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Earlier today, as Iranian police struggled to disperse protesters gathered outside the Saudi consulate in Mashhad, we said the following about the rapidly deteriorating situation:

If crude needed an excuse to rally, then surely this is it as it now appears that in addition to the fact that Riyadh and Tehran are squaring off in Syria (where Iran is present and the Saudis fight by proxy) and Yemen (where the Saudis are present and the Iranians fight by proxy), the two countries are on the verge of a historic diplomatic crisis which has the potential to stoke sectarian violence across the Muslim world.

Well sure enough, just hours later, Saudi Foreign Minister Adel Al-Ahmad Al-Jubeir announced that Riyadh has cut diplomatic ties with Tehran. The Saudis have demanded the Iran mission leave the country within 48 hours. Riyadh also claims Iran did not attempt to stop protesters from storming the consulate. Here’s are the bullet points:

SAUDI TO FIGHT TERRORISM IN ALL OF ITS FORMS: AL-JUBEIR
IRAN HAS SPREAD CHAOS, SECTARIANISM IN REGION, MINISTER SAYS
AL-JUBEIR COMMENTS BROADCAST ON AL-EKHBARIYA SAUDI STATE TV
ALL OPTIONS ON TABLE TO PROTECT SAUDIS, FOREIGN MINISTER SAYS
IRAQ PROMISED TO PROTECT SAUDI DIPLOMATIC MISSIONS: AL-JUBEIR
SAUDI ARABIA DETERMINED NOT TO ALLOW IRAN TO UNDERMINE SAUDI SECURITY-FOREIGN MINISTER

For those who might have missed it, the situation began to unravel on Saturday after Riyadh said it had executed prominent Shiite cleric Nimr al-Nimr along with 46 other prisoners. Protesters poured into the streets from Bahrain to Pakistan and before the night was done, the Saudi embassy in Tehran was in flames.

…click on the above link to read the rest of the article…

Riyadh Feels the Pinch: The True Cost of Saudi Subsidies

November 21, 2015

Riyadh Feels the Pinch: The True Cost of Saudi Subsidies

In downtown Riyadh, SUV-populated intersections and lushly landscaped parks leave little indication that Saudi Arabia is rapidly depleting its oil and water resources. The Saudi predilection for gas-guzzling vehicles and water-intensive leisure spaces is hardly surprising- governmental subsidies have long obscured the true cost of these resources.

Saudis pay about 60 cents a gallon at the pump, which makes the average cost to fill a tank less than $20. Electricity, powered primarily by oil, costs only USD 0.6 per kilowatt hour. Drinking water supplied to Saudi households is so cheap that it is practically free. These low commodity rates are viewed by many as traditional perks of Saudi birthright, and Riyadh has traditionally shied away from raising tariffs and risking public ire. Placating the masses through subsidies and handouts, after all, has been a successful strategy for maintaining the House of Saud’s enduring grip on power in a region plagued by uprisings and political volatility. Saudi Oil Minister Ali al-Naimi recently reaffirmed that there is no “dire need” for the Kingdom to cut energy subsidies in response to rumors that Riyadh was discussing adjustments to the subsidy program.

Yet a system of high subsidies is ultimately unsustainable for the Kingdom. Most obviously, the costly system is contributing to a rapid depletion of governmental coffers. With oil prices still slumping, Saudi Arabia faces skyrocketing debt and depleted monetary reserves. Equally important – high subsidies distort the true cost of resources, encourage overconsumption, and foster a public misperception that energy and water supplies are inexhaustible.

Depleting Monetary Resources

The Kingdom’s energy subsidy program runs up an annual bill of over $107 billion, or 13.2% of the country’s total GDP. This year has seen plenty of additional discretionary spending by Riyadh as well. When King Salman ascended the throne in January, Riyadh doled out $32 billion in handouts as a gesture of goodwill.

…click on the above link to read the rest of the article…

It’s Just Not Saudi Arabia’s Year: First Oil Prices, Now This…

November 4, 2015

It’s Just Not Saudi Arabia’s Year: First Oil Prices, Now This…

Last week, in the latest sign of Saudi Arabia’s deteriorating financial condition, S&P downgraded the kingdom to AA- negative citing “lower for longer” crude and the attendant ballooning fiscal deficit.

To be sure, we’ve covered the story extensively and it was almost exactly one year ago that we flagged the quiet death of the petrodollar and explained the significance to a market that hadn’t yet woken up to just what it means when, thanks to plunging crude prices, producing nations cease to be net exporters of capital.

With more than $650 billion in SAMA reserves, Riyadh does have a sizeable cushion. However, there are a number of factors (in addition to low oil prices) that are weighing heavily including, i) financing the war in Yemen, ii) maintaining the lifestyle of everyday Saudis, and iii) preserving the riyal peg. Here’s a look at the breakdown of government expenditures:

When you mix heavy outlays with declining revenue, it means dipping into the warchest…

Here’s a bit of color from Deutsche Bank which helps to explain what we mean by “the cost of preserving the societal status quo”:

The largest energy subsidy beneficiary is the end-consumer in the form of fuel (petrol) subsidies. Bringing up the price of petrol to levels in the UAE, which earlier this year eliminated the petrol subsidy, could provide the government with USD27bn incremental revenues, or 20% of the budget deficit. However, this is a highly unlikely scenario given the demographic differential between KSA and UAE and the socio-economic impact that such an outcome (blended prices rising from USD0.11/l to USD0.5/l) could have within the country.

The Saudi government could look to increase electricity tariffs. This would be a challenge for residential consumption (51% of aggregate consumption) given the political/social impact, though it would present the highest incremental revenue benefit.

…click on the above link to read the rest of the article…

Putin Just Warned Global War Is Increasingly More Likely: Here’s Why

October 22, 2015

Putin Just Warned Global War Is Increasingly More Likely: Here’s Why

Vladimir Putin is basking in Russia’s triumphant return to the world stage.

What began with a land grab in Crimea and escalated with support for the separatists at Donetsk, culminated in Moscow’s dramatic entry into Syria’s protracted civil war.

To be sure, the deplorable (not to mention comically absurd) strategy adopted by the US and its regional allies in Syria set Putin up for success. The situation was highly exploitable by anyone that’s strategically minded and thanks to the convoluted set of alliances Washington has built with groups that later turned out to be extremists, Moscow gets to achieve its regional ambitions while simultaneously fighting terrorism. Meanwhile, Washington, Riyadh, Ankara, and Doha are left to look on helplessly as their Sunni extremist proxy armies are devastated by the Russian air force. The Kremlin knows there’s little chance that the West and its allies will step in to directly support the rebels – the optics around that would quickly turn into a PR nightmare.

All of this has provided the perfect backdrop for Putin to begin what’s amounted to a lecture tour on how to conduct foreign policy.

Soundbites have ranged from very serious commentary on why the West should not employ extremists to bring about regime change to comical jabs at the US and its allies who the Russian President last week accused of having “oatmeal brains” when it comes to Mid-East policy.

Speaking today at the International Valdai Discussion Club’s 12th annual meeting in Sochi, Putin delivered a sweeping critique of military strategy and foreign policy touching on everything from the erroneous labeling of some extremists as “moderates” to the futility of nuclear war.

…click on the above link to read the rest of the article…

“Proxy” War No More: Qatar Threatens Military Intervention In Syria Alongside “Saudi, Turkish Brothers”

October 22, 2015

“Proxy” War No More: Qatar Threatens Military Intervention In Syria Alongside “Saudi, Turkish Brothers”

Earlier this week, Saudi foreign minister Adel al-Jubeir had the following message for Tehran:

“We wish that Iran would change its policies and stop meddling in the affairs of other countries in the region, in Lebanon, Syria, Iraq and Yemen. We will make sure that we confront Iran’s actions and shall use all our political, economic and military powers to defend our territory and people.”

In short, Riyadh and its allies in Doha and the UAE are uneasy about the fact that the P5+1 nuclear deal is set to effectively remove Iran from the pariah state list just as Tehran is expanding its regional influence via its Shiite militias in Iraq, the ground operation in Syria, and through the Houthis in Yemen.

Thanks to the fact that Tehran has more of an arm’s length relationship with the Houthis than it does with Hezbollah and its proxy armies in Iraq, the Saudis have been able to effectively counter anti-Hadi forces in Yemen without risking a direct conflict with Iran, but make no mistake, Sana’a is not the prize here. Yemen is a side show. The real fight is for the political future of Syria and for control of Iraq once the US finally packs up and leaves for good. Iran is winning on both of those fronts.

