Pubblicato in: Agricoltura, Devoluzione socialismo, Economia e Produzione Industriale, Materie Prime, Regno Unito

Regno Unito. I prezzi della anidride carbonica salgono del 500%. Impatto generalizzato.

Giuseppe Sandro Mela.

2021-09-27.

CO2 001

La anidride carbonica (CO2) è materia prima nella filiera alimentare, in quella dei fertilizzanti, e negli allevamenti di pollame e maiali. Serve, per esempio, per gasificare acqua e birra, oppure quale anestetico prima della macelleria di pollame e suini.

Il Governo inglese ha avvisato gli utilizzatori industriali che vi saranno aumenti dei prezzi del 500%, a seguito della impennata del costo anno su anno del gas naturale, un po’ più del 250%.

Il Governo inglese ha anche provveduto a finanziare le industrie produttrici, che avevano cessato la produzione a causa delle elevate perdite.

* * * * * * *

«CO2 prices will rise sharply, minister says»

«UK pays fertiliser maker CF to reopen plants»

«Poultry plants would have closed, Britain says»

«Britain warned its food producers to prepare for a 500% rise in carbon dioxide prices on Wednesday after extending emergency state support to avert a shortage of poultry and meat triggered by soaring costs of wholesale natural gas»

«Natural gas prices have spiked this year as economies reopened from COVID-19 lockdowns and high demand for liquefied natural gas in Asia pushed down supplies to Europe, sending shockwaves through industries reliant on natural gas»

«Carbon dioxide (CO2) is a by-product of the fertilizer industry where natural gas is the biggest input cost»

«This has forced some plants to shut in recent weeks, leading to a shortage of the gas used to put the fizz into beer and sodas and stun poultry and pigs before slaughter»

«Britain struck a deal with U.S. company CF Industries to restart production at two plants which were shut because they had become unprofitable»

«the food industry knows there’s going to be a sharp rise in the cost»

«which highlights the severity of the distortions that the spike in European natural gas prices have wrought»

«Yara, the world’s largest trader of ammonia, is bringing supplies to Europe from facilities in Trinidad, the United States and Australia to support fertilizer capacity after wholesale gas prices surged»

* * * * * * *

Come si constata, i vertiginosi aumenti dei wholesale gas prices stanno iniziando a svolgere il loro effetto inflattivo, e non si vede fine a questa inflazione.

* * * * * * *


Britain tells its food industry to prepare for CO2 price shock.

– CO2 prices will rise sharply, minister says

– UK pays fertiliser maker CF to reopen plants

– Poultry plants would have closed, Britain says

*

London, Sept 22 (Reuters) – Britain warned its food producers to prepare for a 500% rise in carbon dioxide prices on Wednesday after extending emergency state support to avert a shortage of poultry and meat triggered by soaring costs of wholesale natural gas.

Natural gas prices have spiked this year as economies reopened from COVID-19 lockdowns and high demand for liquefied natural gas in Asia pushed down supplies to Europe, sending shockwaves through industries reliant on natural gas.

Carbon dioxide (CO2) is a by-product of the fertilizer industry where natural gas is the biggest input cost.

This has forced some plants to shut in recent weeks, leading to a shortage of the gas used to put the fizz into beer and sodas and stun poultry and pigs before slaughter.

As CO2 stocks dwindled, Britain struck a deal with U.S. company CF Industries to restart production at two plants which were shut because they had become unprofitable.

“We need the market to adjust, the food industry knows there’s going to be a sharp rise in the cost of carbon dioxide,” Environment Secretary George Eustice told Sky News.

It would have to accept that the price of CO2 would rise sharply, to around 1,000 pounds ($1,365) a tonne from 200 pounds a tonne, Eustice said, adding: “So a big, sharp rise.”

The three-week support for CF, which supplies some 60% of Britain’s CO2, would cost “many millions, possibly tens of millions but it’s to underpin some of those fixed costs,” Eustice said.

The government gave few details about the deal to take on some of the fixed costs of CF, which based in the Chicago suburb of Deerfield, which highlights the severity of the distortions that the spike in European natural gas prices have wrought.

It was not immediately clear how the state intervention by one of Europe’s most traditionally laissez-faire governments would affect the price of fertilizer – another key cost for food producers – and whether or not it would stoke demands from other energy-heavy industries for similar state support.

                         FOOD CRUNCH?

British ministers including Prime Minister Boris Johnson have repeatedly brushed aside suggestions there could be a shortage of traditional Christmas fare such as roast turkey, though some suppliers have warned of one.

Business Secretary Kwasi Kwarteng, who also serves as energy minister, has said there would be no return to the 1970s when Britain was plagued by power cuts that made the economy the ‘sick man of Europe’, with three-day working weeks and people unable to heat their homes.

But Eustice said some of Britain’s meat and poultry processors would have run out of CO2 within days.

“We know that if we did not act, then by this weekend or certainly by the early part of next week, some of the poultry processing plants would need to close,” he added.

“And then we would have animal welfare issues, because you’d have lots of chickens on farms that couldn’t be slaughtered on time, and would have to be probably euthanized on farms, we’d have a similar situation with pigs.”

He said the impact on food prices would be negligible.

Yara, the world’s largest trader of ammonia, is bringing supplies to Europe from facilities in Trinidad, the United States and Australia to support fertilizer capacity after wholesale gas prices surged, its CEO said.

Pubblicato in: Banche Centrali, Devoluzione socialismo, Economia e Produzione Industriale

Market Mover della settimana 24/9 – 01/10. È ricca di eventi.

Giuseppe Sandro Mela.

2021-09-26.

gatto_001__

Market mover della settimana: tutti i dati economici in arrivo.

                         Market mover lunedì 27 settembre

03:30, CNY: Profitti industriali degli ultimi 12 mesi Cina

10:00, EUR: Saldo della bilancia commerciale non-UE Italia

14:30, USD: Principali ordinativi di beni durevoli USA

                         Market mover martedì 28 settembre

01:50, JPY: Verbali della riunione sulla politica monetaria Giappone

08:00, EUR: Rapporto della GfK sul clima fra i consumatori Germania

16:00, USD: Rapporto sulla fiducia dei consumatori USA

22:30, USD: Scorte settimanali di petrolio USA

                         Market mover mercoledì 29 settembre

10:00, EUR: IPP Italia

16:30, USD: Scorte di petrolio greggio USA

                         Market mover giovedì 30 settembre

01:50, JPY: Produzione industriale preliminare Giappone

03:00, CNY: Indice dei direttori agli acquisti del settore manifatturiero Cina

08:00, GBP: PIL Regno Unito

08:00, GBP: Indice nazionale dei prezzi delle case regno Unito

08:00, EUR: Tasso di disoccupazione Germania

10:00, EUR: Tasso mensile di disoccupazione Italia

11:00, EUR: IPC Italia

11:00, EUR: Tasso di disoccupazione Europa

14:00, EUR: IPC preliminare in Germania

14:30, USD: PIL USA

14:30, USD: Richieste iniziali di sussidi di disoccupazione USA

                         Market mover venerdì 1 ottobre

01:50, JPY: Indice Tankan dei grandi produttori manifatturieri Giappone

08:00, EUR: Vendite al dettaglio in Germania

09:45, EUR: Indice dei direttori degli acquisti del settore manifatturiero Italia

09:55, EUR: Indice dei direttori degli acquisti del settore manifatturiero Germania

10:00, EUR: Indice PMI manifatturiero Eurozona

11:00, EUR: IPC preliminare Eurozona

14:30, USD: Indice prezzi spese personali principali USA

16:00, USD: Indice ISM dell’occupazione manifatturiera USA

16:00, USD: Indice ISM dei direttori agli acquisti del settore manifatturiero USA

Pubblicato in: Armamenti, Cina, Regno Unito, Stati Uniti

Aukus. Gli (ex) alleati in rivolta. Ma Australia e Regno Unito si fidano di Biden.

Giuseppe Sandro Mela.

2021-09-20.

2021-09-19__ Sottomarini atomici 001

Con il trattato Aukus Regno Unito e Stati Uniti doteranno l’Australia di sei sottomarini atomici.

L’annuncio è stato dato senza nessuna preventiva consultazione con quelli che fino a ieri erano stati considerati essere degli alleati, che hanno reagito inveleniti di essere stati scaricati come stracci vecchi.

Ma il fatto davvero stupefacente è che sia il Regno Unito sia l’Australia si fidino della parola data dagli Stati Uniti. Della parola data da Joe Biden,

Ma come adesso gli Stati Uniti hanno escluso gli ex alleati financo da una consultazione, sembrerebbe verosimile che un domani si comportino in egual modo con Regno Unito e con l’Australia.

Nessuno può dimenticare la débâcle di Joe Biden in Afghanistan e quello che ne è seguito.

Nota.

Usualmente un sottomarino nucleare porta sedici missili balistici, ciascuno dei quali è armato con dieci testate atomiche indipendenti: teoricamente potrebbe distruggere centosessanta obiettivi nemici. Si dia per scontato che la metà sia bloccata in quota dalla difesa aerea avversaria, restano pur sempre settantacinque testate messe a segno.

* * * * * * *

«The US and UK are facing growing international criticism over a new security pact signed with Australia»

«The deal – seen as an effort to counter China – will see the US and UK give Australia the technology to build nuclear-powered submarines»

«But the move angered France, which said it had been “stabbed in the back”, while China accused the three powers of having a “Cold War mentality”»

«And the pact has raised fears that it could provoke China into a war»

«The alliance, known as Aukus, was announced by US President Joe Biden, UK Prime Minister Boris Johnson and his Australian counterpart Scott Morrison on Wednesday»

«Mr Johnson later told MPs that the agreement was “not intended to be adversarial” to China»

«the deal could lead to Britain being dragged into war with China»

«Meanwhile Washington has sought to quell anger in Paris at the pact, which has scuppered a multibillion-dollar submarine deal France had signed with Australia»

«France’s Foreign Minister Jean-Yves Le Drian called the announcement a “stab in the back”. He called it a “brutal, unilateral and unpredictable decision”»

«The US knew that this contract and this strategic contract were essential French national interests, and the US didn’t care»

«The pact, which will also see the allies share cyber capabilities, artificial intelligence and other undersea technologies, was described as showing “profound strategic shifts”»

«China, meanwhile, has accused the allies of having a “Cold War mentality” that would hurt their own interests»

«The Chinese state-run Global Times warned of an arms race for nuclear submarines, adding that Australian soldiers were likely to be the “first to die” in a Chinese “counterattack”»

* * * * * * *

Ma adesso, come poi se ce ne fosse stato bisogno, nessuno ‘alleato’ degli Stati Uniti si potrà sentire tutelato.

Arabia Saudita. Biden ritira i missili Patriot, lasciandola indifesa. È inaffidabile.

E l’Arabia Saudita è solo l’ultima della lista ad essere stata pugnalata alle spalle.

