The Pronk Pops Show 1309. August 20, 2019, Story 1: 23 Texas Towns Hit With Ransomware Attack — Videos — Story 2: President Trump Does Not Support Universal Background Checks But Does Support Meaningful Intelligent Background Checks  — Videos — Story 3: President Trump Looking At Payroll Tax Cuts — Videos — Story 4: Big Lie Media, Radical Extremist Democrat Socialists (REDS), and Trump Haters Hope The United States Economy Goes Into A Recession to Defeat Trump — Betrayal of The American People — Videos

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Pronk Pops Show 1309 August 20, 2019

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Pronk Pops Show 1304 August 8, 2019

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Story 1: 23 Texas Towns Hit With Ransomware Attack — Videos

Ransomware As Fast As Possible

Officials Working To Help 23 Local Texas Governments After Ransomware Attack

Ransomware attack hits government computers in over 20 Texas towns

Texas government agencies hit by ransomware attack

Ransomware attack hits 23 Texas towns

Twenty-two Texas Towns Hit By Ransomware

Ransomware attack hits 23 Texas towns

23 local Texas governments hit with ransomware attack

How Ransomware Locks Your PC & Holds Your Data Hostage

How one ransomware attack cost £45m to fix – BBC News

What is ransomware and how can I protect myself?

Th

RANSOMWARE

Wana Decrypt0r (Wanacry Ransomware) – Computerphile

 

Texas is hit with ransomware attack as at least 20 local governments come under ‘coordinated’ cyber assault

  • Texas state government reports coordinated ransomware attacks in 20 cities
  • State Department of Information Resources is leading the response
  • Ransomware cripples computer infrastructure with demand for payment 

Texas has been hit with a wave of ransomware attacks targeting at least 20 local government entities.

The Texas Department of Information Resources (DIR) said late Friday that it is leading the response to a ‘coordinated ransomware attack’ that is crippling critical government infrastructure across the state.

Ransomware disables computer networks and holds them hostage in demand for payment.

Workers are seen inside the Texas Division of Emergency Management, State Operations Center in Austin in a file photo
‘Currently, DIR, the Texas Military Department, and the Texas A&M University System’s Cyberresponse and Security Operations Center teams are deploying resources to the most critically impacted jurisdictions,’ the department said in a statement.

WHAT IS RANSOMWARE?

Cybercriminals use ‘blockers’ to stop their victim accessing their device.

This may include a mesage telling them this is due to ‘illegal content’  such as porn being identified on their device.

Anyone who has accessed porn online is probably less likely to take the matter up with law enforcement.

Hackers then ask for money to be paid, often in the form of Bitcoins or other untraceable cryptocurrencies, for the block to be removed.

In May 2017, a massive ransomware virus attack called WannaCry spread to the computer systems of hundreds of private companies and public organisations across the globe.

The department urged local jurisdictions who have been impacted to contact their local TDEM Disaster District Coordinator.

‘DIR is fully committed to respond swiftly to this event and provide the necessary resources to bring these entities back online,’ the agency said.

It was not immediately clear which cities had been impacted by the attacks and what entity is suspected of perpetrating them.

A spokesman for DIR did not immediately respond to a request for comment from DailyMail.com on Saturday.

The attack came within hours of a massive failure of U.S. Customs and Border Protection computers that caused huge travel delays across the country – although the federal agency has insisted that the outage was not ‘malicious’ in nature. 

‘The affected systems are coming back online and travelers are being processed. CBP will continue to monitor the incident. There is no indication the disruption was malicious in nature at this time,’ CBP said in a statement at 6.30pm ET on Friday.

22 Texas Towns Hit With Ransomware Attack In ‘New Front’ Of Cyberassault

Texas state Capitol building in Austin. This week, state officials confirmed that 22 municipalities have been infiltrated and ransom demanded.

Bill Clark/CQ-Roll Call/Getty Images

Updated at 10:00 a.m. Wednesday ET

Texas is the latest state to be hit with a cyberattack, with state officials confirming this week that computer systems in 22 municipalities have been infiltrated by hackers demanding a ransom. A mayor of one of those cities said the attackers are asking for $2.5 million to unlock the files.

The Federal Bureau of Investigation and state cybersecurity experts are examining the ongoing breach, which began Friday morning and has affected mostly smaller local governments. Officials have not disclosed which specific places are affected.

Investigators have also not yet identified who or what is behind the attack that took the systems offline, but the Texas Department of Information Resources says the evidence so far points to “one single threat actor.”

Elliott Sprehe, a spokesman for the department, said he was “not aware” of any of the cities having paid the undisclosed ransom sought by hackers. He said the areas impacted are predominantly rural. The department initially put the number of cities attacked at 23.

Two cities so far have come forward to say their computer systems were affected. Officials in Borger in the Texas Panhandle, said the attack has affected city business and financial operations. Birth and death certificates are not available online, and the city can’t accept utility payments from any of its 13,25o residents. “Responders have not yet established a time-frame for when full, normal operations will be restored,” city officials said.

Keene, Texas, a city of some 6,100 people outside Fort Worth, was also hit, officials announced. The city’s government is also unable to process utility payments.

Keene Mayor Gary Heinrich told NPR that the hackers broke into the information technology software used by the city and managed by an outsourced company, which he said also supports many of the other municipalities targeted.

“Well, just about everything we do at City Hall is impacted, Heinrich said.

Heinrich said the hackers want a collective ransom of $2.5 million.

“They got into our software provider, the guys who run our IT systems,” Heinrich said. “A lot of folks in Texas use providers to do that, because we don’t have a staff big enough to have IT in house.”

State officials would not comment on the nature of the attack or confirm the ransom amount. But Heinrich said there is no way his city will be coughing up anything for the hackers.

“Stupid people,” he said of the cyber-attackers. “You know, just no sense in this at all.”

Experts say that while government agencies have increasingly been hit by cyberattacks, simultaneously targeting nearly two dozen cities represents a new kind of digital assault.

“What’s unique about this attack and something we hadn’t seen before is how coordinated attack this attack is,” said threat intelligence analyst Allan Liska. “It does present a new front in the ransomware attack,” he said. “It absolutely is the largest coordinated attack we’ve seen.”

Liska’s research firm, Recorded Future, has found that ransomware attacks aimed at state and local government have been on the rise, finding at least 169 examples of hackers breaking into government computer systems since 2013. There have been more than 60 already this year, he said.

In recent months, the data networks of Baltimore, the Georgia courts system and a county in Utah have all been hit by ransomware.

The hacker bait tends to come in the form of a seemingly benign email with links or attachments that, once opened, can infect a system. There are other popular ways of tapping into government networks, Liska said, like through remote desktop systems, which can be vulnerable to hackers.

While the attackers tend to be anonymous and their locations undisclosed, Liska said his research has found that few are based in the U.S. Many, he said, are breaching local government computer systems from operations based in parts of Eastern Europe or Russia.

And sometimes local governments see no other option to restoring their crippled networks than paying a ransom demanded by hackers. In Lake City, Fla., a town of about 12,000 residents, officials paid $460,000 in the form of bitcoin, the preferred payment method among cybercriminals.

“They turned off the servers. They literally went room through room through city hall, unplugging people’s networks cables and turning off all the computers,” Mike Lee, a sergeant with the Lake City Police Department, told NPR in July.

The ransom was paid by insurance, but taxpayers were still on the hook for a $10,000 deductible.

The Recorded Future study found that about 17% of local agencies hit with ransomware viruses paid up, a practice federal law enforcement officials discourage, saying it incentivizes cybercriminals to keep engaging in the activity.

Liska said in cities he has worked with that have been preyed upon by hackers, there are instances in which ponying up for the return of data is the only viable option.

“Sometimes the reality of the situation may call for it,” he said. “If the backups aren’t working or if the bad guys have encrypted your backups, then unfortunately that’s what you’re left with.”

Individuals, businesses and institutions such as hospitals have been targeted by ransomware attacks for years. With the recent attacks on state and city government, local officials are rushing to secure their computer systems, holding new training and backing up their servers, Liska said. But in smaller, cash-strapped localities, there could be challenges to building a security defense.

Tad McGalliard studies local government cybersecurity at the Washington-based city manager group ICMA. He has been pushing for municipalities to find more funding to fight back against hackers.

“Somebody out there on the bad guy front is seeing an opportunity in local governments and we got to make a better job of making sure our employees are as well-trained and as well-equipped as possible,” McGalliard said.

McGalliard said the Texas case should be a wake-up call to cities in remote parts of the country.

“We might have thought this was a big city problem, or at least an affluent city or county problem, but I think what’s clear now is just about any local government is vulnerable,” he said.

In Texas, state authorities have not yet disclosed where exactly the attacks were based or how many computers have been swept up in the breach, meaning it is not yet known what services or data might have been compromised.

“Hitting 23 towns at once was bad, but we don’t know how much damage was done,” Liska said. “One computer in each town versus 100 computers in each town is a big difference.”

https://www.npr.org/2019/08/20/752695554/23-texas-towns-hit-with-ransomware-attack-in-new-front-of-cyberassault

Story 2: President Trump Does Not Support Universal Background Checks But Does Support Meaningful Intelligent Background Checks  — Videos

White House pushes back on background check claims

Lou Dobbs Tonight 8/20/19 | Breaking Fox News August 20, 2019

Story 3: President Trump Looking At Payroll Tax Cuts — Videos

Bank of America CEO Moynihan on the Economy, Recession Risks and Trade

What are the warning signs of a recession?

Are we heading for a global recession? – BBC Newsnight

The Point: Trump admits China war could bring economic recession

President Trump Wants To Cut Payroll Taxes

President Trump Says He’s Considering Payroll Tax Cut To Boost Economy | NBC Nightly News

President Trump may be considering options to prevent recession

Trump touts economy but payroll tax discussion reveals recession fears

Trump attacks Fed chair, pushes back on recession fears

Donald Trump says he will risk a ‘RECESSION for two months’ as a price for his China trade war saying only ‘dumb people’ don’t get what he us doing – and he admits he IS considering emergency tax cuts

  • Donald Trump spent morning retweeting aides and media allies to back his claim that recession warnings are a plot to unseat him in 2020
  • He retweeted a supporter who described him as having ‘super human energy,’ and a series of claims that the media is trying to crash the economy
  • ‘Somebody had to take China on,’ he argued. ‘China’s been grifting off this country for 25 years’ 
  • Told a reporter asking about a recession: ‘I am doing this whether it’s good or bad for your statement about, “Oh, will we fall into a recession for two months?” ‘
  • Trump declared, ‘The fact is, somebody had to take China on. My life would be a lot easier, if I didn’t take China on. But I like doing it, because I have to do it’
  • Also tweeted Mike Pence claiming Michigan’s economy is strong on day electorally-critical state was hit by U.S. Steel layoffs 
  • Admitted during an Oval Office meeting with Romania’s president that he’s considering a payroll tax cut and railed against the Federal Reserve and China
  • Dow closed 173.35 points down at 25,962.44 after rallying on Monday, in the latest market fluctuation. 

President Donald Trump says he’s willing to risk a ‘recession for two months’ to bring China to heel, declaring Tuesday that only ‘dumb people’ don’t understand his trade war and tariffs policies.

An angry Trump warned reporters that if he hadn’t challenged China, theft of intellectual property would hurt companies like Apple even more in the long term than his tariffs.

‘Somebody had to take China on,’ he argued. ‘China’s been grifting off this country for 25 years, but longer than that. And it’s about time, whether it’s good for our country, or bad for our country short term. Long term, it’s imperative that somebody does this because our country cannot continue to pay China $500 billion because stupid people are running it.’

He argued, ‘Whether its good or bad short term is irrelevant. We have to solve the problem with China.’

‘Whether it’s good or bad, the short term is irrelevant. We have to solve the problem with China because they’re taking out $500 billion a year plus. And that doesn’t include intellectual property theft and other things. And also, national security, so I am doing this whether it’s good or bad for your statement about, “Oh, will we fall into a recession for two months?” ‘ he told a journalist asking him about the possibility of a downturn.

Trump declared, ‘The fact is, somebody had to take China on. My life would be a lot easier, if I didn’t take China on. But I like doing it, because I have to do it. And we’re getting great help. China’s had the worst year they’ve had in 27 years, and a lot of people saying the worst year they’ve had in 54 years, OK?

President Donald Trump says he's willing to risk a 'recession for two months' to bring China to heel, declaring Tuesday that only 'dumb people' don't understand his trade war and tariffs policies

President Donald Trump says he’s willing to risk a ‘recession for two months’ to bring China to heel, declaring Tuesday that only ‘dumb people’ don’t understand his trade war and tariffs policies

Trump will risk recession as trade war with China ‘had to be done’

Fuming, the president insisted to journalists: ‘We’re winning big. I took it on.

‘And I’m happy to do it. Because it had to be done. And the smart people say, thank you very much. And the dumb people have no idea. And then you have the political people, and they go with the wind. But they all know.’

He defended his tariffs on China, arguing, ‘My trade deals aren’t causing a problem. This is something that had to be done.’ 

Trump also confirmed that he’s looking at a payroll tax cut, acknowledging that it’s ‘something we think about and a lot of people would like’ him to pursue to stimulate the economy.

Sitting next to Romanian President Klaus Iohannis, the president denied that the U.S. economy is in distress.

‘I think the word recession is a word that’s inappropriate,’ he asserted. ‘Certain people and the media are trying to build up, because they’d love to see a recession.’

He urged the Federal Reserve to cut rates again and said at a ‘minimum they should be doing nothing,’ as he lashed out against the financial institution.

Trump slams Fed, says US economy is ‘far from a recession’

Trump said it should not be decreasing the amount of money in circulation, a monetary policy known as quantitative tightening.

‘The fed is psychologically very important,’ he said in the Oval Office meeting, where he took half-an-hour of questions from gathered journalists.

The president offered up the EU and Germany as examples, saying, ‘You have to be proactive, and so we really need a fed cut rate because if you look what’s going on with the European Union, as an example, they’re cutting.

‘If you take a look at Germany, what they’re doing and what they’re doing, and what they’re paying, they’re actually doing something inverse, nobody’s ever seen it before, we have to at least keep up to an extent,’ he said. ‘So we’re looking for a rate cut.’

Trump’s remarks aired on television as Wall Street was winding down for the day.

It closed 173.35 points down at 25,962.44 after rallying on Monday, in the latest market fluctuation.

Trump accused Democrats Tuesday of running a strategy to drive the nation into recession, as he amplified claims from his allies that the economy is stronger under his leadership.

In a morning tweet storm which came as White House officials discussed how to stimulate the economy at the same time as Trump is denying a recession is looming, he retweeted Mike Pence, his campaign manager and three favored media allies – Geraldo Riviera and Jesse Watters of Fox News and Maria Bartiromo of Fox Business network.

One credited Trump with ‘super human energy,’ and pushed his own claim that Democrats are trying to drive the country into recession to beat him in 2020.

And GOP chairwoman Ronna McDaniel argued in tweets that manufacturing optimism is up and unemployment is down.

Trump seconded his campaign manager, Brad Parscale, who proclaimed in a message, ‘The liberal media is so deranged by President [Donald Trump] that they’re now cheering for the economy to tank – sorry to disappoint Democrats, but the economy has never been stronger!’

And the tweetstorm pointedly included praise for the economy in Michigan from vice president Mike Pence, who was traveling there Tuesday, on the day that U.S. Steel was revealed to be laying off hundreds and shuttering blast furnaces.

 

 

 

Tweet storm of praise: Trump turned to Twitter for backers of his claim that warnings of a recession are being driven by a desire to remove him from office

Tweet storm of praise: Trump turned to Twitter for backers of his claim that warnings of a recession are being driven by a desire to remove him from office

U.S. Steel –  a company whose renaissance has been a key part of the Trump narrative – said it would lay off 200 workers. It will also idle two blast furnaces for at least six months at Great Lakes and Gary Works plants, citing lower steel prices and softening demand.

The layoffs were characterized as temporary in filings,but the company admitted they could last longer than six months, in another indicator that the U.S. economy is slowing down.

Michigan is critical to Trump’s re-election prospects after the shock victory there played a key part in putting him in the White House.

In more bad news for Trump, a top lender, JP Morgan Chase assessed that Trump’s tariffs on China will cost American consumers $1,000 a household.

Despite Trump’s bravado on social media and previous bullish public comments, his  White House spokesman Hogan Gidley confirmed talks were under way on some form of stimulus.

He denied only a specific report that the measure bring considered a payroll tax cut and told Fox News: ‘It’s not being considered at this time but he’s looking at all options out there to try and give people back so much of the hard earned money they’ve made.’

A Washington Post report had cited sources at the White House said the administration was considering a temporary cut to the 6.2 percent tax to prevent a downturn.

The suggestion was modeled after a two percent slash Obama made in his first term, which expired in 2013 as job growth ticked up again.

On Monday night, a White House official told DailyMail.com that a payroll tax isn’t under discussion currently, although the person left the door open to future tax cuts to stimulate the economy.

‘As Larry Kudlow said yesterday, more tax cuts for the American people are certainly on the table, but cutting payroll taxes is not something under consideration at this time,’ the official said.

Kudlow had on Fox News Sunday said the president’s Oct. 2018 promise to pursue tax cuts for the middle class was still alive.

He denied that the nation was on the verge of a recession, however, after fill-in host Dana Perino asked about emergency action to counteract a recession.

‘Well, first of all I don’t see a recession at all. Second of all, the Trump pro-growth program, which I believe has been succeeding lower tax rates, bid rollback of regulations, energy opening, trade reform, we’re going to stay with that,’ he said. ‘We believe that’s the heart of the free enterprise. We want an incentive-oriented supply-side economy, providing opportunities for everybody across the board.’

He said, ‘That’s about as good as it gets and I notice, at the end of the week, a lot of the Wall Street firms have been marking up their economic growth forecasts. I think we’re in pretty good shape and I want to just say you know, we should not be afraid of optimism.’

Under questioning about a call that Trump had last Wednesday with JP Morgan’s Jamie Dimon and the CEOs of two other leading lenders, he suggested the conversation was about the president’s tariffs on China.

The lender said Tuesday that the next round of tariffs, which were delayed until Dec. 15, are likely to bring the cost per household this year up to $1,000.

Trump and his aides have now spent days denying publicly that a recession is on the horizon and the U.S. needs to take action. The president said Sunday that he’s ‘prepared’ to counteract one, though, if a financial downturn takes the country by surprise.

Trump insisted that American consumers are ‘not paying for the tariffs’ that he has on $250 billion of Chinese goods, so far, and said he’s reconsidering a plan to put tariffs on laptops and cells phones in December, to protect American consumers and companies.

He accused his political opponents of trying to bring down the United States’ economy to hurt his reelection chances on Monday, as his administration tried to put out a wildfire of claims that a recession might be on the way.

Trump said Monday that economy is doing well despite ‘very selfish’ political angling of Democrats on a mission to oust him from the White House.

‘Our Economy is very strong, despite the horrendous lack of vision by Jay Powell and the Fed, but the Democrats are trying to “will” the Economy to be bad for purposes of the 2020 Election. Very Selfish! Our dollar is so strong that it is sadly hurting other parts of the world,’ he tweeted.

On the spot: Donald Trump and his aides have now spent days denying that a recession is looming

On the spot: Donald Trump and his aides have now spent days denying that a recession is looming

Trump said that economy is doing well despite 'very selfish' political angling of Democrats, who are on a mission to oust him from the White House

Trump said that economy is doing well despite ‘very selfish’ political angling of Democrats, who are on a mission to oust him from the White House

He added, ‘The Fed Rate, over a fairly short period of time, should be reduced by at least 100 basis points, with perhaps some quantitative easing as well. If that happened, our Economy would be even better, and the World Economy would be greatly and quickly enhanced-good for everyone!’

Last week, the president accused the media of ‘doing everything they can to crash the economy because they think that will be bad for me and my re-election.’

He blamed a wide array of third parties, including Joe Biden and the Hong Kong protesters, accusing them of scuttling a trade deal with Beijing that would help both countries’ economies.

Three-quarters of economists predict a U.S. recession by 2021 in survey – but number who say it will be after the presidential election rises

A number of U.S. business economists appear sufficiently concerned about the risks of some of President Donald Trump’s economic policies that they expect a recession in the U.S. by the end of 2021.

In total, 74% economists surveyed by the National Association for Business Economics, in a report being released Monday, said they believe a slowing economy will tip into recession by 2021.

However there is some good news in the survey for the president, with the number who see a recession in 2020 down from 42% to 38%, while the number predicting a 2021 recession is at 34%.  That’s up from 25% in a survey taken in February.

Only 2% of those polled expect a recession to begin this year, down from 10% in February. A slightly higher number than before – 14% – say it will be later than 2021.

Trump, however, has dismissed concerns about a recession, offering an optimistic outlook for the economy after last week’s steep drop in the financial markets and saying on Sunday, ‘I don’t think we’re having a recession.’ A strong economy is key to the Republican president’s 2020 reelection prospects.

The economists have previously expressed concern that Trump’s tariffs and higher budget deficits could eventually dampen the economy.

Response: What business economists surveyed by the National Association for Business Economics are saying about a downturn

Response: What business economists surveyed by the National Association for Business Economics are saying about a downturn

The Trump administration has imposed tariffs on goods from many key U.S. trading partners, from China and Europe to Mexico and Canada.

Officials maintain that the tariffs, which are taxes on imports, will help the administration gain more favorable terms of trade. But U.S. trading partners have simply retaliated with tariffs of their own.

Trade between the U.S. and China, the two biggest global economies, has plunged. Trump decided last Wednesday to postpone until Dec. 15 tariffs on about 60% of an additional $300 billion of Chinese imports, granting a reprieve from a planned move that would have extended duties to nearly everything the U.S. buys from China.

The financial markets last week signaled the possibility of a U.S. recession, adding to concerns over the ongoing trade tensions and word from Britain and Germany that their economies are shrinking.

The economists surveyed by the NABE were skeptical about prospects for success of the latest round of U.S.-China trade negotiations. Only 5% predicted that a comprehensive trade deal would result, 64% suggested a superficial agreement was possible and nearly 25% expected nothing to be agreed upon by the two countries.

The 226 respondents, who work mainly for corporations and trade associations, were surveyed between July 14 and Aug. 1.

That was before the White House announced 10% tariffs on the additional $300 billion of Chinese imports, the Chinese currency dipped below the seven-yuan-to-$1 level for the first time in 11 years and the Trump administration formally labeled China a currency manipulator.

As a whole, the business economists’ recent responses have represented a rebuke of the Trump administration’s overall approach to the economy.

Still, for now, most economic signs appear solid. Employers are adding jobs at a steady pace, the unemployment rate remains near a 50-year low and consumers are optimistic. U.S. retail sales figures out last Thursday showed that they jumped in July by the most in four months.

The survey showed a steep decline in the percentage of economists who found the $1.5 trillion in tax cuts over the next decade ‘too stimulative’ and likely to produce higher budget deficits that should be reduced, to 51% currently from 71% in August 2018.

https://www.dailymail.co.uk/news/article-7376495/Trump-says-hes-looking-payroll-tax-cut-pushes-recession-claims.html

 

Story 4: Big Lie Media. Radical Extremist Democrat Socialists (REDS), and Trump Haters Hope The United States Economy Goes Into A Recession to Defeat Trump — Betrayal of The American People — Videos

Are Trump’s media critics rooting for recession?

Bill Maher roots for recession to get Trump out of office

Bill Maher says recession is ‘worth it’ if Trump loses in 2020

Lou Dobbs Tonight 8/20/19 | Breaking Fox News August 20, 2019

Is the world heading for a recession? | FT

Trump Warns of Economic Downturn if He Loses Next Year

Trump’s Victory Shattered The Democrats, They’ve Been Struggling Ever Since

White House dismisses fears of a recession l ABC News

 

Recession is at the top of Trump haters’ wish list

I’m not saying they are just hoping for a recession. It’s obvious the haters would like that.

But are they trying to cause a recession?

Comedian and Trump ultra-hater Bill Maher has already spoken for his side. “We have survived many recessions. We can’t survive another Donald Trump term,” Maher is quoted as saying.

You know what: Trying to cause a recession would actually be the most rational thing the president’s opponents have tried. The trouble is, this strategy doesn’t seem to be working. Not yet, at least.

I’ll get to that in a bit.

But first let’s go over the more irrational solutions that the president’s opponents have considered or have actually acted upon.

Right after the election, the Trump haters floated these doozies: Get the Electoral College voters to go against the wishes of their states and keep Trump from the presidency. When that didn’t work, they tried — at least according to a wishful press — to get members of Trump’s own cabinet to decline him unfit for office.

Strike two.

And, of course, there was whatever was going on inside the FBI and other intelligence agencies that were spying on the Trump campaign and pulling dirty tricks before and after his election.

That didn’t work either and we will find out more about what was going on when a report concerning all this comes from Michael Horowitz, the inspector general of the Justice Department, sometime in the very near future.

So that brings us back to the possibility — and for the haters, the last hope — that there will be a recession and that it will affect the next presidential election, which is a little more than a year away.

As I said, this isn’t an irrational tactic to take against Trump.

Elections are mostly won or lost on how the economy is doing. And right now, while there is lots of talk about a 2020 recession that will hurt Trump, that’s really all it is — talk. And it’s mostly talk in the media and among Democrats.

But this chatter is causing Trump to bring up the issue of a recession regularly to defend himself — which publicizes the possibility of an economic downturn even more.

You have probably heard that consumers control about 80% of the US economy. Recessions happen for a lot of reasons — a mistake by the Federal Reserve, economic problems overseas, careless lending by banks, a stock market crash, trade wars and war wars.

Some of those things, and others, can lead to a recession. But most of the things I just mentioned have been going on at times over the past 10 years and still there hasn’t been a recession since the Great One of 2007 to 2009.

But the quickest way to cause a recession is to kill the confidence of consumers. Without the consumer being willing to spend, the economy will crap out.

That’s where all the talk of a recession comes in. If the Trump haters in and outside the media can convince consumers that the next recession is right around the corner, the next recession just might be right around the corner.

And with any luck, the recession will happen just in time to be on voters’ minds when they decide whether to keep President Trump in office or kick him to the cul-de-sac.

What the haters really need is for Americans to forget all the irrational stuff they’ve already failed at and just focus on the economy. “It’s the economy, stupid,” is a Bill Clinton campaign motto that would need to be revised.

But here’s the problem. While helping cause a recession might be the rational thing for the haters to do politically, it comes with many drawbacks.

The biggest is that voters might figure out what the haters are doing and be pissed.

A recession will bring job losses. Will the American public blame the president, or can Trump cast the blame on his opponents?

And if this tactic is perceived as just another dirty trick, it might take the Democrats a very long time to regain the public’s support.

Trump certainly isn’t getting the kind of economy he wanted and even predicted. But growth is still around 2% a year, about where it was during most of the Obama administration.

Unemployment for everyone is down. And people are still spending, as recent retail sales figure show.

And the stock market is doing just fine, despite the president’s panic every time if falls a few percentage points.

But US debt levels have skyrocketed as Trump tried to boost the economy through a tax cut. And a tricky thing is happening in the bond markets — yields of shorter maturity government securities are higher than long-maturity yields.

This yield “inversion,” the experts say, is an omen of a coming recession. And the haters hope they are right.

Maybe, maybe not.

