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Story 1: President Trump Closing Press Conference At G-7 Summit Meeting in Biarritz, France — Unity — Videos —

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Kyle Bass

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Kyle Bass
J Kyle Bass.JPG

J. Kyle Bass
Born September 7, 1969 (age 49)

Residence Dallas, TexasUnited States
Nationality American
Alma mater Texas Christian University (B.B.A.)
Occupation Founder & Chief Investment Officer,
Hayman Capital Management

J. Kyle Bass (born September 7, 1969) is an American hedge fund manager. He is the founder and principal of Hayman Capital Management, L.P., a Dallas-based hedge fund focused on global events.[1]

In 2008, Bass successfully predicted and effectively bet against the U.S. subprime mortgage crisis by purchasing credit default swaps on subprime securities which, in turn, increased in value when the real estate bubble burst.[2]

Despite his early success in predicting subprime mortgages, he has received criticism for subsequent poor performance of investments.[3] Bass has made prominent bets based on predictions of debt crisis in Japan and European sovereign debt, and shorted the Chinese yuan premised on a predicted collapse in the Chinese banking system. His fund has also challenged patents held by drug companies and shorted their stocks. His Japanese and European strategies have not been major successes and the Chinese yuan short led to severe losses for his fund in 2017.[4][5] The drug patent challenge campaign fizzled after several legal setbacks.[6]

Contents

Early life

Bass was born on September 7, 1969, in Miami, Florida, where his father managed the Fontainebleau Hotel. His father later moved the family to Dallas, Texas where he managed the Dallas Convention and Visitors Bureau.[7] Bass attended Texas Christian University on an academic and Division I diving scholarship. In 1992, Bass graduated with honors, earning a B.B.A. in finance with a concentration in real estate.[8]

Career

Before founding Hayman Capital Management in 2005, Bass briefly worked at Prudential Securities from 1992-1994 before joining Bear Stearns in 1994.[9] At Bear Stearns, he rose through the ranks rapidly, becoming a senior managing director at the age of 28 – among the youngest in the firm’s history to carry such a title.[2][8]

In 2001, he joined Legg Mason, signing a five-year deal to form the firm’s first institutional equity office in Texas. Bass told his hiring managers, “In five years and one day, I [will] be launching my own firm.”[9] While at Legg Mason, Bass advised hedge funds and other institutional clients on special situation investment strategies.[2]

In December 2005, when Legg Mason sold the portion of the business where he worked, Bass left Legg Mason and started Hayman Capital Management to serve as the investment manager to a “global special situations” hedge fund that he planned to launch. Bass launched Hayman Capital Management, L.P. with $33 million in assets under management – $5 million he had saved on his own and the balance he had raised from outside investors.[9] Shortly after launching the hedge fund in February 2006, Bass became convinced that there was a residential real-estate bubble in the United States one of the few investors to successfully predict and benefit from the subprime mortgage crisis, bringing him notoriety in the financial services industry.

In 2007, Bass testified as an expert witness before the U.S. House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises. During his testimony, he addressed: i) the role of credit rating agencies in the structured finance market and ii) policy measures that could be taken to minimize inherent conflicts of interest between rating agencies and issuers.[10]

In 2010, Bass testified before the Financial Crisis Inquiry Commission. During his testimony, he addressed his analysis of the factors that caused the crisis.

After enjoying success in predicting the subprime mortgage crisis and moderate success with debt in Greece and Japan, Bass would make a string of poor bets, leading to a dramatic downsizing of his fund. In April 2014, Bass was among a very few defenders of GM for its failure to address a defect that had been tied to 13 deaths. Hayman at the time owned eight million shares of G.M., making it Hayman’s single biggest holding,[11] Coming to the defense of GM, Bass said on CNBC that of the 13 passengers who had died owing to the defect, 12 “either weren’t wearing their seatbelt or were under the influence of alcohol.” [12] Bass admitted in a late 2014 interview that it had been “a tough year” for Hayman due to owning a lot of GM stock, which was the fund’s biggest position in 2014.[13]

After the losing year in 2014, investor’s pulled out nearly a quarter of Hayman’s capital and the firm was forced to liquidate most of its stock holdings.[14] Bass called 2015 one of his fund’s worst years.[15] By early 2019, Hayman had $423.6 million in discretionary assets under management, down from $2.3 billion at the end of 2014.[16]

Fund performance

The long term performance of Hayman Capital’s flagship fund is described by the New York Post as “small caliber”.[14] In the period from 2008 to mid-2015, the flagship fund experienced a very modest annualized performance of 1.56%.[14] The flagship fund had a tremendously successful year in 2007, having gained 212%, based on the subprime mortgage meltdown bet that brought fame to Bass.[14] The fund also gained 16% in 2012 based on bets on Greek debt. The fund lost 1.4% in 2014 and suffered its worst year in 2017 with a 19% loss (in contrast to a 19% surge of the S&P 500) due to Hayman’s misplaced short on a collapse in the Chinese yuan.[14][5]

Investment positions

Subprime mortgages

Bass first began formulating his subprime strategy after he met with an investment banker from New York while attending a wedding in Spain where they discussed how and why the Subprime Mezzanine CDO business existed.[17][18] After returning to the US, Bass hired several private investigators to determine the ease of obtaining a mortgage. Bass spent a significant amount of time studying the residential mortgage market and performed research to identify which residential mortgage backed securities (RMBS) composed of low-quality mortgages were most likely to default. This investment thesis was expressed by purchasing credit default swaps against the securitizations he deemed to be most unstable, which essentially was a manner of shorting the bonds using synthetic instruments. After purchasing the positions for his flagship fund in 2006, Bass raised additional capital for a special fund dedicated exclusively to capitalizing on the opportunity that existed in the market place. Bass managed or advised over $4 billion of positions in subprime RMBS.

In December 2007, after a wave of foreclosures had swept across the US, Bass was featured on Bloomberg TV as making a fortune betting against these subprime securities.

Europe and Japanese debt “doomsday”

After the subprime debt crisis occurred, Bass decided that it was the symptom of a more significant problem with debt and made predictions about debt “doomsday” in Europe and Japan. In 2009 he warned about the possibility of defaults by major countries over the next 3 years.[19] As of 2010, 10-15% of his portfolio was involved in bets against European and Japanese sovereign debts.[20] He went as far predicted that 2012 would be a “doomsday year” for Europe and spoke of a looming breakup of the Eurozone, which, he declared, would lead to defaults in Japan and the United States. He stated in June 2012, “Europe goes first, then Japan and finally the United States.”[21]

Bass has since 2012 also predicted a “full blown crisis” in Japan describing its approach to financing debt as a Ponzi scheme similar to Bernie Madoff‘s investment scam. Most experts have disagreed with his analysis.[22][23] Cullen Roche criticized Bass’s Japan analysis in August 2010, noting that Bass comparing Japan to the EU was an error, since their monetary systems are wildly different. Roche stated “people still fail to understand that a nation with monetary sovereignty that is the supplier of currency in a floating exchange rate system never has a problem funding itself.”[24] In May 2012, Business Insider agreed, faulting Bass’s analysis, since debt-to-GDP ratios do not reflect the interest rate or credit risk of a nation. The Business Insider noted that in a nation that borrows its own currency, public spending finances borrowing.[25]

He has been vocal in public appearances about future calamities stemming from financial meltdown. September 14, 2011, Bass maintained on CNBC that Greece’s only way out of its debt mess was a restructuring. Bass noted that despite the strife it would bring to Greece it was the only measure the nation could take. He added that within a year all of Europe would be in default as well.[26] In a speech reported on January 1, 2014, he assured the audience of his confidence that the next few years would be rife with turmoil, including the eruption of major wars. In his speech, he claimed that with the growing debt and inability to pay it off, eventually social unrest will lead to violent outbreaks. Bass finished his speech stating “War is coming – just as it has throughout history.” [27]

Chinese banking collapse

Starting in July 2015, Bass made a multiyear bet against the Chinese yuan based on a predicted banking collapse in China.[28] Bass would close out his position against the Chinese currency in early 2019 when the predicted devaluation of the currency didn’t occur.[28]

Bass argued in 2015 that the Chinese banking system was undercapitalized and its foreign reserves would be insufficient in a crisis. Bass predicted a hard landing for the Chinese economy following a bank crisis and a severe devaluation of the Chinese currency, variously given as “somewhere between 15%-20%” and “30 to 40 percent”.[29][30]

Hayman suffered its worst year in 2017 with a loss of 19% due to the strengthening of the Chinese yuan.[5]

Drug patent challenge campaign

Bass has attempted to profit from filing and publicizing patent challenges against pharmaceutical companies while also betting against their shares.[31][32] After 2 years of setbacks in his effort, Bass by 2017 ended his patent challenges.[6]

In 2015, Bass organized the Coalition For Affordable Drugs (CFAD) to use the inter partes review (IPR) process to challenge patent validity.[33][34] When he initiated this practice in January 2015, he claimed that his motive was to encourage competition in the manufacture of pharmaceuticals and thus bring down prices.[35]

Bass filed a total of 35 patent challenges, in collaboration with Erich Spangenberg who has been called “the world’s most notorious patent troll”,[3] including 33 filed by CFAD and two filed by Bass personally on a not-for-profit basis.[36]

In June 2015, Celgene received permission from the U.S. Patent and Trademark Office to file a motion seeking sanctions against the CFAD for allegedly abusing the patent-review process. The Wall Street Journal noted that this development was “being closely watched because it raises the possibility that patent officials may put an end” to Bass’s patent-challenge scheme. Celgene also told the patent office, through counsel, that CFAD had threatened to challenge its patents unless Celgene met CFAD’s demands.[37]

In October 2016, Bass prevailed in the case, with USPTO invalidating the two Celgene Corp patents related to its cancer drugs Revlimid, Pomalyst, and Thalomid at issue.[38] However, one year later Celgene was able to convince the Patent Trial and Appeal Board to re-hear the case.[39]

Political relationships

Trump administration

Bass is described by a ProPublica story as a friend of Tommy Hicks Jr, a private investor, who was a hunting buddy to Donald Trump Jr. and had further ties to the Trump administration.[40] According to the investigative story on improper links between Hicks and the Trump administration, Hicks had obtained a hearing for Bass with high level officials at an interagency meeting at the Treasury Department to air views on China.[40] This meeting was at the time Bass held a large short position counting on the fall of the Chinese currency.[40]

Cristina Fernandez de Kirchner

The BBC has described Bass as having a “good relationship” with Argentina’s president Cristina Fernandez de Kirchner.[41] In February 2014, Bass said that Argentinian bonds represented a profitable opportunity and called Argentina most “interesting” nation for investments. He was virtually alone in this assessment, with one observer noting the poor state of the Argentine economy. The IB Times noted that the country had “cheated creditors seven times since it gained independence from Spain in 1816,” most recently defaulting on its debt in 1989.[42] When the Argentine government defaulted on its debt in July 2014, Bass supported the move and criticized the bondholders, notably Elliott Management and Aurelius Capital, that, with the support of U.S. federal judge Thomas Griesa, had held out for full payment. Echoing Argentine President Cristina Fernandez de Kirchner, he called these creditors “vultures,” said that they were “holding up 42 million people from progress,” and were holding Argentina for “ransom”.[43] On August 27, 2014, Bass accused Elliott’s Paul Singer of “holding poor countries as hostages,” prompting The New York Post to comment in an editorial the next day that Bass had “sounded more like Argentina’s leftist economy minister Axel Kicillof than a US hedge-fund manager.” [44]

Philanthropy

Bass serves on the board or in an advisory role for a number of charities and organizations.

He has advised the University of Texas System Investment Management Company (UTIMCO), a public university endowment since 2010.

He also current serves or has served on the board of a number of organizations including the University of Virginia Darden School of Business Advisory Group for the Richard A. Mayo Center for Asset Management, Texas Department of Public Safety Foundation, Business Executives for National Security, Comeback America Initiative, Troops First Foundation and Capital for Kids.[45][46][47][48][49][50]

References …

External links

https://en.wikipedia.org/wiki/Kyle_Bass


China has been seeking to turn American spies for decades. But the rules of the game have changed. About 10 years ago, Charity Wright was a young U.S. military linguist training at the elite Defense Language Institute Foreign Language Center at a base called the Presidio in Monterey, California. Like many of her peers, Wright relied on taxis to visit the city. There were usually a few waiting outside the base’s gate. She’d been assigned to the institute’s Mandarin program, so she felt lucky to frequently find herself in the cab of an old man who told her he’d emigrated from China years ago. He was inquisitive in a way she found charming at first, letting her practice her new language skills as he asked about her background and family. After several months, though, she grew suspicious. The old man seemed to have an unusually good memory, and his questions were becoming more specific: Where is it that your father works? What will you be doing for the military once you graduate?Wright had been briefed on the possibility of foreign intelligence operatives collecting information on the institute’s trainees, building profiles for potential recruitment, given that many of them would move on to careers in intelligence. She reported the man to an officer at the base. Not long after, she heard that he’d been arrested and that there had been a crackdown in Monterey on a suspected Chinese spy ring.

Wright went on to spend five years as a cryptologic language analyst with the National Security Agency, assessing communications intercepts from China. Now she works in private-sector cybersecurity. As a reservist, she still holds a U.S. government clearance that allows her access to classified secrets. And she’s still the target of what she suspects are Chinese espionage efforts. Only these days, the agents don’t approach her in person. They get in touch the same way they reached Kevin Mallory: online. She gets messages through LinkedIn and other social-media sites proposing various opportunities in China: a contract with a consulting firm, a trip to speak at a conference for a generous stipend. The offers seem tempting, but this type of outreach comes straight from the Chinese-spy playbook. “I’ve heard that they can be very convincing, and by the time you fly over, they’ve got you in their lair,” Wright told me.

The tactics she saw from the old man in Monterey were “cut and dry HUMINT,” or human intelligence, she said. They were old school. But those tactics have been amplified by the tools of the social-media age, which allow intelligence officers to reach out to their targets en masse from China, where there’s no risk of getting caught. Meanwhile, intelligence experts tell me, Chinese intelligence officers have only been getting better at the traditional skills involved in persuading a target to turn on his or her country.

Donald Trump has made getting tough on China a central aspect of his foreign policy. He has focused on a trade war and tariffs aimed at rectifying what he portrays as an unfair economic playing field—earlier this month, the U.S. designated China as a currency manipulator—while holding onto the idea that China’s powerful leader, Xi Jinping, can be an ally and a friend. U.S. political and business leaders for decades pushed the idea that embracing trade with China would help to normalize its behavior, but Beijing’s aggressive espionage efforts have fueled an emerging bipartisan consensus in Washington that the hope was misplaced. Since 2017, the DOJ has brought at least a dozen cases against alleged agents and spies for conducting cyber- and economic espionage on behalf of China. “The hope was, as they develop, as they become more wealthy, as they start being a part of the club of developed nations, they’re going to change their behavior—once they get closer to the top, they’re going to operate by our rules,” John Demers told me. “What we’ve seen instead is [China] becoming better resourced and more methodical about the theft of information.”

For the past 20 years, America’s intelligence community’s top priority has been counterterrorism. A generation of operations officers and analysts has been geared more toward finding and killing America’s enemies and preventing extremist attacks than toward the more patient and strategic work that comes with peer competition and counterintelligence. If America is indeed entering an era of “great power” conflict with China, then the crux of the struggle will likely take place not on a battlefield, but in the race for information, at least for now. And here China is using an age-old human frailty to gain advantage in the competition with its more powerful adversary: greed. U.S. officials have been warning companies and research institutions not just of the strings that might be attached to Chinese money, but of the danger of corrupted employees turned spies. They are also worried about current and former U.S. officials who have been entrusted with protecting the nation’s secrets.


When I told William Evanina, America’s top counterintelligence official, Wright’s story about the cab driver in Monterey, he replied: “Of course.”

Spy rings operating out of taxis are relatively unoriginal, he told me, and have long been an issue around U.S. military and intelligence installations. An FBI and CIA veteran who is now the director of the National Counterintelligence and Security Center, Evanina has a suspicious mind—and perhaps one of the country’s worst Uber ratings. He sees the risk of intelligence collection and hidden cameras in any hired car, he told me, and if a driver ever tries to make small talk, he immediately shuts it down.

Knowing someone’s background can help an intelligence agency build a profile for potential recruitment. The person might have medical bills piling up, a parent in debt, a sibling in jail, or an infidelity that exposes him or her to blackmail. What really worries Evanina is that so much of this information can now be obtained online, legally and illegally. People can ignore Uber drivers all they want, but a good hacker or even someone savvy at mining social media might be able to track down targets’ financial records, their political views, profiles of their family members, and their upcoming travel plans. “It makes it so damn easy,” he said.

Security breaches happen with alarming regularity. Capital One announced in July that a data breach had exposed about 100 million people in America. During one of my conversations with Wright, she mused that whatever information the old man in the taxi might have wanted to glean from her, all that and much more may have been revealed in the 2015 breach of the U.S. Office of Personnel Management. In that sophisticated attack, widely believed to have been carried out by state-sponsored Chinese hackers, an enormous batch of data was stolen, including detailed information the government collects as part of the process of approving security clearances. The stolen information contained “probing questions about an applicant’s personal finances, past substance abuse, and psychiatric care,” according to Wired, as well as “everything from lie detector results to notes about whether an applicant engages in risky sexual behavior.”

Russia, the U.S. adversary that is often included with China in discussions of “near peer” conflict, has a modus operandi when it comes to recruiting spies that is similar to America’s, Evanina said. While some of their intelligence efforts, such as election interference, are loud and aggressive and seemingly unconcerned with being discovered, Russians are careful and targeted when trying to turn a well-placed asset. Russia tends to have veteran intelligence operatives make contact in person and proceed with care and patience. “Their worst-case scenario is getting caught,” Evanina told me. “They take pride in their HUMINT operations. They’re very targeted. They take extra time to increase the percentage of success. Whereas the Chinese don’t care.” (This doesn’t mean that the Chinese can’t also be targeted and discreet when needed, he added.)

“What you have is an intelligence officer sitting in Beijing,” he said. “And he can send out 30,000 emails a day. And if he gets 300 replies, that’s a high-yield, low-risk intelligence operation.” Concerning those who have left government for the private sector—and who sometimes keep their clearance to continue doing sensitive government work—it can be hard to know where to draw the line. Evanina said China will sometimes wait years to target former officials: “Your Spidey sense goes down.” But “your memory is not erased”—that is, they’ve still got the information the Chinese want.

(Alicia Tatone)

Often, Chinese spies don’t even have to look too hard. Many of those who have left U.S. intelligence jobs reveal on their LinkedIn profiles which agencies they worked for and the countries and topics on which they focused. If they still have a government clearance, they might advertise that too. Buried in the questionnaire Evanina filled out for his Senate confirmation is a question asking whether he had any plans for a career after government. “I currently have no plans subsequent to completing government service,” he wrote. When I asked him about this, he admitted that this is becoming less common among intelligence officials his age. (He’s 52.) “All of my friends are leaving like crazy now because they have kids in college,” he said. “The money is [better]. It’s hard to say no.”

If a former intelligence officer lands a job at a prominent government contractor, such as Booz Allen Hamilton or DynCorp International, he or she can expect to be well compensated. But others find themselves in less lucrative posts, or try to strike out on their own. Evanina told me that Chinese intelligence operatives pose online as Chinese professors, think-tank experts, or executives. They usually propose a trip to China as a business opportunity. “Especially the ones who have retired from the CIA, DIA, and are now contractors—they have to make the bucks,” Evanina said. “And a lot of times that’s in China. And they get compromised.”

Once a target is in China, Chinese operatives might try to get the person to start passing over sensitive information in degrees. The first request could be for information that doesn’t seem like a big deal. But by then the trap is set. “When they get that [first] envelope, it’s being photographed. And then they can blackmail you. And then you’re being sucked in,” Evanina said. “One document becomes 10 documents becomes 15 documents. And then you have to rationalize that in your mind: I am not a spy, because they’re forcing me to do this.”

In the cases of Mallory, Hansen, and Lee, Evanina said, the lure wasn’t ideology. It was money. Money was also the lure in two similar cases, in which suspects were convicted of lesser charges than espionage. Both apparently began their relationship with Chinese intelligence officers while still employed in sensitive U.S. government jobs.

In 2016, Kun Shan Chun, a veteran FBI employee who had a top-secret security clearance, pleaded guilty to acting as an agent of China. Prosecutors said that while working for the agency in New York he sent his Chinese handler, “at minimum, information regarding the FBI’s personnel, structure, technological capabilities, general information regarding the FBI’s surveillance strategies, and certain categories of surveillance targets.” And in April, Candace Claiborne, a former State Department employee, pleaded guilty to conspiracy to defraud the United States. According to the criminal complaint, Claiborne, who had served in a number of posts overseas including China, and held a top-secret security clearance, did not report her contacts with suspected Chinese agents, who provided her and a co-conspirator with “tens of thousands of dollars in gifts and benefits,” including New Year’s gifts, international travel and vacations, fashion-school tuition, rent, and cash payments. In exchange, Claiborne provided copies of State Department documents and analysis, prosecutors said.

Evanina’s office in Bethesda, Maryland, features a so-called Wall of Shame, on which hang the photographs of dozens of convicted American traitors—a testament to the struggles that have always plagued the U.S. intelligence community. The Cold War, for example, was marked by disastrous leaks from people such as the CIA officer Aldrich Ames and the FBI agent Robert Hanssen. Larry Chin, a CIA translator, was arrested in 1985 on charges of selling classified information to China over the course of three decades. That came during the so-called Year of the Spy, as the FBI made a series of high-profile arrests of U.S. government officials spying for the Soviet Union, Israel, and even Ghana. The Wall of Shame is currently being renovated, and when it’s unveiled in the fall, it will feature several new faces.Whenever a current or former U.S. intelligence officer has been turned, it takes years to assess the full repercussions. “We have to mitigate that damage for sometimes a decade,” Evanina said.


Two decades ago, Chinese intelligence officers were largely seen as relatively amateurish, even sloppy, a former U.S. intelligence official who spent years focusing on China told me. Usually, their English was poor. They were clumsy. They used predictable covers. Chinese military intelligence officers masquerading as civilians often failed to hide a military bearing and could come across as almost laughably uptight. Typically their main targets tended to be of Chinese descent. In recent years, however, Chinese intelligence officers have become more sophisticated—they can come across as suave, personable, even genteel. Their manners can be fluid. Their English is usually good. “Now this is the norm,” the former official said, speaking with me on condition of anonymity due to security concerns. “They really have learned quite a bit and grown up.”

Rodney Faraon, a former senior analyst at the CIA, told me that the Mallory and Hansen cases show just how far China’s espionage services have come. “They’ve broadened their tactics to go beyond relatively easy targets, from recruiting among the ethnically Chinese community to a much more diverse set of human assets,” he said. “In a sense, they’ve become more traditional.”

In his recently published bookTo Catch a Spy: The Art of Counterintelligence, James Olson, a veteran of the CIA’s clandestine service and its former chief of counterintelligence, breaks down the basics of China’s espionage services and how they operate. The Ministry of State Security (MSS), its main service, focuses on overseas intelligence. The Ministry of Public Security focuses on domestic intelligence, but also has agents abroad. The People’s Liberation Army, which focuses on military intelligence, “has defined its role broadly and has competed with the MSS in a widerange of economic, political, and technological intelligence collection operations overseas, in addition to its more traditional military targeting.” Olson adds that “the PLA has been responsible for the bulk” of China’s cyberespionage, though the MSS may also be expanding in this realm. Both the MSS and PLA, meanwhile, “make regular use of diplomatic, commercial, journalistic, and student covers for their operations in the United States. They aggressively use Chinese travelers to the US, especially business representatives, academics, scientists, students, and tourists, to supplement their intelligence collection. US intelligence experts have been amazed at how voracious the Chinese have been in their collection activity.”

