Not only is Zoom's strong end-to-end encryption not actually end-to-end, its encryption isn't even that strong

logicfish Security only zooms strong end-to-end encryption actually isnt even that All https://go.theregister.co.uk   Discuss    Share
Another damning probe into vid-conf software emerges

Zoom has faced increased scrutiny and criticism as its usage soared from 10 million users a day to 200 million in a matter of months, all thanks to coronavirus pandemic lockdowns.…


Zoom's end-to-end encryption isn't actually end-to-end at all. Good thing the PM isn't using it for Cabinet calls. Oh, for f...

logicfish Security zooms end-to-end encryption isnt actually good thing using cabinet calls All https://go.theregister.co.uk   Discuss    Share
Super-crypto actually normal TLS, lawsuit launched over Facebook API usage, privacy policy rewritten

UK Prime Minister Boris Johnson sparked security concerns on Tuesday when he shared a screenshot of “the first ever digital Cabinet” on his Twitter feed. It revealed the country’s most senior officials and ministers were using bog-standard Zoom to discuss critical issues facing Blighty.…


Xerox slurps something that isn't HP Inc: Brit managed print services houses Altodigital and ITEC Connect

logicfish Business xerox slurps something that isnt brit managed print services houses altodigital itec connect All https://go.theregister.co.uk   Discuss    Share
Prices undisclosed but you can bet it was cheaper

Xerox might not have been able to prise HP Inc stock from the hands of shareholders yet but it has snaffled British print services specialists Altodigital and ITEC Connect for an undisclosed sum.…


The Financial System Isn't The Economy - Mind The Gap

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The Financial System Isn't The Economy - Mind The Gap

Authored by Bruce Wilds via Advancing Time blog,

The financial system is not the economy even though many people do not recognize the distinction. This means the gigantic efforts by the world's central banks and governments to essentially "bail-out" both will prove somewhat ineffective. Covid-19 has become the catalyst for a major reset of both the financial sector and the Ma

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in Street economy, this article will attempt to give some clarity as to what we might find still standing on the other side of this crisis. Note the use of the word crisis, anyone who does not view the covid-19 now as a watershed event is oblivious to the world around them

Originally the title to this piece was "Mind The Lag-Time Gap - The Worst Is Yet To Come." You may call me Captain Obvious if you hone in on the later part of this title but the first portion is the most important part. We should make a real effort to remember to mind the gap between events appearing on the radar and when they actually impact day to day life. There is such a thing as lag-time, everything is not immediate in our fast-moving world, some events take time to play out. The covid-19 crisis is greatly complicated because we have no real idea of how long it will persist. Hints have been made, possibly to ready the population, that this could or will likely continue for months.

The Sell-off Has Been Dramatic

The scale, scope, and speed at which world markets have sold off and lost value as investors try to get in front of this thing has been dramatic. Global stock and bond markets have seen an estimated $25 trillion of 'paper' wealth erased in the last month. This has erased all the gains from the December 2018 crash lows with more of the impact focused on stocks than bonds. In its wake, the sell-off has stripped many people of their savings and jeopardized the future existence of many businesses and financial institutions.

On the flip-side of the carnage is the ramping up of promises that a flood of money and aid is forthcoming. All options are on the table to get money into the hands that need it, some of it in the way of adding liquidity, some of it as a gift to anyone with their hand out. The specifics are spotty at best but one thing we can be sure of is that those lobbying hardest will get the most. The questions that remain to be answered are, how well this will work and will this infusion of cash be enough?

This Has Become A giant Game Of Jenga

As the world faces the biggest financial bailout in history it is now being reported in the news the US, in conjunction with the Federal Reserve, will now lend up to $4 trillion to businesses affected by the coronavirus pandemic. "Working with the Federal Reserve - we’ll have up to $4 trillion of liquidity that we can use to support the economy," Treasury Secretary Steven Mnuchin. told Fox News on Sunday. What Mnuchin, a former Goldman Sachs executive, did not talk about is how dangerous these volatile  markets are for the average investor.

Unfortunately, as with most programs unleashed by the "Financial-Political Complex," we can expect much of the money to rapidly flow to enriching those atop the wealth pyramid. Another certainty is that when all is said and done those in charge will rapidly claim things would have been far worse if they had not taken such draconian actions. People have shown they have a very short memory when it comes to the truth.  Many Americans also have a difficult time understanding a large reason for the rapid growth of inequality is because the wealthy one-tenth of one percent of the population controls and shapes the nation's policy to their advantage.

