WHO Will Not Investigate Wuhan Lab Where Coronavirus Was Kept

WHO Will Not Investigate Wuhan Lab Where Coronavirus Was Kept

Tyler Durden

Tue, 07/14/2020 – 13:50

Authored by Steve Watson via Summit News,

The World Health Organisation announced Monday that it will not be visiting the Wuhan Institute of Virology during its investigation into the origins of the coronavirus, despite the fact that the lab held samples of coronavirus that were almost exactly the same as that which caused a global pandemic.

The WHO stated that its mission will only seek to “advance the understanding of animal hosts for Covid-19 and ascertain how the disease jumped between animals and humans”.

As The Independent notes, the announcement suggests that the theory of the virus being modified or leaking from the lab in Wuhan has already been completely discounted by the WHO.

In addition, the body has refused to provide any details of the locations it will be visiting during its investigation in China.

As The Independent report notes, “It had previously emerged the lab had held a coronavirus sample that was 96.2 per cent the same as Covid-19 for almost a decade. This prompted speculation about the origin of the virus…”

Several prominent researchers and scientists have also noted that the lab must be investigated given this fact.

It also previously emerged that the Wuhan Institute of Virology took a shipment of some of the world’s deadliest pathogens just weeks before the outbreak of the coronavirus. It is also known that the lab was tampering with natural pathogens and mutating them to become more infectious.

Intelligence figures across the globe have also called for the Wuhan lab to be investigated.

The latest development comes amid reports that Chinese virologists have fled Hong Kong and effectively defected to the West with evidence against the Chinese Communist Party concerning its role in the COVID-19 pandemic.

The WHO previously complained that it had ‘not been invited’ by China to investigate the outbreak, and has continually been criticised for propping up Communist Party talking points.

via ZeroHedge News https://ift.tt/2Ca3Jbq Tyler Durden

Bari Weiss Quits New York Times, Excoriates Paper As ‘Performance Space’ For Woke Olympics

Bari Weiss Quits New York Times, Excoriates Paper As ‘Performance Space’ For Woke Olympics

Tyler Durden

Tue, 07/14/2020 – 13:30

The internal schism at the New York Times has claimed yet another staffer, as opinion editor Bari Weiss has left the paper and penned a scorching resignation letter denouncing the Times as nothing more than an echo chamber for ‘woke’ activists masquerading as journalists who believe dissent has no place on the platform.

But the lessons that ought to have followed the election—lessons about the importance of understanding other Americans, the necessity of resisting tribalism, and the centrality of the free exchange of ideas to a democratic society—have not been learned. Instead, a new consensus has emerged in the press, but perhaps especially at this paper: that truth isn’t a process of collective discovery, but an orthodoxy already known to an enlightened few whose job is to inform everyone else. –Bari Weiss

As a refresher, the Times newsroom erupted in chaos following the decision to publish an Op-Ed by Sen. Tom Cotton (R-AK), in which he suggested that the Trump administration should deploy the military to quell violent race-riots gripping the country following the death of a black suspect while in custody of Minneapolis police.

An internal schism formed within the Times, with younger ‘woke’ staffers insisting that such ‘wrongthink’ has no place on the platform, while others defended the decision to publish Cotton’s divergent opinion.

In the end, the woke mob won; the Times added an editor’s note conveying regret for publishing it – which was accompanied by the resignation of editorial page editor James Bennett (who Weiss writes ‘led the effort’ to reform the paper after the 2016 election).

Which brings us back to Bari Weiss, who came under intense fire by her NYT colleagues after she laid out what was going on in the newsroom in a Twitter thread, which ultimately defended the decision to publish Cotton’s op-ed.

In her Tuesday resignation letter, Weiss excoriated the Times.

My own forays into Wrongthink have made me the subject of constant bullying by colleagues who disagree with my views. They have called me a Nazi and a racist; I have learned to brush off comments about how I’m “writing about the Jews again.” Several colleagues perceived to be friendly with me were badgered by coworkers. My work and my character are openly demeaned on company-wide Slack channels where masthead editors regularly weigh in. There, some coworkers insist I need to be rooted out if this company is to be a truly “inclusive” one, while others post ax emojis next to my name. Still other New York Times employees publicly smear me as a liar and a bigot on Twitter with no fear that harassing me will be met with appropriate action. They never are.” -Bari Weiss

Weiss described the Times as a hostile work environment, and slammed the paper for allowing “this kind of behavior to go on inside your company in full view of the paper’s entire staff and the public.”

