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in 1999, the Commodities Futures Trading Commission deregulated futures markets. All of a sudden, bankers could take as large a position in grains as they liked, an opportunity that had, since the Great Depression, only been available to those who actually had something to do with the production of our food

After World War II, the United States was routinely producing a grain surplus, which became an essential element of its Cold War political, economic, and humanitarian strategies -- not to mention the fact that American grain fed millions of hungry people across the world

Futures markets traditionally included two kinds of players. On one side were the farmers, the millers, and the warehousemen, market players who have a real, physical stake in wheat. This group not only includes corn growers in Iowa or wheat farmers in Nebraska, but major multinational corporations like Pizza Hut, Kraft, Nestlé, Sara Lee, Tyson Foods, and McDonald's -- whose New York Stock Exchange shares rise and fall on their ability to bring food to peoples' car windows, doorsteps, and supermarket shelves at competitive prices. These market participants are called "bona fide" hedgers, because they actually need to buy and sell cereals. On the other side is the speculator. The speculator neither produces nor consumes corn or soy or wheat, and wouldn't have a place to put the 20 tons of cereal he might buy at any given moment if ever it were delivered. Speculators make money through traditional market behavior, the arbitrage of buying low and selling high. And the physical stakeholders in grain futures have as a general rule welcomed traditional speculators to their market, for their endless stream of buy and sell orders gives the market its liquidity and provides bona fide hedgers a way to manage risk by allowing them to sell and buy just as they pleased.

Like Western investors, the kingdom’s elites are uncertain about what the new order means for the country’s economy. The new Saudi leadership has indeed created new opportunities, but many of the deep structural barriers to diversification remain unchanged. The bulk of the public sector remains bloated by patronage employment, the private sector is still dominated by cheap foreign labor, and private economic activity remains deeply dependent on state spending. Addressing these challenges could take a generation — and it will require patience, creativity, and a clearer sense of priorities.

While a band of Al Saud brothers used to rule collectively with the king as a figurehead, decision-making has now become centralized under one man

ruthlessness and willingness to take risks radically at odds with the cautious and consensual political culture of the Al Saud clan

People in the West tend to think about oil shocks from the perspective of the consumer. They notice when prices go up. The price spikes in 1973 and 1979 triggered by boycotts by oil producers are etched in their collective consciousness, as price controls left Americans lining up for gas and European governments imposed weekend driving bans. This was more than an economic shock. The balance of power in the world economy seemed to be shifting from the developed to the developing world.

If a surge in fossil fuel prices rearranges the world economy, the effect also operates in reverse. For the vast majority of countries in the world, the decline in oil prices is a boon. Among emerging markets, Indonesia, Philippines, India, Argentina, Turkey, and South Africa all benefit, as imported fuel is a big part of their import bill. Cheaper energy will cushion the pain of the COVID-19 recession. But at the same time, and by the same token, plunging oil prices deliver a concentrated and devastating shock to the producers. By comparison with the diffuse benefit enjoyed by consumers, the producers suffer immediate immiseration.

In inflation-adjusted terms, oil prices are similar to those last seen in the 1950s, when the Persian Gulf states were little more than clients of the oil majors, the United States and the British Empire

In February, OPEC called for an oil production “freeze” to raise crude prices in conjunction with Russia. But this effort collapsed at a meeting in Doha, Qatar, in April when Iran refused to join any freeze in order to regain the pre-2012 production levels of close to 4 mbpd it enjoyed before U.S. and European Union nuclear sanctions were imposed, following the removal of certain sanctions after the 2015 nuclear deal. A similar proposal failed at the OPEC meeting in June, again following Iran’s refusal, despite outreach by the Qataris.

OPEC again called for a form of output cut on Sept. 28 at an extraordinary meeting in Algiers. Markets bit on the news, with Brent prices rising sharply by about 15 percent in the following week, from $46 to $52 per barrel.

Can action by the cartel sustain higher crude prices over the long term? Probably not. Like a desert mirage, the image of an OPEC resurrection vanishes when approached.

To ease the isolation and economic pressure, Iran is looking to strengthen trade and financial relations with Russia as well as China and neighboring countries such as Turkey, Iraq and Afghanistan.

Iran has been seeking to conclude banking agreements and establish non-dollar and SWIFT-free financial mechanisms with these countries. Iran's efforts in this regard in relation to Iraq, the United Arab Emirates and Turkey have been somewhat fruitful.

 trade between Iran and Russia grew 24.6% in the first seven months of 2019, reaching $1.33 billion. Russian exports to Iran reached $999.3 million (39.3% growth) and Iran’s exports to Russia stood at $333.7 million — a 6.2% decrease compared with the same period in the preceding year. Iran's share of Russia's total foreign trade rose from 0.3% to 0.4%.

