, and less than 5 percent of cannabis consumers have tried heroin.

Marijuana vs. heroin use

It is true, however, that people who use “hard drugs” such as heroin generally have used marijuana first. In a group of about 1,200 New Yorkers followed from high school into their mid-30s, for example, around 95 percent of the subjects who had used illegal drugs other than marijuana had started with cannabis.

It is also true that people who use marijuana are more likely than people who don’t to subsequently use other illegal drugs. In the study of New Yorkers, men who had used marijuana by their mid-20s, but had not used it in the previous year, were almost five times as likely as men who had never used marijuana to report using other illegal drugs. The corresponding risk ratio for men who had used marijuana daily in the previous year was 12 to 1. The association between cannabis consumption and other illicit drug use is especially strong among heavy marijuana users and people who begin using marijuana at an early age.

A 2013 analysis of data from the National Survey on Drug Use and Health found that young men and women who had used marijuana were two-and-a-half times as likely to report illegal use of prescription opioids. A 2017 analysis of data from the National Epidemiologic Survey on Alcohol and Related Conditions found a similar risk ratio after adjusting for several potential confounders.

While these correlations are clear, their meaning is not. One possible explanation is that the experience of using marijuana makes people more likely to try other illegal drugs. Another possible explanation is that people who use marijuana are different from people who don’t in ways that also affect their likelihood of using other drugs. Pre-existing differences in genetics, personality, and environment could explain both tendencies.

The psychologist Andrew Morral and his colleagues at the RAND Drug Policy Research Center have shown that an underlying propensity to use drugs, combined with the relative availability of different intoxicants, could entirely account for the three phenomena emphasized by advocates of the gateway theory: 1) that people tend to use marijuana before other illegal drugs, 2) that people who use marijuana are more likely to use other illegal drugs, and 3) that the likelihood of progression increases with the frequency of marijuana use. Their mathematical model did not disprove the gateway theory, but it did prove that the gateway theory is not necessary to explain these observations. Morral et al. concluded that “available evidence does not favor the marijuana gateway effect over the alternative hypothesis that marijuana and hard drug initiation are correlated because both are influenced by individuals’ heterogenous liabilities to try drugs.”

Twins and Rats

Several studies have sought to test the gateway theory by taking into account other variables that may be independently associated with drug use. A longitudinal study of teenagers and young adults in New Zealand, for example, found a strong association between frequency of cannabis consumption and use of other illegal drugs after adjustment for nearly three dozen potential confounding variables. But as Morral et al. pointed out, even such extensive efforts to control for confounders are unlikely to do so perfectly. They calculated that when adjustment for confounding “fails to capture just 2% of the variance in drug use propensity,” marijuana users “appear to have odds of initiating hard drugs that are twice as great as non-users of marijuana.” Hence “it is hardly surprising that controlling for these covariates does not eliminate the association between marijuana and hard drug use.”

Another approach examines this association in twins, who share the same home environment and have similar or, in the case of monozygotic pairs, identical genes. An Australian study found that in cases where one twin had used marijuana before turning 17 and the other had not, the first twin was more than twice as likely to use opioids, regardless of whether the twins were identical or fraternal and even after adjusting for several potential confounders. A similar study based on the Vietnam Era Twin Registry found that subjects who had used marijuana before turning 18 were nearly three times as likely to use opiates as co-twins who had not. In a study of Dutch twins, the risk ratios were higher: The subjects who had used marijuana at 17 or younger were more than 16 times as likely as their co-twins to report “hard drug” use, for instance.

Even these seemingly compelling results do not rule out the possibility that pre-existing differences can account for the associations. Whatever situational factors explain why one twin uses marijuana as a minor and the other does not may also explain why one uses opioids and the other does not. “The observation that familial factors do not entirely explain the association between early cannabis use and subsequent [drug] use, while suggesting a potential causal role for cannabis use in the development of other illicit drug use, does not prove such an association,” the authors of the Dutch study noted. “There may be other factors, especially aspects of the non-shared environment (e.g., peer affiliations) preceding the onset of cannabis use that might account for the observed associations.”

Another kind of research used to bolster the gateway theory involves exposing laboratory animals to tetrahydrocannabinol (THC), the main psychoactive ingredient in marijuana, and observing their subsequent use of other drugs. One study found that “pretreating” adolescent rats with THC made them more inclined to self-administer heroin as adults, indicating what the researchers described as “heightened opiate sensitivity.” But other studies have found that treating rats with nicotine has a similar effect on opioid consumption and that morphine heightens sensitivity to THC as well as the reverse—results that cast doubt on marijuana’s special role as a gateway drug.

Aside from the usual problems associated with extrapolating from animal behavior in the laboratory to human behavior in the real world, the relevance of the rat research is unclear. Even if early exposure to marijuana made people more likely to enjoy heroin, that would not explain their willingness to try it in the first place. To the extent that the gateway theory focuses on the transition from using cannabis to experimenting with other drugs, sensitization seems like a red herring.

What’s the Matter With Japan?

Variations in drug use patterns across generations and across cultures suggest that marijuana’s role as a gateway drug is a function of social norms and black-market conditions rather than the drug’s inherent properties.

A 2001 analysis of data from the National Household Survey on Drug Abuse found that the likelihood of progressing to “hard” drugs such as cocaine and heroin after using marijuana rose from 9 percent among respondents born in 1940 to 39 percent among those born in the early 1960s, then fell to 24 percent among respondents born in the early 1970s and 6 percent among those born in the late 1970s. The authors concluded that “the gateway phenomenon reflects norms prevailing among youths at a specific place and time,” meaning that “the linkages between stages are far from causal.” It follows, they added, that “simply restricting youth’s access to gateway drugs will not necessarily reduce subsequent hard drug abuse.”

