Tag Archives: Deutsche Bank

ZIMBABWE NEAR COLLAPSE

A woman waits to buy gas at a service station in Harare, Zimbabwe, July 16, 2019. (Reuters)

There’s so much happening right now, it’s difficult to know where to begin.

Zimbabwe’s economy is, once again, near collapse.  Electricity is available only six hours a day, usually at night, which means that cooking meals and ironing a shirt can only be done in the middle of the night.  Food is once again scarce and prices high.

It’s hard to believe that, forty years ago, everything was in plentiful supply.   In fact, the country exported food, feeding much of Africa. But that was before independence.

Coincidentally, I’m wearing a T-shirt my wife bought me. Emblazened across the front are the words: ‘Rhodesia was super.”   “Rhodesia is super” was the slogan of the Rhodesian tourist industry four decades ago.

It certainly was.

Like all countries, it had its faults.   But what replaced it has been a miserable failure due, primarily, to bad government.

May God speed the day when change, real change, will come!

——————————————————–

RAMPANT INJUSTICE

Boris Johnson promised 20,000 more police to combat Britain’s horrendous crime wave.

This followed the murder of a 28-year-old newly married policeman. He was murdered by a screwdriver and dragged a considerable distance under a car.   Ten 13-30-year-olds were questioned about the murder.   A 20-year-old man has been charged.

There were over 31,000 violent assaults on policemen in the UK last year, up from 26,000 the previous year.

I can still remember when a violent attack on a policeman was a very rare event.   This is clearly not the case any more.   In a country where guns are rare, machetes and knives are often used in violent acts.   The machete is a recent addition, being brought in from Africa by immigrants.

There’s not much hope of a real national discussion on the crime wave.   There’s a definite need for one.   But it would be pointless without freedom of speech.   One factor is the gang warfare that plagues the big cities.   Most of these are ethnic, but you can’t mention that.   The restoration of free speech is a must, for any serious discussion on anything.

Now that the UK is leaving the EU, they will have the freedom to restore the death penalty, banned throughout the European Union.   The murders of policeman and of children are particularly heinous and should receive the maximum possible sentence.  They need to be put on trial and sentenced quickly

“When the sentence for a crime is not quickly carried out, people’s hearts are filled with schemes to do wrong.”  (Ecclesiastes 8:11 NIV)

Over fifty years ago, there was compulsory Christian education in schools.   That needs to be restored, too.   All children should be taught the ten commandments.

In the US, in the same week, it was announced that there have been nine police suicides in the NYPD this year, highlighting a serious problem across the nation.

————————————————————-

TLAIB TALKS NONSENSE, AGAIN

“U.S. Rep. Rashida Tlaib said Monday Israel’s decision to prohibit her and another Muslim member of congress from visiting the West Bank this week had “nothing to do” with their itinerary but with silencing critics of the occupation of Palestine.

“I think the focus is on hiding the truth,” Tlaib, a Democrat from Detroit, said at a news conference in St. Paul with US Rep. Ilhan Omar.

Israel is, and likely will always be, the most liberal, open and pluralistic society in the Middle East.

The 22 members of the Arab League are all dictatorships, of one sort or another.

———————————————————

AFGHANISTAN @100

Afghanistan celebrated 100 years of independence last week, August 19th.

The country was never a colony but did have a protected status, short of complete self-rule.

After three wars against the Afghans, the British had had enough.   The country has seen off many conquerors over the centuries, giving it the well-earned moniker:  “the graveyard of empires.”   In recent years, the Russians were defeated (1989) and now it’s America’s turn.   When the US withdraws, the most likely outcome is that the Taliban will take over; or even ISIS.

America should be careful withdrawing.   In January 1842, one lone British doctor was the only person left alive after a massacre of 16,000 Anglo-Indian troops in the Khyber Pass.   They left the one man alive to tell others what happened.

America today has 14,000 troops remaining.   Other members of the Coalition have already left.

The set-back in Afghanistan is part of a regional trend of lost influence and reduced power.   From Australia comes the following: “The US is so weakened in the Indo-Pacific region, it could now lose a short, sharp conflict started by Beijing in just “hours,” up-ending the military order in our region.

Furthermore, Australia is no longer able to rely on Washington to come to its defense.

That’s the conclusion of a blunt new report that found years of spending cuts, an “outdated superpower mindset” and ageing equipment mean US military installations in the region are vulnerable to being wiped out by China in a surprise battle.