The chaos in the world could be making the US bond market flaky as foreign investors try to get assets out of their own country and into ours. And that, or some other market quirk, could be causing the inversion.

This is all quite intriguing and will make a great movie one of these days. But right now, it’s just a drama that will end — thankfully — in November 2020.

https://nypost.com/2019/08/19/recession-is-at-the-top-of-trump-haters-wish-list/

 

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

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

 

 

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Image result for branco cartoons epstein new willSee the source image

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Real GDP: Percent change from preceding quarter, Q2 2019 Adv

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

 

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

 

Jeffrey Epstein signed will two days before death, records show

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

 

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

 

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

 

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

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

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

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

The test would have been prohibited by the INF treaty.

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

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

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

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

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

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

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

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

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

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

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

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

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

Kremlin on suspected missile explosion: ‘Accidents happen’

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

Russian nuclear reactor explosion shrouded in mystery

What we know about deadly radiation explosion at Russian military site

What’s behind Russia’s mysterious nuclear incident? | DW News

Five confirmed dead in explosion at military testing site in northern Russia

Radiation Containment A New Concern In Russian Nuclear Incident | Rachel Maddow | MSNBC

Russia Missile Explosion: Govt tells Nyonoksa residents to leave village

Top Secret Russian Nuclear Engine Explodes During Testing

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

She only recently gave birth to his grandchild.

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

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

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

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

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

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

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

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

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

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

All are expected to be honoured posthumously by Vladimir Putin.

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

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

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

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

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

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

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

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

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

 

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

See the source image

 

Perspective from the BEA Accounts

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

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

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

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

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

 

White House downplays recession fears

White House dismisses fears of a recession l ABC News

Hogan Gidley echoes Trump: Media are pushing a recession

The Federal Reserve shouldn’t be manipulating interest rates: Steve Forbes

Milton Friedman on Money / Monetary Policy (Federal Reserve) Part 1

Milton Friedman on Money / Monetary Policy (Federal Reserve) Part 2

Milton Friedman Speaks: Money and Inflation (B1230) – Full Video

On Milton Friedman | Murray N. Rothbard

Does this line predict America’s next recession? | The Economist

Are we heading for a global recession? – BBC Newsnight

Banking 14: Fed Funds Rate

Banking 15: More on the Fed Funds Rate

Banking 16: Why target rates vs. money supply

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

 

Reserve requirement

From Wikipedia, the free encyclopedia

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

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

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

Contents

Effects on money supply

Conventional view

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

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

where notationally,

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

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

Endogenous money view

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

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

Required reserves

United States

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

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

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

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

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

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

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

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

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

Countries without reserve requirements

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

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

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

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

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

United Kingdom

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

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

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

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

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

Canada

Canada abolished its reserve requirement in 1992.[12]

Other countries

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

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

Historical changes in reserve ratios

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

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

(Ratios are expressed in percentage points.)

See also

References

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

External links

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

 

 

Reserve Requirements

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

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

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

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

Reserve Requirements

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

Return to text

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

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

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

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

Low Reserve Tranche Amounts and Exemption Amounts since 1982

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

Return to text

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

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

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

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

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

 

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The Pronk Pops Show 1306, August 14, 2019, Story 1: President Trump Delays Tariffs on Chinese Goods to After Christmas — Videos — Story 2: Normal Flight Operations Resume Again in Hong Kong — Videos — Story 3: Progressives Try To Panic American People Over Inverted Yield Curve Leading To Recession — U.S. Economy is Growing — Missy Higgins Singing — Videos — Story 4: President Trump Energy Speech at Shell Pennsylvania Petrochemicals Complex in Monaca, Pennsylvania 

Posted on August 15, 2019. Filed under: 2020 Republican Candidates, Addiction, Addiction, American History, Banking System, Blogroll, Breaking News, Budgetary Policy, Business, Cartoons, China, Coal, Coal, Communications, Congress, Corruption, Countries, Culture, Currencies, Donald J. Trump, Donald J. Trump, Donald J. Trump, Donald Trump, Economics, Economics, Education, Elections, Empires, Employment, Energy, Fiscal Policy, Foreign Policy, Free Trade, Freedom of Speech, Government, Government Dependency, Government Spending, Health, Health Care, Health Care Insurance, History, House of Representatives, Human, Human Behavior, Illegal Immigration, Immigration, Independence, Labor Economics, Language, Law, Legal Immigration, Life, Liquid Natural Gas (LNG), Lying, Media, Monetary Policy, National Interest, Natural Gas, Natural Gas, News, Nuclear, Oil, Oil, People, Philosophy, Photos, Politics, Polls, President Trump, Private Sector Unions, Progressives, Public Corruption, Public Sector Unions, Radio, Raymond Thomas Pronk, Regulation, Resources, Rule of Law, Scandals, Security, Senate, Social Science, Social Sciences, Solar, Success, Tax Policy, Taxation, Taxes, Trade Policy, U.S. Dollar, Unemployment, Unions, United States of America, Videos, Violence, Wealth, Welfare Spending, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

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Story 1: President Trump Delays Tariffs on Chinese Goods to After Christmas — Americans Would Have Been Paying The Tariff or Tax — Videos —

Trump Blinked With China Tariff Delay, Exante Data’s Setser Says

Trump says China tariffs delayed for ‘Christmas season’

China Is Changing Strategy in Trade War, Says LSE’s Jin

 

Trump CAVES on China tariffs and puts off levies on laptops, cell phones and toys until after Christmas shopping season following ‘very good call’ with Beijing – in move set to boost faltering stock market

  • The Trump administration announced Tuesday morning that is delaying tariffs on Chinese-manufactured goods like laptops and cell phones until Dec. 15
  • Trump’s trade office says that certain products ‘will not face additional tariffs of 10 percent’ due to health, safety or national security concerns 
  • Some of e products it listed were cell phones, laptop computers, video game consoles, computer monitors, footwear and clothingth
  • USTR said it will post a list of items that are being excluded on its website
  • It announced the postponement shortly after the the stock market opened, and the Dow jumped nearly 500 points within minutes of the news
  • Donald Trump has not commented directly but hinted n a tweet that the action was intended to get China to move forward with large agricultural orders

The Trump administration announced Tuesday morning that is delaying tariffs on Chinese-manufactured goods like laptops and cell phones until Dec. 15, when price hikes from the penalties won’t drive up the price of popular Christmas presents.

Trump’s trade office says that certain products ‘will not face additional tariffs of 10 percent’ due to health, safety or national security concerns.

However, the categories of goods that are being protected suggest that Trump was concerned about the consumer pricing index and the billions of dollars in value of this month’s stock losses.

The U.S. trade office announced the postponement shortly after the the stock market opened in the United States, causing the Dow Jones Industrial Average jump nearly 500 points within minutes.

That excitement tempered off as the day wore on. The Dow leveled out at a 400-point rise that was close to 1,000 points off from where it was a month ago when it started to drop.

Speaking to reporters on the tarmac in New Jersey, before a day trip to Pennsylvania from his vacation, the president defended his tough-on-China stance, saying that other presidents should have tightened the screws on Beijing, too.

He said that he backed off on tariffs because he had a ‘very good call with China.

The Trump administration announced Tuesday morning that is delaying tariffs on Chinese-manufactured goods like laptops and cell phones until Dec. 15. Donald Trump is seen here at the White House the previous Friday

The Trump administration announced Tuesday morning that is delaying tariffs on Chinese-manufactured goods like laptops and cell phones until Dec. 15. Donald Trump is seen here at the White House the previous Friday

The Dow Jones Industrial Average jumped nearly 500 points within minutes of the statement

The Dow Jones Industrial Average jumped nearly 500 points within minutes of the statement

Donald Trump said he’d impose a 10 percent penalty on $300 billion in untaxed goods on Sept. 1, if China continued drag out trade talks. 

U.S. negotiators say a deal was nearly finished, when Beijing backed away from major provisions.

A new round of talks was scheduled for September, however Trump drove down skittish markets with claims last week that the meetings could be cancelled.

On Tuesday morning, USTR announced it was loosening the noose on China, specifically on items in the tech and and clothing manufacturing industries.

‘Products in this group include, for example, cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing,’ according to a United States Trade Representative statement.

USTR said it will post a list of items that are being excluded on its website today.

The president continued to defend his position in a Tuesday morning in tweet that claimed consumers have not paid the price for the 25 percent tariffs on $250 billion of other Chinese items that he’s put in place.

Trump did not mention the policy shift in that tweet or one that he sent a half-hour after the the USTR announcement, however, he hinted that unfilled agricultural orders were part of the calculus.

He said of China’s retracted promises to purchase more American agricultural goods: ‘Maybe this will be different!’ 

Less than an hour prior, the president had been ripping China. He blasted Beijing for financial tinkering the U.S. has blasted as currency manipulation while promising American buyers that tariffs wouldn’t affect everyday product pricing.

‘Through massive devaluation of their currency and pumping vast sums of money into their system, the tens of billions of dollars that the U.S. is receiving is a gift from China. Prices not up, no inflation. Farmers getting more than China would be spending. Fake News won’t report!’ he said.

‘Later, at a manufacturing event in Pennsylvania, the president said in an extended riff on China that it had ‘ripped off our country for years’ and taken advantage of World Trade Organization rules that allow the nation to be classified as a developing economy.

‘And I’m being nice when I say took advantage,’ he argued.

He recounted his threat to leave the WTO, unless it started adjudicating cases in his favor.

‘And it’s only because of attitude,’ he said of a change in behavior. ‘Because we know that they have been screwing us for years.’

He added, ‘And I’d like to use a different word but there’s no word that’s quite as descriptive.’

https://www.dailymail.co.uk/news/article-7352783/Trump-postpones-new-tariffs-China-months-stock-shares-lose-billions-value.html

 

Story 2: Normal Flight Operations Resume Again in Hong Kong — Videos

 

Normal operations resume at Hong Kong airport as city braces for more protests

Hong Kong’s Airport Authority said normal flight operations would resume on Thursday after pro-democracy protests forced the cancellation of nearly 1,000 flights this week, while the city braced for more mass protests through the weekend.

China reiterated on Wednesday that Hong Kong’s protest movement was “near terrorism” and more street clashes followed ugly and chaotic scenes at the airport on Tuesday, when protesters set upon two men they suspected of being government sympathisers.

Police and protesters faced off again on the streets of the financial hub overnight, with riot officers quickly firing tear gas as their response to demonstrators toughens .

Ten weeks of increasingly violent confrontations between police and protesters have plunged Hong Kong into its worst crisis since it reverted from British to Chinese rule in 1997.

Heightened security would remain at the city’s international airport and the Hong Kong Airport Authority said late on Wednesday an application for protests to be held in the terminal must be made in advance with a “Letter of No Objection” to be obtained from police.

More protests are planned on Friday and over the weekend in different areas of the Chinese-controlled territory.

Protesters have expressed remorse after a peaceful sit-in turned violent at one of the world’s busiest airports earlier this week.

It was not clear whether the violent clashes might have eroded the broad support the movement has so far attracted in Hong Kong. The protests have also hit the city’s faltering economy.

The United States said it was deeply concerned at news of Chinese police forces gathering near the border, urged Hong Kong’s government to respect freedom of speech, and issued a travel advisory urging caution when visiting the city. (Writing by Farah Master Editing by Paul Tait)

https://www.dailymail.co.uk/wires/reuters/article-7358413/Normal-operations-resume-Hong-Kong-airport-city-braces-protests.html

 

Story 3: Progressives Try To Panic American People Over Inverted Yield Curve Leading To Recession — U.S. Economy is Growing — Missy Higgins Singing — Videos

See the source image

See the source image

See the source image

See the source image

See the source image

Missy Higgins – Any Day Now (Live)

Any Day Now

Missy Higgins

How long, how long, how long will we take to come undone?
If you know the answer tell me now and I’ll write up a calendar for our count down.
‘Cause what if what we see is all, is all we’ve got?
Say you’ve kept some fire aside to set light to me some surprising night.
And say you’ve locked some fire away to set light to me some surprising day.
To me some surprising day, any day now
How come, how come, how come I’m now on a road holding out my thumb?
If you know my destination please buy me the fastest car and throw me the keys.
‘Cause what if what we see is all, is all we’ve got?
Say you’ve kept some fire aside to set light to me some surprising night.
And say you’ve locked some fire away to set light to me some surprising day.
‘Cause finger by finger we’re losing grasp and
I’m questioning the reason why nothing beautiful does last
Say you’ve kept some fire aside to set light to me some surprising night.
And say you’ve locked some fire away to set light to me some surprising day,
To me some surprising day any day now.
Source: LyricFind
Songwriters: Melissa Higgins
Any Day Now lyrics © Peermusic Publishing, Words & Music A Div Of Big Deal Music LLC

Why Investors Are Obsessed With the Inverted Yield Curve

Fed Must Act on Inverted Yield Curve, Credit Suisse’s Golub Says

What Is An Inverted Yield Curve And How Does It Affect The Stock Market? | NBC News Now

Yield curve inversion does not mean there will be a recession tomorrow, strategist says

Mohamed El-Erian talks yield curve, recession and global economy

President Trump calls Fed Chair Jerome Powell ‘clueless’ and inverted yield curve ‘crazy’

Missy Higgins (9-27-2008) Sugarcane

Sugarcane

Missy Higgins

Baby ballerina’s hiding
Somewhere in the corner
Where the shadow wraps around her
And our torches cannot find her
She will stay there till the morning
Crawl behind us as we are yawning
And she will leave our games
To never be the same
So grow tall, sugarcane
Eat that soil, drink the rain
But know they’ll chase you
If you play their little games
So run, run fast, sugarcane
You see my peep show booth is handy
There’s a one way only mirror
So I can dance here with my hair down
But I don’t see if you get bitter
And there’s a button right beside me
If I happen to want a wall to hide me
If only the ballerina had one too
So grow tall, sugarcane
Eat that soil, drink the rain
But know they’ll chase you
If you play their little games
So run, run fast, sugarcane
And she said, “Always be afraid”
Yes, she said, “Always be afraid”
So grow tall, sugarcane
Eat that soil, drink the rain
But know they’ll chase you
If you play their little games
So run, run fast, sugarcane
Yeah, you’d better run, run fast, sugarcane
Yeah, you’d better run, run fast sugarcane
Source: LyricFind
Songwriters: Melissa Higgins
Sugarcane lyrics © Peermusic Publishing

Missy Higgins – Where I Stood (Official Video)

Where I Stood

Missy Higgins

I don’t know what I’ve done
Or if I like what I’ve begun
But something told me to run
And honey, you know me, it’s all or none
There were sounds in my head
Little voices whispering
That I should go and this should end
Oh, and I found myself listening
‘Cause I don’t know who I am, who I am without you
All I know is that I should
And I don’t know if I could stand another hand upon you
All I know is that I should
‘Cause she will love you more than I could
She who dares to stand where I stood
See, I thought love was black and white
That it was wrong or it was right
But you aren’t leaving without a fight
And I think, I am just as torn inside
‘Cause I don’t know who I am, who I am without you
All I know is that I should
And I don’t know if I could stand another hand upon you
All I know is that I should
‘Cause she will love you more than I could
She who dares to stand where I stood
And I won’t be far from where you are if ever you should call
You meant more to me than any one I, I’ve ever loved at all
But you taught me how to trust myself
And so I say to you, this is what I have to do
‘Cause I don’t know who I am, who I am without you
All I know is that I should
And I don’t know if I could stand another hand upon you
All I know is that I should
‘Cause she will love you more than I could
She who dares to stand where I stood
She who dares to stand where I stood
Source: LyricFind
Songwriters: Melissa Higgins
Where I Stood lyrics © Peermusic Publishing

Kimberley Music – Missy Higgins

Missy Higgins on why she used to break into cemeteries | The Weekly

Missy Higgins & Friends Live

Dow plummets 800 points and 3% in a day amid fears of economic crisis as Treasury yields invert for the first time since the Great Recession

  • Dow Jones plunged more than 800 points on Wednesday on recession fears
  • Yield on the 10-year Treasury note briefly dipped below the two-year yield
  • Known as an ‘inverted yield curve,’ it is a sign investors fear a recession 
  • The past five inverted yield curves have all preceded a recession
  • Trump blasts Fed over rates and calls chairman Jerome Powell ‘clueless’ 

Stocks plunged on Wednesday after the bond market threw up one of its last remaining warning flags on the economy.

The yield on the 10-year Treasury briefly dropped below the two-year Treasury’s yield Wednesday morning, the first time those yields have flipped since 2007. The so-called inversion has correctly predicted many past recessions and is the loudest warning bell yet about a possible recession ahead.

Investors responded by dumping stocks, more than erasing gains from a rally the day before.

The Dow Jones Industrial Average closed down 801 points at 25,479, a loss of 3%, in the largest one-day point drop since October 2018,

A one-day view of the yield spread between the 10-year and two-year Treasury bond shows two brief yield curve inversions when the ratio drops below the red line on Wednesday

Based on the latest available data, the S&P 500 lost 85.72 points, or 2.93%, to 2,840.6, and the Nasdaq Composite dropped 242.42 points, or 3.02%, to 7,773.94.

While the market was falling Wednesday, President Donald Trump took to Twitter to again criticize the Federal Reserve for hampering the U.S. economy by raising rates “far too quickly” last year and not reversing its policy aggressively enough – the Fed cut its key rate by a quarter point last month. 

Trump blasted Federal Reserve Chairman Jerome Powell as ‘clueless’. 

He also defended his trade policy, even though investors remain worried that the trade war between the world’s two largest economies may drag on through the 2020 U.S. election and cause more economic damage.

“We still see a substantial risk that the trade dispute will escalate further,” said Mark Haefele, global chief investment officer at UBS in a note to clients.

‘The relief rally inspired by the Trump administration delaying tariffs on some Chinese imports was short lived – blink and you missed it,’ said Fiona Cincotta, senior market analyst at City Index.

With bond yields falling, banks took heavy losses Wednesday. Lower bond yields are bad for banks because they force interest rates on mortgages and other loans lower, which results in lower profits for banks. Citigroup sank 5.1% and Bank of America gave up 5%.

Trump is seen at a White House meeting last month. He is relying upon a strong economy to bolster his reelection chances, and the latest economic signal is a worrying one

Trump is seen at a White House meeting last month. He is relying upon a strong economy to bolster his reelection chances, and the latest economic signal is a worrying one

Much of the market’s focus was on the U.S. yield curve, which has historically been one of the more reliable recession indicators.

If all this talk about yield curves sounds familiar, it should. Other parts of the curve have already inverted, beginning late last year. But each time, some market watchers cautioned not to make too much of it.

Academics tend to pay the most attention to the spread between the three-month Treasury and the 10-year Treasury, which inverted in the spring. Traders often pay more attention to the two-year and 10-year spread.

Each of the last five times the two-year and 10-year Treasury yields have inverted, a recession has followed.

The average amount of time is around 22 months, according to Raymond James’ Giddis.

The indicator isn’t perfect, though, and it’s given false signals in the past.

Some market watchers also say the yield curve may be a less reliable indicator this time because technical factors may be distorting longer-term yields, such as negative bond yields abroad and the Federal Reserve’s holdings of $3.8 trillion in Treasurys and other investments on its balance sheet.

What is a yield curve inversion?

The yield, or the effective interest rate paid, on a 10-year Treasury bond is usually higher than the yield on a two-year bond — because investors typically want to see a higher return for a longer-term investment.

However, bond yields move in the opposite direction of bond prices, which are driven by demand. When investors clamor for bonds, driving prices up, yields go down.

The inversion of the 10-year and two-year yield curves is a signal that investors are rushing money from stocks into bonds, depressing yields and flipping the return on long- and short-term bonds in a way that appears to make little economic sense.

Data from Credit Suisse going back to 1978 shows:

  • The last five 2-10 inversions have eventually led to recessions.
  • A recession occurs, on average, 22 months following a 2-10 inversion.
  • The S&P 500 is up, on average, 12% one year after a 2-10 inversion.
  • It’s not until about 18 months after an inversion when the stock market usually turns and posts negative returns.

This chart shows the spread between 10-year and two-year Treasury bonds since 1978. The portions below the black line represent yield inversions, and shaded areas are recessions

This chart shows the spread between 10-year and two-year Treasury bonds since 1978. The portions below the black line represent yield inversions, and shaded areas are recessions

Macy’s plunged 11.4%, the sharpest loss in the S&P 500, after it slashed its profit forecast for the year. The retailer’s profit for the latest quarter fell far short of analysts’ forecasts as it was forced to slash prices on unsold merchandise. The grim results from Macy’s sent other retailers sharply lower, too. Nordstrom sank 10% and Kohl’s dropped 11%.

Energy stocks also sank sharply, hurt by another drop in the price of crude oil on worries that a weakening global economy will drag down demand. National Oilwell Varco slumped 7.4% and Schlumberger skidded 6.5%. The price of benchmark U.S. crude slid 3.9% to $54.88 per barrel. Brent crude, the international standard, lost 3.7% to $59.04.

Gold gained $13.70 to $1,515.90 per ounce, close to a six-year high. Investors also bid up shares in mining company Newmont Goldcorp 1.8%.

Overseas, Germany’s DAX dropped 2.3% following the weak German economic data. France’s CAC 40 fell 2.2%, and the FTSE 100 in London lost 1.7%.

In Asia, Japan’s Nikkei 225 rose 1%, the Kospi in South Korea gained 0.7% and the Hang Seng in Hong Kong added 0.1%.

Trader Andrew Silverman works on the floor of the New York Stock Exchange on Tuesday. The threat of a recession doesn't seem so remote anymore, and stocks sank Wednesday

Trader Andrew Silverman works on the floor of the New York Stock Exchange on Tuesday. The threat of a recession doesn’t seem so remote anymore, and stocks sank Wednesday

Markets have largely been in a spin cycle since Trump announced on Aug. 1 that he would impose 10% tariffs on about $300 billion in Chinese imports, which would be on top of 25% tariffs already in place on $250 billion in imports.

On Tuesday, responding to pressure from businesses and growing fears that a trade war is threatening the U.S. economy, the Trump administration is delaying most of the import taxes it planned to impose on Chinese goods and is dropping others altogether.

Investors are still worried that the trade war between the world’s two largest economies may drag on through the 2020 U.S. election and cause more economic damage.

For all its whipsawing up and down, the S&P 500 remains within 5% of its record, which was set in late July.

A five-day view of the Dow shows a sharp drop at the open of trading on Wednesday

A five-day view of the Dow shows a sharp drop at the open of trading on Wednesday

https://www.dailymail.co.uk/news/article-7356699/Warnings-economic-crisis-Treasury-yields-invert-time-Great-Recession.html

Federal funds rate

From Wikipedia, the free encyclopedia

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Federal Funds Rate compared to U.S. Treasury interest rates

2 to 10 year treasury yield spread

Inflation (blue) compared to federal funds rate (red)

Quarterly gross domestic product compared to Federal Funds Rate.

Federal Funds Rate and Treasury interest rates from 2002-2019

In the United States, the federal funds rate is the interest rate at which depository institutions (banks and credit unions) lend reserve balances to other depository institutions overnight on an uncollateralized basis. Reserve balances are amounts held at the Federal Reserve to maintain depository institutions’ reserve requirements. Institutions with surplus balances in their accounts lend those balances to institutions in need of larger balances. The federal funds rate is an important benchmark in financial markets.[1][2]

The interest rate that the borrowing bank pays to the lending bank to borrow the funds is negotiated between the two banks, and the weighted average of this rate across all such transactions is the federal funds effective rate.

The federal funds target rate is determined by a meeting of the members of the Federal Open Market Committee which normally occurs eight times a year about seven weeks apart. The committee may also hold additional meetings and implement target rate changes outside of its normal schedule.

The Federal Reserve uses open market operations to make the federal funds effective rate follow the federal funds target rate. The target rate is chosen in part to influence the money supply in the U.S. economy[3]

Mechanism

Financial institutions are obligated by law to maintain certain levels of reserves, either as reserves with the Fed or as vault cash. The level of these reserves is determined by the outstanding assets and liabilities of each depository institution, as well as by the Fed itself, but is typically 10%[4] of the total value of the bank’s demand accounts (depending on bank size). For transaction deposits of size $9.3 million to $43.9 million (checking accountsNOWs, and other deposits that can be used to make payments) the reserve requirement in 2007–2008 was 3 percent of the end-of-the-day daily average amount held over a two-week period. Transaction deposits over $43.9 million held at the same depository institution carried a 10 percent reserve requirement.

For example, assume a particular U.S. depository institution, in the normal course of business, issues a loan. This dispenses money and decreases the ratio of bank reserves to money loaned. If its reserve ratio drops below the legally required minimum, it must add to its reserves to remain compliant with Federal Reserve regulations. The bank can borrow the requisite funds from another bank that has a surplus in its account with the Fed. The interest rate that the borrowing bank pays to the lending bank to borrow the funds is negotiated between the two banks, and the weighted average of this rate across all such transactions is the federal funds effective rate.

The federal funds target rate is set by the governors of the Federal Reserve, which they enforce by open market operations and adjustments in the interest rate on reserves.[5] The target rate is almost always what is meant by the media referring to the Federal Reserve “changing interest rates.” The actual federal funds rate generally lies within a range of that target rate, as the Federal Reserve cannot set an exact value through open market operations.

Another way banks can borrow funds to keep up their required reserves is by taking a loan from the Federal Reserve itself at the discount window. These loans are subject to audit by the Fed, and the discount rate is usually higher than the federal funds rate. Confusion between these two kinds of loans often leads to confusion between the federal funds rate and the discount rate. Another difference is that while the Fed cannot set an exact federal funds rate, it does set the specific discount rate.

The federal funds rate target is decided by the governors at Federal Open Market Committee (FOMC) meetings. The FOMC members will either increase, decrease, or leave the rate unchanged depending on the meeting’s agenda and the economic conditions of the U.S. It is possible to infer the market expectations of the FOMC decisions at future meetings from the Chicago Board of Trade (CBOT) Fed Funds futures contracts, and these probabilities are widely reported in the financial media.

Applications

Interbank borrowing is essentially a way for banks to quickly raise money. For example, a bank may want to finance a major industrial effort but may not have the time to wait for deposits or interest (on loan payments) to come in. In such cases the bank will quickly raise this amount from other banks at an interest rate equal to or higher than the Federal funds rate.

Raising the federal funds rate will dissuade banks from taking out such inter-bank loans, which in turn will make cash that much harder to procure. Conversely, dropping the interest rates will encourage banks to borrow money and therefore invest more freely.[6] This interest rate is used as a regulatory tool to control how freely the U.S. economy operates.

By setting a higher discount rate the Federal Bank discourages banks from requisitioning funds from the Federal Bank, yet positions itself as a lender of last resort.

