Tag Archives: Ambrose Evans-Pritchard

GLOBAL DEBT AT 317% OF GDP

The world’s debt burden stands at a staggering 317 per cent of global gross domestic product, just shy of its all-time high in 2016, according to the Institute of International Finance.   Years of low and negative interest rates have fed the debt habit:   since the 2008 financial crisis, the world has added an extraordinary $70tn in debt, or 25 per cent of GDP, with sovereign debt accounting for nearly 40 per cent of that increase.

“To be clear: responsibly incurred debt can play an important and constructive role in economic development.   Long-term investments that enhance productivity can foster a more prosperous future. Amid subdued growth in many parts of the world and a critical need for infrastructure, there are arguments to be made in support of using debt to foster growth.

“But too much debt is a risk for lenders and borrowers alike, as history has shown time and again.”

(“We need transparency to keep countries out of a debt spiral,” Axel Weber, Financial Times, 6/18)

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CURRENCY WARS

Europe has been warned. Any use of monetary levers to hold down the euro exchange rate will be deemed a provocation by the Trump administration.

Further cuts in interest rates to minus 0.5pc or beyond will be scrutinized for currency manipulation.   A revival of quantitative easing will be considered a devaluation policy in disguise, as indeed it is, since the money leaks out into global securities and depresses the euro.

The Bank for International Settlements says €300bn of Europe’s QE funding reached London alone between 2014 and 2017.

If the ECB copies the Swiss National Bank and starts to amass foreign assets directly to cap currency strength Europe will face certain retaliation.

(“Currency war is the next phase of global conflict and Europe, the chief parasite, is defenceless,” Ambrose Evans-Pritchard, Daily Telegraph, June 19th)

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BRUSSELS BRIEFING

Donald Trump’s found someone else in Europe he doesn’t like.   The US president launched a Twitter tirade against Mario Draghi after the ECB president said he was ready to inject new stimulus into the eurozone, sending the euro tumbling against the dollar.  (Brussels Briefing, Financial Times, 6/1)

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 TRUMP’S WAR

“President Donald Trump cannot want war with Iran.

   Such a war, no matter how long, would be fought in and around the Persian Gulf, through which a third of the world’s seaborne oil travels.   It could trigger a worldwide recession and imperil Trump’s re-election.

   It would widen the “forever war,” which Trump said he would end, to a nation of 80 million people, three times as large as Iraq.   It would become the defining issue of his presidency, as the Iraq War became the defining issue of George W. Bush’s presidency.

 And if war comes now, it would be known as “Trump’s War.”

In conclusion:

“Who wants a U.S. war with Iran?

   Primarily the same people who goaded us into wars in Iraq, Syria, Libya and Yemen, and who oppose every effort of Trump’s to extricate us from those wars.

   Should they succeed in Iran, it is hard to see how we will ever be able to extricate our country from this blood-soaked region that holds no vital strategic interest save oil, and America, thanks to fracking, has become independent of that.”    (“War with Iran would become “Trump’s War,” Pat Buchanan, 6/18)

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Iran shoots down US drone aircraft

Oil prices jump after action by Revolutionary Guard escalates tensions between Tehran and Washington (Financial Times, 6/20)

“Iran shoots down US military drone to send “clear message” to Trump”   (Independent, 6/20)

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GERMAN POLITICIAN ASSASSINATED BY NEO-NAZI

Germany’s federal prosecutors have taken over the investigation into the murder of Walter Lübcke, indicating that the killing of the Kassel district president on June 2 is being treated as a politically motivated terrorist act.

If indeed the murder is shown to have been politically motivated, it would be the first such assassination on a sitting German politician since the 1970s.

Trail included death threats, weapons.

A number of German outlets have reported details of the alleged far-right ties of the suspect arrested in the central city of Kassel in the early hours of Sunday morning.

The German daily Süddeutsche Zeitung reported on Monday that the 45-year-old man, named only as Stephan E., had a long criminal record, had already issued death threats via his YouTube channel, and that weapons were found during the search of his home.