If veteran American spies are vulnerable to Chinese espionage, U.S. companies may be faring even worse. In some cases, targeting the private sector and targeting U.S. national security can mix. A former U.S. security official, who now works for a prominent American aviation company that is involved in highly sensitive U.S. government projects, told me that the company had a suspected intelligence collector linked to China in its midst. “I would say that he’s had tradecraft training,” this person said, speaking anonymously due to an ongoing law-enforcement investigation.The former security official was hired by the company to monitor such threats, and initially found the lack of effective prevention measures and training at the company jarring. “When I walked in and got the briefing here, I thought it was a joke … Now we do take some measures to protect against [insider threats], but in a sense it’s fox in a henhouse,” this person said. “We as an industry are woefully inadequate at protecting ourselves from a foreign-intelligence threat.”

In a sense, going after American spies and government officials is fair game in the intelligence world. The U.S. does the same against the Chinese. “Intelligence operations are universal, with every country—other than a few isolated island-states who are concerned mainly with the danger of approaching cyclones—engaging in them, to one degree or another,” Loch K. Johnson, a professor emeritus at the University of Georgia, the author of Spy Watching: Intelligence Accountability in the United States, and one of America’s foremost intelligence scholars, told me in an email. He added that while almost every nation fields capabilities to both collect information about its adversaries and defend itself against espionage, a much smaller number have meaningful networks for covert action, which he described as “secret propaganda; political and economic manipulation; even paramilitary activities.” Both America and China count themselves among this group.

“The United States used propaganda, political, and economic ops during the Cold War and (somewhat less aggressively) since. China returns [the] favor,” Johnson said. “Both are major powers and have a full complement of intelligence capabilities, aimed at each other and other significant targets around the world. This means that the United States (like China in reverse) is constantly trying to learn what China is doing when it comes to military, economic, political, and cultural activities, since they may impinge upon U.S. interests in Asia and elsewhere.” To that end, the U.S. uses signals intelligence, geospatial intelligence, and HUMINT, Johnson said, “all aided by a diligent searching through the available (and voluminous) [open-source intelligence] materials for background.”

But he noted a key difference between the two countries: China’s aggressive approach to economic espionage. These Chinese efforts are partly what have prompted U.S. officials and politicians to turn to a newly popular refrain that China’s not playing by the rules. U.S. officials insist that American intelligence agencies do not target foreign companies with the aim of helping domestic ones. (The line between American spying on foreign companies to advance the country’s economic and strategic interests and whether that spying helps U.S. companies can be blurry.) “What we do not do, as we have said many times, is use our foreign intelligence capabilities to steal the trade secrets of foreign companies on behalf of—or give intelligence we collect to—U.S. companies to enhance their international competitiveness or increase their bottom line,” James Clapper, then the director of national intelligence, said in 2013, amid revelations that the NSA had spied on foreign companies.Dennis Wilder, who retired as the CIA’s deputy assistant director for East Asia and the Pacific in 2016, told me that the Chinese approach to espionage is defined by the fact that its leaders have long seen America as an existential threat. “This is a constant theme in Chinese intelligence—that we’re not just out to steal secrets, we’re not just out to protect ourselves, that the real American goal is the end of Chinese Communism, just as that was the goal with the Soviet Union,” he said.
Wilder, who still travels to the country as the director of an initiative for U.S.-China dialogue at Georgetown University, told me that Chinese officials regularly bring up past American covert action such as the CIA’s ill-fated support for the independence movement in Tibet beginning in the 1950s, and its infiltration of agents into China via Taiwan. And they still see an American hand in events such as the protests in Hong Kong today. “So we’re all sitting here scratching our heads and saying, ‘Do they really believe we’re behind Hong Kong? And the answer is, yes they do. They really believe that the fundamental American goal is the destruction and demise of Chinese Communism,” he said. “Now, if you believe that the other guy is bent on your destruction, then it’s kind of anything goes. So for the Chinese, stealing, espionage, cyberespionage against American corporations for the good of the Chinese state, are just part and parcel of the need for survival against this very formidable enemy.”China denies that it is spying against the U.S.  on the scale alleged by American officials. When presented with the details of this story, a spokesperson for the Chinese embassy in Washington, D.C., Fang Hong, said via email that she had no knowledge of the cases involving Mallory, Hansen, Lee, and others. “China has always fully respected the sovereignty of all countries and does not interfere in the internal affairs of other countries,” she said. Fang also disparaged U.S. attempts to root out Chinese spies, citing a quote commonly attributed to a great American writer. U.S. views on Chinese espionage, she remarked, “remind me of what Mark Twain said: ‘To a man with a hammer, everything looks like a nail.’”
Fang continued, “U.S. officials’ accusations against Chinese students and researchers are groundless. Guided by the zero-sum-game mentality and ill intentions to contain China, people and institutions in the U.S. have been fabricating such absurd pretexts as ‘espionage’ as an excuse to harass them and make groundless allegations.”

She added that innocent people had been framed in some cases and that “such false accusations severely undermine China-U.S. people-to-people exchanges, and scientific and technological cooperation.”

The litany of cases the DOJ has brought over the past year or so underscores the comprehensive quality of China’s espionage efforts: a former General Electric engineer charged with theft of trade secrets related to gas and steam turbines (he has pleaded not guilty); an American and a Chinese citizen charged with attempting to steal trade secrets related to plastics (the American has pleaded not guilty and the Chinese defendant, as of March 2019, had yet to appear in a U.S. court); a state-owned Chinese chip-making company and a Taiwanese company that makes semiconductors charged with stealing from an American competitor(the chipmaker has pleaded not guilty); two Chinese hackers charged with targeting intellectual property (China denied the “slanderous” economic espionage charges). In Senate testimony in July, FBI Director Christopher Wray said that the agency has “probably about 1,000 plus investigations all across the country involving attempted theft of U.S. intellectual property … almost all leading back to China.”

Demers, the national-security official at the Justice Department, told me that China uses the same tactics and even some of the same intelligence officers in its espionage efforts against America’s private sector. “What it shows is how seriously the Chinese government takes their intellectual-property-theft efforts, because they’re really using the crown jewels of their intelligence community and their most sophisticated and well-honed tradecraft,” he said.Some of the trade secrets China is accused of stealing seem simply aimed to help a specific company or industry. Often, however, the distinction between a Chinese company and the Chinese state is not clear-cut. Chinese law mandates that all corporations cooperate with the government on national security. This was one concern U.S. officials cited after announcing indictments against the Chinese telecommunications giant Huawei earlier this year; the Trump administration has banned U.S. companies from doing business with it. (Huawei has pleaded not guilty to attempted U.S. trade-theft allegations.)Demers told me that China uses economic espionage as a form of “R&D,” or research and development. “They also have very talented, smart people who are using their resources in legitimate ways, which is, I think, some of the frustration that folks have right now—that you could do this differently. You could fight fair, right? You’re not the 80-pound weakling who has to throw dirt in somebody’s eye to get ahead.”
The open business climate between America and China—the sort of climate that did not exist between America and the Soviet Union during the Cold War—makes addressing Chinese espionage trickier: China is both a rival and a top trade partner. The economic and research relationship between the two countries benefits them both. At the same time, Chinese immigrants and visitors to America risk being unfairly targeted if U.S. officials fail to find the right balance, which would cast a chill on legitimate exchange between the two countries while raising the specter of American overreactions during past struggles, from the Cold War to the War on Terror. As U.S. officials warn about the Chinese espionage threat and the U.S. intelligence community reorients to face it, they must be careful not to undermine the American values—openness, civil liberty, enterprise—that remain perhaps the country’s greatest advantage over China.Rodney Faraon, who worked on the President’s Daily Briefing team at the CIA during the Bill Clinton and George W. Bush administrations and is now a partner at Crumpton Group, a business intelligence firm, told me that it will take a major push not just from America’s intelligence agencies but from the U.S. government overall to find the right strategy. And despite the Trump administration’s combative stance on trade negotiations and other issues, this has yet to happen. “The approach must be whole of government and must involve the private sector,” Faraon said. “The Chinese use and value intelligence better than we do, seeing its applicability in nearly every aspect of private and public life—military, social, commercial. We have been slow to recognize this for ourselves.
https://www.theatlantic.com/politics/archive/2019/08/inside-us-china-espionage-war/595747/

Story 3: Big Brother Is Watching Every Move You Make With Social Credit System — Chinese Communist Control  Digital Dictatorship Surveillance State — From Authoritarian to Totalitarian State — Socialist Serfs —   Videos

The Police – Every Breath You Take (Official Music Video)

The Police – Every breath you take lyrics

Social surveillance in China – Credit or control? | DW Documentary

China’s Secret File on Everyone

Big Brother is watching you: How China is ranking its citizens

Exposing China’s Digital Dystopian Dictatorship | Foreign Correspondent

A Look Inside China’s Social Credit System | NBC News Now

Hong Kong police fire live round warning shot and use water cannon on protesters

China ranks ‘good’ and ‘bad’ citizens with ‘social credit’ system

China Expert Gordon Chang On Its Social Credit Rating System & Surveillance State

China’s TERRIFYING Social Credit System

Inside China’s High-Tech Dystopia

China Social Credit System: Beijing plans to go full on Big Brother in 2020 – TomoNews

China’s “Social Credit System” Has Caused More Than Just Public Shaming (HBO)

Chinese “Social Credit System” rewards Obedient Citizens – Infowars News 12/24

China’s Secret Plan to Control the Internet | China Uncensored

20 Years Ago, This Changed China Forever: Here Are 5 Ways | China Uncensored

Big Brother: China Edition!

1984 Introduction

What is 1984?

 

Uh-oh: Silicon Valley is building a Chinese-style social credit system

In China, scoring citizens’ behavior is official government policy. U.S. companies are increasingly doing something similar, outside the law.

Uh-oh: Silicon Valley is building a Chinese-style social credit system
[Images: Rawf8/iStock; zhudifeng/iStock]

Have you heard about China’s social credit system? It’s a technology-enabled, surveillance-based nationwide program designed to nudge citizens toward better behavior. The ultimate goal is to “allow the trustworthy to roam everywhere under heaven while making it hard for the discredited to take a single step,” according to the Chinese government.

In place since 2014, the social credit system is a work in progress that could evolve by next year into a single, nationwide point system for all Chinese citizens, akin to a financial credit score. It aims to punish for transgressions that can include membership in or support for the Falun Gong or Tibetan Buddhism, failure to pay debts, excessive video gaming, criticizing the government, late payments, failing to sweep the sidewalk in front of your store or house, smoking or playing loud music on trains, jaywalking, and other actions deemed illegal or unacceptable by the Chinese government.

It can also award points for charitable donations or even taking one’s own parents to the doctor.

Punishments can be harsh, including bans on leaving the country, using public transportation, checking into hotels, hiring for high-visibility jobs, or acceptance of children to private schools. It can also result in slower internet connections and social stigmatization in the form of registration on a public blacklist.

China’s social credit system has been characterized in one pithy tweet as “authoritarianism, gamified.”

Authoritarianism, gamified. https://www.privateinternetaccess.com/blog/2015/10/in-china-your-credit-score-is-now-affected-by-your-political-opinions-and-your-friends-political-opinions/  ht @VitalikButerin @FrankPasquale

In China, Your Credit Score Is Now Affected By Your Political Opinions – And Your Friends’ Politi…

China just introduced a universal credit score, where everybody is measured as a number between 350 and 950. But this credit score isn’t just affected by how well you manage credit – it also reflects…

privateinternetaccess.com

At present, some parts of the social credit system are in force nationwide and others are local and limited (there are 40 or so pilot projects operated by local governments and at least six run by tech giants like Alibaba and Tencent).

Beijing maintains two nationwide lists, called the blacklist and the red list—the former consisting of people who have transgressed, and the latter people who have stayed out of trouble (a “red list” is the Communist version of a white list.) These lists are publicly searchable on a government website called China Credit.

The Chinese government also shares lists with technology platforms. So, for example, if someone criticizes the government on Weibo, their kids might be ineligible for acceptance to an elite school.

Public shaming is also part of China’s social credit system. Pictures of blacklisted people in one city were shown between videos on TikTok in a trial, and the addresses of blacklisted citizens were shown on a map on WeChat.

Some Western press reports imply that the Chinese populace is suffocating in a nationwide Skinner box of oppressive behavioral modification. But some Chinese are unaware that it even exists. And many others actually like the idea. One survey found that 80% of Chinese citizens surveyed either somewhat or strongly approve of social credit system.

IT CAN HAPPEN HERE

Many Westerners are disturbed by what they read about China’s social credit system. But such systems, it turns out, are not unique to China. A parallel system is developing in the United States, in part as the result of Silicon Valley and technology-industry user policies, and in part by surveillance of social media activity by private companies.

Here are some of the elements of America’s growing social credit system.

INSURANCE COMPANIES

The New York State Department of Financial Services announced earlier this year that life insurance companies can base premiums on what they find in your social media posts. That Instagram pic showing you teasing a grizzly bear at Yellowstone with a martini in one hand, a bucket of cheese fries in the other, and a cigarette in your mouth, could cost you. On the other hand, a Facebook post showing you doing yoga might save you money. (Insurance companies have to demonstrate that social media evidence points to risk, and not be based on discrimination of any kind—they can’t use social posts to alter premiums based on race or disability, for example.)

The use of social media is an extension of the lifestyle questions typically asked when applying for life insurance, such as questions about whether you engage in rock climbing or other adventure sports. Saying “no,” but then posting pictures of yourself free-soloing El Capitan, could count as a “yes.”

PATRONSCAN

A company called PatronScan sells three products—kiosk, desktop, and handheld systems—designed to help bar and restaurant owners manage customers. PatronScan is a subsidiary of the Canadian software company Servall Biometrics, and its products are now on sale in the United States, Canada, Australia, and the United Kingdom.

PatronScan helps spot fake IDs—and troublemakers. When customers arrive at a PatronScan-using bar, their ID is scanned. The company maintains a list of objectionable customers designed to protect venues from people previously removed for “fighting, sexual assault, drugs, theft, and other bad behavior,” according to its website. A “public” list is shared among all PatronScan customers. So someone who’s banned by one bar in the U.S. is potentially banned by all the bars in the U.S., the U.K., and Canada that use the PatronScan system for up to a year. (PatronScan Australia keeps a separate system.)

Judgment about what kind of behavior qualifies for inclusion on a PatronScan list is up to the bar owners and managers. Individual bar owners can ignore the ban, if they like. Data on non-offending customers is deleted in 90 days or less. Also: PatronScan enables bars to keep a “private” list that is not shared with other bars, but on which bad customers can be kept for up to five years.

PatronScan does have an “appeals” process, but it’s up to the company to grant or deny those appeals.

UBER AND AIRBNB

Thanks to the sharing economy, the options for travel have been extended far beyond taxis and hotels. Uber and Airbnb are leaders in providing transportation and accommodation for travelers. But there are many similar ride-sharing and peer-to-peer accommodations companies providing similar services.

Airbnb—a major provider of travel accommodation and tourist activities—bragged in March that it now has more than 6 million listings in its system. That’s why a ban from Airbnb can limit travel options.

Airbnb can disable your account for life for any reason it chooses, and it reserves the right to not tell you the reason. The company’s canned message includes the assertion that “This decision is irreversible and will affect any duplicated or future accounts. Please understand that we are not obligated to provide an explanation for the action taken against your account.” The ban can be based on something the host privately tells Airbnb about something they believe you did while staying at their property. Airbnb’s competitors have similar policies.

It’s now easy to get banned by Uber, too. Whenever you get out of the car after an Uber ride, the app invites you to rate the driver. What many passengers don’t know is that the driver now also gets an invitation to rate you. Under a new policy announced in May: If your average rating is “significantly below average,” Uber will ban you from the service.

WHATSAPP

You can be banned from communications apps, too. For example, you can be banned on WhatsApp if too many other users block you. You can also get banned for sending spam, threatening messages, trying to hack or reverse-engineer the WhatsApp app, or using the service with an unauthorized app.

WhatsApp is small potatoes in the United States. But in much of the world, it’s the main form of electronic communication. Not being allowed to use WhatsApp in some countries is as punishing as not being allowed to use the telephone system in America.

WHAT’S WRONG WITH SOCIAL CREDIT, ANYWAY?

Nobody likes antisocial, violent, rude, unhealthy, reckless, selfish, or deadbeat behavior. What’s wrong with using new technology to encourage everyone to behave?

The most disturbing attribute of a social credit system is not that it’s invasive, but that it’s extralegal. Crimes are punished outside the legal system, which means no presumption of innocence, no legal representation, no judge, no jury, and often no appeal. In other words, it’s an alternative legal system where the accused have fewer rights.

Social credit systems are an end-run around the pesky complications of the legal system. Unlike China’s government policy, the social credit system emerging in the U.S. is enforced by private companies. If the public objects to how these laws are enforced, it can’t elect new rule-makers.

An increasing number of societal “privileges” related to transportation, accommodations, communications, and the rates we pay for services (like insurance) are either controlled by technology companies or affected by how we use technology services. And Silicon Valley’s rules for being allowed to use their services are getting stricter.

If current trends hold, it’s possible that in the future a majority of misdemeanors and even some felonies will be punished not by Washington, D.C., but by Silicon Valley. It’s a slippery slope away from democracy and toward corporatocracy.

In other words, in the future, law enforcement may be determined less by the Constitution and legal code, and more by end-user license agreements.

 

Story 4: Live Fire Used in Hong Kong Protest —  Videos —

Pence urges China to respect HK laws amid protest | The Straits Times

The many faces of the Hong Kong protests

Hong Kong protests turn violent as police fire live ammunition

Hong Kong protests turn violent as police use water cannons

Violence escalates on the streets of Hong Kong | DW News

Hong Kong: Police fire live round for first time as violence intensifies

Facts tell: Did Hong Kong police point guns at civilian? 香港警察槍指平民?

Hong Kong protesters throw bricks and petrol bombs at riot police

Hong Kong police arrest 29 after clashes, more protests planned

Hong Kong conflict causing schisms within families

Steve Bannon: If There Is Another Tiananmen in Hong Kong, the CCP Will Collapse | Zooming I

The messages behind Hong Kong’s foreign flags

Hong Kong protesters fight back with TENNIS RACQUETS to volley back tear gas after police opened fire with live bullets for the first time during weeks of demonstrations

  • Pro-democracy protesters were seen armed with metal poles and sports equipment to protect themselves 
  • An afternoon rally in the district of Tsuen Wan spiralled into violent clashes between police and proteters
  • Police fired live bullets for the first time in the weeks-long demonstrations which have rocked Hong Kong 

Protesters in Hong Kong are using tennis racquets to fend off tear gas while police fired live bullets for the first time in the weeks-long demonstrations.

Pro-democracy protesters were seen armed with metal poles and sports equipment to protect themselves from a police crackdown amid escalating tensions in the city.

An afternoon rally in the district of Tsuen Wan spiralled into violent clashes on Sunday with officers caught isolated by masked youths wielding sticks and throwing rocks.

Tensions escalated when police began hoisting warning flags before firing tear gas in an attempt to disperse the crowd, who reacted angrily by throwing bricks and molotov cocktails.

In one instance, several police officers drew their sidearms. ‘According to my understanding, just now a gunshot was fired by a colleague,’ Superintendent Leung Kwok Win told the press.

‘My initial understanding was that it was a uniformed policeman who fired his gun.’

Scroll down for video

Protesters in Hong Kong are using tennis racquets to fend off tear gas after police fired live bullets for the first time in the weeks-long demonstration

Protesters in Hong Kong are using tennis racquets to fend off tear gas after police fired live bullets for the first time in the weeks-long demonstration

Pro-democracy protesters were seen armed with sports equipment to protect themselves from a police crackdown amid escalating tensions in the city

Pro-democracy protesters were seen armed with sports equipment to protect themselves from a police crackdown amid escalating tensions in the city

A Hong Kong police officer fired at least one gunshot Sunday, the first time a live round has been used during three months of protests. Above: Officers point their guns at protesters on the streets of Tsuen Wan, Hong Kong

A Hong Kong police officer fired at least one gunshot Sunday, the first time a live round has been used during three months of protests. Above: Officers point their guns at protesters on the streets of Tsuen Wan, Hong Kong

There has been a worrying change in the methods being used by city police to break up the crowds, with one instance where several police officers drew their sidearms, an AFP reporter at the scene said

There has been a worrying change in the methods being used by city police to break up the crowds, with one instance where several police officers drew their sidearms, an AFP reporter at the scene said

A protester clad in a gas mask and other protective gear throws a brick at police during a clash at an anti-government rally in Tsuen Wan district to the north of the Hong Kong's Victoria Harbour on Sunday

Another protestor, wearing the symbolic yellow helmet, is held down by two officers in riot gear as the police force clears out a street previously held by protestors

Another protestor, wearing the symbolic yellow helmet, is held down by two officers in riot gear as the police force clears out a street previously held by protestors

Tens of thousands of protesters skirmished with police in Hong Kong for a second straight day on Sunday following a pro-democracy march in an outlying district. After hoisting warning flags, police used tear gas to try to disperse the crowd. Above: A protester throws a Molotov cocktail at police

Tens of thousands of protesters skirmished with police in Hong Kong for a second straight day on Sunday following a pro-democracy march in an outlying district. After hoisting warning flags, police used tear gas to try to disperse the crowd. Above: A protester throws a Molotov cocktail at police

Flames from molotov cocktails and petrol bombs linger on the road and pavement after anti-extradition bill protesters clashed with riot police during a protest to demand democracy and political reforms, at Tsuen Wan, in Hong Kong this evening

Flames from molotov cocktails and petrol bombs linger on the road and pavement after anti-extradition bill protesters clashed with riot police during a protest to demand democracy and political reforms, at Tsuen Wan, in Hong Kong this evening

A makeshift barricade of bollards and railings separates protestors from police officers as night falls across Hong Kong

A makeshift barricade of bollards and railings separates protestors from police officers as night falls across Hong Kong

It was unclear where the shot was aimed, but it was the first live round fired since the protests started three months ago.

The Hong Kong Free Press reported that three officers drew pistols in Tsuen Wan, a built up north of the main city, as two ‘got on their knees’ to beg the officers not to fire any shots.

There was a sense of chaos across swathes of the Kowloon peninsula, over the harbour from the main island of Hong Kong, with police sirens blaring, tear gas wafting throughout densely populated areas and running clashes on the streets.

The skirmishes between police and tens of thousands of protesters occurred for a second straight day yesterday following a pro-democracy march from a sports stadium in Kwai Fong to Tsuen Wan.

While a large crowd rallied in a nearby park, another group of protesters took over a main street, strewing bamboo poles on the pavement and lining up orange and white traffic barriers and cones to try to obstruct the police.

One woman looked undeterred by a police officer clutching a baton as she faced him while holding a purple umbrella above her head

One woman looked undeterred by a police officer clutching a baton as she faced him while holding a purple umbrella above her head

While a large crowd rallied in a nearby park, another group of protesters took over a main street, strewing bamboo poles on the pavement and lining up orange and white traffic barriers and cones to try to obstruct the police. Above: Police fire tear gas at protesters

While a large crowd rallied in a nearby park, another group of protesters took over a main street, strewing bamboo poles on the pavement and lining up orange and white traffic barriers and cones to try to obstruct the police. Above: Police fire tear gas at protesters

After hoisting warning flags, police used tear gas to try to disperse the crowd. Protesters responded by throwing bricks and gasoline bombs toward the police

After hoisting warning flags, police used tear gas to try to disperse the crowd. Protesters responded by throwing bricks and gasoline bombs toward the police 

The result was a surreal scene of small fires and scattered paving bricks on the street between the two, rising clouds of tear gas and green and blue laser lights pointed by the protesters at the police. Above: Riot police aim their guns at protesters

The result was a surreal scene of small fires and scattered paving bricks on the street between the two, rising clouds of tear gas and green and blue laser lights pointed by the protesters at the police. Above: Riot police aim their guns at protesters

Police also carried riot shields and wore body armour, helmets and gas masks to defend against projectiles which were hurled at them in response to their tear gas

Some protesters wore protective gear including helmets and gas masks to guard against tear gas volleys by police. One mn (right) appeared to be holding his own weapon

Some protesters wore protective gear including helmets and gas masks to guard against tear gas volleys by police. One mn (right) appeared to be holding his own weapon

The demonstrators were not deterred by police as they charged towards them. Their defiance was despite multiple warnings by the Chinese government that the protests must stop

The demonstrators were not deterred by police as they charged towards them. Their defiance was despite multiple warnings by the Chinese government that the protests must stop

Some police drew their weapons as the clashes with protesters escalated. Sunday's reported gunshots were the first in the three months of pro-democracy protests

Some police drew their weapons as the clashes with protesters escalated. Sunday’s reported gunshots were the first in the three months of pro-democracy protests

Multiple photographers surrounded one officer with clutching his gun as they looked to record what was going on

After hoisting warning flags, police used tear gas to try to disperse the crowd. Protesters responded by throwing bricks and gasoline bombs toward the police.

