thegreanvillepostbiasrating--2020-06-22--Reimagining the Irish Question: An Irish Republican perspective

lthough a general election was held in the Republic of Ireland last February , only now , after 129 days , have three parties agreed a Program for a coalition government .
Yet the party which polled the highest number of votes , Sinn Féin ( SF ) , was excluded from the talks .
Sinn Féin is the largest party across the island of Ireland ’ s thirty-two counties , six of which in the North continued to be held by Britain after it partitioned the country following a war of independence one hundred years ago .
That struggle @ @ @ @ @ @ @ It was led militarily by the Irish Republican Army ( IRA ) and politically by Sinn Féin .
Its guerrilla war was effective enough to force Britain to the negotiating table but not strong enough to prevent the partition of the nation , under the British-imposed Government of Ireland Act .
The IRA split and former comrades fought a vicious civil war in the South of Ireland against each other , which the IRA and Sinn Féin lost .
The victors ultimately evolved into Fine Gael .
In 1926 Sinn Féin again split @ @ @ @ @ @ @ a new party , Fianna Fáil .
In the 1930s Fianna Fáil won enough seats to form the government in Dublin .
For the last eighty years successive governments in the South have either been led by Fianna Fáil ( FF ) or Fine Gael ( FG ) who largely despised each other because of the legacy of the civil war .
That ’ s what makes the current possibility of them going into coalition both historic but also a sign of their desperation to keep Sinn Féin out .
Both parties pay @ @ @ @ @ @ @ re-unified Ireland and to honouring the memory of Irish patriots who fought for an end to British rule .
In the decades after 1920 FF and FG suppressed , banned and censored the remnants of the IRA and Sinn Féin .
They attempted to do so again during the most recent conflict .
At the time of partition , six counties in the North ( Northern Ireland ) were handed over to the pro-British Unionist Party ( supported by the Protestant population , descendants of the colonial Planters ) which for decades persecuted @ @ @ @ @ @ @ mostly Catholic ) .
In the 1960s a campaign for civil rights was repressed by the Unionist government .
The IRA was reorganised to at first defend nationalist areas but then from the early 1970s it waged an armed struggle for the freedom that was denied in 1920 .
Fine Gael and Fianna Fáil failed to defend northern nationalists or pursue reunification .
Indeed , they had become complacent and comfortable with the status quo of the South ( the Republic of Ireland ) .
Despite having a pro-British security policy they failed @ @ @ @ @ @ @ The existence of an increasingly popular Sinn Féin exposes the hollowness of their republicanism on the national question .
Instead , FF and FG demonise Sinn Féin – the way they until recently demonised each other - and refuse to talk to SF about coalition in the South .
Ceasefires and negotiations in the North in the 1990s resulted in the Good Friday Agreement , the release of IRA prisoners , the dismantling and replacement of the Royal Ulster Constabulary , the withdrawal of the British army and a power-sharing executive which sees @ @ @ @ @ @ @ at Stormont in Belfast .
But Sinn Féin ’ s growth and popularity has not been confined to the North .
Veteran leaders Gerry Adams and the late Martin McGuinness encouraged and cultivated new radical activists from the next generation .
Under the leadership of Sinn Féin President Mary Lou McDonald the party took more votes ( 24.5 % ) in last February ’ s general election in the Republic of Ireland than any of the other parties .
The electorate had sought radical change to deal with the ongoing housing and health @ @ @ @ @ @ @ because of the Corona pandemic , and from the threat of Brexit which hovers not just over Ireland ( which wants to remain in the European Union ) but also over Scotland which increasingly favours leaving the UK and becoming independent .
While winning the popular vote in the South , Sinn Féin was unable to secure the required 80 seats to secure a majority and form a left-wing coalition government .
On June 15 the three parties agreed on a Program for Government which will now go out to their members to @ @ @ @ @ @ @ and - despite opposition from some of its grassroots – so will Fianna Fáil members .
The constitution of the Green Party requires two-thirds of its membership to support the Program .
To woo its members the Green leadership is claiming that it has won major concessions from the other two parties on the environment and carbon emissions .
If the Greens reject the Program ( which seems unlikely ) there would be a fresh general election in which Sinn Féin is projected to do even better .
Fine Gael would also benefit @ @ @ @ @ @ @ would appear to have reversed its slide in support ( it has topped two recent opinion polls ) .
Fianna Fáil , on the other hand , would face huge losses .
Its support has never climbed above 14 % in the past year .
Of all the parties , Sinn Féin is the most internationalist .
It has refused to recognise the claim of the US-puppet Juan Guaidó to be Venezuela ’ s interim president .
And it has condemned FF , FG and the Greens for omitting from the Program for @ @ @ @ @ @ @ Territories Bill which had already passed through its first stages of law .
The anti-apartheid Bill seeks to prevent the Republic of Ireland from trading in goods and services imported from illegal settlements in Israeli-occupied territories .
We will know next week if the three parties to the coalition talks do form an administration where the leader of government ( an Taoiseach/Prime Minister ) will rotate between FF leader Michéal Martin and FG leader Leo Varadkar .
