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The Pronk Pops Show 997, November 7, 2017, Story 1: Communist Chinese Connection To Trade — Nuclear Proliferation — and — Terrorism (TNT) — Peace or War — China Must Destroy North Korea Nuclear Weapons and Missiles or Face The Consequences of Overthrow of Communist Party — U.S.Complete Embargo on All Chinese Trade and Investment — Story 2: President Trump Meets With Japanese Prime Minster Shinzo Abe and President Moon Jai-in As U.S. Navy Flexes Air Power — All Options Are On The Table — Video — Story 3: Saudi Arab On The Brink of War With Lebanon Controlled By Iran-backed Lebanese Shi‘ite group Hezbollah — Saudi Arab Blames Iran For Yemen Missile Attack — Purge and Roundup of Royal Prince Continues — Videos —

Posted on November 8, 2017. Filed under: American History, Blogroll, Bombs, Breaking News, Cartoons, College, Communications, Computers, Congress, Constitutional Law, Countries, Cruise Missiles, Culture, Defense Spending, Disasters, Donald J. Trump, Donald J. Trump, Donald Trump, Donald Trump, Drones, Education, Elections, Empires, Employment, Energy, European History, First Amendment, Fourth Amendment, Freedom of Speech, Government Dependency, Government Spending, Hate Speech, Health, History, House of Representatives, Human, Human Behavior, Illegal Immigration, Immigration, Independence, Iran Nuclear Weapons Deal, Iraq, Islamic Republic of Iran, Islamic State, Israel, Japan, Language, Law, Legal Immigration, Life, Lying, Media, Medicare, MIssiles, Movies, National Interest, Natural Gas, Natural Gas, Networking, North Korea, Nuclear, Nuclear Weapons, Obama, Oil, Oil, People, Philosophy, Photos, Pistols, Politics, Polls, President Trump, Religion, Resources, Rifles, Rule of Law, Saudi Arabia, Scandals, Science, Second Amendment, Security, Senate, Social Security, South Korea, Spying, Success, Surveillance and Spying On American People, Surveillance/Spying, Taxation, Taxes, Terror, Terrorism, Trucks, Trump Surveillance/Spying, Turkey, U.S. Negotiations with Islamic Republic of Iran, Unemployment, United Kingdom, United States Constitution, United States of America, United States Supreme Court, Videos, Violence, War, Water, Wealth, Weapons, Weather, Welfare Spending, Wisdom, Yemen | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 997, November 8, 2017

Pronk Pops Show 996, November 6, 2017

Pronk Pops Show 995, November 3, 2017

Pronk Pops Show 994, November 2, 2017

Pronk Pops Show 993, November 1, 2017

Pronk Pops Show 992, October 31, 2017

Pronk Pops Show 991, October 30, 2017

Pronk Pops Show 990, October 26, 2017

Pronk Pops Show 989, October 25, 2017

Pronk Pops Show 988, October 20, 2017

Pronk Pops Show 987, October 19, 2017

Pronk Pops Show 986, October 18, 2017

Pronk Pops Show 985, October 17, 2017

Pronk Pops Show 984, October 16, 2017 

Pronk Pops Show 983, October 13, 2017

Pronk Pops Show 982, October 12, 2017

Pronk Pops Show 981, October 11, 2017

Pronk Pops Show 980, October 10, 2017

Pronk Pops Show 979, October 9, 2017

Pronk Pops Show 978, October 5, 2017

Pronk Pops Show 977, October 4, 2017

Pronk Pops Show 976, October 2, 2017

Pronk Pops Show 975, September 29, 2017

Pronk Pops Show 974, September 28, 2017

Pronk Pops Show 973, September 27, 2017

Pronk Pops Show 972, September 26, 2017

Pronk Pops Show 971, September 25, 2017

Pronk Pops Show 970, September 22, 2017

Pronk Pops Show 969, September 21, 2017

Pronk Pops Show 968, September 20, 2017

Pronk Pops Show 967, September 19, 2017

Pronk Pops Show 966, September 18, 2017

Pronk Pops Show 965, September 15, 2017

Pronk Pops Show 964, September 14, 2017

Pronk Pops Show 963, September 13, 2017

Pronk Pops Show 962, September 12, 2017

Pronk Pops Show 961, September 11, 2017

Pronk Pops Show 960, September 8, 2017

Pronk Pops Show 959, September 7, 2017

Pronk Pops Show 958, September 6, 2017

Pronk Pops Show 957, September 5, 2017

Pronk Pops Show 956, August 31, 2017

Pronk Pops Show 955, August 30, 2017

Pronk Pops Show 954, August 29, 2017

Pronk Pops Show 953, August 28, 2017

Pronk Pops Show 952, August 25, 2017

Pronk Pops Show 951, August 24, 2017

Pronk Pops Show 950, August 23, 2017

Pronk Pops Show 949, August 22, 2017

Pronk Pops Show 948, August 21, 2017

Pronk Pops Show 947, August 16, 2017

Pronk Pops Show 946, August 15, 2017

Pronk Pops Show 945, August 14, 2017

Pronk Pops Show 944, August 10, 2017

Pronk Pops Show 943, August 9, 2017

Pronk Pops Show 942, August 8, 2017

Pronk Pops Show 941, August 7, 2017

Pronk Pops Show 940, August 3, 2017

Pronk Pops Show 939, August 2, 2017

Pronk Pops Show 938, August 1, 2017

Image result for hina's Communist party enshrines Xi Jinping ideology in constitutionImage result for Nations with nuclear weaspon

Image result for trump meets japanes prime ministerImage result for President Donald Trump President Moon Jae-in at the Blue House in Seul, South Korea

Saudi Arabia arrests princes, ministers for corruption

Story 1: Communist Chinese Connection To Trade Nuclear Proliferation and Terrorism (TNT) — Peace or War — Destroy North Korea Nuclear Weapons and Missiles or Face The Consequences of Overthrow of Communist Party — Total Complete Embargo on All Chinese Trade and Investment —

Image result for Nations with nuclear weaspon

Image result for Nations with nuclear weaspon

Image result for Nations with nuclear weaspon

Image result for Nations with nuclear weaspon

Image result for Nations with nuclear weaspon

Image result for u.s. trade deficits with countries china 1900=2016

Image result for u.s. trade deficits with countries china 1900=2016

Image result for u.s. trade deficits with countries china 1900=2016

Image result for u.s. trade deficits with countries china 1900=2016

Image result for u.s. trade deficits with countries china 1900=2016

Image result for Eric X. Li: A tale of two political systems

Donald Trump arrives in Beijing President to tell China ‘get tough on North Korea threat’

Why Trump needs to work with China to stop North Korea from attaining nukes

Trump in Beijing and US-China trade

North Korea Crisis: Trump Threatens to Stop U.S. Trade With China. Could He?

Here’s Who Could Lose the Most in a U.S.-China Trade War

What would a U.S.-China trade war look like? | CNBC Explains

Understanding the Chinese mindset

China and Democracy

The Future of China and the Chinese Communist Party | China Uncensored

Who Would Win a US-China Trade War? | China Uncensored

Chinese Leaders Fear Military Revolt | China Uncensored

Why China Fears Japan’s Military | China Uncensored

North Korea “Fatal Mistake” WW3 Nuclear Invasion

North Korea War Countdown Initiated ~ Urgent Warning

WHY & HOW CHINA HELPED NORTH KOREA IN DEVELOPING ITS NUCLEAR ARSENAL?

How Does North Korea Have Nuclear Weapons?

Who Are The World’s Nuclear Watchdogs?

What Countries Have Nuclear Weapons?

Where Are The World’s Nuclear Weapons Stored?

[youtyube=https://www.youtube.com/watch?v=BTSTddC4O2c]

How Powerful Are Modern Nuclear Weapons?

Nuclear Proliferation

‘THE BOMB” NEW PBS Documentary about the history of nuclear weapons!!

Published on Jul 23, 2017
The Bomb is a 2015 American documentary film about the history of nuclear weapons, from theoretical scientific considerations at the very beginning, to their first use on August 6, 1945,to their global political implications in the present-day.The two-hour PBS film was written and directed by Rushmore DeNooyer, who noted the project took a year and a half to complete, since much of the film footage and images was only recently declassified by the United States Department of Defense. According to DeNooyer, “It wouldn’t take very many bombs to really change life on Earth, … The idea that there are thousands of them sitting around is pretty scary. I don’t think people today realize that. They don’t think about it. I don’t think they are scared. But in a way, they should be. Mark Dawidziak, of the Cleveland Plain Dealer, summarized the film as follows: “The Bomb moves swiftly to cover Hiroshima and Nagasaki, the Cold War, the arms race, the Red Scare, the witch hunt, the Cuban Missile Crisis, test-ban treaties, the “Star Wars” initiative, the anti-nuke movement, the collapse of the Soviet Union and the rise of new nuclear threats. According to historian Richard Rhodes, “The invention [of ‘The Bomb’] was a millennial change in human history: for the first time, we were now capable of our own destruction, as a species…

How Does China’s Government Work?

TED – China’s Political System

Eric X. Li: A tale of two political systems

It’s a standard assumption in the West: As a society progresses, it eventually becomes a capitalist, multi-party democracy. Right? Eric X. Li, a Chinese investor and political scientist, begs to differ. In this provocative, boundary-pushing talk, he asks his audience to consider that there’s more than one way to run a succesful modern nation. TEDTalks is a daily video podcast of the best talks and performances from the TED Conference, where the world’s leading thinkers and doers give the talk of their lives in 18 minutes (or less). Look for talks on Technology, Entertainment and Design — plus science, business, global issues, the arts and much more. Find closed captions and translated subtitles in many languages at

Xi Jinping: Why are we called Communist Party of China?

China congress: Xi Jinping declares ‘new era’ for China – BBC News

China’s Communist party enshrines Xi Jinping ideology in constitution

Published on Oct 24, 2017
China’s ruling Communist Party has voted to enshrine Xi Jinping’s name and ideology in its constitution, elevating him to the level of founder Mao Zedong. The unanimous vote to incorporate “Xi Jinping Thought” happened at the end of the Communist Party congress, China’s most important political meeting. Mr Xi has steadily increased his grip on power since becoming leader in 2012. This move means that any challenge to Mr Xi will now be seen as a threat to Communist Party rule. More than 2,000 delegates gathered in Beijing’s Great Hall of the People for the final approval process to enshrine “Xi Jinping Thought on Socialism with Chinese Characteristics for the New Era” into the Communist Party constitution of China. At the end of the process, delegates were asked if they had any objections, to which they responded with loud cries of “none”, reported journalists at the scene.

How Xi Jinping Went From Feeding Pigs to Ruling China

China Just Sent a Chilling Warning to North Korea About The United States

 

North Korea Is SCREWED After China Issues Brutal Threat Of What Will Happen If They Hit U.S.

 

Published on Aug 15, 2017
China Just Sent a Chilling Warning to North Korea About The United States
The threat of a North Korean nuclear attack is Trump’s biggest test of leadership yet – but another country might actually end up calling the shots. And Trump, to be fair, has been warning us about China for years. But I’m willing to bet that even he didn’t see this coming.
Fact is, aside from being deadly, brutal, and destructive, war is also expensive. And if you can’t afford to do it, you probably shouldn’t start it.
Or join it, for that matter. It’s why China has unofficially leaked a government policy for the world to see – that if North Korea attacks the US, China will remain neutral.
But if the US attacks first, China will join the war. Which means, put bluntly, that the only way World War III doesn’t start is for North Korea to hit us first. Which is unacceptable. About as unacceptable as World War III.China really put Trump in a bind.
Breitbart reports:
The Communist Party organization Global Times [published] an editorial declaring that China would remain neutral if North Korea starts a war but intervene on North Korea’s behalf if the U.S. and South Korea attempt a preemptive strike.
The Chinese government may eventually seek some diplomatic wiggle room by insisting the Global Times is but a newspaper printing an editorial, and the piece is written in the style of newspaper editors lecturing officials about what they “should” do, but China’s state-run media is a mouthpiece for its authoritarian government.If it sounds complicated, it’s really not. The Chinese government is run by the Chinese Communist Party. The Chinese Communist Party owns and runs the Global Times. Therefore, whatever the Global Times prints is what the Communist Party wants it to print.
But it’s still a newspaper, of course, which means that, if the world – or, sometimes, the Chinese themselves – really don’t like a policy, the government can pretend that the newspaper just got the story wrong.
It’s an easy way to test a policy before you pass it. Or, in this case, an easy way to tell the world what you’re going to do, without all the trouble of officially telling the world what you’re going to do.
Fact is, China can’t really afford this war – Breitbart lists off several reasons, including tensions with India, Japan, and all the work securing the South China Sea. The Korea thing is just one more brick on an already heavy pile. But their way out of it forces Donald Trump to let the US get hit first.

‘Welcome to China! I love you!’: Beijing schoolchildren thrill Trump with Peking opera performance after private tour of the Forbidden City and tea with China’s Xi and Madame Peng

  • Trump landed Wednesday in China for meetings with President Xi Jinping
  • School children waving American flags greeted him at the airport in Beijing
  • President and first lady took in an extra special performance of Peking opera during a grand tour of the Forbidden City put on for him by Xi
  •  President has touted his close relationship with Xi, calling it ‘outstanding’
  • But he says that won’t stop him from getting tough with China over trade 
  • North Korea is expected to dominate the agenda as it did when pair met in April 
  • Last year when he visited China, Obama was prevented from using his stairs to deplane Air Force One in a major snub
  • Trump didn’t have that problem: Chinese authorities had a rolling staircase tall enough to reach the front door of the plane

President Donald Trump took in an extra special performance of Peking opera on Wednesday evening in Beijing during a grand tour of the Forbidden City put on for him by China‘s Xi Jinping.

Xi had the production staged in the former imperial palace that is now a museum just for Trump’s visit.

‘Welcome to China! I love you!’ a group of children who were part of the performance told the U.S. president when it was finished.

The president and first lady Melania Trump ended their evening with a dinner in another section of the Forbidden City with the Chinese leader and his wife, Madame Peng Liyuan.

'Welcome to China! I love you!' a group of children who were part of a Peking opera performance told the U.S. president this evening in Beijing

Trump took in an extra special performance of Peking opera on Wednesday during a grand tour of the Forbidden City put on by Chinese President Xi Jinping. President Trump and First Lady Melania Trump are seen here in the Forbidden City with Xi and his wife Madame Peng Liyuan

The Trumps are at a private dinner now with Xi and his wife, Madame Peng Liyuan

SPECIAL MOMENT: The president and first lady share a fond moment after their arrival in the Forbidden City

President Trump tours the Conservation Scientific Laboratory of the Forbidden City with his wife, Xi and Peng

Trump viewed a clock on a "musical clock with country scene," a "gourd-shaped clock with rotating flowers," and a "clock with lifting tower," according to a placard bearing an English and Chinese-language descriptions of the items

Trump viewed a clock on a “musical clock with country scene,” a “gourd-shaped clock with rotating flowers,” and a “clock with lifting tower,” according to a placard bearing an English and Chinese-language descriptions of the items

After the tour, the presidents and the first ladies of the US and China watched a special performance of Peking opera that was staged for Trump's visit

After the tour, the presidents and the first ladies of the US and China watched a special performance of Peking opera that was staged for Trump’s visit

A military honor guard and flag-waving schoolchildren greeted Trump when he arrived Wednesday afternoon in China, the third country in his 12-day Asia tour.

U.S. ambassador to China Terry Branstad met Trump and his secretary of state, Rex Tillerson, after Air Force One stopped on the tarmac in Beijing.

Trump deplaned from Air Force One without incident, avoiding the embarrassment Barack Obama suffered a year ago as he landed in China during the annual Group of 20 summit.

Obama was humiliated when he had to exit from the belly of the aircraft because authorities didn’t approve a staircase tall enough for him to walk out of the front exit of the plane.

Chinese officials rolled a large set of stairs to the aircraft’s door on Wednesday. 

WARM REUNION: Trump and Xi greeted each other like old friends on Wednesday in the Forbidden City

Trump was especially interested in a clock with lifting tour during his tour of an artifacts restoration center in the Forbidden City.  'Unbelievable,' he said

Trump and Xi watch the Peking opera from the Hall of Character Cultivation in the Forbidden City

Trump and Xi watch the Peking opera from the Hall of Character Cultivation in the Forbidden City

The U.S. president was delighted as children in yellow and red costumes danced on stage with peacock feathers

As Trump left the performance, the told inquiring reporters, 'We’re having a great time, thank you'

Trump hopped in his motorcade and sped through Beijing to the Forbidden City, where he had tea with his Chinese counterpart, whom he had entertained at his Florida Mar-a-Lago club in April, and the first lady of sprawling Asian country that is home to 1.4 billion people.

After a warm reunion over tea, Chinese president Xi Jinping led the Trumps to the Conservation Scientific Laboratory of the Forbidden City to participate in an artifact restoration.

Trump was intrigued by a ‘musical clock with country scene’ and a ‘gourd-shaped clock with rotating flowers,’ according to English-language placards.

Viewing a ‘clock with lifting tower, Trump said it was ‘unbelievable.’

Once Trump had moved on to another room, Tillerson entered with the rest of the U.S. delegation, including Branstad. The diplomat was eager to know more about the artifacts, asking many questions as White House Press Secretary Sarah Huckabee Sanders, senior adviser Jared Kushner and National Security Adviser H.R. McMaster milled about the room.

The two first couples next watched a performance of Peking opera, a distinctively Chinese art form that combines music, mime, dance and acrobatics.

Posing for pictures with the cast when the opera had concluded, Trump told them the extravagant show was ‘beautiful!’

Children waving American flags greet the Trumps as they arrive at the Beijing airport

President Donald Trump and first lady Melania Trump arrived on Air Force One in Beijing, China on Wednesday

Trump left Osan Air Base in Pyeongtaek, South Korea on his way to meet with Chinese President Xi Jinping to talk about global trade and the North Korean nuclear menace

A U.S> and Chinese honor guard met the Trumps, along with a cadre of schoolchildren waving the flags of both nations

Obama was denied use of an airport staircase when he deplaned Air Force One last September as he arrived in China for the annual Group of 20 summit – a move that was seen globally as a major snub

The Forbidden City, now a major tourist attraction, has its roots in the 15th Century and was the Chinese imperial palace from the Ming dynasty through 1912.

On the agenda for Trump during his Beijing visit are requests for a hardline approach to economically paralyzing North Korea, and talks aimed at shrinking America’s massive trade deficit with China.

Last year the Chinese sold $347 billion more in goods to the U.S. than America sold into the world’s largest communist nation.

Trump is on a five-country trip through Asia traveling to Japan, South Korea, China, Vietnam and the Philippines

Trump roared with approval as he waded through a sea of children on the tarmac Wednesday in China

Trump said Monday in Japan that he's fond of Xi Jinping, the newly-elevated communist party chair of China, and the foreign leader likes him too

Trump left South Korea on Wednesday after delivering a speech to the country’s National Assembly. He said in a tweet Wednesday morning that he was looking forward to again seeing Xi, ‘who is just off his great political victory.’

He said Monday inJapan that he’s fond of Xi, the newly-elevated communist party chair of China, and the foreign leader likes him.

But he won’t allow their mutual affection to cloud his judgement, Trump asserted, as he pledged to take ‘very, very strong action’ against China and other countries that have been treating the United States ‘unfairly’ in the trade arena.

‘He represents China. I represent the United States,’ Trump said at a news conference in Tokyo.

On the way to Beijing, a senior White House official told reporters that the president plans to keep up his habit of tweeting while he’s in China, even though Chinese citizens can’t do it.

‘The president will tweet whatever he wants,’ the official said. ‘That’s his way of communicating directly with the American people. Why not?’

‘So long as he can access his Twitter account – because Twitter is banned in China along with Facebook and most of the other social media. I’m sure we’ve got the gear aboard this airplane to make it happen. But it is noteworthy that none of the major western platforms for social media are even allowed to operate in China.’

On Tuesday in Seoul, Trump pressured Xi’s government to totally isolate Kim Jong-un, the 33-year-old despot across the border, during remarks in Seoul.

Trump tweeted Wednesday that he was looking forward to renewing his bond with Xi, whom he welcomed to his Florida Mar-a-Lago private resort in April

Trump tweeted Wednesday that he was looking forward to renewing his bond with Xi, whom he welcomed to his Florida Mar-a-Lago private resort in April

Trump has touted his relationship with Xi Jinping calling it 'outstanding', but says he still intends to get tough with the Chinese leader over trade in Beijing

In this photo taken on October 31, 2017, Chinese paramilitary guards walk in The Forbidden City in Beijing

All responsible nations must cut off North Korea’s cash flow by imposing and enforcing international sanctions on Kim and his government, Trump declared, singling out China and Russia, two permanent members of the United Nations Security Council.

‘It’s time to act with urgency and with great determination,’ the U.S. president said in a joint press conference with South Korean leader Moon Jae-in.

Beijing is the third destination on a five-nation hustle across eastern Asia.

As with every other stop on this trip, North Korea is expected to dominate Xi and Trump’s discussions.

But in Beijing, more than anywhere else during the visit, Trump – a former titan of real estate – is also under pressure to address the regional trade practices that he said as a candidate he would fix.

Trump pounded China for alleged currency manipulation in the presidential election last year that unexpectedly put him in power. He’s said as recently as February that the Chinese were ‘grand champions’ at the economic trick.

By artificially devaluing its currency, the yuan, Beijing has been able to been able to lower the price of its exports, ‘stealing’ American jobs, Trump has said.

Trump will tour a famous imperial palace and take in the opera today today with first lady Melania Trump as he brings his high-wire circuit of Asia to Beijing

His assessment was rejected by the International Monetary Fund last year, and Trump’s own administration has shied away from shackling China with the designation.

Since his April summit with Xi, the U.S. president has also backed off his verbal assault.

‘The relationship developed by President Xi and myself I think is outstanding,’ Trump said after less than a day of talks with the Chinese president and his representatives.

‘We look forward to being together many times in the future. And I believe lots of very potentially bad problems will be going away.’

Days later Trump was still gushing about his weekend in Florida with Xi in what amounted to a total about-face of his previous criticisms.

‘Now what am I going to do? Start a trade war with China while in the middle of him working on a bigger problem, frankly, with North Korea?’ he asked rhetorically in an interview with Fox & Friends.

Trump said later that month that it wouldn’t make sense to label Xi’s country a currency manipulator after the Chinese leader offered to assist the U.S. in its efforts to constrain North Korea.

‘Why would I call China a currency manipulator when they are working with us on the North Korean problem? We will see what happens!’ Trump tweeted.

China’s stepped up efforts to choke off Kim Jong-un’s finances has not kept Trump from complaining about the gross trade deficit between the two countries, nor has it had an immediate effect on the United States’ enforcement of freedom of navigation in the South China Sea.

Trump told Fox News host Maria Bartiromo late last month that the U.S. loses ‘hundreds of billions a year’ a year to China.

Trump is due in Beijing on Wednesday where he will meet Chinese leader Xi Jingping on his home soil for the first time (the two are pictured at the G20 summit in Germany in July)

‘We lose with almost every country, we have massive deficits,’ the billionaire president insisted. ‘We can’t allow the world to look at us as a whipping post. Not gonna happen, anymore.’

Monday, at a joint press conference with Japanese Prime Minister Shinzo Abe in Tokyo, Trump told a reporter who asked how his administration plans to enforce its mandate of a ‘free and open’ Indo-Asia Pacific without riling up China, a major power on the continent, that he would not allow the communist country to take advantage of the U.S.

‘You will be seeing things of countries that have been treating the United States and the United States worker and companies…our country, and our workers very unfairly, you will be seeing that the United States will take very, very strong action,’ Trump said.

The legal work is mostly finished, he revealed. ‘And you’re going to see a very big difference, and it’s going to happen very soon. Because the United States, by many countries, has been treated very, very unfairly when it comes to trade.’

Trump has not shied away from attacking China on Twitter, both before and after his first meeting with Xi at Mar-A-Lago back in April

Trump has not shied away from attacking China on Twitter, both before and after his first meeting with Xi at Mar-A-Lago back in April

The administration believes that China is behind as much as $600 million in IP theft through forced technology transfers.

China’s Commerce Ministry has called the probe ‘irresponsible’ and ‘not objective.’ Beijing would almost certainly bring additional U.S. action before the World Trade Organization.

But Trump could unilaterally impose tariffs on Beijing through Section 301 of the Trade Act of 1974 if USTR determines that China is engaging in ‘unfair trade practices’ – a powerful weapon if he decides to use it.

Trump has been hesitant to act against Beijing so long as Xi goes along with his plans to suffocate North Korea’s nuclear ambition.

The resident left Seoul on Wednesday after meeting with Moon Jae-in, the newly elected leader of South Korea

Trump visited Japan earlier this week and after stopping in Beijing he is due to visit Vietnam and the Philippines before heading back to the US

At a briefing with reporters on Sunday evening in Tokyo, a senior White House official insisted that the economic and security concerns of the Trump administration are wholly separate issues when it comes to North Korea and trade with countries in the Indo-Pacific.

‘The United States isn’t going to barter away our interests on the trade front in order to make gains doing what the entire world has, more or less, obligated itself to do, and that is to contain and confront the threat from North Korea,’ the official asserted. ‘So I don’t see a comingling of those two issues.’
http://www.dailymail.co.uk/news/article-5060593/Trump-tours-Forbidden-City-takes-opera-China.html#ixzz4xt5UopYC

 

 

Socialism with Chinese characteristics

From Wikipedia, the free encyclopedia
National Emblem of the People's Republic of China (2).svg
This article is part of a series on the
politics and government of
China
Socialism with Chinese characteristics
Simplified Chinese 中国特色社会主义
Traditional Chinese 中國特色社會主義

Socialism with Chinese characteristics, meaning Marxism–Leninism adapted to Chinese conditions, is the official ideology of the Communist Party of China (CPC), claimed to be based upon scientific socialism. The term means Mao Zedong ThoughtDeng Xiaoping TheoryThree RepresentsScientific Outlook on Development and Xi Jinping Thought; that is, if you want to introduce socialism with Chinese characteristics in practice you have to implement, for instance, Xi Jinping Thought (which is a set of Marxist policies to implement socialism).

Primary stage of socialism

During Mao era

The concept of a primary stage of socialism was conceived before China introduced economic reforms.[1] When discussing the necessity of commodity relations at the First Zhengzhou Conference (2–10 November 1958) Mao Zedong—the Chairman of the CPC’s Central Committee—said that China was in the “initial stage of socialism” [1] Mao never elaborated on the idea; his successors were left to do this.[1]

After Mao’s death

On 5 May 1978, the article “Putting into Effect the Socialist Principle of Distribution According to Work”, elaborated on the idea that China was still at the first stage of reaching pure communism[2] and that it had not become a truly socialist society.[2] It is said[by whom?] that the article was written on the orders of Deng Xiaoping, so as to “criticize and repudiate” the beliefs of the communist left.[3] The term reappeared at the 6th plenum of the 11th Central Committee on 27 June 1981 in the document, “Resolution on Certain Questions in the History of our Party since the Founding of the PRC”.[4] Hu Yaobang, the CPC’s general secretary, used the term in his report to the 12th CPC National Congress on 1 September 1982.[4] It was not until the “Resolution Concerning the Guiding Principle in Building Socialist Spiritual Civilization” at the 6th plenum of the 12th Central Committee that the term was used in the defense of the economic reforms which were being introduced.[4]

At the 13th CPC National Congress, acting CPC General Secretary Zhao Ziyang, on behalf of the 12th Central Committee, delivered the report “Advance Along the Road of Socialism with Chinese characteristics”.[5] He wrote that China was a socialist society, but that socialism in China was in its primary stage;[5] a Chinese peculiarity which was due to the undeveloped state of the country’s productive forces.[5] During this phase of development, Zhao recommended introducing a planned commodity economy on the basis of public ownership.[5] The main failure of the communist right, according to Zhao, was that they failed to acknowledge that China could reach socialism by bypassing capitalism. The main failure of the communist left was that they held the “utopian position” that China could bypass the primary stage of socialism, in which the productive forces are to be modernized.[6]On 25 October 1987, Zhao further expounded on the concept of the primary stage of socialism, and said that the Party line was to follow “One Center, Two Basic Points”; the central focus of the Chinese state was economic development, but that this should occur simultaneously through centralized political control (i.e., the Four Cardinal Principles) and upholding the policy of reform and opening up.[4]

CPC General Secretary Jiang Zemin further elaborated on the concept ten years later; first during a speech to the Central Party School on 29 May 1997 and again in his report to the 15th CPC National Congress on 12 September 1997.[4] According to Jiang, the 3rd plenum of the 11th Central Committee correctly analyzed and formulated a scientifically correct program for the problems facing China and socialism.[4] In Jiang’s words, the primary stage of socialism was an “undeveloped stage”.[4] The fundamental task of socialism is to develop the productive forces, therefore the main aim during the primary stage should be the further development of the national productive forces.[4] The primary contradiction in Chinese society during the primary stage of socialism is “the growing material and cultural needs of the people and the backwardness of production”.[4] This contradiction will remain until China has completed the process of primary stage of socialism, and because of it, economic development should remain the CPC’s main focus during this stage.[4]

Jiang elaborated on three points to develop the primary stage of socialism.[7] The first—to develop a socialist economy with Chinese characteristics—meant developing the economy by emancipating and modernizing the forces of production while developing a market economy.[7] The second—building socialist politics with Chinese characteristics—meant “managing state affairs according to the law”, developing socialist democracy under the CPC and making the “people the masters of the country”.[7] The third point—building socialist culture with Chinese characteristics—meant turning Marxism into the guide to train the people so as to give them “high ideals, moral integrity, a good education, and a strong sense of discipline, and developing a national scientific, and popular socialist culture geared to the needs of modernization, of the world, and of the future.”[7]

When asked how long the primary stage of socialism would last, Zhao replied, “[i]t will be at least 100 years … [before] socialist modernization will have been in the main accomplished.”[8] The state constitution states that “China will be in the primary stage of socialism for a long time to come”.[9] As with Zhao, Jiang believed that it would take at least 100 years to reach a more advanced stage.[4]

Socialist market economy

Deng Xiaoping, the architect of the Chinese economic reforms, did not believe that the market economy was synonymous with capitalism or that planning was synonymous with socialism.[11] During his southern tour, he said, “planning and market forces are not the essential difference between socialism and capitalism. A planned economy is not the definition of socialism, because there is planning under capitalism; the market economy happens under socialism, too. Planning and market forces are both ways of controlling economic activity”.[11]

Ideological justification

In the 1980s it became evident to Chinese economists that the Marxist theory of the law of value—understood as the expression of the labor theory of value—could not serve as the basis of China’s pricing system.[12] They concluded that Marx never intended his theory of law of value to work “as an expression of ‘concretized labor time’ “.[12] Marx’s notion of “prices of production” was meaningless to the Soviet-styled planned economies since price formations were according to Marx established by markets.[13] Soviet planners had used the law of value as a basis to rationalize prices in the planned economy.[14] According to Soviet sources, prices were “planned with an eye to the … basic requirements of the law of value.”[14] However, the primary fault with the Soviet interpretation was that they tried to calibrate prices without a competitive market since, according to Marx, competitive markets allowed for an equilibrium of profit rates which led to an increase in the prices of production.[15] The rejection of the Soviet interpretation of the law of value led to the acceptance of the idea that China was still in the “primary stage of socialism”.[14] The basic argument was that conditions envisaged by Marx for reaching the socialist stage of development did not yet exist in China.[14]

Mao said that the imposition of “progressive relations of production” would revolutionize production.[16] His successor’s rejection of this view has, according to A. James Gregor, thwarted the ideological continuity of Maoism—officially “Mao Zedong Thought“.[16] Classical Marxism had argued that a socialist revolution would only take place in advanced capitalist societies, and its success would signal the transition from a capitalist commodity-based economy to a “product economy” in which goods would be distributed for people’s need and not for profit.[16] If because of a lack of a coherent explanation in the chance of failure this revolution did not occur, the revolutionaries would be forced to take over the responsibilities of the bourgeoisie.[16] Thus Chinese communists are looking for a new Marxist theory of development.[16] Party theorist Luo Rongqu recognized that the founders of Marxism had never “formulated any systematic theory on the development of the non-Western world”, and said that the Communist Party should “establish their own synthesized theoretical framework to study the problem of modern development.”[17] According to A. James Gregor, the implication of this stance “is that Chinese Marxism is currently in a state of profound theoretical discontinuity.”[18]

Private ownership

The concept of private ownership is rooted in classical Marxism.[19] Because China adopted socialism when it was a semi-feudal and semi-colonial country, it is in the primary stage of socialism.[19] Because of this, certain policies and system characteristics—such as commodity production for the market, the existence of a private sector and the reliance of the profit motive in enterprise management—were changed.[19] These changes were allowed as long as they improve productivity and modernize the means of production, and thus further develop socialism.[19] According to this perspective, Mao’s leftist belief that China could advance to full socialism immediately by bypassing capitalism is considered false.[19]

The CPC still considers private ownership to be non-socialist.[20] However, according to party theorists, the existence and growth of private ownership does not necessarily undermine socialism and promote capitalism in China.[20] It is argued that Karl Marx and Friedrich Engels—the founders of communism—never proposed the immediate abolishment of private ownership.[20] According to Engel’s book Principles of Communism, the proletariat can only abolish private ownership when the necessary conditions have been met.[20] In the phase before the abolishment of private ownership, Engels proposed progressive taxation, high inheritance taxes and compulsory bond purchases to restrict private property while using the competitive powers of state-owned enterprises to expand the public sector.[20]Marx and Engels proposed similar measures in the Communist Manifesto in regards to advanced countries, but since China was economically undeveloped, party theorists called for flexibility regarding the CPC’s handling of private property.[20] According to party theorist Liu Shuiyuan, the New Economic Policy program initiated by Soviet authorities in the aftermath of the war communism program is a good example of flexibility by socialist authorities.[20]

Party theorist Li Xuai said that private ownership inevitably involves capitalist exploitation.[20] However, Li regards private property and exploitation as necessary in the primary stage of socialism, claiming that capitalism in its primary stage uses remnants of the old society to build itself.[20] Sun Liancheng and Lin Huiyong said that Marx and Engels, in their interpretation of the Communist Manifesto, criticized private ownership when it was owned solely by the bourgeoisie but not individual ownership in which everyone owns the means of production and hence cannot be exploited by others.[21] Individual ownership is consistent with socialism since Marx wrote that post-capitalist society would entail the rebuilding of “associated social individual ownership”.[22]

Criticism

According to writer and researcher Huang Yasheng and many others, the economic theory in China is not socialism with Chinese characteristics but the opposite—capitalism with Chinese characteristics.[23]

See also

References

Citations

  1. Jump up to:a b c Li 1995, p. 400.
  2. Jump up to:a b He 2001, p. 385.
  3. Jump up^ He 2001, pp. 385–386.
  4. Jump up to:a b c d e f g h i j k He 2001, p. 386.
  5. Jump up to:a b c d Li 1995, p. 399.
  6. Jump up^ Schram 1989, p. 204.
  7. Jump up to:a b c d He 2001, p. 387.
  8. Jump up^ Vogel 2011, p. 589.
  9. Jump up^ 2nd session of the 9th National People’s Congress (14 March 2004). “Constitution of the People’s Republic of China”Government of the People’s Republic of China. Retrieved 14 January2013.
  10. Jump up^ Deng, Xiaoping (30 June 1984). “Building a Socialism with a specifically Chinese character”People’s DailyCentral Committee of the Communist Party of China. Retrieved 13 January2013.
  11. Jump up to:a b Staff writer (3 February 2012). “Market fundamentalism’ is unpractical”People’s DailyCentral Committee of the Communist Party of China. Retrieved 13 January 2013.
  12. Jump up to:a b Gregor 1999, p. 114.
  13. Jump up^ Gregor 1999, pp. 114–116.
  14. Jump up to:a b c d Gregor 1999, p. 116.
  15. Jump up^ Gregor 1999, pp. 115–116.
  16. Jump up to:a b c d e Gregor 1999, p. 117.
  17. Jump up^ Gregor 1999, pp. 117–118.
  18. Jump up^ Gregor 1999, p. 118.
  19. Jump up to:a b c d e Hsu 1991, p. 11.
  20. Jump up to:a b c d e f g h i Hsu 1991, p. 65.
  21. Jump up^ Hsu 1991, pp. 65–66.
  22. Jump up^ Hsu 1991, p. 66.
  23. Jump up^http://www.cambridge.org/us/academic/subjects/economics/public-economics-and-public-policy/capitalism-chinese-characteristics-entrepreneurship-and-state?format=HB

Sources

Further reading

  • A. James Gregor. Marxism and the Making of China. A Doctrinal History. Palgrave Macmillan. 2014

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

Story 2: President Trump Meets With Japanese Prime Minster Shinzo Abe and President Moon Jai-in As U.S. Navy Flexes Air Power — All Options Are On The Table — Let’s Make A Deal North Korea — Video —

Image result for President Donald Trump President Moon Jae-in at the Blue House in Seul, South KoreaImage result for trump meets japanes prime ministerImage result for trump meets japanes prime minister

Trump’s South Korea speech, in 3 minutes

Trump’s speech to South Korea’s parliament (full)

Is Trump softening his stance on North Korea?

Trump urges N Korea to ‘come to the table’

Trump Calls On North Korea To “Make A Deal” – Full News Conference In Seoul

President Trump Receives a Military Briefing on North Korea from Top Generals 11/7/17

President Trump Has Lunch with U.S. Troops in South Korea (Camp Humphreys) 11/6/17

Donald Trump in South Korea, Gives hint of Handling North Korea in Some different way.

President Trump meeting with President Moon Jae In of the Republic of Korea. Nov 7, 2017

President Trump participates in a bilateral meeting with President Moon Jae In of the Republic of Korea

Trump arrives in South Korea amid tensions with North

President Trump and first lady Melania Trump is officially welcomed to Seoul, Republic of Korea.

President Trump and First Lady Melania Trump arrives in South Korea. November 7, 2017.

Is Melania Trump’s coat for South Korea fashion hit or miss?

Warning: China Russia Saudi Arabia & Iran To Use Yuan For Trading Oil Next Step Is WW3

High Alert: For The First Time In 13 Years, U.S. Deploys 7 Aircraft Carriers Simultaneously

For The First Time In 13 Years, U.S. Deploys 7 Aircraft Carriers Simultaneously

The US has simultaneously deployed 7 of the 11 U.S. nuclear aircraft carriers for the first time in over a decade according to the US Naval Institute. The three aircraft carriers with full air wings and strike groups positioned in the Western Pacific are the following: USS Ronald Reagan (CVN-76); USS Nimitz (CVN-68); USS Theodore Roosevelt (CVN-71). Another four are conducting “short training missions as part of training operations or workups ahead of deployment”. Two out of four are operating in Eastern Pacific – USS Carl Vinson (CVN-70) and USS John C. Stennis (CVN-74) – and the remaining two are operating in the Atlantic, the USS Abraham Lincoln (CVN-72) and USS Gerald R. Ford (CVN-78).