The result was a surreal scene of small fires and scattered paving bricks on the street between the two, rising clouds of tear gas and green and blue laser lights pointed by the protesters at the police.

Prior to the skirmishes, tens of thousands of umbrella-carrying protesters marched in the rain in Hong Kong’s latest pro-democracy demonstration.

Many filled Tsuen Wan Park, the endpoint of the rally, chanting, ‘Fight for freedom, stand with Hong Kong,’ the South China Morning Post newspaper said.

What do Hong Kong protesters want?

Apart from the resignation of Chief Executive Carrie Lam, Hong Kong demonstrators have listed five demands and have continued to urge the government to respond to them.

These five demands are:

1. A complete withdrawal of the extradition bill

2. A retraction from the government to its characterisation that the protesters were ‘rioters’

3. Unconditional and immediate release of protesters who were arrested and charges against them dropped

4. Establishment of an independent enquiry to investigate police violence during clashes

5. Genuine universal suffrage

The protests began with people gathering at a sports stadium in Kwai Fong, western Hong Kong, where they then marched to nearby Tsuen Wan and clashed with police. 

The Chinese-ruled city’s rail operator, MTR Corp, had suspended some services to try to prevent people gathering.

M. Sung, a 53-year-old software engineer in a black mask emblematic of the many older, middle-class citizens at the march, said he had been at almost every protest and would keep coming.

‘We know this is the last chance to fight for ‘one country, two systems’, otherwise the Chinese Communist Party will penetrate our home city and control everything,’ he said.

‘If we keep a strong mind, we can sustain this movement for justice and democracy. It won’t die,’ Sung said.

Hong Kong has been gripped by three months of street demonstrations that started against a proposed extradition bill to China, but have spun out into a wider pro-democracy movement.

Protesters say they are fighting the erosion of the ‘one country, two systems’ arrangement under which the former British colony returned to China in 1997 with the promise of continued freedoms not enjoyed on the mainland. 

The protests pose a direct challenge for Communist Party leaders in Beijing, who are eager to quell the unrest ahead of the 70th anniversary of the founding of the People’s Republic of China on Oct. 1.

Beijing has sent a clear warning that forceful intervention is possible, with paramilitary forces holding drills just over the border.

The Chinese Government has used a mix of intimidation, propaganda and economic muscle to constrict the protests in a strategy dubbed ‘white terror’ by the movement.

The MTR – the city’s metro – is the latest Hong Kong business to be rebuked by the public, after appearing to bend to Chinese state-media attacks accusing the transport system of being an ‘exclusive’ service to ferry protesters to rallies.

Yesterday, the MTR shut stations near the main demonstration area in Tsuen Wan, the second day of station closures in a row

As photographers took pictures, a Hong Kong officers were seen with their guns out as they clashed with protesters againAs photographers took pictures, a Hong Kong officers were seen with their guns out as they clashed with protesters again

Demonstrators also carried lasers which they shined into the eyes of police in an effort to hit back against their volleys of tear gas

One protester who was caught by police looked up fearfully at an officer as they tended to injuries he had suffered in clashes

The officer appeared to shine a light into the man's eyes while others stood guard around him as others continued to protest

The officer appeared to shine a light into the man’s eyes while others stood guard around him as others continued to protest

Riot police successfully detain one protester who is seen lying on their stomach with their hands on the wet road as officers talk to each other

Riot police successfully detain one protester who is seen lying on their stomach with their hands on the wet road as officers talk to each other

Hong Kong was filled with clouds of tear gas as the sun began to go down in the region and protesters stayed on the streets

Hong Kong was filled with clouds of tear gas as the sun began to go down in the region and protesters stayed on the streets

Some were armed with metal bars and wore helmets, goggles and gas masks for protection. Others wore body armour, including one man whose arms and chest were covered in protective gear

Some were armed with metal bars and wore helmets, goggles and gas masks for protection. Others wore body armour, including one man whose arms and chest were covered in protective gear

Lines of police were matched by masses of protesters who stood behind makeshift barriers. Many of those protesting wore yellow helmets and held umbrellas aloft

Lines of police were matched by masses of protesters who stood behind makeshift barriers. Many of those protesting wore yellow helmets and held umbrellas aloft

Bamboo poles were left strewn over the street as protesters tried to build barricades to push back the police in Tsuen Wan

Bamboo poles were left strewn over the street as protesters tried to build barricades to push back the police in Tsuen Wan 

Many protesters filled Tsuen Wan Park, the endpoint of the rally, chanting, 'Fight for freedom, stand with Hong Kong,' the South China Morning Post newspaper said

Some protesters, undeterred by the robust police response, threw projectiles including Molotov cocktails at police

Some protesters, undeterred by the robust police response, threw projectiles including Molotov cocktails at police

Other protesters were seen cowering in the streets of Tsuen Wan while wearing gas masks and helmets and holding umbrellas

Other protesters were seen cowering in the streets of Tsuen Wan while wearing gas masks and helmets and holding umbrellas

Some rioters were detained by police, including one woman who cowered on the floor with her head bowed as two officers with shields and batons stood over her

Some rioters were detained by police, including one woman who cowered on the floor with her head bowed as two officers with shields and batons stood over her

The protesters filled Hong Kong's streets, with thousands holding umbrellas over their heads both as protection against the rain and as a reference to the original 'Umbrella Movement' in 2014

The protesters filled Hong Kong’s streets, with thousands holding umbrellas over their heads both as protection against the rain and as a reference to the original ‘Umbrella Movement’ in 2014 

The protests began with people gathering at a sports stadium in Kwai Fong, western Hong Kong, where they then marched to nearby Tsuen Wan and clashed with police. The Chinese-ruled city's rail operator, MTR Corp, had suspended some services to try to prevent people gathering

The protests began with people gathering at a sports stadium in Kwai Fong, western Hong Kong, where they then marched to nearby Tsuen Wan and clashed with police. The Chinese-ruled city’s rail operator, MTR Corp, had suspended some services to try to prevent people gathering

Protesters were not afraid to have physical clashes with police as they were seen fighting with officers. Above: One policeman crouches on the floor as a protester stands over him with a metal bar

Protesters were not afraid to have physical clashes with police as they were seen fighting with officers. Above: One policeman crouches on the floor as a protester stands over him with a metal bar

Despite the defiance of protesters, a seemingly-endless stream of police filled the streets to deal with demonstrations

Despite the defiance of protesters, a seemingly-endless stream of police filled the streets to deal with demonstrations

Many of those clashes with officers were dressed in helmets and face coverings and some had makeshift weapons

Many of those clashes with officers were dressed in helmets and face coverings and some had makeshift weapons

As well as clashing with police, a hoard of protesters were seen breaking into and trashing a restaurant in Tsuen Wan

As well as clashing with police, a hoard of protesters were seen breaking into and trashing a restaurant in Tsuen Wan

After smashing windows, protesters were seen standing amid upturned tables and chairs and shards of broken glass

After smashing windows, protesters were seen standing amid upturned tables and chairs and shards of broken glass

Some protesters used metal poles to smash the window of a shop run by mainland Chinese people where Mahjong - a traditional Chinese domino-like tile game - can be played. The tactics are likely to further anger the Chinese government

Some protesters used metal poles to smash the window of a shop run by mainland Chinese people where Mahjong – a traditional Chinese domino-like tile game – can be played. The tactics are likely to further anger the Chinese government

After the windows were smashed, people inside huddled in a doorway while one man sitting at a table appeared to be crying

After the windows were smashed, people inside huddled in a doorway while one man sitting at a table appeared to be crying

Worried-looking Hong Kong residents stood and watched the protesters break into the shop. The residents have witnessed three months of ongoing protests

Worried-looking Hong Kong residents stood and watched the protesters break into the shop. The residents have witnessed three months of ongoing protests

In another Mahjong venue, broken glass was pictured scattered over the floor while a man peered through a doorway at the back of the room

Police facing protesters were backed up by trucks firing water cannon which helped to knock down makeshift barricades

Police facing protesters were backed up by trucks firing water cannon which helped to knock down makeshift barricades

Officers were seen walking through the streets behind and  head of police vans as protesters massed up ahead of them

Officers were seen walking through the streets behind and  head of police vans as protesters massed up ahead of them

A petrol bomb thrown on the road  by a protester lands next to police officers who keep a safe distance from leaping flames

A petrol bomb thrown on the road  by a protester lands next to police officers who keep a safe distance from leaping flames

Bricks thrown by protesters are seen near tear gas fired by the police during violent clashes between officers and those on the streets

Bricks thrown by protesters are seen near tear gas fired by the police during violent clashes between officers and those on the streets

One protester holds an umbrella as they react to the haze of tear gas which hung over the streets of Hong Kong for much of the day

One protester holds an umbrella as they react to the haze of tear gas which hung over the streets of Hong Kong for much of the day

A second rally of a few hundred, some of them family members of police, was also held on Sunday afternoon.

One relative, who said she was the wife of an officer, said they had received enough criticism. ‘I believe within these two months, police have got enough opprobrium.’

‘I really want you to know even if the whole world spits on you, we as family members will not,’ she said, giving her surname only as Si.

Police said they would launch a ‘dispersal operation’ soon.

‘Some radical protesters have removed railings … and set up barricades with water-filled barriers, bamboo sticks, traffic cones and other objects,’ they said in a statement. ‘Such acts neglect the safety of citizens and road users, paralysing traffic in the vicinity.

‘Remember, your job is to serve Hong Kong residents, not be the enemies of Hong Kong.’

The city’s officers are often the focus of protesters’ anger because of their perceived heavy-handling of the rallies.

The neighbouring gambling territory of Macau, a former Portuguese colony that returned to Chinese rule in 1999, elected former legislature head Ho Iat Seng as its leader on Sunday – the sole approved candidate.

One defiant-looking man is detained by officers as they continue to try to deal with the ongoing protests which have rocked Hong Kong

One defiant-looking man is detained by officers as they continue to try to deal with the ongoing protests which have rocked Hong Kong

One protester held an egg above his head as he prepares to launch it at police while others cower behind him

One protester held an egg above his head as he prepares to launch it at police while others cower behind him

One protester held a tennis racket as he and others fled from a tear gas canister. Yesterday, the MTR shut stations near the main demonstration area in Tsuen Wan, the second day of station closures in a row

One protester held a tennis racket as he and others fled from a tear gas canister. Yesterday, the MTR shut stations near the main demonstration area in Tsuen Wan, the second day of station closures in a row

A demonstrator uses a slingshot as they clash with riot police during Sunday's protest in Tsuen Wan in Hong Kong

A demonstrator uses a slingshot as they clash with riot police during Sunday’s protest in Tsuen Wan in Hong Kong

Protesters who were not cowed by tear gas from police used slingshots to fire bricks back at them. Many wore gas masks to guard against tear gas

Protesters who were not cowed by tear gas from police used slingshots to fire bricks back at them. Many wore gas masks to guard against tear gas

This man wearing a gas mask had a closed umbrella in one hand and some kind of inflatable in the other as he faced the police

This man wearing a gas mask had a closed umbrella in one hand and some kind of inflatable in the other as he faced the police

Protesters constructed barricades from road barriers and wooden pallets as they faced police amid a cloud of tear gas which had been fired by officers

Protesters constructed barricades from road barriers and wooden pallets as they faced police amid a cloud of tear gas which had been fired by officers

An anti-riot police vehicle equipped with a water cannon clears the road from a barricade set up by protesters during an anti-government rally in Kwai Fung and Tsuen Wan, Hong Kong

An anti-riot police vehicle equipped with a water cannon clears the road from a barricade set up by protesters during an anti-government rally in Kwai Fung and Tsuen Wan, Hong Kong

Some protesters wore gas masks to protect against a barrage of tear gas from police in Tsuen Wan, Hong Kong

Some protesters wore gas masks to protect against a barrage of tear gas from police in Tsuen Wan, Hong Kong

Many crouched behind makeshift barriers while others watched the clashes from inside a glass-panelled walkway above

Many crouched behind makeshift barriers while others watched the clashes from inside a glass-panelled walkway above

Riot police wearing gas masks and armed with batons walked in front of a water cannon truck as they continued to respond to the ongoing protests

Riot police wearing gas masks and armed with batons walked in front of a water cannon truck as they continued to respond to the ongoing protests

Some protesters threw slightly less dangerous projectiles at police, in the form of eggs. One man (above) was pictured throwing an egg and he had a plentiful supply behind him

Some protesters threw slightly less dangerous projectiles at police, in the form of eggs. One man (above) was pictured throwing an egg and he had a plentiful supply behind him

Even though most protesters engaging in clashes with police were wearing as masks, officers continued to fire volleys of tear gas at them

Even though most protesters engaging in clashes with police were wearing as masks, officers continued to fire volleys of tear gas at them

Battle lines drawn: protesters and police faced each other in the street in Tsuen Wan in Hong Kong. Demonstrators stood behind makeshift barricades while officers held up riot shields

Battle lines drawn: protesters and police faced each other in the street in Tsuen Wan in Hong Kong. Demonstrators stood behind makeshift barricades while officers held up riot shields

One protester used spray paint to scrawl on the wall 'Absolute power corrupts absolutely' - a chilling hint that the Chinese government may impose a further crackdown on protesters

The city had earlier appeared to have pulled back from a sharp nosedive into violence, with the last serious confrontation taking place more than a week ago, shortly after protests paralysed the financial hub's airport. But Sunday's clashes again brought more violence. Above: A man helps a fellow protester as he falls to the floor amid the heavy use of tear gas by police

The city had earlier appeared to have pulled back from a sharp nosedive into violence, with the last serious confrontation taking place more than a week ago, shortly after protests paralysed the financial hub’s airport. But Sunday’s clashes again brought more violence. Above: A man helps a fellow protester as he falls to the floor amid the heavy use of tear gas by police

One man defiantly waved his middle finger at police as he stood behind makeshift barricades and others cowered in the face of tear gas

One man defiantly waved his middle finger at police as he stood behind makeshift barricades and others cowered in the face of tear gas

Some officers appeared to be in plain clothes as they clashed with protesters for the second straight day in what has been three months of ongoing protests

Some officers appeared to be in plain clothes as they clashed with protesters for the second straight day in what has been three months of ongoing protests

Amid the use of tear gas by police, protesters were pictured running away while wearing gas masks and holding umbrellas

Amid the use of tear gas by police, protesters were pictured running away while wearing gas masks and holding umbrellas

Children were pictured with their parents during some of yesterday's protests as thousands of people took to the streets

Children were pictured with their parents during some of yesterday’s protests as thousands of people took to the streets

Protesters were armed with metal poles and even tennis rackets as dozens of people watched the clashes with police from a walkway above the street

Protesters were armed with metal poles and even tennis rackets as dozens of people watched the clashes with police from a walkway above the street

Protesters broke into restaurants during clashes. Above: A group of six men use metal poles to smash the glass of one venue

Protesters broke into restaurants during clashes. Above: A group of six men use metal poles to smash the glass of one venue

One protester reaches out at what appears to be a tear gas canister as it sprays out gas intended to subdue protesters

One protester reaches out at what appears to be a tear gas canister as it sprays out gas intended to subdue protesters

Ho, who has deep ties to China, is expected to cement Beijing’s control over the ‘special administrative region’, the same status given to Hong Kong, and distance it from the unrest there.

Ten people were left in hospital after Saturday’s clashes in Hong Kong – two in a serious condition – staff said, without detailing if they were police or protesters.

Saturday’s clashes saw police baton-charge protesters and fire tear gas, while demonstrators threw rocks and bottles later into the night in a working-class neighbourhood.

The city had earlier appeared to have pulled back from a sharp nosedive into violence, with the last serious confrontation taking place more than a week ago, shortly after protests paralysed the financial hub’s airport.

Demonstrations started against a bill that would have allowed extradition to China, but have bled into wider calls for democracy and police accountability in the semi-autonomous city.

Protesters say Hong Kong’s unique freedoms are in jeopardy as Beijing tightens its political choke hold on the city.

Police fired volleys of tear gas throughout clashes with demonstrators as they attempted to quell the ongoing protests

Police fired volleys of tear gas throughout clashes with demonstrators as they attempted to quell the ongoing protests

Protesters wearing helmets, gas masks and gloves wield makeshift weapons. Others hold lasers and shine them at police

Protesters wearing helmets, gas masks and gloves wield makeshift weapons. Others hold lasers and shine them at police

Violent clashes between police and protesters saw officers wielding their batons and riot shields as their opponents held makeshift weapons

Violent clashes between police and protesters saw officers wielding their batons and riot shields as their opponents held makeshift weapons

A protester holds his arm out as a policeman prepares to hit him with his baton. The protests have seen further violence descend onto the streets of Hong Kong

A protester holds his arm out as a policeman prepares to hit him with his baton. The protests have seen further violence descend onto the streets of Hong Kong

Some police were dressed in plain clothes as they clashed with demonstrators. Above: An officer cries out as a protester smashes a metal bar against his shield

Some police were dressed in plain clothes as they clashed with demonstrators. Above: An officer cries out as a protester smashes a metal bar against his shield

Some protesters directed laser pens towards police as the streets were filled with thousands of people in Hong Kong

Some protesters directed laser pens towards police as the streets were filled with thousands of people in Hong Kong

M. Sung, a 53-year-old software engineer in a black mask emblematic of the many older, middle-class citizens at the march, said he had been at almost every protest and would keep coming. 'We know this is the last chance to fight for 'one country, two systems', otherwise the Chinese Communist Party will penetrate our home city and control everything,' he said. Above: A protester holds up a sign reading 'corrupt police return eyes to victims' as demonstrators march in the rain

M. Sung, a 53-year-old software engineer in a black mask emblematic of the many older, middle-class citizens at the march, said he had been at almost every protest and would keep coming. ‘We know this is the last chance to fight for ‘one country, two systems’, otherwise the Chinese Communist Party will penetrate our home city and control everything,’ he said. Above: A protester holds up a sign reading ‘corrupt police return eyes to victims’ as demonstrators march in the rain

Hong Kong has been gripped by three months of street demonstrations that started against a proposed extradition bill to China , but have spun out into a wider pro-democracy movement. Above: Protesters also carried bamboo sticks to block a road during the protests. Yesterday, riot police fired tear gas and baton-charged protesters who retaliated with a barrage of the bamboo poles, stones and bottles

Hong Kong has been gripped by three months of street demonstrations that started against a proposed extradition bill to China , but have spun out into a wider pro-democracy movement. Above: Protesters also carried bamboo sticks to block a road during the protests. Yesterday, riot police fired tear gas and baton-charged protesters who retaliated with a barrage of the bamboo poles, stones and bottles

Demonstrators used the poles to block a road. The MTR - the city's metro - is the latest Hong Kong business to be rebuked by the public, after appearing to bend to Chinese state-media attacks accusing the transport system of being an 'exclusive' service to ferry protesters to rallies

Demonstrators used the poles to block a road. The MTR – the city’s metro – is the latest Hong Kong business to be rebuked by the public, after appearing to bend to Chinese state-media attacks accusing the transport system of being an ‘exclusive’ service to ferry protesters to rallies

The protests pose a direct challenge for Communist Party leaders in Beijing, who are eager to quell the unrest ahead of the 70th anniversary of the founding of the People's Republic of China on Oct. 1. Above: Protesters march from Kwai Fung to Tsuen Wan in Hong Kong

 The protests pose a direct challenge for Communist Party leaders in Beijing, who are eager to quell the unrest ahead of the 70th anniversary of the founding of the People’s Republic of China on Oct. 1. Above: Protesters march from Kwai Fung to Tsuen Wan in Hong Kong

Some protesters were seen holding U.S. flags as they join marchers heading from Kwai Fung to Tsuen Wan, further north

Some protesters were seen holding U.S. flags as they join marchers heading from Kwai Fung to Tsuen Wan, further north

One woman, who said she was the wife of an officer, said the police had received enough criticism. 'I believe within these two months, police have got enough opprobrium'. Above: Riot police officers stand guard as protesters march in Tsuen Wan

One woman, who said she was the wife of an officer, said the police had received enough criticism. ‘I believe within these two months, police have got enough opprobrium’. Above: Riot police officers stand guard as protesters march in Tsuen Wan

In Tsuen Wan, demonstrators marched through the area, including one man who was seen in a yellow helmet and military vest

In Tsuen Wan, demonstrators marched through the area, including one man who was seen in a yellow helmet and military vest

Yesterday, the MTR shut stations near the main demonstration area in Tsuen Wan in western Hong Kong, it was the second day of station closures in a row. Above: Protesters march past rows of police

Yesterday, the MTR shut stations near the main demonstration area in Tsuen Wan in western Hong Kong, it was the second day of station closures in a row. Above: Protesters march past rows of police

Beijing has used a mix of intimidation, propaganda and economic muscle to constrict the protests in a strategy dubbed 'white terror' by the movement, but that has not stopped hundreds of thousands of protesters from gathering on their streets. Above: Protesters clutching umbrellas gather yesterday in Hong Kong

Beijing has used a mix of intimidation, propaganda and economic muscle to constrict the protests in a strategy dubbed ‘white terror’ by the movement, but that has not stopped hundreds of thousands of protesters from gathering on their streets. Above: Protesters clutching umbrellas gather yesterday in Hong Kong 

Demonstrators also removed road barriers during their march during through Kwai Fong, in Hong Kong yesterday

Ten people were left in hospital after Saturday’s clashes – two in a serious condition – staff said, without detailing if they were police or protesters

Saturday's clashes saw police baton-charge protesters and fire tear gas, while demonstrators threw rocks and bottles later into the night in a working-class neighbourhood

Saturday’s clashes saw police baton-charge protesters and fire tear gas, while demonstrators threw rocks and bottles later into the night in a working-class neighbourhood

On Friday, tens of thousands of people had held hands across Hong Kong in a dazzling, neon-framed recreation of a pro-democracy ‘Baltic Way’ protest against Soviet rule three decades ago.

The city’s skyscraper-studded harbour-front as well as several busy shopping districts were lined with peaceful protesters, many wearing surgical masks to hide their identity and holding Hong Kong flags or mobile phones with lights shining.

The human chain was another creative demonstration in the rolling protests which have tipped Hong Kong into an unprecedented political crisis.

Chinese state media says Hong Kong’s ‘toxic’ textbooks lead to protests

Chinese state newspaper has suggested that the cause of the anti-government protests in Hong Kong is the city’s education system, particularly its textbooks.

Tung Chee-hwa, the city’s first Chief Executive, has confessed that the General Education system in Hong Kong was a failure and the young generations became ‘problematic’ as a result, claimed People’s Daily in a column today.

The op-ed, penned by Professor Gu Minggang, said Hong Kong needed to reflect on its entire education system.

Protesters hold hands to form a human chain during a rally to call for political reforms in Hong Kong on August 23. Chinese media accused that the city's 'biased' and 'erroneous' textbooks had brought up a generation of 'useless youngsters'

The author said: ‘After Hong Kong returned to the arms of the motherland, the first and foremost issue to resolve should be to establish the concept of the country. The problem is, how many educators in Hong Kong have this notion?’

On Wednesday, China’s Guancha.cn called the General Education textbook in Hong Kong ‘toxic’, ‘biased’ and ‘erroneous’.

Citing Hong Kong’s pro-Beijing newspaper Wenweipo, Guancha.cn accused the textbook of encouraging pupils to hate police, promoting Occupy Central campaign and twisting facts.