According to the paper, Stephan E. had written a comment on YouTube in 2018 under his alias ‘Game Over’ that read, “Either this government abdicates soon or there will be deaths.”  ( “Walter Lubcke murder raises specter of neo-Nazi terrorism,”   Deutsche Welle news)

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Xenophobia stokes extreme-right activism

Puls has also noticed that neo-Nazis became more and more vocal in the last few years, following the influx of refugees who arrived in Germany in 2015 and 2016, which led to more anti-immigrant sentiment in the mainstream political debate and hate speech on social media.

As a supporter of Chancellor Angela Merkel’s policy, Walter Lübke himself was on the sharp end of much of this.

“One can certainly say that the propensity for violence has certainly risen following the right-wing debates around immigration,” he said. “The case of Lübcke is certainly very revealing here.   Walter Lübcke faced an enormous amount of hatred in 2015.   That does raise the question:   how much does it take before one person says ‘I’ll reach for a weapon?’   In certain circumstances, not much.”

( “Walter Lubcke murder raises specter of neo-Nazi terrorism,” Deutsche Welle news)

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Stand up to far right, Germany’s Angela Merkel tells Europe

The resignation of Austria’s vice chancellor led German politicians to warn against alliances with populists.   Chancellor Merkel spoke out against right-wing populism as many are now demanding new Austrian elections.   (DW)

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NEO-NAZIS IN AMERICA

The definition of a neo-Nazi is someone who belongs to an organization that is similar to the German Nazi Party of Adolf Hitler.

“Frontline” (PBS) this week showed the growth of neo-Nazis across America.   It showed synagogues that are now doing everything they can to prepare for further mass shootings.

It also interviewed members of neo-Nazi groups and showed a perverse link with the current Administration.    “To make America great again, you would have to make America white again”,  is a direct quote from a leader of the neo-Nazi movement, the Waffen.

“FRONTLINE and ProPublica continue reporting on the resurgence of white supremacist groups in the United States.   “Documenting Hate:   New American Nazis” investigates a violent neo-Nazi group that has actively recruited inside the U.S. military, and examines the group’s terrorist objectives.” (Frontline).

Overlooked here is the major contribution made by liberals, in the growth of Nazism.   The massive influx of immigrants since 1965 has led directly to anti-immigrant feeling.   The 2008 financial crisis contributed greatly to anti-semitism.

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ZUCKERBERG LAUNCHES NEW CURRENCY

“He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, and that no one may buy or sell except one who has [a]the mark or the name of the beast, or the number of his name.” (Rev 13:16-17)

Zuckerberg’s $538 billion social network on Tuesday announced plans to create a new digital currency and financial system that it claims will revolutionize banking. Facebook announced the new currency, called Libra, in a 12-page white paper that promised vast improvements on bitcoin and other volatile digital coins.” (New York Post, 6/18)

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THE DARK SIDE OF ZUCKERBERG’S POWERFUL NEW CRYPTO COIN

“In its quest for world domination, Facebook has already disrupted everything from the media industry to American democracy, drawing scrutiny for things like its pitiful handling of user data, its monopolistic tendencies, and a “digital gangster” mentality along the way.   Now, as regulators in Washington, D.C., bear down on Facebook, co-founder Mark Zuckerberg has acquired a new target: the global financial system.

“On Tuesday, Facebook announced plans to debut Libra, a cryptocurrency it has been developing for more than a year. Described by the company as “a simple global currency and financial infrastructure that can empower billions of people,” Libra will partner Facebook with Mastercard, Visa, Uber, and an array of other high-profile companies in what the New York Times called “the most far-reaching attempt by a mainstream company to jump into the world of cryptocurrencies.”

“David Marcus, who is leading Facebook’s blockchain technology research, is stoked.   “It feels like it is time for a better system,” Marcus told The Times. “This is something that could be a profound change for the entire world.”   Even Zuckerberg, who has spent much of the last two years on a sort of apology tour, sounds like he’s regained his change-the-world mojo.   “Being able to use mobile money can have an important positive impact on people’s lives because you don’t have to always carry cash, which can be insecure, or pay extra fees for transfers,”    Zuckerberg wrote in a Facebook post.   “We aspire to make it easy for everyone to send and receive money just like you use our apps to instantly share messages and photos.”   (Eric Lutz, Vanity Fair, 6/18)

