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Can Government Stimulus Bring Us Out of Recessions?

When signs of economic weakness emerge, most economics experts are quick to embrace the ideas of John Maynard Keynes.

For most economists, the Keynesian remedy is always viewed with positive benefits — if in doubt just push more money and boost government spending to resolve any possible economic crisis.

In this way of thinking, economic activity is presented in terms of the circular flow of money. Spending by one individual becomes a part of the earnings of another individual, and spending by another individual becomes a part of the first individual’s earnings.

So if for some reason people have become less confident about the future and have decided to reduce their spending this is going to weaken the circular flow of money. Once an individual spends less, this worsens the situation of some other individual, who in turn also cuts their spending.

Following this logic, in order to prevent a recession from getting out of hand, the government and the central bank should step in and lift government outlays and monetary pumping, thereby filling the shortfall in the private sector spending.

Once the circular monetary flow is re-established, things should go back to normal and sound economic growth is re-established, so it is held.

Can Government Really Grow an Economy?

The whole idea that the government can grow an economy originates from the Keynesian multiplier. On this way of thinking an increase in government outlays gives rise to the economy’s output by a multiple of the initial government increase.

An example will illustrate how initial spending by the government raises the overall output by a multiple of this spending. Let us assume that out of an additional dollar received individuals spend $0.9 and save $0.1. Also, let us assume that consumers have increased their expenditure by $100 million. Individuals now have more money to spend because of an increase in government outlays.

Because of this, retailers’ revenue rises by $100 million. Retailers in response to this increase in their income consume 90% of the $100 million, (i.e., they raise expenditure on goods and services by $90 million). The recipients of these $90 million in turn spend 90% of the $90 million, (i.e., $81 million). Then the recipients of the $81 million spend 90% of this sum, which is $72.9 million and so on. Note that the key in this way of thinking is that expenditure by one person becomes the income of another person.

At each stage in the spending chain, people spend 90% of the additional income they receive. This process eventually ends, so it is held, with total output higher by $1 billion (10*$100 million) than it was before consumers had increased their initial expenditure by $100 million.

Observe that the more that is spent from the additional income the greater the multiplier will be and therefore the impact of the initial spending on overall output is larger.

For instance, if people change their habits and spend 95% from each dollar the multiplier will become 20. Conversely, if they decide to spend only 80% and save 20% then the multiplier will fall to 5. All this implies that the less is saved the larger the impact of an increase in overall demand on overall output.

Following this way of thinking it is not surprising that most economists today are of the view that by means of fiscal and monetary stimulus it is possible to prevent the US economy falling into a recession. The popularizer of the magical power of the multiplier, John Maynard Keynes, wrote,

If the Treasury were to fill old bottles with banknotes, bury them at suitable depths in disused coal mines which are then filled up to the surface with town rubbish, and leave it to private enterprise on well-tried principles of laissez-faire to dig the notes up again (the right to do so being obtained, of course by tendering for leases of the note-bearing territory), there need be no more unemployment and with the help of the repercussions, the real income of the community, and its capital wealth also, would probably become a good deal greater than it actually is.

Increasing Government Spending Cannot Increase Real Wealth

Let us examine the effect of an increase in the government’s demand on an economy’s process of real wealth formation.

In an economy, which is comprised of a baker, a shoemaker and a tomato grower, another individual enters the scene. This individual is an enforcer who is exercising his demand for goods by means of force. The baker, the shoemaker, and the farmer will be forced to part with their product in an exchange for nothing and this in turn will weaken the flow of production of final consumer goods.

As one can see, not only does the increase in government outlays not raise overall output by a positive multiple, but on the contrary this leads to the weakening in the process of wealth generation in general.

By means of taxation or borrowings, the government forces producers to part with their products for government services i.e. for goods and services that are likely to be on a lower priority list of producers and this in turn weakens the production of wealth.

Not only does the increase in government outlays fail to raise overall output by a positive multiple, but on the contrary this leads to the weakening in the process of wealth generation in general.

According to Mises,

…there is need to emphasize the truism that a government can spend or invest only what it takes away from its citizens and that its additional spending and investment curtails the citizens’ spending and investment to the full extent of its quantity.

What Causes Recessions?

For most commentators the occurrence of a recession is a result of unexpected events such as shocks that push the economy away from a trajectory of stable economic growth. Shocks weaken the economy (i.e. cause lower economic growth so it is held).

In contrast to this view, we suggest that as a rule a recession emerges in response to a decline in the growth rate of money supply. Usually this takes place in response to a tighter stance of the central bank. Various activities that sprang up on the back of the previous strong money growth rate (usually because of previous loose central bank monetary policy) come under pressure.

These activities cannot support themselves — they survive because of the support that the increase in money supply provides. The increase in money diverts to them real wealth from wealth generating activities. Consequently, this weakens these activities, (i.e. wealth-generating activities).

As a result of the tighter stance and a consequent fall in the growth rate of money, this undermines various nonproductive activities and this is what recession is all about.

Given that, nonproductive activities cannot support themselves since they are not profitable, once the growth rate of money supply declines, these activities begin to deteriorate. (A fall in the money growth rate means that the nonproductive activities access to various resources is curtailed).

Recession then is not about a weakening in economic activity as such but about the liquidations of various nonproductive activities that sprang up on the back of increases in money supply.

Obviously then, both aggressive fiscal and monetary policies, which will provide support to nonproductive activities, will re-start the weakening process of real wealth generation thereby weakening the prospects for a meaningful economic recovery. Hence, once an economy falls into a recession the government and the central bank should restrain themselves and do nothing.

As a result of the time lag from changes in money supply to changes in economic activity, a downtrend in the annual growth of US money supply (AMS) since 2011 has likely set in motion the liquidation of various bubble activities (see charts).

It is quite likely that the annual growth rate of US real GDP will come under pressure in the months ahead. Note, that this conclusion is not derived from a statistical correlation between lagged annual growth rate of AMS and the real GDP growth rate as such but from theoretical reasoning.

The graphical display is for illustration purposes only. In our framework of thinking the theory explains the data (theory is not derived from the data as such).

In this framework of thinking, which is based on the ideas of Ludwig von Mises, fluctuations in the growth rate of money supply always set in motion the phenomenon of boom-bust cycle regardless of statistical correlation between the money supply growth rate and economic activity.

Summary and Conclusion

During an economic crisis, what is required is for the government and the central bank to do as little as possible. With less tampering, more real wealth remains with wealth generators, which allows them to facilitate a further expansion in the pool of real wealth.

With a larger pool of wealth, it will be much easier to absorb various unemployed resources and eliminate the crisis. Aggressive monetary and fiscal policies will only hurt the process of wealth generation thereby making things much worse.

As long as the pool of real wealth is still growing, the government and the central bank could get away with the illusion that they can grow the economy. However once the pool begins to stagnate or decline the illusion of successful government and central bank policies is shattered.



Top political cartoonist in the world, Ben Garrison, has been attacked by the left for being so effective in his support for liberty, capitalism and President Trump.

Source: InfoWars

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NBA player Porzingis denies rape allegation: lawyer

NBA: Dallas Mavericks at Sacramento Kings
Mar 21, 2019; Sacramento, CA, USA; Dallas Mavericks forward Kristaps Porzingis (6) sits on the bench during the fourth quarter against the Sacramento Kings at Golden 1 Center. Sergio Estrada-USA TODAY Sports/File Photo

March 31, 2019

(Reuters) – The lawyer for National Basketball Association player Kristaps Porzingis on Sunday denied an allegation that his client sexually assaulted a woman in 2018.

“We are aware of the complaint … and unequivocally deny the allegations,” the lawyer, Roland Riopelle, said in a statement to Reuters.

Riopelle told Newsday the sex was consensual.

Local media reported on Sunday that the New York Police Department had opened an investigation into the allegation against the 23-year-old Latvian-born center. A police spokesman said the department did not have a comment.

The New York Post reported that Porzingis had been accused of raping and beating a 29-year-old woman in his Manhattan penthouse hours after suffering a knee injury on Feb. 6, 2018, while playing for the New York Knicks.

The woman, who lived in the same building, made her allegation on Thursday and police investigators are considering her credible, a high-ranking source within the department told the Post.

Riopelle said the NBA was made aware of the rape allegation months ago, before Porzingis was traded to the Dallas Mavericks. He also said his legal team referred “extortionate demands” made by the accuser to federal law enforcement in December.

(Reporting by Brendan O’Brien in Milwaukee; Editing by Peter Cooney)

Source: OANN

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Colombia: Even Maduro's relatives seeking relief from outage

The blackout engulfing Venezuela is forcing many to seek refuge — even, as it turns out, President Nicolas Maduro's own relatives.

Authorities in neighboring Colombia said the leader's cousin, Argimiro Maduro, along with his spouse, children and extended relatives, approached a border checkpoint leading into Colombia on Monday seeking relief from the power outage.

According to officials, the group of 10 complained that the heat was unbearable as the blackout dragged on and said they wanted to spend five days in Riohacha, a city in northern Colombia with easy access to turquoise beaches along the Caribbean Sea.

But their plans were dashed when migration authorities found their names on a list of over 300 people with close ties to Maduro who should be denied entry.

"While the people of Venezuela die in hospitals because of the lack of electricity, we're not going to allow those close to the Maduro regime to vacation in Colombia, evading the reality of a people in agony," Colombia Migration Director Christian Kruger said.

Photos released by Colombian migration official show the group seeking access in baseball caps and shorts. One man wore a T-shirts with palm trees.

Maduro did not comment on the report that his family was seeking access to Colombia, though he has told Venezuelans in statements broadcast on state television that he has been suffering through the blackout alongside them.

Colombia's government has recognized opposition leader Juan Guaido as Venezuela's rightful president and recently began denying entry to close Maduro associates as a way of increasing pressure on his administration to hold new elections.

Maduro severed diplomatic relations with Colombia in late February after opposition leaders tried to bring international humanitarian aid collected in the Colombian border city of Cucuta across two bridges into Venezuela. The bridges remain closed except for access to students and patients.

Thousands of Venezuelans enter Colombia each day seeking food and medical care and sometimes they come with the goal of leaving permanently. The United Nations estimates at least 3.4 million Venezuelans have fled their homeland in recent years.

A power outage that struck last Thursday at the evening rush hour left almost the entire nation in the dark. Venezuela's information minister said Tuesday that the power grid had been almost completely restored, though there were still some pockets reported without power.

Venezuelan authorities are blaming the outage on a cyberattack, but engineers with knowledge of the grid's operating system say that was essentially impossible because the computers used have no internet connection and communicate only with each other.

Venezuelans have been taking extreme measures to find relief from the outage, parking their cars alongside the road wherever they can find a cellphone signal and collecting buckets of water from the badly polluted Guaire River in capital city Caracas.

Source: Fox News World

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Warriors suspend F Bell for one game

FILE PHOTO: NCAA Basketball: NCAA Tournament-First Round-Oregon vs Wisconsin
FILE PHOTO: Mar 22, 2019; San Jose, CA, USA; Golden State Warriors forward Jordan Bell attends the game between the Oregon Ducks and the Wisconsin Badgers in the first round of the 2019 NCAA Tournament at SAP Center. Kyle Terada/ File Photo

March 27, 2019

The Golden State Warriors suspended forward Jordan Bell for Wednesday night’s game at Memphis because of “conduct detrimental to the team.”

The team did not provide details about the transgression while making the announcement.

Bell, a second-year player out of Oregon, is averaging 3.0 points, 2.7 rebounds and 11.4 minutes in 61 games this season.

He contributed 4.6 points and 3.6 rebounds in 57 games (13 starts) as a rookie to help the Warriors win the NBA championship.

Golden State entered Wednesday night’s game tied with Denver at 50-23 atop the Western Conference standings.

–Field Level Media

Source: OANN

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Netanyahu to cut U.S. visit short after seven injured on rocket attack near Tel Aviv

Israeli policemen and soldiers inspect a damaged house that was hit by a rocket north of Tel Aviv Israel
Israeli policemen and soldiers inspect a damaged house that was hit by a rocket north of Tel Aviv Israel March 25, 2019. REUTERS/ Ammar Awad

March 25, 2019

By Tova Cohen

MISHMERET, Israel (Reuters) – Israeli Prime Minister Benjamin Netanyahu said on Monday he will cut short his trip to the United States after a rocket attack near Tel Aviv wounded seven people.

An Israeli Foreign Ministry spokesman said the projectile was fired from Gaza, an enclave controlled by the militant Hamas group, and Netanyahu said Israel would respond forcefully.

Netanyahu, who arrived in Washington on Sunday for a four-day visit ahead of an April 9 Israeli election, said he would fly home immediately after meeting President Donald Trump at the White House, as planned, later on Monday.

The early morning attack on Mishmeret, an agricultural town north of Tel Aviv, came at a time of high tension ahead of the anniversary of Gaza border protests at the weekend, and Trump’s expression of support for Israeli sovereignty over the occupied Golan Heights.

“In light of the security events I decided to cut short my visit to the U.S.,” Netanyahu said, calling the rocket fire a “heinous attack”.

In Mishmeret one house was completely destroyed, and at least one other house and cars were left badly damaged.

Israel’s Magen David Adom ambulance service said it was treating seven people, including an infant, a 3-year-old boy, a 12-year-old girl and a 60-year-old woman who was suffering from blast injuries, burns and shrapnel wounds.

The strike came minutes after the Israeli military activated air raid sirens in the area and said one rocket had been launched out of the Gaza Strip, a coastal territory 50 miles (80 km) away where Hamas and other factions possess such weapons.

Smadar Castelnovo, a Mishmeret resident who lives opposite the destroyed house, said they were woken up shortly after 5 a.m.

“We heard the siren and we didn’t think it was anything, but my daughter made us go into the reinforced room,” said Castelnovo, still in her pajamas.

“My daughter was upset because we had left the dog out. We went out to get the dog and as soon as we went back in there was a very loud boom.”

Police sealed off streets, and emergency services were working at the scene, as Israeli politicians visited to talk to media crews.

GAZA BRACING

There was no immediate claim of responsibility from Gaza, where Palestinians were preparing for Israeli retaliation.

Israel told Palestinian officials it was closing all Gaza crossings as well as access to the sea from the blockaded territory.

Yahya Sinwar, the head of the Islamist militant group Hamas in the coastal enclave, canceled a planned public meeting scheduled for Monday afternoon, with Hamas officials citing “developments.”

Netanyahu said his decision to return to Israel was made after he consulted with Israeli military and intelligence chiefs. He had been due to address AIPAC, the largest U.S. pro-Israel lobby, on Tuesday.

But early on Monday he said: “In a few hours, I will meet President Trump and immediately after that I will return to Israel to direct our actions close-hand.”

His chief rival in next month’s election, centrist ex-general Benny Gantz, issued a statement accusing the rightist premier of having “bankrupted national security” by permitting such attacks. Gantz, who is also in Washington to address AIPAC, had urged Netanyahu to return home.

Tel Aviv, Israel’s commercial capital, and outlying communities had last come under a long-range rocket attack that caused casualties during the 2014 war with Hamas.

Two rockets were launched at Tel Aviv on March 14 but caused no injuries or damage. Israel blamed those rocket launches on Hamas, though a security official later said the salvo had been set off by accident.

