Socialism and the End of the American Dream

A third confidant of Benjamin Netanyahu has agreed to turn state witness and testify against the prime minister, who faces a wave of corruption allegations, Israeli media reported Monday. Various outlets say longtime Netanyahu family spokesman Nir Hefetz agreed to testify in return for a more lenient punishment. He joins Shlomo Filber, another long-time aide, enmeshed in scandal. Both are under arrest on suspicion of promoting regulation worth hundreds of millions of dollars to Israel’s Bezeq telecom company in return for favorable coverage of Netanyahu and his family by the firm’s popular news website. Israeli police have recommended indicting Netanyahu for bribery, fraud and breach of trust in two separate cases. Longtime aide Ari Harow is a state witness in one of those.

In a press conference Wednesday afternoon, U.S. Senators Bernie Sanders (I-VT) and Mike Lee (R-UT) announced that they—along with Senator Chris Murphy (D-CT), who was not present for the press conference—will introduce a privileged resolution that could put an end to U.S. logistical and other support for Saudi Arabia and the United Arab Emirates (UAE) in their nearly three-year-old military intervention in Yemen. The bipartisan resolution will invoke the 1973 War Powers Act, which requires the U.S. president to consult Congress for any deployment of U.S. armed forces into combat. Senate approval of the resolution could have far-reaching implications for other U.S. military operations in combat zones ranging from Syria to the African Sahel.

In a press conference Wednesday afternoon, U.S. Senators Bernie Sanders (I-VT) and Mike Lee (R-UT) announced that they—along with Senator Chris Murphy (D-CT), who was not present for the press conference—will introduce a privileged resolution that could put an end to U.S. logistical and other support for Saudi Arabia and the United Arab Emirates (UAE) in their nearly three-year-old military intervention in Yemen. The bipartisan resolution will invoke the 1973 War Powers Act, which requires the U.S. president to consult Congress for any deployment of U.S. armed forces into combat. Senate approval of the resolution could have far-reaching implications for other U.S. military operations in combat zones ranging from Syria to the African Sahel.

Washington has provided logistical and intelligence assistance to the Saudis and Emiratis since they unleashed their military campaign against a Houthi-dominated insurgency in March, 2015.

As automation and AI destroy millions of middle-income jobs, permanently forcing (primarily male) workers from the workforce, Americans are beginning to reconsider their attitudes toward a radical policy tool that's popular among some segments of the left: Universal Basic Income. According to CNBC, a recent poll conducted by Northeastern University and Gallup found that 48% of Americans support the measure. In an association that's hardly a coincidence, the poll also showed that three-quarters of Americans believe machines will take away more jobs than they'll generate...

Unsurprisingly 65% of Democrats want to see a universal basic income and 54% of people between the ages of 18 and 35 do. In comparison, just 28% of Republicans support UBI.

Iran moved a step closer to a plan to ditch the dollar in its trade activities by announcing that purchase orders by merchants that are based on the greenback would no longer be allowed to go through import proceedings.Iran’s domestic media reported that the policy was in line with an official request by the Central Bank of Iran (CBI) and was specifically meant to address fluctuations in market rates of the dollar.IRNA news agency quoted Mehdi Kasraeipour, CBI’s director of Foreign Exchange Rules and Policies Affairs, as saying that the move had become effective from Wednesday by virtue of a letter sent to the Ministry of Industry, Mines and Trade.

The Iraqi parliament has demanded that its government sets a deadline for the withdrawal of foreign troops, piling pressure on the prime minister, Haider al-Abadi, who is seeking re-election in May. There are believed to be more than 5,000 US soldiers stationed in Iraq to fight Islamic State. American troops make up the largest foreign presence, although Washington formed a 74-country coalition to help fight Isis. The US has been reluctant to significantly reduce those numbers. Mr Abadi declared victory over Isis in December but pockets of militants still operate in the north of the country. The parliament voted yesterday to set a timetable for the withdrawal of foreign forces.

