“Socialism only works in two places: Heaven where they don’t need it and hell where they already have it.”

With the Biden recovery plan announced, was it a case of buy the rumour sell the news?

Or maybe it’s the realization sinking in, that the USA has swung hard from a very right wing government to a very left wing government, with very socialist, spendthrift leanings.

If Universal Basic Income flies in New York City, how long before Biden-Harris adopt it for all Americans?

Wall Street closes lower as banks, energy shares tumble

January 15, 2021 11:54 AM By Echo Wang

NEW YORK (Reuters) - Wall Street’s main indexes finished lower on Friday, weighed down by big U.S. banks after their earnings reports, while the energy fell sharply due to a regulatory probe into Exxon Mobil Corp.

The S&P 500 banks index lost ground as shares of Wells Fargo & Co, JPMorgan Chase & Co and Citigroup Inc tumbled even though they had posted better-than-expected fourth-quarter profits. The bank sector had rallied sharply in recent days.

Wells Fargo, down 7.8%, was among the biggest drags on the S&P 500, along with Exxon Mobil, down 4.8%.

“Financials and energy have been disappointing ... that’s bringing down the whole market,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina.

“This year is the year for financials, energy, materials, industrials. So if there is a day when they’re not leading, it’s not good news for the market.”

Wall Street’s major indexes had recently hit record highs on hopes for a hefty fiscal stimulus package.

Incoming U.S. President Joe Biden late on Thursday unveiled a $1.9 trillion stimulus proposal, which included some $1 trillion in direct relief to households.

Meanwhile, data showed a further decline in U.S. retail sales in December in the latest sign the economy lost considerable speed at the end of 2020.

“The weaker-than-expected economic data, and especially in parts of the economy like retail sales, is a big driver,” said Liz Ann Sonders, chief investment strategist at Charles Schwab.

“We are seeing sentiment through last week in extreme speculative frothy euphoric optimistic territory,” she said.

“Sometimes it doesn’t need a catalyst before it begins to fall on its own weight.”

The Dow Jones Industrial Average fell 177.26 points, or 0.57%, to 30,814.26, the S&P 500 lost 27.29 points, or 0.72%, to 3,768.25 and the Nasdaq Composite dropped 114.14 points, or 0.87%, to 12,998.50.

For the week the S&P 500 and the Nasdaq fell around 1.5% while the Dow lost 0.91%.

---- Exxon shares fell after a report said that the U.S. Securities and Exchange Commission launched an investigation of the oil major, following a whistleblower’s complaint that it overvalued a key asset in the prolific Permian shale oil basin.

Declining issues outnumbered advancing ones on the NYSE by a 2.20-to-1 ratio; on Nasdaq, a 2.24-to-1 ratio favored decliners.

https://www.reuters.com/article/us-usa-stocks/wall-street-closes-lower-as-banks-energy-shares-tumble-idUSKBN29K1BY

Andrew Yang calls for universal basic income in New York City

By FOX 5 NY Staff Published 16 hours ago Updated 9 hours ago

NEW YORK - Former 2020 Democratic presidential candidate Andrew Yang has officially started his run to succeed Bill de Blasio as Mayor of New York City with a call for a universal basic income for half-a-million of the city's poorest residents.

Yang appeared on Friday's Good Day New York to talk about his campaign.

"We can eradicate extreme poverty in New York City," Yang said. "If you put just a little money in their hands it can actually be what keeps them in their home and, again, avoids them hitting city services that are incredibly expensive."

He admits his plan will need to include very difficult budgetary decisions.

NYC RENTERS BEHIND $1B ON PAYMENTS

Some political experts say that the biggest issue facing Yang's campaign may be that he isn't considered enough of a New Yorker by voters to lead the city. That is a notion Yang rejects.