“Showing up for work as a centrist at an American newspaper should not require bravery,” Weiss writes, adding “But the truth is that intellectual curiosity—let alone risk-taking—is now a liability at The Times.

“Why edit something challenging to our readers, or write something bold only to go through the numbing process of making it ideologically kosher, when we can assure ourselves of job security (and clicks) by publishing our 4000th op-ed arguing that Donald Trump is a unique danger to the country and the world? And so self-censorship has become the norm.

What rules that remain at The Times are applied with extreme selectivity. If a person’s ideology is in keeping with the new orthodoxy, they and their work remain unscrutinized. Everyone else lives in fear of the digital thunderdome. Online venom is excused so long as it is directed at the proper targets.”

Published in its entirety below:

* * *

Dear A.G.,

It is with sadness that I write to tell you that I am resigning from The New York Times. 

I joined the paper with gratitude and optimism three years ago. I was hired with the goal of bringing in voices that would not otherwise appear in your pages: first-time writers, centrists, conservatives and others who would not naturally think of The Times as their home. The reason for this effort was clear: The paper’s failure to anticipate the outcome of the 2016 election meant that it didn’t have a firm grasp of the country it covers. Dean Baquet and others have admitted as much on various occasions. The priority in Opinion was to help redress that critical shortcoming.

I was honored to be part of that effort, led by James Bennet. I am proud of my work as a writer and as an editor. Among those I helped bring to our pages: the Venezuelan dissident Wuilly Arteaga; the Iranian chess champion Dorsa Derakhshani; and the Hong Kong Christian democrat Derek Lam. Also: Ayaan Hirsi Ali, Masih Alinejad, Zaina Arafat, Elna Baker, Rachael Denhollander, Matti Friedman, Nick Gillespie, Heather Heying, Randall Kennedy, Julius Krein, Monica Lewinsky, Glenn Loury, Jesse Singal, Ali Soufan, Chloe Valdary, Thomas Chatterton Williams, Wesley Yang, and many others.

But the lessons that ought to have followed the election—lessons about the importance of understanding other Americans, the necessity of resisting tribalism, and the centrality of the free exchange of ideas to a democratic society—have not been learned. Instead, a new consensus has emerged in the press, but perhaps especially at this paper: that truth isn’t a process of collective discovery, but an orthodoxy already known to an enlightened few whose job is to inform everyone else.

Twitter is not on the masthead of The New York Times. But Twitter has become its ultimate editor. As the ethics and mores of that platform have become those of the paper, the paper itself has increasingly become a kind of performance space. Stories are chosen and told in a way to satisfy the narrowest of audiences, rather than to allow a curious public to read about the world and then draw their own conclusions. I was always taught that journalists were charged with writing the first rough draft of history. Now, history itself is one more ephemeral thing molded to fit the needs of a predetermined narrative.

My own forays into Wrongthink have made me the subject of constant bullying by colleagues who disagree with my views. They have called me a Nazi and a racist; I have learned to brush off comments about how I’m “writing about the Jews again.” Several colleagues perceived to be friendly with me were badgered by coworkers. My work and my character are openly demeaned on company-wide Slack channels where masthead editors regularly weigh in. There, some coworkers insist I need to be rooted out if this company is to be a truly “inclusive” one, while others post ax emojis next to my name. Still other New York Times employees publicly smear me as a liar and a bigot on Twitter with no fear that harassing me will be met with appropriate action. They never are.

There are terms for all of this: unlawful discrimination, hostile work environment, and constructive discharge. I’m no legal expert. But I know that this is wrong. 

I do not understand how you have allowed this kind of behavior to go on inside your company in full view of the paper’s entire staff and the public. And I certainly can’t square how you and other Times leaders have stood by while simultaneously praising me in private for my courage. Showing up for work as a centrist at an American newspaper should not require bravery.

Part of me wishes I could say that my experience was unique. But the truth is that intellectual curiosity—let alone risk-taking—is now a liability at The Times. Why edit something challenging to our readers, or write something bold only to go through the numbing process of making it ideologically kosher, when we can assure ourselves of job security (and clicks) by publishing our 4000th op-ed arguing that Donald Trump is a unique danger to the country and the world? And so self-censorship has become the norm.

What rules that remain at The Times are applied with extreme selectivity. If a person’s ideology is in keeping with the new orthodoxy, they and their work remain unscrutinized. Everyone else lives in fear of the digital thunderdome. Online venom is excused so long as it is directed at the proper targets. 

