This comment is mainly for Psychohistorian and his continual prescription of public vs private banking as the cure-all for what ails the Evil Empire, not to mention his idealisation of China as a “socialist” economy. I think this comment also applies to VK and a few others who persist in the China as mankind’s socialist saviour meme.
And I fully anticipate the “Bloomberg is a CIA media front” response which is trotted out endlessly without regard to facts whenever facts are pointed out which run counter to the perception of reality of the prevailing blog zeitgeist (whatever that maybe at the moment).

Private banking in China will get a coattail effect from its explosion in personal wealth, which is likely to keep proliferating despite growing at a nearly 20% annual clip during 2006-17. China is home to 185 trillion yuan ($27 trillion) in personal fortunes, according to CMB and Bain Consulting. Cash and deposits, at roughly 85 trillion yuan, are sufficient liquidity to fuel private banking sales over the next five years. Recent changes to China’s wealth management regulations will standardize both market practices and product design, which should attract more high-net-worth investors to private banking.
Individuals in China owned roughly 80 trillion yuan in real estate, securities and wealth management products in 2017. Another 20 trillion yuan was invested in overseas assets, life insurance and other products.

ICBC is touted as a “state-owned” multinational bank which also trades on the Shanghai and Hong Kong stock markets, as well as stock markets worldwide.
ICBC is the largest “private bank” in the world. It’s US branches are FDIC insured, which means of course they are TBTF.
What this indicates to me is “Socialism with Chinese characteristics” is merely a fake news headline covering for the fact that China is a solid member of the globalist capitalist imperialist club along with all the usual crooked suspects.
The ephemeral “but China’s economy is fastest growing and the middle class has expanded while the US/West economic growth has stagnated” meme merely reflects that China remains (barely) in the second stage of developing capitalist economies. If you understand Marxism you will know that once China extends to the highest stage of development (imperialism) then net capital investment inflows will begin to dry up and increasingly net investment capital outflows to newly developing capitalist economies will begin to put the squeeze on Chinese middle class wages and wealth creation.
This is the current state of the US/EU and both have moved more towards libertarian austerity as a result, thus the unease of the western white middle and working classes, who are currently trending fascist in response to these global-elitist bought and paid for political “movements” toward fake nationalist xenophobic populism. Same as it ever was.
Then and only then, when investment outflows start to surpass inflows will we be able to test the validity of China as a socialist (or at least a capitalist welfare) state meme. For now this remains “wishin and hopin” chatter.
In other fake news, as I have long since predicted, Trump is now in the process of sucking up to Xi, and will soon capitulate in his fake tariff war against China, proclaim “victory” while gaining nothing for Amerikkkan workers beyond some nonsensical talking points which his base will eat up (while the rest of us knowingly smirk…and do nothing about except misdirect our chatter towards the failure of leftism) running up to the 2020 election.

Posted by: donkeytale | Jun 30 2019 16:15 utc | 3

@2 sunny rb – yes, i agree.. false equivalency doesn’t work for me either..
how about this for another false equivalency.. there’s a lot of it to see!
who do you vote for? mexico, or israel??
https://twitter.com/silas_reynolds/status/1145280894791495680

Posted by: james | Jun 30 2019 16:23 utc | 5

article from eric zuesse equating the refugees with usa’s wars for regime change..
US Government Tops All for Creating Refugees

Posted by: james | Jun 30 2019 16:31 utc | 7

Here is a little petition from Wikipedia Co-Founder Larry Sanger. I hope it fits here:
Decentralize and boycott social media on July 4-5: a Declaration of Digital Independence
Humanity has been contemptuously used by vast digital empires. Thus it is now necessary to replace these empires with decentralized networks of independent individuals, as in the first decades of the Internet. As our participation has been voluntary, no one doubts our right to take this step. But if we are to persuade as many people as possible to join together and make reformed networks possible, we should declare our reasons for wanting to replace the old.
We declare that we have unalienable digital rights, rights that define how information that we individually own may or may not be treated by others, and that among these rights are free speech, privacy, and security. Since the proprietary, centralized architecture of the Internet at present has induced most of us to abandon these rights, however reluctantly or cynically, we ought to demand a new system that respects them properly. The difficulty and divisiveness of wholesale reform means that this task is not to be undertaken lightly. For years we have approved of and even celebrated enterprise as it has profited from our communication and labor without compensation to us. But it has become abundantly clear more recently that a callous, secretive, controlling, and exploitative animus guides the centralized networks of the Internet and the corporations behind them.
The long train of abuses we have suffered makes it our right, even our duty, to replace the old networks. To show what train of abuses we have suffered at the hands of these giant corporations, let these facts be submitted to a candid world.
Principles of Decentralized Social Networks
1. We free individuals should be able to publish our data freely, without having to answer to any corporation.
2. We declare that we legally own our own data; we possess both legal and moral rights to control our own data.
3. Posts that appear on social networks should be able to be served, like email and blogs, from many independent services that we individually control, rather than from databases that corporations exclusively control or from any central repository.
4. Just as no one has the right to eavesdrop on private conversations in homes without extraordinarily good reasons, so also the privacy rights of users must be preserved against criminal, corporate, and governmental monitoring; therefore, for private content, the protocols must support strong, end-to-end encryption and other good privacy practices.
5. As is the case with the Internet domain name system, lists of available user feeds should be restricted by technical standards and protocols only, never according to user identity or content.
6. Social media applications should make available data input by the user, at the user’s sole discretion, to be distributed by all other publishers according to common, global standards and protocols, just as are email and blogs, with no publisher being privileged by the network above another. Applications with idiosyncratic standards violate their users’ digital rights.
7. Accordingly, social media applications should aggregate posts from multiple, independent data sources as determined by the user, and in an order determined by the user’s preferences.
8. No corporation, or small group of corporations, should control the standards and protocols of decentralized networks, nor should there be a single brand, owner, proprietary software, or Internet location associated with them, as that would constitute centralization.
9. Users should expect to be able to participate in the new networks, and to enjoy the rights above enumerated, without special technical skills. They should have very easy-to-use control over privacy, both fine- and coarse-grained, with the most private messages encrypted automatically, and using tools for controlling feeds and search results that are easy for non-technical people to use.
10. We hold that to embrace these principles is to return to the sounder and better practices of the earlier Internet and which were, after all, the foundation for the brilliant rise of the Internet. Anyone who opposes these principles opposes the Internet itself. Thus we pledge to code, design, and participate in newer and better networks that follow these principles, and to eschew the older, controlling, and soon to be outmoded networks.
We, therefore, the undersigned people of the Internet, do solemnly publish and declare that we will do all we can to create decentralized social networks; that as many of us as possible should distribute, discuss, and sign their names to this document; that we endorse the preceding statement of principles of decentralization; that we will judge social media companies by these principles; that we will demonstrate our solidarity to the cause by abandoning abusive networks if necessary; and that we, both users and developers, will advance the cause of a more decentralized Internet.
[Sign the petition:]
https://www.change.org/p/social-media-executives-decentralize-social-media-a-declaration-of-digital-independence

