Puppet MastersS

Dollars

Best of the Web: Deutsche Bank requests โ‚ฌ150 billion bailout to EU banks

Deutsche Bank
© www.euractiv.com
Italy's Prime Minister, Matteo Renzi, fired shots at Germany's financial EU hegemony when, during a joint news conference with Swedish Prime Minister Stefan Lofven, said:
"If this non-performing loan problem is worth one, the question of derivatives at other banks, at big banks, is worth one hundred. This is the ratio: one to one hundred."
Renzi was referring to the massive, trillions of derivatives Deutsche Bank is carrying on its books. According to Renzi, Italy may have issues, but "other" European banks have much bigger problems.


Comment: Deutsche Bank's derivative exposure is a whopping โ‚ฌ54.7 Trillion. In comparison, Germany's GDP is โ‚ฌ2.74 Trillion.


David Folkerts-Landau
© www.welt.deDavid Folkerts-Landau, chief economist Deutsche Bank
Zerohedge provides context on Italy's banking woes..
In the aftermath of Brexit, much of the investing public's attention has turned to Italian banks which are in desperate need of a bailout as a result of โ‚ฌ360 billion in bad loans growing worse by the day (and not a bail-in, as European regulations mandate, as that would lead to an immediate bank run) to avoid a freeze and/or collapse of Italy's banking sector. This has pushed stock prices - and default risk - on Italian banks to record levels. So far Italy's bailout requests have mostly fallen on deaf ears, as Germany's political leaders have resisted Renzi's recurring pleas for a taxpayer funded rescue. However, as we have alleged, and as the Italian Prime Minister admitted last week, the core risk for Europe is not just the Italian banking sector but the biggest bank of all in Europe: Deutsche Bank.
While we are just coming off the roller coaster ride that was the UK referendum, the European Union is about to go through another nausea inducing ride where not one, but two, very big EU players are about to get hammered. The messenger of more bad EU news, David Folkerts-Landau, the chief economist of Deutsche Bank, who has called for a multi-billion dollar bailout for European banks.

Comment: Banking Insanity: doing the same thing over and over again, and counting on the same results. Without consequences these criminals will never, ever voluntarily change the dynamic. With all the bailout money supplied by the taxpayers to rescue these behemoths, banks should be considered bought and paid for by the citizens, and under public ownership.


Snakes in Suits

Monsanto invaded, occupied & now controls government regulators

monsanto bedfellows
If you've ever wondered why corporations seem to hold so much sway over our government, look no further than who's making all the decisions in Washington - and more importantly, where many of these people worked before being handed comfy, high-level positions at top government agencies.

You might be surprised at the number of senior advisors, chiefs of staff, judges, commissioners and others employed at agencies like the Department of Justice (DoJ), the Food and Drug Administration (FDA) and the Environmental Protection Agency (EPA) who all have one thing in common: they used to hold executive-level positions at multinational corporations like Monsanto.The infographic below depicts a revolving-door relationship between Monsanto and the federal government that dates back many decades. You'll probably recognize many of the names on the list, but chances are you had no idea these folks used to work for Monsanto or advocate for its interests before taking key positions of power on the taxpayer dime.

Comment: America's monster: Monsanto
Few corporations in the world are as loathed - and as sinister - as Monsanto. But the threat it poses to people and planet could be reaching new heights, as the World Health Organization has recently upgraded Monsanto's main product as carcinogenic to humans. With protests against the agrochemical giant held in more than 40 countries in May, learn why the global movement against Monsanto is of critical importance to our future. In this episode of The Empire Files, Abby Martin issues a scathing expose on the corporate polluter, chronicling it's rise to power, the collusion of its crimes by the US government and highlighting the serious danger it puts us in today.



Butterfly

BDS? A war Israel won't win

BDS sign
© www.breakingisraelnews.comBDS: A movement Israel can't contain.
Israeli think-tank fellow Yossi Klein Halevi, writing recently in the Los Angeles Times , Why the anti-Israel boycott movement is an immoral threat to peace, would have American readers believe that the Boycott, Divest and Sanctions movement is "immoral" and threatens the peace of "the region's only intact society", while simultaneously boasting it can't touch Israel's health and global economic integration. Yet his reasoning from "morals" rings hollow, and amounts to little more than the shilling of the professional apologist industry deployed on Israel's behalf throughout the Western media, in the never-ending defence of the oppressive status quo in Palestine.

Halevi excoriates BDS, disingenuously, for making the Jewish state "the world's most pressing problem" today, while extolling Israel's freedoms and national righteousness. Of course, his complaint manages to engage in both self-pitying and craven boosterism at the same time - a kind of perverse humble-brag.

No, Mr Halevi, Israel is not the world's greatest problem - rather, Israel is Palestine's great, existential, enduring problem for a people who have lived their whole lives under the constant, brutal and de-humanising occupation of this enlightened state.

Comment: BDS, at the very least, keeps the Palestinian occupation front and center in the world's eye, something that hasn't been done consistently for decades. It has a universal appeal as a change agent to all generations. That it will actuate the demise of Israeli oppression, atrocities and injustice to the Palestinians, remains to be seen. However, if it is coupled with an enlightened, motivated, resolved, uncompromised international legal force...just maybe... (Do we know of any offhand? Is there such?)


Light Saber

Bombers flying from Russia deliver massive airstrikes against 'major' ISIS camp in central Syria

Tupolev Tu-22M3
© Vladimir Astapkovich / SputnikTupolev Tu-22M3 strategic bomber.
Six Tupolev Tu-22M3 strategic bombers have delivered massive airstrikes against a major Islamic State camp and ammunition depots in Syria, Russia's Defense Ministry says. The aircraft flew from Russia and returned home after the operation.

The bombers, based at one of Russian's southern air bases, took off on Tuesday morning, passed through Iranian and Iraqi airspace and delivered concentrated high-explosive ammunition airstrikes on terrorist targets east of the towns of Palmyra and As Sukhnah, and the village of Arak. All aircraft have successfully returned to home base, the ministry said in a statement.

Comment: Strategic analyst Paolo Raffone said: "The enemy, according to the Russian strategy, is not the government of Assad but Islamic State. So the military intervention is simplifying the equation." See also:


Snakes in Suits

GOP-led Senate passing bills and working less at rate not seen in decades

Senate Majority Leader Mitch McConnell
© Associated Press/File
The Senate is off to its best year since 1990 by at least one measure, with more than 30 of its bills having been signed into law by President Obama.

Eighteen months into Republican control of the Senate, the upper chamber has settled into a new normal. The partisan fights remain, and senators aren't spending much time on the floor debating bills โ€” but they are passing them, and at a surprising clip.

All told, including the 31 Senate bills and 42 House-written bills, Congress approved 73 measures that Mr. Obama signed into law from January through the end of June. That's nearly three times the number of bills approved in the first six months of 2015 and 20 more than in 2014, which was the last year Democrats had control of the Senate.

"The new Republican Congress, under the leadership of Sen. McConnell, operates under a dramatically different approach than the Democrats in the previous Congress," Don Stewart, a spokesman for Senate Majority Leader Mitch McConnell, said in a statement. "Sen. McConnell opened the Senate, and despite efforts by the Democrat leadership to block bipartisan legislation, we have returned to a more functioning Senate, and allowed senators to participate in the legislative process. While this isn't the easy way, it allowed members to have more than dysfunction to show for their time in the Senate."

Bad Guys

Russia warns Europe they will not just stand by as Kiev resumes war in Donbass

Putin Hollande Merkel
Renewed fighting points to increasingly tense situation on the contact line

The last few weeks have witnessed a sharp rise in fighting in eastern Ukraine. Armed clashes have become common as the Ukrainian army has attempted - so far without much success - to probe the militia's defences. Artillery duels have become increasingly common. There have been casualties on both sides with the militia claiming that the Ukrainian army lost 80 men in a single week.

The Russians have become increasingly concerned about this spike in activity. Over the last week they twice warned the Europeans - to be precise the Germans and the French - to get their Ukrainian ally into line. Underlining the seriousness with which the Russians are treating the situation, their second warning was given by none other than Putin himself who on 8th July 2016 telephoned Merkel and Hollande to convey it. The wording of the Kremlin's summary of the conversation is couched in the usual polite language but the meaning is clear enough:
"Vladimir Putin directed his colleagues' attention to the provocative nature of the Ukrainian armed forces' activities in the southeast of the country. He urged them to more actively influence their Ukrainian partners to promote strict compliance with the Minsk Agreements, including at the upcoming talks with Petro Poroshenko in Warsaw."
Behind these Russian warnings were the warnings Putin gave to the Western powers at the G20 summit in 2014 in Brisbane and which he subsequently made public in a television interview with a German journalist: Russia will not stand by and allow Ukraine to reoccupy the territories of the Donetsk and Lugansk People's Republics by force.

Comment: Further reading: Putin calls Obama & cancels regional visits amidst signs of full-fledged war in Donbass


Quenelle - Golden

European leadership calls for end to NATO expansion, resumed dialogue with Russia

NATO Warsaw Summit Ukraine neo Nazi fascist
NATO's July Summit in Warsaw
Aggressive rhetoric at Warsaw Summit cannot conceal growing doubts about the whole direction of NATO strategy.

As NATO cranks up the rhetoric against Russia and deploys troops on Russia's border, ever more insistent calls for dialogue get made.

The French, Italian, Bulgarian and Greek leaderships have all distanced themselves from the rhetoric coming out of the NATO summit in Warsaw, with all of them saying that they consider Russia a partner rather than an enemy. Germany appears split with Merkel predictably taking a hardline but her SPD and CSU coalition partners making it quite clear they disagree with her.

The clearest view of SPD thinking is set out in a lengthy article that recently appeared in Der Spiegel. As has to be the case in Europe today the author of the article, Wolfgang Ischinger, has felt obliged to fill the article with lengthy denunciations of Russian policy and absurdly exaggerated claims of Russian weakness. Whilst these ritual comments doubtless cause great offense in Russia, they should be seen for what they are: an affirmation of loyalty by the writer to the Western Alliance without which he would have no hope of being heard. Russian writers who lived through the Soviet period will be familiar with this device.

