The global economy has withstood several crises since 2008 but for financial markets the biggest tests may be to come. After several shocks this year some investors are looking closely at the many politcal risks ahead in 2017. Sonia Legg reports
Nvidia has demonstrated savvy capital allocation skills with their capital return program.
By Confluence Asset Allocation Committee The rapid rise in longer duration Treasury yields since the presidential election has been surprising. As of December 8, the 10-year T-note yield was approximately 2.40%. Although President-elect Trump’s policies will probably be inflationary, it is still unclear how much of his arguably vague plans will get passed. It is…
Late on Friday, with the US population embracing the upcoming holidays and oblivious of most news emerging from the administration, Obama quietly signed into law the 2017 National Defense Authorization Act (NDAA) which authorizes $611 billion for the military in 2017.
In a statement, Obama said that:
Today, I have signed into law S. 2943, the “National Defense Authorization Act for Fiscal Year 2017.” This Act authorizes fiscal year 2017 appropriations principally for the Department of Defense and for Department of Energy national security programs, provides vital benefits for military personnel and their families, and includes authorities to facilitate ongoing operations around the globe. It continues many critical authorizations necessary to ensure that we are able to sustain our momentum in countering the threat posed by the Islamic State of Iraq and the Levant and to reassure our European allies, as well as many new authorizations that, among other things, provide the Departments of Defense and Energy more flexibility in countering cyber-attacks and our adversaries’ use of unmanned aerial vehicles.”
Much of the balance of Obama’s statement blamed the GOP for Guantanamo’s continued operation and warned that “unless the Congress changes course, it will be judged harshly by history,” Obama said. Obama also said Congress failed to use the bill to reduce wasteful overhead (like perhaps massive F-35 cost overruns?) or modernize military health care, which he said would exacerbate budget pressures facing the military in the years ahead.
But while the passage of the NDAA – and the funding of the US military – was hardly a surprise, the biggest news is what was buried deep inside the provisions of the Defense Authortization Act.
Recall that as we reported in early June, “a bill to implement the U.S.’ very own de facto Ministry of Truth had been quietly introduced in Congress. As with any legislation attempting to dodge the public spotlight the Countering Foreign Propaganda and Disinformation Act of 2016 marks a further curtailment of press freedom and another avenue to stultify avenues of accurate information. Introduced by Congressmen Adam Kinzinger and Ted Lieu, H.R. 5181 seeks a “whole-government approach without the bureaucratic restrictions” to counter “foreign disinformation and manipulation,” which they believe threaten the world’s “security and stability.”
Also called the Countering Information Warfare Act of 2016 (S. 2692), when introduced in March by Sen. Rob Portman, the legislation represents a dramatic return to Cold War-era government propaganda battles. “These countries spend vast sums of money on advanced broadcast and digital media capabilities, targeted campaigns, funding of foreign political movements, and other efforts to influence key audiences and populations,” Portman explained, adding that while the U.S. spends a relatively small amount on its Voice of America, the Kremlin provides enormous funding for its news organization, RT.
“Surprisingly,” Portman continued, “there is currently no single U.S. governmental agency or department charged with the national level development, integration and synchronization of whole-of-government strategies to counter foreign propaganda and disinformation.”
Long before the “fake news” meme became a daily topic of extensive conversation on such discredited mainstream portals as CNN and WaPo, H.R. 5181 would task the Secretary of State with coordinating the Secretary of Defense, the Director of National Intelligence, and the Broadcasting Board of Governors to “establish a Center for Information Analysis and Response,” which will pinpoint sources of disinformation, analyze data, and – in true dystopic manner – ‘develop and disseminate’ “fact-based narratives” to counter effrontery propaganda.
In short, long before “fake news” became a major media topic, the US government was already planning its legally-backed crackdown on anything it would eventually label “fake news.”
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Fast forward to December 8, when the “Countering Disinformation and Propaganda Act” passed in the Senate, quietly inserted inside the 2017 National Defense Authorization Act (NDAA) Conference Report.