So far covid-19 is a new entry on to the scene. The reality of how it will affect the economy has yet to be realized and will trickle down to society. What I deem the Financial-Political Complex will protect its own with a massive bailout under the guise of "the greater good." This extension of crony capitalism will throw just enough to the masses to silence their outrage. Large businesses will be the winners while the big losers again will be the middle-class, small businesses, and social mobility.

A few of the things that may change society are detailed below. Many people think the impact on labor force participation will remain mild with workers viewing all this as transitory. As the impact of COVID-19 take root and if activity fails to rapidly normalize, it is possible more workers may reevaluate their life and decide to exit the labor force altogether. The same will happen with many small business owners that come to the conclusion this is a sign to close their doors and retire. Covid-19 has fed fear and insecurity, these are not feelings that increase investors' desire or take on new risks.

While you hear about the massive aid package the Financial-Political Complex is concocting to prop up this mess we should not forget they are responsible for much of the damage flowing from this crisis. For years they ignored the growing weakness on Main Street and focused on rising GDP numbers that were driven by government deficit spending. Addressing this now is like trying to turn a battleship around in a lake the size of a bathtub, nearly impossible. If it can be done it will take a long time. No matter how much money they throw at this the economy will not turn around on a dime or spring back. Regardless of how the financial sector fares the economy is destined to feel a great deal of pain.

We are in the second inning of a long game. It is only as this lingers that we begin to feel the full power of the lag-time effect. Anyone that thinks next month will be a return to business as usual and fails to mind the gap between expectations and reality is primed for disappointment. Too big to fail has become deeply embedded in our crony capitalist society and a key part of the Financial-Political Complex now running the show. If you are not part of this group I suggest you prepare to be thrown under the bus for "the greater good."

Tyler Durden

Mon, 03/23/2020 - 20:05

The MH17 Show Trial Isn't About Justice Or Closure, But Information Warfare

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The MH17 Show Trial Isn't About Justice Or Closure, But Information Warfare

Authored by Andrew Korybko via Off-Guardian.org,

The MH17 tragedy is back in the news after the start of this case’s show trial in the Netherlands, which isn’t about bringing the alleged perpetrators to justice or helping the victims’ families find closure, but waging information warfare against Russia in an attempt to “conclusively” pin the blame fo

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r this crime on its supposed proxies in Eastern Ukraine so as to ruin President Putin’s international reputation once and for all.

The world is once again talking about the MH17 tragedy after the start of this case’s show trial in the Netherlands, where four of the alleged perpetrators are being accused of murder. It’s unlikely that they’ll appear before the court, so the entire process is more about show than substance.

In case the reader doesn’t remember exactly what happened on that fateful summer day on 17 July, 2014, the author recommends that they review his most recent analysis on the issue from earlier this year titled “Latest MH17 Documentary By SBU Whistleblower Shares Some Shocking Truths”, which covers what he believes to be the most convincing version of events that transpired immediately before, during, and after the passenger jet was shot down over Eastern Ukraine.

In short, the conventional narrative that the Russian-aligned rebels there were responsible is debunked as a convenient cover-up for masking Kiev’s culpability, which in turn also makes that government’s Western backers — and not Russia — indirectly responsible. It’s therefore understandable that a lot of powerful forces are invested in making their manufactured version of the “truth” the “official” one, hence the show trial, which is nothing more than an attempt to “conclusively” pin the blame for this crime on Russia and its supposed proxies in Eastern Ukraine.

Before going any further, it needs to be said that victims’ families have every right to be upset about what happened, and that everyone should respect their right to draw their own conclusions about what took place even if one doesn’t ultimately agree with them. The author doesn’t believe that Russia or the Eastern Ukrainian rebels were responsible, but acknowledges that some of the victims’ families think differently, especially after some of them staged a silent protest outside of the Russian Embassy in The Hague over the weekend.

Nobody should criticize the victims’ families and thus make this all the more harder for them to deal with, but there’s also nothing wrong with talking about how their reaction to this tragedy is being exploited by those who are relying upon it to convince others that their interpretation of events is the only correct one.

Politicizing the suffering of innocent people is wrong no matter who does it or why, which is why it’s morally reprehensible that others are taking advantage of them under the guise of “giving them a voice” in order to push their narrative onto the broader public. The ongoing trial isn’t about bringing the alleged perpetrators to justice or helping the victim’s families find closure, but waging information warfare against Russia, the purpose of which is to ruin its international reputation and that of its leader once and for all.

President Putin is generally despised by the West but loved by the non-West because of his domestic and foreign policy successes over the past 20 years, which greatly contributed to bringing the emerging Multipolar World Order about. Even his detractors recognize that he’s an epochal figure whose legacy will certainly be studied for generations to come by people all across the world, they just regard Russia’s return to international prominence as being detrimental to their countries’ zero-sum interests.

