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Fri, 05 Nov 2021
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Wall Street

Stock prices are rising because companies are spending more money on deceptive stock buybacks than on anything else

Market Manipulation”
The primary reason why stock prices have been soaring in recent months is because corporations have been buying back their own stock at an unprecedented pace. In fact, the pace of stock buybacks is nearly double what it was at this time last year. According to Goldman Sachs, S&P 500 companies spent 384 billion dollars buying back stock during the first half of 2018. That is an absolutely astounding number. And in many cases, corporations are going deep into debt in order to do this. Of course this is going to push up stock prices, but corporate America will not be able to inflate this bubble indefinitely. At some point a credit crunch will come, and the pace of stock buybacks will fall precipitously.

Prior to 1982, corporations were not permitted to go into the market and buy back stock.

The reason for this is obvious - stock buybacks are a really easy way for corporations to manipulate stock prices.

Gold Seal

Real 'social justice' is sometimes found in the shadows - or why those claiming to care for the downtrodden are quite often full of crap

African kids
My 42 years of life can be divided roughly into two periods. The first began with my birth in West Africa to Christian missionary parents. Though my family was forced to leave Africa when my siblings and I became deathly ill with malaria, our missionary-style life continued in Missouri's Ozark region. My father pastored small churches and ended his career in ministry as a hospital chaplain, retiring only when the neurodegenerative disease that ultimately took his life rendered him unable to perform his duties.

In addition to providing spiritual guidance and comfort to congregants, hospital patients and grieving families, my father conducted a separate business as the owner of rental houses. This not only helped my dad support our large family, it also provided him a way to informally share the teachings of Christ through his day-to-day actions. He would allow renters to pay what they could, when they could, even if they fell months behind on their payments. He would drive renters who didn't have their own transportation to doctor's appointments, court dates and the grocery store. He would lend them tools, and sometimes money. His houses were modest and inexpensive, well-suited to the needy families, single mothers, ex-cons, and poor older adults who typically had no family support system. Renters sometimes took advantage of his kindness. He forgave them and stayed the course. I miss him.

Attention

Several people stabbed at daycare nursery in Queens, New York, including children

knife attack queens
© FILE PHOTO Darren Staples / Reuters
A knife attack has left multiple people wounded in a daycare center in Queens, New York, reports, citing police, say. Children are among the victims. The female suspect is in custody.

The incident happened early Friday morning in a home operating as a daycare nursery in the Flushing neighborhood of Queens.There are reportedly at least five victims, including three children. One of girls is in a critical condition, but none of the injuries are believed to be life-threatening.

Comment: An increase in knife attack stories have been seen in Europe and the US in recent months:


Broom

Codepink activist dragged from stage for disrupting US official's anti-Iran speech

codepink founder benjamin disrupts anti-iran speech
© CSPAN
Security personnel struggle to remove Benjamin from the stage.
A prominent anti-war activist was dragged out of a meeting attended by the US special envoy to Iran, but not before she stepped onto the stage and took aim at the official's hawkish anti-Iranian speech.

CODEPINK Co-Founder Medea Benjamin stormed the stage of Wednesday's event hosted by the Hudson Institute, a right-wing think tank, following a speech given by US Special Envoy Brain Hook. During the speech Hook took aim at the 2015 Iran nuclear deal while praising the ratcheting up of sanctions against Tehran.

"That is the most ridiculous thing I have seen.The world community wants to keep the Iran nuclear deal," Benjamin said as she took to the stage with a security guard following closely behind.

Responding to Hook's demand that Iran should act "like a normal country," Benjamin continued: "Let's talk about normal countries. Let's talk about Saudi Arabia. Is that who our allies are? They are the biggest threat to the world community."

Moving on to the US-backed, Saudi-led intervention in Yemen, Benjamin attacked a passive Hook for his comments on the conflict, now in its fourth year. "And how dare you bring up the issue of Yemen? It's the Saudi bombing that is killing most people in Yemen."

Comment: Unfortunately, while she makes valid points, such stunts diminish her credibility and that of others who more reasonably voice opposing views on the US's current stance on Iran.