Posted by: blues | Jun 30 2019 16:40 utc | 9

James @7 Interesting that Zuesse fails to mention Libya. Zerohedge has reposted an article from TomDispatch titled “For Americans war has always been a spectator sport” that usea Tripoli as a setting. Worth the read.

Posted by: the pessimist | Jun 30 2019 16:57 utc | 11

The programmers in India are well capable of writing good software. The difficulty lies in communicating the design requirements for the software. If they do not know in detail how air planes are engineered, they will implement the design to the letter but not to its intent.

I worked twenty years in commercial software development including in aviation for UA and while Indian software developers are capable, their corporate culture is completely different as is based on feudal workplace relations of subordinates and management that results with extreme cronyism, far exceeding that in the US as such relations are not only based on extreme exploitation (few jobs hundreds of qualified candidates) but on personal almost paternal like relations that preclude required independence of judgment and practically eliminates any major critical discussions about efficacy of technological solutions and their risks.
Being powerless within calcifies totalitarian corporate culture facing alternative of hurting family-like relations with bosses’ and their feelings, who emotionally and in financial terms committed themselves to certain often wrong solutions dictated more by margins than technological imperatives, ultimately promoted wide spread culture of obscurantism and opportunism what amounts to extreme office politics of covering their own butts often knowing that entire development strategy is flawed, as long as they are not personally blamed or if they in fact benefit by collapse of the project.
As I worked side by side and later as project manager with Indian developers I can attest to that culture which while widely spread also among American developers reaches extremes among Indian corporations which infect often are engaged in fraud to be blamed on developers.
In fact it is shocking contrast with German culture that practically prevents anyone engaging in any project as it is almost always, in its entirety, discussed, analyzed, understood and fully supported by every member of the team, otherwise they often simply refused to work on project citing professional ethics. High quality social welfare state and handsome unemployment benefits definitely supported such ethical stand back them
While what I describe happened over twenty years ago it is still applicable I believe.

Posted by: Kalen | Jun 30 2019 16:58 utc | 13

Gzon @ 10 and james @ 1
Stating “globalism” is antithetical to “multipolarity” is a non-sequitor.
Globalism is the financial structure (or “system” if you will) through which capitalist enterprises function. This is complex of course and includes capital markets, corporations, multinational corporations, currency markets, commodities markets, trading agreements. Politicians intervene in the functioning of globalism so there is seldom if ever anything like a globalism free of political influence.
OTOH, “multipolarity” has no structure that I can see. It is an empty vessel, purely a political, statist-inspired idea (whereas globalism is a “thing” which contains political and economic ideas of course but those ideas may or may not be statist in concept depending on the context) which can mean anything to anyone at any point in time. I guess I would say the term is purely Orwellian. Thus, without reading anything other than James’s comment I would guess the author’s idea is either nonsensical or propagandistic in nature.
For me, the world became “multipolar” the minute the US invaded Iraq in 2003. The idea that the US wishes to maintain its “unipolar” leadership of the world may be true in the wishful sense of some neocons, however if the US ever held unipolar control in reality it was briefly during the period after the downfall of the USSR and up until the conquest of Iraq.
Today, I view the world as both multipolar and globalist. While many of the political and economic tensions we see result from the disconnects between national political and global economic conditions, I think we must admit if we are honest that many of the more recent tensions are simply the result of Trump’s presidency, which has the intended affect of being “a bull in the china shop” of the globalist system.
This is not necessarily a bad thing in theory. Sadly, however, Trump is a geopolitical and foreign policy moron who doesn’t know what he is doing beyond enriching himself and creating daily fake news headlines in hopes of being re-elected on behalf of the same global elites he playacts at combatting for his worshipful audience of true believers.

Posted by: donkeytale | Jun 30 2019 17:38 utc | 15

Trumps bromance with Kim Jong-Un is back on again after Pompeo spurned the relationship last time. Perhaps a diversion from focusing on why Huawei was a security threat a few weeks ago to now they are not and other issues. Pompeo was the one who stuck a pipe in the gears of the last meeting where he wanted North Korea to give up all nukes and thus open themselves up to be another Libya. North Korea is fortunate though that they do not have oil, else they would have been taken out long ago.
Trump still has harsh sanctions, an act of war, on North Korea, Iran and Venezuela. His good cop/bad cop musical is being choreographed by neocon dimwits with a history of failure. Trump also has a bromance with “bonesaw” bin Salmon , providing weapons and air support for the genocide in Yemen, so the idea he has a humanitarian heart is absurd.

Posted by: Stever | Jun 30 2019 17:53 utc | 17

Open Thread Science Lesson
In some Biology classes students learn of the relationship between critters like sharks and smaller ones called remoras. This is generally a case of the little sucker fish getting both a free ride and a degree of protection because of being so near the large shark. In this ”Commensalism” the shark isn’t harmed.
Matters get a little uglier when the parasite wants more than the free ride.
[anti-semitic bullshit deleted – see my comment below for the reason – b.]