Comparison with LIBOR

Though the London Interbank Offered Rate (LIBOR) and the federal funds rate are concerned with the same action, i.e. interbank loans, they are distinct from one another, as follows:

  • The target federal funds rate is a target interest rate that is set by the FOMC for implementing U.S. monetary policies.
  • The (effective) federal funds rate is achieved through open market operations at the Domestic Trading Desk at the Federal Reserve Bank of New York which deals primarily in domestic securities (U.S. Treasury and federal agencies’ securities).[7]
  • LIBOR is based on a questionnaire where a selection of banks guess the rates at which they could borrow money from other banks.
  • LIBOR may or may not be used to derive business terms. It is not fixed beforehand and is not meant to have macroeconomic ramifications.[8]

Predictions by the market

Considering the wide impact a change in the federal funds rate can have on the value of the dollar and the amount of lending going to new economic activity, the Federal Reserve is closely watched by the market. The prices of Option contracts on fed funds futures (traded on the Chicago Board of Trade) can be used to infer the market’s expectations of future Fed policy changes. Based on CME Group 30-Day Fed Fund futures prices, which have long been used to express the market’s views on the likelihood of changes in U.S. monetary policy, the CME Group FedWatch tool allows market participants to view the probability of an upcoming Fed Rate hike. One set of such implied probabilities is published by the Cleveland Fed.

Historical rates

As of 19 December 2018 the target range for the Federal Funds Rate is 2.25–2.50%.[9] This represents the ninth increase in the target rate since tightening began in December 2015.[10]

The last full cycle of rate increases occurred between June 2004 and June 2006 as rates steadily rose from 1.00% to 5.25%. The target rate remained at 5.25% for over a year, until the Federal Reserve began lowering rates in September 2007. The last cycle of easing monetary policy through the rate was conducted from September 2007 to December 2008 as the target rate fell from 5.25% to a range of 0.00–0.25%. Between December 2008 and December 2015 the target rate remained at 0.00–0.25%, the lowest rate in the Federal Reserve’s history, as a reaction to the Financial crisis of 2007–2008 and its aftermath. According to Jack A. Ablin, chief investment officer at Harris Private Bank, one reason for this unprecedented move of having a range, rather than a specific rate, was because a rate of 0% could have had problematic implications for money market funds, whose fees could then outpace yields.[11]

Federal funds rate history and recessions.png

Explanation of federal funds rate decisions

When the Federal Open Market Committee wishes to reduce interest rates they will increase the supply of money by buying government securities. When additional supply is added and everything else remains constant, the price of borrowed funds – the federal funds rate – falls. Conversely, when the Committee wishes to increase the federal funds rate, they will instruct the Desk Manager to sell government securities, thereby taking the money they earn on the proceeds of those sales out of circulation and reducing the money supply. When supply is taken away and everything else remains constant, the interest rate will normally rise.[12]

The Federal Reserve has responded to a potential slow-down by lowering the target federal funds rate during recessions and other periods of lower growth. In fact, the Committee’s lowering has recently predated recessions,[13] in order to stimulate the economy and cushion the fall. Reducing the federal funds rate makes money cheaper, allowing an influx of credit into the economy through all types of loans.

The charts linked below show the relation between S&P 500 and interest rates.

  • July 13, 1990 — Sept 4, 1992: 8.00%–3.00% (Includes 1990–1991 recession)[14][15]
  • Feb 1, 1995 — Nov 17, 1998: 6.00–4.75 [16][17][18]
  • May 16, 2000 — June 25, 2003: 6.50–1.00 (Includes 2001 recession)[19][20][21]
  • June 29, 2006 — (Oct. 29 2008): 5.25–1.00[22]
  • Dec 16, 2008 — 0.0–0.25[23]
  • Dec 16, 2015 — 0.25–0.50[24]
  • Dec 14, 2016 — 0.50–0.75[25]
  • Mar 15, 2017 — 0.75–1.00[26]
  • Jun 14, 2017 — 1.00–1.25[27]
  • Dec 13, 2017 — 1.25–1.50[28]
  • Mar 21, 2018 — 1.50–1.75[29]
  • Jun 13, 2018 — 1.75–2.00[30]
  • Sep 26, 2018 — 2.00–2.25[9]
  • Dec 19, 2018 — 2.25–2.50[31]

Bill Gross of PIMCO suggested that in the prior 15 years ending in 2007, in each instance where the fed funds rate was higher than the nominal GDP growth rate, assets such as stocks and housing fell.[32]

International effects

A low federal funds rate makes investments in developing countries such as China or Mexico more attractive. A high federal funds rate makes investments outside the United States less attractive. The long period of a very low federal funds rate from 2009 forward resulted in an increase in investment in developing countries. As the United States began to return to a higher rate in 2013 investments in the United States became more attractive and the rate of investment in developing countries began to fall. The rate also affects the value of currency, a higher rate increasing the value of the U.S. dollar and decreasing the value of currencies such as the Mexican peso.[33]

See also

References

  1. ^ “Fedpoints: Federal Funds”Federal Reserve Bank of New York. August 2007. Retrieved October 2, 2011.
  2. ^ “The Implementation of Monetary Policy”. The Federal Reserve System: Purposes & Functions (PDF). Washington, D.C.: Federal Reserve Board. August 24, 2011. p. 4. Retrieved October 2, 2011.
  3. ^ “Monetary Policy, Open Market Operations”. Federal Reserve Bank. January 30, 2008. Archived from the original on April 13, 2001. Retrieved January 30, 2008.
  4. ^ “Reserve Requirements”. Board of Governors of The Federal Reserve System. December 16, 2015.
  5. ^ Stefan Homburg (2017) A Study in Monetary Macroeconomics, Oxford University Press, ISBN 978-0-19-880753-7.
  6. ^ “Fed funds rate”. Bankrate, Inc. March 2016.
  7. ^ Cheryl L. Edwards (November 1997). Gerard Sinzdak. “Open Market Operations in the 1990s” (PDF)Federal Reserve Bulletin (PDF).
  8. ^ “BBA LIBOR – Frequently asked questions”. British Bankers’ Association. March 21, 2006. Archived from the original on February 16, 2007.
  9. Jump up to:a b “Federal Reserve issues FOMC statement” (Press release). Board of Governors of the Federal Reserve System. December 19, 2018. Retrieved June 2, 2019.
  10. ^ Tankersley, Jim (March 21, 2018). “Fed Raises Interest Rates for Sixth Time Since Financial Crisis”The New York Times. Retrieved March 22, 2018.
  11. ^ “4:56 p.m. US-Closing Stocks”. Associated Press. December 16, 2008. Archived from the original on July 18, 2012.
  12. ^ David Waring (February 19, 2008). “An Explanation of How The Fed Moves Interest Rates”. InformedTrades.com. Archived from the original on May 5, 2015. Retrieved July 20, 2009.
  13. ^ “Historical Changes of the Target Federal Funds and Discount Rates, 1971 to present”. New York Federal Reserve Branch. February 19, 2010. Archived from the original on December 21, 2008.
  14. ^ “$SPX 1990-06-12 1992-10-04 (rate drop chart)”. StockCharts.com.
  15. ^ “$SPX 1992-08-04 1995-03-01 (rate rise chart)”. StockCharts.com.
  16. ^ “$SPX 1995-01-01 1997-01-01 (rate drop chart)”. StockCharts.com.
  17. ^ “$SPX 1996-12-01 1998-10-17 (rate drop chart)”. StockCharts.com.
  18. ^ “$SPX 1998-09-17 2000-06-16 (rate rise chart)”. StockCharts.com.
  19. ^ “$SPX 2000-04-16 2002-01-01 (rate drop chart)”. StockCharts.com.
  20. ^ “$SPX 2002-01-01 2003-07-25 (rate drop chart)”. StockCharts.com.
  21. ^ “$SPX 2003-06-25 2006-06-29 (rate rise chart)”. StockCharts.com.
  22. ^ “$SPX 2006-06-29 2008-06-01 (rate drop chart)”. StockCharts.com.
  23. ^ “Press Release”. Board of Governors of The Federal Reserve System. December 16, 2008.
  24. ^ “Open Market Operations”. Board of Governors of The Federal Reserve System. December 16, 2015.
  25. ^ “Decisions Regarding Monetary Policy Implementation”. Board of Governors of The Federal Reserve System. Archived from the original on December 15, 2016.
  26. ^ Cox, Jeff (March 15, 2017). “Fed raises rates at March meeting”CNBC. Retrieved March 15, 2017.
  27. ^ “Federal Reserve issues FOMC statement”. Board of Governors of The Federal Reserve System. June 14, 2017.
  28. ^ “Federal Reserve issues FOMC statement”. Board of Governors of The Federal Reserve System. December 13, 2017.
  29. ^ “Federal Reserve issues FOMC statement”. Board of Governors of The Federal Reserve System. March 21, 2018.
  30. ^ “Federal Reserve issues FOMC statement”. Board of Governors of The Federal Reserve System. June 13, 2018.
  31. ^ “Federal Reserve issues FOMC statement”. Board of Governors of The Federal Reserve System. December 19, 2018.
  32. ^ Shaw, Richard (January 7, 2007). “The Bond Yield Curve as an Economic Crystal Ball”. Retrieved April 3, 2011.
  33. ^ Peter S. Goodman, Keith Bradsher and Neil Gough (March 16, 2017). “The Fed Acts. Workers in Mexico and Merchants in Malaysia Suffer”The New York Times. Retrieved March 18,2017Rising interest rates in the United States are driving money out of many developing countries, straining governments and pinching consumers around the globe.

External links

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

Missy Higgins

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Missy Higgins
A woman in her twenties with short blonde hair, wearing a black jacket and grey shirt with black stripes.

Missy Higgins, ARIA No. 1 Chart Awards, 10 August 2012
Background information
Birth name Melissa Morrison Higgins
Born 19 August 1983 (age 36)
Origin MelbourneVictoria
Genres Pop rockindieacoustic
Occupation(s) Singer-songwritermusician
Instruments Vocalspianosynthesiserguitarmelodicaxylophonecowbellukulele
Years active 2001–present
Labels Eleven
Reprise
Warner Bros.
Associated acts
Website missyhiggins.com.au

Melissa Morrison Higgins (born 19 August 1983) is an Australian singer-songwriter, musician and actress. Her Australian number-one albums are The Sound of White (2004), On a Clear Night (2007) and The Ol’ Razzle Dazzle (2012), and her singles include “Scar“, “The Special Two“, “Steer” and “Where I Stood“. Higgins was nominated for five ARIA Music Awards in 2004 and won ‘Best Pop Release’ for “Scar”. In 2005, she was nominated for seven more awards and won five. Higgins won her seventh ARIA in 2007. Her third album, The Ol’ Razzle Dazzle, was released in Australia in June 2012 (July 2012 in the US). As of August 2014, Higgins’ first three studio albums had sold over one million units.[1]

Higgins’ fourth studio album, OZ, was released in September 2014 and consists of cover versions of Australian composers, as well as a book of related essays.

Alongside her music career, Higgins pursues interests in animal rights and the environment, endeavouring to make her tours carbon neutral. In 2010 she made her acting debut in the feature film Bran Nue Dae and also performed on its soundtrack.

Biography

Early life

Higgins was born in Melbourne, Victoria, to Gregory Higgins, an English-Australian Tipstave, and Margaret (née Morrison), an Australian childcare centre operator.[2][3] Her sister, Nicola, is seven years older and her brother, David, six years older.[3] Higgins learned to play classical piano from age six, following in the footsteps of Christopher and David, but realised she wanted to be a singer at about 12, when she appeared in an Armadale Primary School production of Andrew Lloyd Webber‘s musical Joseph and the Amazing Technicolor Dreamcoat.[4] Bored with practice, she gave up playing piano at that time.[5] Hoping for more freedom, she urged her parents to send her to Geelong Grammar School, an independent boarding school that her siblings attended. At Geelong, Higgins took up the piano again, this time playing jazz and performing with her brother David’s group on weekends.[6]Introverted by nature, Higgins found that piano practice helped her cope with living at boarding school.[5]

At 15, while attending Geelong Grammar’s Timbertop, she wrote “All for Believing” for a school music assignment, completing it just hours before the deadline.[7] The assignment earned an A and she performed her song in front of classmates. She approached a Melbourne record company and was told that they wanted more than one song.[5] She wrote more songs and worked with the Kool Skools project, which enables students to record music.[8] In 2001, Missy’s sister Nicola entered “All for Believing” on her behalf in Unearthed, radio station Triple J‘s competition for unsigned artists. The song won the competition and was added to the station’s play list.[9]

Two record companies showed an interest in Higgins—Sony and Eleven.[5] She signed with Eleven, partly because they agreed that she would not be “made into a pop star”[10] and partly because they were happy for her to take time off for a backpacking holiday.[5]Higgins’ manager is Eleven’s John Watson, who also manages rock band Silverchair.[2] Watson later disclosed that “Missy’s the only time in my career I knew after 90 seconds I really wanted to sign her.”[11] The backpacking trip had been planned with a friend for years and the pair spent most of 2002 in Europe; while Higgins was travelling, “All for Believing” started to receive airplay on Los Angeles radio station KCRW.[12] Such radio exposure attracted the attention of American record labels and, by year’s end, an international recording deal with Warner Bros. had been negotiated.[13]

2003–2005: The Sound of White

Higgins is seated. She sings into a microphone and plays a keyboard instrument. The lettering RD-300SX and Roland are visible across its front.

Higgins, San Francisco, 11 August 2005
Courtesy Nabeel Hyatt

Higgins was the support act on a 2003 Australian tour by folk rock band The Waifs and rock band george.[13] She travelled to the US to work with John Porter, who produced her first EPThe Missy Higgins EP,[14] which was released in November and entered the Australian Recording Industry Association (ARIA) Singles Chart Top 50 in August 2004.[15]

She toured Australia, supporting Pete Murray and John Butler Trio.[16] Her four-track single “Scar'” was released in July 2004 and debuted at No. 1 on the ARIA Charts.[15][17] Her first album, The Sound of White, was released in September, and debuted at No. 1 on the ARIA Albums Chart.[15] Also produced by Porter, it sold over 500,000 copies.[18] She was nominated in five categories at the ARIA Music Awards of 2004 for “Scar”: Best Female Artist’, ‘Single of the Year’, ‘Best Pop Release’, ‘Breakthrough Artist – Single’ and ‘Best Video’ (directed by Squareyed Films).[19] At the awards ceremony on 17 October she received the award for Best Pop Release, beating Delta GoodremThe DissociativesKylie Minogue and Pete Murray.[19] This was followed by her first national headline tour.[20] Her second single “Ten Days” was co-written with Jay Clifford (guitarist in US band Jump, Little Children) and was inspired by Higgins’ 2002 break-up with her boyfriend before she travelled to Europe.[21] Released in November, it peaked at No. 12.[15]

On 29 January 2005 Higgins performed with other local musicians including Nick Cave and Powderfinger at the WaveAid fundraising concert in the Sydney Cricket Ground.[22] The concert raised A$2.3 million for four charities supporting the victims of the 2004 Indian Ocean earthquake.[23] In March Higgins performed at the MTV Australia Awards and won the prize for ‘Breakthrough Artist of the Year’.[24] The following month she released her third single, “The Special Two”, which was a radio hit and reached No. 2.[15] “The Special Two” was released on an EP which included her cover of the Skyhooks song, “You Just Like Me Cos I’m Good In Bed”, recorded for Triple J‘s 30th anniversary. The song had been the first track played on Triple J when it launched (as Double J) in 1975.[25] In May, Higgins won the ‘Song of the Year’ and ‘Breakthrough’ awards for “Scar” from the Australasian Performing Right Association (APRA).[26] She continued touring in mid-2005 and released her fourth single, “The Sound of White”, in August.[15] In September she played a sold out performance at the Vanguard in Sydney with the proceeds going to charity.[27] She was nominated for seven more ARIAs and in October won ‘Album of the Year’, ‘Best Pop Release’, ‘Breakthrough Artist – Album’ and ‘Highest Selling Album’ (all for The Sound of White) and ‘Best Female Artist’ (for “Scar”).[28] She teamed up with fellow ARIA award-winning singer Ben Lee in late 2005 for a national tour.[29]

2006–2009: On a Clear Night

Higgins stands and plays an acoustic guitar with her left hand high on the fret board. She sings into a microphone. Her right arm and bottom of guitar are not in view. Background has large stage lights.

Higgins, Live Earth concert, Sydney, 7 July 2007
Courtesy Itapp

During 2006, Higgins lived in Broome, Western Australia for six months, away from the entertainment industry. The relaxed lifestyle helped her focus on writing new material.[30] The landscape made a big impression, “It was the first place I’d ever felt honestly connected with my country, with the physical land of my country” and inspired her to write “Going North”.[31] She then toured the United States and South Africa, writing more material on the road.[32] In September she based herself in Los Angeles to record her second album, On a Clear Night, with producer Mitchell Froom.[33][34] “Steer” was released as an EP, followed a fortnight later by its album on 28 April 2007, both debuted at No. 1 on their respective charts.[15]

In February, Higgins had contributed a tribute song to the album, Cannot Buy My Soul, for noted indigenous singer, Kev Carmody, singing “Droving Woman” with musician Paul Kelly and group Augie March.[35] On 7 July, she participated in the Live Earth concert in Sydney, performing her own set before joining Carmody, Kelly and vocalist John Butler on stage for the song “From Little Things Big Things Grow“.[36] Emily Dunn in The Sydney Morning Herald wrote “[the song] could have been the event’s anthem”.[37] Rolling Stone‘s Dan Lander pointed out a highlight, when the “whole crowd sung along – all eleven verses.”[38]

Higgins returned to Los Angeles to focus on the US market—she spent September and October touring—where she was still relatively unknown.[39] On 26 October, backed by the Sydney Youth Orchestra, she headlined the annual Legs 11 concert, a breast cancer benefit held in The DomainRoyal Botanic Gardens, Sydney.[40] Two days later Higgins performed at the 2007 ARIAs where she was nominated for ‘Best Pop Release’, ‘Highest Selling Album’ and ‘Highest Selling Single’ (for “Steer”) and won ‘Best Female Artist’ (for On a Clear Night)—her seventh ARIA Music Award.[41] On 31 October, she was a guest at television music channel MAX‘s inaugural Concert for the Cure, a private concert for people affected by breast cancer. She sang headline act Powderfinger’s “Sunsets” with front man Bernard Fanning and joined in with the encore of “These Days“.[42][43] She spent November and December on her For One Night Only Tour, taking in Cairns, Sydney and Perth. You Am I lead singer, Tim Rogers, joined her on some shows.[44]

On a Clear Night, was released in the US on 26 February 2008, supported by a tour in March. Her ten-month stay in Los Angeles during 2008 promoted her songs for films and television shows.[33][45] Her first US single “Where I Stood” was featured in US series including Grey’s AnatomyOne Tree Hill and So You Think You Can Dance.[46] During 2008, Higgins supported the Indigo Girls and then Ben Folds on their respective US tours.[47] February and March 2009 saw her co-headlining a US tour with Canadian Justin Nozuka.[48] On 31 March she released an EP, More Than This in Australia that features cover versions of “More Than This” by Roxy Music, “(I’m) In Love Again” by Peggy Lee, “Breakdown” by Tom Petty and “Moses” by Patty Griffin.[49] “Moses” had been included on Triple J’s 2005 compilation album Like a Version: Volume One and “More Than This” was recorded as part of Covered, A Revolution in Sound, a Warner Bros. tribute album also released in March 2009.[50]

2010–2013: The Ol’ Razzle Dazzle

Higgins performing live in December 2012

Higgins started writing music for her third album in 2009.[51] After about seven years of touring and recording she took a break from the music industry to pursue other interests.[52] In 2010 she enrolled in a course in indigenous studies at the University of Melbourne.[53] Her acting debut was as Annie in 2010 film Bran Nue Dae directed by Rachel Perkins. The film is an adaptation of the 1990 musical, Bran Nue Dae, “Australia’s first Aboriginalmusical”.[54] Although Higgins would consider future acting projects she has no plans to actively pursue it as a career.[51][55]

In July and August 2010, Higgins played several dates of Sarah McLachlan‘s Lilith Fair tour in the US.[56][57] At Lilith Fair, she met Australian musician Butterfly Boucher and they decided to work together. In 2011, Higgins travelled to where Boucher was living in Nashville to record her third album, which is co-produced by Boucher and Brad Jones.[58] Titled The Ol’ Razzle Dazzle, the album was released on 1 June 2012.[59] Its first single, “Unashamed Desire“, co-written with Boucher, was released on 23 April.[60] In November 2011, at the ARIA Music Awards, Higgins performed a duet of “Warwu”with Geoffrey Gurrumul Yunupingu, from his Rrakala album.[61]

“The Ol’ Razzle Dazzle” album debuted at #1 on the ARIA Albums Chart the week of 12 June 2012. It was Higgins’ 3rd straight number one album. As of January 2019, Higgins ties Olivia Newton-John for the 3rd highest tally of Australian Number One albums by an Australian female artist. Only Delta Goodrem (with four Number 1 ARIA albums) and Kylie Minogue and Kasey Chambers (with five each) have achieved more.

2014: Oz

In September 2014, Higgins released her fourth studio album, Oz, which features cover versions of Australian composers, including The Angels, Slim Dusty, Something For Kate, Warumpi Band, Paul Kelly and The Drones. The album is also accompanied by a book of related essays, in which Higgins uses each of the recordings to reflect upon subjects such as music and love.[62] Higgins collaborated with Dan Sultan for the recording of the Slim Dusty song “The Biggest Disappointment”.[63]

Higgins explained in an October 2014 interview that she experienced a significant bout of writer’s block following the completion of her second album and someone suggested an album of cover versions at the time, but she only revisited the idea during the conception of Oz. Higgins further explained:

I responded to all these songs on an emotional level, when I first heard them. I wanted songs I felt I could tell with my own voice, and interpret them authentically … But it was important to maintain the emotional integrity and the heart of the song. It was a high priority to keep true to the songs.[63]

The album was co-produced by Jherek Bischoff, who previously worked with David Byrne, formerly of Talking Heads, and Amanda Palmer.[1]

Oz debuted at number 3 on the ARIA Albums chart[64] and remained in the top five positions until 18 October 2014.[65]

The national Australian tour in support of Oz commenced on 20 September 2014 in Cairns, Queensland, and ended in Melbourne in October 2014. Higgins was accompanied by Bischoff, and Australian artist Dustin Tebbutt appeared as a special guest.[1]

2015–present: Solastalgia and The Special Ones

Higgins, performing live in Taronga Zoo, February 2016.

On 19 February 2016, Higgins released a new single titled, “Oh Canada“,[66] in her response to the Death of Alan Kurdi.

In May 2017, Higgins released “Torchlight“, for the Australian drama film, Don’t Tell.[67]

In October 2017, Higgins appeared in a revival of the 1996 musical Miracle City by Nick Enright and Max Lambert at the Sydney Opera House, playing the role of Bonnie Mae.[68]

In February 2018, Higgins released the single “Futon Couch“, the first single from her fifth studio album, called Solastalgia, released in May 2018.[69]

In February 2018, it was announced that Missy Higgins would support Ed Sheeran‘s tour around Australia.[70]

In November 2018, Higgins released her first greatest hits album titled The Special Ones.[71]

Musical influences and technique

Higgins grew up in the 1980s and 1990s listening to artists that her older siblings liked—Nicola played Mariah Carey and Whitney Houston, while David favoured Queen and Kiss.[72][73] Departing for boarding school at age 13, she was exposed to alternative artists like Nirvana and Hole and started teaching herself guitar and writing her own music.[73] She also began singing with David’s jazz group on weekends. As an adult she prefers Nina Simone and Ray Charles to “poppy dance music”.[73] She has cited Patty GriffinRon SexsmithRufus WainwrightPaul Kelly and Sarah McLachlan as influences.[5][51][74] Material from her third album is influenced by ambient music from LowJon Hopkins, Icelandic band Sigur Rós and Estonian classical composer Arvo Pärt.[51]

Higgins’ song writing grew out of a desire to express her emotions when she was at school and her lyrics describe her feelings about her own life and relationships.[75][76] The piano was the first instrument she learned to play, and she continues to use it as well as digital pianos including a Roland RD-300SX, RD-700 and KR-15.[77][78] She also uses guitars extensively in her music particularly when touring, due to their portable nature and favours the Australian brand, Maton.[78] On occasion she plays keytarxylophone and melodicaduring performances.[31][79]

On 7 September 2012, Higgins recorded a cover version of Gotye‘s “Heart’s A Mess” for the “Like a Version” segment on Australian radio station Triple J, explaining on-air that the song is her favourite Gotye composition. Higgins had travelled with Gotye previously and referred to him as “an incredible singer” in the interview prior to the rendition.[80]

Causes

As a vegetarian, Higgins promoted the health benefits of not eating meat in a 2005 advertising campaign by People for the Ethical Treatment of Animals (PETA);[81] and has supported their anti-fur stance.[45] She is interested in environmental issues and is involved with the Sierra Club, a grassroots organisation based in California.[45] She has protested against the proposed industrialisation of the Kimberley region of Western Australia and donated the royalties from her 2009 EP More Than This.[49] Since early 2007, Higgins has tried to make her tours carbon neutral, she purchases green energy to power venues, uses hybrid cars where possible and purchases carbon offsets.[82]

On 5 October 2012, Higgins performed at two “Save the Kimberley” events held at Federation Square in Melbourne and The Esplanade in Fremantle, Western Australia.[83][84] A march to protest against the proposed gas refinery construction at James Price Point accompanied the free concert and campaign supporters were photographed with banners and placards.[85]

As of 2012, Higgins is one of numerous publicly known advocates for the ‘Oscar’s Law’ campaign. The campaign, launched in 2010, protests against the existence of “puppy factories” in Australia, whereby animals are factory farmed. One of the campaign’s slogans is “Break the Puppy Trade—Don’t buy puppies from pet shops” and the list of notable advocates includes Paul Dempsey (musician), Kate Ceberano (singer) and Mick Molloy (comedian).[86]

In response to the proposed dumping of around 3 million cubic metres (110 million cubic feet) of dredged seabed onto the Great Barrier Reef,[87] a legal fighting team was formed by World Wide Fund for Nature (WWF)-Australia and the Australian Marine Conservation Society (AMCS) in late 2013/early 2014.[88] The legal team received further support in April 2014, following the release of the “Sounds For The Reef” musical fundraising project. Produced by Straightup, the digital album features Higgins, in addition to artists such as The HerdSiettaJohn ButlerThe Cat EmpireFat Freddys Drop, The Bamboos (featuring Kylie Auldist) and Resin Dogs. Released on 7 April, the album’s 21 songs were sold on the Bandcamp website.[89][90]

Personal life

Higgins has been a patron of multiple mental health charities since 2003. She described her younger self as “a bit of a depressed child” and “introverted”, and that she had “experienced various degrees of depression”.[14][91] Prescribed antidepressant medication while in high school, she learned to channel low moods into songwriting, calling music her “emotional outlet”.[3][72] In a 2006 interview she said that her songs were “coming from more of a happier place”.[92] While recording her second album she discovered a passion for rock climbing, as a “meditative pursuit”[93] and that, “It’s the first and last thing I’ve had — other than music — that I’m passionate about.”[72]

From 2004 to 2007, Higgins’ sexual orientation was the subject of media speculation based partly on interpretations of her lyrics and her interviews. In an October 2007 interview with Australian lesbian magazine Cherrie, she was asked if she fell under the moniker of “not-so-straight” girls. She replied “Um, yeah, definitely. … I think sexuality is a fluid thing and it’s becoming increasingly more acceptable to admit that you’re that way.”[94] In November her Myspace page reported, “I’ve been in relationships with both men and women so I guess I fall most easily under the category ‘Bisexual'”.[95][96]

In 2013, Higgins began a relationship with Broome playwright and comedian Dan Lee.[97][98] Higgins gave birth to her son named Samuel Arrow Lee, on 5 January 2015.[99] They got married in March 2016,[100][101] and she gave birth to daughter named Luna, on 13 August 2018.