The survey, by the University of Maryland’s Program for Public Consultation (PPC), found that while Trump has proposed a $54 billion boost to federal spending for the military, a majority of Americans prefer a cut of $41 billion. While Trump has proposed a $2.8 billion increase for homeland security, a majority of Americans favor a $2 billion cut. Altogether, the survey looked at the 10 top areas of spending in Trump’s “Budget Blueprint” and found a gap of $139.6 billion between what the majority of the public would spend and what Trump has proposed. Steven Kull, PPC’s director, said he was surprised both by the extent of the gap and the fact that Trump’s proposals were at odds with the preferences of both Republicans and Democrats. In general, those who identified themselves as Republicans were more likely to favor cutting some of the spending that Trump has proposed to cut, but on a raft of areas where Trump proposed large reductions, members of his party preferred to cut less. On military spending, for example, where Trump’s proposal is $94.4 billion away from the majority’s position, a majority of GOP respondents said they wished to keep the so-called “base” or main defense budget at the current level, although they favored cutting $5 billion in spending from a budget for “overseas contingency operations,” specifically in Afghanistan and Iraq.

Billionaire serial entrepreneur Richard Branson says cash handouts will eventually be required to keep people from becoming homeless in the US. "I think with the coming on of AI and other things there is certainly a danger of income inequality," Branson tells CNN's Christine Romans in a piece published Thursday. The inequality will be caused by "the amount of jobs [artificial intelligence] is going to take away and so on," Branson says. "There is no question" technology will eliminate jobs, he says. Microsoft co-founder Bill Gates echoed this sentiment recently. "AI is just the latest in technologies that allow us to produce a lot more goods and services with less labor," says Gates, speaking with "Hamilton" composer Lin-Manuel Miranda and his wife, Melinda, at Hunter College in New York City earlier in February. "AI will bring us immense new productivity."

So new jobs will have to be created, says Branson. But also, a "basic minimum earnings," or a universal basic income, should be instituted "so that there is nobody that is having to sleep on the street," Branson tells CNN. "One hundred percent, I think that is really important." Universal basic income is a cash handout, distributed irrespective of employment status.

Billionaire SpaceX and Tesla chief Elon Musk told CNBC in 2016 that he expects cash handouts will be necessary too. "There is a pretty good chance we end up with a universal basic income, or something like that, due to automation," says Musk to CNBC. "Yeah, I am not sure what else one would do. I think that is what would happen." Additionally, Facebook founder and CEO Mark Zuckerberg promoted the idea of universal basic income during his commencement speech to Harvard in May. "Now it's our time to define a new social contract for our generation. We should explore ideas like universal basic income to give everyone a cushion to try new things," says Zuckerberg.

Venezuelan President Nicolas Maduro has ordered the country’s state energy company PDVSA to close some of its purchase and sale deals using the national commodity-backed digital currency ‘petro.’ The country’s oil ministry tweeted the president’s directive, which also applies to Venezuelan state-run conglomerate CVG, which is charged with economic development in the Guayana region. It also operates aluminum producers and state petrochemical company Pequiven.

The petro is backed by the country’s oil, gas, gold and diamond reserves. Investors purchased around $735 million worth of petro crytptocurrency during the pre-sale on Tuesday, according to President Maduro. He sees it as a way of breaching the US financial blockade.

Maduro also ordered Venezuelan embassies across the world to provide consular services using the digital currency. The president has entertained a proposal made by the airlines association to buy aircraft fuel using the petro.The commodity-based cryptocurrency will be used as a payment instrument on the Venezuela-Columbia border starting from Wednesday.

Now that one of Benjamin Netanyahu's closest confidants has turned state witness, according to Israeli media reports Wednesday, it may mark a turning point for the beleaguered prime minister facing a slew of corruption allegations that could topple him from power. The testimony by Shlomo Filber, a long-time Netanyahu aide, is the latest in a dizzying series of developments and scandals that have engulfed the prime minister, his family and his inner circle. Police would not confirm whether Filber would testify against Netanyahu, but all the major Israeli media outlets said a deal to do so had been reached. Aluf Benn, editor-in-chief of the Haaretz daily, wrote Wednesday that "these are the final days of Benjamin Netanyahu's rule" and that "Netanyahu's leadership has been dealt a harsh blow, apparently a mortal one."