Posted by: Zachary Smith | Jun 30 2019 17:59 utc | 19

@Zachary Smith – You did not link the piece that you try to abuse to make your argument. That is quite misleading as the money involved is:
a. Peanuts from a minor of many much larger funds that Department spends allover.
b. To secure facilities that have a higher chance of getting attacked.
Jewish Groups Get 94% of Homeland Security Grants

The Department of Homeland Security allocated to Jewish institutions $12 million, or 94 percent, of $13 million in funds for securing nonprofits.

You are doing exactly what many Zionists do. You conflate Jews and Jewish institutions with support for Israel. That is anti-semitic.
You compared Jews in general with parasites. That is also anti-semitic.
This spending of funds is IMHO not unreasonable. Why conflate it with the massive support the U.S. gives to Israel? Why not look into the reasons for that?

Posted by: b | Jun 30 2019 18:19 utc | 21

@11 the pessimist.. that is interesting how zuesse didn’t mention libya.. perhaps because its not on the graph he shared?
For Americans, War Has Always Been a Spectator Sport that’s the article you refer to… thanks..
@15 donkeytale.. i think the usa is still operating, thanks the institutions that favour it – specifically swift – bis, imf, world bank and etc – as a unipolar type of role.. now, it might be breaking apart, but globalism verses mulitpolar is how the author of the article framed it, as i read it.. don’t ask me to explain his rationale, or the idea of why russia is always relegated as separate from europe, other then to justify the insane relationship the usa wants to have with europe, which includes nato, and etc. etc.. there is no other way to read the article, other then another propaganda hit piece of sorts..
@18 aaaa.. i am sorry to hear that.. i enjoyed reading him back around 10 years ago.. he was insightful and bang on most of the time..

Posted by: james | Jun 30 2019 18:47 utc | 23

@ b | Jun 30, 2019 2:19:33 PM #21
A trivial part of my post was highlighted and accurately described as “peanuts” – the sums involved really are chump change compared with the the tens/hundreds of billions given to the apartheid Jewish state since its creation.
As for the rest, at post time I had predicted to myself the sort of language I’m seeing now would come from the Sunny Runny Burger hasbara operation. That has turned out not to be the case.
I’ve been reading a lot about how the government of Germany has been falling in line with Canada and Australia in protecting the apartheid state, so perhaps vanishing my “anti-semitic” scribbles was the prudent thing to do in terms of ‘site protection’.
Best wishes to the majority of those here. For the most part I’ve enjoyed the interactions we’ve had.

Posted by: Zachary Smith | Jun 30 2019 19:14 utc | 25

@Zachary Smith
Who but a zionist of a nazi would call people of Jewish believe a race or nation? Who but a Zionist of a Nazi would call Israel a “Jewish state”?

Posted by: b | Jun 30 2019 19:26 utc | 27

donkeytale | Jun 30, 2019 1:38:21 PM | 15 says:
‘Globalism is the financial structure (or “system” if you will) through which capitalist enterprises function.’
What B.S.!!
An economic system, of which the financial system is a part of, is one of the fundamental structures of any society. Societies in today’s world are defined at the sovereign state level, and the economic systems are defined by the governments of these states, which are supposed to function on behalf of the population of each state, and in democratic states, are also supposed to be under the control of the overall population through their democratic institutions. International institutions are there to coordinate commerce between the different economic systems of sovereign states.
‘Globalism’ as discussed in these blogs, in opposition to ‘multi-polarity’ is not about global commerce, but rather about an effort by a certain group of wealthy elites, primarily centered in London and New York, and commonly referred to as ‘Globalists’ to transfer the authority for the definition and control of economic systems from sovereign states to a set of international institutions under their control.
In doing so they strip the sovereignty from sovereign states, as as already happened with the EU, and create a global dictatorship, under the control of the ‘Globalists’ and completely isolated from any democratic oversight. A fascist project in the purest sense of fascism.
The ‘Multi-polar’ group of nations are those nations who oppose this fascist project and who are working to maintain and restore the sovereignty of nations.

Posted by: dh-mtl | Jun 30 2019 19:51 utc | 29

James @ 23 – well the US may “think” we are operating in a unipolar role but there is at least 1/350MM of Amerikkkans who don’t believe it for a second.
And that little boy is me.
Srsly, though the amount of conjecture wasted on SWIFT in particular is somewhat misunderstood by the conspiracy minded. The US controls the global financial transactional banking system? If so we pay a very high price for that control. Changing these systems which already exist and that all the banking participants trust will work cleanly (no small matter given the amount of banking transactions) comes with very high transitional/transactional costs so don’t expect this change to happen until or unless there is also some major and horrific event to actually trigger the need to change. Or a cheaper alternative appears (see below).
China’s ruling elites especially have no reason to wish for any type of change in the current monetary/financial system. They are doing quite well positioned exactly as they are…and surely rooing the day (if they are truly Marxists) when they replace the US/EU/Canada at the top of the imperialist heap. Because from the top history proves it will only run downhill from there for the average Chinese worker. The Yuan/renmimbi becomes the strongest world currency? Bring it on. A rather startling amount of the US trade deficit results from USD unfavourable exchange rate versus the Yuan. The Yuan at higher exchange rate than the dollar is the last result China wants for its export economy. The US and China are tied at the hip, Trump’s trade war be damned.
And, what if a private multinational corporate monetary system directly owned and controlled by global gazillionaires replaces SWIFT and not some Chinese/Russian variation? What result will we, the average people of all countries, obtain from there? This could very well occur in the fascist globalist future, especially as blockchain is actually a much more efficient system than current. Paypal for instance which b utilizes clears international payment transfers more or less instantly (using credit cards) while the bank takes days or weeks with an old fashioned check and if we send him coin this forces b to trudge down to his bank….if he has one….and then must explain to the authorities exactly what he did to suddenly harvest all this cash….

