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Sunday, January 14, 2024

As Davos crowd gathers, governments urged to rein in 'billionaire class'

 The combined fortunes of the world's five richest men have more than doubled to $869 billion since 2020 while five billion people have been made poorer, anti-poverty group Oxfam said.

An Oxfam report, which comes as business elites gather this week for the annual World Economic Forum (WEF) meeting in Davos, found that a billionaire is now either running, or is the main shareholder of, 7 out of 10 of the world's biggest companies.

Oxfam called on Monday for governments to rein in corporate power by breaking up monopolies; instituting taxes on excess profit and wealth; and promoting alternatives to shareholder control such as forms of employee ownership.

It estimated that 148 top corporations made $1.8 trillion in profits, 52 percent up on 3-year average, allowing hefty pay-outs to shareholders even as millions of workers faced a cost of living crisis as inflation led to wage cuts in real terms.

"This inequality is no accident; the billionaire class is ensuring corporations deliver more wealth to them at the expense of everyone else," said Oxfam International interim Executive Director Amitabh Behar.

The Davos events were launched to champion "stakeholder capitalism", which the WEF says defines a corporation as being not just about maximising profits but fulfilling "human and societal aspirations as part of the broader social system".

Oxfam said its report, based on data sources ranging from the International Labour Organization and World Bank to the Forbes annual rich list, showed such aspirations were far from being fulfilled.

"What we know for sure is that today's extreme system of shareholder capitalism, which puts ever-increasing returns to rich shareholders above all other objectives, is driving inequality," said Max Lawson, its Head of Inequality Policy.

The inflation-adjusted surge in wealth of the top five billionaires was driven by strong gains in the assets of Tesla CEO Elon Musk, LVMH chief Bernard Arnault, Amazon's Jeff Bezos, Oracle co-founder Larry Ellison and investor Warren Buffett.

Meanwhile nearly 800 million workers saw their wages over the past two years fail to keep up with inflation, resulting on average in the equivalent of 25 days of lost annual income per worker, according to Oxfam's analysis.

Of the world's 1,600 largest corporations, just 0.4% of them have publicly committed to paying workers a living wage and to supporting a living wage in their value chains, the study found.

https://www.marketscreener.com/quote/stock/TESLA-INC-6344549/news/As-Davos-crowd-gathers-governments-urged-to-rein-in-billionaire-class-45737668/

'AI to hit 40% of jobs and worsen inequality, IMF says'

 Artificial intelligence is set to affect nearly 40% of all jobs, according to a new analysis by the International Monetary Fund (IMF).

IMF's managing director Kristalina Georgieva says "in most scenarios, AI will likely worsen overall inequality".

Ms Georgieva adds that policymakers should address the "troubling trend" to "prevent the technology from further stoking social tensions".

The proliferation of AI has put its benefits and risks under the spotlight.

The IMF said AI will likely affect a greater proportion of jobs - put at around 60% - in advanced economies. In half of these instances, workers can expect to benefit from the integration of AI, which will enhance their productivity.

In other instances, AI will have the ability to perform key tasks that are currently executed by humans. This could lower demand for labour, affecting wages and even eradicating jobs.

Meanwhile, the IMF projects that the technology will affect just 26% of jobs in low-income countries.

Ms Georgieva said "many of these countries don't have the infrastructure or skilled workforces to harness the benefits of AI, raising the risk that over time the technology could worsen inequality among nations".

More generally, higher-income and younger workers may see a disproportionate increase in their wages after adopting AI.

Lower-income and older workers could fall behind, the IMF believes.

"It is crucial for countries to establish comprehensive social safety nets and offer retraining programmes for vulnerable workers," Ms Georgieva said. "In doing so, we can make the AI transition more inclusive, protecting livelihoods and curbing inequality."

The IMF analysis comes as global business and political leaders gather at the World Economic Forum in Davos, Switzerland.

AI is a topic of discussion, following the surge in popularity of applications like ChatGPT.

The technology is facing increased regulation around the world. Last month, European Union Officials reached a provisional deal on the world's first comprehensive laws to regulate the use of AI.

The European Parliament will vote on the AI Act proposals early this year, but any legislation will not take effect until at least 2025.

The US, UK and China have yet to publish their own AI guidelines.

https://www.bbc.com/news/business-67977967

'KKR, Bain Capital Plow Into Asia Data Centers on AI, Cloud Boom'

 

  • KKR sees room to invest $1 billion in data-center projects
  • Asia’s fragmented market, regulation, ESG pose challenges

Asia is becoming the latest hunting ground for global investors in data centers, as companies from KKR & Co. to Bain Capital bet on the region’s growing computing and data storage needs following an artificial intelligence boom.

Like in the US, Asia is seeing a surge in demand for data centers as giants like Amazon.com Inc. and Alphabet Inc.’s Google boost cloud services, the recent generative AI wave fuels data and capacity requirements, and the region’s growing population spurs storage needs.

https://www.bloomberg.com/news/articles/2024-01-14/kkr-bain-capital-plow-into-asia-data-centers-on-ai-cloud-boom

Overuse of antifungal skin meds could be driving drug-resistant disease

 U.S. doctors are prescribing antifungal creams to patients with skin complaints at rates so high they could be contributing to the rise of drug-resistant infections, new research shows.

These are "severe antimicrobial-resistant superficial fungal infections, which have recently been detected in the United States," noted a team led by Jeremy Gold, a researcher at the U.S. Centers for Disease Control and Prevention.

One of the biggest emerging threats: Drug-resistant forms of ringworm (a form of dermatophytosis).

In Southeast Asia, major outbreaks of this itchy, circular rash have occurred that are not responding to either topical antifungal creams or pills.

Cases of ringworm resistant to drugs have also now been spotted in 11 U.S. states, Gold's team noted. This is leading to "patients experiencing extensive lesions and delays in diagnosis," the team said.

As is seen with the overuse of antibiotics, fungi naturally build up resistance to antifungal meds the more they are exposed to them. The CDC team believes that antifungal topical creams are being overprescribed.

Looking at 2021 Medicare Part D data, they found that 6.5 million prescriptions for creams containing antifungals, such as ketoconazole, nystatin and clotrimazole-betamethasone, were prescribed that year. The findings were published in the Jan. 11 issue of the CDC journal Morbidity and Mortality Weekly Report.

In sheer numbers, primary care doctors wrote the biggest percentage of these prescriptions, but dermatologists and podiatrists had much higher rates on a prescriptions-per-doctor basis.

One of the big issues, according to Gold's team, is that most doctors diagnose a  simply by looking at it, a method that is "frequently incorrect," even among board-certified dermatologists.

"Confirmatory diagnostic testing" of a skin lesion beyond just looking at it is rarely done, they added.

A small percentage of physicians are prescribing antifungal drugs at exceedingly high rates. In 2021, "10% of antifungal prescribers prescribed nearly one half of these medications," Gold's group found.

The new study probably only captures a fraction of the overuse of antifungals, since "most topical antifungals can be purchased over the counter without a prescription," the researchers noted.

The high use of clotrimazole-betamethasone, in particular, is thought to be a big factor in the emergence of drug-resistant ringworm.

This drug (a combination of a steroid and an antifungal) can also "cause skin damage if applied to intertriginous areas," meaning areas where the skin folds onto itself, such as occurs around the groin, buttocks and armpits.

Long-term, extensive use of clotrimazole-betamethasone can also trigger hormonal problems, Gold's team said.

The bottom line, according to the CDC team, "Health care providers should be judicious in prescribing topical antifungals" for suspected fungal  infections, and go beyond a visual diagnosis when possible.

Doctors should also try to "educate patients about the correct use of topical antifungals and combination -cortoicosteroids" to help reduce overprescribing and the danger of drug-resistant fungal disease, they added.

More information: Find out more about ringworm at the Mayo Clinic.

Tapering of inhaled steroids feasible for asthma controlled with benralizumab

 For patients with severe eosinophilic asthma controlled on bevacizumab, tapering of inhaled corticosteroids (ICS) is feasible and is not associated with worse asthma control, according to a study published online on Dec. 7 in The Lancet.

David J. Jackson, M.P.H., from King's College London, and colleagues conducted a  4 study involving  with severe eosinophilic asthma and a five-item Asthma Control Questionnaire score less than 1.5 and who received at least three consecutive doses of benralizumab before the screening.

Participants were randomly assigned to taper their high-dose ICS to a medium-dose, low-dose, and as-needed dose (reduction group) or to continue therapy for 32 weeks, followed by 16 weeks of maintenance.