What 3 US Supercarriers in the Asia-Pacific Means for N. Korea

High Alert: 3 US Carrier Strike Groups Enter Asia-Pacific Ahead of Trump Visit

President Trump Joint Press Conference with Prime Minister Shinzo Abe. Japan. Tokyo. Nov 6, 2017.

President Trump attends state banquet hosted by Japanese PM. President Trump in Japan.

President Trump Participates in a Working Lunch with Prime Minister Shinzo Abe of Japan

Trump and Abe meet at a golf course in Japan

President Trump Plays Golf with Prime Minister Abe in Japan 11/5/17

Trump abruptly talking negotiations, not threats in Korea

SEOUL, South Korea (AP) — Softening his aggressive rhetoric, at least for the moment, President Donald Trump stood on South Korean soil Tuesday and urged North Korea to come to the negotiating table. It’s time, he said, for the North to “make a deal” to rein in its nuclear weapons program.

It was a striking shift in tone for the president, who for months has issued increasingly dire threats to answer any hostile North Korean action with “fire and fury.” On Tuesday, his first day on the Korean Peninsula as president, Trump said he’d seen “a lot of progress” in dealing with Pyongyang, though he stopped short of saying whether he wanted direct diplomatic talks.

“It makes sense for North Korea to come to the table and make a deal that is good for the people of North Korea and for the world,” Trump said at a news conference with South Korean president Moon Jae-in. “I do see certain movement.”

Trump was winding down his visit to Seoul on Wednesday with an address to South Korea’s National Assembly, where he was expected to outline his view of dangers posed by North Korea’s nuclear weapons program. The next stop on his five-nation Asian tour: Beijing, where he will press China to constrict the North’s economic lifeblood.

President Donald Trump says he believes he sees a lot of progress on the North Korean issue. Trump also urged North Korea to ‘come to the table and make a deal.’ He spoke during a news conference with South Korean President Moon Jae-in. (Nov. 7)

Ever the showman, Trump teased that he had a surprise in store for Wednesday, saying at a Tuesday evening banquet that he had an “exciting day” planned — “for many reasons that people will find out.” He did not elaborate.

Overall, the president sounded an optimistic note on disagreements with the North, saying confidently, if vaguely: “Ultimately, it’ll all work out.” Whether the shift in rhetoric signaled a change in policy or diplomatic strategy remained uncertain.

Mark Fitzpatrick, executive director in Washington for the International Institute for Strategic Studies, said it could simply be Trump projecting “what he most recently heard” from Moon and Japan’s Shinzo Abe.

“I expect he heard from both Prime Minister Abe and President Moon the need to give diplomacy a chance,” Fitzpatrick said. “Of course, it’s not the first time he has talked about engaging with North Korea. The issue has been one of timing. Now is a good time, during a pause in missile testing.”

North Korea has fired off more than a dozen missiles this year but none in nearly two months. But analysts caution against reading too much into the pause.

There’s no public sign of any diplomatic progress between Washington and Pyongyang. U.S. officials say the back channel between the State Department and the North Korean mission at the United Nations in New York remains intact, but contacts have not been substantive other than achieving the release of American college student Otto Warmbier in June. He died days after his repatriation to the U.S.

Still, Trump’s conciliatory comments would be welcome in South Korea, where both the government and the wider population have been unnerved by the president’s threats against the North.

Trump did note the United States’ military options, mentioning that three aircraft carrier groups and a nuclear submarine had been deployed to the region. But he said “we hope to God we never have to use” the arsenal. And he accused North Korea’s Kim Jong Un of “threatening millions and millions of lives, so needlessly.”

Moon, who has been eager to solidify a friendship with Trump, said he hoped the president’s visit would be a turning point in the standoff with North Korea.

The president began his day with a visit to Camp Humphreys, a joint US-Korean military base where he shook hands with American and Korean service members and ate lunch with troops in a large mess hall. The visit was intended to underscore the countries’ ties and South Korea’s commitment to contributing to its own defense.

When he leaves South Korea, Trump flies to Beijing for what the White House sees as the centerpiece of his five-nation Asia trip.

China is North Korea’s largest trade partner, and Trump is expected to press its leaders to curtail their dealings with Pyongyang and to expel North Korean workers from its borders. Trump has praised China for adopting tough United Nations sanctions against North Korea but has urged it to do more.

“I want to just say that President Xi — where we will be tomorrow, China — has been very helpful. We’ll find out how helpful soon,” Trump said. “But he really has been very, very helpful. So China is out trying very hard to solve the problem with North Korea.”

Trump and first lady Melania Trump on Wednesday will meet and have dinner with Xi Jinping and his wife and receive a private tour of The Forbidden City, Beijing’s ancient imperial palace. White House officials point to the leaders’ successful summit in Florida this spring, an event in part defined by Trump telling his Chinese counterpart about the missile strike he had ordered on Syria while the two men enjoyed chocolate cake. But experts in the region suggest that Xi will have the advantage over Trump.

“Trump keeps portraying his relationship with XI as great pals but that’s wildly naive,” said Mike Chinoy, a non-resident senior fellow at the US-China Institute at the University of Southern California. “The Chinese have figured out how to play Trump: flatter him. And there’s nothing the Chinese do better than wow foreign diplomats.”

___

Associated Press writers Matthew Pennington, Ken Thomas and Catherine Lucey contributed from Washington.

___

https://apnews.com/19aece3ccf5c4c9496a777497379e709/In-Seoul,-Trump-calls-for-North-Korea-to-%22make-a-deal%22

EXCLUSIVE: We are ready for anything – don’t mess with our Hornets. Admiral in charge of supercarrier which will sail for North Korea’s doorstep sends message to Kim Jong-Un as Trump touches down in Seoul

  • DailyMailTV joined the Rear Admiral and crew of the USS Carl Vinson as the huge warship left its port in San Diego for a series of exercises ahead of its deployment
  • The Vinson will sail for the Western Pacific to relieve the USS Ronald Reagan and be one of two carrier strike groups in the region amid ongoing tensions with North Korea
  • Rear Admiral John Fuller, Commander of Carrier Strike Group 1, will lead the vessel and its ferocious armament of planes and escort of Arleigh Burke-class guided missile destroyers and a guided missile cruiser
  • Aboard the 95,000 ton vessel are fighter aircraft such as the $70million F/A-18 Super Hornet – capable of reaching Mach 1.8 (1,190mph) with a massive armament of bombs and missiles
  • In a message to Kim Jong-Un Rear Admiral Fuller said: ‘He needs to think very carefully on how he works with us, he needs to understand that we have capabilities that no other country has.’
  • The supercarrier has more than 3,500 crew which swells to 5,300 when the air wing is on board – the warship was used to transport Osama bin Laden’s body for its burial at sea in 2011
  • President Trump embarked on his 12-day trip to Asia, arriving on Sunday in Tokyo, where he met with Prime Minister Shinzo Abe amid heightened tensions over Pyongyang’s nuclear and missile tests

The twin engines of the F/A-18 Super Hornet build into a roar and the $70million supersonic jet is catapulted from the deck of the USS Carl Vinson with an ear-splitting blast.

The aircraft disappears off the bow of the enormous nuclear-powered super carrier in a haze of steam, the bright glow of its engines disappearing into the distance.

This is one of the planes the man in charge of the supercarrier wants Kim Jong-Un to fear – because the Vinson is due to set sail for waters close to North Korea.

President Trump arrives in South Korea Monday night putting him on Kim’s doorstep as tensions mount over the ‘little Rocket Man’s’ escalating nuclear threat.

Now one of the president’s most important commanders tells DailyMailTV that his sailors are ready for anything – and that Kim needs to ‘think carefully’ when Carrier Strike Group One is in his waters.

Rear Admiral John Fuller, Commander of Carrier Strike Group 1, will lead the Vinson, its ferocious armament of planes, and its escort of Arleigh Burke-class guided missile destroyers and a guided missile cruiser.

Don't mess with our Hornets: DailyMailTV witnessed the incredible sight of hundreds of sailors and airmen on board the 1,092ft long, 117,000 sq ft USS Carl Vinson as they put its four aircraft catapults through their paces. Its aircraft include the Hornet and Super Hornets and the EA-18 Growler (pictured) electronic attack aircraft, which jams enemy radar systems 

Don’t mess with our Hornets: DailyMailTV witnessed the incredible sight of hundreds of sailors and airmen on board the 1,092ft long, 117,000 sq ft USS Carl Vinson as they put its four aircraft catapults through their paces. Its aircraft include the Hornet and Super Hornets and the EA-18 Growler (pictured) electronic attack aircraft, which jams enemy radar systems

Aboard the 95,000 ton vessel, the twin engines of the F/A-18C Hornet were heard roaring off as the $70 million aircraft was catapulted off the deck. The strike fighter aircraft, which can reach Mach 1.8 (1,190mph), disappeared off the bow of the super carrier in a haze of steam

Aboard the 95,000 ton vessel, the twin engines of the F/A-18C Hornet were heard roaring off as the $70 million aircraft was catapulted off the deck. The strike fighter aircraft, which can reach Mach 1.8 (1,190mph), disappeared off the bow of the super carrier in a haze of steam

Preparation: Before liftoff, Navy crew work diligently to complete the complex tasks

Mini tractors tow the F/A18s into place and the Top Gun pilots ready the jets for take off

Commander Brian 'Convict' Felloney gets ready for take-off. The decorated pilot has more than 620 carrier landings on his record, and was a Top Gun instructor on a previous deployment

This is how the Vinson deploys: In May the supercarrier was photographed from the air as it and the whole strike group got an escort from two South Korean destroyers, the Sejong the Great and the Yang Manchun. The Carl Vinson's U.S. Navy escorts were the USS Lake Champlain, a Ticonderoga-class cruiser, and the Arleigh Burke-class destroyers the USS Michael Murphy and the USS Stethem

This is how the Vinson deploys: In May the supercarrier was photographed from the air as it and the whole strike group got an escort from two South Korean destroyers, the Sejong the Great and the Yang Manchun. The Carl Vinson’s U.S. Navy escorts were the USS Lake Champlain, a Ticonderoga-class cruiser, and the Arleigh Burke-class destroyers the USS Michael Murphy and the USS Stethem

In an exclusive interview with DailyMailTV Rear Admiral Fuller says his strike group is ‘ready and in a direct message to Kim says: ‘He knows the capabilities we have.

‘Right now there are three aircraft carriers there, when we go through there – if we go off the coast [of North Korea] depending on our operations – he needs to think very carefully on how he works with us, he needs to understand that we have capabilities that no other country has.’

Standing on the deck of the Vinson, those capabilities are in no doubt.

DailyMailTV joined the Rear Admiral and crew of the Vinson as the huge warship left its port in San Diego for a series of exercises ahead of its deployment.

The ship raised its two 60,000lb anchors and set sail from Naval Air Station North Island, in Coronado.

Capable of reaching more than 30 knots (35mph) the Nimitz-class supercarrier – one of ten nuclear-powered aircraft carriers in the US Fleet – headed out into the Pacific Ocean.

DailyMailTV witnessed the awesome sight of hundreds of sailors and airmen on board the 1,092ft long, 117,000 sq ft warship put its four aircraft catapults through their paces.

Four giant elevators brought aircraft up from the hangar deep below the 4.5 acre flight deck as Super Hornets lined up on deck to be catapulted into the air – just like in a real war.

The USS Ronald Reagan and the USS Theodore Roosevelt are both in the region amid ongoing tensions with North Korea. The Vinson will relieve the USS Ronald Reagan, keeping two carrier strike groups in the Western Pacific.

The ship is the same vessel that was used to transport Osama bin Laden’s body for its burial at sea in 2011.

Last week it was reported that the USS Nimitz had left the Middle East and is also heading to the Pacific to join the US Navy’s 7th Fleet area of operations.

Rear Admiral John Fuller (pictured above in the flag bridge aboard the ship) Commander of Carrier Strike Group 1, will lead the Vinson. He said his strike group is 'ready' and in a direct message to Kim said: 'He knows the capabilities we have'

All hands on deck: One of the most important man on the flight deck is Lieutenant Commander Erick Stroud (pictured) who serves as the Aircraft Handling Officer (ACHO) - also called the handler or mangler and manages the movement and positioning of aircraft

President Trump will visit Asia for the first time when he leaves Washington D.C. on Friday for a 12-day trip which will include China, Japan, the Philippines, South Korea and Vietnam.

The might of the Vinson is part of his message to the region’s leaders – that America has its allies’ backs, and its enemies should be afraid.

The Rear Admiral said: ‘There happens to be three carriers there that are gonna be working together for a while. This is good timing for us.

‘We’re going to go out to provide presence, stability, we’re going to go work with our partners and allies, we’re going to try to foment rules, laws and norms of theater.’

North Korea has not test-launched a missile in over a month, but has continued its threats on Guam and last week even threatened to detonate a nuclear weapon above ground.

Fuller, 52, the son of a retired Army colonel, said the ‘scheduled short cycle’ deployment is the Vinson’s ‘opportunity’.

‘I just know the Carl Vinson strike group is going to do the training to be ready to do what we’re called to do,’ he said.

Petty Officer 3rd class Joseph Newman, a 42-year-old nine-year veteran of the US Navy from Evansville, Indiana, is in charge of communications on the flight deck

‘We’re gonna go prepare our forces and our team to make sure that whatever missions they call us to do, so this provides perspective, Korea is one possible contingency plan that the aircraft carrier strike group is supposed to support.’

The Rear Admiral said the ‘beauty’ of what a carrier strike group brings is to project ‘awesome’ power at sea.

‘We don’t have to ask permission to go to some other land to operate our forces, we have the opportunity to use the seas to maneuver freely and we have the capability to project power from the sea as required.

‘But it is also a very stabilizing thing for our friends and allies that this capability is there as needed, we have the will power to use it and we have the proficiency to use it well.’

The Rear Admiral insists, however that the Navy’s first line of defense is to ‘promote peace’, adding: ‘My job is to make sure if they decide to use the capabilities an aircraft carrier and a strike group has, that we’re prepared to deliver those.

‘The civilian policy maker will do what they feel is in the best interests.

‘But I owe it to the parents of my sailors to make sure we’re ready.’

On deck getting ready is a complex task. Mini tractors tow the F/A18s into place and the Top Gun pilots ready the jets for take off.

Commanding Officer of the Vinson, Captain Doug ‘V8’ Verissimo gives the order and the jets roar into action.

Jet blast deflector (JBD) operator ABE3 Jasper Evans, who is known as a ‘Green Jersey’ describes the ‘intense’ moment a F/A-18 takes off.

His job is to raise the JBD to protect his shipmates from the searing heat of a jet engine.

‘Whenever the aircraft is getting ready to launch they throttle up and I raise the JBD so that no one behind can get burnt or blown away off the flight deck,’ he explained.

‘It gets really hot up here, really intense. But we’re fully protected, we wear float coats, flight deck pants and jersey, and a helmet and goggles.’

Evans, 27, is in his fourth year with the US Navy. Originally from Lawrenceville, Georgia, he has just one year left to complete his service.

Donald Trump kicked off his 12-day Asian trip in Japan on Sunday. The President met with Japan's Prime Minister Shinzo Abe amid heightened tensions over Pyongyang's nuclear and missile tests

He has been on two long deployments overseas and is used to the strict routine of life at sea.

‘Everything is routine on a ship, you wake up at a certain time, go eat breakfast and get ready for when they call flight operations and we come upstairs on the flight deck, we suit up and get ready to launch the aircraft.

‘A work day ends at 10 or 11 o’clock and it repeats – very long days.’

The flight deck is awash with dedicated crewmen like Evans wearing different colored jerseys.

Green jerseys operate the JBDs, aircraft handlers wear yellow jerseys, blue jerseys work in the hangar bay and purple jerseys refuel the aircraft, while red jerseys handle aviation ordinance and crash and salvage.

The whole manic scene is watched over by white jerseys.

Interior Communications Electrician Petty Officer 3rd Class Joseph Newman from Evansville, Indiana is in charge of communications on the flight deck.

Everyday is routine on the ship as Navy crew are expected to wake up early in the morning, eat breakfast, get ready, arrive on the flight deck, suit up, and prepare to launch the aircraft. A typical work day ends at 10pm or 11pm

The flight deck is awash with dedicated crewmen wearing different colored jerseys. Green jerseys (center) operate the jet blast deflectors, and aircraft handlers wear yellow jerseys (right) 

‘I take care of all the maintenance of the cameras, the comms systems and the deck lighting as well as the lights up on the island,’ he explains.

Blue jerseys work in the hangar bay and purple jerseys refuel the aircraft, while red jerseys handle aviation ordinance and crash and salvage. The Hornets, Super Hornets and Growlers are moved up to the flight desk on huge aircraft elevators

Four giant elevators brought aircraft up from the hangar deep below the 4.5 acre flight deck as Super Hornets lined up on deck to be catapulted into the air - just like in a real war

‘I also take care of the ‘meat ball’, [a gray boom that displays lights that pilots use to help during the final seconds of landing].

‘You’ll hear the pilots say they’re on the ball as they come in to land. We also take care of all the sound power headsets that the crew use to communicate, we keep things running.

‘It’s a big job, up here in V2 and air department and we also have ICs downstairs in combat systems.’

Newman is a 42-year-old nine-year veteran of the US Navy and has served on the Vinson for six years.

‘I joined late, I did apartment maintenance before this.’

But perhaps the most important man on the flight deck is Lieutenant Commander Erick Stroud.

Stroud is the Aircraft Handling Officer (ACHO) – also called the handler or mangler and manages the movement and positioning of aircraft.

Stroud, 42, a married father of four from Griffin, Georgia, said the most important part of the preparations is keeping his flight deck clean and free of foreign objects.

‘I don’t want to be associated with damaging a $70million aircraft so we go to the extreme to make sure we’re prepared,’ he said.

The ship operates four squadrons of F/A-18 Hornet and Super Hornets, one squadron of EA-18G Growlers, and Seahawk helicopters for transportation and maritime patrols 

Also on board is a squadron of E-2C Hawkeye early warning aircraft - designed to detect jets, ships and other vehicles from long distances 

Also on board is a squadron of E-2C Hawkeye early warning aircraft – designed to detect jets, ships and other vehicles from long distances

There are more than 3,500 crew on the Vinson which swells to 5,300 when the full air wing is on embarked, as it was in this 2011 photograph. The warship – call sign 'Gold Eagle' - can operate for up to 20 years without refueling since it is nuclear-powered

Speaking from his control room – a buzz of phone calls and radio chatter – just off the flight deck, he added: ‘This is the nucleus of aviation and flight operations, I control the entire flight deck as well as movement in the hangar bay and all the people involved, we have about 600 people working in those two areas and we integrate with the squadrons, that’s about 500 people.

‘That’s 1,100 people working together seamlessly to make this all happen.’

DON’T MESS WITH OUR SUPER HORNETS

The twin-engine strike fighter aircraft were first introduced to the US Navy in 1999 to replace the F-14 Tomcat, made famous in the hit movie Top Gun.

The F/A-18 Super Hornet can reach Mach 1.8, which is equivalent to 1,190mph at 40,000 ft.

On the Vinson they operate alongside the older Hornet and the related Growler. 

The Super Hornets’ armament includes: 

One M61A1/A2 Vulcan 20mm cannon

The strike fighter has 11 hard points on its wings and under the main fuselage which can carry a mixture of:

Missiles: Four AIM 9 Sidewinder air-to-air missiles

Two AIM 7 Sparrow/ (2) AIM-120 AMRAAM

One Standoff Land Attack Missile

One AGM-84 Harpoon anti-ship missile

One HARM (Anti-Radiation Missile) – designed to destroy enemy radar systems

Maverick air to ground missiles: Joint Stand-Off Weapon (JSOW); Joint Direct Attack Munition (JDAM).

Bombs: Paveway laser guided bomb; JDAMs (joint direct attack munitions); freefall bombs; mines.

As of 2011, 500 Super Hornets have been built on single-seat (F/A-18E) and twin-seat (F/A-18F) variations.

Source: US NAVY 

 Stroud keeps an eye on two large digital status boards showing the movements of aircraft on the flight deck but he also uses an old school ‘Ouija Board’ – a scaled replica of the flight deck on which templates of aircraft are moved around based on messages radioed in from spotters.

The lieutenant commander, a 25-year veteran, has four catapults to launch aircraft at his disposal as well as four arresting cables to recover the aircraft.

He moves the aircraft up from the hangar bay in the guts of the ship on four giant elevators.

When planes make an arrested landing, pilots aim to hit the No 3 cable of four arrested cables numbered 1-4 from aft to forward.

Their performance goes up on a board so it gets competitive.

But crew safety is of utmost importance.

Stroud explains: ‘There’s a red and white foul line, which is said to be drawn in blood, because you have to judge where the aircraft is coming in and everybody has to stand on the opposite side of the line.

‘If an aircraft is coming in and you get one of the tall guys level with the wing on the wrong side of the line, it’ll take his head off and we’ll have a body to clean up.

‘When we get into that level of complacency, where we get into the same routine every day, launching planes and recovering planes, that one second of being inattentive is dangerous.

‘You have to keep your head on a swivel no matter what.’

Everyone on the Vinson seems on point inside the 3,000 room hull underneath the flight deck.

There are several cafeterias, nine gyms, a Starbucks-style coffee shop and ‘luxury’ state rooms for ‘Distinguished Visitors’.

Since it is nuclear-powered, the Vinson – call sign ‘Gold Eagle’ – can operate for up to 20 years without refueling. It also has anti-submarine capabilities.

The seal of the ship is an eagle with extended wings, carrying a banner in its beak.

The Latin phrase ‘Vis Per Mare’ -‘Strength through the Sea’ – is inscribed on the banner.

The ship operates four squadrons of F/A-18 Hornet and Super Hornets, one squadron of EA-18G Growlers – which disrupt enemy radar – one squadron of E-2C Hawkeye early warning aircraft, as well as a compliment of C2-A Greyhound transport planes and Seahawk helicopters.

There are more than 3,500 crew on the Vinson, which swells to 5,300 when the air wing is on board, which means working seven days a week with shifts often lasting 12 hours or more. But few complain about living on the floating city.

The massive warship has a 3,000-room hull below the flight deck which includes several cafeterias, nine gyms, a Starbucks-style coffee shop and 'luxury' state rooms for 'Distinguished Visitors'

On a daily average, the Navy spends around $60,000 feeding sailors and on Sunday, they serve a special brunch meal which includes Belgian waffles or some shrimp

On a daily average, the Navy spends around $60,000 feeding sailors and on Sunday, they serve a special brunch meal which includes Belgian waffles or some shrimp

In addition to the gym facilities, sailors also have the opportunity to take Zumba and spin classes, weight-lifting and functional fitness classes and even rowing club

‘On a daily average we spend around $60,000 to feed the crew, which is roughly about 15-20 pallets worth of food.

‘A special day for us is Sunday, we do a brunch we serve things like Belgian waffles, some shrimp, a special chance to give the sailors a chance to refresh for the next week.’

After filling up a lot of the sailors like to keep fit. Dan Larrell is in charge of putting them through their paces in the ship’s nine gyms.

‘I am a fitness director, if you imagine this warship as a large 24 hour fitness, we have 4,500 sailors and we treat them all as our clients,’ he explains.

Larrell says as well as running and maintaining the gyms he puts together the fitness schedule and offers Zumba and spin classes, weight-lifting and functional fitness classes and even rowing club.

‘Any sailor on any watch on any schedule can come to our classes,’ he added.

‘What’s really incredible is that we not only get the younger sailors at our classes but we get the captain of the ship, the XO [executive officer] of the ship and the admiral of the ship, when I train them… it’s the first time in a very long time someone is telling them what to do. It’s my time to make them work a little bit harder.’

Running the Vinson, let alone a whole Carrier Strike Group, is a huge undertaking and one that Fuller doesn’t take lightly.

He says he’s incredibly ‘honored and humbled’ to be in the position he’s in.

‘I never expected that I would have the opportunity to lead such an awesome fighting force and such an awesome group of sailors. It hasn’t even really sunk in, I’m just amazed I get this chance here. I am exceptionally proud of that.’

And the commander says America should be equally proud of the US Navy’s achievements.

He said: ‘The most awesome thing we have is some of the best people in America who volunteered to help protect and promote prosperity for our American citizens and then with those great people we have fantastic equipment and systems that allow us to project power from the sea for sustained periods of time in ways no other country can.’

Soon the Vinson will be in Kim’s waters – and those people and equipment could be tested as never before.

Story 3: Saudi Arab On The Brink of Proxy War With Lebanon Paritally Controlled By Iran-backed Lebanese Shi‘ite group Hezbollah — Saudi Arab Blames Iran For Yemen Missile Attack — Purge and Roundup of Royal Prince Continues — Videos —

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𝐁en 𝐒hapiro 𝐄xplains 𝐓he 𝐆odfather 𝐒cenario 𝐇appening 𝐈n 𝐒audi 𝐀rabia

Ben Shapiro: At least 17 princes and top officials arrested in Saudi Arabia. What’s going on there?

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Saudi Minister: Lebanon declared war on kingdom

Published on Nov 7, 2017
A senior Saudi minister has accused Lebanon of declaring war against the kingdom. The minister for Persian Gulf Affairs, Thamer al-Sabhan also accused the Lebanese resistance movement Hezbollah of committing acts of aggression and attacking the Saudi kingdom without further elaborations. He then urged the Lebanese government to realize the risks of Hezbollah actions. Al-Sabhan made the comments in reaction to criticism Riyadh has been facing over the resignation of Lebanese Prime Minister Saad al-Hariri. Hariri made the announcement in a statement broadcast on Saudi-owned al-Arabiya TV. On Sunday, Hezbollah chief Seyyed Hassan Nasrallah and other Lebanese officials accused Riyadh of forcing Hariri to quit in a bid to create tensions in Lebanon.

Saudi Arabia’s proxy war with Iran intensifies

Iran denies arming Yemenis with missiles

Is Lebanon on the brink of turmoil? – Inside Story

Published on Nov 5, 2017
Hariri’s resignation came as a surprise. The fact that he did it from Riyadh, accusing Iran and its Lebanese ally Hezbollah of sowing strife in the Arab world, sent shockwaves through the region. His resignation shatters a delicate deal that put him in a coalition government after a two-year political vacuum. It is not the first time a Lebanese government has collapsed- it happened in 2005, 2011 and 2013. The country’s political structure requires that the President must be a Maronite Christian, the Prime Minister a Sunni Muslim, and the Speaker of Parliament a Shia Muslim. Last year Lebanon’s parliament swore in a new cabinet dominated by Hezbollah and its allies – in a major victory for the Shia, Iran-backed group. Add to that, Hezbolllah’s military wing has been racking up victories in Syria, building up its arsenal, and steadily increasing its influence at home, and that’s upset some, including Saudi Arabia So, what’s next? And will Lebanon again become the battleground for other peoples’ wars?

Did the Saudis Force Lebanese PM to Resign?

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The Middle East Crisis in a nutshell

The Middle East’s cold war, explained

Saudi Arabia vs. Iran: The Sunni-Shiite Proxy Wars

Iranian proxy Hezbollah increasing influence over Lebanese politics and army

What the rising power of Hezbollah means for the Middle East

What If Saudi Arabia And Iran Went To War?

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The Great Divide: Sunni vs. Shi’a – Full Episode

Foreign Policy Association
Published on Feb 29, 2016
From the conflicts in Iraq and Syria to the tension between Iran and Saudi Arabia, the struggle between Sunni and Shi‘a groups for hegemony is tearing apart the region and shows no signs of abating. But for all the religious discourse permeating the conflict, much of its roots are political, not religious. How does sectarianism fit into a larger narrative of the Middle East? How have governments manipulated sectarian differences? And finally, what is the U.S. doing about it? Full episode from the Great Decisions PBS series: http://www.greatdecisionsonpbs.com/ Visit our website for more information: http://www.fpa.org/ Narrated by Academy Award nominated actor David Strathairn and produced by the Foreign Policy Association, each half-hour episode of the Great Decisions documentary series tackles a different challenge facing America today. This episode first aired in January 2015.

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Ben Shapiro: At least 17 princes and top officials arrested in Saudi Arabia. What’s going on there?

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Dozens of Saudi princes, businessmen arrested in anti-corruption bid

Saudi Arabia Arrests 11 Princes Including A Billionaire

Cabinet reshuffle, crackdown on corruption in latest Saudi purge

After shakeup, can Saudi Arabia’s crown prince deliver on promise of reform?

PBS NewsHour

Published on Nov 6, 2017

In the name of fighting corruption in Saudi Arabia, Crown Prince Mohammed Bin Salman announced over the weekend the government would hold trials for 11 princes, stamping out opposition and cementing his rule. Special correspondent Nick Schifrin is joined by Bilal Saab of the Middle East Institute and Aaron David Miller of the Wilson Center to discuss the potential fallout of the crackdown.

Saudi Arabia arrests 4 ministers and 11 princes

PBS NewsHour

Published on Nov 5, 2017

Saudi Arabia Crown Prince Mohammad bin Salman ordered the arrest of four government ministers and 11 royal princes hours after he was named the head of a new anti-corruption committee. Billionaire prince Alwaleed bin Talal, who has stakes in major U.S. companies like Apple and Twitter, was among those arrested. Gary Sick, a senior research scholar at Columbia University, joins Hari Sreenivasan.

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Saudi Arabia attacked by Yemen missile in Riyadh intercepts ballistic missile

Saudi Arabia Missile: Air Force intercepts missile near Riyadh

Saudi prince killed in helicopter crash near Yemen border – BBC News

Published on Nov 6, 2017
A senior Saudi prince and seven other officials have been killed in a helicopter crash near the country’s border with Yemen, state media report. Prince Mansour bin Muqrin, the deputy governor of Asir province, was returning from an inspection tour when his aircraft came down near Abha late on Sunday, the interior ministry said. It did not give a cause for the crash. But it came hours after a major purge of the kingdom’s political and business leadership. An anti-corruption body led by Crown Prince Mohammed bin Salman, 32, ordered the detentions of dozens of people, including 11 princes, four ministers and dozens of ex-ministers. Analysts see the unprecedented move as an attempt to cement the power of the heir to the throne.

10 Minutes: Saudi Arabia’s New Crown Prince

Inside Saudi Arabia: On front line of war with Yemen – BBC News

The 18 Religions That Make Up Lebanon’s Government

Why Lebanon Is Fractured By The Conflicts In The Middle East

Saudi Arabia says Lebanon declares war, deepening crisis

People walk next to a poster depicting Lebanon’s Prime Minister Saad al-Hariri, who has resigned from his post, along a street in the mainly Sunni Beirut neighbourhood of Tariq al-Jadideh in Beirut, Lebanon November 6, 2017. REUTERS/Mohamed Azakir

Lebanon has been thrust to the center of regional rivalry between Saudi Arabia and Iran since the Saudi-allied Lebanese politician Saad al-Hariri quit as prime minister on Saturday, blaming Iran and Hezbollah in his resignation speech.

Saudi Gulf affairs minister Thamer al-Sabhan said the Lebanese government would “be dealt with as a government declaring war on Saudi Arabia” because of what he described as aggression by Hezbollah.

Faulting the Hariri-led administration for failing to take action against Hezbollah during a year in office, Sabhan said “there are those who will stop (Hezbollah) and make it return to the caves of South Lebanon”, the heartland of the Shi‘ite community.

In an interview with Al-Arabiya TV, he added: “Lebanese must all know these risks and work to fix matters before they reach the point of no return.”

He did not spell out what action Saudi Arabia might take against Lebanon, a country with a weak and heavily indebted state that is still rebuilding from its 1975-90 civil war and where one-in-four people is a Syrian refugee.

There was no immediate comment from the Lebanese government.

Hezbollah is both a military and a political organization that is represented in the Lebanese parliament and in the Hariri-led coalition government formed last year.

Its powerful guerrilla army is widely seen as stronger than the Lebanese army, and has played a major role in the war in neighboring Syria, another theater of Saudi-Iranian rivalry where Hezbollah has fought in support of the government.

Lebanese authorities said on Monday the country’s financial institutions could cope with Hariri’s resignation and the stability of the Lebanese pound was not at risk.

But the cash price of Lebanon’s U.S. dollar-denominated bonds fell, with longer-dated maturities suffering hefty losses as investors took a dim view of the medium- to longer-term outlook for Lebanon.

A poster depicting Lebanon’s Prime Minister Saad al-Hariri, who has resigned from his post, hangs along a street in the mainly Sunni Beirut neighbourhood of Tariq al-Jadideh in Beirut, Lebanon November 6, 2017. The Arabic on the poster reads, “With you forever”. REUTERS/Mohamed Azakir

HARIRI FREE TO TRAVEL, SAUDI FM SAYS

Hariri cited a plot to assassinate him during his unexpected resignation speech broadcast from Saudi Arabia which caught even his aides off guard. He also slammed Hezbollah and Iran, accusing them of sowing strife in the Arab world.

Hezbollah leader Sayyed Hassan Nasrallah has said he will not comment on Hariri’s speech, calling it a “Saudi statement” and saying Riyadh had forced Hariri to resign.

The sudden nature of Hariri’s resignation generated speculation in Lebanon that his family’s Saudi construction business had been caught up in an anti-corruption purge and he had been coerced into resigning.

Slideshow (3 Images)

Saudi Foreign Minister Adel Jubeir said it was “nonsense” to suggest Hariri had been coerced into quitting in a CNN interview on Monday. Hariri had quit because Hezbollah had been “calling the shots” in the government, he said. Hariri, a Saudi citizen, was free to leave the country at any time, he said.

Interior Minister Nohad Machnouk, a senior member of Hariri’s political party, said he was under the impression Hariri would return to Beirut within days.

A meeting between Saudi King Salman and Hariri in Riyadh on Monday proved “rumors” wrong, he said – an apparent reference to speculation that Hariri was detained or forced to quit.

Earlier on Monday, President Michel Aoun, a political ally of Hezbollah, appealed for national unity.

Parliament Speaker Nabih Berri, another political ally of Hezbollah, said in a televised statement after meeting Aoun it was too early to talk about forming a new government.

The crisis could re-aggravate tensions between Sunni and Shi‘ite Muslims and afflict Lebanese government with paralysis once again. All of the sides have called for calm and there has been no sign of unrest since Hariri’s resignation.

The Hariri-led government took office last year in a political deal that made Aoun president. The deal ended years of deadlock, and last month it produced Lebanon’s first budget since 2005.

Hariri flew to Saudi Arabia on Friday after meeting in Beirut the top adviser to Iran’s Supreme Leader, who described the coalition as “a victory” and “great success” afterwards.

https://www.reuters.com/article/us-saudi-missiles-yemen/saudi-led-forces-close-air-sea-and-land-access-to-yemen-idUSKBN1D60I8

Saudi Arabia Blames Iran for Missile Attack

Yemeni rebels’ missile intercepted near Riyadh was made in Iran, Saudis say; Iran denies involvement

Smoke from an alleged Saudi-led airstrike on the Yemeni capital, San'a, on Sunday.
Smoke from an alleged Saudi-led airstrike on the Yemeni capital, San’a, on Sunday. PHOTO: ARHAB/EPA-EFE/REX/SHUTTERSTOCK/EPA/SHUTTERSTOCK

Yemeni rebels’ missile attack on the Saudi capital on Saturday could be considered an Iranian act of war, Saudi Arabia said, in a statement likely to intensify tensions between the archrivals.

Saudi Arabia intercepted the ballistic missile east of Riyadh’s main airport after it flew more than 500 miles from Yemen. It was fired by Houthi rebels, who are seen by Saudi Arabia as proxies of Iran.

The Saudi-led military coalition that has been at war with the Houthis in Yemen for more than 2½ years “considers this a blatant act of military aggression by the Iranian regime and could rise to be considered as an act of war against the Kingdom of Saudi Arabia,” according to a statement carried by the official Saudi Press Agency.

Debris from the missile showed it was made in Iran, the statement said, adding that the coalition “reserves its right to respond to Iran in the appropriate time and manner, in accordance with international law and based on the right of self-defense.”

Maj. Gen. Mohammad Ali Jafari, the commander of Iran’s Islamic Revolutionary Guard Corps, dismissed the claim.

“We are not basically capable of transferring missiles to Yemen,” he said Sunday, according to the official Islamic Republic News Agency. Houthi missiles, he said, are homegrown.

Iran’s foreign ministry spokesman, Bahram Ghasemi, on Monday called Saudi accusations against Iran “unfair, irresponsible, destructive and provocative,” according to a state television news website. He advised the kingdom to stop its assault on Yemen to pave the way for peace talks.

Iranian Foreign Minister Javad Zarif tweeted that Saudi Arabia was bombing Yemen and killing thousands of innocent people and spreading famine.

The kingdom “is engaged in wars of aggression, regional bullying, destabilizing behavior and risky provocations,” he said. “It blames Iran for the consequences.”

Saudi foreign minister Adel al-Jubeir tweeted that Iranian intervention in the region was undermining security and repeated that Saudi Arabia had the right to respond.

The Houthis, who in the past have presented missiles as domestically sourced, have fired dozens at Saudi Arabia since the coalition began a campaign to oust them from Yemen’s capital, San’a, in 2015.

The range of some, like the “Volcano H2” the group fired Saturday, has increased markedly in 2017, putting significant Saudi population centers and energy infrastructure within range.

Saudi Arabia, which controls Yemeni airspace and oversees shipping traffic through its ports, said all land, sea and air borders with the country would be closed temporarily to address the missile threat, although humanitarian supplies would still be allowed in.

Tensions between Saudi Arabia, the leading Sunni Muslim power in the region, and Iran, its main Shiite rival, have risen in recent days. Lebanese Prime Minister Saad Hariri, a close Saudi ally, resigned Saturday, blaming Iran for destabilizing the region and saying his life was under threat.

Saudi Arabia has more aggressively confronted Iran under 32-year-old Crown Prince Mohammed bin Salman, who orchestrated Saudi involvement in Yemen.

 

https://www.wsj.com/articles/saudi-arabia-blames-iran-for-missile-attack-1509955160

Saudi Crackdown Targets Up to $800 Billion in Assets

Authorities detain more prominent businessmen, freeze bank accounts

Crown Prince Mohammed bin Salman, left, has said tackling corruption is necessary to overhaul Saudi Arabia’s oil-dependent economy.
Crown Prince Mohammed bin Salman, left, has said tackling corruption is necessary to overhaul Saudi Arabia’s oil-dependent economy.PHOTO: SAUDI PRESS AGENCY/REUTERS

The Saudi government is aiming to confiscate cash and other assets worth as much as $800 billion in its broadening crackdown on alleged corruption among the kingdom’s elite, according to people familiar with the matter.

