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Citigroup’s top economist Willem Buitler said in 2011 that the water market will soon be hotter the oil market (for example, see this and this): “Water as an asset class will, in my view, become eventually the single most important physical-commodity based asset class, dwarfing oil, copper, agricultural commodities and precious metals.” In its recent 2012 Water Investment Conference, Citigroup has identified top 10 trends in the water sector, as follows:

Specifically, a lucrative opportunity in water is in hydraulic fracturing (or fracking), as it generates massive demand for water and water services. Each oil well developed requires 3 to 5 million gallons of water, and 80% of this water cannot be reused because it’s three to 10 times saltier than seawater. Citigroup recommends water-rights owners sell water to fracking companies instead of to farmers because water for fracking can be sold for as much as $3,000 per acre-foot instead of only $50 per acre/foot to farmers.

One of the world’s largest banks, JPMorgan Chase has aggressively pursued water and infrastructure worldwide. In October 2007, it beat out rivals Morgan Stanley and Goldman Sachs to buy U.K.’s water utility Southern Water with partners Swiss-based UBS and Australia’s Challenger Infrastructure Fund. This banking empire is controlled by the Rockefeller family; the family patriarch David Rockefeller is a member of the elite and secretive Bilderberg Group, Council on Foreign Relations, and Trilateral Commission.

Barclays PLC is a U.K.-based major global financial services provider operating in all over the world with roots in London since 1690; it operates through its subsidiary Barclays Bank PLC and its investment bank called Barclays Capital. Barclays Bank’s unit Barclays Global Investors manages an exchange-traded fund (ETF) called iShares S&P Global Water, which is listed on the London Stock Exchanges and can be purchased like any ordinary share through a broker. Touting the iShares S&P Global Water as offering “a broad based exposure to shares of the world’s largest water companies, including water utilities and water equipment stocks” of water companies around the world, this fund as of March 31, 2007 was valued at U.S.$33.8 million.

Deutsche Bank is one of the major players in the water sector worldwide. Its Deutsche Bank Advisors have identified water as a part of the climate investment strategies. In its presentation, “Global Warming: Implications for Investors,” they have identified the four following major areas for water investment: § Distribution and management: (1) Supply and recycling, (2) water distribution and sewage, (3) water management and engineering. § Water purification: (1) Sewage purification, (2) disinfection, (3) desalination, (4) monitoring. § Water efficiency (demand): (1) Home installation, (2) gray-water recycling, (3) water meters. § Water and nutrition: (1) Irrigation, (2) bottled water.

Moreover, Deutsche Bank has channeled €6 billion (U.S.$8.55 billion) into climate change funds, which will target companies with products that cut greenhouse gases or help people adapt to a warmer world, in sectors from agriculture to power and construction (Reuters, October 18, 2007). In addition to SCM, Deutsche Bank also has the RREEF Infrastructure, part of RREEF Alternative Investments, headquartered in New York with main hubs in Sydney, Singapore, and London. RREEF Infrastructure has more than €6.7 billion in assets under management. One of its main targets is utilities, including electricity networks, water-treatment or distribution operations, and natural-gas networks. In October 2007, RREEF partnered with Goldman Sachs, GE, Prudential, and Babcok & Brown Ltd. to bid unsuccessfully for U.K.’s water utility Southern Water. § Crediting the boom in European infrastructure investment, the RREEF fund by August 2007 had raised €2 billion (U.S.$2.8 billion); Europe’s infrastructure market is valued at between U.S.$4 trillion to U.S.$6 trillion (DowJones Financial News Online, August 7, 2007). § Bulgaria --- Deutsche Bank Bulgaria is planning to participate in large infrastructure projects, including public-private partnership projects in water and sewage worth up to €1 billion (Sofia Echo Media, February 26, 2008). § Middle East --- Along with Ithmaar Bank B.S.C. (an private-equity investment bank in Bahrain), Deutsche Bank co-managed a U.S.$2 billion Shari'a-compliant Infrastructure and Growth Capital Fund and plans to target U.S.$630 billion in regional infrastructure.

