Sunday, November 13, 2022

AUSTRALIA
Inquest told army helicopter started 2020 Canberra bushfires

The crew on an army helicopter that started Canberra’s devastating 2020 bushfires were landing for a toilet break when they inadvertently ignited the monster blaze.


The 2020 Orroral Valley bushfires were among a series of severe bushfires Australia has endured in recent years. Photo: AAP

Alex Mitchell Nov 14, 2022

An inquest began at the ACT Coroners Court on Monday with evidence from the man in command of the helicopter that started the fire.

An MRH-90 Taipan helicopter – codenamed ANGEL21 – was scouting remote helipads that could be used by outside firefighting teams on January 27, when its searchlight ignited the blaze in the Orroral Valley.

The inquest is focusing on the 45 minutes it took for the helicopter’s crew to alert the ACT Emergency Service Agency to the fire’s location.

The court was played a recording of communications on board the helicopter, which included the army major in charge – who cannot be named for legal reasons – asking if the crew could land to use the bathroom.

“Are we authorised to land in some of these areas for the guys to get out and have a piss?” he said.

They then landed at 1.38pm on a remote helipad that did not form part of their reconnaissance plans for the day.

The major admitted he hadn’t turned off the search light before landing, which the court heard can be as hot as 550 degrees Celsius.

He denied even knowing the light would be hot, telling the court he’d only ever been inside the helicopter when it was on.

The on-board tape recording continued and heard one passenger – another army member – yell, “Come up, come up, we’ve started a fire, turn the searchlight off”.

The helicopter was only stationary for around one minute.

It was heard one of the pilots made the decision to return to Canberra Airport and contacted them with a “pan-pan” distress call, which indicates urgency but no immediate threat to life.

Counsel assisting Kylie Nomchong told the court there’d been regular communications between ANGEL21 and air traffic control on the 17-minute flight to the airport, but added “at no time did anyone on board notify anyone of the fact they had ignited the fire or the location of the fire”.

She said one live issue of the inquiry was when or if the army advised emergency services they’d ignited the fire, the manner of the fire and co-ordinates of the fire.

The fire, which burned for five weeks, was declared out of control after 6pm when more than 1000 hectares were alight and would eventually grow to burn 87,923 hectares throughout the ACT.

ACT Chief Coroner Lorraine Walker opened proceedings by reminding the court the hearings were about learning how similar situations could be efficiently handled moving forward.

“We’re not here to crucify any individual or decision made in the heat of moment, or to undermine the vital relationship between the military and civilian authorities,” she said.

“We’re here to explore how we can learn from it with a view to enhancing everyone’s safety in the future.”

The inquiry is set to run until Friday.

– with AAP
CRIMINAL CAPITALI$M
Major banks to pay $126 million after dodgy insurance sales to customers

Major banks have been forced to cough up millions after selling customers insurance they didn't want.
 
Photo: TND

 Nov 14, 2022 


Up to one million ANZ, Westpac and Commonwealth Bank customers will share in settlements worth $126 million after being sold consumer credit insurance of little use.

Without admitting any wrongdoing over the sale of insurance when customers took out credit cards or personal loans, CBA has agreed to pay $50 million, ANZ $42 million and Westpac $29 million.

A $5 million payment is being made by QBE Insurance regarding policies sold in relation to ANZ products.

The settlements remain subject to court approval and follow similar action against National Australia Bank in 2019 which netted 50,000 customers $49.5 million.

Lawyers Slater and Gordon said many of the banks’ customers were unlikely to be able to make a claim because they were already unemployed or had pre-existing health conditions or disabilities.

Some never provided their consent to purchase the policies, were not informed that the insurance was optional, or were not told they would be charged for it.

Lead CBA plaintiff Kristy Fordham, from Queensland, was sold loan protection without requesting it despite not working at the time and suffering from serious health conditions, making her ineligible to claim.

“I believe the bank knew full well that we couldn’t benefit from their products, but they deliberately sold them to us anyway,” she said.

“We were all so vulnerable or else we wouldn’t have needed loans from them in the first place, yet they took advantage of that, in my opinion.”

Lead ANZ plaintiff Tracey Reilly, from Queensland, was sold ANZ Credit Card Protection policies without consenting, but when she came to make a claim was told she was ineligible because she had pre-existing symptoms that were later diagnosed as cancer.

“I’m glad this has been completed with a great result,” she said.

“Now at least people can have a portion of what they paid returned to them, as some people are going through a rough financial time, so every dollar will help.”

Lead Westpac plaintiff Roger Kemp, from Western Australia, could not recall taking out his Flexi Loan Repayment Protection insurance but was also ineligible when the opportunity came to make a claim.

Slater and Gordon said customers eligible for a share in the settlements would be contacted directly.

“Taking on the big banks was never going to be easy but we are pleased that we have been able to resolve these group proceedings and that eligible customers will benefit,” class actions senior associate Alex Blennerhassett said.


“Class actions are one way people can take on big corporations, including Australia’s Big Four banks.”

In statements the ANZ, the CBA and Westpac noted the settlements.

The ANZ stressed in a statement that the settlement was without admission of liability.

CBA said the case related to insurance sold between January 2010 and March 2018.

Westpac said the settlement was announced in its financial results this year and related to insurance sold before 2019.

– with AAP
AUSTRALIA
Medibank hackers release more data on dark web


Russian hackers have leaked more Medibank customers' sensitive information online. Photo: TND

Nov 14, 2022

Hackers behind the Medibank cyber attack have released more sensitive customer data, this time relating to mental health treatment.

The file was posted on the dark web on Monday, where the hackers have previously published data from Australia’s largest private health insurer.