Comment: Further reading: The Warsaw Summit: NATO reaffirms its blueprint for global aggression


Pirates

ISIS loses 25% of captured territory in 18 months - research firm predicts increased attacks on civilians

ISIS Asia pivot
© Stringer / Reuters
Numerous defeats on the battlefield mean Islamic State has lost a quarter of its territory in Iraq and Syria over the last 18 months. However, a leading research firm believes this could be bad news as the terror group may step up attacks on civilian targets. In January 2015, Islamic State (IS, formerly ISIS/ISIL) controlled an area totaling 90,800 sq km, which is slightly smaller than Portugal. However,18 months later, it has now shrunk by some 22,000 sq km, according to research firm IHS.

Despite the success of the Russian, Kurdish and US-led coalition forces in stopping the terrorist organization from seizing any new territory, Columb Strack, a senior analyst at IHS and lead analyst for the IHS Conflict Monitor, says as "its governance project is failing," it is likely that the group is "re-prioritizing insurgency," which is bad news for civilian populations.

"As a result, we unfortunately expect an increase in mass casualty attacks and sabotage of economic infrastructure, across Iraq and Syria, and further afield, including Europe," he said, as cited by Reuters.

Arrow Down

Clintonites vote against Palestine, Democratic party platform

Cornel West
© www.commondreams.orgCornel West
In the continuing saga of the presence of Palestine in the Democratic Party platform, Clintonites on the platform committee yesterday voted down any reference to settlements and occupation and the misery of Gaza in the draft document. Progressives booed and shouted about the influence of AIPAC, the Israel lobby group, and a dozen stormed out of the hall in Orlando, FL, CNN reports.

Cornel West and Maya Berry of the Arab American Institute made inspiring speeches, to naught. West said that Palestine has become the "Vietnam War" issue for young Americans, to raucous applause. And said that the Democratic Party's indifference to Palestinian rights recalled the party's indifference to "these Negroes" in the Jim Crow era.

Here is video of yesterday's meeting. Consideration of Israel/Palestine planks begins at 7:38:30.


Comment: There was a promising increase in momentum on the Palestinian issue, but the tide just wouldn't turn. The funding from Israel and AIPAC pressure have all but glazed over the Democratic party. Easy marks, Israel bought and entrenched Hillary Clinton years ago, the US government decades ago. It has always been up to ordinary people to rescue the Palestinians...before they all disappear, before it is the last Palestinian...for surely that is Israel's intent. It means something, don't you think? Iranians next?


Light Sabers

Worst coup ever: British establishment's failed attempt to get rid of Corbyn

corbyn
© CHRISTOPHER FURLONG/2016 GETTY IMAGESLabour Leader Jeremy Corbyn listens as former leader Ed Miliband addresses supporters and members of the public in Doncaster town centre
As the Chilcot Inquiry report is released to the public, those MPs attempting to depose Labour leader Jeremy Corbyn โ€” their leading lights inescapably sullied by having supported the war โ€” are suing for peace. Over a week of high-profile resignations, statements, demands, pleas and threats have seemingly done little but consolidate Corbyn's position. In record time, it has gone from being a coup to a #chickencoup to a #headlesschickencoup.

This could be the biggest own-goal in the history of British politics. Journalists steeped in the common sense of Westminster, assumed that it was all over for Labour's first ever radical socialist leadership. How can he lead, they reasoned, if his parliamentary allies won't work with him? This, in realpolitik terms, merely encoded the congealed entitlement and lordly presumption of Labour's traditional ruling caste. Even some of Corbyn's bien-pensant supporters went along with this view. They should have known better.

The putschists' plan, such as it was, was to orchestrate such media saturation of criticism and condemnation aimed at Corbyn, to create such havoc within the Labour Party, that he would feel compelled to resign. The tactical side of it was executed to smooth perfection, by people who are well-versed in the manipulation of the spectacle. And yet, in the event that Corbyn was not wowed by the media spectacle, not intimidated by ranks of grandees laying into him, and happy to appeal over the heads of party elites to the grassroots, their strategy disintegrated. This was not politics as they knew it.

Comment: The Duran's Alexander Mercouris adds:
As for the motives of the plotters, they have entirely failed to set out any sort of alternative programme to Corbyn's, and though they repeatedly say he is too left wing they have failed to identify a single domestic policy of his they say they disagree with. The dispute is in fact wholly about foreign policy and about power and patronage within the Labour party.

In the decades he has been an MP Corbyn has established himself as a principled opponent of the neocon/liberal humanitarian military adventures his Blairite opponents in the Labour party remain obsessed with. By contrast the profile of his challenger Angela Eagle shows that on both foreign policy and domestic policy she is a classic Blairite, voting for the Iraq war in 2003, voting against any proposal for investigations into its conduct thereafter, supporting the Libyan war in 2011, voting for the bombing of Syria in 2015, and voting for welfare cuts and for introducing university tuition fees.