Discography

Filmography

Awards and nominations

Higgins at the ARIA Awardsceremony, December 2013, Star Event Centre, Sydney

APRA Awards

The APRA Awards are presented annually from 1982 by the Australasian Performing Right Association (APRA).[102] Higgins has won two awards from six nominations.[103][104]

 
Year Nominee / work Award Result
2005 Scar” (Missy Higgins, Kevin Griffin) – Missy Higgins Song of the Year[103] Won
Ten Days” (Missy Higgins, Jay Clifford) – Missy Higgins Song of the Year[105] Nominated
Missy Higgins Breakthrough Award[104] Won
2006 The Special Two” (Missy Higgins) – Missy Higgins Song of the Year[106] Nominated
Most Performed Australian Work[106] Nominated
“Ten Days” (Missy Higgins, Jay Clifford) Most Performed Australian Work[106] Nominated

ARIA Awards

The ARIA Music Awards are presented annually from 1987 by the Australian Recording Industry Association (ARIA). Higgins has won nine awards from twenty-four nominations.[107][108]

 
Year Nominee / work Award Result
2004 Scar Single of the Year Nominated
Best Female Artist Nominated
Breakthrough Artist – Single Nominated
Best Pop Release Won
“Scar” – Squareyed Films Best Video Nominated
2005 The Sound of White Album of the Year Won
Best Female Artist Won
Highest Selling Album Won
Breakthrough Artist – Album Won
Best Pop Release Won
The Sound of White – Cathie Glassby Best Cover Art Nominated
The Special Two Single of the Year Nominated
Highest Selling Single Nominated
2006 If You Tell Me Yours, I’ll Tell You Mine Best Music DVD Nominated
2007 On a Clear Night Best Female Artist Won
Best Pop Release Nominated
Highest Selling Album Nominated
Steer Highest Selling Single Nominated
2008 Peachy Best Female Artist Nominated
2012 The Ol’ Razzle Dazzle Best Female Artist Nominated
Album of the Year Nominated
Best Adult Contemporary Artist Won
Everyone’s Waiting” – Natasha Pincus Best Video Won
2013 “Set Me on Fire” Best Female Artist Nominated
2018 Solastalgia Best Adult Contemporary Album Nominated

Other awards

She has won an MTV Australia Video Music Award.[24]

References …

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

 

 

Story 4: President Trump Energy Speech at Shell Pennsylvania Petrochemicals Complex in Monaca, Pennsylvania 

FULL SPEECH: President Trump speech on energy in Pennsylvania

Trump was supposed to give a speech on energy. He went way off script.

Updated 

President Donald Trump on Tuesday headed to a Shell petrochemicals plant being built outside Pittsburgh to give what was billed by the White House as a speech on “America’s Energy Dominance and Manufacturing Revival.”

But the hourlong address was light on energy policy and heavy on stump speech material and off-script riffs, as Trump touched on everything from his love of trucks to his assessment of his potential 2020 rivals. The meandering speech came on a day when the president had already attacked a CNN anchor, endorsed a controversial World Series hero’s potential congressional bid and defended his parroting of a conspiracy theory concerning the apparent suicide of his onetime friend Jeffrey Epstein.

Here are some of Trump’s most off-key comments:

On the supposed benefits of natural gas over renewable energy: “When the wind stops blowing, it doesn’t make any difference does it? Unlike those big windmills that destroy everybody’s property values, kill all the birds. One day the environmentalists are going to tell us what’s going on with that. And then all of a sudden it stops. The wind and the televisions go off. And your wives and husbands say: ‘Darling, I want to watch Donald Trump on television tonight. But the wind stopped blowing and I can’t watch. There’s no electricity in the house, darling.’”

On his construction chops: “I was a good builder. I built good. I love building; in fact, I’m going to take a tour of the site.”

On doing some campaigning: “I’m going to speak to some of your union leaders to say, ‘I hope you’re going to support Trump, OK?’ And if they don’t, vote ‘em the hell out of office because they’re not doing their job — it’s true.”

On his love of trucks: “I love cranes, I love trucks of all types. Even when I was a little boy at 4 years old, my mother would say, ‘You love trucks.’ I do, I always loved trucks, I still do. Nothing changes — sometimes you know you might become president, but nothing changes — I still love trucks. Especially when I look at the largest crane in the world, that’s very cool. You think I’ll get to operate it? We’ll put the media on it and I’ll give them a little ride, right?”

On pundits suggesting he might not leave office willingly: “Can you imagine if I got a fair press? I mean, we’re leading without it; can you imagine if these people treated me fairly? The election would be over. Have they ever called off an election before? Just said, ‘Look just let’s go, go on four more years.’ You want to really drive them crazy? Go to #ThirdTerm, #FourthTerm — you’ll drive them totally crazy.”

On what Trump perceives as a trade imbalance with Japan: “They send us thousands and thousands — millions of cars, we send them wheat. Wheat. That’s not a good deal. And they don’t even want our wheat. They do it because they want us to at least feel that we’re OK, you know, they do it to make us feel good.” This assertion is false.

On the price tag of the presidency: “This thing is costing me a fortune, being president. Somebody said, ‘Oh, he might have rented a room to a man from Saudi Arabia for $500.’ What about the $5 billion that I’ll lose — you know, it’s probably going to cost me, including, upside, downside, lawyers, because every day they sue me for something. These are the most litigious people. It’s probably costing me from $3 to $5 billion for the pleasure of being — and I couldn’t care less, I don’t care. You know if you’re wealthy, it doesn’t matter. I just want to do a great job.”

On his pledge to salvage manufacturing jobs: “You guys, I don’t know what the hell you’re going to do. You don’t want to make widgets, right? You don’t want to make — do you want to learn how to make a computer? A little tiny piece of stuff. … You put it with those big, beautiful hands of yours like … you’re going to take these big hands, going to take this little tiny part. You’re going to go home, ‘Alice this is a tough job.’ Nah, you want to make steel, and you want to dig coal — that’s what you want to do!”

On the number of members of the media at the event, at about 2:45 p.m.: “That’s a lot people back there for, like, an 11 o’clock speech. That’s a lot of people.”

On the Oscars: “Like the Academy Awards during the day, it used to be — you know the Academy Awards is on hard times now, you know that right? Nobody wants to watch it. You know why? Because they started taking us on, everyone got tired of it. It’s amazing. That used to be second after the Super Bowl, and then all of a sudden now it’s just another show because people got tired of people getting up and making fools of themselves and disrespecting the people in this room and the people that won the election in 2016.”

On attacking Sen. Elizabeth Warren and former Vice President Joe Biden, potential 2020 rivals: “I did it very early with Pocahontas, I should have probably waited. She’s staging a comeback on Sleepy Joe. I don’t know who’s going to win, but we’ll have to hit Pocahontas very hard again if she does win. But she’s staging a little bit of a comeback. What a group — Pocahontas and Sleepy Joe.”

On Mexico deploying soldiers to stem the flow of Central American migrants: “I want to thank Mexico, it’s incredible. We have close to 27,000, you think of that. We never had three — I think we had about 2½ soldiers, one was sitting down all the time. We had nobody.”

https://www.politico.com/story/2019/08/13/donald-trump-energy-speech-pittsburgh-1461337

 

Shell Pennsylvania Petrochemicals Complex
Monaca, Pennsylvania

2:06 P.M. EDT

AUDIENCE:  USA!  USA!  USA!

THE PRESIDENT: Well, thank you very much.  And thank you, Gretchen.  It’s great to be back in the incredible Commonwealth of Pennsylvania.  Great place.  And this is my 13th visit to Pennsylvania during my administration, which is more than any other President to this point in the term.

And I really love Pennsylvania.  I went to school in Pennsylvania — Philadelphia.  So, we love this state.  And I love the unions and I love the workers.  And, you know, when I built buildings in New York — (applause) — I built them exclusively with unions.  People don’t understand that.  I was exclusive.

And, in the last really great election, our election of 2016, you know, we did great with the union workers.  Great.  But we didn’t do good with the leadership.  The leadership said, “Well, we’ve always gone Democrat.  Let’s keep going that way.”  That didn’t work out too well for some of them, I want to tell you.  (Applause.)  I’ll tell you.  And as Gretchen said, this would have never happened without me and us.  This would have never happened.  So, I’m with you.  I’m with you.  Remember that.
And remember that Pennsylvania — you know, Pennsylvania has the best numbers they’ve ever had in the history of the state.  And that’s for a very good reason.  And you know what that reason is.

(Audience member waves.)  Hello.  Here I am.  (Applause.)

And I’m truly honored to be here with the amazing energy workers and construction workers.  These are talented people.  The craft workers who make America run and who make America proud.  We’re proud again.  We’re proud again.  (Applause.)

And no one in the world does it better than you.  Nobody.  Nobody does it better.  There’s nobody in the world that does it.  And we’re unleashing that power again like we’ve never seen before, I will say.

And we are doing well and we’re fighting against a lot of countries that have taken advantage of us for many, many years.  But they’re not doing it so much anymore.  And in a little period of time, they won’t be doing it at all anymore.  They have taken advantage of this country.  (Applause.)

Today, we celebrate the revolution in American energy that’s helping make our economy the envy of the world.  This Shell petrochemical plant in Beaver County, Pennsylvania — I did very well here.  We did very well.  How many points did we win by?  Does anybody know?  I’ll tell you.  Isn’t it, I think, 28 points?  That’s a lot.  That’s against a Democrat — (laughter) — or whatever.

It’s one of the single-biggest construction projects in the nation.  And it made it possible and was possible by clean, affordable, all-American natural gas.  Powerful, clean, natural gas.  (Applause.)

And when the wind stops blowing, it doesn’t make any difference, does it?  Unlike those big windmills that destroy everybody’s property values, kill all the birds.  Someday, the environmentalists are going to tell us what’s going on with that.  And then, all of a sudden, it stops; the wind and the televisions go off.  And your wives and husbands say, “Darling, I want to watch Donald Trump on television tonight.”  (Laughter.)  “But the wind stopped blowing and I can’t watch.  There’s no electricity in the house, darling.”  No, we love natural gas and we love a lot of other things, too.

Each of you is taking part in the largest investment in Pennsylvania history.  It’s the largest investment in the history of Pennsylvania, in the history of our country — the money that’s being invested in your state right now.

With your help, we’re not only unleashing American energy, we’re restoring the glory of American manufacturing, and we are reclaiming our noble heritage as a nation of builders again.  (Applause.)  A nation of builders.

I was a good builder.  I built good.  I love building.  In fact, I’m going to take a tour of the site.  They said, “Sir, we were going to do it before the speech, but we’re waiting for it to stop raining.”  I said, “Don’t worry about the rain.  Do we have umbrellas?  Don’t worry about the rain.  Umbrellas work very well, especially when they’re made in America.”  (Laughs.)  (Applause.)  So, I don’t care.  But we’re going to take a tour afterwards.

I’m going to speak to some of your union leaders to say, “I hope you’re going to support Trump.”  Okay?  (Applause.)  And if they don’t, vote them the hell out of office because they’re not doing their job.  It’s true.  It’s true.  (Applause.)  Vote them out of office.

When completed, this facility will transform abundant natural gas — and we have a lot of it — fracked from Pennsylvania wells, which they never would have allowed you to take if I weren’t President.  If my opponent won, this would be a lot of nice, new structures outside.  I guess you would have stopped long ago.  You would have stopped construction before it started too much.

But I was talking to Gretchen.  They would have never gotten the approvals to do what’s needed to fuel these plants.  That wouldn’t have been good.  So, probably, they wouldn’t have started.  But if they would have started, it would have stopped.

But they put it into plastic through a process known as “cracking.”  That raw material will then be shipped all over the country and all over the world to be fashioned into more products stamped with that very beautiful phrase: “Made in the USA.”  Right?  “Made in the USA.”  (Applause.)  Beautiful.

AUDIENCE:  USA!  USA!  USA!

THE PRESIDENT:  That is a beautiful phrase.

Getting this massive job done right has required more than 1,500 pieces of heavy equipment; one of the largest cranes anywhere in the world — I look forward to seeing it.  I love cranes.  I loves trucks of all types.  Even when I was a little boy at four years old, my mother would say, “You love trucks.”  I do.  I always loved trucks.  I still do.  Nothing changes.  Sometimes, you know, you might become President but nothing changes.  I still love trucks, especially when I look at the largest crane in the world.  That’s very cool.  Do you think I’ll get to operate it?  I don’t know.  (Applause.)  We’ll put the media on it, and I’ll give them a little ride, right?   (Applause.)

And you have thousands of tons of concrete, aluminum and steel, and nearly 6,000 of the strongest, toughest, and most talented workers anywhere on Earth.  (Applause.)  True.  I know.  It was the Trump administration that made it possible.  No one else.  Without us, you would never have been able to do this.

I want to thank all of our great union members: the boilermakers, carpenters — (applause) — cement finishers — (applause) — electricians — (applause) — iron workers — (applause) — laborers — (applause) — millwrights — (applause) — operators — (applause) — plumbers — (applause) — painters — (applause) — steamfitters; I know them well.

And a group that I’ve used more than anybody that’s ever run for office times 1,000, because in New York City they would drive those cement trucks up to my building and those trucks were always on time, and sometimes they were lined up for six blocks when I was doing different things.  Even when I was doing the Wollman Rink, the city couldn’t build it.  Took them nine years.  They had no idea what they were doing.

And I had that whole big — about 70,000 feet — it’s like a massive office floor — bigger than an office floor.  We did it all in one day, and the trunks were lined up from Central Park all the way back into Harlem.  And they did it all in one day — that pour.  It was called a contiguous pour.  The city used to build little pieces.  A little piece here.  A little piece there.  A little piece here.  A little there.  (Laughter.)  A few years later: a little piece here.  Then they had pipes underneath and the pipes were made out of copper.

And during the evening, things would happen, like the copper would be stolen because it was very valuable.  (Laughter.)  So they’d have a little piece with copper, and then the rest of the pipe they’d lay.  And they’d get ready to pour, and they’d leave, and everybody would steal the copper.  So they — this took place for — I guess, from seven to nine years.  Nobody actually knows.  Nobody wants to talk about it.  (Laughter.)  But those trucks were operated incredibly well, and I never missed a delivery.  And it’s called the “Teamsters.”  (Applause.)

I also want to thank I also want to thank Bechtel, a real incredible company.  We talk about the great builders of the world: President Jack Futcher.  Where is he?  Where is he?  Jack.  Where is Jack?  (Applause.)  Jack.  What a great job you’ve done, Jack.  Some big ones.  Think of it this way, Jack.  If we don’t win, you won’t be doing anything in this country.  (Laughter.)  And, you know, the world follows us.  You see that.  The world follows us.  And it won’t be so good.  But you and I are friends, and you’re going to have a lot of work to do, I think, Jack.  A lot of work.  Thank you, Jack.  Great job.  (Applause.)  Jack has done an incredible job.  That’s an incredible company.  Incredible — they’re incredible builders.

And the Secretary-Treasurer of North America’s Building Trades Unions, Brent Booker.  Where’s Brent?  Brent.  Thank you.  Great job.  (Applause.)  Young guy.  You’re so young, Brent.  How the hell did you get that job?  (Laughter.)  Man.

We’re honored to be joined by two leaders who truly have the backs of American workers.  They’ve become friends of mine.  They do such an incredible job.  They break up the roadblocks.  We have a lot of roadblocks in this country, where you have — a little clause can stop a project.  A little clause can stop it for years.  And we break up those little clauses.  We break them up fast.  Energy Secretary Rick Perry.  Where’s Rick?  Rick?  (Applause.)  Thank you, Rick.  What a great guy.

I had to compete with him.  You know, he wanted to be President.  He was tough.  He was nasty.  Man.  (Laughter.)  He was nasty.  But then he said, “I want to do something great.”  And you have been incredible.  He ran Texas for like 14 years — (applause) — and he did it well.  And now he’s running a little thing called “Energy.”  And nobody has ever done it better.  Thank you, Rick, very much.  Great job.

And a man who has been incredible in every way.  You know, EPA — Environmental Protection Agency.  You’ve heard a lot of horror stories where nothing can get done, nothing gets passed.  It takes years and years and years to get a simple permit.  It can take 20, 21 years to get a road, before they reject it.  How about this?  They go 20 years — 21 years, in certain cases — for a highway or a road.  Not even a highway.  At the end of the 21st year, they vote to reject it.  How would you like to be — you’re a young person, you’re starting out, and you’re all excited about this project.  And it starts off as being a simple, straight road, and then it ends up being a total catastrophe because of nesting and lots of other things that we can take care of.  And it’s 20 years later, and then they reject it.  You’ve devote half of your working life to a rejection.  It happened to many people.

And we have a man that knows how to break it up but he’s also a great lover of the environment: EPA Administrator Andrew Wheeler.  He’s done an incredible job.  Andrew?  (Applause.)  Great job, Andrew.  Great.  Really great job.

And I also want to recognize some of my great friends that have helped me so much: Congressman John Joyce.  John?  (Applause.)  John.  Where is John?  John.  John, usually you’re in the front row.  I can’t believe this.  I guess you got shut out by the unions.  Look.  (Laughter.)  Thank you, John.  Fantastic job.  John Joyce.  Been a great friend — a great friend of all of us.

Speaker of the Pennsylvania House of Representatives Michael Turzai.  (Applause.)  Michael Turzai.  Thank you.  Michael, great job.  Thank you.  Good to see you, Michael.  Michael Turzai.  Great name in this state, I’ll tell you, for a long time.  How long has it been, Michael?  You’ve been there a long time.  How long?

SPEAKER TURZAI:  (Inaudible.)

THE PRESIDENT:  Okay.  Good luck.  (Laughter.)  It’s not that long.  Thank you, Mike.

And one of my good friends from Beaver County, David Urban.  David.  (Applause.)  David.  Where’s David?  David?  Thank you, David.  Great football player.  Great athlete.  And he was a Trump supporter.  He liked Trump.  And when he liked Trump, nobody was going to get in his way.  Right, David?

AUDIENCE MEMBER:  We love Trump!

THE PRESIDENT:  (Laughs.)  Thank you.  Thank you.
How are we doing in the state, David?  We looking good?

AUDIENCE MEMBER:  Four more years!

THE PRESIDENT:  Thank you.  I appreciate it.  (Applause.)  Thank you.

I think we’re looking very good.  I think we’re looking good all over: in Ohio, in North Carolina, in South Carolina, Florida.  We just got numbers in Florida.  We’re looking fantastically good.

Now, you know, sometimes — and they do.  They do.  They say, “Donald Trump…”  Can you imagine if I got a fair press?  I mean, we’re leading without it.  Can you imagine if these people treated me fairly?  (Applause.)  The election would be over.  Have they ever called off an election before?  Just said, “Look, just — let’s go.  Go on.  Four more years.”

Yeah.  And then, you want to really drive them crazy?  Go to “#thirdterm”; “#fourthterm.”  You’ll drive them totally crazy.  (Laughter.)  I mean, you have one guy on television: “I’m telling you, he’s not leaving.  He’s going to win and then he’s not leaving.  So, in 2024, he won’t leave.  I’m telling you…”  This is a serious person.  These people have gone stone-cold crazy.  (Laughter.)

And we’re grateful especially to the Chairman of Royal Dutch Shell.  That’s big stuff, folks.  You know, I’m a business guy.  When I hear “Royal Dutch Shell” — you know, until I became President, that was like a big deal, but now I don’t view it the same.  (Laughter.)  Once you’re President, nothing seems big.  Right?  Chad Holliday.  Where’s Chad?  (Applause.)  Chad understands it.  That’s a big deal, Chad.  But thank you for coming.  That’s a big deal.  You don’t get any bigger.  That’s an incredible company.

Shell’s U.S. President — you just met her and you know her; everybody knows her, and she’s got a lot of other things in store.  And she’s thanked me for what we’ve done here.  But I said, “Forget this.  We got a lot of jobs.  Let’s do a couple of more fast.  Do them fast.  We’ll get you fast approvals.”  And you may get rejected, you know, if it’s not going to be environmentally good, environmentally sound; if something is going to be wrong.  But we’re not going to take 20 years to reject you, like they did with the pipelines.  It didn’t matter; I approved them.  But that’s okay.

So we have pipelines — (applause) — oh — (applause) — we got plenty of pipeline folks here, don’t we?  Huh?  (Applause.)  I’ll tell you.  Hey, you know, that’s a bigger hand than we got from the Teamsters.  Do you believe that?  No, but, you know, they did that with the pipelines, right?  Keystone XL.  They did it with the pipelines.  Dakota Access Pipeline.  We’re building pipelines.  And if we get the pipelines approved, then you better work.  The EPA is working right now to get them approved in Texas.  And if we can do — we can increase our — we can increase.  We’re now the largest in the world in energy, by far.  But if we get those approved, Andrew — I hope Andrew is listening — EPA.  Andrew, you know what I’m saying, right?  If we get them approved in Texas fast — they said it will take 18 years.  I said, “Could you do it in about a month?”  (Applause.)  Right?

If we get, though — oh, look at those pipeline guys.  They’re so happy.  That’s a lot of jobs.  But, Andrew, if we get them approved fast, we can increase our entire output.  Texas is so big.  And it’s bigger — it turned out to be much bigger.

I also got you ANWR, in Alaska, which may be bigger than everything.  And they couldn’t get it.  Ronald Reagan couldn’t get it.  No President could get it.  And I got it approved, and we’re all set.  And so — (applause) — so we’re all set.

So, Andrew, in Texas, if you can get those pipelines going, you will be so happy.  We’ll have dinner with your family.  I’ll tell them how great you were.  (Laughter.)  Okay?  EPA.  Thank you, Andrew.

So I want to thank, though, Gretchen.  She’s been fantastic.  I also want to thank Vice President of Pennsylvania Chemicals Hilary Mercer.  I want to thank you very much for investing in the people of Pennsylvania.  (Applause.)  Hilary?  Where’s Hilary?  Thank you, Hilary.  (Applause.)  You’re investing in the people of Pennsylvania, so that’s a guarantee, as far as I’m concerned.

For generations, American greatness was forged, and fueled, and won by the extraordinary workers of this region.  This region is an incredible region.

Pennsylvania Steel raised the skyscrapers that built our cities.  And, by the way, steel — steel was dead.  Your business was dead.  Okay?  I don’t want to be overly crude.  Your business was dead.  And I put a little thing called “a 25 percent tariff” on all of the dumped steel all over the country.  And now your business is thriving.  Probably there’s few businesses that have gone proportionately up like steel and aluminum.
We did it with aluminum, too.  But they are doing well — 25 percent and 10 percent on aluminum.

And they still dump, but now the United States takes in billions of dollars and the dumping is much less, and the steel companies are thriving again.

We have to have a steel industry.  We can’t — (applause) — I mean, we need steel for defense.  We need steel — what are we going to do?  We have a little bit of a problem.  We have a little bit of a conflict.  We’ll say, “Listen, China, could you do us a favor?  We need help.  All our steel mills are closed.  Oh, damn it.  Could you send us some steel, please?  We don’t make steel anymore.”

Well, we make it now.  And I’ll tell you what: Those steel mills — U.S. Steel and all of them, all of them — they’re expanding all over the place.  New mills.  New expansions.  We hadn’t have — we didn’t have a new mill built in 30 years, and now we have many of them going up.

Many car plants — they’re coming in from Japan.  I told Prime Minister Abe — great guy.  I said, “Listen, we have a massive deficit with Japan.”  They send thousands and thousands — millions — of cars.  We send them wheat.  Wheat.  (Laughter.)  That’s not a good deal.  And they don’t even want our wheat.  They do it because they want us to at least feel that we’re okay.  You know, they do it to make us feel good.

But the deficit is massive, which — changing rapidly.  But what they’re doing is they’re buying a lot of our stuff, including our military equipment.  They’re building car plants now in the United States — in Michigan, in Pennsylvania.  Many, many of the Japanese car companies are coming over and building car plants in the United States.  It doesn’t fully do the trick, but it helps.  And those deficits will start coming down very substantially.

But we’re losing $78 billion.  For many years, we’re losing billions and billions with these countries.  And, frankly, the countries that we do the worst with are the allies — our allies.  Does that make sense to you?  Our allies take advantage of us far greater than our enemies.  And someday, I’m going to explain that to a lot of people.

Pennsylvania miners.  Do we love our miners?  (Applause.)  They lit up our towns and powered our industries.  And Pennsylvania factory workers made the American brand into the universal symbol of excellence all around the world — all over.

But, in recent decades, the loyalty of Pennsylvania workers was repaid only with betrayal.  They betrayed you.  They let your companies move to Mexico, to Canada, to China, to many other places.  We ended up with no income and massive unemployment.  Well, right now, our employment has reached the lowest level that it’s seen since the 1960s, and we’ll soon be breaking that record, I predict.  (Applause.)

And you’ve heard me say it, but now it’s even better.  Numbers just came out.  African American unemployment — lowest in history.  (Applause.)  Asian American, Hispanic American — lowest in the history of our country.  Women — lowest in 70 years.  (Applause.)  Sorry, women.  I let you down again.  Think of it: Lowest in 70 years, and I have to apologize to women.  But soon we’re going to have that — that will be a record very soon.  We’re very close to saying “lowest in history” for women — unemployment.

Today, we have more workers working in the United States than — almost 160 million — than at any time in the history of our country.  Think of that.  That’s a hell of a stat.  (Applause.)

The political class in Washington gutted your factories with horrendous trade deals — horrible.  NAFTA — one of the worst trade deals ever.  By the way, World Trade Organization, it made China.  China made themselves.  They did a good job.  But they ripped off our country for years, and with our money and World Trade Organization backing.  And then they took advantage of the rules of the World Trade Organization.  And I’m being nice when I say “took advantage.”  Much more than “took advantage.”  They went up like a rocket ship.  They were flat-lined for 100 years.  And then, one day, World Trade Organization — a terrible move.

And, you know, we were losing all our cases until I came along.  We were losing all our cases in the World Trade Organization.  Almost every case, we were — lost, lost, lost.  They thought we were stupid.  They were the ones ruling.

And then I came along.  Now we’re winning a lot of cases because they know that they’re not on very solid ground.  We will leave, if we have to.  And all of the sudden, we’re winning a lot of cases.  We’re winning most of our cases.  And it’s only because of attitude, because we know that they have been screwing us for years.  And it’s not going to happen any longer.  They get it.  They get it.  So they’re giving us victories.  They’re giving us victories.  (Applause.)

And I’d like to use a different word, but there’s no word that’s quite as —

AUDIENCE MEMBER:  (Inaudible.)

THE PRESIDENT:  Right?  There’s no word that’s quite as descriptive.  I’d like to.  But that’s exactly what they were doing.  They were taking advantage of us for years and years.  And now they understand that if it’s not going to be fair, it’s not going to be at all.  We don’t need it.  We don’t need it.

So, a lot of good things.  And I think we will — I think they will treat us fairly.  I mean, the concept should work.  But people have taken advantage.

Like, for instance, they view certain countries — like China, India, many countries — for a long time, they viewed them as “they’re growing.”  Right?  They’re “growing nations.”  We’re a “mature nation.”  They’re growing.  These are “growing nations.”