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THREAT TO US FOOD SUPPLY

“US beekeepers lost 40% of colonies over past year” – The Guardian 6/19

RASHIDA TLAIB

Rashida Tlaib was kicked out of a Donald Trump event during the 2016 election. She wasn’t sorry then, and will likely remain a strong anti-Trump voice. (Bustle website, By Joseph D. Lyons, Aug 8 2018)

Rashida Tlaib became the first Muslim woman to enter Congress earlier this month.   From Detroit, the lady has already succeeded in re-writing American history.   She famously described the president using a particularly offensive expletive and made an untrue statement that has not been challenged by anyone.   In talking about the use of the Koran in the swearing in, she said:

“I like that,” the Democrat told CNN. “I like that it’s kind of pushing against the stereotype that somehow we’re new to this country.”

Ahh, but Muslims are new to this country.

There’s no record of any before the US Civil War.   If there were, no doubt there would be Muslims buried in Civil war cemeteries.

It is estimated that between 10-20% of African-American arrivals during the slave trade were Muslim, but they were forced to convert to Christianity upon arrival.   They were also forced to accept Christian names.

So, when did Muslims arrive?   From the 1880’s to 1914, many arrived in America as refugees from the Ottoman Empire.

In 1929 the country’s first ever mosque was built, in Chicago.

It was after 1965, the year that Senator Edward Kennedy introduced his Immigration Reform Bill, that Muslims started to arrive en masse.   Additionally, a high birth rate contributed to rapid growth.

“In 2005, more people from Muslim-majority countries became legal permanent United States residents – nearly 96,000 – than there had been in any other year in the previous two decades.   In 2009, more than 115,000 Muslims became legal residents of the United States.”  (Wikipedia, Islam in America.)

So, the real growth in the numbers of Muslims, is fairly recent.

WAS JEFFERSON A MUSLIM?

Most Americans would have been surprised when she was sworn in as a US Congresswoman on Thomas Jefferson’s Koran.   This news has been received with great enthusiasm by the anti-Christian media, ever desirous of distancing American history from its Christian roots.

Now, owning a Koran does not make you a Muslim.   I have one in my library.

But, in the history of US-Muslim relations, Jefferson’s copy may have had more significance.

The Barbary pirates were America’s first major foreign policy challenge following independence.   Four Muslim nations along the North African coast (Algiers, Tripoli, Tunis and Morocco) were seizing shipping and US sailors in the western Mediterranean.   It is estimated that between 1 million and 1.25 million white slaves were being held by these slave-owning nations at this time.   The only nations that escaped were those who paid a ransom to the Arab countries.   The US did this for a while, giving a full 10% of its annual budget.   Clearly, this could not go one.

Attacks on American shipping began in 1784 and continued for about twenty years.

“In March 1786, Thomas Jefferson and John Adams went to London to negotiate with Tripoli’s envoy, ambassador Sidi Haji Abdrahaman (or Sidi Haji Abdul Rahman Adja).   When they enquired “concerning the ground of the pretensions to make war upon nations who had done them no injury,” the ambassador replied:

“It was written in their Koran, that all nations which had not acknowledged the Prophet were sinners, whom it was the right and duty of the faithful to plunder and enslave; and that every mussulman who was slain in this warfare was sure to go to paradise.   He said, also, that the man who was the first to board a vessel had one slave over and above his share, and that when they sprang to the deck of an enemy’s ship, every sailor held a dagger in each hand and a third in his mouth; which usually struck such terror into the foe that they cried out for quarter at once.””

“Jefferson reported the conversation to Secretary of Foreign Affairs John Jay, who submitted the ambassador’s comments and offer to Congress.   Jefferson argued that paying tribute would encourage more attacks.   Although John Adams agreed with Jefferson, he believed that circumstances forced the U.S. to pay tribute until an adequate navy could be built.   The U.S. had just fought an exhausting war, which put the nation deep in debt.”  (“First Barbary War,” Wikipedia)     (Note:   the word”musselman” is an old term for Muslims.)

Although there is no official record of when Jefferson acquired his copy of the Koran, this seems the most likely.   He was reading it to better inform himself on the actions of the Arab leaders America was threatened by.   Such a course would be advisable today.