*


Aukus: US and UK face backlash over Australia defence deal

The US and UK are facing growing international criticism over a new security pact signed with Australia.

The deal – seen as an effort to counter China – will see the US and UK give Australia the technology to build nuclear-powered submarines.

But the move angered France, which said it had been “stabbed in the back”, while China accused the three powers of having a “Cold War mentality”.

And the pact has raised fears that it could provoke China into a war.

The alliance, known as Aukus, was announced by US President Joe Biden, UK Prime Minister Boris Johnson and his Australian counterpart Scott Morrison on Wednesday.

While they did not mention China, Aukus is being widely viewed as an effort to counter Beijing’s influence in the contested South China Sea.

Mr Johnson later told MPs that the agreement was “not intended to be adversarial” to China.

But the prime minister was questioned by his predecessor, Theresa May, about whether the deal could lead to Britain being dragged into war with China.

She asked the prime minister about the “implications” of the partnership in the event of a Chinese invasion of Taiwan.

Mr Johnson replied: “The United Kingdom remains determined to defend international law and that is the strong advice we would give to our friends across the world, and the strong advice that we would give to the government in Beijing.”

Democratic Taiwan sees itself as a sovereign state, but Beijing has increased pressure on the island which it views as a breakaway province.

                         ‘A very low moment’

Meanwhile Washington has sought to quell anger in Paris at the pact, which has scuppered a multibillion-dollar submarine deal France had signed with Australia.

France’s Foreign Minister Jean-Yves Le Drian called the announcement a “stab in the back”.

He called it a “brutal, unilateral and unpredictable decision” that reminded him of former US President Donald Trump.

French diplomats in Washington cancelled a gala to celebrate ties between the US and France in retaliation.

“It’s a very low moment,” France’s former ambassador to the US, Gérard Araud, told the BBC’s World Tonight programme. “The US knew that this contract and this strategic contract were essential French national interests, and the US didn’t care.”

US Secretary of State Antony Blinken called France “a vital partner” and said Washington would still work “incredibly closely” with Paris.

White House Press Secretary Jen Psaki shrugged off the French criticisms.

“There are a range of partnerships that include the French and some partnerships that don’t, and they have partnerships with other countries that don’t include us,” she said. “That is part of how global diplomacy works.”

                         ‘Profound strategic shift’

The pact, which will also see the allies share cyber capabilities, artificial intelligence and other undersea technologies, was described as showing “profound strategic shifts” by the UK’s national security adviser Stephen Lovegrove.

It means Australia will become just the seventh nation in the world to operate nuclear-powered submarines.

Mr Lovegrove said the pact was “perhaps the most significant capability collaboration in the world anywhere in the past six decades”.

China, meanwhile, has accused the allies of having a “Cold War mentality” that would hurt their own interests.

The Chinese state-run Global Times warned of an arms race for nuclear submarines, adding that Australian soldiers were likely to be the “first to die” in a Chinese “counterattack”.

And on Friday, China’s President Xi Jinping said foreign powers should not be allowed to interfere in the country’s affairs.

“The future of our country’s development and progress should lie firmly in our own hands,” he said, according to state media.

But Australia’s defence minister, Peter Dutton, brushed aside Beijing’s reaction.

The year when Australia and China hit ‘lowest ebb’

“This is not the first time that we’ve seen different outbursts from China in terms of Australia’s position,” he said.

“We are a proud democracy in our region. We stand with our neighbours in the Indo-Pacific to ensure enduring peace, and this collaboration makes it a safer region. That’s the reality and no amount of propaganda can dismiss the facts.”

Meanwhile, China applied to join a key Asia-Pacific trade pact on Thursday as it attempts to strengthen its position in the region.

The country’s foreign ministry, however, denied that the move to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was a response to the UK-US-Australia pact.

Joining the CPTPP, which was signed in 2018 by 11 countries including Australia and Japan, would mark a significant boost to China’s trading power.

Pubblicato in: Brasile, Cina, Devoluzione socialismo, Economia e Produzione Industriale, Fisco e Tasse, India, Materie Prime, Regno Unito, Stati Uniti

Occidente si sta suicidando per motivi ideologici con alti costi dell’energia.

Giuseppe Sandro Mela.

2021-07-01.

2021-06-28__ CostoEnergia per kwh 001

La disponibilità di corrente elettrica anche nei momenti di richieste di picco ed a costi concorrenziali è uno dei presupposti per sostenere un sistema economico produttivo che sia competitivo nel mercato.

Nel mondo, i prezzi per kw/h sono massimi in Germania (0.36 dollari americani), seguita dalla Danimarca (0.33), dal Belgio (0.3), dal Portogallo (0.27), dal Regno Unito (0.26), dall’Italia (0.26), dalla Spagna (0.24), dalla Francia (0.22).

Pur essendo caro, negli Stati Uniti il prezzo per kw/h è 0.15.

Per contro, il prezzo per kw/h è 0.12 in Brasile, 0.1 in Indonesia, 0.08 in India ed in Cina.

* * * * * * *

L’enclave liberal socialista occidentale presenta i costi più elevati, doppi di quelli degli Stati Uniti e quadrupli rispetto a quelli dell’India e della Cina.

Questi oneri strutturali pesano sia sulle popolazioni, sia sul comparto industriale, che di conseguenza è poco o punto concorrenziale a livello mondiale. Essi sostengono inoltre il processo inflattivo in corso.

* * * * * * *

I motivi che sostengono questi prezzi elevati sono da ascriversi sicuramente al costo delle materie prime, ma in misura ben maggiore alle tasse che gli stati hanno imposto per privilegiare l’abbandono del carbone e dei combustibili fossili, coerentemente a quanto prescrive l’ideologia liberal.

Nulla da stupirsi, quindi, che l’occidente stia devolvendo.

2021-05-20__ G7 GDP (Statista) 001

Pubblicato in: Banche Centrali, Devoluzione socialismo

Banche Centrali. Alti tassi oppure alta inflazione. Possono scegliere come fallire.

Giuseppe Sandro Mela.

2021-06-01.

Brüghel il Vecchio. La parabola dei ciechi.

«Se i fatti smentiscono la teoria, tanto peggio per i fatti», Hegel.

Fed. Non solo tapering. Il quantitative easing costituisce una bomba ad orologeria.

Canada. Bank of Canada inizia il ‘great exit’. Inizia il tapering.

Fed. Questa allarmante inflazione è proprio quello che avrebbe voluto evitare. – Bloomberg.

Inflazione. Sorella miseria si fa precedere dalla comare inflazione. Adesso anche l’UK.

Stagflazione. Uno dei tanti cigni neri che si aggirano come avvoltoi.

Fed. Che l’inflazione alta sia temporanea è un ‘article of faith’. – Bloomberg.

Usa. Indice dei Prezzi al Consumo +4.2% anno su anno. Fed in tilt.

USA. Crolla a 218k la generazione di nuovi posti di lavoro. Pronta reazione della Fed.

* * * * * * *

«Con il termine tapering si fa riferimento al processo di rallentamento del ritmo di acquisti mensile dei titoli di Stato (noto come Quantitative easing) da parte di una banca centrale. La parola Tapering è stata utilizzata per la prima volta nel 2013 dall’allora numero uno della Federal Reserve, Ben Bernanke, quando decise di alleggerire la fase di QE. Il termine Tapering non deve essere confuso con il “Tightening”, parola che invece sta a indicare un restringimento delle condizioni di politica monetaria, solitamente attraverso un aumento graduale dei tassi di interesse» [Sole24Ore]

«central bank asset purchases in the United States, Japan, the euro zone and Britain will slide to about $3.4 trillion this year from almost $9 trillion in 2020»

«The Fed plans to keep borrowing costs near 0% and maintain monthly asset purchases worth $120 billion until it sees “substantial further progress” towards full employment and its 2% flexible inflation target»

* * *

«Con alleggerimento o allentamento quantitativo, o anche facilitazione quantitativa, sovente con la locuzione inglese quantitative easing (o QE), si designa una delle modalità con cui avviene la creazione di moneta a debito da parte di una banca centrale e la sua iniezione, con operazioni di mercato aperto, nel sistema finanziario ed economico. ….

Il quantitative easing è uno strumento in grado di assicurare la permanenza dell’inflazione al di sopra di una certo valore-obiettivo. Il rischio di questa politica monetaria è il fatto che si riveli più efficace del previsto contro la deflazione nel lungo termine, portando ad un eccesso di inflazione a causa dell’aumento dell’offerta di moneta ….»

* * * * * * *

«Slowly but surely, central banks are signaling policy shifts»

«New Zealand now sees higher rates in second half of 2022»

«Canada already signaled a shift»

«Fed also hints at exit talk»

«Central banks are beginning to tip toe away from their emergency monetary settings, with South Korea following in the footsteps of New Zealand and Canada to flag a potential interest-rate increase»

«As vaccines roll-outs continue and economies reopen, traders have been slowly dialing up expectations on rate hikes or a slowing of asset purchases elsewhere too»

«The Bank of Korea became the latest on Thursday to signal a turn when Governor Lee Ju-yeol said policy makers are preparing for an “orderly” exit from its record-low interest rate at some point as the economy recovers»

«The shift in stance came a day after New Zealand’s»

«We can’t rule out that the tail may wag the dog, influencing global market expectations of whether other central banks may also take a more hawkish turn»

«Financial markets have already brought forward pricing of the Federal Reserve’s first rate hike by almost a year since early February»

«Over the same period, market expectations from the Bank of England have switched from rate cuts by late 2022 to a rate increase»

«With major central banks embroiled in bond buying and other easing programs which traditionally get wound down first, most rate hikes remain some way off»

«The BOE has slowed bond-buying and signaled that it’s on course to end that support later this year»

«Norway is on track to start a hiking cycle, and Iceland has already begun»

«The Bank of Canada announced last month a reduction in debt purchases as it forecast a faster economic recovery that may pave the way for rate increases next year»

«The shift in monetary policy is starting»

«Hungary’s central bank said this week it was ready to deliver monetary tightening, and Russia, Turkey and Brazil have already hiked»

«The People’s Bank of China is holding the line with relatively disciplined stimulus»

«They will suffer from a double whammy as the Fed starts moving towards tapering»

* * * * * * *

Nuova Zelanda, Canada, South Korea, Regno Unito, Ungheria, Russia, Turkia, e Brasile hanno già iniziato il tapering oppure lo hanno annunciato come imminente. Ma il tapering si associa ad un aumento dei tassi di interesse.

Tuttavia, si faccia attenzione, il problema non è soltanto finanziario, di bilanciamento tra tassi di interesse ed inflazione.

Di interesse anche maggiore del pil è il numero dei nuovi posti di lavoro generati e la spesa per i consumi, che sono solo parzialmente influenzati dalle manovre finanziarie. Molto gioca la fiducia.

