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Global developments in finance and geopolitics are prompting a rethinking of the structure of banking and of the nature of money itself. Among other interesting news items: * In Russia, vulnerability to Western sanctions has led to proposals for a banking system that is not only independent of the West but is based on different design principles. * In Iceland, the booms and busts culminating in the banking crisis of 2008-09 have prompted lawmakers to consider a plan to remove the power to create money from private banks. * In Ireland, Iceland and the UK, a recession-induced shortage of local credit has prompted proposals for a system of public interest banks on the model of the Sparkassen of Germany. * In Ecuador, the central bank is responding to a shortage of US dollars (the official Ecuadorian currency) by issuing digital dollars through accounts to which everyone has access, effectively making it a bank of the people.

A major concern with stripping private banks of the power to create money as deposits when they make loans is that it will seriously reduce the availability of credit in an already sluggish economy. One solution is to make the banks, or some of them, public institutions. They would still be creating money when they made loans, but it would be as agents of the government; and the profits would be available for public use, on the model of the US Bank of North Dakota and the German Sparkassen (public savings banks). In Ireland, three political parties – Sinn Fein, the Green Party and Renua Ireland (a new party) — are now supporting initiatives for a network of local publicly-owned banks on the Sparkassen model. In the UK, the New Economy Foundation (NEF) is proposing that the failed Royal Bank of Scotland be transformed into a network of public interest banks on that model. And in Iceland, public banking is part of the platform of a new political party called the Dawn Party.

The Western Press doesn’t have much to say about the military operations in Syria, except to affirm, without the slightest proof, that the Coalition is successfully bombing Daesh jihadists while the Russians continue to kill innocent civilians. It is in fact difficult to form a reasonable idea of the current situation, particularly since each side is readying its weapons in preparation for a wider conflict. Thierry Meyssan describes what is going on. The silence surrounding the military operations in Iraq and Syria does not mean that the war has ground to a halt, but that the different protagonists are preparing for a new round of hostilities.

The Coalition forces On the imperial side, there reigns a state of total confusion. With regard to the contradictory declarations by US leaders, it is impossible to understand Washington’s objectives, if indeed there are any. At the very best, it would seem that the United States are allowing France to take certain initiatives at the head of one part of the Coalition, but even there, we do not know their real objectives. Of course, France declares that it wants to destroy Daesh in retaliation for the attacks of the 13th November in Paris, but it was already saying so before these attacks took place. Their earlier declarations were the stuff of public relations, not reality. For example, the Mecid Aslanov, property of Necmettin Bilal Erdoğan’s BMZ Group, left the French port of Fos-sur-Mer on the 9th November 2015, having just delivered, in total impunity, a cargo of oil which it claimed had been extracted in Israël, but which in reality had been stolen by Daesh in Syria. There is nothing to indicate that the situation is any different today, or that we should begin taking the official declarations seriously. French President François Hollande and his Minister of Defence Jean-Yves Le Drian visited the aircraft-carrier Charles-De-Gaulle, off the coast of Syria, on the 4th December. They announced a change of mission, but gave no explanation. As Army Chief of Staff General Pierre de Villiers had previously stated, the ship was diverted to the Persian Gulf.

The aeronaval Group constituted around the Charles-De-Gaulle is composed of its on-board aerial Group (eighteenRafale Marine, eight modernised Super Etendard, two Hawkeye, two Dauphin and one Alouette III), the aerial defence frigateChevalier Paul, the anti-submarine frigate La Motte-Picquet, the command flagship Marne, the Belgian frigate Léopold Ier and the German frigate Augsburg, and also, although the Minister of Defence denies it, a nuclear attack submarine. Attached to this group, the stealth light frigate Courbet remained in the western Mediterranean. The European forces have been integrated into Task Force 50 of the USNavCent, in other words the US Central Command fleet. This unit now comprises about sixty ships. The French authorities have announced that rear-admiral René-Jean Crignola has taken command of this international force, without mentioning that he is placed under the authority of the commander of the 5th Fleet, rear-admiral Kevin Donegan, who is himself under the authority of General Lloyd J. Austin III, commander of CentCom. It is in truth an absolute rule of the Empire that the command of operations always falls to US officers, and that the Allies only occupy auxiliary positions. In fact, apart from the relative promotion of the French rear-admiral, we find ourselves in the same position as last February. We have an international Coalition which is supposed to be fighting Daesh, and which – for an entire year – has certainly multiplied its reconnaissance flights and destroyed Chinese oil installations, but without having the slightest effect on its official objective, Daesh. Here too, there is no indication that anything will change.