Former Prime Minister Ehud Barak, a bitter rival of Netanyahu, told Channel 10 TV "there is no way back" for the premier. "This chapter in the political history of Israel is about to end," he said. Barak said he closely knows Netanyahu and believes he "understands that this is the end of the story" but will try and postpone the inevitable in different ways. Other leading Israeli columnists on Wednesday suggested that if Filber told all he knew, Netanyahu was probably more worried about avoiding prison than staying in office. "When so many dark clouds accumulate in the sky, the chances of rain increase," wrote Nahum Barnea in Yediot Ahronot. "His appearance lent the fight he is waging the dimensions of a Shakespearean tragedy. This isn't the end. It isn't even the beginning of the end. But it cannot have a different end."

Filber, the former director of the Communications Ministry under Netanyahu, is under arrest on suspicion of promoting regulation worth hundreds of millions of dollars to Israel's Bezeq telecom company. In return, Bezeq's popular news site, Walla, allegedly provided favorable coverage of Netanyahu and his family. The reports came shortly after another bombshell allegation that a different Netanyahu confidant attempted to bribe a judge in exchange for dropping a corruption case against Netanyahu's wife. Nir Hefetz, a longtime media adviser to Netanyahu and his family, remains in custody. The prime minister, who held the communications portfolio until last year, has not yet been named a suspect, though he may soon be questioned. Netanyahu has denied all the charges, calling them part of a media-orchestrated witch hunt that has swept up the police and prosecution as well, and has vowed to carry on. Still, the string of accusations appears to be taking its toll. Senior Cabinet ministers from Netanyahu's ruling Likud party, who until just recently have marched out dutifully to defend him, have largely gone silent. Netanyahu himself appeared ashen in a video released late Tuesday calling the claims "total madness."

Liberal billionaire Tom Steyer, a friend and donor to Obama and Clinton, is hiring an army of more than 50 political operatives in a major campaign to help Democrats get control of the U.S. House this year and “remove Trump from power.” “Need to Impeach” Founder Steyer, 60, announced Thursday that he is hiring a team of 50 political and communications strategists to coordinate his campaign. While Steyer launched his $20 million campaign to impeach Trump last year, he has now promised to double that amount and also spend $30 million on 2018 House races through his super PAC, NextGen America. “The team, including 50 staff members, is adding thousands of new supporters to the impeachment movement each day, creating a digital army of activists who are mobilizing to take back the House of Representatives in the 2018 election and remove Trump from power,” read a Thursday statement from “Need to Impeach.” Separately, House Democrats announced Thursday that they plan to target as many as 101 Republican-held congressional seats this year, the most in a decade.

Nonetheless, even Obama’s former top adviser, David Axelrod, has condemned Steyer’s campaign to impeach Trump, saying the effort is too much, too soon. In November, Axelrod tweeted: “Steyer impeachment ads seem to me more of a vanity project than a call to action. It is – at least at this point – an unhelpful message. If imepachment becomes a political tool, it will be as damaging to our democracy as the degradations @realDonaldTrump has inflicted on it.”