If they do , then Sinn Féin will become even more prominent as the lead opposition @ @ @ @ @ @ @ from the coronavirus crisis and Brexit and the steep economic costs of both ; and , internationally , Sinn Féin will stand in solidarity with the people of other nations seeking peace and justice , and against the dangerous and dysfunctional US presidency of Donald Trump .

A
lthough a general election was held in the Republic of Ireland last February, only now, after 129 days, have three parties agreed a Program for a coalition government. Yet the party which polled the highest number of votes, Sinn Féin (SF), was excluded from the talks.
Sinn Féin is the largest party across the island of Ireland’s thirty-two counties, six of which in the North continued to be held by Britain after it partitioned the country following a war of independence one hundred years ago. That struggle was fought by the Republican Movement. It was led militarily by the Irish Republican Army (IRA) and politically by Sinn Féin. Its guerrilla war was effective enough to force Britain to the negotiating table but not strong enough to prevent the partition of the nation, under the British-imposed Government of Ireland Act.
Civil War
The IRA split and former comrades fought a vicious civil war in the South of Ireland against each other, which the IRA and Sinn Féin lost. The victors ultimately evolved into Fine Gael. In 1926 Sinn Féin again split when a great number of members formed a new party, Fianna Fáil. In the 1930s Fianna Fáil won enough seats to form the government in Dublin.
For the last eighty years successive governments in the South have either been led by Fianna Fáil (FF) or Fine Gael (FG) who largely despised each other because of the legacy of the civil war. That’s what makes the current possibility of them going into coalition both historic but also a sign of their desperation to keep Sinn Féin out.
Both parties pay only lip-service to the aspiration of a re-unified Ireland and to honouring the memory of Irish patriots who fought for an end to British rule. In the decades after 1920 FF and FG suppressed, banned and censored the remnants of the IRA and Sinn Féin. They attempted to do so again during the most recent conflict.
The North
At the time of partition, six counties in the North (Northern Ireland) were handed over to the pro-British Unionist Party (supported by the Protestant population, descendants of the colonial Planters) which for decades persecuted Irish nationalists and republicans (who were mostly Catholic). In the 1960s a campaign for civil rights was repressed by the Unionist government. The IRA was reorganised to at first defend nationalist areas but then from the early 1970s it waged an armed struggle for the freedom that was denied in 1920.
Fine Gael and Fianna Fáil failed to defend northern nationalists or pursue reunification. Indeed, they had become complacent and comfortable with the status quo of the South (the Republic of Ireland). Despite having a pro-British security policy they failed to suppress the modern Republican Movement. The existence of an increasingly popular Sinn Féin exposes the hollowness of their republicanism on the national question. Instead, FF and FG demonise Sinn Féin – the way they until recently demonised each other - and refuse to talk to SF about coalition in the South.
Peace Process Gains
Ceasefires and negotiations in the North in the 1990s resulted in the Good Friday Agreement, the release of IRA prisoners, the dismantling and replacement of the Royal Ulster Constabulary, the withdrawal of the British army and a power-sharing executive which sees Sinn Féin hold senior positions in government at Stormont in Belfast.
But Sinn Féin’s growth and popularity has not been confined to the North. Veteran leaders Gerry Adams and the late Martin McGuinness encouraged and cultivated new radical activists from the next generation. Under the leadership of Sinn Féin President Mary Lou McDonald the party took more votes (24.5%) in last February’s general election in the Republic of Ireland than any of the other parties. The electorate had sought radical change to deal with the ongoing housing and health crises which have been made even worse because of the Corona pandemic, and from the threat of Brexit which hovers not just over Ireland (which wants to remain in the European Union) but also over Scotland which increasingly favours leaving the UK and becoming independent.
While winning the popular vote in the South, Sinn Féin was unable to secure the required 80 seats to secure a majority and form a left-wing coalition government.
To exclude Sinn Féin from power in the South, Fianna Fáil and Fine Gael, in an unprecedented move, have now agreed to go into coalition, despite memories of the bitter civil war which have defined their origins. However, because between them they do not have the numbers they required the support of a third party, the Greens.
On June 15 the three parties agreed on a Program for Government which will now go out to their members to vote on. Fine Gael will agree and - despite opposition from some of its grassroots – so will Fianna Fáil members. The constitution of the Green Party requires two-thirds of its membership to support the Program. To woo its members the Green leadership is claiming that it has won major concessions from the other two parties on the environment and carbon emissions.
If the Greens reject the Program (which seems unlikely) there would be a fresh general election in which Sinn Féin is projected to do even better. Fine Gael would also benefit as its response to the coronavirus crisis would appear to have reversed its slide in support (it has topped two recent opinion polls). Fianna Fáil, on the other hand, would face huge losses. Its support has never climbed above 14% in the past year.