Op-eds that would have easily been published just two years ago would now get an editor or a writer in serious trouble, if not fired. If a piece is perceived as likely to inspire backlash internally or on social media, the editor or writer avoids pitching it. If she feels strongly enough to suggest it, she is quickly steered to safer ground. And if, every now and then, she succeeds in getting a piece published that does not explicitly promote progressive causes, it happens only after every line is carefully massaged, negotiated and caveated.

It took the paper two days and two jobs to say that the Tom Cotton op-ed “fell short of our standards.” We attached an editor’s note on a travel story about Jaffa shortly after it was published because it “failed to touch on important aspects of Jaffa’s makeup and its history.” But there is still none appended to Cheryl Strayed’s fawning interview with the writer Alice Walker, a proud anti-Semite who believes in lizard Illuminati. 

The paper of record is, more and more, the record of those living in a distant galaxy, one whose concerns are profoundly removed from the lives of most people. This is a galaxy in which, to choose just a few recent examples, the Soviet space program is lauded for its “diversity”; the doxxing of teenagers in the name of justice is condoned; and the worst caste systems in human history includes the United States alongside Nazi Germany.

Even now, I am confident that most people at The Times do not hold these views. Yet they are cowed by those who do. Why? Perhaps because they believe the ultimate goal is righteous. Perhaps because they believe that they will be granted protection if they nod along as the coin of our realm—language—is degraded in service to an ever-shifting laundry list of right causes. Perhaps because there are millions of unemployed people in this country and they feel lucky to have a job in a contracting industry. 

Or perhaps it is because they know that, nowadays, standing up for principle at the paper does not win plaudits. It puts a target on your back. Too wise to post on Slack, they write to me privately about the “new McCarthyism” that has taken root at the paper of record.

All this bodes ill, especially for independent-minded young writers and editors paying close attention to what they’ll have to do to advance in their careers. Rule One: Speak your mind at your own peril. Rule Two: Never risk commissioning a story that goes against the narrative. Rule Three: Never believe an editor or publisher who urges you to go against the grain. Eventually, the publisher will cave to the mob, the editor will get fired or reassigned, and you’ll be hung out to dry.

For these young writers and editors, there is one consolation. As places like The Times and other once-great journalistic institutions betray their standards and lose sight of their principles, Americans still hunger for news that is accurate, opinions that are vital, and debate that is sincere. I hear from these people every day. “An independent press is not a liberal ideal or a progressive ideal or a democratic ideal. It’s an American ideal,” you said a few years ago. I couldn’t agree more. America is a great country that deserves a great newspaper. 

None of this means that some of the most talented journalists in the world don’t still labor for this newspaper. They do, which is what makes the illiberal environment especially heartbreaking. I will be, as ever, a dedicated reader of their work. But I can no longer do the work that you brought me here to do—the work that Adolph Ochs described in that famous 1896 statement: “to make of the columns of The New York Times a forum for the consideration of all questions of public importance, and to that end to invite intelligent discussion from all shades of opinion.”

Ochs’s idea is one of the best I’ve encountered. And I’ve always comforted myself with the notion that the best ideas win out. But ideas cannot win on their own. They need a voice. They need a hearing. Above all, they must be backed by people willing to live by them. 

Sincerely,

 

Bari

via ZeroHedge News https://ift.tt/2CdI9mr Tyler Durden

A Surge In Small Business Bankruptcies Is Underway

A Surge In Small Business Bankruptcies Is Underway

Tyler Durden

Tue, 07/14/2020 – 13:15

Authored by Mike Shedlock via MishTalk,

The new rules make it easier for small businesses to file for chapter 11. And they are.

Small Businesses Walking Away

In 2008, homeowners walked away from mortgages. 

Thanks to the Small Business Reorganization Act of 2019 (SBRA), in effect as of February 19, 2020, small businesses have an easier shot at doing the same.

For example, the Twisted Root Burger grew quickly, but co-founder now says ‘I’m gonna walk away’ from some locations.

Twisted Root Burger was a Texas success story, expanding from one casual restaurant in 2006 to 24 sites including restaurants, bars, a brewery and a theater. Now, the company is moving fast in another direction—into bankruptcy.

“I’m not gonna open that restaurant at half the revenue,” said co-founder Jason Boso. “I’m gonna walk away from those restaurants. I’m not gonna set myself up for failure.”

More than 500 companies filed for bankruptcy under the small-business bankruptcy rules since February, according to the American Bankruptcy Institute. June was the top month for filings with 131 cases; many were filed in states hit hard by the pandemic like Florida, Texas, California, New York and Illinois.