Nevertheless, they also wisely understand that soft power is more important than ever before in today’s interconnected, globalized world, especially after the information-communication technology revolution of the early 2000s, so they have a driving motivation to defame the Russian leader any chance they get.

Regrettably, the MH17 tragedy is cynically seen as the “perfect opportunity” to ruin his legacy by forever associating him with what happened even though he played no role in those events whatsoever, nor did his countrymen. All that’s important to the “perception managers” who manufactured this weaponized narrative is that the lingering suspicion of President Putin’s possible involvement “credibly” exists, which explains the infowar importance of the ongoing show trial for supposedly “confirming” that.

Back to the show trial itself, it’s predictable that the accused will probably be found “guilty” for the aforementioned political reasons of pinning the blame for that tragedy entirely on Russia and the Eastern Ukrainian rebels so as to deflect from the “inconvenient” facts that have since come to light implicating Kiev and its Western backers, which was explained in the author’s analysis that he cited in the opening paragraph of this article.

The overall soft power impact of this seemingly inevitable conclusion will likely be minimal, however, seeing as how most people have already made up their minds about who was really responsible. Those who are convinced that Russia played a role will feel “vindicated” by the anticipated verdict, while those who have remained skeptical this entire time could use the newfound attention to this case to share the “inconvenient” evidence that was just touched upon with others.

The takeaway from all this “legal” drama is that tragedies will almost always be politicized for information warfare purposes, especially if the case can remotely be made that Russia or any of the West’s other geopolitical rivals might have had even an indirect role in whatever it is that transpired, so these countries should brace themselves to expect more such show trials in the future and take steps to ensure that their side of the story is heard by as many people as possible.

Tyler Durden

Fri, 03/13/2020 - 02:00

Top Euro court advised: Cops, spies yelling 'national security' isn’t enough to force ISPs to hand over massive piles of people's private data

logicfish Security euro court advised cops spies yelling national security isnt enough force isps hand over massive piles peoples private data All https://go.theregister.co.uk   Discuss    Share
Opinion is preliminary, though a good start

Analysis  In a massive win for privacy rights, the advocate general advising the European Court of Justice (ECJ) has said that national security concerns should not override citizens’ data privacy. Thus, ISPs should not be forced to hand over personal information without clear justification.…


Yeah, says Google Project Zero, when you think about it, going public with exploit deets immediately after a patch is emitted isn't such a great idea

logicfish Security yeah says google project zero when think about going public with exploit deets immediately after patch emitted isnt such great idea All https://go.theregister.co.uk   Discuss    Share
The Chocolate Factory's bug hunters revise 90-day disclosure rules

Patting itself on its back for motivating software makers to fix 97.7 per cent of the vulnerabilities it identifies within its 90-day disclosure deadline, Google's bug-hunting unit Project Zero has decided to ease up on those racing to patch their flawed products.…


Recession? The Risk Isn't Gone

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Recession? The Risk Isn't Gone

Authored by Lance Roberts via RealInvestmentAdvice.com,

Over the last few weeks, we have been discussing the “QE, Not QE” rally. Regardless of what the Fed wishes to call their bond purchases, the market has interpreted the expansion of their balance sheet as a “QE” program. Given that investors have been “trained” by the Fed’s “ringing of the bell,” the subsequent 6-wee

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k advance was not surprising.

(I might have missed a couple of “trade deal” headlines but you get the drift.)

The important part of our discussion over the last several weeks has been twofold:

  1. What are the expected returns from various asset classes during a QE program, and;

  2. Hedging for a short-term correction given the rather extreme overbought condition that occurred.

This week, we updated our previous analysis for our RIAPro Subscribers (30-Day Free Trial) on historical QE programs to review how far each of these markets and sectors have responded so far. The results were quite surprising. (If you subscribe for a 30-day Free Trial you can read the entire report ‘An Investor’s Guide To QE-4 The Update’)”

“The bottom line is that the Fed has taken massive steps over the last few months to provide liquidity to the financial markets. As we saw in prior QEs, this liquidity distorts financial markets. The following table provides the original return projections by asset class as well as performance returns since October 14th.  The rankings are based on projected performance by asset class and total.”

(Get the FREE trial to see the full table of all markets, sectors, and commodities.)

With QE-4 in play, the bias remains to the upside keeping our target of 3300 on the S&P 500 in place. This is particularly the case as we head further into the seasonally strong period combined with an election year cycle.

As shown in the chart below, the breakout to all-time highs was substantial, and regardless of your bias, this was a “bullish” advance and suggests higher prices in the short-term.

