Posts Tagged ‘industry’

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Suppressed Study: The EPA Underestimated Dangers of Widespread Chemicals

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Ellen Brown

http://EllenBrown.com

February 27, 2018

One Belt, One Road,” China’s $1 trillion infrastructure initiative, is a massive undertaking of highways, pipelines, transmission lines, ports, power stations, fiber optics, and railroads connecting China to Central Asia, Europe and Africa. According to Dan Slane, a former advisor in President Trump’s transition team, “It is the largest infrastructure project initiated by one nation in the history of the world and is designed to enable China to become the dominant economic power in the world.” In a January 29th article titled “Trump’s Plan a Recipe for Failure, Former Infrastructure Advisor Says,” he added, “If we don’t get our act together very soon, we should all be brushing up on our Mandarin.”

On Monday, February 12th, President Trump’s own infrastructure initiative was finally unveiled. Perhaps to trump China’s $1 trillion mega-project, the Administration has now upped the ante from $1 trillion to $1.5 trillion, or at least so the initiative is billed. But as Donald Cohen observes in The American Prospect, it’s really only $200 billion, the sole sum that is to come from federal funding; and it’s not even that after factoring in the billions in tax cuts in infrastructure-related projects. The rest of the $1.5 trillion is to come from cities, states, and private investors; and since city and state coffers are depleted, that chiefly means private investors. The focus of the Administration’s plan is on public-private partnerships, which as Slane notes are not suitable for many of the most critical infrastructure projects, since they lack the sort of ongoing funding stream such as a toll or fee that would attract private investors. Public-private partnerships also drive up costs compared to financing with municipal bonds.

In any case, as Yves Smith observes, private equity firms are not much interested in public assets; and to the extent that they are, they are more interested in privatizing existing infrastructure than in funding the new development that is at the heart of the president’s plan. Moreover, local officials and local businessmen are now leery of privatization deals. They know the price of quick cash is to be bled dry with user charges and profit guarantees.

The White House says its initiative is not a take-it-or-leave-it proposal but is the start of a negotiation, and that the president is “open to new sources of funding.” But no one in Congress seems to have a viable proposal. Perhaps it is time to look more closely at how China does it . . . .

China’s Secret Funding Source: The Deep Pocket of Its State-owned Banks

While American politicians argue endlessly about where to find the money, China has been forging full steam ahead with its mega-projects. A case in point is its 12,000 miles of high-speed rail, built in a mere decade while American politicians were still trying to fund much more modest rail projects. The money largely came from loans from China’s state-owned banks. The country’s five largest banks are majority-owned by the central government, and they lend principally to large, state-owned enterprises.

Where do the banks get the money? Basically, they print it. Not directly. Not obviously. But as the Bank of England has acknowledged, banks do not merely recycle existing deposits but actually create the money they lend by writing it into their borrowers’ deposit accounts. Incoming deposits are needed to balance the books, but at some point these deposits originated in the deposit accounts of other banks; and since the Chinese government owns most of the country’s banks, it can aim this funding fire hose at its most pressing national needs.

China’s central bank, the People’s Bank of China, issues money for infrastructure in an even more direct way. It has turned to an innovative form of quantitative easing in which liquidity is directed not at propping up the biggest banks but at “surgical strikes” into the most productive sectors of the economy. Citigroup chief economist Willem Buiter calls this “qualitative easing” to distinguish it from the quantitative easing engaged in by Western central banks. According to a 2014 Wall Street Journal article:

In China’s context, such so-called qualitative easing happens when the People’s Bank of China adds riskier assets to its balance sheet – such as by relending to the agriculture sector and small businesses and offering cheap loans for low-return infrastructure projects – while maintaining a normal pace of balance-sheet expansion [loan creation]. . . .

The purpose of China’s qualitative easing is to provide affordable financing to select sectors, and it reflects Beijing’s intention to dictate interest rates for some sectors, Citigroup’s economists said. They added that while such a policy would also put inflationary pressure on the economy, the impact is less pronounced than the U.S.-style quantitative easing.

Among the targets of these surgical strikes with central bank financing is the One Belt, One Road initiative. According to a May 2015 article in Bloomberg:

Instead of turning the liquidity sprinkler on full-throttle for the whole garden, the PBOC is aiming its hose at specific parts. The latest innovations include plans to bolster the market for local government bonds and the recapitalisation of policy banks so they can boost lending to government-favoured projects. . . .

(more…)

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Our corrupt to the core kleptocracy is not going to protect your health.  Especially under Donald Trump, who has gone to war with government oversight of hazardous industry practices.

Don’t Ask Officials About New “Mad Cow” and Chronic Wasting Disease Cases

Mad Cow is back, but the government has invented an “atypical” label, a new brand of disease that they imagine won’t harm you… because…

 

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I’ve posted the Lancet editor’s comments before, but here is more, and from the US National Institute of Health, no less:

Skeptical of medical science reports?

 

“It is simply no longer possible to believe much of the clinical research that is published, or to rely on the judgment of trusted physicians or authoritative medical guidelines. I take no pleasure in this conclusion, which I reached slowly and reluctantly over my two decades as editor of The New England Journal of Medicine
-Marcia Angell (New England Journal of Medicine)

“The case against science is straightforward: much of the scientific literature, perhaps half, may simply be untrue. Afflicted by studies with small sample sizes, tiny effects, invalid exploratory analyses, and flagrant conflicts of interest, together with an obsession for pursuing fashionable trends of dubious importance, science has taken a turn towards darkness”
-Richard Horton (Lancet)

And the WHY:

The first article showed how the relationships between pharmaceutical companies and academic physicians at prestigious universities impacted certain drug-related publications and the marketing of prescription drugs. Potential conflicts of interest seemed to abound: millions of dollars in consulting and speaking fees to physicians who promoted specific drugs, public research dollars being used by a researcher to test a drug owned by a company in which the researcher held millions of dollars in shares, failure of university researchers to disclose income from drug companies, company subsidies to physician continuing education, publishing practice guidelines involving drugs in which the authors have a financial interest, using influential physicians to promote drugs for unapproved uses, bias in favor of a product coming from failure to publish negative results and repeated publication of positive results in different forms.

 

Reality strikes again.

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Could this be why nobody believes the corporate media anymore and most despise it?

“With some of the country’s most influential trade groups and global corporations as clients, we run many of the major op-ed campaigns in the U.S. We place roughly 3,000 op-eds per year.”

Public Relations Firm Claims to Have Ghost Written Thousands of Op-Eds in Major U.S. Newspapers

 

 

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Alcohol Industry Tells Congress to Worry About Marijuana

“…alcohol industry is spending money to get members of Congress to pay attention to marijuana-impaired driving.”

…Arizona Wine and Spirits Association, contributed $10,000 to the effort to defeat a marijuana legalization initiative that is expected to appear on Arizona’s November ballot.

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