“It was somewhat prescient,” said Ryan Wagner, a restructuring and bankruptcy attorney with international law firm Greenberg Traurig LLP. “It was passed without the foresight of the pandemic.” The law is the most significant change to the bankruptcy code since 2005.

SBRA Highlights

  • Applies to businesses with $2.7 million in liabilities, raised to $7.5 million under coronavirus stimulus

  • Owners continue operating their business while in court

  • Owners can retain equity after exiting bankruptcy

  • Owners can modify residential mortgages if home was collateral for a business loan

  • Faster turnaround to save time and minimize legal fees

  • Owners generally have three to five years to repay creditors

  • Creditors can be paid based on a business’s projected income

Walking away gets a new lease on life, this time for small businesses.

via ZeroHedge News https://ift.tt/3j1San8 Tyler Durden

Google Plans New Food Delivery Service: Economic Times

Google Plans New Food Delivery Service: Economic Times

Tyler Durden

Tue, 07/14/2020 – 13:02

The Economic Times, India’s largest English-language newspaper, has just reported a surprising scoop: That Google-parent Alphabet Inc. is planning to enter the food delivery business, a long-anticipated move that has rivals like Uber and Grubhub very nervous.

Reports first surfaced via a video report published on one of the ET’s twitter feeds.

The plan will include a virtual platform allowing users to place orders via their google accounts, though deliveries will be coordinated by the restaurants.

In India, Google will partner with Dunzo, an Indian startup in which Google has invested.

The news didn’t have much of an impact on Alphabet shares, but Uber shares have tumbled. The company just announced plans to buy Postmates as it focuses on growing its ‘Uber Eats’ business.

 

via ZeroHedge News https://ift.tt/2AWUzOQ Tyler Durden

Massive Pipeline Fire In Egypt Burns Highway Of Vehicles 

Massive Pipeline Fire In Egypt Burns Highway Of Vehicles 

Tyler Durden

Tue, 07/14/2020 – 12:54

Reuters is reporting a massive fire has erupted on Egypt’s Shuqair-Mostorod crude pipeline along the Cario-Ismalia Desert Road. 

Here’s what we know so far: 

  • 14-Jul-2020 12:37:34 PM – FIRE BREAKS OUT IN EGYPT’S SHUQAIR-MOSTOROD CRUDE PIPELINE AT THE BEGINNING OF THE CAIRO-ISMAILIA DESERT ROAD – STATEMENT 14-Jul-2020
  • FIRE IN EGYPT’S SHUQAIR-MOSTOROD CRUDE PIPELINE IS BROUGHT UNDER CONTROL, IT WAS CAUSED BY A BROKEN PIPELINE – MINISTRY OF PETROLEUM STATEMENT

Alleged video of the fire has surfaced on Twitter:

“About an hour before the fire, photos and calls were sent for the explosion of the oil pipeline next to the Peugeot agency, next to the 10th position. Unfortunately, no one moved and the disaster occurred,” one Twitter user said

Firefighters on scene.

Shorouk News said, “the first pictures of a huge fire in the parking area of peace near the Cairo-Ismailia Desert Road.”

At the moment, there are no official reports on causalities. 

Video of crude gushing from a busted pipeline has surfaced on Twitter. The cause of the damaged pipeline has yet to be determined. 

pic.twitter.com/smLzsoUlAb #مصر_الإسماعيلية

*Story is developing…  

via ZeroHedge News https://ift.tt/38XpgAg Tyler Durden

Florida Labs Acknowledge “Major Errors” After Reporting Positivity Rates Of 100%

Florida Labs Acknowledge “Major Errors” After Reporting Positivity Rates Of 100%

Tyler Durden

Tue, 07/14/2020 – 12:45

Florida health officials left COVID-19 trackers slackjawed on Sunday when it reported more than 15k new infections in just 24 hours on Sunday (the data were gleaned from the prior day). But as hospitalizations surge, questions have grown about whether the state is still trying to ‘juke’ its data, something that a now infamous whistleblower alleged before she was fired (she has since started her own COVID-19 data portal relying on public info).

Journalists scouring the reams of daily data for discrepancies have apparently happened upon bombshell they had been hoping for: Orlando Health has just confirmed that some of the data it shared over the weekend were wrong, after journalists reported more than 50 labs showing 100% positivity rate, or roughly around there. One local Fox affiliate looked into the numbers and contacted a few of the labs to confirm that their internal data matched the public data released by the state.

As it turned out, some of these discrepancies were pretty extreme: Orlando Health, one of the organizations contacted by Fox, confirmed that it’s positivity rate was actually 9.8%, not the 98% that had been reported to the state.