However, nothing travels in a straight line, and given the exceedingly overbought condition which currently exists, as we discussed previously, is why we hedged our portfolios. To wit:

“With the Fed engaged in pumping liquidity into the markets, and any day may also include a random market manipulation from a ‘Trump tweet,’ the most opportunistic method to hedge risk is to add a ‘short S&P 500’ index position to the portfolio.”

We currently still maintain our hedge at the moment.

Our short-term concern remains Trump’s “trade deal” dealings. The Chinese are stringing him along, now with calls for more meetings, even as he signs a bill which will directly infuriate the Chinese Government over their dealings with Hong Kong.

As I stated many times in this weekly missive, the Chinese are under NO pressure to “do any deal” with Trump which is not beneficial to their long-term economic goals.

China is out for “China’s” best interest and will not acquiesce to any deal which derails their long-term plans. In the short-term, they may ‘play the game’ to get what they need as a country, but in the long-run, they will protect their own interests.

The pressure is on the Trump Administration to conclude a ‘deal,’ not China. Trump needs a deal done before the 2020 election cycle; AND he needs the markets and economy to be strong. If the markets and economy weaken because of tariffs, which are a tax on domestic consumers and corporate profits, as they did in 2018, the risk of electoral losses rise.”

There is a lot of room for disappointment over “trade” with respect to the markets.

  1. Trump continues to delay

  2. The Chinese “push back” over Hong Kong, or

  3. Trump reignites, or just fails to delay, tariffs.

The market will likely not respond kindly to any of these disappointments as invetors have already priced in the most optimistic of outcomes.

Recession Risk Isn’t Gone

With the Fed once again engaged in QE, each “dip is bought” as “FOMO” continues to prevail. As the markets push higher, investors now believe the risk of recession is now gone.

However, as I have noted previously, there is a vast difference between today and 2009 when the Fed first launched QE-1 namely trailing valuations were 13x versus 30x currently.  Also, pretty much every other metric is reversed as well.

As I wrote in “QE – Then, Now, & Why It May Not Work:

If the market fell into a recession tomorrow, the Fed would be starting with roughly a $4 Trillion balance sheet with interest rates 2% lower than they were in 2009. In other words, the ability of the Fed to ‘bailout’ the markets today, is much more limited than it was in 2008.

However, there is more to the story than just the Fed’s balance sheet and funds rate. The entire backdrop is completely reversed. The table below compares a variety of financial and economic factors from 2009 to the present.”

“The critical point here is that QE and rate reductions have the MOST effect when the economy, markets, and investors have been ‘blown out,’ deviations from the ‘norm’ are extended, and confidence is exceedingly negative.

In other words, there is nowhere to go but up.”

While such does not mean the market will crash tomorrow, next quarter, or next year, it does suggest that forward returns are likely going to become much harder to come by.

This is a point being dismissed by investors in the rush to chase markets higher. As we showed last week, investor sentiment swung from very “bearish” to “exceedingly bullish” in just a few short weeks.

This surge should not be dismissed, as David Rosenberg noted this past week:

Enjoy it while it lasts, but think of how artificial it all really is and how to prepare yourself, at these lofty price levels, for the reversal that is as inevitable as night following day and vice versa. The stock market surely remains on wheels and is being driven by concentrated gains in certain large-cap names and a major shift in economic sentiment, with views that a ‘phase one’ trade agreement is coming our way soon.”

The problem is that there is not a “major shift” coming for the economy, at least not yet, as shown by the readings from our Economic Output Composite Index (EOCI).

There are a couple of important points to note in this very long-term chart.

  1. Economic contractions tend to reverse fairly frequently from high peaks and those contractions tend to revert towards the 30-reading on the chart. Recessions are always present with sustained readings below the 30-level.

  2. The financial markets generally correct in price as weaker economic data weighs on market outlooks. 

Currently, the EOCI index suggests there is more contraction to come in the coming months, which will likely weigh on asset prices as earnings estimates and outlooks are ratcheted down heading into 2020.

Again, this is a long-term indicator, but currently, the deviation between stock prices and economic growth is somewhat concerning. Throughout history, stock prices always, without exception, have “caught down” to the economic data and not vice-versa.

Furthermore, as we noted for our RIAPro Subscribers on Friday in our daily market commentary:

“The chart below shows that the year over year change in continued claims (new and old claims), turned positive for the first time in this economic expansion. Positive readings have preceded all prior recessions since at least 1970, but it’s not a full-proof indicator as there have  been a number of false signals.”