The turning point in the war was the Battle of Derma in 1805, when US and mercenary troops, captured the Tripolitan city of Derma. They were then able to use the conquered city as a bargaining chip for the release of US personnel and to impose a peace.

During this twenty-year period the US acted alone, as all the European countries were pre-occupied with fighting Napoleon.

If we do not read more American history, people like Rashida Tlaib will get the better of us, making exaggerated claims by Muslims.

Ms Tlaib should also be mindful of what the Bible says about Jesus Christ.

“Neither is there salvation in any other;  for there is no other name under heaven given among men, whereby we must be saved” (Acts 4:12)

He can even help you clean up your language!

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ISLAMIC PARTY OF ONTARIO

In addition to the four main parties already contesting elections in Ontario, there is now an Islamic party.

“It operates with a mandate to introduce Islamic rule in Ontario and Canada because, according to the fledgling party,   “We understand and believe that Islam is the native DEEN (religion) of Ontario and Canada.”

“The Islamic Party of Ontario is headed by one Jawed Anwar, who operates out of the Toronto neighborhood of Thorncliffe Park.” (Middle East Forum, Tarek Fatah, 1/1/19)

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Palestinian-American activist Linda Sarsour says the prophet Muhammed was a human rights activist

On December 2, 2018, Palestinian-American political activist Linda Sarsour spoke at the 2018 Salam Annual Banquet, held at the Salam Community Center in Sacramento, CA.   She criticized President Trump for moving the U.S. Embassy to Jerusalem, saying:   “I declare to all of you here today in Sacramento that Jerusalem is and always will be the capital of Palestine.”   Calling the Trump administration fascist, she encouraged Muslims to become involved in politics even if their mosques usually avoid politics, because, she said, simply being Muslim is a political act. The Prophet Muhammad, she asserted, was a human rights activist, adding that there is no need for workers’ rights movements, environmental justice movements, or Black Lives Matter movements, or anti-racism or feminism, because Islam taught these values long before they were hashtags or movements.   She added:   “I don’t need people in the West, people in Europe, or people in the United States . . . to teach me what feminism is.”   (MEMRI, No. 7878, January 9 2019)

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SAUDI JOURNALIST WRITES:

In his July 8, 2018 column in the Saudi daily Al-Jazirah, Muhammad Al-Sheikh slams Arab and African Muslim immigrants who choose to live in the West and even risk their lives to reach it, yet express hatred and contempt towards the West and regard it as infidel.   He criticizes in particular the ingratitude of mosque imams in Europe, some of whom are immigrants themselves, who abuse the democracy and free speech in their host countries by inciting against the West.   In light of this, says Aal Al-Sheikh, the European right’s opposition to immigration is justifiable, for it is only natural to oppose the influx of immigrants who are “steeped to the bone in a culture of hostility and hatred.” (MEMRI, 7840. 1/10/19)

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America is heading for an almighty fight over presidential authority  (Leaders * Jan 9th 2019 * The Economist)

THE GOVERNMENT has partially shut down.  Again.   No other advanced democracy has government shutdowns.   In America they have become almost routine.   This is the third since Donald Trump became president and by far the most damaging.   The others were resolved quickly; this is already the second-longest on record. It is not happening because America is in turmoil: the country is not at war, unemployment is as low as it has ever been.   It is happening because that is what the president wants.

What is playing out in Washington is the denouement of a political fight.

Mr. Trump was elected on a promise to build a wall on the southern border, though Mexico was supposed to pay for it.   The new Democratic majority in the House is reluctant to give the president a victory on his best-known policy.   The Senate majority leader, who might be able to end the standoff, is AWOL.

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Stretched Thin

In fact, living paycheck to paycheck – meaning there’s not a cash cushion to cover the bills if the income stops for awhile – is a common condition in America.   In the 12th richest nation in the world by per capita GDP, nearly 8 in 10 U.S. workers live paycheck to paycheck, according to a 2017 study by CareerBuilder, a human capital management firm.   And the trend crosses over income groups:   more than half of minimum wage workers said they needed to hold down two jobs to make ends meet, while one in 10 workers earning $100,000 or more yearly say they live paycheck to paycheck.

