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Paul Merrell

Internet Giants Erect Barriers to Spy Agencies - NYTimes.com - 0 views

www.nytimes.com/...-barriers-to-spy-agencies.html

surveillance-state NSA-reform DIY-reform internet-hardening digital-privacy

shared by Paul Merrell on 08 Jun 14 - No Cached
  • As fast as it can, Google is sealing up cracks in its systems that Edward J. Snowden revealed the N.S.A. had brilliantly exploited. It is encrypting more data as it moves among its servers and helping customers encode their own emails. Facebook, Microsoft and Yahoo are taking similar steps.
  • After years of cooperating with the government, the immediate goal now is to thwart Washington — as well as Beijing and Moscow. The strategy is also intended to preserve business overseas in places like Brazil and Germany that have threatened to entrust data only to local providers. Google, for example, is laying its own fiber optic cable under the world’s oceans, a project that began as an effort to cut costs and extend its influence, but now has an added purpose: to assure that the company will have more control over the movement of its customer data.
  • A year after Mr. Snowden’s revelations, the era of quiet cooperation is over. Telecommunications companies say they are denying requests to volunteer data not covered by existing law. A.T.&T., Verizon and others say that compared with a year ago, they are far more reluctant to cooperate with the United States government in “gray areas” where there is no explicit requirement for a legal warrant.
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  • Eric Grosse, Google’s security chief, suggested in an interview that the N.S.A.'s own behavior invited the new arms race.“I am willing to help on the purely defensive side of things,” he said, referring to Washington’s efforts to enlist Silicon Valley in cybersecurity efforts. “But signals intercept is totally off the table,” he said, referring to national intelligence gathering.“No hard feelings, but my job is to make their job hard,” he added.
  • Hardware firms like Cisco, which makes routers and switches, have found their products a frequent subject of Mr. Snowden’s disclosures, and their business has declined steadily in places like Asia, Brazil and Europe over the last year. The company is still struggling to convince foreign customers that their networks are safe from hackers — and free of “back doors” installed by the N.S.A. The frustration, companies here say, is that it is nearly impossible to prove that their systems are N.S.A.-proof.
  • Many point to an episode in 2012, when Russian security researchers uncovered a state espionage tool, Flame, on Iranian computers. Flame, like the Stuxnet worm, is believed to have been produced at least in part by American intelligence agencies. It was created by exploiting a previously unknown flaw in Microsoft’s operating systems. Companies argue that others could have later taken advantage of this defect.Worried that such an episode undercuts confidence in its wares, Microsoft is now fully encrypting all its products, including Hotmail and Outlook.com, by the end of this year with 2,048-bit encryption, a stronger protection that would take a government far longer to crack. The software is protected by encryption both when it is in data centers and when data is being sent over the Internet, said Bradford L. Smith, the company’s general counsel.
  • Mr. Smith also said the company was setting up “transparency centers” abroad so that technical experts of foreign governments could come in and inspect Microsoft’s proprietary source code. That will allow foreign governments to check to make sure there are no “back doors” that would permit snooping by United States intelligence agencies. The first such center is being set up in Brussels.Microsoft has also pushed back harder in court. In a Seattle case, the government issued a “national security letter” to compel Microsoft to turn over data about a customer, along with a gag order to prevent Microsoft from telling the customer it had been compelled to provide its communications to government officials. Microsoft challenged the gag order as violating the First Amendment. The government backed down.
  • In Washington, officials acknowledge that covert programs are now far harder to execute because American technology companies, fearful of losing international business, are hardening their networks and saying no to requests for the kind of help they once quietly provided.Continue reading the main story Robert S. Litt, the general counsel of the Office of the Director of National Intelligence, which oversees all 17 American spy agencies, said on Wednesday that it was “an unquestionable loss for our nation that companies are losing the willingness to cooperate legally and voluntarily” with American spy agencies.
  • In one slide from the disclosures, N.S.A. analysts pointed to a sweet spot inside Google’s data centers, where they could catch traffic in unencrypted form. Next to a quickly drawn smiley face, an N.S.A. analyst, referring to an acronym for a common layer of protection, had noted, “SSL added and removed here!”
  • Facebook and Yahoo have also been encrypting traffic among their internal servers. And Facebook, Google and Microsoft have been moving to more strongly encrypt consumer traffic with so-called Perfect Forward Secrecy, specifically devised to make it more labor intensive for the N.S.A. or anyone to read stored encrypted communications.One of the biggest indirect consequences from the Snowden revelations, technology executives say, has been the surge in demands from foreign governments that saw what kind of access to user information the N.S.A. received — voluntarily or surreptitiously. Now they want the same.
  • The latest move in the war between intelligence agencies and technology companies arrived this week, in the form of a new Google encryption tool. The company released a user-friendly, email encryption method to replace the clunky and often mistake-prone encryption schemes the N.S.A. has readily exploited.But the best part of the tool was buried in Google’s code, which included a jab at the N.S.A.'s smiley-face slide. The code included the phrase: “ssl-added-and-removed-here-; - )”
Paul Merrell