“Leading Economic Indicators rose 0.3% year over year, which is the slowest rate of growth in a decade. The last 5 times the index went from positive to negative growth on a year over year basis resulted in four recessions (2008, 2001, 1990, and 1981) and one false signal (1996). On a monthly the basis the indicator was negative for the third month in a row. Since the data was first calculated in 1959, three consecutive monthly declines occurred 11 times and 7 of those 11, were followed by a recession within 6 months. Needless to say, this indicator is flashing a warning sign.”

If we overlay the 6-month average of the Leading Economic Index with our EOCI index we see clear warnings of potential recession risks heading into 2020.

The point here is that “risk” remains elevated, and when that “risk” is combined with investor “exuberance,” poor outcomes tend to occur. By the way, it’s not just individuals who are overly exuberant, but professionals as well. As David concluded:

In barely more than a month, we have seen portfolio managers move from their highest cash levels and recession concerns in a decade to downright exuberance. The just-released [Bank of America Merrill Lynch] survey of institutional investors showed the biggest improvement in economic growth expectations in the year ahead since the poll began in 1994.”

This is purely “FOMO,” in action.

Where Does This Leave Our Hedges?

As noted last week, we hedged our long-equity positions with a short-market hedge. This was done in anticipation of a short-term correction due solely to the more extreme overbought technical conditions.

The correction this past week is likely not yet complete. Our short-term trading indicators are NOT oversold, but it is worth noting they are not as overbought as they were. This suggests the market could certainly muster a post-Thanksgiving rally.

Looking ahead, a subsequent pre-Christmas correction remains likely, particularly as the market drifts between one “trade deal” tweet, to the next. 

For now, we continue to maintain our hedges as all of our indicators are still suggestive of a short-term reversal.

Longer-term, a deeper correction remains likely, particularly as we head into 2020. If economic and earnings data don’t begin to improve markedly, as currently expected by Wall Street, the current overvaluation of asset price is going to become more problematic to justify.

Tyler Durden

Sun, 11/24/2019 - 11:00


Business Finance


UK public sector IT chiefs shrug off breach threats: The data we hold isn't that important

logicfish Security public sector chiefs shrug breach threats data hold isnt that important All https://go.theregister.co.uk   Discuss    Share
Are you for real? splutters surveyor Sophos

Half of UK public sector IT chiefs think the data they're responsible for protecting is less valuable than private sector information, according to a survey by antivirus firm Sophos.…


Populism Isn't For Sale Anymore

zerohedge News populism isnt sale anymore All https://www.zerohedge.com   Discuss    Share
Populism Isn't For Sale Anymore

Authored by Tom Luongo via Gold, Goats, 'n Guns blog,

There’s something happening that the unelected oligarchs I like to call The Davos Crowd hate more than anything else. They can’t seem to buy people off anymore...

When we look around the world today at the plethora of popular/populist uprisings both peacefu

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l and unruly we see the same thread running through them at their core.

The people simply don’t believe that the system works for them anymore. Whatever the catalyst was that got them off their couches and into the streets was the proverbial last straw.

And they can’t be bought.

We’re coming up on the one year anniversary of the Gilet Jaunes protests in France. The original €0.25 tax on diesel fuel died a long time ago. President Macron of France though he could just throw the unruly peasants some scraps, not take their final piece of bread from their tables and that would placate people bereft of not only their future but, more importantly, their dignity.

We’re three and a half years from the Brexit vote and Nigel Farage is still fighting the establishment in the U.K. who are dead set against it. This week he stood down 317 candidates to stave off a Remainer-heavy hung parliament and the Tories responded by trying to buy off even more of his candidates.

The big scandal wasn’t that the Tories tried to buy off Farage, they’ve been trying to do that for years and it hasn’t worked. Now, they are brazenly trying to buy off the people around him to deny the Brexit Party any seats in Westminster to pave the way for the ultimate Brexit betrayal.

This goes far beyond putting party before country. This is all about protecting the political establishment from all threats domestic, but not foreign since they’re all committed neoliberal globalist scumbags.

Farage knows this and that’s why he went public with this information. The jury is still out whether the voters will respond to this and reward Farage’s people with seats in Westminster to finally change the dynamic in the heart of the old imperial capital of Europe.

Because it’s a lot easier to bribe a dozen or so candidates than it is to bribe the hundreds of thousands they could represent. This is the fundamental reason why representative governments don’t work.

It’s why they are just as bad as top-down unelected oligarchies regardless of the type — secular, religious, technocratic, communist, democratic.

It’s reached a boiling point in Iran where protests have broken out again like in 2009, and just like in France, over a hike in fuel prices. Governments can have all the extra territorial ambitions they want but at some point they have to provide the basic services the people expect of them.

Just wait until the cost of living here in the U.S. rises to the point where government handouts here can’t cover the costs of the basics. We haven’t quite reached that point nationally, and we won’t in the next couple of years as capital flees into the U.S. in a massive safe-haven trade, but we will.