Martin Shkreli, a boastful pharmaceutical executive who came under withering criticism for price gouging vital drugs, denied securities fraud charges on Thursday following an early morning arrest, and was freed on a $5 million bond. While the 32-year-old has earned a rare level of infamy for his brazenness in business and his personal life, what he was charged with had nothing to do with skyrocketing drug prices. He is accused of repeatedly losing money for investors and lying to them about it, illegally taking assets from one of his companies to pay off debtors in another. “Shkreli essentially ran his company like a Ponzi scheme where he used each subsequent company to pay off defrauded investors from the prior company,” Brooklyn U.S. Attorney Robert Capers said at a press conference.

Evan Greebel, a New York lawyer, who is alleged in the federal indictment to have helped Shkreli in his schemes, was also arrested and charged. Like Shkreli, he pleaded not guilty, and he was freed on a $1 million bond. Both men and their lawyers declined to comment after their court appearance.

Read the full text of the indictment here In the federal indictment and a complaint by the Securities and Exchange Commission, authorities say Shkreli began losing money and lying to investors from the time he began managing money. In his mid-20s, he got nine investors to place $3 million with him and at one point he had only $331. Securities fraud is hardly unheard of on Wall Streeet and the amounts involved here are nowhere near on the scale of Bernie Madoff. But Shkreli’s case has drawn such attention because of his defiant price-gouging and his own up-by-the-bootstraps history. The son of immigrants from Albania and Croatia who did janitorial work and raised him and his brothers in working-class Brooklyn, Shkreli seemed at first to embody the American dream and then to mock it. After dropping out of an elite Manhattan high school, he worked as an intern for Jim Cramer’s hedge fund as a 17-year-old and quickly impressed with his ability to call stocks. He created hedge funds, taught himself biology and, after earning a BA at Baruch College in New York City, began hedge funds investing in biotech.

Russian planes in Syria "violated Turkish air space" the news agency currently tell us. But an earlier report shows that this claim may well be wrong and that the U.S. pushes Turkey to release such propaganda. Reuters (Mon Oct 5, 2015 7:54am BST): Turkey says Russian warplane violated its airspace A Russian warplane violated Turkish airspace near the Syrian border on Saturday, prompting the Air Force to scramble two F-16 jets to intercept it, the Foreign Ministry said on Monday. The Foreign Ministry summoned Moscow's ambassador to protest the violation, according to an e-mailed statement. Turkey urged Russia to avoid repeating such a violation, or it would be held "responsible for any undesired incident that may occur." AFP (10:20am · 5 Oct 2015): Turkey 'intercepts' Russian jet violating its air space Turkey said on Monday its F-16 jets had at the weekend intercepted a Russian fighter plane which violated Turkish air space near the Syrian border, forcing the aircraft to turn back. ... Turkey said on Monday its F-16 jets had at the weekend intercepted a Russian fighter plane which violated Turkish air space near the Syrian border, forcing the aircraft to turn back.

Here now what McClatchy reported on these air space violations in a longer piece several hours before Reuters and AFP reported the Turkish claim: ISTANBUL - A Russian warplane on a bombing run in Syria flew within five miles of the Turkish border and may have crossed into Turkey’s air space, Turkish and U.S. officials said Sunday. ... A Turkish security official said Turkish radar locked onto the Russian aircraft as it was bombing early Friday in al Yamdiyyah, a Syrian village directly on the Turkish border. He said Turkish fighter jets would have attacked had it crossed into Turkish airspace. But a U.S. military official suggested the incident had come close to sparking an armed confrontation. Reading from a report, he said the Russian aircraft had violated Turkish air space by five miles and that Turkish jets had scrambled, but that the Russian aircraft had returned to Syrian airspace before they could respond. The Turkish security official said he could not confirm that account.

So it is the U.S., not Turkey, which was first pushing the claims of air space violation and of scrambling fighters. The Turkish source would not confirm that. But how could it be a real air space violation when Russian planes "flew within five miles of the Turkish border and may have crossed into Turkey’s air space". The Russian planes were flying in Syrian airspace. They "may have crossed" is like saying that the earth "may be flat". Well maybe it is, right? Fact is the Russians fly ery near to the border and bomb position of some anti-Syrian fighters Turkey supports. They have good reasons to do so: The town, in a mountainous region of northern Latakia province, has been a prime route for smuggling people and goods between Turkey and Syria and reportedly has functioned as a key entry for weapons shipped to Syrian rebels by the U.S.-led Friends of Syria group of Western and Middle Eastern countries.

