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Donald Trump, Saudi Arabia, and the Petrodollar

February 22, 2017

Donald Trump, Saudi Arabia, and the Petrodollar

Donald Trump, Saudi Arabia, and the Petrodollar

 

Obama pulled out his veto pen 12 times during his presidency.

Congress only overrode him once…

In late 2016, Obama vetoed the Justice Against Sponsors of Terrorism Act (JASTA). The bill would allow 9/11 victims to sue Saudi Arabia in US courts.

With only months left in office, Obama wasn’t worried about the political price of opposing the bill. It was worth protecting Saudi Arabia and the petrodollar system, which underpins the US dollar’s role as the world’s premier currency.

Congress didn’t see it that way though. Those up for reelection couldn’t afford to side with Saudi Arabia over US victims. So Congress voted to override Obama’s veto, and JASTA became the law of the land.

The Saudis, quite correctly, see this as a huge threat. If they can be sued in US courts, their vast holdings of US assets are at risk of being frozen or seized.

The Saudi foreign minister promptly threatened to sell all of the country’s US assets.

Basically, Saudi Arabia was threatening to rip up the petrodollar arrangement, which underpins the US dollar’s role as the world’s premier currency.

Donald Trump and the Saudis

Unlike every president since the petrodollar’s birth, Donald Trump is openly hostile to Saudi Arabia.

Recently he put this out on Twitter:

Dopey Prince @Alwaleed_Talal wants to control our U.S. politicians with daddy’s money. Can’t do it when I get elected.

The dopey prince that Trump is referring to is Al-Waleed bin Talal, a prominent member of the Saudi royal family. He’s also one of the largest foreign investors in the US economy, particularly in media and financial companies.

The Saudis openly backed Hillary during the election. In fact, they “donated” an estimated $10 million–$25 million to the Clinton Foundation, making them the most generous foreign donors.

Besides Hillary Clinton, the single biggest loser from the US presidential election was Saudi Arabia.

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

Scotland Threatens To Veto Brexit

June 26, 2016

Scotland Threatens To Veto Brexit

Yesterday we warned that the biggest threat to the UK political process in the aftermath of the Friday referendum is neither an arguably fake petition to hold another referendum (it won’t happen), nor the so-called buyer’s remorse on the side of “Leave” voters, especially with ComRes confirming a negligible 1% of those voters were “Unhappy” with the outcome…
Britain Elects @britainelects

On the EU referendum result:
Happy: 48%
Unhappy: 43%
Indifferent: 7%
(via ComRes)

Britain Elects @britainelects

Vote split // On the  result (Remain / Leave):
Happy: 4% / 92%
Unhappy: 88% / 1%
Indifferent: 7% / 5%
(via ComRes)

5:40 PM – 25 Jun 2016

…but rather a surprising discovery in a UK government Command Paper laying out “The Process of withdrawing from the European Union“, which goes through the process of invoking the infamous Article 50 of the Treaty on European Union, and notes that there may be a rather substantial hurdle to the actual Brexit process: a Scottish and/or Northern Irish veto to Britain’s separation from the EU. To wit:

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

The role of the devolved legislatures in implementing the withdrawal agreement:

We asked Sir David whether he thought the Scottish Parliament would have to give its consent to measures extinguishing the application of EU law in Scotland. He noted that such measures would entail amendment of section 29 of the Scotland Act 1998, which binds the Scottish Parliament to act in a manner compatible with EU law, and he therefore believed that the Scottish Parliament’s consent would be required. He could envisage certain political advantages being drawn from not giving consent. 

We note that the European Communities Act is also entrenched in the devolution settlements of Wales and Northern Ireland. Though we have taken no evidence on this specific point, we have no reason to believe that the requirement for legislative consent for its repeal would not apply to all the devolved nations.

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

Canadian oil extraction is ‘extraordinarily dirty’ process, Obama says

March 7, 2015

Canadian oil extraction is ‘extraordinarily dirty’ process, Obama says

Keystone XL pipeline vetoed by president in February

U.S. President Barack Obama has some less-than-laudatory words for Canada’s oil industry in a new example of his increasingly critical take on the oilsands.

He was asked about the Keystone XL pipeline during a town-hall session Friday — and he launched into an explanation of why so many environmentalists oppose it.

“The way that you get oil out in Canada is an extraordinarily dirty way of extracting oil,” Obama said during the event at a South Carolina college.

“Obviously,” he added, “there are always risks in piping a lot of oil through Nebraska farmland and other parts of the country.”

Obama has recently taken to dismissing the Keystone XL pipeline, playing down its benefit for the American economy. But his remarks Friday at Benedict College were notable in that they were aimed at the industry itself.

Keystone veto

It came during a question-and-answer session where a student saluted him for vetoing a bill to build the pipeline: “Thank you. Thank you. Thank you,” said the questioner. “You are what we hoped for.”

Obama replied that his decision to veto the bill wasn’t the last word on the matter. He said he hasn’t made a final decision. But then he proceeded to launch into a statement on climate change.

 

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

Obama’s Veto of Keystone XL Bittersweet for Texans Forced to Allow the Pipeline on Their Land

February 25, 2015

Obama’s Veto of Keystone XL Bittersweet for Texans Forced to Allow the Pipeline on Their Land

As expected, President Obama today vetoed the Republican bill attempting to allow TransCanada to finish constructing the Keystone XL tar sands export pipeline. While the veto received praise from environmentalists, along with encouragement to reject the pipeline entirely, the veto provides little consolation to those in Texas who already have the southern route of the pipeline moving Canadian tar sands under their land.

“Don’t get me wrong. I’m thrilled that President Obama owned up to his promise to veto the Keystone XL pipeline bill today. But in the same breath I’m spittin’ mad,” Julia Trigg Crawford, Texas landowner who fought TransCanada from taking her land by eminent domain but lost, told DeSmogBlog.

“Nearly three years ago, with the exact same data in front of him he decided to ‘cut through the red tape and fast track’ the southern leg of this project. Where was his ‘climate test’ then?” “Before the ink is dry on this veto, President Obama owes all of us in Texas and Oklahoma an explanation. Better yet, an apology.”

In the constant clamor from high profile environmental groups for President Obama to reject the Keystone XL pipeline, there is little mention that the president fast-tracked the southern portion of the pipeline. Nor do most people know that TransCanada is already transporting tar sands from Canada to the Gulf Coast.

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

 

White House Confirms Obama Will Veto TransCanada’s Keystone XL Pipeline

January 7, 2015

White House Confirms Obama Will Veto TransCanada’s Keystone XL Pipeline

The White House confirmed today that President Obama will veto Congressional legislation designed to greenlight construction of the Keystone XLpipeline, the contentious project first proposed six years ago to carry more than 800,000 barrels per day of Canadian oilsands crude from Alberta to refineries and export facilities along the Gulf of Mexico.

Despite strong indications of support in Congress, the Obama Administration has already indicated it will veto the bill to expedite approval of the $8 billion project if approved. A similar bill was blocked by Democrats in the Senate in November.

“If this bill passes this Congress the president won’t sign it either,” Josh Earnest, White House press secretary, said. Obama rejected TransCanada’s application to build the pipeline in 2012, suggesting congressional Republicans had set a “rushed and arbitrary deadline” for the project’s approval.

The bill, proposed by Republican Senator John Hoeven from North Dakota and Democratic Senator Joe Manchin from West Virginia, will be debated in a Senate Energy and Natural Resources Committee hearing Wednesday with the panel set to vote on the project Thursday.

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

 

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