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Daily Archives: April 9, 2020
Bankruptcy lawyers expect and increase of filings – KFYR-TV
Posted: April 9, 2020 at 6:47 pm
BISMARCK, N.D. - The impacts of the pandemic have forced many into financial hardship.
Because of this, lawyers say they're getting ready for an influx of clients.
Local lawyers say their expertise and experience could save you time and frustration during an already volatile situation.
The novel coronavirus has brought with it unemployment, medical expenses and overextended credit: three factors common among people considering filing for bankruptcy.
Lawyers say many people might be turning to them for solutions in the near future.
"I am probably expecting an increase and a lot more calls about bankruptcy. A lot of people just calling for information to see whether bankruptcy is a possibility for them," said Attorney Chad Anderson of Chad Anderson Law Firm in Bismarck.
Anderson says lawyers can help people navigate through alternatives to bankruptcy or help choose which type of bankruptcy to file.
He says they can guide you on a path toward healthy credit after the process is complete.
While there's no immediate spike in local bankruptcy filings, data firm BankruptcyData reports about 200 more cases of Chapter 11 filings through March of this year than in 2019.
The federal stimulus package is also geared toward an uptick of bankruptcies by offering relief to those who file.
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Afraid to buy into this market? A key 2008 financial-crisis moment isn’t reassuring – CNBC
Posted: at 6:46 pm
For many investors, the financial crisis of 2008 and the economic shutdown caused by the coronavirus are the only two bear markets they have experienced in their lives. Where are we now compared to 2008? Here is one way to look at that question and try to help understand why, even as the S&P 500 and Dow Jones Industrial Average have surged back with gains equal to a new bull market since the March 23 low, many investors remain skeptical. The S&P and Dow were up double-digits, percentage-wise, this week alone.
About one month ago was a day that some refer to as Black Thursday, after President Donald Trump announced the Europe travel ban, the NBA suspended its season, and Tom Hanks and his wife Rita Wilson became the most famous Americans to say they had contracted COVID-19.
A look back at how stocks performed after the market had about a month to digest the Lehman Brothers bankruptcy in 2008 shows one reason for short-term hesitation to jump back in related to financial crisis experience.
With a start date of Oct. 14, 2008, roughly four trading weeks after Lehman, the S&P 500, its sectors, and the Dow Jones Industrial Average, all performed poorly in the following one-month and three-month periods, according to a CNBC analysis of data from Kensho. The S&P 500 was down more than 14% in these one-month and three months, while the Dow dropped by 11%, according to a CNBC analysis of trading data from Kensho.
Utilities was the top performer, down 4% in the one-month period and the only sector higher over three months, with a 2% gain.Materials, the best performing sector this week, up nearly 20% and on pace for its best week ever, dating back to 1989, were second-worst among S&P sectors, ahead only of financials, in the months after the Lehman bankruptcy.
Stocks just had their best week since 1974, even with Thursday's jobless claims bringing the three-week unemployment toll to 16 million Americans. The recovery since the March low has been the fastest in history. In no previous period, including 2008, did "stocks manage to claw back as much of the losses as quickly as they've done this time," wrote the Sentimental Trader in a post this week.
The Federal Reservehelped again on Thursday, announcing as slew of programs, including loans geared towards small and medium sized businesses, that will total up to$2.3 trillion. The central bank also gave more details on its plans to buy investment-grade and junk bonds.
But signs of a recession are everywhere: One Bloomberg tracker put the odds at 100%. Meanwhile, a measure of decline in electricity usage shows a picture that makes the Great Recession look healthy.
The COVID-19 models have improved in their outlook. Former FDA Commissioner Scott Gottlieb noted on Thursday that the models used by the federal government are showing better signs for the scope and length of the epidemic, as well as far fewer deaths than a worst-case scenario.
There are a variety of professional investors who are buying back in for a variety of reasons: short-sellers squeezed by the sharp reversal and forced to cover positions, funds managers who can't afford to miss out on gains or risk falling far behind the indexes."This is trader and professional money driving this market," Scott Wren, a managing director at the Wells Fargo Investment Institute, told the New York Times.
While some say mom-and-pop investors are sitting out this comeback, Vanguard Group, the investing giant synonymous with retail investors and financial advisors, took in $47 billion in equity ETF flows in the first quarter, according to Bloomberg, suggesting many were never scared off, even as the market tanked.
Mark Cuban remains cautious and is raising cash. Howard Marks, co-founder of Oaktree Capital, says stocks are cheap and buying opportunities abound, but he still expects another leg down in the market.
Single points in market history are not statistically significant indicators of future performance. And there are scant data points to use. For the dot-com bubble bursting, there was no single "inciting" event that makes for an easy comparison point. And after 9/11, the markets were closed for a number of days right after the attack.
There are other reasons to be cautious to read too much into a single crisis trading period. Financials were down more than 40% in the three-month period referenced here related to the Lehman bankruptcy, and for obvious reasons that are not likely to be repeated.
Another important point: The financial crisis and Lehman bankruptcy occurred right near a presidential election, according to Nicholas Colas, co-founder of DataTrek Research, who has been studying the relationship between 2008 and today for trading intelligence.
"There was a U.S. general election on Nov. 4 [2008], which is smack in the middle of this time series. The S&P 500 dropped 5% in each of the next two days after, because it was clear that we had to wait months for fiscal stimulus since D.C. had no mandate. That's really what made the November lows. And why the ultimate low was in March 2009."