Nope, a flag is not enough to make the moon a colony.

An event of cosmic proportions occurred on November 18 when the US congress passed the Space Act of 2015 into law. The legislation will give US space firms the rights to own and sell natural resources they mine from bodies in space, including asteroids. Although the act, passed with bipartisan support, still requires President Obama’s signature, it is already the most significant salvo that has been fired in the ideological battle over ownership of the cosmos. It goes against a number of treaties and international customary law which already apply to the entire universe. The new law is nothing but a classic rendition of the “he who dares wins” philosophy of the Wild West. The act will also allow the private sector to make space innovations without regulatory oversight during an eight-year period and protect spaceflight participants from financial ruin. Surely, this will see private firms begin to incorporate the mining of asteroids into their investment plans.

Supporters argue that the US Space Act is a bold statement that finally sets private spaceflight free from the heavy regulation of the US government. The misdiagnosis begins here. Space exploration is a universal activity and therefore requires international regulation. The act represents a full-frontal attack on settled principles of space law which are based on two basic principles: the right of states to scientific exploration of outer space and its celestial bodies and the prevention of unilateral and unbriddled commercial exploitation of outer-space resources. These principles are found in agreements including the Outer Space Treaty of 1967 and the Moon Agreement of 1979. The US House Committee on Science, Space and Technology denies there is anything in the act which violates the US’s international obligations. According to this body, the right to extract and use resources from celestial bodies “is affirmed by State practice and by the US State Department in Congressional testimony and written correspondence”. Crucially, there is no specific reference to international law in this statement. Simply relying on US legislation and policy statements to justify the plans is obviously insufficient.

We just got more evidence that the middle class in America is dying.  According to brand new numbers that were just released by the Social Security Administration, 51 percent of all workers in the United States make less than $30,000 a year.  Let that number sink in for a moment.  You can’t support a middle class family in America today on just $2,500 a month – especially after taxes are taken out.  And yet more than half of all workers in this country make less than that each month.  In order to have a thriving middle class, you have got to have an economy that produces lots of middle class jobs, and that simply is not happening in America today. You can find the report that the Social Security Administration just released right here.  The following are some of the numbers that really stood out for me… -38 percent of all American workers made less than $20,000 last year. -51 percent of all American workers made less than $30,000 last year. -62 percent of all American workers made less than $40,000 last year. -71 percent of all American workers made less than $50,000 last year.

That first number is truly staggering.  The federal poverty level for a family of five is $28,410, and yet almost 40 percent of all American workers do not even bring in $20,000 a year. If you worked a full-time job at $10 an hour all year long with two weeks off, you would make approximately $20,000.  This should tell you something about the quality of the jobs that our economy is producing at this point. And of course the numbers above are only for those that are actually working.  As I discussed just recently, there are 7.9 million working age Americans that are “officially unemployed” right now and another 94.7 million working age Americans that are considered to be “not in the labor force”.  When you add those two numbers together, you get a grand total of 102.6 million working age Americans that do not have a job right now.

So many people that I know are barely scraping by right now.  Many families have to fight tooth and nail just to make it from month to month, and there are lots of Americans that find themselves sinking deeper and deeper into debt. If you can believe it, about a quarter of the country actually has a negative net worth right now. What that means is that if you have no debt and you also have ten dollars in your pocket that gives you a greater net worth than about 25 percent of the entire country.

Several weeks ago, the Project On Government Oversight announced its cautious optimism upon learning the Director of Operational Test & Evaluation (DOT&E) planned to conduct a close air support (CAS) fly-off between the proven A-10 and the yet-to-be proved F-35. The cautious aspect of that optimism has been proven to be warranted. Under questioning by Representative Martha McSally (R-AZ), a former A-10 pilot, F-35 program executive officer Lt. Gen. Christopher Bogdan (USAF) dismissed the idea of a comparative test as irrelevant. The exchange occurred during a House Armed Services subcommittee hearing on updates to the Joint Strike Fighter program. General Bogdan’s remarks echo earlier comments by Air Force Chief of Staff Gen. Mark Welsh, who described the proposed test as a “silly exercise.” Dr. Michael Gilmore, Director of Operational Test & Evaluation, said in late August, “The comparison tests on the close-air support mission will reveal how well the F-35 performs and whether there are gaps, or improvements in capability, compared to the A-10.”