MH17: World See Tragedy, US Sees "Game Changer" | New Eastern Outlook - 0 views

journal-neo.org/...e-tragedy-us-sees-game-changer

war & peace Ukraine Malaysian-airliner Russia U.S.-foreign-policy false-flag

shared by Paul Merrell on 20 Jul 14 - No Cached
  • Power asserted that the most likely culprits behind the downing of MH17 were eastern Ukrainian separatists. Because of the high altitude MH17 was travelling at – approximately 33,000 feet – Power conceded that the weapons separatists have been using to down Ukrainian military aircraft would have been inadequate to down MH17. After claiming separatists had “bragged” about downing the airliner based on information from “social media,” she explained that Russia most likely assisted the separatists in operating the sophisticated anti-air missile systems required to reach MH17′s altitude. Power gives no explanation as to why after multiple successful downings of Ukrainian military aircraft with man-portable air defense systems (MANPADS), Russia and the separatists decided to employ larger, more complex weapon systems that would link any incident directly back to Moscow. Power also failed to explain how in one breath she suggests the separatists shot down MH17, then in the next claimed they did not have the ability to do so, and that Russia instead “assisted.”
  • Power appears to be suggesting Russia rolled self-propelled anti-air missile systems into Ukrainian territory and assisted separatists in firing at MH17 specifically – since all other incidents of separatists shooting down aircraft involved man-portable systems incapable of hitting MH17.
  • Strategically, politically, and even tactically, Russia and the separatists gained nothing by employing the larger Buk systems within Ukrainian territory as Power is suggesting. Where the World Sees Tragedy, NATO Sees a “Game Changing” Opportunity  Power’s comments and conclusions were echoes from the halls of the West’s corporate-financier funded policy think-tanks. The Royal United Services Institute (RUSI) in a statement titled, “The Downing of Malaysian Airlines Flight MH17: Russia in the Dock,” provides a self-incriminating indictment as to the motives Kiev and its NATO backers had in carrying out the attack on MH17 and subsequently framing Russia for it. RUSI’s statement claims: A Game Change: Within days, however, the real debate will shift from one about producing the right evidence and culprits, to more about what can be saved from the rapidly-deteriorating relations between Russia and the West.
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  • The tragedy will stain Russia’s relations with the world for years to come. Nations determined to keep on good terms with Russia – such as China or Vietnam which relies on Russian weapon supplies and wishes these to continue – will keep quiet. And there will always be some plausible deniability, giving other countries enough room for manoeuvre to avoid accusing Russia directly for this disaster. But the culprits for the crime will be pursued by international investigators and tribunals. And many Russian officials will be added to the ‘wanted’ lists of police forces around the world. The story will linger, and won’t be pretty for Russian diplomats. Given the fact that the majority of the victims are European citizens, it is also getting increasingly difficult to see how France would be able to deliver the Mistral ships which Russia ordered for its navy, or how Britain could continue shielding Russia from financial sanctions. And, given the fact that scores of US citizens were also killed on the MH17 flight means that the US Congress will demand greater sanctions on Russia, making any improvement in relations with Washington highly unlikely.
  • USI explains in great detail the possible motivation Kiev and NATO had to shoot down MH17 and subsequently frame Russia. An international flight, with passengers from across the globe would invoke unifying outrage against Russia as well as universal support for NATO’s so far unsuccessful attempts to isolate Moscow. RUSI itself admits that individual members of the EU have until now, been reluctant to back sanctions and further confrontation with Moscow.
  • NATO needed a “game changer,” because it was playing a game it was clearly losing. The dubious circumstances surrounding the downing of MH17 – occurring just as Kiev’s forces were deteriorating across the country and additional US sanctions against Russia fell flat –  is more than a mere coincidence. RUSI and the Atlantic Council’s statement represent an increasingly desperate and shrinking corner the West finds itself in. With the ascension of Russia along with other BRICS nations, a “game changer” was desperately needed to “stain Russia’s relations with the world for years to come,” and help arrest what appeared to be the irreversible rise of the global East and South, in tandem with the irreversible decline of the West. If the West was so sure of who was responsible for the downing of MH17, it would patiently allow the facts to reveal themselves, giving them unassailable credibility as they begin an effective campaign to contain, isolate, and dismantle Russia’s global influence. However, just like in Damascus, Syria in August 2013 when NATO gassed thousands of Syrians in what is now confirmed to be a false flag attack, the West is racing against the clock to do maximum damage before the truth of MH17 emerges.
  • The very expediency the West pursues its smear campaign against Russia with raises suspicion. The world has been at critical junctures like this before, with Western politicians and media personalities making well-scripted, passionate pleas – but based on little to no “evidence.” Weathering the psychological inertia the West is seeking to stampede its political assault on Russia through with, will cause the West’s attempts to reverse its fortunes in Ukraine to fail. Failing in Ukraine will weaken the West’s position in Syria and Iraq, further undermine its “pivot” in Asia, and diminish its ability to visit upon humanity yet another horrific staged event it may finally realize will only further compromise its place among a new emerging, multipolar global order – not help it restore its antiquated “unipolar” empire.
Paul Merrell

Censorship Alert: the Alternative Media Harassed by the NSA | Global Research - 0 views

www.globalresearch.ca/...5407718

censorship independent-media Google NSA

shared by Paul Merrell on 13 Oct 14 - No Cached
  • A concerted U.S.’ effort to censor, target independent media economically, withdraw their reader base, and falsify history. Let us sum up some of the main issues. The incestuous relationship between the NSA and major corporations like Google, Apple, Facebook and Microsoft is a well-documented fact. Many of the smaller companies, including web-hosting companies, Internet security providers, and advertising companies are either in part owned by one of these major corporations ore they are heavily dependent on cooperation and partnerships with them for their economic survival. nsnbc has already experienced being closed down and have its only source of income withdrawn from one day to the other. Others, including Voltairenet have regularly been flagged as containing malware. Media like New Eastern Outlook, IMEMC, and others risk being targeted in similar manner. Others whom Google and a U.S. Senate Hearing falsely accused of containing malware are The Drudge Report and Infowars. One can only guess how many of the smaller blogs, who are too small to raise alarm bells have been targeted. The conclusion is that the United States is engaged in an aggressive campaign that targets independent media and falsifies history. The question is, whether independent media have the political will to stand united in addressing the problem and in using the fact that they serve a growing part of , for example, the advertising market as leverage.
Paul Merrell

Washington Confesses to Backing "Questionable Actors" in Syria | New Eastern Outlook - 0 views

journal-neo.org/...g-questionable-actors-in-syria

war & peace Syria Iraq ISIL Al-Nusrah al-Qaeda U.S.-foreign-policy U.S.-terrorism

shared by Paul Merrell on 25 May 15 - No Cached
  • However, now, there is a US Department of Defense (DoD) document confirming without doubt that the so-called “Syrian opposition” is Al Qaeda, including the so-called “Islamic State” (ISIS), and that the opposition’s supporters – the West, Turkey, Jordan, Saudi Arabia, and Qatar – specifically sought to establish safe havens in Iraq and eastern Syria, precisely where ISIS is now based. America is Behind ISISFirst appeared: http://journal-neo.org/2015/05/25/washington-confesses-to-backing-questionable-actors-in-syria/
  • Paul Merrell on 25 May 15
     