A 2010 study looked at data on drug use progression in 17 countries from the World Health Organization’s World Mental Health Surveys. Subjects in most countries followed the pattern typically observed in the United States, starting with alcohol or tobacco and later progressing to marijuana and other illegal drugs. But the likelihood of progression from marijuana to other illegal drugs varied across countries. It was lower in the Netherlands, for example, than it was in Belgium, Spain, and the United States. Furthermore, there were striking exceptions to the usual sequence. In Japan and Nigeria, for instance, illegal drug consumers rarely tried cannabis first.

“These results suggest the ‘gateway’ pattern at least partially reflects unmeasured common causes rather than causal effects of specific drugs on subsequent use of others,” the authors concluded. “This implies that successful efforts to prevent use of specific ‘gateway’ drugs may not in themselves lead to major reductions in the use of later drugs.”

Marijuana prohibition might not be an effective way of reducing opioid use even if cannabis consumption is causally related to use of other illegal drugs, depending on the mechanism involved. Cannabis consumption might lead to use of other drugs, for example, by bringing people into contact with a black market where other intoxicants are also available. Violating the law to use marijuana, especially if it goes undetected by the authorities and does not result in any punishment, might reduce psychological barriers to using other illegal drugs. People who discover through personal experience that the government’s warnings about the hazards of marijuana use are overblown may be more skeptical of the government’s warnings about other drugs.

Since all three of these mechanisms are contingent on government policy regarding marijuana, we might expect that loosening legal restrictions on marijuana would weaken the link between cannabis consumption and use of other drugs. That may have happened in the Netherlands, which since the 1970s has tolerated the retail sale of marijuana by so-called coffeeshops, a policy justified in part by the belief that separating marijuana from other illegal drugs would make progression less likely. A 2011 study found that “cocaine and amphetamine use are below what one would predict for the Netherlands,” which suggests that “separating the soft and hard drug markets possibly reduced the gateway.”

Does Legalizing Marijuana Increase Opioid Use?

If there is a causal relationship between cannabis consumption and use of other drugs that is not simply an artifact of prohibition, loosening legal restrictions on marijuana should cause an increase in opioid use. Legalization can be expected to increase marijuana use by eliminating the risk of arrest, reducing the stigma associated with the drug, and making access easier (and ultimately cheaper). As cannabis consumption becomes more common, so should use of other drugs, including opioids. Yet there is not much evidence that is happening in the states that have legalized marijuana for medical or recreational use. If anything, legalizing marijuana seems to reduce opioid use.

Studies have found that medical marijuana laws are associated with reductions in high-risk opioid use, in opioid-related hospitalizations, in admissions for treatment of opioid use disorder, in the percentage of fatally injured drivers who test positive for opioids, and in opioid prescriptions for Medicare and Medicaid patients. Consistent with those results, other studies have found that patients who use medical marijuana tend to reduce their use of prescription pain relievers.

Between 1999 and 2010, a study published in 2014 found, medical marijuana laws were associated with a 25 percent reduction in opioid-related deaths. A subsequent analysis, by contrast, found that the opioid-related death rate rose faster in 20 jurisdictions that legalized medical or recreational use between 2010 and 2016 than in states that did not. But as critics pointed out, the latter analysis misclassified several states as jurisdictions where marijuana was legally available, including Oklahoma, which did not legalize medical marijuana until 2018; Florida, Ohio, and Pennsylvania, where medical marijuana programs were not operating until after 2016; and Georgia, where medical use of cannabidiol extracts (but no other cannabis product) was only notionally allowed, since there was no legal supply.

A 2018 study found that merely having a medical marijuana law was associated with lower rates of opioid-related death until 2010. After that there was no apparent benefit from medical marijuana laws per se, but states with “legally protected and operational dispensaries” continued to see reductions, suggesting that “broader access to medical marijuana facilitates substitution of marijuana for powerful and addictive opioids.” A 2019 study likewise found that “states with active legal dispensaries see a drop in opioid death rates over time.”

A 2017 study found that legalization of recreational marijuana in Colorado was associated with a reduction in opioid-related deaths. A study published the following year found a similar association in Washington.

These findings are not conclusive, but they do suggest that marijuana legalization so far has not contributed to the rise in opioid-related deaths. Nor is there a clear association between rising marijuana use and rising opioid use in national data. Between 2002 and 2017, according to the National Survey on Drug Use and Health, the share of Americans who reported using marijuana in the previous month rose by more than 50 percent. Nonmedical use of prescription opioids, meanwhile, was more or less flat from 2002 through 2014, and so was the prevalence of substance use disorder involving those drugs. (Subsequent numbers are not comparable because of questionnaire changes implemented in 2015.) The prevalence of past-month heroin use doubled in 2014, but it was flat from 2002 through 2013.

Persistent Skepticism

“The stepping-stone theory holds that the adolescent begins the use of illicit drugs with marihuana, and later proceeds to heroin in the search for greater thrills,” the Nixon-appointed National Commission on Marihuana and Drug Abuse noted in 1972. “The opposing viewpoint holds that the large majority of marihuana users never become heroin addicts and denies the validity of a causal relationship.” The commission was inclined toward the latter view, concluding that “marihuana use per se does not dictate whether other drugs will be used.”

Twenty-seven years later, a report on marijuana’s medical potential from the organization that later became the National Academies of Sciences, Engineering, and Medicine (NASEM) was likewise skeptical of the gateway theory. While “most users of other illicit drugs used marijuana first,” the authors said, “there is no evidence that marijuana serves as a stepping stone on the basis of its particular physiological effect.” Rather, “the legal status of marijuana makes it a gateway drug.”