When asked by Rep. McSally to comment about the comparative tests, Lt. Gen. Bogdan acknowledged the F-35 would not do as well as the A-10 in such a test. He smugly compared the test to a decathlete competing against a champion sprinter in a 100 meter race. “I don’t have to run that race to know who is going to win it,” he said. “What I prefer to do is test the F-35 in its close air support role as the Air Force sees the requirements for that mission for the F-35,” the General said. The test envisioned by the Air Force would be conducted in the manner it wants to conduct close air support missions in the future, not in the way decades of experience has proven it must be conducted in order to be effective on the battlefield. The Air Force wants these missions to be conducted from high altitudes using digital communications and precision munitions. In other words, it wants to accomplish the mission only through high-tech means from a distance, rather than getting low to the ground where pilots and ground controllers are able to coordinate in a way which has been used to great effect for decades.

In a recent documentary, an A-10 pilot talked about the sensors available to help them correlate targets on the ground to ensure a precision strike. But in nearly the same breath, he described their shortcomings as well. “That will never replace just looking right, outside of my cockpit and looking at the battlespace. What am I seeing out there, big-picture?” That level of situational awareness only develops when a pilot is able to fly low and slow over the battlefield.  That will be lost by F-35 pilots who will be restricted to much higher altitudes and speed. They will be forced there because, as Michael Gilmore said while testifying at an earlier hearing, “The (F-35) has some vulnerabilities that you would expect a high performance aircraft to have. The A-10 is going to be able to, can take, hits an F-35 couldn’t take.” The United States has already been through this process before and learned painful and expensive lessons by ignoring proven methods of designing effective weapons systems. Pierre Sprey, a veteran of many bureaucratic battles while designing effective aircraft, says the correct approach to this process is to first understand the mission the system is to perform: you’ve “got to start with what really happens in combat,” Sprey said in a recent interview.

The National Security Agency will no longer be able to collect phone records in bulk starting Nov. 29, the Office of the Director of National Intelligence said in a statement Friday.The program's closure was required by the USA Freedom Act, signed by President Barack Obama in early June. The program was allowed to continue since then as part of a six-month wind-down period, in which intelligence officials could create and test a new phone records program where the government can only obtain records connected to a specific entity like a person or device that is associated with a foreign power or terrorist group.Some Senate Republicans, led by Sen. Tom Cotton of Arkansas and 2016 presidential candidate Sen. Marco Rubio of Florida, tried to delay the program’s official end this month in the wake of the Paris terrorist attacks. But despite support from Senate Majority Leader Mitch McConnell (R-Ky.), the effort got no traction in Congress.

The NSA has requested that some officials continue to have access to data already collected by the agency for “technical” purposes — but not intelligence analysis— for another three months, according to ODNI. The Foreign Intelligence Surveillance Court is currently reviewing that request, ODNI said.A federal court issued an order earlier this month holding the program unconstitutional and barring the collection of phone metadata pertaining to one California attorney and his law practice. However, after authorities argued that implementing the order would require the early shutdown of the whole program, a federal appeals court stayed the ruling.

Police “disappeared” more than 7,000 people at an off-the-books interrogation warehouse in Chicago, nearly twice as many detentions as previously disclosed, the Guardian can now reveal.

From August 2004 to June 2015, nearly 6,000 of those held at the facility were black, which represents more than twice the proportion of the city’s population. But only 68 of those held were allowed access to attorneys or a public notice of their whereabouts, internal police records show. The new disclosures, the result of an ongoing Guardian transparency lawsuit and investigation, provide the most detailed, full-scale portrait yet of the truth about Homan Square, a secretive facility that Chicago police have described as little more than a low-level narcotics crime outpost where the mayor has said police “follow all the rules”. The police portrayals contrast sharply with those of Homan Square detainees and their lawyers, who insist that “if this could happen to someone, it could happen to anyone”. A 30-year-old man named Jose, for example, was one of the few detainees with an attorney present when he surrendered to police. He said officers at the warehouse questioned him even after his lawyer specifically told them he would not speak.