    Finally out in the open. The U.S. DoD document released by Judical Watch makes it crystal clear that the U.S. and allies in 2012 were supporting al-Nusrah (al Qaeda in Syria) and the Islamic State in Iraq (Salafist predecessor to the proclaimed Islamic State). In Pogo's words, "we have met the enemy and he is us." This is confirmation of a mountain of evidence that the U.S. and its allies have supplied and provided command and control for ISIL and al Qaeda/al Nusrah foreces in Iraq and Syria. The document admits a similar relationshp with the Muslim Brotherhood fighting forces in those nations. More importantly than the confirmatiion, the document constitutes an admission by the U.S. that it is waging a proxy war against the nations of Iraq and Syria. The emergence of the Islamic State can no longer credibly serve as justification for U.S. military action in Syria because that justification depends on a combination of the right to militarily aid a nation at war that requests it and the doctrine that when a nation (Syria) is unwilling or unable to control civilian actors who inflict harm on another nation (Iraq), the injured nation has the right to invade the other nation to the extent necessary to remove the threat. But with this document in the open, we have a doctrine of unclean hands barrier to the U.S. assertion of right to invade Syria's sovereign territory; the U.S. is concurrently backing the civilian force in Syria that is threatening Iraq. Therefore, the U.S. has unclean hands and may not lawfully invoke the doctrine permitting a state to invade a state unwilling or unable to control civilian actors who injure another state. U.S. invasion of Syria is now established as a war of agression, the most serious of war crimes. This also means that President Obama has been far less than candid in requesting a retroactive Authorization for Use of Military Force in Congress that would encompass military invasion of Syria, raising the issue of an impeachable abu
Paul Merrell

OPEC, Russia and the New World Order Emerging | New Eastern Outlook - 0 views

m.journal-neo.org/...rging-new-world-order-emerging

economic-warfare OPEC NWO must-read

shared by Paul Merrell on 28 Sep 15 - No Cached
  • By the day it’s becoming clearer that what I have recently been saying in my writings is coming to be. The OPEC oil-producing states of the Middle East, including Iran, through the skillful mediation of Russia, are carefully laying the foundations for a truly new world order. The first step in testing this will be if they collectively succeed in eliminating the threat to Syria of the Islamic State, and prepare the basis for serious, non-manipulated elections there.
  • In the political, more accurately geo-political sphere, we are now witnessing huge tectonic motion, and destructive it is not. It involves a new attractive force drawing the Middle East OPEC countries, including Saudi Arabia and Iran and other Arab OPEC countries, into what will soon become obvious as a strategic partnership with the Russian Federation. It transcends the huge religious divides today between Sunni Wahhabism, Sufi, Shi’ism, Orthodox Christianity. That tectonic motion will soon cause a political earthquake that well might save the planet from extinction by the endless wars the Pentagon and their string pullers on Wall Street and the military industrial complex and the loveless oligarchs who own them seem to have as their only strategy today.
  • In an interview with the London Financial Times, Russia’s most important oilman, Igor Sechin, CEO of the state-owned Rosneft, confirmed rumors that Saudi Arabia’s monarchy is seeking a formal market-share agreement with Russia, even going so far as offering Russia membership in OPEC, to stabilize world oil markets. In the interview, Sechin, considered one of President Vladimir Putin’s closest allies, confirmed the Saudi offer. The Financial Times (FT) is an influential media owned until this past July by the Pearson Group an asset tied to the Rothschild family who historically also dominate Royal Dutch Shell. The London paper chose to emphasize Sechin’s rejection of the Saudi offer. However, most instructive is to read between the lines of what he said. He told a Singapore commodities conference organized by the FT, “It needs to be recognised that Opec’s ‘golden age’ in the oil market has been lost. They fail to observe their own quotas [for Opec oil output]. If quotas had been observed, global oil markets would have been rebalanced by now.”
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  • Sechin well knows the background to the Saudi oil price war and the fact it was triggered by a meeting between US State Department’s John Kerry and the late Saudi King Abdullah in the desert Kingdom in September 2014, where Kerry reportedly urged the Saudis to crash oil prices. For Kerry the aim was to put unbearable pressure on Russia, then hit by US and EU financial sanctions. For the Saudis, it was a golden opportunity to eliminate the biggest disturbing factor in the OPEC domination of world oil markets–the booming production of US unconventional shale oil that had made the USA the world’s largest oil producer in 2014. Ironically, as Sechin told the FT, the US-Saudi deal and the US financial sanctions have backfired on the US strategists. The Russian ruble lost more than 50% of its dollar value by January 2015. Oil prices similarly fell from $103 a barrel in September 2014 to less than $50 today. But Russian oil production costs are calculated in rubles, not dollars. So, as Sechin states, the dollar cost of Rosneft oil production has dropped dramatically today from $5 a barrel before the sanctions to only $3 a barrel, a level similar to that of Arab OPEC producers like Saudi Arabia. Rosneft is not hurting despite sanctions. USA shale oil by contrast is unconventional and vastly more costly. Industry estimates depending on the shale field and the company, put costs of shale in a range of $60-80 a barrel just to break even. The current ongoing shakeout in the US shale industry and prospects of rising US interest rates dictate the demise of shale oil from the US for years if not decades to come as Wall Street lenders and shale company junk bond investors suffer huge losses.
  • Paul Merrell on 28 Sep 15
     
    A must-read.
Paul Merrell

Energy companies planning more layoffs - Business Insider - 0 views

www.businessinsider.com/s-planning-more-layoffs-2015-7

economy oil-prices crash jobs

shared by Paul Merrell on 28 Jul 15 - No Cached
  • The oil crash is not over. For a few weeks, oil prices climbed and stabilized, and it looked as if the worst of the oil crash were finally ebbing away. After reaching the lows of the year in mid-March, West Texas Intermediate crude oil gained about 50%, steadily climbing, first back to $60 a barrel. But by the first week of July, oil had started to slide again until it finally crashed into a bear market, defined as 20% decline from recent highs. And now energy companies are saying the same things we heard months ago.
  • In a story on Sunday, The Wall Street Journal's Lynn Cook reported that with oil prices hitting new lows, US energy companies were planning to cut more jobs and sell more assets — the same tactics they employed to cope with the first wave of the crash.
  • Morgan Stanley thinks this could be the worst oil crash in 45 years
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  • According to The Journal, the drilling giants Halliburton and Baker Hughes have now cut more than twice the number of jobs they disclosed in February — about 27,000 in total. And as we noted last week, Baker Hughes warned in its earnings release that it expected tough market conditions to continue "across all segments" for the rest of 2015. The company also did not forecast a rebound in oil prices.
Paul Merrell

