Daily Archives: March 26, 2020

ATHENS A Statement of the Hellenic Chapter of Republicans Overseas- Abroad on the occasion of the celebration of the March 25th 2020 Hellenic Independence Day:

The world is in upheaval due to the Chinese virus. Has this ever happened before? Actually it has, SARS, MERS, Spanish Influenza, just to name a few. The world is in panic, and under a new terror attack from an invisible enemy. What do we do? Ignoring the problem wont solve it, nor will trying to play party politics, as Pelosi and her gang are doing, solve it either. These actions will just kill people, kill businesses, kill our Great Nation.

America is the world economic and military leader, though heavily challenged by the Chinese despotic Communist Party and its cronies. We won, with the invaluable participation of our Allies two world wars against oppression, and we steered the free world away from the Cold War. Among those true Allies, Greece was always present and at the forefront of all battles. Now we are trying to avert the new 50 year Cold War caused by the economic and military buildup of the new emerging superpower, China, which sadly has greatly benefited from our frivolous past policies.

We are at a turning point. Choices must be made. Do we do away with the old rusty foreign-serving policies of appeasement to Chinese aggression so favoured by our Democratic opponents, or do we serve the free world with a pro-active and pro-freedom policy as demonstrated by the US leadership over the past three and a half years? Do we make China pay for the economic and humanitarian disaster it caused to us all, or do we keep on hanging on to old policies of accepting Chinese infiltration and corrosion through bribes, donations, and media subversion. Dont forget, China lied, people died.

Now it is the time to stand tall and proud as Americans, but also as citizens of the World, it is a time to stand together in the face of this enemy. We are at war. A war against the Chinese virus, but also against disinformation, lies, fake news and mostly subversive and anti-American practices. We the people must stand in unison against the common enemy, to save our lives, to save our jobs, to save our economies, to save our Great Nations, and to save the free world from the tyranny which is quickly brewing outside, but also inside our borders.

Keep America Great Again. Make Greece Great Again. These are wise phrases, as America must be strong within and outside its borders, and so must Greece. We must guard our borders from enemies within, from those who seek to profit from our demise as the Greatest Nation on earth, either politically, or financially, stealing our industrys secrets, our military hardware, our wealth and well-being, or to impose upon us through short-sighted or straight out traitor politicians, policies which will reduce us to the level of a small regional power. In Greeces case this would mean that there would be actual loss of territory to its adversaries.

We as the Hellenic Chapter of Republicans Overseas, live in a country, member of NATO, a country which has been close to the United States for over 200 years, a true ally, who always has been there when they were called upon, and a nation which, through the Hellenic diaspora, has greatly contributed to the American Dream, either in the economic sector, or the Academic, Public Administration and Military Sectors.

Our second country Greece, is simultaneously being attacked by two enemies. One is the invisible Chinese virus, and the second is the ongoing attack of the Greek borders by its neighbor Turkey.

On the Chinese virus front, Greece is doing very well, as the present Government with the tacit consent of most of the opposition parties, had dealt with the problem speedily, effectively and will brace the brunt of the battle better prepared than many other nations, despite the fact that it has entered this new conflict battered by years of forced austerity and severe cuts to its health system, actions which were forced upon her by the EU and Germany, who have greatly profited from Greeces demise.

Greek PM mr. Mitsotakis, has mustered full public support on his stern handling of the situation, and comes out politically strengthened by his no-nonsense, tough stance during this ongoing war. His choice of associates seems to have also panned out rather well, as contrary to past failures in Greek politics, he has assembled an excellent team of key persons of competence in charge of this difficult situation.

Alas, the economic impact of the Chinese virus to Greek economy will be devastating. As we predict that at least the full month of April and probably half of the month of May will be completely lost, as the lockdown must be preserved to maintain the current level of Public Health protection, the results on the GDP will probably surpass the -5,6% level predicted recently for the current fiscal year. Added to that the fact that the tourist season which supplies approximately 20% of the yearly revenue, will be sliced at least in half, if the best scenario is upheld, things will be very rough for the government in the second half of the fiscal year, as it will not be able to provide sufficient aid to workers and businesses. We really doubt wether the EU will come true on its promise to provide fiscal relief, as we predict that relief will be mostly aimed to Central European countries, under the pretext of supporting manufacturing companies, few of which exist in Greece, as in the past 20 years, under EU directives, Greece has suffered a severe de-industrialization and has relied on tourism which will be crushed this year. Already Germany is flatly refusing to support the subsidies to European nations under the Euro-bond sheme and has clearly indicated that the maximum it would accept is a strict memorandum of compliance to the repayment of debts incurred by Italy, in an effort to curb the rise in power of the current opposition leader mr. Salvini.

Greeks though would be willing to suffer the impending recession were it not for the increasing risk on their Eastern borders. As our EastMed Strategic Studies Institute (operating under the auspices of the Hellenic Chapter of Republicans Overseas) has many times indicated, a further escalation of Greek Turkish hostilities is imminent. Greece is facing a continuing hybrid war from Turkey, which consists in the weaponising of illegal immigrants, wether they have already arrived in Greece and are living in camps or have been dispersed in the Greek territory, or are in the process of being inserted to Greece from the northern Evros region by land or in the Greek island by sea.

Turkey, which is also being dealt a devastating blow by the Chinese virus, is notorious for trying to export its internal problems by instigating, either outblown invasions, or border conflicts. We predicted some weeks ago (on Jan 10thwe predicted the exact date as being between Feb 25 and March 2ond- it happened on Feb 27), that before Greek Easter (April 19) Turkey would instigate a border conflict, or attempt to drill in the Greek Maritime Exclusive Zone. We are reassessing our time frame, as we assume that this action may be delayed, but at any rate come before the month of Ramadan, which starts on Thursday, April 24.

Turkey tested Greek reflexes after its virtual invasion of the Greek borders on February 27thand though it did not achieve its primary target, which was to facilitate the entry of +20.000 illegal migrants (mainly from Afghanistan and Pakistan) in Greece, managed to force the Greek government to accept the re-location of the 40.000 illegal migrants currently residing in Greek islands to the mainland and their dissemination to various locations in the Greek mainland.

Turkeys secondary target is the destabilization of the Greek islands in the Eastern Aegean. Turkey, especially now that it is faced with the Chinese virus pandemic, is certain to put the blame on migrants for the virus and ship them off to Greece, which will probably place them again in the island camps, which in no time will fill up again, leaving the Greek government with the great dilemma of wether to let them stay there and fuel the dissent of the island populations, or move them to the mainland and face the fury of the rest of the population. These migrants, having lived in Turkey, and being subsceptible to ISIS, HAMAS and DAESH influences are an ideal sleeping Turkish weapon, well placed and dispersed in Greek territory, to be used accordingly in the future.

Due to the pressure from key NGO figures, some of which were in very high positions of authority, both in the previous and the present government, and the pressure from Academia, the liberal press, and mainly Germany and E.U. the Greek government has flatly refused to consider the creation of migrant camp in strategically non sensitive sparsely populated areas or islands in Greece, which would solve the problem as well as alleviate public outrage, as well as serious dissent within the ruling party. This situation acts as a political time bomb, which eventually will explode and totally vaporize the current public support for the Greek PM, unless of course Greece decides to tackle the problem and remove all the illegal migrants from both the Greek mainland and East Aegean islands, and completely sever all ties between the NGOs and its migrant problem. Now would be an ideal timing for the Greek government to implement such a measure, as due to the Chinese virus situation, the German led EU is most likely to ignore this development, as it is busy trying to alleviate the humanitarian disaster it is facing from the effects of the pandemia. The recent border warfare in Evros between Greece and Turkey was proof enough that Germany is not prepared to lift a finger in Greeces defense and risk damaging its preferential relations with Turkey.

The third and most important strategic objective of the Turkish State is the cancellation of the 3+1 alliance and the assumption by Turkey of a leading role in the transport and production of energy products in the EastMed region. This already has been set in motion via the Erdogan-Sarage deal, the close cooperation between Hamas and Turkey and the alienation of Greece and Israel which would be accomplished if the Arab MPs manage to control Israeli politics and simultaneously, Greek leftist and internationalist forces manage to resurrect the fading pro-Palestinian doctrine in Greek politics. At a closing thought on Turkey, we are very seriously concerned about the ever increasing proximity of the relations between Turkey and Pakistan, in light of the fact that many Turkish fighter jets are manned by Pakistani pilots but mainly due to the fact that Turkey has expressed its desire to become a nuclear power, a possibility that could come via Pakistan. We are wondering why Greece still elects to permit tens of thousands of Pakistani illegal migrants to remain within its borders and thus subsidize Pakistans economy by pumping millions of euros daily in cash transfers from Greece to Pakistan. Greece is in an ideal position to use their deportation as leverage against any passive or active Pakistani involvement in the EastMed region, even to the extent of cancelling arms sales by Turkey to Pakistan.

It will not be the same world at the end of this pandemic, countries will run heavily into debt, some more, some less, especially those as Greece which have surrendered their fiscal policies to foreign organizations, such as the EU. Countries will be called on to reassess their foreign and domestic policies. Issues, such as outsourcing and de-industrialization will be rethought, as the pandemic showed that globalization cannot serve the peoples of the planet in times of crisis. Critical supplies were not available to citizens, countries such as China, Germany, even Turkey hoard or confiscate supplies and later sell them at exorbitant prices to other countries in need. But mainly, the peoples in all the globe realized that countries in times of crisis need to be partially self-sufficient and maintain strategic supplies of certain materials and raw products. This was a lesson learned, but we really hope is that it will be a lesson remembered.

We sincerely hope that both our Great Nations, America and Greece overcome the Chinese virus with the least damages. It is time for us to forge and cement our Great Alliance, and extend it to countries around us, such as Israel, Cyprus and Egypt and move on with the 3+1 defensive pact which will finally provide stability in the Eastern Mediterranean.

The Chinese Virus taught us that we must forget old preconceptions, the Hamas-engineered attempted invasion of Greek borders shows us that Turkey has forged new alliances in the Eastern Mediterranean, both with its puppet government in Libya, as well as with the terrorist organizations Hamas, DAESH and ISIS from whom it is drawing strategic planning and personnel in its hybrid war against Greece which is far from over.

The ball is now in the Greek governments court, there are steps which we have indicated in the past that must be made, there is no time, and mostly the enemy has been partially revealed.In both attacks against its country, the Greek government has learned that no action equals defeat and traditional greek procrastination and tactics of appeasement lead only to defeat upon defeat.

On this very important date for the Greek People, that of the celebration of the 199thyear since the onset of the Greek revolution against the Ottoman empire, Greece is still fighting for its Independence, this time from other threats, domestic and foreign, from friends and foes.

This is the time for the Washington, Athens, Jerusalem and Nikosia to get even closer, as they are the bastions of Democracy in the Eastern Mediterranean, and this with great haste, as the clouds of conflict are weighing heavily upon the Free World.

Athens, March 24th2020

Jonathan Constantine

Chairman

Hellenic Chapter Republicans Overseas-Abroad

Here is the original post:

Statement of the Hellenic Chapter of Republicans Overseas- Abroad on Greek Independence Day - The National Herald

In his letter, Governor Torres reaffirmed the need for collaboration to ensure additional federal assistance that require congressional approval.

As this government utilizes its limited resources to respond to the global outbreak of the novel coronavirus (Covid-19), it is clear that no other community in the United States is affected by a pandemic of this size and magnitude than the people of the CNMI, Governor Torres said.

To respond to both the public health crisis and the unfolding fiscal and economic crisis facing our people, I have unleashed every resource available to the CNMI government to halt the spread of this disease to our people and mitigate the existential threat the loss of financial resources of this size will have on the necessary and essential services of government.

The CNMI government and the people we serve need immediate assistance from the federal government. Historically, the CNMI and the territories of the United States have been treated separately than the states of our nation in apportioning the benefits of federal programs. This has impacted the viability of our economies and resulted in a system that has leveled us with dramatically unequal outcomes. This systemic inequality can be remedied if Congress can recognize the exceptionality of our hardships in this crisis and act with an equally unique response.

Governor Torres then provided an extensive list of recommendations that require necessary action within the U.S. Congress in order to prevent longstanding effects to the Commonwealth:

Settlement Fund

The largest and most concerning obligation of the CNMI is the obligations outlined in the Settlement Agreement with the United States District Court on the CNMIs pension program. The Settlement Fund that was established as a result of this agreement provides for mandatory minimum payments to the fund to ensure continued benefits for the CNMI governments retirees. This year, the $44 million obligation is the largest single item of the Commonwealths budget.

Efforts have been made to safeguard this payment while allowing flexibility within the CNMIs finances for this trying period. Through the constitutionally authorized Pension Obligation Bond vehicle, the shifting of this judgment obligation to a long-term debt service obligation would provide greater levels of resiliency to manage cyclical downturns in the economy or unexpected shocks to our community in the form of natural disasters or, as we see now, global pandemics.

The CNMI however, cannot at this time, offer the financial markets the security necessary to obtain affordable financing options. This is due to the structural deficiencies of our economy that are inherent in a location the size and nature of ours, and the persistent risks of external threats such as typhoons, tourism volatility, and negative ramifications of federal government actions and policy.

In meeting these obligations, Congress can support the alleviation of this large obligation while allowing the CNMI government the opportunity to undertake additional structural reforms. Congressional action should also seek to allow for a federal guarantee to backstop our efforts to obtain financing to support our retirees. A federal guarantee of CNMI pension obligation bonds may give the market greater confidence in lending the necessary resources to the CNMI government so we may prioritize limited funding to supporting other critical public services.

100% federal match for Medicaid funds

Increasing Medicaid funds is a significant lifeline to the majority of our population and enhances the critical access to healthcare services in response to this health crisis. For the CNMI, however, this is both a health crisis and a financial crisis. Increasing the amount available for CNMI Medicaid beneficiaries creates a larger base for which limited local resources are required to match. Even at a reduced local share, increasing the total amount available, while the necessary measure to take, continues to impact the CNMI governments finances, which should equally be of concern to Congress.

I ask that in addition to increased Medicaid funding to the territories, the territories receive these funds at 0% local match for a duration of time so that the population continues to receive the critical health care services they need while recognizing that the economic collapse we currently experience does not impede that access.

100% federal match for FEMA projects

Eliminating the local share for FEMA programs provided in response to Super Typhoon Yutu and Typhoon Mangkhut are necessary to reduce the financial burden on the Commonwealth government, while allowing for economic activity to continue, employment to grow in the related sectors, and for local funds to be appropriated to critical functions of government.

Increase Capital Improvement Program and Technical Assistance Funds to OIA

Allowing for additional funds to be available in the Department of the Interior, Office of Insular Affairs budget for the territories under the Technical Assistance Program and to the CNMI under the CIP program, is a necessary request to gain critical access to finances that would enable the CNMI to navigate the evolving circumstances posed by the Covid-19 outbreak. Further, I reiterate my previous request to increase the CIP appropriation to adjust for inflation.

During this time of financial hardship, I request that you push for a similar allowance given to the American Samoan government to use the CIP allotment to cover some operational expenses of the CNMI government. We wish to obtain the freedom to work with OIA in utilizing these funds to offset recurring obligations of the Commonwealth government.

Forgive federal student loans for taxpayers in the CNMI

What is at the heart of our financial difficulties is a significantly diminished consumer demand due to the collapse of our tourism industry. To increase overall demand, removing the encumbrances on our populations disposable income is of absolute necessity. Congress should provide an avenue for complete student loan forgiveness for all residents of the CNMI and U.S. Territories who have obtained federal financing for education under 20 U.S.C. 1087(a) et seq.

Provide 100% federal cover-over for the Earned Income Tax Credit

The CNMI needs more external resources to reach the hands of our population in order to mitigate the effects of lost income and wages from the collapse of our tourism industry. Congress should quickly allow for a 100% federal cover-over of Earned Income Tax Credit payments made in the upcoming tax filings so that residents can offset the damage caused to individual finances during this crisis. Anything less than 100% would represent a severe burden to an already over-burdened fiscal scenario and threatens the viability of our governments financial stability and should be avoided.

Ensure refundable and nonrefundable credits created in response provide a cover-over of funds to the CNMI Treasury

As the CNMIs representative to Congress, I am asking for your diligence in ensuring that any credit (refundable or nonrefundable) created in response to the Covid-19 outbreak do not negatively impact the CNMIs finances. As you are aware, as a mirror-code jurisdiction, the CNMI adopts the provisions created within the Internal Revenue Code. If a credit is created to mitigate the economic impacts of this crisis, that credit must contain provisions to provide for a federal cover-over of funds from the U.S. Treasury to the CNMI Treasury. A lack of vigilance in this matter could greatly worsen the CNMIs financial position and impact our ability to provide critical services to our people.

Amend U.S. Public Law 115-218

We must be cognizant of the extent to which this crisis has crippled the CNMI economy. Action should be taken in this opportunity to recognize the economic impact the CW-1 program has on our future economic growth opportunities and amend provisions of the Northern Mariana Islands U.S. Workforce Act that will further impede our economic recovery.

I ask that you include a complete elimination of the requirement for CW-1 employees to return to their country of origin for a 30-day period prior to submitting a renewal petition for the third renewal period. This loss of a quarter of our workforce during this period will result in a tremendous reduction in productivity and revenue for employers and will most certainly lead to even greater business closures in the months ahead.

Further, we must recognize the need to eliminate the prohibition on construction workers under the CW-1 program in its entirety as we will require access to construction trades to undertake development and redevelopment projects to rebuild sectors of our economy that were not impacted by Super Typhoon Yutu, but have been impacted by this outbreak.

Additionally, we must recognize the significance of this downturn in the business cycle and allow for the prevailing wage determination to be eliminated for this fiscal year so that businesses can make the necessary personnel adjustments within the private sector to keep the current level of employment steady. Already, due to the effects of this outbreak, unemployment has surged as businesses are forced to close their doors in an effort to halt the spread of this disease. Increasing the cost of labor at this timeframe will destroy opportunities for employees throughout our labor force and result in further delays in our recovery.

Increase federal funding opportunities for the Public School System

The CNMI governments revenues do not provide the adequate levels of funding to support our Public School System. Even after providing 25% of their constitutionally mandated share of general revenues, the current economic conditions are not producing sufficient financial resources to ensure adequate funding for our students. There is no way around this fact.

I ask that we do all we can to increase the amount of funding available to our PSS and provide for greater flexibility in the use of these funds so that our school administrators have the resources to provide the best for our students during these difficult times.

Provide Expediency to the Community Development Block Grants for Disaster Recovery

The CNMI must make every effort to push forward with available federal resources to increase economic activity and stimulate employment within our islands. The CDBG-DR program provides these resources, however, states across the nation have recognized the obstacles created by federal law that slow the release of these funds. To provide expediency for the release of this programs benefits, I request that Congress do the following:

Remove the restriction on the use of these funds for purposes tied directly to covered disasters so these resources can be mobilized in support of recovery from this most recent disaster

Waive NEPA compliance requirements for activities funded by this program

Reduce the standard requirements for Citizen Participation related to the Action Plan

Governor Torres closed his letter with a renewed call for teamwork and collaboration for the greater good of the CNMI during this public health and global economic crisis

This is a disaster of unprecedented proportions for the CNMI. As such, the needs of the community are constantly evolving. Above all, I ask for your cooperation in continuing productive dialogue as it relates to the needs of our people and this government. This administration is doing its utmost to avert a greater disaster if we do not adequately respond to the multitude of issues presenting themselves today.

Theres too much at stake for our people and our islands. However, I am confident that if I can get your support to push these necessary measures in Congress, we will be better positioned to help every individual and family in the Marianas get through these tough and unprecedented times.