Several prominent businessmen are among those who have been arrested in the days since Saudi authorities launched the crackdown on Saturday, by detaining more than 60 princes, officials and other prominent Saudis, according to those people and others.

The country’s central bank, the Saudi Arabian Monetary Authority, said late Tuesday that it has frozen the bank accounts of “persons of interest” and said the move is “in response to the Attorney General’s request pending the legal cases against them.”

The purge is the most extensive of the kingdom’s elite in recent history. Crown Prince Mohammed bin Salman, the son of King Salman, was named heir to the throne in Juneand has moved to consolidate power. He has said that tackling corruption at the highest level is necessary to overhaul what has long been an oil-dependent economy.

The crackdown could also help replenish state coffers. The government has said that assets accumulated through corruption will become state property, and people familiar with the matter say the government estimates the value of assets it can reclaim at up to 3 trillion Saudi riyal, or $800 billion.

“They reckon that they could get around 2 to 3 trillion riyals from these people. That’s the number they are talking about,” said a person close to the government.

Saudi Arabia’s Crown Prince: Three Things to Know
Saudi Arabia’s King Salman has appointed his son, Mohammed bin Salman, as crown prince, replacing his nephew, Mohammed bin Nayef, as first in line to the throne. WSJ’s Niki Blasina explains who he is, and what this means for the U.S., Saudi Arabia and the broader region. Photo: Getty Images. (Originally Published June 21, 2017)

Much of that money is abroad, which will complicate efforts to reclaim it, people familiar with the matter said. But even a portion of that amount could help Saudi Arabia’s finances. A prolonged period of low oil prices forced the government to borrow money on the international bond market and to draw extensively from the country’s foreign reserves, which dropped from $730 billion at their peak in 2014 to $487.6 billion in August, the latest available government data.

Who Has Been Promoted, Who Has Been Detained in Saudi Arabia

Under King Salman, many senior princes have been sidelined from power or detained, according to people familiar with the matter. Here are a few of the important moves.

King Abdulaziz Ibn Saud

The founder of modern Saudi Arabia, who ruled from 1932

to 1953

Detained

Promoted

Other direct descendant

LINE OF SUCCESSION

King Salman bin

Abdulaziz

King 2015-present

He is the sixth brother in a row to assume the throne. He became king in 2015 and in June appointed his own son, Prince Mohammed bin Salman, as his heir.

Prince Miteb bin Abdullah

Prince al-Waleed

bin Talal

Prince Mohammed bin Nayef

Crown Prince

Mohammed bin Salman

He is one of the world’s richest men. Through his firm Kingdom Holding Co., he has invested in Apple, Twitter, and Citigroup. He was detained on Nov. 4.

Previous head of the elite Saudi Arabian National Guard

Previous crown prince

The 32-year-old prince has ascended to a position of unrivaled power since his father became king, and oversees most key policy areas in the country, from the economy to defense. He is the architect of the ambitious plan to end the kingdom’s dependence on oil. As minister of defense, he launched Saudi Arabia’s war in Yemen. He became crown prince in June.

Prince Mohammed, a former powerful minister of interior, was removed from the position of crown prince in June and replaced by Prince Mohammed bin Salman, a younger cousin. His ouster faced some resistance within the royal family

He is the politically influential son of the previous monarch, King Abdullah. He was fired and detained on Nov. 4.

Prince Abdulaziz bin

Saud bin Nayef

New minister of interior

He was appointed as minister of interior in June. He belongs to the same branch of the royal family as Prince Mohammed bin Nayef, the ousted crown prince.

Note: not all descendants represented

Sources: Royal Embassy of Saudi Arabia; staff reports.

The arrests were ordered by a newly established anticorruption agency headed by Prince Mohammed.

The crown prince “needs cash to fund the government’s investment plans,” political risk advisory firm Eurasia Group said in a note on Monday. “It was becoming increasingly clear that additional revenue is needed to improve the economy’s performance. The government will also strike deals with businessmen and royals to avoid arrest, but only as part of a greater commitment to the local economy.”

Spokespeople for the Saudi government didn’t respond to requests for comment on Tuesday.

Saudi Arabia’s minister of commerce, Majid al Qasabi, on Tuesday sought to reassure the private sector that the corruption investigation wouldn’t interfere with normal business operations.

The procedures and investigations undertaken by the anticorruption agency won’t affect ongoing business or projects, he said.

Running LowSaudi Arabia is heavily dependent on oilexports, and government revenues havetaken a hit as crude prices have tumbled inrecent years.THE WALL STREET JOURNALSource: Saudi Arabian Monetary Authority
.trillion riyalsOil revenueOther revenue2006’08’10’12’14’160.000.250.500.751.001.251.50

In its statement on Tuesday, the Saudi central bank said that individual accounts had been frozen, not corporate accounts. “It is business as usual for both banks and corporates,” the central bank said.

The central bank sent a list of hundreds of names to lenders, asking them to freeze any accounts linked to them, according to people familiar with the matter.

“These are just the initial stages of either asset freezes or arrests. More people are expected to be impacted as the investigation unfolds,” said a Saudi official.

The government earlier this week vowed that it would arrest more people as part of the corruption investigation, which began around three years ago.

As a precautionary measure, authorities have banned a large number of people from traveling outside the country, among them hundreds of royals and people connected to those arrested, according to people familiar with the matter.

Prince al-Waleed bin Talal, a Saudi billionaire and founder of Kingdom Holding Co., spoke at a conference in Chicago in 2013.
Prince al-Waleed bin Talal, a Saudi billionaire and founder of Kingdom Holding Co., spoke at a conference in Chicago in 2013. PHOTO: DANIEL ACKER/BLOOMBERG NEWS

The government hasn’t officially named the people who were detained.

They include billionaire Prince al-Waleed bin Talal, one of the most widely known members of the Saudi royal family and a major investor in companies including Apple Inc., Twitter Inc. and Citigroup Inc. He faces allegations of money laundering, bribery and extortion, according to a senior Saudi official. A representative of Prince al-Waleed didn’t immediately respond to a request for comment.

According to people familiar with the investigation, those detained over the weekend also include Bakr bin Ladin, the chairman of the construction giant Saudi Binladin Group. A spokesman for Saudi Binladin didn’t respond to request for comment.

Saudi Binladin, the biggest construction firm in the Gulf region, flourished as one of the government’s preferred builders during the boom years in the oil-rich country, winning a high-profile contract to expand the grounds of the Great Mosque in Mecca, Islam’s holiest site. The people familiar with the investigation said Mr. bin Ladin faces allegations of bribery in connection with that project.

https://www.wsj.com/articles/saudi-arabia-expands-crackdown-on-elite-1510062385

A resignation, detentions and missiles: 24 hours that shook the Middle East

Trump voices ‘great confidence’ in Saudi Arabia amid royal purge

President Trump on Monday gave a vote of confidence to the leadership of Saudi Arabia amid a royal family purge that has rocked the Middle East.

“I have great confidence in King Salman and the Crown Prince of Saudi Arabia, they know exactly what they are doing,” Trump tweeted while traveling in Asia. “Some of those they are harshly treating have been ‘milking’ their country for years!”

The president appeared to lend his endorsement to this weekend’s arrests of 11 members of the Saudi royal family, which authorities there described as a crackdown against corruption.

The mass arrests amounted to the most sweeping purge of the Saudi ruling elite in the country’s modern history. Advisers, ministers and businessmen were also taken into custody on orders from a newly formed anti-corruption committee.

Regional observers see the round-up as one of the most dramatic moves yet by Crown Prince Mohammad bin Salman to consolidate power.

The crown prince, 32, has taken over several key government posts over the past two years while pushing aside rivals as he seeks to position himself as the next leader of the oil-rich kingdom.

He also heads the anti-corruption panel.

Among those arrested were Prince Mutaib bin Abdullah, a son of the late King Abdullah and head of the National Guard, and the kingdom’s wealthiest investor, Prince Alwaleed bin Talal.

Mohammad bin Salman has pushed the hidebound kingdom to implement reforms while cozying up to the U.S., a top Saudi ally.

The crown prince, who is a son of King Salman, has also formed a relationship with President Trump’s son-in-law, Jared Kushner.

Kushner made an unannounced visit to Saudi Arabia last month, where U.S. officials said he intended to discuss Middle East peace.

Saudi Arabia was the site of Trump’s first trip abroad as president, a visit Mohammad bin Salman was said to have helped arrange.

Trump also has ties to bin Talal, who helped bail him out of financial trouble in the 1990s. The investor was part of a group that purchased New York’s Plaza Hotel from Trump as well as the real-estate mogul’s yacht.

No one should ever have to negotiate between getting lifesaving care or accessing their prescriptions.

Their relationship took a turn for the worse in 2015, when bin Talal bashedTrump’s campaign rhetoric and called on him to drop out of the presidential race.

“Dopey Prince @Alwaleed_Talal wants to control our U.S. politicians with daddy’s money,” Trump responded on Twitter. “Can’t do it when I get elected. #Trump2016”

http://thehill.com/homenews/administration/359036-trump-voices-great-confidence-in-saudi-arabia-amid-royal-purge

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The Pronk Pops Show 994, Story 1: President Trump Nominates Fed Governor Jerome Powell To Chair Federal Reserve Board of Governors — Expect Continuation of Interventionist Easy Monetary Policy — More Money Creation or Quantitative Easing When Economy Enters Next Recession in 2018-2019 — Videos — Part 1 of 2 — Story 2: No Tax Reform By Changing From Income Tax System to Broad Based Consumption Tax — The FairTax or Fair Tax Less — No Middle Class Tax Relief From Payroll Taxes — No Real Cuts in Federal Spending As Budget Deficits Rise with Rising National Debt and Unfunded Liabilities — Spending Addiction Disorder — Government Obesity — Crash Diet of Balanced Budgets Required — Videos

Posted on November 2, 2017. Filed under: American History, Banking System, Barack H. Obama, Blogroll, Breaking News, British Pound, Budgetary Policy, Cartoons, College, Congress, Constitutional Law, Countries, Culture, Currencies, Defense Spending, Donald J. Trump, Donald J. Trump, Donald Trump, Donald Trump, Economics, Education, Elections, Empires, Employment, Euro, Federal Government, Fiscal Policy, Foreign Policy, Government, Government Spending, Health Care Insurance, History, House of Representatives, Human, Human Behavior, Illegal Immigration, Immigration, Independence, Labor Economics, Language, Law, Legal Immigration, Life, Lying, Media, Medicare, Middle East, Monetary Policy, National Interest, Natural Gas, News, Oil, People, Philosophy, Photos, Politics, President Trump, Presidential Appointments, Progressives, Raymond Thomas Pronk, Regulation, Resources, Rule of Law, Scandals, Security, Senate, Social Science, Social Security, Success, Surveillance/Spying, Tax Policy, Taxation, Taxes, Technology, Terror, Terrorism, Trade Policy, Transportation, U.S. Dollar, Unemployment, United States of America, Videos, Violence, Wall Street Journal, War, Wealth, Weapons, Welfare Spending, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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Image result for President trump nominates Powell for fed chairImage result for u.S. dollar purchasing power 1913 - 2016

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Story 1: President Trump Nominates Fed Governor Jerome Powell To Chair Federal Reserve Board of Governors — Expect Continuation of Interventionist Easy Monetary Policy — More Money Creation or Quantitative Easing When Economy Enters Next Recession in 2018-2019 — Videos

Trump makes his pitch for new Fed chair, tax reform

Trump Announces Fed Chair Pick: Jerome Powell – Full Event

Trump nominates Powell as new Fed chair

PETER SCHIFF – THE NEXT FINANCIAL CRISIS, US ECONOMIC COLLAPSE

End The Fed? … Libertarian Republicans? … #AskRonPaul

Ron Paul’s Texas Straight Talk 10/23/17: Trump’s Fed Picks? More of the Same!

Bill Gross on Fed Chair Candidates, Bonds, U.S. Deficit

Bill Gross on the Future of Asset Management and the Fed

Who is Jerome Powell?

Trump leaning toward Jerome Powell for Fed Chair: sources

The Economic Club of New York Event – Jerome Powell

Published on Jun 28, 2017
Thursday June 1, 2017 Jerome Powell Governor, Federal Reserve System

Powell Is a Force at the Federal Reserve, Says Wallace

KEYNOTE ADDRESS – Jerome H. Powell

Trump Said to Be Leaning Toward Powell for Fed Chair

Powell, Taylor Said to Be Leading Fed Chair Choices

Trump: Fed’s a very important position

Published on Oct 23, 2017
President Donald Trump on tech regulations, the Federal Reserve, NAFTA, the outlook for U.S. economic growth and defense spending.

Alan Greenspan Is ‘Nervous’ Bond Prices Are Too High

Published on Aug 1, 2016
July 28 — Alan Greenspan, former Federal Reserve chairman and founder of Greenspan Associates, discusses nervousness over bond prices and moving into currencies to counter negative interest rates, as well as dealing with uncertainties in the global economy. He speaks with Bloomberg’s Alix Steel on “Bloomberg ‹GO›.”

Greenspan: You Can’t Fix U.S. Economy Until You Fix Entitlements

Published on Dec 14, 2016
Dec.13 — Former Federal Reserve Chairman Alan Greenspan discusses his outlook for productivity and U.S. economic growth. He speaks with Bloomberg’s David Westin.

Who will be next Fed chair?

BVTV: The race to be next Fed chair

The Men Who Will Soon Run The Federal Reserve – What You Need To Know

A Powell, Taylor Fed Hawkish to Markets, Says Zentner

What John Taylor Would Bring to the Federal Reserve

Published on Oct 17, 2017
Oct.17 — David Riley, head of credit strategy at Bluebay Asset Management, and Ed Perks, chief investment officer at Franklin Templeton Multi-Asset Solutions, examine what John Taylor would offer as Federal Reserve Chairman. They speak on “Bloomberg Daybreak: Americas.”

Interview with Professor John Taylor

The Fed Should Raise Rates to Help the Economy – John Taylor

Published on Nov 13, 2015

 The Federal Reserve should return to conventional monetary policy as soon as possible as higher interest rates would be beneficial to the U.S. economy, said noted economist John Taylor of Stanford University. Taylor spoke with TheStreet during a conference called ‘Rethinking Monetary Policy,’ which was held at the Cato Institute in Washington D.C. Thursday. ‘To me the rethinking in some sense is going back and seeing why things worked well when they did in the ‘80s and ’90s until this period,’ said Taylor. ‘Rethinking means adapting some of the things that we forgot.’ Taylor argues that unconventional Fed policy, which was enacted in response to the financial crisis, has in some ways been detrimental. ‘The world has suffered in a way from being off track, from these very unusual policies. And so fixing that, getting back to where I think the Fed wants to go, would be an improvement,’ explained Taylor. ‘Just globally speaking, it’s not been a very successful decade,’ he added. Taylor argues for a rules-based policy system for Central Banks, saying it would lead to less volatility in policy making. TheStreet’s Rhonda Schaffler reports.

John B. Taylor’s Keynote Address: Monetary Rules for a Post-Crisis World

Monetary Policy Based on the Taylor Rule

Debate on the “Neutral” Interest Rate: Opening Presentations

Debate on the “Neutral” Interest Rate: John Taylor’s Take

Debate on the “Neutral” Interest Rate: Audience Q&A

A Powell, Taylor Fed Hawkish to Markets, Says Zentner

5 Keys to Restoring America’s Prosperity: John B. Taylor

n his new book, First Principles: Five Keys to Restoring America’s Prosperity, Stanford University professor of economics John B. Taylor, details the not-so-secret ingredients to rebuilding American’s economic future: predictable policy, rule of law, strong incentives, reliance on markets, and a clearly limited role for government. “America can be great again, economically speaking,” Taylor explains, “it’s just more recently where we’ve gone off track.” Taylor sat down with Reason Magazine Managing Editor Katherine Mangu-Ward to discuss his book, the principles that underlie America’s economic supremacy and what’s gone wrong over the past decade. Taylor is the Raymond Professor of Economics at Stanford University and the George Shultz Senior Fellow at Stanford’s Hoover Institution. He was Treasury Under Secretary for International Affairs from 2001 to 2005. His previous books include Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis.

John B. Taylor “How Government Interventions Caused the Financial Crisis.”

Author John B. Taylor discusses his book “Getting Off Track — How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis,” with Reason.tv’s Michael C. Moynihan.

Is the Fed Making the Crisis Worse? – John B. Taylor

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America is one big lie and you are a fool for believing in it.

Trump to Tap Jerome Powell as Next Fed Chairman

The president is expected to announce his decision Thursday

Federal Reserve governor Jerome Powell spoke in Washington on Oct. 3. He has been on the board of governors since 2012.
Federal Reserve governor Jerome Powell spoke in Washington on Oct. 3. He has been on the board of governors since 2012. PHOTO:JOSHUA ROBERTS/REUTERS

If confirmed by the Senate, Mr. Powell would succeed Fed Chairwoman Janet Yellen, the central bank’s first female leader, whose four-year term as Fed chief expires in early February.

In his five years at the Fed, Mr. Powell has been a reliable ally of Ms. Yellen and would likely continue the Fed’s current cautious approach to reversing the central bank’s crisis-era stimulus policies as the economy expands.

That would mean gradually raising short-term interest rates in quarter-percentage-point steps through 2020 while slowly shrinking the Fed’s $4.2 trillion portfolio of Treasury and mortgage-backed securities it purchased to lower long-term rates.

Mr. Powell’s nomination would mark the first time in nearly four decades that a new president hasn’t asked the serving Fed leader to stay on for another term, even though that person was nominated by a president of a different party. The last time a first-term president didn’t do that was in 1978, when President Jimmy Carter chose G. William Miller to succeed Arthur Burns.

The president spoke with Mr. Powell on Tuesday, according to people familiar with the matter who couldn’t describe what they discussed.

Mr. Trump had settled on Mr. Powell by Saturday, but people familiar with the process had cautioned that he could change his mind. The president plans to formally announce the decision Thursday before he leaves for a trip to Asia on Friday.

Reached by phone Wednesday, both Mr. Powell and Ms. Yellen declined to comment. A Fed spokeswoman also declined to comment.

Ms. Yellen was one of five finalists for the position, along with Stanford University economics professor John Taylor, former Fed governor Kevin Warsh and National Economic Council Director Gary Cohn.

Mr. Taylor and Mr. Warsh didn’t respond to requests seeking comment Wednesday. Mr. Cohn’s spokeswoman didn’t immediately respond to a request for comment.

Mr. Trump said in a video last week that he had “somebody very specific in mind” for the job. “It will be a person who hopefully will do a fantastic job,” Mr. Trump said in a video posted to Instagram, adding, “I think everybody will be very impressed.”

Fed officials began raising their benchmark federal-funds rate in December 2015 after holding it near zero for seven years following the financial crisis. They voted in June to lift rates to a range between 1% and 1.25% and in October started the process of slowly shrinking the Fed’s bond portfolio.

FED SPEECH ANALYZER

“The economy is as close to our assigned goals as it has been for many years,” Mr. Powell said in June. If it continues growing as expected, “I would view it as appropriate to continue to gradually raise rates.”

Officials have penciled in one more rate increase this year. But they indicated in September such increases are likely to end at a lower point than they had previously projected—at a longer-run level of around 2.75%—considerably lower than where officials have stopped raising rates in the past.

Mr. Trump told The Wall Street Journal in July, “I’d like to see rates stay low.”

The Fed on Wednesday left short-term interest rates unchanged, but signaled it would consider lifting them before year’s end amid signs the economy is gaining momentum.

Mr. Powell has never dissented on a Fed monetary or regulatory policy vote and in speeches hasn’t deviated far from the board’s consensus.

Where he could lead a shift is on regulatory policy. He has advocated loosening some of the financial rules adopted by the Fed and other agencies since the crisis, a position that meshes with Mr. Trump’s deregulatory agenda. Mr. Powell has suggested softening the Volcker rule barring banks from using their own money to make risky bets and easing some bank stress tests.

He also has endorsed reviewing some of the supervisory duties imposed on banks’ boards of directors to prevent them from being burdened with “an ever-increasing checklist.”

“More regulation is not the best answer to every problem,” Mr. Powell said in a speech in early October.

How Fed Chairs Have Fared

A look at various Fed regimes, and how they used interest rates to manage inflation, growth and the economy

*Seasonally adjusted †Change from a year earlier in the price index for personal-consumption expenditures

Source: Federal Reserve Bank of St. Louis

“To some extent he offers Trump the best of both worlds. You get broadly speaking continuity of Yellen’s careful and relatively dovish approach to monetary policy but with somebody who is a card-carrying Republican and who is significantly more inclined to revisit some of the postcrisis regulations,” said Krishna Guha, vice chairman at Evercore ISI and a former New York Fed official.

Karen Petrou, managing partner of the financial-services consulting firm Federal Financial Analytics, said Mr. Powell’s recent remarks on regulation “were certainly much more flexible than [Ms. Yellen] has been.”

Mr. Powell, a lawyer, would be the first Fed leader in three decades without a Ph.D. in economics. Before joining the Fed board, Mr. Powell worked as an investment banker in New York City, as Treasury undersecretary for financial institutions in the George H.W. Bush administration, as a partner at the Carlyle Group and as a scholar at the Bipartisan Policy Center.

That background could serve him well, said Aaron Klein, an economic studies fellow at the Brookings Institution and director of the Center on Regulation and Markets.

“The Federal Reserve’s mandate has grown significantly since the financial crisis,” he said. “With a broader mandate, one should expect broader and more diverse backgrounds of potential good fits for a chair.”

“He would represent continuity of the Fed system and culture but a break from the predominance of monetary policy as the core background of the chair,” Mr. Klein said.

The decision marks the culmination of an unusually public and drawn-out search for one of the top economic policy-making jobs in the world.

Mr. Trump upended the usually staid selection process by openly weighing the pros and cons of various candidates and asking lawmakers, businesspeople and media personalities for their input.

Mr. Trump polled GOP senators last month on their preferred choice at a lunch on Capitol Hill, and said he was still considering “two, and maybe three” people for the job.

Mr. Trump has other opportunities to reshape the central bank. Randal Quarles, his first nominee to the Fed’s powerful seven-member board of governors, took office in October. Three other seats remain open.

Nominations for all board positions, including chairman and vice chairman, are subject to Senate confirmation.

Mr. Powell should have little trouble winning Senate approval, but his views could clash with those of some Republican senators who have criticized him for supporting the Fed’s easy-money and postcrisis regulatory policies.

He won confirmation to the Fed with bipartisan support in the Senate twice before: to fill an unfinished governor’s term in 2012 and for a full term in 2014. Some Republicans have suggested he could face difficult questions from his own side of the aisle. “I think we should move in a different direction,” from current Fed policies, Sen. Pat Toomey (R., Pa.) said last month about the possibility of a Powell nomination.

Write to Kate Davidson at kate.davidson@wsj.com, Peter Nicholas at

https://www.wsj.com/articles/trump-to-tap-feds-jerome-powell-for-fed-chairman-1509568166

Taylor rule

From Wikipedia, the free encyclopedia

In economics, a Taylor rule is a reduced form approximation of the responsiveness of the nominal interest rate, as set by the central bank, to changes in inflationoutput, or other economic conditions. In particular, the rule describes how, for each one-percent increase in inflation, the central bank tends to raise the nominal interest rate by more than one percentage point. This aspect of the rule is often called the Taylor principle. Although such rules may serve as concise, descriptive proxies for central bank policy, and are not explicitly proscriptively considered by central banks when setting nominal rates.

The rule was first proposed by John B. Taylor,[1] and simultaneously by Dale W. Henderson and Warwick McKibbin in 1993.[2] It is intended to foster price stability by systematically reducing uncertainty and increasing the credibility of future actions by the central bank. It may also avoid the inefficiencies of time inconsistency from the exercise of discretionary policy.[3] The Taylor rule synthesized, and provided a compromise between, competing schools of economics thought in a language devoid of rhetorical passion.[4] Although many issues remain unresolved and views still differ about how the Taylor rule can best be applied in practice, research shows that the rule has advanced the practice of central banking.[5]

As an equation

According to Taylor’s original version of the rule, the nominal interest rate should respond to divergences of actual inflation rates from target inflation rates and of actual Gross Domestic Product (GDP) from potential GDP:

{\displaystyle i_{t}=\pi _{t}+r_{t}^{*}+a_{\pi }(\pi _{t}-\pi _{t}^{*})+a_{y}(y_{t}-{\bar {y}}_{t}).}i_{t}=\pi _{t}+r_{t}^{*}+a_{\pi }(\pi _{t}-\pi _{t}^{*})+a_{y}(y_{t}-{\bar y}_{t}).

In this equation, {\displaystyle \,i_{t}\,}\,i_{t}\, is the target short-term nominal interest rate (e.g. the federal funds rate in the US, the Bank of England base rate in the UK), {\displaystyle \,\pi _{t}\,}\,\pi _{t}\, is the rate of inflation as measured by the GDP deflator{\displaystyle \pi _{t}^{*}}\pi _{t}^{*} is the desired rate of inflation, {\displaystyle r_{t}^{*}}r_{t}^{*} is the assumed equilibrium real interest rate, {\displaystyle \,y_{t}\,}\,y_{t}\, is the logarithm of real GDP, and {\displaystyle {\bar {y}}_{t}}{\bar y}_{t} is the logarithm of potential output, as determined by a linear trend.

In this equation, both {\displaystyle a_{\pi }}a_{{\pi }} and {\displaystyle a_{y}}a_{y} should be positive (as a rough rule of thumb, Taylor’s 1993 paper proposed setting {\displaystyle a_{\pi }=a_{y}=0.5}a_{{\pi }}=a_{y}=0.5).[6] That is, the rule “recommends” a relatively high interest rate (a “tight” monetary policy) when inflation is above its target or when output is above its full-employment level, in order to reduce inflationary pressure. It recommends a relatively low interest rate (“easy” monetary policy) in the opposite situation, to stimulate output. Sometimes monetary policy goals may conflict, as in the case of stagflation, when inflation is above its target while output is below full employment. In such a situation, a Taylor rule specifies the relative weights given to reducing inflation versus increasing output.

The Taylor principle

By specifying {\displaystyle a_{\pi }>0}a_{{\pi }}>0, the Taylor rule says that an increase in inflation by one percentage point should prompt the central bank to raise the nominal interest rate by more than one percentage point (specifically, by {\displaystyle 1+a_{\pi }}1+a_{{\pi }}, the sum of the two coefficients on {\displaystyle \pi _{t}}\pi _{t} in the equation above). Since the real interest rate is (approximately) the nominal interest rate minus inflation, stipulating {\displaystyle a_{\pi }>0}a_{{\pi }}>0 implies that when inflation rises, the real interest rate should be increased. The idea that the real interest rate should be raised to cool the economy when inflation increases (requiring the nominal interest rate to increase more than inflation does) has sometimes been called the Taylor principle.[7]

Alternative versions of the rule

Effective federal funds rate and prescriptions from alternate versions of the Taylor Rule

While the Taylor principle has proved very influential, there is more debate about the other terms that should enter into the rule. According to some simple New Keynesian macroeconomic models, insofar as the central bank keeps inflation stable, the degree of fluctuation in output will be optimized (Blanchard and Gali call this property the ‘divine coincidence‘). In this case, the central bank does not need to take fluctuations in the output gap into account when setting interest rates (that is, it may optimally set {\displaystyle a_{y}=0}a_{y}=0.) On the other hand, other economists have proposed including additional terms in the Taylor rule to take into account financial conditions: for example, the interest rate might be raised when stock prices, housing prices, or interest rate spreads increase.

• Taylor Rule 1993 – the original definition by John Taylor with {\displaystyle a_{\pi }=a_{y}=0.5}{\displaystyle a_{\pi }=a_{y}=0.5}

• Taylor Rule 1999 – adapted and updated by John Taylor in a new research paper: {\displaystyle a_{\pi }=0.5,a_{y}\geq 0}{\displaystyle a_{\pi }=0.5,a_{y}\geq 0}

Empirical relevance

Although the Federal Reserve does not explicitly follow the Taylor rule, many analysts have argued that the rule provides a fairly accurate summary of US monetary policy under Paul Volcker and Alan Greenspan.[8][9] Similar observations have been made about central banks in other developed economies, both in countries like Canada and New Zealand that have officially adopted inflation targeting rules, and in others like Germany where the Bundesbank‘s policy did not officially target the inflation rate.[10][11] This observation has been cited by ClaridaGalí, and Gertler as a reason why inflation had remained under control and the economy had been relatively stable (the so-called ‘Great Moderation‘) in most developed countries from the 1980s through the 2000s.[8] However, according to Taylor, the rule was not followed in part of the 2000s, possibly leading to the housing bubble.[12][13] Certain research has determined that some households form their expectations about the future path of interest rates, inflation, and unemployment in a way that is consistent with Taylor-type rules.[14]

Criticisms

Athanasios Orphanides (2003) claims that the Taylor rule can misguide policy makers since they face real-time data. He shows that the Taylor rule matches the US funds rate less perfectly when accounting for these informational limitations and that an activist policy following the Taylor rule would have resulted in an inferior macroeconomic performance during the Great Inflation of the seventies.[15]

In 2015, financial manager Bill Gross said the Taylor rule “must now be discarded into the trash bin of history”, in light of tepid GDP growth in the years after 2009.[16] Gross believed low interest rates were not the cure for decreased growth, but the source of the problem.

See also

References

  1. Jump up^ Taylor, John B. (1993). “Discretion versus Policy Rules in Practice” (PDF). Carnegie-Rochester Conference Series on Public Policy39: 195–214. (The rule is introduced on page 202.)
  2. Jump up^ Henderson, D. W.; McKibbin, W. (1993). “A Comparison of Some Basic Monetary Policy Regimes for Open Economies: Implications of Different Degrees of Instrument Adjustment and Wage Persistence”. Carnegie-Rochester Conference Series on Public Policy39: 221–318. doi:10.1016/0167-2231(93)90011-K.
  3. Jump up^ Taylor, John (2012). First Principles: Five Keys to Restoring America’s Economic Prosperity. New York: W.W. Norton & Company, Inc. p. 126
  4. Jump up^ Kahn, George A.; Asso, Pier Francesco; Leeson, Robert (2007). “The Taylor Rule and the Transformation of Monetary Policy”. Federal Reserve Bank of Kansas City Working Paper 07-11SSRN 1088466Freely accessible.
  5. Jump up^ Asso, Pier Francesco; Kahn, George A.; Leeson, Robert (2010). “The Taylor Rule and the Practice of Central Banking”. Federal Reserve Bank of Kansas City Working Paper 10-05SSRN 1553978Freely accessible.
  6. Jump up^ Athanasios Orphanides (2008). “Taylor rules,” The New Palgrave Dictionary of Economics, 2nd Edition. v. 8, pp. 2000-2004, equation (7).Abstract.
  7. Jump up^ Davig, Troy; Leeper, Eric M. (2007). “Generalizing the Taylor Principle”. American Economic Review97 (3): 607–635. JSTOR 30035014doi:10.1257/aer.97.3.607.
  8. Jump up to:a b Clarida, Richard; Galí, Jordi; Gertler, Mark (2000). “Monetary Policy Rules and Macroeconomic Stability: Theory and Some Evidence”. Quarterly Journal of Economics115 (1): 147–180. JSTOR 2586937doi:10.1162/003355300554692.
  9. Jump up^ Lowenstein, Roger (2008-01-20). “The Education of Ben Bernanke”The New York Times.
  10. Jump up^ Bernanke, Ben; Mihov, Ilian (1997). “What Does the Bundesbank Target?”. European Economic Review41 (6): 1025–1053. doi:10.1016/S0014-2921(96)00056-6.
  11. Jump up^ Clarida, Richard; Gertler, Mark; Galí, Jordi (1998). “Monetary Policy Rules in Practice: Some International Evidence”. European Economic Review42 (6): 1033–1067. doi:10.1016/S0014-2921(98)00016-6.
  12. Jump up^ Taylor, John B. (2008). “The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong” (PDF).
  13. Jump up^ Taylor, John B. (2009). Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis. Hoover Institution Press. ISBN 0-8179-4971-2.
  14. Jump up^ Carvalho, Carlos; Nechio, Fernanda (2013). “Do People Understand Monetary Policy?”. Federal Reserve Bank of San Francisco Working Paper 2012-01SSRN 1984321Freely accessible.
  15. Jump up^ Orphanides, A. (2003). “The Quest for Prosperity without Inflation”. Journal of Monetary Economics50 (3): 633–663. doi:10.1016/S0304-3932(03)00028-X.
  16. Jump up^ Bill Gross (July 30, 2015). “Gross: Low rates are the problem, not the solution”CNBC. Retrieved July 30, 2015.

External links

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

Real interest rate

From Wikipedia, the free encyclopedia

Yields on inflation-indexed government bonds of selected countries and maturities.

The real interest rate is the rate of interest an investor, saver or lender receives (or expects to receive) after allowing for inflation. It can be described more formally by the Fisher equation, which states that the real interest rate is approximately the nominal interest rate minus the inflation rate.

If, for example, an investor were able to lock in a 5% interest rate for the coming year and anticipated a 2% rise in prices, they would expect to earn a real interest rate of 3%.[1] The expected real interest rate is not a single number, as different investors have different expectations of future inflation. Since the inflation rate over the course of a loan is not known initially, volatility in inflation represents a risk to both the lender and the borrower.

In the case of contracts stated in terms of the nominal interest rate, the real interest rate is known only at the end of the period of the loan, based on the realized inflation rate; this is called the ex-post real interest rate. Since the introduction of inflation-indexed bondsex-ante real interest rates have become observable.[2]

Risks

In economics and finance, an individual who lends money for repayment at a later point in time expects to be compensated for the time value of money, or not having the use of that money while it is lent. In addition, they will want to be compensated for the risks of having less purchasing power when the loan is repaid. These risks are systematic risks, regulatory risks and inflation risks. The first includes the possibility that the borrower will default or be unable to pay on the originally agreed upon terms, or that collateral backing the loan will prove to be less valuable than estimated. The second includes taxation and changes in the law which would prevent the lender from collecting on a loan or having to pay more in taxes on the amount repaid than originally estimated. The third takes into account that the money repaid may not have as much buying power from the perspective of the lender as the money originally lent, that is inflation, and may include fluctuations in the value of the currencies involved.

Nominal interest rates include all three risk factors, plus the time value of the money itself.
Real interest rates include only the systematic and regulatory risks and are meant to measure the time value of money.

The “real interest rate” in an economy is often considered to be the rate of return on a risk free investment, such as US Treasury notes, minus an index of inflation, such as the rate of change of the CPI or GDP deflator.

Fisher equation

The relation between real and nominal interest rates and the expected inflation rate is given by the Fisher equation

{\displaystyle 1+i=(1+r)(1+\pi _{e})}1+i=(1+r)(1+\pi _{e})

where

i = nominal interest rate;
r = real interest rate;
{\displaystyle \pi _{e}}\pi _{e} = expected inflation rate.

For example, if somebody lends $1000 for a year at 10%, and receives $1100 back at the end of the year, this represents a 10% increase in her purchasing power if prices for the average goods and services that she buys are unchanged from what they were at the beginning of the year. However, if the prices of the food, clothing, housing, and other things that she wishes to purchase have increased 25% over this period, she has in fact suffered a real loss of about 15% in her purchasing power. (Notice that the approximation here is a bit rough; since 1.1/1.25 = 0.88 = 1 – 0.12, the actual loss of purchasing power is exactly 12%.

Variations in inflation

The inflation rate will not be known in advance. People often base their expectation of future inflation on an average of inflation rates in the past, but this gives rise to errors. The real interest rate ex-post may turn out to be quite different from the real interest rate (ex-ante real interest rate) that was expected in advance. Borrowers hope to repay in cheaper money in the future, while lenders hope to collect on more expensive money. When inflation and currency risks are underestimated by lenders, then they will suffer a net reduction in buying power.

The complexity increases for bonds issued for a long term, where the average inflation rate over the term of the loan may be subject to a great deal of uncertainty. In response to this, many governments have issued real return bonds, also known as inflation-indexed bonds, in which the principal value and coupon rises each year with the rate of inflation, with the result that the interest rate on the bond approximates a real interest rate. (E.g., the three-month indexation lag of TIPS can result in a divergence of as much as 0.042% from the real interest rate, according to research by Grishchenko and Huang.[3]) In the US, Treasury Inflation Protected Securities (TIPS) are issued by the US Treasury.

The expected real interest rate can vary considerably from year to year. The real interest rate on short term loans is strongly influenced by the monetary policy of central banks. The real interest rate on longer term bonds tends to be more market driven, and in recent decades, with globalized financial markets, the real interest rates in the industrialized countries have become increasingly correlated. Real interest rates have been low by historical standards since 2000, due to a combination of factors, including relatively weak demand for loans by corporations, plus strong savings in newly industrializing countries in Asia. The latter has offset the large borrowing demands by the US Federal Government, which might otherwise have put more upward pressure on real interest rates.

Related is the concept of “risk return”, which is the rate of return minus the risks as measured against the safest (least-risky) investment available. Thus if a loan is made at 15% with an inflation rate of 5% and 10% in risks associated with default or problems repaying, then the “risk adjusted” rate of return on the investment is 0%.

Importance in economic theory

Effective federal funds rate and prescriptions from alternate versions of the Taylor Rule

The amount of physical investment—in particular the purchasing of new machines and other productive capacity—that firms engage in depends on the level of real interest rates, because such purchases typically must be financed by issuing new bonds. If real interest rates are high, the cost of borrowing may exceed the real physical return of some potentially purchased machines (in the form of output produced); in that case those machines will not be purchased. Lower real interest rates would make it profitable to borrow to finance the purchasing of a greater number of machines.

The real interest rate is used in various economic theories to explain such phenomena as the capital flightbusiness cycle and economic bubbles. When the real rate of interest is high, that is, demand for credit is high, then money will, all other things being equal, move from consumption to savings. Conversely, when the real rate of interest is low, demand will move from savings to investment and consumption. Different economic theories, beginning with the work of Knut Wicksell have had different explanations of the effect of rising and falling real interest rates. Thus, international capital moves to markets that offer higher real rates of interest from markets that offer low or negative real rates of interest triggering speculation in equities, estates and exchange rates.