A new, extremely dangerous kind of Jewish fanaticism - Israel Opinion, Ynetnews - 0 views

www.ynetnews.com/...0,7340,L-4686905,00.html

war & peace Israel administrative-detention Jewish-terrorists

shared by Paul Merrell on 04 Aug 15 - No Cached
  • What operation of the ugly kind with which we have become familiar, which aims to take revenge against Arabs or deter the authorities from evacuating communities.
  • t turns out that in the past year, the Shin Bet – especially its Jewish Division – has been dealing with a new kind of cancer, violent and repulsive, which has surpassed its predecessor. We are talking about a group of young Jews which has adopted an ideological, anti-Zionist, fanatic and anarchistic common denominator, seeking to destroy the "state of the Zionists" (that's their terminology) and establish a holy kingdom instead of it. The Shin Bet sees them as a terror organization for all intents and purposes, which is violently undermining the foundations of the Israeli society.
  • This group is made up of dozens of young people, some of them minors. The older ones are 22 or 23 years old. They come from all parts of the country and have no unique characteristics apart from the fact that they have all left their families and educational institutions and live in the Judea and Samaria hills. They don't have a permanent settlement point. Rather, they move from place to place on a daily basis.   Their operational doctrine can be found in a document authored by Moshe Orbach of Bnei Brak, who belongs to the group that torched the   They have marked five potential explosive points for themselves: Igniting a conflict at the Temple Mount, banishing gentiles (by torching Arab homes), eliminating idol worship (by torching churches and mosques), religious coercion and undermining the government system. They are not talking about armed activity like the Jewish Underground and are not using firearms for now. They create provocations and don't hesitate to kill – a step up from the "price tag" activity, which focused on property.   Their first known operation was in December 2014, when they tried to torch a house in South Mount Hebron. The Shin Bet detained the perpetrators, but they were released under administrative restrictions. In February 2015, they tried to torch a church in Bethlehem, and in July they torched the church at Tabgha. Five were detained, but only two were prosecuted. Moshe Orbach was indicted.
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  • The murder in Duma characterizes the group's ideological and operational perception. It wasn't an act of revenge but one aimed at igniting a conflict between the people, setting the region on fire and bringing down the Zionist regime which is "delaying salvation." In order to fulfill their goal, the group members are willing to sacrifice their lives and have no problem killing. It's a small group which carries out particularly harsh terror attacks, as part of its revolutionary outlook.   There is no rabbinical authority there. They do not accept the rabbinical authority linked to the "price tag" hooligans – like Rabbi Yitzchak Ginzburg. On the other hand, rabbis like Ginzburg disagree with their ideology.
  • The group was located by the Shin Bet, dozens of its members were called in for a deterrence talk, and some of them were subject to movement restrictions and ordered to spend the night at home. Some were even removed from the area. But without clear legal evidence, they were released.   This year alone, the Shin Bet has thwarted at least three terror attacks planned by this group – but only a very small number of indictments have been filed in light of restrictions on the Shin Bet's ability to question civilians.   The cell which carried out the attack at the Bethlehem church was caught, but the evidence obtained so far has made it impossible to file charges. They are working on it: Administrative orders have been issued against the suspects, but the legal proceedings are moving very slowly and there is no longer any deterrence.   On Sunday, the Shin Bet asked the cabinet to allow the implementation of quick and adamant legal proceedings. Five indictments have been filed so far in 2015, and 22 were filed in 2014, most of them for "price tag" activities. But only three suspects have been arrested for arson and sentenced to two-three years in prison. It was the first time the Shin Bet succeeded in arresting "price tag" members, and they mostly have Defense Minister Moshe Ya'alon to thank for that, following his decision to define the activity as an "unauthorized organization," which provided the Shin Bet with intensive tools. On Sunday, the Shin Bet demanded even more tools in order to eradicate this new insanity.
  • Paul Merrell on 04 Aug 15
     
    Bibi Netanyahu just announced that now Jews who commit acts of terrorism will be subject to administrative detention without trials, which in the past has been a device used only against Arab Palestinians. Now the Israeli press is seeking to justify Netanyahu's action. The measure was announced in the wake of a "price tag" arson of a Pelestinian home in the West Bank, which killed an infant and left the remainder of its family with severe burns over 60-90 per cent of their bodies.  But the blame properly belongs on the racist apartheid government of Israel itself, which has for decades promoted racist attitudes among its citizens. True to form, no arrests have been made in the arson case.
Paul Merrell

Victory! World's Largest Nation Bans GMO Food Crops | New Eastern Outlook - 0 views

m.journal-neo.org/...est-nation-bans-gmo-food-crops

GMOs economic-warfare Russia homesteads

shared by Paul Merrell on 09 Oct 15 - No Cached
  • Victories are to be celebrated and for the future of healthy life on our planet we all can celebrate a beautiful victory. The world’s largest nation, the Russian Federation, whose landmass spans Eurasia from the Baltic and Ukraine on the west to Vladivostock and the Pacific on her east, has formally declared all commercial planting of Genetically Modified Organisms, GMOs, to be prohibited. The issue has been subject of a heated debate for some months inside Russia. In February 2014, just days prior to the US-orchestrated coup d’etat in Ukraine, Russian Prime Minister Dmitry Medvedev created a national research project to obtain scientific information so the Government and Duma might make a decision on GMOs in Russia. Now a definitive decision has been made, and it goes against Monsanto and the US-led GMO cartel. We can say Russia’s crisis has concentrated minds on the essentials of life.
  • Russian Deputy Prime Minister Arkady Dorkovich told an international biotechnology conference in Kirov September 18, “As far as genetically-modified organisms are concerned, we have made the decision not to use any GMO in food productions.” Last year the Duma or parliament voted to make tough GMO labeling laws as a first step to the new ban in order to inform consumers of presence of GMO in various foods they buy. That was before US and EU sanctions led to Russian counter-sanctions against EU imports of agriculture products. In August 2014, the Russian government announced its bans on import from the EU and several other countries of meat, fish, dairy products, fruit and vegetables as a response to the sanctions. It produced surprising results. Since the imposition of tough Russian food import bans, Russian agriculture has undergone a spectacular rebirth.
  • This July, taking a page out of American history, the Russian government announced it was drafting a Russian “Homestead Act.” The Russian government is finalizing a bill which will give an opportunity to every Russian citizen to obtain one hectare of land, or a maximum of five hectares for a family of five, in the Russian Far East for free. They can use the land to farm, to do forestry or simply build a home and live, so long as they use the land for the first five years. After, they own the land free if the plot has been used for activities not banned by Russian laws, reported TASS. In the case of non-use the land will be confiscated and revert back to the government. Foreigners will have no right to get the free land. The new land law, if passed in the Duma, will take effect in January, 2016.
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  • Food production in Russia’s under-populated far-east region is also set to boom. On September 3 in Vladivostok at the first Eastern Economic Forum, Russia’s Agriculture Ministry announced the creation of a new $10 billion agriculture development fund together with China. A number of financial institutions, including Russia’s state-owned Sberbank, will participate in its operations. The aim of the fund is to stimulate the production of 10 million tons of grain and agricultural products annually, beginning 2020.
  • A recent poll suggests there is significant interest in the offer, with some 30 million mostly young Russians ready to “go east.” Following the economic devastation of Russia during the Yeltsin era of the 1990s, eastern regions suffered economic collapse and significant depopulation as people migrated to cities to survive. Into this broader context of recent developments, the definitive government ban on growing GMO crops in the Russian Federation adds a major new attraction. Russia stands to become one of the world’s most desired producers of natural, organic non-GMO-contaminated food for the world. Today, the once-great American agriculture has been de-humanized, industrialized, by giant agribusiness concerns, and contaminated by Monsanto and GMO plants along with its deadly herbicides containing toxic glyphosate. More than 80% of all US corn is GMO and almost 100% of USA soybeans. This is no small matter. Exports of GMO soybeans and corn are allowed unlabeled, by loopholes, into the European Union as well as into China. That means that most of the meat and even farmed fish that European and Chinese consumers eat contains indirect GMO crops and toxins. In light of all this it might make sense to treat Russia a little more politely in the future if we want to eat healthy food. They are doing what we should be doing, but don’t. Why?
  • Paul Merrell on 09 Oct 15
     
