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The only way to avoid a depression is a debt jubilee

erasing debt
© Happonomy
Even before the novel coronavirus appeared, many American families were falling behind on student loans, auto loans, credit cards and other payments. America's debt overhead was pricing its labor and industry out of world markets. A debt crisis was inevitable eventually, but covid-19 has made it immediate.

Massive social distancing, with its accompanying job losses, stock dives and huge bailouts to corporations, raises the threat of a depression. But it doesn't have to be this way. History offers us another alternative in such situations: a debt jubilee. This slate-cleaning, balance-restoring step recognizes the fundamental truth that when debts grow too large to be paid without reducing debtors to poverty, the way to hold society together and restore balance is simply to cancel the bad debts.

Comment: As a mechanism that reboots the economy, 'Jubilee' is one tried-true method - yet, over time resulted in a repetition of economic polarity that has increased poverty to alarming levels. Without a permanent solution the problem of debt accumulation is always just down the road.


Life Preserver

How the coronavirus is destroying the plan to take down Trump

Trump/Corona
© Gulf Times Community
Donald Trump's reelection is likely to rise or fall on his handling of the pandemic. And there isn't much Democrats can do about it.

For many Democrats, it's the election of a lifetime. Yet the question preoccupying the party for several days this month was whether their presumptive presidential nominee, Joe Biden, could get the webcast working in his rec room.

It was a telling obsession, one that revealed the extent of the party's anxiety as it comes to a nail-biting conclusion: Despite all the arguments Democrats have crafted and all the evidence they have amassed against Donald Trump, his reelection is likely to rise or fall on his handling of the coronavirus crisis and its fallout alone.


Mail

Trump accuses Schumer as 'missing in action' regarding the senator's criticism of response to Covid-19 crisis

Schumer
© Reuters/Mary F. Calvert
US Senate Minority Leader Chuck Schumer (D-NY)
US President Donald Trump penned a blistering letter slamming Senator Chuck Schumer (D-New York) as "missing in action" during the Covid-19 pandemic, firing back after the lawmaker attacked the federal response to the crisis.

"Thank you for your Democrat public relations letter and incorrect sound bites, which are wrong in every way," the missive begins, responding to the Senate minority leader's appeal earlier on Thursday for the appointment of a coronavirus "czar" amid what he called a "federal leadership void."

Arrow Down

UN General Assembly rejects Russia's requests to stop sanctions amid coronavirus crisis

United Nations
© Reuters/Carlo Allegri.
UN headquarters, New York City, USA
The US, UK, and EU, as well as Ukraine and Georgia, rejected a Russian draft declaration calling for unilateral sanctions to be lifted to fight Covid-19.

Moscow's permanent mission to the UN issued a statement on Thursday questioning why Ukraine, Georgia, the UK, US, and EU had shot down its proposal, arguing that these nations "refused to cast aside politicized approaches and interests," and that their decision could negatively affect "a great number of people" - especially in developing nations currently under sanctions.

The rejected motion called for broad international cooperation on combating the spread of Covid-19, as well as the "rejection of trade wars and unilateral sanctions adopted without the mandate of the UN Security Council, in order to ensure early access to food and medication." The draft also called on member states to reject "stigmatizations of states, peoples and individuals with regard to the pandemic, and the need to circulate only reliable and science-based information about it."

The declaration was co-sponsored by 28 UN member states, Russia's UN mission said. The General Assembly ultimately passed a different resolution calling for "international cooperation" and "multilateralism" to combat coronavirus.

Comment: Lead feet, closed minds and business as usual are what is important at the crossroads to the future.


Calendar

Russia: Election officials postpone all votes until after June 21

Pamfilova
© Reuters/Sergei Karpukhin
CEC Chairwoman Ella Pamfilova
Russia's election authorities have postponed all upcoming local and nationwide votes in the country until after June 21.

The Central Election Commission (CEC) decided on April 3 that all votes would be held after June 21. CEC Chairwoman Ella Pamfilova said:
"Taking into consideration the current situation in the country and for securing citizens' health and safety, we conclude that it is necessary to postpone all elections and referendums that have been planned for upcoming months until the improvement of the epidemiological situation in the country,"
Earlier, President Vladimir Putin signed legislation allowing the CEC to change dates for planned votes. About 100 votes had been scheduled to take place across Russia by June 21.