---- The primary election for mayor of New York City is set to be held on June 22.

https://www.fox5ny.com/news/andrew-yang-formally-announces-candiacy-for-nyc-mayor

U.S. Backs Off Claim Rioters Tried to Capture and Kill Officials

By David Yaffe-Bellany

January 15, 2021, 9:37 AM EST Updated on January 15, 2021, 7:01 PM EST

‘Strong evidence’ shows intent of Capitol siege, filing claims

· Top DC prosecutor says no direct evidence of organized riot

In a dramatic account of the siege at the Capitol, U.S. prosecutors in Arizona claimed Thursday that rioters had sought to “capture and assassinate” elected officials, but retracted the assertion a day later.

After the acting U.S. attorney in Washington told reporters Friday that investigators had no “direct evidence” of “kill/capture” teams at the riot, an Arizona prosecutor asked a magistrate judge later in the day to strike the allegation from the court filing, CNN reported.

The back-and-forth laid bare the depth and complexity of the Capitol investigation as law enforcement agents and federal prosecutors across the country scramble to coordinate a nationwide dragnet.

The filing in Arizona Thursday was made in the case of Jacob Chansley, an insurrectionist known as the QAnon Shaman who was photographed wearing an animal headdress and standing at the dais that Vice President Mike Pence deserted when the rioters laid siege to the building. In the filing, prosecutors alleged that Chansley left a note for Pence saying, “It’s only a matter of time, justice is coming.”

“Strong evidence, including Chansley’s own words and actions at the Capitol, supports that the intent of the Capitol rioters was to capture and assassinate elected officials in the United States Government,” prosecutors said.

https://www.bloomberg.com/news/articles/2021-01-15/rioters-sought-to-capture-and-assassinate-officials-u-s-says?srnd=premium-europe

Next, is the Trump trade war against neighbour Canada ending?

GM to invest C$1 billion in Canada plant to manufacture electric vans

January 16, 2021 4:10 AM ·

(Reuters) - General Motors Co and labor union Unifor said on Friday they have reached a tentative deal for the automaker to invest nearly C$1 billion ($785.42 million) in its CAMI Assembly Plant in Ingersoll, Ontario, to manufacture commercial electric vans.

Under the tentative deal, which is yet to be ratified by the union workers, GM has agreed to begin large-scale commercial production of EV600, an electric van, at its CAMI plant, Unifor said in a statement.

The Detroit automaker said in a separate statement that work would begin immediately at the plant.

The new deal builds upon recent investments by GM in Canada, which in November had agreed to invest C$1 billion in its Oshawa plant to expand production of its full-size pickup trucks.

The Canadian government welcomed the deal and said it would confirm its support as soon as the union members ratified the deal.

“We await the results of the ratification vote,” Canadian Foreign Affairs Minister François-Philippe Champagne said in a statement.

Unifor, the union representing hourly workers in Canada, said more details of the deal would be presented to local members of the union at an online ratification meeting scheduled for Jan. 17, the results of which are scheduled to be released a day later.

https://www.reuters.com/article/us-gm-canada-electric/gm-to-invest-c1-billion-in-canada-plant-to-manufacture-electric-vans-idUSKBN29L03S

Finally, more on the new China. But will the very left wing new team of Biden-Harris fold?

The Ever Longer Arm of China’s Communist Party

Xi Jinping has “drastically extended the reach of the Chinese state into the economy and Chinese firms,” a report says

More stories by Peter Coy January 14, 2021, 8:48 AM EST

It’s widely known that China’s government exerts strong control over state-owned enterprises. What’s less known is that the Chinese Communist Party (CCP) has vastly increased its influence over privately owned companies since President Xi Jinping came to power in 2012.

The new form of state capitalism is so different from the old one that it needs a new nickname, Jude Blanchette, who holds the Freeman chair in China studies at the Center for Strategic and International Studies, writes in an article appearing in the winter 2020 issue of China Leadership Monitor. Instead of “China Inc.,” he dubs it “CCP Inc.”