Well, they’ve grown.  And they had tremendous advantages.  But we’re not letting that happen anymore, okay?  We’re not letting that happen anymore.  Everybody is growing but us.  You know, they’re all “growing nations.”  We have to work with them, but nobody ever wants to work with the United States.  It’s a disgrace.  But it’s changing, and it’s changing fast.

And I think it’s the primary reason, probably, that I ran for President.  (Applause.)  I’d see these factories all over the country, and I’d see them empty, and I’d see the jobs going to other countries.  And I just never understood why the politicians didn’t do anything about it.  But now we’re doing it.

And, by the way, the USMCA — that’s Mexico and Canada — that deal is a fantastic deal.  And it’s a great deal for your unions, too.  We have the farmers, the unions, the manufacturers.  It’s good for everybody.  We have to get the Democrats to put it up for a vote.  And most Democrats are going to vote for it, too.  They’re under a lot of pressure to vote for it.

But that replaces one of the worst trade deals ever made, which is NAFTA.

But I watched them crush your industries with taxes and regulations, and they targeted American energy for total destruction.  You weren’t going to be able to take anything out.  That’s our gold.  That’s gold underneath our feet.  And they weren’t going to allow it to happen.

The Paris Accord: The Paris Accord was good for other countries.  It wasn’t good for us.

All the while, they expected you to stay on the sidelines, silence your voices, and surrender the future of our nation.  And you didn’t do it, but you didn’t have the right people representing you, so it didn’t matter.  But when you finally had the right person — the person that really cared — because let me tell — this thing is costing me a fortune, being President.  Somebody said, “Oh, he might have rented a room for — to a man from Saudi Arabia for $500.”  What about the $5 billion that I’ll lose?  You know, it’s probably going to cost me — including upside, downside, lawyers — because every day, they sue me for something.  (Laughter.)  These are the most litigious people.  It’s probably costing me from 3 to 5 billion for the privilege of being — and I couldn’t care less.  I don’t care.  You know, if you’re wealthy, it doesn’t matter.  I just want to do a great job.  That’s why — I don’t care.  I want to do the right job.

When this great building company comes here and wants to build a plant, I want to make it easy for them, not hard for them.  I’m not jealous of them.  I couldn’t care less.  Bechtel.  (Applause.)  I’m not jealous of them.

I got sued on a thing called “emoluments.”  Emoluments.  You ever hear the word?  Nobody ever heard of it before.  They went back.  Now, nobody looks at Obama getting $60 million for a book.  That’s okay.  Even though nobody in history ever got that money for a book.  Obama got $60 million.  Think of it: $60 million for a book.  Nobody looks — nobody looks at any —

But with me, it’s everything.  Emoluments.  Nobody knows what it is.  Here’s the good news: Last month, I just won two cases on emoluments.  And the judge was scolding of the other side.  And what it is, is presidential harassment because this thing is costing me a fortune, and I love it, okay?  I love it because I’m making the lives of other people much, much better.  (Applause.)
And each of you here today is living proof that America never surrenders.  We don’t surrender.  And we were in bad shape.  This area was in really bad shape.  And now you look outside, and you say, “That’s like the eighth wonder of the world.”

Under my administration, we’re fighting back and we’re winning because we are truly and finally putting America first.  (Applause.)  After years of building up foreign countries, we are finally building up our country.  Think of it, we protect the border of South Korea, but we don’t protect our own border.  But now we are.

And the wall is being built.  We won that case two weeks ago.  (Applause.)  We won that case.  The wall is being — and we’re going to have a lot of it.  We’re going to have anywhere from 400 to 500 miles built by the end of next year.  We’re building a lot of wall and we need it.  We need it.  We want people to come into our country.  They have to come in legally and we want them to come in through merit.  (Applause.)

The last administration tried to shut down Pennsylvania coal and Pennsylvania fracking.  If they got in, your fracking is gone, your coal is gone, you guys — I don’t know what the hell you’re going to do.  You don’t want to make widgets, right?  (Laughter.)  You don’t want to make — do you want to learn how to make a computer?  A little tiny piece of stuff you put in with those big, beautiful hands of yours.  (Laughter.)  They’re going to take these big hands — he’s going to take this little tiny part.  (Laughter.)  He’s going to go home, “Alice, this is a tough job.”  (Laughter.)  No, you want to make steel and you want to dig coal, and that’s what you want to do.

I was in West Virginia when Hillary made that terrible statement that she wants to close up all of the coal.

AUDIENCE:  Booo —

THE PRESIDENT:  She forgot: In three weeks, she was going to West Virginia.  Remember, she wanted to close up all coal.  She was in an area where they didn’t do the coal.  And she said, “Well, I look forward to closing up all coal.  It’s going to be closed.  Steel — going to be in big trouble.”  She forgot: In three weeks, she was going to West Virginia.  That didn’t work out too well.  (Laughter.)  I won that one by 42 points.  Forty-two points.  West Virginia.  (Applause.)

And I actually think, this time, we have a good chance of winning Virginia, which is a tough one to win because, you know, you have some people there that maybe don’t agree with us.  But I think we have a really good chance of Virginia, too, which is something that hasn’t been won by a Republican in a long time.  But it’s common sense.  Some — a lot of this is — you know, they say, politics — politics — great politics is common sense.

But on my first day in office, I ended the war on American energy.  And that’s common sense, I think.  You know, that’s common sense.  (Applause.)

We’re lucky.  You go to places like China, they don’t have oil and gas.  They don’t have it under their — they have to go buy it and then they devalue their currency and manipulate their currency.  And that costs them a fortune to go out and buy it.  They hurt themselves in the long run.  But they’re devaluing all over the place, as others are.

But we have this unbelievable — the greatest in the world.  We have the greatest resources, which really came about over the last few years.  Nobody knew this.  Fracking made it possible.  Other new technologies made it possible.  And now we’re the number-one — think of it, as I said — the number-one energy producer in the world.

I’m so proud of that because we wouldn’t have been number five.  They were going to close it up.  They were going to close it up.  And it’s common sense.  They wanted to take away our wealth.

That’s what the Paris Accord would have done.  It would have taken away our wealth.  It wasn’t for us; it was good for others.  It wasn’t for us.  We had to pay money to other countries that are very substantial countries.  They wanted to take away your wealth.  They didn’t want you to drill.  They didn’t want you to frack.  They didn’t want you to do steel.  They wanted to take away your wealth.

Now, the press will try and spin that differently, but I’m right, okay?  The fake news.  (Applause.)  That’s a lot of people back there for a — like an 11 o’clock speech.  That’s a lot of people.  (Laughter.)  That’s a lot.  That’s like the Academy Awards during the day.  (Laughter.)

It used to be.  You know, the Academy Awards is on hard times now.  You know that.  Nobody wants to watch it.  You know, why?  Because they started taking us on.  Everyone got tired of it.  It’s amazing.  That used to be second after the Super Bowl, and then, all of a sudden, now it’s just another show because people got tired of people getting up and making fools of themselves and disrespecting the people in this room and the people that won the election in 2016 — (applause) — and the people that won the Senate, without me on the ticket, in 2018.

You know, they never say that.  We won the Senate.  That’s why we’ll have appointed, within two months, 179 federal judges and two Supreme Court judges.  Think of that: 179.  (Applause.)  But they don’t say we won the Senate; they say we lost the House.  And, you know, there were a lot of people running for the House; it’s hard for me to campaign.  But almost everybody I campaigned for won.  We had tremendous records in ’18 and I wasn’t running.  There’s a big difference.  In 2020, we’re running, so you better get out there and make sure we win.  (Applause.)

And we have a record that nobody’s ever had.  Remember, when I was running, I was saying, “We’re going to do this.  We’re going to create jobs.”  Everyone — you know, big yawn.  And, you know, we like — “Let’s give him a shot.  What do we have to lose, right?”

I said that with African Americans.  They had the worst crime rates, the worst education, the worst everything.  They had like 10 things — I’m reading it off a list.  I looked — I said, “What the hell do you have to lose?”

But I really sort of said the same thing to everybody because our country wasn’t doing well with Biden and Obama.  It wasn’t doing well.  And they were pouring money in — pouring, pouring money in.  And it wasn’t doing well.

Even now, you know, you see the interest rates.  I’m paying a normalized interest rate.  We should be paying less, frankly.  This guy has made a big mistake.  He’s made a big mistake — the head of the Fed.  That was another beauty that I chose.  But even with that, we’re paying a normalized interest rate.

The nice thing is you get some interest from the bank.  With President Obama, he was paying nothing.  It’s easy to make money when you you’re paying nothing; you’re paying zero.  Easy.  But even with that, our economy is roaring and his wasn’t.  It was the weakest economy since the Great Depression.  The weakest up.

So we have it going.  Our country now has the hottest economy anywhere in the world.  Every time a prime minister, president, king, queen, dictator, whatever they may be — some are sort of mutual.  Some you have presidents and prime ministers who are actually dictators.  But they come in and they see me at the Oval Office, they always say — almost everybody — “Congratulations on your incredible economy.  What you’ve done is incredible: the tax cuts, the regulation cuts, all of the things we’ve done.”

And they were all saying — and they want to try and copy us.  It’s not easy to copy us. And part of the reason it’s not easy is because of the people like this, all over the country — the people in this room.  You are incredible people.  That was an incredible win.  Thank you.  (Applause.)  Incredible.  Incredible people.  Incredible people.

And here in the Appalachian region, where the Marcellus and Utica shale formations generate one-third of American natural gas — think of that.  You’ve been sitting on this for a long time, and yet, look at the numbers.  Look at the way you lived.  Because you never had anybody that wanted to take advantage of it, but now we’re taking advantage of it.  You’re sitting on gold, and we’re taking advantage of it.  And your future has never looked brighter or better.  It’s so great that you stayed, because you suffered.  This whole region — Appalachia.  The whole re- — it just suffered, this whole region, with great people — the greatest people.  And you suffered.

When this plant opens, 600 American workers will get the fulltime jobs, with quality healthcare, pensions, and great pay to support a family.  And you have — I said before — almost 2,000 construction workers.  And you’re going to another plant because we’re going to talk to Bechtel after this, and we’re talking to Shell.  I mean, you got the boss from Shell.  You people don’t realize, that’s a big deal.  I don’t know where the hell he comes from.  Where are you based?  It’s not in this country.  Hey, how about moving Shell to the United States?  (Applause.)  Well, we’re ready if you are.  Just let me know.  But they have their big USA division.  But that’s a great company.  It’s a big deal.  And that you’re here is a big deal.  That’s a big deal to me, and it’s a big deal to everybody in this room.  (Applause.)  You have the top man — top man at Shell.

But this is just the beginning.  My administration is clearing the way for other massive, multi-billion-dollar investments.  We just did one in Louisiana.  It’s a 10-billion-dollar plant.  There’s more pipes in that plant that I’ve ever seen in my life.  There’s more plant — you know that.  LNG.  It’s an LNG plant.  Ten billion dollars.  And we’re now — it’s totally sold out.  They sell it like you rent office space.  Can you believe it?  It’s all sold out.

All over the world, people have used it.  And you haven’t had a plant like that built in this country, really, ever, because there’s never been anything that big.  But you didn’t build plants like that because, environmentally, they weren’t letting you.  And yet, environmentally, it’s so good what they’ve done and what they can build today.

Investments that could bring more than 100,000 new jobs to this region are now being looked at very seriously.  And I think the hundred-thousand-doll- — I really do.  I feel the hundred thousand jobs, Andrew, is going to be a very low number.  I think you’re going to have many more.  This is an incredible region.  You’re sitting on top of something special.  It’s all fueled by the greatest treasure on the planet: American energy.  And we don’t want people taking that away from us.

Two more companies have recently proposed a 10-billion-dollar investment in the great state of Ohio.  Incredible state.  (Applause.)  We have tens of billions of dollars’ worth of investments, and this is really good stuff that we’re now negotiating.  But these two are in Ohio.  The energy revolution is also creating new jobs in West Virginia, [New] Mexico, Colorado, Texas, Kansas, Louisiana, Indiana, Michigan, Illinois, Tennessee, North Carolina, South Carolina, all across our beautiful land.  You have no idea what’s going on, including, as I said before, car companies.  We didn’t make cars.  Look, we lost 32 percent of our car companies to Mexico — before I got there, by the way.  Now it’s very, very hard to do that anymore.  Nobody is going to be looking that way, I don’t think.

And I want to thank Mexico because the President now has been great, and he’s got 27,000 soldiers on our southern border and on his border with Guatemala, keeping our borders safe.  (Applause.)  Our numbers are plummeting — the people coming in — (applause) — all because the Democrats won’t approve fixing the loopholes and asylum.  So, I want to thank Mexico.  It’s incredible.  We have close to 27,000 — so, you think of that.  We never had three.  I think we had about two and a half soldiers.  One was sitting down all the time.  We had nobody.

And don’t forget, the southern border is 2,000 miles, from the Gulf to the Pacific.  We have 27,000, and they’re doing a great job.  And they’re helping themselves too because they’re disrupting and really hurting the cartels.  So much of that stuff is run illegally by the cartels: human trafficking, drugs, people.  It’s terrible.  And Mexico, I’ll tell you, they’re — so far.  I hope they’re going to keep it up.  I hope they’re going to keep it up.  But they’ve been great.  And 27,000 people.  They wouldn’t have done that for any other President, that I can tell you.  That I can tell you.

With us today are a few of the hardworking Pennsylvania patriots who are making this comeback possible.

Jason Eckhart is the third generation of his family to work on these grounds.  And he’s doing better than any of them.  His father and — by the way, three years ago, you wouldn’t have said that.  Three years ago, his father would say, “Hey, I had it made.”  His grandparents would say, “We had it made.”  Now he can look at them and say, “Dad, we have it made.”

His father and grandfather worked for the zinc smelting company previously housed at this site.  When that plant closed in 2014, 500 jobs disappeared — like magic.  Remember President Obama, “You need magic to bring back manufacturing jobs.  You need a magic wand.”  You remember?  “Not going to happen.”  Well, so far, we’ve brought back 600,000 manufacturing jobs.  (Applause.)

And Jason never imagined he would get the chance to carry on his family’s legacy. But now, he has.  He is carrying it on, and he’s carrying it on proudly.  He’s a great American.  Jason — where are you, Jason?  Jason.  Jason.  Come on up, Jason.  Come on.  Let’s get Jason up.  (Applause.)  Come on up.  Jason.  I’d like Jason to tell us what this great facility means to him and to his family.  Thank you.

Jason, come tell us what this facility means to you.

MR. ECKHART:  Thank you, Mr. President.  (Applause.)

It’s been amazing to see the transformation on this site, from a 100-year-old zinc smelter to a state-of-the-art petrochem facility.  I’m very proud to be part of Pennsylvania Chemicals, to redevelop this site, and create the jobs in Western Pennsylvania for all of you.  (Applause.)

And it’s very exciting to think about what we have to come, starting this place up and having jobs into the future for our families.

As a native from this area — I’m from right here in Center Township — I can appreciate how much this means to the area.  I’m really proud to be a part of this and be proud of all you guys.  Thanks.  (Applause.)

THE PRESIDENT:  Thank you, Jason.  Great.  Did you enjoy doing that, Jason?  Huh?  I think so.  You had a big group of people back here that likes you a lot.  They’re giving him a hard time back there, right?  His friends.  Thanks, Jason.

Heather Michaux grew up here in Beaver County, and has been working for Shell in other states for several years.  Now she can raise her family right near her parents and loved ones, and actually be home, where she wants to be and where she belongs.

Heather, please come up and tell us about your journey.  (Applause.)

MS. MICHAUX:  Thank you, Mr. President.

THE PRESIDENT:  Thank you.

MS. MICHAUX:  So, for me, when Shell announced that we were going to be building a facility in Beaver County, I was in Texas and I was so excited — but not just for me getting to further my career and move home; I was excited for all the possibilities that had opened up for my hometown.  I was excited because I recognized the potential that a place like this has, for us to be able to hone our existing skills and to gain new ones, too.

So I knew that we, the hardworking people of Western Pennsylvania — and other places in the U.S., too — would now have this fresh opportunity and would take advantage of it.  And that’s the opportunity that I see the thousands of you folks taking advantage of now — not only today, but we’re also creating something that is going to well outlive us by building this site.  And I am really proud to be a part of that legacy, sir.

THE PRESIDENT:  Thank you very much.  (Applause.)  Great job.  Thank you.  She’ll be running for office soon.  (Laughter.)  Fantastic job.

Samantha Polizotto was a single mom working full-time when she learned about process technology training programs at the local community college, funded by Shell.  She became the first woman to graduate from that program, and she made the Dean’s List.  That’s pretty good.  Now she’s leading the way as one of the very first production operators hired here at Shell.

Samantha, please come up and say a few words.  Please.  (Applause.)

MS. POLIZOTTO:  Growing up in Beaver County, I can recall people talking of the “good old days,” when steel mills were running and, often, people were born and spent their whole lives in the same town.  Local families had multiple generations working the same industry and, in many cases, the same companies.

This was a fact for our parents.  But with the fall of the steel mills in this area, it began to see a period of stagnation.  Hardworking men and women in this area, full of pride, still lace up their work boots, driving by the vacant skeletons of the old mills and refineries, holding onto the hope that, one day, this area would see its former glory.

The announcement of Shell Pennsylvania Chemicals Plant seems to have kindled that spark within the community.  It has provided an opportunity for steady employment for many different skilled tradesmen, emptying many of the local union halls.

As a young woman, this has also afforded me an incredible opportunity to come into the ground floor of an unprecedented project.  In school, I chose a field far different than many of my female colleagues.  Process technology is a focused area of studies around production and operations.

Predominantly male-dominated careers, I knew there would be challenges as I entered the workforce.  Being a mother and a wife, I must balance my responsibilities at work and at home.  The challenges I have faced have been softened by a network of support that has been given to me not only by my family, but also through the Community College of Beaver County, my coworkers, and, now, the culture of care at Shell.  I am proud to play a role in this project, as it restores this area and makes Beaver County great again.  (Applause.)

THE PRESIDENT:  Thank you, Samantha.  That was a great job.  Thank you.

To help create more opportunities for workers like Jason, Heather, and Samantha, my administration started the Pledge to America’s Workers.  Our partners are providing over 12 million training and enhanced career opportunities to American workers.  And my daughter, Ivanka, is working so hard on it.  She’s done a great job.  Twelve million people, so far, have been positively affected.

Today, I’m pleased to announce that Shell is signing the Pledge to America’s Workers to provide enhanced career opportunities.  By the way, Shell, thank you.  (Applause.)  They’re providing career opportunities to 3,300 workers over five years, right here in Western Pennsylvania.  That’s great.  Thank you, fellas.  Thank you very much.  And thank you, Hilary, for that tremendous commitment that you’ve made.  We really appreciate it.  Fantastic job.

Under this administration, we live by two very simple words: Buy American.  That’s what we want.  I’m going to add something: “Hire American.”  It’s about hiring American, buying American.  It’s about “America First.”  It’s about “Make America Great Again.”  It’s about “Keep America Great.”  (Applause.)

Despite all of this exceptional progress, however, some politicians in this country still want to keep America’s vast energy treasures buried deep underground and let other nations take advantage of our country.  Not happening anymore.

They see factories like this one not as a cause for celebration, but for condemnation.  Democrats in Congress are pushing hard for the Green New Deal.  How about that one?  Green New Deal.

AUDIENCE:  Booo —

THE PRESIDENT:  Where it puts everybody in this room out of work — hate to tell you — and a lot more people.  Everybody out of work.  And other — but I don’t want to speak badly about it.  You know, you’ve heard me say this: I want to encourage them.  That should be their platform.  (Laughter.)  I don’t want to do it too early.  I did it very early, with Pocahontas; I should have probably waited.  She’s staging a comeback on Sleepy Joe.  (Laughter.)  I don’t know who’s going to win, but we’ll have to hit Pocahontas very hard again if she does win.  But she’s staging a little bit of a comeback.

What a group: Pocahontas and Sleepy Joe.  (Laughter.)  I don’t think they give a damn about Western Pennsylvania, do you?

AUDIENCE:  No!

THE PRESIDENT:  I don’t think so.  And other radical plans to wipe out our coal.  That’s what they want.  They want to wipe out our oil.  They want to wipe out our natural gas industries, while allowing other countries to steal our jobs.

Virtually every leading Democrat has vowed to eliminate fossil fuels, obliterating millions of American jobs, devastating communities, and bankrupting factories, families, and senior citizens all across this region.

And, by the way, this is only fuel that has the power for plants.  When you have to steam up and you have to fuel up on these giant plants, these giant generators, these giant electrical factories, you need what you’re doing.  You need this.  It’s got the power.  The other doesn’t have the power; certainly not yet.  Probably never will.

And we’re not taking chances.  And we have the cleanest air and water we’ve ever had in our country right now.  The cleanest we’ve ever had.  And we’re going to keep it that way.  (Applause.)

But we’re never going to allow other countries and outside sources to take away our great wealth, because that’s what they want to do.  They want to take away our wealth, take away our jobs.  We’re not going to let it happen.

To see the destructive results of the far-left’s energy nightmare, just compare the enormous success here in Pennsylvania with the tremendous folly happening right across a line — a little line — ina New York.  Both states have vast energy reserves, but New York prohibits development while Pennsylvania welcomes it.

From 2010 to 2017, natural gas production plummeted by nearly 70 percent in New York, but it soared almost 1,000 percent in Pennsylvania.  And New York won’t allow us to build a pipeline across because New York is sort of a long state and we can’t have pipelines going across, helping a region that’s not a wealthy region at all.  They have a lot of economic problems.  People are leaving, left and right.

We want to get it over to the waters.  We want to get it over to the oceans.  We want to get it up to New England, where they have the highest energy costs anywhere in the United States.  We can’t get energy because New York doesn’t allow the pipelines to go through.  And that’s going to be very costly for New York, ultimately.

As a result, families in Pennsylvania shale country got more jobs, billions of dollars in royalty payments, and wages that are significantly higher compared to their neighbors just across the state line.

Meanwhile, families in New York — I love New York; that’s where I’m from.  Probably, most of you don’t know that.  (Laughter.)  That’s where I’m from.  They’re burdened with more power outages and electricity rates — you never saw anything like this — that are much, much higher than neighboring states and than your state.  New York energy rates are through the roof.  New England, through the roof.  A lot of it has to do with the fact that we can’t get pipelines through New York.  New York won’t let us.  They won’t let us.

All New York likes to do is sue me.  They like to sue me.  (Laughter.)  They’re always suing.  I said, “Which lawyer is handling that case?”  No, they sue me for everything so they can try to stop us by any means possible.  The radical Left wants to do to America what they’ve done to New York: raise prices, kill jobs, and leave our nation less independent and far less secure.

My vision is the exact opposite.  And we want to work with New York and we want to help New York.  They need jobs in New York so badly.

You know, they talk about the environment.  So you have the state line, and over here you have machinery fracking.  And over here you have nothing, except poverty.  Over here you have people driving new cars and nice cars.  And over here you have cars that are 40 years old.  Now, what does that have to do with the environment?  It’s the same.  It’s an artificial line.

And I wonder what happens when they get down there.  What happens?  I just wonder, is New York losing its wealth?  You know what I’m talking about, right?  What happens when those lines go down and they can go in any direction now?  The equipment is so incredible.

So, hopefully, we can help New York.  I want to help New York so much.  We will never allow ourselves to be at the mercy of foreign energy suppliers.  And that’s what’s fighting us.  They don’t want us to have great energy.  They’ve made a fortune selling us energy.

You probably saw the Straits the other day.  Very few American boats are there.  They capture — Iran, I broke up that deal.  That was a good thing to do.  It’s a whole different country right now.  (Applause.)

But they’re capturing boats from other countries.  They’re not taking our boats.  And one of the things that was brought up by the media, actually — and wisely and correctly brought out — we have very few boats going there anymore because we have our own oil and gas.  We don’t need it from the Middle East anymore.  (Applause.)

And that’s why we’re pursuing a future not only of energy independence — but not just words.  You know, you’ve been hearing “energy independence” for years and years, and you’d hear it.  We have real independence.  But what we want now is not independence; we want American energy dominance.  Dominance.  (Applause.)

Instead of relying on foreign countries, we are now relying on American producers.  And we are relying on American workers to build our own future right here on American soil.  It’s time.  (Applause.)

And together, we’re defending the oil and gas workers who light up our cities and uplift our communities.  We’re fighting for the technicians and construction workers here in Beaver County who are building a powerful engine of American commerce.  There’s no place like what you’re seeing right outside these doors.  There is no place like it.

We’re here once again to stand up for the engineers and the factory workers who will shape the work of your hands into American-made products sold all over the world.  That’s what’s going to happen.  That’s what you’re producing.

And everyday patriots who make this all possible, you are the backbone of America.  The absolute backbone.  And you haven’t been given the honor of having that said by other people.  But you are the backbone of this country.  (Applause.)  It’s true.  So true.

You are the ones who work hard, pay your taxes, build your neighborhoods, obey our laws, safeguard our values, raise up your children, make this land the greatest nation ever to exist on the face of the Earth.  You are the ones who do it.  We work with a lot of people, but you are there and you are doing it.  You’ve always been loyal to America, and now you finally have a President of the United States who is loyal to you.  (Applause.)

Our vision is pro-worker, pro-jobs, pro-family, pro-growth, pro-energy, and 100 percent pro-American.  (Applause.)

And we’re taking care of our military, and we’re taking care of our vets.  Veterans Choice: You’ve been hearing it about for 45 years.  I got it approved.  Veterans Choice.  We’re taking care of our veterans.  We’re taking care of our military like never, ever before.  (Applause.)

Because Americans can do anything, go anywhere, and outperform anyone.  Nobody can beat us.  Nothing can stop us because winning is what Americans do.  Winning is what we know best.  We will keep winning, wining, winning.

And I used to tell you the story about winning.  I used to say that your great leaders would come to Washington and they would say, “President, we’re winning too much.  We can’t take it anymore.  The people of Pennsylvania cannot stand winning.  We haven’t won for years and years and now we’re winning too much.  Mr. President, please, for the good of the people of Pennsylvania, stop winning.  Stop creating all these jobs.  Stop creating all this product.  Please, sir.  Please, stop winning.”

And I said to them, and I will say to them, “We’re never going to stop winning because nobody has ever won like what’s happened over the last couple of years.  Nobody has ever won like you’re winning.”  I’ve more than fulfilled my promises.  Even they said, “He promised things, and he actually produced more than he promised.”  That’s true.  But we’re going to produce more and more.

I just want to thank everybody.  With your help, factory floors across this land are once more crackling with life.  (Applause.)  Our steel mills are fired up and blazing bright.  The assembly lines are roaring.  Industry is booming.  And the hearts of our workers, the American spirit, is soaring higher, stronger, freer, and greater than ever before.

I want to thank you all for giving this nation your very best.  And your very best cannot be beaten.  I want to thank you for filling America with pride.  We are proud of you.  We think you are just incredible, incredible people.  And it’s an honor for me to be with you in Pennsylvania.

Thank you very much.  God bless you.  (Applause.)  God bless you.