While Republicans and Democrats were sparring over another round of stimulus this week, "that's the big difference: D.C. owns the current crisis and has therefore responded much more quickly," Colas said.
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Cannabis Countdown: Top 10 Marijuana And Psychedelic Stock News Stories Of The Week – Yahoo Finance
Posted: at 6:44 pm
Welcome to theCannabis Countdown. In this weeks rendition, well recap and countdown the top 10 Marijuana and Psychedelic Stock News stories for the week of March 30th April 5th, 2020.
Without further ado,lets get started.
*Yahoo Finance readers, please click here to view full article.
10. COVID-19 Forces Analysts to Reassess, 8 Pot Stocks with Recent Ratings and Price Target Updates
The COVID-19 Pandemic Has Changed the Game for Nearly Every Cannabis Company
In response to theCoronavirus, many analysts have updated their research on individualPot Stocksto factor in the virus impact. Heres a recap of the recent analyst activity including updated ratings and price targets.
READ FULL ANALYSTS UPDATES ARTICLE
9. Aurora Cannabis is a Piece of Crap, This Fund Manager Says
There Are Many Bargains Out There Right Now But Aurora Isnt One of Them, Says Brian Acker of Acker Finlay
Acker appeared (from home) on BNN Bloombergs Market Call program recently and fielded a call on onetime market darlingAurora Cannabis(NYSE: ACB). His answer to whether or not the beaten-down stock was a buy was a resounding no.
READ FULL AURORA CANNABIS ARTICLE
8. MindMed Acquires Exclusive License to Eight Clinical Trials of LSD
MindMed Partners with World-Leading Psychedelic Research Laboratory at University Hospital Basel
The multi-year deal givesMindMed (OTC: MMEDF)access to largest collection of clinical trials & knowhow for LSD psychedelic research including a Phase 2 clinical trial ofLSDfor the treatment of anxiety.
READ FULL MINDMED ARTICLE
7. NYSE Aims to Boot CannTrust After Concluding Cannabis Producer No Longer Suitable for Listing
NYSE Said it Reached its Decision After the CannTrust Obtained a Creditor Protection Order from the Ontario Superior Court of Justice
TheNew York Stock Exchanges (NYSE)regulatory enforcement arm has initiated the delisting process forCannTrust Holdings (NYSE: CTST)after concluding the Canadianlicensed producer (LP)is no longer suitable for listing.
READ FULL CANNTRUST ARTICLE
6. Pot Stocks Plunge After Another Round of Disappointing Earnings
Hexo Drops Over 20% After Large Write-Downs, Medipharm Notes Oversupply of Bulk Cannabis Hurt Prices
HEXO Corp. (NYSE: HEXO)ledCannabis Stocksdown this week after the company reportedEarningsthat were hit by huge write-downs.MediPharm Labs (OTCQX: MEDIF) fell as well after the company reported net income of $1.9 million versus a net loss of $3.5 million a year ago.Cronos Group (NASDAQ: CRON)also reported earnings this week.
READ FULL CANNABIS EARNINGS ARTICLE
5. Cronos Group Will Emerge from this Crisis, Raymond James Says
Raymond James analyst Rahul Sarugaser Reviewed Q4 Earnings from Canadian LP Cronos Group
In the analysts update to clients onCronos Group (NASDAQ: CRON), Sarugaser said the ho-hum earnings coupled with a hitch in the companys U.S. business are enough to trigger a target reduction, but that the stock is still looking attractive at these prices.
READ FULL CRONOS GROUP ARTICLE
4. Champignon Brands Bolsters Special Advisory Committee + SHRM Technical Breakout Chart Update
Champignon Brands Appoints Jay Kheita to the Companys Special Advisory Committee
Champignon Brands (OTC: SHRMF)announced that it appointed another essential member to its Special Advisory Committee. Mr. Kheita is a founder of AltMed Capital Corp, a leading CanadianPsychedelicmedicine clinic operator. Sincelast weeks technical breakout alert, shares ofSHRMhave surged as much as 77%.
READ FULL CHAMPIGNON BRANDS ARTICLE
3. Hollister Biosciences Closes Transformational Venom Extracts Acquisition, Psychedelics Deal Up Next
The Highly Accretive Acquisition Strengthens Hollisters Brand Portfolio While Expanding its Footprint Across Multiple States
Venom Extracts brings with it 2019 EBITDA of $2.5 million on revenue of $16.4 million, puttingHollister Biosciences(OTC: HSTRF)on the fast track to becoming a cannabis industry leader in 2020. In addition to becoming a leader in the cannabis sector, Hollister is diversifying into the highly promising world ofPsychedelics.
Story continues
READ FULL HOLLISTER ARTICLE
2. FDA Grants GW Pharma Priority Review for Cannabidiol Drug in Seizure Condition
This Status is Usually Granted to Therapeutics That Have the Potential to Treat an Illness That Doesnt Have an Existing Therapy
A drug fromGW Pharmaceuticals (NASDAQ: GWPH)targeting a cause of genetic epilepsy has received Priority Review status from the U.S. Food and Drug Administration.