NASEM’s 2017 report on cannabis was a bit more tentative but still did not endorse the gateway theory. “While some research has shown an association between cannabis use and the subsequent use of other illicit drugs, the predictors of progression from cannabis use to other illicit drugs remain largely unknown,” it said. “The data do not provide compelling evidence that cannabis is [causally] associated with the initiation of other drugs of abuse, although this is one possibility. Other possibilities that could explain these findings include easier access to cannabis than to other illicit substances and common risk factors for both cannabis use and the use of other substances.”

Harry Anslinger clearly was wrong when he claimed that marijuana, “if used over a long period,” inevitably “lead[s] to heroin addiction.” Seven decades later, we recognize that marijuana users generally do not become heroin addicts. Among Americans born in 1979, for instance, the survey data indicate that 96 percent of cannabis consumers do not move on to “hard” drugs.

It remains possible that something about the experience of using marijuana makes people more inclined to try heroin or other opioids. But that theory is by no means necessary to explain patterns of drug use in the United States or other countries. And even if there is some truth to it, the implications for marijuana policy are not obvious. If “the legal status of marijuana makes it a gateway drug,” as NASEM surmised in 1999, legalizing cannabis could reduce opioid use rather than increasing it. There is some evidence that is happening in the states that have decided to allow medical or recreational use.

Regardless of whether that is true, the moral case against treating marijuana use as a crime remains strong. Even if marijuana use does make subsequent abuse of opioids more likely, that would merely count as one kind of self-harm that prohibition aims to prevent. Like other forms of paternalism, marijuana prohibition interferes with the individual’s sovereignty over his own body and mind. This interference is especially objectionable because the people who supposedly benefit from it—the ones who otherwise would have used cannabis, and possibly progressed to opioids—are not the people who bear the burdens of enforcement. The fear that some people whom prohibition deters from using cannabis might otherwise become heroin addicts cannot justify using force against a much larger group of people who are violating no one’s rights.

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LYFT… Off…

Another day, another collapse in LYFT’s stock price (down 7 of the 12 trading days in its lifetime) – now down 37% from its highs and 22% below its IPO price.

The driver of today’s weakness – if one needs a catalyst – is that Lyft has pulled thousands of electric pedal-assist bikes from the streets of New York, San Francisco, and Chicago. The company, which operates bike-share programs in roughly a dozen US cities through its acquisition of Motivate in 2018, said the move was out of an abundance of caution and only affecting the three specific cities.

Meanwhile, as Bloomberg reports, short investors have already begun racking up positions. According to financial analytics firm S3 Partners LLC, there has been active short selling in Lyft shares, with a staggering 75 percent of the free float held short.

In a report published on April 12, S3’s managing director of predictive analytics Ihor Dusaniwsky said Lyft short sellers have fared better than post-IPO long shareholders.

Shorts were up $43 million in mark-to-market profits on Friday, bringing their post-IPO profits to $202.4 million, Dusaniwsky wrote.

Don’t worry about the IPO pipeline though – as CNBC’s Bob Pisani confirmed: “LYFT is a one-off.”

via ZeroHedge News http://bit.ly/2ZefTXm Tyler Durden

Big Tech’s Big Lie: Instead Of Hiring, Tech Companies Spent Tax Savings On Buybacks

Back in 2017, when they were making their supportive case for Trump’s tax cut and offshore tax repatriation holiday, the largest US technology companies promised they would go on hiring sprees and boost the economy. Just over a year after getting what they wanted, fund flow data shows that – contrary to Goldman’s recent calculations  – these firms gave most of their huge tax savings to investors in the form of buybacks.

According to Bloomberg calculations, the top 10 US tech companies spent more than $169 billion purchasing their shares in 2018, a record 55% surge from the year before the tax changes. And, according to TrimTabs, the industry as a whole authorized the greatest number of share buybacks ever recorded, totaling $387 billion: more than triple the amount in 2017.

While many analysts have been writing countless research reports in recent weeks defending the practice of stock repurchases, which as “the most important trader on Wall Street” recently explained was illegal until 1982 due to “market manipulation” concerns, the truth – much to the chagrin of banks like Goldman which has written no less than three report in the past month defending stock buybacks against a legislative onslaught that seeks to curb or ban outright corporate repurchase, the truth is that while buying back stock is great for shareholders and company executives as it boosts a company’s earnings per share and increases the value of the holdings of shareholders, including insiders whose compensation is frequently linked to stock return, stock repurchases do little if anything for the economy, especially when compared with other potential uses of that money, including hiring more workers.

When Trump signed the Tax Cuts and Jobs Act into law in the final days of 2017, it cut the corporate tax rate to 21% from 35%, while offshore profits could be repatriated at a special rate of 15.5%, and was meant to encourage companies to bring the money back to the U.S. Once back, the theory went, the companies would invest it domestically, boosting the economy.

They did not. Instead, much of the proceeds were spent on buybacks.

Overall, US companies ended up saving 30% in tax expenses overall in 2018, according to ITEP, and as we have reported on numerous prior occasions and Bloomberg noted over the weekend, “Tech companies were the main beneficiaries of the cash repatriation provision.” Before the law, the largest overseas cash hoards among U.S. companies were held by Apple, Microsoft Corp., Cisco Systems Inc., Oracle Corp. and Alphabet. It is these companies that in the past year unleashed a historic buyback spree the likes of which have never before been seen.

The verdict, at least according to Bloomberg, is that “the U.S. has given up hundreds of billions of dollars in corporate tax revenue for the promise of other benefits.”

