Reuters Article: "Wall St Regulator Adopts Dodd Frank Rule Against Trader Conflicts." New rule bars traders in asset-backed securities from betting against those same assets they sold to investors.
cross-posted from: > For those of you who don't use a Paywall Bypass: > > Nov 27 (Reuters) - The U.S. Securities and Exchange Commission on Monday adopted a financial crisis-inspired rule barring traders in asset-backed securities from betting against the same assets they sell to investors. > > The SEC move is mandated by the Dodd Frank law, aimed at eradicating behavior seen in the 2008 global financial crisis. > > The rule is among the last to be adopted under 2010's Dodd Frank Wall Street reform legislation and faced a winding road to completion. An earlier version on traders' "conflicts of interest" was first proposed in 2011 but never finalized. > > The rule blocks "securitization participants" from entering deals that involve shorting or buying credit-default swaps against those same securities. Parties covered by the rule include underwriters, placement agents and sponsors for asset-backed securities. > > The rule exempts activities such as hedging risk and market-making. > > In a statement, SEC Chair Gary Gensler said the rule applied to a market that "was at the center of the 2008 financial crisis." > > In concessions to industry, SEC officials said they had modified the proposal first issued in January to carve out exceptions for affiliates who do not act in concert with traders. Another exception is for investors with "long" positions, as opposed to those who are short, or betting that the securities will decline in value. > > Four of the SEC's five members voted to approve the rule. Republican Commissioner Hester Peirce, a frequent critic of the SEC's rulemaking agenda who had approved the January proposal with reservations, voted against it. > > Goldman Sachs (GS.N) agreed in 2010 to pay a record $550 million penalty to resolve SEC allegations that it had misled investors. A Senate investigation later revealed how the bank had marketed mortgage-backed securities without disclosing substantial bets that these assets would lose value. > > The SEC says it will require compliance with the rule for asset-backed securities with closing dates falling 18 months after the rule appears in the Federal Register. > > Reporting by Douglas Gillison; Editing by David Gregorio and Marguerita Choy