And now, following Friday’s Obama signing of the NDAA on Friday evening, the Countering Disinformation and Propaganda Act is now law.
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Here is the full statement issued by the generously funded Senator Rob Portman (R- Ohio) on the singing into law of a bill that further chips away at press liberties in the US, and which sets the stage for future which hunts and website shutdowns, purely as a result of an accusation that any one media outlet or site is considered as a source of “disinformation and propaganda” and is shut down by the government.
Portman-Murphy Bill Promotes Coordinated Strategy to Defend America, Allies Against Propaganda and Disinformation from Russia, China & Others
U.S. Senators Rob Portman (R-OH) and Chris Murphy (D-CT) today announced that their Countering Disinformation and Propaganda Act – legislation designed to help American allies counter foreign government propaganda from Russia, China, and other nations – has been signed into law as part of the FY 2017 National Defense Authorization Act (NDAA) Conference Report. The bipartisan bill, which was introduced by Senators Portman and Murphy in March, will improve the ability of the United States to counter foreign propaganda and disinformation from our enemies by establishing an interagency center housed at the State Department to coordinate and synchronize counter-propaganda efforts throughout the U.S. government. To support these efforts, the bill also creates a grant program for NGOs, think tanks, civil society and other experts outside government who are engaged in counter-propaganda related work. This will better leverage existing expertise and empower our allies overseas to defend themselves from foreign manipulation. It will also help foster a free and vibrant press and civil society overseas, which is critical to ensuring our allies have access to truthful information and inoculating people against foreign propaganda campaigns.
“Our enemies are using foreign propaganda and disinformation against us and our allies, and so far the U.S. government has been asleep at the wheel,” Portman said. “But today, the United States has taken a critical step towards confronting the extensive, and destabilizing, foreign propaganda and disinformation operations being waged against us by our enemies overseas. With this bill now law, we are finally signaling that enough is enough; the United States will no longer sit on the sidelines. We are going to confront this threat head-on. I am confident that, with the help of this bipartisan bill, the disinformation and propaganda used against us, our allies, and our interests will fail.”
“The use of propaganda to undermine democracy has hit a new low. But now we are finally in a position to confront this threat head on and get out the truth. By building up independent, objective journalism in places like eastern Europe, we can start to fight back by exposing these fake narratives and empowering local communities to protect themselves,” said Murphy. “I’m proud that our bill was signed into law, and I look forward to working with Senator Portman to make sure these tools and new resources are effectively used to get out the truth.”
NOTE: The bipartisan Countering Disinformation and Propaganda Act is organized around two main priorities to help achieve the goal of combatting the constantly evolving threat of foreign disinformation from our enemies:
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And so, with the likes of WaPo having already primed the general public to equate “Russian Propaganda” with “fake news” (despite admitting after the fact their own report was essentially “fake“), while the US media has indoctrinated the public to assume that any information which is not in compliance with the official government narrative, or dares to criticize the establishment, is also “fake news” and thus falls under the “Russian propaganda” umbrella, the scene is now set for the US government to legally crack down on every media outlet that the government deems to be “foreign propaganda.”
Just like that, the US Ministry of Truth is officially born.
SOME Christmas rituals have an ancient pedigree. One of them is clerical scoldings. At least since Chrisitanity’s fourth century, priests of that faith have been deploring the revelry that distracts people from spiritual contemplation. As Mark Forsyth, a British author of popular history, observes in a jaunty new book, “A Christmas Cornucopia”, “Christmas has for sixteen hundred years been viewed as a festival that has lost sight of its True Meaning.”
That (unlike quite a lot of the things in the book) is an accurate statement, and you can find evidence in almost any era. In 742AD, for example, Saint Boniface complained of the terrible example set by people in Rome to the Germans he was trying to convert. Residents of that supposedly pious Italian city marked mid-winter by “parading the streets…shouting and singing songs in pagan fashion [and] loading tables with food and drink from morning to night….”
Tudor England was no better. As a cleric expostulated in 1582, “What dice-ing and carding,…Continue reading
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