And if there’s an emergency?   A large number of Americans don’t have an accessible stash of money to cover a substantial health care expense or car repair, studies show.   The Federal Reserve Board in 2017 found that 44 percent of American households surveyed could not cover a $400 emergency expense.   A separate BankRate study last year yielded similar results, finding that while 34 percent of those surveyed had experienced a major unexpected expense in the previous year, just 39 percent of those surveyed said they could tap $1,000 from savings to cover it.   (“Stretched Thin,” US News, Susan Milligan, 1/11/19)

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FROM THE EURO TO BREXIT

The Euro is twenty years old this month.  The Telegraph’s finance writer, Ambrose Evans-Pritchard wrote an article commemorating the anniversary.   Here’s an excerpt.

“While EU leaders quibbled over decimal points and debt repayment in Brussels, youth jobless rates reached 57pc in Greece, 56pc in Spain, and much the same across Italy’s Mezzogiorno.  These were levels once unthinkable in a modern developed democracy.  They have left a wreckage of ‘labour hysteresis’ that will lower economic speed limits for a generation to come.

“Several hundred thousand economic refugees came to work in Britain from the EMU depression belt.   A further wave from Eastern Europe came to the UK instead of going to the eurozone as they would have done in normal times.   The double surge had maximum impact just before the Referendum.

“More subtly, the euro crisis revealed that the pathologies of monetary union cannot be managed by normal democratic means. The elected prime ministers of Greece and Italy were toppled in 2010 and 2011 and replaced by EU functionaries in soft coups organized by Brussels and the pro-EMU vested interests of each country.

“The ECB switched off liquidity support for Greek commercial banks in 2015, knowingly (and illegally?) precipitating a banking collapse that was hard to reconcile with the ECB’s treaty duty to uphold financial stability.   When push come to shove, the reflex was authoritarian.   It spoke to the character of the EU.   That I why I voted for Brexit.”

 

 

 

SYRIAN WITHDRAWAL RISKS ISIS REBOUND

U.S. Soldiers observe Turkish forces in the distance while on patrol outside Manbij, Syria, August 7, 2018.  These independent, coordinated patrols are to ensure the lasting defeat of ISIS in the region. (U.S. Army photo by Sgt. Nicole Paese)

Wednesday US President Donald Trump announced that America had beaten ISIS and would soon depart from Syria.   The decision involves 2,200 US military personnel.   The news that ISIS had been beaten came as a surprise to allies and enemies alike.

Later in the day, the following was posted by germanforeignpolicy.com:

(Own report) – “German Foreign Minister Heiko Maas’ brief visit to Baghdad is accompanied by reports that the IS militia (Islamic State) is regaining strength.   Maas was in the Iraqi capital yesterday for talks with Iraq’s new Prime Minister to emphasize Berlin’s push for obtaining stronger influence in Iraq.   He also promoted a billion-euro deal with Siemens and listened to his Baghdad counterpart’s call for Iraqi refugees to return to their homeland.   According to reports, Iraqi authorities are not only responsible for the slow reconstruction of Sunni regions, but Sunnis are being also detained arbitrarily, tortured or condemned to death without proof of guilt. “This is not just revenge on the IS,” explained a senior intelligence officer, “this is revenge on Sunnis.”   Observers warn that this will refill the ranks of the still existing IS in clandestinity, which has again “taken the offensive.””

“As Christmas and the New Year approach, Islamic State (ISIS) supporters have begun to produce posters threatening terror attacks against Christians and inhabitants of Western countries during the holiday season.   Some of the posters threaten impending attacks, particularly by lone operatives, as retaliation for ongoing airstrikes on the organization’s strongholds in eastern Syria, by the Global Coalition to Defeat ISIS.   Others warn Westerners not to leave their homes on Christmas, while some posters specifically threaten attacks in New York City and London.”   (MEMRI, 12/20)

President Putin praises move to withdraw from Syria, saying that there is no need for US troops to be in the country.   So, why do Russian troops need to be there?

Two headlines from Thursday’s Wall StreetJournal:

“US Pullout could boost ISIS in Syria.”                                                         “Quick exit would add to struggles of Kurdish-led force fighting militant group.”

Additionally, President Trump is to pull 7,000 troops out of Afghanistan.

TWO FOREIGN GIRLS KILLED BY ISIS IN MOROCCO:   Two Scandinavian tourists, aged 24 and 28, were beheaded in Morocco’s Atlas Mountains by men claiming allegiance to ISIS.

BREAKING NEWS: (Friday AM)

ISIS threatens Drone Attack on New York City 

ISIS has issued a chilling new threat to plague the US and the EU with drone attacks.   It comes after a drone near London’s Gatwick Airport caused travel chaos with hundreds of flights cancelled.  

The extremist group widely used drones bought over the counter when it was defending its so-called Caliphate in Syria and Iraq.   Some were used for spy missions while others were adapted to drop grenades and bombs.

Gun cops deployed at Gatwick are continuing to work with elite Army troops and MI5 spooks as they hunt the drones and last night said shooting them down was a “tactical option.”   The saboteur has been playing cat-and-mouse with cops after shutting down Britain’s second busiest airport by drones over the runway 50 times since Wednesday night.  Sharpshooters are today continuing to try to bring down the device – while MI5 spooks were called in to track down the suspect.   Experts say the skilled drone operator – feared to be a lone-wolf green protester – could be controlling the industrial scale craft from up to five miles away.  (Similar claims are in UK tabloids, The Sun and Daily Mail)

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FOUR-YEAR DROUGHT PLUNGES CENTRAL KAROO FARMERS INTO FINANCIAL DISTRESS

CAPE TOWN – Farmers in the central Karoo say they are in financial distress due to a four-year drought.  Farmer’s organisation, Agri Central Karoo, says it’s the worst and longest drought in living memory.   Producers have been unable to grow crops or feed for their livestock.   Agri Central Karoo manager Dêan Gous says the region has only been receiving light rain of two to three millimetres at a time.   He says downpours of at least 20 millimetres are needed.  Gous says farmers are forced to buy expensive feed, while many are being turned away by banks and the co-op.  “My main concern is the people’s cash flow.  We’re past the stage of banks helping us, so now people must dip into their investment money and pension funds.”  He welcomes the Western Cape government’s intervention and drought relief but warns that production cannot be sustained.  “This is not enough . . .  so the main thing is people are decreasing their numbers on the shelves.”  (https://ewn.co.za/2018/12/21/four-year-drought-plunges-central-karoo-farmers-into-financial-distress)

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30,000 JOBS LOST IN WESTERN CAPE AGRICULTURE SECTOR DUE TO DROUGHT — The Western Cape Economic Opportunities Department says the drought has had a massive impact on the agricultural sector

CAPE TOWN – The Western Cape Economic Opportunities Department says the drought has cost about 30,000 jobs in the agriculture sector.  That is 1.5% of all jobs in the Western Cape. Agri Central Karoo says the area is experiencing the worst and longest drought in living memory.  Farmers say they are finding it impossible to farm due to low rainfall. The Western Cape Economic Opportunities Department says the drought has had a massive impact on the agricultural sector. MEC Beverley Schäfer says it has a large impact on jobs and economic growth in the province:   “We’ve already seen a R5.9 billion drop in gross value add, which is about 25% of the value of agriculture production and a 20% decrease in production in general.”   Agri Central Karoo said on Thursday that due to the drought farmers are unable to grow crops or feed their flocks.   Agri Central Karoo manager Dêan Gous says more assistance is needed from the government. Schäfer says they are doing their best and adds that since November support to the farmers in the Central Karoo has increased.   Schäfer says the government is supporting 563 farmers and is spending R8.1 million per month.  (12/21)

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Russia’s Vladimir Putin warns about growing threat of nuclear war

If the US puts intermediate-range missiles in Europe, Russia will take countermeasures, Putin said at his end-of-year press conference.  He warned the “threshold” for the use of nuclear weapons was getting lower.

An attempt to lower the threshold for the use of nuclear weapons could potentially result in an all-out nuclear war, Russian President Vladimir Putin warned during his traditional end-of-year press conference on Thursday.  It is the first such event since the beginning of Putin’s new presidential term in May and the fourteenth for him in total.

“There is a tendency to lower the threshold for the use of nuclear weapons,” he said.  “In the West, there is this idea of using low-yield nuclear weapons.  The use of such weapons could lead to a global disaster,” the Russian leader stressed.