Much Needed New Scrutiny of the Clinton Foundation   Will there ever be a serious investigation and prosecution of the Clinton cash machine? Maybe. Micah Morrison, our chief investigative reporter, has an important update in his latest Investigative Bulletin:   Rumors have been floating up from Little Rock for months now of a new investigation into the Clinton Foundation. John Solomon advanced the story recently in a January report for The Hill. FBI agents in the Arkansas capital, he wrote, “have taken the lead” in a new Justice Department inquiry “into whether the Clinton Foundation engaged in any pay-to-play politics or other illegal activities while Hillary Clinton served as secretary of state.” Solomon reports that the probe “may also examine whether any tax-exempt assets were converted for personal or political use and whether the foundation complied with applicable tax laws.”   Main Justice also is “re-examining whether there are any unresolved issues from the closed case into Clinton’s transmission of classified information through her personal email server,” Solomon notes.   Solomon is not alone. The Wall Street Journal is tracking the story. And earlier this month, investigative journalist Peter Schweizer cryptically told SiriusXM radio that federal authorities should “convene a grand jury” in Little Rock “and let the American people look at the evidence” about the Clinton Foundation.   Judicial Watch continues to turn up new evidence of Clinton pay-to-play and mishandling of classified information. In recent months, through FOIA litigation, Judicial Watch has forced the release of more than 2,600 emails and documents from Mrs. Clinton and her associates, with more to come. The emails include evidence of Clinton Foundation donors such XL Keystone lobbyist Gordon Griffin, futures brokerage firm CME Group chairman Terrence Duffy, and an associate of Shangri La Entertainment mogul Steve Bing seeking special favors from the State Department. Read more about Judicial Watch’s pay-to-play disclosures here.   Judicial Watch also revealed many previously unreported incidents of mishandling of classified information. Mrs. Clinton and her former State Department deputy chief of staff, Huma Abedin, sent and received classified information through unsecure channels. The emails and documents involved sensitive information about President Obama, the Middle East, Africa, Afghanistan, Mexico, Burma, India, intelligence-related operations and world leaders. For documents and details from Judicial Watch on the mishandling of classified information, see here, here, here and here.   Smelling a rat in Arkansas when it comes to the Clintons of course is nothing new, and the former First Couple are masters of the gray areas around pay-to-play. But mishandling of classified information is a serious matter. And the tax angle is intriguing, even if you’re not Al Capone. The tenacious financial expert Charles Ortel, who has been digging deep into Clinton finances for years, told us back in 2015 that there are “epic problems” with the entire Clinton Foundation edifice, which traces its origins back to Arkansas. He noted that independent accounting firms may have been “duped by false and materially misleading representations” made by Clinton charitable entities. Down in Arkansas, law enforcement may be finally catching up with Ortel’s insights.

Russian financial institutions and firms are ready to work without SWIFT's interbank cash transfer services, according to Deputy Prime Minister Arkady Dvorkovich. “Certainly, it is unpleasant, as it will prove a stumbling block for companies and banks, and will slow down work. It will be inevitable to deploy some aged technologies for information transfer and calculations. However, the companies are technically and psychologically ready for the shutdown as this threat was repeatedly voiced,” Dvorkovich said, as quoted by TASS.He added that the measure may have a negative impact on corporations working in the US and Europe.

The potential disconnection of Russia from SWIFT has been under discussion since 2014, when the EU and the US introduced the first round of international penalties against Moscow over alleged involvement in the Ukraine crisis and the reunification with Crimea.At the time, the European Parliament called for strong actions against Russia, including expelling the country from money transfer services. However, the Society for Worldwide Interbank Financial Telecommunication regarded the recommendations as violating rights and damaging for businesses.

In 2017, Russia’s Central Bank Governor Elvira Nabiullina told President Vladimir Putin that the banking sector had been provided with all the necessary conditions for operating lenders and payment systems in case of disconnection from SWIFT. According to the regulator, 90 percent of ATMs in Russia were ready to accept the Mir payment system, a domestic version of Visa and MasterCard.The Mir payment system was introduced in 2015 after clients of several Russian banks (SMP Bank, InvestCapitalBank, Russia Bank and Sobinbank) were unable to use Visa and MasterCard due to the sanctions.

As reports of a second Clinton-funded dossier have emerged, some in Washington are wondering who may have seen the alleged document.

The recent economic “correction” in the U.S. markets, which saw stocks drop back down from recent record-highs, has begun to spread to the east, reaching the stock exchanges in Tokyo, Taiwan and Shanghai. While all three of these markets depend, to some extent, on the performance of Wall Street, one is likely to emerge stronger as the U.S. market corrects itself. Many Western economic analysts — such as those at the pillar of U.S. financial journalism, Bloomberg — have continued to predict future financial downturns would be caused by Chinese debt, or the country’s massive “shadow” economy (or, more specifically, low level loans that aren’t tightly regulated by the central government). This latest downturn, however, shows once again that Wall Street is still the primary factor in sinking global markets. China has been faced with — and continued to grow throughout — a previous U.S.-triggered global recession just under a decade ago. While the current condition of the markets is nothing like the end of 2008, there is still the same fear in the West that China is somehow on the brink of catastrophe. Yet China pulled through the Great Recession, despite a huge decrease in demand for Chinese export goods. Beijing presided over GDP growth only falling below 8 percent in the last quarter of 2008 and first of 2009 and made a faster recovery than any Western nation.