“The stakes could not be higher,” the analysis by the University of Sydney’s United States Studies Centre warned.”   (“US so weakened in Indo-Pacific it could now “lose war to China,” news.com,au 8/21)

——————————————————————–

NATO STRENGTHENS TIES WITH AUSTRALIA

(Own report) – NATO continues to intensify its cooperation with Australia.   This is the result of NATO Secretary General Jens Stoltenberg’s talks in the Australian capital in the middle of last week.   According to Stoltenberg, the cooperation is aimed particularly at taking a stance in the growing rivalry between the major powers – against Russia, but above all, against China.   For several years, Germany has been accompanying NATO’s cooperation with Canberra, by enhancing its own bilateral military cooperation, explicitly considering Australia to be a “strategic springboard into the Asian-Pacific region.”

Currently tensions are threatening to escalate because Washington would like to deploy intermediate-range missiles in Australia, which could directly hit Chinese territory.   Strategists are increasingly pushing NATO to intensify its activities in the Asian-Pacific.   These could even develop into the warfare alliance’s key task, according to the president of the Federal College for Security Studies in Berlin. (German Foreign Policy, 8/20)

——————————————————————-

TRUMP UPSETS DENMARK

President Trump on Monday offered to buy Greenland, an autonomous province of the Kingdom of Denmark.

The Danish prime minister thought the suggestion “absurd”.  So President Trump has canceled his visit to the country.

It’s not the first time that the US has offered money for the Danish island.  It was offered first in 1946.

——————————————————————————–

GERMANY IN RECESSION

Germany, Europe’s industrial powerhouse and biggest economy, with companies like Volkswagen, Siemens and BASF, may be entering a recession, according to a gloomy report from the country’s central bank Monday — a development that could have repercussions for the rest of the eurozone and the United States.

A technical recession is defined as two consecutive quarters of negative growth, and Germany saw a 0.1% drop in the April-to-June period. In its monthly report, the Bundesbank said that with falling industrial production and orders, it appears the slump is continuing during the July-to-September quarter.

“The overall economic performance could decline slightly once again,” it said. “Central to this is the ongoing downturn in industry.”

Deutsche Bank went further Monday, saying “we see Germany in a technical recession” and predicting a 0.25% drop in economic output this quarter.

Germany’s economy is heavily dependent on exports, and the Bundesbank said the trade conflict between the U.S. and China and uncertainty about Britain’s move to leave the European Union have been taking their toll. Both the U.S. and China are among Germany’s top trade partners, with Britain not far behind.    (“Wide implications as Germany teeters toward recession,” A.P., 8/20)

———————————————————-

BAD NEWS FOR GERMANY’S ECONOMY MIGHT BE GOOD NEWS FOR THE FAR RIGHT

BERLIN — Despite Germany’s 10-year economic boom, a far-right party has managed to become Germany’s main opposition in Parliament, enter every state legislature in the country and vie for first place in elections in the former Communist East next month. And now the economy is slowing.

At a moment when populism is riding high in various corners of Europe, often against the backdrop of economic distress and high unemployment, a downturn in the Continent’s richest and most stable liberal democracy could add fuel to the fire and strengthen the nationalist Alternative for Germany party, or AfD, analysts said.

“Economic crises fuel a fear of the future, a sense of decline and the sense that the elite is failing the people,” said Yascha Mounk, an expert on populism and author of “The People Vs. Democracy.” “That’s fertile ground for populists.”  Marcel Fratzscher, a respected German political economist and professor at Humboldt University in Berlin, put it more directly:  “The economic slowdown should rather help the AfD.”

Professor Fratzscher, who also heads the German Institute for Economic Research, pointed to a forthcoming study from his institute, which will show that the AfD is much stronger in economically and structurally weak regions.   “This regional inequality and polarization is a threat to democracy,” he said, adding that “with the economic slowdown, structurally weaker regions will be hit harder, which will increase regional inequalities and accelerate the polarization.”

That is as true for Europe broadly as it is for Germany in particular. Signs that a period of exceptional economic growth may come to an end in Europe’s biggest economy sent shivers through global markets this week.   But beyond the economics, the political implications of the slowdown are just as disconcerting.