The lines between state-owned and private companies have become blurred, Blanchette writes. Whereas China Inc. described a core group of “national champion” companies operating in vital sectors such as energy and telecommunications, CCP Inc. is “more akin to an ecosystem than a formal, coordinated network, and one that operates up and down the entire value chain – from rare earths to fintech,” he writes. He cites an interview given by Hao Peng, party chair of SASAC, the State-owned Assets Supervision and Administration Council, who said, “Regardless of whether state-owned or private enterprises, they are all Chinese enterprises.”

Here’s why the change matters for the rest of the world: It is making China more powerful. Mergers among state-owned enterprises in the past several years have created the world’s largest shipbuilder and largest train builder, among other giants. And there are elaborate cross-holdings and alliances between SOEs. “In the aggregate U.S. and Western governments possess nothing like China’s super-scaled state actors,” Blanchette writes. For example, he writes, the deepwater Greek port of Piraeus, which is majority owned by a Hong Kong subsidiary of state-owned COSCO Shipping Group, “now serves as a beachhead for dozens of Chinese state- and privately-owned firms entering the European market.”

Meanwhile, the Chinese Communist Party is exerting more influence over privately owned tech companies such as Alibaba Group Holding Ltd. and Tencent Holdings Ltd., which used to operate freely. In November the government halted a $35 billion initial public offering of shares in financial company Ant Group Co., which was to have been a spinoff of Alibaba. “The party’s sway over business has become even clearer over the past 12 months as Xi pushes to consolidate power ahead of next year’s big party congress, when he’s expected to extend his rule for at least another five years,” Bloomberg News wrote Jan. 6.

On Jan. 13, Bloomberg reported that the U.S. Treasury Dept. considered but rejected a request from the Defense Dept. to ban Americans from investing in Alibaba and Tencent on the grounds that they aided the military.

The incoming Biden Administration will have to wrestle with the same sorts of decisions. Summarizes Blanchette: “More than four decades after the death of Mao Zedong, the CCP has proven itself capable of significant (illiberal) governance innovations, often motivated by fear of losing power. With the increasing geopolitical frictions, this motivation will only intensify.”

https://www.bloomberg.com/news/articles/2021-01-14/the-ever-longer-arm-of-china-s-communist-party?srnd=premium-canada

Trump directs government to minimize procurement from China

January 15, 2021 11:08 PM

WASHINGTON (Reuters) - In another action against China days before he leaves office, U.S. President Donald Trump on Friday directed government departments to look at ways to minimize procurement of Chinese goods and services to reduce the risks from espionage, his national security adviser said.

In a statement, Robert O’Brien accused China of targeting the information systems of the U.S. government for personnel records, military plans, and other data through cyber and other means.

“For this reason, the United States must take corresponding actions to protect American interests. We must adjust our regulations and policies and take other necessary actions to reduce the risk of PRC technical and human espionage activities directed at the Federal Government,” he said, referring to the People’s Republic of China.

He said Trump had directed government bodies to conduct reviews “to minimize the procurement of People’s Republic of China (PRC) goods and services by the Federal Government.”

O’Brien did not give examples of the procurement he referred to, but a senior administration official said a key aim was to push back against Chinese attempts to infiltrate U.S. IT networks.

“Anything having to do with Chinese companies that are going to have kit components in our network could potentially become a vulnerability that could be used to continue China’s military-civil fusion strategy,” the official said.

https://www.reuters.com/article/us-usa-china-procurement/trump-directs-government-to-minimize-procurement-from-china-idUSKBN29K2QU

Covid-19 Corner

This section will continue until it becomes unneeded.

India kicks off 'world's largest' vaccination campaign

January 15, 2021 11:36 PM By Reuters Staff

NEW DELHI (Reuters) - Indian Prime Minister Narendra Modi will launch the “world’s largest” vaccination campaign on Saturday as the populous nation tries to bring the COVID-19 pandemic under control starting with two locally-manufactured shots.

Modi will address healthcare workers through video conferencing but will not immediately take the vaccine himself as India is initially prioritising nurses, doctors and others on the front line.