China is obviously in a position much different now from that of 2008. Now — as a clear competitor with the U.S. in key economic sectors such as cutting-edge technology, and playing a unifying role for a large portion of the global population — Beijing is making even more major domestic economic reforms and preparing to project its new prosperity outward. In order to better understand how China is likely not just to survive any fluctuations in the U.S. market but also to thrive, it is best to understand both how China managed to recover from the last recession faster than any other country and the new economic policies of President Xi Jinping, which will harness the power of the world’s largest planned economy in its march into the future.

Update: Bibi has responded, and - well - you see he was only stealing because it was in the country's interest: NETANYAHU SAYS HIS ONLY MOTIVE IS TO ADVANCE NATIONAL INTERESTS It gets better: NETANYAHU: POLICE RECOMMENDATIONS HAVE NO PLACE IN DEMOCRACY And then, denial, with the usual diversion that any attack on Netanyahu is an attack on Israel itself: NETANYAHU SAYS `TODAY IS NO DIFFERENT FROM ANY DAY' NETANYAHU SAYS INVESTIGATIONS AIM TO TOPPLE HIS GOVERNMENT NETANYAHU: POLICE RECOMMENDATIONS HAVE NO PLACE IN DEMOCRACY Spoken just like any corrupt politicians

After a 14-month-long investigation, Israeli police have reportedly recommended that Prime Minister Benjamin Netanyahu be indicted on charges of bribery and breach of trust.

As The Jerusalem Post reports, police say they have found enough evidence to recommend the state’s prosecution to indict Netanyahu in Case 1000, the “gifts affair" and Case 2000, the "Yediot Aharanot Affair." In Case 1000, the “gifts affair,” it is alleged that Netanyahu improperly accepted expensive gifts from different businessmen. In Case 2000, the “Yediot Aharonot affair,” Netanyahu allegedly negotiated with publisher Arnon “Noni” Mozes for favorable coverage of himself in Yediot Aharonot in exchange for support of a bill to weaken Israel Hayom, the largest circulation Hebrew-language paper and Yediot’s biggest competitor. At this stage, the prosecution and Attorney-General Avichai Mandelblit will examine the evidence that police collected throughout the investigations, and will later decide whether to actually indict the prime minister or not. Netanyahu will not be required at this point to resign from office. The law says that only after a peremptory Supreme Court verdict (meaning after an appeal was submitted and rejected), the prime minister must resign from office.

Palestinian Authority (PA) chairman Mahmoud Abbas told Russian President Vladimir Putin on Monday he could no longer accept the role of the United States as a mediator in talks with Israel because of Washington’s behavior, Reuters reported. “We state that from now on we refuse to cooperate in any form with the U.S. in its status of a mediator, as we stand against its actions,” Abbas told Putin at the start of talks in Moscow. The PA chairman said he wanted an expanded new mediation mechanism to replace the Middle East Quartet. “For instance, ‘the quartet’ plus some other countries like the model used to achieve the deal on Iran,” Abbas said, referring to international talks about Tehran’s nuclear program. Abbas reacted in anger in December when U.S. President Donald Trump recognized Jerusalem as Israel’s capital and set in motion the process of moving the U.S. embassy from Tel Aviv. Following Trump's Jerusalem move,Abbas declared that he would "no longer accept" any peace plan proposed by the United States. He is due to speak at the United Nations Security Council on February 20, where he is expected to respond to Trump's recognition of Jerusalem.

