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Russia may freeze work on the Turkish Stream gas pipeline project for several years in retaliation against Ankara for the shooting down of a Russian air force jet, two sources at Russian gas giant Gazprom told Reuters. The Kremlin has imposed trade sanctions on Turkey over the jet incident last week but so far the measures have not affected the Russian energy exports to Turkey that are the core of their economic relationship. Freezing work on the pipeline - intended to pump Russian gas, via Turkey, into southeastern Europe while bypassing Ukraine - would have a more symbolic than practical effect because the project is already beset by delays and doubts over its viability. Any freeze would also not affect another Russian project to boost gas exports to the north of Europe. Gazprom is going ahead with plans to expand the Nord Stream pipeline to Germany despite resistance from several ex-communist states in eastern Europe.

Gazprom sources said no decision had been taken inside the company about changes to the Turkish Stream schedule in response to the row with Ankara, but said they were awaiting instructions from President Vladimir Putin. "We're expecting that the head of state, in all likelihood, could declare a freezing of Turkish Stream, or at least some kind of timeout should be announced," said one Gazprom source, who spoke on condition of anonymity.

The argument over the air strike on the Syrian military base in Deir az-Zor has taken a strange and worrying turn.The US has categorically denied that any of its aircraft were involved. It has admitted that its aircraft were in the area, but says that they carried out an air strike 55 km away.The Russians say that is true. However, they also say that it is not the whole truth.The Russians say that in addition to the US aircraft, two pairs of aircraft - in other words four aircraft in total - from two other countries that are also members of the US led coalition were also flying at the time of the air strike over Deir az-Zor.The Russians have not actually said it was these aircraft that carried out the air strike. However, they have pointed out that the US has failed to admit to the presence of these aircraft. They are asking why?

It is the broadest of hints, and it is difficult to believe that the Russians do not think that it was these aircraft that carried out the air strike.This information - if it is true - begs a host of questions.Firstly, the Syrian military base that was hit by the air strike was apparently the scene of a bitter battle between the Syrian military and the Islamic State.  It seems that shortly after the air strike - and most probably as a result of it - the Islamic State’s fighters were able to storm it.Inevitably, that begs the question of whether the aircraft that carried out the air strike were providing air support to the fighters of the Islamic State.  On the face of it, it looks like they were. After all, if what happened was simply a mistake, it might have been expected that the US and its allies would say as much.If so, it is an extremely serious and worrying development, suggesting that some members of the US-led anti-Islamic State coalition are actually in league with the Islamic State.

Secondly, Deir az-Zor is the area of Syria from which the Islamic State exports most of its oil. Again, this inevitably begs the question of whether the Islamic State attack on the base - and the air strike seemingly carried out in support of it - was in some way connected to the illegal oil trade, and might have been intended to protect it.Thirdly, there is the obvious question of which countries’ aircraft were involved. The Russians are not identifying these countries - at least for the moment - though they obviously know or think they know which they are.  The one thing however that the Russians are saying is that the aircraft of more than one country was involved.The Russians are also drawing attention to the US’ failure to admit to the presence of the aircraft of these countries, which strongly suggests that the US is protecting them, whichever countries they are.Lastly, it is interesting that the Russians seem to be so well informed about this incident.  If the Russians do indeed know how many aircraft from the US-led coalition were flying at any one time over Der az-Zor, and can identify the countries they belong to, then the inescapable conclusion is that their surveillance and intelligence operation in Syria is very effective indeed.

The EU says it may retaliate if the US goes ahead with plans to impose visas for some members of the bloc who are currently part of the Visa Waiver Program. Brussels says it will not increase security and that US nationals may require visas to enter the EU. A letter signed by 28 European member state ambassadors to the US was published in The Hill after Europe reacted furiously and with disbelief to plans by Washington to tighten-up the Visa Waiver Program (VWP), which currently lets millions of citizens from the bloc travel to the US each year without a visa.

Last week, the US House of Representatives adopted a bill to reform the visa program that would ban certain EU nationals from entering the US without a visa if they had visited Iran, Iraq, Syria or Sudan after March 2011. Some US politicians want the legislation introduced to tighten security following the November 13 Paris terror attacks. “A blanket restriction on those who have visited Syria or Iraq, for example, would most likely only affect legitimate travel by businesspeople, journalists, humanitarian or medical workers while doing little to detect those who travel by more clandestine means overland,” the letter signed by the 28 ambassadors stated. 

At present, 23 of the EU’s 28 member states enjoy visa-free travel to the US, with the remaining five nations keen to join the VWP. The bloc says it is imperative to keep the visa waiver program intact for business and tourism purposes, while the current system does not mean that it is “a license to enter the US with nothing more than the wave of a passport of an allied country.” The EU is also worried its citizens with dual nationality of the proscribed countries would be “disproportionately and unfairly affected.” It believes the added checks would do nothing to combat terrorism, but would instead hurt trade and could trigger “legally-mandated reciprocal measures.”“What we want to see is intensified cooperation, and consequently greater security, for both the United States and its allies.  We want to work with the US to improve information exchange regarding individuals subject of course to the appropriate constitutional protection,” the statement continued. Soraya Sepahpour-Ulrich, a respected American-Iranian writer and independent researcher, told RT the bill “is a sort of bigotry” and accused the House of Representatives of “trying to follow in Donald Trump’s footsteps,” after the Republican candidate said all Muslim’s should be banned from entering the US. 