    5 hectares == 12.35 acres. Times 30 million Russians == 370.5 million acres less space for a home and a driveway. That's a lot of new agricultural production.  Bear in mind that Russia imported most of its food from Europe before the Ukraine sanctions. This article is about the evaporation of foreign trade that Europe will never get back.And it's about new Russian agricultural exports to China. Perhaps even about eventual exports to the U.S. for those who want a "GMO-free" label on their food. This is very bad news for Monsanto and other biotech companies in the U.S, especially a few years down the road when other countries begin importing Russian GMO-free food.  
Paul Merrell

The Mystery of ISIS' Toyota Army Solved | New Eastern Outlook - 0 views

m.journal-neo.org/...ery-of-isis-toyota-army-solved

war & peace ISIL Toyotas U.S.-foreign-policy Treasury

shared by Paul Merrell on 10 Oct 15 - No Cached
  • The US Treasury has recently opened an inquiry about the so-called “Islamic State’s” (ISIS/ISIL) use of large numbers of brand-new Toyota trucks. The issue has arisen in the wake of Russia’s air operations over Syria and growing global suspicion that the US itself has played a key role in arming, funding, and intentionally perpetuating the terrorist army across Syria and Iraq. ABC News in their article, “US Officials Ask How ISIS Got So Many Toyota Trucks,” reports: U.S. counter-terror officials have asked Toyota, the world’s second largest auto maker, to help them determine how ISIS has managed to acquire the large number of Toyota pick-up trucks and SUVs seen prominently in the terror group’s propaganda videos in Iraq, Syria and Libya, ABC News has learned. 
  • Toyota says it does not know how ISIS obtained the vehicles and is “supporting” the inquiry led by the Terror Financing unit of the Treasury Department — part of a broad U.S. effort to prevent Western-made goods from ending up in the hands of the terror group. The report went on to cite Iraqi Ambassador to the US, Lukman Faily: “This is a question we’ve been asking our neighbors,” Faily said. “How could these brand new trucks… these four wheel drives, hundreds of them — where are they coming from?” Not surprisingly, it appears the US Treasury is asking the wrong party. Instead of Toyota, the US Treasury’s inquiry should have started next door at the US State Department.
  • Just last year it was reported that the US State Department had been sending in fleets of specifically Toyota-brand trucks into Syria to whom they claimed was the “Free Syrian Army.” US foundation-funded Public Radio International (PRI) reported in a 2014 article titled, “This one Toyota pickup truck is at the top of the shopping list for the Free Syrian Army — and the Taliban,” that: Recently, when the US State Department resumed sending non-lethal aid to Syrian rebels, the delivery list included 43 Toyota trucks. Hiluxes were on the Free Syrian Army’s wish list. Oubai Shahbander, a Washington-based advisor to the Syrian National Coalition, is a fan of the truck. “Specific equipment like the Toyota Hiluxes are what we refer to as force enablers for the moderate opposition forces on the ground,” he adds. Shahbander says the US-supplied pickups will be delivering troops and supplies into battle. Some of the fleet will even become battlefield weapons..
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  • The British government has also admittedly supplied a number of vehicles to terrorists fighting inside of Syria.
  • It’s fair to say that whatever pipeline the US State Department and the British government used to supply terrorists in Syria with these trucks was likely used to send additional vehicles before and after these reports were made public. The mystery of how hundreds of identical, brand-new ISIS-owned Toyota trucks have made it into Syria is solved. Not only has the US and British government admitted in the past to supplying them, their military forces and intelligence agencies ply the borders of Turkey, Jordan, and even Iraq where these fleets of trucks must have surely passed on their way to Syria – even if other regional actors supplied them. While previous admissions to supplying the vehicles implicates the West directly, that nothing resembling interdiction operations have been set up along any of these borders implicates the West as complicit with other parties also supplying vehicles to terrorists inside of Syria.
  • Of course, much of this is not new information. So the question remains – why is the US Treasury just now carrying on with this transparent charade? Perhaps those in Washington believe that if the US government is the one asking this obvious question of how ISIS has managed to field such an impressive mechanized army in the middle of the Syrian desert, no one will suspect they had a role in it.
  • Paul Merrell on 10 Oct 15
     
    Of course those who follow this stuff already knew the answer when Treasury popped the question. The question Treasury hasn't asked yet is why the U.S. didn't bomb all those Toyotas when they convoyed out of Syria into Iraq for the opening of the ISIL war in Iraq? Out in the open desert, the U.S. surely was aware of that mass movement of vehicles.
Gary Edwards

Review & Outlook: Palin's Dollar, Zoellick's Gold - WSJ.com - 0 views

online.wsj.com/...3514904575602231815453378.html

gold gold-currency financial-collapse banksters Federal-Reserve Sara-Palin Zoellick

shared by Gary Edwards on 09 Nov 10 - No Cached
  • Gary Edwards on 09 Nov 10
     
    a new global monetary regime to reduce currency turmoil and spur growth: "This new system is likely to need to involve the dollar, the euro, the yen, the pound and a renminbi that moves toward internalization and then an open capital account," he wrote, in an echo of what we've been saying for some time. And here's Mr. Zoellick's sound-money kicker: "The system should also consider employing gold as an international reference point of market expectations about inflation, deflation and future currency values. Although textbooks may view gold as the old money, markets are using gold as an alternative monetary asset today." Mr. Zoellick's last observation will not be news to investors, who have traded gold up to $1,400 an ounce, its highest level in real terms since the 1970s, as a hedge against the risk of future inflation. However, his point will shock many of the world's financial policy makers, who still think of gold as a barbarous relic rather than as an important price signal. Lest they faint in the halls of the International Monetary Fund, we don't think Mr. Zoellick is calling for a return to a full-fledged gold standard. His nonetheless useful point is that a system of global monetary cooperation needs a North Star to judge when it is running off course. The Bretton Woods accord used gold as such a reference until the U.S. failed to heed its discipline in the late 1960s and in 1971 revoked the pledge to sell other central banks gold at $35 an ounce.
Gary Edwards