Posted by: donkeytale | Jun 30 2019 20:02 utc | 31

@ donkeytale 15
I think the world has always been multipolar, the differences that give the definition coming to (being presented to) the forefront, or being dissimilated, according to choice and circumstance. The globalist direction aims to interweave or merge these differences (cultural and historic, religion, philosophy and so on), or at least bring them under a common control. So the idea that multipolarity represents anything more than increased recognition of various regional power as opposed to recognition of one regional power (say western) as more visible, is not much more than an indication of how global policy will be conducted, i.e. with an emphasis on regional responsibility.
Recent US policy is not aimed at destroying the globalist order, it is a result of the failure of one format of the globalist order, where the global financial order no longer fitted into national or regional economic sense. This was the gfc, and there is simply no way to continue the flow of trade and finance as it existed for the previous decades. The easing of rates across the globe is paliative, it is no solution, you only have to look at national debt levels to understand this, or in Eurozone try target2 differences. The world is now partly funded by negative yielding debt. All of this works contrary to capitalist (in its basic honest philosophy) understanding. In short “something” is going to happen to readjust this circumstance, planned or otherwise. I have watched how in EU the single currency has been used to takeover the traditional national hierarchies (banking, political and to a degree social), but we don’t have that sort of framework accepted at global level, only various currency pegs, bilateral arrangements and so on. The IMF and sdr is not much liked. What I have noted is virtual central bank currency is being promoted in several ways, be it the bis just announcing it may become a necessity face to cryptocurrency or similar (with a caveat of harmonising monetary policy) , EU organising a parallel payment system that avoids commercial banks, even Instex is along these lines. Where the US and some others truly stand with regard to this is a different question, as for now it (et al) still enjoy a financial hegemony that is both organised and profitable. Interesting times, I just hope that a major event is not the catalyst for reform, that the various parties can agree to withdraw to more localised structure and agreement if any grand plans meet the resistance or failure that is already partly visible. I doubt that will be allowed though, by the time people really want to take part, there won’t be much option left and circumstance will already be already confused and conflictive.

Posted by: gzon | Jun 30 2019 20:25 utc | 33

“Infamy, infamy, they’ve all got it in for me” 😀
I wished Hamas would learn from Hezbollah instead of playing into Israeli traps. I wished Hamas and Israel could literally pound sand instead of hitting each other (or rather the people unfortunate enough to be under their rule). I suggested the world hold them to ransom over Jerusalem (although no deaths, the inhabitants get to move out) whom both sides claim to love, all in order to make them do that instead of hitting each other.
Those who protested couldn’t understand any of that and ignored it. It could seem as if all they had in their mind was that someone had suggested that Jerusalem disappear from this world.
They acted precisely like the people they claimed to oppose…
Considering this one might conclude that the threat would work extremely well against at least Zionists, which is encouraging 😀
On a related I note by chance I saw some article recently speculating about whether Hamas was created by Israel, I didn’t read it and don’t know what conclusions —if any— it made. Can’t remember which site it was, I don’t think it was South Front or Unz or Saker but some site like it.
Maybe it was Hasbara who wrote it according to Zachary?

Posted by: Sunny Runny Burger | Jun 30 2019 20:28 utc | 35

Posted on Zerohedge today:
libra wests response to China
Donkeytail have you read it?

Posted by: the pessimist | Jun 30 2019 20:36 utc | 37

In case there are others aside from myself interested in the G-20 outcomes, here are a few links to what IMO’s important. Go here to get the links to the three main documents G-20 produced: “G20 Osaka Leaders Declaration,” “Osaka declaration on digital economy,” and “G20 Osaka leaders’ statement on preventing exploitation of the internet for terrorism and violent extremism conductive to terrorism (VECT).” Pepe Escobar’s recap. Transcript of Putin’s post G20 news conference.
I hoped when I added the presser link to the Putin interview thread and hinted there were connections between them that another line of analysis would develop, but it seems participants were way to immersed/invested in the liberalism debate to bother.
From the press conference, I’d like to point-out one of the Q&As related to the illegal sanctions regime, economic development and how they interact with Trump’s 2016 Campaign Pledges as we begin the 2020 election cycle:
“Question: Mr President, you have given an extensive overview of different topics. A short time after you last met with Donald Trump, the Americans introduced new sanctions against Russia. Could you tell if you received some reassurances from Donald Trump that no new sanctions will follow this time, or do you think sanctions may be imposed again? Or are you confident that there will no more sanctions?
“Vladimir Putin: I have no idea. This is not our business; it is up to the United States to think about how they should build relations with Russia. I think we have mutual understanding that we should somehow get out of the situation that has emerged so far. But this is the same as with our colleagues and partners from the UK. It is an abnormal situation, it must be simply rectified; we must somehow find the strength to turn the page, to move on and to look to the future. It is the same in relations with the United States.
“I told you that we reasserted our wish to support the business community’s proposal regarding tools for the support of business initiatives. But it shows that the incumbent Administration has intentions to somehow continue with this abnormal situation. I spoke about our trade with the United States and with some other partners. Obviously, $25 billion in trade does not meet our interests and does not reflect our potential.
“That is why I have no idea if they will do anything or not. At any rate, one thing is sure – we are not going to ask for anything. No means no. And if there is interest, we will respond in kind and will do everything we can to turn the situation around.
“Let me reiterate, I meet with US businesspeople, including at the St Petersburg Economic Forum. 550 people went there. They want to work. That means jobs, that means goals the President of the United State is trying to achieve. I actually said in that interview that after the globalisation processes led to such big growth of the world economy, even the middle class in the United States felt they were left behind. While large corporation made huge profits, their management got a lot of advantages as did their partners, the middle class did not, not very much. Wages remained the same, and the standard of living began to grow a little. Jobs are needed and conditions to raise real incomes of US citizens. To achieve that they need to expand cooperation and work with everyone, including Russia.
“They restricted the operation of their companies in the Russian market. We made calculations across some European countries, and it really amounts to lost profits. Cutting exports (our imports are their exports) amounts to tens of billions of euros. That means jobs, either job cuts or jobs that were not created. The same applies to the United States. I hope that sanity will prevail in the end.”
It appears that Trump needs to end his Trade and Sanctions Wars (although all the illegal sanctions aren’t his doing) in order to bolster his reelection chances. The questions are, Will the sanction hawks like Mnuchin try to impede such a policy change since it seems to be required for domestic politics and How will D-Party candidates treat the issue, particularly as several are hooked on Russiagate Koolaid?
And do please note the question about the interview at the end, Putin’s answer and how he put in within the context of the G20!