Over the last several weeks, we and others have suggested that one should not simply expect Washington, Riyadh, Ankara, and Doha to go gently into that good night in Syria after years of providing support for the various Sunni extremist groups fighting to destabilize the regime. There’s just too much at stake.

…click on the above link to read the rest of the article…

Saudi clerics call for jihad against Russia in Syria – to back ISIS?

October 7, 2015

Saudi clerics call for jihad against Russia in Syria – to back ISIS?

Militant Islamist fighters wave flags as they take part in a military parade along the streets of Syria's northern Raqqa province. © Stringer

Dozens of Saudi Arabian clerics not officially affiliated with Riyadh have urged Muslims to support the fight of “holy warriors” against Syria’s government and its Iranian and Russian allies. The clerics are outraged by Russia’s bombing of Islamic State.

Fifty-five Saudi Arabian ‘opposition’ clerics and academicians, including some prominent Islamists, have signed a joint online statement urging “true Muslims” to “give all moral, material, political and military” support to the fight against Syrian President Bashar Assad’s army as well as Iranian and Russian forces.

The statement follows the commencement of daily Russian air raids in Syria targeting Islamic State (IS, formerly ISIS/ISIL) terrorists. Contrary to Riyadh’s public anti-ISIS stance, the clerics’ call appears to be portraying the militants as “defenders”of faith.

“The holy warriors of Syria are defending the whole Islamic nation. Trust them and support them … because if they are defeated, God forbid, it will be the turn of one Sunni country after another,” the call reads, as cited by Reuters.

The group brands the Russian involvement as “an orthodox crusade” and calls on anti-Assad fighters to “unify their front”and stay in Syria. It also uses sectarian terms for Iran and the Shi’ite Alawite sect to which Assad belongs.

“The Western-Russian coalition with the Safavids [Iran] and the Nusairis [Alawites] are making a real war against the Sunni people and their countries,” the text says.

…click on the above link to read the rest of the article…

Saudi Oil Minister Puts On Brave Face Amid Severe Headwinds: “Eventually, Economic Producers Will Prevail”

October 5, 2015

Saudi Oil Minister Puts On Brave Face Amid Severe Headwinds: “Eventually, Economic Producers Will Prevail”

As the EM world looks on helplessly while Saudi Arabia’s war with the US shale complex (and, by extension, with the Fed) serves to keep crude prices depressed putting enormous pressure on commodity currencies and accelerating emerging market outflows, the question is whether Riyadh’s SAMA piggy bank can outlast the various capital market lifelines available to America’s largely uneconomic shale drillers.

It’s tempting to simply say “yes.” That is, with the next round of revolver raids due in days and with HY spreads blowing out amid jittery US markets, it seems unlikely that maligned US producers will be able to survive for much longer, and despite the fact that data out yesterday shows Riyadh’s FX reserves falling to a 32-month low, the Saudi war chest still amounts to nearly $700 billion, giving the kingdom plenty of ammo. However, between maintaining subsidies, defending the riyal peg, and fighting two proxy wars, Saudi Arabia’s fiscal situation has deteriorated rapidly, forcing Riyadh to tap the bond market in an effort to help plug a hole that amounts to some 20% of GDP.

Given the above, some have dared to suggest that in fact, the Saudis could lose this “war” just as they may be set to lose their status as regional power broker to Tehran thanks to Iran’s partnership with Moscow in the ongoing effort to shore up Assad in Syria and wrest control of Baghdad from the US.

But don’t tell that to Saudi Arabia’s Oil Minister Ali al-Naimi who says that despite all the uncertainty, the economics of oil exploration and production will prevail at the end of the day. Here’s Reuters, citing Economic Times:

Saudi Arabia’s Oil Minister Ali al-Naimi believes economic producers will prevail over higher-cost suppliers and OPEC’s share of the market will rise, India’s Economic Times newspaper reported on its website on Monday.

…click on the above link to read the rest of the article…

How The War Party Betrayed America’s Non-Interventionist Foreign Policy Tradition

October 3, 2015

How The War Party Betrayed America’s Non-Interventionist Foreign Policy Tradition

So Vladimir Putin in his U.N. address summarized his indictment of a U.S. foreign policy that has produced a series of disasters in the Middle East that we did not need the Russian leader to describe for us.