Because while that safe-haven trade is occurring our government masters won’t get the hint about how much we don’t like them. They will keep the gravy train running on-time just often enough to maintain the illusion of control until things get so expensive here the people revolt.

In Chile, the protesters there are fed up with the fake, corporatist privatization and rampant corruption of the country’s basic infrastructure. Again, a real revolt over a This is a revolt against false liberation of nationalized businesses. It’s the same thing we see all over the West.

It will spark a push in Chile back towards the Left and socialist nationalizations which will give rise to adolescent criticisms of capitalism from the likes of Jeremy Corbyn and Bernie Sanders.

And the sad part is, they’ll be right. It’s what they’ve been doing with health care in the U.S. for decades, purposefully destroying the marketplace for health care while allowing the worst excesses of the private portion of it to thrive in a captured market of regulatory nightmares and obscene wealth extraction.

These systems become so cocked up that even reasonable people scream for a nationalized solution to make things better, at least in the short run.

Why do you think the big tech firms are acting like openly evil overlords? Because they’re stupid? No. It’s because the longer-term goal is complete centralized regulation of speech in the public forum.

And the only way to get there and have it be sustainable is if the people scream for it themselves. Conservatives are being gaslit into pushing for oversight into Facebook and Google because they are being treated with such obvious bias.

That’s the bad news. The good news is that while we’re still falling for a lot of these false dichotomies, these Hobson’s choices, at the electoral level we are fundamentally aware of who the enemies to civil society are.

And that’s why The Davos Crowd is getting nervous. That’s why they are bribing Brexit Party members to stand down. It’s why they are ramping up the Project Fear on the economic costs of Brexit, Climate Change, Private Health Care and decrying tax cuts as tyrannical.

While at the same time they continue to try and buy us off with cheap money, rising stock markets and easier credit terms to buy depreciating junk like new cars which cost more than many have equity in their homes.

But we’re not for sale anymore.

If we were we wouldn’t keep voting for these populist reformers from the left, right and center. We wouldn’t be descending into the kind of toxic political discourse that is only interested in scoring points against the other side to validate our own anger and dispossession.

We would be looking for solutions. But we’re not ready for that yet. We may not be for sale anymore but we’re not ready to take on the responsibility of fixing what’s broken.

It’s why we keep hearing stories about Millennials making peace with living like rats in cages for $800 a month rather than building enough wealth to *gasp* find a mate and *gasp* start a family.

But they know, deep down, this isn’t sustainable. It’s inhuman. But curling up in a rat’s nest and calling it home is better than taking to the streets, for now. And their depression will turn to nihilism, if it hasn’t already, and eventually will explode in the ugliest ways.

People are capable of selling themselves on the virtues of a terrible life only for so long, of putting up with suffering because there’s still a small comparative advantage to going along versus striking out.

There is little to no direct cost for voting against the system that is bankrupting you financially, emotionally and spiritually. That’s why we see things like Trump, Brexit, Catalonia and Italy.

But eventually voting isn’t enough, especially when it’s obvious that if voting changed anything they would have outlawed it years ago… only they pretty much have.

Over and over we’re being told we voted wrong, that our betters will fix our mistakes for us. But it’s not working anymore. And as the inherent inconsistencies of these institutions take center stage over the next few years, we’ll see even more uprisings around the world.

Let’s hope it stays peaceful. That enough people like Farage and his ilk simply say, “No. I’m not for sale.” And the voters, cynical as they are, believe them.

*  *  *

Join my Patreon if you want help navigating this chaotic period of polticial breakdown. Install the Brave Browser to assist creators like me in continuing to do so while giving Google the two-fingered salute.

Tyler Durden

Mon, 11/18/2019 - 03:30

Brexit Isn't David Cameron's Legacy... Libya Is!

zerohedge News brexit isnt david camerons legacy libya All https://www.zerohedge.com   Discuss    Share
Brexit Isn't David Cameron's Legacy... Libya Is!

Authored by Kit Knightly via Off-Guardian.org,

The MSM’s total disregard for the apocalyptic destruction of the most developed nation in Africa is a crime...

“The strong man with the dagger is followed by the weak man with the sponge.”

- Lord Acton


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d Cameron has a book out. You’ve probably heard. There’s a lot of press coverage. The BBC did a retrospective documentary about him to coincide with it, The Guardian had a review of the book, a review of the documentary, and an interview with the man himself.

Oh, and then another article about how it’s selling less well than Blair’s biography.

This is obviously just about journalists reporting the news, you understand.

It is absolutely not at all a mass marketing strategy camouflaged as “current events”.