Guided by the twin logics of energy security and energy independence, American actions and alliances in region became a self-fulfilling prophecy. The very thing the United States sought to eliminate in the Middle East—insecurity—became a major consequence of America’s growing and increasingly militarized entanglement.

In effect, the essential relationship of dependency between the United States and the Middle East has never been “oil for security.” It has in fact been oil for insecurity, a dynamic in which war, militarization and autocracy in the region have been entangled with the economic dominance of North Atlantic oil companies, US hegemony and discourses of energy security.

Although the destabilizing contradictions of this dependency have now undercut both American hegemony and the power of the North Atlantic hydrocarbon industries, the oil-for-insecurity entanglement has nonetheless created dangerously strong incentives for more conflict ahead.

A trove of emails, documents and legal filings reviewed by Bloomberg News, as well as interviews with former insiders, reveal the extent of the services Rowland and his private bank provided to one of its biggest customers, Mohammed bin Zayed, better known as MBZ, the crown prince of Abu Dhabi and de facto ruler of the United Arab Emirates. Some of the work went beyond financial advice. It included scouting for deals in Zimbabwe, setting up a company to buy the image rights of players on the Abu Dhabi-owned Manchester City Football Club and helping place the bank’s chairman at the time on the board of Human Rights Watch after it published reports critical of the Persian Gulf country.

a 2017 plan devised by the bank for an assault on the financial markets of Qatar, a country that had just been blockaded by the UAE, Saudi Arabia, Egypt and Bahrain for allegedly sponsoring terrorism

a coordinated attack to deplete Qatar’s foreign-exchange reserves and pauperize its government

Long a sanctuary for Spanish and French writers, American writers began visiting Tangier in the late nineteenth century: Mark Twain on his way to Jerusalem in 1867, the painters Louis Comfort Tiffany in 1870 and Henry Ossawa Tanner in 1912, and Edith Wharton in 1917. In 1931, when Bowles first visited, the American artists living in Tangier were primarily black: Claude McKay, Anita Reynolds, Juice Wilson, Josephine Baker. These African-Americans came to Morocco from Paris, where they had formed a community after World War I, and as the Harlem Rennaissance spread to France. Upon arrival, Bowles began to socialize with both McKay and Anita Reynolds. Like the other Americans, he had also discovered North Africa through France. In high school, he had read Marcel Proust, Comte de Lautréamont, and André Gide—the latter’s accounts, in particular, of his travels and sexual trysts in Algeria and Tunisia had conjured North Africa in Bowles’s teenage imagination.

in December 1923, France, Spain, and the United Kingdom signed the Tangier Protocol in Paris, setting up a new administration and placing the city at the center of a 150-square mile International Zone overseen by a committee of nine Western powers. The city was henceforth governed by a court that included French, Spanish, and British judges, along with the mendoub, the Moroccan sultan’s representative. It is this international period, from 1923 to 1956, especially postwar, that has shaped the image of Tangier as a free port, a tax haven, and a place of international intrigue and excess.

His first novel, The Sheltering Sky, told the story of an American who flees the numbing modernity of New York and meanders through the Algerian desert, only to disintegrate psychologically. Published in the fall of 1949, it became a bestseller and made Bowles a household name. Three more novels and a handful of short stories set in Tangier followed.

Abramovich is perhaps the most visible of the “oligarchs” surrounding Putin, who are widely perceived as extensions of the Russian president and keepers of a vast fortune that is effectively under the Kremlin’s control. Much of this wealth was extracted from Russia’s enormous energy and mineral resources, and is now stashed in secret bank accounts in the Mediterranean and the Caribbean, in empty mansions and condos from London to Manhattan to Miami, and in yachts and private jets on the French Riviera.

as much as 60% of Russia’s GDP is offshore

The reserved, gray-bearded Abramovich is notoriously litigious toward critics who seek to detail his close ties to Putin. Last year, he successfully sued the British journalist Catherine Belton, who claimed in her 2020 book Putin’s People that the Russian president dictated Abramovich’s major purchases, including his decision to buy Chelsea. He also extracted an apology from a British newspaper for calling him a “bag carrier” for the Russian president.

deepen what were heretofore covert ties across the full spectrum of civilian sectors from business to science to agriculture and even space. The Emirati-Israeli agreement builds upon years of “under the table” cooperation between security and intelligence professionals driven toward strategic alignment by a shared perception of the major regional threat — Iran.

the U.S. sweetener appears to be a commitment to sell it F-35 Joint Strike Fighters, as well as other advanced weaponry long sought by Abu Dhabi Crown Prince Mohammed bin Zayed

When Egypt made peace with Israel in 1979, it secured the second largest military aid package in the Middle East after Israel, which continues today. When Jordan made peace with Israel in 1994, the announcement came along with debt relief and the sale of F-16 fighter aircraft — and, like Egypt, Jordan remains a top recipient of American assistance

middle-income countries—including Turkey, Ukraine, Egypt, and Morocco—do not benefit from global initiatives like the debt relief programs led by the International Monetary Fund (IMF), which target less developed nations. Yet they lack the domestic resources to rebound effectively from the deep recession that awaits them. The rising risk aversion in global markets has constrained their debt-raising options. Their economic well-being has further been undermined by the coronavirus-related economic downturn, raising fears about economic dislocation and political instability.

the economic resilience of Europe’s neighbors is clearly at risk. A major revenue stream for many of Europe’s southern and eastern neighbors is tourism. In 2018, tourism revenues as a share of total exports of goods and services reached 41 percent in Jordan and 25 percent in Egypt, according to the United Nations World Tourism Organization.

In absolute numbers, Turkey’s tourism revenues including international transport were the highest at $37 billion, amounting to around 5 percent of GDP. This important revenue source is now set to evaporate as the virus takes its toll. The collapse of the tourism industry will also have significant repercussions for the sustainability of employment. For Jordan, Morocco, and Tunisia, tourism provided for around 7 percent of total employment, compared with the global median of 3.8 percent.

As the effects of climate change intensify, bringing more severe droughts, flooding and pest infestations, some growers are wresting control of their crops away from nature. Huge high-tech greenhouses and smaller vertical farms — windowless warehouses that typically grow plants stacked in trays — hold the promise of letting farmers grow almost anywhere.But all that control comes with an environmental cost. Inside these facilities, farmers are creating the perfect growing conditions with power generated mostly by burning fossil fuels, and lots of it.

“There’s extraordinary water efficiency in these facilities, but energy is really the Achilles’ heel.”

In colder climes, indoor farm operators heat their greenhouses with natural gas or propane, since these fossil fuels are often the cheapest option. Vertical farms are a smaller slice of the market, but they typically consume much more electricity than greenhouses to replace natural sunlight and to power cooling and dehumidifier systems.

Russia is out to raise the stakes for U.S. military intervention, which it sees as destabilizing for the world order; to minimize the impact of Islamist radicalism and extremism born out of the Arab Spring; and to try to find political solutions to a host of issues, from the civil war in Syria to Iran’s nuclear issue to post-American Afghanistan

In Russian society, the long and painful experience of Soviet involvement in Afghanistan gave rise to what was called “Afghan syndrome,” i.e., shunning involvement, especially with military forces, in the Muslim world. Focused on itself and its immediate neighborhood, the Russian Federation physically quit and then neglected whole regions of former Soviet influence, including the Middle East. It continued selling arms to some of its ex-allies, including Syria, but now on a commercial rather than ideological or strategic basis.

Iran turned out to be a responsible neighbor and a useful partner, staying away from the Chechen conflict and even helping Russia negotiate an end to the bloody civil war in Tajikistan

Should the mass adoption of electric vehicles occur, access to reliable and affordable sources of minerals like cobalt, graphite, lithium, manganese, and nickel, which are used in modern electric-vehicle batteries, will come to occupy a larger share of energy security concerns, especially since one country has already gained control over much of the world’s production and processing of those minerals

oil has remained abundant and affordable, despite major production disruptions during the Arab Spring from 2010-2012, in Libya from 2013-2016, and in Venezuela after 2017. In fact, oil prices had dropped 60 percent from their 2008 highs by early 2020, even before the COVID-19 pandemic had made a dent in the global economy.

falling oil prices throughout the 2010s may have lulled Western policymakers into believing that the Russian Federation, whose economy is heavily reliant on oil and natural gas exports, would become more docile. It did not; instead, it continued to modernize its military and intimidate its neighbors

Washington is now embarked on a campaign to persuade itself, the American people and the rest of the world that the ‘global war on terrorism’ (GWoT) will be a ‘long war’. This ‘long war’ is explicitly compared to the Cold War as a similar sort of zero-sum, global-scale, generational struggle against anti-liberal ideolo-gical extremists who want to rule the world.