Of all the parties, Sinn Féin is the most internationalist. It has refused to recognise the claim of the US-puppet Juan Guaidó to be Venezuela’s interim president. And it has condemned FF, FG and the Greens for omitting from the Program for Government a pledge to enact the Occupied Territories Bill which had already passed through its first stages of law. The anti-apartheid Bill seeks to prevent the Republic of Ireland from trading in goods and services imported from illegal settlements in Israeli-occupied territories.
We will know next week if the three parties to the coalition talks do form an administration where the leader of government (an Taoiseach/Prime Minister) will rotate between FF leader Michéal Martin and FG leader Leo Varadkar.
If they do, then Sinn Féin will become even more prominent as the lead opposition party at a time of immense challenges from the coronavirus crisis and Brexit and the steep economic costs of both; and, internationally, Sinn Féin will stand in solidarity with the people of other nations seeking peace and justice, and against the dangerous and dysfunctional US presidency of Donald Trump.


thegreanvillepostbiasrating--2020-06-22--Meet BlackRock, the New Great Vampire Squid

BlackRock is a global financial giant with customers in 100 countries and its tentacles in major asset classes all over the world ; and it now manages the spigots to trillions of bailout dollars from the Federal Reserve .
The fate of a large portion of the country ’ s corporations has been put in the hands of a megalithic private entity with the private capitalist mandate to make as much money as possible for its owners and investors ; and that is what it has proceeded to do .
BlackRock is a global financial giant with customers in 100 @ @ @ @ @ @ @ classes all over the world ; and it now manages the spigots to trillions of bailout dollars from the Federal Reserve .
The fate of a large portion of the country ’ s corporations has been put in the hands of a megalithic private entity with the private capitalist mandate to make as much money as possible for its owners and investors ; and that is what it has proceeded to do .
TO most people , if they are familiar with it at all , BlackRock is an asset manager that helps @ @ @ @ @ @ @ through “ passive ” investments that track the stock market .
But working behind the scenes , it is much more than that .
BlackRock has been called “ the most powerful institution in the financial system , ” “ the most powerful company in the world ” and the “ secret power.
” It is the world ’ s largest asset manager and “ shadow bank , ” larger than the world ’ s largest bank ( which is in China ) , with over $ 7 trillion in assets under direct @ @ @ @ @ @ @ through its Aladdin risk-monitoring software .
BlackRock has also been called “ the fourth branch of government ” and “ almost a shadow government ” , but no part of it actually belongs to the government .
Despite its size and global power , BlackRock is not even regulated as a “ Systemically Important Financial Institution ” under the Dodd-Frank Act , thanks to pressure from its CEO Larry Fink , who has long had “ cozy ” relationships with government officials .
BlackRock ’ s strategic importance and political weight were evident @ @ @ @ @ @ @ former Swiss National Bank head Philipp Hildebrand , presented a proposal at the annual meeting of central bankers in Jackson Hole , Wyoming , in August 2019 for an economic reset that was actually put into effect in March 2020 .
Acknowledging that central bankers were running out of ammunition for controlling the money supply and the economy , the BlackRock group argued that it was time for the central bank to abandon its long-vaunted independence and join monetary policy ( the usual province of the central bank ) with fiscal policy ( @ @ @ @ @ @ @ .
They proposed that the central bank maintain a “ Standing Emergency Fiscal Facility ” that would be activated when interest rate manipulation was no longer working to avoid deflation .
The Facility would be deployed by an “ independent expert ” appointed by the central bank .
The COVID-19 crisis presented the perfect opportunity to execute this proposal in the US , with BlackRock itself appointed to administer it .
In March 2020 , it was awarded a no-bid contract under the Coronavirus Aid , Relief , and Economic Security Act ( @ @ @ @ @ @ @ 454 billion slush fund established by the Treasury in partnership with the Federal Reserve .
This fund in turn could be leveraged to provide over $ 4 trillion in Federal Reserve credit .
While the public was distracted with protests , riots and lockdowns , BlackRock suddenly emerged from the shadows to become the “ fourth branch of government , ” managing the controls to the central bank ’ s print-on-demand fiat money .
How did that happen and what are the implications ?
BlackRock was founded in 1988 in partnership with the @ @ @ @ @ @ @ management firm that would become notorious after the 2008-09 banking crisis for snatching up foreclosed homes at firesale prices and renting them at inflated prices .
BlackRock first grew its balance sheet in the 1990s and 2000s by promoting the mortgage-backed securities ( MBS ) that brought down the economy in 2008 .
Knowing the MBS business from the inside , it was then put in charge of the Federal Reserve ’ s “ Maiden Lane ” facilities .
Called “ special purpose vehicles , ” these were used to buy “ toxic @ @ @ @ @ @ @ from Bear Stearns and American Insurance Group ( AIG ) , something the Fed was not legally allowed to do itself .
BlackRock really made its fortunes , however , in “ exchange traded funds ” ( ETFs ) .
It gained trillions in investable assets after it acquired the iShares series of ETFs in a takeover of Barclays Global Investors in 2009 .
By 2020 , the wildly successful iShares series included over 800 funds and $ 1.9 trillion in assets under management .