A weaker German economy not only threatens to open a broader path for the AfD.   It may also further reduce the influence of Berlin and its lame-duck chancellor, Angela Merkel, precisely at a moment when German leadership is needed to address the European Union’s manifold problems, including Britain’s scheduled departure on Oct. 31, as well as global trade issues.” (Katrin Bennhold, New York Times, 8/16)


MACRON SAYS “NON”

Charles De Gaulle resoundingly said “Non” when Britain applied to join the EU 5o years ago.

Now, his successor, Emmanuel Macron, says “Non” to helping Britain leave on amicable and workable terms.  He is refusing to cooperate with Boris Johnson’s request to remove the Irish backstop, the arrangement that would preclude any hard border between Northern Ireland and the Irish Republic.

What does Ireland have to do with France?  Good question!

——————————————————————

ITALY’S FASCIST PAST REVERBERATES IN ROME

Lovers of fascist architecture never disappeared from Italy’s capital, where Mussolini sought to centralize powers.   He continues to be revered in one of the Roman neighborhoods the dictator built, and elsewhere.

 (Deutsche Welle * 17 Aug 2019)   Fascist buildings can be found all over Italy.   Roberto Canali, the right-wing mayor of Predappio, Mussolini’s birthplace, announced plans last month to reopen the dictator’s crypt to tourists all year around.   At the moment, fascists and neo-fascists can only access the site in central Italy three times a year.   The mayor said that the move would help local business.

I always sell all the copies of the Primato Nazionale,” adds Moreschini, referring to a far-right, nationalistic monthly magazine founded in Milan six years ago.   Even if it is impossible to say whether fascists could make a comeback, it is clear that the current political fragility, coupled with regional emergencies and Italy’s sluggish economy, is increasing the visibility of far-right ideas.   “In the end, fascists never really disappeared,” says Pietro Di Placidi, as he cleans up Sgobbone restaurant after the lunchtime customers have left.   (https://www.dw.com/en/italys-fascist-past-reverberates-in-rome/a-50024325)

——————————————————————

OLD SOUTH AFRICAN FLAG CONSTITUTES “HATE SPEECH”

JOHANNESBURG, Aug 21 (Reuters) – “A South African court on Wednesday ruled that displaying the country’s apartheid-era flag in public constituted hate speech that discriminated against black people and violated equality laws.

The case relates to a 2017 demonstration against attacks and killings of farmers where the so-called ‘Apartheid Flag” was displayed.   The protest was led by predominantly white, Afrikaner nationalist groups.

After public anger at the display of the flag, the Nelson Mandela Foundation applied for an order declaring “gratuitous display” of the flag as hate speech, unfair discrimination and harassment based on race.”   (Mfuneko Toyana, 8/21)

————————————————————–

Pakistani Islamic Scholars Urge Jihad Against India In Kashmir, Say: ‘Kashmiri Muslims Have No Path Other Than Jihad’;  ‘The Muslims’ Neck Is In The Grip Of The Jews’   (MEMRI headline, 8/18)

—————————————————————

BUBONIC PLAGUE IN US

Bubonic plague may seem like a disease that’s been relegated to the history books, but that’s not the case.   The disease that struck terror in people in the Middle Ages is alive and well in the modern world, and it’s most recently appeared in prairie dog towns in the suburbs of Denver.

So how did prairie dogs get a virulent infection that plagued the Byzantine Empire and killed 60 percent of Europeans in the 1300s? During the last half of the 19th century, plague spread across China. When it hit the port of Hong Kong around 1894, the disease-carrying fleas began to spread to port cities around the world, eventually killing about 10 million people.   Ester Inglis-Arkell reports that bubonic plague came to the U.S. via Chinatown in San Francisco around 1900, though local officials refused to acknowledge the disease, worried about driving away tourists.   In 1906, however, when an earthquake leveled large parts of the city, rats carrying plague fleas proliferated in the rubble, leading to an outbreak of the disease.

The bacteria were also transmitted to San Francisco area squirrels, and from there, spread to the small rodent population of the American West.    Now, the disease is endemic, meaning it’s always present at low levels, though researchers don’t completely understand why larger outbreaks occur during certain years.   On average, between one and 17 cases of plague are reported annually in humans, with hotspots located in the high deserts of northern New Mexico and Arizona as well as southern Colorado, according to the CDC.