When the Cold War ended, Washington seemed to experience a threat defi cit, and there was a string of attempts to fi nd a replacement for the Soviet Union as the enemy focus for US foreign and military policy: fi rst Japan, then China, ‘clash of civilizations’ and rogue states

the GWoT had the feel of a big idea that might provide a long-term cure for Washington’s threat defi ci

a solar mega-project that is supposedly going to end Morocco's dependency on energy imports, provide electricity to more than a million Moroccans, and put the country on a “green path.”

This analysis examines the project through the lens of the creation of a new commodity chain, revealing its effects as no different from the destructive mining activities taking place in southern Morocco.

What seems to unite all the reports and articles written about the solar plant is a deeply erroneous assumption that any move toward renewable energy is to be welcomed. And that any shift from fossil fuels, regardless of how it is carried out, will help us to avert climate chaos. One needs to say it clearly from the start: the climate crisis we are currently facing is not attributable to fossil fuels per se, but rather to their unsustainable and destructive use in order to fuel the capitalist machine. In other words, capitalism is the culprit, and if we are serious in our endeavors to tackle the climate crisis (only one facet of the multi-dimensional crisis of capitalism), we cannot elude questions of radically changing our ways of producing and distributing things, our consumption patterns and fundamental issues of equity and justice. It follows from this that a mere shift from fossil fuels to renewable energy, while remaining in the capitalist framework of commodifying and privatizing nature for the profits of the few, will not solve the problem. In fact, if we continue down this path we will only end up exacerbating, or creating another set of problems, around issues of ownership of land and natural resources.

ordinary Iranians are increasingly worried and indeed hurt by sanctions

Even taken together, the sanctions are unlikely to bring the world’s fifth-biggest crude-oil exporter to its knees. The loopholes remain big enough, and the attraction of Iran’s 75m-strong market strong enough, to keep goods and money flowing. Although South Korea joined Japan last month in slapping sanctions on a range of Iranian banks and firms, bringing it into line with other American allies, it remains keen to protect trade with Iran that topped $10 billion last year, so it quickly signed a deal to let Korean and Iranian traders settle accounts via special facilities in two Korean banks and in Korean currency. The Asian powerhouse, China, sees no need for such sleight of hand, and has rapidly expanded its share of Iran’s market, as has neighbouring Turkey.

Almost all the biggest international traders in refined petroleum products, for instance, have stopped dealing with Iran, forcing the country to rely on costlier small-scale overland shipments for much of the petrol that it still has to import because of underinvestment in refining.

today’s largest volumes of global seaborne crude oil – around 30% – along with a significant volume of LNG, passes through its Straits of Hormuz, making it the most important maritime oil chokepoint which connects the Gulf states with key global markets in the East and the West

The International Energy Agency (IEA) sees that the world can reach net-zero emissions by 2060, wherein 75% of reduction comes from energy efficiency and renewable energy, with another 14% from carbon capture and storage, 6% from nuclear and 5% from fuel switching. In this context, the fossil fuels’ share of the global energy mix falls from 82% in 2014 to 35% in 2060 under the 2°C scenario, or to 26% in the below 2°C scenario.

Renewable technologies and batteries require certain minerals for their production, such as cobalt, lithium, nickel and rare earth elements. Despite the fact that renewable endowments for wind, solar, geothermal and biomass are scattered geographically, controlling the production of these new commodities will have major geopolitical consequences as they are based only in a selected number of countries such as Chile, Bolivia, Mongolia, and the Democratic Republic of Congo (DRC).

Before tuning in via Skype to oversee the murder and dismemberment of Saudi Arabian journalist Jamal Khashoggi, Saud al-Qahtani, a high-level adviser to the crown prince of Saudi Arabia, Mohammed bin Salman (MBS), was best known for running social media operations for the royal court and serving as MBS’s chief propagandist and enforcer. His portfolio also included hacking and monitoring critics of the Kingdom and MBS.

Al-Qahtani registered at least 22 domains since 2009, some of which have been used as command and control servers for malware

al-Qahtani’s posts on Hack Forums detail the hacking tools and services he purchased and used and the social media platforms and mobile apps he targeted. By June 2011, less than two years after joining the forum, he estimated that he had 90% of paid and free RATs on the market. Al-Qahtani also paid Hack Forum members to have social media accounts deleted and sought to manufacture engagement activity on major social media platforms, including YouTube and Facebook.