AEI - The Error at the Heart of the Dodd-Frank Act - 0 views

www.aei.org/101077

DFA Dodd-Frank-Act Banksters financial-collapse

shared by Gary Edwards on 07 Sep 11 - No Cached
  • The underlying assumption of the Dodd-Frank Act (DFA) is that the 2008 financial crisis was caused by the disorderly bankruptcy of Lehman Brothers.
  • This is evident in the statements of officials and the principal elements of the act, which would tighten the regulation of large financial institutions to prevent their failing, and establish an "orderly resolution" system outside of bankruptcy if they do.
  • The financial crisis, however, was caused by the mortgage meltdown, a sudden and sharp decline in housing and mortgage values as a massive housing bubble collapsed in 2007. This scenario is known to scholars as a "common shock"—a sudden decline in the
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  • 27 million loans—were subprime or otherwise weak and risky loans.
  • The reason for this was the US government's housing policy, which—in the early 1990s—began to require that government agencies and others regulated or controlled by government reduce their mortgage underwriting standards so borrowers who had not previously had access to mortgage credit would be able to buy homes. The government-sponsored enterprises Fannie Mae and Freddie Mac, the Federal Housing Administration, and banks and savings and loan associations (S&Ls) subject to the Community Reinvestment Act were all required to increase their acquisition of loans to homebuyers at or below the median income in their communities. Often, government policies required Fannie, Freddie, and the others to acquire loans to borrowers at or below 80 percent, and in some cases 60 percent, of median income.
  • Sometimes it is argued that the Troubled Asset Relief Program (TARP) prevented more failures. That seems highly unlikely. The first funds were made available under TARP on October 28, 2008, about six weeks after the panic following Lehman's failure. By that time, any firm that had been mortally wounded by Lehman's collapse would have collapsed itself. Moreover, most of the TARP funds were quickly repaid by the largest institutions, and many of the smaller ones, only eight months later, in mid-June 2009. This is strong ¬evidence that the funds were not needed to cover losses coming from the Lehman bankruptcy. If there were such losses, they would still have been embedded in the balance sheets of those institutions. If the funds were needed at all—and many of the institutions took them reluctantly and under government pressure—it was to restore investor confidence that the recipients were not so badly affected by the common shock of the decline in housing and mortgage values that they could not fund orderly withdrawals, if necessary. However, even if we assume that TARP funds prevented the failure of some large financial institutions, it seems clear that the underlying cause of each firm's weakness was the decline in the value of its MBS holdings, and not any losses suffered as a result of Lehman's bankruptcy.
  • This analysis leads to the following conclusion. Without a common shock, the failure of a single Lehman-like firm is highly unlikely to cause a financial crisis. This conclusion is buttressed by the fact that in 1990 the securities firm Drexel Burnham Lambert—then, like Lehman, the fourth largest securities firm in the United States—was allowed to declare bankruptcy without any adverse consequences for the market in general. At the time, other financial institutions were generally healthy, and Drexel was not brought down by the failure of a widely held class of assets. On the other hand, in the presence of a common shock, the orderly resolution of one or a few Lehman-like financial institutions will not prevent a financial crisis precipitated by a severe common shock.
  • In effect, by giving the government the power to resolve any financial firm it believes to be failing, the act has added a whole new policy objective for the resolution of failing firms. Before Dodd-Frank, insolvency law embodied two basic policies—retain the going concern value of the firm and provide a mechanism by which creditors could realize on the assets of an insolvent firm that cannot be saved.
  • DFA will have important adverse effects on ¬insolvency law.
  • Gary Edwards on 07 Sep 11
     
    The underlying assumption of the Dodd-Frank Act (DFA) is that the 2008 financial crisis was caused by the disorderly bankruptcy of Lehman Brothers. This is evident in the statements of officials and the principal elements of the act, which would tighten the regulation of large financial institutions to prevent their failing, and establish an "orderly resolution" system outside of bankruptcy if they do. The financial crisis, however, was caused by the mortgage meltdown, a sudden and sharp decline in housing and mortgage values as a massive housing bubble collapsed in 2007. This scenario is known to scholars as a "common shock"-a sudden decline in the value of a widely held asset-which causes instability or insolvency among many financial institutions. In this light, the principal elements of Dodd-Frank turn out to be useless as a defense against a future crisis. Lehman's bankruptcy shows that in the absence of a common shock that weakens all or most financial institutions, the bankruptcy of one or a few firms would not cause a crisis; on the other hand, given a similarly severe common shock in the future, subjecting a few financial institutions to the act's orderly resolution process will not prevent a crisis. Apart from its likely ineffectiveness, moreover, the orderly resolution process in the act impairs the current insolvency system and will raise the cost of credit for all financial institutions. 
Paul Merrell

Americans enter 2014 with plunging faith in government - CBS News - 0 views

www.cbsnews.com/...h-plunging-faith-in-government

polls faith-in-government democracy U.S. U.S.-credibility

shared by Paul Merrell on 06 Jan 14 - No Cached
  • Two months after a Congress mired in partisan congestion gave way to the first government shutdown in 17 years, a mere one in 20 Americans believe the U.S. system of democracy works well and needs no changes, according to an AP-NORC Center for Public Affairs Research poll out Thursday. Heading into the new year with a grotesquely pessimistic outlook on their country’s government, half of Americans said it needs either “a lot of changes” or a complete overhaul. And 70 percent said they’re not confident lawmakers will manage to “make progress on the important problems and issues facing the country in 2014.” Those problems, respondents suggested, are topped by health care reform, jobs and the economy and the country’s debt, respectively. Eighty percent of Americans said they hope the government focuses substantial energy on those issues in the coming year, but only 76 percent said they expect to see real progress.
  • When it comes to the economy in particular, the last best hope, respondents suggested, is Americans themselves. Though a majority said they’re not optimistic about their chances of grasping the American Dream, most qualified that they have at least some faith in their abilities to handle their own problems in 2014. Still, more than half of those polled said they want a strong government hand helping them sort out “today’s complex economic problems.” In general, the population remains split on how active the government should be in the lives of citizens: half said “the less government the better,” and 48 percent said “there are more things that government should be doing.” Sloping faith in government is an aging trend: the percentage of Americans who think the United States governing system is heading in the right direction hasn’t topped 50 in almost 10 years. What’s more, few express hope that it can improve, with half saying they’re pessimistic about the United States’ ability to produce strong leaders, and 61 percent doubting the effectiveness of the way leaders are chosen.
Paul Merrell