The Dodd-Frank regulations are so lethal to community banks that some say the intent was to force them to sell out to the megabanks. Community banks are rapidly disappearing — except in North Dakota, where they are thriving.  At over 2,300 pages, the Dodd Frank Act is the longest and most complicated bill ever passed by the US legislature. It was supposed to end “too big to fail” and “bailouts,” and to “promote financial stability.” But Dodd-Frank’s “orderly liquidation authority” has replaced bailouts with bail-ins, meaning that in the event of insolvency, big banks are to recapitalize themselves with the savings of their creditors and depositors. The banks deemed too big are more than 30% bigger than before the Act was passed in 2010, and 80% bigger than before the banking crisis of 2008. The six largest US financial institutions now have assets of some $10 trillion, amounting to almost 60% of GDP; and they control nearly 50% of all bank deposits.

Meanwhile, their smaller competitors are struggling to survive. Community banks and credit unions are disappearing at the rate of one a day. Access to local banking services is disappearing along with them. Small and medium-size businesses – the ones that hire two-thirds of new employees – are having trouble getting loans; students are struggling with sky-high interest rates; homeowners have been replaced by hedge funds acting as absentee landlords; and bank fees are up, increasing the rolls of the unbanked and underbanked, and driving them into the predatory arms of payday lenders. Even some well-heeled clients are being rejected. In an October 19, 2015 article titled  “Big Banks to America’s Firms: We Don’t Want Your Cash,” the Wall Street Journal reported that some Wall Street banks are now telling big depositors to take their money elsewhere or be charged a deposit fee. Municipal governments are also being rejected as customers. Bank of America just announced that it no longer wants the business of some smaller cities, which have been given 90 days to find somewhere else to put their money. Hundreds of local BofA branches are also disappearing.

Hardest hit, however, are the community banks. Today there are 1,524 fewer banks with assets under $1 billion than there were in June 2010, before the Dodd-Frank regulations were signed into law. Collateral Damage or Intended Result?

Terrorists in Syria, primarily ISIL are changing smuggling routes for oil from Syria to Turkey in an attempt to avoid Russian bombs. The Russian air forces in Syria have destroyed over 2,000 tanker trucks used for smuggling oil since Russia launched its air campaign in Syria. 

The Chief of Staff of the Russian General Staff Main Operations Department Sergei Rudskoy said on Friday that terrorist linked smugglers are changing logistics and laying new routes for crude oil smuggling to avoid Russian air strikes. The smuggling route is running from Syria’s oil-rich Deir Ez-Zor, controlled by the self-proclaimed Islamic State (ISIS / ISIL Daesh) through the border settlements of Guna and Tell-Sfuk in Syria towards the communities of Mosul and Zaho in Iraq, he added. Convoys of tanker trucks reportedly follow the shortest route towards the Syrian-Iraqi border, which they cross in the area of the settlement of Tell-Sfuk. Rudskoy stressed that Turkey remains the final destination point of oil smuggling adding that oil is smuggled into Turkey through the checkpoint in the area of Zaho. Russian reconnaissance reportedly detects almost 12,000 fuel tanker trucks on the Turkey-Iraq border, especially in the area of the settlement of Zaho on the Turkey-Iraq border. The Zaho area is part of the eastern route used by the Islamic State terrorist organization for illegal oil trade, added Rudoski. The Chief od Staff of the Russian General Staff Main Operations Department noted:

“As of the moment of surveillance in the Zaho area, there were 11,775 fuel tanker trucks on both sides of the Turkish-Iraqi border. As many as 4,530 of them were on the territory of Turkey and 7,245 in Iraq.” Rudskoi presented enlarged photos of the area by grids, noting that specifically, there are 3,850 fuel tanker and large-duty trucks in Grid A on the Turkish side, with 200 of them moving towards the Iraqi border and the rest amassed in parking areas. Russia’s reconnaissance has also spotted 980 fuel tanker trucks in Iraq and 680 in Turkey in Gird B in close vicinity to the border, Rudskoi said. About another 4,900 fuel tanker trucks are amassed in Grid B and about 1,350 in Grid D, the chief of the Russian General Staff Main Operations Department said, adding that: “It is necessary to note that this checkpoint is used to transport oil extracted both in Iraq and Syria,” he added. Oil tank trucks continue moving from Syria to Turkey According to the official, heavy-load vehicles continue to move from Syrian territory to Turkey. “Oil tank trucks continue crossing the Syrian-Turkish border,”

n the aftermath of a report that Germany was working on a global payment system that is independent of the US and SWIFT, on Monday Germany and France said they’re working on financing solutions to sidestep U.S. sanctions against countries such as Iran, including a possible role for central banks, Bloomberg reported.

Maas said Europe has started work on creating a system for money transfers that will be autonomous from the currently prevailing Society for Worldwide Interbank Financial Telecommunication (SWIFT).