END

https://www.whitehouse.gov/briefings-statements/remarks-president-trump-american-energy-manufacturing-monaco-pa/

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The Pronk Pops Show 1305, August 12, 2019, Story 1: Just In Time — Incompetent Involuntary Government Assisted Suicide of Jeffrey Epstein — Let The Conspiracy Theories Flourish –Massive Corruption of Justice — Videos — Story 2: FBI Agents Raid Epstein’s Little St. James aka “Pedophile Island” in U.S. Virgin Island — Videos — Story 3: Police and Protesters At Hong Kong Airport Clash As Communist China Masses Troops For Possible Intervention To Restore Order and Stability in Hong Kong — Videos

Posted on August 14, 2019. Filed under: 2020 Republican Candidates, Addiction, Addiction, Addiction, American History, Blogroll, Breaking News, Business, Cartoons, China, Communications, Congress, Corruption, Countries, Crime, Culture, Disasters, Donald J. Trump, Donald J. Trump, Donald Trump, Drugs, Economics, Education, Elections, Empires, Employment, Energy, Foreign Policy, Freedom of Speech, History, Human, Human Behavior, Illegal Drugs, Illegal Immigration, Immigration, Independence, Investments, Language, Law, Legal Drugs, Life, Lying, Media, Mental Illness, National Interest, News, People, Philosophy, Photos, Politics, Polls, President Trump, Progressives, Public Corruption, Public Relations, Radio, Rape, Raymond Thomas Pronk, Regulation, Rule of Law, Scandals, Senate, Sexual Harrasment, Social Networking, Taxation, Taxes, Terror, Terrorism, Unemployment, United States of America, Videos, Violence, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

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Story 1: Just In Time — Incompetent Involuntary Government Assisted Suicide of Jeffrey Epstein — Let The Conspiracy Theories Flourish — Massive Corruption of Justice — Videos

See the source image

Rudy Giuliani on Epstein’s ‘mind-boggling’ death: It’s impossible

Jeffery Epstein dies by suicide at the Metropolitan Correctional Center in Manhattan

Demands for justice after Jeffrey Epstein’s apparent suicide

FBI and Justice Department investigate Jeffrey Epstein’s death l ABC News

Jeffrey Epstein’s apparent suicide leads to an FBI investigation

Bill Barr Says There Will Be Accountability For Epstein’s Death

Jeffrey Epstein’s death prompts conspiracy theories

Jeffrey Epstein’s death deepens multiple lingering mysteries

Conspiracy theories build after Jeffrey Epstein ‘suicide’

Matt Whitaker: ‘Serious questions’ raised by Epstein’s death

The Five 8/12/19 | Breaking Fox News August 12, 2019

The Years-Long Case Against Sex Offender Jeffrey Epstein | NBC News Now

Documentary: Who is Jeffrey Epstein, accused of sexually abusing teen girls?

Jeffrey Epstein Accuser Shares Story Of Alleged Rape For 1st Time | TODAY

How Trump is fuelling anger over Jeffrey Epstein’s death

 

The security lapses at the jail where Jeffrey Epstein killed himself: How a guard took a bribe from a Turkish gold dealer and how a Wikileaks leaker managed to share new information from phones smuggled into his cell

  • Jeffrey Epstein was found alone and unresponsive in his cell at the Metropolitan Correctional Center in Manhattan early Saturday 
  • He was pronounced dead at New York Presbyterian-Lower Manhattan hospital 
  • The billionaire pedophile’s death has raised serious questions about the jail given it is hardly the first scandal
  • A prison guard, Victor Casado, pleaded guilty last year to taking $25,000 in cash bribes to smuggle cellphones, alcohol and food to a wealthy Turkish gold trader 
  • Reza Zarrab, who was the trader involved, was in prison over a money laundering scheme to Iran and says someone also tried to assassinate him
  • A former CIA employee, Joshua Adam Schulte, is also accused of leaking classified files from a cell phone while he was locked up in the federal prison 

Jeffrey Epstein’s apparent suicide has brought new scrutiny to the federal jail in New York where he was being held given the previous security lapses at the facility that houses some of the highest-security inmates in the country.

The 66-year-old was found alone and unresponsive in his cell at the Metropolitan Correctional Center in Manhattan early Saturday morning before being rushed to the New York Presbyterian-Lower Manhattan hospital where he was pronounced dead.

The billionaire pedophile’s death has raised serious questions after it emerged he was alone in his cell and corrections officers had not checked on him for several hours – even though they were required to look in on him every 30 minutes given he was previously on suicide watch.

His defense attorney has since faulted jail officials, saying they recklessly put Epstein in harm’s way and failed to protect him.

Jeffrey Epstein's death on Saturday is hardly the first scandal at the Metropolitan Correctional Center in Manhattan. There have been multiple security lapses at the federal facility that houses some of the highest-security inmates in the country

Jeffrey Epstein’s death on Saturday is hardly the first scandal at the Metropolitan Correctional Center in Manhattan. There have been multiple security lapses at the federal facility that houses some of the highest-security inmates in the country

Last year, a prison guard at the jail, Victor Casado, pleaded guilty to taking more than $25,000 in cash bribes to smuggle cellphones, alcohol and food to a wealthy Turkish gold trader between 2016 and 2017.

He also received thousands of dollars in payments from another inmate, which were given to him by the prisoners relatives and a paralegal representing him.

Casado was sentenced in January to three years in prison by a judge who called the crime an assault on ‘our entire system of justice’.

Reza Zarrab, who was the Turkish gold trader involved with bribing the guard, was in prison over a money laundering scheme to Iran.

He has previously testified in court that someone tried to assassinate him at the prison when he implemented Turkey’s President Recep Tayip Erdogan in the scheme that would launder billions of dollars from the U.S. to Iran.

‘I came face to face with an individual who was trying to take my life, and he had pulled a knife on me, and I was about to lose my life,’ Zarrab testified in 2017.

‘He said that he had received instructions to kill because I was cooperating.’

A former CIA employee, Joshua Adam Schulte, is also accused of leaking classified files while he was locked up in the federal prison.

Schulte was charged last year with stealing classified national defense information from the CIA in 2016. He is believed to be behind the ‘Vault 7’ and ‘Vault 8’ documents released by WikiLeaks.

Last year, a prison guard at the jail, Victor Casado, pleaded guilty to taking more than $25,000 in cash bribes to smuggle cellphones, alcohol and food to jailed Turkish gold trader Reza Zarrab (pictured above in 2013)

Last year, a prison guard at the jail, Victor Casado, pleaded guilty to taking more than $25,000 in cash bribes to smuggle cellphones, alcohol and food to jailed Turkish gold trader Reza Zarrab (pictured above in 2013)

Authorities found multiple cellphones in his cell at the prison when they raided it in October last year. Officials also found 13 email and social media accounts that Schulte was allegedly using to communicate with others outside the prison.

Prosecutors argued that the information he was allegedly disclosing behind bars was different to what WikiLeaks had published.

A former CIA employee, Joshua Adam Schulte, is also accused of leaking classified files while he was locked up in the federal prison

A former CIA employee, Joshua Adam Schulte, is also accused of leaking classified files while he was locked up in the federal prison

Epstein’s death is now the latest black eye for the jail and the wider U.S. Bureau of Prisons as well.

Attorney General William Barr is now demanding answers, saying he was appalled by the apparent suicide and announcing a pair of federal inquiries by the FBI and the Justice Department’s inspector general.

Epstein’s death brings fresh attention to the staffing issues at the prison where shortages worsened by a partial government shutdown prompted inmates to stage a hunger strike in January after they were denied family and lawyer visits.

Eight months later, the lockup remains so short-staffed that the BOP is offering correctional officers a $10,000 bonus to transfer there from other federal lockups. That’s on top of a so-called ‘recruitment incentive’ that amounts to 10% of new guards’ first-year salaries.

Staffing shortfalls are resulting in extreme overtime shifts, in which guards may work up to 16 hours a day. A person familiar with the jail’s operations said a guard in Epstein’s unit was working a fifth straight day of overtime and another guard was working mandatory overtime the day he was found.

Those conditions could make it more difficult for correctional officers to enforce the BOP’s strict measures for screening security risks. Those protocols acknowledge that inmates held in so-called special housing units, as Epstein was, ‘may be at a higher risk for suicidal behavior’.

Those safeguards – including cell checks every 30 minutes – were not followed the night before Epstein’s death, The New York Times reported Sunday, citing a law enforcement official familiar with the investigation.

Jeffrey Epstein was found hanging in his prison cell shortly before 7am and was rushed to nearby New York Presbyterian-Lower Manhattan hospital where he was pronounced dead

Epstein’s death brings fresh attention to the staffing issues at the prison where shortages worsened by a partial government shutdown prompted inmates to stage a hunger strike in January after they were denied family and lawyer visits 

Epstein had been alone in his cell when he was found unresponsive Saturday, even though he only recently had returned to the Special Housing Unit from suicide watch, the person familiar with the jail’s operations said.

The jail had placed him on 24-hour monitoring – with daily psychiatric evaluations – after he was found injured on the floor of his cell two weeks ago with neck bruises.

There was speculation following Epstein’s initial attempt that he had been trying to get away from his prior cellmate – former NYPD officer Nicholas Tartaglione who is accused of killing four men over a drug deal gone wrong.

Tartaglione, however, said that he saved Epstein’s life in that incident after finding him unconscious in their cell and calling for help.

The 12-story jail had been designed to house 449 inmates when it opened in 1975 near the Brooklyn Bridge. Its population ballooned within two years to 539 inmates, prompting a judge to declare it ‘unacceptably cramped and oppressive for most healthy inmates.’

Today it holds more than 760 inmates and counts among its former star inhabitants the Mexican drug lord and escape artist Joaquin ‘El Chapo’ Guzman, Mafia boss John Gotti, several close associates of Osama bin Laden and Wall Street swindler Bernard Madoff.

Authorities tightened security after a guard was seriously injured in 2000 by a terrorist convicted in the deadly 1998 embassy bombings in Kenya and Tanzania.

Ron Kuby, who once represented a blind Egyptian sheik sentenced to life in prison after a 1990s Manhattan terrorism trial, said the lockup houses some of ‘the highest-security prisoners on earth.’

He said that while suicide attempts among inmates are commonplace, ‘it’s been a long time since they lost somebody.’

‘The overall quality of staffing tends to be better than your average county jail in Bumbleberg,’ he said.

https://www.dailymail.co.uk/news/article-7349603/Security-lapses-jail-Jeffrey-Epstein-hanged-himself.html

 

Jeffrey Epstein

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Jeffrey Epstein
Jeffrey Epstein mug shot.jpg

Epstein’s July 2006 mugshot
Born
Jeffrey Edward Epstein

January 20, 1953

Died August 10, 2019 (aged 66)

Metropolitan Correctional Center, New York City, New York, U.S.
Residence New York City
Palm Beach, Florida
Stanley, New Mexico
ParisFrance
U.S. Virgin Islands
Education Cooper Union
(no degree)
New York University
(no degree)
Occupation Financier
Owner, Jeffrey Epstein VI Foundation
Criminal charge Sex offenderSex trafficking
Criminal penalty 13 months with work release (2008)

Jeffrey Edward Epstein (January 20, 1953 – August 10, 2019) was an American financier and convicted sex offender.[1][2] Epstein began his career in finance at the investment bank Bear Stearns before forming his own firm, J. Epstein & Co. Until his conviction for sex crimes in 2008, Epstein was a multimillionaire who was connected with the financial, political, and cultural elites of society.[3]

In April 2005, police of Palm Beach, Florida began investigating Epstein after a parent complained that he molested her 14-year-old daughter.[4] After an investigation, prosecution, and plea negotiations, Epstein pleaded guilty and was convicted by a Florida state court of soliciting a prostitute and of procuring an underage girl for prostitution on June 30, 2008.[5] He served 13months in custody, with work release, as part of a plea deal; federal officials had identified 36girls, some as young as 14 years old, who had been molested.[6][7]

Epstein was arrested again on July 6, 2019, on federal charges for sex trafficking of minors in Florida and New York.[8][9] He died on August 10, 2019, reportedly after hanging himself in his Manhattan prison cell.[10][11] Three weeks earlier, Epstein had been found unconscious in his jail cell with injuries to his neck and placed on suicide watch, which lasted six days and ended twelve days before he died.[12] An autopsy was performed on August 11; the New York City medical examiner’s office announced that it needed more information before the cause of death could be determined.[13]

Contents

Early life

Aerial view of Epstein’s childhood neighborhood of Sea Gate, Brooklyn.

Epstein was born in 1953 in the New York City borough of Brooklyn to Jewish parents[14][15] Pauline (née Stolofsky, 1918–2004)[16] and Seymour G. Epstein (1916–1991).[17] His parents were married in 1952 shortly before his birth.[17] Pauline worked as a school aide and was a homemaker.[17][18] Seymour Epstein worked for the New York City Department of Parks and Recreation as a groundskeeper and gardener.[17][14] Jeffrey Epstein was the older of two siblings. Epstein and his brother Mark grew up in the working-class neighborhood of Sea GateConey Island, Brooklyn.[18]

Epstein attended local public schools, first Public School 188 and then Mark Twain Junior High School nearby.[18] In 1967, Epstein attended the National Music Camp at the Interlochen Center for the Arts.[19] He was a talented musician who learned to play the piano when he was five.[20] He graduated in 1969 from Lafayette High School at age 16, having skipped two grades.[21][22] Later that year, he attended classes at Cooper Union until he changed colleges in 1971.[21][23] From September 1971, he attended the Courant Institute of Mathematical Sciences at New York University, but left without receiving a degree in June 1974.[21][22]

Career

Teaching

Epstein started working after the summer of 1974 as a physics and mathematics teacher at the Dalton School in the Upper East Side of Manhattan,[21][24] where Donald Barr was the headmaster until June of 1974 and may have hired Epstein.[25][24] Epstein taught at the exclusive private school from the fall of 1974 until he was dismissed in June 1976.[26][27][28] While teaching at the school, Epstein became acquainted with Alan Greenberg, the chief executive officer of Bear Stearns, whose son and daughter were going to the school. Greenberg’s daughter, Lynne Koeppel, pointed to a parent teacher conference where Epstein influenced another Dalton parent into advocating for him to Greenberg.[28] Greenberg, impressed with Epstein’s intelligence and drive for financial success, offered him a job at Bear Stearns.[20][29]

Banking

Epstein joined Bear Stearns in 1976 and learned the art of finance and trade on Wall Street in New York City.

Epstein joined Bear Stearns in 1976 as a low-level junior assistant to a floor trader.[30] He swiftly moved up to become an options trader, working in the special products division, and then advised the bank’s wealthiest clients, such as Seagram president Edgar Bronfman, on tax mitigation strategies.[22][31][32] Jimmy Cayne, the bank’s later chief executive officer, praised Epstein’s skill with wealthy clients and complex products. In 1980, four years after joining Bear Stearns, Epstein became a limited partner.[30] He was asked to leave Bear Stearns in 1981, for policy violations which remain unclear.[22][20] Even though Epstein departed abruptly, he remained close to Cayne and Greenberg and was a client of Bear Stearns until it collapsed in 2008.[30]

Financial consulting

In August 1981, Epstein founded his own consulting firm, Intercontinental Assets Group Inc. (IAG),[33] which assisted clients in recovering stolen money from fraudulent brokers and lawyers.[20] Epstein described his work at this time as being a high-level bounty hunter. He told friends that he worked sometimes as a consultant for governments and the very wealthy to recover embezzled funds, while at other times he worked for clients who had embezzled funds.[20][34] Ana Obregón was one such wealthy Spanish client, who Epstein helped in 1982 to recover her father’s millions in lost investments, which had disappeared when Drysdale Government Securities collapsed because of fraud.[35]

Epstein also stated to some people at the time that he was an intelligence agent.[36][37] Whether this statement was truthful, in jest, or just plain false is not clear. During the 1980s, Epstein possessed an Austrian passport that had his photo but a false name. The passport showed his place of residence in Saudi Arabia.[38][39] Investigative journalist Vicky Ward said she was told in 2017 by “a former senior White House official” that U.S. Florida District Attorney Alexander Acosta, who handled Epstein’s criminal case in 2008, said to Trump transition interviewers “I was told Epstein ‘belonged to intelligence’ and to leave it alone” and that Epstein was “above his pay grade“.[40]

During this period, one of Epstein’s clients was the Saudi Arabian businessman Adnan Khashoggi, who was the middleman in transferring American weapons from Israel to Iran, as part of the Iran–Contra affair in the 1980s.[3] Khashoggi was one of several defense contractors that he knew.[20][36] In the mid-1980s, Epstein traveled multiple times between the United States, Europe and Southwest Asia.[38][39] While in London, Epstein met Steven Hoffenberg. They had been introduced through Douglas Leese, a defense contractor, and John Mitchell, the former U.S. Attorney General.[20]

Tower Financial Corporation

In 1987, Hoffenberg and Epstein unsuccessfully tried to take over Pan Am in a corporate raid.

Steven Hoffenberg hired Epstein in 1987, as a consultant for Tower Financial Corporation (unaffiliated with the company of the same name founded in 1998, and acquired by Old National Bancorp in 2014),[41] a collection agency that bought debts people owed to hospitals, banks, and phone companies.[42][43] Hoffenberg set Epstein up in offices in the Villard House and paid him US$25,000 per month for his consulting work (equivalent to $55,000 in 2018).[20]

Hoffenberg and Epstein then refashioned themselves as corporate raiders using Tower Financial as their raiding vessel. One of Epstein’s first assignments for Hoffenberg was to implement what turned out to be an unsuccessful bid to take over Pan American World Airways in 1987. A similar unsuccessful bid in 1988 was made to take over Emery Air Freight Corp. During this period, Hoffenberg and Epstein worked closely together and traveled everywhere on Hoffenberg’s private jet.[20]

In 1993, Tower Financial Corporation imploded as one of the biggest Ponzi schemes in American history which lost its investors over US$450million.[20] In court documents, Hoffenberg claimed that Epstein was intimately involved in the scheme.[44][45] Epstein left the company by 1989 before it collapsed and was never charged for being involved with the massive investor fraud committed. It is unknown if Epstein acquired any stolen funds from the Tower Ponzi scheme.[20]

Financial management firm

Epstein managed Wexner’s wealth and different projects such as the building of his yacht the Limitless.[20]

In 1988, while Epstein was still consulting for Hoffenberg, he founded his own financial management firm, J. Epstein & Company.[43][33] The company was said by Epstein to have been formed to manage the assets of clients with more than US$1billion in net worth, although others have expressed skepticism that he was this restrictive in the clients he took.[22]

The only publicly known billionaire client of Epstein was Leslie Wexner, chairman and CEO of L Brands (formerly The Limited, Inc.) and Victoria’s Secret.[20][46] In 1986, Epstein met Wexner through their mutual acquaintances, insurance executive Robert Meister and his wife, in Palm Beach, Florida. A year later, Epstein became Wexner’s financial adviser and served as his right hand man. Within the year, Epstein had sorted out Wexner’s entangled finances.[22][47] In July 1991, Wexner granted Epstein full power of attorney over his affairs. The power of attorney allowed Epstein to hire people, sign checks, buy and sell properties, borrow money, and do anything else of legally binding nature on Wexner’s behalf.[48]

By 1995, Epstein was a director of the Wexner Foundation and Wexner Heritage Foundation. He was also the president of Wexner’s Property, which developed the town of New Albany outside Columbus, Ohio where Wexner lived. Epstein made millions in fees by managing Wexner’s financial affairs. Although never employed by L Brands, he corresponded frequently with the company executives. Epstein often attended Victoria’s Secret fashion shows, and hosted the models at his New York City home, as well as helping aspiring models get work with the company.[47][48]

In 1996, Epstein changed the name of his firm to the Financial Trust Company[22] and, for tax advantages, based it on the island of St. Thomas in the U.S. Virgin Islands.[22] By relocating to the U.S. Virgin Islands, Epstein was able to reduce federal income taxes by 90 percent. The U.S. Virgin Islands acted as an offshore tax haven, while at the same time offering the advantages of being part of the United States banking system.[49]

Media activities

In 2003, Epstein bid to acquire New York magazine.[50] Other bidders included advertising executive Donny Deutsch, investor Nelson Peltzmedia mogul and New York Daily News publisher Mortimer Zuckerman, and film producer Harvey Weinstein. The ultimate buyer was Bruce Wasserstein, a longtime Wall Street investment banker, who paid US$55million.[50]

In 2004, Epstein and Zuckerman committed up to US$25million to finance Radar, a celebrity and pop culture magazine founded by Maer Roshan. Epstein and Zuckerman were equal partners in the venture. Roshan, as its editor-in-chief, retained a small ownership stake. It folded after three issues.[51]

Liquid Funding Ltd.

Epstein was the president of the company Liquid Funding Ltd. between 2000 and 2007.[52][53] The company was an early pioneer in expanding the kind of debt that could be accepted on repurchase, or the repo market, which involves a lender giving money to a borrower in exchange for securities that the borrower then agrees to buy back at an agreed-upon later time and price. The innovation of Liquid Funding, and other early companies, was that instead of having stocks and bonds as the underlying securities, it had commercial mortgages and investment-grade residential mortgages bundled into complex securities as the underlying security.[52]

Liquid Funding was initially 40percent owned by Bear Stearns. Through the help of the credit rating agencies – Standard & Poor’sFitch Ratings and Moody’s Investors Service – the new bundled securities were able to be created for companies so that they got a gold-plated AAA rating. The implosion of such complex securities, because of their inaccurate ratings, led to the collapse of Bear Stearns in March 2008 and set in motion the Financial Crisis of 2007–2008 and the subsequent Great Recession. If Liquid Funding was left holding large amounts of such securities as collateral, it could have lost large amounts of money.[52][54]

Investments

Hedge funds

Epstein invested $80million between 2002 and 2005, in the D.B. Zwirn Special Opportunities hedge fund.[55] In November 2006, Epstein, while under federal investigation for sex crimes,[56] attempted to redeem his investment after he was informed of accounting irregularities in the fund.[57][58] By this time, his investment had grown to $140million. Zwirn refused to redeem the investment. Zwirn worried that Epstein’s redemption could cause a “run on the bank” at the hedge fund. It is unknown how much Epstein personally lost, when the fund was wound down in 2008.[55]

The government began negotiation with Epstein for a plea agreement, as the hedge fund began to collapse. The fund’s collapse would trigger the Great Recession and lose Epstein millions.

In August 2006, Epstein, a month after the federal investigation of him began,[56] invested $57million in the Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage hedge fund.[55][59] This fund was highly leveraged in mortgage-backed collateralized debt obligations (CDOs).[59] On April 18, 2007, an investor in the fund, who had $57million invested, discussed redeeming his investment.[60] At this time, the fund had a leverage ratio of 17:1, which meant for every dollar invested there were seventeen dollars of borrowed funds; therefore, the redemption of this investment would have been equivalent to removing $1billion from the thinly traded CDO market.[61] The selling of CDO assets to meet the redemptions that month began a repricing process and general freeze in the CDO market. The repricing of the CDO assets caused the collapse of the fund three months later in July, and the eventual collapse of Bear Stearns in March 2008. It is likely Epstein lost most of this investment, but it is not known how much was his.[60][59]

By the time that the Bear Stearns fund began to fail in May 2007, Epstein had begun to negotiate a plea deal with the U.S. Attorney’s Office concerning imminent charges for sex with minors.[55][56] In August 2007, a month after the fund collapsed, the U.S. attorney in Miami, Alexander Acosta, entered into direct discussions about the plea agreement.[56] Acosta brokered a lenient deal, according to him, because he had been ordered by higher government officials, who told him that Epstein was an individual of importance to the government.[40] As part of the negotiations, according to the Miami Herald, Epstein provided “unspecified information” to the Florida federal prosecutors for a more lenient sentence and was supposedly an unnamed key witness for the New York federal prosecutors in their unsuccessful June 2008 criminal case against the two managers of the failed Bear Stearns hedge fund. Alan Dershowitz, one of Epstein’s Florida attorneys on the case, told FOX Business “We would have been touting that if he had [cooperated]. The idea that Epstein helped in any prosecution is news to me.”[55][6][62]

Israeli startup

In 2015, the Israeli newspaper Haaretz reported that Epstein invested in the startup Reporty Homeland Security (rebranded as Carbyne in 2018).[63][64][65] The startup is connected with Israel’s defense industry. It is headed by former Israeli Prime Minister Ehud Barak, who was also at one time the defense minister, and chief of staff of the Israeli Defense Forces (IDF). The CEO of the company is Amir Elihai who was a special forces officer, and Pinchas Bukhris, who is a director of the company, was at one time the defense ministry director general and commander of the IDF cyber unit 8200.[66] Epstein and Barak, the head of Carbyne, were close, and Epstein often offered him lodging at one of his apartment units at 301 East 66th Street in Manhattan.[67][68]

Legal proceedings

First criminal case

Initial developments (2005–2006)

At the time of his death, Epstein was being held at the Metropolitan Correctional Center (pictured here in 2010) awaiting trial for sex-trafficking.[69]

In March 2005, a woman contacted Florida’s Palm Beach Police Department and alleged that her 14-year-old stepdaughter had been taken to Epstein’s mansion by an older girl. There she was allegedly paid $300 (equivalent to $380 in 2018) to strip and massage Epstein.[70] She had allegedly undressed, but left the encounter wearing her underwear.[71]

Police began a 13-month undercover investigation of Epstein, that included a search of his home.[56][72] The Federal Bureau of Investigation (FBI) also became involved in the investigation. Subsequently, the police alleged that Epstein had paid several girls to perform sexual acts with him.[73] Interviews with five alleged victims and 17 witnesses under oath, a high school transcript and other items found in Epstein’s trash and home allegedly showed that some of the girls involved were under 18.[74] The police search of Epstein’s home found two hidden cameras and large numbers of photos of girls throughout the house, some of whom the police had interviewed in the course of their investigation.[71]

The International Business Times reported that papers filed in a 2006 lawsuit alleged that Epstein installed concealed cameras in numerous places on his property to record sexual activity with underage girls by prominent people for criminal purposes, such as blackmail.[75] Epstein allegedly “lent” girls to powerful people to ingratiate himself with them and also to gain possible blackmail information.[73] In 2015, evidence came to light that one of the powerful men at Epstein’s mansion may have been Prince Andrew, Duke of York.[73] A former employee told the police that Epstein would receive massages three times a day.[71] Eventually the FBI compiled reports on “34 confirmed minors” eligible for restitution (increased to 40 in the NPA) whose allegations of molestation by Epstein included corroborating details.[76] Julie Brown‘s 2018 exposé[6][56][77] in the Miami Herald identified about 80 and located about 60 victims. She quotes the then police chief, Michael Reiter, “This was 50-something ‘shes’ and one ‘he’—and the ‘shes’ all basically told the same story.”[6]

In May 2006, Palm Beach police filed a probable cause affidavit saying that Epstein should be charged with four counts of unlawful sex with minors and one molestation count.[71][78]

Epstein’s high-powered team of defense lawyers included Roy BlackGerald LefcourtHarvard Law School professor Alan Dershowitz, and former Clinton special prosecutor Ken Starr.[70][79]

After press reports that Epstein would be charged with one count of aggravated assault with no intent to commit a felony, Palm Beach Police Chief Michael Reiter accused the Palm Beach County state prosecutor, Barry Krischer, of being too lenient and was instrumental in bringing in the FBI.[70] Instead Krischer convened a Palm Beach County grand jury, which was usually only done in capital cases. Presented evidence from only two victims, the grand jury returned a single charge of felony solicitation of prostitution,[80] to which Epstein pleaded not guilty in August 2006.[81]

Non-prosecution agreement (NPA) (2006–2008)

External video
 Documentary: Who is Jeffrey Epstein, accused of sexually abusing teen girls? Perversion of JusticeMiami Herald, November 29, 2018.