Coronavirus Cases Up The report showed that Orlando Health had a 98 percent positivity rate. However, when FOX 35 News contacted the hospital, they confirmed errors in the report. Orlando Health’s positivity rate is only 9.4 percent, not 98 percent as in the report.

The Orlando VA confirmed a similar discrepancy.

The report also showed that the Orlando Veteran’s Medical Center had a positivity rate of 76%. A spokesperson for the VA told FOX 35 News on Tuesday that this does not reflect their numbers and that the positivity rate for the center is actually 6 percent.

FOX 35 is still waiting to hear back from the Florida Department of Health about an explanation for these errors. Readers can maybe find some comfort in the fact that these errors likely exaggerated the statewide positivity rate, but still: With the state’s handling of the response coming under such intense scrutiny – and with Gov DeSantis admitting that reopening bars so quickly was a mistake – sees errors point to a culture of carelessness that Floridians might find extremely discouraging, especially now that their state is home to the new national epicenter (Miami).

Watch the clip below for more from FOX 35.

via ZeroHedge News https://ift.tt/2DzgRHk Tyler Durden

Extending Production Cuts Would Be “Suicidal” For OPEC

Extending Production Cuts Would Be “Suicidal” For OPEC

Tyler Durden

Tue, 07/14/2020 – 12:25

Authored by Nick Cunningham via OilPrice.com,

OPEC+ will hold a committee meeting this week to assess the status of the oil market and decide on its next steps. For now, the group appears ready to begin unwinding the extraordinary production cuts, which could test the recent price rally. The historic cuts of 9.7 million barrels per day (mb/d) that OPEC+ implemented after the pandemic-related crash was always intended to be temporary. Initially, the cuts were set to expire at the end of June and begin tapering at the start of July; the group agreed to extend that first phase by a month.

As of now, the cuts are slated to expire at the end of July, reducing the cuts from 9.7 mb/d to 7.7 mb/d. Various press reports have suggested that the group is ready to let those cuts taper as scheduled, rather than push for another extension. 

Russia intends to rachet up production in August, and OPEC+ delegates are “leaning towards” relaxing the cuts, according to a report from Bloomberg. The Wall Street Journal reported a similar angle, adding that OPEC+ producers are reluctant to continue to shoulder the burden of propping up prices while non-OPEC producers around the world bring their own production back online.

“If OPEC clings to restraining production to keep up prices, I think it’s suicidal,” a source familiar with Saudi strategy told the WSJ.

“There’s going to be a scramble for market share, and the trick is how the low-cost producers assert themselves without crashing the oil price.”

Keeping 9.7 mb/d off of the market helped engineer a price rally to $40 per barrel and create an atmosphere of stability. The big question now is how the market will react to an easing of those cuts.

“It has been all but a bumpy ride for oil during the last months and the OPEC+ deal on supply has been a pillar for the market,” Louise Dickson, oil market analyst at Rystad Energy, said in a statement. “The upcoming OPEC+ meeting this week is now expected, as planned, to make this pillar a bit weaker.”

Dickson added that it is “not necessarily a bad thing” for OPEC+ to increase production since “supply would have to grow as demand recovers.” Demand has sharply rebounded, although remains below pre-pandemic levels. 

The problem is that it remains incredibly difficult to calibrate supply additions to match the trajectory of demand recovery. The delicate balancing act is even trickier because demand may slow again due to the spread of the coronavirus. “[W]hat OPEC+ may have not accurately forecasted is the speed of the recovery, thus a premature partial lift of oil production restrictions can have a depressing effect for prices,” Dickson concluded. 

Other analysts are less concerned about OPEC+ bringing supply back. “Our balances show hefty deficits in the third and fourth quarters, even with a tapering,” Bob McNally, founder of consultant Rapidan Energy Group, told Bloomberg. “I think the market will handle it pretty well.”

If demand continues to increase, the “call on OPEC” will “surge massively” in the second half of the year, Commerzbank said in a note on Monday. “The oil market is thus heading for a clear supply deficit, which is why OPEC+ is likely on Wednesday to decide to gradually withdraw the record-high production cuts by 2 million barrels per day – as planned – from August,” the investment bank said. 

Meanwhile, the news from Libya is murky. The National Oil Corp. recently lifted force majeure on oil exports and said that it would begin to add supply back onto the market. However, over the weekend, the Libyan National Army said that the blockade would continue. In response, the NOC once again declared force majeure on Sunday, accusing the UAE of backing the blockade. The return of Libyan oil, should it occur, will likely be gradual. As such, it may not add too much to global supply. 

