Friday, June 17, 2022

Ontario health-care workers sound alarm over ‘absolutely horrific’ hospital demand

Colin D'Mello - Yesterday 

© THE CANADIAN PRESS/Nathan Denette
A health-care worker walks past a thank you sign in the intensive care unit at the Humber River Hospital during the COVID-19 pandemic in Toronto on Tuesday, January 25, 2022.

Health-care workers are sounding the alarm over "exploding" emergency rooms in Ontario, as hospitals face increasing pressure from patient volumes and the province suffers from a shortage of nurses as a result of the pandemic.

A combination of factors has left patients sitting in emergency rooms for longer periods of time before being treated, according to data collected by Health Quality Ontario, a provincial agency.

Read more:

In April, a patient had to wait nearly two hours before an initial assessment with a doctor in an emergency room, compared with an hour and 18 minutes in 2021. That same month, patients spent an average of 20 hours in an emergency room before being admitted to hospital compared to a 14-hour wait this time last year.

"It's absolutely horrific. There are not other words to describe it," said Angela Preocanin of the Ontario Nurses Association (ONA).

"We have hospitals in the GTA that are running at 60 per cent staff and a 300 to 400 per cent capacity."

The ONA contends there are several reasons behind the crunch in provincial emergency rooms, including capacity issues that existed before the pandemic, a steady admission of COVID-19 patients, and a shortage of nurses and family physicians who continue to work virtually and refer patients to hospitals instead.


Ontario nurses meet with Ford and Elliott to discuss shortage

Dr. Kashif Pirzada, a Toronto emergency room physician, told Global News patients have walked into the ER looking for specialist referrals and other non-urgent reasons that add to the crunch.


"You have people who have issues that are urgent to them. They're not exactly emergencies but they're just falling through the cracks," Pirzada said. "Someone who has a joint issue, they can't see anyone about it. ... They come to us for help."

The resulting backlog, the ONA said, contributes to the kind of hallway health care that plagued the hospital system before the pandemic — patients being treated in non-traditional areas of hospitals, such as storage rooms and auditoriums, while paramedics face difficulties offloading people in need of urgent care.

"Patients can't be transferred into beds because there are no beds on the floors, so on the units they open up patient lounges, and they start caring for patients in the lounges," Preocanin said.


"The emergency rooms are exploding. It's absolutely horrible."

France Gelinas, who served as the NDP's health critic before the election, said the long wait times add to a patient's pain and discomfort and create other challenges in emergency rooms.

"We're human beings. We need to sleep, we need to eat, we need to go to the bathroom," Gelinas told Global News.

"None of this is easy in the emergency department. It's not made for that."

Of particular concern, the ONA said, is the ever-growing ratio of nurses to patients. The association said in some cases a single nurse could be caring for up to 30 patients concurrently, up from a typical 1:5 nurse-to-patient ratio.

"There is no place in health care for one nurse to be with 30 patients," Gelinas said. "You will never be able to provide quality care with ratios like this."

While the Ford government announced a number of measures designed to retain and beef up the nursing staff in the province, create new hospital beds and build or upgrade hospitals, front-line heath-care workers are calling on the province to create an immediate strategy to tackle the current situation.

Read more:
Province pledges $17M for London hospitals for increased costs, lost revenue during pandemic

It used to be that flu season would come once a year, in January and February, and we would be strained with hallway medicine," Pirzada said. "Now COVID season comes every three to four times a year."

Pirzada said that the current system isn't designed to handle a constant strain and warned that it will lead to more burnout among health care providers, leading to calls for proper planning for an expected surge in the fall.

"The real test will be in the fall when people go back indoors, when we see another COVID season again, another flu season again," Pirzada said.

"I'm really afraid to see what will happen then."


Ontario Medical Association Ask Ontario’s Doctors: Fixing Wait Times Ontario’s doctors are proposing an innovative new model of care that would reduce wait times by shifting many non-emergency, less complex surgeries to outpatient centres. The Ontario Medical Association released a comprehensive report today recommending creation of publicly funded Integrated Ambulatory Centres. These free-standing centres would work with local hospitals to provide OHIP-insured medical services, including surgeries and procedures, on an outpatient basis. Panellists: Dr. Adam Kassam, a Toronto physiatrist and president of the OMA. Dr. Jim Wright, a pediatric orthopedic surgeon leading health system transformation at the OMA as chief of the Ontario Medical Association’s Economic, Policy and Research division. Dr. Mary-Anne Aarts, chief of the Department of Surgery and co-medical director of the Perioperative Program at St. Joseph’s Health Centre, part of the Unity Health Toronto hospital network. Her clinical practice is in minimally invasive general surgery and bariatric surgery.



DOING WHAT TURKEY WON'T
US military ground raid in Syria captures top ISIS leader


A U.S. defense official said there were no injuries to U.S. military personnel and no damage to aircraft involved in the raid.

"Coalition forces detained a senior Daesh leader during an operation in Syria June 16," Operation Inherent Resolve said in a statement. "The detained individual was assessed to be an experienced bomb maker and facilitator who became one of the group's top leaders in Syria."

A U.S. official told ABC News the name of the ISIS leader captured in the raid is Hani Ahmed al-Kurdi and described him as actively planning ISIS operations.

“Though degraded, ISIS remains a threat. We remain dedicated to its defeat. Last night’s operation, which took a senior ISIS operator off the battlefield, demonstrates our commitment to the security of the Middle East and to the enduring defeat of ISIS,” said Gen. Erik Kurilla, the commander of U.S. Central Command, in a statement provided to ABC News.


© Universal Images Group via Getty Images, FILEUS military ground raid in Syria captures top ISIS leader

U.S. military ground raids into northwestern Syria are risky because they are carried out far west from U.S. bases in eastern Syria in areas that are controlled either by extremists or Syrian President Bashar al-Assad's government.

"The mission was meticulously planned to minimize the risk of collateral damage, particularly any potential harm to civilians," OIR said. "There were no civilians harmed during the operation nor any damage to Coalition aircraft or assets."



MORE: Kansas woman pleads guilty to leading ISIS battalion

U.S. military ground operations in northwestern Syria have targeted top ISIS leaders, most notably Abu Bakr al-Baghdadi, who killed himself during an October 2019 raid near the border with Turkey that was carried out by the elite Delta Force.

His successor, Abu Ibrahim al-Hashimi al-Qurayshi, detonated himself with an explosion during a similar raid in February this year.


MORE: Biden details US raid in Syria that left ISIS leader dead

"Coalition forces will continue to work with our partners, the Syrian Democratic Forces and the Iraqi Security Forces, including the Peshmerga, to hunt the remnants of Daesh wherever they hide to ensure Daesh's enduring defeat.," Operation Inherent Resolve added. Daesh is another name used to describe ISIS.

The terror group was militarily defeated in Syria in 2019 and since then, its leaders have gone into hiding to prevent being targeted by U.S. forces.

However, ISIS fighters maintain a low-level insurgency in Iraq and Syria, and the group continues to inspire followers in the West to commit violent attacks.



In January, ISIS mounted its largest operation since its military defeat, as hundreds of ISIS fighters attempted to free thousands of terrorist fighters detained at a prison in Hasakah in northeast Syria.

After 10 days of heavy fighting, U.S.-backed Syrian Kurdish forces, helped by U.S. airstrikes, were able to retake the prison, though it is believed that several hundred ISIS prisoners were able to flee.

Kurdish forces claimed that 374 ISIS fighters had been killed during the attempted prison break.

BREAKING NEWS
SpaceX fires at least five for letter criticizing Musk-sources

By Joey Roulette and Eric M. Johnson

(Reuters) - At least five employees were fired by private rocket company SpaceX after drafting and circulating an open letter criticizing founder Elon Musk and calling on executives at the start-up to make the company’s work culture more inclusive, according to two people familiar with the matter.

SpaceX did not immediately respond to a Reuters request for comment.

The New York Times reported on Thursday that SpaceX had fired employees associated with the letter, citing three employees with knowledge of the situation.

It had not detailed the number of employees who had been terminated.

SpaceX employees call Elon Musk a 'distraction' in open letter to executives

Employees at SpaceX sent an open letter to the company’s executives which was published Thursday, taking issue with CEO Elon Musk’s recent behavior which it refers to as a 'distraction.' 

June 16 (UPI) -- Employees at SpaceX sent an open letter to the company's executives, published Thursday, which takes issue with CEO Elon Musk's recent behavior, calling it a "distraction."

The letter was published in its entirety by The Verge and the New York Times, and criticizes Musk as well as the culture at the space exploration company.

"In light of recent allegations against our CEO and his public disparagement of the situation, we would like to deliver feedback on how these events affect our company's reputation, and through it, our mission," reads the letter, addressed to "Executives of SpaceX."

"Elon's behavior in the public sphere is a frequent source of distraction and embarrassment for us, particularly in recent weeks. As our CEO and most prominent spokesperson, Elon is seen as the face of SpaceX-every Tweet that Elon sends is a de facto public statement by the company. It is critical to make clear to our teams and to our potential talent pool that his messaging does not reflect our work, our mission, or our values."

The letter also references Musk's sexual harassment accusations that became public in May.

Musk has denied claims he groped and exposed himself to a SpaceX employee six years ago. It was reported the company settled the accusation after paying the ex-flight attendant $250,000.

"SpaceX's current systems and culture do not live up to its stated values, as many employees continue to experience unequal enforcement of our oft-repeated 'No A-----' and 'Zero Tolerance' policies. This must change," the letter reads.

"SpaceX must swiftly and explicitly separate itself from Elon's personal brand."

It goes on to add other "action items," urging the company to act on them.

Those items include holding "all leadership equally accountable to making SpaceX a great place to work for everyone," and making sure to "define and uniformly respond to all forms of unacceptable behavior."

Thursday's letter was published shortly before Musk took questions from Twitter employees as he continues his quest to buy the social media platform and take it private.

Musk was asked about his previous comments saying he would bring free speech back to Twitter.

"There's freedom of speech or freedom of reach," Musk told Twitter employees.

"And freedom of speech is one thing, because, like, anyone could just go into the middle of Times Square right now and say anything they want, they could just walk into the middle of Times Square and deny the Holocaust, okay? You can't stop them, they will just do that. But that doesn't mean you have to -- that it needs to be promoted to millions of people."
Satellite images reveal huge explosion and destruction at Chinese rocket test site

Joshua Hawkins - Yesterday -BGR

China Space launch system

New satellite images shared on social media show evidence of a massive explosion at a Chinese rocket launch site. The Chinese rocket explosion took place sometime between October and November at China’s Jiuquan Satellite Launch Center, the images show.

Satellite images suggest a Chinese rocket explosion took place in October 2021

The images show what appears to be a rocket test site. The site itself is located a good distance from the actual launch pad. Around 16km away from it, to be exact. The site was most likely used as an assembly and test facility before the rockets were moved to the launch pad. So far there have been no reports from state media about the Chinese rocket explosion.

Space enthusiast Harry Stranger shared the images on Twitter in early June. Stranger noticed the aftermath of the explosion in commercial satellite images captured by Airbus and CNES. According to SpaceNews, the Chinese state media has yet to make any reports on the explosion.

The good news is that the Chinese rocket explosion doesn’t appear to have involved any kind of crewed launch. SpaceNews notes that the site where the explosion took place may have been used for testing solid rocket motors. Upon further investigation SpaceNews also reports that the explosion took place between 0316 UTC on October 15 and 0407 UTC on October 16, 2021.

Digging deeper


Chinese rocket explosion did not take place at the actual launch pad

Based on the fact that no reports have been made by state media, it’s likely the Chinese rocket explosion had nothing to do with any high-profile launches. CASIC, a state-owned defense contractor has been developing new solid rockets for orbital launches. Thus far, those launches have ended in failure. China may have used the site to test those rocket motors.

Ultimately, though, this doesn’t seem to have affected China’s ongoing space missions. Missions like the possible development of an asteroid monitoring and defense system. With so many dangerous entities floating through the cosmos, it’s a noble effort many countries are striving towards.

The Chinese rocket explosion is still an intriguing mystery. If it was related to China’s ongoing solid rocket efforts, then it could set those efforts behind even more than they already are. Or it could be completely unrelated. Unfortunately, until we know more about the site itself, discovering what exactly exploded in October of 2021 is going to be difficult.

What we do know is that China already began cleaning up the facility, as seen in other images shared by Harry Stranger on Twitter.
WHO'S WHO
Yahoo appoints six new board members, including Jessica Alba

Amanda Silberling
Mon, June 13, 2022


Yahoo announced six new members of its board of directors today, about a year after the internet brand was acquired by private equity firm Apollo for $5 billion [Disclosure: TechCrunch is part of Yahoo].

The new appointees include Jessica Alba, actress and founder of The Honest Company; Aryeh Bourkoff, founder and CEO of the independent global investment firm LionTree, an investor in Yahoo; Fouad ElNaggar, co-founder and CEO of Array and Sapho (acquired by Citrix); Michael Kives, founder and CEO of K5 Global, an incubator with investments in SpaceX, Coinbase, FTX and others; Cynthia Marshall, CEO of the Dallas Mavericks and 36-year veteran of AT&T; and Katie Stanton, founder and general partner at Moxxie Ventures.

#ANGELS founding partner raises $25M for debut fund Moxxie Ventures

The six tech veterans bring varied experience in industries including digital media, private equity, entertainment and more. They join representatives from Apollo and Verizon, as well as Yahoo CEO Jim Lanzone, who joined the company last year after serving as CEO of Tinder.

Six appointees at once is a big change, but the company is already in a period of transition under its new ownership and leadership.

"As we enter into a new era of Yahoo, establishing a powerful board of directors with strategic knowledge of diverse industries will drive greater growth, innovation, and scale,” Lanzone said in a statement. "The intersection of media, tech, product, and content is more relevant than ever and this board represents the best minds in those categories."

Lanzone told The New York Times that he envisions the company's media properties as individual products -- TechCrunch is TechCrunch, Yahoo Sports is Yahoo Sports. He added that he has gotten multiple offers to buy the assets formerly belonging to AOL that are housed under Yahoo, though this isn't in Yahoo's immediate plans. In the future, Lanzone said that he's looking for potential acquisitions, but we probably won't see that happen for at least another year.

"As a newly standalone company, Yahoo’s business has experienced incredible momentum, reflected in our financial performance, user engagement figures, and perhaps most importantly, the quality of talent that has joined the company over the last several months," said Yahoo Chairman Reed Rayman.

Jim Lanzone breaks up with Tinder, swipes right to take the CEO job at Yahoo, Renate Nyborg takes Tinder CEO role

Jessica Alba on the past, present and future of The Honest Company
Remains of Ancient Bear-Dog Predator Uncovered in France

Joseph Golder, Zenger News - Yesterday 

An international team of scientists has identified a new species of ancient predator that was part bear and part dog and roamed Europe millions of years ago.

The new genus has been named "Tartarocyon," a nod to a large, powerful, one-eyed giant from Basque mythology.

The international team of experts, led by Bastien Mennecart from the Natural History Museum Basel in Switzerland made the discovery after studying a fossilized jaw that they determined belonged to a new type of "bear dog."

The species of large carnivorous animal is believed to have weighed as much as 705 pounds, appearing in Europe 36 million years ago before going extinct about 7.5 million years ago.

The paleontologists explained in a statement that "the jawbone comes from 12.8 to 12 million-year-old marine deposits that were examined in the small community of Sallespisse in the Pyrenees-Atlantiques department of southwestern France."

They explained that the fossilized bone was particularly striking due to its teeth. They said: "Unlike the familiar amphicyonidae specimens, this animal has a unique fourth lower premolar. This tooth is particularly important for determining species and genera.

"Correspondingly, the lower jaw examined probably represents a new genus. It is called Tartarocyon. This name comes from Tartaro, a large, powerful, one-eyed giant from Basque mythology.



© Denny Navarra/ZengerThe new genus has been named "Tartarocyon," a nod to a large, powerful, one-eyed giant from Basque mythology. Denny Navarra/Zenger

"The legend of Tartaro is also known in Bearn, the region where the lower jaw was found.

"Floreal Sole, a globally renowned specialist in carnivorous mammals, Jean-Francois Lesport, and Antoine Heitz from the Natural History Museum Basel chose the name of the new genus."

The fossilized jaw belongs to a group of predators that resembled "a cross between a bear and a large dog, known as 'bear dogs.'"


The jawbone used in the study comes from 12.8 to 12 million-year-old marine deposits that were examined in the small community of Sallesisse, France. 
Denny Navarra/Zenger

The scientific name for these animals is Amphicyonidae. The scientists said in their statement: "They belong to a group of carnivores such as dogs, cats, bears, seals and badgers.

"These predators were a widespread part of the European fauna of the Miocene (23 to 5.3 million years ago). They were very species-rich and diverse, weighing between 20 to 705 pounds. Taratarocyon is estimated at 440 pounds. The last European Amphicyonidae disappeared during the late Miocene 7.5 million years ago."

The study was published in the academic journal PeerJ on Wednesday under the title "A new gigantic carnivore (Carnivora, Amphicyonidae) from the late middle Miocene of France." It was authored by Floreal Sole, Jean-Francois Lesport, Antoine Heitz, and Bastien Mennecart.
CRIMINAL CAPITALI$M
Charles Schwab subsidiaries to pay $187 million to settle U.S. SEC charges
Mon, June 13, 2022, 
By Katanga Johnson

WASHINGTON, June 13 (Reuters) - Charles Schwab Corp will pay $187 million to settle U.S. Securities and Exchange Commission (SEC) charges accusing three investment adviser subsidiaries of failing to disclose less profitable fund allocations and misleading robo-adviser clients, the agency said on Monday.

The SEC, the federal agency that regulates Wall Street, called Schwab's conduct egregious. The SEC has stepped up scrutiny of brokerages' use of robo-advisers and misleading disclosures to investors about returns.

"In entering the settlement, Schwab neither admits nor denies the allegations in the SEC's order. We believe resolving the matter in this way is in the best interests of our clients, company and stockholders as it allows us to remain focused on helping our clients invest for the future," a Schwab spokesperson said in a statement.

From March 2015 through November 2018, Schwab touted that its robo-adviser would seek "optimal returns" to investors, whereas in reality the brokerage's own data showed that under most market conditions the cash in the portfolios would cause clients to make less money even while taking on the same amount of risk, the SEC found.

The Texas-based company advertised the robo-adviser as having neither advisory nor hidden fees, but did not tell clients about this cash drag on their investment. In turn, Schwab made money from the cash allocations in the robo-adviser portfolios by sweeping the cash to its affiliate bank, loaning it out and then keeping the difference between the interest it earned on the loans and what it paid in interest to the robo-adviser clients, the SEC said.

"Schwab claimed that the amount of cash in its robo-adviser portfolios was decided by sophisticated economic algorithms meant to optimize its clients' returns when in reality it was decided by how much money the company wanted to make," SEC enforcement chief Gurbir Grewal said.

"Schwab's conduct was egregious and today's action sends a clear message to advisers that they need to be transparent with clients about hidden fees and how such fees affect clients' returns," Grewal added.

The SEC has also issued a range of rule proposals meant to boost investor disclosures, including one on digital engagement practices. 

(Reporting by Katanga Johnson in Washington; Editing by Jonathan Oatis, Will Dunham and Nick Zieminski)



Once Again China’s Pig Farmers Are Mired in Boom-Bust Cycle

Bloomberg News
Sun, June 12, 2022



(Bloomberg) -- Once every three to four years, hog farmers in the world’s largest producing country find themselves trapped in an unforgiving market that pushes some over-leveraged breeders to the brink of a debt crisis.

Jiangxi Zhengbang Technology Co., the second-largest hog supplier among Chinese listed companies in 2020, just reported 542 million yuan ($81 million) of overdue commercial bills, becoming the latest producer to show the financial stress of the boom-bust cycle. The nonpayment comes after it lost about three billion dollars since the start of last year as local hog prices halved.

“Zhengbang expanded its capacity too aggressively at the wrong time and found it hard to manage the situation when hog prices tumbled,” said Lin Guofa, head of research at consultancy Bric Agriculture Group.

With pork the most popular protein on Chinese tables, hog breeding can be very profitable with gross margins rising above 30% for some producers when there’s a shortage, driving farmers to expand capacity despite soaring costs. Still, even for the top producers, it’s not always easy to follow the right beat.

China’s top five listed hog breeders recorded more than 39 billion yuan of net losses last year alone. Zhengbang represented just under half of that, while Wens Foodstuffs Group contributed about a third. Other companies that posted losses included Tech-Bank Food Co. and New Hope Liuhe Co.

Tight liquidity is a common challenge in the industry. In Zhengbang’s case, a 1.6 billion yuan convertible bond maturing in 2026 is facing requests for early redemption this week. In addition, Tech-Bank Food told investors at the end of April that it was negotiating with a key supplier to delay some payments and that the top priority will be ensuring secure capital flows.

Zhengbang Technology sold about 5.5 million hogs back in 2018, when a long price slump hurt breeders, leading Chuying Agro-Pastoral Group for instance to default and offer to pay bondholders with ham. Chuying was eventually delisted from the stock market and its bondholders are yet to get their money back.

Just three years later, Zhengbang had almost tripled its output capacity to 15 million hogs with total assets doubling after the company built and leased more farms and increased the amount of livestock it was breeding.

Share Slump

Still, the expansion didn’t bring the intended good fortune, only trouble. The boom in hog prices after African swine fever devastated herds faded earlier than farmers expected. Zhengbang not only had to grapple with declining revenue, but it also booked losses from asset and inventory depreciation.

Zhengbang Technology’s shares slumped to the lowest intraday level since 2018 on Friday, but have since recovered some poise. The company did not reply to a Bloomberg email seeking comment on its debt issue.

In December, Zhengbang signed a debt-to-equity swap with the Jiangxi branch of China Cinda Asset Management Co., a leading distressed debt manager. And three months ago, a key Jiangxi state-owned company agreed to provide 5 billion yuan of financial support to Zhengbang Technology’s parent.

Despite those efforts, the company still had 40.7 billion yuan of liabilities on its balance sheet at the end of March, only just covered by its total assets, according to its financial report. While hog prices are now recovering, offering a chink of light, the future may hinge on whether it can obtain more cash from asset disposals and receive timely government support.

“Don’t be obsessed with pig prices and gamble over them,” said Lin from the Bric consultancy. “Focus on how to raise pigs more scientifically, on how to cut costs and optimize management. That’s the way to live through the cycle.”

(Updates to add industry liquidity concerns from sixth paragraph)
‘The IMF is evil’: Rich countries take aim at nations adopting crypto


Salvador Melendez/AP Photo

Ben Schreckinger
Mon, June 13, 2022

When Argentina’s central bank issued a de facto ban on trading digital assets, enraged cryptocurrency investors quickly fingered a culprit: As part of a bailout negotiation with the International Monetary Fund, the South American nation had recently promised to crack down on cryptocurrencies.

“The IMF is evil,” was one typical Twitter response to last month’s move, punctuated with an emoji of an extended middle finger.

Across four continents, tensions over the future of money have mounted in recent weeks. As Western investors and developing world leaders pursue new initiatives that encourage countries to adopt Bitcoin as an official currency — and the Central African Republic joins El Salvador in doing so — the stewards of the global financial system are increasingly pushing back.

At stake is whether the issuance and flow of money will be dominated by the central banks of the developed world or the rules coded into a new kind of software program invented 13 years ago.

Officials from the U.S., IMF, World Bank and the Bank for International Settlements argue that by adopting cryptocurrencies, nations could facilitate money laundering and undermine capital controls, while exposing their citizens to severe price volatility.

Dong He, Deputy Director of the IMF's Monetary and Capital Markets Department, said the prospect of a sudden drop in the price of Bitcoin — which has lost more than half its value since November — made it unsuitable as a national currency.

“What would happen to the tax revenue? What would happen to your obligations to spend on social services?” said He, who declined to address the anti-crypto provisions in Argentina’s letter to the fund. “This is a very risky proposition.”

Activists and investors who support such experiments argue that cryptocurrencies like Bitcoin offer an escape from rapidly inflating currencies in places like Argentina and Nigeria, while allowing poor countries to explore alternatives to a global financial framework that was designed to benefit rich countries.

They contend that the reservations of the world’s monetary stewards have less to do with protecting the well-being of citizens of the developing world than with preserving a system in which the central banks and governments of rich countries dominate the global monetary system.

“Bitcoin stands against everything the IMF stands for,” said Alex Gladstein, chief strategy officer of the Human Rights Foundation, an NGO that supports Bitcoin adoption. “It’s an outside money that’s beyond the control of these alphabet soup organizations.”

This spring, the scope of the long-simmering conflict has broadened, even as a steep fall in Bitcoin’s price has highlighted the risks of such experiments.

In April, the Central African Republic passed a law making it the second country in the world to adopt Bitcoin as a legal currency. The move has drawn opposition from the IMF and the World Bank, as well as the regional central bank that oversees the country’s existing currency, the central African CFA franc, which is pegged to the euro as part of a system overseen by France.

That body, the Bank of Central African States, has called on the Central African Republic to undo its Bitcoin law. It has also cracked down on cryptocurrency generally, issuing new rules that force financial institutions within its remit to cut ties with payments platforms that use the digital currencies.

But the small country has plowed ahead with its initiative, announcing plans to build a “Crypto Island” to attract international investment.

Meanwhile, in the first country to adopt Bitcoin as a currency, El Salvador, the initiative continues to exacerbate a broader rift with Western powers that has opened under the leadership its popular, autocratic president, Nayib Bukele.

In November, the U.S. chargé d’affaires in San Salvador, Jean Manes, said that the U.S. had put its relations with El Salvador on “pause,” citing anti-American rhetoric from the Bukele regime and a power grab that saw the dismissal of an attorney general and supreme court justices.

As Bukele has continued his authoritarian turn, the Bitcoin project has become a symbol of his defiance of international institutions.

In a statement provided by a spokesman, the State Department did not address a query about El Salvador specifically but urged caution on countries pursuing cryptocurrency adoption.