In July 2006, the FBI began its own investigation of Epstein, nicknamed “Operation Leap Year”. It resulted in a 53-page indictment in June 2007 that was never presented to a grand jury.[56] Alexander Acosta, then the United States Attorney for the Southern District of Florida, agreed to a plea deal to grant immunity from all federal criminal charges to Epstein, along with four named co-conspirators and any unnamed “potential co-conspirators”. According to the Miami Herald, the non-prosecution agreement “essentially shut down an ongoing FBI probe into whether there were more victims and other powerful people who took part in Epstein’s sex crimes”. At the time, this halted the investigation and sealed the indictment. The Miami Herald said: “Acosta agreed, despite a federal law to the contrary, that the deal would be kept from the victims.”[6]

Acosta later said he offered a lenient plea deal because he was told that Epstein “belonged to intelligence”, was “above his pay grade” and to “leave it alone”.[40] Epstein agreed to plead guilty in Florida state court to two felony prostitution charges, register as a sex offender, and pay restitution to three dozen victims identified by the FBI.[6][73]

A Federal Judge later found that the prosecutors had violated the victims’ rights in that they had concealed the agreement from the victims and instead urged them to have “patience”.[82][83]

Conviction and sentencing (2008–2011)

On June 30, 2008, after Epstein pleaded guilty to a state charge (one of two) of procuring for prostitution a girl below age 18,[84] he was sentenced to 18months in prison. While most convicted sex offenders in Florida are sent to state prison, Epstein was instead housed in a private wing of the Palm Beach County Stockade and, according to the sheriff’s office, was after ​312months allowed to leave the jail on “work release” for up to 12hours a day, 6days a week. This contravened the sheriff’s own policies requiring a maximum remaining sentence of 10months and making sex offenders ineligible for the privilege. He was allowed to come and go outside of specified release hours.[77]

Epstein’s cell door was left unlocked, and he had access to the attorney room where a television was installed for him, before he was moved to the stockade’s previously unstaffed infirmary. He worked at the office of a foundation he had created shortly before reporting to jail; he dissolved it after he had served his time. The Sheriff’s Office received $128,000 from Epstein’s non-profit to pay for the costs of extra services being provided during his work release. His office was monitored by “permit deputies” whose overtime was paid by Epstein. They were required to wear suits, and checked in “welcomed guests” at the “front desk”. Later the Sheriff’s Office said these guest logs were destroyed per the department’s “records retention” rules (although inexplicably the Stockade visitor logs were not).[85] He was allowed to use his own driver to drive him between jail and his office and other appointments.[77][85]

Epstein in 2013

Epstein in 2013, photographed for sex offender registry

Epstein served almost 13months before being released for a year of probation on house arrest until August 2010. While on probation he was allowed numerous trips on his corporate jet to his residences in Manhattan and the U.S. Virgin Islands. He was allowed long shopping trips and to walk around Palm Beach “for exercise”.[77]

After a contested hearing in January 2011, and an appeal, he stayed registered in New York State as a “level three” (high risk of repeat offense) sex offender, a lifelong designation.[86][87] At that hearing the Manhattan District Attorney argued unsuccessfully that the level should be reduced to a low-risk “level one” and was chided by the judge. Despite opposition from Epstein’s lawyer that he had a “main” home in the U.S. Virgin Islands, the judge confirmed he personally must check in with the New York Police Department every 90 days. Though Epstein had been a level three registered sex offender in New York since 2010, the New York Police Department never enforced the 90-day regulation, though non-compliance is a felony.[83]

Reactions

The immunity agreement and his lenient treatment were the subject of ongoing public dispute. The Palm Beach police chief accused the state of giving him preferential treatment,[70] and the Miami Herald said U.S. Attorney Acosta gave Epstein “the deal of a lifetime”.[6] Following Epstein’s arrest in July 2019, on sex trafficking charges, Acosta resigned as Secretary of Labor effective July 19, 2019.[88]

After the accusations became public, several persons and institutions returned donations that they had received from Epstein, including Eliot SpitzerBill Richardson,[89] and the Palm Beach Police Department.[74] Harvard University announced it would not return any money.[89] Various charitable donations that Epstein had made to finance children’s education were also questioned.[84]

On June 18, 2010, Epstein’s former house manager, Alfredo Rodriguez, was sentenced to 18months’ incarceration after being convicted on an obstruction charge for failing to turn over to police, and subsequently trying to sell, a journal in which he had recorded Epstein’s activities. FBI Special Agent Christina Pryor reviewed the material and agreed it was information “that would have been extremely useful in investigating and prosecuting the case, including names and contact information of material witnesses and additional victims.”[90][91]

Civil cases

Jane Does v. Epstein (2008)

External video
 How teen runaway Virginia Roberts became one of Jeffrey Epstein’s victims Perversion of JusticeMiami Herald, November 30, 2018.

On February 6, 2008, an anonymous Virginia woman filed a $50million civil lawsuit[92] in federal court against Epstein, alleging that when she was a 16-year-old minor in 2004–2005, she was “recruited to give Epstein a massage”. She claims she was taken to his mansion, where he exposed himself and had sexual intercourse with her, and paid her $200 immediately afterward.[80] A similar $50million suit was filed in March 2008, by a different woman, who was represented by the same lawyer.[93] These and several similar lawsuits were dismissed.[94] All other lawsuits have been settled by Epstein out of court.[95] Epstein made many out-of-court settlements with alleged victims.[94]

Victims’ rights: Jane Does v. United States (2014)

A December 30, 2014, federal civil suit was filed in Florida by Jane Doe 1 (Courtney Wild) and Jane Doe 2 against the United States for violations of the Crime Victims’ Rights Act by the U.S. Department of Justice‘s NPA with Epstein and his limited 2008 state plea. There was a later unsuccessful effort to add Virginia Roberts (Jane Doe 3) and another woman (Jane Doe 4) as plaintiffs to that case.[96] The addition accused Alan Dershowitz of sexually abusing a minor, Jane Doe 3, provided by Epstein.[97] (See Two Jane Does v. United States.) The allegations against Dershowitz were stricken by the judge and eliminated from the case because he said they were outside the intent of the suit to re-open the plea agreement.[98][99] A document filed in court alleges that Epstein ran a “sexual abuse ring“, and lent underage girls to “prominent American politicians, powerful business executives, foreign presidents, a well-known prime minister, and other world leaders”.[100]

This long-running lawsuit is pending in federal court, aimed at vacating the federal plea agreement on the grounds that it violated victims’ rights.[101] On April 7, 2015, Judge Kenneth Marra ruled that the allegations made by alleged victim Virginia Roberts against Prince Andrew had no bearing on the lawsuit by alleged victims seeking to reopen Epstein’s non-prosecution plea agreement with the federal government; the judge ordered that allegation to be struck from the record.[98] Judge Marra made no ruling as to whether claims by Roberts are true or false. Though he did not allow Jane Does 3 and 4 to join the suit, Marra specifically said that Roberts may later give evidence when the case comes to court.[102]

On February 21, 2019, in the case of the two Jane Does v. USA, Senior Judge of the United States District Court for the Southern District of Florida Kenneth Marra said federal prosecutors violated the law by failing to notify victims before they allowed him to plead guilty to only the two Florida offenses. The judge left open what the possible remedy could be.[103]

Virginia Roberts Giuffre v. Epstein (2015)

External video
 Where are they now? The biggest players in the Jeffrey Epstein case Perversion of JusticeThe Miami Herald, November 29, 2018.

In January 2015, a 31-year-old American woman, Virginia Roberts (now Virginia Giuffre),[104] alleged in a sworn affidavit that at the age of 17, she had been held as a sex slave by Epstein.[105] She further alleged that he and the British socialite Ghislaine Maxwell had trafficked her to several people, including Prince Andrew[106][107] and retired Harvard Law professor Alan Dershowitz.[104] Roberts also claimed that Epstein, Maxwell and others had physically and sexually abused her.[106] Roberts alleged that the FBI may have been involved in a cover-up.[107] She said she had served as Epstein’s sex slave from 1999 to 2002, and had recruited other underage girls.[108] Prince Andrew, Epstein, and Dershowitz all denied having had sex with Roberts. Dershowitz took legal action over the allegations.[109][110][111] A diary purported to belong to Roberts was published online.[112][113] Epstein entered an out-of-court settlement with Roberts, as he had done in several other lawsuits.[73] The BBC television series Panorama planned an investigation of these claims.[114] As of 2016, these accusations had not been tested in any court of law.[115]

Virginia Roberts Giuffre v. Ghislaine Maxwell (2015)

As a result of Giuffre’s allegations and Maxwell’s comments about them, Giuffre sued Maxwell for defamation in September 2015. After much legal confrontation, the case was settled under seal in May 2017. The Miami Herald, other media, and Alan Dershowitz filed to have the documents about the settlement unsealed. After the judge dismissed their request, the matter was appealed to the U.S. Court of Appeals for the Second Circuit.[116]

On March 11, 2019, in the appeal of the district judge’s refusal to unseal the documents relating to the 2017 defamation settlement of Giuffre v. Maxwell, the 2nd Circuit Court gave parties one week to provide good cause as to why they should remain under seal, without which they would be unsealed on March 19, 2019. Later the Court ordered these documents to be unsealed (after having them redacted to protect innocent parties). In Giuffre’s testimony, she claims that she was directed by Maxwell to give erotic massages and engage in sexual activities with Prince AndrewJean-Luc BrunelGlenn DubinMarvin Minsky, Governor Bill Richardson, another unnamed prince, an unnamed foreign president, “a well known Prime Minister”, and an unnamed hotel chain owner from France, among others that she could not name.[117] As Giuffre testified, “my whole life revolved around just pleasing these men and keeping Ghislaine and Jeffrey happy. Their whole entire lives revolved around sex.”[117][116]

Jane Doe v. Epstein and Trump (2016)

A federal lawsuit filed in California in April 2016, against Epstein and Donald Trump by a California woman alleged that the two men sexually assaulted her at a series of parties at Epstein’s Manhattan residence in 1994, when she was 13years old. The suit was dismissed by a federal judge in May 2016 because it did not raise valid claims under federal law. The woman filed another federal suit in New York in June 2016, but it was withdrawn three months later, apparently without being served on the defendants. A third federal suit was filed in New York in September 2016. The two latter suits included affidavits by an anonymous witness who attested to the accusations in the suits, asserting Epstein employed her to procure underage girls for him, and an anonymous person who declared the plaintiff had told him/her about the assaults at the time they occurred. The plaintiff, who had filed anonymously as Jane Doe, was scheduled to appear in a Los Angeles press conference six days before the 2016 election, but abruptly canceled the event; her lawyer Lisa Bloom asserted that the woman had received threats. The suit was dropped on November 4, 2016. Trump attorney Alan Garten flatly denied the allegations, while Epstein declined to comment.[118][119][120][121][122]

Sarah Ransome v. Epstein and Maxwell (2017)

Epstein was accused of sex trafficking of minors at his mansion at 9 East 71st Street.

In 2017, Sarah Ransome filed a suit against Epstein and Maxwell, alleging that Maxwell had hired her to give massages to Epstein and later threatened to physically harm her or destroy her career prospects if she did not comply with their sexual demands at his mansion in New York City and on his private Caribbean island, Little Saint James. The suit was settled in 2018 under undisclosed terms.[123][124][125]

Bradley Edwards’ defamation v. Epstein (2018)

A state civil lawsuit in Florida filed by attorney Bradley Edwards against Epstein was scheduled for trial in December 2018. The trial was expected to provide victims with their first opportunity to make their accusations in public. However, the case was settled on the first day of the trial, with Epstein apologizing to Edwards; other terms of the settlement were confidential.[101][126]

Maria Farmer v. Epstein and Maxwell (2019)

On April 16, 2019, a new accuser, Maria Farmer, went public and filed a sworn affidavit in federal court in New York, alleging that she and her 15-year-old sister, Anne, had been sexually assaulted by Epstein and Maxwell in separate locations in 1996. According to the affidavit, Farmer had met Epstein and Maxwell at a New York City art gallery reception in 1995. The following year, in the summer of 1996, they hired her to work on an art project in Leslie Wexner’s Ohio mansion, where she was then sexually assaulted.[127] Farmer reported the incident to the New York City Police Department and the FBI.[128]

Farmer’s affidavit also stated that during the same summer, Epstein flew her then-15-year-old sister to his New Mexico property where he and Maxwell molested her on a massage table.[129]

Jennifer Araoz v. Epstein (2019)

On July 22, 2019, while in jail awaiting trial, Epstein was served with a petition regarding a pending state civil lawsuit filed by a Jennifer Araoz, who says Epstein raped her in his New York City mansion when she was 15. As of August 14, 2019, adult survivors of child sexual abuse will have one year from that date to sue for offenses in New York State, no matter how long ago the abuse took place.[130]

Second criminal case

Trafficking charges

US v. Jeffrey Epstein indictment[1]

On July 6, 2019, Epstein was arrested at Teterboro Airport in New Jersey on sex trafficking charges.[14][131][132]

According to witnesses and sources on the day of his arrest, about a dozen FBI agents forced open the door to his Manhattan townhouse, the Herbert N. Straus House, with search warrants. The search of his townhouse turned up evidence of sex trafficking and also found “hundreds – and perhaps thousands – of sexually suggestive photographs of fully – or partially – nude females”. Some of the photos were confirmed as those of underage females. In a locked safe, compact discs were found with handwritten labels including the descriptions: “Young [Name] + [Name]”, “Misc nudes 1”, and “Girl pics nude”.[133] There were also found in the safe $70,000 in cash, 48 diamonds,[134] and a fraudulent Austrian passport, which expired in 1987, and had Epstein’s photo but another name. The passport had numerous entrance and exit stamps, including entrance stamps that showed the use of the passport to enter France, Spain, the United Kingdom, and Saudi Arabia in the 1980s. The passport showed his place of residence as Saudi Arabia.[38][39][135][136][137] According to his attorneys, Epstein had been advised to acquire the passport because “as an affluent member of the Jewish faith”, he was prone to kidnappings whilst traveling abroad.[138]

On July 8, prosecutors with the Public Corruption Unit of the Southern District of New York charged him with sex trafficking and conspiracy to traffic minors for sex. The grand jury indictment alleges that “dozens” ofunderage girls were brought into Epstein’s mansions for sexual encounters.[8][9][139] Judge Kenneth Marra was to decide whether the non-prosecution agreement that protected Epstein from the more serious charges should still stand.[140]

Epstein’s lawyers urged the court to allow Epstein to post bail, offering to post up to a $600million bond (including $100million from his brother, Mark) so he could leave jail and submit to house arrest in his New York City mansion. Judge Richard M. Berman denied the request on July 18, saying that Epstein posed a danger to the public and a serious flight risk to avoid prosecution.[141]

On July 23, Epstein was found injured and semiconscious at 1:30a.m. on the floor of his cell, with marks around his neck that were suspected to be the result of either a suicide attempt or an assault. His cellmate, former New York City police officer Nicholas Tartaglione, who is charged with four counts of murder, was questioned about Epstein’s condition. He denied knowledge of what happened. Epstein himself said he recollected nothing.[134][142][143][144] According to NBC News, two sources said that Epstein might have tried to hang himself, a third said the injuries were not serious and could have been staged, while a fourth source said that an assault by his cellmate had not been ruled out.[69]

Personal life

Previous long-term girlfriends associated with Epstein include Eva Andersson-Dubin[145][146] and publishing heiress Ghislaine Maxwell.[20] Epstein was romantically linked with Andersson-Dubin in the 1980s and the two later remained friendly well after her marriage to Glenn Dubin.[145][146] Epstein had met Ghislaine Maxwell, daughter of disgraced media baron Robert Maxwell, by 1991.[37][125][147][148][149] Maxwell was implicated by several of Epstein’s accusers as procuring or recruiting underage girls in addition to once being Epstein’s girlfriend.[123][125][149] In a 2009 deposition, several of Epstein’s household employees testified that Maxwell had a central role in both his public and private life, referring to her as his “main girlfriend” who also handled the hiring, supervising, and firing of staff starting around 1992. In 1995, Epstein renamed one of his companies the Ghislaine Corporation in Palm Beach, Florida; the company was later dissolved in 1998.[128] In the year 2000, Maxwell moved into a 7,000-square-foot townhouse, less than 10blocks from Epstein’s New York mansion. This townhome was purchased for $4.95million by an anonymous limited liability company, with an address that matches the office of J. Epstein & Co. Representing the buyer was Darren Indyke, Epstein’s longtime lawyer.[124] In a 2003 Vanity Fair exposé, Epstein refers to Maxwell as “my best friend”.[20]

Epstein was a longtime acquaintance of Prince Andrew and Tom Barrack,[150] and attended parties with many prominent people, including Bill ClintonGeorge StephanopoulosDonald Trump,[151] Katie Couric, and Woody Allen.[152] His contacts also included Israeli prime minister Ehud Barak and British prime minister Tony Blair.[153][154] Both Clinton[155] and Donald Trump[156] claimed that they never visited Epstein’s island. Epstein owned a private Boeing 727 jet, nicknamed the “Lolita Express” by the tabloid press, and traveled in it frequently, logging “600 flying hours a year … usually with guests on board”.[157][158][159] Epstein’s brother told The Washington Post that Trump flew “numerous times” on Epstein’s airplane, although he was only present on one of the flights.[160][161] Trump also flew Epstein on his own airplane at least once, according to Michael Corcoran.[162] In September 2002, Epstein flew Clinton, Kevin Spacey, and Chris Tucker to Africa in his private jet.[22][158][163][164] Flight records obtained in 2016 show Clinton flew on Epstein’s plane 26times to at least a dozen international locations.[165][166] Flight logs did not list any Secret Service detail for at least five flights, all in Asia,[165] and Secret Service stated that there is no evidence of the former President making a trip to his private island.[165] In 2019, a Clinton spokesperson stated that, in 2002 and 2003, Clinton took four trips on Epstein’s airplane, making stops on three continents, all with his staff and Secret Service detail.[167] At the time of Epstein’s 2019 arrest, Clinton’s spokeswoman Angel Ureña stated that Clinton had “not spoken to Epstein in well over a decade, and has never been to Little St. James Island, Epstein’s ranch in New Mexico, or his residence in Florida.”[168] In documents unsealed the day before Epstein’s death, the deposition of alleged sex slave Virginia Giuffre includes her allegations that when she was 17, Clinton visited Little Saint James island, that underage girls were present, and that Epstein threw a dinner party for the former President. She stated Secret Service was present, but not at all times;[169][170] the Secret Service told Fox News it had no record of agents being on the island.[171] The unsealed court documents also showed Giuffre later acknowledged that her claim Clinton visited the island was false.[172] Giuffre claims Maxwell told her she flew Clinton to the island on her helicopter, although she conceded, “I heard a lot of things from Ghislaine that sounded too true – too outrageous to be true, but you never knew what to believe.”[169][170]

File:President Trump Participates in a Bilateral Meeting with the Amir of the State of Qatar.webm

President Trump states “I knew him like everybody in Palm Beach knew him.” July 2019 video from the White House.

In a profile of Epstein in New York magazine in 2002, former Democratic Senate leader George J. Mitchell said of Epstein, “I would certainly call him a friend and a supporter.” In the same article, Donald Trump remarked, “I’ve known Jeff for fifteen years. Terrific guy. He’s a lot of fun to be with. It is even said that he likes beautiful women as much as I do, and many of them are on the younger side. No doubt about it – Jeffrey enjoys his social life.”[173] In July 2019, Trump said “I knew him like everybody in Palm Beach knew him,” stating four times he had not been “a fan” of Epstein and that he had not spoken to him in about fifteen years. Video surfaced that month showing the two men partying together at Mar-a-Lago in 1992.[174][175][176][177] By 2007,[178] Epstein was reported to have been banned from Trump’s club.[179][180][181] The ban allegation was included in court documents filed by attorney Bradley Edwards,[182] although Edwards later said it was a rumor he tried but failed to confirm.[183][184] Clinton lauded Epstein as “a committed philanthropist” with “insights and generosity”. At the time Epstein was on the board of Rockefeller University, a member of the Trilateral Commission and the Council on Foreign Relations, and was a major donor to Harvard University.[185]

Epstein visited the White House on four known occasions in the 1990s.[186] In 1993, during Bill Clinton’s presidency he went to a donor event at the White House with his companion Ghislaine Maxwell. Around the same time, he also met with President Clinton’s aide Mark Middleton on at least three occasions at the White House. In 1995, financier Lynn Forester discussed “Jeffrey Epstein and currency stabilization” with Clinton.[186] Epstein, according to his own accounts, was heavily involved in the foreign exchange market and traded large amounts of currency in the unregulated forex market.[20][22] In 1995, Epstein also attended a small political fundraiser dinner for Bill Clinton which included 14 other people such as Ron PerelmanDon JohnsonJimmy Buffett, and dinner organizer Paul Prosperi.[187]

From the 1990s to mid-2000s, Epstein often socialized with the future President Donald Trump.[148][160][176][188] Journalist Michael Wolff wrote that Trump, Epstein, and Tom Barrack were at the time like a “set of nightlife musketeers” on the social scene.[3][189] Epstein and Trump socialized both in New York City and Palm Beach, where they both had houses.[176][188] A porter who worked next door to Epstein’s house on the Upper East Side of Manhattan in 2000 stated to The Mail on Sunday in reference to people coming and going from Epstein’s house that “I often see Donald Trump and there are loads of models coming and going, mostly at night. It’s amazing he’s got so many ladies, as Mr Epstein, and always has a new one on his arm, it seems.”[148] In April 2003, New York magazine reported Epstein hosted a dinner party in his Manhattan residence to honor Bill Clinton, who did not attend, although Trump did attend.[190] According to The Washington Post, one person who knew Epstein and Trump during this time noted that “they were tight” and “they were each other’s wingmen“. In November 2004, Epstein and Trump’s friendship ran into trouble when they became embroiled in a bidding war for a $40million mansion, Maison de L’Amitie, which was being auctioned in Palm Beach. Trump won the auction for $41million, and successfully sold the property four years later for $95million to the Russian billionaire Dmitry Rybolovlev. That month was the last time Epstein and Trump were recorded to have interacted.[160]

Wealth

Swiss Leaks: map of HSBC bank accounts. Epstein had millions stored in offshore Swiss accounts.

In 2008, when Epstein pleaded guilty in Florida to soliciting and procuring prostitution, his lawyers stated he was a billionaire with a net worth of over one billion dollars.[191] A number of sources, however, have questioned the extent of Epstein’s wealth and his status as a billionaire. According to an article in The New York Times, his “fortune may be more illusion than fact”. Epstein lost “large sums of money” in the 2008 financial crisis, and “friends and patrons”—including retail billionaire Leslie H. Wexner, “deserted him” following his pleading guilty to prostitution charges in 2008.[43] New York magazine claimed that “there’s scant proof” of Epstein’s “financial bona fides”,[191] and Forbes also ran an article entitled “Why sex offender Jeffrey Epstein is not a billionaire”.[192]

Spencer Kuvin, an attorney for three of Epstein’s alleged victims in the case where Epstein pleaded guilty to sexual activity with minors, stated that “he and his team ‘pursued every possible angle’ to find out Epstein’s net worth but found that much of his wealth is offshore.”[192] An investigation by the Miami Herald of the Swiss Leaks documents indicated that Epstein had multiple financial accounts with millions of dollars in offshore tax havens. In the Paradise Papers, records showed that Epstein in February 1997, became a client of Appleby, a Bermuda-based law firm which specialized in the creation of offshore companies and investment vehicles for the ultra-wealthy. A client profile of Epstein described his job cryptically as the “Manager of Fortune”.[52][53]

Federal prosecutors on July 12, 2019, stated in court documents that, based on records from one financial institution, that Jeffrey Epstein was “extravagantly wealthy” and had assets worth at least $500million and earned more than $10million a year. The extent of his wealth, however, was not known, since he had not filled out a financial affidavit for his bail application.[193][194][195] According to Bloomberg, “Today, so little is known about Epstein’s current business or clients that the only things that can be valued with any certainty are his properties.”[196] The Miami Herald in their investigation of the Paradise Papers and Swiss Leaks documents concluded that Epstein’s wealth is likely spread secretly across the globe.[52]

Residences

Epstein’s private island of Little St. James in the US Virgin Islands.

Epstein owned the Herbert N. Straus House on 9 East 71st Street in the Upper East Side of Manhattan in New York City.[197][198] It was originally purchased for $13.2million in 1989 by Epstein’s mentor, Les Wexner, who renovated it completely.[199][200][201] Epstein moved into the mansion in 1995 after Wexner married and moved with his wife to Columbus, Ohio, to raise their family.[22][200] He took full possession of the mansion in 1998, when he paid Wexner $20million for it.[43] The mansion is reputedly the largest private residence in Manhattan at 21,000 sq ft (2,000 m2).[199][197] Hidden under a flight of stairs, there is a lead-lined bathroom fitted with its own Closed-circuit television screens and a telephone, both concealed in a cabinet under the sink. It also has its own heated sidewalk to melt away the snow.[202] The entrance hall is lined with rows of individually framed prosthetic eyeballs which were made for injured English soldiers.[20]

The financier’s other properties include a residence in Palm Beach, Florida, purchased in 1990;[203] an apartment near the Arc de Triomphe at 22 Avenue Foch in ParisFrance;[197] a 7,500-acre (30 km2) ranch named Zorro Ranch near Stanley, New Mexico, purchased in 1993;[200][204][205] a private island near Saint Thomas in the U.S. Virgin Islands called Little Saint James, which includes a mansion and guest houses, purchased in 1998; and the neighboring island of Great Saint James purchased in 2016.[105][206] Epstein was building a compound on the latter including an amphitheater and “underwater office & pool” but ran into problems when a stop-work order was issued in late 2018; work continued despite the order.[207]

Epstein, previous to his final Manhattan home, lived in a spacious townhouse, which was a former Iranian government building that had been taken over by the State Department during the Iranian revolution, at 34 East 69th Street for a rate of $15,000 a month from 1992 to 1995.[208] He also previously owned a mansion outside Columbus, Ohio near Wexner’s home from 1992 to 1998 which he purchased from his mentor.[48] Before the Herbert Straus house was purchased, Wexner purchased in 1988 the adjacent townhouse at 11 East 71st Street. Like in the case of the 9 East 71st Street house, Epstein was on the deed of the 11 East 71st Street house as the trustee. The townhouse was sold in 1996 to the Comet trust which holds part of the assets of the de Gunzburg/Bronfman family.[209]

Epstein rented multiple apartment units for his employees, models, and guests since the 1990s at 301 East 66th Street. The majority of the apartment complex at this address is owned by Ossa properties, which is owned by Jeffrey Epstein’s brother, Mark, who purchased the complex in the early 1990s from Wexner. Over the years Epstein has housed different friends at 11 East 71st Street, including his ex-girlfriend Eva Andersson, who is now married to his hedge-fund friend Glenn Dubin, MC2 Models founder Jean-Luc Brunel, and on occasions former Israeli Prime Minister Ehud Barak. He has housed some of his workers, including his pilot, housekeeper and office work staff, in the apartment complex. Epstein has also housed underage girls, who Brunel scouted from South America, Europe and the former Soviet Union for the MC2 modeling agency owned by Jean-Luc Brunel, at the location.[67][68] On August 6, 2012, a model and party promoter associated with MC2, Pedro Gaspar, who lived above another of the modeling agency’s locations in Manhattan, died of what some consider to be a suspicious drug overdose.[210]

Political donations

From 1989 until 2003, Epstein donated more than $139,000 to Democratic federal candidates and committees and over $18,000 to Republican candidates and groups.[211]

Epstein contributed $50,000 to Democrat Bill Richardson‘s successful campaign for New Mexico Governor in 2002 and again for his successful run for reelection in 2006. Also that year, he contributed $15,000 to Democrat Gary King‘s successful campaign for New Mexico Attorney General. He later contributed $35,000 to King’s 2014 unsuccessful campaign for Governor. Other contributions in New Mexico included Epstein $10,000 toward Jim Bacca’s campaign to become head of the land commission and $2,000 toward Santa Fe County Sheriff Jim Solano’s bid for reelection. In 2010, Epstein received a notice from New Mexico Department of Public Safety which said, “You are not required to register [as a sex offender] with the state of New Mexico.”[212]

Philanthropy

Epstein donated millions of dollars to Harvard University over the years for different causes.