READ FULL GW PHARMA ARTICLE
1. These 2 Companies Could Be Turning LSD, Magic Mushrooms, Ketamine and MDMA into the Next Blockbuster Drugs
Investors Who Missed the Last Bull Market in Weed Stocks or Got in Too Late Should Start Researching the Shroom Boom Immediately
Early cannabis investors and business minds are positioning themselves in the world of Psychedelic Medicine as the flow of smart money hits the market.Canopy Growth (NYSE: CGC)founderBruce Lintonand Billionaire Mr. WonderfulKevin OLearyfrom Shark Tank, are going all-in on what they think is a much bigger opportunity than the cannabis boom.
READ FULL SHROOM BOOM ARTICLE
Image byStephen VanHovefromPixabay
See more from Benzinga
2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Psychedelic mushrooms could affect the brain long after its active ingredient leaves the system – The Next Web
Posted: at 6:44 pm
New research shows that the active ingredient in hallucinogenic mushrooms, called psilocybin, could affect the brain long after it has left the users system.
To date, most studies of this type focused on the acute effects of psilocybin or how the brain functioned while under the influence of the drug. In this study, published in the journal Scientific Reports, researchers instead looked at the enduring effects of the drug.
According to Fredrick S. Barrett, an assistant professor at Johns Hopkins University School of Medicine, and one of the authors of the study:
Nearly all psychedelic imaging studies have been conducted during acute effects of psychedelic drugs. While acute effects of psychedelics on the brain are of course incredibly interesting, the enduring effects of psychedelic drugs on brain function have great untapped value in helping us to understand more about the brain, affect, and the treatment of psychiatric disorders
In the latest study, 12 volunteers received a single high dose of psilocybin, each undergoing tests the day before, one week later, and one month after administration. Volunteers were tasked with completing three different assessments meant to quantify their processing of emotional information (through facial cues, mostly) while researchers monitored and recorded brain activity using an MRI.
Its a small sample, and relied on a lot of self-reporting, but respondents claimed emotional distress was reduced in the week following psilocybin administration. It returned to baseline levels one month later.
Barrett and his team also observed a decrease in amygdala response to emotional information for one week after administration, though this to returned to baseline in the next test, one month later.
A single high dose of psilocybin, administered to properly screened individuals in a carefully controlled setting can have lasting positive effects on emotional functioning in healthy individuals, Barrett told PsyPost. These effects were reflected in transient changes in the function of brain regions that support emotional processing.
Psychedelics like psilocybin and DMT have long been a captivating subject for researchers. Earlier studies have shown promise in using psychedelic drugs to treat everything from posttraumatic stress disorder (PTSD) to depression andanxiety.
Whether Barretts study brings us a step closer to a natural solution to common mental health maladies remains to be seen, but if hes looking for subjects for a larger study I may know some people.
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Briefs filed in case over whether NM will move to vote-by-mail primaries during coronavirus emergency – New Mexico Political Report
Posted: at 6:43 pm
Parties involved in the dispute over a petition asking the state Supreme Court to allow election administrators to conduct this Junes elections by primarily mail-in voting filed their responses ahead of next weeks oral arguments. The Supreme Court had set Wednesday as the deadline for the briefs.
At its heart, the state Supreme Court must decide whether it is practicable for the state Legislature to meet to make changes to the states election code in the midst of the COVID-19 pandemic and, if not, whether the court could legally order an all-mail election under the circumstances.
Many states have delayed their primaries because of the pandemic. And after the state and federal Supreme Courts denied attempts to ease absentee voting rules in Wisconsin, critics called the elections disturbing and a travesty after in-person voting continued.
Last month, 27 county clerks and the Secretary of State filed the emergency petition to the state high court asking for the order for mail-in elections. Republican legislators and the state party quickly opposed the petition and sought a Supreme Court hearing.
On Wednesday, an attorney for Gov. Michelle Lujan Grisham said in a court filing that the state Supreme Court should order changes to how elections are conducted otherwise, with the specter of the COVID-19 pandemic looming over a June primary, New Mexicans may well be forced to choose between jeopardizing their health (and the health of their communities) or exercising the right to vote.
The Secretary of States office said in its filing that Secretary Maggie Toulouse Oliver is not legally able to unilaterally make a change to mail-in elections, and argued the state Supreme Court must make the change under the extreme circumstances.
The Republican Party of New Mexico has argued that absentee ballots are more secure and would allow voters to cast ballots without being in-person. And they argued that having an in-person voting option should also be considered.
Republican party chairman Steve Pearce told the Santa Fe New Mexican, Well, if you have bothered to go the Walmart or the supermarket during these times, I suspect that the crowd there is just as dense as it would be at any single polling place.
The Democratic Party of New Mexico argued that portions of the election code already allow for mail-in elections and that the court could cut and paste from that portion of the election code in its ruling. That section of the election code allows for local special elections with no candidates on the ballot, such as bond elections, to be conducted through primarily mail-in means.
The Republican Party had argued that such an election for Albuquerque Public Schools resulted in thousands of ballots returned as undeliverable and said there could have been fraud in that case. DPNM called the talk of voter fraud speculative and unsubstantiated.
The Democratic Party, citing President Donald Trumps statements on the Fox News program Fox & Friends, said Republicans opposed widespread mail-in elections for partisan advantage.
The Libertarian Party of New Mexico, the third major party in the state, said they believe the Legislature must meet to change the law and argued that legislators could be in Santa Fe and meet by electronic means from their own offices, which would fulfill the constitutional phrase of meeting in the seat of government.