A parte il fatto che la Fed h sulle spalle 87 trilioni di debito totale degli Stati Uniti. Un grande fardello.

Nei fatti, prendiamo atto di questo trend che inizia a delinarsi.

*


Slowly But Surely, Central Banks Are Signaling Policy Shifts.

– New Zealand now sees higher rates in second half of 2022

– Canada already signaled a shift, Fed also hints at exit talk

*

Central banks are beginning to tip toe away from their emergency monetary settings, with South Korea following in the footsteps of New Zealand and Canada to flag a potential interest-rate increase.

As vaccines roll-outs continue and economies reopen, traders have been slowly dialing up expectations on rate hikes or a slowing of asset purchases elsewhere too. Markets are seizing on the tightening narrative, with bond yields and currencies fluctuating as investors recalibrate their bets.

The Bank of Korea became the latest on Thursday to signal a turn when Governor Lee Ju-yeol said policy makers are preparing for an “orderly” exit from its record-low interest rate at some point as the economy recovers. The shift in stance came a day after New Zealand’s.

New Zealand’s outlook was much more hawkish than expected and may yet signal a global shift, according to Sharon Zollner, chief economist at ANZ Bank New Zealand in Auckland.

“We can’t rule out that the tail may wag the dog, influencing global market expectations of whether other central banks may also take a more hawkish turn,” she said.

Financial markets have already brought forward pricing of the Federal Reserve’s first rate hike by almost a year since early February. Over the same period, market expectations from the Bank of England have switched from rate cuts by late 2022 to a rate increase, while investors have almost abandoned bets on further European Central Bank reductions to instead price in a 10 basis-point upward move by the end of 2023.

                         Taper Talks

With major central banks embroiled in bond buying and other easing programs which traditionally get wound down first, most rate hikes remain some way off. But talk of a taper in asset purchases is catching on.

Fed Vice Chair Richard Clarida told Yahoo! Finance in an interview Tuesday that there may be a point in upcoming policy meetings where officials can discuss scaling back purchases.

Fed Vice Chairman for Supervision Randal Quarles said on Wednesday that it will be important for the central bank to begin discussing in coming months plans to reduce its massive bond purchases if the economy continues to power ahead.

The BOE has slowed bond-buying and signaled that it’s on course to end that support later this year. Australia’s central bank has set July as a deadline for deciding on whether to extend purchases.

Norway is on track to start a hiking cycle, and Iceland has already begun. The Bank of Canada announced last month a reduction in debt purchases as it forecast a faster economic recovery that may pave the way for rate increases next year.

                         Turning Point

“The shift in monetary policy is starting,” said Alicia Garcia Herrero, Hong Kong based chief economist for Asia Pacific at Natixis, who used to work for the ECB and International Monetary Fund.

Detailing its new outlook, the Reserve Bank of New Zealand on Wednesday published forecasts for its benchmark rate — for the first time in more than a year — that show the rate beginning to rise in mid-2022.

To be sure, this shift is still conditional.

RBNZ Governor Adrian Orr said the bank’s outlook is predicated on the economy recovery continuing as vaccines roll out and the pandemic is contained. In a similar vein, BOK’s Lee said the board unanimously agreed to hold rates at a record low on Thursday as pandemic uncertainties persist.

The Fed’s Clarida also qualified his remarks around employment data and how inflation pressures play out, which he expects to be transitory.

It’s also the case that not every central bank is signaling a policy move, not least in the euro zone, where ECB Executive Board member Fabio Panetta said on Wednesday that he hasn’t seen a shift in the economic outlook to justify a reduction in bond purchases.

In emerging markets, the shift is splintering. Hungary’s central bank said this week it was ready to deliver monetary tightening, and Russia, Turkey and Brazil have already hiked. The People’s Bank of China is holding the line with relatively disciplined stimulus, while others continue to support growth as the virus continues to spread.

“There is growth divergence due to a much slower vaccination process in the emerging world and renewed waves,” said Garcia-Herrero. “They will suffer from a double whammy as the Fed starts moving towards tapering.”

Pubblicato in: Devoluzione socialismo, Propalatori di Odio, Regno Unito

Bbc. La cloaca delle menzogne. Soffre di essere stata smascherata. – Governo Inglese.

Giuseppe Sandro Mela.

2021-05-25.

Biancaneve e la Strega

Questi sarebbero i fatti, per quanto si possa appurare in questo mare di menzogne sistematiche.

«Twenty-five years ago, the BBC’s Panorama programme landed a scoop rivals the world over wanted – an interview with Diana, Princess of Wales.»

«Her son and heir to the throne, Prince William, has now launched an unprecedented attack on the corporation over that interview»

«The programme, which attracted a UK audience of 23m, was a career-defining moment for reporter Martin Bashir»

«But after accusations resurfaced last autumn that Bashir misled the princess to gain her trust, the BBC established an inquiry led by the former Supreme Court judge Lord Dyson. That inquiry has judged Bashir to be “unreliable”, “devious” and “dishonest.”»

«Bashir was investigated by the BBC at the time by Tony Hall, who went on to become the BBC’s director general. Hall found that Bashir was “honest” and an “honourable man”. Dyson has condemned Hall’s inquiry as “flawed” and “woefully ineffective”.»

«Until now, the full story behind the scoop has remained hidden for a quarter of a century»

* * * * * * *

UK journalist at centre of Diana storm denies link to her death

«A former BBC journalist found to have deceived Princess Diana in order to secure an explosive interview with her in 1995 has denied he was responsible for a chain of events that led to her death, a newspaper reported.

Martin Bashir told The Sunday Times he believed his actions did not harm Diana.

An independent investigation published on Thursday found that Bashir lied and deceived Diana that she was being spied upon to persuade her to agree to the interview in which she disclosed details of her failed marriage to Prince Charles.

“I never wanted to harm Diana in any way and I don’t believe we did,” Bashir told The Sunday Times.

Diana’s eldest son William has said the way the interview was secured was “deceitful” and the BBC’s failures contributed significantly to Diana’s “fear, paranoia and isolation.”

His younger brother Prince Harry and Diana’s brother Charles Spencer have said the interview was part of a series of unethical practices that ultimately cost Diana her life in a car crash in Paris in 1997.»

Martin Bashir ha detto al Sunday Times di credere che le sue azioni non abbiano danneggiato Diana.

Un’indagine indipendente pubblicata giovedì ha scoperto che Bashir ha mentito e ingannato Diana sul fatto che fosse spiata per convincerla ad accettare l’intervista in cui ha rivelato i dettagli del suo matrimonio fallito con il principe Carlo.

Il figlio maggiore di Diana, William, ha detto che il modo in cui l’intervista è stata assicurata è stato “ingannevole” e che i fallimenti della BBC hanno contribuito significativamente alla “paura, paranoia e isolamento” di Diana.

* * *

BBC’s reputation highly damaged by Diana interview report, says Patel. – Bbc

«The BBC’s reputation has been “highly damaged” following an inquiry into the Panorama interview with Diana, Princess of Wales, Priti Patel has said.

The home secretary said Lord Dyson’s probe into how Martin Bashir obtained the interview was a “really significant moment” for the BBC.

The independent inquiry found Bashir used deception to get the interview.

Asked whether the corporation would survive, Ms Patel said it would have to “reflect and learn lessons”.

She told The Andrew Marr show on BBC One it had been “utterly heart-breaking” to hear Diana’s sons Prince William and Prince Harry speaking “in very personal terms” about their mother, following the publication of the report last week.

“There is no doubt this world-class institution, its reputation has been highly damaged,” she said. “Lessons will have to be learned – there is no question about that.”

The report by former senior judge Lord Dyson found Bashir was unreliable and dishonest, and that the BBC fell short of its high standards when answering questions about the interview.

The home secretary said next year’s mid-term review of the BBC’s royal charter – focussing on the governance and regulation of the organisation – would be “a very significant and serious moment, at a time when the reputation of the BBC has been compromised”.

The royal charter is an agreement with the government over what the BBC intends to do, including how it is funded and run.

The report will “go down as one of those key moments in the history of the BBC”, she added.»

La reputazione della BBC è stata “altamente danneggiata” a seguito di un’inchiesta sull’intervista di Panorama a Diana, principessa del Galles, ha detto Priti Patel. Il ministro dell’Interno ha detto che l’indagine di Lord Dyson su come Martin Bashir ha ottenuto l’intervista è stato un “momento davvero significativo” per la BBC.

L’inchiesta indipendente ha scoperto che Bashir ha usato l’inganno per ottenere l’intervista.

Alla domanda se la corporazione sarebbe sopravvissuta, la signora Patel ha detto che avrebbe dovuto “riflettere e imparare le lezioni”.

Ha detto allo show di Andrew Marr su BBC One che è stato “assolutamente straziante” sentire i figli di Diana, il principe William e il principe Harry parlare “in termini molto personali” della loro madre, dopo la pubblicazione del rapporto la scorsa settimana.

“Non c’è dubbio che questa istituzione di classe mondiale, la sua reputazione è stata altamente danneggiata”, ha detto. “Le lezioni dovranno essere imparate – non c’è dubbio su questo”.

Il rapporto dell’ex giudice anziano Lord Dyson ha scoperto che Bashir era inaffidabile e disonesto, e che la BBC è venuta meno ai suoi alti standard nel rispondere alle domande sull’intervista.

Il ministro dell’Interno ha detto che la revisione di medio termine del prossimo anno della carta reale della BBC – che si concentra sulla governance e la regolamentazione dell’organizzazione – sarebbe “un momento molto significativo e serio, in un momento in cui la reputazione della BBC è stata compromessa”.

La carta reale è un accordo con il governo su ciò che la BBC intende fare, incluso come è finanziata e gestita.

Il rapporto “passerà come uno di quei momenti chiave nella storia della BBC”, ha aggiunto.”

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Come tutte le testate liberal occidentali, la Bbc ha da sempre utilizzato artatamente le menzogne per allestire una fabbrica del fango su quanti fossero stati ritenuti essere avversari potenziali o reali, che sono sempre stati trattati da pervicaci nemici, degni solo della morte civile e financo fisica.

Adesso, anche nell’enclave liberal occidentale si sta facendo strada il concetto che questo modo di agire abbia avuto serie conseguenze.

«The BBC’s reputation has been “highly damaged”».

Ma chiunque si fosse peritato di leggersi con cura BBC controversies non ne sarebbe mai rimasto sorpreso. È un lunghissimo elenco che riporta una miriade di notizie false e tendenziose.

*

Orbene.

Come poi dare torto che almeno fuori dall’occidente la gente abbia perso la pazienza?

Bbc. Bandita dalla Cina perché propala fake news. – Xinhua e Bbc.

China pulls BBC World News off the air for serious content violation.

La Bbc è stata cacciata via a pedate.

*

Al momento non si può fare altro che condividere quanto ha detto la Home Secretary, Segretario di Stato per gli affari interni del Regno Unito Mrs Priti Patel.

Dirigenza e giornalisti della Bbc dovrebbero essere tutti sottoposti ad inchiesta e quindi essere licenziati con disonore.

Quella attuale si contrista di essere stata smascherata, mica di quello che ha fatto.

*


Martin Bashir inquiry: Diana, the reporter and the BBC

Twenty-five years ago, the BBC’s Panorama programme landed a scoop rivals the world over wanted – an interview with Diana, Princess of Wales. Her son and heir to the throne, Prince William, has now launched an unprecedented attack on the corporation over that interview.

The programme, which attracted a UK audience of 23m, was a career-defining moment for reporter Martin Bashir.

But after accusations resurfaced last autumn that Bashir misled the princess to gain her trust, the BBC established an inquiry led by the former Supreme Court judge Lord Dyson. That inquiry has judged Bashir to be “unreliable”, “devious” and “dishonest.”

Bashir was investigated by the BBC at the time by Tony Hall, who went on to become the BBC’s director general. Hall found that Bashir was “honest” and an “honourable man”. Dyson has condemned Hall’s inquiry as “flawed” and “woefully ineffective”.

Until now, the full story behind the scoop has remained hidden for a quarter of a century.

The interview became one of the 20th Century’s seminal TV events. As the separated wife of the future king, Princess Diana spoke of adultery, palace plotting, mental and physical illness, and how Prince Charles was unfit for the job.

“Do you really think a campaign was being waged against you?” Martin Bashir asked Princess Diana, having spent the preceding weeks amplifying the alarm bells in her head about just such a campaign. He claimed uniquely placed sources were telling him about dirty tricks by journalists, royal courtiers, the intelligence services, and even her friends.

“Yes, I did,” replied Diana.

I worked on Panorama in 1995, and I had heard the rumours that Bashir had used deception to land his scoop, but nothing more. The details only began to resurface last autumn, on the 25th anniversary of the interview. The BBC released to ITV and Channel 4 some of the information journalists had been seeking for years.

At the same time, Princess Diana’s brother Charles Spencer disclosed that he’d kept contemporaneous notes of his meetings with Bashir, and the claims he made.

Lord Dyson’s report represents the BBC’s formal response to the allegations against Martin Bashir and the failure of Tony Hall’s 1996 inquiry to get to the bottom of this affair.

However, so serious were last autumn’s renewed allegations of misconduct that the current Panorama team decided this needed to be investigated by the programme itself to restore public trust in Panorama’s journalism and independence.

We’ve talked to almost all the witnesses who have given evidence to Lord Dyson and many more besides, including detailed testimony from Earl Spencer.

Like Lord Dyson, we have also seen internal BBC documents that not only show Bashir repeatedly lied, but also acknowledge that there was a serious breach of journalistic ethics and BBC rules. And yet the BBC management board was told by Hall that he was certain Bashir had not set out to deceive, while Hall’s note intended for the corporation’s governing body said he was an “honest and honourable man”.

Lord Dyson says: “What Mr Bashir did was not an impulsive act done in the spur of the moment. It was carefully planned… What he did was devious and dishonest.”

Bashir contacts Earl Spencer

The story begins with Bashir’s plan to persuade Princess Diana’s brother Earl Spencer that among journalists covering the “War of the Waleses”, he had access to high-level sources with the inside story of a broad conspiracy against him and his sister.

On 24 August 1995, Bashir left a telephone message with one of Spencer’s assistants: “Not seeking interview or info”, just “15 minutes of time to talk”. He then sent a BBC headed letter claiming to have spent the “past three months investigating press behaviour”. In fact, Bashir had spent much of that time working on other Panorama programmes. However, his letter intimated that a dogged investigation had unearthed something big about press intrusion into the Spencer family.

“I simply [want] to share some information which I believe, may be of interest,” he wrote, calculating Spencer would bite knowing that he had had his own battles with the media. With no response, Bashir called again on 29 August. Spencer said he could meet him in London at 18:00 for a quick drink.

On the face of it, the suddenness of Spencer’s invitation to a meeting may well have taken Bashir by surprise. In order to ingratiate himself with Earl Spencer to gain access to his sister, the reporter intended to show Spencer – falsely – that his former head of security, ex-soldier, Alan Waller, was being paid regularly by Rupert Murdoch’s News international and the intelligence services to spy on the Spencer family. However, Bashir didn’t show this to Spencer at their first brief meeting – presumably because he hadn’t yet created the “information”.

Lord Dyson said he could not be certain about the precise date when this “information” was created. However, our own investigation suggests this happened immediately after Bashir’s introductory drink with Spencer.

Spencer had agreed to continue their conversation at his country estate, Althorp, two days later at 11:30 on 31 August.

The fake bank statements

To help prepare the “information”, Bashir made an urgent call to a former colleague, Matt Wiessler, begging him to drop everything for a job that couldn’t wait. The graphic designer doesn’t recall the exact date except that it was at the junction of August and September. Wiessler’s business partner at the time told me that Bashir called him first and remembers it being around the time of the Notting Hill Carnival, which in 1995 ended on 28 August. He says that because Bashir wanted a rushed overnight job, he couldn’t do it and suggested he call Wiessler instead.

Both Wiessler and his business partner are also clear that the call came after hours. Since Spencer’s diary shows he had his first meeting with Bashir on the evening of the 29th, the evidence points to Bashir having called Wiessler soon after his drink with Spencer.

Wiessler says Bashir came to his flat and dictated from his notebook details of what he said were two of Alan Waller’s bank statements, which he claimed to have seen – £4,000 from News International on 8 March 1994, and £6,500 from a Jersey-based company called “Penfolds Consultants” on 4 June. Bashir didn’t mention the story he was working on was about Princess Diana, only that it “could lead to something big” in relation to “surveillance by MI5 or MI6”.

The designer assumed that Bashir had actually seen Waller’s original bank statements. He told Bashir the job of recreating them would take all night. Wiessler says that since Bashir was due to fly somewhere the following morning, he instructed him to courier the graphics to him at Heathrow at 07:00. Presumably Bashir wanted them ready for his trip to Althorp first thing on the 31st.

Spencer’s note of that meeting shows that Bashir mentioned “payments” to Waller, which he said were regular: “8/3/94 £4K News International £4K quarterly” and “4/6/94 £6.5K Penfolds, 4 payments”. “Penfolds Consultants”, said Bashir, was a Jersey-based front company for the intelligence services.

What had really hooked Spencer, however, was another false claim by Bashir – that the private secretary of Prince Charles, Commander Richard Aylard, was conspiring against Diana. Spencer’s notes show Bashir having claimed that Aylard had been handed secretly recorded conversations and, in an apparent reference to the possibility of divorce, told journalist Jonathan Dimbleby: “We are in the end game. Shit or bust.”

Spencer says this knocked him sideways so he called Panorama editor Steve Hewlett. Although Spencer didn’t list Bashir’s claims to Hewlett, he did ask him if he could be trusted. Hewlett, according to Spencer, assured him that Bashir was “one of my best”.

Bashir is introduced to Diana

On 14 September, Bashir and Spencer met again at Althorp. Bashir now ramped up his allegations: Diana’s own private secretary Commander Patrick Jephson was said to be in cahoots with Aylard. Bashir produced what Spencer describes as a folded A4-sized sheet of paper purporting to show sizeable payments to both Aylard and Jephson from the intelligence services to monitor Princess Diana’s movements.

In evidence to Lord Dyson, Bashir categorically denies he showed any such document to Spencer. However, Spencer noted the following comment from Bashir: “Patrick Jephson was a gd friend of Aylard + had business connections until 1992. Non exec director of company that Aylard was on board of Financial investment co. Jephson cashed in shared +resigned in 1992.”

This echoed Diana’s well-publicised fears of a conspiracy by her estranged husband’s camp at St James’s Palace to discredit her.

Because Spencer could make no sense of such alleged treachery, he thought his sister should hear all this directly from Bashir, so he telephoned her to suggest that she should meet Bashir. “Darling Carlos,” she replied in an affectionate note shown for the first time to Panorama. Using their childhood names for each other, the note said: “I so appreciated the contents of our telephone call this morning – it all makes complete sense to what is going on around me at this present time. ‘They’ underestimate the Spencer strength! Lots of luv from Duch x”

By 1995 Diana, had come to fear she had enemies in high places and was already vulnerable and unsettled. “I think that she was looking for reasons as to why things were as they were,” Spencer told me.

On 19 September, Spencer introduced Bashir to Diana. During this meeting, Spencer noted some 30 claims which he attributes to Bashir, including Jephson’s alleged plots against her: “Jephson – dangerous: money. Left offshore a/c in March 1994”.

By the end of the meeting, Spencer told me he had become highly sceptical. “I warned Diana that his stories didn’t add up and apologised to her… and she said, ‘Oh, don’t worry, Carlos. It’s nice to see you. It doesn’t matter at all.’ And I thought that was the last time I’d hear from or about Martin Bashir.”

Bashir has claimed that most of the comments noted down by Spencer came from Diana, but Lord Dyson finds: “I am satisfied that Mr Bashir said most, if not all, of the things that are recorded in Earl Spencer’s notes.”

The reporter gave a very different account of his dealings with Earl Spencer – and in particular the claims attributed to him – in his evidence to Lord Dyson. He denied he had said many of the things attributed to him by Earl Spencer. Despite the findings of Lord Dyson, he still stands by his account.

For Diana that encounter was just the start of numerous meetings with Bashir. As Lord Dyson says, by late summer 1995, she was “keen on the idea of a television interview”.

However, friends who met her in the run-up to the Panorama interview on 5 November observed a marked change. They were regarded as no longer trustworthy, including Jephson. “From Martin Bashir’s perspective, I was the obstacle that had to be removed,” he told me. “Because there was a fair chance that if I advised against her giving the interview to him that she wouldn’t do it.”

Diana’s friend Rosa Monckton has written that everyone knew something was wrong “but none of us could put a finger on it”.

On 30 October, the day after Diana had secretly confirmed the interview with Bashir, she met her lawyer Lord Mishcon and described to him a series of lurid plots which she said had been hatched against her.

Asked to identify her sources Diana replied only that they were “reliable” and included GCHQ.

Is it a coincidence that among the top-level sources, Bashir would later claim to BBC management that he had met while “investigating” the dirty tricks campaign against Diana, was a member of GCHQ? It was, however, unheard of for a serving intelligence officer to disclose intercepts (even assuming that Diana’s communications were being intercepted, which itself seems highly dubious) to a journalist.

The key question about the BBC for both our inquiry and Lord Dyson’s was: How did Bashir’s machinations elude the corporation’s most senior executives, all of whom had been editors and journalists for whom the first rule is to cast a sceptical eye over anything that doesn’t seem to add up?