On the first day, around 100 people will be voluntarily vaccinated in each of the 3,006 centres in the country, the government said this week, calling it the start of the biggest such campaign in the world.

“This will be the world’s largest vaccination programme covering the entire length and breadth of the country,” Modi’s office said in a statement this week.

India, the world’s most populous country after China, has said it may not need to vaccinate all of its 1.35 billion people to create herd immunity. Still, covering even half its population will make it one of the largest immunisation programmes in the world, even if countries like the United States were to vaccinate every resident.

Beneficiaries, however, will not be able to choose between the Oxford University/AstraZeneca vaccine and a government-backed, homegrown one from Bharat Biotech whose efficacy is not known. Both are being produced locally.

India, which has reported the highest number of coronavirus infections after the United States, wants to vaccinate around 300 million people with two doses in the first six to eight months of the year.

https://www.reuters.com/article/us-health-coronavirus-india-vaccine/india-kicks-off-worlds-largest-vaccination-campaign-idUSKBN29K2RI

Norway Warns of Vaccination Risks for Sick Patients Over 80

By Lars Erik Taraldsen and Naomi Kresge

January 15, 2021, 3:12 AM EST Updated on January 15, 2021, 7:01 AM EST

Norway said Covid-19 vaccines may be too risky for the very old and terminally ill, the most cautious statement yet from a European health authority as countries assess the real-world side effects of the first shots to gain approval.

Norwegian officials said 23 people had died in the country a short time after receiving their first dose of the vaccine. Of those deaths, 13 have so far been autopsied, with the results suggesting that common side effects may have contributed to severe reactions in frail, elderly people, according to the Norwegian Medicines Agency.

“For those with the most severe frailty, even relatively mild vaccine side effects can have serious consequences,” the Norwegian Institute of Public Health said. “For those who have a very short remaining life span anyway, the benefit of the vaccine may be marginal or irrelevant.”

The recommendation does not mean younger, healthier people should avoid being vaccinated. But it’s an early indication of what to watch as countries begin to issue safety monitoring reports on the vaccines. Emer Cooke, the new head of the European Medicines Agency, has said tracking the safety of Covid vaccines, especially those relying on novel technologies such as messenger RNA, would be one of the biggest challenges once shots are rolled out widely.

Allergic reactions have been uncommon so far. In the U.S., authorities reported 21 cases of severe allergic reactions from Dec. 14-23 after administration of about 1.9 million initial doses of the vaccine developed by Pfizer Inc. and BioNTech SE. That’s an incidence of 11.1 cases per million doses, according to the Centers for Disease Control and Prevention.

Though both Covid-19 vaccines approved so far in Europe were tested in tens of thousands of people -- including volunteers in their late 80s and 90s -- the average trial participant was in his or her early 50s. The first people to be immunized in many places have been older than that as countries rush to inoculate nursing-home residents at high risk from the virus.

Norway has given at least one dose to about 33,000 people, focusing on those considered to be most at risk if they contract the virus, including the elderly.

In France, one frail patient died in a care home two hours after being vaccinated, but authorities said given the patient’s previous medical history there is no indication the death was linked to the vaccine. The French pharmaceutical safety agency on Thursday reported four cases of severe allergic reactions and two incidents of irregular heartbeat after vaccination.

Representatives for Pfizer and BioNTech didn’t immediately respond to requests for comment.

https://www.bloomberg.com/news/articles/2021-01-15/norway-warns-of-vaccination-risks-for-sick-patients-over-80?srnd=premium-europe

Can COVID-19 vaccine prevent infecting others? Scientists to search for answer

By Tara Copp and Michael Wilner January 14, 2021 10:13 AM

One of the Army’s chief scientists developing a COVID-19 vaccine often gets a question that is being asked by Americans across the country: Once a person is vaccinated, is it safe to visit parents and friends, or could they still infect them?