Putin pointed at the US intention to withdraw from the 1987 Intermediate-Range Nuclear Forces (INF) Treaty.   He said that if the US puts intermediate-range missiles in Europe, Russia will be forced to take countermeasures.

The Russian leader also warned against developing tactical nuclear warheads and conventional long-range ballistic missiles.   According to him, both are dangerous, because they increase the threat of an incidental nuclear war.

“We are currently observing the collapse of the international system for containing weapons,” he added.

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A global credit ‘heart attack’ is just months away

By Ambrose Evans-Pritchard

20 December 2018 — 11:36am                                                                   Surging borrowing costs for companies in the US and Europe threaten a recession within months and resemble events leading up to the global credit “heart attack” in August 2007.

Risk spreads on American high-yield debt have jumped since early October.   Credit experts say this is the delayed fallout from months of double-barrelled monetary tightening by the US Federal Reserve.

The US central bank is raising interest rates and at the same time shrinking its balance sheet by $US50 billion  a month, perhaps draining more liquidity from global financial markets than intended.

Simon Ward from Janus Henderson said his leading indicator for the health of US companies – the cash supply available to non-financial business (M1) – has turned starkly negative for the first time since the Lehman crisis.

This points to a sharp slowdown next year. “When this measure of cash contracts it means companies plan to cut back,” he said.

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The deal with the EU will turn us into captives                                 By Boris Johnson 19 Nov 2018 — 11:45 PM

Well, it seems my predictions of last week were, if anything, too optimistic.  If MPs vote for this deal, we are bowing our neck to the yoke.

We are preparing to take colonial rule by foreign powers and courts. We are handing over colossal sums of money for nothing.   We are giving up the hope of new free-trade deals. We are giving up the right to vary our laws.   We are betraying Leavers and Remainers alike: we are poised to abandon any UK influence in Brussels, and yet we are signally failing to take back control.

In fact, we are surrendering control to the EU – and this 585-page fig-leaf does nothing to cover the embarrassment of our total defeat.

Boris Johnson argues that the Brexit deal will turn Britons into captives.

In the protocol on Northern Ireland, there is a note almost of malice, as though the EU is punishing us by the surgical severing of part of the UK.   From one convoluted paragraph to the next, you can follow the plot to amputate Northern Ireland and keep it in the EU – run by the EU, but with no influence in Brussels except via Dublin.

Today, No 10 continues to brief that there can still be a future Canada-style free-trade deal and that one day we can still take back control of our laws and our tariffs. But from the Treasury you hear a very different message: that this is the end-state providing the blessed “certainty” that business has been craving.

They can’t both be right – so which is it?   Is the Government serious about staying in the customs union and single market, or is it serious about democracy, free trade and Brexit?   After two years of this tragedy, I think we all know the answer to that one.

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YELLOW VEST RIOTS SPREAD

  • Across Western Europe, ordinary citizens feel ignored and condescended to by their political, business, academic, and media elites.   Against the will of most of these citizens, their leaders are gradually surrendering their nations’ sovereignty to the EU.
  • Also against these citizens’ will, their nations have been flooded with Muslim immigrants who embody a major cultural challenge, have caused massive social unrest, and represent a devastating economic burden.
  • Although it is increasingly obvious that taxpayer-funded Islamization is leading Western Europe down the wrong path, the EU, which stands foursquare behind this disastrous development, refuses to reverse course.
  • Perhaps the question should not be why Western Europeans are rioting but why they did not start rioting a long time ago.

(By Bruce Bawer, Gatestone, 12/18)

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Australia recognises West Jerusalem as Israeli capital .    Australian Prime Minister Scott Morrison has confirmed that his government will recognise West Jerusalem as the capital of Israel.

BBC * 15 Dec 2018                                                                                              However, he said Australia’s embassy would not move from Tel Aviv, until a peace settlement was achieved.

He added Australia also recognised the aspirations of the Palestinians to a state with a capital in East Jerusalem.

The status of Jerusalem is one of the most contested issues between Israel and the Palestinians.

US President Donald Trump drew international criticism last year when he reversed decades of American foreign policy by recognising the ancient city as Israel’s capital.   The US embassy was relocated from Tel Aviv to Jerusalem in May.