Alarm bells at the BBC

The first alarm bell that should have warned BBC management something was wrong rang in December 1995, a month after the sensational interview had been broadcast. Designer Wiessler approached current affairs bosses Tim Gardam and Tim Suter and told them that he had been unwittingly drawn into forging bank statements by Bashir.

Wiessler – who says he only realised a connection between the fake documents and the interview after it was broadcast – told them he had previously approached the then Panorama editor Steve Hewlett, who had assured him there was nothing to worry about. Hewlett died of cancer in 2017, and having worked closely with him, the idea that he might have colluded with Bashir in using fake bank statements is – to me – unthinkable. And nothing I have seen suggests that Hewlett did. Nonetheless, were he alive, Lord Dyson would have sought his answer to some searching questions.

Why, for example, having been first alerted to the fake bank statements shortly after transmission, had Hewlett not reported this to management?

The evidence suggests that Hewlett first learned about the fake bank statements after Wiessler faxed them to Panorama producer Mark Killick with whom he had previously worked. Killick instantly recognised the name “Penfolds Consultants” because the company had featured in two previous Panoramas he and Bashir had made about the business affairs of former England football manager Terry Venables. Why, puzzled Killick, should Penfolds be involved with paying an ex-employee of Earl Spencer?

Killick confronted Bashir with the bank statements in the BBC canteen. The meeting was brief and acrimonious, with Bashir telling Killick it was none of his concern.

Killick, along with two colleagues – former Panorama deputy editor Harry Dean and Panorama reporter Tom Mangold – went to see Hewlett on 4 December. All three also recall the editor saying it was none of their business. Dean asked him if he knew about the bank statements, and Hewlett said he couldn’t remember. But as Killick left, he suggested Hewlett talk to Spencer. Despite Spencer later calling Hewlett, we have seen no evidence that either Hewlett or anyone from BBC management did ever check Bashir’s version of events against Spencer’s. Lord Dyson is especially critical of this failure. He says the investigation carried out by Tony Hall and Anne Sloman, a former radio current affairs producer who later became the BBC’s chief political adviser, was “flawed and woefully ineffective”.

Lord Dyson said it “would have been substantially changed if they had bothered to speak to Earl Spencer”.

Dean recalls that Hewlett later assured him that the information on the bank statements was true. He told Dean that Venables had given up his interest in Penfolds and the name appearing in the fake bank statements was merely coincidental. That assurance seems likely to have come from Bashir himself.

Bashir’s ever-changing story

At the Panorama Christmas party, former producer Peter Molloy recalls Wiessler looking very shaken as he arrived. Wiessler told Molloy his flat had been broken into, and the only thing missing appeared to be two disks containing the bank statements. When Wiessler reported his concerns to BBC management, it became clear that Hewlett had not told his line manager Tim Gardam anything about Bashir having faked bank statements. “Tim was angry but sensible about it,” recalled colleague Tim Suter in 2001. Hewlett told them there’d been “nothing underhand in getting the Diana interview”.

Bashir was then questioned by Gardam, Hewlett and Suter. He assured them the bank statements hadn’t been shown to Diana or anyone else. They couldn’t have been used to persuade the princess to give an interview, he said, because the source of the information in them had been Diana herself.

However, a note by Tim Gardam of this meeting, shows Gardam was still puzzled – why had Bashir gone to the trouble and expense of creating such authentic looking documents? He asked Bashir to seek an assurance from the Princess in writing that she’d not been shown them. The following day, a handwritten letter arrived from Kensington Palace: “I can confirm that I was not (not is underlined twice) put under any undue pressure to give my interview. I was not shown any documents nor given any information by Martin Bashir that I was not already aware of. I was perfectly happy with the interview and I stand by it.”

Diana’s letter put to rest any doubts management had that she’d been tricked or coerced. The BBC’s greatest ever scoop, was safe. For now.

What had been missed, however, was a big clue that Bashir was lying.

Bashir had already told Gardam in November that his first contact with Princess Diana had been in late September. This was mentioned in a “record of events” note by Gardam for Tony Hall. However, Gardam had also been told by Matt Wiessler that he had created the bank statements in late August/early September, some three weeks earlier.

Although both Hewlett and BBC management had been made aware of both dates, neither appear to have spotted the obvious conflict that Diana couldn’t have been Bashir’s source because she and Bashir were yet to be in contact. When we highlighted this discrepancy over dates to Gardam, he acknowledged he hadn’t spotted it: “Had I done so, I would have questioned Martin Bashir about it.” His focus, he explained, had been on Wiessler’s allegation that “the documents had been shown to the Princess of Wales in order to persuade her to give an interview”.

Bashir may have calculated that by naming Diana as his confidential source, BBC management would feel inhibited about checking this with her. And they never did.

He also deflected suspicion by admitting that he falsely inserted the name “Penfolds Consultants” as one of the two companies supposedly paying Spencer’s ex-employee Alan Waller. His excuse? Although Diana had supposedly told him Waller was being paid by an intelligence services front company to spy on the Spencers, she hadn’t known the name. All she had known, said Bashir, was that the company was based in Jersey. So he’d just inserted a dummy name because he knew Penfolds was based in Jersey.

In truth, Bashir must have realised he would never get away with passing off Penfolds as real because it had featured in his previous Panoramas. What Hewlett made of Bashir’s volte-face over Penfolds given the former editor’s earlier assurances to a sceptical Harry Dean is unclear. In Gardam’s note of his interview with Bashir, he makes no reference to having been told about this contradiction which suggests Hewlett never told him.

Asked by Gardam why he had compiled the graphics in the first place, Bashir said it was simply to record and file the information – an implausible reason for getting a graphic designer to work all night, paying him £250 of licence fee payers’ money and getting the documents couriered to Heathrow, when jotting down the details in his notebook would have sufficed.

Nonetheless, however improbable this may seem today, Diana’s letter appears to have reassured management. “All could now relax for Christmas,” said Suter at the time. “We had had a scare, but we had got through it.” But for Earl Spencer, the letter doesn’t exonerate the BBC. “Diana is dealing from a position of having been lied to. She didn’t know that the whole obtaining of the interview was based on a series of falsehoods that led to her being vulnerable to this,” he told me.

However, if management thought that was the end of it, they were mistaken. On 21 March, the Mail on Sunday told Spencer they were investigating how Martin Bashir had been introduced to his sister and secured his scoop interview. In order to convince Spencer of his credentials, the newspaper alleged that Bashir had shown him bogus security service documents about bugging phones at Kensington Palace. Clearly the Mail were on to something, but were wrong about the content of the documents.

Distrustful of the tabloid press, Spencer called the BBC to find out more. Spencer was put on to Hewlett and told him he had introduced Bashir to Diana “on 19 September on the back of extremely serious allegations he had made, against various newspapers, named journalists, named senior figures at St James’s Palace, and unnamed figures in the secret service”.

Hewlett now had a golden opportunity to question the Earl about Bashir’s allegations and crucially whether he’d been shown bank statements since, unlike Spencer, Hewlett knew they were fake. It’s not clear that Hewlett did ask Spencer about either point. Nonetheless, since the Mail on Sunday had mentioned forgeries, Gardam instructed Hewlett to question Bashir about this again.

Again, Bashir insisted he had not shown his forgeries to anyone, including Spencer.

On 23 March, Gardam was telephoned and doorstepped by the Mail on Sunday, so he telephoned Bashir: Had he shown the documents to Spencer? Again, Bashir denied this to both Gardam and Hewlett. Unconvinced, that afternoon, Gardam sought another assurance. Fearing imminent publication, Bashir caved in, finally admitting that he had. It had taken four attempts since December to get the truth out of Bashir.

A furious Gardam warned Bashir the BBC would have to consider its position.

The BBC investigates

Gardam was days away from leaving the BBC. He wrote a handover note setting out all of Bashir’s lies. It also records Tony Hall as having agreed with Gardam that since Bashir had “misled us and… appeared to have acted unethically and in breach of the guidelines” the corporation should conduct a “full inquiry”.

But what transpired could hardly be described as a “full inquiry” and was compounded by misleading statements.

The Mail on Sunday had withheld publication, but by April 1996 had firmed up their story and published Bashir’s fake documents. Approved by both Hall and Hewlett, the BBC issued a statement saying the documents were “never connected in any way to the Panorama on Princess Diana”. Yet by now both knew that Bashir had admitted showing the statements to Spencer. They also knew that in a written statement, Bashir had admitted showing the documents to Spencer in order to “foster” his relationship with him. Therefore the documents manifestly were “connected to the Panorama on Princess Diana”.

In fact, Lord Dyson finds that the way the BBC handled its public statements as a whole in this matter “fell short of its high standards of integrity and transparency which are its hallmark”.

As Anne Sloman, who had taken over as Gardam’s temporary replacement, and Hall carried out their “full inquiry”, they never appear to have worked out that Bashir’s central claim – Diana was Bashir’s source for the information in the fake graphics – was a lie.

Like Gardam in December, neither Hall nor Sloman appear to have spotted that Diana couldn’t have been Bashir’s source because they hadn’t met when Bashir commissioned Wiessler to do the graphics. But no such comparison appears to have been made. Lord Dyson does not hold BBC management culpable for not spotting the discrepancy in dates. He does, however, find that ahead of Bashir’s first meeting with Diana on 19 September, it is “inconceivable” that he was “locked in a relationship” such that she would have been his source for the information in the graphics.

The Hall-Sloman investigation did draw up a chronology of events, which we’ve seen, but its focus was more about leaks from Panorama to newspapers than Bashir. Its chosen starting point was late October shortly before transmission, not late August/early September which is when management had already been told that Bashir had commissioned the graphics. Nor at any point did it say Bashir had lied.

The chronology reflected what Sloman appears to have thought about Panorama – “a viper’s nest” seething with jealous rivalries was how she later described the atmosphere to the late Richard Lindley, himself a former Panorama reporter, for his book “Panorama: Fifty Years of Pride and Paranoia” published in 2002. “All felt they had a God given right to leak to the press” said Sloman.

Had Earl Spencer spoken out, his notes would have blown apart Bashir’s story – and the BBC would have been confronted with one of its biggest crises. However, Spencer told me the reason he didn’t was because he didn’t know the BBC had launched an inquiry and Princess Diana’s Panorama interview was “seen as very controversial. And if I had gone against it while she was alive, then I didn’t want to be seen to be undermining her in any way.”

Moreover, at the time, Spencer didn’t know the information in the bank accounts was entirely fake, or that Bashir had told the BBC his sister was the source.

Also, the Mail on Sunday revelation quite quickly ceased to have traction. BBC press briefings that “jealous colleagues” were behind the paper’s story had distracted from its allegation about Bashir’s subterfuge, Spencer wasn’t talking, and management hoped he never would. “The Diana story is now dead, unless Spencer talks. There’s no indication that he will,” wrote Anne Sloman in an internal BBC management document a fortnight after the Mail on Sunday story.