Real federal funds rate

In setting monetary policy, the U.S. Federal Reserve (and other central banks) establish an interest rate at which they lend to banks. This is the federal funds rate. By setting this rate low, they can encourage borrowing and thus economic activity; or the reverse by raising the rate. Like any interest rate, there are a nominal and a real value defined as described above. Further, there is a concept called the “equilibrium real federal funds rate” (r*), alternatively called the “natural rate of interest” or the “neutral real rate”, which is the “level of the real federal funds rate, if allowed to prevail for several years, [that] would place economic activity at its potential and keep inflation low and stable.” There are various methods used to estimate this amount, using tools such as the Taylor Rule. It is possible for this rate to be negative.[4]

Negative real interest rates

The real interest rate solved from the Fisher equation is

{\displaystyle {\frac {1+i}{1+\pi }}-1=r}{\frac {1+i}{1+\pi }}-1=r

If there is a negative real interest rate, it means that the inflation rate is greater than the nominal interest rate. If the Federal funds rate is 2% and the inflation rate is 10%, then the borrower would gain 7.27% of every dollar borrowed per year.

{\displaystyle {\frac {1+0.02}{1+0.1}}-1=-0.0727}{\frac {1+0.02}{1+0.1}}-1=-0.0727

Negative real interest rates are an important factor in government fiscal policy. Since 2010, the U.S. Treasury has been obtaining negative real interest rates on government debt, meaning the inflation rate is greater than the interest rate paid on the debt.[5] Such low rates, outpaced by the inflation rate, occur when the market believes that there are no alternatives with sufficiently low risk, or when popular institutional investments such as insurance companies, pensions, or bond, money market, and balanced mutual funds are required or choose to invest sufficiently large sums in Treasury securities to hedge against risk.[6][7]Lawrence Summers stated that at such low rates, government debt borrowing saves taxpayer money, and improves creditworthiness.[8][9] In the late 1940s through the early 1970s, the US and UK both reduced their debt burden by about 30% to 40% of GDP per decade by taking advantage of negative real interest rates, but there is no guarantee that government debt rates will continue to stay so low.[6][10] Between 1946 and 1974, the US debt-to-GDP ratio fell from 121% to 32% even though there were surpluses in only eight of those years which were much smaller than the deficits.[11]

See also

References

  1. Jump up^ https://docs.google.com/fileview?id=0B_Qxj5U7eaJTZTJkODYzN2ItZjE3Yy00Y2M0LTk2ZmUtZGU0NzA3NGI4Y2Y5&hl=en&pli=1 page 24
  2. Jump up^ “FRB: Speech with Slideshow–Bernanke, Long-Term Interest Rates–March 1, 2013”http://www.federalreserve.gov. Retrieved 2017-03-07.
  3. Jump up^ Grishchenko, Olesya V.; Jing-zhi Huang (June 2012). “Inflation Risk Premium: Evidence from the TIPS Market” (PDF). Finance and Economics Discussion Series. Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. Retrieved 26 May 2013.
  4. Jump up^ U.S. Federal Reserve-Remarks by Vice Chairman Roger W. Ferguson Jr. October 29, 2004
  5. Jump up^ Saint Louis Federal Reserve (2012) “5-Year Treasury Inflation-Indexed Security, Constant Maturity” FRED Economic Data chart from government debt auctions (the x-axis at y=0 represents the inflation rate over the life of the security)
  6. Jump up to:a b Carmen M. Reinhart and M. Belen Sbrancia (March 2011) “The Liquidation of Government Debt” National Bureau of Economic Research working paper No. 16893
  7. Jump up^ David Wessel (August 8, 2012) “When Interest Rates Turn Upside Down” Wall Street Journal (full text)
  8. Jump up^ Lawrence Summers (June 3, 2012) “Breaking the negative feedback loop” Reuters
  9. Jump up^ Matthew Yglesias (May 30, 2012) “Why Are We Collecting Taxes?” Slate
  10. Jump up^ William H. Gross (May 2, 2011) “The Caine Mutiny (Part 2)”PIMCO Investment Outlook
  11. Jump up^ “Why the U.S. Government Never, Ever Has to Pay Back All Its Debt” The Atlantic, February 1, 2013

External links

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

John B. Taylor

From Wikipedia, the free encyclopedia
John Taylor
JohnBTaylor.jpg
Personal details
Born John Brian Taylor
December 8, 1946 (age 70)
Yonkers, New YorkU.S.
Political party Republican
Education Princeton University(BA)
Stanford University(PhD)
Academic career
Field Monetary economics
School or
tradition
New Keynesian economics
Doctoral
advisor
Theodore Wilbur Anderson[1]
Doctoral
students
Lawrence J. Christiano
Influences Milton Friedman
Paul Volcker
E. Philip Howrey
Alan Greenspan
Contributions Taylor rule
Information at IDEAS / RePEc

John Brian Taylor (born December 8, 1946) is the Mary and Robert Raymond Professor of Economics at Stanford University, and the George P. Shultz Senior Fellow in Economics at Stanford University’s Hoover Institution.[2]

Born in Yonkers, New York, he graduated from Shady Side Academy[3] and earned his A.B. from Princeton University in 1968 and Ph.D. from Stanford in 1973, both in economics. He taught at Columbia University from 1973–1980 and the Woodrow Wilson School and Economics Department of Princeton University from 1980–1984 before returning to Stanford. He has received several teaching prizes and teaches Stanford’s introductory economics course as well as Ph.D. courses in monetary economics.[4]

In research published in 1979 and 1980 he developed a model of price and wage setting—called the staggered contract model—which served as an underpinning of a new class of empirical models with rational expectations and sticky prices—sometimes called new Keynesian models.[5][6] In a 1993 paper he proposed the Taylor rule,[7] intended as a recommendation about how nominal interest rates should be determined, which then became a rough summary of how central banks actually do set them. He has been active in public policy, serving as the Under Secretary of the Treasury for International Affairs during the first term of the George W. Bush Administration. His book Global Financial Warriors chronicles this period.[8] He was a member of the President’s Council of Economic Advisors during the George H. W. Bush Administration and Senior Economist at the Council of Economic Advisors during the Ford and Carter Administrations.

In 2012 he was included in the 50 Most Influential list of Bloomberg Markets Magazine. Thomson Reuters lists Taylor among the ‘citation laureates‘ who are likely future winners of the Nobel Prize in Economics.[9]

Academic contributions

Taylor’s research—including the staggered contract model, the Taylor rule, and the construction of a policy tradeoff (Taylor) curve[10] employing empirical rational expectations models[11]—has had a major impact on economic theory and policy.[12] Former Federal Reserve Chairman Ben Bernanke has said that Taylor’s “influence on monetary theory and policy has been profound,”[13] and Federal Reserve Chair Janet Yellen has noted that Taylor’s work “has affected the way policymakers and economists analyze the economy and approach monetary policy.”[14]

Taylor contributed to the development of mathematical methods for solving macroeconomic models under the assumption of rational expectations, including in a 1975 Journal of Political Economy paper, in which he showed how gradual learning could be incorporated in models with rational expectations;[15] a 1979 Econometrica paper in which he presented one of the first econometric models with overlapping price setting and rational expectations,[16] which he later expanded into a large multicountry model in a 1993 book Macroeconomic Policy in a World Economy,[11] and a 1983 Econometrica paper,[17] in which he developed with Ray Fair the first algorithm to solve large-scale dynamic stochastic general equilibrium models which became part of popular solution programs such as Dynare and EViews.[18]

In 1977, Taylor and Edmund Phelps, simultaneously with Stanley Fischer, showed that monetary policy is useful for stabilizing the economy if prices or wages are sticky, even when all workers and firms have rational expectations.[19] This demonstrated that some of the earlier insights of Keynesian economics remained true under rational expectations. This was important because Thomas Sargent and Neil Wallace had argued that rational expectations would make macroeconomic policy useless for stabilization;[20] the results of Taylor, Phelps, and Fischer showed that Sargent and Wallace’s crucial assumption was not rational expectations, but perfectly flexible prices.[21] These research projects together could considerably deepen our understanding of the limits of the policy-ineffectiveness proposition.[22]

Taylor then developed the staggered contract model of overlapping wage and price setting, which became one of the building blocks of the New Keynesian macroeconomics that rebuilt much of the traditional macromodel on rational expectations microfoundations.[23][24]

Taylor’s research on monetary policy rules traces back to his undergraduate studies at Princeton.[25][26] He went on in the 1970s and 1980s to explore what types of monetary policy rules would most effectively reduce the social costs of inflation and business cycle fluctuations: should central banks try to control the money supply, the price level, or the interest rate; and should these instruments react to changes in output, unemployment, asset prices, or inflation rates? He showed[27] that there was a tradeoff—later called the Taylor curve[28]—between the volatility of inflation and that of output. Taylor’s 1993 paper in the Carnegie-Rochester Conference Series on Public Policy proposed that a simple and effective central bank policy would manipulate short-term interest rates, raising rates to cool the economy whenever inflation or output growth becomes excessive, and lowering rates when either one falls too low.[7] Taylor’s interest rate equation has come to be known as the Taylor rule, and it is now widely accepted as an effective formula for monetary decision making.[29]

A key stipulation of the Taylor rule, sometimes called the Taylor principle,[30] is that the nominal interest rate should increase by more than one percentage point for each one-percent rise in inflation. Some empirical estimates indicate that many central banks today act approximately as the Taylor rule prescribes, but violated the Taylor principle during the inflationary spiral of the 1970s.[31]

Recent research

Taylor’s recent research has been on the financial crisis that began in 2007 and the world economic recession. He finds that the crisis was primarily caused by flawed macroeconomic policies from the U.S. government and other governments. Particularly, he focuses on the Federal Reserve which, under Alan Greenspan, a personal friend of Taylor, created “monetary excesses” in which interest rates were kept too low for too long, which then directly led to the housing boom in his opinion.[32] He also believes that Freddie Mac and Fannie Mae spurred on the boom and that the crisis was misdiagnosed as a liquidity rather than a credit risk problem.[33] He wrote that, “government actions and interventions, not any inherent failure or instability of the private economy, caused, prolonged, and worsen the crisis.”[34]

Taylor’s research has also examined the impact of fiscal policy in the recent recession. In November 2008, writing for The Wall Street Journal opinion section, he recommended four measures to fight the economic downturn: (a) permanently keeping all income tax ratesthe same, (b) permanently creating a worker’s tax credit equal to 6.2 percent of wages up to $8,000, (c) incorporating “automatic stabilizers” as part of overall fiscal plans, and (d) enacting a short-term stimulus plan that also meets long term objectives against waste and inefficiency. He stated that merely temporary tax cuts would not serve as a good policy tool.[35] His research[36] with John Cogan, Tobias Cwik, and Volcker Wieland showed that the multiplier is much smaller in new Keynesian than in old Keynesian models, a result that was confirmed by researchers at central banks.[37] He evaluated the 2008 and 2009 stimulus packages and argued that they were not effective in stimulating the economy.[38]

In a June 2011 interview on Bloomberg Television, Taylor stressed the importance of long term fiscal reform that sets the U.S. federal budget on a path towards being balanced. He cautioned that the Fed should move away from quantitative easing measures and keep to a more static, stable monetary policy. He also criticized fellow economist Paul Krugman‘s advocacy of additional stimulus programs from Congress, which Taylor said will not help in the long run.[39] In his 2012 book First Principles: Five Keys to Restoring America’s Prosperity, he endeavors to explain why these reforms are part of a broader set of principles of economic freedom.

Selected publications

Reprinted in Taylor, John B. (1991), “Staggered wage setting in a macro model”, in Mankiw, N. Gregory; Romer, David, New Keynesian economics, volume 1, Cambridge, Massachusetts: MIT Press, pp. 233–42, ISBN 9780262631334.
  • Taylor, John B. (September 1979). “Estimation and control of a macroeconomic model with rational expectations”. EconometricaWiley47 (5): 1267–86. JSTOR 1911962doi:10.2307/1911962.
  • Taylor, John B. (December 1980). “Scale economies, product differentiation, and the pattern of trade”. The American Economic ReviewAmerican Economic Association70 (5): 950–59. JSTOR 1805774.Pdf.
  • Taylor, John B. (1986), ‘New econometric approaches to stabilization policy in stochastic models of macroeconomic fluctuations’. Ch. 34 of Handbook of Econometrics, vol. 3, Z. Griliches and M.D. Intriligator, eds. Elsevier Science Publishers.
  • Taylor, John B. (December 1993). “Discretion versus policy rules in practice”Carnegie-Rochester Conference Series on Public PolicyElsevier39: 195–214. doi:10.1016/0167-2231(93)90009-L.Pdf.
  • Taylor, John B. (1999), “An historical analysis of monetary policy rules”, in Taylor, John B., Monetary policy rules, Chicago: University of Chicago Press, ISBN 9780226791265.
  • Taylor, John B. (2007). Global financial warriors: the untold story of international finance in the post-9/11 world. New York: W.W. Norton. ISBN 9780393064483.
  • Taylor, John B. (2008), “Housing and monetary policy”, in Reserve Bank of Kansas City, Housing, housing finance, and monetary policy: a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 30-September 1, 2007, Kansas City, Missouri: Reserve Bank of Kansas City, pp. 463–76, OCLC 170267547
  • Taylor, John B. (2009), “The financial crisis and the policy response: an empirical analysis of what went wrong”, in Bank of Canada Staff, Festschrift in honour of David Dodge’s contributions to Canadian public policy: proceedings of a conference held by the Bank of Canada, November, 2008, Ottawa: Bank of Canada, pp. 1–18, ISBN 9780660199276.
  • Taylor, John B. (2009). Getting off track: how government actions and interventions caused, prolonged, and worsened the financial crisis. Stanford, California: Hoover Institution Press. ISBN 9780817949716.
  • Taylor, John B.; Shultz, George P.; Scott, Kenneth, eds. (2009). Ending government bailouts as we know them. Stanford, California: Hoover Institution Press. ISBN 9780817911287.
  • Taylor, John B.; Ryan, Paul D. (30 November 2010). “Refocus the Fed on price stability instead of bailing out fiscal policy”Investor’s Business Daily. Archived from the original on 13 April 2011.
  • Taylor, John B. (2012). First principles: five keys to restoring America’s prosperity. New York: W.W. Norton. ISBN 9780393345452.

See also

Further reading

References

  1. Jump up^ Taylor, John B. (September 24, 2016). “The Statistical Analysis of Policy Rules”economicsone.com. Economics One (A blog by John B. Taylor). Retrieved October 2, 2016.
  2. Jump up^ “Hoover Institution Senior Fellow: Biography”Hoover Institution. Retrieved 27 October 2011.
  3. Jump up^ “Notable alumni”shadysideacademy.orgShady Side Academy.
  4. Jump up^ Taylor, John B. “Curriculum vitae” (pdf). Stanford University.
  5. Jump up^ Taylor, John B. (May 1979). “Staggered wage setting in a macro model”. The American Economic ReviewAmerican Economic Association69 (2): 108–113. JSTOR 1801626.
    Reprinted in Taylor, John B. (1991), “Staggered wage setting in a macro model”, in Mankiw, N. Gregory; Romer, David, New Keynesian economics, volume 1, Cambridge, Massachusetts: MIT Press, pp. 233–242, ISBN 9780262631334.
  6. Jump up^ Taylor, John B. (February 1980). “Aggregate dynamics and staggered contracts”Journal of Political EconomyChicago Journals88 (1): 1–23. JSTOR 1830957doi:10.1086/260845.
  7. Jump up to:a b Taylor, John B. (December 1993). “Discretion versus policy rules in practice”Carnegie-Rochester Conference Series on Public PolicyElsevier39: 195–214. doi:10.1016/0167-2231(93)90009-L. Pdf.
  8. Jump up^ Taylor, John B. (2007). Global financial warriors: the untold story of international finance in the post-9/11 world. New York: W.W. Norton. ISBN 9780393064483.
  9. Jump up^ “Hall of ‘citation laureates’ (in economics)”science.thomsonreuters.com. Thomson-Reuters.
  10. Jump up^ Taylor, John B. (September 1979). “Estimation and control of a macroeconomic model with rational expectations”EconometricaWiley47 (5): 1267–86. JSTOR 1911962doi:10.2307/1911962. Pdf.
    Reprinted in Taylor, John B. (1981), “Estimation and control of a macroeconomic model with rational expectations”, in Lucas, Jr., Robert E.; Sargent, Thomas J., Rational expectations and econometric practice, Minneapolis: University of Minnesota Press, ISBN 9780816610983.
  11. Jump up to:a b Taylor, John B. (1993). Macroeconomic policy in a world economy: from econometric design to practical operation. New York: W.W. Norton. ISBN 9780393963168.
  12. Jump up^ Ben Bernanke refers to the “three concepts named after John that are central to understanding our macroeconomic experience of the past three decades—the Taylor curve, the Taylor rule, and the Taylor principle.” in “Opening Remarks,” Conference on John Taylor’s Contributions to Monetary Theory and Policy
  13. Jump up^ Bernanke, Ben (2007). Opening Remarks. Remarks at the Conference on John Taylor’s Contributions to Monetary Theory and Policy.
  14. Jump up^ Yellen, Janet (2007). Policymaker Roundtable (PDF).Remarks at the Conference on John Taylor’s Contributions to Monetary Theory and Policy.
  15. Jump up^ Taylor, John B. (October 1975). “Monetary policy during a transition to rational expectations”Journal of Political EconomyChicago Journals83 (5): 1009–22. JSTOR 1830083doi:10.1086/260374.
  16. Jump up^ Taylor, John B. (September 1979). “Estimation and control of a macroeconomic model with rational expectations”. EconometricaWiley47 (5): 1267–86. JSTOR 1911962doi:10.2307/1911962.
  17. Jump up^ Taylor, John B.; Fair, Ray C. (July 1983). “Solution and maximum likelihood estimation of dynamic nonlinear rational expectations models”EconometricaWiley51 (4): 1169–85. JSTOR 1912057doi:10.2307/1912057.
  18. Jump up^ Judd, Kenneth; Kubler, Felix; Schmedders, Karl (2003), “Computational methods for dynamic equilibria with heterogeneous agents”, in Dewatripont, Mathias; Hansen, Lars Peter; Turnovsky, Stephen J., Advances in economics and econometrics theory and applications (volume 3), Cambridge, U.K. New York: Cambridge University Press, p. 247, ISBN 9781280163388 and “Eviews Users Guide II.”
  19. Jump up^ Taylor, John B.; Phelps, Edmund S. (February 1977). “Stabilizing powers of monetary policy under rational expectations”Journal of Political EconomyChicago Journals85 (1): 163–90. JSTOR 1828334doi:10.1086/260550.
  20. Jump up^ Sargent, Thomas; Wallace, Neil (April 1975). “‘Rational’ expectations, the optimal monetary instrument, and the optimal money supply rule”Journal of Political EconomyChicago Journals83 (2): 241–54. JSTOR 1830921doi:10.1086/260321.
  21. Jump up^ Blanchard, Olivier (2000), “Epliogue”, in Blanchard, Olivier, Macroeconomics (2nd ed.), Upper Saddle River, New Jersey: Prentice-Hall, p. 543, ISBN 9780130557872.
  22. Jump up^ Galbács, Peter (2015). The theory of new classical macroeconomics: a positive critique. Heidelberg / New York / Dordrecht / London: Springer. ISBN 9783319175782doi:10.1007/978-3-319-17578-2.
  23. Jump up^ King, Robert G.; Wolman, Alexander (1999), “What should the monetary authority do when prices are sticky?”, in Taylor, John B., Monetary policy rules, Chicago: University of Chicago Press, ISBN 9780226791265.
  24. Jump up^ Taylor, John B. (1999), “Staggered price and wage setting in macroeconomics”, in Taylor, John B.; Woodford, Michael, Handbook of macroeconomics, Amsterdam New York: North-Holland Elsevier, pp. 1009–50, ISBN 9780444501585.
  25. Jump up^ Taylor, John B. (April 1968). Fiscal and monetary stabilization policies in a model of endogenous cyclical growth (BA thesis). Princeton University.
  26. Jump up^ Taylor, John B. (October 1968). “Fiscal and monetary stabilization policies in a model of endogenous cyclical growth”(pdf). Research Memorandum No. 104. Econometric Research Program, Princeton University. OCLC 22687344.
  27. Jump up^ Taylor, John B. (September 1979). “Estimation and control of a macroeconomic model with rational expectations”EconometricaWiley47 (5): 1267–86. JSTOR 1911962doi:10.2307/1911962.
  28. Jump up^ Bernanke, Ben (2004). The Great Moderation. Remarks at the meeting of the Eastern Economic Association.
  29. Jump up^ Orphanides, Athanasios (2007). Taylor rules (pdf). Finance and Economics Discussion Series 2007–18. Federal Reserve Board.
  30. Jump up^ Davig, Troy; Leeper, Eric M. (June 2007). “Generalizing the Taylor Principle”. The American Economic ReviewAmerican Economic Association97 (3): 607–35. JSTOR 30035014.NBER Working Paper 11874, December 2005.
  31. Jump up^ Clarida, Richard; Galí, Jordi; Gertler, Mark (February 2000). “Monetary policy rules and macroeconomic stability: evidence and some theory”Quarterly Journal of EconomicsOxford Journals115 (1): 147–80. doi:10.1162/003355300554692. Pdf.
  32. Jump up^ Taylor, John B. (2008), “Housing and monetary policy”, in Reserve Bank of Kansas City, Housing, housing finance, and monetary policy: a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 30-September 1, 2007, Kansas City, Missouri: Reserve Bank of Kansas City, pp. 463–76, OCLC 170267547
  33. Jump up^ Taylor, John B. (2009), “The financial crisis and the policy response: an empirical analysis of what went wrong (housing and monetary policy)”, in Bank of Canada Staff, Festschrift in honour of David Dodge’s contributions to Canadian public policy: proceedings of a conference held by the Bank of Canada, November, 2008, Ottawa: Bank of Canada, pp. 1–18, ISBN 9780660199276.
  34. Jump up^ Taylor, John B. (February 9, 2009). “How government created the financial crisis”The Wall Street Journal. p. A19. Pdf.
  35. Jump up^ Taylor, John B. (November 25, 2008). “Why permanent tax cuts are the best stimulus”The Wall Street Journal. Retrieved June 30, 2011.
  36. Jump up^ Taylor, John B.; Cogan, John F.; Cwik, Tobias; Wieland, Volker (March 2010). “New Keynesian versus old Keynesian government spending multipliers”Journal of Economic Dynamics and ControlElsevier34 (3): 281–95. doi:10.1016/j.jedc.2010.01.010.
  37. Jump up^ Coenen, Guenter; et al. (September 2011). “Effects of fiscal stimulus in structural models”American Economic Journal: MicroeconomicsAmerican Economic Association4 (1): 22–68. doi:10.1257/mac.4.1.22. Pdf.
  38. Jump up^ Taylor, John B. (September 2011). “An empirical analysis of the revival of fiscal activism in the 2000s”Journal of Economic LiteratureAmerican Economic Association49 (3): 686–702. JSTOR 23071727doi:10.1257/jel.49.3.686. Pdf.
  39. Jump up^ “Taylor Says U.S. Needs `Sound’ Monetary, Fiscal Policies”Bloomberg Television thru Washington Post. June 27, 2011. Retrieved June 30, 2011.

External links

Story 2: No Tax Reform By Changing From Income Tax System to Broad Based Consumption Tax — The FairTax or Fair Tax Less — No Middle Class Tax Relief From Payroll Taxes — No Real Cuts in Federal Spending As Budget Deficits Rise with Rising National Debt and Unfunded Liabilities — Spending Addiction Disorder — Government Obesity — Crash Diet of Balanced Budgets Required — Videos

Paul Ryan’s full interview on GOP tax plan

GOP unveils tax plan (full event)

The House GOP Announces Their Tax Cut Plan

How the tax reform rollout will play out for Republicans

BREAKING: President Trump making jobs and tax proposal announcement

The House Republican tax bill, explained

It radically cuts taxes on corporations and wealthy heirs.

House Ways and Means Chair Kevin Brady (center) with House and Senate leaders Paul Ryan and Mitch McConnell.
 Alex Wong/Getty Images

After months, even years, of outlines and blueprints and “frameworks,” Republicans in the House of Representatives finally released their first attempt at an actual tax reform billon Thursday.

While the broad strokes of the Tax Cuts and Jobs Act were telegraphed weeks, if not months, in advance, this is the first time Republicans in any branch of the federal government have described their tax plan in enough detail that it can actually be debated, scored by the Congressional Budget Office so its cost and effects on the rich and poor are known, and voted upon by the House and Senate.

The legislation seeks to dramatically cut taxes on corporations and consolidate benefits like personal exemptions, the standard deduction, and the child credit for individuals. It would eliminate the alternative minimum tax and estate tax, and pare back certain individual deductions. It would also offer a new low tax rate for owners of “pass-through” businesses like LLCs and partnerships, whose income from their businesses is taxed as personal income.

The bill in its current form would almost certainly give disproportionate benefits to wealthy Americans, who tend to benefit from corporate tax cuts more than non-wealthy Americans and who could likely exploit the pass-through rate by setting up dummy corporations. People earning between $400,000 and $1 million would face a significantly lower top income tax rate.

But the bill will almost certainly not remain in its current form. As written, it is almost guaranteed to increase the budget deficit by trillions over 10 years, and quite possibly keep increasing the deficit after 10 years are up.

That’s a big problem: Under Senate rules, some legislation can pass with only 51 votes only if it doesn’t increase the long-run deficit. So the current draft of the legislation would probably need 60 votes instead, meaning significant Democratic support, which Republican leaders haven’t been even trying to court. They need legislation that can pass with 51 votes, and for that, they need the bill to not raise the long-run deficit.

That means the bill needs to change — either the cuts need to get smaller or Republican leaders need to find new ways to raise money, or both. But the bill in its current form at least suggests what GOP leaders want to do.

The bill would good for corporations and the wealthy

Before delving into the bill’s details, it’s worth taking a moment to consider who, all told, comes out ahead and behind. Here’s who would be better off:

  • Corporations, broadly, are the focus of most of the tax cuts. According to the Joint Committee on Taxation, cutting the corporate tax rate from 35 percent to 20 percent, as the bill does, costs nearly $1.5 trillion over 10 years. They also gain new, more favorable treatment of income earned abroad, which is either not taxed or taxed at an even lower rate than 20 percent.
  • Wealthy, particularly ultrawealthy people, who tend to earn a disproportionate share of their income from capital (like stock sales and dividends) and thus benefit from cuts to the corporate tax, which is largely a tax on capital. If the corporate tax also reduces wages, as some conservative economists allege, then corporate cuts still disproportionately help the wealthy, as a huge share of wages go to high earners, not low- or median-wage workers. Additionally, the pass-through cut could enable some wealthy people who either own pass-throughs or create new ones to shelter some of their income from high rates.
  • People making mid to high sixfigure incomes, who arguably should count as wealthy or rich too. By raising the threshold for the 39.6 percent rate on individual income to $1 million for couples, up from $470,700 today, people with incomes in the $600,000 to $700,000 range will get a sizable reduction, in addition to the low-end tax cut they get because the new 12 percent bracket will apply to income now taxed at 15 or 25 percent.
  • Pass-through companies, like the Trump Organization, which get a new very low rate. There are some provisions included meant to prevent rich individuals from using this tax break as a way to shelter income, but they only limit the benefit in many cases. The overwhelmingly rich owners of these companies will still come out way ahead.
  • Heirs and heiresses, as the estate tax is first reduced (by increasing the exemption and applying it to an even smaller sliver of the hyperrich) and then eliminated entirely.

But the bill would hurt the poor and increase the deficit

The GOP’s tax reform proposal would leave other groups worse off:

  • Blue state residents would pay higher taxes, as the state and local income/sales tax deduction is eliminated and the one for property taxes is somewhat curtailed. That said, wealthy people benefiting from these deductions will likely see this tax hike offset by the other tax cuts in the package.
  • The housing sector faces a new limit on the mortgage interest deduction. For individual taxpayers, the rate cuts largely make up for this, but it reduces the incentive to buy and build homes, which could affect lenders, construction companies, real estate firms, etc.
  • Poor families were rumored to be getting a tax cut due to a change in the refundability formula for the child tax credit — but that didn’t make it into the bill. The credit only goes to families with $3,000 in earnings or more, and phases in slowly; some in Congress were pushing to lower the threshold to $0, but they didn’t succeed. Instead, a provision denying the child tax credit to American citizen children whose parents are undocumented immigrants is included.
  • And it would increase the deficit; the Joint Committee on Taxation has reportedly scored the bill as costing $1.51 trillion over 10 years, about what the House/Senate budget allocated for the bill but still a sizable increase in the public debt.

Here’s the Joint Committee on Taxation’s estimates of what each provision raises and costs in tax revenue:

Committee for a Responsible Federal Budget’s summary of the bill’s costCommittee for a Responsible Federal Budget

Individual income tax rates are consolidated and cut

The new tax reform bill (which, again, draws on plans Trump and congressional Republicans have released going back over a year now) would significantly change individual income tax brackets:

  • The seven current individual income tax brackets would be consolidated to four: 12 percent (up from the current bottom rate of 10 percent), 25 percent, 35 percent, and 39.6 percent.
  • Keeping the 39.6 percent top rate is a huge change from past Republican plans, which have focused heavily on cutting the maximum rate the richest households pay. However, the plan significantly reduces how many people pay the top rate: The threshold for the last bracket would increase from $470,700 for married couples today to $1 million.
  • The 35 percent rate would cover some affluent households currently paying a marginal rate of 33 percent, potentially raising their taxes; and the 12 percent bracket would extend into the income range currently covered by the 25 percent bracket, lowering taxes for many middle- and upper-middle-class households.
  • The thresholds for brackets will be adjusted according to chained CPI, a slower-growing measure of inflation than normal CPI, which is used currently; this change raises revenue over time by gradually pushing more and more people into higher tax brackets.
  • De facto taxes on some corporate executives would go up: Performance pay and commissions above $1 million would no longer be deductible for the purposes of corporate taxes.

The standard deduction is increased, personal exemptions are eliminated, and the child tax credit is mildly boosted

Standard benefits for families are changed significantly, with an eye toward simplifying the vast array of benefits (standard deductions, personal exemptions, child credits, etc.) currently available:

  • The standard deduction will be raised to $24,000 for couples and $12,000 for individuals, a near doubling from current levels.
  • The child tax credit, currently $1,000, will grow to $1,600, and a new $300 credit for parents and other non-child dependents in the house (the $300 credit expires after five years, presumably to save money).
  • Sens. Marco Rubio (R-FL) and Mike Lee (R-UT) have spent months working with Ivanka Trump, and persuaded her to abandon her plan to add a tax deduction for child care in favor of an increased child tax credit. It appears House Speaker Paul Ryan and Ways and Means Chair Kevin Brady (R-TX) have adopted this approach — but have fallen short of the $2,000, more refundable credit Rubio and Lee want.
  • The child credit would be available for more wealthy households: It would start to phase out at $230,000 in earnings for married couples, as opposed to $110,000 under current law. It would not be expanded for poor families without a tax liability, as Rubio and Lee had proposed.
  • The personal exemption (currently offering households $4,050 per person in deductions) is eliminated, replaced in theory by the higher child credit and standard deduction.

Some deductions are limited, but most remain intact

  • The mortgage interest deduction is unchanged for current homeowners, but for all future mortgages, the benefit would be capped at a home value of $500,000, down from $1 million under current law.
  • The deduction for state and local income/sales taxes would be eliminated.
  • The deduction for state and local property taxes would be capped at $10,000, somewhat curtailing the current tax break.
  • A variety of other, much smaller deductions, like the medical expense deduction and the property casualty loss deductions, are repealed.
  • Most major tax breaks for individuals — the charitable deduction, retirement incentives like 401(k) and IRA provisions, the tax exclusion for employer-provided health care, the earned income tax credit, and the child and dependent care tax credit — would remain unchanged.

Corporate taxes are slashed dramatically

  • The corporate income tax rate will be lowered from 35 percent to 20 percent.
  • The corporate tax will be “territorial”: Foreign income by US companies will be tax-free.
  • All untaxed income currently held overseas will immediately be taxed at a fixed rate: 12 percent for money held in liquid assets like stocks and bonds, 5 percent for intangibles like buildings and factories.
  • Despite the tax being “territorial” in principle, there will be a 10 percent “minimum tax” imposed on profits above a certain threshold from foreign subsidiaries of US companies in the future, to prevent companies from moving income abroad to avoid taxes.
  • Additionally, any money that multinational corporations move from the US abroad will be subject to a new 20 percent tax.
  • Instead of having companies “depreciate” investments by deducting them over several years, companies could immediately expense all their investments. This benefit expires after five years, presumably to save money, which dampens any positive effect it has on economic growth.
  • Companies paying the corporate income tax would face a limit on how much debt they can deduct from their taxable income, a significant change for highly leveraged companies like banks. They could only deduct interest worth up to 30 percent of earnings before interest/taxes/depreciation/amortization. But real estate firms would be exempt from that limit.
  • Two big existing credits for corporations — the research and development tax credit and the low-income housing credit — won’t be repealed. But a deduction for domestic manufacturing is gone.

Pass-throughs like the Trump Organization win big

“Pass-through” companies like LLCs, partnerships, sole proprietorships, and S corporations, which are overwhelmingly owned by rich individuals like Donald Trump and currently pay normal income tax rates after their earnings are returned to the companies’ owners, would get a huge number of tax cuts too:

  • Taxes on pass-through income would be capped at the 25 percent bracket rather than the top individual rate.
  • Pass-through companies would still be able to deduct interest on loans in full, unlike C-corporations.
  • The 25 percent bracket creates a huge loophole for rich people, who could incorporate as sole proprietorships and “contract” with their employers so their income is pass-through income rather than wages.
  • To partially control that, the law would assume that 100 percent of earnings from professional services firms, like law firms and accounting firms, is wages, not pass-through income. For other businesses, people actively involved in the business as more than passive investors would see 70 percent of their income classified as wages and taxed normally, and 30 percent taxed at the pass-through rate.

Two other significant tax provisions are abolished:

  • The alternative minimum tax, which increases taxes for certain affluent or upper-middle-class households, is repealed.
  • The exemption for the estate and gift tax, the most progressive component of the federal tax code, only paid by extremely rich estates, is doubled, further limiting who pays it, and the whole tax is then gradually abolished.

And a brand new 1.4 percent tax on university endowment income is added.

The case for the bill

For the public at large, the case for a massive corporate tax cut is sort of hard to grasp. Seventy-three percent of Americans, and 53 percent of Republicans, say they want corporate taxes either kept the same or raised, according to Pew Research Center polling. That the cuts are pared with some tax increases on individuals, like the elimination of the deduction for state and local income taxes and the Social Security Number requirement which kicks some 3 million kids off the child tax credit, makes the choice even more confounding.

But the GOP has a specific economic theory that it claims supports the bill and makes the changes it envisions worthwhile.

The basic idea is that while most economists believe corporate taxes are primarily paid by owners of capital (that is, people who own stock in corporations) in the form of lower profits, a sizable minority, including White House chief economist Kevin Hassett, think that a large share of the tax is paid by workers in the form of lower wages.

In an influential 2006 paper analyzing data in 72 countries across 22 years, he and his American Enterprise Institute colleague Aparna Mathur estimated that a “1 percent increasein corporate tax rates is associated with nearly a 1 percent drop in wage rates.” A second paper in 2010 found a slightly smaller effect (a 0.5 to 0.6 percent decrease in wage rates per 1 percent increase in corporate tax rates) but still concluded that labor was ultimately paying the tax. More than paying it, in fact — they estimate that labor pays 2,200 percent of the tax’s burden, a really extraordinary estimate.

That suggests that cutting corporate taxes would be a very easy way to raise wages for ordinary workers. Hassett has also gone a step further and, with his AEI colleague Alex Brill, argued that cutting the corporate income tax could raise economic growth enough to actually increase revenue: a Laffer effect. They conclude, based on a data set covering rich developed countries from 1980 to 2005, that the revenue-maximizing corporate tax rate is about 26 percent, significantly below the US rate.

Plenty of economists and tax researchers have argued that Hassett’s results in particular are implausible, and reach some absurd conclusions. Jane Gravelle and Thomas Hungerford at the Congressional Research Service noted that the initial Hassett-Mathur study predicted a $1 increase in the corporate tax would reduce wages by between $22 and $26. Their 2010 follow-up predicted a wage loss of $13 per for every additional dollar paid in corporate taxes. But it’s very strange to imagine a corporation responding to an increase in costs like that. The implication is that corporations could have cut wages significantly before the tax hike without negative consequences and simply didn’t.

A more recent survey of the empirical research by Reed College’s Kimberly Clausing found “very little robust evidence linking corporate tax rates and wages.” The consensus in the field remains that most of the tax is paid by capital (as Treasury and the CBO both assume).

But if you believe that corporate tax cuts lead to raises, then corporate taxes should help workers. The biggest beneficiaries will, again, be rich people earning the most wages, but the benefits will trickle down more broadly too.

Other, smaller provisions of the reform package also have reasonable cases for them. The mortgage interest deduction is a huge distortion that leads to fewer people renting than should and hoards benefits among rich homeowners; the bill would reduce that advantage. Opponents of the state and local tax deduction, which the bill would largely eliminate, argue it’s regressive and concentrates benefits on rich states rather than poor ones that actually need the money. The current mix of standard deductions, personal exemptions, and child credit is needlessly duplicative, and the bill simplifies it a bit.

Others are a bit harder to defend. Many economists oppose wealth taxes like the estate tax on the grounds that they penalize savings, but intergenerational transmission of wealth also has huge negative externalities (heirs less willing to work, less equal politics, etc.) that eliminating the estate tax entirely would worsen.

Cutting taxes on pass-through income is particularly hard to defend. Pass-throughs already get a sizable tax advantage relative to other companies. While corporate profits are taxed in two stages — first by the corporate income tax, and then through dividend or capital gains taxes — pass-through income is only taxed once, at the individual level. This change would worsen that advantage.

Pass-throughs will counter that in many cases, people who own stock through 401(k)s and IRAs don’t have to pay capital gains or dividend taxes, and so their profits are only taxed at the corporate rate, which is lower than the top individual rate (and would be much lower under this plan), putting pass-throughs at a potential disadvantage. But analysts who’ve looked at this comparison generally conclude that pass-throughs are taxed less overall, and certainly don’t need another break.

Where the bill goes from here

As of this writing, the bill has not been officially scored for its cost and distribution, though the Joint Committee on Taxation has reportedly scored it as costing $1.51 trillion, just outside the $1.5 trillion the GOP budget set aside for tax reform.

Given that price tag, it’s hard to imagine the bill not raising the deficit after 10 years. Some provisions phase out, presumably to lower the long-run deficit effects for scoring purposes, but that’s unlikely to be enough. And so long as the legislation still increases the long-run deficit, it’s a nonstarter in the Senate.