A year in, the results don’t show much of a payoff. Buybacks are already being targeted by some politicians. U.S. Senator Chris Van Hollen, a Democrat from Maryland, threatened to introduce legislation that would make it more difficult for executives to sell stock right after their companies announce they’ll repurchase shares. Senator Marco Rubio, a Republican from Florida, said he wants to crack down on the tax benefits companies get from buybacks.

Worse, buybacks – many of them funded with debt that yield-starved investors have no choice but to buy – pick up where the Fed’s own middle-class crushing policies end: “Buybacks are one factor driving economic inequality in the U.S., as top corporate executives tend to benefit disproportionately from them,’’ David Santschi, director of liquidity research at TrimTabs, wrote in a recent report, reiterating a point which sends defends of stock buybacks into an apoplectic frenzy.

To be fair, not all the tax savings were transferred into investors’ pockets: spending on R&D climbed slightly, while capital expenditures rose because Alphabet and Facebook almost doubled spending in that category. On the other hand, Apple and its peers “have yet to bring manufacturing back to the U.S., as President Donald Trump had hoped.” And, most importantly, there was no surge in tech hiring.

* * *

As Bloomberg notes, while it is still too soon to measure the full consequences of the law, “there are signs it will miss the stated goals.”

Trump said it would bring $4 trillion in overseas cash back to the U.S. Corporate America repatriated $665 billion in 2018, according to the Commerce Department. Tech sector buybacks ate up more than half of that. Trump said the corporate tax cuts would spur so much economic activity that they would pay for themselves. But economic growth hasn’t improved: 2.3 percent year-over-year growth in the final quarter of 2017 versus 2.2 percent in the last three months of 2018.

Here’s what we do know about corporate cash use in the past year.

Bloomberg analyzed 2018 spending by 10 of the largest U.S. tech companies: Alphabet, Amazon.com Inc., Apple, Cisco, Facebook, Intel Corp., International Business Machines Corp., Microsoft, Oracle and Qualcomm Inc. The study looked at six common uses of corporate cash: buybacks, dividends, hiring, acquisitions, capital expenditures and research and development. The 2018 statistics were compared with previous years.

Contrary to the abovementioned 55% surge in buybacks, as the top 10 tech companies spent more than $169 billion on buybacks in 2018, up from $109 billion in 2017, hiring fizzled, as worker ranks grew just 8.7% in 2018, versus 24% the year before. Clearly boosting employee numbers was not the key concern for corporate executives.

 

Things were less dire in other spending categories: research and development spending by the 10 tech companies rose 17%  last year, a slight uptick from the 15 percent increase in 2017. Even so, the acceleration was mostly driven by just two companies – Alphabet and Amazon – which have invested heavily in cloud computing.

With buyback spending generating the highest and quickest IRR for management teams, it is no wonder that spending on M&A – much of which had been driven by the desire to create tax-safe offshore shelters via reverse mergers – tumbled, and after swelling in 2017, the amount of cash tech giants used for mergers and acquisitions collapsed in 2018.

 

Finally, the all important “other” category, namely capital expenditures, did surge in 2018, but once again largely to just two companies as Alphabet and Facebook nearly doubled their Capex spending, which includes computers for their huge data centers. That helped boost the overall metric to 40 percent growth, from 23 percent the year before.

Of course, as Bloomberg observes, in many ways these results were foreseeable: In 2004, President George W. Bush launched a similar corporate tax holiday in the U.S. that allowed companies to pay 5.25 percent on overseas profits if they returned the money to the U.S., rather than the standard 35 percent rate. The administration pitched it as a jobs booster, but it was followed by large share repurchases. Back then, companies figured out a simple ruse to bypass the artificial spending limitations:

The 2004 law explicitly forbade companies from using the money for buybacks, but they used this new source of cash to pay other expenses and used the money they otherwise would have spent on those expenditures for share repurchases.

Fast forward 12 years, when the largest US companies lied…. again.

When Trump won the 2016 election, some tech companies saw another chance. IBM Chief Executive Officer Ginny Rometty wrote to the president-elect in late 2016, stating that his proposal to cut taxes on businesses and their repatriated overseas earnings would prompt companies to invest domestically.

“Your tax reform proposal will free up capital that companies of all sizes can reinvest in their U.S. operations, training and education programs for their employees, and research and development programs,’’ Rometty wrote.

So what happened next? IBM cut 16,000 workers on a global basis last year, and its R&D budget declined. Capital expenditures increased by less than $166 million, or 5 percent. And while buybacks were relatively unchanged, this followed many years in which IBM repurchase so many shares and issued so much debt to fund these purchases, the company at times was on the verge of losing its pristine investment grade rating.

Oracle also lobbied hard for the tax law…. and since then the software maker has since poured cash into stock buybacks and dividends – recently giving the go-ahead to repurchase about $10 billion of shares each quarter. Putting this in contast, in previous years, the company authorized share repurchases of more than $10 billion about once a year. This not only boosted the stock price, but helped concentrate the ownership of company co-founder Larry Ellison.

“While the company is rewarding shareholders with its capital return program, we believe Oracle is significantly underinvesting in R&D compared to peers at the expense of revenue and operating income growth,” Christopher Eberle, an analyst at Nomura Instinet, wrote in a recent note.

What about the world’s most valuable company?

Soon after the passage of the 2017 tax act, Apple said it would contribute $350 billion to the U.S. economy over five years, including a plan to open a new campus. The amount included some investments that were already planned. While Trump has tried to pressure the company to bring manufacturing back to the U.S., that hasn’t happened yet. Instead as Bloomberg notes, what Apple did do is unleash a historic buyback spree: Apple authorized a $100 billion buyback in May, and spent $73 billion on repurchasing shares in 2018. Apple said its U.S. workforce grew by 6,000 last year, to 90,000.