In 1991, Epstein was one of four donors who pledged to raise US$2million for a Hillel student building Rosovsky Hall at Harvard University.[213][214] In 2000, Epstein established the Jeffrey Epstein VI Foundation, which funds science research and education. Prior to 2003, the foundation funded Martin Nowak‘s research at the Institute for Advanced Study in Princeton, New Jersey. In May 2003, Epstein pledged a series of donations totaling US$30million to create a mathematical biology and evolutionary dynamics program at Harvard which was run by Martin Nowak.[213] According to The Boston Globe, the actual amount received from Epstein was US$6.5million.[89][213][214] In 2019, Forbes deleted a 2013 article that called Epstein “one of the largest backers of cutting edge science” after The New York Times revealed its author, Drew Hendricks, had been paid $600 to submit it falsely as his own.[146]

According to attorney Gerald B. Lefcourt, Epstein was “part of the original group that conceived of the Clinton Global Initiative”.[215] Epstein co-organized a science event with illusionist and skeptic Al Seckel called the Mindshift Conference.[216] The conference took place in 2010 on Epstein’s private island Little Saint James.[216] In attendance were scientists Murray Gell-MannLeonard Mlodinow, and Gerald Sussman.[29]

The true extent of Epstein’s donations is unknown. The Jeffrey Epstein VI Foundation fails to disclose information which other charities routinely disclose. Concerns have been raised over this lack of transparency. In 2015, the Attorney General of the state of New York was reported to be trying to gain information but was refused since the charities were based outside of the state and did not solicit in New York State.[217] Epstein, besides making donations through the Jeffrey Epstein VI Foundation, also made a number of charitable donations through his three private charities: Epstein Interest, the COUQ Foundation, and Gratitude American Ltd. According to federal tax filings, Epstein donated $30million between 1998 and 2018, through these three charities.[218]

Interest in eugenics and transhumanism

According to various sources, Epstein, beginning in the early 2000s, showed a strong interest in improving the human race through genetic engineering and artificial intelligence, including using his own sperm. He addressed the scientific community at various events and occasions and communicated his fascination with eugenics.[219] It was reported in August 2019 that Epstein had planned to “seed the human race with his DNA” by impregnating up to 20 women at a time using his New Mexico compound as a “baby ranch”, where mothers would give birth to his offspring. He was an advocate of cryonics and his own idiosyncratic version of transhumanism, and had said that he intended to have his penis and head frozen.[220][221]

Death

File:Epstein Body Moved From New York Hospital to Medical Examiner's Office.webm

Epstein’s body moved from New York hospital to medical examiner’s office, video from Voice of America

Epstein was found dead in his cell at the Metropolitan Correctional Center (MCC) in New York City at 6:30a.m. EDT on August 10, 2019. He was 66 years old.[10][222] The Bureau of Prisons said lifesaving measures were initiated immediately upon the discovery of Epstein’s body. Emergency responders were called and he was taken to a hospital. The Bureau of Prisons and U.S. Attorney General William Barr called the death an apparent suicide, although no final determination had been made.[11] The circumstances leading up to his death are being investigated by the Justice Department.[223][224] An autopsy was performed August 11, but no cause of death has been announced because the New York City medical examiner’s office is awaiting further information.[13]

On July 23, three weeks prior, Epstein was found unconscious in his jail cell with injuries to his neck.[144] After that incident, he was placed on suicide watch.[225] Six days later, Epstein was taken off suicide watch and placed in a special housing unit with another inmate. The jail had informed the Justice Department that Epstein would have a cellmate and that a guard would look into the cell every 30 minutes. These procedures were not followed on the night of his death. Two weeks after his suicide watch the jail allowed him to be housed alone. In violation of the jail’s normal procedure, Epstein was not being checked every 30 minutes on the night he died.[12][226]

Epstein’s removal from suicide watch at such a time, and in such a high-security federal facility, left some prison experts “stunned and angry”; MCC is nicknamed the “Guantanamo of New York”.[227] Attorney General Barr ordered an investigation by the Department of Justice Inspector General in addition to the investigation by the Federal Bureau of Investigation, saying that he was “appalled” by Epstein’s death in federal custody.[11][228] Two days later Barr said there had been “serious irregularities” in the prison’s handling of Epstein, promising “We will get to the bottom of what happened, and there will be accountability.”[229]

Investigation

The national president of the Council of Prison Locals C-33, E. O. Young, stated that prisons “can’t ever stop anyone who is persistent on killing themselves”.[230] Between 2010 and 2016, around 124 inmates while in federal custody killed themselves, or around 20 prisoners per year, out of an inmate population of 180,000.[231][232] The last reported inmate to kill themselves in the MCC facility in Manhattan was 21 years ago in 1998.[233] The union leader Young said it was unclear if there was video of Epstein’s hanging or direct observations by jail officials. He said that while cameras are ubiquitous in the facility, he did not believe that the interior of inmates’ cells were within their range. Young said union officials had long been raising concerns regarding staffing, as the Trump administration had imposed a hiring freeze and budget cuts on the BOP, adding “All this was caused by the administration.”[230] President Serene Gregg, of the American Federation of Government Employees (AFGE) Local 3148, said MCC is functioning with fewer than 70 percent of the needed correctional officers, forcing many to work mandatory overtime and 60 to 70-hour workweeks.[230][234] The White House did not respond to requests for comment. In previous congressional testimony, Attorney General Barr admitted the BOP was “short” about 4,000 to 5,000 employees. He had lifted the freeze and was working to recruit sufficient new officers to replace those who had departed.[230]

The circumstances surrounding the death quickly spawned conspiracy theories about Epstein’s death,[235] with President Donald Trump retweeting one suggesting that Bill Clinton was involved in causing Epstein’s death.[236][237]

References …

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

Story 2: FBI Agents Raid Epstein’s Little St. James aka “Pedophile Island” in U.S. Virgin Island — Videos

EXCLUSIVE: A dozen FBI agents raid Jeffrey Epstein’s ‘Pedophile Island’, pulling up to his Caribbean getaway in speedboats and roaming the grounds in golf carts, two days after pervert billionaire’s suicide

  • FBI agents were seen raiding Jeffrey Epstein’s US Virgin Island – Little St. James – on Monday morning and afternoon, exclusive DailyMailTV footage shows 
  • At least a dozen agents were seen disembarking speedboats at the pier and driving around the 71.5 acre grounds on golf carts 
  • Other officials with ‘FBI’ lettering on clear display were later seen overlooking the sea from the top of Epstein’s remote luxury home
  • The raid comes two days after the 66-year-old was found dead by suicide in his New York jail cell early on Saturday morning 
  • An onlooker told DailyMailTV: ‘I’m on a boat charter with guests. We were enjoying lunch when we saw over a dozen people landing on the island’
  •  The home – dubbed ‘pedophile island’ and ‘orgy island’ – is at the center of an ongoing sex trafficking probe into the criminal financier
  • Allegations have been made that underage girls were used as sex slaves and repeatedly abused inside a temple on the island 

FBI agents were seen raiding Jeffrey Epstein’s private US Virgin Island, which has been dubbed ‘Pedophile Island’, as the sex trafficking probe around the now deceased billionaire intensifies, as exclusive DailyMailTV footage shows the search being carried out.

A large group of FBI officers were seen disembarking speedboats at the pier of Little St James on Monday morning and driving around on golf carts after the 66-year-old was found dead by suicide in his New York jail cell early on Saturday morning.

Other officials with ‘FBI’ lettering on clear display were later seen overlooking the crystal blue sea from the top of Epstein’s remote luxury home off the coast of St Thomas.

The search comes after 2,000 pages of documents detailing the lurid allegations of his sexual abuse of underage girls were unsealed to the public on Friday, adding more fuel to the fire of the government’s case of sex trafficking against Epstein.

FBI agents were seen raiding Jeffrey Epstein's US Virgin Island Little St James on Monday morning and afternoon, exclusive DailyMailTV footage shows

FBI agents were seen raiding Jeffrey Epstein’s US Virgin Island Little St James on Monday morning and afternoon, exclusive DailyMailTV footage shows

At least a dozen agents were seen disembarking speedboats at the pier and driving around on golf carts+12

At least a dozen agents were seen disembarking speedboats at the pier and driving around on golf carts

An onlooker, who wanted to remain anonymous and shot the footage, told DailyMailTV: 'I'm on a boat charter with guests. We are the only guests out here at the moment. We were enjoying lunch when we saw over a dozen people getting off their speedboats and landing on the island'+12

An onlooker, who wanted to remain anonymous and shot the footage, told DailyMailTV: ‘I’m on a boat charter with guests. We are the only guests out here at the moment. We were enjoying lunch when we saw over a dozen people getting off their speedboats and landing on the island’

Allegations have been made that underage girls were used as sex slaves and repeatedly abused inside a temple on the island+12

Allegations have been made that underage girls were used as sex slaves and repeatedly abused inside a temple on the island

‘We were enjoying lunch when we saw over a dozen people getting off their speedboats and landing on the island.

‘When we looked harder, we could see the FBI logo on the backs of their shirts.

‘It didn’t take long for us to realize they must be conducting a raid on Epstein’s house.’

The home – dubbed ‘pedophile island’ and ‘orgy island’ – is at the center of an ongoing sex trafficking probe into the criminal financier.

Allegations have been made that underage girls were used as sex slaves and repeatedly abused inside a temple on the island.

The raid comes days after the 66-year-old was found dead by suicide in his New York jail cell early on Saturday morning+12

The raid comes days after the 66-year-old was found dead by suicide in his New York jail cell early on Saturday morning

Many members of the community believe that Epstein hid young girls he allegedly enslaved in underground rooms below the temple and other parts of the island. There is no concrete evidence to support that claim.

Sources say Epstein flew the girls into St. Thomas then shuttled them over to his island on a boat named after Ghislaine Maxwell, his ex-girlfriend and his alleged ‘madam’. The boat was called Lady Ghislaine.

The former employee said that guests included Victoria’s Secret billionaire Les Wexner, who sold Epstein his Upper East Side home in the 1990s.

The staffer said that he had seen Victoria’s Secret models on the island.

Whenever Epstein was there, normally for three to four days at a time, women would sunbathe either nude or topless by the pool as he padded around in shorts and flip flops, they said.

One former employee who declined to be identified said Epstein once had five boats and said he saw a handful of young women when he was on Epstein’s property but he believed they were older than 18.

A former air traffic controller at the island’s airport told Vanity Fair: ‘On multiple occasions I saw Epstein exit his helicopter, stand on the tarmac in full view of my tower, and board his private jet with children—female children. One incident in particular really stands out in my mind, because the girls were just so young. They couldn’t have been over 16.’

Epstein doubled his property holdings in January 2016 when he paid $18 million for Great St. James, which is nearby Little St. James a few years back.

That 162-acre property is located next to Little St. James, the 71.5-acre island he purchased in 1998 for $7.95 million.

Epstein had plans for Great St. James to include a barge dock, two homes, cottages, an amphitheater, gardens, a marine electrical cable, solar array and generator, storage building, security building, work shed, machine shop, and an ‘underwater office and pool.’

That barge and a few completed structures, as well as construction equipment, are visible in aerial images of the island.

The source added: 'When we looked harder, we could see the FBI logo on the backs of their shirts. It didn't take long for us to realize they must be conducting a raid on Epstein's house'

The source added: ‘When we looked harder, we could see the FBI logo on the backs of their shirts. It didn’t take long for us to realize they must be conducting a raid on Epstein’s house’

Allegations have been made that underage girls were used as sex slaves and repeatedly abused inside a temple on the island+12

Allegations have been made that underage girls were used as sex slaves and repeatedly abused inside a temple on the island

Epstein bought the 71.5-acre island in 1998 for $7.95 million

Pedophile Island: The golden dome that formally sat atop Jeffrey Epstein's temple on Little St James is gone in recent photos (domeless temple above)

Hidden messages: The temple has been of great interest to members of the QAnon community, who had been talking about the island long before Epstein's arrest

And yet next door, his temple remains domeless.

Epstein had erected ‘No Trespassing’ signs throughout around almost all of Great St. James due to the area’s popularity with tourists.

Local laws make all land below the tide or bush lines public property, so Epstein couldn’t legally kick people off those lands, but he was being vigilant about making sure no one wanders onto his property.

He had made Little St. James his primary residence, but in June the helicopter that shuttles the millionaire and his guests to and from the airport was listed for sale online, with an asking price of $1.8 million

Epstein also sold one of his private jets in June. His other was seized when he was arrested in July after landing back on US soil following three-week trip to Paris.

In total, Epstein’s properties are valued at close to $150 million. 

There is the Paris bolthole where he spent the weeks before returning to the US and getting arrested on the tarmac as his plane touched down at Teterboro Airport in New Jersey.

The $9 million pied-a-terre is located on one of the nicest blocks in the City of Lights, and Epstein traveled there frequently, often spending a few months at the apartment each summer.

The raid came at the same morning that Attorney General Bill Barr issued a stark warning to Jeffrey Epstein’s alleged co-conspirators, telling them they ‘should not rest easy’.

While Epstein, left, was the only person charged the Manhattan U.S. Attorney pledged to 'stand for victims' following Epstein's death on Saturday morning. Socialite Ghislaine Maxwell, right, is one of those who may find herself in the spotlight

Speaking at a police event in New Orleans Barr said: ‘Let me assure you that this case will continue on against anyone who was complicit with Epstein. Any co-conspirators should not rest easy.

‘The victims deserve justice and they will get it.’

He also slammed the handling of Epstein by the Manhattan Correctional Center after it was revealed a corrections officer had not checked on the pedophile for several hours before he hanged himself in his cell in the special housing unit.

Barr, who said he was ‘appalled’ and ‘angry’ at the failure to ‘adequately secure’ Epstein, added: ‘This sex trafficking case was very important to the Department of Justice and to me personally.

‘Most importantly this case was important to the victims who had the courage to come forward and deserve the opportunity to confront the accused in the courtroom.

‘I was appalled, and indeed the whole department was, and frankly angry to learn of the MCC’s failure to adequately secure this prisoner.

‘We are now learning of serious irregularities at this facility that are deeply concerning and demand a thorough investigation.

‘We will get to the bottom of what happened and there will be accountability.’

A former close associate of the late mobster John Gotti Sr., Lewis Kasman, said he heard Barr paid the MCC a visit around the time Epstein was with bruises on his neck. He told The New York Post: ‘When does that happen? The attorney general never visits jails. Something’s not right there.’

Ghislaine Maxwell, the socialite daughter of late media tycoon Robert, is one of those who may find her dealings with the disgraced financier in the spotlight after he was found hanged in his prison cell at Metropolitan Correctional Center on Saturday morning.

Maxwell, 58, described as the ‘madam of the house’ by a former housekeeper at Epstein’s mansion in Palm Beach, Florida, has always denied any wrongdoing but reports now suggest she may even be ready to co-operate with the authorities. 

Prosecutors may also target the witnesses who were set to testify against Epstein now that ‘they don’t need them’, The New York Post reports.

One source said: ‘They were getting a deal to testify against Epstein.’  

According to Miami Herald reporter Julie K. Brown prosecutors ‘will likely refocus their probe on Maxwell, Sarah Kellen Vickers, Adriana Ross and Lesley Groff’.

They have all been accused of helping to run Epstein’s operation and Brown adds: ‘Another woman, Nadia Marcinkova, was accused of sexually abusing some of the underage girls.’

Brown also told MSNBC there are still ‘thousands and thousands of more documents that are probably going to be released’.

She added: ‘There are so many threads of information and evidence and testimony and witnesses that are contained in those documents that he has a lot to work with there.’

Epstein’s accusers may also be able to pursue civil cases against his estate, including his $77 million mansion in New York City and his Palm Beach home. 

https://www.dailymail.co.uk/news/article-7349729/Dozen-FBI-agents-raid-Jeffrey-Epsteins-Pedophile-Island.htmlc

 

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Chaos Grips Hong Kong’s Airport as Police Clash With Protesters

Hong Kong riot police officers confronted antigovernment protesters occupying the city’s airport on Tuesday, the second straight day of demonstrations.CreditCreditLam Yik Fei for The New York Times

By Mike IvesEzra Cheung and 

HONG KONG — Anti-government protesters clashed with Hong Kong riot police on Tuesday, crippling the airport for the second straight day and targeting a potent symbol of the city’s position as a global center of commerce and finance that is essential to China.

The mass protests have forced the airport to suspend check-ins, creating long delays for passengers and forcing airlines to cancel hundreds of flights over the past two days. After a chaotic night, check-ins resumed on Wednesday morning, but the airport warned that flights would be rescheduled, and Hong Kong’s flagship carrier said there could be “further flight disruptions at short notice.”

[How the airport that symbolized Hong Kong’s global stature became a hub of its unrest.]

The protests at the airport have been deeply tactical, as the largely leaderless movement strikes at a vital economic artery. Hong Kong International Airport, which opened in 1998, a year after China reclaimed the territory from Britain, serves as a gateway to the rest of Asia. Sleek and well-run, the airport accommodates nearly 75 million passengers a year and handles more than 5.1 million metric tons of cargo.

 

The mayhem came hours after a mass protest forced the airport to suspend check-ins for the second day in a row.
CreditLam Yik Fei for The New York Times

Peter Tan, a 23-year-old student, said that protesters were sorry to inconvenience travelers, but that other tactics hadn’t worked. “We want to spread the message to them so that they can spread the message to their country,” he said. “We are trying to protect our rights and our city.”

The clashes began late in the evening, after a group of demonstrators attacked a man they accused of being a mainland Chinese police officer impersonating a protester. As medics and the police tried to evacuate him in an ambulance, protesters blocked a road outside the departure hall.

Some officers in riot gear then began running after demonstrators, wrestling some to the ground. A group of protesters inside surrounded a police officer, taking his baton and beating him with it. They retreated after he pulled a gun, according to video footage and a police statement.

The Hong Kong government, in a statement, condemned the protesters’ tactics, saying their “violent acts” at the airport “are outrageous and have overstepped the bottom line of a civilized society.” On Wednesday morning, the city’s airport authority said it had obtained a court injunction to prevent unlawful demonstrations there.

The disruptions are a direct affront to the Chinese leadership. The wave of protests began in June to oppose legislation that would have allowed extraditions to the mainland, where the courts are controlled by the Communist Party. Since then, they have evolved into a broader push to protect Hong Kong’s autonomy and civil liberties, including a call for free elections that would be nonstarter for Beijing.

Protesters tried to block police vans outside the airport.
CreditLam Yik Fei for The New York Times

[Here’s a guide to what prompted the Hong Kong protests and how they evolved.]

In recent days, China has taken an increasingly hard stance, warning protesters in strident terms to stand down or face consequences. Beijing has also ramped up its propaganda machine, portraying the demonstrators as violent gangsters whose activities are starting to look like terrorism.

President Trump said in a tweet on Tuesday that he had intelligence “that the Chinese government is moving troops to the border with Hong Kong.” But it was unclear what information, if any, Mr. Trump had.

While Chinese security forces have recently conducted large-scale operations across the border from Hong Kong in Shenzhen, they appear mainly to be a nationalistic show of force. The possibility that China would send its military to restore order still looks remote.

The city’s embattled leader, Carrie Lam, pleaded earlier on Tuesday for order after days of escalating street violence.

“The stability and well-being of seven million people are in jeopardy,” Mrs. Lam said, her voice breaking slightly. “Take a minute to think about that. Look at our city, our home. Do we really want to push our home to the abyss where it will be smashed into pieces?”

CreditThomas Peter/Reuters

In the news conference, Mrs. Lam was frequently interrupted by journalists who demanded an explanation for what protesters have called police misconduct. She looked more visibly emotional than she has at other recent public appearances.

“Will you apologize to the girl?” one reporter asked, referring to a woman who was hit in her right eye by a projectile during protests on Sunday. While the police have not confirmed the cause of her injury, the incident, widely reported by local news media, has helped galvanize protests at the airport.

“Why have you never condemned the police?” another journalist asked.

Toward the end of the briefing, Mrs. Lam said that police operations were not determined by “someone like myself, who is outside the police.”

Local authorities have faced criticism from a broad cross-section of Hong Kong society for their use of force in the protests. During street clashes, the police have regularly fired tear gas, rubber bullets and bean bag rounds to disperse protesters, even in residential areas and crowded shopping districts.

On Sunday night, in addition to using tear gas in a train station, the police beat protesters and chased some down an escalator at another station. The authorities, for their part, accused protesters of attacking officers with bricks and gasoline bombs.

Some demonstrators used luggage trolleys to stop passengers from reaching their departure gates.
CreditLam Yik Fei for The New York Times

China’s diplomatic mission in Geneva issued a testy rebuttal, expressing “deep dissatisfaction and firm opposition,” saying the comments sent the wrong signal to “violent criminal offenders.” It said Ms. Bachelet and the United Nations’ human rights office should stop interfering in Hong Kong and China’s domestic affairs.

Also on Tuesday, medical professionals held rallies at several local hospitals to protest against the police tactics and in solidarity with the woman who was hit in the eye on Sunday.

The rallies are a “direct response to what happened on Sunday,” Dr. Alfred Wong, a cardiologist who works at Tuen Mun hospital in northwest Hong Kong, said at a gathering there that drew several hundred of his colleagues.

The disruptions at the airport have left some travelers frustrated and angry.

Maisa Sodebayashi, who is from Brazil and works in a car factory in Japan, said on Tuesday that while she understood the protesters were fighting for democracy, she also wanted to catch her flight to Rio de Janeiro. She had been stranded in the airport for about 24 hours.

CreditLam Yik Fei for The New York Times

“Honestly, I don’t know what to do,” Ms. Sodebayashi said, standing beside a customer service desk.

On Tuesday afternoon, thousands of demonstrators had occupied parts of the departure and arrival halls, with some using luggage trolleys to block travelers from reaching their gates. The Hong Kong Airport Authority later closed check-in services and advised all passengers to leave as soon as possible.

By early evening, some arriving flights were still scheduled, along with some departures, apparently for passengers who had managed to clear immigration before check-in closed. But Cathay Pacific Airways, the flagship carrier, told its customers to postpone “nonessential travel” out of the city for the rest of the day and on Wednesday.

The clashes at the airport began late in the evening when police vans arrived outside the departure hall, which was full of black-clad protesters. Some of the protesters obstructed the vans with makeshift blockades and threw plastic bottles at them.

As midnight neared, bands of protesters were still in the airport, while bewildered travelers, fresh off arriving flights, walked past them and into the sweltering night. The protest crowd later thinned, as did the police presence. By late Wednesday morning, there were just a few dozen protesters in the arrivals hall.

The police said in a statement issued just before dawn that they had arrested five people on charges of unlawful assembly, breach of peace, assault against police officers and possession of “offensive weapons.” Two police officers had been injured, it said.

 

The Hong Kong Airport Authority said operations had been “seriously disrupted.”
CreditLam Yik Fei for The New York Times

Much of the evening chaos at the airport centered on confrontations between protesters and the man accused of being a mainland Chinese police officer. The protesters pushed him to the ground, punching and kicking him, and he eventually fainted, prompting the ambulance evacuation. His identity could not be immediately confirmed.

Protesters also surrounded another man, bound his hands and feet, searched his belongings and punched him. Some accused him of being a “fake” reporter. He, too, was evacuated in an ambulance.

In television footage of the incident, Mr. Fu can be heard telling his captors in Mandarin, the primary mainland Chinese dialect, that he supported the Hong Kong police.

“You can beat me up now,” he said.

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The Pronk Pops Show 1304, August 8-9, 2019, Story 1: Senator Mitch McConnell Now Says Background Checks and Other Bills Infringing Your Second Amendment Rights Will Be Discussed in September — Vote Out Of Office Any Democrat or Republican The Votes For Limiting Your Second, Fourth and Fifth Amendment Rights — Videos — Story 2: Creepy Sleepy Dopey Joey Biden Attacks Trump By Lying — Joins Radical Extremist Democrat Socialists in Desperate Attempt To Save His Candidacy — Videos — Story 3: Survival of The Anti-American  Presidential Candidates of The Radical Extremist Democratic Socialist (REDS) — How Not To Win Friends and Influence People — Failing Final Four: Biden, Warren, Sanders and Harris — Trump Should Beat Them All — Videos — Story 4: Nearly 700 Illegal Aliens Detained In Massive Raids In Mississippi Food Processing Plants — End Catch and Release — Videos — Story 5: A Confident President Trump Comments To The Big Lie Media Before Taking 10 Day Vacation — Winning The Hearts and Minds of American People With A Resonating Message — Videos — Story 6: Recently Numerous Two Seconds or A Few Seconds Videos on Youtube For Fox Commentators Including Laura Ingraham, Tucker Carlson, Sean Hannity, Fox and Friends, The Five, and Many More — Either YouTube is Doing This or YouTube Is Failing To Stop Whoever  Is Doing This! — Videos

Posted on August 13, 2019. Filed under: 2020 President Candidates, 2020 Republican Candidates, Addiction, Addiction, American History, Anthropology, Blogroll, Breaking News, Bribery, Bribes, Business, Cartoons, Clinton Obama Democrat Criminal Conspiracy, Congress, Corruption, Countries, Crime, Culture, Defense Spending, Donald J. Trump, Donald J. Trump, Donald J. Trump, Donald Trump, Drugs, Economics, Economics, Education, Empires, Employment, Federal Bureau of Investigation (FBI), Federal Government, Fifth Amendment, First Amendment, Fourth Amendment, Freedom of Speech, Gangs, Government, Government Spending, Hate Speech, History, Homicide, House of Representatives, Human, Human Behavior, Illegal Drugs, Illegal Drugs, Independence, Investments, Killing, Law, Legal Drugs, Life, Lying, Mass Shooting Homicides, Media, Mental Illness, National Interest, News, People, Progressives, Psychology, Raymond Thomas Pronk, Rule of Law, Scandals, Second Amendment, Senate, Social Sciences, Sociology, Spying, Spying on American People, Success, Surveillance/Spying, Taxation, Taxes, Trump Surveillance/Spying, United States Constitution, United States of America, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |