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Recent Israeli police actions at the site scandalised the Muslim world and raised tensions. Israel has also banned two volunteer Islamic watch groups – male and female – accusing them of harassing Jews during the hours they are allowed to visit. That has combined with the lack of a peace process and growing resentment and frustration in Palestinian society aimed at both Israel and the Palestinian president, Mahmoud Abbas, and the Palestinian Authority. Israel has complained in recent weeks of an increase in stone throwing and molotov cocktail attacks on West Bank roads and in areas adjoining mainly Palestinian areas of Jerusalem, where an elderly motorist died after crashing his car during an alleged stoning attack. In response, Netanyahu and his cabinet have loosened live-fire regulations over the use of .22 calibre bullets on Palestinian demonstrators. Although described by Israel as “less lethal”, it is this type of ammunition that killed 13-year-old Abdul Rahman Shadi on Monday.

Part of the problem is the leadership on both sides. Netanyahu leads a rightwing/far-right coalition with the smallest of majorities. Several cabinet ministers support the settler movement and have publicly criticised him for not cracking down harder on Palestinian protest. Netanyahu’s weakness is reflected on the Palestinian side, where the ageing Abbas is seen as isolated, frustrated and increasingly out of step with other members of the Palestinian leadership, who would like a tougher line against Israel over continued settlement building and the absence of any peace process.

In his recent speech to the UN general assembly, Abbas went further than he had ever done before in threatening to end what he claims is Palestine’s unilateral adherence to the Oslo accords, which he said Israel refuses to honour. “We cannot continue to be bound by these signed agreements with Israel and Israel must assume fully its responsibilities of an occupying power,” he said. Abbas, however, stopped short of ending security cooperation between Israel and Palestinian security forces – mainly aimed at Hamas on the West Bank – and asked the UN for international protection. His speech at the United Nations has been seen as a move to placate growing discontents in Palestinian society. Both Abbas and Netanyahu are now both engaged in a delicate balancing act, trying to avoid further escalation that would be detrimental to both while trying not to lose the support of key constituencies. On Abbas’s side, that has meant ordering Palestinian factions and security forces to desist from joining the conflict, while on Netanyahu’s side it has seen numerous warnings of harsh measures – many of which have been repeatedly announced.

Nentanyahu does not want to risk a position where Abbas ends security cooperation and in the local jargon “hands back the keys” – in other words revokes the Oslo accords and insists on Israel once again taking full responsibility for administering the occupied territories. For his part, Abbas is said to see a limited popular uprising as useful because of the message it delivers to both Israel and the international community of the mounting risks of a moribund peace process and how serious things could become if security cooperation were to end.

At the end of the last round of the peace process last year, US diplomats warned about this potential outcome and Washington has largely withdrawn from a guiding role, exhausted by the lack of progress and frustrated with Netanyahu. Despite the Palestinian desire for a new multilateral international approach, it has failed to materialise as have any US guarantees to Abbas that they intend to advance the peace process. While Syria, migration and Russia are preoccupying western governments, Israel and Palestine have been largely left to their own devices.

Flare-ups of violence have a habit of coming and going but hopes that this one is coming to an end appear premature for now. However, the likelihood of the current violence fading away still remains the strongest bet. The biggest risk is a miscalculation by either side, which is out of the hands of either leader, that would alter the dynamics. Individuals on both sides have led some of the worst attacks: Jewish extremists in the summer burning three members of a Palestinian family to death, and “lone wolf attacks” launched by Palestinians angry about al-Aqsa and other issues. With neither side having a clear exit strategy, there is a risk is that Netanyahu and Abbas are being led by events rather than leading.

The president believes that a select group of affluent, highly educated technocrats — cosmopolitan, noble-minded, and properly progressive — supported by a phalanx of whiz-kids fresh out of blue-chip universities with little or no experience in the marketplace, can direct our lives far better than we can ourselves. By “better” I do not mean in a fashion that, measured by disinterested criteria, makes us necessarily wealthier, happier, more productive, or freer.

equality-of-results thinking

You may not work in retail yourself, but never doubt that the mass closure of these businesses will directly affect you.. Maybe you are wondering how.  You aren’t much of a shopper. You aren’t a retail worker. Perhaps you believe you can compartmentalize this information, pack it away, and go on with your life as you always have. The thing is, it’s not just the patrons and employees of these stores who are affected. This is going to be catastrophic on a variety of levels.

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.

For the banks, of course, Glencore may not be their only exposure in the commodity trading space. We consider that other vehicles such as Trafigura, Vitol and Gunvor may feature on bank balance sheets as well ($100 bn x 4?)

On September 11, Spruce Alpha, a small hedge fund which is part of a bigger investment group, sent a short report to investors. The letter said that the $80 million fund had lost 48% in a month, according the performance report seen by Business Insider. There was no commentary included in the note. No explanation. Just cold hard numbers.

I certainly agree with that last sentence.  Bernanke was the one telling us that there was not going to be a recession back in 2008 even after one had already started.  He was clueless back then and he is clueless today. Most of our “leaders” either don’t understand what is happening or they are not willing to tell us. So that means that we have to try to figure things out for ourselves the best that we can.  And right now there are signs all around us that another 2008-style crisis has begun. Personally, I am hoping that there will be a lot more days like today when the markets were relatively quiet and not much major news happened around the world. Unfortunately for all of us, these days of relative peace and tranquility are about to come to a very abrupt end.