The Libertarian Party also said that, if necessary, all legislators could be outfitted with a full isolation suit.
Daniel Ivey-Soto, an attorney for the County Clerks and a state senator, quoted Eddy County Clerk Robin Van Natta, from an election seminar for county clerks and other elections personnel conducted by teleconference this week, in a supplemental brief filed on Wednesday.
What keeps me up at night more than anything else is the safety of my staff, my poll workers, and the voters. I cant in good conscience ask people to show up to work the election and then me being responsible for someone getting this and they die.
The Legislative Council, an interim committee that includes legislative leadership from both chambers and is in proportion to legislative partisan makeup, responded to whether the Legislature could make changes to the Election Code during a special or extraordinary legislative session. The council addressed whether such a session could be done remotely to avoid the need to gather so many legislators in one location during the public health emergency in which the governor banned gatherings of more than five people in nearly all cases.
The council did not take a specific stance on any change, but highlighted potential hiccups, including that for any potential change in law to go into effect it would need to have an emergency clause attached, which would require a two-thirds majority.
The legislative council also says that rules of both chambers currently require the physical presence of legislators, with rules in each chamber using the word present many times. To change these rules it would require a two-thirds vote in each chamber or for the House Rules and Order of Business Committee and Senate Rules Committee to first meet and recommend changes; this would allow the chambers to pass rule changes by a simple majority.
A special session would require the governor to call the Legislature into session, while an extraordinary session would require three-fifths members of each chamber to sign onto a petition to call themselves into a session.
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Canary in the Bioweapon Coal Mine: The lessons of Covid 19 pandemic – Economic Times
Posted: at 6:42 pm
By Prakash Chandra
In recorded history, theres never been a worse time to catch a cold, as Covid-19 devastates populations and economies. Efforts to arrest the outbreak are hamstrung by the absence of definitive diagnostic tools as clinical symptoms like high fever, aches, and dry cough could also indicate other illnesses.
Pandemics usually occur every 20-30 years, the time it takes for a flu strain to change its genetic makeup so dramatically that people -- with little immunity built up from earlier bouts of flu -- would be most vulnerable. After the 1968 Hong Kong flu epidemic and the H5N1 bird flu in 1997, the last major outbreak was the Severe Acute Respiratory Syndrome (Sars) -- whose causative germ shares more than 80% of its genome with Covid-19 -- in 2003.
So Covid-19 ties in with this strange timeline. That scientists managed to shut out the coronaviruses behind Sars and the 2012 Middle East Respiratory Syndrome (Mers) gives hope, although Covid-19 is much more infectious than either.
So, could this lethal microbe be a bioweapon? Some contend it is an experimental germ that accidently escaped from a Chinese lab. The Chinese, in any case, owe a big apology to the world for having kept a dark secret like Covid-19 for too long, making it too late for other nations to batten down their hatches. Others argue it is the handiwork of the worlds most powerful military, which used the planets most populated country as proving grounds for a new bioweapon.
Military experts, however, dismiss these concerns as conspiracy theories or propaganda in the absence of incontrovertible evidence. But one thing is certain: this is a grim reminder of the threat of weaponised pathogens and the pressing need to revise the 1975 Biological Weapons Convention (BWC).
BWC was written to outlaw biological weapons and prohibited the production or stockpiling of biological agents that have no justification for prophylactic, protective or other peaceful purposes. Ironically, militaries do not consider lab-created pandemic pathogens as good bioweapons, as their high transmissibility would also cripple the attackers.
BWC has failed the world on two counts. One is the absence of a monitoring mechanism and its dependence on signatory states having their own legal biosecurity safeguards. Voluntary adherence never works for international agreements, and BWC is no exception.
BWCs other omission is its silence on regulating academic research on
Many believe the odds of lab-created pathogens being accidentally released triggering a pandemic are actually higher than that of a natural pandemic. The double jeopardy here is that researchers who produce potentially pandemic pathogens seldom give the bioweaponry risk of their work top priority, and BWC cannot monitor the dual-use nature of such data to assess their public health benefits.
No wonder countries like the US, China and Russia have exploited this loophole to run their bioweapons programmes, often in the guise of civilian biotech research. There have been at least 15 reported instances in the last 40 years when germ warfare was actually used, and ten accidental releases of pathogens from biosafety level four (BSL)4 labs the highest level of biosecurity controls in the last 30 years.
In that sense, Covid 19 is the canary in the coal mine, warning humanity against trying to harness the destructive power of pathogens whose lethal nature is simply the consequence of their evolution. It is only when we mess with their natural design to fashion weapons that horrors visit the world.
Having let the germ war genie out of the bottle, none of the big powers can now disown responsibility. The least they can do is sit together and revise BWC, or write a new disarmament treaty with a global mechanism for verifying and ensuring strict compliance, including sanctions against violators.
Exemplifying the current chaos, the US Justice Department, last month, acknowledged Covid-19s potential for being weaponised and warned of action against anyone attempting it. There is even a private $20 trillion lawsuit in the US against China for allegedly releasing Covid-19 as part of a bioweapons project. Undoubtedly, a strong BWC is the need of the hour.