As for jobs… don’t hold your breath:

Apple’s largest manufacturing partner, Foxconn, promised to create 13,000 jobs at a U.S. facility as early as 2022, winning its own huge tax breaks from Wisconsin. It has waffled on the pledge, and it’s unclear if all of those manufacturing jobs will ever materialize.

And while most companies lied about their cash use intentions, one said the truth: Cisco CEO Chuck Robbins was upfront about the tax reform. In November 2017, he said his company would “obviously” pursue stock buybacks and dividends, as well as more mergers and acquisitions and investments in innovation centers.

In the time since, Cisco decreased its capital expenditure spending, boosted R&D expenses by less then 4.5 percent, and the company hired 346 additional people worldwide from the end of fiscal 2017 to Dec. 31. Cisco’s buybacks, however, jumped by almost $14 billion.

So while US workers got the short end of that particular deal, one can still argue that the megatech names did boost the economy: after all in a world in which “the S&P500 is the economy”, the hundreds of billions the tech industry spent to repurchase their own shares and push their stocks to all time highs “helped” bolster the impression, or rather illusion, that just because the Nasdaq (and S&P) is at all time highs, the economy must be healthy too. Nothing could be further from the truth, as the inevitable end of the buybacks spree will soon demonstrate.

via ZeroHedge News http://bit.ly/2Ddbbjm Tyler Durden

Even Elizabeth Warren is maximizing her tax deductions

On September 11, 1791, sixteen men disguised themselves as women and waited patiently in a forest outside of Pittsburgh, Pennsylvania for the local tax collector.

The tax collector’s name was Robert Johnson. And he was tasked with collecting the new Whiskey Tax that had recently been signed into law.

This was -very- early in US history; the Constitution had only been ratified two years early, and George Washington was barely into his first term as President.

At the time, the US was drowning in debt. The American Revolution was terribly expensive, and the national debt amounted to more $75 million… an extraordinary sum at the time.

In order to pay for it, Treasury Secretary Alexander Hamilton convinced his colleagues to pass an excise tax on distilled spirits; and the so-called Whiskey Tax became law in March of 1791.

Whiskey was second only to God in America in the late 1700s. It was a staple of everyday life… used not only to kill brain cells, but as a medicine, disinfectant, and even a currency.

Whiskey was something that people assumed would always have value, so it was often used as a medium of exchange in trade. You could buy bread, livestock, and even pay debts with whiskey.

And farmers would frequently distill their excess grains into whiskey for extra cash. So it was surprisingly vital to the early US economy.

Taxing it proved extremely unpopular, and violent insurrection quickly followed.

It was only six months after the Whiskey Tax became law that the tax collector Robert Johnson was ambushed outside of Pittsburgh.

The sixteen assailants shaved his head, poured scalding tar on his skin, and covered him with feathers. And the deputy federal marshal who was ordered to serve arrest warrants on those same assailants refused to do so, fearing for his own life.

The insurrection quickly escalated, culminating in the US government sending 13,000 soldiers (most of whom had been drafted against their will) to put down the rebellion.

It was the first time in US history that the federal government would pass a highly unpopular tax due to its financial desperation, and enforce it at gunpoint.

Now, I said that the $75 million debt was considered a LOT of money back then. In 2019 dollars, that was about $2 billion, roughly $500 worth of today’s money for every man, woman, and child in America at the time.

Today the national debt exceeds $22 TRILLION, or more than $62,000 per person.

So, even as financially desperate as the government was in 1791, today the debt is over 100x worse on a per capita basis.

This makes higher taxes almost inevitable. And that’s worth considering as you file your annual tax return today.

Think about it: almost every penny that you send the government in tax goes to either pay interest on the debt, or towards completely insolvent programs like Social Security and Medicare (which the government estimates will run out of money in 15 years.)

There’s a few bucks left over for the military. But nearly ALL of the rest of government is funded with more debt.

That’s why the government had to borrow an additional $1 trillion last year… on top of another trillion the previous year.

Even the Treasury Department expects that it will increase the national debt by several trillion over the next few years.

Benjamin Franklin famously quipped that ‘in this world, nothing can be said to be certain, except death and taxes.’ I would respectfully change that to “HIGHER taxes”.

The Bolsheviks that are rising to power in the Land of the Free want your money. The fiscal outlook is already far too dire, and on top of that they want to spend vast sums on their pet projects.

They’re looking for every penny they can get their hands on, and they’re already proposing all sorts of initiatives– higher corporate taxes, new wealth taxes, and radically higher incomes taxes.

Any rational individual really ought to plan on this.

Even if you’re the type of person who agrees with their politics, I hope we can at least take an honest appraisal of the government’s track record.

Maybe you think that the ‘Green New Deal’ is the greatest idea in history. OK fine. Enjoy that fantasy. But at least consider who you’re dealing with.

After all, these are the people who squandered $2 BILLION to build a website. It’s not just that, either. Absurd, egregious waste and pitiful execution is in every corner of government, big and small.

According to Senator Rand Paul, for example, the National Institutes of Health spent nearly $1 million of your money to study the sexual habits of quail that are high on cocaine. And another $2.5 million to study daydreaming.

So, no matter where your beliefs align, it’s important to recognize that much of what they collect in tax revenue will be flushed down the toilet.

That money will be put to much better use in your own pocket. Save it to invest in your own business or education. Donate it to charity. Set aside more money for your retirement (given that Social Security’s trust funds will soon run dry).

With taxes, there are ALWAYS legal means at your disposal to reduce what you owe.

If you own a business, you can set up a captive insurance company, saving potentially hundreds of thousands of dollars each year.