It includes 500 records for people who have had diagnoses of mental illness, among other medical conditions.

The Russian criminals said they don’t plan to post more information until Friday, and will be watching Wednesday’s Medibank shareholder meeting closely.

“There is some more records for everybody to know,” they wrote in an update.

“We’ll announce, that next portion of data we’ll publish at Friday, bypassing this week completely in a hope something meaningful happened on Wednesday.”

Medibank chief executive David Koczkar apologised for the release of the sensitive information.

“We will continue to support all people who have been impacted by this crime through our Cyber Response Support Program,” he said.

“This includes mental health and wellbeing support, identity protection and financial hardship measures.”

A number of health and community organisations have called on major social media outlets to pull down posts that share the sensitive information.

Meanwhile, Medibank could face legal action over the data breach.

Law firm Maurice Blackburn confirmed it was reviewing whether customers affected by the hack could be entitled to compensation.

The firm’s principal lawyer Andrew Watson said the breach of data was one of the most serious seen in Australia.

“Companies that hold their customers’ sensitive health information have an important obligation to make sure that information is safeguarded, commensurate with the sensitivity of that data,” he said.

“Medibank have a heightened responsibility to put in place greater safeguards to secure the personal and health claim information it collected from its customers.”

Data including names, phones numbers, Medicare numbers and sensitive health information was taken by the hackers during the breach.

As the government looks for solutions to improve cyber security laws, Home Affairs Minister Clare O’Neil has flagged it could soon be illegal for companies to pay ransom demands to hackers should they be subject to a data breach.

“The way we’re thinking about the reform task … is a bunch of quick wins, things that we can do fast, and the standing up for the new police operation is one of those,” Ms O’Neil told the ABC’s Insiders on Sunday.

Federal police confirmed last week Russian hackers were behind the attack.

A 100 officer-strong, standing cybercrime operation targeting hackers will be led by the AFP and Australian Signals Directorate.

“We are offensively going to find these people, hunt them down and debilitate them before they can attack our country,” Ms O’Neil said.

– with AAP
Thousands of Mexicans take to the streets in protest over electoral reform plan


Mexico's president is facing backlash over his plans for the country's electoral agency. Photo: AAP

Tens of thousands have taken to the streets in Mexico to protest President Andres Manuel Lopez Obrador’s plan to overhaul the country’s electoral commission INE, fearing it will concentrate power in the hands of the government.

Mr Lopez Obrador, who put the plan forward in April, has long criticised the country’s electoral authorities, including accusing them of helping engineer his defeats when he ran for the presidency in 2006 and 2012.

He has said the reform would let citizens elect electoral authorities and reduce the influence of economic interests in politics.

It would also cut financing for political parties and limit advertising time.

Congress last week started discussing the plan.

It sparked widespread concerns the changes could foreshadow a power grab because it gives the president more control over the electoral systems.

In the past, Mr Lopez Obrador pursued contentious policies by pitching referendums – including on the cancellation of a part-built airport – to claim popular mandates for his objectives.

Protesters in Mexico City, many holding placards and banners or wearing t-shirts with slogans defending the INE, started at the Angel of Independence monument.

It gathered momentum during the day as protesters moved on Reforma Avenue towards the Monument to the Revolution.

A Reuters witness estimated tens of thousands of protesters had taken part while a police officer on Reforma who witnessed the march estimated 50,000.

Organisers put the number at hundreds of thousands but some political allies of Mr Lopez Obrador gave far lower estimates.

It is one of the biggest marches against Mr Lopez Obrador’s policies so far.

“Democracy in Mexico is in danger,” said Ana Lilia Moreno, an economist who attended the march.

“I hope that many young people – and even those who are normally not interested in politics – will attend, that they will value our institutions and will defend what our parents and grandparents built to mature politically.”

Protesters shared images from other cities on social media.

Mr Lopez Obrador posted a video message on his Twitter as he celebrated his 69th birthday – but did not address the protests.

His ruling Morena party and its allies would need a two-thirds majority in Congress to make changes to the constitution.

Currently, the party is short of that majority.
Corruption exposed: US meddled in Ecuador’s election, using Julian Assange as bargaining chip

A former minister of Ecuador testified that the US government conspired with a right-wing political party to run a disinformation campaign against the leftist Correísta movement, backing a millionaire banker for president in exchange for giving up journalist Julian Assange, who had asylum in the Ecuadorian embassy.


By Ben Norton
Nov 10, 2022
Ecuador's former President Rafael Correa, journalist Julian Assange, ex energy minister Carlos Pareja Yannuzzelli, and current President Guillermo Lasso (from left to right)


Ecuador’s former energy minister testified that the US government conspired with a right-wing political party to run a disinformation campaign against the leftist Correísta movement of ex President Rafael Correa.

He said that US “federal agents” pledged to help “influence” the 2017 presidential elections and support the candidacy of conservative millionaire banker Guillermo Lasso in exchange for the promise to turn over journalist Julian Assange, who had been given asylum by Correa and was stuck living for years in Ecuador’s embassy in London.



The former energy minister, Carlos Pareja Yannuzzelli, had fled a corruption investigation in Ecuador and was living as a fugitive from justice in the United States in late 2016 when he was offered large sums of money and US government protection in return for reading a carefully prepared “script” that made false accusations of corruption against Correa and his Vice President Jorge Glas, who was later imprisoned on highly dubious charges.

Pareja testified that the federal agents also coerced him into making false accusations against a US citizen, so they could justify their involvement in the Ecuadorian case. This led to the US citizen being arrested and imprisoned for three-and-a-half years.