A nationwide vote on sweeping constitutional changes that opens the possibility of Putin remaining in power for a further 16 years was initially scheduled for April 22.

Question

Is the former US proxy SDS preparing to join pro-Assad Syrian Army?

Syrian Democratic Forces
© AP
Syrian Democratic Forces
The Syrian Democratic Forces have for some time been no longer completely controlled by Washington. Recall that it was the Kurdish formations that for many years were in Syria the main shock ground force of the international coalition led by the United States. They played the role of infantry, the Pentagon armed them and prepared them, and during the offensive operations, the US military carried out planning, artillery and air cover.

"You don't want to protect people, and you don't want another force to come to protect us. You betrayed us. It is immoral!" - said at the end of last year, the Kurdish commander of the Syrian Democratic Forces, Mazlum Abdi, to US Deputy Special Representative in the international coalition against terrorists William Robak.

About six months have passed since then, and the situation in relations between the SDS and the US military command has not fundamentally changed.

Comment: Apparently some form of the offer has already been made, though hashing out the terms may be protracted and difficult. In the meantime, ad hoc alliances have already been formed through Russia's diplomatic efforts.


Oil Well

Trump claims he brokered a Saudi-Russian oil deal, but details scant

trump

Trump press briefing
U.S. President Donald Trump says he brokered a deal with Russia and Saudi Arabia to cut oil output and end a steep decline in oil prices amid the global coronavirus pandemic.

Trump said he spoke with both Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman on April 2, but details of how the cuts would work were unclear.

"I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!" Trump wrote on Twitter.

Comment:


Bad Guys

Iraqi authorities suspend Reuters' accreditation for 3 months over bogus reporting on COVID-19

maternity ward Iraq covid-19 coronavirus
© Reuters / Alaa al-Marjani
A nurse wears a protective face mask and gloves to prevent the spread of Covid-19, takes care of a new-born baby in a maternity room in Najaf, Iraq, April 2, 2020
The Iraqi authorities decided to suspend the accreditation of the Reuters news agency's office for three months after the latter had published an article about the allegedly massive spread of the coronavirus in the country, the national Communications and Media Commission said.

On Thursday, Reuters published an article, in which it said that the real number of people infected with COVID-19 in Iraq stood at 3,000-9,000, including at least 2,000 in Baghdad, despite the fact that the authorities had confirmed only 772 cases with 54 fatalities.

Comment:


Oil Well

In the "Oil War", Washington's survival meant blinking first

Oil rigs
The "oil war" started by the Saudis (and the US) has, within a matter of weeks, already led to a change in the narrative from purportedly establishing 'shale oil dominance' to 'energy market management' and avert a crisis that could ultimately destroy the very shale oil industry of the US. This resulted in the US president holding a phone conversation with Russia's Putin aimed at discussing ways and means of 'better managing' the on-going crisis. The "oil war" that was triggered by Saudi Arabia's refusal to continue and extend the previously agreed OPEC+ formula, which was instrumental for maintaining stable oil prices for years, has already led to the oil prices plummeting massively, going down to record lows of the last two decades. For the US, the oil war, whereas its initial purpose was to force an unwanted change on Russia and reduce its oil production to give way to an increase in the share of US shale oil on the global markets, could now potentially destroy over half of its shale oil industry, disrupting the very base of the US 'super-power' status.

Comment:


Bizarro Earth

Ground Control to Planet Lockdown: This is Only a Test

Covid 19 test case
As much as Covid-19 is a circuit breaker, a time bomb and an actual weapon of mass destruction (WMD), a fierce debate is raging worldwide on the wisdom of mass quarantine applied to entire cities, states and nations.

Those against it argue Planet Lockdown not only is not stopping the spread of Covid-19 but also has landed the global economy into a cryogenic state - with unforeseen, dire consequences. Thus quarantine should apply essentially to the population with the greatest risk of death: the elderly.

With Planet Lockdown transfixed by heart-breaking reports from the Covid-19 frontline, there's no question this is an incendiary assertion.

In parallel, a total corporate media takeover is implying that if the numbers do not substantially go down, Planet Lockdown - an euphemism for house arrest - remains, indefinitely.

Michael Levitt, 2013 Nobel Prize in chemistry and Stanford biophysicist, was spot on when he calculated that China would get through the worst of Covid-19 way before throngs of health experts believed, and that "What we need is to control the panic".

Let's cross this over with some facts and dissident opinion, in the interest of fostering an informed debate.