“We share the concerns expressed publicly by the IMF, the World Bank, and others that adopting a cryptocurrency as a legal tender raises a host of potential complications,” said the statement, which called on countries to comply with anti-money laundering and counter-terrorism standards when experimenting with cryptocurrencies. The statement also acknowledged the use of cryptocurrencies by human rights activists to evade financial controls in repressive regimes and its role in facilitating financial assistance to Ukraine.

A bipartisan duo of senators has lodged a more pointed response to El Salvador’s experiment. In February, citing concerns over sanctions evasion, Senate foreign relations chair Bob Menendez (D-N.J.) and ranking member Jim Risch (R-Idaho) introduced a bill, which remains under consideration, that would require the State Department to complete a report on the impact of the county’s Bitcoin law on the U.S. financial system.

But Bukele and the Bitcoin investors urging him on remain undeterred by the pushback.

In April, Samson Mow, a Canadian entrepreneur involved in El Salvador’s experiment, announced that he had raised $21 million to fund a new company — called JAN3, in honor of the date of Bitcoin’s launch — with the goal of bringing about “hyperbitcoinization,” or the replacement of existing national currencies with Bitcoin. Mow did not respond to requests for comment.

A few weeks later, Bukele used a pre-scheduled gathering of the Alliance for Financial Inclusion — a group of dozens of central banks and other policymaking bodies from the non-Western world — in San Salvador to showcase the country’s Bitcoin experiment and urge other nations to follow suit.

The Alliance for Financial Inclusion did not respond to requests for comment, though a press release on its website hints at the sensitive nature of the subject. The release announces that during the May gathering, members of the group visited El Zonte, a coastal area south of the capital that has earned the nickname “Bitcoin Beach,” to learn about the uses of cryptocurrency. But the release also recites a long list of concerns, like money laundering, that echoes the warnings of Western powers, and states, “adoption is not a possibility in the majority of countries.”

Undeterred by the setbacks that have marred the early phases of his own experiment, Bukele cast the gathering in a more momentous light. On Twitter, he bragged that it had brought together 44 nations. That would be same number the U.S. convened to overhaul global financial system at the Bretton Woods Conference in 1944.

Bukele’s posture is especially audacious because of his country’s precarious financial situation. Since last year, it has been seeking a $1.3 billion loan from the IMF, which in turn has called on El Salvador to strip Bitcoin of its legal tender status. Last month, the ratings agency Moody's downgraded the country’s sovereign debt as risk grew of a default. Such financial stress often forces countries to seek help from the IMF, but El Salvador’s experiment poses a potential obstacle.

“This is an incredible gamble with a nation’s money, and you can't at the same time come to the IMF and say, ‘We need your support,’” said Josh Lipsky, director of the Geoeconomics Center at the Atlantic Council, a Washington-based think tank. “You can do one, but you can’t do both.”

Even some of the world’s most outspoken Bitcoin advocates worry that the rush to make Bitcoin serve as a national currency could backfire. In recent years, Microstrategy CEO Michael Saylor has become a face of the Bitcoin phenomenon after buying billions of dollars worth of it for the treasury of his publicly traded software company. In April, he met with Argentina’s former president Mauricio Macri, to talk about the cryptocurrency.

In an interview, Saylor said national leaders who wanted to encourage adoption would face less blowback if they promote it as a vehicle for savings, rather than as a substitute for existing currencies.

“I wouldn’t try to change my medium of exchange. I would try to introduce Bitcoin as a store of value,” he said, calling the latter approach “a better evolutionary strategy that’s less likely to ruffle feathers.”

At a national level, the adoption of cryptocurrency has been most attractive to countries that lack their own sovereign currencies or suffer from runaway inflation.

El Salvador gave up its sovereign currency, the colón, in 2000, and adopted the U.S. dollar, losing its ability to pursue independent monetary policy in the process.

In February 2018, the Marshall Islands, a tiny republic in the equatorial Pacific that uses the U.S. dollar, passed a law authorizing the creation of a new sovereign cryptocurrency, the SOV, with a fixed growth rate of 4 percent. The IMF has repeatedly raised concerns about the initiative, citing volatility, financial integrity issues and a lack of reliable infrastructure to support a digital currency. The SOV has yet to be issued, and last month, the IMF reiterated its concerns about the project.

The Central African Republic also lacks direct control over monetary policy. Instead, it participates in a regional monetary union overseen by the Bank of Central African States, as part of a larger currency system, the CFA franc, designed by France after its former African colonies achieved independence. The system, which pegs the CFA franc to the euro and requires member countries to deposit much of their currency holdings in France, has provided currency stability but also been criticized as a neocolonial arrangement.