Lasso ended up losing the 2017 election (before going on to win the 2021 election), but his victorious opponent, Lenín Moreno, later betrayed Assange anyway, letting British authorities raid the embassy, imprison the WikiLeaks journalist, and prepare to extradite him to the United States.


Ecuador’s former energy minister, Carlos Pareja Yannuzzelli, in 2016

The revelation of this extraordinary example of Washington meddling in another country’s election came from one of the top officials in Ecuador’s oil industry.

Carlos Pareja Yannuzzelli had served as head of the state-owned oil company Petroecuador, and later became Correa’s minister of hydrocarbons.

In 2016, Pareja was named in the Panama Papers leak of offshore bank accounts, and he was forced to step down as energy minister. In 2017, he was sentenced to several years in prison on charges that he used his position in the state oil industry to enrich himself and his friends.

The name Carlos Pareja Yannuzzelli has become practically synonymous with corruption in Ecuador, so much so that he is commonly referred to as “Capaya” (an abbreviation of his name).

On November 9, 2022, Correa published on Twitter a written testimony that Pareja had provided from prison in May 2019. The affidavit, which is signed by Pareja and includes his thumbprint, exposes the scandalous US government-backed plot to meddle in Ecuador’s 2017 presidential elections to hurt the left wing.


US intelligence-linked right-wing Ecuadorian politician uses corrupt US asset to accuse Correa of corruption

Rafael Correa shared the scandalous 2019 testimony in response to evidence-free accusations of corruption that Pareja Yannuzzelli made against the former president in a politicized hearing organized by the National Assembly’s auditing committee on November 9, 2022.

This committee is run by Fernando Villavicencio, a notorious right-wing Ecuadorian political operative who is closely linked to US intelligence agencies.

Today Villavicencio is a member of the National Assembly, but he first made his name as a high-profile opposition activist during Correa’s two presidential terms from 2007 to 2017.

Villavicencio was a key figure in the lawfare (judicial warfare) campaign against Correa. He ran a viciously anti-Correísta media outlet, which – with funding from the US government – consistently spread thinly sourced rumors of corruption about the leftist president.

In 2010, Villavicencio even played an important role in a failed coup attempt against Correa.

Villavicencio enjoyed a brief moment in the limelight in 2018, when he collaborated with British newspaper The Guardian in co-authoring a highly dubious smear piece against Julian Assange.

WikiLeaks adamantly insisted the article was false and created a legal fund to sue The Guardian.

In the tweet below, Villavicencio (on the right, with the glasses) boasts of working with The Guardian reporters Luke Harding and Dan Collins on the allegedly fake story:

By sharing Pareja’s incriminating 2019 affidavit on Twitter, Correa was highlighting Villavicencio’s hand behind the November 9, 2022 hearing, which clearly aimed to demonize the leftist former president and disparage Correísmo, which still remains the most popular political movement in Ecuador.
Ecuador’s ex energy minister details US-backed campaign to help the right wing in the 2017 elections

The devastating May 2019 affidavit demonstrates that Carlos Pareja Yannuzzelli (Capaya), who is still in prison on corruption charges, is a hired gun who will happily spread false claims to undermine Correísmo.

Capaya became a household name in Ecuador back in 2016, when he was serving as minister of hydrocarbons. In April of that year, international media outlets published the Panama Papers, a massive leak of information about offshore bank accounts.

Pareja Yannuzzelli’s name appeared in the Panama Papers, setting off a scandal in Ecuador. Correa was still president at the time, and in May, Capaya was forced to resign and was replaced with a new energy minister.

The Correa government immediately began investigating Capaya’s web of corruption, and found his family had stashed millions of dollars in bank accounts in Panama.

Yet while he was being investigated, Capaya managed to flee Ecuador in September.

Capaya opened his testimony noting that, by December 2016, he “was in the United States in a complicated situation.”

While in Miami, Florida, the Ecuadorian fugitive from justice was contacted by César Monge Ortega, the president of the right-wing political party CREO.

Ecuador’s current president, the conservative multimillionaire banker Guillermo Lasso, is a leader of CREO. Monge was one of Lasso’s closest allies, referred to in the Ecuadorian media as “the right hand of Guillermo Lasso.” He served as the president’s minister of government until Monge died from cancer in July 2021.


Ecuador’s minister of government and former CREO leader, César Monge Ortega, before his death in May 2021

Back in 2016, Monge asked Capaya to join a smear campaign against the presidential candidate who would represent the leftist Alianza País party in the upcoming 2017 elections, Correa’s former Vice President Lenín Moreno.

“He offered me an important sum of money and federal North American protection,” Capaya wrote.

At the time it was widely assumed, even by Correa himself, that Moreno would continue his socialist political program.

Moreno did run on a left-wing presidential campaign, but after entering office, he did a political 180. Moreno turned hard to the right, repressing, imprisoning, and exiling Correísta politicians.

He also stabbed Julian Assange in the back, reversing Correa’s pledge to protect the WikiLeaks publisher and renouncing the Ecuadorian citizenship that had been given to the journalist. In order to arrest Assange, Moreno even let British authorities violate his own country’s sovereignty by storming the embassy, which constitutes Ecuadorian territory under the Vienna Convention in international law.

Correísta politicians have alleged that Moreno was bribed and/or blackmailed by the US government, as he obediently fulfilled all of Washington’s foreign-policy goals, collaborating closely with the Donald Trump administration, removing Ecuador from the Bolivarian Alliance (ALBA) and Union of South American Nations (UNASUR), and even recognizing US-appointed coup leader Juan Guaidó in Venezuela.
Few people would have expected back during Ecuador’s presidential election in 2017 that Moreno would go on to govern like this. The country’s right-wing opposition was concerned that Lenín Moreno (who, after all, was named after the Russian revolutionary) would continue Correa’s leftist program.