"That won’t be easy, but we have already started to do that," Maas said at the annual Ambassadors Conference in Berlin on Monday, as quoted by RIA Novosti. "We are studying proposals for payment channels and systems, more independent from SWIFT, and for creating European monetary fund." Maas also announced plans to reveal a new foreign policy strategy towards the US. “We have to react and strengthen Europe’s autonomy and sovereignty in trade, economic and finance policy,” Maas said in a speech in Berlin. "It’s high time to recalibrate the Transatlantic Partnership – rationally, critically, and even self-critically," the FM added. Maas echoed his comments from last week when he called for European autonomy to be strengthened by creating payment channels that are independent of the United States, establishing a ‘European Monetary Fund’.

Russian President Vladimir Putin has instructed the government to approve legislation making the ruble the main currency of exchange at all Russian seaports by next year, according to the Kremlin website.

The yuan is about to enter the IMF’s basket of reserve currencies this coming Saturday - alongside the US dollar, pound, euro and yen. This is no less than a geoeconomic earthquake. Not only does this represent yet another step in China’s irresistible path towards economic primacy; the Chinese currency’s inclusion in the Special Drawing Rights (SDR) basket will also lead central banks and hyper-wealthy funds – especially from the US – to increasingly buy more Chinese assets.At the first US presidential debate, Donald Trump took no prisoners, criticizing China’s currency manipulation. This is what he said:“You look at what China’s doing to our country in terms of making our product, they’re devaluing their currency and there’s nobody in our government to fight them… They’re using our country as a piggy bank to rebuild China, and many other countries are doing the same thing.”

Well, China is not “making our product”; the manufacturing process is Made in China – then exported to the US. Most of the profits benefit US corporations – everything from design, licensing and royalties to advertising, financing and retail margins. If the mantras manage to spell out a partial truth - the US has lost manufacturing jobs to China, China is the “factory of the world” – they don't spell out the hidden truth that those who profit are essentially major corporations.China does not “devalue their currency”; the People’s Bank of China periodically adjusts the yuan according to a very narrow band. The major practitioners of quantitative easing (QE) are actually the US, as well as Japan and the European Central Bank (ECB). And the currency of global consumer goods manufacturing continues to be the US dollar, not the yuan.

Beijing also is not “using our country as a piggy bank to rebuild China.” This is all about balance of payments. What US consumers spend on Made in China products – many of them delocalized by US corporations – is pumped back to the US as capital inflows that keep interest rates down and help to support the Empire of Chaos’s global hegemony.

The dollar’s collapse is nearing.  The European Union is planning to switch it’s payments to the Euro for its oil purchases from Iran, eliminating United States dollar transactions.

it is highly likely that the US dollar will collapse as nations distance themselves from the United States’ often disastrous foreign policies.  As RTreported, dozens of contracts signed between European businesses and the Islamic Republic could be at risk of cancellation if Brussels obeys Washington’s sanctions. This would damage Iran’s economy and European firms would lose a huge market in the Middle East. Switching to alternative settlement currencies allows both sides to continue trading despite US sanctions and will damage the dollar in the process.  Earlier this week, EU foreign policy chief Federica Mogherini said that the foreign ministers of the UK, France, Germany, and Iran had agreed to work out practical solutions in response to Washington’s move in the next few weeks. The bloc is reportedly planning to maintain and deepen economic ties with Iran, including in the area of oil and gas supplies.

The dollar’s collapse is nearing.  The European Union is planning to switch it’s payments to the Euro for its oil purchases from Iran, eliminating United States dollar transactions.

Islands Brygge, an idyllic harbor park that stretches along the east bank of Copenhagen, was alive with a celebratory crowd on Monday as three ships were about to steam towards Gaza. The 2018 Freedom Flotilla—two ships from Sweden and one from Norway — will call at ports in Germany, Holland, Belgium, France, Spain, Portugal and Italy before traveling through the Mediterranean Sea to its final destination: Gaza harbor. Volunteer boat guides explained the history and mission of the Gaza Flotilla movement, which has organized a number of journeys to demonstrate solidarity with the people of Gaza and break the illegal economic siege.

Reaching the harbor of Gaza (which means “jewel” in Arabic) should be as simple and straightforward as entering any harbor in Germany, France or Spain. But instead, Israel has denied Gazans use of their own harbor for commerce, trade and travel, and has bombed it on numerous occasions, along with their electric power plants and sewage systems, making life miserable for the local population and rendering 97 percent of the drinking water toxic.

As manufacturing plummets to the weakest levels since September 2009 and new export orders collapse, the US railroad industry has jus seen carload volumes tumble to three-year lows, according to a weekly report from the Association of American Railroads (AAR), first reported by Bloomberg on Monday.  AAR's report showed a decline in carloads for 3Q19, down 5.5%, and one of the most significant drops in three years, indicating that the US economy continues to decelerate into year-end. Most of the shipment declines were seen in autos, coal, grain, chemicals, and consumer goods, but there was a small improvement in crude oil shipments.

Bloomberg blames the trade war between the US and China for the rail recession.