With a BWC review scheduled for next year, India has excellent credentials for steering the discussions on framing a new convention. Having never pursued an active bioweapons programme, Indias biodefence effort, which began in the early-1970s, is transparent and supported by its remarkable biotech infrastructure.
The time has come for a new world order that eschews bioweapons, where countries develop protective equipment, vaccines and pharmaceuticals all within the legal landscape of a robust global treaty that effectively addresses biosecurity concerns.
DISCLAIMER : Views expressed above are the author's own.
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Dr. Marvel of Medicine to the rescue – Pike County News Watchman
Posted: at 6:42 pm
ZZZWAP! Take that COVID-19. Dr. Marvel of Medicine, Amy Acton, is front and center in the fight against the coronavirus in Ohio. Her cape, a white lab coat, represents her mission to conquer the mayhem of planet pandemic. Committed. Calm. Composed.
"I have the honor of wearing this white coat, which I know has become a little bit iconic. But it became very clear to me that I'm wearing a symbol of all my friends and colleagues and your family members who are out on the front lines," Acton said at a recent press conference in Columbus, Ohio. "I'm thinking about you a lot more than I can express because I've spent many years on the front lines and sometimes feel frustrated that I can't just come in there and work alongside of you in doing this bigger picture planning. But this white coat represents all of you.
Even with my back against the wall I dont give up! This quote by Captain Marvel (female superhero) sounds a lot like what Dr. Acton would assert.
Marvels superhero action sci-fi, set in the mid-1990s, follows the story of Carol Danvers (Brie Larson), a former U.S. Air Force fighter pilot, as she turns into a galaxy hero and joins Starforce, an elite Kree military team, before returning home with new questions about her past and identity when the Earth is caught in the center of an intergalactic conflict between two alien races.
Dr. Marvel of Medicine, an avenger to the virus villain, uses her knowledge, words, and experience to educate Ohioans. THWAPP! Take that COVID-19.
Amy Acton, M.D., MPH was appointed director of health for the Ohio Department of Health by Governor Mike DeWine in February 2019 the first woman to hold the position of Director of Ohio's Public Health Department. Go Amy! A licensed physician in preventive medicine with a Masters Degree in Public Health, Dr. Acton has more than 30 years of experience in medical practice, government and community service, healthcare policy and advocacy, academic and nonprofit administration, consulting, teaching, and data analysis.
Posts on Twitter, Reddit, and Instagram speak to her leadership. The Dr. Amy Acton Fan Club Facebook group has mucho members. Shes a modern fan-fave.
Kudos to Dr. Marvel of Medicine and Governor Mighty Mike the dynamic duo fighting germ warfare and keeping Ohioans safe.
Fear is not a choice. What you do with it is. Captain Marvel
Melissa Martin, Ph.D., is an author, columnist, educator, and therapist. She lives in Southern Ohio. Contact her at melissamcolumnist@gmail.com
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Plagues and wars alter economic policies: but not for ever – The Guardian
Posted: at 6:42 pm
As a classical scholar, our prime minister will be all too aware of some uncanny parallels between the onset of coronavirus and the plague that beset Athens in 430BC.
The immortal historian Thucydides wrote: At the beginning the doctors were quite incapable of treating the disease because of their ignorance of the right methods In fact, mortality among the doctors was the highest of all since they came more frequently in contact with the sick.
Again: Among the symptoms were sneezing and hoarseness of voice, and before long the pain settled on the chest and was accompanied by coughing.
Sound familiar? The plague struck just after the Athenians leader, Pericles, delivered his great funeral oration over the dead from the war against Sparta. Alas, Pericles himself died of the plague, and not long after Athenss glory was in decline.
Most historians would no doubt say that Britains glory days began their decline after the second world war. But one of the lessons from that war was that, well before it ended, the coalition government under Conservative prime minister Winston Churchill and Labour deputy prime minister Clement Attlee was planning for the aftermath.
One of the main things on Attlees mind was that the poor social conditions of the interwar years should not be experienced again. Central to postwar planning was the formation of the NHS under the first Attlee administration of 1945-50, which was set up, amid fierce resistance from the medical profession, by Aneurin Bevan in 1948.
There was no NHS in ancient Athens, and there is no NHS in the United States. To put it another way: we have a health service, they have a health sector. That is an important reason why, for all the well-publicised mishandling of this crisis in the UK, the US, still the mightiest economy in the world, seems to be in for an even bigger shock from the virus than we are experiencing.
At this point as one who was born a year before the outbreak of the 1939-45 war I hope readers will forgive me if I point to an important difference in the dangers to the general public between then and now. Thus I confess that my initial inclination when asked what I felt personally about the virus as opposed to thoughts about the disturbing political and economic implications was to say something like: This is nothing like watching flying bombs overhead, listening as their engines switched off, and hoping they didnt land on you. In fact one did land on the church at the end of our road and shattered our windows while we were safe in the Anderson shelter in the garden.
The end of capitalism? I doubt it. The Tories suddenly becoming fully paid-up Keynesians? For how long, I wonder
The awful thing about this plague is that it is more like the Athenian one 2,500 years ago or the Spanish flu of 1918. It doesnt fly in or explode, it just hits people unawares that is to say, we are aware of the danger, but dont know if or when it will hit. A timely reminder of the horrors of germ warfare.
In common with most of the population, I feel as if I am under house arrest. But when I hear and read so many comments about draconian conditions, my classical background comes back to me. There is a breed of historians who say that the common understanding of the epithet draconian is a misrepresentation, and that Draco wasnt that bad: he merely codified existing civic practices.