Shame on you for thinking otherwise.

Naturally, as is always the case when ex-Prime Ministers make appearances or churn out autobiographies, there is plenty of talk about “legacy”.

Well…what is David Cameron’s legacy?

The media are pretty clear: Brexit.

The BBC documentary is entitled The Cameron Years. It’s in two parts, somehow bloated out to two whole hours in runtime, and is only concerned with the Brexit vote. The first part is entirely dedicated to it, that’s literally all it’s about, with the second half being more general, but still very Brexit-centric.

The reviews of the book are no better. In fact they are worse.

The Telegraph liked it, as did the TimesThe Guardian and Independent didn’t, as much, but still praised its “honesty”. They all talk almost entirely about Brexit. Bloomberg headline “David Cameron Wants You to Remember Him for More Than Just Brexit”, pointing out: “The former prime minister’s new memoir, For the Record, spends just 50 of 700 pages on the disastrous referendum”…before going on to review just those fifty pages.

In fact, I’ve read over half-a-dozen reviews of this book, and none of them talks about anything but Brexit.

There is not a single use of the word “Libya” in any of them. Not anywhere. Not in even in passing.

Not. One. Single. Use.

For those of you foggy on the details, Libya was a place that used to look like this:

…and now looks like this:

You would think that the total and complete destruction of the most developed nation on the African continent would warrant at least brief discussion in the “legacy” of the Prime Minister responsible but, apparently, you would be wrong.

(I know we’re only Britain, and we only do what America tells us, but “Only following orders” didn’t work for Goering and probably shouldn’t work for anybody else. Cameron included).

The press silence on Libya is on another level.

They grudgingly discuss Iraq as a “mistake” or “blunder”, they carry on their insane propaganda-war on Syria with fresh gusto every few months (or whenever they need a distraction), but Libya…Libya is the country that must not be named.

Take Jonathan Freedland. He was ALL OVER Libya back in 2011. He campaigned for NATO to do something, preaching about the West’s “responsibility to protect”. Does he mention Libya once in his review of this book? Nope.

He even has the gall to open the piece with this:

Just as the 700 pages of Tony Blair’s autobiography could not escape the shadow of Iraq, so the 700 pages of David Cameron’s memoir are destined to be read through a single lens: Brexit.

As if his decision to totally disregard a war crime he not only apologised for, but cheerfully encouraged, was somehow just fate and totally beyond his control.

That’s probably got something to do with the organ trafficking and open-air slave markets.

This was no accident, you understand, Libya is exactly what NATO set-out to make it – a failed state where absolutely everything is for sale. A true capitalist paradise. But discussing that would make it harder to sell “R2P” in the future.

Better to just endlessly rant on about Brexit instead.

Now, obviously, Brexit is (potentially) an important decision for the fate of the country. You can’t deny that.

BUT – let’s be real here – Even IF we leave the EU (and right now that is far from guaranteed), and even IF our leaving is as bad as the worst doom-sayers are predicting, London isn’t going to end up like this…

….or this:

….or this:

And at the end of the day, THAT is Cameron’s legacy.

Just as it’s the legacy of the all slimy apologists who cheered him on, and the narrow-minded, self-centred xenophobes who clean up after him.

Tyler Durden

Wed, 10/02/2019 - 02:00

Where The August Jobs Were: Who Is Hiring And Who Isn't... And The Retail Apocalypse

zerohedge News where august jobs were hiring isnt retail apocalypse All https://www.zerohedge.com   Discuss    Share

Whether today's payrolls report was "stagflationary" or simply lousy, is debatable, but with just 96K private payrolls created in August (government added 34K jobs, the best "job category" in the month) one thing is certain: this was the 4th lowest private jobs print in the past 3 years.

And yet, if one looks at the various job sectors, the emerging picture is hardly a dismal one, with 9 industries adding jobs, and 4 losing.

Some of the highlights: US manufacturers continued to add jobs, though at a slower pace with August factory payrolls rising 3,000 af

Read More
ter a downwardly revised 4,000. Meanwhile, the leading indicator for future job growth, temporary help agency employment, jumped by 15,400 after falling the previous three months and raising concerns of broader labor-market weakness.

Separately, government added 34K jobs, "not great, not terrible", while low paying jobs in the education and health category were the second biggest addition in August, at 32,000; meanwhile Professional, Business and Service jobs added 21.6K (ex-temp). Below is a visual breakdown of all the main categories:

Looking at wage growth, below is the 3 month annualized growth in average hourly earnings in select industries:

  • Financial activities  5.2%

  • Information  5.1%

  • Wholesale trade  4.7%

  • Professional and business services  4.5%

  • Transportation and warehousing  4.5%

  • Retail trade  4.5%

  • Trade, transportation, and utilities  4.5%

Finally, digging into the numbers above, below we show the fine detail level for industries with the highest and lowest rates of employment growth for the most recent month.

