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The EU’s new normal…high unemployment and near zero growth for many decades to come

Nouriel Roubini, chairman of Roubini Global Economics, “There is bailout fatigue in the core and there is essentially austerity and reform fatigue in the periphery.”

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Post originally appeared on Bloomberg.

Europe’s economy has been hit so hard by five years of crisis that 1.6 percent growth makes Germany look like a powerhouse and Spain can boast of being a job-creating machine with 23 percent unemployment.

The tepid recovery is just fine with bond investors. They are charging Italy and Spain less than 2 percent to borrow for 10 years, compared with more than 7 percent at the height of the crisis. Euro-area economic confidence reached a four-year high last month.

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But the cheaper oil, declining euro and European Central Bank money spurring an upturn in the economy haven’t answered key questions about the currency region’s future. Greece’s membership still hangs in the balance and a political backlash in both the richer north and poorer south makes steering the economy even harder.

“The cyclical recovery we see right now is still mainly driven by the weaker euro and lower energy prices,” said Carsten Brzeski, chief economist at ING Diba AG in Frankfurt. “It’s not strong enough to really make the euro zone sustainable and forget about all the structural and institutional problems.”

Eight quarters of growth still haven’t made up for the losses the euro-area economy suffered during the debt crisis or unleashed job creation. Unemployment across the 19-nation bloc held at 11.1 percent in June, the European statistics office said Friday. For under 25s, it’s twice that.

Spain, the euro region’s advertisement for austerity-led recovery, had the highest rate of joblessness behind Greece. Prime Minister Mariano Rajoy, facing an election this year and a challenge from the anti-austerity Podemos party, is telling voters the country creates more work than anywhere else.

The International Monetary Fund had a less positive tone when it gave its view on the euro region’s outlook last week.

“The medium-term outlook is subdued, as a chronic lack of demand, impaired corporate and bank balance sheets, and weak productivity continue to hold back employment and investment,” the Washington-based fund said.

The most worrying figure was an estimate that the euro area’s growth potential — an educated guess about how fast an economy can expand without spurring inflation — has dropped to around 1 percent, about half the pre-crisis level.

Continent-wide numbers the ECB uses to set interest rates for the 338 million euro-area citizens mask a geographically divided economy: while Germany and its northern neighbors deliver prosperity, post-traumatic stress stalks the south.

The only northern country with a jobless rate above 10 percent is Slovakia, population 5.4 million. None of the southern countries that tapped bailouts are below that level and France, the economic and political hinge between north and south, is at 10.2 percent.

Then there is Greece: the country survived its latest brush with financial ruin with a tentative accord on a third bailout. Seventy-one percent of analysts surveyed by Bloomberg said a Greek exit could be back on the table next year.

Greece’s flirtation with doom in late June and early July didn’t spark selloffs in other southern European markets as happened in the past, thanks to the creation of firewalls financed by European governments and the ECB’s willingness to act as the ultimate backstop.

But it did trigger an ugly debate about the future management of the currency zone.

“There is bailout fatigue in the core and there is essentially austerity and reform fatigue in the periphery,” Nouriel Roubini, chairman of Roubini Global Economics, said last week on Bloomberg Surveillance. “The risk is that populist parties of the right and the left in Italy, in Spain, in France, in other parts of the euro zone could come to power.”

References:

http://www.bloomberg.com/news/articles/2015-08-02/economic-recovery-euro-style-this-could-be-as-good-as-it-gets

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Is Silicon Valley Morphing Into The Morality Police?

Who gets to define what words and phrases protected under the First Amendment constitute hate — a catchall word that is often ascribed to any offensive speech someone simply doesn’t like?

The Duran

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Authored by Adrian Cohen via Creators.com:


Silicon Valley used to be technology companies. But it has become the “morality police,” controlling free speech on its platforms.

What could go wrong?

In a speech Monday, Apple CEO Tim Cook said:

“Hate tries to make its headquarters in the digital world. At Apple, we believe that technology needs to have a clear point of view on this challenge. There is no time to get tied up in knots. That’s why we only have one message for those who seek to push hate, division and violence: You have no place on our platforms.”

Here’s the goliath problem:

Who gets to define what words and phrases protected under the First Amendment constitute hate — a catchall word that is often ascribed to any offensive speech someone simply doesn’t like?

Will Christians who don’t support abortion rights or having their tax dollars go toward Planned Parenthood be considered purveyors of hate for denying women the right to choose? Will millions of Americans who support legal immigration, as opposed to illegal immigration, be labeled xenophobes or racists and be banned from the digital world?

Yes and yes. How do we know? It’s already happening, as scores of conservatives nationwide are being shadow banned and/or censored on social media, YouTube, Google and beyond.

Their crime?

Running afoul of leftist Silicon Valley executives who demand conformity of thought and simply won’t tolerate any viewpoint that strays from their rigid political orthodoxy.

For context, consider that in oppressive Islamist regimes throughout the Middle East, the “morality police” take it upon themselves to judge women’s appearance, and if a woman doesn’t conform with their mandatory and highly restrictive dress code — e.g., wearing an identity-cloaking burqa — she could be publicly shamed, arrested or even stoned in the town square.

In modern-day America, powerful technology companies are actively taking the role of the de facto morality police — not when it comes to dress but when it comes to speech — affecting millions. Yes, to date, those affected are not getting stoned, but they are being blocked in the digital town square, where billions around the globe do their business, cultivate their livelihoods, connect with others and get news.

That is a powerful cudgel to levy against individuals and groups of people. Wouldn’t you say?

Right now, unelected tech billionaires living in a bubble in Palo Alto — when they’re not flying private to cushy climate summits in Davos — are deciding who gets to enjoy the freedom of speech enshrined in the U.S. Constitution and who does not based on whether they agree with people’s political views and opinions or not.

You see how dangerous this can get — real fast — as partisan liberal elites running Twitter, Facebook, Google (including YouTube), Apple and the like are now dictating to Americans what they can and cannot say online.

In communist regimes, these types of folks are known as central planners.

The election of Donald Trump was supposed to safeguard our freedoms, especially regarding speech — a foundational pillar of a democracy. It’s disappointing that hasn’t happened, as the censorship of conservative thought online has gotten so extreme and out of control many are simply logging off for good.

A failure to address this mammoth issue could cost Trump in 2020. If his supporters are blocked online — where most voters get their news — he’ll be a one-term president.

It’s time for Congress to act before the morality police use political correctness as a Trojan horse to decide our next election.

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Paul Craig Roberts: The Disintegration of Western Society

Feminists brought this madness onto themselves.

Paul Craig Roberts

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Authored by Paul Craig Roberts:


Radical feminists are now being banned by Twitter not because they hate men, which is perfectly OK as far as Twitter is concerned, but because they object to “transwomen.”

What is a “transwoman?” As far as I can understand, a “transwoman” is a male with a penis who declares himself to be a women and demands his right to use women’s toilette facilities along with the women who are using them.

The feminist, Meghan Murphy, twittered a statement and a question:

“Men are not women.”

“How are transwomen not men? What is the difference between men and transwomen?”

Twitter described this as “hateful conduct” and banned Meghan Murphy. https://quillette.com/2018/11/28/twitters-trans-activist-decree/

There you have it. Yesterday it was feminists who were exercising their special society-bestowed privileges to censor. Today it is the feminists who are being censored. As this insanity of “Western Civilization” continues, tomorrow it will be the transwomen who are censored and banned.

What precisely is afoot?

My readers, who have partially and some wholly escaped from The Matrix, understand that this is the further fragmentation of American society. Identity Politics has set men, women, blacks, Jews, Asians, Hispanics, and white people against one another. Identity Politics is the essence of the Democratic Party and the American liberal/progressive/left. Now, with the creation of “new” but otherwise nonexistent “genders,” although they are honored as real by the controlled whores who masquerade as a “Western media,” we witness radical feminists being silenced by men pretending to be women.

I sympathize with Meghan Murphy, but she brought this on herself and on the rest of us by accepting Identity Politics. Identity Politics gave Meghan a justification for hating men even, as she failed to realize, it provided the basis for moving her into the exploitative class that must be censored.

Where does this end?

It has already gone far enough that the American population is so divided and mutually hostile that there is no restraint by “the American people” on government and the elite oligarchs that rule. “The American people” are no longer a reality but a mythical creature like the unicorn.

The film, The Matrix, is the greatest film of out lifetime. Why? Because it shows that there are two realities. A real one of which only a few people are aware, and a virtual one in which eveyone else lives.

In the United States today, and throughout “Western Brainwashed Civilization,” only a handful of people exist who are capable of differentiating the real from the created reality in which all explanations are controlled and kept as far away from the truth as possible. Everything that every Western government and “news” organization says is a lie to control the explanations that we are fed in order to keep us locked in The Matrix.

The ability to control people’s understandings is so extraordinary that, despite massive evidence to the contrary, Americans believe that Oswald, acting alone, was the best shot in human history and using magic bullets killed President John F. Kenndy; that a handful of Saudi Arabians who demonstratively could not fly airplanes outwitted the American national security state and brought down 3 World Trade Center skyscrapers and part of the Pentagon; that Saddam Hussein had and was going to use on the US “weapons of mass destruction;” that Assad “used chemical weapons” against “his own people;” that Libya’s Gaddifi gave his soldiers Viagra so they could better rape Libyan women; that Russia “invaded Ukraine;” that Trump and Putin stole the presidential election from Hillary.

The construction of a make-believe reality guarantees the US military/security complex’s annual budget of $1,000 billion dollars of taxpayers’ money even as Congress debates cutting Social Security in order to divert more largess to the pockets of the corrupt military/security complex.

Readers ask me what they can do about it. Nothing, except revolt and cleanse the system, precisely as Founding Father Thomas Jefferson said.

Is Thomas Jefferson Alive and Well In Paris?

If this report is correct, pray the revolt spreads to the US.

https://www.infowars.com/video-french-police-remove-helmets-in-solidarity-with-yellow-vest-protesters/

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Google Employees debated burying conservative media in search

Google engineer Scott Byer falsely labeled The Daily Caller and Breitbart as “opinion blogs” and urged his coworkers to reduce their visibility in search results.

The Daily Caller

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Via The Daily Caller


  • Google employees debated whether to bury The Daily Caller and other conservative media outlets in the company’s search function as a response to President Donald Trump’s election
  • “Let’s make sure that we reverse things in four years,” one engineer wrote in a thread that included a Google vice president
  • Google employees similarly sought to manipulate search results to combat Trump’s travel ban

Google employees debated whether to bury conservative media outlets in the company’s search function as a response to President Donald Trump’s election in 2016, internal Google communications obtained by The Daily Caller News Foundation reveal.

The Daily Caller and Breitbart were specifically singled out as outlets to potentially bury, the communications reveal.

Trump’s election in 2016 shocked many Google employees, who had been counting on Democratic nominee Hillary Clinton to win.

Communications obtained by TheDCNF show that internal Google discussions went beyond expressing remorse over Clinton’s loss to actually discussing ways Google could prevent Trump from winning again.

“This was an election of false equivalencies, and Google, sadly, had a hand in it,” Google engineer Scott Byer wrote in a Nov. 9, 2016, post reviewed by TheDCNF.

Byer falsely labeled The Daily Caller and Breitbart as “opinion blogs” and urged his coworkers to reduce their visibility in search results.

“How many times did you see the Election now card with items from opinion blogs (Breitbart, Daily Caller) elevated next to legitimate news organizations? That’s something that can and should be fixed,” Byer wrote.

“I think we have a responsibility to expose the quality and truthfulness of sources – because not doing so hides real information under loud noises,” he continued.

“Beyond that, let’s concentrate on teaching critical thinking. A little bit of that would go a long way. Let’s make sure that we reverse things in four years – demographics will be on our side.”

Some of Byer’s colleagues expressed concern that manipulating search results could backfire and suggested alternative measures

One Google engineer, Uri Dekel, identified himself as a Clinton supporter but argued that manipulating search results was the wrong route to take.

“Thinking that Breitbart, Drudge, etc. are not ‘legitimate news sources’ is contrary to the beliefs of a major portion of our user base is partially what got us to this mess. MSNBC is not more legit than Drudge just because Rachel Maddow may be more educated / less deplorable / closer to our views, than, say Sean Hannity,” Dekel wrote in a reply to Byer.

“I follow a lot of right wing folks on social networks you could tell something was brewing. We laughed off Drudge’s Instant Polls and all that stuff, but in the end, people go to those sources because they believe that the media doesn’t do it’s job. I’m a Hillary supporter and let’s admit it, the media avoided dealing with the hard questions and issues, which didn’t pay off. By ranking ‘legitimacy’ you’ll just introduce more conspiracy theories,” Dekel added.

“Too many times, Breitbart is just echoing a demonstrably made up story,” Byer wrote in a reply to his original post. He did not cite any examples.

“That happens at MSNBC, too. I don’t want a political judgement. The desire is to break the myth feedback loop, the false equivalency, instead of the current amplification of it,” Byer added.

“What I believe we can do, technically, that avoids the accusations of conspiracy or bias from people who ultimately have a right and obligation to decide what they want to believe, is to get better at displaying the ‘ripples’ and copy-pasta, to trace information to its source, to link to critiques of those sources, and let people decide what sources they believe,” another Google engineer, Mike Brauwerman, suggested.

“Give people a comprehensive but effectively summarized view of the information, not context-free rage-inducing sound-bytes,” he added.

“We’re working on providing users with context around stories so that they can know the bigger picture,” chimed in David Besbris, vice president of engineering at Google.

“We can play a role in providing the full story and educate them about all sides. This doesn’t have to be filtering and can be useful to everyone,” he wrote.

Other employees similarly advocated providing contextual information about media sources in search results, and the company later did so with a short-lived fact check at the end of 2017.

Not only did the fact-check feature target conservative outlets almost exclusively, it was also blatantly wrong. Google’s fact check repeatedly attributed false claims to those outlets, even though they demonstrably never made those claims.

Google pulled the faulty fact-check program in January, crediting TheDCNF’s investigation for the decision.

A Google spokeswoman said that the conversation did not lead to manipulation of search results for political purposes.

“This post shows that far from suppressing Breitbart and Daily Caller, we surfaced these sites regularly in our products. Furthermore, it shows that we value providing people with the full view on stories from a variety of sources,” the spokeswoman told TheDCNF in an email.

“Google has never manipulated its search results or modified any of its products to promote a particular political ideology. Our processes and policies do not allow for any manipulation of search results to promote political ideologies.”

The discussion about whether to bury conservative media outlets isn’t the first evidence that some Google employees have sought to manipulate search results for political ends.

After Trump announced his initial travel ban in January 2017, Google employees discussed ways to manipulate search results in order to push back against the president’s order.

A group of employees brainstormed ways to counter “islamophobic, algorithmically biased results from search terms ‘Islam’, ‘Muslim’, ‘Iran’, etc,” as well as “prejudiced, algorithmically biased search results from search terms ‘Mexico’, ‘Hispanic’, ‘Latino’, etc.”

WATCH:

Trump speculated to The Daily Caller in September that Google and Facebook are trying to affect election outcomes.

“I think they already have,” Trump said, responding to questions about potential election interference by Google and Facebook.

“I mean the true interference in the last election was that — if you look at all, virtually all of those companies are super liberal companies in favor of Hillary Clinton,” he added.

“Maybe I did a better job because I’m good with the Twitter and I’m good at social media, but the truth is they were all on Hillary Clinton’s side, and if you look at what was going on with Facebook and with Google and all of it, they were very much on her side,” Trump continued.

Google this month corrected a “knowledge panel” about a Republican women’s group that labeled them “enablers.”

Google cited Wikipedia for the disparaging description, though a similar change made to Wikipedia’s page for the women’s group was corrected almost immediately. Google left up the digital vandalism for three weeks.

Google apologized in May after search results for the California Republican Party falsely listed “Nazism” as one of the state party’s ideologies.

Then, too, Google blamed manipulation of the party’s Wikipedia page for the inaccurate and disparaging description.

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