“Unfortunately, we haven’t answered that question yet,” said Dr. Kayvon Modjarrad, director of Emerging Infectious Diseases at the Walter Reed Army Institute of Research. “And so we have to operate on the assumption that you still have the ability to still have the virus and transmit, not get the disease, but be sort of a carrier.”

As more Americans are vaccinated, scientists will need to follow up with a study that conducts regular nasal swabs to determine if the COVID-19 virus can still attach to a vaccinated person, resulting in a positive test, even if it doesn’t make them sick, he said in an interview with McClatchy.

Democratic Reps. Brad Schneider, D-Ill., Pramila Jayapal, D-Wash., and Bonnie Watson Coleman, D-N.J., who sheltered with unmasked Republican colleagues during the U.S. Capitol riot reported they all tested positive in the days after the violent attack.

Each had received their initial dose of the COVID-19 vaccine before they tested positive, according to media reports.

----The scientific community is unclear whether individuals testing positive after receiving their first dose of vaccine were infected before or after the shot. The incubation period for COVID-19 — the period between infection and the onset of symptoms — can be as short as two days, or as long as two weeks, Modjarrad noted.

“It is a big open question as to whether or not these vaccines, even after two doses, prevent infection, or do they just prevent disease?” Modjarrad said. “Because the primary endpoint in these clinical trials for the two authorized vaccines were disease, not asymptomatic infection.”

https://www.sacbee.com/news/coronavirus/article248506940.html

Coronavirus: 67-year-old jabbed with five doses instead of one

This is not the first time that Maccabi staff administered an overdose of vaccination.

By MAAYAN JAFFE-HOFFMAN, EVE YOUNG JANUARY 14, 2021 19:37

A 67-year-old woman from Jerusalem received five doses of the Pfizer coronavirus vaccine on Thursday, The Jerusalem Post has confirmed.

Instead of receiving one dose during the inoculation process, she was accidentally given an entire vial – 150 micrograms.

Although she showed no side effects, she was still evacuated to Shaare Zedek Medical Center for observation. A spokesperson for the hospital said that she was doing well.

The woman received the vaccination at a Maccabi Healthcare Services vaccination center in the center of town.

This is not the first incident in which Maccabi staff administered too many doses of the Pfizer vaccine.

A medical professional received an estimated five or six doses of the coronavirus vaccine in one inoculation in December at the start of the country’s vaccination campaign. He, too, was monitored at a hospital directly afterward, showed no side effects, and was discharged the same day.

“This happens for a very simple reason,” explained Prof. Cyrille Cohen, head of the immunotherapy laboratory at Bar-Ilan University. “After so many patients, the nurse, who is used to sometimes injecting the whole contents of the vile – not for this vaccine, but in general – makes a mistake and takes the whole compound instead. I am surprised it has happened only twice.”

In both instances, as noted, the individuals who received the extra doses had little or no side effects, except perhaps at the site of the injection. Cohen said that no side effects should be expected, since Pfizer administered three to four times more than the regular dose given today when it ran its clinical trials, which was tolerated by most patients.

“An optional dose is one that does not cause secondary effects on the one hand, but stimulates the immune system on the other,” Cohen explained. At the same time, the aim is to use the minimal amount so as to be able to produce more vaccines.

https://www.jpost.com/breaking-news/67-yr-old-woman-accidentally-given-five-coronavirus-vaccine-doses-655437

Next, some very useful vaccine links kindly sent along from a LIR reader in Canada. The links come from a most informative update from Stanford Hospital in California.

World Health Organization - Landscape of COVID-19 candidate vaccines. https://www.who.int/publications/m/item/draft-landscape-of-covid-19-candidate-vaccines

NY Times Coronavirus Vaccine Tracker. https://www.nytimes.com/interactive/2020/science/coronavirus-vaccine-tracker.html

Stanford Website. https://racetoacure.stanford.edu/clinical-trials/132

FDA information. https://www.fda.gov/media/139638/download

Regulatory Focus COVID-19 vaccine tracker. https://www.raps.org/news-and-articles/news-articles/2020/3/covid-19-vaccine-tracker

Some more useful Covid links.