Posted by: karlof1 | Jun 30 2019 20:46 utc | 39

donkeytale | Jun 30, 2019 4:17:38 PM | 32
I am afraid that I cannot agree with much of what you said.
Dictatorship, as a governance system, has always failed, and will always fail. The ‘Globalists’ who grabbed power, and imposed an effective oligarchic dictatorship, in the U.S. in 1980 and the EU since 1990, have clearly demonstrated this fact through the destruction of the economies of the U.S. and much of Europe and the impoverishment of their populations. And since 2001, they have used the U.S. and British military and intelligence services and NATO as their personal bludgeon in order to force the submission of any state that did not voluntarily submit to their project of a ‘Global’ dictatorship.
Resistance to this ‘Globalist’ project is at the root of almost all conflicts in the world today. The ‘Multi-Polar’ nations resisting the ‘Globalists’, in Ukraine, Syria, North Korea, Venezuela, etc. is one front in this resistance. The other front is the resistance of ‘Nationalists’ (such as Trump, the Brexiteers, the Yellow Vests, and populists across Europe) to the ‘Globalists.
The Trump Presidency is not the cause of tensions in the world today, as you suggest, but rather the symptom. Trump understands that without an industrial base, the U.S. is condemned to becoming the ‘India’ of the Americas’. The central theme of his actions is to restore the U.S. industrial base and U.S. sovereignty, which have largely been destroyed by the ‘Globalists’ and their ‘Deep State’ machine over the past 40 years. The ‘Globalists’ need only the U.S. military and intelligence services, and care nothing for its population and less for its sovereignty, and thus are fighting Trump every step of the way.
Trump may be coarse and a buffoon, and he may be completely wrong in carrying Israel’s water with respect to Iran, but he is just about the only American politician that I see that is working on behalf of the U.S. population rather than on behalf of the ‘Globalists’.
Reversing the ‘Globalization’ that has savaged the U.S. and Europe over the past several decades will not come easily, nor without pain and tensions, and winners and losers. However failure to do so guarantees the likely rapid and long term decline and impoverishment of all populations under ‘Globalist’ control.

Posted by: dh-mtl | Jun 30 2019 21:25 utc | 41

From Haertz. An encouraging trend (i broke the link)
https://www.google.com/amp/s/www.haaretz.com/amp/us-news/
.premium-growing-number-of-u-s-jews-support-evacuation-of-west-bank-
settlements-study-finds-1.7314699
“In last year’s survey, 70 percent of American Jews questioned said that caring about Israel was “a very important part of my being a Jew.” In this year’s survey, their share had dropped to 62 percent. The percentage that “strongly disagreed” with this statement had risen from 9 to 15 percent.
Moreover, the share that considered a thriving Israel vital for the long-term future of the Jews dropped from 79 to 72 percent.
This trend of disengagement from Israel was most pronounced among younger and secular American Jews. Only 44 percent of people between the age of 18 and 29 and 42 percent of the secular respondents said that Israel played a significant role in their Jewish identity.”

Posted by: Pft | Jun 30 2019 21:28 utc | 43

Great quote of Putin by karlof1 @39. That final sentence says much, though:
“I hope that sanity will prevail in the end”
That is a polite way of saying that sanity is not prevailing at the moment. Putin pointing out that there is nothing Russia can do about the current relationship between the US and Russia leaves no illusions as to who the insane party is. It is not within Russia’s power to make America sane. There are no magic words they can utter to fix what ails the US.

Posted by: William Gruff | Jun 30 2019 21:32 utc | 45

james | Jun 30, 2019 4:35:48 PM | 36
Great find James, thank you!!
Donald Neff, the author of the piece you linked to, has authored, I believe, five books on Israel.
His book ‘Fallen Pillars – U.S. Policy towards Palestine and Israel since 1945’ is a must read for understanding the ongoing situation in Palestine and how this was facilitated by the U.S.

Posted by: Desolation Row | Jun 30 2019 21:46 utc | 47

@ wagelaborer who wrote
”
Globalism is the project in which capital has complete freedom to do as it will, while humans and national governments are forbidden such freedom.
”
Perfectly stated!
I appreciate you, dh-mtl, bevin and others responding to donkeytale. I have not read the comment because donkeytale is on bypass for me but it is nice to read other commenters taking on donkeytale BS for others to see….thanks

Posted by: psychohistorian | Jun 30 2019 22:04 utc | 49

Kamala Harris’s Hillaryesque tweet re Trump meeting Kim at DMZ:
“This President should take the North Korean nuclear threat and its crimes against humanity seriously. This is not a photo-op. Our security and our values are at stake.”
Comments on the thread are telling, and she’s not fooling anyone.

