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Plan B? Major European “Allies” Desert Obama, Join China-led Infrastructure Bank
Plan B? Major European “Allies” Desert Obama, Join China-led Infrastructure Bank
It appears the sea of de-dollarization has reached the shores of Europe. With Australia and UK having already moved in the direction of joining the China-led AIIB, The FT reports that France, Germany, and Italy have now all agreed to join the development bank as ‘pivot to Asia’ appears to be Plan B for Europe. As Greg Sheridan previously noted, “the saga of the China Bank is almost a textbook case of the failure of Obama’s foreign policy,” but as The FT concludes, the European decisions represent a significant setback for the Obama administration, which has argued that western countries could have more influence over the workings of the new bank if they stayed together on the outside. As Forbes notes, this leaves Obama with 3 uncomfortable options…
As The FT reports,
France, Germany and Italy have all agreed to follow Britain’s lead and join a China-led international development bank, according to European officials, delivering a blow to US efforts to keep leading western countries out of the new institution.The decision by the three European governments comes after Britain announced last week that it would join the $50bn Asian Infrastructure Investment Bank, a potential rival to the Washington-based World Bank.
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The European decisions represent a significant setback for the Obama administration, which has argued that western countries could have more influence over the workings of the new bank if they stayed together on the outside and pushed for higher lending standards.
The AIIB, which was formally launched by Chinese President Xi Jinping last year, is one element of a broader Chinese push to create new financial and economic institutions that will increase its international influence. It has become a central issue in the growing contest between China and the US over who will define the economic and trade rules in Asia over the coming decades.
This follows Australia and UK…
…click on the above link to read the rest of the article…
With corporate energy, we’re stuck in the dark ages – let’s switch to public ownership
With corporate energy, we’re stuck in the dark ages – let’s switch to public ownership
It is clear that Britain has an energy problem. The privatisation and ‘liberalisation’ of the energy market has left us with six dominant suppliers from which over 90% of us buy our energy. 1 in 10 households in the UK are in fuel poverty. Confidence in the ability of the biggest energy companies to act in the public interest has almost completely eroded, and the head of Ofgem has identified a ‘deep mistrust in anything the energy companies do or say’. The Big Six have faced continued criticism over widening profit margins and a perception that they abuse their dominant market position. Average pre-tax profits are expected to reach £114 per household over the next year, despite plummeting oil and gas prices. And we are categorically failing to make the necessary moves towards green sources of energy; just 5.2% of our overall energy consumption is from renewable sources, one of the lowest in the EU.
Anyone can see that the system is broken. But to how fix it? What would a new energy paradigm look like? This was the topic of an inspiring workshop event, ‘Imagining Energy Democracy’, organised and chaired by Global Justice Now, and attended by a wealth of campaigners and academics. We allowed our minds to wander, to dream, to imagine an energy future not dominated by fossil fuels and large private companies, but a future in which ‘energy democracy’ had won out against corporate profit and climate destruction.
…click on the above link to read the rest of the article…
Russia Warns NATO: Any Threat In Ukraine Will See Military Response
Russia Warns NATO: Any Threat In Ukraine Will See Military Response
As Russia announces the expansion of its Navy by 50 vessels this year, including two new nuclear-powered submarines and an aircraft carrier, it appears NATO’s sabre-rattling has drawn a response/threat/warning. Following British plans to send military ‘advisers’ into Ukraine (which NATO has stated are not confirmed), TASS reports, Russia’s NATO envoy, Alexander Grushko, warns Russia will take all measures against possible NATO threat in Ukraine, adding that Russia’s response may include military measures.
NATO has taken no decisions on sending British or any other instructors to Ukraine, Russia’s Ambassador to the North Atlantic Alliance Alexander Grushko said on Monday.“NATO has taken no decisions on sending instructors,” he told the Rossiya 24 television channel. “NATO is implementing the decisions that were taken at the political level at the Wales summit in September 2014.”
Moscow will take all measures, including military-technical, to neutralize possible threat from NATO presence in Ukraine, he added.
* * *
And this is happening as Russia dramatically expands its military forces. As The Moscow Times reports,
The Russian navy will receive 50 vessels of various sizes and classes this year, navy Chief Admiral Viktor Chirkov was quoted as saying by the Interfax news agency on Monday.
…click on the above link to read the rest of the article…
ECB Warns UK: Excluding Russia From SWIFT “Could Undermine Confidence In The Whole System”
ECB Warns UK: Excluding Russia From SWIFT “Could Undermine Confidence In The Whole System”
As “isolated” Russia signs a military deal with Cyprus, agrees bilateral trade with Greece, ratifies the $100 billion BRICS Bank, and offers to trade advanced anti-aircraft missiles to Iran, it seems threats of more sanctions against Putin and his nation are finding resistance from an unexpected place. With British PM David Cameron re-demanding that Russia be excluded from the SWIFT global financial payments system, none other than ECB Governing Council member Ewald Nowotny has exclaimed, “one has to be very careful here, exclusion of Russia from Swift would be very problematic because it could potentially undermine confidence in this system as a whole.”