Bashir had already put Diana off limits for questioning by claiming her as his source for the “exact” payment sums to her brother’s former head of security Alan Waller. Now in conversations with management, Bashir did the same to her brother claiming it was Earl Spencer himself who was his source for Waller’s bank account details – something he’d not previously mentioned.

Bashir had changed his story again but it seems not to have rung any alarm bells. Spencer only learned last autumn that Bashir had accused him of misusing private information and categorically denies there is any truth to it. In anger he contacted the BBC urging they hold an independent inquiry – hence Lord Dyson.

“In a credibility contest between Earl Spencer and Mr Bashir, Earl Spencer wins convincingly,” says the former Supreme Court judge.

In Lindley’s history of Panorama, Anne Sloman is quoted as saying Bashir was interviewed by Hall “at length”, with Hall at one end of her “grand desk” in Broadcasting House, Bashir at the other. “Certainly, Bashir had forged these documents. It was a stupid thing to do – it didn’t get him the interview. Why he did it, God only knows.”

To those of a more curious disposition, the circumstantial evidence pointed in only one direction: that these documents were Bashir’s way of getting his foot in the door of the Spencer family. That is also the finding of Lord Dyson, who says: “I conclude that Mr Bashir showed the fake statements to Earl Spencer before there was any contact between Princess Diana and himself.”

On 25 April 1996, Hall reported the results of his “personal investigation” into Bashir to the BBC’s governors, at the time the body appointed to regulate the corporation. A statement written by Hall for the governors’ meeting quotes him as saying that Bashir’s explanation for having commissioned the graphics was simply because “he wasn’t thinking”. Then came Hall’s exoneration: “I believe he is, even with this lapse, an honest and honourable man. He is contrite.”

Hall’s statement made no mention of what he already knew by that point, that Bashir had shown the fake documents to Spencer and had repeatedly lied to his editor and to senior management. At the same time, Hall refers to “TRUST” (which Hall spelled out in capital letters) and “straight dealing” as “paramount” BBC values.

While Hall’s statement to the governors criticised Bashir for having been “incautious and unwise”, he assured his fellow managers he was “certain there had been no question of Bashir trying to mislead or do anything improper with the document” – implying nothing improper had taken place.

Lord Dyson comments: “To dismiss his actions as no more than a mistake, unwise and foolish did not do justice to the seriousness of what he had done.”

An internal document faxed three days before the board of governors meeting shows that management seem to have privately acknowledged Bashir had been in breach of journalistic ethics and BBC rules: “Management will have to decide what action if any to take privately or publicly about Bashir, what to do about his contract and how long he should stay on Panorama.”

Lord Hall told Panorama Bashir was given a “severe reprimand” and was placed under “close supervision”. It is true on 4 April 1996, Tim Suter wrote a letter addressed to Bashir saying the creation of the graphics “was in breach of BBC’s guidelines on straight dealing… compounded by your failure to inform the head of department of the use made of this material when directly questioned by him. You should be in no doubt of the seriousness with which we view this nor of the reprimand that this letter represents.”

However, Lord Dyson finds that the letter was probably not sent to Bashir and further, that there is no record of a reprimand on his employment records. Panorama’s then deputy editor Clive Edwards told me he was “unaware of any supervisory order on Martin”.

“It is difficult to imagine how any such order could have been in force but not known to me as deputy editor, since I would have been the person to supervise such an order.”

Bashir remained with the BBC until 1998, when he left to join ITV.

The ‘entire truth’

The most senior managers responsible for BBC journalism appear to have swallowed a whale of a story, and in a 2005 interview for the BBC’s Arena documentary series to celebrate the scoop’s 10-year anniversary, Tony Hall unwittingly explained why: “Martin is the sort of interviewer who works very hard at getting into your confidence.”

It seems to have worked on everyone – despite Tim Gardam’s parting note to his management colleagues emphasising the need for the BBC to get to “the entire” truth of what Bashir had been up to.

For the anonymous BBC leakers without whom we would never have known about Bashir’s dishonesty there was only excoriation – briefed against by the BBC to the newspapers as “jealous colleagues” and referred to in an internal management document as “troublemakers.” Because of “this sordid saga”, says the document “we can either go the formal disciplinary route, which needs proof and may be messy or pick off the troublemakers one by one with a stiff warning and ensure they are found work elsewhere as speedily as is practicable”.

The only named whistleblower Matt Wiessler would never again get any BBC work, Hall assured the governors. Wiessler paid a heavy price – his freelance graphics business eventually collapsed so he left London and in his own words became “a bit of a drifter… I tried lots of other things, but at heart I was always a television current affairs guy. Hall called Martin, a ‘good and honourable man’. I want him to reverse that because I’m the good and honourable man in this.”

In response to Dyson, the BBC offered a “full and unconditional apology” and said it would be writing to “a number of individuals involved”.

Wiessler says the least the BBC could do is include him in that list.

In overall charge of the BBC at the time was director general John Birt. He says the revelation that the BBC “harboured a rogue reporter on Panorama who fabricated an elaborate, detailed but wholly false account of his dealings with Earl Spencer and Princess Diana” is a “shocking blot on the BBC’s enduring commitment to honest journalism; and it is a matter of the greatest regret that it has taken 25 years for the full truth to emerge. As the director general at the time, I offer my deep apologies to Earl Spencer and to all others affected.”

Lord Dyson has little to say about how BBC governance was undermined by Hall’s “woefully ineffective” investigation.

Our own investigation sheds some light on this, however.

Lindley’s book on 50 years of Panorama quotes Sloman as saying that she, Hall and Birt had a 90-minute meeting about Bashir but it doesn’t go into detail as to what transpired. Lindley’s widow let me search her attic for his original notes. I found that Sloman told Lindley: “We concluded that faking documents had been going on as a general practice” and that “our business creates monsters… never did Birt express interest in covering his own back… Birt wanted to get to the bottom of the matter.”

I understand Birt has no recollection of any such meeting, but that he thinks his reference to wanting to “get to the bottom of the matter” refers to a meeting immediately after the Mail on Sunday revelations. What briefing Birt may have been given on the results of Hall’s investigation before the boards of governors and boards of management is unclear, except that Birt is said not to have been told that Bashir had repeatedly lied. In fact, no evidence of Bashir having lied is mentioned in any of the documents written by Hall or Sloman that have surfaced.

However, Lord Hall told Panorama that he was “open and transparent with the director general and with colleagues on the board of management and I believe I gave them all the key facts… throughout I discharged my responsibilities in good faith”. For his part, Lord Dyson finds that Hall “presented these facts to both the board of management and the board of governors as if they were uncontroversial”.

Lord Dyson continues: “And yet he knew (but did not tell the board) that they derived from Mr Bashir’s uncorroborated version of the facts and that Mr Bashir had lied on three occasions on a matter of considerable importance.”

In a statement, Lord Hall said: “I accept that our investigation 25 years ago into how Panorama secured the interview with Princess Diana fell well short of what was required. In hindsight, there were further steps we could and should have taken following complaints about Martin Bashir’s conduct.”

He said he was “wrong” to give Martin Bashir the “benefit of doubt, basing that judgement as I did on what appeared to be deep remorse on his part”.

Martin Bashir said in a statement that he had apologised then, and did so again now for asking for bank statements to be “mocked up”.

But he reiterated that “the bank statements had no bearing whatsoever on the personal choice by Princess Diana to take part in the interview”.

He said Lord Dyson had accepted that the princess would “probably have agreed to be interviewed without what he describes as my ‘intervention'”.

And he said he was “immensely proud” of the interview, in which Princess Diana “courageously” talked through the difficulties she faced. He said in it, she “helped address the silence and stigma that surrounded mental health issues all those years ago. She led the way in addressing so many of these issues.”

The least that can be said is that Bashir tried to con everyone. Others may say Bashir told management what they too readily wanted to hear – to spare the corporation the ignominy of undermining a truly global scoop. In 2016, Bashir was rehired by the BBC as religious affairs correspondent. The announcement referred to his “track record in enterprising journalism” and previous experience on “BBC religion and ethics programmes.”

He resigned as the BBC’s editor of religion before the publication of the Dyson report.

Managing relationships ‘cleverly’

The last word must go to Panorama’s editor at the time, Steve Hewlett. He too was interviewed for the BBC Arena documentary marking the 10th anniversary of Bashir’s scoop. I understand Hewlett agreed to be interviewed provided he wasn’t asked specifically about the forged bank statements. Instead, he was asked how Bashir met Diana.

Arena didn’t broadcast his answer and the BBC refused to release it to us. However, we obtained a transcript which shows the normally sure-footed Hewlett seeming to stumble: “I’m sure he told me he was going to see her… look, he’s a journalist, he does his business, I don’t follow him around all day, so you know, I’ve got a show to run… what, precisely… how he did it, to be honest I don’t know.”

If this was Hewlett’s way of saying he hadn’t known all the strokes Bashir had pulled before transmission, that is very likely to be true. I and others knew Hewlett to be an ethical journalist.

He continued: “You know… he’s an operator, so he manages relationships very cleverly. I don’t mean…dishonestly, but he manages them cleverly.”

Was Hewlett really still convinced by 2005 that Bashir had “managed” his relationship with Diana “very cleverly” but not “dishonestly”?

The idea that Hewlett hadn’t yet suspected that Bashir got to Diana by deceiving Spencer sits uneasily with his careful editorial eye.

Yet, however Bashir got his scoop, it was undeniably real and Princess Diana was, by several accounts, intent on telling her side in the War of the Waleses. At the same time, the reporter to whom Hewlett had entrusted this assignment turned out to be “rogue” confronting him with an acute dilemma. Did Hewlett reconcile this by deciding the authenticity of the scoop trumped an otherwise tainted process? I pose this as a question, not an allegation, because Hewlett is no longer here to answer for himself. Yet it seems he was troubled by something.

It is 2004, a late-night bar in Sydney. By chance Hewlett has bumped into a colleague Phil Craig, who had just produced a documentary about Princess Diana. They talk and they drink. Having previously worked on Panorama, Craig knew a little of the rumours. “We were coming at this from different sides,” he recalls “so with Steve there was a sense of ‘let’s talk it all through’. I came away that night with the very strong impression that he thought there was a chance that one day the Bashir story would cause everybody a lot more trouble, that there was more to come out about the background to the interview, that there was something that hadn’t gone away and was still lurking in the shadows.”

That “something” turns out to be a timebomb about public trust that the BBC tried to defuse 25 years ago, but left it ticking. That bomb has now detonated.

Pubblicato in: Banche Centrali, Devoluzione socialismo, Unione Europea

ECB. Italia. Inflazione e rialzo dei tassi destabilizzerebbero il sistema. Default, per essere chiari.

Giuseppe Sandro Mela.

2021-05-24.

2021-05-21__ Inflazione 001

Inflazione. Sorella miseria si fa precedere dalla comare inflazione. Adesso anche l’UK.