What’s likely, then, is that this is an opening entry designed to pass the House and then be worked over, and shrunk in scale, in the Senate.

The legislation will face a lot of pressure to expand or protect certain cuts, and to abandon certain pay-fors. Mortgage lenders and housing builders will push against limiting the mortgage interest deduction, blue-state Republicans will fight the limit on property tax deductions, and just about every business will fight for as much as they can get in corporate tax cuts and pass-through cuts (the fact that lobbying firms are organized as pass-throughs might mean trouble for the rule eliminating pass-through privileges for law firms). Social conservatives and anti-poverty campaigners will fight for a bigger child tax credit, available to more poor families.

All of that makes the bill more expensive, and harder to pass in the Senate. So far, Republican leaders have mostly punted on designing the kinds of pay-fors that would make the plan viable under Senate rules. They can’t keep punting for much longer.

https://www.vox.com/2017/11/2/16596896/house-republican-tax-reform-cuts-trump-ryan-explained

House GOP tax plan filled with tough tradeoffs

The tax overhaul is Republicans’ top priority ahead of next year’s elections, and lawmakers are desperate for a victory after the Obamacare repeal failed.

Updated 

House Republicans unveiled plans Thursday for a sweeping overhaul of the tax system calling for fundamental changes in business and individual taxes, including big cuts in rates and new breaks for families.

It also includes provisions sure to stoke controversy and fierce lobbying, including new limits on the popular mortgage interest deduction. People could only deduct interest on the first $500,000 of loans for newly purchased homes, down from the current $1 million, and lawmakers would eliminate the break for second homes. The bill would also make it harder for people to sell their homes without paying taxes on any capital gains.

And there would be sharply lower limits on a long-standing break for state and local taxes.

While big companies would get a significantly lower 20 percent corporate rate, down from 35 percent, they would face new limits on their ability to deduct interest on their loans, a new global minimum tax on their overseas earnings, and new taxes on U.S. companies heading abroad.

Republicans dropped a contentious plan to curb tax benefits for 401(k) retirement plans, which had GOP lawmakers cheering House Ways and Means Chairman Kevin Brady at a closed door briefing on the plan.

The unveiling of the 429-page bill — and a summary that runs 82 pages — kicks off what is sure to be a grueling slog to get legislation to President Donald Trump by the end of the year.

Exactly who would lose in the proposal — dubbed the “Tax Cuts and Jobs Act” — has been a closely guarded secret, and many lawmakers will surely be surprised at the scope of changes needed to make the numbers behind the plan work.

Several influential business groups slammed the proposal.

The National Federation of Independent Business announced its opposition, citing restrictions lawmakers included on which small businesses can claim their lower tax rate on unincorporated “pass-through” firms. The issue has been one of the most difficult for lawmakers to work out, and could prove to be one of the most contentious going forward.

Though lawmakers would reduce the rate on those businesses to 25 percent, there would be limits on which firms could take advantage, provisions designed to avoid gaming by wealthy individuals.

Under the proposal, pass-throughs would get the lower rate on 30 percent of their profits, with the remainder taxed at ordinary income tax rates, though there would be circumstances in which businesses could qualify for a bigger share being subject to the special rate. That means, though, that some pass- throughs would actually pay more than 25 percent under the plan.

“This bill leaves too many small businesses behind,” said Juanita Duggan, the group’s president. “We believe that tax reform should provide substantial relief to all small businesses.”

The National Association of Home Builders said the legislation “eviscerates” housing tax benefits, and “abandons middle class taxpayers.”

The National Association of Realtors meanwhile has already begun lobbying against the proposal, running online ads in tax writers’ districts. “Don’t let tax reform become a tax increase for middle-class homeowners,” the ad says.

Other business groups embraced the plan, including the U.S. Chamber of Commerce and the Business Roundtable.

“This bold tax reform bill is exactly what our nation needs to get our economy growing faster,” said Neil Bradley, a senior vice president at the Chamber of Commerce. Said Jamie Dimon, head of JP Morgan Chase & Co. and the Business Roundtable: “We support this tax reform effort because it is good for all Americans.”

The plan is Republicans’ top priority ahead of next year’s elections, and lawmakers are desperate for a victory to take to voters after the failed campaign to repeal the Affordable Care Act.

Republicans are hoping to move it quickly through the House, with committee action penciled in for next week. Lawmakers aim to forward it on to the Senate later this month. Senate Republicans are working on their own competing plan they aim to unveil next week. Lawmakers hope to land a compromise on Trump’s desk by the end of the year.

House leaders, who have written the plan in secret, have avoided identifying most of the breaks that would be quashed under the proposal in order to keep lobbyists at bay. But many Republicans had little inkling of what’s in the bill, and the strategy means leaders have not had much opportunity to build support among rank-and-file members for controversial proposals.

The bill is loaded with sure-to-be contentious ideas affecting broad swathes of the economy. It would delete a long-standing deduction for people with high medical bills — including those with chronic conditions. People would have to live longer in their homes, under the bill, to qualify for tax-free treatment of capital gains when they sell their houses.

It would also kill a long-standing breaks for adoptions, and for student loan interest costs. Private universities would face a new 1.4 percent tax on their investment earnings from their endowments. The Work Opportunity Credit, which encourages businesses to hire veterans, would be eliminated. So too would the New Markets Tax credit, which encourages investment in poor areas.

Tax benefits related to fringe benefits would be curtailed. It would also dump a long-standing break for casualty losses that allow people to deduct things lost in fires and storms, although it would continue to allow the provision for people hit by hurricanes — no doubt reflecting the influence of Brady, whose Houston-area district was hit by Hurricane Harvey.

Foreign companies operating in the United States would face higher taxes under the proposal, as would companies such as pharmaceutical firms that move overseas and want to sell goods back to the United States.

An official cost estimate of the legislation was not immediately available, though Brady said that would be released Thursday. He said the legislation met his party’s budget stipulating that they could not cut taxes by more than $1.5 trillion.

For individuals, the plan would reduce the number of tax brackets to four from the current seven, with the top rate remaining at 39.6 percent. Republicans would more than double the income threshold at which the top rate would kick in to $1 million for married couples. They would simultaneously raise taxes on the rich, though, by limiting their ability to take advantage of their lowest income tax bracket. The 35 percent bracket would begin at $260,000 for married couples, and the threshold for a 25 percent bracket would be $90,000 under the plan.

Republicans would also get rid of personal exemptions, which are designed to adjust tax burdens for family size. The plan would instead double the standard deduction while increasing both the size of the child tax credit to $1,600, from the current $1000, while increasing the income threshold at which it could be claimed. They would also create a new $300 credit for adult dependents as well as another $300 “family flexibility” credit.

The bill would ease the estate tax by doubling the threshold at which it would kick in before eventually repealing it.

But they would face new limits on their ability to deduct interest payments on the money they borrow. They would also face a new 10 percent foreign minimum tax targeting companies that squirrel away money in offshore tax havens. Life insurance companies would lose a number of tax benefits, private activity bonds would be eliminated and tax-exempt bonds could no longer be used to help build professional sports stadiums.

Rachael Bade and Sarah Ferris contributed to this report.

https://www.politico.com/story/2017/11/02/tax-reform-house-gop-plan-244453

House GOP Tax Plan Sticks With Big Corporate Cuts

The Tax Cuts and Jobs Act seeks the biggest transformation of tax code in more than 30 years; leaves top individual tax rate at 39.6%

WASHINGTON—House Republicans, seeking the biggest transformation of the U.S. tax code in more than 30 years, aim to permanently chop the corporate tax rate from 35% to 20%, compress the number of individual income tax brackets, and over time repeal the taxes paid by large estates.

https://www.wsj.com/articles/republicans-stick-with-big-corporate-tax-cuts-in-house-bill-1509629510

 

 

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Trump picks Jerome Powell to succeed Yellen as Fed chair

  • President Donald Trump nominated Jerome Powell to run the Federal Reserve once current Chair Janet Yellen’s term expires in February.
  • Powell led a diverse field of potential nominees that included former Governor Kevin Warsh, Stanford economist John Taylor, chief Trump economic advisor Gary Cohn, and Yellen herself.
  • Yellen’s term has been marked by a mostly uninterrupted bull market that began in March 2009 and low interest rates even as the Fed has sought to unwind the stimulus initiated during the crisis.

President Donald Trump announces his nominee for Chairman of the Federal Reserve, Jerome Powell (L), in the Rose Garden of the White House in Washington, DC, November 2, 2017.

President Trump announces Jerome Powell as next Fed chair nominee  

President Donald Trump nominated Jerome Powell to run the Federal Reserve once current Chair Janet Yellen’s term expires, in a move widely expected and one unlikely to disturb the roaring stock market.

Trump made the announcement during a Thursday afternoon ceremony in the Rose Garden.

The move follows an extended period of speculation over who would be named to head the central bank, whose aggressive policies have been considered central to a climate of low interest rates, surging job creation and booming asset prices.

“Today is an important milestone on the path to restoring economic opportunity to the American people,” Trump said with Powell standing to his right and the prospective chairman’s family nearby. The president said the Fed requires “strong, sound and steady leadership” and Powell “will provide exactly that type of leadership.”

“He’s strong, he’s committed and he’s smart, and if he is confirmed by the Senate, Jay will put his considerable talents and experience to work leading our nation’s independent central bank,” Trump added.

President Donald Trump announces Federal Reserve board member Jerome Powell as his nominee for the next chair of the Federal Reserve in the Rose Garden of the White House in Washington, Thursday, Nov. 2, 2017.

Alex Brandon | Reuters
President Donald Trump announces Federal Reserve board member Jerome Powell as his nominee for the next chair of the Federal Reserve in the Rose Garden of the White House in Washington, Thursday, Nov. 2, 2017.

Powell led a diverse field of potential nominees that included former Governor Kevin Warsh, Stanford economist John Taylor, chief Trump economic advisor Gary Cohn, and Yellen herself.

Trump’s relationship with Yellen has evolved; during the 2016 presidential campaign he said the Fed chief should be “ashamed” of the way she has run the Fed, arguing that Yellen kept policy loose for political reasons to boost the fortunes of former President Barack Obama.

Since taking office, though, his views have changed and he offered warm words for her Thursday despite deciding to replace Yellen and make her the briefest-serving Fed chair since G. William Miller from 1978-79.

Yellen’s term has been marked by a mostly uninterrupted bull market run in stocks that began in March 2009 and low interest rates even as the Fed has sought to unwind the stimulus initiated during the crisis. The central bank has hiked its benchmark interest rate four times under Yellen and has taken the first steps in unwinding the $4.5 trillion balance sheet built up during the efforts to spur growth through bond purchases.

Yellen is “a wonderful woman who’s done a terrific job,” Trump said. “We have been working together for 10 months and she is absolutely a spectacular person. Janet, thank you very much. We appreciate it.”

Though the Powell nomination was widely reported and anticipated for weeks, markets reacted positively to the announcement, with the Dow industrials tacking on about 60 points in the half-hour or so after Trump took the podium.

“Jerome Powell is a smart choice for Fed chair,” said Richard Clarida, global strategic advisor at bond giant Pimco. “He is likely to provide monetary policy continuity by adopting Yellen’s framework of gradually normalizing rates and predictably reducing the Fed’s balance sheet. He is also likely to be more receptive to calls for adjusting financial regulation prudently, especially for smaller banks.”

Powell had been named to fill an unexpired term in 2012 that won’t end until 2028. He is viewed as a convenient choice, someone who likely will continue the programs of the Yellen Fed but allow Trump a chance to put his own stamp on the central bank.

“I’m both honored and humbled by this opportunity to serve our great country,” Powell said. “If I am confirmed by the Senate, I will do everything within my power to achieve our congressional assigned goals of stable prices and maximum employment.”

The Fed is in the midst of normalizing the historically accommodative monetary policy it had begun to help pull the U.S. from the throes of the financial crisis and the Great Recession.

Under Yellen, the Fed has hiked interest rates four times and is expected to approve another increase in December. In addition, it is unwinding its $4.5 trillion balance sheet, which primarily consists of bonds the Fed purchased in an effort to drive down mortgage rates and push investors to risk assets like stocks and corporate bonds.

Powell has been part of the Fed’s voting consensus since taking his seat, not once veering from the majority’s position.

“I think the president has made a spectacular choice, and I’m really supportive of what the president is doing,” Cohn told the Economic Club of Washington, D.C. earlier in the day.

But the move had some critics, primarily from those worried about Powell’s academic background. Most Fed chairs have been PhDs and have more background in economics than Powell, who has spent much of his career as a lawyer, in investment banking and at the Treasury under former President George H.W. Bush.

” Powell’s resume is not up to the standards we would expect of a nominee for Fed Chair,” Paul Ashworth, chief U.S. economist at forecasting firm Capital Economics said in a note. “The risk of a serious policy mistake — in either direction — will arguably be higher under Powell’s leadership than under Yellen’s.”

https://www.cnbc.com/2017/11/02/trump-picks-jerome-powell-to-succeed-yellen-as-fed-chair.html

 

 

Jerome H. Powell

From Wikipedia, the free encyclopedia
Jerome H. Powell
Jerome H. Powell.jpg
16th Chairman of the Federal Reserve
Nominee
Assumed office
February 4, 2018*
President Donald Trump
Preceded by Janet Yellen
Member of the Federal Reserve Board of Governors
Assumed office
May 25, 2012
President Barack Obama
Preceded by Frederic Mishkin
Under Secretary of the Treasury for Domestic Finance
In office
1992–1993
President George H. W. Bush
Preceded by Robert R. Glauber
Succeeded by Frank N. Newman
Personal details
Born Jerome Hayden Powell
February 4, 1953 (age 64)
Washington, D.C.
Political party Republican[1]
Spouse(s) Elissa Leonard (m. 1985)
Children 3
Residence Chevy Chase, Maryland
Education Princeton University (BA)
Georgetown University (JD)
Net worth $19.7 – 55 million[2][3]
*Pending Senate confirmation

Jerome Hayden Powell (born February 4, 1953) is a member of the Federal Reserve Board of Governors and has served since 2012. On November 2, 2017, President Donald Trump nominated Powell to serve as the Chair of the Federal Reserve.[4]

Early life and education

Jerome H. Powell was born on February 4, 1953 in Washington, D.C., the son of Patricia (Hayden) and Jerome Powell, a lawyer in private practice.[5] His maternal grandfather, James J. Hayden, was Dean of the Columbus School of Law.[6]

In 1971, Powell graduated from Georgetown Preparatory School, a Jesuit university-preparatory school. He received a Bachelor of Arts in politics from Princeton University in 1975. In 1975-1976, he spent a year as a legislative assistant to Senator Richard Schweiker of Pennsylvania,[7][8] who ran an unsuccessful campaign for Vice President of the United States on a ticket with Ronald Reagan during the primary election in 1976.

Powell earned a Juris Doctor degree from Georgetown University in 1979, where he was editor-in-chief of the Georgetown Law Journal.[9]

Career

In 1979, Powell moved to New York City and became a clerk to Judge Ellsworth Van Graafeiland of the United States Court of Appeals for the Second Circuit. From 1981 to 1983, he was a lawyer with Davis Polk & Wardwell, and from 1983 to 1984, he worked at the firm of Werbel & McMillen.[8]

From 1984 to 1990, Powell worked at Dillon, Read & Co., an investment bank, where he concentrated on financing, merchant banking, and mergers and acquisitions, rising to the position of vice president.[8][10]

Between 1990 and 1993, Powell worked in the United States Department of the Treasury, at which time Nicholas F. Brady, the former chairman of Dillon, Read & Co., was the United States Secretary of the Treasury. In 1992, Powell became the Under Secretary of the Treasury for Domestic Finance after being nominated by George H. W. Bush.[8][10][7] During his stint at the Treasury, Powell oversaw the investigation and sanctioning of Salomon Brothers after one of its traders submitted false bids for a United States Treasury security.[11] Powell was also involved in the negotiations that made Warren Buffett the chairman of Salomon.[12]

In 1993, Powell began working as a managing director for Bankers Trust, but he quit in 1995 after the bank got into trouble after several customers suffered large losses due to derivatives. He then went back to work for Dillon, Read & Co.[10]

From 1997 to 2005, Powell was a partner at The Carlyle Group, where he founded and led the Industrial Group within the Carlyle U.S. Buyout Fund.[9][13]

After leaving Carlyle, Powell founded Severn Capital Partners, a private investment firm focused on specialty finance and opportunistic investments in the industrial sector.[14]

In 2008, Powell became a managing partner of the Global Environment Fund, a private equity and venture capital firm that invests in sustainable energy.[14]

Between 2010 and 2012, Powell was a visiting scholar at the Bipartisan Policy Center, a think tank in Washington, D.C., where he worked on getting Congress to raise the United States debt ceiling during the United States debt-ceiling crisis of 2011. Powell presented the implications to the economy and interest rates of a default or a delay in raising the debt ceiling.[13] He worked for a salary of $1 per year.[3]

Federal Reserve Board of Governors

In December 2011, along with Jeremy C. Stein, Powell was nominated to the Federal Reserve Board of Governors by President Barack Obama. The nomination included two people to help garner bipartisan support for both nominees since Stein’s nomination had previously been filibustered. Powell’s nomination was the first time that a president nominated a member of the opposition party for such a position since 1988.[1] He took office on May 25, 2012, to fill the unexpired term of Frederic Mishkin, who resigned. In January 2014, he was nominated for another term, and, in June 2014, he was confirmed by the United States Senate in a 67-24 vote for a 14-year term ending January 31, 2028.[15]

In 2013, Powell made a speech regarding financial regulation and ending “too big to fail“.[16] In April 2017, he took over oversight of the “too big to fail” banks.[17]

Nomination as Chair of the Federal Reserve

On November 2, 2017, President Donald Trump nominated Powell to serve as the Chair of the Federal Reserve.[4]

Economic philosophy

Monetary policy

A survey of 30 economists in March 2017 noted that Powell was slightly more of a monetary dove than the average member of the Board of Governors. However, The Bloomberg Intelligence Fed Spectrometer rated Powell as neutral (i.e. neither a hawk or a dove). Powell has been a skeptic of round 3 of quantitative easing, initiated in 2012, although he did vote in favor of implementation.

Financial regulation

Powell “appears to largely support” the Dodd–Frank Wall Street Reform and Consumer Protection Act, although he has stated that ““we can do it more efficiently”.[18]

In an October 2017 speech, Powell stated that higher capital and liquidity requirements and stress tests have made the financial system safer and must be preserved. However, he also stated that the Volcker Rule should be re-written to exclude smaller banks and asked “Can we achieve this safety and soundness objective, this stability objective, at a lower cost to consumers and financial institutions?”[19]

Housing finance reform[edit]

In a July 2017 speech, Powell said that, in regards to Fannie Mae and Freddie Mac, the status quo is “unacceptable” and that the current situation “may feel comfortable, but it is also unsustainable”. He warned that “the next few years may present our last best chance” to “address the ultimate status of Fannie Mae and Freddie Mac” and avoid “repeating the mistakes of the past”. Powell expressed concerns that, in the current situation, the government is responsible for mortgage defaults and that lending standards were too rigid, noting that these can be solved by encouraging “ample amounts of private capital to support housing finance activities”.[20]

Personal life

In 1985, Powell married Ellissa Leonard.[5] They have 3 children[9] and reside in Chevy Chase Village, Maryland, where Ellissa is vice chair of the board of managers.[21] In 2006, they purchased a house for $3 million.[22]

In 2017, Powell reported that he had a net worth of between $19.7 million and $55 million, making him the richest member of the Federal Reserve Board of Governors.[2][3]

Powell has served on the boards of charitable and educational institutions including DC Prep, a public charter school, the Bendheim Center for Finance at Princeton University, and The Nature Conservancy. He was also a founder of the Center City Consortium, a group of 16 parochial schools in the poorest areas of Washington, D.C.[13]

Powell is a registered Republican.[1] In 2008, he contributed $30,800 to the 2008 election campaign of John McCain.[23]

References

  1. Jump up to:a b c APPELBAUM, BINYAMIN (December 27, 2011). “Obama to Nominate Two for Vacancies on Fed Board”The New York Times.
  2. Jump up to:a b “Executive Branch Personnel Public Financial Disclosure Report (OGE Form 278e)” (PDF). United States Office of Government Ethics. June 28, 2017.
  3. Jump up to:a b c Long, Heather (October 31, 2017). “Jerome Powell, Trump’s pick to lead Fed, would be the richest chair since the 1940s”The Washington Post.
  4. Jump up to:a b Gensler, Lauren (November 2, 2017). “Trump Taps Jerome Powell As Next Fed Chair In Call For Continuity”Forbes.
  5. Jump up to:a b “ELISSA LEONARD WED TO JEROME H. POWELL”The New York Times. September 15, 1985.
  6. Jump up^ “Patricia H. Powell’s Obituary on The Washington Post”The Washington Post.
  7. Jump up to:a b “Nomination of Jerome H. Powell To Be an Under Secretary of the Treasury” (Press release). University of California, Santa Barbara. April 9, 1992.
  8. Jump up to:a b c d GREENHOUSE, STEVEN (April 14, 1992). “New Duties Familiar To Treasury Nominee”The New York Times.
  9. Jump up to:a b c “Board Members: Jerome H. Powell”Federal Reserve Board of Governors.
  10. Jump up to:a b c “Banker Joins Dillon, Read”The New York Times. February 17, 1995.
  11. Jump up^ Powell, Jerome (October 5, 2017). “Treasury Markets and the TMPG”Federal Reserve Board of Governors.
  12. Jump up^ Loomis, Carol J. (October 27, 1997). “Warren Buffett’s Wild Ride at Salomon”Fortune.
  13. Jump up to:a b c “Bipartisan Policy Center: Jerome Powell”Bipartisan Policy Center.
  14. Jump up to:a b “GEF Adds to Investment Team” (Press release). Business Wire. July 8, 2008.
  15. Jump up^ “PN1350 — Jerome H. Powell — Federal Reserve System”United States Senate.
  16. Jump up^ Robb, Greg (March 4, 2013). “Fed’s Powell: Ending too big to fail to take years”MarketWatch.
  17. Jump up^ Borak, Donna (April 7, 2017). “Fed taps Jerome Powell to head oversight of ‘too big to fail’ banks”CNNMoney.
  18. Jump up^ Matthews, Steve (October 5, 2017). “Trump’s Short List for Fed Chair Features These Hawks and Doves”Bloomberg L.P.
  19. Jump up^ Price, Michelle; Schroeder, Pete (October 31, 2017). “Good news for overburdened small banks if Powell picked for Fed chair”Reuters.
  20. Jump up^ Klein, Matthew C. (July 7, 2017). “Jerome Powell has some curious ideas about housing finance”Financial Times.
  21. Jump up^ “Chevy Chase Village: Staff Directory”Chevy Chase Village, Maryland.
  22. Jump up^ “Home Sales”The Washington Post. October 12, 2006.
  23. Jump up^ “SCHEDULE A (FEC) ITEMIZED RECEIPTS”Federal Election Commission. May 27, 2008.

External links

Government offices
Preceded by
Robert R. Glauber
Under Secretary of the Treasury for Domestic Finance
1992–1993
Succeeded by
Frank N. Newman
Preceded by
Frederic Mishkin
Member of the Federal Reserve Board of Governors
2012–present
Incumbent

https://en.wikipedia.org/wiki/Jerome_H._Powell

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The Pronk Pops Show 989, October 25, 2017, Part 1 of 2: Story 1: Clinton’s Campaign and Democratic National Committee Paid For A  Fabricated  “Dossier” on Trump Used as Campaign  Propaganda  and Their Accomplices In The Obama Administration and Big Lie Media Aided and Abetted Them — Fearing Clinton Might Lose They Planned For An October Surprise That Would Finish Trump Off —  Surprise — Surprise –Videos — Story 2: Time To Fire Mueller & Rosenstein and Stop Wasting Taxpayer Money on Clinton Conspiracy Theory of Trump  Russian Collusion Based on A Fictional Dossier and No Evidence At All of Trump Collusion — Investigate The Obama Administration’s Use of The Intelligence Community (CIA, FBI, and NSA)  For Political Purposes By Their Secret Surveillance of American Citizens Including Trump and Campaign and Cover-up of Clinton Foundation Crimes of Racketeering and Public Corruption — The Cover-up and Scandal of The Century –Videos

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The Pronk Pops Show Podcasts

Pronk Pops Show 989, October 25, 2017

Pronk Pops Show 988, October 20, 2017

Pronk Pops Show 987, October 19, 2017

Pronk Pops Show 986, October 18, 2017

Pronk Pops Show 985, October 17, 2017

Pronk Pops Show 984, October 16, 2017 

Pronk Pops Show 983, October 13, 2017

Pronk Pops Show 982, October 12, 2017

Pronk Pops Show 981, October 11, 2017

Pronk Pops Show 980, October 10, 2017

Pronk Pops Show 979, October 9, 2017

Pronk Pops Show 978, October 5, 2017

Pronk Pops Show 977, October 4, 2017

Pronk Pops Show 976, October 2, 2017

Pronk Pops Show 975, September 29, 2017

Pronk Pops Show 974, September 28, 2017

Pronk Pops Show 973, September 27, 2017

Pronk Pops Show 972, September 26, 2017

Pronk Pops Show 971, September 25, 2017

Pronk Pops Show 970, September 22, 2017

Pronk Pops Show 969, September 21, 2017

Pronk Pops Show 968, September 20, 2017

Pronk Pops Show 967, September 19, 2017

Pronk Pops Show 966, September 18, 2017

Pronk Pops Show 965, September 15, 2017

Pronk Pops Show 964, September 14, 2017

Pronk Pops Show 963, September 13, 2017

Pronk Pops Show 962, September 12, 2017

Pronk Pops Show 961, September 11, 2017

Pronk Pops Show 960, September 8, 2017

Pronk Pops Show 959, September 7, 2017

Pronk Pops Show 958, September 6, 2017

Pronk Pops Show 957, September 5, 2017

Pronk Pops Show 956, August 31, 2017

Pronk Pops Show 955, August 30, 2017

Pronk Pops Show 954, August 29, 2017

Pronk Pops Show 953, August 28, 2017

Pronk Pops Show 952, August 25, 2017

Pronk Pops Show 951, August 24, 2017

Pronk Pops Show 950, August 23, 2017

Pronk Pops Show 949, August 22, 2017

Pronk Pops Show 948, August 21, 2017

Pronk Pops Show 947, August 16, 2017

Pronk Pops Show 946, August 15, 2017

Pronk Pops Show 945, August 14, 2017

Pronk Pops Show 944, August 10, 2017

Pronk Pops Show 943, August 9, 2017

Pronk Pops Show 942, August 8, 2017

Pronk Pops Show 941, August 7, 2017

Pronk Pops Show 940, August 3, 2017

Pronk Pops Show 939, August 2, 2017

Pronk Pops Show 938, August 1, 2017

Pronk Pops Show 937, July 31, 2017

Pronk Pops Show 936, July 27, 2017

Pronk Pops Show 935, July 26, 2017

Pronk Pops Show 934, July 25, 2017

Pronk Pops Show 934, July 25, 2017

Pronk Pops Show 933, July 24, 2017

Pronk Pops Show 932, July 20, 2017

Pronk Pops Show 931, July 19, 2017

Pronk Pops Show 930, July 18, 2017

Pronk Pops Show 929, July 17, 2017

Pronk Pops Show 928, July 13, 2017

Pronk Pops Show 927, July 12, 2017

Pronk Pops Show 926, July 11, 2017

Pronk Pops Show 925, July 10, 2017

Pronk Pops Show 924, July 6, 2017

Pronk Pops Show 923, July 5, 2017

Pronk Pops Show 922, July 3, 2017

 

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Story 1: Clinton’s Campaign and Democratic National Committee Paid For A  Fabricated  “Dossier” on Trump Used as Campaign  Propaganda  and Their Accomplices In The Obama Administration and Big Lie Media Aided and Abetted Them — Fearing Clinton Might Lose They Planned For An October Surprise That Would Finish Trump Off —  Surprise — Surprise –Videos —

Tucker Carlson Tonight 10/27/17 – Tucker Carlson Tonight October 27, 2017 Fox News

Lou Dobbs Tonight 10/27/17 | Breaking News | October 27, 2017

Does the dossier bombshell spell trouble for the Democrats?

Inside the investigation on the ‘real’ Russia scandal

BREAKING: CLINTONS, DNC FUND TRUMP, RUSSIA REPORT!

Trump rips Clinton link to Fusion GPS dossier as a ‘disgrace,’ says Russia ‘hoax is turned around’

New Developments In The Uranium One Scandal – Hannity

Russia Scandal Flips On Democrats and Media – Defeat Trump Media – Hannity

Trump Vindicated – Clinton campaign & DNC financed bogus Russian dossier – Fox News Panel 10/25/17

Ben Shapiro: Clinton campaign and the DNC funded the research that led to phony Trump-Russia dossier

Ben Shapiro: The Trump-Russia dossier story turns around to Hillary Clinton (audio from 10-26-2017)

Clinton has lied repeatedly about funding the dossier: Kennedy

Clapper on dossier: ‘Doesn’t matter who paid for it’

Trump: Russian dossier is a ‘disgrace’

FOX News Tonight | Oct 25, 2017 | Clinton Camp. and Dems Party Helped Pay for Russian Trump Dossier

Tucker Carlson Special: Full Story Behind FBI Coverup of Clintons Server and CrowdStrike

WOW! Trump PERSONALLY Ordered DOJ To Lift Gag Order On Clinton-Uranium One Informant

Tucker: Why won’t the FBI answer basic questions on Russia?

Clinton & DNC Paid for Fake Trump Dossier, 1860

Steyn: Everybody was colluding with Russia except Trump

Dossier dismissed: DNC & Hillary Clinton’s campaign funded Trump-Russia case

Trump Dossier Battle – Fusion GPS Asks Court To Stop Subpoena For Bank Records – Special Report

Putin dismisses Trump’s dossier as fake

Russian President Vladimir Putin dismissed as a hoax a privately-prepared intelligence dossier that claimed Russian intelligence agencies had compromising material on President-elect Trump. Elizabether Palmer has the details.

Clinton campaign, DNC paid for research that led to Russia dossier

 
The Washington Post’s Adam Entous looks at the role that Hillary Clinton’s campaign and the Democratic National Committee played in funding the research that led to a dossier containing allegations about President Trump’s links to Russia. (Video: Bastien Inzaurralde, Patrick Martin/Photo: Melina Mara/The Washington Post)

 October 24 at 7:21 PM

The Hillary Clinton campaign and the Democratic National Committee helped fund research that resulted in a now-famous dossier containing allegations about President Trump’s connections to Russia and possible coordination between his campaign and the Kremlin, people familiar with the matter said. Marc E. Elias, a lawyer representing the Clinton campaign and the DNC, retained Fusion GPS, a Washington firm, to conduct the research.After that, Fusion GPS hired dossier author Christopher Steele, a former British intelligence officer with ties to the FBI and the U.S. intelligence community, according to those people, who spoke on the condition of anonymity.Elias and his law firm, Perkins Coie, retained the company in April 2016 on behalf of the Clinton campaign and the DNC. Before that agreement, Fusion GPS’s research into Trump was funded by an unknown Republican client during the GOP primary.

The Clinton campaign and the DNC, through the law firm, continued to fund Fusion GPS’s research through the end of October 2016, days before Election Day.

Former British intelligence officer Christopher Steele compiled the dossier on President Trump’s alleged ties to Russia. (Victoria Jones/AP)

Fusion GPS gave Steele’s reports and other research documents to Elias, the people familiar with the matter said. It is unclear how or how much of that information was shared with the campaign and the DNC and who in those organizations was aware of the roles of Fusion GPS and Steele. One person close to the matter said the campaign and the DNC were not informed by the law firm of Fusion GPS’s role.

The dossier has become a lightning rod amid the intensifying investigations into the Trump campaign’s possible connections to Russia. Some congressional Republican leaders have spent months trying to discredit Fusion GPS and Steele and tried to determine the identity of the Democrat or organization that paid for the dossier.

Trump tweeted as recently as Saturday that the Justice Department and FBI should “immediately release who paid for it.”

Elias and Fusion GPS declined to comment on the arrangement.

A DNC spokeswoman said “[Chairman] Tom Perez and the new leadership of the DNC were not involved in any decision-making regarding Fusion GPS, nor were they aware that Perkins Coie was working with the organization. But let’s be clear, there is a serious federal investigation into the Trump campaign’s ties to Russia, and the American public deserves to know what happened.”

Brian Fallon, a former spokesman for the Clinton campaign, said he wasn’t aware of the hiring during the campaign.

“The first I learned of Christopher Steele or saw any dossier was after the election,” Fallon said. “But if I had gotten handed it last fall, I would have had no problem passing it along and urging reporters to look into it. Opposition research happens on every campaign, and here you had probably the most shadowy guy ever running for president, and the FBI certainly has seen fit to look into it. I probably would have volunteered to go to Europe myself to try and verify if it would have helped get more of this out there before the election.”

Marc E. Elias of Perkins Coie represented the Clinton campaign and the Democratic National Committee. (Matt McClain/The Washington Post)

Some of the details are included in a Tuesday letter sent by Perkins Coie to a lawyer representing Fusion GPS, telling the research firm that it was released from a ­client-confidentiality obligation. The letter was prompted by a legal fight over a subpoena for Fusion GPS’s bank records.

People involved in the matter said that they would not disclose the dollar amounts paid to Fusion GPS but that the campaign and the DNC shared the cost.

Steele previously worked in Russia for British intelligence. The dossier is a compilation of reports he prepared for Fusion GPS. The dossier alleged that the Russian government collected compromising information about Trump and that the Kremlin was engaged in an effort to assist his campaign for president.

U.S. intelligence agencies later released a public assessment asserting that Russia intervened in the 2016 election to aid Trump. The FBI has been investigating whether Trump associates helped the Russians in that effort.

Trump has adamantly denied the allegations in the dossier and has dismissed the FBI probe as a witch hunt.

Officials have said that the FBI has confirmed some of the information in the dossier. Other details, including the most sensational accusations, have not been verified and may never be.

Fusion GPS’s work researching Trump began during the Republican presidential primaries, when the GOP donor paid for the firm to investigate the real estate magnate’s background.

Fusion GPS did not start off looking at Trump’s Russia ties but quickly realized that those relationships were extensive, according to the people familiar with the matter.

When the Republican donor stopped paying for the research, Elias, acting on behalf of the Clinton campaign and the DNC, agreed to pay for the work to continue. The Democrats paid for research, including by Fusion GPS, because of concerns that little was known about Trump and his business interests, according to the people familiar with the matter.

 

Those people said that it is standard practice for political campaigns to use law firms to hire outside researchers to ensure their work is protected by attorney-client and work-product privileges.

The Clinton campaign paid Perkins Coie $5.6 million in legal fees from June 2015 to December 2016, according to campaign finance records, and the DNC paid the firm $3.6 million in “legal and compliance consulting’’ since November 2015 — though it’s impossible to tell from the filings how much of that work was for other legal matters and how much of it related to Fusion GPS.

At no point, the people said, did the Clinton campaign or the DNC direct Steele’s activities. They described him as a Fusion GPS subcontractor.

Some of Steele’s allegations began circulating in Washington in the summer of 2016 as the FBI launched its counterintelligence investigation into possible connections between Trump associates and the Kremlin. Around that time, Steele shared some of his findings with the FBI.

After the election, the FBI agreed to pay Steele to continue gathering intelligence about Trump and Russia, but the bureau pulled out of the arrangement after Steele was publicly identified in news reports.

The dossier was published by BuzzFeed News in January. Fusion GPS has said in court filings that it did not give BuzzFeed the documents.

Current and former U.S. intelligence officials said that Steele was respected by the FBI and the State Department for earlier work he performed on a global corruption probe.

In early January, then-FBI Director James B. Comey presented a two-page summary of Steele’s dossier to President Barack Obama and President-elect Trump. In May, Trump fired Comey, which led to the appointment of Robert S. Mueller III as special counsel investigating the Trump-Russia matter.

Congressional Republicans have tried to force Fusion GPS to identify the Democrat or group behind Steele’s work, but the firm has said that it will not do so, citing confidentiality agreements with its clients.

Over objections from Democrats, the Republican leader of the House Intelligence Committee, Rep. Devin Nunes (Calif.), subpoenaed Fusion GPS’s bank records to try to identify the mystery client.

Fusion GPS has been fighting the release of its bank records. A judge on Tuesday extended a deadline for Fusion GPS’s bank to respond to the subpoena until Friday while the company attempts to negotiate a resolution with Nunes.

Julie Tate contributed to this report.

https://www.washingtonpost.com/world/national-security/clinton-campaign-dnc-paid-for-research-that-led-to-russia-dossier/2017/10/24/226fabf0-b8e4-11e7-a908-a3470754bbb9_story.html?utm_term=.29781c192bae

Robert Mueller’s widening Russia probe is sweeping up Democrats, including lobbyist Tony Podesta

The scope of Russian involvement in U.S. business and politics is extensive

MATTHEW SHEFFIELD 10.23.20171:51 PM

Much like the mid-90s saw story after story showing how extensive Chinese government operations within U.S. politics were, the aftermath of the 2016 presidential election is demonstrating the size of Russia’s.

That’s the overall takeaway from a series of news reports, including one from NBC that indicated that special prosecutor Robert Mueller has been investigating the business dealings of Democratic lobbyist Tony Podesta. His firm, the Podesta Group, is one of several that did work on behalf of Paul Manafort, the former campaign chair of President Donald Trump’s campaign.

 Manafort, who has told friends that he expects to be indicted by Mueller, has been under investigation for his work on behalf of a number of Russian billionaires with interests in Ukraine and elsewhere — all of whom are closely connected to Russian President Vladimir Putin.

Podesta’s firm was hired to do lobbying by Manafort on behalf of an outfit called the European Centre for a Modern Ukraine (ECMU), which itself was hired to burnish the image of Ukraine’s then-president, who was closely tied to Moscow.

According to NBC’s sources, Mueller’s inquiry into the Podesta Group has expanded into whether it violated U.S. legal requirements that American individuals and corporations formally disclose their work on behalf of foreign governments. The failure to file under the Foreign Agents Registration Act (FARA) is a felony and can result in up to five years’ imprisonment. Prosecutions of FARA violations are rare and are often used as leverage in larger cases.

Neither the Podesta Group nor Manafort made their FARA disclosures until their work was exposed by media reports.

Podesta is the brother of Hillary Clinton’s former campaign manager, John Podesta. A report from McClatchy revealed that John was a board member of a Russian alternative energy company called Joule, which seems to have built a business plan on gaining access to a Clinton White House. Dmitry Akhanov, a close associate of Putin and the CEO of a government-owned investment firm, oversaw the company’s investment in Joule.

Russia’s government has also been revealed to have had ties to former president Bill Clinton’s philanthropic work as well as to several left-wing political parties in various countries. Moscow has also openly funded efforts to get California and Texas to secede from the United States, with the former campaign targeting progressives and the latter targeting conservatives.

https://www.salon.com/2017/10/23/robert-muellers-widening-russia-probe-is-sweeping-up-democrats-including-lobbyist-tony-podesta/

 

A YEAR of Clinton lies about the ‘golden showers’ dossier exposed as Hillary’s lawyer is under fire for falsely denying paying for it

  • It’s claimed that Hillary Clinton campaign lawyer Marc Elias and other Democrats falsely denied to reporters their involvement in the ‘dirty dossier’
  • Two New York Times journalists say they were lied to at every turn
  • It’s now established that Clinton lawyer Marc Elias arranged for the campaign and the Democratic Party to pay a dirt-digging firm to produce the dossier
  • ‘Folks involved in funding this lied about it, and with sanctimony, for a year,’ Times reporter Maggie Haberman tweeted

Hillary Clinton campaign lawyer who launched what would become known as the anti-Trump ‘dirty dossier’ denied involvement in the project for a year as reporters pressed him for information.

Marc Elias brokered a deal between the Clinton camp, the Democratic National Committee and opposition research firm Fusion GPS to dig up dirt on the president while he was running for office.

But a pair of New York Times reporters said Tuesday night on Twitter that Elias and others involved had lied about their ties to the arrangement.

‘Folks involved in funding this lied about it, and with sanctimony, for a year,’ Times reporter Maggie Haberman tweeted after The Washington Post linked the dossier to Elias and his law firm Perkins Coie.

Kennth Vogel, another Times journalist, tweeted: ‘When I tried to report this story, Clinton campaign lawyer @marceelias pushed back vigorously, saying “You (or your sources) are wrong”.’

Scroll down for videos

Hillary Clinton's campaign lawyer Marc E. Elias hired opposition research firm Fusion GPS in April 2016 to dig up dirt about Donald Trump, but falsely denied involvement to reporters

Two New York Times journalists blew up on Twitter when The Washington Post broke the story

Two New York Times journalists blew up on Twitter when The Washington Post broke the story

The Clinton campaign and the Democratic National Committee funneled money to Fusion GPS through Elias's law firm

The Clinton campaign and the Democratic National Committee funneled money to Fusion GPS through Elias’s law firm

The deal began in the spring of 2016, when Elias was approached by Fusion GPS, and lasted until right before Election Day. When Fusion approached Elias, it had already been doing research work on Trump for an unnamed client during the Republican primary.

But the dossier itself was funded entirely by Democrats, using Elias as a middle-man.

After the DNC and the Clinton campaign started paying, Fusion GPS hired former British spy Christopher Steele to do the dirt-digging. His work later resulted in the dossier.

Trump has called the material ‘phony stuff,’ and on Wednesday he portrayed himself as the aggrieved party.

Peter FritschThomas Catan

Fusion GPS co-founder Peter Fritsch (left) and partner Thomas Catan (right) took the Fifth last week rather than talking to Congress

The dossier, compiled by British spy Christopher Steele, contends that the Russian government amassed compromising information about Trump

The dossier, compiled by British spy Christopher Steele, contends that the Russian government amassed compromising information about Trump

The president posted a quote on Twitter that he attributed to Fox News: “Clinton campaign & DNC paid for research that led to the anti-Trump Fake News Dossier. The victim here is the President”.’

The FBI has worked to corroborate the document, and special counsel Robert Mueller’s team, which is investigating potential coordination between Russia and the Trump campaign, questioned Steele weeks ago.

The dossier circulated in Washington last year and was turned over to the FBI for its review. It contends that Russia was engaged in a long-standing effort to aid Trump and had amassed compromising information about the Republican.

Among its wild claims was that Russian officials have videos of the president cavorting with prostitutes, filmed during Trump’s 2013 visit to a luxury Moscow hotel for the Miss Universe contest

It also contains a highly unusual and unsubstantiated report that the call girls performed a ‘golden shower’ routine that involved them urinating on a hotel bed as a sign of disgust for then-president Barack Obama.

Trump has repeatedly dismissed the document as false and in recent days has questioned whether Democrats or the FBI itself had helped fund it.

President Donald Trump has repeatedly denied the dossier's claims, including the salacious allegation that he hired prostitutes in Russia

President Donald Trump has repeatedly denied the dossier’s claims, including the salacious allegation that he hired prostitutes in Russia

Trump called himself a 'victim' of the infamous dossier that Democrats helped pay to produce

Trump called himself a ‘victim’ of the infamous dossier that Democrats helped pay to produce

Trump also has challenged the findings of the FBI, NSA and CIA that Russia waged a large-scale influence campaign to interfere in the election.

The FBI and the CIA have said with high confidence that the effort was aimed at hurting Clinton’s candidacy and helping Trump. The NSA found the same with “moderate” confidence.

It’s unclear what Fusion GPS had dug up by the time Perkins Coie hired it in April 2016. According to a copy of the dossier published by BuzzFeed last year, the earliest report from Steele dates to June 2016.

It was not immediately known how much money Fusion was paid or how many others in the Clinton campaign or DNC were aware that the firm had been retained.

 Clinton campaign officials did not immediately comment, but in a statement, a DNC spokeswoman said the party chairman, Tom Perez, was not part of the decision-making and was unaware that Perkins Coie was working with Fusion GPS.

Former Clinton campaign spokesman Brian Fallon said on Twitter that he regretted not knowing about Steele’s hiring before the election, and that had he known, ‘I would have volunteered to go to Europe and try to help him.’

‘I have no idea what Fusion or Steele were paid but if even a shred of that dossier ends up helping Mueller, it will prove money well spent,’ Fallon in another tweet.

2016

June 20: The dossier is first dated June 20 and had contained several unverifiable periodic reports made over the summer, according to Mother Jones. It was sent in dated sections from a former Western intelligence officer to the FBI and alleged Russia had enough to blackmail Trump.

It alleged that Trump had been cultivated by Russian officials ‘for at least five years.’ It also claimed that the Kremlin had compromising material related to ‘sexually perverted acts’ Trump performed at a Moscow Ritz Carlton where former President Barack Obama once stayed.

Dossier also alleged that Trump’s inner circle was accepting a regular flow of intelligence from the Kremlin on Hillary Clinton.

July 27: Trump asks Russian hackers to find Clinton’s 30,000 emails during a press conference.

July 31: Kremlin weighing whether to release more information about Clinton.

Late July: The FBI opens its investigation into Russia’s interference in the election, and the Trump campaign’s possible role in it.

August 27: Then-U.S. Sen. Harry Reid sent a letter to then-FBI Director James Comey and called for a full investigation and public disclosure. He wrote: ‘The evidence of a direct connection between the Russian government and Donald Trump’s presidential campaign continues to mount and has led Michael Morrell, the former Acting Central Intelligence Director, to call Trump an ‘unwitting agent’ of Russia and the Kremlin.’

September 23: U.S. intelligence officials began investigating links between Trump adviser Carter Page and the Russian government, Yahoo News reported. Page had extensive business links in Russia and is a former Merrill Lynch investment banker in Moscow.

October 7: The Obama administration publicly accuses Russia of ‘directing the recent compromises of e-mails from U.S. persons and institutions, including from U.S. political organizations’ to affect the US election.

October 30: Reid sent Comey another letter demanding that Trump’s possible ties to Russia be fully investigated and he cited the existence of ‘explosive information’ that the FBI has in its possession.

November 3, 2016: Russian oligarch Dmitry Rybolovlev flies into Charlotte, North Carolina on a private plane. Trump’s plane lands on the tarmac not long after and parks next to Rybolovlev, whose plane stays in Charlotte for 22 hours afterward. Trump rallies in nearby city Concord.

November 8: Trump wins the election to become the 45th president of the United States.

November 10: President Barack Obama warns Trump during a meeting at the White House that national security advisor Michael Flynn, a former U.S. Army lieutenant general and Defense Intelligence Agency chief, is a problem.

November 18: During a security meeting in Halifax, Nova Scotia, Sen. John McCain hears about the documents and dispatches a former US official to meet the source of the documents and gather more information.

December 9: McCain meets Comey gives the FBI director the documents, The Guardian reported.

December 13: This is the last date of the memos from the dossier written by the British source.

December 29: The Obama administration issues new sanctions on Russia in retaliation for Russia’s hacking of the Democratic National Committee in the summer and other efforts to interfere with the U.S. election.

2017 

January 10: Obama and Trump were both given a two-page summary of the dossier, CNN reported. BuzzFeed News then reported on the dossier and published it in full about how it alleges Trump’s deep ties with Russia.

January 19: The New York Times reported that ‘intercepted communications’ between Trump associates and Russians are being investigated as part of the FBI’s inquiry into Russia’s election meddling.

January 27: Trump’s lawyer, Michael Cohen, holds a meeting with Russian-American businessman Felix Sater and Ukrainian lawmaker Andrii Artemenko to discuss a backchannel ‘peace plan’ for Russia and Ukraine.

February 13: Flynn resigns as national security adviser after reports emerge that he misled Vice President Mike Pence.

March 2: Attorney General Jeff Sessions recuses himself from the investigation into whether the Trump campaign communicated with Russia.

March 4: Without presenting evidence, Trump tweets that Obama had Trump Tower’s ‘wires tapped’ during the presidential campaign.

March 15: Rep. Devin Nunes, the chairman of the House Intelligence Committee, announced that the committee had not found any evidence to support Trump’s wiretapping claim.

 March 20: Comey said he has ‘no evidence’ to support Trump’s wiretapping claim. He confirmed that an investigation into Russia’s election-related meddling includes an examination of contacts between Trump associates and Russia during the campaign.

Late March: Flynn asks for immunity in exchange for testifying to the House and intelligence committees investigating Russia’s involvement in the 2016 election.

April 1: Trump tweets: ‘It is the same Fake News Media that said there is “no path to victory for Trump” that is now pushing the phony Russia story. A total scam!’

April 3: Trump calls Putin to condemn a Saint Petersburg, Russia terrorist attack.

April 6: Nunes steps aside from the Russia investigation, because he himself is under investigation.

April 11: Page is now under investigation by the FBI who obtained court permission to monitor his communications. The U.S. believed he was acting as a Russian agent.

April 27: The Pentagon inspector general is investigating whether Flynn violated military rules by accepting foreign payments from Russia and Turkey, which is disclosed by a House committee.

May 8: Trump tweets ‘Russia-Trump collusion story is a total hoax’.

May 9: The president fires Comey from his position at the FBI.

May 10: Trump meets with Russian Foreign Minister Sergey Lavrov and Russian Ambassador Sergey Kislyak at the White House.

May 15: The Washington Post reported that Trump shared highly classified information about Islamic State with the Russian diplomats during a meeting the previous week.

May 17: Former FBI Director Robert S. Mueller III is appointed the special counsel to take over the Justice Department’s Russia investigation.

Late May: Trump’s son-in-law Jared Kushner is revealed to be under investigation by the FBI. According to the Post, he proposed a private back channel between the Kremlin and Trump’s transition team during a meeting in December.

June 8: Comey testifies before the Senate Intelligence Committee and answers questions related to Russia meddling into the U.S. election.

 June 13: Sessions denies colluding with Russia during Senate testimony.

June 14: The Washington Post reported that Trump is being investigated for possible obstruction of justice by Mueller.

September: Several news outlets, including POLITICO and Buzzfeed, are suing under the Freedom of Information Act to get records about how the federal government tried to vet the claims in the dossier.

October 24: It’s revealed that Hillary Clinton’s campaign and the Democratic National Committee helped bankroll research that led to the ‘golden showers’ dossier on Donald Trump. Clinton’s campaign lawyer Marc Elias hired research firm Fusion GPS back in April 2016 to look into allegations of Trump’s ties to Russia, according to the Washington Post.

http://www.dailymail.co.uk/news/article-5016865/A-YEAR-Clinton-lies-dirty-dossier-exposed.html#ixzz4wa2Aew00

 

The Clinton camp and DNC funded what became the Trump-Russia dossier: Here’s what it means

 

The Washington Post broke the story Tuesday night that the Hillary Clinton campaign and the Democratic National Committee helped pay for that now-famous dossier of research on President Trump.

The Post’s Adam Entous, Devlin Barrett and Rosalind S. Helderman report that powerful Democratic attorney Marc E. Elias retained the firm Fusion GPS for information, and Fusion GPS later hired Christopher Steele, a former British intelligence agent who was versed in Russia-related issues.

The dossier, which was published by BuzzFeed News in January, has been partially confirmed, though its most salacious allegations have not been.

There is a lot to sort through here. Below are four key points.

1) Clinton supporters — though not the campaign itself — were previously reported to fund the dossier

The fact Democrats were behind the funding for the dossier is not totally new. When CNN first reported on the dossier’s existence back in January, it said the research effort was originally funded by President Trump’s GOP opponents and then, when he won the nomination, by those supporting Clinton.

CNN reported back then that their sources “said that once Mr. Trump became the nominee, further investigation was funded by groups and donors supporting Hillary Clinton.”

Until now, though, the dossier had not been tied specifically to the Clinton campaign or the DNC.

2) Yes, the dossier was funded by Democrats

Some of the pushback on the left has focused on the fact that a still-unidentified Republican client retained Fusion GPS to do research on Trump before the Clinton campaign and the DNC did. Thus, they argue, it’s wrong to say the dossier was just funded by Democrats.

But The Post is reporting that the dossier’s author, Steele, wasn’t brought into the mix until afterDemocrats retained Fusion GPS. So while both sides paid Fusion GPS, Steele was only funded by Democrats.

3) Trump’s allegation of FBI payments is still dubious

After the story posted, some on the right seized upon The Post noting the FBI had agreed to pay Steele for information after the campaign. The argument seemed to be that the FBI was engaged in a witch hunt against Trump using Democrats’ sources.

But The Post originally reported on the FBI’s agreement back in February. At the time, it also reported it never actually paid for the work after the agent was identified in news reports:

The former British spy who authored a controversial dossier on behalf of Donald Trump’s political opponents alleging ties between Trump and Russia reached an agreement with the FBI a few weeks before the election for the bureau to pay him to continue his work, according to several people familiar with the arrangement.

. . .

Ultimately, the FBI did not pay Steele. Communications between the bureau and the former spy were interrupted as Steele’s now-famous dossier became the subject of news stories, congressional inquiries and presidential denials, according to the people familiar with the arrangement, who spoke on the condition of anonymity because they were not authorized to discuss the matter.

Despite there being no proof the FBI actually paid Steele, Trump suggested it might have in a tweet last week — along with “Russia . . . or the Dems (or all).” Of those three groups, only Democrats have been reported to have actually paid Steele. And again, that was already kind-of known.

Workers of firm involved with the discredited and Fake Dossier take the 5th. Who paid for it, Russia, the FBI or the Dems (or all)?

4) The appearance problems for Democrats

There is, presumably, a reason Democrats haven’t copped to funding the dossier — something they still haven’t publicly confirmed. Fusion GPS threatening to plead the Fifth Amendment against self-incrimination raised eyebrows last week, for instance.

First among those reasons is paying a foreigner for opposition research for an American political campaign. Given Democrats’ argument that Russia’s interference on Trump’s behalf was beyond the pale, the Clinton camp and the DNC paying a Brit for information would seem somewhat problematic.

(The Clinton campaign has also, notably, denied working with the Ukrainian government to dig up dirt on Trump. Republicans have pushed dubious comparisons between the Ukraine allegation and Russia’s alleged Trump advocacy.)

Some on the right even alleged that Democrats paying Steele amounts to “collusion” with foreigners. But Russia-Steele comparisons aren’t apples-to-apples. The British after all are, unlike the Russians, America’s allies. Also, Steele was not acting as an agent of a foreign government, which is what would likely be required to prove collusion in the case of the Trump campaign and Russia.

Steele’s dossier does include information it says was obtained from “a senior Russian Foreign Ministry figure and a former top level Russian intelligence officer still active inside the Kremlin.” In other words, the Clinton camp and the DNC were essentially paying for information allegedly obtained from inside the Russian government, even as there is no proof they deliberately sought Russia’s help.

Separately, the firm that the Clinton camp and the DNC paid also has alleged ties to the Kremlin. In Senate testimony in July, Hermitage Capital Management chief executive William Browder accused Fusion GPS and its head, Glenn Simpson, of running a smear campaign against Sergei Magnitsky, a Russian whistleblower who in 2009 was tortured and killed in a Russian prison after uncovering a $230 million tax theft. Magnitsky worked for Browder, and his name was used for a U.S. law containing sanctions that was passed by Congress and is a sore spot between the U.S. government and Russian President Vladimir Putin.

Browder said the smear campaign was run by Fusion GPS with Russian lawyer Natalia Veselnitskaya and Russian-American lobbyist Rinat Akhmetshin. You might remember them from the meeting with Donald Trump Jr. that took place in June 2016. Veselnitskaya was the Russian lawyer with alleged Kremlin ties who arranged the meeting.

As The Post reported in July of Browder’s accusations:

They were all allegedly working with the law firm Baker Hostetler to defend the Russian company Prevezon from charges it laundered funds stolen in the fraud Magnitsky uncovered.

“Veselnitskaya, through Baker Hostetler, hired Glenn Simpson of the firm Fusion GPS to conduct a smear campaign against me and Sergei Magnitsky in advance of congressional hearings on the Global Magnitsky Act,” Browder will testify. “He contacted a number of major newspapers and other publications to spread false information that Sergei Magnitsky was not murdered, was not a whistleblower and was instead a criminal. They also spread false information that my presentations to lawmakers around the world were untrue.”

Fusion GPS has confirmed it worked on a lawsuit involving Veselnitskaya for two years, The Post’s Josh Rogin reported. It denied any involvement in the Trump Jr. meeting.

The firm has worked with both Democrats and Republicans over the years.

https://www.washingtonpost.com/news/the-fix/wp/2017/10/25/the-clinton-camp-and-the-dnc-helped-pay-for-that-trump-russia-dossier-heres-what-it-means/?utm_term=.b318da0b1cc3

 

Story 2: Time To Fire Mueller & Rosenstein and Stop Wasting Taxpayer Money on Clinton Conspiracy Theory 0f Trump  Russian Collusion Based on A Fictional Dossier and No Evidence At All of Trump Collusion — Investigate The Obama Administration’s Use of The Intelligence Community (CIA, FBI, and NSA)  For Political Purposes By Their Secret Surveillance of American Citizens Including Trump and Campaign and Cover-up of Clinton Foundation Crimes of Racketeering and Public Corruption — The Cover-up and Scandal of The Century –Videos

WOW! Trump PERSONALLY Ordered DOJ To Lift Gag Order On Clinton-

Uranium One Informant

he House Oversight committee has started looking into an Obama-era deal in which a Russian-backed company bought a uranium firm with mines in the U.S., Rep. Ron DeSantis told Fox News on Sunday, adding that he’s spoken with the federal government’s “confidential informant” on the matter. The uranium agreement was reached while Hillary Clinton was secretary of state, and some investors in the Russian-backed company, Uranium One, had relationships with former President Bill Clinton and donated to the Clinton Foundation. “I’ve spoken with the confidential informant that helped the FBI uncover this bribery scheme,” DeSantis, R-Fla., a member of the oversight committee, told “America’s News Headquarters.” “Clearly, it’s in the public’s interest that this individual be able to tell his story to Congress.”

Did former Obama officials help create anti-Trump dossier?

Dan Bongino: Russian dossier is the scandal of the century

Rush Limbaugh: The scandal of scandals: Clinton campaign and DNC paid for the phony Trump dossier

Gorka: Uranium One scandal is absolutely massive

Gingrich: On the edge of the greatest corruption scandal

Tucker: Fake Russia collusion has unintended consequences

Tucker Carlson: How Trump-Russia Hysteria Spectacularly Backfired In DNC Face

UraniumOne crimes. Lou Dobbs breaks it down

“PROSECUTE HILLARY” – JUDGE JEANINE EXPLODES IN POWERFUL OPENING STATEMENT

There is a ‘mountain’ of evidence against Hillary Clinton: Judge Napolitano

Rep. Nunes On ‘Trump Dossier’: Did The Democrats Use The Intelligence Services for Their Political Gain?

Tucker Carlson interviews House Intelligence Committee Rep. Devin Nunes on how the contents in what is dubbed the ‘Trump dossier’ led the Obama administration to use government justice resources to investigate the Trump campaign using unverified information gathered from a questionable source.

Fusion GPS, the firm behind the infamous ‘dossier,’ is currently pleading the Fifth while using courts to block information and evidence showing the Clinton campaign and DNC jointly paid for it via a law firm, a fact leaked to The Washington Post.

“Federal Election Commission records show that the Clinton campaign paid the Perkins Coie law firm $5.6 million in legal fees from June 2015 to December 2016, according to campaign finance records, and the DNC paid the firm $3.6 million in “legal and compliance consulting’’ since November 2015. Some of those total fees were apparently paid to Fusion GPS,” The Post reported.

Nunes told Carlson he wants to find out if the FBI was able to obtain warrants using the dossier and if they opened a “counter-intelligence investigation” based on the unverified info.

“So is there anything more terrifying than the prospect of an armed rogue agency,” Carlson said of the FBI.

“I think that the challenge here is that if you had an unverified dossier paid for by political opponents, in this case, the Democratic party that the FBI is taking and using to open investigations into a campaign or into other Americans, we are on a slippery slope. I imagine this is what you see in third world countries where the party in power uses the intelligence services for their political gain. You don’t see that in the United States of America,” Nunes told Carlson on his FOX News show Wednesday night.

Transcript:

TUCKER CARLSON: So one of the most terrifying facts that we’ve learned in the past two days is that the FBI apparently was one of the funders of this dossier. Even after Trump was elected president. How can that be?

REP. DEVIN NUNES: Well, let’s take a step at a time here, Tucker. We don’t know that yet. Part of the reason why we don’t know that yet is we have subpoenaed FBI and the Justice Department to give us this information. What we know so far that we believe to be factual from The Washington Post piece is that the Democrats paid for the dossier — Fusion GPS for the dossier. We believe that to be true. But have Fusion GPS that pled the Fifth. So they refused to testify. They’re now trying to block us from getting information to get to financial records of who they paid, who could they have paid, who could they have hired, all those sorts of things. They’re trying to block us on that.

CARLSON: On what grounds could you say we don’t have the right to know that?

NUNES: Well, look, we’ve subpoenaed the documents and we’re waiting — we have the House general counsel representing us in court. But when you plead the Fifth and then you go to court to try and block us from getting the information and then it gets leaked to The Washington Post that the DNC and the Hillary [Clinton] campaign paid for this, I think we have a problem.

Now I think the next focus is going to be on whether or not did the FBI use this dossier to get any warrants, did they use it to open a counter-intelligence investigation and if they did, if they’re using unverified information to open up inquiries into American citizens, I think we have a big problem.

CARLSON: From a political campaign.

NUNES: From a political campaign.

CARLSON: I mean the purpose of this information which is unverified and in some cases demonstrably false was to affect the outcome an election. So it’s a simple question. You’re the chairman of one of the most powerful committees in the House of Representatives. Why can’t you get an answer?

NUNES: You would think that we would be able to. And that is the problem.

CARLSON: Is that constitutional?

NUNES: This is why the Speaker of the House came out this morning and called on DOJ to provide this information immediately to the House of Representatives. And this is why we’re in court now, just trying to get this information. And, look, this has been since March, it’s not like this is new. We didn’t just stumble into this. And at least subpoenas were issued almost 60 days ago.

CARLSON: But the FBI is not its own country, it can’t make it’s own unilateral decisions, right?

NUNES: Last time I checked, it was the U.S. Congress that created the FBI.

CARLSON: So is there anything more terrifying than the prospect of an armed rogue agency?

NUNES. No. No. And I think that the challenge here is that if you had an unverified dossier paid for by political opponents, in this case, the Democratic party that the FBI is taking and using to open investigations into a campaign or into other Americans, we are on a slippery slope. I imagine this is what you see in third world countries where the party in power uses the intelligence services for their political gain. You don’t see that in the United States of America.

CALRSON: There’s a new FBI director. There are lots of FBI officials that go on television. Has anybody from the FBI publicly explained why they’re not letting the House Intelligence Committee know this information?

NUNES: No, they have not. Not yet.

CALRSON: That’s really upsetting. So the Uranium One scandal, we know that a Democratic lobbying firm in Washington, The Podesta Group, was engaged in lobbying on behalf of these interests. And we know that the Clinton family foundation took just took over $100 million from board members of Uranium One.

Is anybody going to get to whether the obvious happened? That was a quid pro quo. They paid, they got the deal ratified by federal agencies. Will we get to the bottom of that.

NUNES: Here’s what I think is disturbing and what we’re looking for first. So, the new information here, a lot of people are asking, what happened? This was seven years ago. What happened? First of all, you had Republicans back in 2010 wrote in opposition to the sale on this Uranium One.

Then we now have information — this is the new information. We have informants who have said that there was an open FBI-DOJ investigation. We have people that have told us this. We don’t know if it’s true yet. but if it’s true, shortly after that — so if you have an open investigation, how do nine cabinet-level secretaries approve a sale?

And then you have all the questions that you raised. Was the Clinton Foundation involved in this? What was — there was millions of dollars —

CARLSON: And where was American national security, the American interest in this? Nonpresent.

https://www.realclearpolitics.com/video/2017/10/25/rep_nunes_on_trump_dossier_did_the_democrats_use_the_intelligence_services_for_their_political_gain.html

Obama-era Russian Uranium One deal: What to know

Multiple congressional committees are investigating an Obama-era deal that resulted in a Russian company purchasing American uranium mines.

And after the request from many Republican lawmakers, the Department of Justice has lifted a gag order on a former FBI informant who is expected to have more information about the agreement that allowed Russia to control about one-fifth of the uranium mining in the U.S. – and former Secretary of State Hillary Clinton’s involvement in it.

President Trump specifically requested the Justice Department lift the gag order on the informant, a source told Fox News.

The informant will be allowed to speak with the Senate Judiciary Committee, House Oversight Committee and House Permanent Select Committee on Intelligence, the Justice Department said Wednesday night. The informant will be able to provide “any information or documents he has concerning alleged corruption or bribery involving transactions in the uranium market,” the department said.

The controversial sale of what is now Uranium One to a Russian company is what Trump has called the “real Russia story” as federal investigators continue to probe Russia’s alleged involvement in the 2016 election. The Hill recently reported that Russian officials engaged in a “racketeering scheme” to further its energy goals in the U.S.

What was the Uranium One deal?

In 2013, Rosatom, backed by the Russian state, acquired a Canadian uranium mining company, now called Uranium One, which has assets in the U.S. Uranium is key to making nuclear weapons.

Through the deal, Russia is able to own about 20 percent of U.S. uranium production capacity. However, Colin Chilcoat, an energy affairs specialist who has written extensively about Russia’s energy deals, said that the company only extracts about 11 percent of uranium in the U.S.

The deal also “doesn’t allow for that uranium to be exported at all,” Chilcoat told Fox News. “It’s not like it’s leaving the U.S. or somehow finding its way to more insidious players.”

HILLARY CLINTON’S TOP AIDES STILL BEING PAID BY CAMPAIGN

The agreement was approved by nine government agencies with the Committee on Foreign Investment in the United States (CFIUS), an inter-agency group that reviews how certain foreign investments can impact national security. Clinton’s State Department was one of those agencies, though the former secretary of state told WMUR-TV in 2015 that she was not “personally involved” in the agreement.

Why is it controversial?

Republicans have largely decried the deal, especially as some investors reportedly donated millions of dollars to the Clinton Foundation. Former President Bill Clinton also received a $500,000 speaking fee in Russia and reportedly met with Vladimir Putin around the time of the deal.

The FBI had looked into the agreement and uncovered that some Russian nuclear industry officials were engaged in nefarious dealings, which included extortion, bribery and kickbacks, The Hill reported. Evidence of wrongdoing by Vadim Mikerin, the Russian official overseeing Putin’s nuclear expansion in the U.S. who was eventually sentenced to prison, was discovered by the FBI before the deal was approved, according to The Hill.

Author Peter Schweizer – who wrote about the deal in his 2015 book “Clinton Cash” – told Fox News that there is no evidence that the people involved with approving the agreement knew that the FBI had an ongoing investigation into it.

“If anyone colluded for a foreign government in last year’s election, it was the Clinton campaign.”

– White House press secretary Sarah Sanders

But Republicans say the whole affair raises serious questions.

“Now it’s the Democrats who have some explaining to do,” Republican National Committee Chairwoman Ronna McDaniel said in a statement. “I hope they will cooperate with the investigation, be forthcoming with the American people and I expect the media to cover these new developments with the same breathless intensity that they have given to this investigation since day one.”

And White House press secretary Sarah Sanders told Fox News Tuesday that “if anyone colluded for a foreign government in last year’s election, it was the Clinton campaign [and] the Democrats.”

Trump has often accused the media of not reporting enough on the Uranium One deal.

“Uranium deal to Russia, with Clinton help and Obama administration knowledge, is the biggest story that Fake Media doesn’t want to follow!” the president tweeted on Oct. 19.

And in March, Trump asked on social media why the House Intelligence Committee has not launched an investigation into the “Bill and Hillary deal that allowed big Uranium to go to Russia.”

How does this tie in with the other Russia investigation?

Multiple congressional committees as well as the Justice Department are looking into possible Russian collusion in the 2016 presidential election – and ties between Russians and Trump’s campaign.

“That’s your real Russia story. Not a story where they talk about collusion and there was none. It was a hoax. Your real Russia story is uranium,” Trump told reporters during a press conference last week.

REPUBLICANS SEE TABLES TURNED AS DEMS FACE FRESH RUSSIA CONTROVERSIES

Robert Mueller, the special counsel leading the probe into alleged Russian interference in the election, was the head of the FBI when it investigated Rosatom officials’ extortion and corruption.

“Your real Russia story is uranium.”

– President Donald Trump

And the investigation was led by then-Assistant FBI Director Andrew McCabe, now the deputy FBI director, and then-U.S. Attorney Rod Rosenstein, now the deputy attorney general, The Hill reported.

Mueller’s investigators in the Russia probe report to Rosenstein.

Congressional committees are looking into whether Mueller informed the Obama administration, particularly those tasked with approving the Uranium One deal, prior to CFIUS approval.

MUELLER PROBE EXPANDS TO DEMOCRATIC LOBBYIST TONY PODESTA’S DEALINGS

In her attempt to discredit reports of the controversy surrounding the Uranium One deal, Clinton said Trump and “his allies, including Fox News,” are diverting from the investigation.

“The closer the investigation about real Russian ties between Trump associates and real Russians … the more they want to just throw mud on the wall,” she said Monday. “I’m their favorite target, me and President Obama.”

What happens next?

Senate Judiciary Chairman Chuck Grassley, R-Iowa, had asked the Department of Justice to lift the non-disclosure agreement preventing a federal informant from speaking about the deal.

The informant’s lawyer, Victoria Toensing, has told Fox Business that her client can “tell what all the Russians were talking about during the time that all these bribery payments were made.” The informant was prevented from testifying by former attorneys general Eric Holder and Loretta Lynch, according to Toensing.

“Witnesses who want to talk to Congress should not be gagged and threatened with prosecution for talking,” Grassley, R-Iowa, said in a statement. The Justice Department said Wednesday night that it has lifted the gag order, allowing the informant to discuss the deal with congressional investigators.

Jamil Jaffer, a former counsel in the Justice Department, said the alleged informant could allow Congress to “follow the money” because “if the informant was inside many or all of these transactions, meetings or conversations, he may be able to provide useful information about the intent behind the transaction and whether it was quid pro quo.”

“The key issues at stake in this investigation are all about intent and knowledge: was there an intent to influence official business, and, if so, did the recipient take the money in exchange for taking official action,” Jaffer, the director of the National Security Law and Policy Program at George Mason University’s Antonin Scalia Law School, told Fox News.

But Jaffer said the credibility of the so-called informant will also come into play.

“Was this a foreign agent or criminal who turned? Was this a private individual the FBI placed inside [the deal]? Was this a government employee? All these factors, plus the level of the informant’s access to relevant information, will make a big difference here,” Jaffer.

During a hearing with Attorney Gen. Jeff Sessions last week, Grassley pressed the former senator on actions the Justice Department might take regarding the deal. Grassley said he’s written several letters to government agencies inquiring if they knew about the FBI probe before they approved of the deal.

Sessions said the Justice Department will take “appropriate” actions but declined to comment specifically on the influence Russian officials might have had on the Obama administration to “smooth the way” for the deal.

“I hear your concerns and they will be reviewed,” Sessions said.

Grassley has called for a special counsel to be appointed to investigate the deal.

Rep. Ron DeSantis, R-Fla., told Fox News that the House Oversight committee’s investigation “could be criminal,” depending on the statute of limitations.

Fox News’ John Roberts and The Associated Press contributed to this report.

http://www.foxnews.com/politics/2017/10/26/obama-era-russian-uranium-one-deal-what-to-know.html

Why doesn’t Hillary’s ‘dossier’ trick count as treason?

What’s the difference between the infamous Russian dossier on Donald Trump and that random fake-news story you saw on Facebook last year? The latter was never used by America’s intelligence community to bolster its case for spying on American citizens nor was it the foundation for a year’s worth of media coverage.

Then again, you get what you pay for. We now know Hillary Clinton and the Democratic National Committee paid as much as $9 million for the discredited dossier on Trump.

According to the Washington Post, a lawyer named Marc Elias, who represented both the 2016 Clinton campaign and the Democratic National Committee, had hired Fusion GPS, a DC firm working on behalf of the Russian government to soften sanctions at the time, to provide opposition research for them. The firm then hired a former British spy named Christopher Steele who reportedly purchased salacious rumors about Trump from the Russians.

Now, you might expect that the scandalous revelation of a political campaign using opposition research that was partially obtained from a hostile foreign power during a national election would ignite shrieks of “collusion” from all patriotic citizens. After all, only last summer, when it was reported that Donald Trump Jr. met with a Kremlin-linked Russian lawyer who claimed to be in possession of damaging information about Clinton, there was widespread condemnation.

Finally, we were told, a smoking gun tied the Trump campaign to Vladimir Putin. Former Democratic vice presidential candidate Tim Kaine went as far as to suggest that the independent counsel begin investigating treason.

Treason! Trump Jr. didn’t even pay for or accept research.

The Clinton crew, on the other hand, did. They didn’t openly push the contents of the dossier — probably because they knew it was mostly fiction. Instead, Fusion GPS leaked it to their friends in the media.

The dossier ended up in the possession of most major news outlets. Many journalists relied on Fusion GPS to propel coverage. BuzzFeed even posted the entire thing for Americans to read, even though it was more than likely that its most scandalous parts were hatched by a foreign government.

The memo dominated newsrooms that were convinced Trump was a Manchurian candidate. No fake-news story came close to having this kind of impact.

Democrats in Washington are now pushing the “Honest Ads Act,” which creates a raft of new regulations and fines for websites that don’t do enough to combat fake news. Attempting to control the flow of information onto our screens is the hobbyhorse of would-be censors. But since they’re at it, when do we get a bill that fines institutional media organizations that readily embrace bogus foreign dossiers?

Because the dossier didn’t just awaken the Russia-stole-our-democracy narratives in the media. It’s just as likely that the dossier was used by Clinton’s allies in the government.

The Obama administration reportedly relied on the dossier to bolster its spying on US citizens. We know of at least one case where the information was used to justify a FISA warrant on a Trump adviser. And let’s not forget that Steele had reached an agreement to be compensated for his efforts by the FBI.

None of this excuses the actions of Paul Manafort and others who may have benefited from their relationship with the Russians. Yet, using the very standards Democrats have constructed over the past year, the Fusion GPS story is now the most tangible evidence we possess of Russian interference in the American election.

And at some point, Democrats will have to decide whether it’s wrong for a political campaign to work with foreigners when obtaining opposition research or whether it’s acceptable. We can’t have different standards for Democrats and Republicans.

Otherwise people might start to get the idea that all the histrionics over the past year weren’t really about Russian interference at all, but rather about Hillary losing an election that they assumed she’d win.

David Harsanyi is a senior editor at The Federalist and author of the forthcoming book “First Freedom: A Ride Through America’s Enduring History with the Gun, From the Revolution to Today.”

http://nypost.com/2017/10/25/why-doesnt-hillarys-dossier-trick-count-as-treason/

Republicans spoil for a fight over Russia probe budget

Robert Mueller’s first spending report must be reviewed by the Justice Department, but lawmakers are already questioning the open-ended use of taxpayer funds.

Updated 

Robert Mueller is pictured. | Getty Images
Complaints about spending over the Russia probes date to before Robert Mueller’s appointment in mid-May. | Alex Wong/Getty Images

Republicans trying to hobble Robert Mueller’s sprawling probe into President Donald Trump and Russia matters are about to get a new weapon: the special counsel’s budget.

Lawmakers haven’t yet seen the Russia investigator’s first spending report, which must go through a Justice Department review before being made public. But they’re already setting up a fight over how much the probe is costing taxpayers — and the fact that there’s no end in sight.

“For them to say to us, ‘Vote for an open-ended appropriation into a Mueller witch hunt,’ I think you’ll see significant objection there,” Rep. Steve King (R-Iowa) told POLITICO.

Mueller’s public budget is expected to contain only top-line figures covering broad categories like staff salaries, travel, outside contracts, supplies and equipment. But money will become a recurring fight as the investigation drags on, because Mueller is required to produce public expense reports every six months — giving opponents repeated opportunities to paint him in a negative light.

Partisan complaining about the expenses that pile up during lengthy Washington investigations is a familiar ritual. As President Bill Clinton faced impeachment in the House in 1998, Rep. John Conyers (D-Mich.) called Whitewater independent counsel Kenneth Starr a “federally paid sex policeman spending millions of dollars to trap an unfaithful spouse.”

Outcry over spending of taxpayers’ money also cropped up during the Iran-Contra investigation, whose outlays ultimately exceeded $47 million. “Taxpayers of this country should be absolutely up in arms about it,” then-Sen. Steve Symms (R-Idaho) said during a CNN appearance in 1992, six years into that probe.

Complaints about spending over the Russia probes date to before Mueller’s appointment in mid-May. Trump himself took to Twitter just one day before he fired FBI Director James Comey — kick-starting the whole special counsel process — to say: “The Russia-Trump collusion story is a total hoax, when will this taxpayer funded charade end?”