Another source of additional supply – U.S. shale – may not be as large as feared. In the past, any tightening up of the oil market simply created more room for aggressive shale drilling. But the rig count remains at historic lows, despite the increase in crude prices back to $40, and financial stress could keep drilling subdued. As steep decline rates take hold, it appears unlikely that U.S. production will come back in any significant way this year or next. 

This creates more room for OPEC+ to unwind their cuts, although the coronavirus remains an enormous uncertainty. 

via ZeroHedge News https://ift.tt/2OqjoG8 Tyler Durden

China Blasts US As “Troublemaker & Disruptor Of Peace” After Pompeo’s “Maritime Empire” Accusation

China Blasts US As “Troublemaker & Disruptor Of Peace” After Pompeo’s “Maritime Empire” Accusation

Tyler Durden

Tue, 07/14/2020 – 12:05

On Monday Secretary of State Mike Pompeo issued a lengthy and provocative statement which among other things charged China with seeking to build a “maritime empire” based on its expansive claims to international waters in the South China Sea. 

“The world will not allow Beijing to treat the South China Sea as its maritime empire,” Pompeo said. As we detailed yesterday, in a reversal of the Obama-era policy of appeasement, the Trump administration now says China’s continued claims of supremacy over the area poses “the single greatest threat to freedom of the seas in modern history.”

Beijing has bit back Tuesday, blasting the United States as the only true “troublemaker and disruptor of peace and stability in the region,” according to new comments from China’s Foreign Ministry Spokesperson Zhao Lijian.

Prior image of Soldiers with China’s People’s Liberation Army (PLA) Navy patrol at Woody Island, in the Paracel Archipelago, via Reuters.

Zhao further asserted that at no time has China’s military sought “an empire” in the South and East China seas region.

He instead argued that China’s maritime claimes “have sufficient historical and legal basis” based on international norms and law. “The international community sees this very clearly,” he added.

A separate statement posted on the Chinese Embassy in the US’ website stated as follows

“The United States is not a country directly involved in the disputes. However, it has kept interfering in the issue,” read the statement. “Under the pretext of preserving stability, it is flexing muscles, stirring up tension and inciting confrontation in the region.”

China’s claims have been bolstered by a series of man-made islands which other regional countries say cuts into their territorial waters, as well as waters which should remain neutral. Controversially, China has over the past years established military bases on these disputed islands

But ever since Trump came into office, the Pentagon has stepped up Naval operations in the contested territory, and sent dozens, if not hundreds, of destroyer-class ships and others to engage in “Freedom of Navigation” operations – or “Freeops”, for short.

Example of militarized ‘man-made island’ – Spratly islands in South China Sea, via Yahoo Singapore.

Most recently, the US sent two aircraft carriers to the area to hold military exercises, while Chinese ships held exercises of their own nearby.

Meanwhile, with neither side backing down, and daily heightened rhetoric, the potential for an explosive incident on the seas remains ever present.

via ZeroHedge News https://ift.tt/32j5TQS Tyler Durden

Solomon: Joe Biden’s Energy Adviser Aided Kremlin Nuclear Agenda

Solomon: Joe Biden’s Energy Adviser Aided Kremlin Nuclear Agenda

Tyler Durden

Tue, 07/14/2020 – 11:44

Exclusive excerpts from ‘Fallout: Nuclear Bribes, Russian Spies and the Washington Lies that Enriched the Clinton and Biden Dynasties’ by John Solomon and Seamus Bruner. These excerpts come from chapter 9, ‘The Ukraine Boomerang: Obama’s Russia Failures Unleash New Chaos and Cronyism in Ukraine.’

Last month, Just the News reported  that shortly after Hunter Biden joined the board of Burisma Holdings, the Ukrainian gas company landed a deal with the Obama State Department’s Agency for International Development (USAID). At the time, Burisma was under multiple investigations for corruption.

Not only did the controversial Ukrainian energy firm get a deal with USAID while Hunter Biden was on the board, but Joe Biden’s energy advisor, Amos Hochstein, promoted the very program which worked to legitimize Burisma amid the allegations.

As an Obama official, Hochstein testified repeatedly to Congress, urging lawmakers to help “reform” Ukraine’s energy sector to mitigate Putin’s advances.

At an event hosted by the Atlantic Council (a think tank funded in part by Burisma), Hochstein warned that Russia’s weaponization of energy deals was predictable and must be counterbalanced:

“When the gas was shut off from Russia to Ukraine on June 16th [2014], that was not a unique event. It happened in 2006 and it happened in 2009 and, therefore, it happened again in 2014. And there is no reason to believe it will not happen again,” Hochstein said.