On the other hand, lets face it: in ancient Athens, Draco prescribed the death penalty for petty theft even of cabbages, if you please. According to Plutarch, this produced the memorable comment that his laws were written not in ink but in blood.
So frankly, in the circumstances, I do not regard being asked to take precautions about the threat to my own and other peoples health indeed, lives as draconian.
But back to the economy. The unemployment and bankruptcy news is horrendous, and likely to get worse before it gets better.
There will be plenty of time in the coming months to examine the implications. But at this stage I should just issue a health warning (sorry) against taking some of the instant conclusions too seriously. The end of capitalism? I doubt it. The Conservative and Brexit party suddenly repenting of 10 years of austerity and becoming fully paid-up Keynesians? For how long, I wonder.
Finally, why are we in this mess? Could it possibly be anything to do with the fact that during 10 years of austerity, public spending on health was budgeted to rise by 1% a year at most (in real terms that is, after inflation) whereas all the professionals knew that it needed to rise by 4% a year merely to cope with the pressures of an ageing population and, especially, the cost of technological advance?
And could it also possibly be because this governments crazed obsession with Brexit means that it shut itself out of the joint ordering of vital medical supplies with the 27 members of the European Union? I merely ask.
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Plagues and wars alter economic policies: but not for ever - The Guardian
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Genius or Insane? How Imperial Japan Wanted to Build Underwater Aircraft Carriers – The National Interest
Posted: at 6:42 pm
Key point:Underwater carriers would have been impractical had they ever come to fruition. Like Nazi Germany's many wonder weapons, a lot of these plans were too little, too late.
As soon as Colonel James Doolittles B-25 raid struck Japan in April 1942, Japan sought to wreak revenge on the United States, but by 1944 devastating aerial bombings on Japan by the Americans had become all too regular.
It was not until early 1945 that the Imperial Japanese Navy (IJN) was ready to strike America even further than it already had on December 7, 1941. After considering, then ruling out San Francisco, San Diego, New York City, and Washington, D.C. as targets, the IJN chiefs settled on Americas vital Panama Canal. The plan to disable the canalthrough which the United States was funneling military resources from the Atlantic to the Pacific without the long voyage around the southern tip of South Americahad been the brainchild of Admiral Isoroku Yamamoto, the architect of Japans attack on Pearl Harbor.
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The plans called for an aerial bombing by specially designed attack planes launched from surfaced submarines. Those submarines, the Sensuika, or I-400 Series, would be the largest submarines the world would see for decades to come. Loosely translated as Secret Attack Submarine, Sensuikan was shortened to Sen Toku.
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In mid-1942, Yamamoto foresaw two things: how susceptible Japan would become to American aerial bombing and how Japan could reciprocate against American soil. From that he envisioned 18 huge submarinesbasically underwater aircraft carriersthat could ferry attack bombers to their targets. Although Yamamotos plan envisioned two planes per submarine to attack Americas shoreline cities, in actuality each I-400 was designed to ferry three Aichi M6A Seiran Mountain Haze planes.
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Construction on the Sen Toku behemoths began on April 25, 1943, one week after Yamamoto was shot down and killed by American P-38s over Bougainville in the Solomons. But with Yamamotos death and the fortunes of war turning against Japan, there was nobody to champion Yamamotos dream.
Delays plagued the project from the beginning. The I-400 prototype, built at Hiroshima Bays Kure Navy Yard, was not commissioned until December 30, 1944, while both the I-401 and I-402 were laid down shortly thereafter at the Sasebo Navy Yard Docks at Nagasaki. Further, the naval construction facilities at Kure and Sasebo were often targeted by American planes but the damage was insignificant; the American bomber pilots had no knowledge of the giant submarines being built beneath them.
On January 8, 1945, the I-401 was commissioned and, six months later, on July 24, 1945, came the I-402. Once completed and out to sea, these vessels would become Submarine Division One.
Of the planned 18 submarines, however, only three would be completed: the I-400, I-401, and I-402; numbers I-404 and I-405 were still under construction when the war ended in August 1945. The remaining proposed fleet of the I-Series403 and 406-417was scrapped before construction could begin. In their place came two new submarinesthe I-13 and I-14that were smaller but still held the same design aspirations.
The Sen Toku were beyond comprehension of any navy but that of Japan; they were 60 percent larger than any submarine America would put forth until the nuclear submarine age. The most important part of the I-400s were the planes they sequestered within their watertight forward hangars. Japan had long mastered the art of flying piggy-backed scouting planes off of their surfaced subs.
The sea beast I-400 series measured 400 feet long with a beam of 39 feet and a draft of 23 feet. It was a double-hull configuration that the Soviets would replicate 30 years later. It operated on four diesel engines of 7,700 horsepower with two electric motors as back up. The subs surface tonnage was 5,223 tons; when submerged, it weighed 6,560 tons.
Prior to their deployment, the I-400s had retractable snorkels fitted. When they were submerged for extensive periods, fresh air could be taken in while poisonous diesel exhaust fumes would be expelled. The sea-roaming range was a staggering 37,500 miles without refueling. Their fastest surface speed just topped 18 knots; submerged, the speed was reduced to 6.5 knots. The deepest they could safely dive was 330 feet.