So in December 2016, César Monge Ortega, the leader of Lasso’s right-wing CREO party, tried to recruit Carlos Pareja Yannuzzelli (Capaya) for the disinformation campaign against Correa, Moreno, and their Alianza País party.

Capaya wrote in his 2019 testimony that he initially declined the offer, but that Monge was persistent.

“Monge insisted to me that I could contact North American federal agents that were working with CREO for a long time, and they would provide me with protection and stability in the United States,” Capaya said.

“He assured me that the American Democratic Party was committed to backing Lasso’s presidential candidacy in exchange for Julian Assange, to expose his link with the current president of the United States,” Capaya continued.

This comment suggests that Democratic Party leadership had been convinced that US President Donald Trump was somehow connected to Assange, a baseless conspiracy theory that was fueled by Fernando Villavicencio’s extremely questionable report in The Guardian.

Capaya went on: “Finally, one day Monge visited me with [US] federal agents and together they guaranteed me protection in the United States in exchange for my participation in the smear campaign against Alianza País in order to influence the presidential elections in Ecuador in 2017.”


Ecuador’s current president, Guillermo Lasso

Capaya said that, after this in-person meeting with the US federal agents, he accepted their offer.

His role was to make outlandish accusations Correa (who was still president at the time), his government, and his party.

“They gave me a script created and prepared by Fernando Villavicencio, who according to Monge had been contracted by the party CREO,” Capaya said.

He continued: “They told me that in order for there to be an agreement, I had to follow the script to a T. To this end, we met various times in Miami between December 2016 and January 2017. These videos subsequently were made public on social media after February 2017.”

Capaya stressed that “a big part of the script” was dedicated to accusing Correa and his other Vice President Jorge Glas of corruption.

“They made me name third parties that I don’t know,” Capaya recalled. He wrote that the US “federal agents” heavily pressured him to name people such as Frank Roberto Chatburn Ripalda, a Miami-based financial advisor with dual US and Ecuadorian citizenship.

“Despite that I told them on more than one occasion that I never had any relation with him and that he was not being investigated or processed in Ecuador, they expressly told me that in order for there to be an agreement it was required to mention Chatburn, because he had US nationality and with that the federal agents could justify their participation and initiate actions against him in the United States,” Capaya said.

The US Justice Department subsequently charged Chatburn with money laundering and imprisoned him for three-and-a-half years.

Chatburn was not the only one who ended up burned by Washington.

Capaya concluded his testimony lamenting that Monge, his CREO party, and the US federal agents later abandoned him when Moreno won the presidential election.

They failed to fulfill their side of the promise. Capaya was later captured in Ecuador, and put behind bars, where he remains today.

Corrupt Ecuadorian official conspired with Miami-based oligarchs who stole millions from their people

Yet the scandal goes even deeper. Monge was not the only right-wing opposition figures whom Capaya was conspiring with.

As a fugitive from justice living in Miami in late 2016 and early 2017, Capaya also met with right-wing multimillionaire bankers from Ecuador’s notorious Isaías family.

The Isaías Brothers, William and Roberto, are ferociously anti-Correa oligarchs who fled their country of birth and moved to the United States, with millions of dollars of stolen money, during Ecuador’s economic crash of 1998 and 1999.

This massive crisis, known as the infamous “feriado bancario,” bankrupted millions of working-class Ecuadorians, depleting their savings by devaluing the national currency, the sucre, with runaway hyperinflation.

The banker who helped cause this meltdown had been affectionately known as Ecuador’s “super minister of the economy,” and had been lauded by the international financial press: none other than Guillermo Lasso, an ardent neoliberal Chicago Boy who now serves as president.

Lasso and his banker friends, who had held their illicit wealth in dollars, became millionaires thanks to the feriado bancario. Meanwhile, the sucre became so worthless that Ecuador surrendered its monetary sovereignty and adopted the US dollar as its official currency. This remains the case today.

From Miami, the Isaías Brothers have also used their stolen money to fund the campaigns of US politicians – both Republicans and Democrats – including Senators Marco Rubio and Bob Menendez, Congresswoman Ileana Ros-Lehtinen, and even former President Barack Obama.
IMF warns of ‘wave of debt crises’ coming in Global South, with war, interest rate hikes, overvalued dollar

The IMF said a “wave of debt crises” may be coming in the Global South, and “the global economy is headed for stormy waters,” due to war, rising US interest rates, and many currencies depreciating against the dollar.


By Ben Norton



The International Monetary Fund (IMF) has said a “wave of debt crises” may be coming in the Global South, and “the global economy is headed for stormy waters,” as the world faces a “geopolitical realignment” that will be “permanent.”

The US-dominated financial institution warned “the worst is yet to come,” as the depreciation of most currencies against the dollar and rising interest rates make it hard for both governments and companies to service their dollar-denominated debt.

The director of the IMF’s research department, Pierre‑Olivier Gourinchas, made these comments in a press briefing on October 11.

Countries comprising a third of the entire global economy are expected to contract in 2022 or 2023, he prognosticated.

“In short, the worst is yet to come; and for many people, 2023 will feel like a recession,” he said.

Gourinchas explained that “the energy crisis, especially in Europe, is not a transitory shock. The geopolitical realignment of energy supplies in the wake of the war is both broad and permanent.”

Furthermore, the rallying of the US dollar against most other currencies could fuel a global economic crisis, he warned.

“The strength of the dollar is also a major challenge. The dollar is now at its strongest since the early 2000s, mostly against advanced economies but also against emerging markets,” the top IMF researcher said.

He advised Global South nations to conserve “valuable foreign exchange reserves for when financial conditions really worsen,” cautioning, “as the global economy is headed for stormy waters, now is the time for emerging market policymakers to batten down the hatches.”

“Too many low‑income countries are close to or are already in debt distress. Progress toward orderly debt restructuring,” he said, “is urgently needed to avert a wave of sovereign debt crises. Time may soon run out.”

He acknowledged, “there is, effectively, a serious issue of debt restructuring that is needed for a number of especially low‑income countries.”

With the significant appreciation of the US dollar against many currencies, someone at the press conference asked the director of the IMF’s research department, “is it necessary or possible for us to have another Plaza Accord sometime down the road?”

The 1985 Plaza Accord was an agreement between the United States, Britain, France, Germany, and Japan to depreciate the dollar against their currencies. This led to an overvalued Japanese yen, fueling an asset bubble that popped in the 1990s. Japan’s economy has never really recovered from this crisis.


Gourinchas responded to the question stating:

The strength of the dollar is certainly putting a lot of strain on a number of countries. I mean, it works through two channels.

One, it is making the price of imported goods, which often are invoiced in dollars, higher. So that is increasing inflation pressures in other countries.

And then it is also tightening financial conditions. A lot of corporates or governments have dollar debt, and that becomes more expensive to service as the dollar appreciates.

Explaining why the dollar is rallying so much, Gourinchas identified the “fundamental forces” as Fed interest rates and the “energy crisis.”

“It is really the fact that the Federal Reserve has increased interest rates quite aggressively in 2022 so far — is expected to do more — compared to other countries,” he said.

“And it is also reflecting the energy crisis, that a lot of energy importers are impoverished by the high price of energy, and that is reflected in a weaker currency for them,” he added.

In the same press conference, the division chief of the IMF research department, Daniel Leigh, noted that, in Africa, “the higher interest rates, low growth means that two‑thirds of the countries in the region are facing stress or debt distress.”

Leigh warned that they must “avoid the debt crisis from spreading.”

The mainstream financial press has been sounding similar alarm bells.

A market analyst for Reuters, John Kemp, wrote that the “risks to other economies from inflation and rising interest rates in the core have been understood by policymakers and investors for decades.”

He added, “But as long as the Fed’s mandate requires it to focus exclusively on domestic inflation and employment, ignoring international spillovers, and the dollar remains the main reserve currency, rising rates in the United States will continue triggering instability elsewhere.”
Geopolitical economist Radhika Desai argues today is not like the Volcker shock of the 1980s

Multipolarista editor Ben Norton discussed the comments made in this IMF press conference with geopolitical economist Radhika Desai.

She argued the global economic and political situation today is not like the “Volcker Shock” of the 1980s, when persistent stagflation in the United States led Federal Reserve chair Paul Volcker to substantially raise interest rates, resulting in a highly overvalued dollar.

“I think we are a very long way away from a 1980s-style crisis,” Desai said.

“Some countries will definitely face a a financial crises,” she argued, but “the situation is very different, and the context is very different.”

In the Volcker shock, Fed interest rates went to nearly 20%, Desai pointed out, but today many economists do not expect it to surpass 5%.

Desai also stressed that, despite interest rate hikes up to roughly 4% as of November 2022, the real Fed rate is still technically negative, because inflation is larger than the federal funds rate.



“We are not there. And the reason that can be summed up in a single word… financialization,” she said.

“When Paul Volcker did what he did, he didn’t have to worry about the huge mountain of debt, and speculative asset markets, and so on, which were all reliant on a long regime of low interest rates,” Desai argued.

She also noted that today’s Fed interest rate still “remain short of the peak that they reached in the early 2000s, the peak at which they burst the housing and mortgage credit bubbles.”

Current Federal Reserve chair Jerome Powell knows that “he cannot take interest rates above a certain amount, because it would bring the entire [financial] house of cards crashing down,” Desai said.

She argued:


The Federal Reserve always uses inflation rates and unemployment rates to justify its policy decisions as though it is making policy in the interest of ordinary Americans, and even the world.

But in reality, the main thing that the Federal Reserve, in a long string of chair people of the Federal Reserve, going back to at least Alan Greenspan, what they have been primarily concerned about is the vast quantity of elite wealth that rests on said house of cards.

They will not bring it down, because who pays the piper calls the tune.

And we extol it [the Fed] as an “independent” central bank. In reality, it is only independent of ordinary people’s interests. It is completely dependent on the elites. And so they are not going to do anything to destabilize elite wealth.

And already we are seeing the Federal Reserve basically making noises about how they cannot allow interest rates to go very high.

Desai continued:

There will probably be a lot of debt crises, because some countries are far more vulnerable than others. But in this context we will also see something else.

We will see increasing contestations between the Western world and China, where the Western world will constantly accuse China of being responsible for the developing countries’ debt crisis. And there will be a tug of war between the Western powers in China, as to, if there is a debt crisis, who will be paid back first.

So we are going to see all of these shenanigans. But underlying all of them, what we will also see is increasingly a move away, for all the countries which can do it, will try to move away from borrowing from what Michael Hudson and I have called the dollar creditocracy.

Because it is precisely this dollar creditocracy which is subject to such volatility, that you cannot borrow with any security that you will be paying back only what you agreed to pay back, rather than some insane amounts, simply because the Federal Reserve decides to raise interest rates, or simply because speculators decide to leave your currency and your country and go somewhere else.

So the world needs a more secure financial system. And for the last 70 years and more, the world has been prevented from having the international financial system it really needs, that would really promote development, because the United States has wanted to impose its own will and its own currency on the rest of the world.


Is it time to bring back COVID-19 mask rules? Provinces lag, but chances of infection 'really high right now,' experts say

Abhya Adlakha
·Editor, Yahoo News Canada
November 2, 2022·

In the wake of a new COVID-19 surge and a shocking flu season, many are wondering and debating whether it is time to bring back mask mandates. However, misinformation online and the lack of a coordinated public health response has left people confused about the right course of action.

Alberta’s Premier Danielle Smith said last week that she will not permit any further masking mandates of children in schools following a court ruling on the government’s decision to drop and block those mandates.

Despite a recent Canada-wide surge in respiratory viruses, flu, and COVID-19, Smith said that masking has a “detrimental effect” on the mental health of children.


"The detrimental effects of masking on the mental health, development and education of children in classroom settings is well understood, and we must turn the page on what has been an extremely difficult time for children, along with their parents and teachers."

But many public health experts in provinces such as Ontario and British Columbia are still maintaining their position that masking in indoor spaces with huge crowds provides vital protection from COVID-19.

What the experts and provinces are saying

The former head of Ontario’s COVID-19 science advisory, Dr. Fahad Razak, recently said that it’s time to bring back mask mandates as Ontario is seeing a surge in the new BQ.1 and BQ1.1 Omicron subvariants in the province.


Dr. Razak, an internist at St. Michael’s Hospital, also said that the health system is under immense strain that’s normally seen at the peak of a bad flu season.

“Personally, I would say that the criteria to require something like a mask mandate is clearly here,” said Razak, an internist at St. Michael's Hospital.

“For anyone who says, 'Let's not do that,' I would ask, 'What is the alternative at this point? How do we keep the system that has so little capacity, how do we get it to continue to run over the winter?”




Ontario health staffing crisis goes beyond nurses, doctors, says union

There's a staffing crisis for all health professionals — not just nurses and doctors — in Ontario, says Sara Labelle, chair of the hospital professionals division of the Ontario Public Service Employees Union.

According to UofT Associate Professor Dr. Tara Moriarty, the Canadian COVID Hazard Index released last Friday shows that traces of COVID in wastewater across Canada has increased nearly three-fold in the last two weeks.

Moriarty says this data shows that the number of people in Canada infected currently is 18 times higher than people infected last year at the same time.

"It means that about 1 in every 24 to 1 in every 34 people in Canada are currently infected," she said.

 


"This is why it's so important not just to wear masks, but also to avoid crowded indoor settings....for everyone. Your chances of picking up COVID are really high right now," she writes in her latest tweet. "Also, even if you're not worried about catching COVID yourself, about half of people in Canada are medically at higher risk from COVID, due to age or underlying health conditions. Or they live with someone who is," she added

University of Toronto Associate Professor and an expert in paediatrics and expert diseases Anna Banerji agrees that due to the high cases of respiratory viruses and hospitals being overwhelmed, it would be the right course of action to bring masks back.

"Yes, definitely yes," she wrote in an email to Yahoo News Canada.

All experts unanimously agree that masking combined with bivalent booster shots can help bring the cases down and relieve the pressure on hospitals.

Public health advisory on the official on the City of Toronto website also advised that staying up to vaccines and wearing a high quality, well-fitted mask can decrease the spread of COVID-19 and the flu.

'Respiratory Spread Guide' notice sent by the city:

We can layer our protection against COVID-19 and respiratory viruses with some simple steps:

Stay up-to-date with your vaccinations including a fall COVID-19 booster and flu vaccine when eligible for the best protection against getting very sick from COVID-19 and influenza.

Socialize outdoors when possible – outdoors is lower risk than indoors.

Wear a high quality, well-fitting mask, especially indoors, and based on the setting and situation. Masks are strongly recommended in indoor public settings, and especially if you are around people who are at higher risk or have a health condition.

Stay home if you are sick or have symptoms, even if they are mild.

If you have symptoms, get tested for COVID-19 and treatment if you are eligible.

Wash or sanitize your hands often, etc.

The Ontario healthcare system under immense pressure

According to latest reports, emergency rooms across the province have had to close for hours due to pressure. Doctors believe that the recent increase in COVID-19 admissions and flu admissions have created the "perfect storm" in hospitals—with wait times up to 20 hours or more.

According to the official Health Canada website, more than 21,000 cases of COVID-19 were reported last week across the country.

The Canada COVID Hazard Index also states around 7,000 people were admitted to hospitals with COVID in the last week across Canada. The data shows that in an already-overwhelmed system, 12 per cent of hospital beds are unavailable due to COVID-19 patients.

Moriarty also pointed out that although we hear COVID is getting better, the statistics say otherwise.

"COVID hospitalizations last week were 6,962. However, the average weekly COVID hospitalizations in Canada since COVID started has been 3,032. This data clearly shows that there were twice the number of COVID hospitalizations this week in Canada than there have been during all of the epidemic in Canada to date," she said.

"Even if you draw the distinction between patients who got admitted who had COVID already (the "with" cases) and patients who got admitted because of COVID (the "from" cases), we still get a number that is 1.7 times higher than what we've seen before," she adds.



Leaked report shows Ontario emergency room wait times are worsening


The Ford government is facing new questions about the state of Ontario’s health care system after a leaked report shows emergency room wait times are worsening, leaving more people being treated in the hallways of provincial hospitals. Colin D’Mello reports

Many ER's are reporting high patient volumes and long wait times, with children's hospitals in particular reporting high demand.

University of Toronto professor and epidemiologist Dr. David Fisman recently posted a memo sent out by McMaster Children's Hospital (MCH) on Twitter.



The memo clearly states that inpatient occupancy is nearing 135 per cent and that the critical care and emergency department are facing "extreme challenges".

As a result, MCH is adopting various mitigation measures—effective Nov. 4—such as reducing the number of pedriatric surgical same-day admits to only one case per day.

The hospital is asking for volunteers across all MCH programs to assist teams at the hospital and they're looking into examining the transfer of youth and adolescents to other hospitals under Hamilton Health Sciences (HHS).

Two days ago, Fisman released another crucial UHN memo on Twitter that mentioned that the Toronto General Hospital is under Critical Care Bed Alert, which means that the CVICU, CICU, and MSICU have all reached their total bed capacity.

The memo also mentioned that the hospital has limited people to safely keep all the physical critical care beds open and running.

UHN told its staff to "avoid" accepting admissions from another hospitals that require a critical bed and to stop sending patients to the emergency department.



Recently, officials with CHEO, eastern Ontario's children's hospital in Ottawa, painted a stark picture of its emergency room as they said the last few months have been the busiest in the hospital's history.

The hospital is functioning well over-capacity with pediatric units seeing 134 per cent occupancy while pediatric intensive care sits at 124 per cent. The emergency department averages 229 patient visits a day while it's built for 150, said CHEO President and CEO Alex Munter.

Moreover, earlier last week, Toronto's Hospital for Sick Children reported wait times of up to 12 hours due to unseasonably high patient volumes.

Experts try to raise awareness and battle misinformation online

With files from The Canadian Press
Canada’s winter forecast: It’s been 20 years since meteorologists have seen a weather pattern like this

CANADA-WEATHER/
One person shovels snow away from a vehicle while another crosses an empty street as a snowstorm arrives in Winnipeg, Manitoba, Canada April 13, 2022


A lone man walks through falling snow as a snowstorm arrives in Winnipeg, Manitoba, Canada April 13, 2022. 


A woman shovels snow from an empty street as a snowstorm enters its second day in Winnipeg, Manitoba, Canada April 14, 2022. 



Little girl looks out the window during a snow day in the winter
Cavan Images via Getty Images

Snowy mountains over field and icy roads
Jacobs Stock Photography Ltd via Getty Images

Strong Winds Caused Blizzard Like Conditions In Toronto
Strong wind gusts of 80km to 90km per hour caused blowing snow and blizzard like conditions in Toronto, Ontario, Canada, on February 19, 2022.

 (Photo by Creative Touch Imaging Ltd./NurPhoto via Getty Images)

Elisabetta Bianchini
Thu, November 3, 2022 

For the third year in a row, Canada's winter weather forecast is being dominated by the La Niña phenomenon, where some Canadians will see a stormy weather pattern, while others will likely be saving some money on their heating bill this winter, according to AccuWeather.

“Cold concentrated in the Prairies, mild in the East, stormy in the West,” Brett Anderson, senior meteorologist with AccuWeather told Yahoo Canada.

“We're looking at the third straight La Niña winter, it's been over 20 years since that's happened, so this is quite unusual to have three in a row like this. La Niña is the abnormal cooling of the surface water in the Pacific Ocean, along the equator, and when we have that, it alters the jet stream pattern across North America.”

AccuWeather's Canada Winter Forecast 2022-2023

Stormy weather in British Columbia, coldest temperatures in the Prairies


The main story for people in British Columbia this winter is to expect a stormy season in some areas of the province.

“Typically when we have a lot of La Niña, usually we have one main storm track coming in off the Pacific Ocean, typically directed into British Columbia, thus we usually predict above normal rain and snow across western Canada, particularly British Columbia,” Anderson explained. “Then what typically happens is the jet stream turns southward into the central United States, so that allows most of the cold air from the Arctic to dump southward through the Prairie region.”

“I think we're going to be dealing with numerous storms into the Canadian Rockies, even the coastal mountains of British Columbia. I think those areas are going to see a good amount of snowfall this winter, which is great for skiers and snowboarders… We are going with the idea of a colder winter across much of the Prairies and then the jet stream usually comes back up across the Great Lakes, and again the jet stream is typically the path where we see most of our storm.”


AccuWeather's Canada Winter Forecast 2022-2023

Ontario gets a break from the cold temperatures

Looking at Ontario and Quebec, a significant part of the area will see a notable amount of rain and snow, with a mix of mild temperatures.

“We are predicting above normal rain and snow for a good part of Ontario and northern Quebec this winter,” Anderson said. “I don't think it's a cold winter, I think temperatures are going to be above normal much of the winter.”

“You're going to still get some cold air, no question about it, but it's not going to be the type of cold where it's going to lock in for an extended period of time... There'll be opportunities for natural snow [but] with a lack of sustained cold and higher humidity, probably not a great season for snowmaking, but we're going to be more dependent on the natural snow.”

Anderson also identified that it is going to be a cloudier winter for the area.

“With the storm track nearby, the temperatures will be mostly above normal during the nighttime hours, because when you have more clouds, clouds act as a blanket, traps heat close to the ground,” Anderson said. "The nights are not going to be nearly as cold as what they typically can be during the wintertime."

"With more clouds during the day, daytime temperatures will probably be averaging closer normal, if not a little bit above normal, but we'll see the greatest departures certainly during the nighttime hours with more clouds expected.”


AccuWeather's Canada Winter Forecast 2022-2023

Atlantic Canada should 'keep their guard' for second half of the winter season


The AccuWeather winter forecast paints a picture that looks like Canadians in Atlantic Canada will likely save some money on their heating bills this year, but that doesn't mean snow is out of the question.

“We're going above normal temperatures across much of the East for this winter, however that doesn't mean there can't be snow," Anderson said. "Through the interior maritimes, especially later in the winter, I think they'll see their opportunities, probably mostly in February and March across Atlantic Canada.”

“That type of flow pattern with the jet coming in from the southwest, that kind of cuts off most of the Arctic invasions,...that opens the door to milder intrusions across much of eastern Canada and also Atlantic Canada.”

AccuWeather is urging Canadians in Atlantic Canada to "keep their guard up" for the second half of the winter season for possible storms.
UN climate talks reach halftime with key issues unresolved


Sat, November 12, 2022 



SHARM EL-SHEIKH, Egypt (AP) — It's half-way time at the U.N. climate talks in Egypt, with negotiators still working on draft agreements before ministers arrive next week to push for a substantial deal to fight climate change.

The two-week meeting in Sharm el-Sheikh started with strong appeals from world leaders for greater efforts to curb greenhouse gas emissions and help poor nations cope with global warming.

Scientists say the amount of greenhouse gases being pumped into the atmosphere needs to be halved by 2030 to meet the goals of the Paris climate accord. The 2015 pact set a target of ideally limiting temperature rise to 1.5 degrees Celsius (2.7 degrees Fahrenheit) by the end of the century, but left it up to countries to decide how they want to do so.

Here is a look at the main issues on the table at the COP27 talks:

WHAT ABOUT THE U.S. AND CHINA?

The top U.S. negotiator suggested that a planned meeting Monday between U.S. President Joe Biden and President Xi Jinping of China on the sideline of the Group of 20 meeting in Bali could also provide an important signal for the climate talks as they go into the home stretch.

With impacts from climate change already felt across the globe, there's been a push for rich polluters to stump up more cash to help developing countries shift to clean energy and adapt to global warming; increasingly there are also calls for compensation to pay for climate-related losses.

China is the biggest polluter by far right now, but the U.S. has the most historical pollution over time.

KEEPING COOL

A group of major emerging countries that includes oil-and-gas exporting nations has pushed back against explicit references to keeping the target of limiting global warming to under 1.5 degrees Celsius. Egypt, which is chairing the talks, convened a three-hour meeting Saturday in which the issue was raised several times.

“1.5 is a substantive issue,” said Wael Aboulmagd, a senior Egyptian negotiator, adding that it was “not just China” which had raised questions about the language used to refer to the target. Still, he was hopeful of finding a way of securing a “maximum possible advance” on reducing emissions by the meeting's close.

CUTTING EMISSIONS

Negotiators are trying to put together a mitigation program that would capture the different measures countries have committed to in order to reduce emissions, including for specific sectors like energy and transport. Many of these pledges are not formally part of the U.N. process, meaning they cannot easily be scrutinized at the annual meeting. A draft agreement circulated early Saturday had more than 200 square brackets, meaning large sections were still unresolved. Some countries want the plan to be valid only for one year, while others say a longer-term roadmap is needed. Expect fireworks in the days ahead.

US-CHINA RELATIONS

While all countries are equal at the U.N. meeting, in practice little gets done without the approval of the world's two biggest emitters, China and the United States. Beijing canceled formal dialogue on climate following Speaker Nancy Pelosi's visit to Taiwan and relations have been frosty since. U.S. climate envoy John Kerry said Saturday that he had only held informal discussions with his Chinese counterpart Xie Zhenhua lately. “I think we’re both waiting to see how things go with the G-20 and hopefully we can return,” he told reporters.

SHUNNING FOSSIL FUELS

Last year's meeting almost collapsed over a demand for the final agreement to state that coal should be phased out. In the end, countries agreed on several loopholes, and there are concerns among climate activists that negotiators from nations which are heavily dependent on fossil fuels might try to roll back previous commitments.

MONEY MATTERS

Rich countries have fallen short on a pledge to mobilize $100 billion a year by 2020 in climate financing for poor nations. This has opened up a rift of distrust that negotiators are hoping to close with fresh pledges. But needs are growing and a new, higher target needs to be set from 2025 onward.

Aminath Shauna, the environment minister of the Maldives, said her island nation conservatively estimates that it will need $8 billion for coastal adaptation. And even that may not be enough, if sea levels rise too much. “It is very disheartening to see that it may be too late for the Maldives, but we still need to address (the issue of finance),” she said.

COMPENSATION

The subject of climate compensation was once considered taboo, due to concerns from rich countries that they might be on the hook for vast sums. But intense pressure from developing countries forced the issue of “loss and damage” onto the formal agenda at the talks for the first time this year. Whether there will be a deal to promote further technical work or the creation of an actual fund remains to be seen.

John Kerry said the United States is hopeful of getting an agreement “before 2024” but suggested this might not come to pass in Egypt. But he made it clear where the U.S. red line lies for Washington: ”The United States and many other countries will not establish some ... legal structure that is a tied to compensation or liability." That doesn't mean money won't flow, eventually. But it might be branded as aid, tied into existing funds and require contributions from all major emitters if it's to pass.

MORE DONORS

One way to raise additional cash and resolve the thorny issue of polluter payment would be for those countries that have seen an economic boom in the past three decades to step up. The focus is chiefly on China, the world’s biggest emitter, but others could be asked to open their purses too.

SIDE DEALS

Last year's meeting saw a raft of agreements signed which weren't formally part of the talks. Some have also been unveiled in Egypt, though hopes for a series of announcements on Just Transition Partnerships — where developed countries help poorer nations wean themselves off fossil fuels — aren't likely to bear fruit until after COP27.

HOPE TILL THE END

Jennifer Morgan, a former head of Greenpeace who recently became Germany's climate envoy, called the talks this year “challenging.”

“But I can promise you we will be working until the very last second to ensure that we can reach an ambitious and equitable outcome,” she said. “We are reaching for the stars while keeping our feet on the ground.”

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Frank Jordans, The Associated Press