But it’s not just humans that suffer from Yersinia pestis.   Outbreaks of the plague, which is called sylvatic plague when it infects small mammals, can kill over 90 percent of prairie dogs infected with the disease.   (“Plague infected prairie dogs cause parks to close near Denver.” Smithsonian, 8.22)

 

Advertisements

ANTI-SEMITISM ON THE INCREASE IN GERMANY AND FRANCE

The premier of North Rhine-Westphalia, Germany’s most populous state, says anti-Semitism in his country is increasing from two directions: the far right and Muslim migrants. Police clash with right-wing protesters in Chemnitz, Germany. Credit: AFP

DW news (German news) highlighted the fact that anti-semitic acts in the Federal Republic increased by over 60% last year.   They added that France was worse, with a 70% increase.

At the same time, right-wing parties are expected to make significant gains in the election for the European Parliament, set for May.   It should be emphasized that most people in these parties are simply concerned about immigration.   But this could change.

—————————————————

A FRENCH VIEW ON AMERICA’S RETREAT FROM THE WORLD

“BHL (Bernard Henri Levy) … is a philosopher given to interpreting the world’s maladies.   He is in New York for the publication on Feb 12 of his latest book, elegantly provocative, “The Empire and the Five Kings.”   It describes “the new geopolitical order which is designing itself before our eyes” as a result of “America’s abdication” of global leadership.

“You have America going back,” he says, “retreating and lowering its flag, both on military and ideological terms.”   In Mr. Levy’s thesis,“ five former empires which we all thought to be dead and buried, are waking up again – Russia, China, Turkey, Sunni radical Islamism and Persia  (Iran).   We thought they were pure ghosts but no, they are moving again; they are dancing again on the floor of the world.”  They are rushing unchecked, he says, into the voids left everywhere by the retreat of the West, most notably under Donald Trump.”   (“The French philosopher who loves America,” by Tunku Varadarajan, WSJ, 2/9)

———————————————————

INCREDIBLE SHRINKING EUROPE

“Last week offered fresh evidence that the most consequential historical shift of the last 100 years continues:   the decline of Europe as a force in world affairs.   As Deutsche Bank warned of a German recession, the European Commission cut the 2019 eurozone growth forecast from an already anaemic 1.9 % to1.3 %.   Economic output in the eurozone was lower in 2017 than it was in 2009; over that same period, gross domestic product grew 139% in China, 96% in India, and 34% in the US, according to the World Bank.”   (“Incredible Shrinking Europe”, by Walter Russell Mead, WSJ, 12th February).

__________________________________________

DEJA VU – socialism (again)

“If you’re not a socialist by age 20, you’ve got no heart; if you’re still a socialist by age 40, you’ve got no head.”   So said Winston Churchill.   It explains Alexandria Ocasio-Cortez, at 29, very well.   But how do you explain Elizabeth Warren, aged 69?   Or Bernie Sanders, who’s 8 years older!

50 years ago, it was all the rage.   Students across the world wanted socialism, government control of the means of production (and everything else).   It didn’t work.   It made a much bigger mess of the world.   Thirty years later, people realized that instead of government solving the problem, the reality was that government IS the problem!

But now, thanks to young voters, we’re back to socialism being the solution to everything.

This year, a number of socialists are in the US Congress.   And they all have expensive ideas.   Medicare for all; the Green New Deal; a guaranteed job for all; a new system for corporate control; vastly higher taxes.   These are all part of the program.   The cost to the tax-payer would be horrendous.     A guaranteed job for all would make government even more inefficient.

That isn’t to say it won’t happen.

—————————————————-

Democracy in Africa?  What democracy in Africa?

Note from The Editor:   Branko Brkic, Daily Maverick, 20 January 2019

The Democratic Republic of the Congo’s Constitutional Court in the early hours of 20 January upheld the victory of Felix Tshisekedi by rejecting appeals by his rival, Martin Fayulu.   Fayulu has rejected the court ruling and called on his supporters to organize non-violent protests.

It is becoming increasingly clear for everyone to see:   Democracy in Africa is an idea to which almost nobody is subscribing.   Once more, another country’s clear majority chose its president, only for the land that was once Mandela’s to accept the clearly fake presidential and parliamentary results, people’s will be damned.   This time, it’s Congo’s turn.   So, why have elections at all?   The polls in Congo have come and gone, another one in the wall of denying the people’s true will.   The “results,” if they could be even considered that, have clearly been cooked.   (Daily Maverick, South Africa, January 2019)

——————————————————–

FIGHTING FOR THE KING IN AMERICA’S FIRST CIVIL WAR

Recently, I’ve read four books on the American Revolution.   All four books were written by Americans — and all four describe the Revolutionary War as “America’s first civil war.”   Indeed it was.