In my 2008 article, I overlooked the astonishingly large land purchases (298,840 acres, to be exact) by the Bush family in 2005 and 2006. In 2006, while on a trip to Paraguay for the United Nation’s children’s group UNICEF, Jenna Bush (daughter of former President George W. Bush and granddaughter of former President George H.W. Bush) reportedly bought 98,840 acres of land in Chaco, Paraguay, near the Triple Frontier (Bolivia, Brazil, and Paraguay). This land is said to be near the 200,000 acres purchased by her grandfather, George H.W. Bush, in 2005. The lands purchased by the Bush family sit over not only South America’s largest aquifer --- but the world’s as well --- Acuifero Guaraní, which runs beneath Argentina, Brazil, Paraguay, and Uruguay. This aquifer is larger than Texas and California combined. Online political magazine Counterpunch quoted Argentinean pacifist Adolfo Perez Esquivel, the winner of 1981 Nobel Peace Prize, who “warned that the real war will be fought not for oil, but for water, and recalled that Acuifero Guaraní is one of the largest underground water reserves in South America….”

In the face of a likely Isis victory at Kobani, senior US officials have been trying to explain away the failure to save the Syrian Kurds in the town, probably Isis's toughest opponents in Syria. "Our focus in Syria is in degrading the capacity of [Isis] at its core to project power, to command itself, to sustain itself, to resource itself," said US Deputy National Security Adviser Tony Blinken, in a typical piece of waffle designed to mask defeat. "The tragic reality is that in the course of doing that there are going to be places like Kobani where we may or may not be able to fight effectively."

The battle for Anbar, which was at the heart of the Sunni rebellion against the US occupation after 2003, is almost over and has ended with a decisive victory for Isis. It took large parts of Anbar in January and government counter-attacks failed dismally with some 5,000 casualties in the first six months of the year. About half the province's 1.5 million population has fled and become refugees. The next Isis target may be the Sunni enclaves in western Baghdad, starting with Abu Ghraib on the outskirts but leading right to the centre of the capital.

The real question is this: if concern over suppression of political rights is not the real reason the U.S. is imposing new sanctions on Venezuela (perish the thought!), what is? Among the most insightful commentators on U.S. policy in Latin America is Mark Weisbrot of Just Foreign Policy. Read his excellent article for Al Jazeera on the recent Obama decree on Venezuela. In essence, Venezuela is one of the very few countries with significant oil reserves which does not submit to U.S. dictates, and this simply cannot be permitted (such countries are always at the top of the U.S. government and media list of Countries To Be Demonized). Beyond that, the popularity of Chavez and the relative improvement of Venezuela’s poor under his redistributionist policies petrifies neoliberal institutions for its ability to serve as an example; just as the Cuban economy was choked by decades of U.S. sanctions and then held up by the U.S. as a failure of Communism, subverting the Venezuelan economy is crucial to destroying this success. As Weisbrot notes, every country in the hemisphere except for the U.S. and Canada have united to oppose U.S. sanctions on Venezuela. The Community of Latin American and Caribbean States (CELAC) issued a statement in February in response to the prior round of U.S. sanctions on Venezuela that “reiterates its strong repudiation of the application of unilateral coercive measures that are contrary to international law.” This week, the chief of the Union of South American Nations (UNASUR) issued a statement announcing that “UNASUR rejects any external or internal attempt at interference that seeks to disrupt the democratic process in Venezuela.” Weisbrot compares Obama’s decree this week on Venezuela to President Reagan’s quite similar 1985 decree that Nicaragua was a national security threat to the U.S., and notes: “The Obama administration is more isolated today in Latin America than even George W. Bush’s administration was.”

If Obama and supporters want the government of Venezuela to be punished and/or toppled because they refuse to comply with U.S. dictates, they should at least be honest about their beliefs so that their true character can be seen. Pretending that any of this has to do with the U.S. Government’s anger over suppression of political opponents — when their closest allies are the world champions at that — should be too insulting of everyone’s intelligence to even be an option.