Johns Hopkins Coronavirus resource centre

https://coronavirus.jhu.edu/map.html

Rt Covid-19

https://rt.live/

Covid19info.live

https://wuflu.live/

The Spectator Covid-19 data tracker (UK)

https://data.spectator.co.uk/city/national

Technology Update.

With events happening fast in the development of solar power and graphene, I’ve added this section. Updates as they get reported. Is converting sunlight to usable cheap AC or DC energy mankind’s future from the 21^st century onwards.

We maybe, maybe not.

Nine Attention-Grabbing Inventions Unveiled at This Year’s CES

Held virtually, the Consumer Electronics Show still debuted plenty of new gadgets, from an easy-to-use beehive to a Bluetooth mask

By Emily Matchar smithsonianmag.com January 14, 2021 11:04AM

Like school, work conferences and visiting your grandparents, this year’s Consumer Electronics Show (CES) has been virtual-only. So instead of gathering in hangar-sized Las Vegas expo halls, those wishing to check out the year’s crop of tech and gadget debuts can simply tune in online. Some of these technologies will never catch on. Others may one day be as ubiquitous as the Xbox, satellite radio and 3D printers, all of which made their grand entrances at CES. While it's hard to predict which items will stick around, we’ve picked nine of the most useful-seeming, most surprising and most fun inventions for a possible peek into our future.

Disinfecting Bots

Unsurprisingly, many of this year’s CES entries were inspired by the pandemic. South Korean giant LG introduced CLOi, an autonomous UV-light robot that can roll around disinfecting high-touch surfaces like restaurant counters or elevator buttons. While hospitals have used UV disinfection for years, the pandemic has turned restaurants, schools, and even home consumers onto the technology. Though the coronavirus crisis will hopefully be over sometime this year, the company thinks the desire for disinfection will remain strong. “I don’t think that the concern over items like this is going to go away anytime soon,” LG executive Mike Kosla told the Washington Post. “This product is going to have a strong, strong life ahead of it.”

Air Safety Virus Monitors

It's well-known that things like ventilation and humidity affect how well coronavirus spreads indoors. But how do you know how much ventilation is enough? Airthings sensors pair with a smartphone to monitor indoor air quality for temperature, humidity and number of people in the room (it makes a guess based on the amount of carbon dioxide present). If quality dips and virus risk rises, Airthings will suggest opening windows or making other changes. This could be helpful for businesses, such as restaurants, to know if their capacity is too high. Airthings also monitors for more traditional air quality risks like radon and mold.

https://www.smithsonianmag.com/innovation/nine-attention-grabbing-inventions-unveiled-at-this-years-ces-180976755/?utm_source=smithsoniandaily&utm_medium=email&utm_campaign=20210114-daily-responsive&spMailingID=44264810&spUserID=NjUwNDIzNTUzNDE0S0&spJobID=1921168418&spReportId=MTkyMTE2ODQxOAS2

This weekend’s musical diversion. Germany’ vastly underappreciated Johann Friedrich Fasch. (Approx. 15 minutes.)

Johann Friedrich Fasch - Violin Concerto in D-major, FWV L D4:ahttps://www.youtube.com/watch?v=mYBrlAQi7vA

Next, for our US and Canadian readers. (Approx. 12 minutes.)

What you need to know before getting a Tesla Powerwall

https://www.youtube.com/watch?v=L6_2X_7Yy1E

Finally, did Einstein get General Relativity wrong. A German mathematician explains. (Approx. 5 ½ minutes.)

How we know that Einstein's General Relativity can't be quite right

https://www.youtube.com/watch?v=Ov98y_DCvRY

“A good politician is quite as unthinkable as an honest burglar.”

H. L. Mencken.

London Irvine Report

Pages

Saturday 16 January 2021

Special Update 16/01/2021 Buy The Rumour, Sell The News?

Wall Street closes lower as banks, energy shares tumble