Baltic Dry Index. 4235 Fri. Brent Crude 73.08
Spot Gold 1815
Coronavirus Cases 02/04/20 World 1,000,000
Deaths 53,100
Coronavirus Cases 31/08/21 World 217,919,804
Deaths 4,523,998
“Political language has to consist largely of euphemism, question begging and sheer cloudy vagueness.”
George Orwell.
It is the last
day of the month, and ordinarily a day for the stock sharks professional
money managers to dress up the stock indexes and stocks to boost bonuses.
But today is also the day of America and NATO’s defeat in Afghanistan, a day of reckoning of hurricane damage in the Gulf of Mexico and a televised speech by President Biden to explain just how he and his team bungled Afghanistan.
In other words, it’s no ordinary day, or at least I hope it’s not going to become an ordinary day like the bad old days of President Carter. Does President Biden equal President Carter?
Well no, for one thing he’s a lot older and unlike President Carter he’s never had a job outside of politics. 2021 looks a lot worse than that last US defeat, Vietnam 1975.
Up first, Asian stocks ponder the news from China and Afghanistan.
Chinese stocks drop as data shows China’s factory activity growth slowed in August
SINGAPORE — Shares in Asia-Pacific mostly slipped in Tuesday trade, as data showed slowing Chinese factory activity growth in August.
In mainland China, the Shanghai composite fell 0.75% while the Shenzhen component shed 1.674%.
China’s factory activity grew at a slower pace in August as compared with the previous month, data released Tuesday showed. The official manufacturing Purchasing Managers’ Index for August came in at 50.1, against July’s reading of 50.4.
PMI readings above 50 represent expansion, while those below that level signal contraction. PMI readings are sequential and represent month-on-month expansion or contractions.
Hong Kong-listed shares of Tencent and Netease dropped as regulatory fears hit. They fell 3.18% and 3.46%, respectively, by Tuesday afternoon in the city. That came after new rules published Monday by China’s National Press and Publication Administration showed plans to limit the time that those under 18 years spend playing video games to just three hours a week.
Hong Kong’s broader Hang Seng index dropped 1.43%.
In Japan, the Nikkei 225 rose 0.57% while the Topix index advanced 0.32%. South Korea’s Kospi gained 0.61%.
Elsewhere, the S&P/ASX 200 in Australia edged 0.38% higher.
MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.46%.
Overnight stateside, the S&P 500 edged 0.43% higher to 4,528.79 while the tech-heavy Nasdaq Composite gained 0.9% to 15,265.89. The Dow Jones Industrial Average lagged, dipping 55.96 points to 35,399.84.
More
https://www.cnbc.com/2021/08/31/asia-markets-china-video-game-stocks-currencies-oil.html
U.S. ‘credibility is rock-bottom’ after final evacuation flights out of Afghanistan, says ex- Bush defense official
Former defense official Mary Beth Long warned about the precarious state of the U.S. credibility after Secretary of State Antony Blinken confirmed there were less than 200 Americans still seeking evacuation from Afghanistan following the final U.S. military withdrawal from the Taliban-controlled country.
"Our credibility is rock-bottom, and it's one thing to leave, but we did worse than that, we left American citizens, green card holders, and people that risked their lives for us behind, that's nothing short of shameful," said Long, who served under President George W. Bush as Assistant Secretary of Defense for International Security Affairs. "I wouldn't trust us, if I were in their position."
U.S. Central Command leader Marine Corps General Kenneth McKenzie told reporters during a briefing Monday afternoon in Washington that while all U.S. troops were successfully evacuated, the same could not be said for U.S. citizens.
"There's a lot of heartbreak associated with this departure," McKenzie said. "We did not get everybody out that we wanted to get out."
Blinken said later Monday that "a new diplomatic mission has begun," in Afghanistan.
Long told CNBC's "The News with Shepard Smith" that the assessment is "a fallacy" due to the burgeoning terror networks in the country.
"We've already known and been told by ISIS-K, by the Haqqani network, we have Al Qaeda operators coming through, over the border just a couple of hours ago," said Long. "The idea that somehow the Taliban are magically going to run Afghanistan and we're going to have some kind of political agreement with them is just pure fantasy."
More
In hurricane aftermath news, the damage assessments will start to trickle in all week.
Ida causes widespread damage and power outages along Louisiana coast
Search and rescue operations are underway after Hurricane Ida slammed the Louisiana coast, leaving about one million homes and businesses without power, including the entire city of New Orleans. Federal officials said it could be weeks before power is restored.