Critics have only gained momentum as Mueller’s probe has advanced. King in a July interview called for legislation imposing both a deadline and budget constraints on Mueller; otherwise, the Republican congressman warned, Trump could face “a never-ending investigation that could go on for two presidential terms.”

Rep. Ron DeSantis (R-Fla.) tried in August to offer an amendment to the House budget resolution that would have halted Mueller’s funding just six months into the job. “No fishing expeditions,” he told Fox News as he tried to sell the measure.

While DeSantis couldn’t overcome a procedural technicality and never got a floor vote, conservatives say they’re just getting started. The right-leaning watchdog group Judicial Watch filed a Freedom of Information Act lawsuit earlier this month seeking Mueller’s budget documents. Several Republicans said in interviews they’d be keeping tabs on the special counsel’s spending through their oversight capacity, and they will hold out the threat of attaching language to DOJ’s annual spending bill or other must-pass legislation that places clear restrictions or prohibitions on Mueller’s authority.

“We still have power over the Department of Justice,” warned Rep. Jim Jordan (R-Ohio), another Judiciary Committee member.

As a practical matter, Congress can’t go after Mueller’s day-to-day spending directly. His budget is being drawn out of a permanent Treasury Department account that is not subject to the annual appropriations process, and the DOJ regulations used to appoint Mueller state he “shall be provided all appropriate resources” to do his work.

Mueller is subject to some oversight. He had to produce a budget proposal to DOJ earlier this summer for the next fiscal year. And an internal DOJ audit office must review the first 4½ months of his spending receipts. Mueller isn’t under day-to-day DOJ supervision, but Rod Rosenstein, the deputy attorney general overseeing the investigation after Attorney General Jeff Sessions recused himself, does have final say on some of the major decisions related to the Mueller probe, including his budget.

Peter Carr, a Mueller spokesman, said the internal DOJ review must be completed before the special counsel’s spending report is made public. He declined to comment when asked about a timeline for its release.

While firm details on how much Mueller has spent to date remain under wraps, sources familiar with the special counsel’s budget process say they expect the report to count up the salaries of 11 government attorneys who have been detailed from across other parts of DOJ, as well as five more people hired from outside government who are being paid using the scale for senior staff serving in a U.S. attorney’s office. Mueller himself is earning the same $161,900 salary as a U.S. attorney.

The special counsel’s spending report also will likely count any rent for office space in a Southwest Washington, D.C., office building — whose exact location remains a closely held secret — that his team has been using since the summer, according to sources familiar with Mueller’s budget process.

Politically, Mueller, a former FBI director appointed by President George W. Bush, can count on some degree of bipartisan support from lawmakers who say they expect he’ll lead a budget-savvy investigation.

“I’d be inclined to approve it,” said Sen. Lindsey Graham (R-S.C.), a key member on both the Senate Appropriations and Judiciary committees. “He seems to be a pretty frugal guy.”

Conyers, the top Democrat on the House Judiciary Committee since before the Clinton impeachment hearings, said in an interview earlier this week that he had no concerns about Mueller’s spending “unless it’s something totally outrageous.”

The special counsel’s Republican budget critics, Conyers added, represent the “few people who are sensitive about it.”

“Whatever figure he comes up with, they won’t like it too much,” he said.

Given Mueller’s mandate — lawmakers note he’s examining the authenticity of the presidential election — several Democrats said he should have some running room to spend what he needs to.

“In view of the amount of money that we spend as a nation in any given year, clarifying what happened under these very serious circumstances I think is important today and it’s important for history’s sake,” said Rep. Marcy Kaptur (D-Ohio), a senior member of the House Appropriations Committee. “We’re talking about the believability of any election in this county and we’re talking about undue influence by a nation that has never been known to support the principles of liberty or justice and there’s a lot at stake here.”

“He’s going to do what he can to acquit himself well. He’s got no ulterior motives. No fish to fry. He doesn’t have any aircraft carriers he’s got to buy from some contractor friend,” added Rep. Jerrold Nadler (D-N.Y.), a senior House Judiciary Committee member.

Nadler also said he’s not expecting Mueller to be held too tightly to subsequent budget requests because of unexpected circumstances that might arise given his wide-ranging investigation into the Trump campaign and the election.

Any Republican bid to meddle with Mueller via his budget will come with political risks, according to lawmakers, several longtime congressional observers and attorneys who have worked on special counsel investigations.

Charlie Houy, the former Democratic staff director on the Senate Appropriations Committee, acknowledged “ample precedent” for Congress to try to gain some control over the spending on a special counsel probe. “However,” he added, “it would be real tricky to not be charged with trying to impede the investigation. That in itself should cause cooler heads to urge caution.”

Lawmakers who try to micromanage the probe could also be accused of messing with the justice system itself, said Randall Samborn, a Chicago-based lawyer who served as spokesman for then-U.S. Attorney Patrick Fitzgerald during the George W. Bush-era special counsel probe into who leaked the identity of CIA operative Valerie Plame Wilson.

“Could you only imagine what would happen, whether it’s this investigation or any criminal investigation conducted by DOJ or the FBI, if the Hill started getting involved in setting the budget on a per-investigation basis?” Samborn said. “You could not conduct a confidential secretive grand jury investigation and have the accountability while it’s under way being scrutinized by partisan politics. It’d be the death knell of such an investigation.”

Considering his reputation running the FBI, several sources who have worked for previous special counsels said they expect Mueller will get the leeway he needs to do his work. But Julie Myers Wood, a former lead prosecutor during Starr’s investigation, predicted the good will won’t last forever.

“If the inquiry starts to drag on, I would expect significant attacks on the cost, both in terms of direct cost to the taxpayer and also in terms of the cost of the time it is taking the executive branch to respond to his queries,” she said.

The Starr investigation — as well as the work of three other independent counsels who ran the case — remains the most expensive in U.S. history — costing more than $73 million, according to audits done by the Government Accountability Office. That single Clinton probe, which started in 1994 with an examination of the Clintons’ real estate deals in Arkansas took several unexpected turns over seven-plus years and ended up covering the suicide of White House attorney Vincent Foster, irregularities in the White House travel office, allegations of misuse of confidential FBI files, false statements by a top White House attorney and finally the president’s sexual affair with White House intern Monica Lewinsky.

The investigation drew harsh political criticism for many reasons, including its spending: Over the full course of the probe it had more than 225 employees from the Justice Department and other federal agencies, including at least 65 consultants and outside advisers, according to a final report released in 2002.

While the bulk of Starr’s spending was detailed in summary format, on at least one occasion some of the embarrassing budget specifics did go public. House Democrats in 1998 released to the Los Angeles Times internal documents showing spending of $370 a month for a parking space for the independent counsel, a $32,380 bill to survey an Arkansas community where potential jurors would be seated in a trial of the state’s governor, and $30,517 for a psychological analysis of the evidence connected to Foster’s suicide.

Despite the criticism, Starr senior counsel Paul Rosenzweig said “there was never a serious effort” to strip the independent counsel’s spending. “The politics of trying to do so would be terrible optics,” he said.

Six separate investigations during the Clinton administration ran up costs of more than $140 million. President Ronald Reagan faced eight different probes, including Iran-Contra, for a total of more than $84 million, according to a POLITICO review of government audits and reports on their spending.

In all, there have been 21 completed independent counsel and special counsel investigations dating back to the Carter administration. Their total price tag: $231 million — $339 million when adjusted for inflation. Twelve of those cases concluded with no indictments.

Just two of the 21 cases ended with the successful prosecution of a federal official who was named as the primary initial target: Reagan White House aide Michael Deaver, who was sentenced to three years of probation and fined $100,000 in 1988 after being convicted on three counts of perjury stemming from a conflict-of-interest investigation; and Clinton’s secretary of Housing and Urban Development, Henry Cisneros, who pleaded guilty in 1999 to a misdemeanor charge for lying to the FBI about payments made to his former mistress. Clinton pardoned Cisneros in January 2001, on his final day in office.

The dearth of successful convictions, King said, is one of the main reasons he said he’s raising alarm about the Mueller probe’s spending.

“Not many people on either side of the political aisle would point to one [special counsel investigation] and say it’s a satisfactory result,” King said. “They’re messy. They’re ugly. They’re not conclusive. And there’s division over them that runs in perpetuity, as long as we remember them in our history.”

https://www.politico.com/story/2017/10/26/robert-mueller-probe-budget-fight-244218

 

Have no doubt, President Trump will wind up firing Robert Mueller

I am perfectly aware of the fact that the investigation by special counsel Robert S. Mueller III of President Donald J. Trump has not been completed.

No final report has been filed, and no indictments have yet been issued.

But after stating this, I have no doubt that Donald J. Trump will “do a Nixon.” By that, I mean, he will repeat what the former president did when it appeared that he would be either criminally charged or forced to leave office.

The Saturday night massacre took place when that era’s special prosecutor, Archibald Cox, was ready to take action against the incumbent president.

Nixon told then-Attorney General Elliot Richardson to fire Cox. Richardson refused and resigned.

Next in line was William Ruckelshaus, Richardson’s deputy attorney general. He refused and resigned, too.

Finally, Robert Bork, who was solicitor general and next in line, assumed the position of acting attorney general and did the dirty deed.

The New York Times reported on Tuesday that prosecutors have told former Trump campaign manager Paul J. Manafort that they plan to indict him. This planned indictment is based on phone taps placed on Manafort. These “intercepts” began even before Manafort was Trump’s campaign manager.

In addition, in July, federal agents with a search warrant picked the lock on the front door of Manafort’s home and seized important documents.

Obviously, Mueller means business and is acting quickly and aggressively to put pressure on those he believes can provide essential information in his investigation.

Some observers have called Mueller’s tactics “shock and awe.”

Manafort will soon be confronted with a critical personal decision. Does he continue to proclaim his innocence and say he did nothing wrong, or does he tell all and incriminate Trump and others?

Manafort, I’m quite sure, does not want to go to prison. If the evidence is overwhelming and credible, and if he believes Mueller has “the goods on him,” he undoubtedly will take the only avenue which keeps him out of prison and keeps his life from being ruined.

Subpoenas are being issued, a grand jury has been impanelled, and witnesses are being called to appear. This “wide-ranging” investigation is definitely heating up and advancing.

One major, crucial point, however:

Trump has publicly said the Mueller investigation should just focus on his campaign.

Trump said in a New York Times interview that Mueller would be “overstepping his boundaries” if he investigated anything to do with his or his family’s financial dealings that were unrelated to the campaign investigation.

That is exactly the rub.

I believe Trump knows that if Mueller goes into that area, he is in for real trouble. Not only might he have to leave office, but the embarrassing or possible criminal evidence could lead to the eventual demise of his financial well-being and empire.

Here is my central point.

Does anyone believe that, faced with such an impending doom, Trump would accept his fate? Would act differently than Nixon?

He believed Attorney General Jeff Sessions would end any investigation. When Sessions recused himself, Trump knew he didn’t have a protector. He was banking on Sessions to put an end to all his troubles.

This is the same individual who fired FBI Director James Comey. Comey had just begun his investigation. In fact, in a meeting in the Oval Office, Trump stated that he did this to relieve “great pressure.” He was referring to the Russia investigation.

Trump will not hesitate to instruct Mueller’s supervisor, Deputy Attorney General Rod Rosenstein, to fire Mueller. If Rosenstein refuses, as Elliot Richardson did, then Trump will go down the chain of command at the Justice Department until he finds someone who will. He will find another Robert Bork.

Donald Trump will defend this action by saying that Mueller was on a “fishing expedition” or a “witch hunt” and “overstepped his authority.”

His base will wildly support him.

The country will face a constitutional crisis.

Do you think Trump cares or would be concerned?

Trump will not go quietly — will not give in or give up.

Let us all prepare for this scenario. It is not fantasy, and it will become a brutal reality.

Mark Plotkin is a contributor to the BBC on American politics and a columnist for The Georgetowner. He previously worked as a political analyst for WAMU-FM, Washington’s NPR affiliate, and for WTOP-FM, Washington’s all-news radio station. He is a winner of the Edward R. Murrow Award for excellence in writing.

http://thehill.com/opinion/white-house/351869-have-no-doubt-president-trump-will-wind-up-firing-robert-mueller

 

Robert Mueller has draft letter Trump, Stephen Miller wrote on why Comey should be fired: Report

Special counsel Robert Mueller, who is leading the investigation into Russia’s alleged meddling in the 2016 election, has a copy of a draft letter written by President Trump and a top White House aide detailing why he would terminate former FBI Director James Comey, according to a report.

Trump and Stephen Miller, a White House senior policy adviser, wrote the letter from Trump’s golf club in Bedminster, N.J., in May, the New York Times reported. It’s unknown what the draft letter said, but sources told the Washington Post it did not focus explicitly on the Russia probe.

The president showed top White House aides a copy of the letter during a meeting in the Oval Office on May 8, the day before Comey was fired, the Washington Post reported.

The letter was several pages and included a long list of complaints Trump had about Comey, including that he refused to say publicly he wasn’t under investigation by the FBI, the Washington Post reported Friday.

Comey ultimately said in congressional testimony he privately told Trump the FBI wasn’t investigating him as part of its probe into Russian meddling in the 2016 election.

Sources told the New York Times that White House counsel Donald McGahn took issue with parts of the letter and successfully stopped the president from sending it to Comey.

Instead, Comey was sent a different letter from Trump on May 9 that included a memo from Deputy Attorney General Rod Rosenstein. That memo primarily focused on Comey’s handling of the FBI’s investigation into Hillary Clinton’s use of a private email server.

Attorney General Jeff Sessions also sent a letter to Trump, which included Rosenstein’s memo and recommended the former FBI director be terminated.

In his short letter to Comey, Trump said new leadership was needed at the FBI to restore “public trust and confidence in its vital law enforcement mission,” and said he decided to fire the former director based on Sessions and Rosenstein’s recommendations.

Mueller received a copy of Trump and Miller’s drafted letter from the Justice Department in recent weeks.

Ty Cobb, a lawyer with the White House, declined to discuss the letter with the New York Times, but said, “To the extent the special prosecutor is interested in these matters, we will be fully transparent with him.”

The New York Times said the letter originally drafted by Miller and Trump may provide the best explanation for why Trump decided to fire Comey. However, it’s unknown how much of that explanation addresses the FBI’s investigation into Russian meddling in the 2016 election, part of which looks into the ties between Trump campaign officials and Russia.

http://www.washingtonexaminer.com/robert-mueller-has-draft-letter-trump-stephen-miller-wrote-on-why-comey-should-be-fired-report/article/2633205

 

Media Ignoring Democrats’ Scandals

Image: Media Ignoring Democrats' Scandals
Sen. Chuck Grassley R-Iowa talks to reporters as he walks to the Senate chamber on Capitol Hill, on October 18, 2017, in Washington, D.C. (Mark Wilson/Getty Images)

By David Limbaugh
Friday, 20 Oct 2017 12:01 AM 

Why the collective liberal media yawn on the multi-headed Democratic scandals surfacing everywhere except on their pages and airwaves?

It’s not that the stories are too far-fetched and thin to interest self-respecting journalists, because they are real, damning and supported by sufficiently credible evidence to warrant serious attention and scrutiny.

There are the notorious Trump dossier, the Clinton-infected uranium bribery scandal and the prematurely drafted FBI memo to exonerate the most recently defeated United States presidential candidate, Hillary Clinton, who, by the way, is still acting like a heat-seeking missile in search of just one plausible excuse for her loss. Let’s look at these scandals in turn.

The Obama administration was clearly spying on the Trump campaign during the presidential campaign, but was it based on good-faith evidence something untoward was occurring? Separate investigations are underway in both the Senate and the House to determine whether the administration relied on the so-called “Trump dossier” to obtain a Foreign Intelligence Surveillance Act warrant authorizing its “wiretapping” of Trump officials.

What’s the problem with that, you ask? Well, you can’t just throw things against the FISA wall to justify suspending Americans’ privacy. The dossier is full of unsubstantiated information alleging elaborate connections between Trump and Russia — mouthwatering to Trump hunters but without calories.

The House Permanent Select Committee on Intelligence issued a subpoena to Fusion GPS, the opposition research company behind the dossier, which was authored by former British MI6 agent Christopher Steele. Fusion GPS’ attorneys asserted “constitutional privileges” on behalf of the company’s executives in refusing to deliver the subpoenaed documents. Swell.

The Daily Caller reports that Senate Judiciary Chairman Chuck Grassley raised several “alarming” questions in an Oct. 4 letter to FBI Director Christopher Wray. Did the FBI present dubious information from the dossier to the Foreign Intelligence Surveillance Court to obtain the warrant? If so, this would be a “staggering” revelation, according to former U.S. Attorney Joseph diGenova — “a type of manipulation of intelligence data and false intelligence data to mislead a court” that could require “the empanelment of a federal grand jury.”

Grassley also asked whether Steele used the same information from the dossier in his report to British intelligence. Grassley is rightly concerned that the British report, though allegedly based on the same bogus information as the dossier, might have been fraudulently presented as independent corroboration of the dossier. So far, the FBI hasn’t responded to three letters from Grassley seeking explanations for these anomalies.

Next, while the liberal media and the Democratic establishment shamelessly collude to find some scintilla of collusion between Trump and Russia to tamper with the presidential election, they’ve studiously avoided reporting on potentially real evidence of collusion between American officials and Russia. We’ve long heard allegations that the Clintons colluded with the Russians to enrich themselves at the expense of America’s national security. But new evidence has emerged that may give this story some real teeth. The Hill’s John Solomon and Alison Spann and Circa News reporter Sara Carter revealed that the FBI has acquired numerous documents, secret recordings, emails, financial records and eyewitness accounts allegedly proving that Russian nuclear officials caused millions of dollars to be paid to the Clinton Foundation and hundreds of thousands to be paid to Bill Clinton directly when Hillary Clinton was secretary of state. The State Department then approved the sale of 20 percent of America’s uranium supply to Russia.

The Hill reports that the Obama administration was aware of these sordid transactions before it approved the deal to sell the uranium to the Russians in 2010: “The FBI had gathered substantial evidence that Russian nuclear officials were engaged in bribery, kickbacks, extortion and money laundering designed to grow Vladimir Putin’s atomic energy business inside the United States, according to government documents and interviews.” All kinds of other evidence was obtained showing Russian officials had “routed millions of dollars to the U.S. designed to benefit former President Bill Clinton’s charitable foundation” while Hillary Clinton was secretary of state. But instead of bringing charges, the Obama Justice Department continued investigating — while the administration gave away our nuclear farm.

Even in the unlikely event that there is some less-than-incriminating explanation for all this, who can deny this is real collusion that resulted in dire consequences for our national security? Yet nary a peep elsewhere out of the liberal media. It seems they’re only interested in false allegations of Russian collusion that involves Republicans — not in real collusion that involves the Democratic royal family, the Clintons.

Finally, for now, based on FBI documents, we know that former FBI Director James Comey began penning draft statements exonerating then-Democratic presidential candidate Hillary Clinton of criminal wrongdoing in the use of her personal email servers to host and transmit classified information before Comey had interviewed almost a dozen major witnesses, including Clinton herself. This is hardly a case of no harm, no foul, because in his announcement declining to bring charges, Comey declared that Clinton was guilty of egregious misconduct. He only declined to prosecute because he said the relevant criminal statute requires proof of criminal intent, which it manifestly does not and which exists anyway. Adding insult to injury, former U.S. Attorney General Eric Holder is publicly defending Comey’s disgraceful act of prejudgment in favor of Hillary Clinton.

Liberals are frustrated that Donald Trump is in charge of their coveted executive branch and that their efforts to discredit, incriminate and impeach him for alleged Russian collusion are in free fall. Now they’re pursuing plan B: Trump is too crazy to occupy the office. Democrats know a good offense is the best defense and the best diversion against evidence of Russian collusion — actual tangible proof of wrongdoing rather than partisan fabrication. Republicans need to pursue this reality as fervently as Democrats pursued their slanderous unreality.

David Limbaugh is a writer, author, and attorney. His latest book is, “The Emmaus Code: Finding Jesus in the Old Testament.” Read more reports from David Limbaugh — Click Here Now.

https://www.newsmax.com/Limbaugh/trump-clinton-fbi-russian/2017/10/19/id/820919/

One Big Obama Super-Scandal: Uranium One, GPS Fusion, Mueller Scandals, JFK, Plus Flake

These are great days. Finally there are substantial reasons to believe that the decades long lies and generations long treacheries will be exposed and democracy restored. The truth must be uncovered if America is ever to be great again. President Donald J. Trump is responsible for this stunning book of revelations about to be written.

Don’t think for a second, not even a nano-second, that the opponents of President Trump do not understand the fate that awaits them as President Trump successfully peels away at the onion of the hitherto protected lies. Bob Corker, Jeff Flake, Don Lemon, Big Media, Islamic terrorists and their supporters, the Obama Dimocrats, the whole long line of Trump haters understand their days are numbered in days short of years.

More glorious for supporters of President Trump is that we can now see the contours of the opposition. Those contours are clear as the chalk tracing police outline around the carcasses of dead gangsters. Today there was major breaking news about Fusion GPS. Tomorrow and in days to come there will be more revelations.

* * * * * *The JFK Document Release

Ignore the JFK assassination conspiracy theories. The October 26 release of documents related to the Kennedy assassination in 1963 are an important moment in our current history and the book of revelations to come.

Recall that for many months after the inauguration of President Trump the F.B.I. and intelligence agencies such as the C.I.A. trashed the new duly elected president in a slew of leaks intended to remove President Trump from office. The leaks and manipulations from NeverTrump neocons alongside Obama Dimocrats utilized a fake “Russia collusion” and “saint Comey” line of prosecution and eventually led to obaminations such as the appointment of deep state stooges and cronies to run the Department of Justice and Mueller – the especially corrupt prosecutor.

The attempts by the deep state and Big Media to remove President Trump from office in the first several months failed. Soon thereafter, after the opposition to the duly elected president realized that President Trump would remain in office, the gears shifted. Politico, led the stenography squad to herald the shift in tactics.

After the realization struck that President Trump would remain president for his full term, the deep state and its stenographers began a campaign to save themselves. The immediate problem was the release of thousands of documents related to the JFK assassination.

For decades Americans have been fascinated by the assassination of John Fitzgerald Kennedy and a document release on the assassination would reflect badly on the intelligence agencies and investigatory powers. For example, the security apparatus either knew about Lee Harvey Oswald, the assassin of the president, or they did not – both of which pose troublesome questions for the security forces and the intelligence community.

Consider, Oswald was a former Marine with knowledge of American radar systems, who at the height of the cold war traveled to the Soviet Union in an era in which travel was much more difficult, renounced his American citizenship to U.S. officials and declared to the U.S. officials in Moscow he had important military information to give to the Soviet Union. In some newspapers the Oswald defection to the Soviet Union was front page news on October 1959. Then, after living in the Soviet Union Lee Oswald decides to return to the United States! Either the intelligence/security services kept track of Oswald or they did not. If they did track Oswald, why didn’t they know what he was up to? If they did not keep track of Oswald, why didn’t they. It’s a no win series of explanations that the security services and intelligence apparatus would have to explain if all the documents related to the JFK assassination were published.

Enter Politico. In an article Politico declared that release of all the JFK documents would be a disaster because the American people would be confused, the poor darlin’s… it was all too confusing and people would raise questions, ‘so please, please, President Trump keep the documents and the truth away from the American people until the experts can digest the information and release it after it is properly prepared, if ever’. Think we exaggerate? Read the Politico mess:

As it stands now, the document release this month will be a logistical nightmare, with the public suddenly flooded with a huge online library of documents—tens of thousands in total—that will be, at first, mostly incomprehensible even to experienced students of the assassination. The National Archives, abandoning its plans to release the documents in batches over the course of several months, said this week that it will instead release everything at once—all on the same day—sometime between now and the deadline on October 26. [snip]

With everything made public at once, pandemonium is all but guaranteed, since major news organizations around the world will want to know, almost instantly, what is in the documents that is new and potentially important. And there will simply be no way for historians and other researchers, even those with a special knowledge of the Kennedy assassination, to make any authoritative judgment as they try to page through tens of thousands of pages of files all at once.

Four days later, the campaign to keep the JFK documents secret reached a level of comedy when Politicopublished yet another article so deranged and so debased, it can only be termed “retarded”:

Trump administration and other government officials say privately that President Donald Trump is almost certain to block the release of information from some of the thousands of classified files related to the November 1963 assassination of President John F. Kennedy that are scheduled to be made public in less than a week by the National Archives. [snip]

A congressional official who has been closely monitoring the issue, speaking on condition of anonymity, said Trump had been under pressure from the CIA to block the release of some of the assassination documents on national security grounds, possibly to protect CIA tradecraft and the identity of agency informants who might still be alive.

Any observer with a lick of sense would ask themselves in response to the stupid Politico article, “why would President Trump seek to deny Americans information and protect the very agencies that have sought his destruction by shielding them from being exposed as either corrupt or liars in documents decades old?” The answer to this obvious question came from President Trump in a Tweet that declared he would not stop the release of the JFK documents.

President Trump will not block Americans from reading source documents about the JFK assassination. The truth will be revealed to all. The deep state, the octopus, the Swamp, took on President Trump and now they will be defeated. This is all part of one big Obama SuperScandal.

Jeff Flake, Bob Corker, Resigned To Their Fates

It’s a great day today. On Tuesday, as President Trump prepared to go to the Capitol to organize the corrupt GOP in an effort to reform the American tax system, the miserable Senator Bob Corker of Tennessee attacked. In a series of vicious interviews Corker denounced the president and called him a liar and mentally unstable.

Soon thereafter, Senator Jeff Flake of Arizona addressed the U.S. Senate. Flake lived up to his name with his own deranged attack against President Trump. Immediately, Senator John McCain praised Flake in the same manner as Senator Mitch McConnell.

The beauty of these attacks is that they come from the defeated. It’s a great day today. Senator Flake spoke to the Senate today to announce he will not run for reelection without reflecting on the fact he is loathed in Arizona. Bob Corker previously announced he will not run for reelection. Both announced they will not run for reelection because they could not win reelection, not with the growing determinative strength of President Trump in the party he took over.

All of these Trump haters, Flake-McCain-McConnell-Corker, are all dinosaurs who’s time has long passed. The moment Donald Trump became the nominee they were obsolete. The moment Donald Trump became President Trump, their days were numbered.

All of these defeated Senators have long been part of the deep state that has sought to control Americans, instead of protecting America. Corker was a co-conspirator with Barack Obama on the treacherous Iran deal supported by the deep state and other enemies of American democracy. Jeff Flake like McCain and McConnell support illegal immigration and any war at any time along with what they term “free trade” no matter now unfair and harmful that trade is.

They’re all gone. President Trump has removed them. Their allies are next. The Obama SuperScandal too will be exposed and the perpetrators removed.

Uranium One

The Uranium One scandal is one tentacle of the Obama SuperScandal. Many assume that this is a Hillary Clinton and Bill Clinton scandal. If only that were so. Uranium One is part of the Obama SuperScandal which leads to many of the other related scandals.

In April 2015 we wrote, Uranium One: Hard Truths About The Radioactive Problem of #Hillary2016. In that article we derided the Uranium One issue as damaging to Hillary2016. Hillary Clinton had much bigger problems. We were right of course. Uranium One did not matter in the general election to come.

However, this October 2017, Uranium One matters, bigly. We warn everyone however, this is not a Hillary and Bill scandal. This Uranium One story is bigger than just Hillary and Bill. Like the JFK papers release, much much more will be revealed than just money grubbing.

Russia, Uranium One, Mueller, Hillary Clinton, Fusion GPS, The Deep State, The Octopus

Watch all these stories merge into one giant Obama SuperScandal.

Mueller

Especially corrupt Mueller has a lot to explain regarding his staff recruits. The especially corrupt prosecutor has lots more to explain:

Uranium One Means Mueller Must Recuse Himself from Russia Probe

At the end of their lengthy editorial regarding the new Uranium One revelations — “Team Obama’s stunning coverup of Russian crimes” — the New York Post editorial board writes:

Until September 2013, the FBI director was Robert Mueller — who’s now the special counsel probing Russian meddling in the 2016 election. It’s hard to see how he can be trusted in that job unless he explains what he knew about this Obama-era cover-up.

I’ll go the Post one better. Virtually whatever Mueller has to say about his involvement or non-involvement in this metastasizing scandal, he must recuse himself immediately for the most obvious reasons of propriety and appearance. Frankly, it’s outrageous that he, Rod Rosenstein, or anyone who even touched the Uranium One investigation now be involved with the current probe — unless the real name of the FBI is actually the NKVD. This is not how a democracy is supposed to work, even remotely. Forget transparency — this was deliberate occlusion.

Especially corrupt prosecutor Mueller must be prosecuted for his complicity and corruptions, especially now that we know Mueller hand delivered uranium to America’s enemies.

F.B.I., Hillary Clinton, Russia, Mueller, Fusion GPS, Uranium One

The Fusion GPS scandal we termed “Apocalypse Now”. A late breaking development is that now we begin to know some of what went on there regarding finances. President Trump has asked “who paid for it?” in relation to the Fusion GPS “pee dossier”. It has been declared that the F.B.I. at one point paid Fusion GPS for further information. Now we know who paid for the dossier the F.B.I. relied on to obtain FISA warrants and to attempt to smear President Trump:

Clinton campaign, DNC paid for research that led to Russia dossier

The Hillary Clinton campaign and the Democratic National Committee helped fund research that resulted in a now-famous dossier containing allegations about Donald Trump’s connections to Russia and possible coordination between his campaign and the Kremlin, people familiar with the matter said.

Marc E. Elias, a lawyer representing the Clinton campaign and the DNC, retained Fusion GPS, a Washington firm, to conduct the research.

Fusion GPS hired dossier author Christopher Steele, a former British intelligence officer with ties to the FBI and the U.S. intelligence community. [snip]

Prior to that agreement, Fusion GPS’s research into Trump was funded by a still unknown Republican client during the GOP primary.

The Clinton campaign and the DNC through the law firm continued to fund Fusion GPS’s research through the end of October 2016, days before Election Day.

F.B.I. Director James Comey tried to blackmail and intimidate President Trump with the phony dossier. John McCain pushed the lies to the F.B.I. and other outlets. Buzzfeed unwittingly helped President Trump when they published the dossier and people laughed that anyone could believe such drivel. And it appears that it was the Bush family that first paid for the dossier. The chain of custody, so to speak, is the Jeb! Bush campaign, the Hillary Clinton campaign, the F.B.I. Those last three initials should clue everyone onto the Obama SuperScandal.

Workers of firm involved with the discredited and Fake Dossier take the 5th. Who paid for it, Russia, the FBI or the Dems (or all)?

Not only did Hillary2016 push the Fusion GPS lies via the Russians. There were other connections we now know between the Russians and Hillary2016:

FBI watched, then acted as Russian spy moved closer to Hillary Clinton

As Hillary Clinton was beginning her job as President Obama’s chief diplomat, federal agents observed as multiple arms of Vladimir Putin’s machine unleashed an influence campaign designed to win access to the new secretary of State, her husband Bill Clinton and members of their inner circle, according to interviews and once-sealed FBI records.

Some of the activities FBI agents gathered evidence about in 2009 and 2010 were covert and illegal. [snip]

At the time it was hired, the firm was providing hundreds of thousands of dollars a year in pro bono support to Bill Clinton’s global charitable initiative, and it legally helped the Russian company secure federal decisions that led to billions in new U.S. commercial nuclear business, records show.

Agents were surprised by the timing and size of a $500,000 check that a Kremlin-linked bank provided Bill Clinton with for a single speech in the summer of 2010. [snip]

A day after the arrests of the sleeper ring, another event captured the FBI’s attention.

Thousands of miles away in Russia, former President Bill Clinton collected a $500,000 check for giving a 90-minute speech to Renaissance Capital, a Kremlin-connected bank, and then he scored a meeting with Putin himself.

The check caught the attention of FBI agents, especially with Hillary Clinton having recently returned from meetings in Russia, and her department working on a variety of issues where Moscow had an interest, records show.

One issue was American approval of the Russian nuclear company Rosatom’s purchase of a Canadian company called Uranium One that controlled 20 percent of America’s strategic uranium reserves. State was one of more than a dozen federal agencies that needed to weigh in, and a Clinton deputy was handling the matter.

The second issue was the Russian company TENEX’s desire to score a new raft of commercial nuclear sales to U.S. companies. TENEX for years was selling uranium recycled from old Soviet warheads to the United States. But that deal was coming to an end and now it needed a new U.S. market for its traditional uranium

And the third was a promise Secretary Clinton herself made to Russian leaders to round up support in America’s Silicon Valley for then-Russian President Dmitry Medvedev’s dream for a new high-tech hub outside Moscow known as Skolkovo. [snip]

The bank that paid Clinton was promoting the Uranium One deal’s stock.

We disagree with the otherwise excellent article by Daniel Greenfield From Russia to Hillary: Bribes, Extortion, Uranium and Lies – How an FBI Uranium investigation was corrupted to protect the Clinton’s Russian connection. Greenfield gets it entirely upside down. Hillary Clinton is not the central figure in this scandal. It is the F.B.I. and the intelligence and security apparatus which seeks to run our lives and ruin our democracy.

Investigations, Investigations

We have repeatedly requested lots and lots of special prosecutors be appointed to investigate. Thus far the corrupt Department of Justice, the corrupt F.B.I, the corrupt intelligence services, the corrupt security apparatus, have managed the massive scandal well enough to keep special prosecutors from being appointed. But even here there is some good news:

Congress Probes Whether Obama DOJ Used The ‘Trump Dossier’ Before Surveillance Court

Both the House and the Senate are investigating whether the former President Barack Obama’s administration used intelligence in a salacious “Trump Dossier” as “evidence” before a secret federal surveillance court to obtain permission to spy on Donald Trump campaign aides and later his transition team. [snip]

The FBI used the dossier to secure permission to monitor the communications of Trump associate Carter Page, based on U.S. officials briefed on the Russia investigation, CNN reported in April. [snip]

The presentation of evidence before the special surveillance court would have been FBI-generated documents delivered by Obama Justice Department attorneys, according to a congressional source familiar with evidence requirements before the court. At the time, FBI Director James Comey presided over the bureau and Attorney General Loretta Lynch oversaw the Justice Department. [snip]

That would mean the Obama administration pursued “a type of manipulation of intelligence data and false intelligence data to mislead a court,” diGenova said. “It’s staggering in terms of its implications.”

The possibility the Obama administration might use the unproven allegations before a FISA court “constitutes a crime of unbelievable dimensions,” he said, adding: “It requires the empanelment of a federal grand jury.”

Grassley added a new twist to the “Steele” dossier, noting in his letter to Wray it appeared the former British agent also gave his same set of allegations to his compatriots in British intelligence. United Kingdom court legal proceedings appended to Grassley’s letter show Steele on Dec. 13, 2016 gave the same dossier to a “senior UK government national security official.”

Senator Grassley correctly notes that if the dossier was given by the F.B.I. to the British intelligence services and then British intelligence gave it to the F.B.I. the FISA court could have been deceived if the F.B.I. sought warrants based on the British intelligence reports without disclosing to the court that the source was the F.B.I.

There is a reason why the “Russia” investigations now have a new “tone” about them. The anti-Trump persecutions are rapidly falling apart.

The anti-Trump investigations are falling apart because it is clear that Barack Obama and the intelligence/security agencies colluded to hide crimes.

The New Russia Investigations

Having failed to destroy President Trump, the F.B.I. deep state security intelligence octopus will now face investigations:

Now Democrats have a Russia problem

NBC reports that Tony Podesta (the brother of Hillary Clinton’s campaign chairman, John Podesta) and his firm are the subjects of a criminal investigation by the special prosecutor.

And this comes amid new reports that the FBI gathered evidence for two years as Russian agents — including a major sleeper cell — worked to gain access to then-Secretary of State Clinton, husband Bill and members of their inner circle. [snip]

All this, of course, follows reports the Obama administration knew Russia was engaged in a campaign of bribery and extortion — yet allowed a deal to go through giving Moscow control of one-fifth of America’s uranium.

Yes, there’s something to investigate here.

The Octopus

President Donald J. Trump is under attack by the deep state Swamp comprised of Obama Dimocrats, the intelligence apparatus, the Department of Justice, and all those who were supposed to be guardians of our democracy, not unelected dictators who rule over the land of the free and the home of the brave.

The scandals are not about Hillary Clinton, uranium, urine soaked dossiers, money, nor emails. The scandals are but the tips of the iceberg we can see. The danger is deeper, beneath the waters:

Here’s the kicker: The Uranium One scandal is not only, or even principally, a Clinton scandal. It is an Obama-administration scandal.

It’s bigger and deeper than what we see:

It’s finally dawning on people: The Russian nuclear racketeering was an Obama administration scandal, which Congress ignored and the Justice Department investigated but did nothing to stop. Justice looked into the Russian crimes in 2009 and 2010, but waited until 2014 to do anything about it. And even then, it didn’t answer any of the larger questions. It can’t be ignored any longer.

So why didn’t the Department of Justice and the security/intelligence overlords who monitor Americans and try to carve history as they want it to be do anything? That’s foolish to ask. The Octopus that swims in the deep state Swamp did exactly what it wanted to do. Their problem is that Trump beat them all.

The fight is not yet over. President Trump is bidding his time. There will be at least three earthquakes about to be unleashed by President Trump. Those who worry about why things are not being exposed as quickly as we want must wait for the earthquakes. The first thirteen days of October were important. The last few months of 2017 will be epic.

The fight is not yet over. But the Octopus of the deep state will soon find they are up against a man who fights.

http://www.hillaryis44.org/2017/10/24/one-big-obama-super-scandal-uranium-one-gps-fusion-mueller-scandals-jfk-plus-flake/

The Obama Administration’s Uranium One Scandal

by ANDREW C. MCCARTHY October 21, 2017 4:00 AM

@ANDREWCMCCARTHY Not only the Clintons are implicated in a uranium deal with the Russians that compromised national-security interests.

Let’s put the Uranium One scandal in perspective: The cool half-million bucks the Putin regime funneled to Bill Clinton was five times the amount it spent on those Facebook ads — the ones the media-Democrat complex ludicrously suggests swung the 2016 presidential election to Donald Trump.

The Facebook-ad buy, which started in June 2015 — before Donald Trump entered the race — was more left-wing agitprop (ads pushing hysteria on racism, immigration, guns, etc.) than electioneering. The Clintons’ own long-time political strategist Mark Penn estimates that just $6,500 went to actual electioneering. (You read that right: 65 hundred dollars.) By contrast, the staggering $500,000 payday from a Kremlin-tied Russian bank for a single speech was part of a multi-million-dollar influence-peddling scheme to enrich the former president and his wife, then–secretary of state Hillary Clinton. At the time, Russia was plotting — successfully — to secure U.S. government approval for its acquisition of Uranium One, and with it, tens of billions of dollars in U.S. uranium reserves.