The crew, which numbered from 140 to 220 sailors per sub, had the extravagant luxury of a walk-in freezer for storing their on-board rations. Still, potable water was limited to mealtime servings only, and latrine service was less accommodating, with just one head per boat available.
The I-400s were well armed. From their eight forward torpedoes tubes, 20 Type-95 torpedoes could be fired. On deck, three triple-barrel 25mm guns and one 25mm single-barrel gun were mounted. An even heavier guna 140mm/5.5-incherwas also part of the armament.
Another unique application was a slide. Once ordered to clear the deck for a dive, sailors rushed the hatch of the conning tower. Jumping inside, they slid down a funnel onto a cushioned landing spot, thus cutting the time it took to clear the deck by more than half that of regular subs.
In appearance there was an oddity in the I-400s structure. From the bows view, the conning tower jutted off-center to the right. This was done to facilitate the 115-foot-long, 12-foot-wide, watertight aircraft hangar that housed the three attack floatplanes specially built by Aichi Aircraft Company of Nagoya just for the I-400 Series subs. Adjoining the hangar was an 80-foot-long pneumatic catapult.
In 1942 the Aichi company was put to work designing these floatplanes that became known as the M6A1 Seiran Mountain Haze. Each plane required a crew of twoa pilot and a gunner. The gunner faced rearward in the back seat and manned a 12.7mm Type-2 machine gun.
To save room in the subs hangars, the planes wings and tail had to be engineered to fold in along the fuselage. Instead of wheels, the Seirans came with two detachable floats. The bomb load came in varied combinationstwo 551-pound bombs, one 1,764-pound bomb, or one 1,874-pound bomb. Once in flight, the Seiran could extend over 642 nautical miles/739 standard miles.
To expedite launch preparation, portions of the planes exteriors were coated with fluorescent paint, thus allowing the four-man teams readying the planes for flight to work in a minimum amount of light. Once the subs surfaced, a four-man deck crew could launch all three planes within 45 minutes. (After numerous delays, by July 1945, only 28 Seirans had come off the production line16 short of the intended goal.)
The sole reason for the planes existence: to attack mainland America. All that was needed now was a target. Various targets were considered: West Coast cities and even Washington, D.C., were discussed. The idea of attacking the Panama Canal was also considered.
Before attacks on any of those targets became operational, however, Vice Admiral Jisaburo Ozawa set forth the I-400s first mission. For its short existence, it was known as Operation PX, based on the achievements of Special Unit 731.
Special Unit 731 was a large, permanent-structure complex established in Harbin, Manchuria, that was opened as soon as Japan gained control on the Asian mainland. The facility was disguised as a water-treatment plant, but its real purpose was to research the causes and effects of germ/biological warfare. Their test subjects were thousands of civilian and military prisoners of war. (See the sidebar.)
By the early months of 1945, Japan was hell-bent on bringing some form of warfare upon Americas citizenry. Ozawas plan was to have the four subs of Sub Division OneI-400, I-401, I-13, and I-14sail for Americas West Coast. Once in position they would launch their combined total of 10 Seirans with ceramic canister bombs filled with flea-bearing rodents infected with cholera, typhus, plague, and other pathogens designed to cause widespread illness in the United States. Previous attempts to launch such biological-warfare attacks on China had already been tried and found to be successful. The proposed target was San Diego, California.
Planning for the Panama Canal attack went forward. The birth of that plan came from two individuals with completely contradicting existences. One was a senior Japanese citizen who had once worked on the canal; he freely furnished to Japanese authorities hundreds of pages of personal notes, drafts, blueprints, and so on, that were in his possession.
The second source was less willing. He was an American soldier detained at the infamous Ofuna prisoner-of-war camp near Yokohamaa site that became well known for its excessively brutal, torturous treatment of inmates. This inmate had been stationed at the Panama Canal at the wars outbreak. With that known to his captors, he was tortured and grilled for all he knew of the canals defensive positions. He informed his interrogators that as the war progressed and Japan lost more and more ground, the attentiveness of those guarding the canal had dwindled by the time he left there.
It was easy, then, for the planners to move forward at that point. The ultimate Panama Canal target was its Gatun Locks.
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Mad Man Modly: The Secretary of the Navy Gets the Boot – Antiwar.com
Posted: at 6:42 pm
Mea culpa. In "Coronavirus Lays Low the Military" (Antiwar.com, Apr. 2), I wrote that "its taken the military several weeks to realize whats going on" with Covid-19, and that "judging from the mixed messages sent by Secretary of Defense Mark Esper, it still hasnt figured it all out."
This was way too kind since it implies that Esper was honestly wrestling with the problem when, as is now clear, hes not honestly wrestling with anything at all. Along with Secretary of State Mike Pompeo and National Security Adviser Robert C. OBrien, rather, hes part of a spooky cabal that is in full-scale denial about Covid-19 and, whats worse, sees it as an opportunity to take out longtime foes. In recent weeks, these mini-Dr. Strangeloves have:
In the 1340s, Mongols used catapults to hurl diseased cadavers into the besieged Crimean city of Caffa, now known as Feodosia, in order to spread bubonic plague. Today, the US blocks money for ventilators and prevents the import of lifesaving pharmaceuticals in order to spread Covid-19.