But the big surprise - or perhaps not - was retail, where the Amazonification of America is accelerating, in the process destroying the legacy brick and mortar sector, which peaked in Jan 2017, and has lost jobs for 7 consecutive months, and 8 of the past 9, as the legacy retail sector is getting gutted.


Sorry script kiddies, hacktivism isn't cool anymore: No one cares about stuff that's easy-peasy to defend against

logicfish Security sorry script kiddies hacktivism isnt cool anymore cares about stuff thats easy-peasy defend against All http://go.theregister.com   Discuss    Share
So much for Beto O'Rourke's cow-related capers

The youthful doings of US presidential wannabe Beto O'Rourke are in sharp decline, according to threat intel biz Recorded Future, which reckons folk have fallen out of love with hacktivism.…


Libra Will Upset World Economy If It Isn't Regulated Tightly, G7 Warns

zerohedge News libra will upset world economy isnt regulated tightly warns All https://www.zerohedge.com   Discuss    Share

Authored by Thomas Simms via CoinTelegraph.com,

Cryptocurrencies such as Libra risk upsetting the world’s financial system if they are not regulated tightly, G7 finance ministers have warned.

image courtesy of CoinTelegraph

According to Reuters, French finance minister Bruno Le Maire told a news conference on July 18 that the G7 “cannot accept private companies issuing their own currencies without democratic control.

Read More

His remarks followed informal talks in Paris, where the Group of Seven expressed vehement opposition to the prospect of firms having as much power as countries in creating means of payment.

The ministers and central bank governors also warned:

“Stablecoins and other various new products currently being developed, including projects with global and potentially systemic footprint such as Libra, raise serious regulatory and systemic concerns.”

Benoit Coeure, a European Central Bank board member, had told the meeting that global stablecoins could boost competition in the payments sector, reduce fees for consumers and support greater financial inclusion. However, he warned that they could undermine efforts to clamp down on money laundering, terrorism financing and tax compliance.

The draft document from the G7, seen by The FT, stated that “significant work” is required from developers of stablecoins like Libra before regulatory approval is likely to be granted. The FT cites the document as saying:

“As large technology or financial firms could leverage vast existing customer bases to rapidly achieve a global footprint, it is imperative that authorities be vigilant in assessing risks and implications for the global financial system.”

Global pushback

The warnings come after Facebook faced tough questions about Libra at hearings in Congress on Tuesday and Wednesday of this week. David Marcus, the CEO of the tech giant’s Calibra crypto wallet, stressed that the project would not launch until all regulatory concerns had been addressed.

This didn’t stop politicians at the hearing from criticizing Facebook for its past failings in protecting user data, and questioning why the company thought it was fit to launch a stablecoin on such a global scale.

Other lawmakers expressed concerns that Facebook could undermine the U.S. dollar and the American economy by basing Libra in Switzerland.


Iran's blame-it-on-Bitcoin 'leccy shortage probably isn't a US hack cover story... yet

logicfish Security irans blame-it-on-bitcoin leccy shortage probably isnt hack cover story All http://go.theregister.com   Discuss    Share
But just imagine Stuxnet: Consumer Edition

Comment  Iran claims that recent surges in electricity demand, leading to blackouts and brownouts, were caused by too many cryptocurrency miners’ power-hungry machines being hooked up to the national grid – though all may not be as it seems.…


Your server remote login isn't root:password, right? Cool. You can keep your data. Oh sh... your IoT gear, though?

logicfish Security your server remote login isnt rootpassword right cool keep data gear though All http://go.theregister.com   Discuss    Share
Not-quite-Iranian file-wiping malware emerges as Tehran blamed for rise in cyber-attacks

Not content to be the focus of the geopolitical news cycle, Iran now also finds itself in the middle of two major developments in the security world.…


British and US militaries' drone swarm hackathon definitely isn't about army tech

logicfish Security british militaries drone swarm hackathon definitely isnt about army tech All http://go.theregister.com   Discuss    Share
It's about fighting fires, not starting them, say defence bods

The British military has commissioned a hackathon to develop drone swarms – while claiming that it's definitely not about developing dual-use military tech.…


OK, Google. Music in 2019 isn't what it was, but Play nice, will ya?

logicfish Security google music 2019 isnt what play nice will All http://go.theregister.com   Discuss    Share
Bug appears to hate tunes released this year

A bug has music lovers with a Google Play subscription stumped – devices won't cast music from 2019 to connected speakers.…

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