Exchange traded funds are bought and sold like @ @ @ @ @ @ @ passively following specific indices such as the S & P 500 , the benchmark index of America ’ s largest corporations and the index in which most people invest .
Today the fast-growing ETF sector controls nearly half of all investments in US stocks , and it is highly concentrated .
The sector is dominated by just three giant American asset managers – BlackRock , Vanguard and State Street , the “ Big Three ” – with BlackRock the clear global leader .
By 2017 , the Big Three together had become the @ @ @ @ @ @ @ S & P 500 firms , including Apple , Microsoft , ExxonMobil , General Electric and Coca-Cola .
BlackRock also owns major interests in nearly every mega-bank and in major media .
In March 2020 , based on its expertise with the Maiden Lane facilities and its sophisticated Aladdin risk-monitoring software , BlackRock got the job of dispensing Federal Reserve funds through eleven “ special purpose vehicles ” authorized under the CARES Act .
Like the Maiden Lane facilities , these vehicles were designed to allow the Fed , which is legally limited @ @ @ @ @ @ @ finance the purchase of riskier assets in the market .
The national lockdown left states , cities and local businesses in desperate need of federal government aid .
But according to David Dayen in The American Prospect , as of May 30 ( the Fed ’ s last monthly report ) , the only purchases made under the Fed ’ s new BlackRock-administered SPVs were ETFs , mainly owned by BlackRock itself .
Between May 14 and May 20 , about $ 1.58 billion in ETFs were bought through the Secondary Market Corporate @ @ @ @ @ @ @ which $ 746 million or about 47 % came from BlackRock ETFs .
The Fed continued to buy more ETFs after May 20 , and investors piled in behind , resulting in huge inflows into BlackRock ’ s corporate bond ETFs .
In fact , these ETFs needed a bailout ; and BlackRock used its very favorable position with the government to get one .
The complicated mechanisms and risks underlying ETFs are explained in an April 3 article by business law professor Ryan Clements , who begins his post : Exchange-Traded Funds @ @ @ @ @ @ @ of the COVID-19 financial crisis .
Over forty percent of the trading volume during the mid-March selloff was in ETFs … .
The ETFs were trading well below the value of their underlying bonds , which were dropping like a rock .
Some ETFs were failing altogether .
The problem was something critics had long warned of : while ETFs are very liquid , trading on demand like stocks , the assets that make up their portfolios are not .
When the market drops and investors flee , the ETFs can have trouble @ @ @ @ @ @ @ up without trading at a deep discount ; and that is what was happening in March .
According to a May 3 article in The National , “ The sector was ultimately saved by the US Federal Reserve ’ s pledge on March 23 to buy investment-grade credit and certain ETFs .
This provided the liquidity needed to rescue bonds that had been floundering in a market with no buyers.
” Prof. Clements states that if the Fed had not stepped in , “ a ‘ doom loop ’ could have materialized where @ @ @ @ @ @ @ exacerbated a fire-sale in the underlying [ bonds ] , and again vice-versa , in a procyclical pile-on with devastating consequences.
” He observes : There ’ s an unsettling form of market alchemy that takes place when illiquid , over-the-counter bonds are transformed into instantly liquid ETFs .
ETF “ liquidity transformation ” is now being supported by the government , just like liquidity transformation in mortgage backed securities and shadow banking was supported in 2008 .
BlackRock got a bailout with no debate in Congress , no “ penalty ” interest @ @ @ @ @ @ @ and cities borrowing in the Fed ’ s Municipal Liquidity Facility , no complicated paperwork or waiting in line for scarce Small Business Administration loans , no strings attached .
It just quietly bailed itself out .
It might be argued that this bailout was good and necessary , since the market was saved from a disastrous “ doom loop , ” and so were the pension funds and the savings of millions of investors .
Although BlackRock has a controlling interest in all the major corporations in the S & P 500 @ @ @ @ @ @ @ ” the funds .
It just acts as a kind of “ custodian ” for its investors — or so it claims .
But BlackRock and the other Big 3 ETFs vote the corporations ’ shares ; so from the point of view of management , they are the owners .
And as observed in a 2017 article from the University of Amsterdam titled “ These Three Firms Own Corporate America , ” they vote 90 % of the time in favor of management .
That means they tend to vote against shareholder @ @ @ @ @ @ @ the public interest .
BlackRock is not actually working for us , although we the American people have now become its largest client base .
In a 2018 review titled “ Blackrock – The Company That Owns the World ” , a multinational research group called Investigate Europe concluded that BlackRock “ undermines competition through owning shares in competing companies , blurs boundaries between private capital and government affairs by working closely with regulators , and advocates for privatization of pension schemes in order to channel savings capital into its own funds.
” @ @ @ @ @ @ @ the University of Western England in Bristol , concluded after following a number of regulatory debates in Brussels that it was no longer the banks that wielded the financial power ; it was the asset managers .
She said : We are often told that a manager is there to invest our money for our old age .
But it ’ s much more than that .
In my opinion , BlackRock reflects the renunciation of the welfare state .
Its rise in power goes hand-in-hand with ongoing structural changes ; in finance @ @ @ @ @ @ @ the social contract that unites the citizen and the state .
That these structural changes are planned and deliberate is evident in BlackRock ’ s August 2019 white paper laying out an economic reset that has now been implemented with BlackRock at the helm .
Public policy is made today in ways that favor the stock market , which is considered the barometer of the economy , although it has little to do with the strength of the real , productive economy .
Giant pension and other investment funds largely control the stock @ @ @ @ @ @ @ the funds .
That effectively puts BlackRock , the largest and most influential asset manager , in the driver ’ s seat in controlling the economy .
As Peter Ewart notes in a May 14 article on BlackRock titled “ Foxes in the Henhouse , ” today the economic system “ is not classical capitalism but rather state monopoly capitalism , where giant enterprises are regularly backstopped with public funds and the boundaries between the state and the financial oligarchy are virtually non-existent.
” If the corporate oligarchs are too big and strategically @ @ @ @ @ @ @ antitrust laws , rather than bailing them out they should be nationalized and put directly into the service of the public .
At the very least , BlackRock should be regulated as a too-big-to-fail Systemically Important Financial Institution .
Better yet would be to regulate it as a public utility .
No private , unelected entity should have the power over the economy that BlackRock has , without a legally enforceable fiduciary duty to wield it in the public interest .

BlackRock is a global financial giant with customers in 100 countries and its tentacles in major asset classes all over the world; and it now manages the spigots to trillions of bailout dollars from the Federal Reserve. The fate of a large portion of the country’s corporations has been put in the hands of a megalithic private entity with the private capitalist mandate to make as much money as possible for its owners and investors; and that is what it has proceeded to do.
BlackRock is a global financial giant with customers in 100 countries and its tentacles in major asset classes all over the world; and it now manages the spigots to trillions of bailout dollars from the Federal Reserve. The fate of a large portion of the country’s corporations has been put in the hands of a megalithic private entity with the private capitalist mandate to make as much money as possible for its owners and investors; and that is what it has proceeded to do.
TO most people, if they are familiar with it at all, BlackRock is an asset manager that helps pension funds and retirees manage their savings through “passive” investments that track the stock market. But working behind the scenes, it is much more than that. BlackRock has been called “the most powerful institution in the financial system,” “the most powerful company in the world” and the “secret power.” It is the world’s largest asset manager and “shadow bank,” larger than the world’s largest bank (which is in China), with over $7 trillion in assets under direct management and another $20 trillion managed through its Aladdin risk-monitoring software. BlackRock has also been called “the fourth branch of government” and “almost a shadow government”, but no part of it actually belongs to the government. Despite its size and global power, BlackRock is not even regulated as a “Systemically Important Financial Institution” under the Dodd-Frank Act, thanks to pressure from its CEO Larry Fink, who has long had “cozy” relationships with government officials.
BlackRock’s strategic importance and political weight were evident when four BlackRock executives, led by former Swiss National Bank head Philipp Hildebrand, presented a proposal at the annual meeting of central bankers in Jackson Hole, Wyoming, in August 2019 for an economic reset that was actually put into effect in March 2020. Acknowledging that central bankers were running out of ammunition for controlling the money supply and the economy, the BlackRock group argued that it was time for the central bank to abandon its long-vaunted independence and join monetary policy (the usual province of the central bank) with fiscal policy (the usual province of the legislature). They proposed that the central bank maintain a “Standing Emergency Fiscal Facility” that would be activated when interest rate manipulation was no longer working to avoid deflation. The Facility would be deployed by an “independent expert” appointed by the central bank.
The COVID-19 crisis presented the perfect opportunity to execute this proposal in the US, with BlackRock itself appointed to administer it. In March 2020, it was awarded a no-bid contract under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to deploy a $454 billion slush fund established by the Treasury in partnership with the Federal Reserve. This fund in turn could be leveraged to provide over $4 trillion in Federal Reserve credit. While the public was distracted with protests, riots and lockdowns, BlackRock suddenly emerged from the shadows to become the “fourth branch of government,” managing the controls to the central bank’s print-on-demand fiat money. How did that happen and what are the implications?
Rising from the Shadows
BlackRock was founded in 1988 in partnership with the Blackstone Group, a multinational private equity management firm that would become notorious after the 2008-09 banking crisis for snatching up foreclosed homes at firesale prices and renting them at inflated prices. BlackRock first grew its balance sheet in the 1990s and 2000s by promoting the mortgage-backed securities (MBS) that brought down the economy in 2008. Knowing the MBS business from the inside, it was then put in charge of the Federal Reserve’s “Maiden Lane” facilities. Called “special purpose vehicles,” these were used to buy “toxic” assets (largely unmarketable MBS) from Bear Stearns and American Insurance Group (AIG), something the Fed was not legally allowed to do itself.
BlackRock really made its fortunes, however, in “exchange traded funds” (ETFs). It gained trillions in investable assets after it acquired the iShares series of ETFs in a takeover of Barclays Global Investors in 2009. By 2020, the wildly successful iShares series included over 800 funds and $1.9 trillion in assets under management.
Exchange traded funds are bought and sold like shares but operate as index-tracking funds, passively following specific indices such as the S&P 500, the benchmark index of America’s largest corporations and the index in which most people invest. Today the fast-growing ETF sector controls nearly half of all investments in US stocks, and it is highly concentrated. The sector is dominated by just three giant American asset managers – BlackRock, Vanguard and State Street, the “Big Three” – with BlackRock the clear global leader. By 2017, the Big Three together had become the largest shareholder in almost 90% of S&P 500 firms, including Apple, Microsoft, ExxonMobil, General Electric and Coca-Cola. BlackRock also owns major interests in nearly every mega-bank and in major media.
In March 2020, based on its expertise with the Maiden Lane facilities and its sophisticated Aladdin risk-monitoring software, BlackRock got the job of dispensing Federal Reserve funds through eleven “special purpose vehicles” authorized under the CARES Act. Like the Maiden Lane facilities, these vehicles were designed to allow the Fed, which is legally limited to purchasing safe federally-guaranteed assets, to finance the purchase of riskier assets in the market.
Blackrock Bails Itself Out
The national lockdown left states, cities and local businesses in desperate need of federal government aid. But according to David Dayen in The American Prospect, as of May 30 (the Fed’s last monthly report), the only purchases made under the Fed’s new BlackRock-administered SPVs were ETFs, mainly owned by BlackRock itself. Between May 14 and May 20, about $1.58 billion in ETFs were bought through the Secondary Market Corporate Credit Facility (SMCCF), of which $746 million or about 47% came from BlackRock ETFs. The Fed continued to buy more ETFs after May 20, and investors piled in behind, resulting in huge inflows into BlackRock’s corporate bond ETFs.
In fact, these ETFs needed a bailout; and BlackRock used its very favorable position with the government to get one. The complicated mechanisms and risks underlying ETFs are explained in an April 3 article by business law professor Ryan Clements, who begins his post:
Exchange-Traded Funds (ETFs) are at the heart of the COVID-19 financial crisis . Over forty percent of the trading volume during the mid-March selloff was in ETFs ….
The ETFs were trading well below the value of their underlying bonds, which were dropping like a rock. Some ETFs were failing altogether. The problem was something critics had long warned of: while ETFs are very liquid, trading on demand like stocks, the assets that make up their portfolios are not. When the market drops and investors flee, the ETFs can have trouble coming up with the funds to settle up without trading at a deep discount; and that is what was happening in March.
According to a May 3 article in The National, “The sector was ultimately saved by the US Federal Reserve’s pledge on March 23 to buy investment-grade credit and certain ETFs. This provided the liquidity needed to rescue bonds that had been floundering in a market with no buyers.”
Prof. Clements states that if the Fed had not stepped in, “a ‘doom loop’ could have materialized where continued selling pressure in the ETF market exacerbated a fire-sale in the underlying [bonds], and again vice-versa, in a procyclical pile-on with devastating consequences.” He observes:
There’s an unsettling form of market alchemy that takes place when illiquid, over-the-counter bonds are transformed into instantly liquid ETFs. ETF “liquidity transformation” is now being supported by the government, just like liquidity transformation in mortgage backed securities and shadow banking was supported in 2008.
Working for Whom?
BlackRock got a bailout with no debate in Congress, no “penalty” interest rate of the sort imposed on states and cities borrowing in the Fed’s Municipal Liquidity Facility, no complicated paperwork or waiting in line for scarce Small Business Administration loans, no strings attached. It just quietly bailed itself out.
It might be argued that this bailout was good and necessary, since the market was saved from a disastrous “doom loop,” and so were the pension funds and the savings of millions of investors. Although BlackRock has a controlling interest in all the major corporations in the S&P 500, it professes not to “own” the funds. It just acts as a kind of “custodian” for its investors — or so it claims. But BlackRock and the other Big 3 ETFs vote the corporations’ shares; so from the point of view of management, they are the owners. And as observed in a 2017 article from the University of Amsterdam titled “These Three Firms Own Corporate America,” they vote 90% of the time in favor of management. That means they tend to vote against shareholder initiatives, against labor, and against the public interest. BlackRock is not actually working for us, although we the American people have now become its largest client base.
In a 2018 review titled “Blackrock – The Company That Owns the World”, a multinational research group called Investigate Europe concluded that BlackRock “undermines competition through owning shares in competing companies, blurs boundaries between private capital and government affairs by working closely with regulators, and advocates for privatization of pension schemes in order to channel savings capital into its own funds.”
Daniela Gabor, Professor of Macroeconomics at the University of Western England in Bristol, concluded after following a number of regulatory debates in Brussels that it was no longer the banks that wielded the financial power; it was the asset managers. She said:
We are often told that a manager is there to invest our money for our old age. But it’s much more than that. In my opinion, BlackRock reflects the renunciation of the welfare state. Its rise in power goes hand-in-hand with ongoing structural changes; in finance, but also in the nature of the social contract that unites the citizen and the state.
That these structural changes are planned and deliberate is evident in BlackRock’s August 2019 white paper laying out an economic reset that has now been implemented with BlackRock at the helm.
Public policy is made today in ways that favor the stock market, which is considered the barometer of the economy, although it has little to do with the strength of the real, productive economy. Giant pension and other investment funds largely control the stock market, and the asset managers control the funds. That effectively puts BlackRock, the largest and most influential asset manager, in the driver’s seat in controlling the economy.
As Peter Ewart notes in a May 14 article on BlackRock titled “Foxes in the Henhouse,” today the economic system “is not classical capitalism but rather state monopoly capitalism, where giant enterprises are regularly backstopped with public funds and the boundaries between the state and the financial oligarchy are virtually non-existent.”
If the corporate oligarchs are too big and strategically important to be broken up under the antitrust laws, rather than bailing them out they should be nationalized and put directly into the service of the public. At the very least, BlackRock should be regulated as a too-big-to-fail Systemically Important Financial Institution. Better yet would be to regulate it as a public utility. No private, unelected entity should have the power over the economy that BlackRock has, without a legally enforceable fiduciary duty to wield it in the public interest.


thegreanvillepostbiasrating--2020-06-22--WILL RECORD TEMPERATURES IN SIBERIA, COVID-INSPIRED DECREASES IN DEMAND FOR OIL, AND A MAJOR OIL SPI

WILL RECORD TEMPERATURES IN SIBERIA , COVID-INSPIRED DECREASES IN DEMAND FOR OIL , AND A MAJOR OIL SPILL FORCE RUSSIA TO RE-CONSIDER THE PRIMACY OF FOSSIL FUELS ?
WILL RECORD TEMPERATURES IN SIBERIA , COVID-INSPIRED DECREASES IN DEMAND FOR OIL , AND A MAJOR OIL SPILL FORCE RUSSIA TO RE-CONSIDER THE PRIMACY OF FOSSIL FUELS ?
few weeks ago Russia experienced a major oil spill in the Arctic region near the Taimyr Peninsula , which occurred due to melting permafrost and instability as well as negligence in maintaining oil storage and infrastructure .
According to Oilprice.com , on May 29 @ @ @ @ @ @ @ Russian nickel and palladium mining company , Nornickel , collapsed and spilled 21,000 tonnes ( about 158,000 barrels ) of diesel into the nearby Ambarnaya river outside the Siberian city of Norilsk .
The accident–which has drawn comparisons to the Exxon Valdez accident off Alaska in 1989– is being regarded as the worst of its kind in Russia ’ s Arctic region .
One source has reported that as much as 29,000 tonnes ( about 218,000 barrels ) of diesel could have found its way into the soil and nearby water bodies .
@ @ @ @ @ @ @ of the spill by the Nornickel corporation , including its alleged failure to adequately maintain the tank as well as a delay of up to two days in reporting the incident .
In addition to declaring a federal emergency Putin ordered billionaire part-owner of Nornickel , Vladimir Potanin , to pay the full cost of the cleanup .
Though government investigators and environmental groups in Russia have blamed negligence by Nornickel in its maintenance of the tank , the accident occurred within the backdrop of Russia suffering global warming and its effects at @ @ @ @ @ @ @ of the world : Just this past weekend , Siberia saw record-high temperatures of 100 degrees .
As I discussed in a post last year , though a substantive environmental movement has been slow to effectively get off the ground in Russia , many Russians are increasingly concerned about climate change and other environmental issues as major storms , floods and wildfires on an unprecedented scale have been occurring throughout the country .
As reported by private Russian news agency Interfax , a recent state-run poll of Russian opinion revealed that 1/3 of @ @ @ @ @ @ @ s handling of environmental issues , with the majority of those dissatisfied residing in small to medium sized cities further away from Moscow and St. Petersburg .
The Interfax report also noted that “ Ecological issues have been among the most prominent causes of public protest in Russia in the last few years , with demonstrations against waste disposal being held from Moscow to Murmansk Region.
” Some are wondering if the oil spill will finally be the catalyst for implementing more environmental reforms and regulation .
As Bloomberg reported : But the @ @ @ @ @ @ @ insufficient : But it isn ’ t just environmental and public interest groups that recognize the increasing implications of the problem for the economy and society .
Russia ’ s energy minister , Alexander Novak , has publicly acknowledged that , with the drop in oil demand caused by the Covid pandemic and the more competitive cost of renewables , the future role of fossil fuels in providing the world ’ s energy needs will likely fall :

WILL RECORD TEMPERATURES IN SIBERIA, COVID-INSPIRED DECREASES IN DEMAND FOR OIL, AND A MAJOR OIL SPILL FORCE RUSSIA TO RE-CONSIDER THE PRIMACY OF FOSSIL FUELS?
WILL RECORD TEMPERATURES IN SIBERIA, COVID-INSPIRED DECREASES IN DEMAND FOR OIL, AND A MAJOR OIL SPILL FORCE RUSSIA TO RE-CONSIDER THE PRIMACY OF FOSSIL FUELS?
A
few weeks ago Russia experienced a major oil spill in the Arctic region near the Taimyr Peninsula, which occurred due to melting permafrost and instability as well as negligence in maintaining oil storage and infrastructure.
According to Oilprice.com, on May 29:
a fuel storage tank owned by Russian nickel and palladium mining company, Nornickel, collapsed and spilled 21,000 tonnes (about 158,000 barrels) of diesel into the nearby Ambarnaya river outside the Siberian city of Norilsk. The accident–which has drawn comparisons to the Exxon Valdez accident off Alaska in 1989– is being regarded as the worst of its kind in Russia’s Arctic region. One source has reported that as much as 29,000 tonnes (about 218,000 barrels) of diesel could have found its way into the soil and nearby water bodies.
President Vladimir Putin declared a state of federal emergency in the Krasnoyarsk region as Nornickel scrambled to try and contain the spill from contaminating the Arctic zone. But their best efforts have failed, and now there are reports that the oil has flowed 12 miles north and seeped into a nearby Arctic Lake where it might cause untold damage to marine ecosystems.
Putin was reportedly furious about the handling of the spill by the Nornickel corporation, including its alleged failure to adequately maintain the tank as well as a delay of up to two days in reporting the incident. In addition to declaring a federal emergency Putin ordered billionaire part-owner of Nornickel, Vladimir Potanin, to pay the full cost of the cleanup.
Though government investigators and environmental groups in Russia have blamed negligence by Nornickel in its maintenance of the tank, the accident occurred within the backdrop of Russia suffering global warming and its effects at 2.5 times the rate of the rest of the world:
A large number of industries, roads, and entire cities are built atop the permafrost terrain in Russia. When the permafrost thaws, the ice that has remained stable and buried deep in the ground loses stability. Experts have already noted that thawing permafrost is responsible for fissures that have appeared in apartment buildings in Norilsk.
Environmental groups such as the World Wildlife Fund and Greenpeace Russia have pointed out that the risks of thawing permafrost to Arctic infrastructure are public knowledge, and companies like Nornickel should take the necessary steps to avert disasters.
Just this past weekend, Siberia saw record-high temperatures of 100 degrees. As I discussed in a post last year, though a substantive environmental movement has been slow to effectively get off the ground in Russia, many Russians are increasingly concerned about climate change and other environmental issues as major storms, floods and wildfires on an unprecedented scale have been occurring throughout the country. As reported by private Russian news agency Interfax, a recent state-run poll of Russian opinion revealed that 1/3 of Russians were unhappy with the government’s handling of environmental issues, with the majority of those dissatisfied residing in small to medium sized cities further away from Moscow and St. Petersburg. The Interfax report also noted that “Ecological issues have been among the most prominent causes of public protest in Russia in the last few years, with demonstrations against waste disposal being held from Moscow to Murmansk Region.”
Some are wondering if the oil spill will finally be the catalyst for implementing more environmental reforms and regulation. As Bloomberg reported:
Yet stricter regulation to prevent and liquidate oil spills has been stalled in parliament since 2018, when a draft bill passed its first reading. The law would require companies with fuel storage or pipelines to maintain detailed plans to contain spills and create financial reserves to fix any damage.
After the accident, Putin ordered checks of similar tanks around Russia and urged the quick adaptation of new legislation. This week, Prime Minister Mikhail Mishustin revived talk of the 2018 bill.
But the legislation in question has been criticized as insufficient:
The draft is too vague to make an impact and needs a clear mechanism to create provisions, according to Darya Kozlova, head of oil and gas regulation at Moscow-based Vygon Consulting. A better approach would be to rely on insurance policies and online monitoring, she said.
But it isn’t just environmental and public interest groups that recognize the increasing implications of the problem for the economy and society. Russia’s energy minister, Alexander Novak, has publicly acknowledged that, with the drop in oil demand caused by the Covid pandemic and the more competitive cost of renewables, the future role of fossil fuels in providing the world’s energy needs will likely fall:
Firstly, the Russian official explained that lifestyle changes, such as less flying and fewer car trips, would mean that the energy industry will be “experiencing a structural change” in the coming years.
The development of digital, cloud and IT technologies will also affect the energy sector, the energy minister said. “More electricity will be consumed, less will be generated from hydrocarbon sources, more from renewable energy sources,” he stated.


thegreanvillepostbiasrating--2020-06-22--Caleb Maupin discusses state of British communism with Joti Brar. Also an exchange with Al Suarez on

Caleb Maupin discusses state of British communism with Joti Brar. Also an exchange with Al Suarez on Trotskyism.

Caleb Maupin is a widely acclaimed speaker , writer , journalist , and political analyst .
He has traveled extensively @ @ @ @ @ in Latin America .
He was involved with the Occupy Wall Street movement from its @ @ @ @ @ has been involved many struggles for social justice .
He is an outspoken advocate of @ @ @ @ @ as well 21st Century Socialism

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