The storm, now a tropical depression, crashed into the state as a Category 4 hurricane with 150 mph winds on Sunday, ripping the roofs off buildings and snapping power lines. The storm has been blamed for at least two deaths, but Louisiana's governor said the number will likely increase in the days to come.
"We know that individuals are out there waiting to be rescued because their homes are inhabitable," Governor John Bel Edwards said Monday. "Please know that we have thousands of people out right now with high water vehicles and boats who are doing search and rescues.
"We're going to do everything we can to get to all the individuals who need help."
In New Orleans, rising floodwaters trapped drivers in their cars, and debris was seen flying off Ochsner Medical Center in the city. Hospitals across the area continued treating patients even in hazardous conditions. Brick buildings in downtown New Orleans were completely reduced to rubble.
Despite weakening on Monday, the National Hurricane Center said the tropical depression still carried the threat of heavy rainfall and flash flooding as it moves over central and northeastern Mississippi on Monday afternoon.
7:19 PM / August 30, 2021
Gas prices expected to rise after Ida shuts down refineries
Hurricane Ida shut down a significant number of refineries in the Gulf Coast, which could lead to an increase in gas prices.
About 95% of the Gulf Coast's crude oil and gas production were shut down as Ida ravaged Louisiana, according to energy research company S&P Global Platts.
"I expect the national average to rise in the neighborhood of 5-15 cents per gallon in the next couple of weeks — far smaller than the impact from Hurricanes Katrina and Harvey, but with damage assessments still to come, it's possible we see slight deviation from that," said Patrick De Haan, head of petroleum analysis for GasBuddy.
Hurricane Ida: Rescue efforts continue in Louisiana, over 1 million lose power
Issued on:
Rescuers in boats, helicopters and high-water trucks brought hundreds of people trapped by Hurricane Ida's floodwaters to safety Monday and utility repair crews rushed in, after the furious storm swamped the Louisiana coast and ravaged the electrical grid in the stifling, late-summer heat.
Residents living amid the maze of rivers and bayous along the state's Gulf Coast retreated desperately to their attics or roofs and posted their addresses on social media with instructions for search-and-rescue teams on where to find them.
More than 1 million homes and businesses in Louisiana and Mississippi — including all of New Orleans — were left without power as Ida, one of the most powerful hurricanes ever to hit the U.S. mainland, pushed through on Sunday.
The damage was so extensive that officials warned it could be weeks before the power grid was repaired.
As the storm was downgraded to a tropical depression Monday afternoon and continued to make its way inland with torrential rain, it was blamed for at least two deaths — a motorist who drowned in New Orleans and a person hit by a falling tree outside Baton Rouge.
But with many roads impassable and cellphone service out in places, the full extent of its fury was still coming into focus. Christina Stephens, a spokesperson for Gov. John Bel Edwards, said that given the level of destruction, “We’re going to have many more confirmed fatalities.”
The governor's office said damage to the power grid appeared “catastrophic” — dispiriting news for those without refrigeration or air conditioning during the dog days of summer, with highs forecast in the mid-80s to near 90 by midweek.
“There are certainly more questions than answers. I can't tell you when the power is going to be restored. I can’t tell you when all the debris is going to be cleaned up and repairs made," Edwards told a news conference. “But what I can tell you is we are going to work hard every day to deliver as much assistance as we can.”
Rescue efforts continue
Local, state and federal rescuers combined to save at least 671 people by Monday afternoon, Edwards said.
In hard-hit LaPlace, squeezed between the Mississippi River and Lake Pontchartrain, rescuers saved people from flooded homes in a near-constant operation.
Debbie Greco, her husband and son rode out the storm in LaPlace with Greco's parents. Water reached a foot up the first-floor windows, then filled the first floor to 4 feet (1.2 meters) deep once the back door was opened. They retreated to the second floor, but then screaming winds collapsed the roof as waves broke in the front yard.
They were finally rescued by boat after waiting in the only dry spot, five people sharing the landing on the stairs.
“When I rebuild this I’m out of here. I’m done with Louisiana,” said Greco's father, 85-year-old Fred Carmouche, a lifelong resident.
Elsewhere in LaPlace, people pulled pieces of chimneys, gutters and other parts of their homes to the curb and residents of a mobile home park waded through floodwaters.
Comparisons to Hurricane Katrina
The hurricane blew ashore on the 16th anniversary of Katrina, the 2005 storm that breached New Orleans' levees, devastated the city and was blamed for 1,800 deaths.
This time, New Orleans appeared to escape the catastrophic flooding city officials had feared.
----'This is a COVID nightmare'
Four Louisiana hospitals were damaged and 39 medical facilities were operating on generator power, the Federal Emergency Management Agency said. Officials said they were evacuating scores of patients to other cities.