Stagflazione. Uno dei tanti cigni neri che si aggirano come avvoltoi.

Fed. Che l’inflazione alta sia temporanea è un ‘article of faith’. – Bloomberg.

Usa. Indice dei Prezzi al Consumo +4.2% anno su anno. Fed in tilt.

Gran Bretagna – Indice dei principali prezzi di produzione (Annuale)  [+2.5%]

Gran Bretagna – Indice dei prezzi al dettaglio (Annuale) [+2.9%]

* * * * * * *

«Inflation and rising bond yields will hit the ECB’s pain point»

«Italy’s climbing debt burden leaves it more vulnerable than ever to higher borrowing costs»

«Investors concerned about inflation rearing its capital-eroding head are demanding higher yields in the bond market»

«But this rise in government borrowing costs, at a time when nations have loaded up on debt to defend their virus-stricken economies, poses a challenge for the European Central Bank, with Italy particularly vulnerable to a financial squeeze»

«Markets are anticipating that the combination of fiscal and monetary stimulus will finally stir consumer prices from their lengthy slumber»

«In the euro zone the five-year forward inflation swap, used by the ECB to gauge expectations, has recently climbed to 1.6%, its highest level in more than two years. This year’s average of 1.4% is the strongest since 2017’s 1.65%»

«The easy trade in Europe this year has been betting on a compression of the spread between Italy and Germany …. That bet works brilliantly when yields are falling, but it swiftly unravels when the opposite occurs»

«The bank [ECB] can step up its weekly bond purchases to help close the spreads or at least keep them contained»

«ECB President Christine Lagarde promised at the March meeting to substantially increase the speed of bond buying, and repeated that pledge at April’s press conference»

«The 500 billion-euro injection to increase the program to 1.85 trillion euros was only agreed to in December»

«The recent government bond rout is already filtering through to real-economy corporate financing»

«Investors burned by those price declines will demand higher yields on future sale»

«The ECB needs to make sure the current market realignment does not get out of hand»

* * * * * * *

Eppure il ragionamento avrebbe dovuto essere al limite del banale.

Più si iniettano denari fiat nel sistema economico senza un corrispettivo aumento della produzione i prezzi al consumo non possono fare altro che crescere, fino a diventare fuori controllo. Come successe nel 1929.

Ma una inflazione fuori controllo porta gli stati già indebitati al default.

L’inflazione è democratica: colpisce tutti, anche gli intoccabili.

* * * * * * *


Inflation and Rising Bond Yields Will Hit the ECB’s Pain Point

Italy’s climbing debt burden leaves it more vulnerable than ever to higher borrowing costs. The ECB needs to step in. 

Investors concerned about inflation rearing its capital-eroding head are demanding higher yields in the bond market. But this rise in government borrowing costs, at a time when nations have loaded up on debt to defend their virus-stricken economies, poses a challenge for the European Central Bank, with Italy particularly vulnerable to a financial squeeze.

Markets are anticipating that the combination of fiscal and monetary stimulus will finally stir consumer prices from their lengthy slumber. In the euro zone the five-year forward inflation swap, used by the ECB to gauge expectations, has recently climbed to 1.6%, its highest level in more than two years. This year’s average of 1.4% is the strongest since 2017’s 1.65%.

In response to this changing economic outlook, Italy’s 10-year borrowing cost has more than doubled in the past three months, surpassing 1% to reach its highest level in nine months. It’s climbed at twice the pace of benchmark German debt levels, which are themselves close to rising above zero for the first time in two years. France started paying to borrow for decade-long debt earlier this year.  

The easy trade in Europe this year has been betting on a compression of the spread between Italy and Germany by owning the debt of the former — the euro zone’s most liquid and highest-yielding country — and being short that of the latter, which has the most negative-yielding bonds. That bet works brilliantly when yields are falling, but it swiftly unravels when the opposite occurs. A rapid repositioning by bond traders threatens to exacerbate Italy’s interest-rate woes.

Even at its current elevated level, Italy’s 10-year borrowing cost is well below the 2018-2019 average of 2.25%. Those were painful times for Europe’s third-largest economy and biggest debtor — and were supposed to be firmly in the rear-view mirror. Yet until the EU’s Recovery Fund cavalry turns up sometime later this year, Europe’s weakest link remains vulnerable.

It is totally within the ECB’s grasp to show it has Italian premier Mario Draghi’s back: The bank can step up its weekly bond purchases to help close the spreads or at least keep them contained.

ECB President Christine Lagarde promised at the March meeting to substantially increase the speed of bond buying, and repeated that pledge at April’s press conference. The next quarterly economic update on June 10 will involve an ill-timed review of the pandemic purchase program. The 500 billion-euro injection to increase the program to 1.85 trillion euros was only agreed to in December. But several governing council members want to call time on monetary stimulus before fiscal stimulus has even started, let alone begun to take effect.

To prevent the rise in yields getting out of hand, the ECB has got to accelerate its weekly bond buying to more than 20 billion euros. In the past week, the pace slipped again to 16.3 billion euros from 19 billion euros the week before, albeit reduced by large redemptions. That slippage risks re-igniting the debate about premature tapering that has been an unfortunate feature of ECB press conferences this year.

The central bank’s latest forward guidance has focused on ensuring what it opaquely calls “favorable financing conditions,” with much hullabaloo about a new “multi-faceted and holistic” approach. It is hard to decipher what this comprises, but for certain the critical element is underlying government borrowing costs. 

The recent government bond rout is already filtering through to real-economy corporate financing. Some 80% of new investment-grade bonds sold this year by non-financial companies trade below their issue price, our Bloomberg News colleague Tasos Vassos reported on Friday. Investors burned by those price declines will demand higher yields on future sales.

The ECB needs to make sure the current market realignment does not get out of hand, especially when it has all the available tools to prevent it. In 2018, for example, the 10-year Italian yield jumped to 3.75% in October from 1.75% in May; a replay of that magnitude would be an epic disaster for the nation’s finances. Lagarde needs to swiftly display leadership akin to Draghi’s “whatever it takes” mantra.

Pubblicato in: Banche Centrali, Devoluzione socialismo, Regno Unito, Unione Europea

Inflazione. Sorella miseria si fa precedere dalla comare inflazione. Adesso anche l’UK.

Giuseppe Sandro Mela.

2021-05-19.

2021-05-19__ Inflazione 001

I governi dell’enclave liberal socialista occidentale ostentano una serena e pacata calma.

Ma i mercati non hanno mica digerito gli ultimi macrodati in arrivo.

Le parole sono parole, ma i numeri sono numeri.

*

Gran Bretagna – Indice dei principali prezzi di produzione (Annuale)

Office for National Statistics: +2.5%

*

Gran Bretagna – Indice dei prezzi al dettaglio (Annuale)

Office for National Statistics: +2.9%

* * * * * * *

Tutto questo dopo che negli Stati Uniti l’inflazione era scattata al +4.2%.

*

«Inflation fears are weighing ever more heavily on markets»

«On Wednesday (May 19) the UK became the latest country to report numbers that worried traders. Inflation there more than doubled in April, rising by 1.5%»

«That was higher than analysts expected, and up from 0.7% the month before»

«Clothing and footwear prices surged as shops reopened. A jump in electricity and gas charges also added to the rise»

«The Bank of England hopes it’s just a temporary blip, but says price rises will go above its 2% target»

«But some investors are taking money out of riskier assets, just in case that’s not right»

«Markets were braced for a hot consumer inflation report, but nowhere near the 4.2% headline increase reported for April»

«U.K. inflation more than doubled in April, the Office for National Statistics said Wednesday. Consumer prices rose by 1.5% after a 0.7% climb in March»

* * * * * * *

Gli investitori non hanno la benché minima intenzione di ritrovarsi con in mano un pugno di mosche.

Nessuno intende fare allarmismi, ma solo dopo aver portato il peculio in luogo sicuro.

Cina. Aprile21. Investimenti Diretti Esteri +38.60%.

L’inflazione è democratica: colpisce tutti, anche quelli che ritenevano di essere intoccabili.

Ma siamo solo agli inizi: nessuno si illuda.

*

Inflation fears weigh on stocks, oil

Inflation fears are weighing ever more heavily on markets.

On Wednesday (May 19) the UK became the latest country to report numbers that worried traders.

Inflation there more than doubled in April, rising by 1.5%.

That was higher than analysts expected, and up from 0.7% the month before.

Clothing and footwear prices surged as shops reopened.

A jump in electricity and gas charges also added to the rise.

The Bank of England hopes it’s just a temporary blip, but says price rises will go above its 2% target.

There’s a similar story in the euro zone, where numbers Wednesday showed annual inflation hitting 1.6%.

It all mirrors signs of rising prices in the U.S., and comes as a recovering global economy stokes demand.

That has markets worried that central banks will soon have to start tightening policy.

Europe’s benchmark Stoxx 600 fell more than one percent from the open as a result.

The worries showed up on commodity markets too, with copper and oil prices falling.

International benchmark Brent crude was down around 1.5% early Wednesday.

Traders said monetary tightening could crimp growth, and thus demand for commodities.

For now, most central bankers still bet that the rise in inflation will prove short lived.

But some investors are taking money out of riskier assets, just in case that’s not right.

*

European markets fall sharply, following global stocks lower as inflation fears persist; John Laing jumps after KKR buyout

– U.K. inflation more than doubled in April, the Office for National Statistics said Wednesday, with consumer prices rising by 1.5% after a 0.7% climb in March.

*

London — European stocks fell on Wednesday, following a global dip in markets as fears about rising inflation continue to weigh on sentiment.

The pan-European Stoxx 600 slid 1.6% by afternoon deals, with basic resources dropping 3.4% to lead losses as all sectors and major bourses traded firmly in negative territory.

European markets are following dour sentiment elsewhere; U.S. stock futures were lower in early premarket trading on Wednesday ahead of more retail earnings, while stocks in Asia-Pacific slipped on Wednesday, with some markets in the region closed for holidays.

Investors concerned about rising inflation will be keeping a close eye on the Federal Open Market Committee as it publishes the minutes from its April meeting on Wednesday.

Minutes of the meeting could provide more clues on when the central bank could consider tapering bond purchases, a move that is expected to come before it increases interest rates.

U.K. inflation more than doubled in April, the Office for National Statistics said Wednesday. Consumer prices rose by 1.5% after a 0.7% climb in March.

“CPI inflation has finally broken out of the 0.2% to 1.0% year-on-year range that it has been in since the pandemic took hold. However, even with core CPI higher, this doesn’t yet reflect rising underlying domestic inflationary pressure,” said Melanie Baker, senior economist at Royal London Asset Management.

“The U.K. economy is still operating below pre-crisis levels and inflation expectations look reasonably well anchored. However, as the economy reopens, it seems likely that we will see some further price increases and inflation is likely to end the year higher.”