Fourteen years after we invaded Afghanistan, Afghan troops are once again fighting Taliban forces for control of Kunduz. Only 10,000 U.S. troops still in that ravaged country prevent the Taliban’s triumphal return to power.

A dozen years after George W. Bush invaded Iraq, ISIS occupies its second city, Mosul, controls its largest province, Anbar, and holds Anbar’s capital, Ramadi, as Baghdad turns away from us — to Tehran.

The cost to Iraqis of their “liberation”? A hundred thousand dead, half a million widows and fatherless children, millions gone from the country and, still, unending war.

How has Libya fared since we “liberated” that land? A failed state, it is torn apart by a civil war between an Islamist “Libya Dawn” in Tripoli and a Tobruk regime backed by Egypt’s dictator.

Then there is Yemen. Since March, when Houthi rebels chased a Saudi sock puppet from power, Riyadh, backed by U.S. ordinance and intel, has been bombing that poorest of nations in the Arab world.

Five thousand are dead and 25,000 wounded since March. And as the 25 million Yemeni depend on imports for food, which have been largely cut off, what is happening is described by one U.N. official as a “humanitarian catastrophe.”

“Yemen after five months looks like Syria after five years,” said the international head of the Red Cross on his return.

On Monday, the wedding party of a Houthi fighter was struck by air-launched missiles with 130 guests dead. Did we help to produce that?

What does Putin see as the ideological root of these disasters?

…click on the above link to read the rest of the article…

Dying Petrodollar Ripples Through Markets As Asset Managers Bemoan Loss Of Saudi Bid

September 28, 2015

Dying Petrodollar Ripples Through Markets As Asset Managers Bemoan Loss Of Saudi Bid

One of the key things to understand about China’s liquidation of hundreds of billions in US paper is that far from being a country-specific phenomenon, it actually marks the continuation of something that’s been taking place in other emerging markets for some time.

As we outlined in “Why It Really All Comes Down To The Death Of The Petrodollar,” the forced sale of Beijing’s UST reserves is simply the most dramatic example of what Deutsche Bank has called “quantitative tightening.” For years, reserve managers in the world’s emerging economies worked to accumulate war chests of USD-denominated paper in an effort to ensure that in a crisis, they would have sufficient firepower to guard against speculative attacks on their currencies and/or accelerating capital outflows. Slumping commodity prices and the threat of a supposedly imminent Fed hike have conspired to put pressure on these reserves and outside of China, nowhere is this dynamic more apparent than in Saudi Arabia. Indeed it was the Saudis who dealt the deathblow to the great EM reserve accumulation.

By intentionally killing the petrodollar, Riyadh effectively ensured that the pressure on commodity currencies would continue unabated, but as we’ve documented exhaustively, that was and still is considered an acceptable outcome if it means bankrupting the US shale complex and securing market share. But for Saudi Arabia, this is all complicated by three things: 1) the necessity of preserving the lifestyle of everyday citizens, 2) spending associated with the proxy war in Yemen, and 3) defense of the riyal’s dollar peg. All of those factors have served to weigh heavily on the county’s already depleted petrodollar reserves, and if the “lower for longer” crude thesis plays out, Riyadh may see further pressure on its current and fiscal accounts which are now both squarely in the red.

…click on the above link to read the rest of the article…

Counterterrorism “Success Story” Fails Completely As Yemen Set To Split Into Two Countries

September 4, 2015

Counterterrorism “Success Story” Fails Completely As Yemen Set To Split Into Two Countries

Late last month, as the fighting in Yemen continued unabated, Jeff Prescott, the National Security Council’s Senior Director for the Middle East said “there is no military solution to the crisis.” Saudi Arabia seemingly disagrees and that will reportedly be one topic under discussion at The White House on Friday where President Obama will meet with King Salman to discuss a variety of geopolitical issues.

The Saudi-led intervention into the conflict in Yemen has transformed the country into a battleground for a Saudi-Iran proxy war on the way to exacerbating a worsening humanitarian crisis. Civilian casualties are a regular occurrence, although, between conflicting reports from Riyadh and the Houthis, it’s nearly impossible to determine the exact figures. Just this week, sources on the ground indicated that dozens of civilians were killed when Saudi warplanes bombed a bottling plant.

Meanwhile, operations in Yemen are taking their toll on Saudi Arabia’s increasingly precarious fiscal situation, which has deteriorated rapidly in the face of persistently low crude prices. Coalition partner UAE is in a similar, if slightly more stable, position from a budget perspective.

So while the market nervously eyes the petrodollar reserves of Saudi Arabia and the UAE as the countries juggle domestic expenditures, dollar pegs, and the cost of war, Yemen itself is coming apart at the seams – literally. As WSJ reports, it now looks as though the country may in fact split, as Aden residents have eschewed the red, white and black for the flag of South Yemen, which existed as an independent republic for more than two decades. Here’s the story:

Now that pro-Iranian Houthi militias have been expelled from much of southern Yemen, many here are wondering when President Abed Rabbo Mansour Hadiwill return to his homeland from Saudi exile—and, more importantly, under what flag.

…click on the above link to read the rest of the article…

The Saudi Royals — Unchained

August 14, 2015

The Saudi Royals — Unchained

Exclusive: With President Obama afraid of upsetting the Saudis anymore after the Iran-nuclear deal, he has given them pretty much a free hand to bomb and blockade Yemen. Meanwhile, the Saudi royals also are displaying their contempt for the United Nations and its Yemen peace efforts, Joe Lauria reports.

By Joe Lauria

Saudi Arabia’s relations with the United Nations have hit rock bottom after a series of incidents that has left a humbled Secretary-General Ban Ki-moon furious with Riyadh, two U.N. officials close to the U.N. chief have told me.

The relationship matters because only the United Nations has the reputation of neutrality necessary to forge a power-sharing deal that can finally end the conflict in Yemen.

Ban was cool to the Saudi-led operation from the start. On the first day of bombing on March 26 he called on countries to “refrain from external interference” which seeks to “foment conflict and instability.” Since then the Saudis have shown near total disregard for Ban and the U.N.’s role in the conflict.

–Ban was upset that the Saudis’ military operation in Yemen derailed U.N.-brokered talks in March.

–He believes he was lied to by the Saudis when they didn’t deliver on a promise of aid money to the U.N.

–The Saudis have blockaded ports bringing the U.N. to the verge of declaring a famine in Yemen.

–Ban was apoplectic that Riyadh forced a postponement in June of U.N.-led talks in Geneva; and then later broke two promises to Ban of a humanitarian truce.

…click on the above link to read the rest of the article…

In Major Escalation, Yemen Rebels Fire Scud Missile Into Saudi Arabia

June 6, 2015

In Major Escalation, Yemen Rebels Fire Scud Missile Into Saudi Arabia

Just two days after reports indicated that Yemen’s Iran-backed Houthi rebels were prepared to participate in UN-brokered peace talks with Abd Rabbuh Mansur Hadi’s government in exile, clashes on the Saudi border have intensified.

On Friday, the Saudi press agency said it had used Apache helicopters and artillery to repel a Houthi-led advance, killing “dozens” of militants. Four Saudis were also killed.

Meanwhile, Riyadh stepped up airstrikes around the Yemeni capital targeting what the Saudis say were arms depots. The Houthis, however, say the aerial bombardment is inflicting untold civilian casualties, mostly women and children. Here’s Reuters:

Coalition Arab bombings killed around 58 people across Yemen on Wednesday and Thursday, the state news agency Saba, controlled by the Houthis, said.

48 people, most of them women and children, were killed in air strikes on their houses in the Houthi heartland in the rural far north adjoining Saudi Arabia.

The reports could not be independently verified.

On Saturday, Riyadh claimed the Houthis, in concert with forces loyal to former President Ali Abdullah Saleh, fired a scud missile at Saudi Arabia for the first time.

The scud, which apparently targeted the city of Khamis Mushait in southwest Saudi Arabia, was intercepted by two Patriot missiles. “At 2:45am on Saturday morning, the Houthi militias and ousted [president] Ali Abdullah Saleh launched a Scud missile in the direction of Khamees al-Mushait, and praise be to God, the Royal Saudi air defences blocked it with a Patriot missile,” a statement said.

Khamis Mushait is home to the US-desiged and constructed King Khalid Air Force base, from which airstrikes on Houthi positions have been launched throughout the conflict.

…click on the above link to read the rest of the article…

Why Is Washington Supporting Saudi Arabia’s Massacre In Yemen?

April 25, 2015

Why Is Washington Supporting Saudi Arabia’s Massacre In Yemen?

For a month now, the Saudi air force has been bombing Yemen to reverse a takeover of that nation of 25 million by Houthi rebels, and reinstall a president who fled his country and is residing in Riyadh.

The Saudis have hit airfields, armor and arms depots, and caused a humanitarian catastrophe. Nearly 1,000 dead, 3,500 wounded and tens of thousands homeless. The poorest nation in the Arab world is near collapse. Dependent upon imported food, Yemen faces malnutrition and starvation.

And the United States has been an accomplice in the Saudi bombing of Yemen.

Why? Why is Yemen’s civil war America’s war?

What did the Houthis ever do to us?

While they bear us no love, their Houthi rebellion was an uprising against a pair of autocrats who had been imposed upon them, and against al-Qaida in the Arabian Peninsula.

The Houthis’ main enemy, AQAP, is America’s worst enemy.

Why are we then making ourselves de facto allies of al-Qaida?

For while the Saudis have been bombing the Houthis, easing the pressure on al-Qaida, AQAP effected a prison break of 270 inmates, including scores of terrorists, and seized the port of Mukalla.

The Saudis claim the Houthi rebellion is part of an Iranian Shiite scheme to overrun and dominate the Sunni Middle East.

But Pakistan is not buying it, and not sending troops. The Egyptians seem reluctant to enlist. Nor is there hard evidence Iran armed or incited the Houthis who have been fighting for years. Tehran reportedly advised the rebels not to take the city of Aden, and is calling for a ceasefire and peace talks.

Saudi propaganda portrays the Middle East as caught up in a great Muslim struggle, with a Shiite Crescent led by Iran seeking to swallow up the Sunni states.

…click on the above link to read the rest of the article…

State Department Shuts US Embassy In ‘Ally’ Saudi Arabia Amid “Heightened Security Concerns”

March 15, 2015

State Department Shuts US Embassy In ‘Ally’ Saudi Arabia Amid “Heightened Security Concerns”

Having recently noted The Kingdom’s new king’s decrees promising to support the poor and needy with more and more handouts (and to halt the rise of inequality), it is interestingly coincidental that, as The BBC reports, the US embassy in the Saudi capital Riyadh has cancelled all consular services for Sunday and Monday due to “heightened security concerns,” and consular services in Riyadh, Jeddah and Dhahran would not be available. This follows Friday’s warning that Western oil workers could be the target of militant attacks.

As The BBC reports,

The US embassy in the Saudi capital Riyadh has cancelled all consular services for Sunday and Monday due to “heightened security concerns”.

In a statement, the embassy said consular services in Riyadh, Jeddah and Dhahran would not be available.

It urged US citizens to take extra precautions when travelling in Saudi Arabia and to keep a low profile.

On Friday, the embassy warned that Western oil workers could be the target of militant attacks.

It said it had information that “individuals associated with a terrorist organisation” could be targeting people working in the oil-rich Eastern Province.

The message did not identify the militants.

Saturday’s statement did not give details of any specific threat but said: “All US citizens are encouraged to be aware of their surroundings and take extra precautions when travelling throughout the country.

…click on the above link to read the rest of the article…

Saudis Cut Oil Prices Again In Bid To Maintain Market Share

December 7, 2014

Saudis Cut Oil Prices Again In Bid To Maintain Market Share.

Saudi Arabia may have led the move to keep OPEC’s crude production high and thereby keep prices low, but that doesn’t mean it isn’t concerned about keeping its share of the global oil market.

Riyadh evidently demonstrated that on Dec. 4 when it dramatically cut oil prices for Asian and US customers. Saudi Aramco lowered the price of all its oil grades for Asian customers in January by between $1.50 and $1.90 per barrel below December prices. For US customers, prices for all grades will decline by between 10 cents and 90 cents.

At the same time, Saudi Aramco raised prices for all its grades of crude for clients in the Mediterranean and in northwestern Europe by between 20 cents and 50 cents per barrel.

The Saudis haven’t explained their reasoning, and some analysts told Reuters that the pricing change is merely a reflection of the oil market. But others note Saudi Arabia has been cutting prices to certain customers, especially in the US, since before it steered the cartel to maintain production levels at the OPEC summit in Vienna on Nov. 27.

…click on the above link to read the rest of the article…

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