European Communist Action's Founding Declaration
The founding meeting of a new regional form of cooperation between the communist and workers’ parties of Europe, called [European Communist Action]( (ECA), took place in Athens on 18 Nov 2023, at the invitation of the [KKE]( The founding meeting was attended by delegations from 12 parties in Europe, namely the Party of Labour of Austria, the Communist Workers’ Party – for Peace and Socialism (Finland), the Communist Revolutionary Party of France, the Communist Party of Greece, the Workers Party of Ireland, the Communist Front (Italy), the New Communist Party of the Netherlands, the Communist Party of the Workers of Spain, the Communist Party of Sweden, the Swiss Communist Party, the Communist Party of Türkiye and the Union of Communists of Ukraine. During the founding meeting, the Founding Declaration of the ECA, which is presented below, as well as an initial plan of activities of the ECA for the coming period were discussed and approved. On the eve of the founding meeting, the delegations took part in the mass anti-imperialist rally on the occasion of the 50th anniversary of the Polytechnic Uprising. Founding Declaration of the ECA The following Communist and Workers’ Parties of the EU member states, associated related states, and other European countries, declare: We support the principles of scientific socialism and are united by the vision of a society without the exploitation of man by man, without poverty, social injustice and imperialist wars. We consider that the EU is capital’s choice. The EU promotes measures in favour of the monopolies, the concentration and centralization of capital; it is strengthening its characteristics as an imperialist economic, political and military bloc opposed to the interests of the working class, the popular strata; it intensifies armaments, authoritarianism, state repression, limiting sovereign rights. It is our assessment that the European Union is the European imperialist centre, supports aggressive plans against the peoples, and is aligned with the USA and NATO. It has militarism as a structural element. The scandals that continuously erupt in the European Parliament confirmthe character of the EU as a union of monopolies and lobbies and a breeding ground for corruption. We consider that there is another development path for the peoples. The perspective of another Europe, the prosperity of the peoples, social progress, democratic rights, equal cooperation, peace, and socialism are highlighted through the workers’ struggles. We believe in the right of every people to choose its own sovereign path of development, including the right to disengage from the EU and NATO. We struggle against capitalist exploitation, for the construction of socialism. We are not members of the so-called European Parties, which are formed by the EU and amongst them the so-called Party of the European Left. In the previous period, many of our parties participated in the European Communist Initiative and contributed to its positions and action for the interests of the working class and the peoples, in conflict with capital and the exploitative system. The ECI has played a positive role in the struggle of the European communist movement. However, developments require a step forward in order to enrich the ideological–political framework and to organize the struggle on a more solid basis. In this direction, the European Communist Action is established in the place of the ECI. Every Communist and Workers’ Party from an EU member state or associated state, as well as from other European countries that accepts this Declaration and its conditions can participate in the European Communist Action. The goal of the “Action” is to contribute to the research and study of issues concerning Europe, particularly concerning the EU, the political line which is drawn up in its framework and has an impact on the lives of the workers, as well as to assist the elaboration of joint positions of the Parties, the coordination of their struggle and the development of solidarity and other actions. Our Parties seek to establish strong ties with the working class and the popular strata, to get better positioned and occupy a leading role in the class struggle, so that together we can act in a line of rupture with the system of capitalism and its managers of all kinds. We consider that our era is the era of revolutionary passage from capitalism to socialism. Based on this, we reject any support for or participation in bourgeois governments, struggling against both liberal and social democratic parties, against all kinds of bourgeois governments that serve the interests of the monopolies. Our Parties assess that imperialism is not just an aggressive policy. It is monopoly capitalism, capitalism in its most reactionary era, that is, in its highest stage. It is essentially inherent in stagnation, in the great gap between the productive potential and the meeting of the contemporary needs of the workers, due to class exploitation, the contradictions between the monopolies and the bourgeois states that lead to imperialist wars. We believe that imperialist interventions and wars, such as the one thatbroke out in Ukraine in 2022, where the interests and plans of the USA, NATO and the EU clash with capitalist Russia over the control of the markets, raw materials and transport networks of Ukraine and the acquisition of geopolitical advantages, are also a result of imperialist competition. We oppose the imperialist war and the participation of our countries in it, as well as the real danger of a generalization of the war and the outbreak of new imperialist conflicts in other parts of the world, particularly in the South-East Asia region, where the confrontation between the USA and China for supremacy in the world capitalist system is more pronounced. We examine any process of secession or unification of capitalist states from a class-oriented point of view and struggle against NATO, the EU and all kinds of imperialist alliances. We are opposed to the participation of our