“The way to prevent it from happening again is to … [create] new infrastructures that can allow for energy, for gas and for other sources of energy to come into Europe from other places to compete with Russian supplies.”

As it turned out, Hochstein was uniquely aware of Putin’s energy strategy, according to chapter 9 of John Solomon’s and Seamus Bruner’s “Fallout: Nuclear Bribes, Russian Spies, and the Washington Lies that Enriched the Clinton and Biden Dynasties.”

Here is an excerpt from that chapter that lays out Hochstein’s role

Between his visits to Congress (and well-connected think tanks) to apprise decision makers of Putin’s energy antics, Hochstein was Biden’s right-hand man meeting with numerous world leaders. He frequently flew to Ukraine (and other nations) with Biden to work out energy deals.  

But Hochstein had a secret. 

Time and again, Biden’s advisor failed to mention that he had witnessed Putin’s energy strategy firsthand. Hochstein communicated Putin’s energy dominance strategy in the oil and gas sectors very effectively, but he never mentioned Russia’s attempts to corner the global uranium market. It was something he had assisted personally.

While working as a U.S. lobbyist in the private sector, Hochstein had advised Rosatom’s subsidiary: Tenex.

Hochstein became a revolving door extraordinaire early in his Beltway career. As he weaved in and out of the private sector, his positions (and profits) rose substantially. From 2001 to 2007, Hochstein worked in various capacities at Washington lobbying powerhouse Cassidy & Associates. In 2006, then-Governor Mark Warner (D-Va.) hired Hochstein to serve as a senior policy advisor. Hochstein purportedly left Cassidy in January 2007 to join Connecticut Senator Chris Dodd’s presidential campaign, according to a press release by the firm. …

Yet, Hochstein continued to work for Cassidy’s deep-pocketed foreign clients, even while he was employed by Governor Warner and Senator Dodd’s presidential campaign. In 2006, Russian nuclear corporation Tenex asked Doug Campbell (unaware that he was an FBI operative) to find a Beltway lobbying powerhouse to help further their interests.

By March 2006, Campbell found himself meeting with Hochstein, who ensured that Tenex hired Cassidy & Associates. Cassidy claimed that Hochstein left the firm in January 2007, but Hochstein continued to meet with Putin’s top nuclear officials throughout 2007 and 2008 while he was working with powerful Democrats.

Did Warner and Dodd know that Hochstein was simultaneously serving Russian interests? Hochstein’s public bios make no mention of his work on behalf of Tenex, although he does acknowledge returning to Cassidy in August 2008 (and remaining there until 2011).

Before long, he was directly advising Secretary of State Hillary Clinton, her successor John Kerry, and finally Vice President Biden (and even President Obama). His LinkedIn profile is meticulously manicured to show no overlap between his public and private sector gigs, but, in fact, Hochstein advised multiple public officials and simultaneously worked to advance foreign interests while on the payroll of Cassidy. 

According to the Obama White House’s visitor records, Hochstein visited more than 150 times between December 2010 and September 2016, including several trips to the Situation Room. His first visits occurred while he was still working with Cassidy. 

Hochstein’s global perspectives were clearly appreciated within the State Department, and he soon found himself regularly meeting with Secretary Clinton and her inner circle directly. As Clinton’s special envoy and coordinator for international energy affairs and head of the department’s Bureau of Energy Resources (ENR), he traveled the globe promoting Secretary Clinton’s energy agenda. “I have been privileged to help build and lead the bureau since its creation,” Hochstein said.

After Clinton left State, Hochstein initially advised Secretary Kerry and traveled overseas with him to work on EU energy issues. While advising Kerry, Hochstein worked closely with other Obama officials including Assistant Secretary Victoria Nuland, Special Coordinator Jonathan Winer, and National Security Council (NSC) Senior Director Charles Kupchan (each of these individuals played starring roles in Obama’s Russia and Ukraine operations and they later helped perpetrate the political dirty tricks against Trump). 

Hochstein soon found himself in the good graces of Vice President Biden. He traveled around the world with Biden — numerous times to Ukraine — and they also visited Turkey, Cyprus, Romania, and even the Caribbean. At an Atlantic Council summit in Istanbul, Biden praised the special energy envoy and announced that he had put Hochstein in charge of European energy security efforts. 

Despite a less-than-stellar review from the State Department inspector general’s office, Hochstein was embraced by his superiors, especially Biden, who thanked Hochstein in his recent post-vice presidential memoir.