“The Fillmore and Homan boys,” Jose said, referring to police and the facility’s cross streets, “don’t play by the rules.” According to an analysis of data disclosed to the Guardian in late September, police allowed lawyers access to Homan Square for only 0.94% of the 7,185 arrests logged over nearly 11 years. That percentage aligns with Chicago police’s broader practice of providing minimal access to attorneys during the crucial early interrogation stage, when an arrestee’s constitutional rights against self-incrimination are most vulnerable. But Homan Square is unlike Chicago police precinct houses, according to lawyers who described a “find-your-client game” and experts who reviewed data from the latest tranche of arrestee records obtained by the Guardian.

The Russian-led military coalition is badly beating Washington’s proxies in Syria which is why John Kerry is calling for a “Time Out”. On Monday, U.S. Secretary of State John Kerry called for an emergency summit later in the week so that leaders from Russia, Turkey, Saudi Arabia and Jordan could discuss ways to avoid the “total destruction” of Syria. According to Kerry, “Everybody, including the Russians and the Iranians, have said there is no military solution, so we need to make an effort to find a political solution. This is a human catastrophe that now threatens the integrity of a whole group of countries around the region,” Kerry added. Of course, it was never a “catastrophe” when the terrorists were destroying cities and villages across the country, uprooting half the population and transforming the once-unified and secure nation into an anarchic failed state. It only became a catastrophe when Vladimir Putin synchronized the Russian bombing campaign with allied forces on the ground who started wiping out hundreds of US-backed militants and recapturing critical cities across Western corridor. Now that the Russian airforce is pounding the living daylights out of jihadi ammo dumps, weapons depots and rebel strongholds, and the Syrian Arab Army (SAA) is tightening their grip on Aleppo, and Hezbollah is inflicting heavy casualties on Jabhat al Nusra militants and other Al Qaida-linked vermin; Kerry’s decided it’s a catastrophe. Now that the momentum of the war has shifted in favor of Syrian president Bashar al Assad, Kerry wants a “Time out”.

Keep in mind, that Putin worked tirelessly throughout the summer months to try to bring the warring parties together (including Assad’s political opposition) to see if deal could be worked out to stabilize Syria and fight ISIS. But Washington wanted no part of any Russian-led coalition. Having exhausted all the possibilities for resolving the conflict through a broader consensus, Putin decided to get directly involved by committing the Russian airforce to lead the fight against the Sunni extremists and other anti-government forces that have been tearing the country apart and paving the way for Al Qaida-linked forces to take control of the Capital. Putin’s intervention stopped the emergence of a terrorist Caliphate in Damascus. He turned the tide in the four year-long war, and delivered a body-blow to Washington’s malign strategy Now he’s going to finish the job. Putin is not gullible enough to fall for Kerry’s stalling tactic. He’s going to kill or capture as many of the terrorists as possible and he’s not going to let Uncle Sam get in the way. These terrorists–over 2,000 of who are from Chechnya–pose an existential threat to Russia, as does the US plan to use Islamic extremists to advance their foreign policy objectives. Putin takes the threat seriously. He knows that if Washington’s strategy succeeds in Syria, it will be used in Iran and then again in Russia. That’s why he’s decided to dump tons of money and resources into the project. That’s why his Generals have worked out all the details and come up with a rock-solid strategy for annihilating this clatter of juvenile delinquents and for restoring Syria’s sovereign borders. And that’s why he’s not going to be waved-away by the likes of mealy-mouth John Kerry. Putin is going to see this thing through to the bitter end. He’s not going to stop for anyone or anything. Winning in Syria is a matter of national security, Russia’s national security.

“Syrian President Bashar Assad “does not have to leave tomorrow or the next day,” the US State Department (spokesman Mark Toner) has stated. Washington allows that Assad may take part in transitional process, but can’t be part of Syria’s next government… “… this isn’t the US dictating this. This is the feeling of many governments around the world, and frankly, the majority of the Syrian people,” Toner said.