Here’s the kicker: The Uranium One scandal is not only, or even principally, a Clinton scandal. It is an Obama-administration scandal.

The Clintons were just doing what the Clintons do: cashing in on their “public service.” The Obama administration, with Secretary Clinton at the forefront but hardly alone, was knowingly compromising American national-security interests. The administration green-lighted the transfer of control over one-fifth of American uranium-mining capacity to Russia, a hostile regime — and specifically to Russia’s state-controlled nuclear-energy conglomerate, Rosatom. Worse, at the time the administration approved the transfer, it knew that Rosatom’s American subsidiary was engaged in a lucrative racketeering enterprise that had already committed felony extortion, fraud, and money-laundering offenses.

 

The Obama administration also knew that congressional Republicans were trying to stop the transfer. Consequently, the Justice Department concealed what it knew. DOJ allowed the racketeering enterprise to continue compromising the American uranium industry rather than commencing a prosecution that would have scotched the transfer. Prosecutors waited four years before quietly pleading the case out for a song, in violation of Justice Department charging guidelines. Meanwhile, the administration stonewalled Congress, reportedly threatening an informant who wanted to go public.

Obama’s ‘Reset’

To understand what happened here, we need to go back to the beginning.

The first-tier military arsenal of Putin’s Russia belies its status as a third-rate economic power. For well over a decade, the regime has thus sought to develop and exploit its capacity as a nuclear-energy producer. Naïvely viewing Russia as a “strategic partner” rather than a malevolent competitor, the Bush administration made a nuclear-cooperation agreement with the Kremlin in May 2008. That blunder, however, was tabled before Congress could consider it. That is because Russia, being Russia, invaded Georgia.

In 2009, notwithstanding this aggression (which continues to this day with Russia’s occupation of Abkhazia and South Ossetia), President Obama and Secretary of State Clinton signaled the new administration’s determination to “reset” relations with Moscow. In this reset, renewed cooperation and commerce in nuclear energy would be central.

There had been such cooperation and commerce since the Soviet Union imploded. In 1992, the administration of President George H. W. Bush agreed with the nascent Russian federation that U.S. nuclear providers would be permitted to purchase uranium from Russia’s disassembled nuclear warheads (after it had been down-blended from its highly enriched weapons-grade level). The Russian commercial agent responsible for the sale and transportation of this uranium to the U.S. is the Kremlin-controlled company “Tenex” (formally, JSC Techsnabexport). Tenex is a subsidiary of Rosatom.

Tenex (and by extension, Rosatom) have an American arm called “Tenam USA.” Tenam is based in Bethesda, Md. Around the time President Obama came to power, the Russian official in charge of Tenam was Vadim Mikerin.

The Obama administration reportedly issued a visa for Mikerin in 2010, but a racketeering investigation led by the FBI determined that he was already operating here in 2009.

The Racketeering Scheme

As Tenam’s general director, Mikerin was responsible for arranging and managing Rosatom/Tenex’s contracts with American uranium purchasers. This gave him tremendous leverage over the U.S. companies. With the assistance of several confederates, Mikerin used this leverage to extort and defraud the U.S. contractors into paying inflated prices for uranium. They then laundered the proceeds through shell companies and secret bank accounts in Latvia, Cyprus, Switzerland, and the Seychelle Islands — though sometimes transactions were handled in cash, with the skim divided into envelopes stuffed with thousands of dollars in cash.

The inflated payments served two purposes: They enriched Kremlin-connected energy officials in the U.S. and in Russia to the tune of millions of dollars; and they compromised the American companies that paid the bribes, rendering players in U.S. nuclear energy — a sector critical to national security — vulnerable to blackmail by Moscow.

But Mikerin had a problem. To further the Kremlin’s push for nuclear-energy expansion, he had been seeking to retain a lobbyist — from whom he planned to extort kickbacks, just as he did with the U.S. energy companies. With the help of an associate connected to Russian organized-crime groups, Mikerin found his lobbyist. The man’s name has not been disclosed, but we know he is now represented by Victoria Toensing, a well-respected Washington lawyer, formerly a federal prosecutor and counsel to the Senate Intelligence Committee.

When Mikerin solicited him in 2009, the lobbyist was uncomfortable, worried that the proposal would land him on the wrong side of the law. So he contacted the FBI and revealed what he knew. From then on, the Bureau and Justice Department permitted him to participate in the Russian racketeering scheme as a “confidential source” — and he is thus known as “CS-1” in affidavits the government, years later, presented to federal court in order to obtain search and arrest warrants.

At the time this unidentified man became an informant, the FBI was led by director Robert Mueller, who is now the special counsel investigating whether Trump colluded with Russia. The investigation was centered in Maryland (Tenam’s home base). There, the U.S. attorney was Obama appointee Rod Rosenstein — now President Trump’s deputy attorney general, and the man who appointed Mueller as special counsel to investigate Trump.

Because of CS-1, the FBI was able to understand and monitor the racketeering enterprise almost from the start. By mid-May 2010, it could already prove the scheme and three separate extortionate payments Mikerin had squeezed out of the informant. Equally important: According to reporting by John Solomon and Alison Spann in the Hill, the informant learned through conversations with Mikerin and others that Russian nuclear officials were trying to ingratiate themselves with the Clintons.

Uranium One, Russia, and the Clintons

There is no doubt that this extraordinarily gainful ingratiation took place. I outlined some of it a year ago in suggesting that the Justice Department should be investigating the Clinton Foundation, and its exploitation of Hillary Clinton’s influence as secretary of state, as a potential racketeering case.

In 2005, former President Clinton helped his Canadian billionaire friend and benefactor, Frank Giustra, obtain coveted uranium-mining rights from Kazakhstan’s dictator. The Kazakh deal enabled Giustra’s company (Ur-Asia Energy) to merge into Uranium One (a South African company), a $3.5 billion windfall. Giustra and his partners thereafter contributed tens of millions of dollars to the Clinton Foundation. Besides the valuable Kazakh reserves, Uranium One also controlled about a fifth of the uranium stock in the United States.

Alas, Putin, the neighborhood bully, also wanted the Kazakh uranium. He leaned on Kazakhstan’s dictator, who promptly arrested the official responsible for selling the uranium-mining rights to Giustra’s company. This put Uranium One’s stake in jeopardy of being seized by the Kazakh government.

As Uranium One’s stock plunged, its panicked executives turned to the State Department, where their friend Hillary Clinton was now in charge. State sprung into action, convening emergency meetings with the Kazakh regime. A few days later, it was announced that the crisis was resolved (translation: the shakedown was complete). Russia’s energy giant, Rosatom, would purchase 17 percent of Uranium One, and the Kazakh threat would disappear — and with it, the threat to the value of the Clinton donors’ holdings.

For Putin, though, that was just a start. He didn’t want a minority stake in Uranium One, he wanted control of the uranium. For that, Rosatom would need a controlling interest in Uranium One. That would be a tall order — not because of the Kazakh mining rights but because acquisition of Uranium One’s American reserves required U.S. government approval.

Uranium is foundational to nuclear power and thus to American national security. As the New York Times explained in a report on the disturbing interplay between the Clinton Foundation and the transfer of American uranium assets to Russia, the United States gets a fifth of its electrical power from nuclear energy, but only produces a fifth of the uranium it needs. Consequently, a foreign entity would not be able to acquire rights to American uranium without the approval of the Committee on Foreign Investment in the United States.

CFIUS is composed of the leaders of 14 U.S. government agencies involved in national security and commerce. In 2010, these included not only Secretary of State Hillary Clinton, who had cultivated a reputation as a hawk opposed to such foreign purchases, but Attorney General Eric Holder, whose Justice Department (and its lead agency, the FBI) were conducting the investigation of Rosatom’s ongoing U.S. racketeering, extortion, and money-laundering scheme.

In March 2010, to push the Obama “reset” agenda, Secretary Clinton traveled to Russia, where she met with Putin and Dimitri Medvedev, who was then keeping the president’s chair warm for Putin. Soon after, it emerged that Renaissance Capital, a regime-tied Russian bank, had offered Bill Clinton $500,000 to make a single speech — far more than the former president’s usual haul in what would become one of his biggest paydays ever. Renaissance was an aggressive promoter of Rosatom. The Clinton speech took place in Moscow in June. The exorbitant speech fee, it is worth noting, is a pittance compared with the $145 million Newsweek reports was donated to the Clinton Foundation by sources linked to the Uranium One deal.

The month before the speech, the Hill reports, Bill Clinton told his wife’s State Department that he wanted to meet while in Russia with Arkady Dvorkovich, who, in addition to being a top Medvedev aide, was also a key Rosatom board member. It is not known whether the State Department gave clearance for the meeting; the question appears to have become moot since the former U.S. president met directly with Putin and Medvedev. You’ll be comforted, I’m sure, to learn that aides to the Clintons, those pillars of integrity, assure us that the topics of Rosatom and Uranium One never came up.

Keeping Congress in the Dark

Meanwhile, congressional opposition to Russia’s potential acquisition of American uranium resources began to stir. As Peter Schweizer noted in his essential book, Clinton Cash: The Untold Story of How and Why Foreign Governments and Businesses Helped Make Bill and Hillary Rich, four senior House members steeped in national-security issues — Peter King (R., N.Y.), Ileana Ros-Lehtinen (R., Fla.), Spencer Bachus (R., Ala.), and Howard McKeon (R. Calif.) — voiced grave concerns, pointing out that Rosatom had helped Iran, America’s sworn enemy, build its Bushehr nuclear reactor. The members concluded that “the take-over of essential US nuclear resources by a government-owned Russian agency . . . would not advance the national security interests of the United States.” Republican senator John Barrasso objected to Kremlin control of uranium assets in his state of Wyoming, warning of Russia’s “disturbing record of supporting nuclear programs in countries that are openly hostile to the United States, specifically Iran and Venezuela.” The House began moving a bill “expressing disfavor of the Congress” regarding Obama’s revival of the nuclear-cooperation agreement Bush had abandoned.

Clearly, in this atmosphere, disclosure of the racketeering enterprise that Rosatom’s American subsidiary was, at that very moment, carrying out would have been the death knell of the asset transfer to Russia. It would also likely have ended the “reset” initiative in which Obama and Clinton were deeply invested — an agenda that contemplated Kremlin-friendly deals on nuclear-arms control and accommodation of the nuclear program of Russia’s ally, Iran. That was not going to be allowed to happen. It appears that no disclosure of Russia’s racketeering and strong-arming was made to CFIUS or to Congress — not by Secretary Clinton, not by Attorney General Holder, and certainly not by President Obama. In October 2010, CFIUS gave its blessing to Rosatom’s acquisition of Uranium One.

A Sweetheart Plea Helps the Case Disappear

Even though the FBI had an informant collecting damning information, and had a prosecutable case against Mikerin by early 2010, the extortion racket against American energy companies was permitted to continue into the summer of 2014. It was only then that, finally, Mikerin and his confederates were arrested.

Why then? This is not rocket science. In March 2014, Russia annexed Crimea. Putin also began massing forces on the Ukrainian border, coordinating and conducting attacks, ultimately taking control of territory. Clearly, the pie-in-the-sky Obama reset was dead. Furthermore, the prosecution of Mikerin’s racketeering scheme had been so delayed that the Justice Department risked losing the ability to charge the 2009 felonies because of the five-year statute of limitations on most federal crimes.

Still, a lid needed to be kept on the case. It would have made for an epic Obama administration scandal, and a body blow to Hillary Clinton’s presidential hopes, if in the midst of Russia’s 2014 aggression, public attention had been drawn to the failure, four years earlier, to prosecute a national-security case in order to protect Russia’s takeover of U.S. nuclear assets.

The Obama administration needed to make this case go away — without a public trial if at all possible.

Think about this: The investigation of Russian racketeering in the American energy sector was the kind of spectacular success over which the FBI and Justice Department typically do a bells-n-whistles victory lap — the big self-congratulatory press conference followed by the media-intensive prosecutions . . . and, of course, more press conferences.

Here . . . crickets.

As the Hill reports, the Justice Department and FBI had little to say when Mikerin and his co-conspirators were arrested. They quietly negotiated guilty pleas that were announced with no fanfare just before Labor Day. It was arranged that Mikerin would be sentenced just before Christmas. All under the radar.

How desperate was the Obama Justice Department to plead the case out? Here, Rosenstein and Holder will have some explaining to do.

Mikerin was arrested on a complaint describing a racketeering scheme that stretched back to 2004 and included extortion, fraud, and money laundering. Yet he was permitted to plead guilty to a single count of money-laundering conspiracy.

Except it was not really money-laundering conspiracy.

Under federal law, that crime (at section 1956 of the penal code) carries a penalty of up to 20 years’ imprisonment — not only for conspiracy but for each act of money laundering. But Mikerin was not made to plead guilty to this charge. He was permitted to plead guilty to an offense charged under the catch-all federal conspiracy provision (section 371) that criminalizes agreements to commit any crime against the United States. Section 371 prescribes a sentence of zero to five years’ imprisonment.

The Justice Department instructs prosecutors that when Congress has given a federal offense its own conspiracy provision with a heightened punishment (as it has for money laundering, racketeering, narcotics trafficking, and other serious crimes), they may not charge a section 371 conspiracy. Section 371 is for less serious conspiracy cases. Using it for money laundering — which caps the sentence way below Congress’s intent for that behavior — subverts federal law and signals to the court that the prosecutor does not regard the offense as major.

Yet, that is exactly what Rosenstein’s office did, in a plea agreement his prosecutors co-signed with attorneys from the Justice Department’s Fraud Section. (See in the Hill’s report, the third document embedded at the bottom, titled “Mikerin Plea Deal.”) No RICO, no extortion, no fraud — and the plea agreement is careful not to mention any of the extortions in 2009 and 2010, before CFIUS approved Rosatom’s acquisition of U.S. uranium stock. Mikerin just had to plead guilty to a nominal “money laundering” conspiracy charge. This insulated him from a real money-laundering sentence. Thus, he got a term of just four years’ incarceration for a major national-security crime — which, of course, is why he took the plea deal and waived his right to appeal, sparing the Obama administration a full public airing of the facts.

Interestingly, as the plea agreement shows, the Obama DOJ’s Fraud Section was then run by Andrew Weissmann, who is now one of the top prosecutors in Robert Mueller’s ongoing special-counsel investigation of suspected Trump collusion with Russia.

There was still one other problem to tamp down. That was the informant — the lobbyist who alerted the FBI to the Russian racketeering enterprise back in 2009. He wanted to talk.

Specifically, as his attorney, Ms. Toensing, explains, the informant wanted to tell Congress what he knows — about what the FBI and the Justice Department could already have proved in 2010 when CFIUS signed off on Russia’s acquisition of American nuclear material, and about what he’d learned of Russian efforts to curry favor with Bill and Hillary Clinton. But he was not allowed to talk.

It turns out, the lawyer explains, that the FBI had induced him to sign a non-disclosure agreement. The Justice Department warned him that it was enforceable — even against disclosures to Congress. (Because, you know, the FBI is opposed to all leaks and disclosures of confidential investigative information . . . except those initiated by the FBI, of course.) In addition, when the informant was primed to file a federal civil lawsuit to recover his own losses from the scheme, he claims that the Justice Department threatened him with prosecution, warning that a lawsuit would violate the non-disclosure agreement. The Hill reports that it has obtained emails from a civil lawyer retained by the witness, which describe pressure exerted by the Justice Department to silence the informant.

What a coincidence: That was in 2016, the stretch run of Hillary Clinton’s presidential campaign.

This stinks.

READ MORE:     Hilary Clinton and Russian Uranium     New Russian Nuclear Scandal and the Clinton Foundation     Obama’s Many Scandals —

Andrew C. McCarthy is a senior fellow at the National Review Institute and a contributing editor of National Review.

http://www.nationalreview.com/article/452972/uranium-one-deal-obama-administration-doj-hillary-clinton-racketeering

Trump says Russian uranium deal Hillary Clinton had a hand in approving was ‘underhanded’ as he labels the scandal ‘Watergate modern age’

  • Two House committees announced a probe Tuesday of the uranium deal
  • Russian company at the center of the charges was reportedly under federal investigation at the time
  • Senate Judiciary Committee is also looking into the Russian uranium deal that Hillary Clinton signed off on as secretary of state
  • Companies associated with it donated to the Clinton Foundation and paid her husband Bill Clinton to speak
  • President Donald Trump subsequently pushed a claim that ‘Russia sent millions to Clinton Foundation’ to his massive social media following
  • Said Thursday that ‘the way it was done, so underhanded with tremendous amounts of money being passed, I actually think that’s Watergate modern age’
  • Trump spoke to reporters as he prepared to board Marine One at the White House ahead of a trip to Texas
  • The House wants to know whether there was an FBI probe, if so, why Congress was not notified and the name of the informant under gag order

President Donald Trump said Wednesday that an Obama-era uranium deal that Hillary Clinton had a hand in approving is the biggest political scandal in modern history.

‘Well I think the uranium sale to Russia, and the way it was done, so underhanded with tremendous amounts of money being passed, I actually think that’s Watergate modern age,’ Trump told reporters as he prepared to board Marine One.

Watergate brought down Richard Nixon’s presidency. The Republican leader resigned in disgrace before his second term in office was over.

Clinton was secretary of state to Democrat Barack Obama when the uranium deal went through that Trump was referring to. She sat on the federal committee that provided authorization.

Three committees with investigatory power have said in the last week that they are probing the sale along with claims that it came alongside a kickback to the Clinton Foundation. Hillary Clinton has called the charge ‘baloney.’

President Donald Trump said Wednesday that an Obama-era uranium deal that Hillary Clinton had a hand in approving is the biggest political scandal in modern history

President Donald Trump said Wednesday that an Obama-era uranium deal that Hillary Clinton had a hand in approving is the biggest political scandal in modern history

Two House committees announced a probe Tuesday of the uranium deal that the Obama administration green-lit while an entity at the center of the charges was reportedly under federal investigation. The Senate Judiciary Committee also has a probe going.

Devin Nunes, the Republican who heads the House Intelligence Committee, said his investigation will seek to determine whether there was an FBI probe in progress at the time of the deal, and, if so, why Congress was not notified.

‘We’re not going to jump to any conclusions at this time,’ he said in a Capitol Hill press conference.

That investigation will be jointly conducted by the House Intel and Oversight Committees.

A separate investigation in the House that was announced this week will look at the Department of Justice’s handling of Hillary Clinton‘s email probe. It will be operated by the Oversight Committee and the Judiciary Committee.

The White House said Tuesday afternoon that the probes were a ‘move in the right direction.’

Press secretary Sarah Sanders noted at her daily briefing that the White House has said many times ‘that if there’s any collusion whatsoever during the campaigns of any point, or any collusion at any point with another country, that they should look at the Clintons.’

‘And so I think that’s the right thing,’ she commented.

Two House committees announced a probe Tuesday of a uranium deal that the Obama administration approved while company at the center of the charges was reportedly under investigation by the Department of Justice, Devin Nunes, the Republican who heads the House Intelligence Committee, said on Tuesday 

Two House committees announced a probe Tuesday of a uranium deal that the Obama administration approved while company at the center of the charges was reportedly under investigation by the Department of Justice, Devin Nunes, the Republican who heads the House Intelligence Committee, said on Tuesday

Both chambers of Congress are sniffing around the uranium deal that President Donald Trump has tried to handcuff to Clinton.

A separate investigation in the House lead by Republican Rep. Trey Gowdy will look at the Department of Justice's handling of Hillary Clinton 's email probe. It will be operated by the Oversight Committee and the Judiciary Committee

A separate investigation in the House lead by Republican Rep. Trey Gowdy will look at the Department of Justice’s handling of Hillary Clinton ‘s email probe. It will be operated by the Oversight Committee and the Judiciary Committee

The Senate Judiciary Committee raised the issue with the Justice Department last week.

That panel is also making inquiries into former FBI Director James Comey’s move to draft a statement on Clinton’s email case before she was interviewed by investigators.

House Oversight Committee Chairman Trey Gowdy and Judiciary Committee Chairman Bob Goodlatte said Tuesday that they, too, would formally investigate the case that ended without prosecution.

‘The law is the most equalizing force in this country. No entity or individual is exempt from oversight,’ the Republican lawmakers said in a statement.

Democrat Adam Schiff, the ranking member on House Intel, argued Tuesday that the probes were completely partisan and totally unhelpful.

‘Acting on the urging of the President who has repeatedly denied the intelligence agencies’ conclusions regarding Russian involvement in our election, they are designed to distract attention and pursue the President’s preferred goal – attacking Clinton and Obama,’ the California Democrat said.

‘This may be good politics, but it is a disservice to the far more important cause of investigating Russian interference in our democracy and protecting our elections in 2018 and beyond from outside influence,’ Schiff said.,

The House investigation into the Uranium One deal will spearheaded by New York Republican Peter King, chairman of a subcommittee on emerging threats, and Florida Republican Ron DeSantis, chairman of a subcommittee on national security.

King was the ranking member on the House Homeland Security Committee when the Obama administration green-lit the deal. He questioned it then, and he still does now.

He said at a press conference announcing House probe that he wrote to Treasury Secretary Timothy Geithner at the time and was told that the deal was receiving ‘full scrutiny.’

‘It’s important that we find out why that deal went through and certainly in view of recent allegations that have been made or recent questions that have been raised, it’s essential that this investigation, this inquiry, move forward,’ King stated, referring to Clinton in the abstract.

Ron DeSantis said, ‘We do have a witness who is a confidential informant who wants to talk about his role in this, and we’re in contact with the Justice Department to release him from a nondisclosure agreement.

‘If that doesn’t work out in a timely fashion, then we obviously would be able to subpoena him.’

Hillary Clinton was secretary of state the time of the deal. She has been accused by President Trump and others of turning it into a quid pro quo opportunity for her family foundation. She said Monday that the charge is 'baloney' during an interview

Hillary Clinton was secretary of state the time of the deal. She has been accused by President Trump and others of turning it into a quid pro quo opportunity for her family foundation. She said Monday that the charge is ‘baloney’ during an interview

Nunes said the House Intel Committee has been looking into the issue for some times now.

‘I think, as Mr. DeSantis stated, there is a concern over the nondisclosure agreement,’ Nunes said. ‘We don’t think that is a concern. We think that any American, if they have information, even if it’s top secret, at the top secret level, they can come to the House Intelligence Committee and provide that information as a whistleblower if they would like.’

DeSantis chimed in to say that ‘last Congress, this really was not investigated, but I’m happy to report that the House leadership is fully behind this current investigation.

‘And so I would have liked to have done this a little sooner,’ the Republican lawmaker assessed, ‘but we are where we are, and we’re going to get the facts now with their support.’

The Hill newspaper had previously reported that a key FBI informant, an American businessman with knowledge of the Russian nuclear industry’s efforts to woo the Clintons and the Obama administration, was blocked by Obama’s Justice Department last year from telling Congress what he knew.

Lawyer Victoria Toensing, who worked in the Reagan Justice Department and was the former chief counsel of the Senate Judiciary Committee, told the paper last Tuesday she is working with lawmakers to push the Trump Justice Department or the FBI in freeing up her client to speak with members of Congress.

Trump made the controversy national news when he used it to deflect from allegations of Russian collusion against his presidential campaign in comments to reporters last Thursday.

‘I think that’s your Russia story. That’s your real Russia story. Not a story where they talk about collusion, which there was none. It was hoax,’ Trump told reporters in the Oval Office.

The Senate Judiciary Committee was the first of the Capitol Hill probes of the Uranium One deal, which gave 20 percent of the country’s uranium to Russia.

Federal investigators are said to have been reviewing the Russian nuclear industry’s business practices at the time of the sale.

Trump told reporters last week that it was the story of ‘the decade’ and slammed the mainstream media for not reporting it.

‘Frankly it’s a disgrace,’ Trump said. ‘It’s a disgrace, and it’s a disgrace that the fake news won’t cover it. It’s so sad.’

Trump also smacked Clinton on Twitter as he called it the ‘biggest story that fake media doesn’t want to follow.’

President Trump spoke about the questionable Uranium One deal in the Oval Office last Thursday, calling it 'your real Russia story,' as it hit political rival Hillary Clinton  

President Trump spoke about the questionable Uranium One deal in the Oval Office last Thursday, calling it ‘your real Russia story,’ as it hit political rival Hillary Clinton

The deal that took place while Clinton was secretary of state has attracted the attention of the Senate

The deal that took place while Clinton was secretary of state has attracted the attention of the Senate

Judiciary Committee Chairman Chuck Grassley said last Wednesday that he is looking into potential 'conflicts of interest' that Hillary Clinton may have had when she sat on the committee that approved the Uranium One transaction 

Judiciary Committee Chairman Chuck Grassley said last Wednesday that he is looking into potential ‘conflicts of interest’ that Hillary Clinton may have had when she sat on the committee that approved the Uranium One transaction

‘I would say it’s the same baloney they’ve been peddling for years, and there’s been no credible evidence by anyone. In fact, it’s been debunked repeatedly and will continue to be debunked,’ she said.

Clinton said the allegations are a distraction and a diversion cooked up by President Trump and Fox News.

‘I’m their favorite target. Me and President Obama, we are the ones they like to put in the crosshairs,’ she said.

A number of outlets reported last week that Judiciary Committee Chairman Chuck Grassley sent letters to federal agencies asking about potential ‘conflicts of interest’ that Clinton may have had when the State Department approved the Uranium One transaction.

State was just one of nine departments that approved the deal, a Politifact article explaining the dispute says.

As a party to the Committee on Foreign Investment in the United States, CFIUS, the secretary of state – Clinton – would have had a role in the decision. But so did the U.S. Nuclear Regulatory Commission, Politifact says, the nuclear regulator in Utah, where some of the uranium fields were located and everyone else on CFIUS.

Grassley said his investigation will center on Obama administration approval of he deal despite the ongoing FBI investigation of the company concerned. He also made reference Clinton’s family foundation.

‘It turns out during the transaction, the Justice Department had an ongoing criminal investigation for bribery, extortion and money laundering into officials for the Russian company making that purchase,’ Grassley said during a Capitol Hill hearing. ‘While all of this was going on, the Clinton Foundation reportedly received millions of dollars from interested parties in the transaction.’

Senate Judiciary Committee Chairman Chuck Grassley, R-Iowa, is trying to get to the bottom of the Russian uranium deal. He finds it suspicious that involved parties had donated to the Clinton Foundation

Senate Judiciary Committee Chairman Chuck Grassley, R-Iowa, is trying to get to the bottom of the Russian uranium deal. He finds it suspicious that involved parties had donated to the Clinton Foundation

Trump picked up on the story this morning, tagging Fox & Friends in one of the messages - an indication that he'd been watching author Peter Schweizer's appearance on the program

Trump picked up on the story this morning, tagging Fox & Friends in one of the messages – an indication that he’d been watching author Peter Schweizer’s appearance on the program

Peter Schweizer is the author of the book Clinton Cash. He hopped on Fox this morning to comment on Sen. Chuck Grassley's announcement 

Peter Schweizer is the author of the book Clinton Cash. He hopped on Fox this morning to comment on Sen. Chuck Grassley’s announcement

In 2010, the Committee on Foreign Investment in the United States approved a deal that allowed Russia’s Rosatom nuclear company to buy Canadian mining company Uranium One, which controlled about 20 percent of the U.S.’s uranium deposits, which was why the multi-agency committee was involved.

Sitting on that committee were former Attorney General Eric Holder and former Secretary of State Clinton, whose husband, ex-President Bill Clinton, had collected speaking fees and Clinton Foundation donations by parties associated with the deal.

Details about the donations were previously revealed in author Peter Schweizer’s book, Clinton Cash.

Schweizer appeared last Thursday morning on Fox & Friends, with President Trump tweeting ‘Russia sent millions to Clinton Foundation’ and tagging the morning show, indicating that he had tuned in.

Trump also tweeted, ‘Uranium deal to Russia, with Clinton help and Obama Administration knowledge, is the biggest story that Fake Media doesn’t want to follow!’

Former President Bill Clinton was given Clinton Foundation dollars and speaking fees by parties associated with the Russian uranium deal - while his wife, then Secretary of State Hillary Clinton, had to approve of it for it to go through 

However, the New York Times had investigated the deal as Schweizer’s book was coming out and agreed with many of the authors findings: that interested parties had indeed flowed money to the Clinton Foundation as Secretary of State Clinton made her determination.

‘Whether the donations played any role in the approval of the uranium deal is unknown,’ the Times report said.

‘But the episode underscores the special ethical challenges presented by the Clinton Foundation, headed by a former president who relied heavily on foreign cash to accumulate $250 million in assets even as his wife helped steer American foreign policy as secretary of state, presiding over decisions with the potential to benefit the foundation’s donors,’ it continued.

Adding a new layer to the story, the Hill reported that the FBI had uncovered a Russian bribery plot in 2009 and 2010, before the committee approved the deal.

The Justice Department also waited until 2014 to bring any charges.

Grassley wants to find out why.

The Department of Justice has not responded to multiple inquiries from DailyMail.com on the matter, including the gag order and whether DOJ would remove it.

http://www.dailymail.co.uk/news/article-5017499/Trump-calls-Russian-uranium-deal-Watergate-modern-age.html#ixzz4wfVHT3MK 

What you need to know about Hillary Clinton, Russia, and uranium

A 2016 campaign attack involving former Democratic nominee Hillary Clinton and her role in a uranium sale that involved Russia is back in the news.

With new revelations, increased media attention and reader requests, we decided to take another look. Because the details of the story are murky and based in part on anonymous sources, we won’t put any claims to the Truth-O-Meter.

Instead, we’ll explain what we knew previously, what new information has come to light, and what we still don’t know.

What we knew before

This complex tale involves a company with significant U.S. uranium assets, the Clinton Foundation, and a decision by several federal agencies to allow greater Russian influence in the United States’ uranium market.

It first emerged in the book Clinton Cash, a 2015 investigation by Breitbart News senior editor-at-large Peter Schweizer. The book looked into donations to the Clinton Foundation; an April 2015 New York Times article also documented the connections.

In 2007, Frank Giustra, a donor to the Clinton Foundation, sold his company, UrAsia, to another company, Uranium One, and unloaded his personal stake in it. The combined company kept Uranium One as its name but Toronto as its base. Under the terms of the deal, the shareholders of UrAsia retained a 60 percent stake in the new company.

Uranium One had mines, mills and tracts of land in WyomingUtah and other U.S. states equal to about 20 percent of U.S. uranium production capacity. Its actual production is a smaller portion of uranium produced in the United States, at 11 percent in 2014, according to Oilprice.com.

In 2009, Russia’s nuclear energy agency, Rosatom, bought a 17 percent share of Uranium One. In 2010, Rosatom sought to secure enough shares to give it a 51 percent stake.

On the one hand, Russia doesn’t have a license to export uranium outside the United States, so, as Oilprice.com noted, “it’s somewhat disingenuous to say this uranium is now Russia’s, to do with what it pleases.”

That said, the possibility that a foreign entity would take a majority stake in the uranium operation meant that the Committee on Foreign Investment in the United States, or CFIUS, had to approve the deal. So did the U.S. Nuclear Regulatory Commission and Utah’s nuclear regulator.

The membership of CFIUS includes the State Department, meaning that the Secretary of State would have had a voice. The panel also includes the attorney general and the secretaries of the Treasury (who chairs the committee), Defense, Commerce, Energy and Homeland Security, as well as the heads of the Office of the U.S. Trade Representative and the Office of Science and Technology Policy.

CFIUS did approve the proposal, and in 2013, Russia assumed 100 percent ownership of Uranium One and renamed the company Uranium One Holding.

Why would the United States allow the transfer of a uranium company?

As others, including a New York Times’ investigation, have suggested, the United States was still seeking to “reset” its relationship with Russia and trying to get the Kremlin on board with its Iran nuclear deal. But another factor may have been that, at the end of the day, the Russian deal wasn’t that big.

Russia’s purchase of the company “had as much of an impact on national security as it would have if they set the money on fire,” said Jeffrey Lewis, a nuclear nonproliferation expert at the Middlebury Institute and former director at the New America Foundation, in an interview with PolitiFact last year. “That’s probably why (CFIUS and the NRC) approved it.”

Why some of the critics’ charges during the campaign went too far

In June 2016, we fact-checked a statement by then-candidate Donald Trump — who was running against Clinton for president — that Clinton’s State Department “approved the transfer of 20 percent of America’s uranium holdings to Russia, while nine investors in the deal funneled $145 million to the Clinton Foundation.”

We gave the statement a rating of Mostly False. While the connections between the Clinton Foundation and the Russian deal may appear fishy, there was simply no proof of any quid pro quo.

Trump’s allegation went too far in two ways.

One, Trump seemed to say that Clinton bears all of the responsibility for the deal’s approval. That is incorrect.

Clinton told a New Hampshire TV station in June 2015 that “I was not personally involved because that wasn’t something the secretary of state did.” And Jose Fernandez, who served as assistant secretary of state for economic, energy and business affairs under Clinton and represented the department on the panel, told the Times that Clinton “never intervened with me on any CFIUS matter.”

But even if you don’t take either Clinton or Fernandez at their word, the reality is that the State Department was just one of nine government agencies that signed off on the transaction.

Second, while we concluded that nine people related to the company did at some point donate to the Clinton Foundation, we found that the bulk of the $145 million came from Giustra. Guistra said he sold all of his stakes in Uranium One in the fall of 2007, “at least 18 months before Hillary Clinton became secretary of state” and three years before the Russian deal.

We couldn’t independently verify Giustra’s claim, but if he is telling the truth, the donation amount to the Clinton Foundation from confirmed Uranium One investors drops from more than $145 million to $4 million.

The main exception is Ian Telfer, an investor who the New York Times found donated between $1.3 million and $5.6 million to the Clinton Foundation during and after the review process for the Russian deal.

So while Trump was within his right to question links between foundation donors and their ties to Uranium one, his specific charge was exaggerated.

Meanwhile, the Washington Post Fact Checker subsequently looked at a similar Trump statement: “Remember that Hillary Clinton gave Russia 20 percent of American uranium and, you know, she was paid a fortune. You know, they got a tremendous amount of money.”

The Fact Checker came to the same conclusion about Trump’s misleading language, giving Trump’s assertion its worst rating of Four Pinocchios.

Why this story is coming up again

After Trump won the presidency, the Uranium One story received relatively little attention — perhaps because Clinton is now a private citizen rather than serving as president. But that changed in the wake of a report published in the Hill newspaper on Oct. 17, 2017.

The article’s key finding was that by the time CFIUS was weighing the deal, the FBI had been investigating whether Russia was trying to gain influence in the U.S. nuclear industry. The report said that the FBI has already “gathered substantial evidence that Russian nuclear industry officials were engaged in bribery, kickbacks, extortion and money laundering designed to grow Vladimir Putin’s atomic energy business inside the United States.”

The implication of the Hill article is that Clinton either did know, or should have known, about problems with the Russian bid for Uranium One before deciding whether to let it go forward. (Clinton, the FBI and the Justice Department did not provide a comment on this story.)

The article cited FBI, Energy Department and court documents showing that the FBI had gathered “substantial evidence well before the committee’s decision that Vadim Mikerin — the main Russian overseeing Putin’s nuclear expansion inside the United States — was engaged in wrongdoing starting in 2009.”

However, rather than bringing immediate charges in 2010, the article said, the Justice Department “continued investigating the matter for nearly four more years, essentially leaving the American public and Congress in the dark about Russian nuclear corruption on U.S. soil during a period when the Obama administration made two major decisions benefiting Putin’s commercial nuclear ambitions.”

What remains unclear after the newest report?

The relevance of the Hill report  for Clinton’s role would be whether she knew anything about this investigation at a time when she could have used her role in CFIUS to block the Russian deal. (It could also be relevant for the actions by then-Attorney General Eric Holder, whose department has a seat on CFIUS.)

For now at least, we aren’t aware of any evidence that Clinton knew anything about the FBI investigation. If anything, the Hill’s reporting suggests the opposite.

The Hill article quoted Ronald Hosko, who served as the assistant FBI director in charge of criminal cases when the investigation was underway, saying that he did not recall ever being briefed about Mikerin’s case.

” ‘I had no idea this case was being conducted,’ a surprised Hosko said in an interview,” the Hill article reported.

At least one key lawmaker — then-Rep. Mike Rogers, R-Mich., who chaired the House Intelligence Committee at the time — also said he did not know about the investigation.

If the assistant FBI director at the time knew nothing of the investigation, then Clinton — someone in a different department and several rungs higher in the organizational chart — might not have known about it.

Stewart A. Baker, a partner at the law firm Steptoe & Johnson, was skeptical that such information would have reached the Secretary of State — “at least not until she was asked to weigh in on the transaction, and that would only happen if it were deeply controversial, which it was not. In my experience, the State Department was always one of the quickest agencies to urge approval of a deal, and they did that without checking with the Secretary.”

The vast majority of cases that CFIUS reviews are handled by lower-ranking staffers and appointees, added Stephen Heifetz, a partner at the law firm Steptoe & Johnson who specializes in CFIUS law.

“Even though the heads of the CFIUS agencies comprise CFIUS as a matter of law,” he said, “it is relatively rare to have a cabinet secretary directly involved in a CFIUS case.”

That said, several experts said they were surprised that word had not filtered up from the FBI.

The FBI “is well represented as part of the Justice Department’s CFIUS team,” Baker said. “It would be somewhat surprising to me if a company was under scrutiny as a buyer in CFIUS and simultaneously under investigation for criminal behavior by the FBI, but the criminal investigation was not known to the FBI’s representatives on CFIUS.”

In addition, it’s Justice Department policy to consolidate all Foreign Corrupt Practices Act inquiries within department headquarters in Washington, said Michael Koehler, a professor at Southern Illinois University School of Law and an expert on the Foreign Corrupt Practices Act. This makes word of those cases more likely to reach top officials than other types of investigations.

And the fact that the Mikerin case included a confidential informant makes it “more likely than not that top Justice Department or FBI officials either knew of the inquiry or should have known of the inquiry,” Koehler said.

Even if word had filtered up to CFIUS this way, it might not have been enough to scuttle the deal, Heifetz added.

“CFIUS often has cleared transactions when there is adverse information about foreign investors but no apparent risk to national security,” he said.

Ultimately, we don’t know enough to be able to say whether the apparent lack of information about the FBI investigation among higher ups was due to internal reporting failures or the more mundane reality that ground-level FBI investigations take time to mature and solidify.

But for now, there isn’t enough evidence to suggest that Clinton’s actions — ill-advised as they might have been — were any more problematic than it seemed they were a year ago.

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