The latest attack follows disturbances involving Palestinian prisoners in southern Israel. Palestinian officials said 20 prisoners in Israel’s jail in the Negev were injured during violence inside the prison in the wake of “humiliating searches” by prison guards. Israeli officials said two guards were stabbed and wounded.

(Additional reporting by Stephen Farrell and Dan Williams in Jerusalem and Nidal al-Mughrabi in Gaza; Editing by Jeffrey Heller)

Source: OANN

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Authorities: Large, flightless bird kills its Florida owner

A large, flightless bird native to Australia and New Guinea killed its Florida owner when it attacked him after he fell, authorities said Saturday.

The Alachua County Fire Rescue Department told the Gainesville Sun that a cassowary killed the man Friday on his property near Gainesville, likely using its long claws. The victim, whose name was not released, was apparently breeding the birds, state wildlife officials said.

"It looks like it was accidental. My understanding is that the gentleman was in the vicinity of the bird and at some point fell. When he fell, he was attacked," Deputy Chief Jeff Taylor told the newspaper.

Cassowaries are similar to emus and stand up to 6 feet (1.8 meters) tall and weigh up to 130 pounds (60 kilograms), with black body feathers and bright blue heads and necks.

The San Diego Zoo's website calls cassowaries the world's most dangerous bird with a four-inch (10-centimeter), dagger-like claw on each foot.

"The cassowary can slice open any predator or potential threat with a single swift kick. Powerful legs help the cassowary run up to 31 miles per hour (50 kph) through the dense forest underbrush," the website says.

Cassowaries are not raised for food in the U.S., but are sought after by collectors.

To get the mandatory permit, the Florida Fish and Wildlife Conservation Commission requires cassowary owners to have "substantial experience" and meet specific cage requirements, spokeswoman Karen Parker told the newspaper.

Wildlife officials did not answer phone calls late Saturday and it could not be learned what happened to the bird.

Source: Fox News National

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Elizabeth Warren insists her career wasn't advanced because of Native American heritage claim

2020 presidential candidate Elizabeth Warren insisted Monday that her disputed claims of Native American heritage, for which she later apologized, had no role in the advancement of her career.

During a CNN town hall in Jackson, Miss., the Massachusetts Democrat was asked by U.S. Army Reserve Officer Brennan Breeland how she responded to critics who said her handling of questions about her heritage was “tone-deaf, offensive, and indicative of a lack of presidential tact.”

“Well... you know... I grew up in Oklahoma. I learned about my family from my family. And based on that, that’s just kind of who I am and I do the best I can with it,” the senator responded. “You know, there was an investigation, nothing I ever did or my family played any role in any job I ever got.”

WARREN APOLOGIZES TO CHEROKEE NATION FOR TAKING DNA TEST

Warren went on to tell Breeland that she had done “38 town halls” in her state last year and another 32 of them since January and observed that people “care a lot about what’s happening in their lives” like housing, education, and health care.

“That’s the kind of reason that I’m in this fight and I’m gonna stay in this fight,” Warren continued. “And, I’ll tell you this; I’m gonna fight it from the heart every inch of the way. I’ll do my best.”

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CNN anchor Jake Tapper, who moderated the town hall, continued without any follow-up questions.

Warren has been on the defense about her previous claims of Native American heritage when seeking law-school work before she was elected senator. Earlier this year she issued an apology for claiming “Indian American” as her race on the Texas State Bar registration card -- and apologized to the Cherokee Nation for releasing results of a DNA test indicating she had Native American ancestry dating back several generations.

Source: Fox News Politics

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South Africa's 400m Olympic gold medallist and world record holder Wayde van Niekerk looks on as he attends South African Championships in Germiston
South Africa’s 400m Olympic gold medallist and world record holder Wayde van Niekerk looks on as he attends South African Championships in Germiston, South Africa, April 25, 2019. REUTERS/Siphiwe Sibeko

April 26, 2019

GERMISTON, South Africa (Reuters) – Olympic 400 meters champion Wayde van Niekerk has backed South African compatriot Caster Semenya in her battle with the International Association of Athletics Federations (IAAF), which now appears to have taken a new twist.

Semenya, a double 800 meters Olympic gold medalist, is waiting for the outcome of her appeal to the Court of Arbitration for Sport (CAS) to halt the introduction of new regulations by governing body IAAF that would require her to take medicine to limit her natural levels of testosterone.

The IAAF wants female athletes with differences of sexual development who run in events from 400 meters to a mile, to reduce their blood testosterone level to below five (5) nmol/L for a period of six months before they can compete, saying they have an unfair advantage.

“She’s fighting for something beyond just track and field, she’s fighting for woman in sports, in society and I respect her for that,” Van Niekerk told reporters.

“I will support her and with the hard work and talent that she’s been putting into the sport. With what she believes in and what she’s dreaming for, I’ve got a lot of respect for her.

“I really hope and pray that everything just goes from strength to strength for her.”

Semenya has sprung a surprise at the on-going South African Athletics Championships though, ditching the 800 meters and instead competing over 1,500 and 5,000-metres – the latter one would not require her to medically lower her testosterone level.

She stormed to victory in the 5,000-metres final in a modest time of 16:05.97, but looked to have lots left in the tank as she passed the finish line.

Semenya beat fellow Olympian and defending national 5,000m champion Dominique Scott in Thursday’s final but the latter admitted she is unsure whether the 800m specialist could be a serious Olympic contender over the longer distance.

“Honestly‚ I have no idea‚” Scott said. “Before today I probably would have said no. It’s hard to compare a 5,000 at altitude to a 5,000 at sea level.

“But I think she’s an amazing runner and I don’t think there’s any limit or ceiling on what she can do.”

Van Niekerk, the 400m world record holder, had to abort his comeback from a knee injury, that had sidelined him for 18 months, following a combination of cold weather and a wet track.

“We are trying to take the correct decisions now early in the year so as not to put myself in any harm,” he said.

“It was a bit chilly this entire week prepping and coming through here as well it was quite cold and it caused bit of tightness in my leg. We decided to not risk it.

“My recovery is going well and I would like to be back in competition this year, but will only do so if I can deliver a good performance.

“I am a competitor and respect my opponents, so I need to be at my best when I return.”

(Reporting by Nick Said, additional reporting by Siyabonga Sishi; editing by Sudipto Ganguly)

Source: OANN

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The suspected leader of the Easter Sunday bombings in Sri Lanka died in the Shangri-La hotel, one of six hotels and churches targeted in the attacks that killed at least 250 people, authorities said.

Police said Mohamed Zahran, leader of the National Towheed Jamaat militant group, had been killed in one of the bombings. The group’s second in command was also arrested, police said.

Zahran amassed an online following for his hate-filled sermons. Some were delivered before a banner depicting the Twin Towers.

Sri Lankan authorities said Friday that Islamic cleric Mohammed Zahran died in the blast at the Shangri-La hotel during the Easter Sunday atatcks that killed at least 250 people. 

Sri Lankan authorities said Friday that Islamic cleric Mohammed Zahran died in the blast at the Shangri-La hotel during the Easter Sunday atatcks that killed at least 250 people.  (YouTube)

Australian Prime Minister Scott Morrison said Friday that the attackers responsible for the bombings were supported by the Islamic State group. Around 140 people in Sri Lanka had connections to ISIS, Sri Lankan President Maithripala Sirisena said.

“We will completely control this and create a free and peaceful environment for people to live,” he said.

CLICK HERE TO GET THE FOX NEWS APP

Investigators determined the attackers received military training from someone called “Army Mohideen.” They also received weapons training overseas and at some locations in Sri Lanka, according to authorities.

A copper factory operator arrested in connection with the bombings helped Mohideen make improvised explosive devices, police said. The bombings have led to increased security throughout the island nation as authorities warned of another attack.