If you have any self-employment or side-business income, set up a solo 401(k) or SEP IRA, taking an extra $56,000 off the table annually.

And if you have the means, moving overseas or here to Puerto Rico can potentially eliminate your tax bill.

These are all completely LEGAL and sensible steps to take.

Even the Queen Bolshevik herself, Elizabeth Warren, maximized her retirement deduction last year, contributing $55,000 to her solo 401(k).

It seems she understands what’s coming next…

Source

from Sovereign Man http://bit.ly/2DdasPa
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“Sleeper Cells:” 10,000 Illegal Aliens From Terrorist Nations Roam Free In US

Approximately 10,000 illegal immigrants from countries designated as state sponsors of terrorism are living within the borders of the United States, according to the Immigration Reform Law Institute (IRLI), first reported by Breitbart.

IRLI revealed last week that it had obtained documents under the Freedom of Information Act (FOIA) that revealed that the 10,000 illegals have not yet been deported despite having been ordered to leave the country.

The FOIA showed the illegals were from Iran, Syria, Sudan, and North Korea.

IRLI said Iran “led the pack with over 6,000 or 61% of their citizens with removal orders followed by Syria with 20%, Sudan with 18%, and North Korea with less than a percent.”

Congress has recently held hearings where U.S. intelligence officials have suggested that Iranian sleeper cells inside the U.S. are awaiting orders to strike.

IRLI Executive Director Dale Wilcox chatted with SiriusXM Patriot’s Breitbart News Tonight last week, warned that the 10,000 illegals from terrorist countries are a “very dangerous situation.”

“We have 10,000 aliens … some of them are criminals and that’s why they’ve been ordered removed. You could have some that might have come into the country legally at some point. However, they’ve committed crimes and they’ve been ordered removed.

Then of course you have your garden variety of illegal aliens who have jumped the border or overstayed a legitimate visa. And they’ve been told to go home and yet they’re continuing to hide out in this country which only stresses the danger of sanctuary jurisdictions.

California has the largest population of Iranians outside of Iran. California is a sanctuary state. California is not cooperating with immigration authorities, so their sanctuary law is preventing ICE from removing these individuals. Of that number 10,000 … 6,000 of these individuals are Iranian. We’ve had hearings here recently in Congress where U.S. intelligence officials have stated there are Iranian sleeper cells inside the United States, ready and waiting for the order.

People have to understand how dangerous this is in these sanctuary cities because the first attack on the World Trade Center … the New York subway bombing conspiracy, and 9/11, all of these plots were perpetrated by immigration violators. This is a very dangerous situation.”

Despite the dozens of sanctuary cities protecting illegal aliens from deportation, U.S. Immigration and Customs Enforcement (ICE) agents were able to deport about 44 illegal aliens in the last two fiscal years who were known or suspected terrorists.

via ZeroHedge News http://bit.ly/2Gptofy Tyler Durden

Julian Assange Is a Better Journalist Than Many of His Media Critics

The political class and certain media circles have been celebrating over of the arrest of WikiLeaks founder Julian Assange. To watch their respective reactions is to recognize that, too often, the two groups see themselves as one and the same. Their interests and opinions coincide, and they don’t like having their authority challenged by loose-cannon journalists who reveal inconvenient secrets and expose the powers-that-be to unwelcome scrutiny.

On April 11, British police dragged Assange from the Ecuadorian embassy that had shielded him for years from Swedish sexual assault charges (later dropped) and, mostly, from the wrath of the U.S. government over WikiLeaks’ work with now-imprisoned whistleblower Chelsea Manning. Together, Assange and Manning exposed state secrets including a U.S. helicopter attack that killed civilians, close ties between the government of Pakistan and the Taliban, and diplomatic cables revealing the U.S. government’s private positions to be very different from those presented to the public.

Assange was “arrested on behalf of the United States authorities,” police announced last Thursday. A new Ecuadorian administration, interested in closer relations with the U.S. and leery of transparency because of reports that have implicated the current president in corruption, seems to have been the precipitating factor.

Unsurprisingly, U.S. officials generally gloated over the arrest. “I’m glad to see the wheels of justice are finally turning,” tweeted Sen. Lindsey Graham (R-SC).

“He’s our property. We can get the facts and truth from him,” added Sen. Joe Manchin (D-WV).

The president was a little more hands-off, though just as telling with his non-reaction. “I know nothing about Wikileaks,” Trump insisted after Assange’s arrest, even though he was a big fan of the transparency organization back when it was making life difficult for his opponent, Hillary Clinton, during the 2016 presidential campaign.

More troubling is the cheerleading for the arrest among people who supposedly make their living by doing exactly what Manning and Assange did with WikiLeaks—reporting information that government officials would prefer to remain unknown. And this cheerleading extends well beyond the intelligence and law-enforcement community castoffs who now infest media outlets.

“The administration has begun well by charging Mr. Assange with an indisputable crime,” The New York Times editorialized, amidst some regret that it was the Trump administration behind the arrest and indictment of the WikiLeaks founder. “The case of Mr. Assange,” the editorial board sniffed, “could help draw a sharp line between legitimate journalism and dangerous cybercrime.”

“Mr. Assange is not a free-press hero,” agreed The Washington Post‘s editorial board. “Yes, WikiLeaks acquired and published secret government documents, many of them newsworthy, as shown by their subsequent use in newspaper articles (including in The Post). Contrary to the norms of journalism, however, Mr. Assange sometimes obtained such records unethically.”

Unethically? Assange is charged with a conspiracy “to facilitate Manning’s acquisition and transmission of classified information related to the national defense of the United States so that WikiLeaks could publicly disseminate the information on its website,” according to the federal indictment.

