Dec. 18, 2020- Unemployment Rising, Evictions, Mortgages Crisis Brewing, Small Business Collapsing: America’s Economy

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Report: Sudan revokes citizenship of former Hamas leader Khaled Mashaal

Sudan has revoked the citizenship of former Hamas leader Khaled Mashaal and some 3,000 other foreign nationals, Arab media sources reported on Wednesday. The move comes after the United States formally removed Sudan from a blacklist of state-sponsors of terrorism on Monday, less than two months after the African country reportedly agreed to normalize relations with Israel. Mashaal, 64, stepped down as Hamas chief in 2017, and has been living in exile for over three decades in numerous Arab states including Jordan and Syria for fear of Israeli assassination. In late 2019 it was reported that he was mulling a political comeback. The bid was said to be supported by Qatar, where he resides, and Turkey, which offers top Hamas officials a safe haven in Istanbul.
Dec. 17, 2020

Right livid with Gantz saying Jerusalem has ‘room’ for Palestinian capital

Prominent figures on Israel’s Right are furious with Defense Minister and Blue and White leader Benny Gantz for saying in an interview to the Saudi news outlet Asharq Al-Awsat, published Thursday, that he did not envision full regional peace without the Palestinians and that Jerusalem had enough room to include the capital of a future Palestinian state. When asked about the status of Jerusalem, Gantz was quoted saying, “Jerusalem must remain united, but it will include a place for a Palestinian capital. It is a very big city and full of places sacred to us all.” Jerusalem Affairs and Heritage Minister Rafi Peretz (Habayit Hayehudi) said in a Twitter post that “United Jerusalem is the eternal capital of the Jewish people, not the capital of anyone else. This is where our forefathers walked and this is where we were created. Gantz, I know you enough to know you believe that, too.” Gantz, a former IDF chief of staff, was also criticized by the movement Habitchonistim, comprised of former military officials, which issued a statement calling on him to resign and take back his remarks.
Dec. 17, 2020

Netanyahu, Gantz aides negotiate as Knesset barrels toward election

Prime Minister Benjamin Netanyahu canceled Sunday’s cabinet meeting, eliminating one of the last possible opportunities to avoid an election being called next week. Yet Hod Betzer, a top aide to Defense Minister Benny Gantz, and Yaakov Atrakchi, an attorney close to Netanyahu, attempted to negotiate a compromise to stave off the election. If the Knesset does not pass the 2020 budget by 12:00 a.m. on Wednesday, December 23, the legislature will automatically be dispersed, launching a new election. At this point, that is the most likely scenario.
***See also ETRM Dec. 2 report 
MKs approve preliminary vote to dissolve Knesset 
Dec. 18, 2020

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Turkey has evacuated seven Syrian military posts – report

Turkish forces resume heavy attack on key town in northern Syria

Turkey has evacuated seven military observation posts in northwest Syria, pulling back troops from territory controlled by the Syrian government to areas held by insurgents and Turkey-backed rebels, a Turkish source said on Friday. Turkey had set up a dozen military posts in the region in 2018 as part of an ill-fated deal it reached with Russia and Iran to calm fighting between Syrian government troops and rebels. Several Turkish military posts were surrounded last year by the Russian-backed Syrian government forces. Turkey vowed at the time to maintain its presence at all of them but it started withdrawing in October. The source, who requested anonymity, said the last of the evacuations was completed on Thursday night, and the forces were being redeployed within territory controlled by the Ankara-backed forces under an understanding reached with Russia.
****This may possibly be part of a larger agreement made with Russia regarding the Nagorno-Karabakh cease fire
Dec. 18, 2020

Rocket Attack Hits US Base in Oil Field in Northeastern Syria

Iran demands immediate withdrawal of US forces inside Syria

Late on December 17, a rocket attack targeted a U.S.-led coalition base in one of northeastern Syria’s largest oil fields. Local sources said several rockets struck the base at the al-Omar oil fields in the late hours of the night. The rockets landed as a U.S.-led coalition convoy was entering the oil fields. No casualties or material losses have been reported, thus far. Following the rocket attack, U.S. forces carried out a combing operation in a graveyard next to the oil fields. Coalition fighter jets and attack helicopters backed the operation.
Dec. 18, 2020

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Iran builds at underground nuclear facility amid US tensions

With arms embargo lifted, Iran races to upgrade its arsenal

Iran’s Global Terror Network Lurks Behind its Threats of Vengeance

Iran has begun construction on a site at its underground nuclear facility at Fordo amid tensions with the US over its atomic program, satellite photos obtained Friday by The Associated Press show. Iran has not publicly acknowledged any new construction at Fordo, whose discovery by the West in 2009 came in an earlier round of brinkmanship before world powers struck the 2015 nuclear deal with Tehran. While the purpose of the building remains unclear, any work at Fordo likely will trigger new concern in the waning days of the Trump administration before the inauguration of President-elect Joe Biden.  Meanwhile, Iran plans on buying advanced military systems, including armed drones, air defense systems, fighter jets and tanks, Iranian Defense Minister Gen. Amir Hatami told local media Wednesday. Hatami noted that Iran entered negotiations “with several countries” even before the arms embargo was lifted earlier this year, adding that the talks were now in their “advanced stages.” Tehran is also in talks to sell several domestically produced weapon systems, including anti-tank missile systems, he said.
***Please see ETRM Dec. 9 report of this news:
Satellite imagery shows Iran’s nuclear program is going underground 
Dec. 18, 2020

Bomb Kills 15 Civilians in Eastern Afghanistan

Officials in Afghanistan say a bomb explosion Friday killed at least 15 civilians, most of them children, in eastern Ghazni province. Afghan Interior Ministry spokesman Tariq Arian said that explosives were packed in a three-wheel rickshaw, parked near a ceremony in Gilan district, where the Muslim holy book Quran was being recited at the time. The powerful blast also wounded at least 20 people, he added. Most of the victims of Friday’s blast were said to be under 18 years old. It was not immediately known who placed the rickshaw near the event. But the Taliban, which controls large parts of Ghazni, asserted that the blast was caused by “unexploded ordnance” and 12 children were among those killed. The insurgent group said in a statement the victims were “selling unexploded shells” when the incident occurred.
Dec. 18, 2020

 

 

 

 

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US Unemployed Rising, Evictions, Mortgages Crisis Brewing, Small Business Collapsing: Economic Consequences of a 2nd ‘Mitigation’ Bill

Former Goldman CFO Calls For Universal Basic Income “To Stave Off Revolution”

As of mid-December 2020 the US economy has begun showing increasing signs of an exceptionally weak 4th quarter, October-December, growth. After having collapsed -10.5% in the March-June 2020 period, followed by a partial ‘rebound’ (not sustained recovery) in the 3rd quarter, July-September 2020, the economy is now slowing rapidly once againDismal reports of consumer and especially retail sales in October-November appear driving the slowing growth—in turn driven by rising unemployment claims, a growing number of permanent layoffs by large businesses as the economy structurally changes long term, and, shorter term, by a sharp rise in Covid deaths, infections, and consequent partial shutdown of the services sector of the US economy throughout the US. This scenario and trends has pushed more economists, mainstream included, to predict an even sharper 1st quarter 2021, contraction in the economy. Even a normally conservative forecast source like JPM Chase Bank’s research has raised the likelihood of a bona fide 2nd contraction of the US economy early next year—i.e. a ‘double dip’ recession, that this writer has been predicting since last March 2020. The failure of both parties in Congress to pass a fiscal stimulus bill as late as mid-December 2020 has exacerbated the slowing economy and likelihood of a further contraction.
Dec. 17, 2020

 

 

 

 

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Waiting For The Other Shoe To Drop…

Why Post-Coronavirus America Will Have Massive Poverty

On Thursday we learned that the number of initial claims for unemployment benefits last week was the highest in four months… The US job market continues to suffer, and Thursday brought more bad news. Another 885,000 people filed for first-time unemployment benefits last week — an increase from the week prior and higher than the 800,000 claims that economists were expecting. To put this in perspective, the previous all-time record prior to 2020 was just 695,000, and that old record was set all the way back in 1982. In addition, the number of Americans that are collecting unemployment aid from two major federal programs is also on the rise again… The number of jobless people who are collecting aid from one of the two federal extended-benefit programs – the Pandemic Unemployment Assistance program, which offers coverage to gig workers and others who don´t qualify for traditional benefits – surged to 9.2 million from 8.6 million for the week that ended Nov. 28. Major companies keep laying off more workers at an astounding pace. For example, on Thursday we learned that Coca-Cola will be eliminating 12 percent of their entire U.S. workforce… Meanwhile, Congress is getting close to approving yet another “stimulus package”, and the Federal Reserve is promising to do whatever it takes to support the financial markets. Trillions upon trillions of dollars are being slammed into the system, and as a result M2 is up more than 60 percent so far this year. In other words, our money supply has been increasing at an almost vertical rate in 2020. Other industrialized nations have also been flooding their systems with new money, and this is really starting to drive up food prices all over the globe.
Dec. 17, 2020

 

 

 

 

 

 

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IMF Says Universal Central Bank Digital Currency Could Reshape Future of Global Payments

Visa Proposes Method for Offline Digital Currency Payments

The IMF says a universally-accepted central bank digital currency (CBDC) could radically transform the status quo of the global payments and financial system. In a new paper on the reserve currency landscape, the IMF highlights emerging trends in CBDC development and says a universal digital currency could benefit governments and consumers alike. “Recently, the idea of a universal CBDC has also gained prominence. A synthetic hegemonic currency, backed by a basket of CBDCs, could provide more efficient domestic and cross-border payment services, benefiting from the credibility of multiple central banks that support it. Such an architecture could change the demand for reserves denominated in currencies in the basket based on their relative weight.” Meanwhile, Visa has proposed an offline payment system for central bank digital currencies (CBDCs) in a new research paper. The payments giant’s paper, “Towards a Two-Tier Hierarchical Infrastructure: An Offline Payment System for Central Bank Digital Currencies,” acknowledges the benefits of CBDCs—but says they should, when they finally become available, be able to be made without an internet connection. CBDCs are digitalized forms of fiat currencies that could run on a blockchain, but don’t necessarily have to use distributed ledger technology. Unlike cryptocurrencies like Bitcoin and Litecoin, a CBDC would likely be controlled by a single entity (such as the Bank of England).
Dec. 17, 2020

Covid vaccine certificates could lead to ‘global identity document’ used for all aspects of life, human rights NGO warns

Covid-19 vaccination programs being launched around the world open the door to new forms of identification that could lead to greater government control over daily life, Privacy International has cautioned in a new report. In its analysis, the UK-based human rights group said that vaccination cards and “immunity” passports being issued by some governments could pave the way for “digital identity schemes” and other forms of ID. While countries like the UK insist that such documents are simply used to keep a record of vaccinations and remind people when they need to receive a second dose of the drug, Privacy International detailed how the seemingly benign cards, which on their face appear “necessary,” could evolve into something quite different. The group said that if vaccines ever become a requirement, or are used to grant certain privileges, there becomes a need to “verify” any related documents, essentially turning the card into a “pass.”  According to the organization, such “function creep” could be harnessed by authorities to roll out a digital ID that can be used for law enforcement, counter-terrorism and immigration – areas that typically fall outside the scope of public health. Using the coronavirus pandemic, governments could “shortcut public debate” about these new forms of identification and what they mean for the lives of citizens, Privacy International noted. The group also argued that it would be “unfair” to tie certain privileges or rights to Covid-19 vaccination, as the drug is not available to everyone and some parts of the world may not gain access to jab in the next year. Several countries have already signaled that they intend to use vaccine certificates or passports to regulate what people can and cannot do. On Thursday, Brazil’s top court ruled that citizens can be legally “required” to take a coronavirus jab, laying the ground for “sanctions” for those who refuse the drug. In Israel, the government has made it clear that those who are vaccinated will be allowed to “enter places that will still be restricted to other populations.”
Dec. 18, 2020

 

 

 

 

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“Now the Spirit expressly says that in latter times some will depart from the faith, giving heed to deceiving spirits and doctrines of demons, speaking lies in hypocrisy, having their own conscience seared with a hot iron, forbidding to marry, and commanding to abstain from foods which God created to be received with thanksgiving by those who believe and know the truth.”  1 Timothy 4:1-3

World religious leaders unite to demand ban on gay conversion therapy

Almost 400 religious leaders from each of the world’s leading faiths have called for national governments to end laws that discriminate against same sex relationships while also demanding an end to LGBT+ conversion therapies. Signatories — including anti-apartheid campaigner and former Archbishop of Cape Town, Desmond Tutu, and Bishop of Liverpool — call for “an end to violence and criminalisation against LGBT+ people and for a global ban on conversion therapy”. “We recognise that certain religious teachings have, throughout the ages, been misused to cause deep pain and offence to those who are lesbian, gay, bisexual, transgender, queer and intersex”, the open letter, which was organised by the Ozanne Foundation charity and signed by figures from 35 nations, adds. The statement from faith leaders comes ahead of the Foreign Office sponsored Global Interfaith Commission on LGBT+ Lives .
Dec. 18, 2020

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Antarctica hit by 30 000 earthquakes in 3 months

More than 30 000 earthquakes have been registered in the Bransfield Strait, an ocean channel between the South Shetland Islands and the Antarctic Peninsula, since the end of August 2020, according to the University of Chile. The strait is now expanding 15 cm (6 inches) per year from the Antarctic Peninsula, nearly 20 times faster than before. The strongest earthquake in the sequence was M6.0 at a depth of 15 km (9 miles) at 23:49 UTC on November 6. According to the National Seismological Center at the University of Chile, the swarm is centered in the Bransfield Strait, a 96 km (60 miles) ocean channel between the South Shetland Islands and the Antarctic Peninsula. The center said several tectonic plates and microplates meet in this area, leading to frequent rumbling, but the past three months have been unusual. Most of the seismicity is concentrated at the beginning of the sequence, mainly during the month of September, with more than a thousand earthquakes a day, the center said, as reported by Reuters.
Dec. 18, 2020

Snow piling up at an unprecedented rate in Japan

Military deployed after record snowfall strands more than 2 000 vehicles in Japan

The season’s most powerful cold air mass is bringing remarkably heavy snow to wide swaths of Japan on Wednesday, December 17, 2020. Meteorologists said the snow is falling at an unprecedented rate due to the combination of unseasonably cold Siberian air and unseasonably warm ocean temperatures. As of 02:00 UTC (11:00 LT) on Wednesday, snow accumulation has reached 1.26 m (4.1 feet) in NIshiwaga Town, Iwate Prefecture, which was more than four times the average snowfall at this time of the year. In the neighboring Akita Prefecture, police said 30 vehicles were deployed on a highway near the prefectural border due to a trailer truck that got stuck in the snow. A 15 km (9 miles) long portion of the highway was closed for around four hours due to heavy snow on the ground.
Dec. 18, 2020

note All earthquakes are instantly posted to the ETRM Facebook page- you do not need to sign up; click the photo below to see the earthquake album

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