Posted by: karlof1 | Jun 30 2019 22:16 utc | 51

OT where will the 1 percent go when it gets too hot and the northern hemisphere is trashed?
Patagonia perhaps? apologies for the mindset behind this documentary by DW:
https://m.youtube.com/watch?v=wMPf231zDdw

Posted by: uncle tungsten | Jun 30 2019 22:24 utc | 53

The news about Boeing’s woes not only being reduced to the 737 model confirms my earlier comment about the issue that the company is suffereing from a chronic case of falling profitability — which confirms (again) Marx’s Law (of the “tendency of the profit rate to fall”).
Specially fruitful here because Marx’s Law precisely states the fall in profitability is more intense and devastating in the case where capital is bigger and more developed, not less — a feature that is counterintuitive to the mere observer. Boeing is a very big corporation, and thus it was expected, per Marx, that it would suffer more from falling profitability; meanwhile, the few growth that is happening in the First World is comming from the services sector — a sector which is less capital intensive and more capital extensive. Again confirming, empirically, Marx’s Law.
–//–
This shale oil/gas is no less important news. Careful analysis already knew shale oil/gas was a farce: the problem with it is that it provides a boom of production followed quickly by a bust (like an ejaculation). It follows a free-fall graphic line. This is awful for investors, who expect a more rollercoaster-like productivity typical of the normal oil reserves (slowly crescent production, with an apex, followed by a slow decline in output).
The USA will never be self-sufficient in oil. The government’s official projections are a farce and they know it.
See these reports for more information about shale extraction:
https://shalebubble.org/

Posted by: vk | Jun 30 2019 22:34 utc | 55

uncle tungsten @53–
Putin’s been criticized as a Climate Denier which has always been just another smear job. If you click the G20 press conference link, at the very beginning you’ll read him talking about how the Climate Crisis is affecting Russia is rather serious ways.

Posted by: karlof1 | Jun 30 2019 22:47 utc | 57

@50 Alexander P
Response to a few of your criticisms.
1. You say ‘You seem to imply that the ‘globalists’ (illuminati, Zionist bankers etc., etc.) did not exist or had power before the 1980s’.
Not at all. They lost power from the mid-1930s to 1980. They regained power with Reagan, followed by Clinton, W, and Obama. You only need to look at any graph that shows when income inequality in the U.S. began to ramp up. The date is clear – 1980.
2. You say. ‘If there truly were such politicians as ‘nationalists’ who somehow only hold the best interest of their native people at heart’.
I didn’t say that these ‘Nationalists’ or ‘Populists’ hold the best interests of their native peoples at heart. Usually they are only interested in what they see as best for themselves. But there is no doubt that they are resisting the ‘Globalists’ push to strip their countries of their sovereignty, to transfer their wealth to the ‘Globalist’ elites, to transfer their industries to wherever labor is the cheapest. I said that this was a ‘second front’ against the ‘Globalists’. And there is no doubt, from the fight that the ‘Globalists’ are waging against Trump, ‘Brexit’ and populists and nationalists across Europe, that the ‘Globalists’ take this ‘front’ seriously.
3. You say. ‘don’t go looking for help from false prophets, such as Trump’.
You are right. It is unlikely that Trump will be able to ‘Make America Great Again’. At best he may be able to break the ‘Globalists’ hold on power in the U.S. However, this is a necessary first step if the U.S. is ever to recover wealth and power that it had during the middle of the last century, but which today is rapidly evaporating.

Posted by: dh-mtl | Jun 30 2019 22:50 utc | 59

I agree with Alexander P that nationalist and populist presentation is often either controlled opposition or a method of splintering and isolating influence. That is not to say there are a lot of public in many countries who are sincere in their sentiment.
Sorry no link, recent :
“As he arrived at the Kempinski hotel lobby last December, journalists scuffled with bodyguards as they tried to get their microphones and cameras close. Despite being jostled, Zanganeh remained calm and waited to deliver a simple message: Iran can’t participate in OPEC’s production cuts as long as it remains under U.S. sanctions and won’t allow other members to steal its rightful market share.”
I.E. approval for continued reduced opec oil supply to support prices depends on Iran (?), lower prices otherwise affecting all other producers, and/or Iran is making the case that sanctions are a theft of market share by other producers. The latter has been a part of the cause of hostility in the gulf.
In Germany
“The 2018 report by the Federal Office for the Protection of the Constitution of Germany (Bundesmat fur Verfassungsschutz, BfV), which was released on June 27, 2019 by the Federal Minister of the Interior, Horst Seehofer and Thomas Haldenwang, head of the organization, examines the activities of the intelligence services of the Iranian regime in Germany….
The BfV annual report states: “The central task of the Iranian intelligence services is to spy against opposition movements and confront these movements. In this regard, evidences of state-sponsored terrorism in Europe, which originates in Iran, have intensified during 2018.” ” etc
is being used by ncr (the article source) to the effect of calling for closure of the Iranian embassy. That aside, the report does show Germany is moving towards, or is willing to, apply pressure on Iran now. France has also given indication that it is not fully behind Iran (reprimand and warning on not respecting jcpoa etc.)

Posted by: gzon | Jun 30 2019 23:04 utc | 61

Typo of mine 61 above, which I don’t usually bother with but here
“That is not to say there are NOT a lot of public in many countries who.. ”
makes a lot of difference.

Posted by: gzon | Jun 30 2019 23:08 utc | 63

dh-mtl @59–
You are correct to say inequality began rising again in 1980; however, the rise must be attributed to Carter and Volker–Reagan just continued the process. It seemed odd the GHW Bush initially opposed it as “Voodoo Economics” but readily championed it all as VEEP, making it just a political posture in the nomination race.

Posted by: karlof1 | Jun 30 2019 23:11 utc | 65

I remembered the title and have found the article named “Was Hamas really created by Israel?” (Robert Inlakesh 2019-02-11) and I saw it at AMN although it has been posted by other sites as well.
I still haven’t read it but at least “which article and where” is cleared up now 🙂

Posted by: Sunny Runny Burger | Jun 30 2019 23:23 utc | 67

Ziogolem 65
Try http://www.unz.com/article/dismantling-the-doomsday-machines/
to keep you from sleeping… and it only addresses the US and Russia hairtrigger, not the other nuclear powers and their state of preparation. It does have some positive suggestions though.