Most of the battles did not involve any British troops.   And for two years after the British defeat at Yorktown, fighting continued between Americans.   The conflict was between American Tories (Loyalists) and American Patriots (Rebels).   In some areas (notably South Carolina) 80% of the citizenry supported the Crown.   In fact, at one point the Patriots were ready to give up on the South as they were solidly loyal.

One thing is clear – the more conservative you are now, the more likely you are to have been a Loyalist!

Out of the war came three nations, the United States, Canada and Sierra Leone.   (The latter was established for slaves freed by the British Army.)   The war was not between America and England. Note the last three paragraphs of “Tories:   Fighting for the King in America’s First Civil War,” by Thomas B Allen:

“Within a year after the war ended, about 100,000 Americans left their homes.   Most of them went to Canada.   The rest chose England, Scotland or British possessions in the West Indies.   Within a generation the new Canadians had spread across the vast British dominion, taking with them the virtues and the visions that they and their ancestors had had as American colonists.   Granted large tracts of land, they transformed a wilderness into a vibrant nation.   Many became prosperous farmers or started mercantile dynasties. “Seldom had a people done so well by losing a war,” a Canadian historian wrote.

“Today, four to six million Canadians – about one fifth of the population – claim a Tory ancestor.   Many Canadians believe that their nation’s traditional devotion to law and civility, the very essence of being a Canadian, traces back to being loyal, as in Loyalist.

“Below the border live the people who started another country, built by Rebels.

Within a generation, those Rebels would begin to forgive – and forget – the Tories.   They would call the Revolution a war between Americans and the British, losing from their collective memory the fact that much of the fighting had been between Americans and Americans.”   (“Tories,” Thomas B. Allen, page 333).

This obscures the fact that the war saw brother fight brother, that neighbors fought each other.   We have seen this twice in our history.  Now, we are dividing again.  Could history repeat itself?

(The other three books are “Redcoats and Partisans,” by Walter Edgar; “Frontier Rebels,” by Patrick Spero; and “Scars of Independence,” by Holger Hoock.)

NEWS YOU MAY HAVE MISSED

News

“Based on current trends China’s economy will overtake America’s in purchasing power terms within the next few years . . . The US is now no longer the world’s sole economic superpower and indeed its share of world output . . . has slipped below the 20% level which we have seen was a useful sign historically of a single dominant economic superpower.” (“America is very close to losing its place in the world as #1.” Deutsche Bank’s Jim Reid is quoted.)

Rapidly gaining on the US is China. “Reid offered this prescient quote from Napoleon Bonaparte: ‘Let China sleep, for when she awakes, she will shake the world.’”

————————————————————————

Turkey is key to dealing with ISIS.

This Middle Eastern nation is the second biggest military power in NATO and is a long-term US ally.   But its new president, former prime minister, Recep Tayyip Erdogan, is not the secularist his predecessors have been.   Rather, he’s a more religious Sunni Muslim. As ISIS is Sunni, Erdogan’s loyalty to the US is now in doubt. This is serious for the United States – American nuclear missiles are based in the country.

Turkey was also a long time friend of Israel. Erdogan is now comparing Israel to Hitler.

CBS’s security expert, Michael Morrell, said Monday that there are four Islamic terrorist groups that seriously threaten the West. He said that ISIS is not the greatest threat. That accolade goes to ‘Al-Qaeda in the Yemen.’

————————————————————————

Scotland votes tomorrow on breaking away from the United Kingdom. According to opinion polls, the two sides are running neck and neck. If the “Yes” vote wins, there will likely be a financial upheaval.   Already, the Royal Bank of Scotland, once the world’s biggest bank, is saying it will move its HQ from Scotland to London. Other big companies have also said they will head south.

Scotland depends on London for roughly 10% of its spending, money that will no longer be forthcoming. Additionally, breaking away from the UK will leave Scotland with no currency – it will have to join the eurozone, giving Germany effective control over government spending.

Assuming a “yes” vote, there will be eighteen months of discussions aimed at a manageable divorce, before the new country receives its independence.

———————————————————————–

The Obama Administration is sending 3,000 US troops to West Africa, mainly Liberia.

The same administration reluctantly agreed to send 500 military advisers to Iraq to train Iraqis to fight ISIS.

Which poses the greatest threat to the United States, ISIS or Ebola?