Overall, 168 patients were assigned to the reduction and reference arms (125 and 43, respectively). Ninety-two percent of the 110 patients reduced their ICS-formoterol dose: 15, 17, and 61 percent to medium-dose, low-dose, and as-needed only, respectively. The researchers found that in 96 percent of the patients, the reductions were maintained to week 48; in the tapering group, 91 percent had zero exacerbations during tapering.

The rates of adverse events were similar between the groups: 73 and 83 percent in the reduction and reference groups, respectively. A total of 17 patients had : 10 and 12 percent in the reduction and reference groups, respectively. There were no deaths reported.

"Our key finding is that 92 percent of  were able to successfully reduce their high-dose ICS, with more than 60 percent reducing to anti-inflammatory reliever only without a change in asthma control," the authors write.

More information: David J Jackson et al, Reduction of daily maintenance inhaled corticosteroids in patients with severe eosinophilic asthma treated with benralizumab (SHAMAL): a randomised, multicentre, open-label, phase 4 study, The Lancet (2023). DOI: 10.1016/S0140-6736(23)02284-5


https://medicalxpress.com/news/2024-01-tapering-inhaled-steroids-feasible-asthma.html

More on NBC: Lawmakers and others are ‘secretly’ plotting a military mutiny if Trump is elected

Mutiny is on the menu should Trump win again. That’s according to an allegedly “secret” plan, that’s being widely trumpeted on NBC News, for the military to refuse to follow orders from Trump. Part of this is pre-election posturing, but part of this is entirely consistent with the post-Obama military, up to and including the execrable Mark “White Rage” Milley.

Section 2, Article II of the United States Constitution is extremely clear that the President calls the shots when it comes to the military:

The President shall be Commander in Chief of the Army and Navy of the United States, and of the Militia of the several States, when called into the actual Service of the United States; he may require the Opinion, in writing, of the principal Officer in each of the executive Departments, upon any Subject relating to the Duties of their respective Offices, and he shall have Power to grant Reprieves and Pardons for Offences against the United States, except in Cases of Impeachment.

There are no workarounds for this. There is no ambiguity. However, that isn’t stopping a cabal of lawmakers and others from trying to figure out how to stage a military coup should Trump be reelected:

…[B]racing for Trump’s potential return, a loose-knit network of public interest groups and lawmakers is quietly devising plans to try to foil any efforts to expand presidential power, which could include pressuring the military to cater to his political needs.

Those taking part in the effort told NBC News they are studying Trump’s past actions and 2024 policy positions so that they will be ready if he wins in November. That involves preparing to take legal action and send letters to Trump appointees spelling out consequences they’d face if they undermine constitutional norms.

“We’re already starting to put together a team to think through the most damaging types of things that he [Trump] might do so that we’re ready to bring lawsuits if we have to,” said Mary McCord, executive director of the Institution for Constitutional Advocacy and Protection at Georgetown Law.

Note that wiggle-room phrase “constitutional norms.” You see, the one constitutional imperative is that Trump is the Commander-in-Chief. By electing him, the American people will have concluded that he is the best person to determine whether America is in sufficient peril that a military force becomes necessary. It’s not up to a cabal of special interest groups and lawmakers, none of whom have any constitutional authority to make calls about the military.

Image: Trump and Milley. YouTube screen grab.

And don’t doubt that there are many in the military who will go along with this planned mutiny. As I wrote years ago on my own blog, the military leadership, shaped by years of Obama’s efforts to remove traditional American values from the Pentagon, hates Trump. Gen. Mark “White Rage” Milley’s time as Chairman of the Joint Chiefs of Staff reflects this mindset.

Last week, Red State published an interview with Col. Earl. G. Matthews, who was the senior legal advisor to Maj. Gen. William J. Walker, who was the D.C. National Guard’s commanding general on January 6. In the interview, Col. Matthews excoriated Milley as the one who prevented the National Guard from swiftly restoring order on January 6—as in, Milley was part of the plan to ramp up potential violence to (a) stop Senate opposition to the Electoral Collection count and (b) provide fodder for the “insurrection” charge:

“He's the most powerful chairman of the joint chiefs in history,” Matthews said. “It was Milley all along, and I didn't realize it. Milley was manipulating this entire stuff from point start.”