Strangelovian as all this is, we now have the curious example of an attack dog in human form named Thomas Modly, who has just gotten the ax for calling an aircraft-carrier skipper "stupid" and "nave" for trying to safeguard the health of his crew. A former Pentagon business consultant who was named acting Navy secretary last November, Modley is the best example in years of why the scariest people among us are not the toughest but the most cowardly. A relentless self-promoter, he was reportedly terrified of suffering the same fate as his predecessor, Richard V. Spencer, who wound up on the sidewalk after daring to oppose Trumps decision to let accused Navy SEAL murderer Eddie Gallagher off with a slap on the wrist. So when it came to a skipper who didnt mind sticking his neck out in behalf of his crew, Modly figured that the only way to deal with him was to go after him the way Trump would, only worse.
So he pilloried Brett Crozier, captain of the USS Theodore Roosevelt, as "too naive or too stupid to be the commanding officer of a ship like this" because he didnt realize that a four-page memo he wrote calling for quarantining the crew to combat a corona outbreak would likely be leaked. He called him disloyal for blabbing to the press, even though theres no evidence that Crozier sought to do so. And he described him as self-promoting even though theres zero evidence of that as well.
"I understand you love the guy," Modly acknowledged in the course of an unhinged fifteen-minute rant over the TR intercom on Monday. "Its good that you love him." But Crozier was guilty of a "betrayal" because he allowed his concerns to be "put it in the publics forum, and its now become a big controversy in Washington, DC, and across the country about a martyr CO [i.e. commanding officer] who wasnt getting the help he needed."
"I expect you never to do that to your shipmates either," he went on, "the ones on the shore right now who told me that when Captain Croziers email made it to the San Francisco Chronicle after working fifteen-hour days, they were demoralized because they knew what they had been doing for you guys since the 25th of March to get you guys what you need."
So thousands of sailors shown cheering Crozier in videos that quickly went viral werent cheering him at all, you see. All that lusty applause aside, they were actually complaining that that he was throwing them overboard and that real heroes like Modly werent getting the thanks they deserved.
"If I could offer you a glimpse of the level of hatred and pure evil that has been thrown my way, my familys way, over this decision [to fire Crozier]," the Navy secretary said, "I would. But it doesnt matter. Its not about me."
No, of course not, even though Modly or "Moldy," as hes known onboard the TR was really trying to save the day.
This is pure stomach-turning nonsense, of course, which is why Modly deserved the Order of the Boot more than anyone in recent history. But before we allow this creep to slink off into the sunset, we should give his Apr. 6 comments a bit more attention because of what they say about the uber-hawks who now dominate foreign policy.
One is that they dont just regard the press as biased, but as an outright hostile force. As Modly put it: "the media has an agenda. And the agenda that they have depends on which side of the political aisle they sit. And Im sorry thats the way the country is now, but its the truth. And so they use it to divide us. They use it to embarrass the Navy. They use it to embarrass you."
Which suggests what? That the press is the enemy, that the military and the media are on opposite sides of the battlefield, and that one will have to suppress the other if a real emergency arises, like the one were in now?
A second is that anti-Chinese rhetoric has reached levels that are truly dangerous. "One of the things about his [Croziers] email that bothered me the most was saying that we are not at war," Modly declared. "Well, were not technically at war. But let me tell you something. The only reason we are dealing with this right now is because a big authoritarian regime called China was not forthcoming about what was happening with this virus. And they put the world at risk to protect themselves and to protect their reputations."
So were not at war, except that Chinas behavior is so derelict that we might as well be. A seemingly passing comment about hypersonic missiles suggest that Pentagon fears about growing Chinese military prowess is not the least bit theoretical or abstract. "I tell you something," Modly said at one point, "if this ship was in combat and there were hypersonic missiles coming at it, youd be pretty fucking scared too." It was a Freudian slip that suggests that top brass is indeed "pretty fucking scared" about the threat that such weapons pose, especially to Americas eleven aircraft carriers, which are now as obsolete as a World War I-era dreadnought.
Finally, theres the suggestion that merely by disclosing a problem, Crozier "compromised critical information about your status intentionally to draw greater attention to your situation."
This is pure authoritarianism. Its the belief that merely airing a problem is disloyal because it provides the enemy with information he shouldnt have. "Loose lips sink ships" may be warranted in wartime. But thats not the case now, as Crozier pointed out in his Mar. 30 memo, and any suggestion to the contrary represents an effort to impose strict martial values in a time of peace.
This should be reason to pour yourself another scotch. Modly deserves to get the ax since hes a danger not only to the crew of the Teddy Roosevelt but to US naval personnel in general. But Pompeo, Esper, and other latter-day advocates of germ warfare are threats to the world at large and should not only be canned, but forced to stand before an international tribunal for crimes against humanity. As for Trump, not only has he thoroughly blown the anti-corona effort here in the US, but hes now pushing the same misbegotten policies on other countries as well. The world has a problem, and its not Covid-19. Its the United States.
Daniel Lazare is the author of The Frozen Republic: How the Constitution Is Paralyzing Democracy (Harcourt Brace, 1996) and other books about American politics. He writes a weekly column for Antiwar.com. He has written for a wide variety of publications from The Nation to Le Monde Diplomatique and blogs about the Constitution and related matters at Daniellazare.com.
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Mad Man Modly: The Secretary of the Navy Gets the Boot - Antiwar.com
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