*  *  *

John Solomon’s and Seamus Bruner’s new book, “Fallout: Nuclear bribes, Russian spies and the Washington Lies that enriched the Clinton and Biden Dynasties,” is available here at Amazon

via ZeroHedge News https://ift.tt/2AYBLid Tyler Durden

El-Erian Warns “Financial Stress From COVID Is Far From Over”

El-Erian Warns “Financial Stress From COVID Is Far From Over”

Tyler Durden

Tue, 07/14/2020 – 11:08

Authored by Mohamed El-Erian, op-ed via The Financial Times,

The financial stress caused by Covid-19 is far from over. Investors should brace for non-payments to spread far beyond the most vulnerable corporate and sovereign borrowers, in a reckoning that threatens to drag prices lower…

There is still time to get ahead of this trend. Rather than buying assets at valuations stunningly decoupled from underlying corporate and economic fundamentals, investors should think a lot more about the recovery value of their assets and adjust their portfolios accordingly.

So far, despite signs of rising stress on corporate and public balance sheets, non-payments have been largely contained to certain badly affected segments.

But the sense that the worst did not come to pass has fed complacency among investors of all stripes. A new generation of retail investors has emerged, helping stocks on their relentless march higher.

Contrast investors’ optimism with companies’ circumspection. While many central governments are focused on reopening economies that were locked down to contain the virus’s spread, most businesses have remained cautious. Many are still looking to further reduce their spending.

The wariness has been encouraged by the resurgence of infections around the world. In the US, a majority of states have now opted to halt or reverse their lockdown easing plans. And there is every reason for businesses and investors to tread carefully. Health experts warn us about over-optimism on a vaccine and, judging from the most affected areas, too many people are yet to properly take on board the infection threat and align their behaviours with the risks facing society.

Such a weak and uncertain economic backdrop reduces borrowers’ willingness and ability to meet contractual obligations. This is particularly the case in vulnerable sectors such as hospitality and retail, and in developing countries with less of a financial cushion and limited room for policy flexibility.

There are already plenty of worrying signs:

  • a record-breaking pace for corporate bankruptcies;

  • job losses moving from small and medium-sized firms to larger ones;

  • lengthening delays in commercial real estate payments;

  • more households falling behind on rents and continuing to defer credit card payments;

  • and a handful of developing countries delaying debt payments.

Yet, judging from a range of market indicators, investors are showing insufficient concern. Some continue to expect a sharp, V-shaped recovery in which a vaccine, or a build-up of immunity in the population, allows for a quick resumption of normal economic activity. Others are relying on more backstops from governments, central banks and international organisations.

But policymakers’ support actions have already been extensive, including payment deferrals, direct cash transfers, covenant relief, rock-bottom interest rates and corporate bond purchases. The G20 group has agreed a “debt service suspension initiative” for the poorest developing countries.

While notable, such measures will not protect investors from sharing some of the capital losses, whether that is due to companies going bankrupt, or developing countries needing more than exceptional funds from bilateral and multilateral sources. Many have already made it clear that they expect “private sector involvement”. That is likely to mean, at the minimum, the short-term suspension of interest and principal payments.

As neither a quick income recovery nor more financial engineering is likely to avert a rise in non-payments, the best that can be hoped for in a growing number of cases may well be orderly, voluntary and collaborative restructurings, such as the one announced last week in Ecuador.

The complicated negotiations between Argentina and its creditors demonstrate that such deals are far from easy, especially given the lack of cohesion among creditors. But the alternative — a messy default — destroys even more value for debtors and investors.

The potential damage is not limited to finance. Disruptions in capital markets could also undermine the already sluggish economic recovery by making consumers more thrifty, as they worry about their job prospects, and by encouraging companies to postpone investment plans pending a clearer economic outlook.

The investing challenge may well shift in the months ahead from riding an exceptional wave of liquidity, which lifted virtually all asset prices, to steering through a general correction in prices and complex individual non-payments.

No wonder, then, that an increasing number of asset managers are raising funds in the hope of deploying a dual investment strategy.

  • The first involves waiting for a correction to buy rock-solid companies trading at bargain prices.

  • The second involves engaging in well-structured rescue financing, debt restructurings and collateralised lending as countries, and some bankrupt companies, seek to reorganise and recover.

Liquidity-driven rallies are deceptively attractive and tend to result in excessive risk-taking. This time, retail investors are front and centre. But it is the next stage that we should already be thinking about. That requires much more careful scrutiny from investors than the past few months have demanded.

via ZeroHedge News https://ift.tt/2Zsjofd Tyler Durden