In Argentina, a runaway inflation rate that is now close to 60 percent has led citizens to embrace cryptocurrency. It also led President Alberto Fernández to openly toy with making Bitcoin legal tender before the government’s recent commitment to the IMF to crack down on cryptocurrency.

The IMF, whose work on cryptocurrency includes recent consultations with India on that country’s forthcoming policy framework, has called for a coordinated international government response to the rise of cryptocurrency. Though the fund has discouraged the use of a crypto network like Bitcoin as a currency, it has encouraged national central banks to explore the use of Bitcoin’s underlying blockchain technology for digital upgrades to their own sovereign currencies. A transition to central bank digital currencies, knowns as CBDCs, would be less disruptive to existing monetary arrangements than the changes sought by cryptocurrency backers.

On Tuesday, the Bank for International Settlements, an international body owned by the world’s central banks, launched its own latest salvo against cryptocurrency with a new report arguing that fragmentation in the world of cryptocurrency means that “crypto cannot fulfil the social role of money.”

Instead, the report called for updating the national and supranational currencies overseen by its members. “There is more promise,” it states, “in innovations that build on trust in sovereign currencies.”

In the meantime, the conflicts brewing between developing countries and global financial powers over digital money are also exposing the rifts within each.

In El Salvador, the rollout of Bitcoin last fall was met with street protests, and opposition leaders in the Central African Republic have panned the country’s new law.

There is disagreement, too, within the world’s reigning financial powers, about the appropriate role of cryptocurrency, if any, in the monetary system. U.S. global leadership on the subject remains tentative while a lively debate about the technology continues to play out in domestic politics.

In March, IMF deputy managing director Gita Gopinath, previously the fund’s chief economist, told the Financial Times that Western sanctions imposed in response to Russia’s invasion of Ukraine would likely lead to wider adoption of cryptocurrency as actors around the world sought alternatives to the established financial system. But last month, European Central Bank President Christine Lagarde, herself a former IMF chief, opined that cryptocurrencies are “worth nothing.”

Within individual institutions like the IMF, no single school of thought prevails. The pronouncements of the “the big honchos at the top” do not always reflect the views of rank-and-file staffers, many of whom have wholeheartedly embraced cryptocurrency, according to John Kiff, who left his job as a financial sector expert at the IMF last year and now works as a managing director of the newly formed CBDC Think Tank.

“In terms of what comes out in public under the IMF banner, it has to filter through the IMF management and not fly in the face of the board of directors, which is made up of the member countries,” he said. “Even if the Fund were somewhat anti-crypto, there’s people in the bowels like myself who are buying and selling crypto.”

Ben Schreckinger covers tech, finance and politics for POLITICO; he is an investor in cryptocurrency.
CRIMINAL CAPITALI$M
Google agrees to pay $118M in gender discrimination settlement



A sign on the Google campus in Mountain View.

By Cromwell Schubarth – TechFlash Editor, Silicon Valley Business Journal
Jun 13, 2022

Alphabet Inc.'s Google unit has agreed to pay $118 million to settle a lawsuit that claimed it had discriminated against women in pay and promotions.

The settlement in San Francisco Superior Court ends a lawuit brought in 2017 by three female former employees. It covers about 15,500 female employees in California who worked in 236 job titles after September 2013, according to plaintiffs’ lawyers in the case.

The three women who brought the suit said the Mountain View tech giant gave them lower-jobs than similarly qualified males and paid them less. They also said they had been denied the promotions or transitions to teams that would have better advanced their careers.

Google didn’t admit wrongdoing in the settlement, which needs to be approved by a judg
e.

"While we strongly believe in the equity of our policies and practices, after nearly five years of litigation, both sides agreed that resolution of the matter, without any admission or findings, was in the best interest of everyone, and we’re very pleased to reach this agreement," Google spokesman Chris Pappas told the Wall Street Journal.

As part of the settlement, the law firms representing the women said that Google has agreed to let third-party experts assess how it could improve its pay equity process and be fairer when establishing rank and pay for new hires. They said that the company will also let an external monitor assess whether it is following the experts’ recommendations.

The law firms representing the women are Lieff Cabraser Heimann & Bernstein LLP and Altshuler Berzon LLP. "I'm optimistic that the actions Google has agreed to take as part of this settlement will ensure more equity for women," Holly Pease, one of the plaintiffs in the case, said in the announcement of the agreement. She worked for more than 10 years at Google in a number of management roles.