The writing is already on the wall: Israel will soon launch a military operation in Lebanon. Not a targeted attack on a weapons convoy or factory, but a simultaneous attack on Hezbollah’s missile production and launch sites. The operation will take place at the same time as, or immediately after, a series of assassinations of known Hezbollah operatives. That organization will, of course, react by launching a massive missile barrage at population centers in Israel, and Hamas may contribute its share in the south. Last week we were informed that missile interceptor systems have already been deployed throughout the country as part of a joint “drill” between the IDF and the U.S. military. Washington has already given a green light, or so we learn from Thomas Friedman’s most recent column — a faithful mouthpiece of American foreign policy.

The messages include an exchange about preparing talking points for then-FBI Director James Comey to give to President Obama, who wanted “to know everything we’re doing.”

Wells Fargo WFC -9.22%Wells FargoWFC$58.16$-5.91(-9.22%)As of 02/06/2018, 01:01am EST is facing far more than a fine for its fake accounts scandal, in which employees at the lender's branches across the country opened over a million fraudulent checking and credit card accounts to hit their numbers. Late on Friday, the Federal Reserve decided to restrict growth at America's third-largest bank by assets until its risk and governance is improved. The order, which also called for a revamp of Wells Fargo's board of directors, sent the bank reeling in early trading Monday. Wells Fargo shares plunged 9% lower in Monday trading, erasing most of its gains over the past 12 months. For its top shareholder, Warren Buffett's Berkshire Hathaway, the Fed-inspired stock slide meant its Wells Fargo holdings lost over $2.7 billion in value. "We cannot tolerate pervasive and persistent misconduct at any bank and the consumers harmed by Wells Fargo expect that robust and comprehensive reforms will be put in place to make certain that the abuses do not occur again," said chair Janet L. Yellen on Friday. The order was her last as head of the Federal Reserve. On Monday, successor Jerome Powell was sworn in. Added Yellen, "the enforcement action we are taking today will ensure that Wells Fargo will not expand until it is able to do so safely and with the protections needed to manage all of its risks and protect its customers." In September 2016, Wells Fargo paid a $185 million fine to the Consumer Financial Protection Bureau after the agency found branch bankers had opened well over a million fake accounts, which generated millions of dollars in fees to the lender. When the scandal, which occurred over almost a decade, was first revealed, Wells Fargo and its board didn't immediately overhaul their leadership, or sanction top executives in the divisions where fake accounts were created. Only after significant public outcry, in addition to a widening scope of the scandal, did Wells Fargo begin a revamp, firing CEO John Stumpf and clawing back bonuses for numerous executives. Backer Warren Buffett later said in an appearance on CNBC the bank and its leadership had misjudged the severity of the problem.

In addition to harsh words, the Fed is ordering a sanction of almost unprecedented severity. It will restrict the bank's growth until its governance and risk management improve, though it will allow Wells to continue current operations from taking deposits to offering loans.

Three Wells Fargo long-standing board directors, John Chen, Lloyd Dean and Enrique Hernandez, will likely retire at the firm's annual meeting as part of the Fed's additional order for a refreshment of four board directors. Analysts did not brush off the Fed's move, as they have large fines coming out of the crisis.

How do you calculate the human costs of the U.S.-led War on Terror? On the 12th anniversary of the invasion of Iraq, groups of physicians attempted to arrive at a partial answer to this question by counting the dead. In their joint report— Body Count: Casualty Figures after 10 Years of the 'War on Terror—Physicians for Social Responsibility, Physicians for Global Survival, and the Nobel Prize-winning International Physicians for the Prevention of Nuclear War concluded that this number is staggering, with at least 1.3 million lives lost in Iraq, Afghanistan, and Pakistan alone since the onset of the war following September 11, 2001. However, the report notes, this is a conservative estimate, and the total number killed in the three countries "could also be in excess of 2 million, whereas a figure below 1 million is extremely unlikely." Furthermore, the researchers do not look at other countries targeted by U.S.-led war, including Yemen, Somalia, Libya, Syria, and beyond. Even still, the report states the figure "is approximately 10 times greater than that of which the public, experts and decision makers are aware of and propagated by the media and major NGOs.