The article said that the textbook had become a political propaganda and brought up a generation of ‘useless youngsters’.

https://www.dailymail.co.uk/news/article-7394069/Hong-Kong-protesters-fight-tennis-racquets.html

Story 5: Three Way Tie In Race For 2020 Democratic Presidential Canidate — Biden, Sander and Warren — Videos

Biden plunges, tied with Warren and Sanders in new national poll

Joe Biden Doesn’t Know What State He Is In

Published on Aug 24, 2019
In Keene, N.H., former Vice President Joe Biden told a press gaggle that he loves being in Vermont when asked about his time in Keene on 8/24/19. Be sure to like, subscribe, and comment below to share your thoughts on the video.

3-Way Lead as Dem 2020 Picture Shifts

Today

Sanders and Warren rise; Biden drops

West Long Branch, NJ – Vermont Sen. Bernie Sanders, Massachusetts Sen. Elizabeth Warren, and former Vice President Joe Biden are currently bunched together in the national Democratic presidential preference contest. Movement in the latest Monmouth University Poll – positive for Warren and Sanders, negative for Biden – suggests the 2020 presidential nomination process may be entering a volatile stage.  The poll results also suggest that liberal voters are starting to take a closer look at a wider range of candidates, while moderates are focusing on those with the highest name recognition.  Another key finding that could contribute to growing volatility in the race is confusion over “Medicare for All.” Most say support for this policy is an important factor in choosing a Democratic nominee, but voters actually prefer a public option over a single payer plan.

The poll finds a virtual three-way tie among Sanders (20%), Warren (20%), and Biden (19%) in the presidential nomination preferences of registered Democrats and Democratic-leaning voters across the country. Compared to Monmouth’s June poll, these results represent an increase in support for both Sanders (up from 14%) and Warren (up from 15%), and a significant drop for Biden (down from 32%).

Results for the rest of the field are fairly stable compared to two months ago. These candidates include California Sen. Kamala Harris at 8% support (identical to 8% in June), New Jersey Sen. Cory Booker at 4% (2% in June), South Bend Mayor Pete Buttigieg at 4% (5% in June), entrepreneur Andrew Yang at 3% (2% in June), former cabinet secretary Julián Castro at 2% (<1% in June), former Texas Rep. Beto O’Rourke at 2% (3% in June), and author Marianne Williamson at 2% (1% in June). Support for the remaining 13 candidates included in the preference poll registered only 1% or less.

Biden has suffered an across the board decline in his support since June.  He lost ground with white Democrats (from 32% to 18%) and voters of color (from 33% to 19%), among voters without a college degree (from 35% to 18%) and college graduates (from 28% to 20%), with both men (from 38% to 24%) and women (from 29% to 16%), and among voters under 50 years old (from 21% to 6%) as well as voters aged 50 and over (from 42% to 33%).  Most of Biden’s lost support in these groups shifted almost equally toward Sanders and Warren.

“The main takeaway from this poll is that the Democratic race has become volatile.  Liberal voters are starting to cast about for a candidate they can identify with.  Moderate voters, who have been paying less attention, seem to be expressing doubts about Biden. But they are swinging more toward one of the left-leaning contenders with high name recognition rather than toward a lesser known candidate who might be more in line with them politically,” said Patrick Murray, director of the independent Monmouth University Polling Institute.  He added, “It’s important to keep in mind this is just one snapshot from one poll.  But it does raise warning signs of increased churning in the Democratic nomination contest now that voters are starting to pay closer attention.”

Biden lost support over the past two months among Democrats who call themselves moderate or conservative (from 40% to 22%) with the shift among these voters accruing to both Sanders (from 10% to 20%) and Warren (from 6% to 16%).  Biden also lost support among liberals (from 24% to 15%), but this group’s backing has scattered to a variety of other candidates. Sanders has picked up a few points among liberal voters (from 17% to 21%) while Warren has held fairly steady (from 25% to 24%).  Also, Harris has not budged with this group (from 10% to 11%) and Buttigieg has slipped slightly (from 8% to 5%).  However, the aggregate support for four other candidates – namely Booker, Castro, Williamson and Yang – has gone up a total of 8 points among liberal Democrats (from 8% to 16% for the four combined).

The Monmouth poll also finds that Biden has lost his small edge in the early states where Democrats will cast ballots from February through Super Tuesday. His even larger lead in the later states has vanished as well.  Biden (20%), Warren (20%), Sanders (16%), and Harris (12%) are all in the top tier among voters in the early states. Biden has slipped by 6 points since June and Warren has gained 5 points over the same time span.  Early state support for Sanders and Harris has not changed much.  In the later states, Biden’s support has plummeted from 38% in June to 17% now, while both Warren (from 16% to 20%) and Sanders (from 13% to 23%) have made gains.

“Biden’s drop in support is coming disproportionately from later states that have less impact on the process. But if this trend continues it could spell trouble for him in the early states if it undermines his claim to being the most electable candidate.  This could benefit someone like Harris, who remains competitive in the early states and could use a strong showing there to propel her into the top tier.  Based on the current data, though, Warren looks like the candidate with the greatest momentum right now,” said Murray.

2020 DEMOCRATIC SUPPORT by state primary schedule *
EARLY STATES OTHER STATES
Aug‘19 Jun‘19 May‘19 Aug‘19 Jun‘19 May‘19
Elizabeth Warren 20% 15% 9% 20% 16% 11%
Joe Biden 20% 26% 26% 17% 38% 38%
Bernie Sanders 16% 15% 14% 23% 13% 16%
Kamala Harris 12% 11% 14% 5% 5% 8%
Cory Booker 2% 3% <1% 5% 1% 1%
Pete Buttigieg 4% 4% 6% 4% 6% 6%
Andrew Yang 5% 3% 2% 2% 1% 0%
Julián Castro 2% 1% 1% 2% <1% 0%
Beto O’Rourke 3% 6% 3% 1% 1% 4%
Marianne Williamson 1% 1% 1% 3% 1% 1%
  * Early states include those scheduled to or likely to hold a 
primary/caucus event in February 2020 or on Super Tuesday (March 3rd).

Warren has seen her personal ratings improve steadily over the past few months.  She currently earns a 65% favorable and 13% unfavorable rating, up from 60%-14% in May, the last time Monmouth tracked the 2020 candidate ratings.  At the same, time Biden has seen his ratings drop to 66% favorable and 25% unfavorable, from 74%-17% three months ago. The ratings for Sanders have been comparatively more stable at 64% favorable and 24% unfavorable compared with 65%-21% in Monmouth’s May poll.

At least 2-in-3 Democratic voters can now recognize the names of 11 candidates Monmouth has been tracking in terms of voter favorability since January.  Most have seen a small uptick in basic name recognition over the past three months of between 5 and 13 percentage points. The exceptions are Biden and Sanders on one hand, both of whom have been universally familiar to Democratic voters since the beginning of the campaign, and Williamson on the other hand, whose name recognition shot up 19 points from 48% in May to 67% in the current poll.  In Williamson’s case, though, the increased notoriety has led to a rise in negative views, currently earning her a 14% favorable and 25% unfavorable rating, which is down from an evenly divided 10%-10% rating in May.

Other candidates who have seen a downturn in their ratings are Harris at 56% favorable and 17% unfavorable (from 58%-9% in May) and Minnesota Sen. Amy Klobuchar at 27% favorable and 18% unfavorable (from 32%-10% in May).  Those who have seen a slight improvement in their ratings are Booker at 49% favorable and 14% unfavorable (from 41%-13% in May), Buttigieg at 43% favorable and 14% unfavorable (from 35%-11% in May), and Yang at 24% favorable and 12% unfavorable (from 12%-13% in May).  Candidates who are holding relatively steady are Castro at 35% favorable and 13% unfavorable (from 28%-10% in May) and O’Rourke at 39% favorable and 20% unfavorable (from 40%-19% in May).

2020 CANDIDATE OPINION AMONG DEMOCRATIC VOTERS
Net favorability rating: Aug ‘19 May ‘19 Apr ‘19 Mar ‘19 Jan ‘19
Elizabeth Warren +52 +46 +32 +30 +40
Joe Biden +41 +57 +56 +63 +71
Bernie Sanders +40 +44 +44 +53 +49
Kamala Harris +39 +49 +40 +42 +33
Cory Booker +35 +28 +24 +31 +33
Pete Buttigieg +29 +24 +29 n/a +2
Julián Castro +22 +18 n/a n/a +15
Beto O’Rourke +19 +21 +31 +26 +32
Andrew Yang +12 –1 n/a n/a 0
Amy Klobuchar +9 +22 +14 +13 +15
Marianne Williamson –11 0 n/a +4 n/a
     

The two most recent entrants in the crowded field earn net negative ratings. Former naval officer and Pennsylvania Rep. Joe Sestak has a negative 5% favorable and 11% unfavorable rating with 53% name recognition.  Former hedge fund manager Tom Steyer, who has spent heavily on advertising since getting into the race, earns a 9% favorable and 25% unfavorable rating with 70% name recognition.

On the issue of health care, 58% of party voters say it is very important to them that the Democrats nominate someone who supports “Medicare for All.”  Another 23% say it is somewhat important, 10% say it is not important, and 9% are unsure. However, it is not clear that Medicare for All means the same thing to all voters.  When asked specifically about what type of health insurance system they prefer, 53% of Democratic voters say they want a system that offers an opt in to Medicare while retaining the private insurance market. Just 22% say they want to move to a system where Medicare for All replaces private insurance. Another 7% prefer to keep insurance private for people under 65 but regulate the costs and 11% want to leave the system basically as it is now.

Those who prefer a public option are divided into two camps that include 18% who would like to move to a universal public insurance system eventually and 33% who say that there should always be the choice of private coverage.  In other words, only 4-in-10 Democrats want to get rid of the private insurance market when the 22% who want Medicare for All now are combined with the 18% who would like to move to a universal public system at some point in the future.

“We asked the public option question in our Iowa poll earlier this month and got a lot of flak from Medicare for All advocates who claim that polls show widespread support for their idea.  It seems from these results, though, the term has a wide range of meanings among Democratic voters. Many conflate the public-only program name with a public option.  There is a lot more nuance in public opinion on this issue that could become problematic for proponents as voters become more familiar with what Medicare for All actually entails,” said Murray.

The Monmouth University Poll was conducted by telephone from August 16 to 20, 2019 with 800 adults in the United States. Results in this release are based on 298 registered voters who identify as Democrats or lean toward the Democratic Party, which has a +/- 5.7 percentage point sampling margin of error.  The poll was conducted by the Monmouth University Polling Institute in West Long Branch, NJ.

QUESTIONS AND RESULTS     

(* Some columns may not add to 100% due to rounding.)

[Q1-13 previously released.]

14.I know the 2020 election is far away, but who would you support for the Democratic nomination for president if the candidates were the following? [INCLUDES LEANERS] [NAMES WERE ROTATED]

  TREND:
(with leaners)
Aug.
2019
June
2019
May
2019
April
2019
March
2019
Jan.
2019
Bernie Sanders 20% 14% 15% 20% 25% 16%
Elizabeth Warren 20% 15% 10% 6% 8% 8%
Joe Biden 19% 32% 33% 27% 28% 29%
Kamala Harris 8% 8% 11% 8% 10% 11%
Cory Booker 4% 2% 1% 2% 5% 4%
Pete Buttigieg 4% 5% 6% 8% <1% 0%
Andrew Yang 3% 2% 1% <1% 1% 1%
Julián Castro 2% <1% 1% <1% 1% 1%
Beto O’Rourke 2% 3% 4% 4% 6% 7%
Marianne Williamson 2% 1% 1% <1% <1% n/a
Bill de Blasio 1% 1% 1% 1% 1% n/a
Tulsi Gabbard 1% 1% 1% 0% <1% 1%
Amy Klobuchar 1% 1% 3% 1% 3% 2%
Michael Bennet <1% 0% <1% 0% <1% n/a
Steve Bullock <1% 0% 0% 0% 0% n/a
Kirsten Gillibrand <1% <1% <1% <1% <1% 1%
Joe Sestak <1% n/a n/a n/a n/a n/a
Tom Steyer <1% n/a n/a n/a n/a n/a
John Delaney 0% 0% <1% 0% 0% <1%
Jay Inslee * 0% 1% <1% <1% <1% <1%
Wayne Messam 0% 0% 0% <1% n/a n/a
Seth Moulton * 0% 0% 0% <1% n/a n/a
Tim Ryan 0% <1% <1% 0% n/a n/a
(VOL) Other 1% 0% <1% 3% 5% 8%
(VOL) No one <1% 1% 2% 3% <1% 3%
(VOL) Undecided 10% 11% 9% 14% 8% 9%
 (n) (298) (306) (334) (330) (310) (313)

* The poll was conducted before Inslee and Moulton dropped out of the race.

15.I’m going to read you the names of some people who are running for president in 2020.  Please tell me if your general impression of each is favorable or unfavorable, or if you don’t really have an opinion. If you have not heard of the person, just let me know. [NAMES WERE ROTATED]

  TREND: Favorable Unfavorable No
opinion
Not
heard of
(n)
Former Vice President Joe Biden 66% 25% 8% 1% (298)
   — May 2019 74% 17% 7% 1% (334)
   — April  2019 72% 16% 12% 1% (330)
   — March  2019 76% 13% 9% 2% (310)
   — January  2019 80% 9% 8% 3% (313)
           
Vermont Senator Bernie Sanders 64% 24% 10% 2% (298)
   — May 2019 65% 21% 12% 2% (334)
   — April  2019 65% 21% 13% 1% (330)
   — March  2019 70% 17% 10% 3% (310)
   — January  2019 68% 19% 9% 4% (313)
           
Massachusetts Senator Elizabeth Warren 65% 13% 16% 7% (298)
   — May 2019 60% 14% 14% 12% (334)
   — April  2019 51% 19% 18% 12% (330)
   — March  2019 49% 19% 15% 17% (310)
   — January  2019 57% 17% 16% 11% (313)
           
Former Texas Congressman Beto O’Rourke 39% 20% 26% 15% (298)
   — May 2019 40% 19% 20% 22% (334)
   — April  2019 43% 12% 22% 23% (330)
   — March  2019 38% 12% 21% 29% (310)
   — January  2019 41% 9% 23% 27% (313)
           
California Senator Kamala Harris 56% 17% 16% 11% (298)
   — May 2019 58% 9% 15% 18% (334)
   — April  2019 50% 10% 19% 21% (330)
   — March  2019 53% 11% 16% 20% (310)
   — January  2019 46% 13% 21% 20% (313)
           
Minnesota Senator Amy Klobuchar 27% 18% 34% 20% (298)
   — May 2019 32% 10% 28% 30% (334)
   — April  2019 27% 13% 28% 32% (330)
   — March  2019 26% 13% 29% 33% (310)
   — January  2019 23% 8% 30% 39% (313)
           
South Bend, Indiana Mayor Pete Buttigieg 43% 14% 20% 23% (298)
   — May 2019 35% 11% 24% 30% (334)
   — April  2019 35% 6% 25% 34% (330)
   — March  2019
   — January  2019 8% 6% 27% 58% (313)
           
New Jersey Senator Cory Booker 49% 14% 25% 13% (298)
   — May 2019 41% 13% 26% 19% (334)
   — April  2019 40% 16% 24% 20% (330)
   — March  2019 43% 12% 20% 25% (310)
   — January  2019 44% 11% 20% 25% (313)
           
 Former cabinet secretary Julián Castro 35% 13% 32% 20% (298)
   — May 2019 28% 10% 31% 31% (334)
   — April  2019
   — March  2019
   — January  2019 24% 9% 32% 35% (313)
           
Entrepreneur Andrew Yang 24% 12% 36% 29% (298)
   — May 2019 12% 13% 33% 42% (334)
   — April  2019
   — March  2019
   — January  2019 10% 10% 26% 53% (313)
         
Author Marianne Williamson 14% 25% 28% 33% (298)
   — May 2019 10% 10% 28% 52% (334)
   — April  2019
   — March  2019 8% 4% 21% 67% (310)
   — January  2019
         
Former Pennsylvania Congressman Joe Sestak 5% 11% 37% 47% (298)
   — May 2019
   — April  2019
   — March  2019
   — January  2019
         
Former hedge fund manager Tom Steyer 9% 25% 37% 30% (298)
   — May 2019
   — April  2019
   — March  2019
   — January  2019
           

16.How important is it to you that the Democrats nominate someone who supports Medicare for All – very important, somewhat important, not important, or are you not sure?

Aug.
2019
Very important 58%
Somewhat important 23%
Not important 10%
Not sure 9%
(n) (298)

17.Which of the following comes closest to how you would like to see health care handled:  A. get rid of all private insurance coverage in favor of having everyone on a single public plan like Medicare for All, B. allow people to either opt into Medicare or keep their private coverage, C. keep health insurance private for people under age 65 but regulate the costs, or D. keep the health insurance system basically as it is?

Aug.
2019
A. Get rid of all private insurance coverage in favor of … Medicare for All 22%
B. Allow people to either opt into Medicare or keep their private coverage 53%
C. Keep health insurance private for people under age 65 but regulate the costs 7%
D. Keep the health insurance system basically as it is 11%
(VOL) Other 2%
(VOL) Don’t know 4%
(n) (298)

17A.[If “B. ALLOW PEOPLE TO OPT INTO MEDICARE OR KEEP THEIR PRIVATE COVERAGE” in Q17, ASK:]  Would you eventually like to see the nation’s health care coverage move to a universal public system like Medicare for All or do you think there should always be a choice to keep your private coverage?  [Percentages are based on the total sample of Democrats.]

Aug.
2019
Medicare for All now (from Q17) 22%
Public option:  Eventually move to a universal public system like Medicare for All 18%
Public option:  Should always be a choice to keep your private coverage 33%
Public option:  Don’t know what should eventually happen 2%
Minor, none, other changes to health insurance (from Q17) 21%
(VOL) Don’t know (from Q17) 4%
(n) (298)

[Q18-26 held for future release.]

METHODOLOGY

The Monmouth University Poll was sponsored and conducted by the Monmouth University Polling Institute from August 16 to 20, 2019 with a national random sample of 800 adults age 18 and older, in English. This includes 314 contacted by a live interviewer on a landline telephone and 486 contacted by a live interviewer on a cell phone. The results in this poll release are based on a subsample of 298 registered voters who identify themselves as Democrats or lean toward the Democratic Party. Telephone numbers were selected through random digit dialing and landline respondents were selected with a modified Troldahl-Carter youngest adult household screen. Monmouth is responsible for all aspects of the survey design, data weighting and analysis. Final sample is weighted for region, age, education, gender and race based on US Census information. Data collection support provided by Braun Research (field) and Dynata (RDD sample). For results based on the Democratic voter sample, one can say with 95% confidence that the error attributable to sampling has a maximum margin of plus or minus 5.7 percentage points (unadjusted for sample design). Sampling error can be larger for sub-groups (see table below). In addition to sampling error, one should bear in mind that question wording and practical difficulties in conducting surveys can introduce error or bias into the findings of opinion polls.

DEMOGRAPHICS (weighted)
DEMOCRATIC VOTERS
 
38% Male
62% Female
 
31% 18-34
31% 35-54
38% 55+
 
53% White
18% Black
20% Hispanic
  9% Asian/Other
 
59% No degree
41% 4 year degree
  

Click on pdf file link below for full methodology and crosstabs by key demographic groups.

3-Way Lead as Dem 2020 Picture Shifts

Joe Biden: ‘I want to be clear, I’m not going nuts’

9:24 a.m.

Joe Biden.

Joshua Lott/Getty Images

Former Vice President Joe Biden is hopping on the defensive.

After months of gaffes on the 2020 campaign trail prompting even his brain surgeon to chime in and defend his mind, Biden made a pointed comment about the state of his brain over the weekend. “I want to be clear, I’m not going nuts,” Biden said during a campaign rally in New Hampshire — a comment that surely extended beyond the confusion he was trying to clear up at the time, theLos Angeles Times reports.

Biden made the declaration while speaking to supporters at New Hampshire’s Loon Lake, defending his inability to remember just where he’d spoken at Dartmouth College a few hours earlier. “I’m not sure whether it was the medical school or where the hell I spoke. But it was on the campus,” he said, looking at the gathered reporters as he did it, per the Times.

The obviously defensive comment comes after months of Biden stumbling over some pretty important details at campaign rallies, namely the locations of two mass shootings earlier this month. There’s also the time Biden said “poor kids are just as bright and just as talented as white kids” in front of the the Asian & Latino Coalition in Iowa. Yet the man who performed surgery on Biden three decades ago following two brain aneurysms agrees with the 76-year-old’s weekend comment, saying that he’s clearly “as sharp as he was 31 years ago.” Kathryn Krawczyk

GOP primary challenger Joe Walsh says the racist things he’s said on Twitter don’t necessarily make him a racist
5:26 p.m.

The presidential campaign freshly launched by former Rep. Joe Walsh (R-Ill.) also appears to be doubling as some kind of an apology — or at least personal accountability — tour.

Walsh, who on Sunday officially announced that he was challenging President Trump in the Republican primary, has routinely come under fire for his own controversial remarks, including a plethora of racist and insensitive tweets over the years. Walsh acknowledged his Twitter feed on Monday in an appearance on MSNBC, and concurred that some of what he said is, indeed, racist. But, as Walsh sees it, that doesn’t influence whether he’s actually a racist offline, or, as the youth say, “IRL.”

Aaron Blake

@AaronBlake

Joe Walsh on MSNBC: “I wouldn’t call myself a racist, but I’ve said racist things on Twitter.”

2,031 people are talking about this

When he made his announcement on Sunday, Walsh said he regretted helping “create” Trump by playing into divisive, personal politics, so it seems he’s trying to rip off the Band-Aid at the beginning of his campaign and address criticism that was sure to arise otherwise. Read more about Walsh’s presidential campaign here at The WeekTim O’Donnell

Your favorite vintage of French wine likely won’t get much more expensive in the near future.

Officials from France and the United States reportedly reached a compromise on Monday following the Group of Seven summit in Biarritz, France, on a new French tax passed last month on digital services provided by large internet companies, like Google and Amazon.

The new agreement stipulates that France would repay companies the difference between its digital tax and whatever taxes come from the agreed-upon Organization for Economic Cooperation and Development’s planned mechanism. The threshold for the French tax to be applicable for a company is annual revenues of more than $830 million — including $27 million generated in France — from “digital activities,” like collection of user data and selling targeted advertising.

French President Emmanuel Macron praised the compromise, while maintaining that France will nix its national tax if and when his preferred method of an international system for digital taxation is implemented. German Chancellor Angela Merkel said OECD nations want a solution on that by next year.

President Trump had previously threatened to tax French wine if Paris moved forward with its approved three percent tax on digital services. Tim O’Donnell

https://theweek.com/speedreads/861285/french-wine-might-safe-from-tariffs-after-france-strike-compromise-digital-tax

 

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The Pronk Pops Show 1310, August 21, 2019, Story 1: Trump Administration Plan To Detain Illegal Alien Children Indefinitely With Parents — Ending Catch and Release — The Family That Stays Together Gets Deported Together — Videos — Story 2: President Trump on Jewish People Who Vote Democrat Are Disloyal To Israel — Videos — Story 3: Reigning In Big Tech — Amazon, Apple, Facebook, Google — Videos — Story 4: Epstein Last Minute Estate Planning Puts Assets in Trust — Videos

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The Trump administration is set to issue new rules that would allow families crossing illegally with children to be detained indefinitely

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Story 1: Trump Administration Plan To Detain Illegal Alien Children Indefinitely With Parents — Ending Catch and Release — The Family That Stays Together Gets Deported Together — Videos

DHS’s new immigration rule will end catch-and-release loophole

Trump defends longer detention of migrant families

[youotube=https://www.youtube.com/watch?v=LbBTxK4mxE8]

Flores Settlement

Immigration Brief: Flores Settlement Agreement

The Flores Settlement is the Backbone of Detained Migrant Children’s Rights

DHS announced new immigration policy on migrant children

DHS’s new immigration rule will end catch-and-release loophole

Trump administration ends “loophole” immigration rule that could keep kids in detention for longer

Tucker: The Democratic Party wants to run the US

Ingraham: Dems’ open borders agenda exposed

AG Barr making major changes to immigration courts

Trump administration ends “catch and release” as it reforms immigration policies

Trump, Obama and Bush: How Presidents Approached Immigration Policy | NYT News

Doctors, nurses protesting Trump’s immigration policies

What Trump’s new immigration rules mean for the detention of migrant children

BREAKING: President Trump MAJOR Immigration Policy Proposal

Fitton: Leftists in Trump State Dept. sabotaged Guatemala deal

Reports detail Stephen Miller’s role in Trump’s tough immigration policies

Trump calls catch-and-release program ‘ridiculous’

Illegal immigrant families in the USA | DW Documentary

DHS secretary denies reintroduction of “catch and release” at border

How to solve the illegal immigration problem

Obama’s DHS Secretary: “We Cannot Have A System Of Catch And Release”

Trump administration rolls out plan to detain migrant children INDEFINITELY and president hails end of ‘catch and release’ – but federal judge needs to approve the move, setting stage for court battle

  • New regulations will allow the government to hold migrant children in border detention centers indefinitely 
  • The Department of Homeland Security rules would end protections given to minor migrants under the Flores Settlement Agreement
  • Under Flores, after 20 days children border crossers had to be released to a family member, guardian or at the very least a non-prison-like jail facility
  • Some claim illegal immigrants have crossed with children with the expectation they will be swiftly released from detention
  • ‘No child should be a pawn in a scheme to manipulate our immigration system,’ Acting DHS Secretary Kevin McAleenan said in announcing the new regulations 
  • Donald Trump insists these rules will put an end to ‘catch and release’ immigration practices 

The Department of Homeland Security is issuing a new rule this week which it claims will allow it to indefinitely detain migrant children and their parents who cross the border illegally, its acting boss announced Wednesday. 

Acting Homeland Security Secretary Kevin McAleenan said the rule would finally replace the Flores Settlement Agreement, which stops children – and by extension their parents – from being detained for more than 20 days.  

But it faces an instant legal battle because a federal judge must agree to tearing up the Flores settlement, with immigrant groups already preparing for a fight which is likely to end up in the Supreme Court.

Donald Trump hailed the rule, which will not be published until Friday, as the end to ‘catch and release’ immigration practices, and McAleenan claimed it would be a significant deterrent to illegal immigration.

During a press conference Wednesday, McAleenan said the so-called ‘Flores Final Rule’ would keep families together during immigration proceedings, and prevent children from becoming a ‘pawn’ to those who just wish to game the system.

‘No child should be a pawn in a scheme to manipulate our immigration system, which is why the new rules eliminate the incentive to exploit children as a free ticket or… a passport for migration to the United States,’ McAleenan said.

The Trump administration is set to issue new rules that would allow families crossing illegally with children to be detained indefinitely

Acting Homeland Security Secretary Kevin McAleenan said the new rules would prevent human smugglers and illegal border crossers from using children as 'pawns' or 'passports' to gain entry and release into the U.S.

Acting Homeland Security Secretary Kevin McAleenan said the new rules would prevent human smugglers and illegal border crossers from using children as ‘pawns’ or ‘passports’ to gain entry and release into the U.S.

By quoting the National Border Patrol president, Trump insisted the rules would stop 'catch and release' immigration practices

By quoting the National Border Patrol president, Trump insisted the rules would stop ‘catch and release’ immigration practices

THE RULES ON DETAINING ILLEGAL MIGRANT KIDS TRUMP WANTS TO CHANGE

Since 1997, what happens to children who cross the border illegally has been determined by a court settlement made by the Clinton administration to end a long-running case brought on behalf of a group of children detained  at the border in 1985. 

It got its name from one of them – Jenny Lisette Flores – and when the Clinton administration ended the federal litigation by negotiation,  became known as the Flores Settlement.

It set a 20 day limit on detaining children, and said that they had to be released to their parents or suitable guardians.

The federal government has to offer ‘food and drinking water as appropriate,’ ‘medical assistance if minor is in need of emergency services,’ ‘toilets and sinks,’ ‘adequate temperature control and ventilation,’ ‘adequate supervision to protect minors from others,’ ‘contact with family members who were arrested with the minor and separation from unrelated adults whenever possible.’ 

If a relative or guardian could not be found, they had to be sent to homes, not other detention centers – ‘the least restrictive environment possible,’ the agreement specified.

The settlement was temporary,  

And it contained a poison pill: the only way to end the settlement was to come up with formal immigration rules which met the minimum conditions in the settlement and to which the federal court overseeing the settlement agreed.

Since then it has been back in court repeatedly, with the Bush and Obama administration accused of breaching it. 

This month a judge ruled that it guarantees that detained children have a right to toothpaste, after the Trump administration suggested it was optional.

THE CHANGE

The Homeland Security department did not publish the details of its new rule Wednesday but claimed it would be a full-scale replacement of Flores which would allow indefinite detention.

That would mean it has to embrace the other aspects of Flores – meaning the conditions under which children are kept will have to be as described in the deal and subsequent rulings.

How the Department of Homeland Security thinks it will get indefinite detention passed is unclear.

The new rules, he claims, should appeal to those who have decried the immigration enforcement system for breaking up parents and children.

‘Our goal remains, as in the previous administration, to provide an expeditious immigration results, while holding families together, which particularly benefits legitimate asylum seekers with meritorious claims,’ McAleenan said, claiming all migrants were left in a state of limbo for years under the current rules.

Democrats are already pushing back against the rules rollout, claiming the president is trying to justify ‘child abuse.’

‘The Administration is seeking to codify child abuse, plain and simple,’ House Speaker Nancy Pelosi said in a statement Wednesday. ‘Its appalling, inhumane family incarceration plan would rip away basic protections for children’s human rights, reversing decades-long and court-imposed rules and violating every standard of morality and civilized behavior.’

Instead of improving the situation with families and minor migrants, Pelosi insists that indefinite detention would ‘compound the cruelty’ already exhibited in holding facilities at the border.

She also mentioned the ‘worsening conditions for children already forced to sleep on concrete floors, eat inedible food and be denied basic sanitation and standards of care,’ which immigration officials claim is due to the influx in family apprehensions.

McAleenan blamed the more than 450 per cent increase in family unit apprehension this year on the 2015 reinterpretation of the Flores agreement, which led to the rules that required children and their parents be released in 20 days.

The Flores agreement established that when families with children were captured and detained, they had to be released in less than two dozen days to a family member or guardian in the U.S. – and if that was not possible they had to be transferred to a care facility that does not operate like a jail.

The Trump administration insists the limits set by Flores has encouraged illegal immigrants to arrive at the border with children with the expectation of being swiftly released.

‘Brandon Judd, President, National Border Patrol Council. ‘This will effectively end Catch and Release and curb illegal entries,” Trump posted to his Twitter Wednesday, quoting the Border Patrol Council president.

In 2018, the administration proposed a similar plan to this one, but the rules were never enacted as there was an influx of migrants arriving at the border and a shortage of bed space.

Although there was a massive dip in illegal border crossing during Trump’s first year in the White House, the frequency spiked in late 2018, and border agents and officials lamented they were not prepared for the influx, leading to overcrowding and unsanitary conditions at many detention facilities.

As of May 2019, there were at least seven documented instances where children died from illness complications after being held in some of these centers.

The rationale for the rules proposed in September 2018 was that the government should be permitted to detain children for longer so they could be treated with ‘dignity, respect and special concern for their particular vulnerability as minors,’ as required by the Flores agreement.

It seems the 2018 plan is being reupped now that there has been a drop in border crossings in recent weeks and border facilities are less overwhelmed.

The dip comes after Trump made an agreement with the Mexican President Andrés Manuel López Obrador for the government to deploy Mexican security forces to help crack down on asylum seekers on their side of the border.

It’s likely the rules, which again seeks to ‘terminate’ some of the restrictions in Flores, will be challenged in court.

https://www.dailymail.co.uk/news/article-7379593/Trump-administration-rolls-plan-detain-migrant-children-INDEFINITELY.html

 

Trump admin aims to finally END catch-and-release in game-changing regulation

· August 21, 2019
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Trump and Border Patrol

Al Drago/Bloomberg | Getty Images

The entire mass migration to our border and all its cascading ill effects can be traced to one thing: the Flores settlement’s expansion from children to family units by a single district judge. Flores is not a constitutional provision, a statute, or even a court ruling. It is a court settlement, designed as a temporary arrangement, that actually runs contrary to statute and has been used as a catalyst to undermine every bedrock law of sovereignty. After a full year of dithering, the Trump administration is finally using its unquestionable power to modify the settlement to finally end catch-and-release.

The Flores settlement, originally agreed upon in 1997 and modified in 2001, provided that government would only house alien children in “non-secure, state licensed” facilities or release them expeditiously until and unless the federal government writes a regulation to build its own licensing scheme ensuring the safe and sanitary conditions of the facilities. Given that there are no such state-licensed facilities, and the feds, until now, have not created their own scheme, it forced them to release unaccompanied minors expeditiously. In 2015, a California judge applied Flores to children accompanied by a parent as well, an order that was upheld by the Ninth Circuit the following year.

Flores is the source of all our border problems

It’s truly difficult to overstate the evil that expanded Flores has done to our security, our fiscal solvency, and Latin American children. By creating a huge market incentive to exploit children for mass migration by adults, it has:

Indeed, even if the wave were to end today, we will likely be seeing the effects of the crime wave and fiscal cost for years to come.

Under Flores, Trump has the power to terminate the settlement with a new regulation

This is where today’s announcement of a Flores modification comes into play. The law actually requires that these people be detained under most circumstances and does not place a time constraint on the detention, nor does it make exceptions for children. The constraint on holding children in certain facilities emanated from a court settlement that began in the 1980s and crystalized in 1997 as a temporary arrangement until 45 days after government promulgates a permanent regulation defining the parameters of the holding facilities for children along safe and sanitary guidelines laid out in the settlement.

Until now, courts have lawlessly “legislated” a 20-day deadline for holding children without such certified facilities or else they have to be released. Moreover, Judge Dana Sabraw created a new edict last year contrary to law that children can’t be released alone once they come with an adult and that the adult must be released with them. Thus, the expansion of Flores and Sabraw’s ruling spawned the worst period of migration in our history, where primarily one adult would come with one child, the perfect scam.

With today’s change, the Trump administration is fulfilling one of the options laid out in the Flores settlement by publishing regulations governing the treatment of detained minors. Officials have created a process for certifying the conditions of various facilities they now believe fulfill the conditions of Flores and can be designed to hold children with their parents. Thus, no family separation – and no catch-and-release.

The reality is that very few people will wind up in these holding facilities in the long run, because the minute they hear the scam is over, they simply will not come.

Therefore, it’s simply indefensible for anyone to oppose this move unless they downright want illegal immigration, the empowerment of human and sex smuggling, and all its other odious and cascading social, fiscal, and national security problems.



Trump administration needs to make the legalities stick for enduring change

The expansion of Flores to family units and the 20-day deadline were done by a single California judge, Dolly Gee. As a judge in the Central District of California, she is not even on the border. California is the entry point of only two percent of the family units who come here. The Trump administration needs to make it clear that there is no reason why California should control something that has not just national but catastrophic international effects. A Texas judge has already opined in passing that under these circumstances, catch-and-release of minors is not only not required, but is tantamount to the completion of a criminal conspiracy for the cartels that would get private citizens in trouble if they engaged in what the DHS is doing.

As such, any inevitable lawless injunction from Dolly Gee should be set aside by this administration, at least outside California.

Related to this point is the fact that this new regulation will not close the catch-and-release loophole of Central American children coming here alone without adults. However, as was made clear by Judge Andrew Hanen in 2013, given that many are self-trafficked and most of them are being delivered to their parents or relatives in the country, they do not meet the definition of an unaccompanied alien child described in 8 U.S. Code §1232(b). The law mandates they be turned over to HHS and be treated like refugees only if “no parent or legal guardian in the United States is available to provide care and physical custody.” (6 U.S. Code §279(g).) What is happening today, as Judge Hanen noted in 2013, is that the “parent initiated the conspiracy to smuggle the minors into the country illegally” and “also funded the conspiracy.” “In each case, the DHS completed the criminal conspiracy, instead of enforcing the laws of the United States, by delivering the minors into the custody of the parent living illegally in the United States.”

Trump should demand that DHS lawyers stop hiding behind the William Wilberforce Trafficking Victims Protection Reauthorization Act (TVPRA) as justification for this, and instead write a regulation requiring the deportation of any parents paying to traffic “unaccompanied” children rather than rewarding them with the results of their crime.

Furthermore, the administration needs to fully follow through with its promise to implement expedited removal for everyone at the border, including minors. Even the Ninth Circuit noted last week that part of why it is able to force expanded Flores upon the government is because “the government’s own regulations contemplate that minors in expedited removal proceedings may be considered for release,” mimicking the Flores arrangement. That needs to change along with this new regulation. Once the administration fully implements what Congress envisioned in 1996, Flores becomes unlawful, and all judicial proceedings against detention become moot.

Finally, Trump should push legislation empowering citizens to sue when illegal aliens are becoming a public charge. The reason we are in this position is because every illegal alien gets to sue our laws. Why not have an American “Flores” settlement” where government is forced to settle with the taxpayer by actually enforcing the law?

Overall, the Trump administration is slowly heading in the right direction. In addition to vitiating Flores, it has finally ended the practice of granting bogus asylees work permits pending their delayed adjudications. The key to enduring victories on the border, however, is to more aggressively push back against the judicial amnesty that created this problem in the first place. Trump must remind this very California court of its own adage on presidential powers related to this very issue: “The right to do so stems not alone from legislative power but is inherent in the executive power to control the foreign affairs of the nation.” (Encuentro del Canto Popular v. Christopher, N.D. Cal. 1996.)

Trump admin aims to finally END catch-and-release in game-changing regulation

DHS and HHS Announce New Rule to Implement the Flores Settlement Agreement; Final Rule Published to Fulfill Obligations under Flores Settlement Agreement

Release Date:
August 21, 2019

Today, Acting Secretary of Homeland Security Kevin K. McAleenan and Secretary of Health and Human Services Alex Azar announced a final rule that finalizes regulations implementing the relevant and substantive terms of the Flores Settlement Agreement (FSA). Importantly, the rule will allow for termination of the FSA, and allow DHS and HHS to respond to significant statutory and operational changes that have occurred since the FSA has been in place, including dramatic increases in the numbers of unaccompanied children and family units crossing into the United States.

Large numbers of alien families are entering illegally across the southern border, hoping that they will be released into the interior rather than detained during their removal proceedings. Promulgating this rule and seeking termination of the FSA are important steps towards an immigration system that is humane and operates consistently with the intent of Congress.

The Department of Homeland Security (DHS) and the Department of Health and Human Services (HHS) are issuing final regulations that implement:

  • The relevant and substantive terms of the FSA (resulting in the termination of the FSA).
  • The way HHS accepts and cares for unaccompanied alien children.
  • The requirements that help ensure that all alien children (both accompanied minors and unaccompanied alien children) in the Government’s custody are treated with dignity, respect, and special concern for their particular vulnerability as minors.
  • The ability of U.S. Immigration and Customs Enforcement (ICE) to maintain family unity by holding families with children in licensed facilities or facilities that meet ICE’s family residential standards, as evaluated by a third-party entity engaged by ICE (in the event that licensing is not available through the State).
  • A pathway to ensure the humane detention of families while satisfying the goals of the FSA.
  • The related provisions of the Trafficking Victims Protection Reauthorization Act of 2008 (TVPRA), including the transfer of unaccompanied alien children to HHS within 72 hours of the UAC determination, absent exceptional circumstances.

“Today, the government has issued a critical rule that will permit the Department of Homeland Security to appropriately hold families together and improve the integrity of the immigration system,” said Acting Secretary McAleenan. “This rule allows the federal government to enforce immigration laws as passed by Congress and ensures that all children in U.S. government custody are treated with dignity, respect, and special concern for their particular vulnerability.”

“The Department of Health and Human Services, through our Office of Refugee Resettlement, provides quality and compassionate care for unaccompanied alien children who are referred to our custody,” said Secretary Azar. “In this rule, we are implementing the relevant and substantive portions of the Flores Settlement Agreement pertaining to standards for the temporary care, placement, and release of those minors. As before, HHS will continue to protect the safety and dignity of unaccompanied alien children in our custody as we seek to place them with a parent, relative, or other suitable sponsor.”

The FSA always contained provisions for its implementation in regulations and its termination – originally, it was to remain in effect no more than five years; and then, in 2001, the parties agreed it would terminate after a final rulemaking.  Beginning in 2005, prior administrations repeatedly announced plans for a rule.  No prior administration, however, issued a final rule.  With this achievement now complete, the FSA will terminate by its own terms, and the Trump Administration will continue to work for a better immigration system.

The rule takes effect in 60 days.

Note: For family residence center B-roll, go to https://www.dvidshub.net/video/618328/south-texas-family-residential-center.

https://www.dhs.gov/news/2019/08/21/dhs-and-hhs-announce-new-rule-implement-flores-settlement-agreement

Story 2: President Trump on Jewish People Who Vote Democrat Are Disloyal To Israel — Videos

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Trump: Jews who vote for Dems uninformed, disloyal

Trump Says American Jews Who Vote for Democrats Are Disloyal to Israel

American Jews Condemn Trump Over Loyalty Comment

‘The Five’ react to freshman Dems blasting Trump, Netanyahu

Trump says that Jewish people who vote for Democrats are ‘very disloyal to Israel,’ denies his remarks are anti-Semitic

August 21

President Trump said Wednesday that Jewish Americans who vote for Democratic candidates are “very disloyal to Israel,” expanding on his remarks from the previous day and dismissing criticism that his remarks were anti-Semitic.

“I think if you vote for a Democrat, you are very, very disloyal to Israel and to the Jewish people,” Trump said in an exchange with reporters outside the White House before departing for an event in Kentucky.

On Tuesday, Trump had criticized Democrats over the views of Reps. Rashida Tlaib (D-Mich.) and Ilhan Omar (D-Minn.). Both women have long been fierce critics of Israel and its treatment of Palestinians. They support the Boycott, Divestment and Sanctions movement, a global protest of Israel.

He had accused Jewish people of “great disloyalty” if they vote for Democrats, although he did not say at the time disloyalty to whom.

“Where has the Democratic Party gone?” Trump asked reporters Tuesday at the White House. “Where have they gone, where they’re defending these two people over the state of Israel? And I think any Jewish people that vote for a Democrat, I think it shows either a total lack of knowledge or great disloyalty.”

Asked by a reporter Wednesday to clarify his remarks, Trump pointed to his own record, including moving the U.S. Embassy to Jerusalem and withdrawing from the Iran nuclear deal.

“I will tell you this: In my opinion, the Democrats have gone very far away from Israel,” he said. “I cannot understand how they can do that … In my opinion, if you vote for a Democrat, you’re being very disloyal to Jewish people and you’re being very disloyal to Israel. And only weak people would say anything other than that.”

After Trump’s initial remarks Tuesday, critics on both sides of the aisle as well as Jewish organizations immediately pointed out that Trump’s use of the word “disloyalty” echoed anti-Semitic tropes accusing Jews of dual allegiance.

“American Jews — like all Americans — have a range of political views and policy priorities,” David Harris, chief executive of the nonpartisan American Jewish Committee, said in a statement. “His assessment of their knowledge or ‘loyalty,’ based on their party preference, is inappropriate, unwelcome, and downright dangerous.”

Some of Trump’s defenders, meanwhile, argued that he was speaking about Jewish people being disloyal to themselves rather than to Israel.

Matt Brooks, executive director of the Republican Jewish Coalition, said in an interview Tuesday that the president was talking about “being true to yourself.”

“I don’t think it invokes those [anti-Semitic] tropes,” Brooks said, describing Trump’s message to Jewish people as, “You’re being disloyal to yourself to say, ‘Hey, I support somebody who is known to espouse anti-Semitic comments.’ ”

Brooks declined to comment Wednesday. The RJC, which tweeted Tuesday that Trump was “right” that it “shows a great deal of disloyalty to oneself to defend a party that protects/emboldens people that hate you for your religion,” continued to defend Trump on Wednesday even after he clarified that he meant that Jewish Democrats are disloyal to Israel.

“We take the President seriously, not literally,” the group said in a tweet. “President Trump is pointing out the obvious: for those who care about Israel, the position of many elected Democrats has become anti-Israel.”

While Omar and Tlaib are “questioning American Jews’ loyalty to the United States,” the RJC claimed, Trump is “talking about caring about the survival of the Jewish state.”

Trump’s 2020 campaign also rallied to his defense. Michael Glassner, chief operating officer of Trump’s presidential campaign, said in a statement that “there is no bigger ally to the Jewish community at home and around the world than President Trump.”

“As a Jew myself, I strongly believe that President Trump is right to highlight that there is only one party — the Democrats — excusing and permitting such anti-Jewish venom to be spewed so freely,” he said.

Tuesday was not the first time that Trump’s remarks about Jewish people have prompted criticism that he is invoking dual-loyalty tropes. During an April speech to the RJC, the president told the crowd that he “stood with your prime minister at the White House.” At another point, Trump warned that Democrats’ “radical agenda” in Congress “very well could leave Israel out there all by yourselves.”

And while Trump has condemned Omar for evoking offensive stereotypes about Jews and money, the president had expressed similar sentiments to the RJC in 2015, when he was running for the GOP presidential nomination.

“You’re not going to support me because I don’t want your money,” Trump said then. “But that’s okay. You want to control your own politician.”

https://www.washingtonpost.com/politics/trump-says-that-jewish-people-who-vote-for-democrats-are-very-disloyal-to-israel-denies-his-remarks-are-anti-semitic/2019/08/21/055e53bc-c42d-11e9-b5e4-54aa56d5b7ce_story.html?noredirect=on

 

Stroy 3: Reigning In Big Tech — Amazon, Apple, Facebook, Google — Videos

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How Should Big Tech Be Reined In? Here Are 4 Prominent Ideas

Tim Wu, a Columbia Law School professor, believes Facebook should have to shed some of the companies it has bought. “The remedy is straightforward,” he said.
CreditCreditValerie Chiang for The New York Times

The Justice Department is investigating them, as is the Federal Trade Commission. Congress and state attorneys general have their sights on the companies, too.

There is no shortage of people arguing that America’s large technology companies — namely Apple, Amazon, Facebook and Google — have gotten too big and too powerful. That has helped spur the scrutiny by the government officials.

But what to do about the issue? On that, the industry’s critics are split.

Some would like to see the businesses broken up. Others want more robust regulation. And there are shades of gray on both sides. Here are four of the most prominent prescriptions being debated.

This is the most drastic surgery, splitting off large portions of the big tech companies.

The guiding principle is simple. If you own a dominant online marketplace or platform, you cannot also offer the goods, services and software applications sold on that marketplace.

So Amazon could not own the leading e-commerce marketplace and sell Amazon-label goods there. Or Google could not have both the dominant search engine and its Google Shopping service, which shows up in search results. Apple could own an app store that offers music services, but not also its own music service sold there. And so on.

Bundling businesses on top of a dominant platform invites conflicts of interest and discrimination against rivals, thwarting competition, proponents of this countermeasure say.

“The world is going to be better off after we break up these companies,” said Barry Lynn, executive director of Open Markets Institute, a research and advocacy group.
A billboard in San Francisco for Senator Elizabeth Warren’s presidential campaign offers a blunt take on what to do about technology companies.
CreditJustin Kaneps for The New York Times

Senator Elizabeth Warren, Democrat of Massachusetts, has embraced the idea of bright-line breakups in her presidential campaign.

But such a sweeping overhaul of the tech industry could bring unknown risks for the companies and shareholders. Many economists are leery of broadly prohibiting companies from entering new businesses, fearing potential losses of efficiency and consumer welfare.

The last big government-mandated breakup targeted AT&T in the early 1980s, and that was the dissolution of a government-granted monopoly.

Still, the idea is not unthinkable. The remedy initially proposed in the government’s antitrust case against Microsoft in the 1990s, endorsed by three leading economists, was to split the Windows operating system business from Microsoft’s Office productivity software business. After George W. Bush was elected president, his administration settled the case without a breakup.

This is a case-by-case approach to breakups rather than a broad rule applied to all the tech giants. A current example is a plan that would require Facebook to shed Instagram and WhatsApp. A detailed proposal on this, laying out the alleged anticompetitive conduct, was developed by two leading antitrust scholars, Tim Wu of Columbia Law School and Scott Hemphill of New York

 

Chris Hughes, a founder of Facebook, is pushing to break up the company, working with Professor Wu and Scott Hemphill, a New York University law professor.
CreditVincent Tullo for The New York Times

The three have made their presentation to federal and state antitrust regulators and to congressional investigators. They explain that starting about 2010, when mobile computing and photo-sharing services were taking off and Facebook was lagging in those areas, the social network embarked on a years long campaign to buy nascent competitors.

The biggest purchases were of the photo-sharing service Instagram in 2012 and the messaging service WhatsApp in 2014.

Typically, regulators challenge mergers when they give a company a big share of an established market. That was not the case when Facebook paid $1 billion for Instagram, a start-up with 13 employees in an emerging field.

Instead, the three argue, the strategy was to buy out budding threats. “We think that’s the better perspective of what was going on — maintenance of monopoly in the social network market,” Mr. Hemphill said.

In Facebook’s case, Mr. Wu said, “the remedy is straightforward: Unwind the acquisitions.”

But an issue in spinning off a unit like Instagram is whether doing so enhances competition. Would a stand-alone Instagram be a real rival to Facebook, or would consumers simply stay with the dominant social network, Facebook, and Instagram suffer?

Getting breakups approved by the nation’s courts, which are generally conservative on economic matters, would be a stretch. Besides, some experts argue, a more comprehensive way to police the big tech companies would be with a beefed-up force of regulators.

Image

Executives from Google, Facebook, Amazon and Apple testified last month before the House Judiciary Committee, which is investigating the companies’ power and practices.
CreditAnna Moneymaker/The New York Times

One idea is the creation of a new regulator, a Digital Authority. It would be an expert group to supplement traditional antitrust regulators in the Justice Department and the Federal Trade Commission. It would be able to move faster and have the expertise to constantly track the tech markets and trends.

“Its mandate would be to protect competition,” said Fiona Scott Morton, an economics professor at the Yale University School of Management.

 

In online markets, the flywheel of network effects — the more people who use a service, the more users, developers and advertisers it attracts — is especially powerful, creating dominant companies. Yet even in digital markets, the door to new entrants must remain open, said Ms. Scott Morton, a former senior official in the Justice Department’s antitrust division.

In traditional antitrust, regulators and courts move at a measured pace, slowly and often after the fact. The goal of a new digital regulator, she said, “would be to save the rival before it is killed.”

The authority, Ms. Scott Morton said, could receive a complaint from a competitor and schedule a hearing two weeks later, when both sides would present testimony.

A new regulator? It would be a tough sell in today’s political environment. But we do have specialist federal regulators in many other industries, including banking, aviation, transportation, drugs and agriculture.

Reining in the big tech companies, Ms. Scott Morton said, is increasingly becoming a bipartisan concern. “At some point, society will say this is too much power without real oversight,” she said.

There are also narrower, targeted regulatory proposals. Some of these involve rules that would loosen a dominant company’s control of user data, by either forcing that company to share the data with a smaller competitor or giving users more ability to take their data from one service and move it to a competitor. The Stigler Center study cited those data moves in a list of potential regulations and enforcement actions.

The idea, broadly, is that data can be a barrier to competition, and that freeing up the personal information collected by the tech giants could lower that barrier.

The big online platforms are data monetization machines, collecting, analyzing and exploiting information from consumers, merchants, advertisers and others. And the network effect of data is formidable. The more data the companies have, the more fuel to feed the machine-learning algorithms that power their businesses.

“Data is the real trump card these platforms have,” said A. Douglas Melamed, a professor at Stanford Law School and a member of the Stigler Center study team.

Mr. Melamed, a former senior antitrust official at the Justice Department, favors a rule that would require dominant digital platforms to give other companies access to their user data for a fee. That would help level the playing field for new entrants and other rivals, he said, but wouldn’t be free for them, either.

“You let the competitors have access to their back rooms for a reasonable fee,” Mr. Melamed said. Such a solution would require regulatory oversight to set guidelines for fair licensing terms. Data sharing would also entail some privacy risk, since no privacy-protection technique is foolproof.

A related idea is to mandate that tech companies make user data portable. That means consumers could move their information from one service to another, forcing digital businesses to compete with superior offerings rather than data lock-in.

The regulator would need the technical skills to ensure that the consumer data was handed over in a way that would let a competitor use it easily.

“The details are crucial, if you’re really going to give consumers more choice and control,” said Jamie Morgenstern, a computer scientist at the Georgia Institute of Technology who worked on the study.

Story 4: Epstein Last Minute Estate Planning Puts Assets in Trust — Videos

 

Epstein may have gamed the system from beyond the grave

 

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The Pronk Pops Show 1308, August 19, 2019, Story 1: Jeffrey Epstein Signed New Will Two Days Before Committing Suicide — Estate Estimated Value of $577 Million — Videos — Story 2: U.S. Test Medium-Range Cruise Missile After Exiting The Intermediate-range Nuclear Forces Treaty (INF) — Videos — Story 3: Russian Nuclear Powered Cruise Missile Test Explosion Accident Released High Levels of Radiation and Killed 7 — Videos — Story 4: Trump Economic Team Dismisses Fears of Recession — Blames The Federal Reserve For Raised Interest Rates — Videos

Posted on August 21, 2019. Filed under: 2020 President Candidates, 2020 Republican Candidates, Addiction, American History, Applications, Banking System, Blogroll, Breaking News, Budgetary Policy, Cartoons, Central Intelligence Agency, Communications, Computers, Congress, Countries, Cruise Missiles, Culture, Deep State, Defense Spending, Disasters, Donald J. Trump, Donald J. Trump, Donald J. Trump, Donald Trump, Economics, Economics, Education, Empires, Employment, Energy, European History, Federal Government, Fiscal Policy, Foreign Policy, Government, Government Dependency, Government Spending, Hardware, Health, Health Care Insurance, History, House of Representatives, Human, Human Behavior, Illegal Immigration, Immigration, Independence, Insurance, Killing, Labor Economics, Law, Legal Immigration, Life, Lying, Military Spending, MIssiles, Monetary Policy, National Security Agency, Natural Gas, Nuclear, Nuclear Weapons, People, Philosophy, Photos, Politics, Polls, President Trump, Progressives, Psychology, Public Relations, Radio, Raymond Thomas Pronk, Regulation, Resources, Rule of Law, Russia, Senate, Servers, Social Networking, Social Science, Social Sciences, Software, Spying, Success, Tax Policy, Terror, Terrorism, Trade Policy, Transportation, United States of America, Videos, War, Wealth, Weapons, Weapons of Mass Destruction, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

 

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Experts said they suspected the explosion and the radiation release resulted from a mishap during the testing of a nuclear-powered cruise missile at a facility outside the village of Nyonoksa

 

Story 1: Jeffrey Epstein Signed New Will Two Days Before Committing Suicide — Estate Estimated Value of $577 Million — Videos

 

Jeffrey Epstein signed will two days before death, records show

Jeffrey Epstein signed a will just two days before he killed himself in the Manhattan federal jail, new court records show, opening a new legal front in what could be a years-long battle over the financier’s fortune.

Court papers filed last week in the US Virgin Islands list no details of beneficiaries but put the estate at more than 577 million US dollars (£475 million), including more than 56 million US dollars (£46 million) in cash.

The existence of the will, first reported by the New York Post, raised new questions about Epstein’s final days inside the Metropolitan Correctional Centre, where he was awaiting trial on federal sex trafficking and conspiracy charges.

His signing of the document foreshadowed his August 10 suicide, a jailhouse death that has prompted multiple federal inquiries and cast a harsh light on staffing shortages at the Manhattan facility.

Epstein died at the Metropolitan Correctional Centre (AP Photo/Mary Altaffer)

Epstein died at the Metropolitan Correctional Centre (AP Photo/Mary Altaffer)

On Monday, prosecutors moved to dismiss the indictment against Epstein but said they were considering whether to charge others with facilitating his alleged abuse of dozens of girls.

The filing of the will, meanwhile, had been closely followed by lawyers representing women who claim they were sexually abused by Epstein years ago when they were teenagers and recruited into his residences to provide him massages.

Several lawyers vowed to go after his assets even if the will had named beneficiaries, as Epstein’s death means there will be no trial on the criminal charges against him.

“Give his entire estate to his victims. It is the only justice they can get,” one of those lawyers, Lisa Bloom, wrote in an email. “And they deserve it. And on behalf of the Epstein victims I represent, I intend to fight for it.”

Former federal prosecutor David S Weinstein, who is now in private practice in Miami but not involved in the Epstein case, said states and US territories have certain time frames within which to make a claim against someone’s estate.

“There are certainly going to be a lot of lawyers involved,” he said. “It’s not going to be over any time soon.”

A hedge fund manager who hobnobbed with the rich and famous, Epstein owned a Caribbean island, homes in Paris and New York City, a New Mexico ranch and a fleet of high-price cars.

He had more than 112 million US dollars (£92 million) worth of equities, according to the will, and nearly 200 million dollars (£165 million) in “hedge funds & private equity investments”.

Among the properties that will be subject to appraisal and valuation are his collection of fine arts, antiques and other collectables.

As part of his 2008 plea deal to Florida state charges, Epstein made undisclosed financial settlements with dozens of his victims.

It is unclear how those settlements might affect any new claims made on his estate.

William Blum, a lawyer for Epstein’s estate, said in a statement to The Associated Press that any debts or claims against the estate will be “fairly administered”.

He said the document was Epstein’s original last will.

https://www.dailymail.co.uk/wires/pa/article-7373527/Jeffrey-Epstein-signed-two-days-death.html

 

Story 2: U.S. Test Medium-Range Cruise Missile After Exiting The Intermediate-range Nuclear Forces Treaty (INF).

 

US tests medium-range cruise missile in the wake of INF treaty exit

 

U.S. tests first ground-launched cruise missile after INF treaty exit

 

The Pentagon said on Monday it tested a conventionally configured ground-launched cruise missile with a range of more than 500 km, the first such test since the United States pulled out of the Intermediate-range Nuclear Forces Treaty (INF).

The United States formally withdrew from the landmark 1987 pact with Russia on Aug. 2 after determining that Moscow was violating the treaty, an accusation the Kremlin has denied.

The treaty, negotiated by then-U.S. President Ronald Reagan and Soviet leader Mikhail Gorbachev, banned land-based missiles with a range of between 310 and 3,400 miles (500 to 5,500 km).

In a statement, the Pentagon said the test took place on Sunday at San Nicolas Island, California, and the missile hit its target after more than 500km of flight.

The test would have been prohibited by the INF treaty.

“The testing by (the) U.S. military of a land-based missile banned under INF treaty two weeks after the official termination of this treaty is a blatant cynicism and mockery of the international community,” the RIA news agency cited Russian lawmaker Frants Klintsevich as saying on Monday.

a close up of a flag: National flags of Russia and U.S. fly at Vnukovo International Airport in Moscow© Reuters/Maxim Shemetov National flags of Russia and U.S. fly at Vnukovo International Airport in Moscow

“We, of course, will do our best in the shortest period of time to ensure that the United States does not have superiority in these types of weapons,” he said, adding that Russia did not intend to enter into an arms race.

U.S. officials had said for a number of months that they planned to carry out the test in August. The United States plans to test an intermediate-range ballistic missile in November.

Moscow denies flouting the accord and has accused Washington of breaking the pact, allegations rejected by the United States.

The dispute is aggravating the worst U.S.-Russia friction since the Cold War ended in 1991. Some experts believe the treaty’s collapse could undermine other arms control agreements and speed an erosion of the global system designed to block the spread of nuclear arms.

A Pentagon spokesman told Reuters that Sunday’s test used an MK41 launcher, but the system tested was not the same as the Aegis Ashore missile defence system currently operating in Romania and under construction in Poland.

Russia’s Defense Ministry did not reply to a Reuters request for comment sent outside normal working hours.

“Russia had alleged for years that the land-based MK-41 could launch Tomahawks and therefore would violate the treaty,” said Kingston Reif, director for disarmament research at the Arms Control Association advocacy group.

“Even though this is the first test of the combination, Russia will no doubt claim vindication,” Reif said.

U.S. Defense Secretary Mark Esper has said that while he is in favour of placing ground-launched, intermediate-range missiles in Asia, it could be years before such missiles are ready to be deployed.

https://www.msn.com/en-au/news/world/us-tests-first-ground-launched-cruise-missile-after-inf-treaty-exit/ar-AAG1N0S

Story 3: Russian Nuclear Powered Cruise Missile Test Explosion Accident Released High Levels of Radiation and Killed 7 — Videos

Kremlin on suspected missile explosion: ‘Accidents happen’

7 Killed In Explosion At Suspected Test Site For Secret Nuclear-Propelled Missile | NBC Nightly News

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Russia Missile Explosion: Govt tells Nyonoksa residents to leave village

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Russia evacuates village near site of military blast as experts reveal radiation levels spiked by 16 times after rocket engine accident

  • Evacuation of village of Nyonoksa was ordered today after last Thursday’s blast
  • Five employees of Kremlin’s nuclear agency died in the missile engine explosion
  • Officials had previously claimed that no dangerous substances were released
  • This despite the nearby city of Severodvinsk seeing a 16-fold spike in radiation

Russia will evacuate a village tomorrow near the site of a military missile blast after experts revealed radiation levels had spiked 16-fold after the rocket accident.

Five employees of the Kremlin’s nuclear agency died when a rocket engine exploded at the far northern military base last Thursday outside the village of Nyonoksa.

Today’s Russia’s state weather service said radiation levels had spiked in the nearby city of Severodvinsk up to 16 times last week, despite officials previously claiming no dangerous substances had been released.

A pre-dawn train will evacuate all 500 villagers of Nyonksa on Wednesday, ahead of what the authorities claim were pre-planned activities by the military.

Norway's nuclear safety authority said it is studying radioactive iodine particles detected near the Russian border in the days after a suspected nuclear-powered missile exploded at the Nyonoksa military base (pictured)

A mysterious Russian military explosion that left five Russian scientists dead last week happened during tests on a new nuclear-powered rocket. Officials were seen wearing protective clothing as they transported casualties last week (pictured)

A mysterious Russian military explosion that left five Russian scientists dead last week happened during tests on a new nuclear-powered rocket. Officials were seen wearing protective clothing as they transported casualties last week (pictured)

The five victims of the Russian military ‘radiation explosion’ were buried yesterday in a sombre mourning ceremony in ‘closed’ nuclear research town Sarov

The five victims of the Russian military ‘radiation explosion’ were buried yesterday in a sombre mourning ceremony in ‘closed’ nuclear research town Sarov

The “national heroes” were given a military salute of gunfire over their heavy coffins at a local cemetery

The ‘national heroes’ were given a military salute of gunfire over their heavy coffins at a local cemetery

A cortège of black vehicles brought the five coffins to the mourning ceremony which was held at the institute and later the cemetery

A cortège of black vehicles brought the five coffins to the mourning ceremony which was held at the institute and later the cemetery

Today it was revealed, ten medics who provided treatment to the wounded last week had been dispatched to Moscow for urgent medical checks.

The front-line doctors were reported to be ‘depressed as to why they were not told what they were dealing with’ in the aftermath of the weapons test.

The medics were not informed that they needed special anti-radiation suits.

One surgeon’s clothing was checked after an operation using a radiation measuring device – and found to be seriously contaminated.

They have been sent to Burnazyan Federal Medical and Biophysical Centre which specialises in conditions caused by radiation, and where wounded scientists from the incident are also being treated.

US nuclear experts this weekend blamed the testing of a nuclear-powered cruise missile for the mysterious explosion.

The Russian Ministry of Defence, quoted by state-run news outlets, had reported the blast was from liquid propellant for a rocket engine.

Thousands of people attended the burials of the five nuclear engineers killed in the accident yesterday in the city of Sarov.

In February the Russian state news agency released a video claiming to show a test of the Burevetnik missile which the Kremlin says is designed to strike over 'unlimited' range and with with unprecedented ability to manoeuvre

A pre-dawn train will evacuate all 500 villagers of Nyonksa on Wednesday, ahead of what the authorities claim were pre-planned activities by the military

A pre-dawn train will evacuate all 500 villagers of Nyonksa on Wednesday, ahead of what the authorities claim were pre-planned activities by the military

Experts said they suspected the explosion and the radiation release resulted from a mishap during the testing of a nuclear-powered cruise missile at a facility outside the village of Nyonoksa

Experts said they suspected the explosion and the radiation release resulted from a mishap during the testing of a nuclear-powered cruise missile at a facility outside the village of Nyonoksa

Two of the men were blown into the sea at the top secret naval weapons testing zone in the White Sea.

Their bodies were initially lost but later found and funerals for all those killed were to be held in a secret closed nuclear research town in Sarov from where foreigners are banned.

According to one version, the troubling missile accident came as the scientists were working on the nuclear engine of deadly Burevestnik cruise missile with ‘unlimited range’ – nicknamed the ‘Flying Chernobyl’ – when it exploded.

One of the dead was Evgeny Korotaev, 50, a leading electronics engineer and also a popular DJ, whose second wife had given birth to twin girls just seven months ago.

Like the other dead, he worked for the classified Institute of Experimental Physics based in Sarov, 235 miles east of Moscow, known as Arzamas-16 in Soviet times.

Vyacheslav Lipshev, 40, was one of the experts killed in the blast. His widow Natalia Alexeeva, 40, posted a tribute: 'I love you my dear, how will I live without you? You are my everything.'

Vyacheslav Lipshev, 40, was one of the experts killed in the blast. His widow Natalia Alexeeva, 40, posted a tribute: ‘I love you my dear, how will I live without you? You are my everything.’

Software and hardware specialist Alexey Vyushin, 43, who had developed a high-energy photon spectrometer was also killed

Another killed was Vyasheslav Yanovsky, 71, one of Russia's most senior nuclear scientists, deputy head of research and testing at the institute

 

Software and hardware specialist Alexey Vyushin (left), 43, and Vyasheslav Yanovsky (right), 71, were both killed

His daughter from the first marriage, Oksana, 26, posted a childhood picture of her with her father and the caption: ‘Daddy, I love you so much.’

She only recently gave birth to his grandchild.

Another killed was Vyasheslav Yanovsky, 71, one of Russia’s most senior nuclear scientists, deputy head of research and testing at the institute.

He was an ‘honoured worker’ of Moscow’s nuclear industry, and died alongside Vyacheslav Lipshev, 40, head of the institute’s research and development team.

Lipishev’s widow Natalia Alexeeva, 40, posted a tribute: ‘I love you my dear, how will I live without you? You are my everything.’

Software and hardware specialist Alexey Vyushin, 43, who had developed a high-energy photon spectrometer, and Sergey Pichugin, 45, a testing engineer, were also killed.

One of the dead was Evgeny Korotaev, 50, a leading electronics engineer and also a popular DJ, whose second wife had given birth to twin girls just seven months ago.

One of the dead was Evgeny Korotaev, 50, a leading electronics engineer and also a popular DJ, whose second wife had given birth to twin girls just seven months ago.

Oksana Korataeva (pictured) is the eldest daughter of Evgney Korataev, who died in the blast

Oksana Korataeva (pictured) is the eldest daughter of Evgney Korataev, who died in the blast

Korotaev's daughter from the first marriage, Oksana, 26, posted a childhood picture of her with her father and the caption: 'Daddy, I love you so much.'

Korotaev’s daughter from the first marriage, Oksana, 26, posted a childhood picture of her with her father and the caption: ‘Daddy, I love you so much.’

All are expected to be honoured posthumously by Vladimir Putin.

President Donald Trump weighed in on the catastrophe yesterday, tweeting, ‘The United States is learning much from the failed missile explosion in Russia.

‘We have similar, though more advanced, technology. The Russian ‘Skyfall’ explosion has people worried about the air around the facility, and far beyond. Not good!’

The U.S. and the Soviet Union pondered nuclear-powered missiles in the 1960s, but they abandoned those projects as too unstable and dangerous.

While presenting the new missile, Putin claimed it will have an unlimited range, allowing it to circle the globe unnoticed, bypassing the enemy’s missile defense assets to strike undetected.

Nuclear centre deputy head Vyacheslav Solovyev admitted the scientists were killed by an explosion in a small nuclear reactor, part of the engine of the missile

Nuclear centre deputy head Vyacheslav Solovyev admitted the scientists were killed by an explosion in a small nuclear reactor, part of the engine of the missile

Some reports suggested previous tests of the Burevestnik missile had been conducted on the barren Arctic archipelago of Novaya Zemlya and the Kapustin Yar testing range in southern Russia before they were moved to Nyonoksa.

Moving the tests from sparsely populated areas to a range close to a big city may reflect the military’s increased confidence in the new weapon.

https://www.dailymail.co.uk/news/article-7352515/Russia-evacuates-village-near-site-military-blast-experts-reveal-radiation-levels-spiked.html

 

Story 4: Trump Economic Team Dismisses Fears of Recession — Blames The Federal Reserve For Raised Interest Rates — Economy Is Growing — Videos

See the source image

 

Perspective from the BEA Accounts

BEA produces some of the most closely watched economic statistics that influence decisions of government officials, business people, and individuals. These statistics provide a comprehensive, up-to-date picture of the U.S. economy. The data on this page are drawn from featured BEA economic accounts.

Gross Domestic Product, 2nd quarter 2019 (advance estimate), and annual update
2nd quarter 2019:
2.1 percent
1st quarter 2019:
3.1 percent

Real gross domestic product (GDP) increased 2.1 percent in the second quarter of 2019, according to the “advance” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.1 percent.

  • Current Release: July 26, 2019
  • Next Release: August 29, 2019

https://www.bea.gov/news/glance

 

White House downplays recession fears

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Are we heading for a global recession? – BBC Newsnight

Banking 14: Fed Funds Rate

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Banking 16: Why target rates vs. money supply

What is RESERVE REQUIREMENT? What does RESERVE REQUIREMENT mean? RESERVE REQUIREMENT meaning

 

Reserve requirement

From Wikipedia, the free encyclopedia

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The reserve requirement (or cash reserve ratio) is a central bank regulation employed by most, but not all, of the world’s central banks, that sets the minimum amount of reserves that must be held by a commercial bank. The minimum reserve is generally determined by the central bank to be no less than a specified percentage of the amount of deposit liabilities the commercial bank owes to its customers. The commercial bank’s reserves normally consist of cash owned by the bank and stored physically in the bank vault (vault cash), plus the amount of the commercial bank’s balance in that bank’s account with the central bank.

The required reserve ratio is sometimes used as a tool in monetary policy, influencing the country’s borrowing and interest rates by changing the amount of funds available for banks to make loans with.[1] Western central banks rarely increase the reserve requirements because it would cause immediate liquidity problems for banks with low excess reserves; they generally prefer to use open market operations (buying and selling government-issued bonds) to implement their monetary policy. The People’s Bank of China uses changes in reserve requirements as an inflation-fighting tool, and raised the reserve requirement ten times in 2007 and eleven times since the beginning of 2010.

An institution that holds reserves in excess of the required amount is said to hold excess reserves.

Contents

Effects on money supply

Conventional view

The theory that a reserve requirement can be used as a tool of monetary policy is frequently found in economics textbooks. Under the theory, the higher the reserve requirement is set, the less funds banks will have available to lend out,[citation needed] leading to lower money creation and perhaps to higher purchasing power of the money previously in use. Under this view, the effect is multiplied, because money obtained as loan proceeds can be re-deposited, and a portion of those deposits may again be lent out,[citation needed] and so on. Under this theory, the effect on the money supply is governed by the following formulas:

{\displaystyle M_{1}=MB*m\,} : definitional relationship between monetary base MB (bank reserves plus currency held by the non-bank public) and the narrowly defined money supply{\displaystyle M_{1}},
{\displaystyle m={\frac {(1+c)}{(c+R)}}={\frac {1+{\frac {C}{D}}}{{\frac {C}{D}}+R}}} : derived formula for the money multiplier m, the factor by which lending and re-lending leads {\displaystyle M_{1}} to be a multiple of the monetary base:

where notationally,

{\displaystyle c=} the currency ratio: the ratio of the public’s holdings of currency (undeposited cash) to the public’s holdings of demand deposits; and
{\displaystyle R=} the total reserve ratio (the ratio of legally required plus non-required reserve holdings of banks to demand deposit liabilities of banks).

However, in the United States (and other countries except Brazil, China, India, Russia), the reserve requirements are generally not frequently altered to implement monetary policy because of the short-term disruptive effect on financial markets.[citation needed]

Endogenous money view

Some economists dispute the conventional theory of the reserve requirement.[2] Criticisms of the conventional theory are usually associated with theories of endogenous money.

Jaromir Benes and Michael Kumhof of the IMF Research Department report that the “deposit multiplier” of the undergraduate economics textbook, where monetary aggregates are created at the initiative of the central bank, through an initial injection of high-powered money[clarification needed] into the banking system that gets multiplied through bank lending, turns the actual operation of the monetary transmission mechanism on its head. Benes and Kumhof assert that in most cases where banks ask for replenishment of depleted reserves, the central bank obliges.[3] Under this view, reserves therefore impose no constraints, as the deposit multiplier is simply, in the words of Kydland and Prescott (1990), a myth. Under this theory, private banks almost fully control the money creation process.[4]

Required reserves

United States

In the United States, a reserve requirement[5] (or liquidity ratio) is a minimum value, set by the Board of Governors of the Federal Reserve System, of the ratio of required reserves to a category of deposit liabilities (called the “Net Transaction Accounts” or “NTAs”) owed by depository institutions to their customers (e.g., owed by commercial banks including U.S. branches of a foreign bank, savings and loan associationsavings bankcredit union). The deposit liability categories currently subject to reserve requirements are mainly checking accounts. There is no reserve requirement on savings accounts and time deposit accounts owned by individuals.[6] The total amount of all NTAs held by customers with U.S. depository institutions, plus the U.S. paper currency and coin currency held by the nonbank public, is called M1.

A depository institution can satisfy its reserve requirements by holding either vault cash[7] or reserve deposits. An institution that is a member of the Federal Reserve System must hold its reserve deposits at a Federal Reserve Bank. Nonmember institutions can elect to hold their reserve deposits at a member institution on a pass-through basis.[8]

A depository institution’s reserve requirements vary by the dollar amount of NTAs held by customers of that institution. Effective January 18, 2018, institutions with net transactions accounts:

  • Of less than $16 million have no minimum reserve requirement;
  • Between $16 million and $122.3 million must have a liquidity ratio of 3% of NTAs;
  • Exceeding $122.3 million must have a liquidity ratio of 10% of NTAs.[8]

The threshold monetary amounts are recalculated annually according to a statutory formula.

Effective 27 December 1990, a liquidity ratio of zero has applied to CDs and time deposits, owned by entities other than households, and the Eurocurrency liabilities of depository institutions. Deposits owned by foreign corporations or governments are currently not subject to reserve requirements.[8]

When an institution fails to satisfy its reserve requirements, it can make up its deficiency with reserves borrowed from a Federal Reserve Bank or from an institution holding reserves in excess of reserve requirements. Such loans are typically due in 24 hours or less.

An institution’s overnight reserves, averaged over some maintenance period, must equal or exceed its average required reserves, calculated over the same maintenance period. If this calculation is satisfied, there is no requirement that reserves be held at any point in time. Hence reserve requirements play only a limited role in money creation in the United States. Since quantitative easing began in 2008, they have been even less important, as an enormous glut of excess reserves now exists (over the whole system, though in theory, individual banks may still run into temporary shortfalls).

The International Banking Act of 1978 requires branches of foreign banks operating in the United States to follow the same required reserve ratio standards.[9][10]

Countries without reserve requirements

Canada, the UK, New Zealand, Australia, Sweden and Hong Kong[11] have no reserve requirements.

This does not mean that banks can—even in theory—create money without limit. On the contrary, banks are constrained by capital requirements, which are arguably more important than reserve requirements even in countries that have reserve requirements.

It also does not mean that a commercial bank’s overnight reserves can become negative, in these countries. The central bank will always step in to lend the necessary reserves if necessary so that this does not happen; this is sometimes described as “defending the payment system”. Historically a central bank might once have run out of reserves to lend and so have had to suspend redemptions, but this can no longer happen to modern central banks because of the end of the gold standard worldwide, which means that all nations use a fiat currency.

A zero reserve requirement cannot be explained by a theory that holds that monetary policy works by varying the quantity of money using the reserve requirement.

Even in the United States, which retains formal (though now mostly irrelevant[citation needed]) reserve requirements, the notion of controlling the money supply by targeting the quantity of base money fell out of favor many years ago, and now the pragmatic explanation of monetary policy refers to targeting the interest rate to control the broad money supply.

United Kingdom

In the UK the term clearing banks is sometimes used, meaning banks that have direct access to the clearing system. However, for the purposes of clarity, the term commercial banks will be used for the remainder of this section.

The Bank of England, which is the central bank for the entire United Kingdom, previously held to a voluntary reserve ratio system, with no minimum reserve requirement set. In theory this meant that commercial banks could retain zero reserves. The average cash reserve ratio across the entire United Kingdom banking system, though, was higher during that period, at about 0.15% as of 1999.[12]

From 1971 to 1980, the commercial banks all agreed to a reserve ratio of 1.5%. In 1981 this requirement was abolished.[12]

From 1981 to 2009, each commercial bank set out its own monthly voluntary reserve target in a contract with the Bank of England. Both shortfalls and excesses of reserves relative to the commercial bank’s own target over an averaging period of one day[12] would result in a charge, incentivising the commercial bank to stay near its target, a system known as reserves averaging.

Upon the parallel introduction of quantitative easing and interest on excess reserves in 2009, banks were no longer required to set out a target, and so were no longer penalised for holding excess reserves; indeed, they were proportionally compensated for holding all their reserves at the Bank Rate (the Bank of England now uses the same interest rate for its bank rate, its deposit rate and its interest rate target).[13] In the absence of an agreed target, the concept of excess reserves does not really apply to the Bank of England any longer, so it is technically incorrect to call its new policy “interest on excess reserves”.

Canada

Canada abolished its reserve requirement in 1992.[12]

Other countries

Other countries have required reserve ratios (or RRRs) that are statutorily enforced:[14]

Country Required reserve (in %) Note
Australia None Statutory reserve deposits abolished in 1988, replaced with 1% non-callable deposits[15]
New Zealand None 1985[16]
Sweden None Effective 1 April 1994[17]
Eurozone 1.00 Effective 18 January 2012.[18] Down from 2% between January 1999 and January 2012.
Czech Republic 2.00 Since 7 October 2009
Hungary 2.00 Since November 2008
South Africa 2.50
Switzerland 2.50
Latvia 3.00 Just after the Parex Bank bailout (24.12.2008), Latvian Central Bank
decreased the RRR from 7% (?) down to 3%[19]
Poland 3.50 As of 31 December 2010 [20]
Romania 8.00 As of 24 May 2015 for lei. 10% for foreign currency as of 24 October 2016.[21]
Russia 4.00 Effective 1 April 2011, up from 2.5% in January 2011.[22]
Chile 4.50
India 4.00 June 2 2015, as per RBI.[23]
Bangladesh 6.00 Raised from 5.50, effective from 15 December 2010
Lithuania 6.00
Nigeria 20.00 Raised from 15.00, effective from 25 November 2014[24]
Pakistan 5.00 Since 1 November 2008
Taiwan 7.00 [25]
Turkey 8.50 Since 19 February 2013
Jordan 8.00
Zambia 8.00
Burundi 8.50
Ghana 9.00
Iceland 2.00 [26]
Israel 9.00 The required reserve ratio is called minimum capital ratio.[27]
Mexico 10.50
Sri Lanka 8.00 With effect from 29 April 2011. 8% of total rupee deposit liabilities.
Bulgaria 10.00 Banks shall maintain minimum required reserves to the amount of 10% of the deposit base (effective from 1 December 2008) with two exceptions (effective from 1 January 2009): 1. on funds attracted by banks from abroad: 5%; 2. on funds attracted from state and local government budgets: 0%.[28]
Croatia 14.00 Down from 17%, effective from 14 January 2009[29]
Costa Rica 15.00
Malawi 15.00
Nepal 6.00 From 20 July 2014 (for commercial banks)[30]
Hong Kong None [11]
Brazil 21.00 Term deposits have a 33% RRR and savings accounts a 20% ratio.[31]
China 17.00 China cut bank reserves again to counter slowdown as of 29 February 2016.[32]
Tajikistan 20.00
Suriname 25.00 Down from 27%, effective 1 January 2007[33]
Lebanon 30.00 [34]

Historical changes in reserve ratios

In some countries, the cash reserve ratios have decreased over time; in some countries they have increased:[35]

Country 1968 1978 1988 1998
United Kingdom 20.5 15.9 5.0 3.1
Turkey 58.3 62.7 30.8 18.0
Germany 19.0 19.3 17.2 11.9
United States 12.3 10.1 8.5 10.3
India[36] 3 6 10 10-11

(Ratios are expressed in percentage points.)

See also

References

  1. ^ “Monetary Policy Aims – Bank of Russia”archive.org. 7 July 2001.
  2. ^ Michael, McLeay. “Money creation in the modern economy”(PDF). Bank of England.
  3. ^ Benes, Jaromir, and Michael Kumhof. The chicago plan revisited. International Monetary Fund, 2012. http://www.imf.org/external/pubs/ft/wp/2012/wp12202.pdf
  4. ^ Benes, Kumhof. http://www.imf.org/external/pubs/ft/wp/2012/wp12202.pdf
  5. ^ See generally Regulation D, at 12 C.F.R. sec. 204.4 and sec. 204.5
  6. ^ “eCFR — Code of Federal Regulations”http://www.ecfr.gov.
  7. ^ See 12 C.F.R. sec. 204.2(k).
  8. Jump up to:a b c “The Fed – Reserve Requirements”federalreserve.gov.
  9. ^ Ahorny, Joseph; Saunders, Anthony; Swary, Itzhak (1985). “The Effects of the International Banking Act on Domestic Bank Profitability and Risk”. Journal of Money, Credit, and Banking. JSTOR. 17: 493–506. JSTOR 1992444.
  10. ^ “International Banking Act of 1978”Banking Law 101.
  11. Jump up to:a b “Central banks’ exit strategies from quantitative easing”Hong Kong Monetary Authority. Retrieved 13 August 2009.
  12. Jump up to:a b c d Jagdish Handa (2008). Monetary Economics (2nd ed.). Routledge. p. 347.
  13. ^ “Sterling Operations – Implementation of Monetary Policy”. Bank of England. Retrieved 26 August 2013.
  14. ^ Lecture 8, Slide 4: “Central Banking and the Money Supply” from the presentation Monetary Macroeconomics by Dr. Pinar YesinUniversity of Zurich, based on 2003 survey of CBC participants at the Study Center Gerzensee
  15. ^ “Inquiry into the Australian Banking Industry”, Reserve Bank of Australia, January 1991
  16. ^ [1]
  17. ^ Lotsberg, Kari “Archived copy” (PDF). Archived from the original (PDF) on 8 December 2015. Retrieved 1 December2015. Penning- & valutapolitik, p. 45-47, 1994:2
  18. ^ Bank, European Central. “How to calculate the minimum reserve requirements”European Central Bank.
  19. ^ “Minimum Reserve Ratio”Bank of Latvia. Retrieved 29 December 2010.
  20. ^ “Narodowy Bank Polski – Internet Information Service”nbp.pl.
  21. ^ “Banca Naţională a României – Reserve requirements”http://www.bnr.ro.
  22. ^ Central bank of Russia Required reserve ratio on credit institutions’ liabilities to non-resident has been raised to 4.0%
  23. ^ [2] ndtv.com
  24. ^ http://businessdayonline.com/2014/11/banks-squeezed-further-as-n40bn-may-vanish-from-industry-wide-profits/#.VHbDB51fqUk
  25. ^ Liquidity ratio and liquid reserves of deposit money banks. Data released by Taiwan’s central bank in October 2010.
  26. ^ “Iceland Reserve Requirement Ratio | Economic Indicators”http://www.ceicdata.com. Retrieved 9 January 2018.
  27. ^ “Minimum capital ratio” (PDF)Bank of Israel. Retrieved 29 December 2010.
  28. ^ “Ordinance No. 21 of the BNB on the Minimum Required Reserves Maintained with the Bulgarian National Bank by Banks” (PDF)Bulgarian National Bank.
  29. ^ Decision on Reserve RequirementsCroatian National Bank(in Croatian)
  30. ^ “Nepal Rastra Bank”http://www.nrb.org.np.
  31. ^ “Circular 3.632” (PDF)bcb.gov.br.
  32. ^ CNBC (29 February 2016). “China central bank cuts reserve requirement ratio”cnbc.com.
  33. ^ “Reserve base en Kasreserve”Centrale Bank van Suriname. Retrieved 21 December 2009.
  34. ^ “Lebanon ‘immune’ to financial crisis”. 5 December 2008 – via news.bbc.co.uk.
  35. ^ IMF Financial Statistic Yearbook
  36. ^ Chronology of Bankrate, CRR and SLR Changes Archived29 August 2011 at the Wayback MachineReserve Bank of India

External links

https://en.wikipedia.org/wiki/Reserve_requirement

 

 

Reserve Requirements

Reserve requirements are the amount of funds that a depository institution must hold in reserve against specified deposit liabilities. Within limits specified by law, the Board of Governors has sole authority over changes in reserve requirements. Depository institutions must hold reserves in the form of vault cash or deposits with Federal Reserve Banks.

The dollar amount of a depository institution’s reserve requirement is determined by applying the reserve ratios specified in the Federal Reserve Board’s Regulation D to an institution’s reservable liabilities (see table of reserve requirements). Reservable liabilities consist of net transaction accounts, nonpersonal time deposits, and Eurocurrency liabilities. Since December 27, 1990, nonpersonal time deposits and Eurocurrency liabilities have had a reserve ratio of zero.

The reserve ratio on net transactions accounts depends on the amount of net transactions accounts at the depository institution. The Garn-St Germain Act of 1982 exempted the first $2 million of reservable liabilities from reserve requirements. This “exemption amount” is adjusted each year according to a formula specified by the act. The amount of net transaction accounts subject to a reserve requirement ratio of 3 percent was set under the Monetary Control Act of 1980 at $25 million. This “low reserve tranche” is also adjusted each year (see table of low reserve tranche amounts and exemption amounts since 1982). Net transaction accounts in excess of the low reserve tranche are currently reservable at 10 percent.

For more history on the changes in reserve requirement ratios and the indexation of the exemption and low reserve tranche, see the annual review table. Additional details on reserve requirements can be found in the Reserve Maintenance Manual and in the article (119 KB PDF) in the Federal Reserve Bulletin, the appendix of which has tables of historical reserve ratios.

Reserve Requirements

Make Full Screen

Liability Type Requirement
% of liabilities Effective date
Net transaction accounts 1
$0 to $16.3 million2 0 1-17-19
More than $16.3 million to $124.2 million3 3 1-17-19
More than $124.2 million 10 1-17-19
Nonpersonal time deposits 0 12-27-90
Eurocurrency liabilities 0 12-27-90

Return to text

Notes: Reserve requirements must be satisfied by holding vault cash and, if vault cash is insufficient, also by a deposit maintained with a Federal Reserve Bank. An institution may hold that deposit directly with a Reserve Bank or with another institution in a pass-through relationship. Reserve requirements are imposed on “depository institutions,” defined as commercial banks, savings banks, savings and loan associations, credit unions, U.S. branches and agencies of foreign banks, Edge corporations, and agreement corporations.

1. Total transaction accounts consists of demand deposits, automatic transfer service (ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts, ineligible bankers acceptances, and obligations issued by affiliates maturing in seven days or less. Net transaction accounts are total transaction accounts less amounts due from other depository institutions and less cash items in the process of collection. For a more detailed description of these deposit types, see Form FR 2900 at http://www.federalreserve.gov/apps/reportforms/default.aspx Return to table

2. The amount of net transaction accounts subject to a reserve requirement ratio of zero percent (the “exemption amount”) is adjusted each year by statute. The exemption amount is adjusted upward by 80 percent of the previous year’s (June 30 to June 30) rate of increase in total reservable liabilities at all depository institutions. No adjustment is made in the event of a decrease in such liabilities. Return to table

3. The amount of net transaction accounts subject to a reserve requirement ratio of 3 percent is the low reserve tranche. By statute, the upper limit of the low reserve tranche is adjusted each year by 80 percent of the previous year’s (June 30 to June 30) rate of increase or decrease in net transaction accounts held by all depository institutions. Return to table

Low Reserve Tranche Amounts and Exemption Amounts since 1982

Make Full Screen

Effective date
(beginning of maintenance period)
Low reserve tranche amount
(millions of U.S. dollars)
Exemption amount
(millions of U.S. dollars)
January 14, 1982 26.0 n.a.
December 23, 1982 n.a. 2.1
January 13, 1983 26.3 ***
January 12, 1984 28.9 2.2
January 3, 1985 29.8 2.4
January 2, 1986 31.7 2.6
January 1, 1987 36.7 2.9
December 31, 1987 40.5 3.2
December 29, 1988 41.5 3.4
December 28, 1989 40.4 3.4
December 27, 1990 41.1 3.4
December 26, 1991 42.2 3.6
December 24, 1992 46.8 3.8
December 23, 1993 51.9 4.0
December 22, 1994 54.0 4.2
December 21, 1995 52.0 4.3
December 31, 1996 49.3 4.4
January 1, 1998 47.8 4.7
December 31, 1998 46.5 4.9
December 30, 1999 44.3 5.0
December 28, 2000 42.8 5.5
December 27, 2001 41.3 5.7
December 26, 2002 42.1 6.0
December 25, 2003 45.4 6.6
December 23, 2004 47.6 7.0
December 22, 2005 48.3 7.8
December 21, 2006 45.8 8.5
December 20, 2007 43.9 9.3
January 1, 2009 44.4 10.3
December 31, 2009 55.2 10.7
December 30, 2010 58.8 10.7
December 29, 2011 71.0 11.5
December 27, 2012 79.5 12.4
January 23, 2014 89.0 13.3
January 22, 2015 103.6 14.5
January 21, 2016 110.2 15.2
January 19, 2017 115.1 15.5
January 18, 2018 122.3 16.0
January 17, 2019 124.2 16.3

Return to text

 *Not applicable Return to table
***No change Return to table

Regulatory Changes in Reserve Requirements and Indexation of the Low Reserve Tranche and the Reserve Requirement Exemption

The following list covers regulatory changes in reserve requirements and indexation of the low reserve tranche and the reserve requirement exemption beginning December 1, 1959, and their effects on required reserves.

105. Effective for the reserve maintenance period beginning December 27, 2012, the low reserve tranche for net transaction accounts will rise from $71.0 million to $79.5 million. The reserve requirement exemption will rise from $11.5 million to $12.4 million. These actions will lower total required reserves by an estimated $971 million.
104. Effective for the reserve maintenance period beginning December 29, 2011, the low reserve tranche for net transaction accounts will rise from $58.8 million to $71.0 million. The reserve requirement exemption will rise from $10.7 million to $11.5 million. These actions will lower total required reserves by an estimated $1.33 billion.
103. Effective for the reserve maintenance period beginning December 30, 2010, the low reserve tranche for net transaction accounts was raised from $55.2 million to $58.8 million. The reserve requirement exemption remained at $10.7 million. These actions lowered total required reserves by an estimated $353 million.
102. Effective for the reserve maintenance period beginning December 31, 2009, the low reserve tranche for net transaction accounts was raised from $44.4 million to $55.2 million. The reserve requirement exemption was raised from $10.3 million to $10.7 million. These actions lowered total required reserves by an estimated $1.24 billion.
101. Effective for the reserve maintenance period beginning January 1, 2009, the low reserve tranche for net transaction accounts was raised from $43.9 million to $44.4 million. The reserve requirement exemption was raised from $9.3 million to $10.3 million. The actions lowered total required reserves by an estimated $270 million.
100. Effective for the reserve maintenance period beginning December 20, 2007, the low reserve tranche for net transaction accounts was reduced from $45.8 million to $43.9 million. The reserve requirement exemption was raised from $8.5 million to $9.3 million. The actions raised total required reserves by an estimated $57 million.
99. Effective for the reserve maintenance period beginning December 21, 2006, the low reserve tranche for net transaction accounts was reduced from $48.3 million to $45.8 million. The reserve requirement exemption was raised from $7.8 million to $8.5 million. The actions raised total required reserves by an estimated $146 million.
98. Effective for the reserve maintenance period beginning December 22, 2005, the low reserve tranche for net transaction accounts was increased from $47.6 million to $48.3 million. The reserve requirement exemption was raised from $7.0 million to $7.8 million. The actions lowered total required reserves by an estimated $369 million.
97. Effective for the reserve maintenance period beginning December 23, 2004, the low reserve tranche for net transaction accounts was increased from $45.4 million to $47.6 million. The reserve requirement exemption was raised from $6.6 million to $7.0 million. The actions lowered total required reserves by an estimated $506 million.
96. Effective for the reserve maintenance period beginning December 25, 2003, the low reserve tranche for net transaction accounts was increased from $42.1 million to $45.4 million. The reserve requirement exemption was raised from $6.0 million to $6.6 million. The actions lowered total required reserves by an estimated $689 million.
95. Effective for the reserve maintenance period beginning December 26, 2002, the low reserve tranche for net transaction accounts was increased from $41.3 million to $42.1 million. The reserve requirement exemption was raised from $5.57 million to $6.0 million. The actions lowered total required reserves by an estimated $201 million.
94. Effective for the reserve maintenance period beginning December 27, 2001, the low reserve tranche for net transaction accounts was reduced from $42.8 million to $41.3 million. The reserve requirement exemption was raised from $5.5 million to $5.7 million. The actions raised total required reserves by an estimated $154 million.
93. Effective for the reserve maintenance period beginning December 28, 2000, the low reserve tranche for net transaction accounts was reduced from $44.3 million to $42.8 million. The reserve requirement exemption was raised from $5.0 million to $5.5 million. The actions raised required reserves by an estimated $60 million.
92. Effective for the reserve maintenance period beginning December 30, 1999, the low reserve tranche for net transaction accounts was reduced from $46.5 million to $44.3 million. The reserve requirement exemption was raised from $4.9 million to $5.0 million. The actions raised required reserves by an estimated $264 million.
91. Effective for the reserve maintenance period beginning December 31, 1998, the low reserve tranche for net transaction accounts was reduced from $47.8 million to $46.5 million. The reserve requirement exemption was raised from $4.7 million to $4.9 million. The actions raised required reserves by an estimated $104 million.
90. Effective with the reserve maintenance period beginning July 30, 1998, the required reserve system was shifted from CRR to new lagged reserve requirements (LRR) with reserve computation periods for weekly reporters starting thirty days before the corresponding reserve maintenance periods. Under the new LRR regime, the lag in counting vault cash toward required reserves was lengthened from sixteen days to thirty days for institutions reporting weekly on the FR2900. In other words, the average vault cash held during a reserve computation period would be applied toward required reserves in its corresponding reserve maintenance period.
89. Effective with the reserve maintenance period beginning January 1, 1998, the low reserve tranche for transaction accounts was reduced from $49.3 million to $47.8 million. The reserve requirement exemption was raised from $4.4 million to $4.7 million. The actions raised required reserves by an estimated $89 million.
88. Effective with the reserve maintenance period beginning December 31, 1996, the low reserve tranche for transaction accounts was reduced from $52.0 million to $49.3 million. The reserve requirement exemption was raised from $4.3 million to $4.4 million. The actions raised required reserves by an estimated $298 million.
87. Effective with the reserve maintenance period beginning December 21, 1995, the low reserve tranche for transaction accounts was reduced from $54.0 million to $52.0 million. The reserve requirement exemption was raised from $4.2 million to $4.3 million. The actions raised required reserves by an estimated $199 million.
86. Effective with the reserve maintenance period beginning December 22, 1994, the low reserve tranche for transaction accounts was raised from $51.9 million to $54.0 million. The reserve requirement exemption was also raised from $4.0 million to $4.2 million. The actions reduced required reserves by an estimated $318 million.
85. Effective with the reserve maintenance period beginning December 23, 1993, the low reserve tranche for transaction accounts was raised from $46.8 million to $51.9 million. The reserve requirement exemption was also raised from $3.8 million to $4.0 million. The actions reduced required reserves by an estimated $738 million.
84. Effective with the reserve maintenance period beginning December 24, 1992, the low reserve tranche for transaction accounts was raised from $42.2 million to $46.8 million. The reserve requirement exemption was also raised from $3.6 million to $3.8 million. The actions reduced required reserves by an estimated $699 million.
83. Effective November 12, 1992, the lag in counting vault cash toward required reserves was shortened from four weeks to two weeks for institutions reporting weekly on the FR2900, i.e. counting the average vault cash held during a reserve computation period toward required reserves in its corresponding reserve maintenance period.
82. Effective September 3, 1992, the carryover allowance for reserve balances, for institutions reporting weekly and quarterly on the FR2900, was doubled to the larger of $50,000 or 4 percent of required reserves plus required clearing balances less the institution’s required clearing balance penalty-free band.
81. Effective April 2, 1992, the 12 percent required reserve ratio against net transaction deposits above the low reserve tranche level was reduced to 10 percent. The action reduced required reserves by an estimated $8.9 billion.
80. Effective with reserve maintenance period beginning December 26, 1991, the low reserve tranche for transaction accounts was raised from $41.1 million to $42.2 million. The reserve requirement exemption was also raised from $3.4 million to $3.6 million. The actions reduced required reserves by an estimated $255 million.
79. Effective with reserve maintenance period beginning January 17, 1991, the 3 percent reserve requirement on nontransaction liabilities was reduced to zero for FR2900 quarterly reporters. The action reduced required reserves by an estimated $460 million.
78. Effective with reserve maintenance period beginning December 27, 1990, the low reserve tranche for transaction accounts was raised from $40.4 million to $41.1 million. The reserve requirement exemption was kept at $3.4 million. The action lowered required reserves by an estimated $112 million.
77. Effective December 27, 1990, the 1-1/2 percent reserve requirement on nontransaction liabilities was reduced to zero for FR2900 weekly reporters. The action lowered required reserves by an estimated $6.5 billion.
76. Effective December 13, 1990, the 3 percent reserve requirement on nontransaction liabilities was reduced to 1-1/2 percent for FR2900 weekly reporters. The action lowered required reserves by an estimated $6.7 billion.
75. Effective with reserve maintenance period beginning December 28, 1989, the low reserve tranche for transaction accounts was reduced from $41.5 million to $40.4 million. The reserve requirement exemption was kept at $3.4 million. The action raised required reserves by an estimated $190 million.
74. Effective with reserve maintenance period beginning December 29, 1988, the low reserve tranche for transaction accounts was raised from $40.5 million to $41.5 million. The reserve requirement exemption was also raised from $3.2 million to $3.4 million. The actions reduced required reserves by an estimated $210 million.
73. Effective with reserve maintenance period beginning December 31, 1987, the low reserve tranche for transaction accounts was raised from $36.7 million to $40.5 million. The reserve requirement exemption was also raised from $2.9 million to $3.2 million. The actions reduced required reserves by about $740 million.
72. Effective September 10, 1987, according to the transitional phase-in program under the Monetary Control Act, required reserves of certain nonmember depository institutions were increased about $1.70 billion.
71. Effective with reserve maintenance period beginning January 1, 1987, the low reserve tranche for transaction accounts was raised from $31.7 million to $36.7 million. The reserve requirement exemption was also raised from $2.6 million to $2.9 million. These actions reduced required reserves by about $970 million.
70. Effective September 11, 1986, according to the transitional phase-in program under the Monetary Control Act, required reserves of certain nonmember depository institutions were increased about $1.58 billion.
69. Effective April 24, 1986, money market deposit accounts (MMDA), which had previously been subject to full reserve requirements, were made subject to the transitional phase-in program of the Monetary Control Act. In addition, the order of application of the exemption applied to reservable liabilities was changed. These actions reduced required reserves by about $260 million.
68. Effective with reserve maintenance period beginning January 2, 1986, the low reserve tranche for transaction accounts was raised from $29.8 million to $31.7 million. The reserve requirement exemption was also raised from $2.4 million to $2.6 million. These actions reduced required reserves by about $340 million.
67. Effective September 12, 1985, according to the transitional phase-in program under the Monetary Control Act, required reserves of certain nonmember depository institutions were increased about $1.23 billion.
66. Effective with reserve maintenance period beginning January 3, 1985, the low reserve tranche for transaction accounts was raised from $28.9 million to $29.8 million. The reserve requirement exemption was also raised from $2.2 million to $2.4 million. These actions reduced required reserves by about $190 million.
65. Effective September 13, 1984, in conjunction with the transitional phase-in program under the Monetary Control Act, required reserves of certain nonmember depository institutions increased about $1.08 billion.
64. Effective February 2, 1984, in conjunction with the transitional phase-in program under the Monetary Control Act, required reserves of member banks were reduced about $2.0 billion.
63. Effective February 2, 1984, Regulation D was amended as follows for institutions reporting weekly on the FR2900: (1) change the reserve computation and maintenance periods from weekly to biweekly, with the former ending on Monday and the latter ending on Wednesday; (2) compute required reserves against net transaction deposits based on average deposits over the computation period ending two days before the end of the maintenance period; (3) compute required reserves against nontransaction deposits based on average deposits over a computation period ending 17 days before the beginning of the maintenance period; and (4) count the average vault cash held during a reserve computation period ending 17 days before the beginning of the reserve maintenance period toward required reserves.
62. Effective with reserve maintenance period beginning January 12, 1984, the low reserve tranche for transaction accounts at depository institutions was raised from $26.3 million to $28.9 million. Also, in accordance with the provisions of the Depository Institutions Act of 1982, the reserve requirement exemption was raised from $2.1 million to $2.2 million. These actions reduced required reserves a total of about $350 million.
61. Effective October 20, 1983, required reserves were reduced an estimated $100 million as a result of the elimination of reserve requirements on nonpersonal time deposits with maturities of 1-1/2 years to 2-1/2 years.
60. Effective September 1, 1983, in conjunction with the transitional phase-in program under the Monetary Control Act, required reserves of member banks were reduced about $2.0 billion, and required reserves of other depository institutions were increased about $0.9 billion.
59. Effective April 14, 1983, required reserves were reduced an estimated $80 million as a result of the elimination of reserve requirements on nonpersonal time deposits with maturities of 2-1/2 years to 3-1/2 years.
58. Effective March 3, 1983, in conjunction with the transitional phase-in program under the Monetary Control Act, required reserves of member banks were reduced by approximately $1.9 billion.
57. Effective January 13, 1983, the low reserve tranche for transaction accounts at depository institutions was raised from $26.0 million to $26.3 million. This action reduced required reserves approximately $32 million.
56. Effective December 23, 1982, in accordance with provisions of the Depository Institutions Act of 1982 that exempted the first $2.1 million of reservable liabilities at all depository institutions from reserve requirements, required reserves were reduced by an estimated $800 million.
55. Effective October 28, 1982, in accordance with provisions of the Depository Institutions Act of 1982, required reserves of certain former member banks were reduced by approximately $100 million.
54. Effective September 2, 1982, in conjunction with the transitional phase-in program under the Monetary Control Act, required reserves of member banks were reduced about $2.1 billion, and required reserves of other depository institutions were increased about $0.9 billion.
53. Effective August 12, 1982, in conjunction with the transitional phase-in program under the Monetary Control Act, required reserves of certain nonmember banks and foreign-related institutions increased about $140 million.
52. Effective May 13, 1982, in conjunction with the transitional phase-in program under the Monetary Control Act, required reserves of certain nonmember banks and foreign-related institutions increased about $150 million.
51. Effective March 4, 1982, in conjunction with the transitional phase-in program under the Monetary Control Act, required reserves of member banks decreased by about $2.0 billion.
50. Effective February 11, 1982, in conjunction with the transitional phase-in program under the Monetary Control Act, required reserves of certain nonmember banks and foreign-related institutions increased about $170 million.
49. Effective January 14, 1982, the low reserve tranche for transaction accounts at depository institutions was raised from $25 million to $26 million. This action reduced required reserves approximately $60 million.
48. Effective November 12, 1981, in conjunction with the transitional phase-in program under the Monetary Control Act, required reserves of certain nonmember banks and foreign-related institutions increased about $210 million.
47. Effective September 3, 1981, in conjunction with the transitional phase-in program under the Monetary Control Act, required reserves of member banks were reduced about $2.0 billion, and required reserves of other depository institutions were increased about $0.9 billion.
46. Effective August 13, 1981, in conjunction with the transitional phase-in program under the Monetary Control Act, required reserves of certain nonmember banks and foreign-related institutions increased approximately $230 million.
45. Effective May 14, 1981, in conjunction with the transitional phase-in program under the Monetary Control Act, required reserves of certain nonmember banks and foreign-related institutions increased by approximately $245 million.
44. Effective March 12, 1981, in conjunction with the transitional phase-in program under the Monetary Control Act, required reserves of small nonmember “quarterly reporters” increased about $75 million.
43. Effective February 12, 1981, in conjunction with the transitional phase-in program under the Monetary Control Act, required reserves of certain nonmember banks and foreign-related institutions increased by approximately $245 million.
42. Effective November 13, 1980, required reserves of member banks and Edge Act corporations were reduced about $4.3 billion and required reserves of other depository institutions were increased about $1.4 billion due to the implementation of the Monetary Control Act of 1980.
41. Effective July 24, 1980, the 5 percent marginal reserve requirement on managed liabilities and the 2 percent supplementary reserve requirement against large time deposits were removed. These actions reduced required reserves about $3.2 billion.
40. Effective May 29, 1980, the marginal reserve requirement was reduced from 10 percent to 5 percent and the base upon which the marginal reserve requirement was calculated was raised. This action reduced required reserves about $980 million.
39. Effective March 12, 1980, the 8 percent marginal reserve requirement was raised to 10 percent. In addition, the base upon which the marginal reserve requirement was calculated was reduced. This action increased required reserves about $1.7 billion.
38. Effective October 11, 1979, a marginal reserve requirement of 8 percent was imposed on “managed liabilities” of member banks, Edge Act corporations, and U.S. agencies and branches of foreign banks above a base average for the two weeks ending September 26, 1979. Managed liabilities included large time deposits ($100,000 and over with maturities of less than one year), repurchase agreements against U.S. government and federal agency securities, Eurodollar borrowings, and federal funds borrowings from a nonmember institution. On October 25, required reserves and reserves held by Edge Act Corporations were included in member bank reserves. (Previously reserves held by these institutions were recorded as “other deposits” by Federal Reserve Banks.) These actions raised required reserves approximately $355 and $320 million, respectively.
37. Effective November 30, 1978, the 10 percent minimum requirement on the domestic deposits of Edges was removed but Edges continued to be subject to the same reserve requirements as member banks.
36. Effective November 16, 1978, a supplementary reserve requirement of 2 percent was imposed on time deposits of $100,000 or more. This action increased required reserves approximately $3.0 billion.
35. Effective December 30, 1976, the reserve requirement against net demand deposits up to $10 million was reduced by 1/2 percentage point, and the reserve requirement against net demand deposits over $10 million was reduced by 1/4 percentage point. This action reduced required reserves by approximately $550 million.
34. Effective January 8, 1976, the reserve requirement on time deposits maturing in 180 days to 4 years was reduced from 3 percent to 2-1/2 percent. This action reduced required reserves by approximately $500 million.
33. Effective October 30, 1975, the reserve requirement against member bank time deposits with an original maturity of four years or more was reduced from 3 percent to 1 percent. This action reduced required reserves approximately $360 million.
32. Effective May 22, 1975, the reserve requirement against foreign borrowings of member banks, primarily Eurodollars, was reduced from 8 percent to 4 percent. This action reduced required reserves approximately $80 million.
31. Effective February 13, 1975, the reserve requirements against all categories of net demand deposits up to $400 million were reduced by one-half of 1 percentage point, and the reserve requirement against net demand deposits of more than $400 million was reduced 1 percentage point. This action reduced required reserves approximately $1,065 million.
30. Effective December 12, 1974, the reserve requirement against all time deposits with an original maturity of six months or longer was reduced from 5 percent to 3 percent; the reserve requirement against all time deposits with an original maturity of less than six months was increased from 5 percent to 6 percent; and the reserve requirement against net demand deposits over $400 million was reduced from 18 percent to 17-1/2 percent. In addition, the 3 percent marginal reserve requirement on large certificates of deposit with an initial maturity of less than four months was removed. These actions reduced required reserves approximately $710 million.
29. Effective September 19, 1974, the marginal reserve requirement against time deposits in denomination greater than $100,000 and more than 4-month maturity was eliminated. This action reduced required reserves approximately $510 million.
28. Effective December 27, 1973, the marginal reserve requirement against certain time deposits was reduced from 11 percent to 8 percent. This action reduced required reserves approximately $360 million.
27. Effective October 4, 1973, the marginal reserve requirement against certain time deposits was increased from 8 percent to 11 percent. This action increased required reserves approximately $465 million.
26. Effective July 19, 1973, the reserve requirement against all net demand deposits, except the first $2 million was increased 1/2 percentage point. This action increased required reserves approximately $760 million.
25. Effective July 12, 1973, reserve requirements were imposed against finance bills. This action increased required reserves approximately $90 million.
24. Effective June 21, 1973, the Board amended its Regulation D to establish a marginal reserve requirement of 8 percent against certain time deposits and to subject to the 8 percent reserve requirement certain deposits exempt from the rate limitations of the Board’s Regulation Q. In addition, reserves against certain foreign branch deposits were reduced from 10 percent to 8 percent. These changes had little effect on required reserves.
23. Effective November 9, 1972, Regulations D and J were revised to (1) adopt a system of reserve requirements against demand deposits of all member banks based on the amount of such deposits held by a member bank, and (2) to require banks–member and nonmember–to pay cash items presented by a Federal Reserve Bank on the day of presentation in funds available to the Reserve Bank on that day. These changes reduced required reserves approximately $2.5 billion, effective November 9; $1.0 billion, effective November 16; and increased required reserves $300 million, effective November 23.
22. Effective January 7, 1971, the reserve requirement on certain foreign borrowings, primarily Eurodollars, by member banks, and the sale of assets to their foreign branches was raised from 10 percent to 20 percent. This action had little effect on required reserves.
21. Effective October 1, 1970, the reserve requirement of all member banks against time deposits (other than savings deposits) in excess of $5 million was reduced from 6 percent to 5 percent. At the same time, a 5 percent reserve requirement was imposed against funds obtained by member banks through the issuance of commercial paper by their affiliates. This action reduced required reserves approximately $500 million (net).
20. Effective October 16, 1969 a 10 percent marginal reserve requirement was established on certain foreign borrowings, primarily Eurodollars, by member banks and on the sale of assets to their foreign branches. This action increased required reserves approximately $415 million.
19. Effective April 17, 1969, the reserve requirement of all member banks against net demand deposits was increased 1/2 percentage point. This action increased required reserves approximately $660 million.
18. Effective September 12, 1968, Regulation D was amended to: (1) reduce the reserve computation and maintenance periods for country banks from two weeks to one week to coincide with one-week periods for reserve city banks; (2) change contemporaneous reserve requirements to lagged reserve requirements (LRR), which required all banks to compute weekly average required reserves for the maintenance week on the basis of average daily deposits two weeks earlier; (3) count average vault cash held two weeks earlier toward the required reserves for the present week; and (4) allow either excesses or deficiencies averaging up to 2 percent of required reserves to be carried forward to the next maintenance week.
17. Effective January 18, 1968, the reserve requirement of country banks against net demand deposits in excess of $5 million was increased from 12 percent to 12-1/2 percent. This action increased required reserves approximately $190 million.
16. Effective January 11, 1968, the reserve requirement of reserve city banks against net demand deposits in excess of $5 million was increased from 16-1/2 percent to 17 percent. This action increased required reserves approximately $360 million.
15. Effective March 16, 1967, the reserve requirement of all member banks against savings deposits and the first $5 million of time deposits was reduced from 3-1/2 percent to 3 percent. This action reduced required reserves approximately $425 million.
14. Effective March 2, 1967, the reserve requirement of all member banks against savings deposits and the first $5 million of time deposits was reduced from 4 percent to 3-1/2 percent. This action reduced required reserves approximately $425 million.
13. Effective September 15, 1966, the reserve requirement of country banks against time deposits (other than savings deposits) in excess of $5 million was increased from 5 percent to 6 percent. This action increased required reserves approximately $75 million.
12. Effective September 8, 1966, the reserve requirement of reserve city banks against time deposits (other than savings deposits) in excess of $5 million was increased from 5 percent to 6 percent. This action increased required reserves approximately $370 million.
11. Effective July 21, 1966, the reserve requirement of country banks against time deposits (other than savings deposits) in excess of $5 million was increased from 4 percent to 5 percent. This action increased required reserves approximately $70 million.
10. Effective July 14, 1966, the reserve requirement of reserve city banks against time deposits (other than savings deposits) in excess of $5 million was increased from 4 percent to 5 percent. This action increased required reserves approximately $350 million.
9. Effective November 1, 1962, the reserve requirement of country banks against their time deposits was reduced from 5 percent to 4 percent. This action reduced required reserves approximately $360 million.
8. Effective October 25, 1962, the reserve requirement of reserve city banks against their time deposits was reduced from 5 percent to 4 percent. This action reduced required reserves approximately $410 million.
7. Effective July 28, 1962, the central reserve city classification was eliminated and the former central reserve city banks were reclassified as reserve city banks.
6. Effective December 1, 1960, the reserve requirement of central reserve city banks against their net demand deposits was reduced from 17-1/2 percent to 16-1/2 percent. This action reduced required reserves approximately $250 million.
5. Effective November 24, 1960, the reserve requirement of country banks against their net demand deposits was increased from 11 percent to 12 percent. This action increased required reserves approximately $380 million.
4. Effective November 24, 1960, member banks were allowed to count all vault cash as legal reserves.
3. Effective September 1, 1960, the reserve requirement of central reserve city banks against their net demand deposits was reduced from 18 percent to 17-1/2 percent. This action reduced required reserves approximately $120 million.
2. Effective January 1, 1960, the reserve computation and maintenance periods for country banks were changed from semi-monthly to biweekly. (The reserve computation and maintenance periods for central reserve city banks and reserve city banks continued to be one week; and all banks, including country banks, continued to compute and hold reserves contemporaneously.) In addition, beginning with the period ending January 13, 1960, the reserve computation and maintenance periods for all banks were made to end on Wednesday.
1. Effective December 1, 1959, member banks were allowed to count part of their vault cash as legal reserves.

https://www.federalreserve.gov/monetarypolicy/reservereq.htm

 

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Listen To Pronk Pops Podcast or Download Shows 391-399

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The Pronk Pops Show 1300, August 1, 2019, Story 1: Story 1: Democrat Destruction Derby Debate 2 — Santa Claus Socialism — Vote Me and I Will Give You Free Stuff — Take Away Your Employer and Union Provided Health Care Insurance and Replace It With Socialized Medicine — Medicare For All — Give All 30-60 Million Illegal Aliens in U.S. Citizenship and Free Health Insurance and Open Borders With No Border Barrier and Abolish ICE or Immigration and Customs Enforcement — American People Betrayed By Radical Extremist Democrat Socialist (REDS) — Result: Trump Wins in A Landslide With A Message That Resonates With American People — Videos — Story 2: President Trump Comments To Big Lie Media — Videos — Student 3: Federal Reserve As Expected Reduces Federal Funds Rate By 25 Basis Points to 2.0-2.25% –Videos

Posted on August 2, 2019. Filed under: 2020 Democrat Candidates, 2020 President Candidates, 2020 Republican Candidates, Addiction, Addiction, American History, Anthropology, Banking System, Blogroll, Breaking News, Bribery, Bribes, Budgetary Policy, Cartoons, City, Clinton Obama Democrat Criminal Conspiracy, Comedy, Congress, Constitutional Law, Corey Booker, Corruption, Countries, Crime, Culture, Currencies, Deep State, Defense Spending, Donald J. Trump, Donald J. Trump, Donald J. Trump, Donald Trump, Economics, Economics, Education, Elections, Empires, Employment, Federal Government, First Amendment, Fiscal Policy, Fourth Amendment, Free Trade, Freedom of Speech, Government, Government Spending, Health Care Insurance, High Crimes, History, House of Representatives, Human, Human Behavior, Illegal Drugs, Illegal Immigration, Immigration, Impeachment, Independence, Insurance, Investments, Joe Biden, Kamala Harris, Killing, Kirsten Gillibrand, Labor Economics, Language, Law, Legal Drugs, Legal Immigration, Life, Lying, Media, Medicare, Mental Illness, Military Spending, Monetary Policy, National Interest, News, People, Pete Buttigieg, Philosophy, Photos, Politics, Polls, President Trump, Progressives, Psychology, Public Corruption, Radio, Raymond Thomas Pronk, Rule of Law, Scandals, Science, Second Amendment, Security, Senate, Social Science, Social Sciences, Social Security, Sociology, Spying on American People, Subversion, Success, Surveillance and Spying On American People, Surveillance/Spying, Tax Fraud, Tax Policy, Terror, Terrorism, Trade Policy, Treason, Trump Surveillance/Spying, Tulsi Gabbard, U.S. Dollar, Unemployment, United States Constitution, United States of America, Videos, Violence, War, Wealth, Weapons, Welfare Spending, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

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The Pronk Pops Show Podcasts

Pronk Pops Show 1300 August 1, 2019

Pronk Pops Show 1299 July 31, 2019

Pronk Pops Show 1298 July 30, 2019

Pronk Pops Show 1297 July 29, 2019

Pronk Pops Show 1296 July 25, 2019

Pronk Pops Show 1295 July 24, 2019

Pronk Pops Show 1294 July 23, 2019

Pronk Pops Show 1293 July 22, 2019

Pronk Pops Show 1292 July 18, 2019

Pronk Pops Show 1291 July 17, 2019

Pronk Pops Show 1290 July 16, 2019

Pronk Pops Show 1289 July 15, 2019

Pronk Pops Show 1288 July 11, 2019

Pronk Pops Show 1287 July 10, 2019

Pronk Pops Show 1286 July 9, 2019

Pronk Pops Show 1285 July 8, 2019

Pronk Pops Show 1284 July 2, 2019

Pronk Pops Show 1283 July 1, 2019

Pronk Pops Show 1282 June 27, 2019

Pronk Pops Show 1281 June 26, 2019

Pronk Pops Show 1280 June 25, 2019

Pronk Pops Show 1279 June 24, 2019

Pronk Pops Show 1278 June 20, 2019 

Pronk Pops Show 1277 June 19, 2019

Pronk Pops Show 1276 June 18, 2019

Pronk Pops Show 1275 June 17, 2019

Pronk Pops Show 1274 June 13, 2019

Pronk Pops Show 1273 June 12, 2019

Pronk Pops Show 1272 June 11, 2019

Pronk Pops Show 1271 June 10, 2019

Pronk Pops Show 1270 June 6, 2019

Pronk Pops Show 1269 June 5, 2019

Pronk Pops Show 1268 June 3, 2019

Pronk Pops Show 1267 May 30, 2019

Pronk Pops Show 1266 May 29, 2019

Pronk Pops Show 1265 May 28, 2019

Pronk Pops Show 1264 May 24, 2019

Pronk Pops Show 1263 May 23, 2019

Pronk Pops Show 1262 May 22, 2019

Pronk Pops Show 1261 May 21, 2019

Pronk Pops Show 1260 May 20, 2019

Pronk Pops Show 1259 May 16, 2019

Pronk Pops Show 1258 May 15, 2019

Pronk Pops Show 1257 May 14, 2019

Pronk Pops Show 1256 May 13, 2019

Pronk Pops Show 1255 May 10, 2019

Pronk Pops Show 1254 May 9, 2019

Pronk Pops Show 1253 May 8, 2019

Pronk Pops Show 1252 May 7, 2019