Source: Fox News World

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A Malaysian mountain climber was being treated in a hospital in Nepal’s capital Friday after being stranded nearly two days alone near the summit of Annapurna.

A helicopter crew searching for the missing climber on Thursday spotted Wui Kin Chin waving his hands at them, and rescuers brought him down to a lower camp.

At the time of his rescue, Chin had been without an oxygen bottle, food and water for over 40 hours, said Mingma Sherpa, the head of Seven Summit Treks, which arranged his expedition.

Chin was flown to the capital, Kathmandu, on Friday and taken to a hospital, where his wife joined him.

Chin is an anesthesiologist and accomplished climber, and Sherpa credited Chin’s medical knowledge and familiarity with mountains for keeping him alive.

“It’s a big thing to stay alive in that altitude without food, water, and oxygen,” Sherpa said. He described Chin on Thursday as fine but not in condition to walk.

Chin was a part of a 13-member expedition led by a French climber and was separated from the others during the descent.

The 8,091-meter (26,545-foot) Mount Annapurna is the ninth tallest mountain in Nepal and the 10th tallest in the world. It’s considered an especially treacherous mountain due to its difficult terrain and weather conditions.

Source: Fox News World

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Spain’s prime minister says he’s open to a coalition with an anti-austerity party, hinting for the first time at a possible center-left governing alliance after Sunday’s national election.

In an interview published Friday by El Pais newspaper, Socialist leader Pedro Sánchez says “it isn’t a problem” for the far-left United We Can to become part of his Cabinet if he wins the tight race.

With Spain’s electoral law banning polls during the last week of campaigning, it’s unclear if the two parties will emerge strong enough in the lower house of parliament or whether a right-wing alliance could assemble a majority.

Sánchez is calling on Spaniards to cast a “useful vote” and has warned that the rise of the far right in polls could be underestimated given the large pool of undecided voters.

Source: Fox News World

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FILE PHOTO: KPN logo is seen at its headquarters in Rotterdam
FILE PHOTO: KPN logo is seen at its headquarters in Rotterdam, Netherlands, January 30, 2019. REUTERS/Piroschka van de Wouw

April 26, 2019

By Bart H. Meijer and Toby Sterling

AMSTERDAM (Reuters) – Dutch telecom firm Royal KPN NV said on Friday it would select a Western supplier to build its core 5G mobile network, making it one of the first European operators to make clear it would not pick China’s Huawei for such work.

The United States has been seeking to discourage its allies from using equipment made by Huawei because of concerns that it could eventually be used for Chinese government spying. Huawei says such worries are baseless and U.S. policy is driven by economic interests.

The Hague-based KPN, the Netherlands’ largest telecom firm, said its decision took into account “the evolving assessment on the protection of vital infrastructure and the influence this may have on future Dutch policy.”

The Dutch government has not taken a decision on the issue.

KPN, which also reported on Friday slightly worse than expected first quarter core earnings of 563 million euros ($627 million), said it would still use equipment made by Huawei in some capacities.

In addition, the company announced a preliminary deal with Huawei to upgrade existing mobile telecommunications gear to make it safer. Huawei has been a key supplier to KPN in the past decade.

The Dutch government set up a task force with KPN and other major operators in the Netherlands this month to analyze the “vulnerability of 5G telecommunications networks to misuse by technology vendors … and measures needed to manage risks.”

KPN said it would use equipment made by Huawei, which it described as a world leader in radio and antenna technology, to improve security on its existing network.

“This preliminary agreement can be adjusted or reversed to align it with future Dutch government policy,” it added.

Sources told Reuters on Wednesday that Britain’s National Security Council (NSC) had decided to bar Huawei from core parts of the country’s 5G network and restrict its access to non-core areas.

(Reporting by Bart Meijer; Editing by Kirsten Donovan and Edmund Blair)

Source: OANN

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