As Der Standard reports (via Google Translate),
A SWIFT exclusion of Russia as a sanction against the EU-Ukraine Moscow because of the crisis had last been suggested by British Prime Minister David Cameron. Nowotny said he had spoken with EU Commissioner for Economic Affairs Pierre Moscovici… the question of the Russia-EU sanctions.“I pointed out that one has to be very careful here,” the governor said. Exclusion of Russia from Swift “we would see as very problematic because it could potentially undermine confidence in this system as a whole”.
Austria would advocate a pragmatic way. His warning was not so much related to Austria, but on the credibility of the SWIFT system. This international payment system should be a neutral service, Nowotny said.
For Austria exclusion of Russia from Swift would have no immediate effect. However, Russia could then put retaliation, “and, of course, would have implications for all companies doing business in Russia there”. But he assumed that it would not come to such a step. He would not comment on the sanctions, “only if sanctioned, this is not the appropriate field.”
…click on the above link to read the rest of the article…
Financial War: US Wants to Trigger Wave of Russian Bankruptcies
Financial War: US Wants to Trigger Wave of Russian Bankruptcies
[translated by Eric Zuesse, from German Economic News:]
Financial War: US wants to trigger wave of Russian bankruptcies
German Economic News | Published: 02/23/15 12:55 clock
The US government insists on a tightening of sanctions against Russia, and demands that the EU follow suit. Washington now wants sanctions that will have a “devastating” effect, which Russia must “suffer.” Financial measures are planned to trigger a wave of bankruptcies in Russia.
British Foreign Secretary Philip Hammond over the weekend had a visit by US Secretary of State John Kerry, concerning the US plan. Washington expects the EU to cooperate to force the Russian economy to its knees.
The US will drastically tighten sanctions against Russia: US Secretary of State John Kerry said this weekend in London that Russia was “guilty of gravely violating the Minsk truce.” Kerry said Russia had the city Debalzewo attacked, and supported paramilitary warriors in the region, and contracted new troops near Mariupol. Kerry said: “This is a violation of the ceasefire. We are serious: there will be more actions that cause additional pain in the Russian economy.”
He went on: “There is a serious discussion between us and our European allies, as to what sanctions we will bring next and when they are due to come into force. I am confident that there will be additional measures in response to Russia’s violations of the ceasefire.”
British Foreign Secretary Philip Hammond fully backed the remarks by Kerry. A few months ago American Vice President Joe Biden explained how the US created the EU’s role in the strategy directed against Russia. The collaboration now appears to function somewhat smoother than it did at first.
…click on the above link to read the rest of the article…
Bitter economic winds hasten oil industry’s retreat from the North Sea
Bitter economic winds hasten oil industry’s retreat from the North Sea
Shell’s decision to begin dismantling operations in the famous Brent field is a striking example of the global impact of falling oil prices
For one oil industry veteran, the dismantling of the Brent oil field in the North Sea prompts mixed feelings. There is gratitude for the livelihood earned from Britain’s post-war energy boom. And relief that it means farewell to “hell on Earth”.
“Brent kept me and my family in gainful employment, so I have something to be grateful for, but these platforms are from an era long gone,” says Jake Molloy, 55, who was a production assistant on the Brent Delta platform.
Describing the structure, which Shell plans to remove from the North Sea, Molloy adds: “Putting people down platform legs [which store pumps and vessels] is really bad. You could climb down thousands of steps to the bottom with 40 pounds of breathing apparatus on your back only for the alarms to go off and you had to go all the way back again. It was the worst working environment – horrendous, hell on earth.”
Shell’s announcement that it plans to remove the platform was just one of many symbolic retreats staged by the oil industry last week. A day after the Brent proposals, Shell’s rival BP said it was taking a $4.5bn (£3bn) hit in its quarterly accounts to pay for the cost of bringing forward the closure of some unprofitable UK fields, partly due to lower oil prices.
Situated 115 miles east of the Shetland Islands, Brent is estimated to have produced 10% of all North Sea oil and gas while generating £20bn of tax revenues since it opened in 1976.
…click on the above link to read the rest of the article…
The War on Toddler Terrorists – Britain Wants to Force Nursery School Teachers to Identify “Extremist” Children
The War on Toddler Terrorists – Britain Wants to Force Nursery School Teachers to Identify “Extremist” Children
It’s 8pm in Cambodia and time to find something to eat, but before I do, something caught my attention that I just have to share. It has to do with Great Britain’s continued insanity when it comes to it’s own version of the so-called “war on terror.” This topic will come as no surprise to regular readers, as I have previously highlighted the UK’s unique brand of Orwellianism on several occasions. Here are a couple of examples from late last year:
The UK’s Conservative Party Declares War on YouTube, Twitter, Free Speech and Common Sense
The BBC is Using Anti-Terror Surveillance to Find Tax Dodgers
In case you aren’t aware, there is something called the Counter-Terrorism and Security Bill 2014-15, currently moving through the UK Parliament. The Bill completed its committee stage in the House of Commons in mid-December, and will enter its report stage and third reading on January 6th and 7th. Accompanying this bill, which is controversial in its own right, is a 39-page consultation document that directs nursery school staff and registered childminders to “report toddlers at risk of becoming terrorists.” Think this is a joke? Think again. From the UK Telegraph:
…click on the above link to read the rest of the article…
UK’s Cameron will move EU referendum forward if possible | Reuters
UK’s Cameron will move EU referendum forward if possible | Reuters.