But playing the ‘Empire of Chaos’ game – financial/economic war on Russia - is a game-changer, as in playing with fire. US/EU sanctions, attacks on the oil price and the ruble by giant derivative players as agents, are something way above the Saudi pay grade. The House of Saud swore that they didn’t change their production quota during 2014. But there was an excess supply – and it was brought into the market to help cause the oil price crash, alongside the manipulation by derivatives speculators. Scores of oil analysts still can’t figure out why the House of Saud went after Russia; all reasons are political, not economical (Russian support for Syria and Iran, the Americans agreeing with the strategy, etc.). The fact is Moscow did perceive it as a declaration of economic war by Saudi Arabia. Petroleum Intelligence Weekly, cautiously, has already hinted it may get much worse, as in “potential for disruption in Mideast Gulf monarchies.” Beware of an Emperor bearing gifts – or mourning a late King. The ‘Empire of Chaos’ is essentially asking the House of Saud to keep going kamikaze all the way against Russia. Sooner or later someone in Riyadh will realize this is the roadmap to House suicide.

On one side, in the West of the country, Islamist-allied militias took over control of the capital Tripoli and other cities and set up their own government, chasing away a parliament that was elected over the summer. On the other side, in the East of the Country, the “legitimate” government dominated by anti-Islamist politicians, exiled 1,200 kilometers away in Tobruk, no longer governs anything. The fall of Gaddafi’s administration has created all of the country’s worst-case scenarios: Western embassies have all left, the South of the country has become a haven for terrorists, and the Northern coast a center of migrant trafficking. Egypt, Algeria and Tunisia have all closed their borders with Libya. This all occurs amidst a backdrop of widespread rape, assassinations and torture that complete the picture of a state that is failed to the bone. America is clearly fed up with the two inept governments in Libya and is now backing a third force: long-time CIA asset, General Khalifa Hifter, who aims to set himself up as Libya’s new dictator. Hifter, who broke with Gaddafi in the 1980s and lived for years in Langley, Virginia, close to the CIA’s headquarters, where he was trained by the CIA, has taken part in numerous American regime change efforts, including the aborted attempt to overthrow Gaddafi in 1996.

Three years ago, NATO declared that the mission in Libya had been “one of the most successful in NATO history.” Truth is, Western interventions have produced nothing but colossal failures in Libya, Iraq, and Syria. Lest we forget, prior to western military involvement in these three nations, they were the most modern and secular states in the Middle East and North Africa with the highest regional women’s rights and standards of living. A decade of failed military expeditions in the Middle East has left the American people in trillions of dollars of debt. However, one group has benefited immensely from the costly and deadly wars: America’s Military-Industrial-Complex. Building new military bases means billions of dollars for America’s military elite. As Will Blum has pointed out, following the bombing of Iraq, the United States built new bases in Kuwait, Bahrain, Qatar, the United Arab Emirates, Oman and Saudi Arabia. Following the bombing of Afghanistan, the United States is now building military bases in Pakistan, Kazakhstan, Uzbekistan and Tajikistan. Following the recent bombing of Libya, the United States has built new military bases in the Seychelles, Kenya, South Sudan, Niger and Burkina Faso.

Given that Libya sits atop the strategic intersection of the African, Middle Eastern and European worlds, Western control of the nation, has always been a remarkably effective way to project power into these three regions and beyond. NATO’s military intervention may have been a resounding success for America’s military elite and oil companies but for the ordinary Libyan, the military campaign may indeed go down in history as one of the greatest failures of the 21st century.

With the exception of Oman, members of the Gulf States joined Saudi Arabia with its aerial bombardment of the Houthis. The UAE contributed with 30 fighter jets, Bahrain 15, Kuwait 15, Qatar 10. Non-Gulf states have also showed their support to “Operation Decisive Storm.” Jordan deployed six fighter jets, Morocco, who expressed “complete solidarity” to Saudi Arabia provided six fighter jets while Sudan supplied three. On Thursday, an army media site confirmed that Sudan took part in the Saudi-led military operation. There were no further details but the site said the army spokesman would soon comment.

Al Arabiya News Channel said Egypt and Pakistan would dispatch jet fighters and warships to take part in the campaign. On Thursday, Egypt confirmed it will join the Saudi-led coalition. “Coordination is under way with Saudi Arabia and the Gulf states to prepare for participation by the Egyptian air force and Egyptian navy, and a ground force if the situation warrants, as part of the coalition action,” the Egyptian foreign ministry said in a statement. Another Egyptian military source said that Egypt participated in the military operation with both its naval and air forces. Later, Egyptian officials said four warships entered Suez en route to Gulf of Aden to give further support to Operation “Decisive Storm.”

In addition to the Arab states support, U.S. President Barack Obama authorized the provision of logistical and intelligence support to “Decisive Storm.”

Houthi politburo official Mohammed al-Bukhaiti told Reuters, that the Shiite group is prepared to confront the Saudi-led campaign without calling for help from their ally Iran. Asked if there had been any communications with Iran since the start of the attacks, or if the Houhtis would seek military help from Tehran, Bukhaiti said: “No. The Yemeni people are prepared to face this aggression without any foreign interference.”

On Thursday, the Saudi defense minister warned the son of toppled Yemeni leader, Ahmed Ali Saleh not to attack Aden. Many Adenis see former president Ali Abdullah Saleh, a fierce critic of Hadi, as the real instigator behind the expansion of the Shiite Muslim Houthi movement to their city. Saleh was the author of the city’s previous humiliation in 1994, when as president he crushed a southern secessionist uprising in a short but brutal war.

Despite seceding power in 2011 after mass protests against his rule, Saleh is still highly influential in the military. The Republican Guard troops are still loyal to him, and are believed to be backing the Houthi forces fighting Hadi. Before Saudi Arabia declared its military offensive, young men brandishing AK-47s patrolled the streets of Aden on Wednesday and government employees headed home as Houthi forces attempted their advance toward the city.

In his speech, Kerry smeared resolution 3379 as “anti-Semitic” and “absurd.” Kerry called it “a bitter irony that this resolution against Zionism was originally a resolution against racism and colonialism” and lamented that “reasonableness was detoured by a willful ignorance of history and truth.” Sec. Kerry insisted “we will do all in our power to prevent the hijacking of this great forum for malicious intent” — a fascinating claim, considering how incredibly often the US itself hijacks the UN against the will of the international community, in the interests of both itself and Israel. Kerry warned about “the global reality of anti-Semitism today” (he made no mention whatsoever of the global reality of rampant, rapidly accelerating, and viciously violent anti-Muslim, anti-Arab, and anti-Black racism), and implied that the “terrorist bigots of Daesh [ISIS], Boko Haram, Al Shabaab, and so many others” are part of this larger anti-Semitic trend. One could argue Sec. Kerry downplayed the severity of the present political situation by characterizing these fascistic groups’ violent extremism as rooted in anti-Semitic bigotry, rather than in radicalization under conditions of intense oppression, bitter poverty, and brutal tyranny.

The US secretary of state extolled “Zionism as the expression of a national liberation movement.” The national liberation movements of Vietnam, Korea, China, Nicaragua, El Salvador, Colombia, Congo, South Africa, Burkina Faso, and so many more nations, however, did not get such approval from Washington; au contraire, they were mercilessly crushed under the iron fist of American empire. Traditionally, only right-wing and settler-colonial “national liberation movements” have garnered the US’s official approval. “Why do we Americans care so much about the rights of others being respected?” Kerry asked unprovoked. “Because, in an interconnected world, injustice anywhere is a threat to justice everywhere.” He should tell that to the victims of US-backed dictatorships in Saudi Arabia, the UAE, Bahrain, Qatar, Egypt, Turkmenistan, Kazakhstan, Thailand, Brunei, Rwanda, Ethiopia, Uganda, and, once again, so many more nations. “Times may change, but one thing we do know: America’s support for Israel’s dreaming and Israel’s security, that will never change,” Kerry proclaimed.

In her speech at the UN, Power, like Kerry, conflated the heinous Nazi attacks on Jewish civilians in the Kristallnacht with UN GA Res. 3379. Both speakers cited the abominable horrors of the Holocaust several times as reasons to support Zionism, glossing over the fact that Zionism was created in the late 19th century and that the Balfour Declaration dates back to 1917, decades before World War II. Amb. Power — a serial warmonger and veteran blame-dodger — did what she did best: rewrote history in the favor of US imperialism. She called the resolution “1975 smearing of Jews’ aspirations to have a homeland” and insisted multiple times that resolutions like 3379 “threaten the legitimacy of the UN.” Like Kerry, Power conveniently forgot to mention that, when it comes to the halls of the UN, there is no other rogue state as blunt as the US, which regularly spits in the face of the international community, defying UN resolutions, violating the UN Charter, and breaking international law when it sees fit. Power’s speech exposed the fault lines in the contentious (to put it mildly) relationship between the US and the UN — that is to say, between the US and the international community. Such tensions are not the fault of the UN; the blame rests squarely on the shoulders of Washington, with its doctrinal “American exceptionalism” and the flagrant disregard for international law that so frequently accompanies such imperial hubris.

In their speeches, both Kerry and Power also thanked Israeli UN Ambassador Danny Danon, who was described by an Israeli Labor Party lawmaker as “a right-wing extremist with the diplomatic sensitivity of a pit bull” and who proposed legislation that would, in his own words, have the Israeli government “annex the West Bank and repeal the Oslo Accords.” Amb. Danon insists that God gave the land of historic Palestine to the Jewish people as an “everlasting possession” (while forsaking the US). He also told the Times of Israel that the “international community can say whatever they want, and we can do whatever we want.” Netanyahu addressed the session with a video message. He claimed that Israel, which has for years led the world in violating UN Security Council resolutions, “continues to face systemic discrimination here at the UN.” In a January 2013 statement submitted to the UN Human Rights Council, the Russell Tribunal calculated Israel had defied a bare minimum of 87 Security Council resolutions. The Russel Tribunal also crucially noted “that Israel’s ongoing colonial settlement expansion, its racial separatist policies, as well as its violent militarism would not be possible without the US’s unequivocal support.” The tribunal pointed out that Israel “is the largest recipient of US foreign aid since 1976 and the largest cumulative recipient since World War II” and that, between 1972 and 2012, the US was the lone veto of UN resolutions critical of Israel 43 times.

UN Secretary-General Ban Ki-moon joined Kerry, Power, and Netanyahu in the echo chamber, albeit with a bit more subtlety. “The reputation of the United Nations was badly damaged by the adoption of resolution 3379, in and beyond Israel and the wider Jewish community,” he said. Unlike the others, Ban condemned not just anti-Semitism, but also “wide-ranging anti-Muslim bigotry and attacks [and] discrimination against migrants and refugees.” Although the Israeli government accuses the UN of bias, the evidence demonstrates the opposite. Secret cables released by whistleblowing journalism organization WikiLeaks revealed that the US and Israel worked hand-in-hand with the UN and Sec.-Gen. Ban in order to undermine investigation into and punitive action on Israel’s war crimes in Gaza.

The real victim of the 40th anniversary event was the truth — and, of course, as it was four decades ago, the Palestinians. Yet, while UN GA Res. 3379 was repealed, the truth cannot be revoked. Zionism was and remains an unequivocally racist movement — just like any other hyper-nationalist and ethnocratic movement. None other than the founding father of Zionism, Theodor Herzl, recognized this elementary fact. In a 1902 letter to Cecil Rhodes — a diamond magnate and white supremacist British colonialist with oceans of African blood on his hands — Herzl, writing of “the idea of Zionism, which is a colonial idea,” requested help colonizing historic Palestine. “It doesn’t involve Africa, but a piece of Asia Minor, not Englishmen but Jews… How, then, do I happen to turn to you since this is an out-of-the-way matter for you? How indeed? Because it is something colonial,” Herzl wrote. “I want you to… put the stamp of your authority on the Zionist plan.”

He concludes by looking inward, at France, decrying its discrimination in the hiring of immigrants and the high unemployment levels among those populations. He says Europe must turn away from "austerity" and reinvigorate its model of integration and job creation, and notes that the continent accepted a net 1 million immigrants per year before the financial crisis. The argument has not gained much notice in the United States thus far. It rests on some controversial principles, not the least of which is the question of how unequal the Middle East is compared to the rest of the world — a problem rooted in the region's poor quality of economic statistics. In his paper last year, Piketty and a co-author concluded inequality was in fact quite high. "Under plausible assumptions," the paper states in its abstract, "the top 10% income share (for the Middle East) could be well over 60%, and the top 1% share might exceed 25% (vs. 20% in the United States, 11% in Western Europe, and 17% in South Africa)."

Those would, indeed, be jarring levels. They are the high end of the scenarios Piketty lays out in the paper. Whether they are a root cause of the Islamic State is a debate that is very likely just beginning.