The former Guardsman, now serving in the Army Reserve, said that as the joint chiefs chairman, Milley had no legal role in the chain of command; he was simply the president's senior military advisor. However, Milley leveraged his staff in the Pentagon and exploited his relationships with other generals he mentored and favored for promotion so that he ran the Army as his own feudal possession.

“This is about civilian control of the military,” he said. “There was none. There is none. I argue that — Mark Milley had more control over the D.C. Guard on Jan. 6 than Donald Trump did — if Donald Trump wanted to call the Guard to go to the Capitol, Milley wouldn’t let him do it,” he said.

...

The colonel said it is essential to understand that, unlike the National Guards in the states and territories in the nation's capital, the National Guard is not controlled by a governor; instead, it is under the president's direct control.

On January 6, Milley usurped the president’s control and called the shots. He wanted violence on January 6.

The Twitterati (X-eratti?) were swift to react to the NBC report that plans are in place to create a Pentagon that refuses to answer to the constitutional Commander-in-Chief: 


Constitutional norms are falling all over the place, but it’s the left that’s doing it. Shorn of his eccentric rhetoric, Trump governed in the grand tradition of 20th-century American presidents: strong national security, focus on the economy, an eye to energy independence, etc. It is Biden who has broken every norm in American history: destroying the border, destroying energy independence, and arresting political opponents.

https://www.americanthinker.com/blog/2024/01/lawmakers_and_others_are_secretly_plotting_a_military_mutiny_if_trump_is_elected.html

Past Time to Undo Obama’s 'Fundamental Transformation'

 By Clarice Feldman

In 2008 the media lapped up the master of Shuck and Jive, Barack Obama and his high-falutin' promise:

Now, Mizzou, I just have two words for you tonight: five days. Five days. After decades of broken politics in Washington, and eight years of failed policies from George W. Bush, and 21 months of a campaign that's taken us from the rocky coast of Maine to the sunshine of California, we are five days away from fundamentally transforming the United States of America.

"In five days, you can turn the page on policies that put greed and irresponsibility on Wall Street before the hard work and sacrifice of folks on Main Street. In five days, you can choose policies that invest in our middle class, and create new jobs, and grow this economy, so that everyone has a chance to succeed, not just the CEO, but the secretary and janitor, not just the factory owner, but the men and women on the factory floor.

In fact, what he instituted, endorsed, and placed the federal government’s many resources behind was the Marxist division of America into oppressed and oppressor groups -- using race and sex as substitutes for workers and producers. The destruction of national unity, the downplaying of merit and equal opportunity (in pursuit of equal outcomes) and the deliberate favoring of our enemies over our allies is now manifest.  Almost two decades later, we have seen how these policies have led to wars in the Middle East, the destruction of our educational systems, danger to our lives from poor management, and a substantially weakened military capability. From the personnel and policies that resulted in the wars in the Middle East to the appointment of the antisemitic Claudine Gay, I see Obama’s heavy hand.

Harvard

Penny Pritzker, senior fellow of Harvard Corporation (in effect, its Board of Trustees), was instrumental in both the election of Barack Obama and the selection of Claudine Gay as Harvard’s President.

“Without Penny Pritzker, it is unlikely that Barack Obama ever would have been elected to the United States Senate or the presidency. When she first backed him during his 2004 Senate run, she was No. 152 on the Forbes list of the wealthiest Americans. He was a long-shot candidate who needed her support and imprimatur. Mr. Obama and Ms. Pritzker grew close, sometimes spending weekends with their families at her summer home.” (New York Times)

She chaired his 2008 finance team and aided in his re-election campaign. Pritzker also chaired the team that selected Gay as Harvard president. When Gay’s presidency was on the shoals after her disastrous congressional appearance, Obama lobbied the Corporation to retain her, but ultimately failed when the evidence of Gay’s professional lifetime of plagiarism was exposed and even Pritzker could no longer save her.  Gay, like Obama, had achieved a highly prestigious role, not on merit, but on the very characteristics DEI weighed more heavily, and Harvard suffers and continues to suffer from the departure from the norm of earned merit as a criterion for advancement.