Arrow Down

'Detachment from real life': Bono talks populism in Europe with WaPo journalist Zakaria

U2 frontman Bono
© Christian Hartmann / Reuters
U2 frontman Bono
In poverty-stricken Kiev, Ukraine, a millionaire TV host and Washington Post writer sat down with a multimillionaire musician to discuss Europe's rising tide of populism. Unsurprisingly, readers learned little.

Journalist Fareed Zakaria, a Harvard-educated millionaire with his own CNN show on Sundays wanted to understand how Europe, a continent finally at peace after centuries of conflict, could be succumbing to the rise of "populism and nativism."What, he wondered, could be fuelling Europeans' newfound Euroscepticism and "hostility toward strangers, foreigners, anyone who is different."

Rather than ask a Spaniard watching migrant boats plow ashore on his country's beaches, or a Dutchman whose picture-postcard village now features a mosque and ten kebab shops, Zakaria sat down with U2 frontman Bono, for an article published in the Washington Post on Thursday.

"Europe needs to go from being seen as a bore, a bureaucracy, a technical project, to being what it is: a grand, inspiring idea," the singer opined. He argued that while the EU has enacted mountains of legislation, it has failed to capture the imagination of Europeans.

Comment: See also: Celebrity philanthropist Bono revealed to be a crony of bankers and neocons in new book, The Frontman


Bizarro Earth

Cody Wilson, 3D gun pioneer, wanted for sexual assault of a minor - UPDATE

Cody wilson 3d gun
© Kelly West / Agence France-Presse
File photo of Cody Wilson, founder of Defense Distributed, holding 'The Liberator' £d-printed gun
Outspoken gun and speech rights activist Cody Wilson has been charged with sexual assault of a minor he met online using the website SugarDaddyMeet.com. Authorities believe he is currently on the run in Taiwan.

Wilson allegedly met the girl for coffee on August 15 before the two had sex in the Archer Hotel in Austin, Texas, for which he paid the girl $500, according to investigators. Wilson operated a profile on SugarDaddyMeet.com under the handle 'Sanjuro' and reportedly told the girl he was a "big deal," according to the court affidavit. SugarDaddyMeet requires that users be over 18 years of age to register, but police confirmed the girl in the case is, in fact, just 16.

On August 22, the girl went to see a counsellor to whom she described her sexual encounter with Wilson. In the US, counsellors are legally obliged to report sexual assault of minors to the authorities.

Comment: More on Mr. Wilson: Update: The New York Times reports:
Cody Wilson, a leading proponent of 3-D printed guns, has been arrested in Taiwan after being charged in Texas with sexually assaulting a 16-year old girl there, Taiwanese officials said on Friday.

The police arrested Mr. Wilson in the Wanhua district of Taipei and delivered him to the National Immigration Agency, officials in the city said.

The police in Austin, Tex., said on Wednesday that Mr. Wilson had failed to board a flight back to the United States from Taipei, and that they had asked the United States Marshals Lone Star Fugitive Task Force for help locating him. The marshals will return Mr. Wilson to local Austin authorities after he returns to the United States, the Austin police department said Friday.

He had not been charged when he went to Taiwan, so he is not considered to have fled the country.

Mr. Wilson, 30, is accused of taking a girl he met via the website SugarDaddyMeet.com to a hotel in Austin on Aug. 15, having sex with her and paying her $500 in cash.

Before he left for Taiwan, a friend of the girl told him that he was under investigation for assault, the Austin police have said. Taiwan and the United States do not have an extradition treaty but have agreed to provide mutual legal assistance in criminal matters.

The state-owned Taiwan Central News Agency reported on Friday that a real estate agent who had seen local news stories about the sexual assault charge told police that Mr. Wilson paid a deposit on an apartment on Wednesday. Mr. Wilson was arrested by officers with the Criminal Investigation Bureau at a hotel in Wanhua, according to the report.

Mr. Wilson could be blocked from owning a firearm for life if convicted, legal experts said. He faces a sentence of up to 20 years, Austin officials said on Wednesday.