“The Assange indictment is weaker than you might expect,” comments former federal prosecutor Ken White. “Basically, the story it tells is (1) Manning gave Wikileaks stuff after she downloaded it, which isn’t a crime by Wikileaks, and (2) Assange encouraged her to go after more files and offered to help by cracking a password to give her broader access, but it didn’t work.”

It’s worth emphasizing that the newspapers objecting to Julian Assange’s conduct and journalistic credentials still boast of their publication of the Pentagon Papers, which contained troubling revelations about the government’s conduct of the Vietnam War. Daniel Ellsberg, a Defense Department analyst, secretly photocopied documents and passed them to the press, which battled the government to publish them.

Both the Post and the Times also published revelations about privacy-threatening global and domestic surveillance by the National Security Agency based on information illegally copied by Edward Snowden while he worked as a contractor for the CIA.

The fact that Assange and WikiLeaks act much as do other journalistic operations is precisely why the Obama administration didn’t press charges, despite rage over inconvenient revelations equal to that of the current administration.

“Justice officials said they looked hard at Assange but realized that they have what they described as a ‘New York Times problem,’” the Post noted in 2013. “If the Justice Department indicted Assange, it would also have to prosecute the New York Times and other news organizations and writers who published classified material.”

Then again, The Washington Post has been consistently awful on this point in recent years. “The first U.S. priority should be to prevent Mr. Snowden from leaking information that harms efforts to fight terrorism and conduct legitimate intelligence operation,” the newspaper’s editorial board demanded in 2013, even after its own news pages ran some of that information. The Post‘s current chin-strokers seem to view publication of facts embarrassing to the powerful as an unseemly leftover from the bad old days.

Maybe the familiar—if out-of-vogue—nature of Assange’s and WikiLeaks’s conduct is why so much of the commentary targeted at him focuses on his objectivity, his worn appearance, and his allegedly unpleasant personality and hygiene. But anybody spending much time around journalists should be careful about pretending any of that is unusual for the profession.

Did Assange show bias in his choice of targets? Maybe so—but bias is so common throughout journalism as to be unremarkable. Charges that he worked on behalf of the Russian government would be extremely unfortunate, if proven. But such collaboration would not be unprecedented for a profession that has a history of enabling officials foreign and domestic.

“American reporters spied for the CIA. They spied for the Soviets. And they spied for the British—boy, did they spy for the British,” Glenn Garvin wrote in the March issue of Reason.

In addition, a few years locked in an apartment with resentful hosts, waiting to be snatched by security operatives, might make anybody a little unpresentable. Three doctors who examined Assange last year wrote, “it is our professional opinion that his continued confinement is dangerous physically and mentally to him.” Of the worst tales about his conduct in the embassy, one of the examining physicians, Sean Love, added, “This is a complete smear. This is meant to degrade his humanity.”

Whatever Assange’s qualities as a human being when he entered his refuge in London, it should be no surprise that he came out worse for wear—or that many people believe he’s been mistreated.

“The Working Group maintains that the arbitrary detention of Mr. Assange should be brought to an end, that his physical integrity and freedom of movement be respected, and that he should be entitled to an enforceable right to compensation,” a U.N. human rights panel ruled in 2016.

Instead, Julian Assange was dragged from the Ecuadorian embassy, with his arrest cheered by other journalists who now regret that their profession once expected them to behave as he does.

“Criminally prosecuting a publisher for the publication of truthful information would be a first in American history, and unconstitutional,” warns Ben Wizner of the American Civil Liberties Union. “Further, while there is no First Amendment right to crack a government password, this indictment characterizes as ‘part of’ a criminal conspiracy the routine and protected activities journalists often engage in as part of their daily jobs, such as encouraging a source to provide more information.”

That’s all true. But journalism is at risk not just from government assaults on freedom of the press, but from media types who see their role not in scrutinizing the powers-that-be, but in protecting those powers from the public—and in backing the punishment of people who still do real journalism.

from Latest – Reason.com http://bit.ly/2IjAPHn
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Chris Hedges On The Martyrdom Of Julian Assange

Authored by Chris Hedges via TruthDig.com,

The arrest Thursday of Julian Assange eviscerates all pretense of the rule of law and the rights of a free press. The illegalities, embraced by the Ecuadorian, British and U.S. governments, in the seizure of Assange are ominous. They presage a world where the internal workings, abuses, corruption, lies and crimes, especially war crimes, carried out by corporate states and the global ruling elite will be masked from the public. They presage a world where those with the courage and integrity to expose the misuse of power will be hunted down, tortured, subjected to sham trials and given lifetime prison terms in solitary confinement.

They presage an Orwellian dystopia where news is replaced with propaganda, trivia and entertainment. The arrest of Assange, I fear, marks the official beginning of the corporate totalitarianism that will define our lives.

Under what law did Ecuadorian President Lenin Moreno capriciously terminate Julian Assange’s rights of asylum as a political refugee? Under what law did Moreno authorize British police to enter the Ecuadorian Embassy—diplomatically sanctioned sovereign territory—to arrest a naturalized citizen of Ecuador? Under what law did Prime Minister Theresa May order the British police to grab Assange, who has never committed a crime? Under what law did President Donald Trump demand the extradition of Assange, who is not a U.S. citizen and whose news organization is not based in the United States?

I am sure government attorneys are skillfully doing what has become de rigueur for the corporate state, using specious legal arguments to eviscerate enshrined rights by judicial fiat. This is how we have the right to privacy with no privacy. This is how we have “free” elections funded by corporate money, covered by a compliant corporate media and under iron corporate control. This is how we have a legislative process in which corporate lobbyists write the legislation and corporate-indentured politicians vote it into law. This is how we have the right to due process with no due process. This is how we have a government—whose fundamental responsibility is to protect citizens—that orders and carries out the assassination of its own citizens such as the radical cleric Anwar al-Awlaki and his 16-year-old son. This is how we have a press legally permitted to publish classified information and a publisher sitting in jail in Britain awaiting extradition to the United States and a whistleblower, Chelsea Manning, in a jail cell in the United States.