Posted by: gzon | Jun 30 2019 23:29 utc | 69

@David Goodrich 44
“Because unlike the secular PLO it began as a religious network and the Israelis figured Palestinian young men on the knees praying five times a day was better then PLO fighters. Plus divide and rule of course.”
Question. Who do you think is more likely to wear a suicide vest? A secular PLO member or a young man praying 5v times on his knees?
I am afraid your reasoning falls short. And when was the last time Israel treated anything with respect to Palestinians with “Benign neglect”. The answer is never.
Hamas was created by Israel and like anything they do, i.e. Al-queda, ISIS, etc, it gets out of control and turns on them, at least on the surface. These states must always have a an active enemy that” threatens their existence”. PLO made peace and recognized Israel in Oslo. So Israel was left without an enemy. No enemy, no existential threats. No existential threat, no way to achieve hegemonic agenda.
And of course, the assassination of the “traitor”Rabin, thereafter and back to the good ole days of rape and pillage with impunity.

Posted by: Uncle Jon | Jun 30 2019 23:41 utc | 71

Doing Due Diligence on Tulsi Gabbard by watching the 1:20 long interview by Jimmy Dore of which the first 20 minutes are excellent. At the 21 minute mark, Dore asks how can we end these endless wars. Paraphrasing Gabbard: Failure is not an option: We must end these interventionist wars as they suck the life blood out of doing the positive things that must be done to benefit Americans.
Prior to the above, Dore as an aside mentions that Howard Dean, the Podestas, Clintons, and others are all about keeping the flow of Big Money into politics at the expense of everything else–that’s their absolute #1 concern, to which you’ll hear Gabbard agree!
So, the two biggest issues in US politics–Forever Wars and the utter strangulation of politics by Big Money are what she wants to take on. And on those two issues alone, I’ve decided to work for her campaign!

Posted by: karlof1 | Jul 1 2019 0:00 utc | 73

Someone pinch me and tell me I’m not dreaming! If this is true (my knee-jerk reaction is to dismiss it), then it is HUGE! EARTH SHATTERING!

In one of the most remarkable partnerships in modern American political history, Soros and Charles Koch, the more active of the two brothers, are joining to finance a new foreign-policy think tank in Washington. It will promote an approach to the world based on diplomacy and restraint rather than threats, sanctions, and bombing. (…) It will be called the Quincy Institute for Responsible Statecraft, an homage to John Quincy Adams, who in a seminal speech on Independence Day in 1821 declared that the United States “goes not abroad in search of monsters to destroy. She is the well-wisher to the freedom and independence of all. (…) Among (Trita) Parsi’s co-founders are several well-known critics of American foreign policy, including Suzanne DiMaggio, who has spent decades promoting negotiated alternatives to conflict with China, Iran, and North Korea; the historian and essayist Stephen Wertheim; and the anti-militarist author and retired Army colonel Andrew Bacevich. “The Quincy Institute will invite both progressives and anti-interventionist conservatives to consider a new, less militarized approach to policy,” Bacevich said, when asked why he signed up. “We oppose endless, counterproductive war. We want to restore the pursuit of peace to the nation’s foreign policy agenda.”

Posted by: Maracatu | Jul 1 2019 0:08 utc | 75

Uncle Jon @ 72
Back when Hamas got going in the eighties it was an offshoot of the Muslim Brotherhood. At that time the MB were a non violent religious organisation that developed and run social welfare programs for the poor. They won serious support amongst the Palestinians for that and because they weren’t corrupt like the PLO.
My phrase “Benign Neglect” was a poor one… “Cynically turnimg a blind eye” would be a better one.
Israel thought if young Palestinian men were out delivering food to widows and children or praying in Mosques then they wouldn’t be on roofs with sniper rifles.
Plus it would split the Palestinians, which it did.
A win-win for Israel.
For a while.

Posted by: David Goodrich | Jul 1 2019 0:14 utc | 77

Dear B,
That link to The Economist concerns a book review. The views of the author who wrote the book are not necessarily views the Board of Directors (of whom Lady Lynn Forester de Rothschild is one member) might share.
Significantly in the excerpt The Economist quotes and in its interview with the author, there is no mention of China’s Belt Road Initiative or of China and Russia’s friendship (expressed in the friendship pact signed in 2001 and in other economic, trade, political and military exchanges, alliances and forums such as the Shanghai Co-operation Organisation) and the author seems to think that the US and the European Union will remain significant poles of political, cultural and other influences in the 21st century. Russia is brushed away as a potential focus of influence and attraction.
Not a good look in my view.

Posted by: Jen | Jul 1 2019 0:16 utc | 79

eagle eye 60
Just one headline amongst many to explain the difficulty of your approach
Evangelical Christians Celebrate Trump’s Recognition of Jerusalem as Capital, US Embassy Move – Breaking Israel News
I.E when you try to categorise by association it can be misleading. For a deep look at this topic I suggest looking up “How to bring down the elephant in the room” at the saker. Obviously because that is not the common view or widely understood then the use of certain terms will have connotations that are not welcome to a lot of people, but I think the headline on Christians says all you need to know, you are going to get very confused trying to categorise by religious label I think. It doesn’t stop anyone trying to use those labels to research a conclusion, but you aren’t going to get far using those labels in public , to do that you would have to be discussing sincerely on a theological forum or something?
donkeytale @ 73
“What I don’t understand is how one form of capitalism (neoliberal) versus another (state managed) makes any difference in how this debt overload developed.”
It is an inbuilt feature of fractional lending and fiat money, that is to say supply via debt is in the hands of the central banks, via debt. How that money supply and debt is distributed, the policy choices used in parallel, give you your kind of financial/economic system. When one country devalues its currency (creates more), it gives a trade advantage, so they tend to walk in step down the same path, it puts money in the hands of government and elite in a way that few question. Would like to comment on EU and so on as well to reply, but it is late here and I have taken over enough of comments for now I think.