Why is the U.S. targeting Iran’s central bank? Well, multi-billionaire Hugo Salinas Price told King World News: What happened to Mr. Gaddafi, many speculate the real reason he was ousted was that he was planning an all-African currency for conducting trade. The same thing happened to him that happened to Saddam because the US doesn’t want any solid competing currency out there vs the dollar. You know Gaddafi was talking about a gold dinar. And as I noted in August: Ellen Brown argues in the Asia Times that there were even deeper reasons for the war than gold, oil or middle eastern regime change. Brown argues that Libya – like Iraq under Hussein – challenged the supremacy of the dollar and the Western banks: Later, the same general said they planned to take out seven countries in five years: Iraq, Syria, Lebanon, Libya, Somalia, Sudan, and Iran. What do these seven countries have in common? In the context of banking, one that sticks out is that none of them is listed among the 56 member banks of the Bank for International Settlements (BIS). That evidently puts them outside the long regulatory arm of the central bankers’ central bank in Switzerland.

The most renegade of the lot could be Libya and Iraq, the two that have actually been attacked. Kenneth Schortgen Jr, writing on Examiner.com, noted that “[s]ix months before the US moved into Iraq to take down Saddam Hussein, the oil nation had made the move to accept euros instead of dollars for oil, and this became a threat to the global dominance of the dollar as the reserve currency, and its dominion as the petrodollar.” According to a Russian article titled “Bombing of Libya – Punishment for Ghaddafi for His Attempt to Refuse US Dollar”, Gaddafi made a similarly bold move: he initiated a movement to refuse the dollar and the euro, and called on Arab and African nations to use a new currency instead, the gold dinar. Gaddafi suggested establishing a united African continent, with its 200 million people using this single currency. *** And that brings us back to the puzzle of the Libyan central bank. In an article posted on the Market Oracle, Eric Encina observed:

One seldom mentioned fact by western politicians and media pundits: the Central Bank of Libya is 100% State Owned … Currently, the Libyan government creates its own money, the Libyan Dinar, through the facilities of its own central bank. Few can argue that Libya is a sovereign nation with its own great resources, able to sustain its own economic destiny. One major problem for globalist banking cartels is that in order to do business with Libya, they must go through the Libyan Central Bank and its national currency, a place where they have absolutely zero dominion or power-broking ability. Hence, taking down the Central Bank of Libya (CBL) may not appear in the speeches of Obama, Cameron and Sarkozy but this is certainly at the top of the globalist agenda for absorbing Libya into its hive of compliant nations.

In a landmark infrastructure bill passed in December, Congress finally penetrated the Fed’s “independence” by tapping its reserves and bank dividends for infrastructure funding. The bill was a start. But some experts, including Congressional candidate Tim Canova, say Congress should go further and authorize funds to be issued for infrastructure directly. For at least a decade, think tanks, commissions and other stakeholders have fought to get Congress to address the staggering backlog of maintenance, upkeep and improvements required to bring the nation’s infrastructure into the 21st century. Countries with less in the way of assets have overtaken the US in innovation and efficiency, while our dysfunctional Congress has battled endlessly over the fiscal cliff, tax reform, entitlement reform, and deficit reduction. Both houses and both political parties agree that something must be done, but they have been unable to agree on where to find the funds. Republicans aren’t willing to raise taxes on the rich, and Democrats aren’t willing to cut social services for the poor.

In December 2015, however, a compromise was finally reached. On December 4, the last day the Department of Transportation was authorized to cut checks for highway and transit projects, President Obama signed a 1,300-page $305-billion transportation infrastructure bill that renewed existing highway and transit programs. According to America’s civil engineers, the sum was not nearly enough for all the work that needs to be done. But the bill was nevertheless considered a landmark achievement, because Congress has not been able to agree on how to fund a long-term highway and transit bill since 2005. That was one of its landmark achievements. Less publicized was where Congress would get the money: largely from the Federal Reserve and Wall Street megabanks. The deal was summarized in a December 1st Bloomberg article titled “Highway Bill Compromise Would Take Money from US Banks”: The highway measure would be financed in part by a one-time use of Federal Reserve surplus funds and by a reduction in the 6 percent dividend that national banks receive from the Fed. . . . Banks with $10 billion or less in assets would be exempt from the cut. The Fed’s surplus capital comes from the 12 reserve banks. The highway bill would allow for a one-time draw of $19 billion from the surplus, which totaled $29.3 billion as of Nov. 25. . . . Banks vigorously fought the dividend cut, which was estimated to generate about $17 billion over 10 years for the highway trust fund.

