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Dollars

Hyperinflation: Is the United States on the same calamitous path as Yugoslavia?

yugoslavia currency
Of all the inflationary disasters in modern economic history, Yugoslavia's is the one most ignored by the mainstream. To be sure, the collapse of the Eastern European nation was a slow burn, but with a big explosion at the end. Most people are familiar with the Serbian/Croatian war and the genocide that followed, but few people are familiar with the economic crisis that led to the conflict.

I am not here to present an in-depth analysis of the eventual breakup of Yugoslavia, only to examine the conditions that triggered it. I believe there are some interesting similarities to burgeoning conditions within the U.S., along with some distinct differences.

The First Stage: Inflation

President Josip Broz Tito led the nation in various capacities from 1953 to 1980. He used two powerful tools to clamp down on unrest in the ethnically-diverse nation: large-scale repression of dissenting voices using both police and military forces, and allowing regional foreign borrowing. The latter might not sound particularly important. According to the CIA's 1983 national intelligence document Yugoslavia: An Approaching Crisis?:
Although self-management in theory permits workers to own and manage their enterprises, in fact the leaders in the six republics and two provinces... became the dominant economic decision makers. They grew increasingly protectionist and isolated from each other in pursuing local interests. Ignoring national economies of scale and ultimate profitability, they built redundant enterprises, blocked competition on the "unified market," and granted unrealistic price increases and subsidies to favored industries. Thus, by the early 1980s inflation in the 30- to 40-percent range became chronic...

Dollar

Senate GOP blocks bill to combat gender pay gap

Mitch McConnell
© Kevin Dietsch/Getty ImagesSenate Majority Leader Mitch McConnell
Senate Republicans on Tuesday blocked legislation aimed at addressing pay inequality, marking their second successful use of the filibuster under President Biden.

Senators voted 49-50 to try to advance the legislation, falling short of the 60 votes needed to overcome the procedural hurdle.

The bill would limit employers to "bona fide" factors such as education, training and experience when justifying pay differentials in wage discrimination claims.

Comment: Maybe Republicans know that the gender pay gap is a myth.

See also:


Newspaper

Peru's left-wing Castillo claims victory in presidential run-off, rival claims fraud despite international observers approval

Castillo
© REUTERS / Sebastian CastanedaPedro Castillo addresses supporters from the headquarters of his party.
Trade union leader Pedro Castillo has declared himself the victor in the Peruvian presidential election. His opponent Keiko Fujimori refused to concede and claimed without evidence that the vote was fraudulent.

"The people have spoken," Castillo told supporters late on Tuesday in front of his Peru Libre party's headquarters. He was speaking before the official count in last Sunday's second-round vote was finished, but it was pointing to his imminent victory. With over 99% of the votes counted, he led by a small margin of around 70,000 votes.

"Based on information from our electoral observers, we now have the party's official count, and the people have made this gesture, which we salute. For this reason, I also ask you not to react to provocation," Castillo said.

Light Saber

Trump backs Nigeria banning Twitter, calls for other countries to follow

Donald Trump
Former President Trump on Tuesday applauded Nigeria's Twitter ban and called on other countries to follow suit.

Trump praised the West African country for banning use of the social media platform after the Twitter suspended the account of Nigerian President Muhammadu Buhari for comparing gunmen attacking national electoral commission offices to the Nigeria Civil War. The company deleted the tweet, saying it violated their abusive behavior policy.

"Congratulations to the country of Nigeria, who just banned Twitter because they banned their President. More COUNTRIES should ban Twitter and Facebook for not allowing free and open speech โ€” all voices should be heard," Trump said in a statement Tuesday.

Nigeria indefinitely suspended Twitter's operations in the country late last week.

Comment: See also: Twitter bashed for saying access to its platform is a 'human right' while accused of silencing conservatives


Evil Rays

Priming the public? 'There are a lot of parallels': FBI Director Wray compares ransomware threat to 9/11

FBI Director Christopher Wray
© Getty ImagesFBI Director Christopher Wray compared the security challenges posed by cyberthreats to the terror threat of 9/11.
The FBI is investigating about 100 different types of ransomware, Director Christopher Wray revealed in a new interview, in which he compared the security challenges posed by cyberthreats to the terror threat of 9/11.

Speaking to the Wall Street Journal in an interview published Thursday, the FBI director made the comments in the wake of two recent ransomware attacks that sent meat and gas prices skyrocketing as suppliers were left unable to move their products.

"There are a lot of parallels, there's a lot of importance, and a lot of focus by us on disruption and prevention," Wray explained, referring to this month's hack against JBS Foods, the world's largest meat supplier, and the similar attack on Colonial Pipeline in May.

"There's a shared responsibility, not just across government agencies but across the private sector and even the average American."

Ransomware is a malicious software that locks up a user's data. Hackers typically demand money, most frequently in cryptocurrency, to unlock or return the affected data.

Attention

The War Over Genetic Privacy

"When you upload your DNA, you're potentially becoming a genetic informant on the rest of your family." โ€” Law professor Elizabeth Joh
Genetic Privacy
© New Scientist
"Guilt by association" has taken on new connotations in the technological age.

All of those fascinating, genealogical searches that allow you to trace your family tree by way of a DNA sample can now be used against you and those you love.

As of 2019, more than 26 million people had added their DNA to ancestry databases. It's estimated those databases could top 100 million profiles within the year, thanks to the aggressive marketing of companies such as Ancestry and 23andMe.