Posted by: gzon | Jul 1 2019 0:29 utc | 81

Awhile ago we discussed the obfuscation of classical economics in order to elevate the Junk Economics of Randian Neoliberalism. And with Trump’s Trade War and the 2020 election cycle’s start, I think it wise to revisit what’s proven to be a timeless Michael Hudson essay from 2010, “America’s China Bashing: A Compendium of Junk Economics”, which provided the ground work for the subsequent book he published on the topic. The following excerpt remains the underlying issue prompting Trump’s Trade War with China:
“The cover story is that foreign exchange controls and purchases of U.S. securities keep the renminbi’s exchange rate low, artificially spurring its exports. The reality, of course, is that these controls protect China from U.S. banks creating free ‘keyboard credit’ to buy out Chinese companies to buy out Chinese companies or load down its economy with loans to be paid off in renminbi whose value will rise against the deficit-ridden dollar. It’s the Wall Street arbitrage opportunity of the century that banks are pressing for, not the welfare of American workers.”
As the years between have shown, the Chinese aren’t fools and probably know more about economics than their politicized US counterparts, Trump especially included.

Posted by: karlof1 | Jul 1 2019 0:50 utc | 83

@ William Gruff with the dh-mtl update about “control” during the early part of last century….I agree and thanks
@ karlof1 with the Michael Hudson link…..I put a comment up last night with a quote from Xinhuanet
”
BEIJING, June 30 (Xinhua) — China on Sunday rolled out revised negative lists for foreign investment market access, introducing greater opening-up and allowing foreign investors to run majority-share-controlling or wholly-owned businesses in more sectors.
”
It makes me worry about how much of “China” will be allowed to be bought/controlled by the private finance folk. I have been wondering about this since 2008 when the US started running the “printing presses” bigly enough to double the deficit in less than 10 years…..I didn’t get any of those trillions, did you? At some point I expect there to be a meeting of global “big wigs” who say they own this or that and wonder how that meeting will turn out relative to Bretton Woods.
I still see China throwing out a faux lifeline to the private finance folk that will be reeled in after the transition to a China led world…..want to make it look like the Koch brothers and Soros with their new peace tank are leading the parade…..

Posted by: psychohistorian | Jul 1 2019 1:12 utc | 85

Jesus, what a read, too many good comments, and I’m too damn tired today to respond, other than noticing some people’s breathtaking naivete on one DJT.
I Guess donkey @ 15 said it best; “Trump is a geopolitical and foreign policy moron who doesn’t know what he is doing beyond enriching himself and creating daily fake news headlines in hopes of being re-elected on behalf of the same global elites he playacts at combatting for his worshipful audience of true believers.”
I guess every “carnival barker” has his true believers.
Still in all, a great thread to read.
Massive therapy b, thanks!!

Posted by: ben | Jul 1 2019 1:22 utc | 87

dh-mtl @ 87
Well when you put it that way….I definitely agree with you there. The system is rigged towards the globalists who control the system for sure.
However, the Trump-nationalists and Brexiteers do not offer an effective solution to problem of wealth inequality which is your complaint…nor do either seek even to overturn the global system in fact. Post Brexit the Tories want to strike a trade deal with the US and a “better” trade deal with the EU which appears to be totally unrealistic, a fantasy offered voters based on lies. Trade deals are still globalism. There is no such thing as a ” self sufficient national capitalist economy”, especially in a country which can’t even grow enough food to feed itself.
In fact it can be argued that the only countries who can successfully implement a true socialist economy are those that are entirely self-sufficient.
The only solution I see for the West is an organised working class political movement to change the income and wealth dynamic more in favour of workers. Tax increases, wealth redistribution from top to middle/bottom. Trump and Brexit don’t effectively address these problems, in fact they only serve to obfuscate them.

Posted by: donkeytale | Jul 1 2019 1:51 utc | 89

Lochearn – The Marxist maxim is indeed true, it is located in the nature of competition and commoditisation….this is why in mature capitalist industrial economies companies move plants to find cheaper labour sources.
Innovation is another way to retain high profit rates…the other method is monopolisation…but in Boeing’s case it appears a forced, possibly dishonest and surely incompetent attempt at innovation has backfired…tragically.
While AirBus denies Boeing’s ability to monopolise the market for large passenger jets. In a “national capitalist economy” the end result would tend to be monopoly, which would bring unsustainable inefficiency, high costs, no innovation, reduced sales…and falling rates of profit.

Posted by: donkeytale | Jul 1 2019 2:18 utc | 91

@75 donkeytale.. lol.. that sounds about right!
speaking of the devil, i see israel has again been bombing syria tonight – the airport in damascus and etc… just gotta love those fanatics with nuclear weapons.. just wonder what they will do next, when they aren’t given sworn fealty from usa-uk and poodles 24/7?

Posted by: james | Jul 1 2019 2:24 utc | 93

caitlin johnstones latest – New Soros/Koch-Funded Think Tank Claims To Oppose US Forever War
i thought it was april fools for a second, until i then thought it is probably a pile of steaming b.s. but hey – if it can be used as fertilizer to grow a few brains in an otherwise constant 24/7 war party mindset, i am up for it… call me when something actually happens as a result of any soros-koch stink tank agenda..

Posted by: james | Jul 1 2019 2:31 utc | 95

karlof1 – i 2nd grieved comments to you.. good for you.. that is the way to get something done – do something positive..

Posted by: james | Jul 1 2019 2:35 utc | 97

@66 don’t agree about carter, volker yes. but reagan didn’t merely continue the change pushed by the democratic party of the time, he amped it up on steroids. carter didn’t run the democratic party the way lbj or clinton or obama did, he was kneecapped by the party who got a more congenial candidate later in mondale. the party didn’t and doesn’t like outsiders, it just upset the donor business.

Posted by: pretzelattack | Jul 1 2019 2:50 utc | 99