One often hears of the fact that the US spends more on its military than most other nations combined. This is usually presented as evidence that the US is more powerful militarily—perhaps so powerful that it could take on the rest of the planet, and prevail. I find this attitude highly questionable. If we look at what sort of “defense” the US actually spends money on, and what it gets in return in terms of military capabilities, an entirely different picture emerges: of a corruption-riddled blundering leviathan that is thwarting its own purpose at every turn. To start with, assessing relative military strength based on relative levels of military spending is a lot like betting on a race horse based on how much the horse eats. Sure, horses have to eat, but a horse that eats ten times more than all the other horses is probably not going to come out ahead because there is something seriously wrong with it.

Now that the United States government has cracked open an iPhone that belonged to a gunman in the San Bernardino, Calif., mass shooting without Apple’s help, the tech company is under pressure to find and fix the flaw.But unlike other cases where security vulnerabilities have cropped up, Apple may face a higher set of hurdles in ferreting out and repairing the particular iPhone hole that the government hacked.The challenges start with the lack of information about the method that the law enforcement authorities, with the aid of a third party, used to break into the iPhone of Syed Rizwan Farook, an attacker in the San Bernardino rampage last year. Federal officials have refused to identify the person, or organization, who helped crack the device, and have declined to specify the procedure used to open the iPhone. Apple also cannot obtain the device to reverse-engineer the problem, the way it would in other hacking situations.

Despite the Trump administration’s “maximum pressure” campaign targeting the Iranian economy, Iran’s crude oil and oil product revenues jumped a surprising 60 percent from March 21 to July 23. In addition, figures provided by Iran’s Central Bank show that Iran’s revenues from oil sales soared by 84.2 percent over that same period, setting a new record. The increased revenues seem to have resulted from a jump in oil prices this year as well as Iran’s high oil export volume during part of that period. Notably, the increased revenues were reported despite the United States’ announcement in May that it would sanction those purchasing Iranian oil starting in early November, with the ultimate goal of reducing Iranian oil sales to zero in order to place pressure on the Iranian government

Further dashing U.S. hopes of crushing Iranian oil exports have been recent announcements from Iran’s top two customers, China and India, that they would continue to import Iranian crude despite the looming threat of U.S. sanctions. India, along with some other countries, has sought “waivers” from Washington that would allow them to continue to import Iranian oil and avoid retaliation from the U.S. for a certain period of time. In addition, the European Union, which had previously joined the U.S. in targeting Iranian oil exports in 2012, has shown its unwillingness to follow Washington’s lead this time around, openly vowing to rebel against the U.S. sanctions regimen and increasing the likelihood that Europe will continue to buy some Iranian oil despite U.S. threats.

Another indication that efforts to curb Iranian oil exports are backfiring for the Trump administration is the jump in oil prices that has resulted from concerns about the U.S. sanctions on Iran’s oil exports. The increase in oil prices is likely to be felt domestically in the U.S., the world’s largest consumer of oil, potentially posing a political risk to Trump and his fellow Republicans ahead of the November 6 midterm elections.  In addition, further oil price increases could trigger a slowdown in domestic or global economic growth, which could further complicate the U.S.’ Iran policy and Trump’s domestic political situation.

euters has confirmed a bombshell report which first surfaced Tuesday in Lebanese media saying that a high level delegation of US intelligence officials made a secret visit to Damascus in June to meet with President Bashar al-Assad's most trusted senior advisor, Ali Mamlouk, who serves as Syria's top security chief.  The meeting, which took place near Damascus international airport, was first revealed by the Lebanese daily al-Akhbar, which reported it as lasting up to four hours and part of an ongoing secret back-channel dialogue. Such talks are unprecedented for the fact that the two countries haven't had such direct dealings since near the start of the conflict in 2011, and the United States and its allies have bombed Syrian government forces and locations multiple times over the past years. 

The Al-Akhbar report provided the following details regarding US demands, according to an English translation provided by Syriana Analysis: The American side made a clear and specific offer: The United States is ready to withdraw its troops completely from Syrian territory, including the Al-Tanf and Eastern Euphrates according to security arrangements supervised by the Russian and Syrian armies. In exchange for three US demands: First, Iran’s full withdrawal from the Syrian south. Second, to obtain written guarantees that give US companies a share of the oil sector in the regions of eastern Syria. Third, the Syrian side to provide the Americans with full data of the terrorist groups and their members, including the numbers of foreign fighter deaths of these groups and those who survived, and those may return to Western countries, considering that the terrorist threat is intercontinental. And what we can get, serve the international security And the Syrian delegation's response according to Reuters was as follows: "Mamlouk said Damascus would not cooperate with Washington on security issues until they had normalized ties and he also demanded a complete withdrawal of U.S. forces from Syria, al-Akhbar reported."