West's antiquated unipolar world collides with the East's vision of a mulipolar future. | New Eastern Outlook - 0 views

journal-neo.org/...s-vision-of-a-mulipolar-future

war & peace Ukraine banksters

shared by Paul Merrell on 21 Mar 14 - No Cached
  • For years the West has been cultivating a proxy political machine inside of Ukraine for the purpose of peeling the nation away from its historical and socioeconomic ties to Russia. The deep relationship between Western corporate-financier interests on Wall Street and in London and the opposition in Ukraine are best summarized in PR Weeks “Analysis: PR gets trodden underfoot as sands shift in Ukraine.” In the article, the involvement of some of the most notorious corporate lobbying firms on Earth, including Bell Pottinger and the Podesta Group, are revealed to have been involved in Ukraine’s internal affairs since the so-called “Orange Revolution” in 2004 – a coup admittedly orchestrated by the West and in particular the US government.  The article chronicles (and defends) the continuing, unabated meddling of the West up to and including the most recent turmoil consuming Ukraine.    PR Week’s article revealed that heavily funded networks propping up the proxy regime in Kiev are sponsored by “individuals and private companies who support stronger EU-Ukraine relations.” It is these Western corporate-financier interests, not Ukrainian aspirations for “democracy” and “freedom,” that kicked off the “Euromaidan” mobs in the first place – and will be the driving force that misshapes and deforms the regions of western Ukraine now overrun by the West’s proxies.  To the east in Ukraine, people are prominently pro-Russian, sharing closer cultural, linguistic, and socioeconomic ties to Russia as well as long historical parallels. They have welcomed moves by Russia to counter the coup in Kiev and protect eastern Ukraine from the corrosive influence that will grow as the West further entrenches itself.
  • With the vacant chair of deposed Ukrainian President Viktor Yanukovych still warm, the tentacles of Western corporate-financier interests have already wound themselves around Kiev and have begun to squeeze.  Chevron, which had signed a multi-billion dollar deal with Ukraine in November, 2013, was operating in the west of Ukraine, and alongside other Western energy giants such as ExxonMobil and Shell. The deals were part of President Yanukovych’s apparent gravitation toward the West and impending integration with the EU which was then suddenly overturned in favor with re-cementing ties with Russia. Western oil giants clearly saw the benefit of backing a putsch that would leave the western half firmly in the orbit of the US, UK, and EU. They can not only continue their business on the western edge of Ukraine, but expand their interests unabated across the country now that a capitulating, puppet regime sits in Kiev.   While Western big-oil plans to move in and siphon billions, the International Monetary Fund (IMF) is already planning deep cuts in social benefits as part of a staggering austerity regime to restructure financially the seized western region of Ukraine, and if possible, all of Ukraine proper.
  • RT reported in its article, “Pensions in Ukraine to be halved – sequestration draft,” that: The self-proclaimed government in Kiev is reportedly planning to cut pensions by 50 percent as part of unprecedented austerity measures to save Ukraine from default. With an “empty treasury”, reduction of payments might take place in March.  According to the draft document obtained by Kommersant-Ukraine, social payments will be the first to be reduced. The proxy regime set up in Kiev has already indicated its eager acceptance to all IMF conditions. The fate of western Ukraine will be no different than other members of the European Union preyed upon by the corporate-financier interests that created the supranational consolidation in the first place. The reduction of a multipolar Europe into a unipolar, supranational consolidation which can be easily and collectively looted is a microcosm of what the West’s Fortune 500 plan as part of their global unipolar order.  
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  • The natural resources, human capital, and geopolitical advantages found within the borders of Ukraine, will now become the natural resources, human capital, and geopolitical advantages of Chevron, BP, Monsanto, a myriad of defense contractors, telecom corporations, and other familiar brands seen marauding across the planet leaving in its wake destitution, socioeconomic disparity, and perpetual division they intentionally sow in order to protect their holdings from any form of unified or organized opposition.    No matter how obvious the West’s game may be to some, had Ukraine fallen entirely under the control of Western interests, a multitude of excuses could and would have been peddled to explain the unraveling of Ukrainian society in terms that would exonerate the corporate-financier interests truly driving the crisis. But Ukraine has not entirely fallen to the West, and because of that, the planned decimation of western Ukraine, its economy, and its sovereignty will stand out in stark contrast to the eastern region that has remained beyond the West’s reach and within the orbit of Russia’s multipolar vision of the future.  
Paul Merrell

Syria debate roils administration - Philip Ewing - POLITICO.com - 0 views

www.politico.com/...bama-adminstration-112362.html

war & peace Obama-administration house-divided

shared by Paul Merrell on 31 Oct 14 - No Cached
  • President Barack Obama’s top national security aides are at odds over the U.S. strategy for Syria, engaged in a debate behind the scenes as the administration endures a rash of withering skepticism on foreign and defense policy.Defense Secretary Chuck Hagel last week sent what’s been described as a sharply critical memo on Syria to National Security Adviser Susan Rice, faulting the administration’s outlook for failing to account for Syrian President Bashar Assad.
  • The U.S. must clarify what it’s going to do about Assad, Hagel wrote, especially given that it will face a decision about how to respond when the Syrian fighters it wants to train in Saudi Arabia come into conflict with Assad-backed forces. The memo was first described on Wednesday by The New York Times. A defense official confirmed details about it to POLITICO. And Hagel was asked about it Thursday, as well as whether he has doubts about the current Syria strategy.
  • “The baseline is this is a complicated issue,” Hagel told reporters at the Pentagon. “We are constantly assessing and reassessing and adapting to the realities of what is the best approach, how we can be most effective. That’s a responsibility of any leader, and because we [the Defense Department] are a significant element of this issue, we owe the president, and we owe the National Security Council, our best thinking on this. And it has to be honest and it has to be direct.” The Times’ report followed stories by POLITICO Magazine, Reuters and others questioning Obama’s management of national security as the U.S. grapples with crises in Syria and Iraq, the Ebola outbreak in West Africa and the ongoing standoff with Russia in Eastern Europe.
Paul Merrell