(Reuters) – Prime Minister David Cameron said on Sunday he would like to bring forward a planned referendum on Britain’s membership of the European Union from 2017 if possible.
Under pressure from Eurosceptic members of his own party and the rise in popularity of the anti-EU UK Independence Party, Cameron has promised to renegotiate Britain’s ties with the 28-nation bloc and try to claw back powers to London from Brussels.
He has said he will hold a referendum in 2017 if his Conservatives win a national election in May.
“The referendum must take place before the end of 2017. If I think we could do that earlier I would be delighted. The sooner I can deliver on this commitment of a renegotiation and a referendum … the better ,” he told the BBC’s Andrew Marr Show.
With immigration a top issue for voters ahead of what looks set to be Britain’s closest-fought election in modern history, Cameron has set out plans to restrict EU migrants’ access to welfare payments in Britain.
BBC News – Just how important is Magna Carta 800 years on?
BBC News – Just how important is Magna Carta 800 years on?.
This year people in the UK, US, Canada, Australia, New Zealand and plenty of other nations will mark the 800th anniversary of Magna Carta. The document will be lauded for establishing one vital principle.
A new book about Magna Carta is published today which claims to offer new insights into one of the most famous documents in British history.
This year marks the 800th anniversary of the charter’s first signing on 15 June 1215 at Runnymede on the banks of the Thames between Windsor and Staines.
The book by David Carpenter, professor of medieval history at King’s College, London, contains a new translation of Magna Carta and more than 500 pages of historical background and commentary.
The charter was agreed between King John and a group of leading barons, led by Robert fitzWalter, exasperated at the king’s arbitrary rule and high taxes. It was in effect a peace treaty designed to head off armed conflict. It failed.
Low pay and zero-hours contracts rise dramatically, figures show | UK news | The Observer
Low pay and zero-hours contracts rise dramatically, figures show | UK news | The Observer.
New figures have revealed the dramatic spread of low-paid, insecure and casual work across the British economy since the financial crash of 2008.
In that year, one in 20 men and one in 16 women worked in the casualised labour market. Now, one in 12 of both men and women are in precarious employment, which includes zero-hours contracts (ZHCs), agency work, variable hours and fixed-term contracts, according to new TUC data.
According to the analysis, in 2008 there were 655,000 men in the casualised labour market. That number has risen by 61.8% to 1.06 million. The casualised female workforce has increased by 35.6%, from 795,000 in 2008 to 1.08 million in 2014.
The TUC is also publishing research showing that since 2008, only one in 40 new jobs has been full-time. Over the same period, 60% of net jobs added have been self-employed and 36% have been part-time.
…click on the above link to read the rest of the article…
Britain’s GCHQ monitored Irish internet traffic — RT News
Britain’s GCHQ monitored Irish internet traffic — RT News.
Britain’s surveillance body, Government Communications Headquarters (GCHQ), could be tapping underwater cables connecting Ireland to the global web, according to a new document leaked by former NSA contractor Edward Snowden and released by German media.
The document, titled ‘Partner Cables,’ identifies the cables that GCHQ has tried to gain access to, and names their owners by codename.
Vodafone subsidiary Cable & Wireless apparently cooperated closely with the British intelligence agency and provided them with details, German newspaper Süddeutsche Zeitung (SZ) reported as it published the leak.
A total of 63 submarine cables are listed – among which are 29 Cable & Wireless lines under the alias GERONTIC, which are mentioned as potential helpers. The Solas undersea cable – which links Ireland’s County Wexford to Wales – is included in the list.
The method of access is described as being “DCO,” which stands for “direct cable ownership.”
According to the document, Cable & Wireless “actively shaped and provided the most data to GCHQ mass surveillance programmes, and received millions of pounds in compensation.” It added that Cable & Wireless apparently played a key role “in the establishment of one of the Government Communications Headquarters’ (GCHQ) most controversial surveillance programs.”
…click on the above link to read the rest of the article…
Wind Energy Too Unreliable For UK, Study Finds
Wind Energy Too Unreliable For UK, Study Finds.
A conservative British think tank has concluded that wind energy can’t be relied on to meet the United Kingdom’s power needs and must be supplemented with fossil-fuel power plants.
A study issued Oct. 27 by the London-based Adam Smith Institute (ASI) says there are wide fluctuations in the output of wind farms because of the equally wide fluctuations in the presence of wind. Therefore, it concludes, the wind farms will need to be backed up by powerful conventional generators.
In the study, the ASI constructed mathematical models of the likely output from a planned 10-gigawatt fleet of wind farms. It found that for fully 20 weeks in an average year, the farms would produce less than 2 gigawatts of power, and for nine weeks of that year it would generate less than one-tenth of that figure.
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