The Middle East

Antony Blinken, Biden’s Secretary of State, is an Obama holdover. Under Obama, he was deputy national security advisor and then deputy secretary of state. When he assumed his position under Biden, Trump had diplomatically isolated Iran, which was under international arms 

embargos. Biden adopted pro-Iran, pro-Qatar, and pro-Palestinian policies. These policies empowered our most dangerous Middle-Eastern enemies that finance Hamas, Hezb’allah, and the Houthis, all of which are fanatically anti-American and anti-Israeli. To take one example, immediately upon taking office, Biden reversed Trump’s designation of the Houthis as a terrorist organization. Blinken’s explanation for the reversal was that designating the Houthis as a terrorist organization would cause famine in Yemen. In recent months, the Houthis, in violation of international laws, have fired upon and pirated ships passing through the Red Sea. This week, after countless provocations, the U.S., allied with the U.K., the Netherlands, and others, has been forced to attack Houthi assets to permit uninterrupted transit on the Red Sea. On Friday Biden said he considered the Houthis terrorists. Once again, the policies and personnel of Obama have created chaos and war in the Middle East. 

The U.S. Military

We can no longer meet our armed forces recruitment goals. A major factor is that white male recruiting is down. That this should surprise anyone is bizarre. Patrick H. Brady and Mike Waltz in the Wall Street Journal review the deleterious impact of DEI on our military. 

The U.S. military faces a self-inflicted threat to its preparedness to deter, fight and win wars. An essential, battle-tested element of military culture – colorblindness -- is being undermined. Unless the trend is reversed, our national security will be at increased risk. The reversal could be done at no cost, requiring only a policy decision and the reorientation of relevant training. 

Selflessness, which has been vital to the warrior ethos for generations, requires subordination of self and subgroup identity and the ability to regard teammates’ racial and ethnic differences as inconsequential. In the Army and Marines, sayings such as “We’re all green” or “We all bleed red” were part of training that transformed millions of diverse civilians into war fighters….  But that ethic is under attack. 

At the Air Force Academy, cadets have been taught that the term “colorblind” is offensive and that it’s preferable to be “color conscious.” Rather than teach future military leaders that “colorblindness” is a cultural imperative, the Pentagon unnecessarily focuses on, and even elevates, race and maintains an obsessive focus on racial demographics. Worse, it uses racial preferences in officer accession programs and sometimes in command, promotion and schooling selections….

Training that in earlier years was intended to ensure equal opportunity and dignity and respect for all has been displaced by diversity, equity and inclusion curricula with often vague language that emphasizes differences…

Viewpoint diversity can be beneficial even in an autocratic organization such as the military. What’s harmful is the Defense Department’s uncritical focus, through DEI, on racial differences that has weakened the colorblind warrior culture, eroded morale, undermined unit cohesion, and compromised combat effectiveness. 

The Production and Operation of Essential Equipment

If these examples of the dangerous impact of DEI on our functioning were not enough, consider how DEI led to a door falling off an airplane in flight. Elon Musk nailed it:

Elon Musk ripped Boeing over a filing that appeared to show the aeronautical giant two years ago began using diversity, equity and inclusion goals as incentives for executive compensation after previously focusing solely on safety and quality controls.

“Do you want to fly in an airplane where they prioritized DEI hiring over your safety? That is actually happening,” Musk said on X on Wednesday.

The billionaire, whose comments followed a nearly-catastrophic Alaska Airlines flight that suffered a fuselage panel blowout over the weekend, was reacting to a screenshot that showed a proxy statement from Boeing filed with the Securities and Exchange Commission.

Beginning in 2022, the aircraft manufacturer changed its incentive plan from giving executives bonuses based on passenger safety, employee safety, and quality to rewarding them if they hit climate and DEI targets, according to the filing. [snip]  United Airlines has also found loose bolts and other “installation issues” on some of its Boeing 737 MAX 9 jets that were inspected following the Alaska Airlines flight.

Boeing has faced an influx of scrutiny after its 737 MAX 9 aircraft malfunctioned mid-flight.

 Delta and United airlines are now emphasizing DEI in pilot hiring. In United’s case, this policy may have resulted in an incident which nearly totaled its plane and other incidents blamed on pilot error.

Will we have to wait until a really tragic incident occurs before these airlines and Boeing wise up? 

Like Obama, DEI puts in nicer sounding words policies and personnel which endanger us all in every possible way.

https://www.americanthinker.com/articles/2024/01/past_time_to_undo_obamas_fundamental_transformation.html