Read more:

Governor calls for stronger collaboration with Kilili - Marianas Variety

The boredom clearly seems to be sketched on the faces while you struggle to work from home, adapting to the new norm of social distancing. As looking through the balconies to find the deserted alleys remains the only interaction with the outside world, the eerie stillness envelops the hearts. The ports being sealed, the flights cancelled, and the borders closed, it looks like the world no longer remains a global village. As the distance between the nations, cities and even the people appear to be stretching, the cravings for humdrum and commotion that once we grumbled about have heightened.

The life seems to be caged in shackles, and the hazy vision amidst the deadly Covid-19 scenario restricts our every endeavour. Whilst the health professionals and drug researcher together battle against the medical emergency, the economists brace themselves for Tsunami as the waves of market downfall crashes upon the nations. The world economy stands to be at terrible risk at the current time when the blue-collar workers dust-off their hands, industries shutters their din and people garner a single-centric conservative focus.

Looking at the detrimental epidemic cascading ghastly upon the global economic scenario, the governments, along with the world agencies, are taking up various measures to release the abducted freedom of the world. IMF managing director Kristalina Georgieva highlighting the immeasurable human cost and negative growth outlook for 2020 forecasted recession of the scale similar to the previous global financial crisis.

With the cases exceeding to over 0.37 million worldwide on 24 March, the S&P ASX 200 fell by around 1,948 points or 29.1% on a YTD basis. While IMF plans to disburse 50 million USD to emerging and low-income markets, many governments announced a fiscal package to support the people in the hours of need. The Australian Government has released three stimulus packages all directed to ensure that economy sails smoothly amidst the brimming storm. The central banks across the different countries through liberalising the fiscal policies have joined the bandwagon to prevent the economic fortress from falling.

Source: ASX

Despite the world together embarking on the quivering journey against the epidemic, the uncertainty yet clouds our very minds. While the duration of the pandemic still remains an enigma, the growing dilemma amidst such incoherent situation demands calculated investment moves. Even the experts seem to be divided on their notions regarding the future state of affairs in the stocks market. A few optimistically expects the bounce-back, some fears the long-term economic upheavals and many specialists provides investment suggestions.

Considering the relevance of the sound knowledge in the stock market, let us see what the experts have to say about the future market prospects

A gleaming hope for future

Head of the portfolio strategy at Evercore ISI, Dennis DeBusschere chose to highlight on the buying opportunities in the stock market at lower prices amidst the outbreak generated uncertainty. He stressed on the short-term volatility of the market and suggested to include stocks with strong fundamentals.

The Global Investment Strategist at ProShares, Simeon Hyman citing uncertainty to be the significant reason of volatility highlighted that while investors are not aware of the ultimate impact of Covid-19, the history provides positive hope that the tough time would pass and the market would recover.

In the last two months, the stocks have shown a sinusoidal pattern that rekindles optimism amongst the investors. On 25 March 2020, the shares rallied as S&P/ASX 200 rose by 262.4 points. The uptrend movement in stocks resonates with the statement of Bahnsen Groups CIO, David Bahnsen, who a few days back highlighted the utter silliness of the investors trying to time the market entry and exit.

Or maybe a depressive year ahead?

While many experts refrained from abandoning positive prospects in the current bear market, Vicky Redwood, who works as a Senior Economic Advisor at Capital Economics highlighted the vulnerability of the complex and extended supply chain. He cited coronavirus as one of the factors that would propel decoupling between China and the West, thereby accentuating the de-globalisation process.

The Treasury Secretary Steven Mnuchin warned that coronavirus could lead to around 20% unemployment in the U.S, double than 2008 financial crisis signifying terrible economic worries.

Experts Suggestions

For the investors with high-risk appetite, Amit Jain, CEO & Co-Founder, Ashika Wealth Advisors suggested opting for the mid-caps while the others can invest in mid-caps through mutual funds.

While the confusions hovered over the stock market, the experts provided critical opinions to protect the investors. Stefan Iris said that although people were in a wavering situation that may continue for weeks or months, the investors should stay-put and avoid cashing out of their stock market position.

See the article here:

Will the market stabilise in the second half of 2020, what experts say? - Kalkine Media