countries in such anti-popular unions and intensify the effort so that the workers are not trapped under a false flag but defend their own interests, in conflict with the exploiters and their transnational unions. We consider that the ideological, political and organizational regroupment of the International Communist Movement cannot be realized without an unwavering struggle against any kind of bourgeois management of the exploitative system, liberal or social-democratic; against opportunism, which expresses the influence of bourgeois ideology on the labour movement. The one-sided reference to “neoliberalism” causes confusion as it overshadows the necessity of the struggle against capitalism and the bourgeois political system that manages this exploitative system. We oppose both nationalism and cosmopolitanism of capital, racism and fascism. We reject the false “anti-fascism” and the various “anti-fascist fronts” used by bourgeois and opportunist political forces to entrap workers’–people’s forces into bourgeois management, detaching fascism from the capitalist system that gives rise to it and uses it when needed. We struggle with all our might for the meeting of the contemporary workers’– people’s needs, through the regroupment and strengthening of the labour–trade union movement and the other popular movements, in a direction of struggle against the monopolies and capitalism. We oppose the capitalist exploitation of the planet and its resources, as it creates climate change, dangerous pollution and acts on extreme weather, which threaten the lives of the working people. We will take action against this exploitation, to reveal the essence of the problem and to disarm the illusion of “green capitalism” that is constantly peddled and, instead, we will strive towards a socialist world that prioritizes scientific and well-founded measures to safeguard the planet for coming generations. The Parties participating in the European Communist Action recognize thetimeliness and necessity of socialism–communism as the only alternative for the peoples and defend the contribution of the October Socialist Revolution and the first socialist state, the USSR. At the same time, they study the causes of its overthrow as regards the issues of the economy, the political superstructure and the strategy of the International Communist Movement. We stress that socialism is governed by principles and scientific laws, i.e. workers’ power, the socialization of the means of production, and central scientific planning. Based on this, positions such as that a market socialism can be built by maintaining capitalist enterprises and mechanisms, by maintaining wage labour by owners of means of production and land, by treating labour power as a commodity and by capital’s exploitation of wage labour are rejected. The European Communist Action will study the international developments and intervene in all the problems faced by the working class and the popular strata, the toiling farmers and self-employed, women, and young people of working-class origin. In this context, our parties confront and oppose all forms of racism and discrimination on the basis of religion, colour, gender or sexual orientation. It will take initiatives: - Against anti-communism, in support of Communist and Workers’ Parties struggling under persecution and bans on communist ideology and communist symbols. It will express its internationalist solidarity with all the peoples and stand by the side of militants facing persecution for their trade union and political action. It will strengthen solidarity with Cuba and the Cuban people against the blockade and the imperialist plans of the USA and the EU, for an end to the blockade and all forms of interference in the internal affairs of Cuba. - Against fascism and its causes, against racism and xenophobia, by the side of refugees and immigrants who are uprooted by imperialist wars and poverty caused by the capitalist system. The European Communist Action will strengthen the struggle: - Against the plans of the USA, NATO, the EU and all other imperialist alliances. Against NATO’s new strategic concept, the EU’s Security and Defence Policy, the strategy of Green Transition and the Recovery Fund, which are tools of capital against the peoples. - Against imperialist war,for the disengagement of our countries from imperialist plans and organizations. The solution for the peoples does not lie in the illusions spread by bourgeois powers that there could be another, “better security architecture”, or NATO “without military plans and offensive weapons systems on its territories”, or a “pro-peace EU”, or a “peaceful multipolar world”. The solution lies in strengthening the class struggle for disengagement from imperialist unions, against imperialist war and the womb that gives birth to it, that is, the capitalist system. We will continue highlighting the historical milestones of the struggle of the labour and communist movement. We will continue defending and promoting the Great October Socialist Revolution, the achievements of the Soviet Union and socialism built in the 20th century, further studying the causes of the counter-revolution and capitalist restoration. In the framework of the European Communist Action and through the bilateral relations between the Communist and Workers’ Parties that are part of its ranks, we will strengthen the exchange of experience from the activity in the labour–trade union movement and in other popular movements, in the movement for equality and emancipation of women, in order to make the developing struggles more effective and to strengthen the ties of the Parties with workers’–people’s forces. The European Communist Action will seek joint action with other Communist and Workers’ Parties in Europe concerning workers’–people’s problems, issues of anti-communism and internationalist solidarity, against imperialist wars and interventions. It will seek to strengthen relations with Communist and Workers’ Parties on all continents with which there is a ideological–political common reference point.