The weather disaster hit a state where hospitals are crowded with COVID patients, cases of the Delta variant were surging and nurses were in short supply.
The governor's office said over 2,200 evacuees were staying in 41 shelters, a number expected to rise as people were rescued or escaped flooded homes. The governor's spokesperson said the state will work to move people to hotels as soon as possible so they can keep their distance from one another.
“This is a COVID nightmare,” Stephens said, adding: “We do anticipate that we could see some COVID spikes related to this.”
The hurricane twisted and collapsed a giant tower that carries key transmission lines over the Mississippi River to the New Orleans area, causing widespread outages, Entergy and local authorities said. The power company said more than 2,000 miles of transmission lines were out of service, along with 216 substations. The tower had survived Katrina.
Continuing efforts to restore electricity
The storm also flattened utility poles, toppled trees onto power lines and caused transformers to explode.
The governor said 25,000 utility workers were in the state to help restore electricity, with more on the way. “We’re going to push Entergy to restore power just as soon as they can,” Edwards said.
AT&T said its wireless network in Louisiana was reduced to 60% of normal but was coming back. Many people resorted to using walkie-talkies. The governor's office staff had no working phones. The company sent a mobile tower to the state's emergency preparedness office so it could get some service.
More
Global Inflation Watch.
Given our Magic Money Tree central banksters and our spendthrift politicians, inflation now needs an entire section of its own.
US Debt Clock.
The interest on US official debt is now rising at $1,000 a second. In reality higher.
Mobius Says Hold 10% in Gold as Currencies Set to Be Devalued
By Abhishek Vishnoi and Ranjeetha Pakiam30 August 2021, 07:15 BST
Veteran investor Mark Mobius said investors should have 10% of a portfolio in gold as currencies will be devalued following the unprecedented stimulus rolled out to fight the coronavirus pandemic.
At this stage, “10% should be put into physical gold,” said Mobius, who set up Mobius Capital Partners after more than three decades at Franklin Templeton Investments. “Currency devaluation globally is going to be quite significant next year given the incredible amount of money supply that has been printed.”
More.
Covid-19 Corner
This section will continue until it becomes unneeded.
Israel doubles down on booster shots as daily Covid cases set new record
Published Mon, Aug 30 2021 4:18 AM EDT
Israeli lawmakers are keen to avoid another lockdown after overseeing one of the world’s fastest vaccination drives. New daily coronavirus infections, however, have just climbed to record levels.
While many nations were grappling with the rapid spread of the highly transmissible delta variant, Covid-19 transmission in Israel declined sharply as the country vaccinated more than half of its population in around two months.
The country had one of the fastest vaccination rollout programs in the world, and by early June many of its coronavirus restrictions were lifted as new cases fell dramatically. But just days later, masks were reimposed as new infection numbers began to creep upward.
Around 63% of the Israeli population has been fully vaccinated, according to data compiled by Our World in Data.
Covid-19 cases in Israel have been rising sharply since July despite the high vaccination rate. New daily cases in the country reached an all-time high of 12,113 on August 24, surpassing the January peak of 11,934.
Just months ago, new cases had fallen to double-digits, and there were some days in May and June where no new infections were recorded.
There were 992 new cases of Covid-19 per million people in Israel as of Monday. By comparison, the U.S. recorded 446 new cases per million people, Our World in Data’s statistics show.
Despite high levels of so-called “breakthrough cases,” morbidity in the country hasn’t overtaken the peak seen in January, which is widely attributed to the vaccination rollout. On Sunday, 25 deaths were recorded in Israel — a far cry from the record high of 101 on January 20 this year. Over the past month, 476 deaths from Covid-19 have been recorded in Israel, compared to 1,471 in January. But hospitalizations and deaths are rising.
Preliminary data published by the Israeli government in July showed the Pfizer-BioNTech vaccine was just 16% effective against symptomatic infection for people who had received two doses in January. For people who had been fully vaccinated by April, the vaccine was 79% effective against symptomatic infection, suggesting that immunity gained through immunization depletes over time.
More.
New Zealand Reports First Death Linked to Pfizer Vaccine
By Matthew Brockett30 August 2021, 01:54 BST Updated on 30 August 2021, 04:34 BST
New Zealand health authorities reported what they believe to be the country’s first death linked to the Pfizer Covid-19 vaccine.
A woman died from myocarditis, an inflammation of the heart muscle wall, following her Pfizer vaccination, New Zealand’s Covid-19 Vaccine Independent Safety Monitoring Board said in an emailed statement on Monday. It said myocarditis is known to be a rare side effect of the Pfizer vaccine.