US Federal Reserve to end quantitative easing programme | Business | The Guardian - 0 views

www.theguardian.com/...-quantitative-easing-programme

banksters Fed quantitative-easing

shared by Paul Merrell on 01 Nov 14 - No Cached
  • The US Federal Reserve has called time on its $4.5tn bond-buying programme, halting a radical monetary policy introduced nearly six years ago to steer the world’s largest economy through the financial crisis. The central bank, led by Janet Yellen, said the final tranche of bonds under its quantitative easing programme would be bought this month, but it committed to keeping record low interest rates for “a considerable time”. Announcing the decision on QE, made at its October policy meeting, the Fed said: “The committee judges that there has been a substantial improvement in the outlook for the labour market since the inception of its current asset purchase programme. Moreover, the committee continues to see sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment in a context of price stability. Accordingly, the committee decided to conclude its asset purchase programme this month.”
  • It brings to an end a programme which marked a departure for US monetary policy when it was launched in December 2008, hugely swelling the Fed’s balance sheet in an effort to prop up a battered financial system. The Fed began to slow its purchase of Treasury bonds and mortgage-backed securities in January, but until now it had not confirmed an end date. The central bank has steadily reduced its monthly bond purchases from a peak of $85bn a month to $15bn a month. Despite the end of its bond-buying programme, US monetary policy remains ultra loose, with an interest rate range at a record low of between zero and 0.25% since December 2008.
Paul Merrell

Washington's Quiet Proxy War Against Vietnam | New Eastern Outlook - 0 views

journal-neo.org/...uiet-proxy-war-against-vietnam

war & peace color-revolutions NED Viet-Nam Hong-Kong Thailand Myanmar Malaysia

shared by Paul Merrell on 03 Jan 15 - No Cached
  • In a rare episode, US meddling has broken the surface recently with complaints across NED’s network of faux human rights advocates and the Western media over the arrest of Nguyen Dinh NgocFirst appeared: http://journal-neo.org/2015/01/03/washington-s-quiet-proxy-war-against-vietnam/
  • Paul Merrell on 03 Jan 15
     
    Nice round-up of linked articles on NED-sponsored color revolution efforts in ASEAN nations, with a deeper look at activities in Viet Nam.
Paul Merrell

Making Sense of The Turkey-ISIS Mess « LobeLog - 0 views

www.lobelog.com/-sense-of-the-turkey-isis-mess

war & peace Turkey U.S.-foreign-policy ISIL Iran Syria Palestine

shared by Paul Merrell on 09 Dec 14 - No Cached
  • Many US analysts still worry about Ankara not getting on board with Obama on fighting ISIS–as if relations are newly strained. The fact is, Ankara declared its foreign policy independence from the US a decade ago, in multiple areas. Turkey will never again play the role of “loyal US ally.” It has its own regional and global interests and will pursue them; Washington’s preferences will play only a modest role among the many factors influencing Turkish decision-making. Obama may help/persuade Erdoğan to back off from his reckless willingness to tolerate even the ISIS card to bring down Assad. But Erdoğan may well remain intractable on the Assad issue. That policy, among other things, has served to seriously damage Ankara’s relations with Iran, Iraq, and Lebanon. So we should not look forward to much cordial cooperation between Ankara and Washington except to the extent that Washington changes its policies on Palestine, Israel, Iran, and overall military intervention in the region. The two countries essentially do not share a common regional strategic outlook.
Paul Merrell

Crude price drop triggers major layoffs in US oil industry - RT USA - 0 views

www.rt.com/...217959-us-oil-industry-prices

war & peace economic warfare U.S.-foreign-policy blowback oil-buttle

shared by Paul Merrell on 29 Dec 14 - No Cached
  • Thousands of recently highly paid workers have been laid off after the oil price plummeted 50 percent in 2014. At least four American oil-producing states are already facing budget problems due to decreasing oil revenues. The price plunge has affected petroleum production in all oil-extracting countries, including the US.
  • For Texas, which has a far larger and more diversified economy than Louisiana, the oil price downturn is no good either. In just October and November Texas lost 2,300 oil and gas jobs, the federal Bureau of Labor Statistics reported last week. Through the last half a year the state has been losing $83 million in potential revenue every day, the Greater Houston Partnership recently reported. They blamed this on crashing price of its West Texas Intermediate crude oil, which has depreciated to $54.73 per barrel this week, from more than $100 six months ago.
  • This doesn’t apply to the state of Alaska. According to the NYT, approximately 90 percent of state’s budget is formed from oil revenues. Alaska’s government is considering a 50 percent capital-spending cut for bridges and roads in the face of the oil price drop, with Moody’s, the credit rating service, lowering Alaska’s credit outlook from stable to negative. The state of Louisiana’s 2015-16 budget is going to be $1.4 billion short, with 162 state government positions already eliminated and more to be discontinued starting from January. Contracts and projects are being either reduced or frozen in state agencies. According to the state’s chief economist Greg Albrecht, for every $1 fall in price of an annual average barrel of oil, Louisiana loses $12 million.
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  • Now according to Tom Runiewicz, a US industry economist at IHS Global Insight, if oil stays around $56 a barrel till the middle of the next year, companies providing services to oil and gas industry could lose 40,000 jobs by the end of 2015, while oil and gas equipment manufacturers could slash up to 6,000 jobs.
  • The situation in other oil-extracting states could be even worse. In a study published last year, the Council on Foreign Relations warned the largest job losses caused by sharp decline in oil prices are going to take place in North Dakota, Oklahoma and Wyoming, where the number of drilling rigs is decreasing.
  • Currently cheap fuel is still believed to be providing an overall boost to the US economy, as consumers can spend less on gasoline and more on shopping and services. But for the American energy sector the future looks less bright. It’s effecting places like Alaska, Louisiana, Oklahoma and Texas, the New York Times reports. US oil experts recall the 1980s oil price downturn, accompanied by economic disasters around the globe and arguably becoming one of the causes of the fall of the Soviet Union. Some experts are positive and say America’s oil-producing states won’t suffer too much because they “diversified their economies.”
  • These workers can earn more than $1,700 a week, much higher than the average $848 a week payment for other workers, the WSJ reported. When experienced workers lose their highly paid jobs, they stop paying their bills. There are also fears of a house-price slump. Fitch Ratings has already warned that with the price of oil continuing to plummet, home prices in Texas “may be unsustainable.”
  • Paul Merrell on 29 Dec 14
     
    The oil bubble is beginning to burst. Blowback. 
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