Britain will use as its legal cover for the arrest the extradition request from Washington based on conspiracy charges. This legal argument, in a functioning judiciary, would be thrown out of court. Unfortunately, we no longer have a functioning judiciary. We will soon know if Britain as well lacks one.

Assange was granted asylum in the embassy in 2012 to avoid extradition to Sweden to answer questions about sexual offense allegations that were eventually dropped. Assange and his lawyers always argued that if he was put in Swedish custody he would be extradited to the United States. Once he was granted asylum and Ecuadorian citizenship the British government refused to grant Assange safe passage to the London airport, trapping him in the embassy for seven years as his health steadily deteriorated.

The Trump administration will seek to try Assange on charges that he conspired with Manning in 2010 to steal the Iraq and Afghanistan war logsobtained by WikiLeaks. The half a million internal documents leaked by Manning from the Pentagon and the State Department, along with the 2007 video of U.S. helicopter pilots nonchalantly gunning down Iraqi civilians, including children, and two Reuters journalists, provided copious evidence of the hypocrisy, indiscriminate violence, and routine use of torture, lies, bribery and crude tactics of intimidation by the U.S. government in its foreign relations and wars in the Middle East. Assange and WikiLeaks allowed us to see the inner workings of empire—the most important role of a press—and for this they became empire’s prey.

U.S. government lawyers will attempt to separate WikiLeaks and Assange from The New York Times and the British newspaper The Guardian, both of which also published the leaked material from Manning, by implicating Assange in the theft of the documents. Manning was repeatedly and often brutally pressured during her detention and trial to implicate Assange in the seizure of the material, something she steadfastly refused to do. She is currently in jail because of her refusal to testify, without her lawyer, in front of the grand jury assembled for the Assange case. President Barack Obama granted Manning, who was given a 35-year sentence, clemency after she served seven years in a military prison.

Once the documents and videos provided by Manning to Assange and WikiLeaks were published and disseminated by news organizations such as The New York Times and The Guardian, the press callously, and foolishly, turned on Assange. News organizations that had run WikiLeaks material over several days soon served as conduits in a black propaganda campaign to discredit Assange and WikiLeaks. This coordinated smear campaign was detailed in a leaked Pentagon document prepared by the Cyber Counterintelligence Assessments Branch and dated March 8, 2008. The document called on the U.S. to eradicate the “feeling of trust” that is WikiLeaks’ “center of gravity” and destroy Assange’s reputation.

Assange, who with the Manning leaks had exposed the war crimes, lies and criminal manipulations of the George W. Bush administration, soon earned the ire of the Democratic Party establishment by publishing 70,000 hacked emails belonging to the Democratic National Committee (DNC) and senior Democratic officials. The emails were copied from the accounts of John Podesta, Hillary Clinton’s campaign chairman. The Podesta emails exposed the donation of millions of dollars from Saudi Arabia and Qatar, two of the major funders of Islamic State, to the Clinton Foundation. It exposed the $657,000 that Goldman Sachs paid to Hillary Clinton to give talks, a sum so large it can only be considered a bribe. It exposed Clinton’s repeated mendacity. She was caught in the emails, for example, telling the financial elites that she wanted “open trade and open borders” and believed Wall Street executives were best positioned to manage the economy, a statement that contradicted her campaign statements. It exposed the Clinton campaign’s efforts to influence the Republican primaries to ensure that Trump was the Republican nominee. It exposed Clinton’s advance knowledge of questions in a primary debate. It exposed Clinton as the primary architect of the war in Libya, a war she believed would burnish her credentials as a presidential candidate. Journalists can argue that this information, like the war logs, should have remained hidden, but they can’t then call themselves journalists.

The Democratic leadership, intent on blaming Russia for its election loss, charges that the Podesta emails were obtained by Russian government hackers, although James Comey, the former FBI director, has conceded that the emails were probably delivered to WikiLeaks by an intermediary. Assange has said the emails were not provided by “state actors.”

WikiLeaks has done more to expose the abuses of power and crimes of the American Empire than any other news organization. In addition to the war logs and the Podesta emails, it made public the hacking tools used by the CIA and the National Security Agency and their interference in foreign elections, including in the French elections. It disclosed the internal conspiracy against British Labour Party leader Jeremy Corbyn by Labour members of Parliament. It intervened to save Edward Snowden, who made public the wholesale surveillance of the American public by our intelligence agencies, from extradition to the United States by helping him flee from Hong Kong to Moscow. The Snowden leaks also revealed that Assange was on a U.S. “manhunt target list.”

A haggard-looking Assange, as he was dragged out of the embassy by British police, shook his finger and shouted:

“The U.K. must resist this attempt by the Trump administration. … The U.K. must resist!”

We all must resist. We must, in every way possible, put pressure on the British government to halt the judicial lynching of Assange. If Assange is extradited and tried, it will create a legal precedent that will terminate the ability of the press, which Trump repeatedly has called “the enemy of the people,” to hold power accountable. The crimes of war and finance, the persecution of dissidents, minorities and immigrants, the pillaging by corporations of the nation and the ecosystem and the ruthless impoverishment of working men and women to swell the bank accounts of the rich and consolidate the global oligarchs’ total grip on power will not only expand, but will no longer be part of public debate. First Assange. Then us.

via ZeroHedge News http://bit.ly/2V5LKuo Tyler Durden