More
Are cruises safe right now? Experts say they’re ‘a recipe for Covid transmission’
Published Sat, Aug 28 2021 9:30 AM EDT
Last month, a 77-year-old woman made a fatal decision: She boarded a Carnival cruise in Galveston, Texas, set for sunny Belize.
The cruise required vaccination, and approximately 96% of all 4,336 passengers and crew were reportedly vaccinated, but nobody was required to present a negative Covid test before boarding. After four days on the water, the ship reported a 27-person Covid outbreak spanning both passengers and crew. One of the passengers, the 77-year-old, died 10 days later — the first such reported death since cruises restarted in the United States in June.
The tragic incident begs the question: Is traveling on a cruise safe right now?
Predictably, Carnival says yes. In recent weeks, the company has mandated pre-boarding negative Covid tests for all passengers and released a statement to the Washington Post saying that the woman who died “almost certainly did not contract COVID on our ship.” Notably, when she boarded the ship on July 31, testing procedures were not in place.
Medical experts are unconvinced. Travel of any kind is currently a very high-risk activity, explains Dr. Luis Ostrosky, division chief for infectious diseases at UT Health, part of the University of Texas, Houston. Cases are “completely out of control,” he says. “And we don’t have the level of vaccination we need to assure that people are going to survive if they happen to get [Covid].”
And even with safety measures in place, cruises come with residual risks that can’t be ignored, like unavoidable close quarters and potential for breakthrough infections.
Here’s why those risks are particularly dangerous, especially compared to other forms of travel — and what can be done to make cruises safer:
More.
Next, some 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
Regulatory Focus COVID-19 vaccine tracker. https://www.raps.org/news-and-articles/news-articles/2020/3/covid-19-vaccine-tracker
Some other useful Covid links.
Johns Hopkins Coronavirus resource centre
https://coronavirus.jhu.edu/map.html
Rt Covid-19
Centers for Disease Control Coronavirus
https://www.cdc.gov/coronavirus/2019-ncov/index.html
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.
Creation of the most perfect graphene
New discovery allows for scalable production of fold-free and ad-layer free single-crystal graphene
Date: August 25, 2021
Source: Institute for Basic Science
Summary: Researchers have achieved growth and characterization of large area, single-crystal graphene that has no wrinkles, folds, or adlayers. It can be said to be the most perfect graphene that has been grown and characterized, to date.
A team of researchers led by Director Rod Ruoff at the Center for Multidimensional Carbon Materials (CMCM) within the Institute for Basic Science (IBS), including graduate students at the Ulsan National Institute of Science and Technology (UNIST), have achieved growth and characterization of large area, single-crystal graphene that has no wrinkles, folds, or adlayers. It can be said to be the most perfect graphene that has been grown and characterized, to date.
Director Ruoff notes, "This pioneering breakthrough was due to many contributing factors, including human ingenuity and the ability of the CMCM researchers to reproducibly make large-area single-crystal Cu-Ni(111) foils, on which the graphene was grown by chemical vapor deposition (CVD) using a mixture of ethylene with hydrogen in a stream of argon gas." Student Meihui Wang, Dr. Ming Huang, and Dr. Da Luo along with Ruoff undertook a series of experiments of growing single-crystal and single-layer graphene on such 'home-made' Cu-Ni(111) foils under different temperatures.
The team had previously reported single-crystal and adlayer-free films of graphene which were grown using methane at temperatures of ~1320 Kelvin (K) degrees on Cu(111) foils. Adlayers refer to small "islands" of regions that have another layer of graphene present. However, these films always contained long "folds" that are the consequence of tall wrinkles that form as the graphene is cooled from the growth temperature down to room temperature. This results in an undesirable reduction in the performance of graphene field effect transistor (GFET) if the "fold" is in the active region of the GFET. The folds also contain "cracks" that lower the mechanical strength of the graphene.
The next exciting challenge was thus eliminating these folds.
---- Such large-area fold-free single-crystal graphene film allows for the straightforward fabrication of integrated high-performance devices oriented in any direction over the entire graphene film. These single-crystal graphene films will be important for further advances in basic science, which will lead to new applications in electronic, photonic, mechanical, thermal, and other areas. The near-perfect graphene is also useful for stacking, either with itself and/or with other 2D materials, to further expand the range of likely applications. Given that the Cu-Ni(111) foils can be used repeatedly and that the graphene can be transferred to other substrates in less than one minute, the scalable manufacturing using this process is also highly promising.
“The most effective way to destroy people is to deny and obliterate their own understanding of their history.”
George Orwell.