It's a tempting proposition: provide some mega-corporation with a spit sample or a cheek swab, and in return, you get to learn everything about who you are, where you came from, and who is part of your extended your family.

The possibilities are endless.

You could be the fourth cousin once removed of Queen Elizabeth II of England. Or the illegitimate grandchild of an oil tycoon. Or the sibling of a serial killer.

Without even realizing it, by submitting your DNA to an ancestry database, you're giving the police access to the genetic makeup, relationships and health profiles of every relative โ€” past, present and future โ€” in your family, whether or not they ever agreed to be part of such a database.

After all, a DNA print reveals everything about "who we are, where we come from, and who we will be."

It's what police like to refer to a "modern fingerprint."

Whereas fingerprint technology created a watershed moment for police in their ability to "crack" a case, DNA technology is now being hailed by law enforcement agencies as the magic bullet in crime solving.

Indeed, police have begun using ancestry databases to solve cold cases that have remained unsolved for decades.

Penis Pump

Biden to issue order over 'data collection' on Chinese-owned apps like WeChat, TikTok

Biden
© Saul Loeb/AFP/Getty ImagesUS President Joe Biden
President Joe Biden is close to issuing a new executive order targeting personal data collection by apps like Chinese-owned WeChat and TikTok, according to people familiar with the matter.

The order would replace bans issued last year under then-President Donald Trump on Tencent's WeChat, a messaging app, and Bytedance's video-sharing app Tiktok that have been blocked by U.S. courts, one of the people said.

The new order, which could be issued as early as Wednesday, is expected to address concerns about sensitive personal data without targeting any specific company, the person said.

Comment: See also: 'Go home & remember this day forever!' Twitter, Facebook & YouTube wipe Trump's 'mixed message' to supporters who stormed Congress UPDATES


Bad Guys

US military claims Afghanistan withdrawal is '50% complete', then says it will no longer update on progress

biden
© REUTERS/Stine JacobsenFILE PHOTO: A specialist works onboard the Allseas' deep sea pipe laying ship Solitaire to prepare a pipe for Nord Stream 2 pipeline in the Baltic Sea September 13, 2019. Picture taken September 13, 2019.
The U.S. has withdrawn more than 50% of its forces and equipment from Afghanistan, U.S. Central Command estimated in an update Tuesday.

Why it matters: President Biden announced in April that the U.S. would begin the process of withdrawing all forces from Afghanistan starting May 1, with the goal of finishing by Sept. 11. CENTCOM said Tuesday that it would no longer be updating the specific percentage of its withdrawal, citing security reasons.

Details: As of June 8, the U.S. Department of Defense has retrograded about 500 C-17 loads of material out of Afghanistan.

Comment: See also: US begins 'withdrawal' from Afghanistan... by sending MORE troops & gear for 'temporary force protection'


Wolf

Nord Stream 2 sanctions could have 'poisoned' US ties with Germany & failed anyway - US Sec Blinken

nord stream
© REUTERS/Stine JacobsenFILE PHOTO: A specialist works onboard the Allseas' deep sea pipe laying ship Solitaire to prepare a pipe for Nord Stream 2 pipeline in the Baltic Sea September 13, 2019. Picture taken September 13, 2019.
America's long-standing opposition to the Russian-backed Nord Stream 2 pipeline could have destroyed its relations with Berlin, Washington's top envoy has said, insisting it will find ways to ensure it doesn't undermine Ukraine.

Facing questioning before the House Foreign Affairs Committee on Tuesday, US Secretary of State Antony Blinken said that "the worst possible outcome" of persisting with sanctions against the nearly completed energy link would have seen Germany alienated and the construction finished regardless.

That scenario, he said, would have meant "physical construction of the pipeline [was] completed, the relationship with Germany poisoned and no incentive for Germany to come to the table to make good on working to mitigate the serious negative consequences."

Comment: See also:


Magnify

China refuses diplomatic access to trial of Australian national citing national security concerns

treaty of peace
Once again clearly breaching its obligations under a consular relations treaty, China has refused to allow Australian diplomatic representatives to attend the trial of Yang Hengjun, an Australian national, in China. (Excuse the tardy post; this happened on May 27th but I've had other things to do.) Fortunately, the Chinese government has spared me the task of explaining why this is a breach, since they already gave me the opportunity to do so back in 2010 with the trial of Stern Hu, another Australian national โ€” please check out that blog post for the reasoning.

The government is not just picking on Australia, however; as I discussed last March, it also breached the same obligation in the trials of Michael Kovrig and Michael Spavor, the Canada-China consular relations agreement being the same as the Australia-China agreement in all relevant respects.


Comment: The Kovrig case came amidst Canada's targeting of a Huawei executive, seemingly on behalf of the US:


Comment: As reported by F. William Engdahl Michael Kovrig had a rather suspect background, and was officially listed as "North East Asia adviser" for an outfit called the International Crisis Group:
The International Crisis Group is an NGO with a knack for being involved in key conflict zones such as Myanmar. The magazine Third World Quarterly in a peer-reviewed article in 2014 accused the ICG of "manufacturing" crises.
So it would appear that, in Kovrig and Spavor's case, there's reason to believe China's claims of National Security concerns.

As for Yang Hengjun, Australia's own ABC describes him as 'a spy and a democracy peddler'.

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