European earnings came from E.On, which also holds an annual general meeting. Deutsche Boerse, Uniper, Experian and Premier Foods will also publish their latest results.

Shares of British infrastructure investment group John Laing jumped more than 11% to a 52-week high after private equity firm KKR announced that it had agreed to buy the company for £2 billion ($2.84 billion).

On the Stoxx 600, Swedish engineering company Sandvik and gambling group Evolution Gaming both fell 5%, while Swiss hearing aid manufacturer Sonova gained 2.8% after JPMorgan and Goldman Sachs upgraded the stock.

*

Inflation spooks stocks and raises fear the Fed is wrong that the price spike is temporary

– Markets were braced for a hot consumer inflation report, but nowhere near the 4.2% headline increase reported for April.

– The report raised concerns that the Fed’s view that higher inflation will be transitory is wrong, even though Fed Vice Chairman Richard Clarida reiterated that view after the report.

– Stocks sold off, yields jumped and the futures market signaled that some investors believe the Fed could hike interest rates earlier than expected.

*

Red-hot consumer inflation data for April spooked markets and raised concerns that the Fed is wrong about rising prices being just temporary.

If the Fed is incorrect, that means that it could begin to unwind its easy policies quicker than expected and ultimately raise interest rates.

The Consumer Price Index for April rose 4.2% from a year ago, the briskest pace since September 2008. Economists had expected a big number, of 3.6%, because of base effects accounting for last year’s weakness. But the CPI’s surge took markets by surprise, sending Treasury yields higher and stocks lower.

Pubblicato in: Banche Centrali, Devoluzione socialismo

G7. La Cina condanna le affermazioni del G7.

Giuseppe Sandro Mela.

2021-05-11.

2021-05-07__ G7 001

Il Gruppo dei Sette, di solito abbreviato in G7, è un’organizzazione intergovernativa ed internazionale composta dai sette maggiori Stati ed economicamente avanzati dell’enclave liberal mondiale, ossia: Canada, Francia, Germania, Giappone, Italia, Regno Unito e Stati Uniti d’America.

Prendendo come riferimento l’anno 2019, ossia l’anno che ha preceduto quello della crisi innescata dall’epidemia di coronavirus:

Nel 2019 le nazioni afferenti al G7 avevano un pil di 36,828 miliardi Usd, ed un Pil PPP di 39,370 miliardi Usd.

I media liberal indicano i paesi del G7 come i più ricchi del mondo: ma questa è una menzogna.

Infatti, i paesi che costituiscono i Brics (ossia, Brasile, Cina, India, Russia, Sud Africa) avevano un Pil PPP di 41,017 miliardi Usd.

Nessuno si sogna di affermare che i paesi del G7 pesino economicamente poco: assommano una vasta parte del Pil PPP mondiale, che però risulta essere minore a quella evidenziata dai Brics. In altri termini, proprio non sono ‘il mondo’.

*

Si aggiunga un’altra considerazione.

I governi degli stati liberal occidentali reputano loro diritto e loro dovere l’ergersi a giudici della morale e dell’etica degli altri stati, che ovviamente non riconoscono loro codesto diritto.

Né può sfuggire la violenza con la quale negli Stati Uniti, in Germania ed in Francia la polizia tratti coloro che dimostrano in piazza avendo idee differenti da quelle governative. Se negli Stai Uniti la polizia apre spesso e volentieri il fuoco sui dimostranti, a nessuno è sfuggita la barbara repressione della dimostrazione del 1° maggio a Berlino, con 354 arresti di pacifici dimostranti etichettati come ‘negazionisti’. Un reato di libero pensiero.

Similmente, Dac ed Oecd sono governate dai paesi del G7, ma adesso contano per quanto valgono quegli stati che li governano, che in sede UN hanno da tempo perso la maggioranza.

* * * * * * *

«G7 foreign ministers said in a communique after a London summit that China was guilty of human rights abuses and of using its economic influence to bully others»

«China condemned on Thursday a joint statement by G7 foreign ministers that expressed support for Chinese-claimed Taiwan and cast Beijing as a bully, saying it was a gross interference in China’s internal affairs»

«Speaking in Beijing, Chinese Foreign Ministry spokesman Wang Wenbin said the statement made “groundless accusations” that were a gross interference in China’s internal affairs, which it firmly condemned»

* * * * * * *

Gli equilibri mondiali stanno mutando molto velocemente. In passato il G7 avrebbe ‘ordinato’, adesso si limita alla sola condanna.

Ma non ci si stupisca più di tanto se tra dieci anni il blocco asiatico condanni l’ideologia liberal e la bandisca dal mondo civile.

*


China condemns G7 statement censuring Beijing, supporting Taiwan

China condemned on Thursday a joint statement by G7 foreign ministers that expressed support for Chinese-claimed Taiwan and cast Beijing as a bully, saying it was a gross interference in China’s internal affairs.

G7 foreign ministers said in a communique after a London summit that China was guilty of human rights abuses and of using its economic influence to bully others.

In an unusual step, the G7 also said they supported Taiwan’s participation in World Health Organization forums and the World Health Assembly – and expressed concern about “any unilateral actions that could escalate tensions” in the Taiwan Strait.

Speaking in Beijing, Chinese Foreign Ministry spokesman Wang Wenbin said the statement made “groundless accusations” that were a gross interference in China’s internal affairs, which it firmly condemned.

The G7 as a group should take concrete action to boost the global economic recovery instead of disrupting it, he added.

China regards Taiwan as its own territory and opposes any official Taiwan representation on an international level. China has also stepped up military activities near Taiwan in recent months, trying to assert its sovereignty claims.

The G7 statement was warmly received in Taipei, where the government said this was the first time the foreign ministers had mentioned the island in their joint communique.

Taiwan’s Presidential Office thanked the G7 for its support.

Pubblicato in: Commercio, Devoluzione socialismo

Italia. Febbraio21. Export extra-EU -9.8%, Import extra-EU -11.3%, anno su anno. – Istat.

Giuseppe Sandro Mela.

2021-04-18.

2021-04-17__Istat 001

In sintesi.

– A febbraio 2021, si registra una flessione su base annua dell’export del 4,4% (da -8,5% di gennaio) determinata dalla contrazione delle vendite sia verso i mercati extra Ue (-7,2%) sia, in misura minore, verso l’area Ue (-1,8%).

– L’import segna una flessione dell’1,6% (da -11,6% di gennaio), dovuta soprattutto al calo degli acquisti dall’area extra Ue (-3,1%)

– Tra i settori che contribuiscono maggiormente alla diminuzione tendenziale dell’export si segnalano mezzi di trasporto, autoveicoli esclusi (-28,0%), prodotti petroliferi raffinati (-32,5%), articoli di abbigliamento, anche in pelle e in pelliccia (-10,9%), articoli in pelle, escluso abbigliamento, e simili (-10,5%).

Su base annua, i paesi che contribuiscono in misura più ampia alla flessione dell’export sono Stati Uniti (-21,1%), paesi OPEC (-20,2%), Francia (-5,8%), Regno Unito (-12,5%) e Spagna (-9,1%). 

– Aumentano le vendite verso Cina (+54,1%), Polonia (+16,3%), Paesi Bassi (+11,7%) 

Cina Export +30.6%, Cina Import +38.1%, anno su anno

2021-04-17__Istat 002

* * * * * * *


Istat ha rilasciato il Report Commercio con l’estero e prezzi all’import.

– A febbraio 2021 si stima una crescita congiunturale per i flussi commerciali con l’estero, più intensa per le importazioni (+1,4%) che per le esportazioni (+0,3%). L’incremento su base mensile dell’export è dovuto all’aumento delle vendite verso l’area Ue (+1,2%) mentre quelle verso i mercati extra Ue sono in diminuzione (-0,6%).

– Nel trimestre dicembre 2020-febbraio 2021, rispetto ai tre mesi precedenti, l’export segna un lieve incremento (+0,2%) mentre l’import cresce del 2,7%.

– A febbraio 2021, si registra una flessione su base annua dell’export del 4,4% (da -8,5% di gennaio) determinata dalla contrazione delle vendite sia verso i mercati extra Ue (-7,2%) sia, in misura minore, verso l’area Ue (-1,8%). L’import segna una flessione dell’1,6% (da -11,6% di gennaio), dovuta soprattutto al calo degli acquisti dall’area extra Ue (-3,1%) mentre quello dall’area Ue è più contenuto (-0,5%).

– Tra i settori che contribuiscono maggiormente alla diminuzione tendenziale dell’export si segnalano mezzi di trasporto, autoveicoli esclusi (-28,0%), prodotti petroliferi raffinati (-32,5%), articoli di abbigliamento, anche in pelle e in pelliccia (-10,9%), articoli in pelle, escluso abbigliamento, e simili (-10,5%) e macchinari e apparecchi n.c.a (-2,8%). Le vendite di metalli di base e prodotti in metallo, esclusi macchine e impianti sono in forte crescita (+8,9%).

– Su base annua, i paesi che contribuiscono in misura più ampia alla flessione dell’export sono Stati Uniti (-21,1%), paesi OPEC (-20,2%), Francia (-5,8%), Regno Unito (-12,5%) e Spagna (-9,1%). Aumentano le vendite verso Cina (+54,1%), Polonia (+16,3%), Paesi Bassi (+11,7%) e Germania (+2,0%).

– Nei primi due mesi dell’anno, la flessione tendenziale dell’export (-6,3%) è dovuta in particolare al calo delle vendite di mezzi di trasporto, autoveicoli esclusi (-31,2%), prodotti petroliferi raffinati (-34,6%), articoli di abbigliamento, anche in pelle e in pelliccia (-17,2%) e articoli in pelle, escluso abbigliamento (-13,8%).

– La stima del saldo commerciale a febbraio 2021 è pari a +4.754 milioni di euro (era +5.975 a febbraio 2020). Al netto dei prodotti energetici il saldo è pari a +6.967 milioni (era +8.444 a febbraio dello scorso anno).

– Nel mese di febbraio 2021 i prezzi all’importazione aumentano dello 0,9% su base mensile e diminuiscono dello 0,7% su base annua.

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                         Il commento.

A febbraio l’export registra un moderato aumento su base mensile cui contribuiscono le sole vendite verso i paesi dell’area Ue. Su base annua, la dinamica negativa dell’export si attenua; la flessione – più contenuta (-2,7%) al netto di operazioni occasionali di elevato impatto (cantieristica navale) – è spiegata per 2,3 punti percentuali dalla contrazione delle esportazioni di prodotti della raffinazione, dell’abbigliamento e pelli e di macchinari. L’import segna un aumento congiunturale più ampio e registra un netto ridimensionamento del calo tendenziale. Per i prezzi all’import, l’aumento su base mensile è dovuto alle dinamiche positive dei beni intermedi in entrambe le aree, euro e non euro, e dell’energia nell’area non euro.

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Prossima Diffusione 18 Maggio 2021