Source (2023-04-24):

The end of Ukraine and after; the war in Ukraine continues, but where will it lead us?

White House is actively trying to blame Beijing for the fentanyl crisis in the USA. Thus, the U.S. Department of the Treasury imposed sanctions against 28 legal entities and individuals from China for production and distribution of opioids. It has been officially stated that this measure is in line with the administration's efforts to suppress the illegal supply of Chinese precursors to the USA. The restrictions included the heads of 'drug syndicates' in China and a number of pharmaceutical companies specializing in the export of medical chemical products to the USA and Mexico. There has been no clear reaction from Beijing yet. Apparently, Chinese leadership remains silent again. On top of that, the U.S. Department of Justice launched criminal investigations against those on the 'black list'. All of them are operating in China except for two companies and one civilian person located in Canada. U.S. attorney general Merrick B. Garland rather pompously stated that the Justice Department will do everything possible to ensure that the accused persons appear before the U.S. court. It should be noted that the White House positions the fight against drug trafficking as one of the spheres of potential cooperation with China. Nonetheless, the dialogue in this concern is going on stickily and without visible progress. Beijing is vaguely trying in some way to beat off Washington's attempts to accuse the Chinese authorities of allegedly insufficient control over the illegal production of synthetic drugs. Some Chinese politicians state that Washington should for the start tighten the requirements regarding the use of psychotropic drugs in the USA. Frankly speaking, this reaction sounds rather measured and substanceless. In his statement, attorney general Garland directly indicated that companies from China - as the main suppliers of fentanyl - are 'destroying the American nation'. Here we can see another public attack of Washington against China. At the same time, the number of spheres in which Americans 'turn the screw' on China gradually expands. In addition to military-economic areas, it is now the time for a fight against drug trafficking. Trying to take refuge in silence, China is once again demonstrating its lack of backbones.

Former Obama administration official recorded spewing Islamophobic language at food vendor
Full video:

Settler Psychology: Understanding why Israeli propaganda fails on a fundamental level
cross-posted from: > ![](

cross-posted from: > > > my latest article out now.

The government, under its own new definition, is an extremist organization.
>As good citizens, we are told, we should report extremism to the authorities. It hasn’t always been clear what this term means, so we should be grateful to Michael Gove’s levelling up department, which has proposed a new definition. “Extremism is the promotion or advancement of any ideology which aims to overturn or undermine the UK’s system of parliamentary democracy, its institutions and values.” As a responsible member of society, I would like to report a gang of malcontents whose behaviour clearly fits this description. >For several years, this extremist organisation has been undermining the UK’s system of parliamentary democracy. It has blocked access to voting, deterring perhaps some hundreds of thousands of people from participating in the most recent local elections. One member of the extremist gang freely admitted that this attack on democracy was deliberate, describing it as “gerrymandering”. >Through a combination of organised lying, cheating and a flagrant disregard for the lives of people in this country, expressed most obviously during the pandemic, this gang has trashed public confidence in democracy. A poll this year found that as a result of its antics, only 6% of voters now fully trust the political system. This raises a difficult issue as, under Gove’s definition, it could mean that 94% of us are now extremists. Perhaps we should also report ourselves. >As for our institutions and values, the same extremist organisation, apparently intent on destroying national morale, has turned our rivers into open sewers; allowed schools to face bankruptcy while their buildings collapse through lack of maintenance; undermined the NHS until it is thrown into permanent crisis; excluded millions from economic life, leaving them underhoused and dependent on food banks; failed to prevent the takeover by organised criminals of the waste disposal industry; allowed the City of London to become the world’s major entrepot for money-laundering and corrupt transactions; promoted the extraction of fossil fuels during a climate emergency; and enabled blatant profiteering during a national health emergency. >Mr Gove might also take an interest in this gang’s incitement of hatred for political gain: a mark of extremism by any definition. One leading member of the organisation, for example, has recently described homelessness as a “lifestyle choice” and peaceful protests as “hate marches”. Another proposes that asylum seekers should “fuck off back to France”. Isn’t it time the authorities investigated such people? They’re not hard to find. Gove knows where they live.

::: spoiler alt text Screenshot from rosypiriani @ instagram: Stop calling Gaza an "open air prison." Prisons are filled with convicted criminals. Prisons have food. Prisons have water. Prisons have electricity. Prisons have medical treatment. Gaza is not a prison; it is a concentration camp. :::

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