Over the last year the U.S. bombed Jabhat al-Nusra personal and facilities in Syria some five or six times. The al-Qaeda subgroup also has a history of attacking U.S. paid "relative moderate" proxy forces in Syria. The Pentagon recently inserted another U.S. mercenary group into north Syria. This was accompanied by a media campaign in which the administration lauded itself for the operation. The newly inserted group is especially trained and equipped to direct U.S. air attacks like those that earlier hit al-Nusra fighters. Now that freshly inserted group was attacked by Jabhat al-Nusra. Some of its members were killed and others were abducted. The Obama administration is shocked, SHOCKED, ABSOLUTELY SHOCKED that Jabhat al-Nusra would do such a ghastly deed. "Why would they do that?" "Who could have known that they would attack U.S. proxy forces???"

There is no longer an Jihadist ISIS or ISIL in Syria and Iraq. The people leading that entity declared (pdf) today, at the highly symbolic beginning of Ramadan, themselves to be a new caliphate:

Could someone explain to the fucking dimwits in the Pentagon and the Obama administrations that people everywhere, and especially terrorists group, hate it when you bomb them and kill their leaders? That those people you bomb might want to take revenge against you and your proxies? That people you bombed will not like your targeting team moving in next door to them? That alQaeda is not an "ally"? These people are too pathetically clueless to even be embarrassed about it. The accumulated intelligence quotient of the administration and Pentagon officials running the anti-Syria operation must be below three digits. But aside from their lack of basic intelligence the utter lack of simple "street smarts" is the real problem here. These people have no idea how life works outside of their beltway cages.

Last Sunday, the largest joint military exercise between the United States and Israel began with little fanfare. The war game, dubbed “Operation Juniper Cobra,” has been a regular occurrence for years, though it has consistently grown in size and scope. Now, however, this year’s 12-day exercise brings a portent of conflict unlike those of its predecessors.

Israel has also been preparing for a conflict on the embattled Gaza strip, which – owing to the effects of Israel’s illegal blockade and the devastation wrought by past wars – is set to be entirely uninhabitable by 2020. Reports have quoted officials of the Palestinian resistance group Hamas, which governs the Gaza strip, as saying that they place the chances of a new war with Israel in 2018 “at 95 percent” and that war games, like Operation Juniper Cobra, were likely to be used to plan or even initiate such a conflict. This concern was echoed by IDF Chief of Staff Gadi Eizenkot, who stated that another Israeli invasion of Gaza, home to 1.8 million people, was “likely” to occur this year. Eizenkot ironically framed the imminent invasion as a way to “prevent a humanitarian collapse” in Gaza.

However, this year’s “Juniper Cobra” is unique for several reasons. The Post reported on Thursday that the drill, set to end on March 15, was not only the largest joint U.S.-Israeli air defense exercise to ever happen but it was also simulating a battle “on three fronts.” In other words, Israel and the U.S. are jointly simulating a war with Lebanon, Syria, and Palestine – namely, the Gaza strip – simultaneously. What makes this last part so concerning are Israel’s recent statements and other preparations for war with all three nations, making “Juniper Cobra” anything but a “routine” drill. It is instead yet another preparation for a massive regional conflict, suggesting that such a conflict could be only a matter of months away.

Venezuelan President Nicolas Maduro has ordered the country’s state energy company PDVSA to close some of its purchase and sale deals using the national commodity-backed digital currency ‘petro.’ The country’s oil ministry tweeted the president’s directive, which also applies to Venezuelan state-run conglomerate CVG, which is charged with economic development in the Guayana region. It also operates aluminum producers and state petrochemical company Pequiven.

The petro is backed by the country’s oil, gas, gold and diamond reserves. Investors purchased around $735 million worth of petro crytptocurrency during the pre-sale on Tuesday, according to President Maduro. He sees it as a way of breaching the US financial blockade.

Maduro also ordered Venezuelan embassies across the world to provide consular services using the digital currency. The president has entertained a proposal made by the airlines association to buy aircraft fuel using the petro.The commodity-based cryptocurrency will be used as a payment instrument on the Venezuela-Columbia border starting from Wednesday.