People 2

#MeToo decrees all women must be believed - except when their stories upset the prevailing narrative

Woody Allen, Soon-Yi Previn
"Believe women" is a central tenet of #MeToo, the media movement that has become the de facto path to justice for anyone who claims to have been victimised by a public figure. Given, however that presumption of innocence is one of the most fundamental principles of a democratic society, "believe women" is, or at least ought to be, a controversial demand (and as the slogan's imperative suggests, it is indeed a demand). For despite, in some ways, being an understandable response to what many perceive to be decades of abusive and sexual misbehaviour in the entertainment and media industries, "believe women" is a request that explicitly undermines the presumption of innocence.

Despite this inconvenient fact, the movement has become a cause celebre among those very factions of society who claim to care most deeply about democracy. How to square that? Particularly when it appears "believe women" may not actually apply to all women judging from the media cycle this week following a rare interview with Woody Allen's wife Soon-Yi Previn published in New York Magazine last Sunday.

Previn, the 47-year-old adopted daughter of Mia Farrow and composer Andre Previn, has maintained a decades-long silence since the exposure of her affair with Allen in the early 1990s when he was still dating Farrow. Debate has long raged about the appropriateness of their relationship in light of the fact the director was, at least in theory, something of a father figure in Previn's unusual family set-up, which included thirteen siblings, as well as the fact she was only 21 and Allen 56 when news of their affair first broke (that Farrow was herself 21 when she married a 50-year-old Frank Sinatra is apparently irrelevant in this saga). Relations between the parties were strained yet further when, shortly after discovering the relationship, Farrow accused Allen of molesting her younger daughter Dylan.

Stock Up

Russia's stock market hits another all-time high, further ruble growth

MOEX
© Sergei Karpukhin/Reuters
The Ruble-traded MOEX stock index is enjoying a bumper week as it reaches all-time highs on an almost-daily basis.The growth is linked to the strengthening Russian currency despite a threat of new US sanctions and high oil prices.

The MOEX index surged to 2,423 points on Thursday as the ruble rose to 66.3 against the dollar and 77.7 against the euro. The dollar-denominated RTS index is also on the rise, growing to 1,351 points.

"The Russian stock market has every chance of further growth due to the stability of oil prices and the strengthening ruble. Most investors pay attention to oil prices and the stability of this sector," Gaidar Gasanov, expert at the International Financial Center, said.

The MOEX index includes shares from the 50 largest Russian companies, including Sberbank, Gazprom, Rosneft, UC Rusal, Novatek, and other companies. The growth of the index was preceded by a noticeable rise in the price of shares of Russian energy companies and leading bank Sberbank.

Comment: See also:
Russian stock market hits all-time high as ruble strengthens despite US sanctions pressure


Bullseye

Horrific: Viral Aussie emu-killer arrested & charged with animal cruelty

Emus running down road
© NSW RSPCA
The Australian man who filmed himself running over a number of emus has been arrested and charged with animal cruelty. Animal welfare groups have described the viral video as "horrific."

According to police, the incident took place in Cowangie, a town approximately 500km (300 miles) northwest of Melbourne.The brutal footage sparked outrage across social media both in Australia and around the world in recent days.

"F**king emus... This is f**kin' great - I've got that one too, and that one," the man says, cheering and laughing as he strikes the fleeing birds.

Attention

Government report claims UK's nuclear facilities 'not fit for purpose'; maintenance delays created a 'ticking time bomb'

HMS Vengeance
© David Moir / Reuters
HMS Vengeance
Budget constraints are preventing the UK's Ministry of Defense (MoD) from scrapping potentially dangerous nuclear subs, a new government report showed, noting that some nuclear-servicing facilities were "not fit for purpose".

The condition of some of the UK's 13 nuclear sites and constant delays in maintenance created "a ticking time bomb," House of Commons Public Accounts Committee (PAC) said in their latest report.

The document, published Friday, earmarked two facilities in particular which are in need of urgent upgrades - the Atomic Weapons Establishment (AWE) and Devonport Dockyard, where the Royal Navy's nuclear submarines are refitted. It said further investment delays are no longer acceptable.

Although they had deferred dismantling on affordability grounds in the past, this was no longer acceptable on safety and reputation grounds," the report said, noting that it is likely that the first sub will not be dismantled until the mid-2020s. The UK currently possesses 20 submarines awaiting disposal, nine of which contain fuel (the type of fuel is not specified).

Comment: The UK government's incompetence is seemingly limitless: