Above: Photo Collage /Lynxotic / Original Image by ICIJ
“This is the Panama Papers on steroids.”
In what’s being called the “biggest-ever leak of offshore data,” a cache of nearly 12 million documents published Sunday laid bare the hidden wealth, secret dealings, and corruption of hundreds of world leaders, billionaires, public officials, celebrities, and others.
The bombshell revelations—known as the Pandora Papers—were published by the International Consortium of Investigative Journalists (ICIJ) and include private emails, secret contracts, and other records obtained during a two-year investigation involving more than 600 journalists in 117 countries and territories.
“This is the Panama Papers on steroids,” said ICIJ director Gerard Ryle, referring to the 2016 exposé of the tax-evading secrets of the super-rich. “It’s broader, richer, and has more detail.”
NEW: #PandoraPapers reveals the inner workings of a shadow economy that benefits the wealthy and well-connected at the expense of everyone else.
Brought to you by ICIJ and 600+ journalists, the largest collaboration in journalism history. 🧵 https://t.co/qXMuUcqPc4
More than 100 billionaires feature in the leaked data, as well as celebrities, rock stars, and business leaders. Many use shell companies to hold luxury items such as property and yachts, as well as incognito bank accounts. There is even art ranging from looted Cambodian antiquities to paintings by Picasso and murals by Banksy.
“There’s never been anything on this scale and it shows the reality of what offshore companies can offer to help people hide dodgy cash or avoid tax,” said ICIJ’s Fergus Shiel, who added that the people in the files “are using those offshore accounts, those offshore trusts, to buy hundreds of millions of dollars of property in other countries, and to enrich their own families, at the expense of their citizens.”
The leaked documents reveal how some of the world’s wealthiest people avert the financial consequences of their misdeeds by using offshore entities. Dozens of current and former world leaders feature prominently in the files, including Russian President Vladimir Putin, Jordanian King Abdullah II, and former British Prime Minister Tony Blair.
While most of the richest Americans do not appear in the files, The Washington Postreports that “perhaps the most troubling revelations for the United States… center on its expanding complicity in the offshore economy.”
Why so few US names in Pandora Papers? Largely because US is itself a spectacularly corrupt tax haven. “Financial experts said the uber-rich in the United States tend to pay such low tax rates that they have less incentive to seek offshore havens.” https://t.co/YaUH86VBEE
Chuck Collins, author of The Wealth Hoarders: How https://bookshop.org/a/565/9781509543496Billionaires Pay Millions to Hide Trillions, and co-editor of Inequality.org at the Institute for Policy Studies, said in a statement that “the U.S. has become the weak link in stopping global crime and wealth hiding.”
“States like South Dakota and Delaware have morphed their laws to attract billions, sometimes illicitly obtained, from around the world,” he said. “We in the U.S. should be embarrassed that we’ve become a magnet for kleptocratic funds.”
Collins added that the Pandora Papers show “it is time for U.S. lawmakers to shut down the hidden wealth system that allows for such aggressive tax avoidance and the sequestering of wealth.”
ICIJ said Sunday that the “publication of Pandora Papers stories comes at a critical moment in a global debate over the fairness of the international tax system, the role of Western professionals in the shadow economy, and the failure of governments to stanch the flow of dirty money into hidden companies and trusts,” and that the documents “are expected to yield new revelations for years to come.”
Originally published on Common Dreams by BRETT WILKINS and republished under a Creative Commons license (CC BY-NC-ND 3.0).
Recent White House Study on Taxes Shows the Wealthy Pay a Lower Rate Than Everybody Else
A decade ago, in an essay for The New York Times, Warren Buffett disclosed that he had paid nearly $7 million in federal taxes in 2010. “That sounds like a lot of money,” he wrote. “But what I paid was only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent.”
The words “taxable income” are doing a lot of work in that sentence.
Buffett owns a substantial number of shares in Berkshire Hathaway, the fabulously successful holding company he founded decades ago. As the company’s shares have soared nearly every year, his wealth has grown by billions. Under the U.S. tax code, none of that is taxed until he sells shares at a profit.
A little math shows that Buffett’s 17.4% rate meant he reported roughly $40.2 million in income in a year where Forbes said his wealth grew by $3 billion. His revelation made it possible to compare how much he was paying the government to the increase in the size of his fortune.
No one did so, and Buffett became something of a folk hero for calling for any increase in taxes.
When we obtained access to a trove of tax data on the richest Americans, it quickly became clear to our reporters that Buffett’s comparison of his own tax rate to his employees’ vastly understates the inequity of our tax system. Buffett is far from unique; the documents showed that the amount of money people like Michael Bloomberg, Jeff Bezos or Elon Musk reported to the IRS as income was infinitesimal when measured against their annual gains in wealth.
And so the first story in our “Secret IRS Files” series set out a new concept that makes more sense in our 21st century Gilded Age; we called it “the true tax rate.” We compared the annual taxes paid by the ultrarich to their wealth gains to give readers a sense of how the system really works.
From 2014 to 2018, we pointed out, Buffett paid $125 million in federal taxes. As he said, that sounds like a lot. But according to Forbes, his riches rose $24.3 billion during that period, making his true tax rate 0.1%. In a detailed written response, Buffett defended his practices but did not directly address ProPublica’s true tax rate calculation.
When we published this story, howls of rage rang out from the freewheeling corners of Twitter to the ornate offices on Wall Street. Some of the most irate critics wrote to me directly and demanded to know whether I was so @#$!@ stupid that I didn’t understand the meaning of the word “income tax.”
“This story, sadly, reeks with ‘class envy,’” one angry reader wrote. “If this was intended to get clicks, you made your money.” We’re a nonprofit and our revenue from advertising adds almost nothing to our annual budget, but I understand this reader’s larger point, which we noted in the story: The ultrarich are doing only what the current tax code invites them to do.
The debate intensified, and the White House-backed proposals on taxes advanced by congressional Democrats largely followed the traditional approach of raising rates on income. A separate bill introduced by Sens. Elizabeth Warren and Bernie Sanders to impose a 3% tax on all wealth above $1 billion is seen as having little chance of passing.
The reluctance to embrace a wealth tax is deeply rooted. The biggest donors to both parties would be hit hard by such a law. And as we pointed out in our initial story, the complexities of taxing wealth are not trivial. Several countries have tried and struggled to figure out a fair way to tax stock gains. Does an entrepreneur whose stock skyrockets in one year, and pays a big tax, deserve a rebate if his company’s shares plummet the next year?
All of that said, we took note when White House economists issued a study that used publicly available data to estimate “the average Federal individual income tax rate paid by the 400 wealthiest American families’ in recent years, determined using a more comprehensive measure of income.” Their methodology was similar to ours, and their findings — that those families gained $1.8 trillion from 2010 to 2018 and paid 8.2% in taxes — are in line with what we found in the tax data.
The authors say their findings are evidence in support of President Joe Biden’s plan for tweaking the existing system; the words “wealth tax” are not mentioned. They point to the administration’s proposal to impose higher tax rates on stock dividends and on capital gains, the profit an investor reaps when selling a stock whose value has risen.
(The Biden administration has proposed getting rid of a provision in the tax code that shields heirs who inherit stock from paying capital gains tax on the growth in value that occurred before the shares were transferred.)
None of the proposed changes come close to addressing the biggest hole in the system, which is that an ultrarich person can live comfortably off gains in wealth while never selling a single share. As our initial story pointed out, the Buffetts and Bezos of the world can borrow against the value of their considerable holdings and live comfortably without selling stock or receiving any income from dividends, which new companies like Tesla and Amazon don’t pay.
The strategy, known as “buy, borrow and die,” allows the wealthy to amass fast fortunes, pay no taxes on those gains and pass on much of the wealth to their descendants.
Herb and Marion Sandler, the founders of ProPublica, made it clear from the outset that they hoped our journalism would spur real-world change. They were not particularly interested in stories whose biggest effect was that they had “started a conversation.”
We still measure our success by tangible effects. But over the years, we have seen that the road to impact on very complex issues can begin by changing the conversation.
Lawmakers have said that some of the most egregious tax loopholes we’ve exposed, notably multibillion-dollar Roth IRA accounts, will be scrutinized as Congress takes up tax legislation in coming months.
There’s no telling where the larger conversation about taxing wealth will lead. As the White House paper suggests, a new way of thinking about equality and taxation has taken center stage. Whether that ultimately results in change remains very much an open question.
Conviction of Steven Donziger, said one critic, “perfectly encapsulates how corporate power has twisted the U.S. justice system to protect corporate interests and punish their enemies.”
Environmental justice advocates and other progressives on Friday condemned a federal judge’s decision Friday to sentence human rights lawyer Steven Donziger to six months in prison—following more than two years of house arrest related to a lawsuit he filed decades ago against oil giant Chevron.
The sentence, delivered by U.S. District Judge Loretta Preska in New York City, represents “an international outrage,” tweeted journalist Emma Vigeland following its announcement.
Donziger’s sentence came a day after the United Nations Working Group on Arbitrary Detention said it was “appalled” by the U.S. legal system’s treatment of the former environmental lawyer and demanded the U.S. government “remedy the situation of Mr. Steven Donziger without delay and bring it in conformity with the relevant international norms” by immediately releasing him.
Donziger represented a group of farmers and Indigenous people in the Lago Agrio region of Ecuador in the 1990s in a lawsuit against Texaco—since acquired by Chevron—in which the company was accused of contaminating soil and water with its “deliberate dumping of billions of gallons of cancer-causing waste into the Amazon.”
An Ecuadorian court awarded the plaintiffs a $9.5 billion judgment in 2011—a decision upheld by multiple courts in Ecuador—only to have a U.S. judge reject the ruling, accusing Donziger of bribery and evidence tampering. Chevron also countersued Donziger in 2011.
In 2019, U.S. District Judge Lewis A. Kaplan of the Southern District of New York—a former corporate lawyer with investments in Chevron—held Donziger in contempt of court after he refused to disclose privileged information about his clients to the fossil fuel industry. Kaplan placed Donziger under house arrest, where he has remained under strict court monitoring for 787 days.
In addition to Kaplan’s own connections to Chevron, the judge appointed private attorneys to prosecute the case, including one who had worked for a firm that represented the oil giant.
Preska, who found Donziger guilty of the contempt charges in July, is a leader of the right-wing Federalist Society, which counts Chevron among its financial backers.
“As I face sentencing on Day 787 of house arrest, never forget what this case is really about,” tweeted Donziger on Friday morning, as he awaited the sentencing. “Chevron caused a mass industrial poisoning in the Amazon that crushed the lives of Indigenous peoples. Six courts and 28 appellate judges found the company guilty.”
Donziger indicated Friday afternoon that he plans to appeal the sentence.
“Stay strong,” he tweeted along with a photo from a rally attended by his supporters Friday.
BREAKING: Flouting the U.N. decision ordering my release, Judge Preska sentenced me to 6 months in prison. Still on house arrest until the appeals court rules on my motion for release pending appeal. Picture is from rally this morning.
350.org co-founder and author Bill McKibben said on social media that Donziger “deserves our thanks and support” for “daring to point out that Big Oil had poisoned the rainforest.”Rick Claypool, research director for Public Citizen, tweeted that Donziger’s case “perfectly encapsulates how corporate power has twisted the U.S. justice system to protect corporate interests and punish their enemies”—noting that as Donziger is ordered to prison for six months, members of the Sackler family recently won immunity from opioid lawsuits targeting their private company, Purdue Pharma.
“This ruling was done to deter ANYONE from crossing corporate special interests,” said progressive former congressional candidate Jen Perelman.
Originally published on Common Dreams by JULIA CONLEY and republished under a Creative Commons License (CC BY-NC-ND 3.0).
Stephanie Grisham’s new book exposes everything she knows about the Trumps after extensive time working in the White House. Reporters with galley proofs are exposing and releasing details that paint a sordid and alarming picture of the time, even beyond past, admittedly shocking revelations.
Grisham served multiple roles during Trump’s solo term, including as aide to former First Lady Melania Trump, as Chief of Staff, in addition to an aide to Trump as his White House Press Secretary and Communications Director.
Many of the most recent revelations focus on the former First Lady.
Reports from those who got a sneak peak at excerpts from the upcoming book, say during the 2020 election race, Melania did not stay up for results by her husband’s side, but instead spent most of the night…. asleep.
“I knew by now how much sleep meant to her,” Grisham writes, “but still, I couldn’t imagine being asleep at a time like that. Maybe she thought that someone would wake her up if Trump won.”
(Obviously he didn’t win). Although only a small little nugget of gossip, it solidifies what many have felt about the ex-FLOTUS, as her infamous green jacket implied, she really doesn’t care.
It seems like Melania Trump DOES care about her outward reputation as both unflattering images of author Grisham were leaked to press along with a statement issued by her camp about the upcoming book:
“The intent behind this book is obvious. It is an attempt to redeem herself after a poor performance as press secretary, failed personal relationships, and unprofessional behavior in the White House. Through mistruth and betrayal, she seeks to gain relevance and money at the expense of Mrs. Trump.”
Bokeh into a corner; the coming of age for smartphone photography
Much has been said about the new camera system, and in particular, the top end iPhone 13 Pro and Pro Max versions. Cinematic mode is one new feature that has generated a lot of interest, some admiration and some confusion.
Apple marketing has not helped to clarify – the emphasis with the name and all the marketing materials and ads are jumping into the claim that this is a high-end pro replacement for prime lenses and a human focus puller. And you should make professional movies with it.
This is a valid idea, to a point, and it’s a fantastic accomplishment to have a cinematic mode at all, especially in your pocket. And, perhaps, the limitation at HD video and no 4k capability will be overcome, either in software or with the iPhone 14.
But, in reality, none of that matters. In reality this mode was absolutely necessary, with or without the autofocus “robot-focus-puller” trick.
Including the telephoto camera made the cinematic effect absolutely mandatory
So taking a small step back for a moment, let’s look at the big changes in the iPhone 13 Pro cameras compared to the iPhone 11 Pro and iPhone 12 Pro. The big change was the ultra-wide camera / lens combo along with the 3X 77mm telephoto camera / lens. In total making 6x optical zoom range possible.
It’s the 77mm that is the huge move. Why? Well, if you are a photographer and have ever worked with a prime or zoom lens of 77mm or above you will be aware of a couple of things. The size, length and weight of the lens is massive. And to duplicate that in a tiny camera module as part of a three camera array on an iPhone presents a pretty big challenge.
Obviously the size limitation makes it impossible for a “real” 77mm lens to be strapped to the back of an iPhone. And, even if the magnification was possible, what about the “look” and the quality of the image?
And what constitutes, in photographic tradition, the beauty and style that makes a long lens like a 77mm artistically desirable? Because just having the ability to get a closer view or shot of an subject without moving the camera closer is a small and relatively insignificant part of the challenge.
Bokeh because it’s beautiful and highlights the subject (often a human or animal) in the video or photo.
Now, to be clear, we are really talking about video recording, not just photos. Because the portrait mode on iPhone has been around, and improving, for years, and cinematic mode is creating similar effect and adding a new level for video.
Adding a 77mm lens, however, if it was not getting the bokeh effect in the video recording, would have been a disappointment of monumental proportions for photographers and would not have been an option.
And, good news folks, the bokeh in cinematic mode when using the 77mm lens is very usable and takes the cinematic style potential into a creative realm that is “Pro”, with or without the focus pulling tricks, and / or the panning or dolly shots with a moving camera.
Both the addition of “portrait mode” backgrounds for FaceTime video, which is a look that has become standard for YouTube videographers, and, more impressively and more importantly, the ability to shift through the lens “kit” as a feature film director would, using different focal lengths (like swapping out prime lenses on a feature film shoot) is a game changer.
However, none of this would be even remotely possible if the switch from a virtual 26mm wide angle prime lens to a virtual 77mm prime did not have some emulation of the unique qualities such as depth or field and, above all, bokeh that shifted as well.
And, thankfully this works the way a director or DP would want – not the same, of course, as a rig that has lenses that cost as much as a dozen iPhone 13 Pro Maxes, but one that is unique and able to produce beautiful, soulful and human effects that are a computationally assisted approximation. That look, or at least something with a similar feel, is akin to what has inspired generations of filmmakers to love what a 77mm or 85mm or even a 100mm (my personal favorite) does for a human subject in the wild.
It is now possible to produce images that have the convenience of an iPhone and the creative mix of styles that could previously only be found in a full professional kit with multiple prime lenses, and that is something that will change and impact the quality and style of everything we watch, particularly in production areas where million dollar kits are not an option.
“Ever notice how ‘deficit hawks’ vote for record-high defense spending, yet claim bills that help people and challenge lobbyists are ‘too much?'” asked Rep. Alexandria Ocasio-Cortez.
Sen. Joe Manchin on Thursday derided his own party’s plan to spend $3.5 trillion over the next decade to combat the climate crisis, invest in child care, and expand Medicare as “fiscal insanity.”
“All this operatic moaning about $3.5 trillion is ridiculous hypocrisy. Manchin has casually voted for nearly three times that for defense spending.”
But progressive lawmakers and commentators were quick to point out that Manchin (D-W.Va.)—along with other conservative Democrats who are currently standing in the way of Democrats’ reconciliation package—have had no problem greenlighting the Pentagon’s increasingly bloated budget year after year after year.
“Ever notice how ‘deficit hawks’ vote for record-high defense spending, yet claim bills that help people and challenge lobbyists are ‘too much?'” Rep. Alexandria Ocasio-Cortez (D-N.Y.) asked in a tweet Thursday evening.
“All this operatic moaning about $3.5 trillion is ridiculous hypocrisy. Manchin has casually voted for nearly three times that for defense spending”
Noting that the reconciliation package includes yearly spending of $350 billion while the proposed military budget for Fiscal Year 2022 is $770 billion, the New York Democrat wrote: “Guess which got rubber stamped and which gets deemed a ‘spending problem.'”
Last week, the House of Representatives passed the $770 billion military policy bill—which includes $740 billion for the Pentagon alone–by a vote of 316-113, with just 38 Democrats voting no. The Senate is expected to pass its version of the National Defense Authorization Act in the coming days.
In a column published late Thursday, The Week‘s Ryan Cooper observed that Manchin “voted for every single one of the military budgets over the last decade—in 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, and 2020.”
“He voted for all $9.1 trillion,” Cooper wrote. “While he occasionally complained about wasteful military programs and asked for an audit of the Pentagon, these quibbles were never enough to get him to vote differently. He helped inflate the already-bloated war budget and regularly boasted about thus ‘supporting’ the troops. This year, he did it again.”
“So on one level, all this operatic moaning about $3.5 trillion is ridiculous hypocrisy,” Cooper continued. “Manchin has casually voted for nearly three times that for defense spending—money that killed hundreds of thousands of people and turned half the Middle East into a smoking crater. A modest fraction of that total to help parents pay their bills, give seniors dental coverage, fight climate change, and so forth is not some intolerable burden on the economy.”
West Virginia activists in kayaks presented that critique directly to Manchin on Thursday as the Democratic senator listened from his yacht:
In ongoing talks over the reconciliation package, Manchin is pushing for a top-line spending level of $1.5 trillion. That figure is at least $2 trillion less over 10 years than Democrats’ current plan, which would spend $3.5 trillion over the next decade.
As Win Without War executive director Stephen Miles noted Thursday, Manchin’s preferred $1.5 trillion number is “less than we’ll spend at the Pentagon over the next two years.”
“And Manchin’s talking about a DECADE of spending across the entire rest of the government,” Miles wrote on Twitter. “During that time we’ll spend somewhere north of $8 trillion, possibly closer to $10 trillion. Just. at. the. Pentagon.”
Originally published on Common Dreams by JAKE JOHNSON and republished under a Creative Commons license (CC BY-NC-ND 3.0).
Last Chance to watch on Netflix- Calling all Trekkies:
As what happens each and every month, the streaming platform needs more space for all the new incoming content and in order to do so Netflix needs to purge some titles out of its library. Midnight pacific time these titles will vanish.
The show Star Trek has been around for over 50 years. This might be some startling news if you have relied on Netflix to get your fix for the series. Three of the franchise series along with the 2009 movie are leaving. The TV show series had been streaming on the platform ever since 2011 and now, it seems its time on the platform has come to an end (possible forever).
Sci-Fi fans have all day today up until midnight to binge out on all things Star Trek: Star Trek the Movie, Star Trek: Enterprise (Seasons 1-4), Star Trek (Seasons 1-3) and Star Trek: Voyager (Seasons 1-7).
Don’t fret, Paramount+ currently holds the full library for all the Star Trek so there is still an option to stream, however that means it is very unlikely the title will return to the Netflix platform.
Or rather, if you are feeling nostalgic, there are additional classics that will be gone including the “Austin Powers” series: Goldmember, International Man of Mystery, The Spy Who Shagged Me, and The Karate Kid I and II.
Strek Trek:
Star Trek -Enterprise:
https://youtu.be/mdxynXpRyBw
Star Trek – Voyager:
https://youtu.be/KPCCEyvLaOo
In addition to all the Star Trek series about to disappear there are film “sequel groups” such as Kung Fu Panda 1 & 2, three Austin Powers movies: Austin Powers in Goldmember, Austin Powers: International Man of Mystery, Austin Powers: The Spy Who Shagged Me, Karate Kid and Karate Kid II & III as well as Movies like Boogie Nights and The Pianist! Full list below.
List of Titles Leaving Netflix this Thursday at Midnight:
Air Force One Austin Powers in Goldmember Austin Powers: International Man of Mystery Austin Powers: The Spy Who Shagged Me Boogie Nights Cradle 2 the Grave Evil, Season 1 Fools Rush In Insidious The Karate Kid The Karate Kid Part II The Karate Kid Part III Kung Fu Panda Kung Fu Panda 2 No Strings Attached The Pianist Prom Night The Queen Star Trek Star Trek: Enterprise, Seasons 1-4 Star Trek, Seasons 1-3 Star Trek: Voyager, Seasons 1-7 The Unicorn, Season 1 Why Do Fools Fall in Love
In what has become a monthly Netflix ritual, some great films have just hours left for you to stream them
As is customary when each month comes to a close Netflix is saying “out with the old, in with the new”. There are many new and exciting titles premiering in the Fall months, including October, before that though, the streaming platform is giving viewers a last call to watch some classic movies.
The large list of films and series going out and becoming unavailable is a long one. As of Thursday, September 30th at midnight PT (so dramatic!) no less than 24 items will cease to be available to stream on the Platform.
While some films might be available on other platforms, and they might one day return to Netflix, it is often the case that they switch to a pay-to-pay status during the time that Netflix removes them from its catalog.
In addition to the movies about to disappear there are film “sequel groups” such as Kung Fu Panda 1 & 2, three Austin Powers movies: Austin Powers in Goldmember, Austin Powers: International Man of Mystery, Austin Powers: The Spy Who Shagged Me, Karate Kid and Karate Kid II & III as well as Star Trek Seasons 1-3, Star Trek: Enterprise Seasons 1-4 and Star Trek Voyager Seasons 1-7!
While many of these big-time sequel franchises are so well known that you might have already seen them all, the two films that we are featuring, though huge hits in the day, are unique & special and, if you have not seen them or want to revisit, we highly recommend that you go for it now, before Netflix retires them indefinitely.
These “double-view” films are great enough to see again…
Watch “Boogie Nights” one of Paul Thomas Anderson’s classics. This movie stars Mark Wahlberg, Burt Reynolds, Heather Graham, Julianne Moore and John C. Reilly.
Or the Oscar-winning drama “The Pianist” directed by Roman Polanski. Adrien Brody stars as Wladyslaw Szpillman, a Jewish pianist that was confined to the Warsaw Ghetto and later forced into hiding as the Nazi’s invaded Poland.
Leaving Netflix this Thursday at Midnight:
Air Force One Austin Powers in Goldmember Austin Powers: International Man of Mystery Austin Powers: The Spy Who Shagged Me Boogie Nights Cradle 2 the Grave Evil, Season 1 Fools Rush In Insidious The Karate Kid The Karate Kid Part II The Karate Kid Part III Kung Fu Panda Kung Fu Panda 2 No Strings Attached The Pianist Prom Night The Queen Star Trek Star Trek: Enterprise, Seasons 1-4 Star Trek, Seasons 1-3 Star Trek: Voyager, Seasons 1-7 The Unicorn, Season 1 Why Do Fools Fall in Love
Bond jump should have been seen coming, yet the reaction is nevertheless a big rush to the exits
In what some are calling a Taper Tantrum, the markets dropped with a sense of purpose today, with little bounce after the close in the futures market. With Fed rate hikes now a certainty, inflation concerns real, and bond yields spiking today, there were plenty of things to point to as catalysts.
This could be, and this is extremely likely regardless of what endless permanent-bull commentators would have you believe, the start of a tough two months, with late September and October being known as a very dangerous time in markets, especially whey they exhibit pre-crash signs and warnings.
Insane valuations that have preceded past September / October disasters are back
It’s unbelievable that the fall of 2008, when the financial crisis came to a head with the Lehman Brothers collapse, was 13 years ago, and the prior peak in November 2007 was a full 14 years.
I guess we can observe that we now have the iPhone 13, with the iPhone “1” which was just called “iPhone” at the time, has been marking the time with yearly iterations, not always named in sequence:
iPhone: June 29, 2007
iPhone 3G: July 11, 2008
iPhone 3GS: June 19, 2009
iPhone 4: June 24, 2010
iPhone 4S: October 14, 2011
iPhone 5: September 21, 2012
iPhone 5S & 5C: September 20, 2013
iPhone 6 & 6 Plus: September 19, 2014
iPhone 6S & 6S Plus: September 19, 2015
iPhone 7 & 7 Plus: September 16, 2016
iPhone 8 & 8 Plus: September 22, 2017
iPhone XS, XS Max: September 21, 2018
iPhone 11, Pro, Pro Max: September 20, 2019
iPhone 12, Mini, Pro, Pro Max: October 23, 2020
iPhone 13, Mini, Pro, Pro Max, September 24, 2021
And during all these years, for the most part the artificially inflated Fed “bubble of everything” has continued.
Here is a disturbing chart, courtesy of Elliott wave International at Elliottwave.com:
This behavior, seen across nearly all markets since extreme measures were taken to respond when the March 2020 pandemic crash occurred, has been building to a crescendo. And today was a tiny pin-prick that could augur ill for October.
What this has led to, naturally, is an overvaluation beyond anything seen in modern times, perhaps 500 years. The previous all-time-peak for overvalued stocks (S&P) was in March 2000. August 2021 is far beyond that peak and likely will stand as the most overvalued moment for decades.
Unless, that is, somehow the insane valuations are pushed even higher. Which is unlikely, but not impossible, given the state of delusional euphoria that pervades the financial markets.
Many 2021 characteristics, such as the Crypto, NFT frenzy will be seen in a similar light to the tech stocks in 2000 or Real estate in 2007
There’s a sense that it is normal for bored apes NFTs to experience a multimillion dollar bidding wars, or for crypto alt coins with dog mascots to explode 10,000% or more during this, possibly final phase, of what has been called the “everything bubble”.
And why not? If you bought and held almost anything in March 2009 or again at the bottom of the crash on March 16, 2020, then you have seen nearly continuous gains that you’d be eager to risk on, well, anything.
And if you were 10 years old in the year 2000, you’d not have known about NASDAQ drops that take around 13 years to regain what was lost after a 1 year bear market, so why worry?
Perhaps the Fed and the markets seemingly infinite ability to expand and inflate will go on for years. Or the next bear, possibly the one that already kicked off today, and will accelerate into October, is one to take seriously.
Photo by Extinction Rebellion NYC / Twitter @XR_NYC
At least 40 climate activists were arrested Friday at the New York City offices of JPMorgan Chase, Citibank, and Bank of America, organizers said, as campaigners across the United States demanded financial institutions stop supporting the destruction of the planet.
“People are in denial about the mess we’re in,” said Kerith Creo of Extinction Rebellion (XR) NYC. “We’re sending a message loud and clear that the little action that politicians and greenwashing CEOs have taken so far does not begin to deal with the magnitude of this crisis.”
The protest actions included delivering 150,000 petition signatures as part of the Stop the Money Pipeline (STMP) coalition‘s “Deadline Glasgow: Defund Climate Chaos” campaign to pressure banks ahead of COP 26, a United Nations summit set to start on October 31.
Despite financial institutions’ net-zero emissions by 2050 pledges, the petition highlights, “they are providing loans, insurance, and billions in investment capital to corporations expanding the fossil fuel industry and deforesting the Amazon and other tropical forests―companies that are guilty of human rights abuses and violations of Indigenous sovereignty.”
The petition calls out some specific projects—such as Line 3—and urges banks, insurers, asset managers, and the Biden administration to “end their support for companies engaged in climate destruction and human rights abuses” before the two-week U.N. summit in Scotland.
@XR_NYC is staging a boat outside @Chase HQ, who is the biggest fossil fuel funder in the world.
They poured $317 billion poured into fossil fuels since the 2015 Paris Agreement. Who pays the price for Hurricane Ida? We do.https://t.co/1pZUyDyRLD
The upcoming negotiations in Glasgow “are the most important international climate talks since the Paris agreement was signed in 2015,” STMP said in a statement Friday. “It is also supposed to be ‘the climate finance COP.'”
In New York City, climate activists set up a boat outside the office of JPMorgan Chase, urging the bank to “stop the greenwashing,” and draped a banner that read “#1 Funder of Climate Death” over the building’s entrance.
At Bank of America’s Manhattan office, “half a dozen women blockaded the entrance and a seventh woman sat in a hammock supported by a large tripod on the sidewalk,” according to XR. Outside Citibank’s building, “activists set up a camp on the lawn near the entrance and put up a tripod to which they locked themselves down.”
And thank you to these activists at @Citibank HQ this morning for also risking arrest to bring attention to the SECOND worst fossil fuel funder @XR_NYChttps://t.co/4bLjmuPgff
“We’ve reached the breaking point,” said Christina See of XR NYC. “We need our government leaders to take action immediately. The New York City area saw over 40 deaths due to record breaking floods just a few weeks ago. The climate crisis is here, now.”
The remnants of Hurricane Ida—which initially made landfall in Louisiana on the anniversary of Hurricane Katrina—caused fatal flooding across the Northeast, sparking warnings from not only climate activists but also political leaders about what the future holds.
While touring damage in New York and New Jersey, President Joe Biden said that “we got to listen to the scientists and the economists and the national security experts. They all tell us this is code red; the nation and the world are in peril. And that’s not hyperbole. That is a fact.”
Climate campaigners responded to Biden’s comments by urging him to declare a national climate emergency and stop all fossil fuel projects, highlighting his refusal to block the Line 3 tar sands pipeline opposed by Indigenous leaders and environmentalists in Minnesota.
The protests came as the U.S. president held a climate meeting with leaders of major economies and confirmed a new global pledge to reduce methane pollution at least 30% by 2030. Biden’s event followed his leadership summit in April, during which he pledged to cut the nation’s overall planet-heating emissions in half within this decade.
Activists on Friday “shut down 4th Avenue in downtown Seattle, and disrupted business at the Canadian Consulate, Chase, and Bank of America,” according to the Washington city’s arm of 350.org.
STMP explained that “they’re targeting the world’s biggest financers of climate chaos, as well as the Canadian government, who bought the troubled Trans Mountain oil pipeline in 2018.”
The demonstrations in New York City, Seattle, and beyond came as a new U.N. analysis revealed that recent emissions reduction pledges governments have made in anticipation of COP 26 are nowhere near ambitious enough to meet the Paris agreement’s 1.5°C target.
According the new report, the world is on track for 2.7°C or warming by 2100—a revelation that prompted U.N. Secretary-General António Guterres to warn that a failure to meet the Paris temperature goal “will be measured in the massive loss of lives and livelihoods.”
Above: Photo Collage / Lynxotic / J. Flavia / Unsplash
Ear related! 2nd best and more are also interesting
With so many new features on the iPhone 13 Pro models, and with so many of them made possible by iOS 15, the A15 bionic chip, the 16-core Neural Engine, which performs up to 15.8 trillion operations per second, and power features like Cinematic Mode and Smart HDR 4, machine learning and other hard to explain facets of the overall experiential upgrade, sound playback (and recording) are often barely mentioned, it seems.
Ever since there was the biggest Apple success story near the turn of the century there has been a special relationship between the fruit company and music / sound. I’m talking, of course, about the iPod.
Long before the iPhone was even a rumor, the iPod was a huge success, taking over the mp3 player market and, with the iTunes store for music downloads, launching the software and services division, for all practical purposes.
It’s hard to imagine now, but there was doubt that Apple could make it in the competitive cell phone market, with behemoths like Nokia and Blackberry so well established. It was the iPod’s success that made it seem plausible.
There was one thing that the iPod never had, however; speakers. And even the recent iPhones, with speakers for voice and music, if you didn’t use your AirPods for that, had speaker and sound quality that was not on the quality level of the larger iPads.
With a much larger area to hide speakers, the iPad was always an obvious choice for watching movies and listening “out loud” via the built in speaker system. With an iPad pro that could be pretty spectacular with a relatively full frequency spectrum and, more recently via software upgrades, spatial audio.
With iPhone 13 Pro models the audio barrier has finally been shattered
In a tiny, nearly forgotten passage at the very end of a list of new specs and enhancements in the iPhone 13 line, Apple adds one more thing; a stereo speaker at the top where the notch is located and a second stereo speaker at the bottom next to the Lightning port.
What it doesn’t mention is the improvement in the sound quality. Like so many features in the newer generation of devices and software, this unassuming, seemingly simple statement is just the tip of the iceberg and does not divulge what’s really going on.
Once more a combination of all the recent software and hardware upgrades combine to produce an experience that goes beyond what you could expect with these tiny, nearly invisible, speakers.
First, the two stereo speaker sets are, sound wise, equal in quality. So when you are watching a movie in landscape mode there is a distinct stereo effect. This is enhanced by spatial audio and dolby atmos depending on your set up.
The actual experience is noticeably “iPad like” and in some ways even goes beyond. Having the phone relatively near you, due to its size, and listening to a high quality movie score, there’s a feeling that your phone has morphed into a personal theater – as long as you can let the sound out into your local environment.
Try “SharePlay”, once it’s live in iOS 15.1, or just manually sync with your partner, assuming you each have a new iPhone 13 (!) and you will get a glorious room filling surround experience from the 4x stereo output (8 speakers?!) into the room.
And the mysterious mics also hidden in multiple places, are also a big upgrade – the seem to switch roles for video, calls etc and maximize the audio quality in live recording situations.
Apple’s software and service bundles and ambitions are driving hardware and iOS upgrades
As jubilant as this may sound, there is also an ulterior motive lurking. Some of the audio features work best (or at all) with an Apple Music subscription. And having more subscriptions, Apple TV, Apple News, Apple Music, iCloud Extra Storage, along connected devices, with so many available, it becomes an ecosystem of plenty for Apple, already the largest company by market cap.
On the optimistic side there’s always Apple One Premiere, the top of the line for bundled services (see below) and looking more and more like a steal at $29.95 per month.
Perhaps, one day not to far away, there will be a Apple One Premiere plan that also includes all Apple devices and you just trade them in every two years (every year?) or maybe you never own them at all?
The way the upgrades in hardware, software and the rest are becoming more interdependent and how crazy it already is to upgrade various devices (assuming you have more than one or two) yearly or bi-annually it’s an interesting idea to try and imagine.
And with an Apple Car perhaps on the way (self driving and outfitted with all the rest of the tech and service bundles) this could be a whole-house, whole-office (will there still be offices?) all transport bundle too. Apple haters will be in trouble, and have to move to Google Island, but otherwise, hey, why not?
Apple One Premiere example package:
Speakers after tear down by iFixit:
credit: iFixit
Audio Playback
Audio formats supported: AAC‑LC, HE‑AAC, HE‑AAC v2, Protected AAC, MP3, Linear PCM, Apple Lossless, FLAC, Dolby Digital (AC‑3), Dolby Digital Plus (E‑AC‑3), Dolby Atmos, and Audible (formats 2, 3, 4, Audible Enhanced Audio, AAX, and AAX+)
Spatial audio playback
User‑configurable maximum volume limit
Video Playback
Video formats supported: HEVC, H.264, MPEG‑4 Part 2, and Motion JPEG
HDR with Dolby Vision, HDR10, and HLG
Up to 4K HDR AirPlay for mirroring, photos, and video out to Apple TV (2nd generation or later) or AirPlay 2–enabled smart TV
Video mirroring and video out support: Up to 1080p through Lightning Digital AV Adapter and Lightning to VGA Adapter (adapters sold separately)9
Upgrades for hard and software, though groundbreaking and exciting, do have limitations and problems
The new upgrades for iOS 15, iPad OS 15, mac OS 12 Monterey and the rest are in many ways amazing, feature filled wonders, as we’ve discussed at every opportunity. The multi-year transition to a more unified system across all apple devices is underway and we are big supporters of the benefits.
However, nothing is perfect, and particularly in the early days it is to be expected that glitches and strange twists and turns in the journey can disappoint and confuse along the way.
Below we’ve outlined a few.
Various less than perfect ideas and execution in the OS software
Some issues are not really issues at all but things that people just don’t like. One example is the move of the address bar on safari in iOS 15 to the bottom. Many people had trouble getting used to this so a button was added to move it back to the top.
Other glitches include a false warning that you are out of storage space. Others have reported a reduction in perceived (if not real) battery life. Although these are minor annoyances and will be fixed with future updates, such as iOS 15.1 due any minute now, they show that this bug hunting is, unfortunately part of the process of any upgrade, much less a huge and important one like iOS 15.
There are also specific limitations though that should be mentioned about the iPhone 13 Pro camera system.
This issues are less bugs or errors and just limitations that may, or may not, be improved at a later date.
The new high end Pro camera system for the iPhone 13 Pro series is a major upgrade that has so many features and new capabilities that it is hard to even list them all, let alone illuminate the multitude of options and enhancements that they create.
On the obvious down side, however, a few things have jumped out at users now that these phones are in the wild.
Cinematic mode only works (currently) in 1080p. This is a serious limitation, since the whole idea of “Pro” is 4k and above. Many even go so far as to say that 1080p aka HD is no longer the standard for video and even obsolete. While there are rumors that this could get a software upgrade, perhaps even before the next iPhone model next fall, but it is not at all clear if, or when, that might happen.
This limitation is a fairly serious one, since an entire project would have to be shot at 1080p HD rather than 4k to make any use at all of the beautiful and fascinating rack-focus effects available in cinematic mode.
Less and issue but often mentioned is the inability to shoot 4k slow motion footage.
The lack of slo-mo at any resolution above 1080p is also something that has surprised aficionados. There is an option for 1080p at 240 fps, but unless you are shooting ultra high speed action that is not a hugely useful setting.
It seems odd, since a large part of the limitation is likely the large amount of data required to make this happen at 4k but there is a silver-lining here that few have mentioned in recent articles decrying the lack of 4k slow-mo options.
Since the system is already capable of shooting 4k at 60fps, and a final project setting for editing could be 4k at 30 or even 24fps, the 4k 60fps could be seen as a double speed slo-mo setting for a 4k video projects shot at 30fps for standard and 60fps for footage to be slowed to 30fps for the 1/2 speed slo-mo effect.
In the feature film 35mm celluloid days this was a very common and useful way to get slow-mo without eating up tons of expensive film stock.
Also, shooting at 4k 60fps for a 4k 24fps project would yield a 1.5 ratio of frame rate, giving an even more extreme slow-mo effect. For most slow motion effects 1 to 1.5x speed in-camera for later playback at the project rate is more than adequate.
The 120fps rate, since the top frame rate at 4k is 60fps, is, indeed, double which, as stated above, standard.
Therefore, for all practical purposes, there is already a way to produce beautiful 4k slow motion effects in a 30fps or 24fps project and have those be in camera pristine slo-mo and not the less desirable edit-only EFX.
Summing up, even with glitches and minor disappointments, it’s a beautiful world and now we just have to shoot it
If no more serious glitches or known issues pop up during the transition from iOS 14 to iOS 15, and iPhone 12 Pro to iPhone 13 Pro, we can be satisfied that this is a monumental job well done by the gang at Apple.
Though there are a lot of shortcomings that we may perceive in the new world topping combo-pack; iPhone 13 Pro Max running iOS 15.1, these are when compared to far more costly and cumbersome alternatives, or simply, when compared to our wildest dreams. Those will have to wait a few years, in all likelihood.
Human greed is a powerful thing. When given a photographic system that even attempts to approximate a profession system based on prime and zoom lenses and accessories, there’s a tendency to want it all, right now!
Of course, instead, what we get is an amazing extension of the iPhone photo tradition – taken up a bunch of notches at once. The computational enhancements are incredible and will only get better – in many cases without a new phone as they are based on AI and machine learning, which as the name implies, are continually improving while you sleep.
It is also the reason why real lenses and traditional DLSR cameras still have an important use and value.
The new system unveiled with the iPhone 13 pro is revolutionary precisely because of the potential for people to create new visual expressions and ways of communicating.
These photographic traditions and the efforts that were made in the design to emulate them are important and valuable. However, the future will benefit from the spontaneous and new ways that people will decide to use this evolving system and the current extensions of our eyes, ears and minds….
The cameras are at the center of what makes an iPhone 13 a Pro investment
Direct hands on experience with something as complex and interesting as the new iPhone 13 Pro Max is invaluable for a useful assessment. After a few days and also taking into account some observations of others I will attempt to shed light on the state of the art of iPhone as of September 2021.
Comparing this iteration of iPhone with the previous versions is meaningful for buying decisions, but it must also be compared based on what it can do for a professional that has a need for a higher grade of gadget.
Judging and comparing the machine as a whole is also necessary, since the cameras are not cameras at all be just one part of an integrated system of visual (and audio!) production tools.
Big changes that begat others and on the circle goes
The first thing I noticed, out of the box was the sheer size of the 13 Pro Max, particularly compared to the 11 Pro Max, which was my previous workhorse. From photos I had gathered that the three cameras stuck out more and, yet they do, so much so that it is almost comical.
If you brave the world sans case and put this monster in your the back pocket of your loose fitting jeans, the bulge from the cameras will feel like you are doing something crazy, as it is as if they are rubbing against anything they touch, continuously.
That’s not all about the physical size, though. Looking at the diameter of the three circles (lenses) they appear significantly larger. Believe me, they are. Since the 11 Pro max and the 12 Pro Max have the same size triple camera layout (spec upgrades notwithstanding) this is an immediate and obvious change.
Above: Photo / Lynxotic
The increased size and weight of the camera itself is noticeable, more than I expected. The screen appears far larger due to the new specs and it is a bit of a shock at first, but the level of quality is the biggest and most noticeable feature.
The design logic has an implied history that jumps out once you start to use the camera system.
The changes to the three cameras are significant. After two years of using the 2019 11 Pro Max the framing options, based on the three lenses is a complete new experience.
The ultra wide 13mm equivalent is a bit of a bold and crazy choice. If I was ordering a set of lenses for a music video shoot the ultra wide might go as far as 11mm (very wide!) but that is basically an EFX look and causes an almost fish-eye look.
The 13mm is literally as wide as you can get without getting into potential “clown” territory, which is fun but not usable for a non-EFX composition.
What is odd, in a way, is that the “main” lens at 26mm equivalent is still very wide meaning that the standard 40mm equivalent, which was always considered the closest to a neutral look, is absent here.
Similarly, the telephoto lens at a 77mm equivalent is exactly the same type of choice – once again in my kit this would have been a 100mm for a deep bokeh and a noticeable sweet spot that is ultra-flattering for close ups and head shots.
The 77mm, therefore, is a long enough lens to get the magnification and emulate the look of a telephoto style. But wait, no glass no bokeh.
Both the 13 Pro and 13 Pro Max have the same sensors, optics, stabilization and features. The three cameras in the Pro models span a 6x optical focal length range.
This is where the logic of the design and how the system works, as a whole, begins to get deep.
Once you have made the commitment to not only extend the range of the entire optical focal length range to 6x the differences between a glass & steel 77mm prime lens and a “cell phone camera” must be addressed.
The 77mm requires the bokeh and relatively narrow in-focus range of a “real” telephoto lens is the stylized creative uses that a full kit of prime lenses makes possible is to be achieved.
This is addressed with the already present portrait mode – with enhanced functionality made possible by the A15 chip, the machine learning, AI and neural network – in other words software and computational assists.
And for video, cinematic mode is an absolute must – since the same bokeh effect and stylized effects are needed and desired for video.
All of this does not include the macro effects that effectively extend the range into the nearly microscopic. This feature requires a whole article, which you can check out here.
Getting to a full photographic system in your pocket, and beyond.
Once the effects and artifacts of the 77mm style glass prime lens have been added to the mix, emulated things get more interesting.
Since the bokeh and artifacts in the cinematic mode for video are computational and not photographic, they are stored separately and can be altered after the fact, just like has been the case with portrait mode all along.
This is a big deal in one way, since it could never be conceived of with traditional lenses and cameras. It also, however, one more variable to consider when putting together a large batch of footage for a project. This adds a new layer of creative flexibility, and choices to contend with.
Further, since the long lens stylizations are a byproduct of and influenced by focus settings, that has to be in the mix also. That produced the need for the cinematic mode which you can think of as a slightly stoned robot focus puller. who is also a little bit psychic.
The first robot camera assistant is already in the box when your phone arrives
Let me explain…. A real life focus puller (doing rack focus settings) in real life would function roughly as follows:
A shot is planned that requires a focus pull from one subject to another – this could be a close shot of a face panning to another face, or a close up that refocuses from the foreground to the background, for example. The focus must also factor in any movement of the camera / dolly.
The two desired subject distances are measured (using a tape measure) and the focus settings noted. In complex shots this can be multiple focus settings and a particular speed of the “rack pull” from one to the next.
Often such complex focus / dolly set ups must be rehearsed multi times just for the focus puller – so that his error does not ruin a perfect take when, for example, the actors get their best performances.
So, in the robot world practice is also good – and a plan is almost essential, but the virtual focus puller will go with the flow, and try to anticipate and predict what you want him to focus on in real time as you shoot.
This is pretty incredible and also, much like autocorrect typing, sometimes very successful and sometimes comical in the outcome. What is tricky is how to get the robot puller to know what you are trying to have as a subject if it is not a persons head or face.
Also, if the action is fast or if you are shooting something that has no pre-determined outcome or script, like a political protest or a sporting event, you will get somewhat random results.
This makes the name apt, since cinematic also implies a movie with a plot and a script.
Conclusions and a few known limitations and caveats
Human greed is a powerful thing. When given a photographic system that even attempts to approximate a profession system based on prime and zoom lenses and accessories, there’s a tendency to want it all, right now!
Of course, instead, what we get is an amazing extension of the iPhone photo tradition – taken up a bunch of notches at once. The computational enhancements are incredible and will only get better – in many cases without a new phone as they are based on AI and machine learning, which as the name implies, are continually improving while you sleep.
There are specific limitations though that should be mentioned about the iPhone 13 Pro camera system.
Cinematic mode only works (currently) in 1080p. This is a serious limitation, since the whole idea of Pro is 4k and above. There are rumors that this could get a software upgrade during the year but it is not clear if or when that will happen.
Along with the lack of slo-mo at any resolution above 1080p there is a lot of disappointment in this issue. It is the reality of how difficult the computational “assist” really is to achieve that makes this a big step that is still in the future.
It is also the reason why real lenses and traditional DLSR cameras still have an important use and value.
The new system unveiled with the iPhone 13 pro is revolutionary precisely because of the potential for people to create new visual expressions and ways of communicating.
These photographic traditions and the efforts that were made in the design to emulate them are important and valuable. However, the future will benefit from the spontaneous and new ways that people will decide to use this evolving system and the current extensions of our eyes, ears and minds….
“The climate crisis has not disappeared,” said Swedish activist Greta Thunberg. “It’s the opposite—it’s even more urgent now than it was before.”
Young people by the hundreds of thousands took to the streets across the globe on Friday to deliver a resounding message to world leaders: The climate crisis is getting worse, and only radical action will be enough to avert catastrophe and secure a just, sustainable future for all.
“As emissions and inequalities increase, we rise up and demand climate justice.”
From Pakistan to Italy to Germany to the Philippines, the worldwide “Uproot the System” actions marked the largest climate demonstrations since the coronavirus pandemic forced campaigners to take their protests online last year. Climate activists in developing countries—where access to vaccines is limited due to artificial supply constraints and hoarding by rich nations—were still forced to limit the size of their demonstrations Friday as a public health precaution.
“Last time it was digital and nobody was paying attention to us,” Yusuf Baluch, a 17-year-old activist from the Pakistani province of Balochistan, toldReuters. “In the global north, people are getting vaccinated so they might be out in huge quantities. But in the global south, we are still limited.”
The Global Climate Strike continues! Balochistan is predominantly agriculture-based. They have been affected by drought due to climate change and the problems faced by people are increasing alarmingly.
Above: Photo Collage / Great Thunberg – via Instagram / Lynxotic
Swedish activist Greta Thunberg, whose solitary sit-down strike outside her home country’s parliament in 2018 helped spark the global Fridays for Future movement, said that “it has been a very strange year and a half with this pandemic.”
“But of course, the climate crisis has not disappeared. It’s the opposite—it’s even more urgent now than it was before,” said Thunberg, who on Friday joined a large demonstration in Berlin, which was hammered by massive, climate-linked floods in July.
Watch Thunberg’s full speech in front of the Reichstag building:
Organizers said that more than 1400 climate strikes are set to take place in at least 70 countries Friday, with hundreds of thousands expected to attend demonstrations in Germany alone.
“As emissions and inequalities increase, we rise up and demand climate justice,” saidBerlin-based climate activist Luisa Neubauer.
The latest youth-led global action kicked off just weeks ahead of the pivotal COP26 climate summit in Glasgow, which many civil society organizations want to be postponed over fears that inequities in coronavirus vaccine access could prevent delegates from developing nations—those most vulnerable to the climate crisis—from attending.
Equalizing global vaccine distribution is one of the six demands that climate campaigners are aiming to put before world leaders during Friday’s mass demonstrations. The full list is as follows:
The Global North needs to cut emissions drastically by divesting from fossil fuels and ending its extraction, burning, and use. We need concrete plans and detailed annual carbon budgets with roadmaps and milestones to ensure we get to net-zero with justice and equity in the time needed to address climate change.
The colonizers of the north have a climate debt to pay for their disproportionate amount of historic emissions and that starts with the increase of climate finance to implement anti-racist climate reparations, the cancellation of debts especially for damage caused by extreme weather events, and providing adaptation funds that serve the communities.
Work towards a genuinely global recovery from Covid-19 by ensuring equitable vaccine distribution worldwide and suspending intellectual property restrictions on Covid-19 technologies. This is an essential step towards a global, green, and just recovery.
Recognize the tangibility of the climate crisis as a risk to human safety and secure the rights of climate refugees in international law.
Recognize the invaluable impact of biodiversity on indigenous communities’ lives and culture, and commit to make ecocide an international punishable crime.
Stop the violence and criminalization against indigenous peoples, small farmers, small fisherfolk, and other environmental and land defenders. Support the work they do. Respect and listen to our defenders.
The worldwide demonstrations came a week after the United Nations warned that even if the 191 parties to the Paris Agreement meet their current climate targets, global greenhouse gas emissions will still rise 16% by 2030 compared to 2010 levels. The U.N. also estimated that the planet is on track for 2.7°C of warming by the end of the century, a level of heating that experts say would be cataclysmic—particularly for developing nations.
At the U.N. General Assembly in New York this week, the leaders of vulnerable countries pushed wealthy nations—the largest contributors to the climate emergency—to stop shirking their responsibilities to confront the planetary crisis.
“We simply have no higher ground to cede,” Marshall Islands President David Kabua said Wednesday. “The world simply cannot delay climate ambition any further.”
Participants in Friday’s global action pointedly amplified that message. Valentina Ruas, a Brazilian activist, toldThe Guardian that “the global north should be developing climate policies that have at their core climate justice and accountability to the most affected people and areas.”
“Instead,” she added, “they continue to exploit vulnerable communities and recklessly extract fossil fuel, while bragging about their insignificant emission reduction plans.”
Subpoenas have been issued for documents and testimony that held close ties to then-President Trump and were either working or had communications with the White House on in the the days leading to Jan 6th. An official press release revealed four individuals have been served and include: former WH Chief of Staff Mark Meadows, former WH Deputy Chief of Staff Daniel Scavino, Defense Dept Official Kashyap Patel, and lastly former advisor Stephen Bannon.
Chairman Bennie G. Thompson wrote:
“The Committee is investigating the facts, circumstances, and causes of the January 6th attack and issues relating to the peaceful transfer of power, to identify and evaluate lessons learned and to recommend corrective laws, policies, procedures rules, or regulations”
According to committee, Mark Meadows allegedly communicated with officials at the state level and Justice Dept in an effort to overturn 2020 election result ( or prevent its certification).
Kashyap Patel performed several national security jobs for Trump as well as served as Chief of Staff to then Defense Secretary Christopher Miller. Patel allegedly was in involved with discussions among senior Pentagon officials regarding Capitol security before and on Jan 6.
Daniel Scavino prior to Trump’s rally on the 6th took to his social media to encourage MAGA-ers to “be a part of history”. According to records obtain he also have text messages from the White House on Jan. 6.
Steve Bannon communicated with Trump around Dec 30 regarding focused efforts on or leading up to Jan. 6 and even told his War Room podcast listeners that “all hell was going to break loose”
The subpoenas instruct the witnesses to appear at depositions on the following dates and are required to produce all relevant documents by October 7th:
October 15, 2021: Mark Meadows and Daniel Scavino
October 14, 2021: Kashyap Patel and Stephen Bannon
The letters to the four witnesses can be found here:
Shocking. DTJ sues his own niece, Mary Trump along with The New York Times and several reporters (Suzanne Craig, David Barstow and Russ Buettner) for obtaining his tax documents used to investigate his finances.
The 2018 article which won a Pulitzer Prize which showcased how the former president “participated in dubious tax schemes during the 1990’s including instances of outright fraud, that greatly increased the fortune he received from his parents”.
The report reveal confidential tax returns and financial records, highlight that Trump received at least $413 million from his father’s real estate empire, although he always touted himself as a “self-proclaimed” billionaire.
“I think he is a loser, and he is going to throw anything against the wall he can. It’s desperation. The walls are closing in and he is throwing anything against the wall that he thinks will stick. As is always the case with Donald, he’ll try and change the subject.”
Facebook’s Mark Zuckerberg is said to be working on a rebranding plan. According to The New York Times, the plan which has come to be known internally as “Project Amplify” was signed off by the CEO and included a boost of pro-Facebook stories (written by the Facebook Team) onto its billions of users.
An internal meeting back in January hatched the initiative to showcase “positive” stories about the social network platform on its largest digital real estate, the News Feed.
Based on the report from the Times, some executives present at the meeting were “shocked” by the proposal.
Project Amplify also made strong attempts for the Facebook platform to distance itself from any scandals (i.e. minimizing access to negative reports) relating to Zuckerberg, while simultaneously, ramping up new stories that provided a more flattering spin on the social network.
Apple’s tweet, presumably, to avoid a collision course with the iPhone 13 arrival day (big!) says it all. A sudden, last minute escalation of the time frame for this highly anticipated new series:
From @Foundation_’s epic debut to @TedLasso’s Emmy-winning antics, watch the latest episodes from Apple TV+ three hours earlier this week. Streaming begins Thursday at 9pm EST/6pm PST.
Apple TV tweet
Perhaps a planned sudden breaking news update to the years long scheduling for this big sci-fi event? Hard to say – maybe the iPhone 13 arriving in stores and for some folks arriving by UPS is more of a distraction than expected, in the eyes of the Apple TV+ big-wigs?
Of course, that’d be a good thing since it would mean that the futuristic phone has just too much juice for the venerated classic book series come-to-life as a streaming series on Apple TV+. Hooray for both, I suppose. If you are starting to become enamored with Apple TV+ shows after having fun with Ted Lasso or other recent hits (really a hit, seems so according to the Emmys ) that are perhaps the early beginnings of a trend…
And last, but definitely not least, is the long-awaited sci-fi adaptation of the timeless classic “Foundation” by Isaac Asimov.
click to see “Foundation” and help Lynxotic and independent bookstores. Also available on Amazon.
The first 3 episodes of Apple TV’s “Foundation” will be live tonight (!) and will ultimately have a total of 10 episodes in total when all is said and done.
From @Foundation_’s epic debut to @TedLasso’s Emmy-winning antics, watch the latest episodes from Apple TV+ three hours earlier this week. Streaming begins Thursday at 9pm EST/6pm PST. pic.twitter.com/vxkkAEUuOe
That’s not all. Apple TV+ is also bringing us an extraterrestrial extravaganza. On October 22nd (when the first 3 episodes will be released), sci-fi fans can experience what it would be like to live through an alien invasion. Joy!
Former WH Chief Strategist was Knee-Deep in behind-the-scenes action on Jan 6….
Bannon has been very vocal in radical right politics, via his podcast platform the War Room. Alongside the release of the new book exposing what happened behind closed doors with, then-president Trump, “Peril”, Bannon took the opportunity to speak about, and appeared to confirm, details about his meeting with Trump in the now infamous time frame.
Bannon’s activities leading up to the Jan 6 attack on the Capitol has been well-documented, on Jan 5th, he told his listeners that “all hell was going to break loose” and even posted on his Facebook account; “TAKE ACTION, THEY ARE TRYING TO STEAL THE ELECTION”.
Yet the extent to which Bannon was speaking with Trump ahead of the insurrection was not yet well known, until the release of the Woodward and Costa’s new book.
Bannon, the former WH adviser admitted he spoke with Trump ahead of Jan. 6th with the intention to “kill the Biden presidency in the crib.”
As previously reported by The Rolling Stones, during his latest podcast, Bannon responded about his meeting as follows:
“Yeah, because his legitimacy. Forty-two percent of the American people — 4-2 — think that Biden did not win the presidency legitimately. It killed itself. … Just let this go with what this illegitimate regime is doing. It killed itself. We told you from the very beginning. Just expose it. Just expose it. Never back down. Never give up. This thing will implode.”
When the iOS 15.1 update drops for the general public (likely soon as it’s already been seeded to beta testers since Monday) it will feature the ability to add your proof of vaccination status to the Health app and then create a vaccination ID card in Apple Wallet.
Many businesses, venues, restaurants, and more are requiring proof of vaccination for entry. For example California is the first state where proof of COVID vaccination or negative test for indoor events over 1,000 people.
The new feature in iOS 15.1 is made possible by the support Smart Health Cards which are valid for California, Louisiana, New York, Virginia, Hawaii, and some Maryland counties, as do Walmart, Sam’s Club, and CVS Health.
Above: ID in iPhone Wallet
Therefore, using this system you would be able to to look up their information in state databases, if you are in any of the states listed above, but if you were vaccinated through at Walmart or CVS it will also be feasible to add your information to the Health and Wallet.
Once you have gone to the web site for your state, for example in California it would be found at https://myvaccinerecord.cdph.ca.gov where you can type in personal information such as name and date of birth to get access to your records and status.
Though iOS 15 already has the ability to download the information to your Health app, and you can do this today, the last step, adding an ID to your wallet from the health app will not be possible until you have upgraded to iOS 15.1.
The record is locked to your name and can only be used by you. There will be a QR code that you will first download to your health app on the iPhone, then, once it is in the health app there will be a prompt to allow you to “add to wallet”. By clicking that link a vaccination ID car, with the QR code will be generated and added to your wallet.
iOS 15.1 is likely to be available under > General > software update in your phone’s Settings app within days. (Our guess is by Monday, September 27, 2021)
Tap the download link on your iPhone or iPod touch.
Tap Add to Health to add the record to the Health app.
House Bill Would Blow Up the Massive IRAs of the Superwealthy
Legislation currently making its way through Congress would take a sledgehammer to the massive individual retirement accounts built up tax-free by a select group of the ultrawealthy.
The proposal, which is part of the infrastructure and tax package advancing in the House, targets the jaw-dropping IRAs accumulated by multimillionaires and billionaires such as tech investor Peter Thiel, which were first reported by ProPublica earlier this year. Those accounts — Thiel’s alone was worth $5 billion in 2019 — have allowed some super-wealthy Americans to turn their Roth IRAs, tools meant to incentivize middle-class retirement saving, into supersized tax shelters.
The proposed reform, put forward by House Ways and Means Chairman Richard Neal, D-Mass., would effectively cap the total amount someone could hold in a Roth at $20 million and compel the holders of the giant accounts to withdraw anything over that limit. Separately, individuals would have to add up the balances of their retirement accounts — including Roths, traditional IRAs, 401(k)s and 403(b)s — and every year withdraw half of any amount over $10 million. The provisions would only apply to individuals with taxable income of over $400,000 or couples making over $450,000.
The reform wouldn’t affect the overwhelming majority of Americans, whose retirement savings (if they have any) are far more modest — the average Roth was worth just $39,108 at the end of 2018.
“Incentives in our tax code that help Americans save for retirement were never intended to enable a tax shelter for the ultra-wealthy,” Neal said earlier this year. “We must shut down these practices.”
Should the bill pass, it could have profound implications for PayPal founder Thiel, whose gargantuan Roth stunned lawmakers, spurring Neal to vow a crackdown. Thiel wouldn’t owe any tax up front and no early withdrawal penalties would apply, but he’d be required to move billions out of the tax-advantaged account. And any gains on investments made with that money would no longer be sheltered from taxes, potentially creating hundreds of millions of dollars in future tax liabilities.
Above: “I’ll Take Your Questions” book on inside secrets of the Trump final days, by Stephanie Grisham for aide to both Trump and Melania
The great appeal of the Roth IRA is that once money is inside it, any income generated — such as capital gains from selling a stock, investment interest or dividends — is tax-free, as long as the holder waits until he or she is 59 and a half to withdraw it. (Thiel hits that mark in 2027.) In a traditional IRA, by contrast, money that’s withdrawn counts as income and is taxed.
The IRA reforms are part of a slate of proposals designed to eliminate loopholes and boost tax rates on rich individuals and corporations.
Several of the changes address revelations contained in The Secret IRS Files, a series of ProPublica stories published this year that are exploring the ways the very richest Americans avoid paying taxes. Usually such efforts remain secret, but ProPublica has obtained a trove of tax records covering thousands of the country’s richest people. The records reveal not only the diverse array of tax-avoidance techniques used by the rich, but also that some of the very richest have consistently found ways to avoid taking income, so they pay little or no taxes, even as their wealth multiplied to historic levels.
The current House plan falls short of President Joe Biden’s more ambitious proposals to combat wealth inequality through the tax code. But experts say it would significantly increase the taxes paid by high-income Americans. Among other things, it would all but eliminate a major deduction created by President Donald Trump’s 2017 tax law that, as ProPublica recently reported, showered massive tax breaks on some of the richest families in the country.
Given the stakes for a small group of wealthy and powerful Americans, it’s unclear whether the IRA proposal, along with the rest of the package, will become law. It must pass the House and make it through the Senate, where it will likely need the votes of all 50 Democratic senators to pass. Capitol Hill staffers say the bill remains fluid and provisions could still be cut, added or modified.
For now, however, the proposal has alarmed those who stand to lose the most. Three tax lawyers told ProPublica that clients with giant IRAs have reached out to them, worried about the potential reforms. Already a lawyer and an accountant are offering a paid webinar that pitches strategies to help owners of large IRAs get around the proposed rules.
A spokesman for Thiel didn’t respond to a request for comment.
The tax proposals have drawn opposition from Republicans on Capitol Hill. “This is very bad news for the U.S. economy,” said Ways and Means Committee ranking member Rep. Kevin Brady, R-Texas, in an interview this week.
A budget analyst at the anti-tax Heritage Foundation specifically criticized the IRA reform proposals as “stifling retirement savings and decreasing the economy-wide investment in future productivity.”
Neal announced his plans to curb the size of mega IRAs in July following ProPublica’s story revealing how Thiel and other billionaires had amassed giant retirement accounts using techniques largely unavailable to most taxpayers. Other wealthy investors with giant retirement accounts included financier Michael Milken, Warren Buffett and executives from investment giant Bain Capital.
Neal joined his Senate counterpart, Ron Wyden, D-Ore., who had been pushing for reform of mega IRAs for years without much support from his peers.
With a multibillion-dollar tax-free account on the line, a wealthy investor might try to keep his income below the $400,000 threshold set by the proposal. In Thiel’s case, it’s not clear if that would be possible, given that he’s long reported tens of millions of dollars on his tax returns from capital gains, interest and dividends on investments he holds outside of his Roth IRA. And even if he has to withdraw billions from his Roth, he will never have to pay taxes on years of growth inside the account.
ProPublica has previously reported that several billionaires have had very little taxable income in certain years, including Jeff Bezos and Elon Musk. Musk did not respond to questions for that story and Bezos’ representatives would not designate someone to accept questions related to that story.
The proposal would also add restrictions in areas that congressional investigators have said are ripe for abuse by the wealthy: The owners of IRAs would be barred from using the accounts to either purchase certain nonpublic investments or buy stakes in companies in which they are an officer.
Thiel launched his Roth IRA by purchasing so-called founder’s shares of PayPal in 1999 when he was chairman and CEO of the company, according to tax records and a financial statement Thiel included in his application for residency in New Zealand. Securities and Exchange Commission records show he bought 1.7 million shares for $1,700, or a tenth of a penny per share. (The maximum contribution to a Roth that year was $2,000.) PayPal later told the SEC the shares were sold “below market value.”
The practice has become popular among the founders of Silicon Valley companies, who tuck shares of their startups into IRAs, often after buying them at bargain prices. This can sidestep IRA contribution limits and generate massive tax-free growth if the value of their companies explodes.
The proposal would also shut down the so-called backdoor Roth. ProPublica found that billionaires like Buffett had taken advantage of a maneuver, known as a conversion, that allows the wealthy to sidestep existing income caps to create a Roth IRA. In a conversion, the owner of a traditional IRA can transform it into a Roth by paying one-time tax on the money. Once the account is converted into a Roth, no additional income taxes are ever due. The new provision would bar conversions for individuals with income over $400,000, though the ban would not go into effect until 2031 for budgetary reasons. (Buffett previously didn’t respond to questions about his IRA.)
The proposal also has implications for the holders of giant traditional IRAs, who could suddenly owe a hefty tax bill. Money withdrawn from a traditional IRA counts as taxable income. Milken, the 1980s junk bond king who went to prison for fraud and was later pardoned by Trump, had traditional IRAs valued at $509 million at the end of 2018, according to tax records. If the law passed, Milken could face a tax bill of roughly $100 million, depending on the current size of his account. A spokesperson for Milken declined to comment.
Separately, another part of the bill would tackle the generous business income deductions granted by Trump’s 2017 tax law.
As ProPublica previously reported, the drafting of the deduction was marked by last-minute changes and a rush of lobbying dollars from corporations and the superrich. The result of its passage, confidential tax records show, was a windfall for billionaires such as media mogul Michael Bloomberg, packaging tycoons Dick and Liz Uihlein, and the Bechtel family, owners of a global engineering and construction firm.
Bloomberg received a deduction of roughly $183 million in 2018 alone as a result of the provision, while the Uihleins netted around $118 million.
Under the House proposal, the deduction would be capped at $400,000 for an individual and $500,000 for a couple, virtually wiping it out for the very rich. If such a cap had been in place in 2018, for example, the Uihleins would have gotten a deduction worth just $500,000 instead of $118 million. A competing Senate proposal unveiled by Wyden in July would go even further. A spokesperson for the Uihleins declined to comment on the proposed reforms.
On a broader level, the House plan would spell a significant tax hike on Americans earning more than $400,000, raising their individual income tax rates as well as bumping up the corporate tax rate, the first such hikes in a decade.
But despite the proposal’s ambition, critics say it misses a rare opportunity to capture the massive untaxed wealth of some of the richest individuals in history, including Bezos and Musk, who have often found ways to keep their income low.
As ProPublica reported, they and other billionaires have managed to pay little to no taxes in the past. Some have done so by pursuing the so-called buy, borrow, die strategy. By holding on to his Tesla stock but borrowing money to finance his lifestyle, Musk, for example, can avoid income that is taxable under current law. If he sticks to this strategy till death, the income tax liability on his fortune will evaporate for his heirs.
Some Democrats and policymakers had aspired to even bolder tax code changes that would have targeted the stratospheric increases in the ultrawealthy’s riches. One idea, championed by Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., would be to levy a so-called wealth tax on billionaires’ overall holdings. Another, pushed by Wyden, would tax the annual gains billionaires logged, even if they hadn’t sold the assets. Both ideas foundered, with concerted opposition from billionaires and skittishness from Democratic centrists. Some critics point out that wealth taxes have often failed in other countries. And many policymakers believe it would be too logistically difficult to measure assets properly and enforce such a sweeping rule on gains.
Originally published on ProPublica by Justin Elliott, Patricia Callahan and James Bandler and republished under Creative Commons.
Stating; ’I am a fighter’ Boxer – senator eyes Philippines’ top spot in 2022
An AP News report out of MANILA, Philippines: Manny Pacquiao has announced that he will run for president of the Philippines in the 2022 elections.
Pacquiao accepted the nomination of his PDP-Laban party at its national convention on Sunday, saying that the Filipino people have been waiting for a change of government.
At the national convention Sunday, Pacquiao officially accepted the nomination of his party, the PDP-Laban party, stating that the Filipino people have been waiting for a change of government.
“I am a fighter, and I will always be a fighter inside and outside the ring,” Pacquiao, 42, further stated.
“We need government to serve our people with integrity, compassion and transparency,” he added.
Pacquiao is currently president of the PDP-Laban faction led by him and Sen. Aquilino “Koko” Pimentel III.
Earlier this month, another faction of the same party also nominated President Rodrigo Duterte to be its vice presidential candidate, in addition to Duterte’s former aide, Sen. Bong Go, as its presidential nominee.
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