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Spengler

The Exhausted U.S. Economy, and a Lesson for Republicans

February 4th, 2014 - 4:16 am

When employment hit an air pocket in December, most analysts brushed off the dreadful jobs number as an anomaly, or a function of the weather. They chose to believe Ben Bernanke rather than their lying eyes. It’s hard to ignore a second signal that the U.S. economy is dead in the water, though: on Monday the Institute for Supply Management reported the steepest drop in manufacturing orders since December 1980:

FRED Graph

In January, only 51% of manufacturers reported a rise in new orders, vs. 64% in December. Not only did the U.S. economy stop hiring in December, with just 74,000 workers added to payrolls; it stopped ordering new equipment. The drop in orders is something that only has occurred during recessions (denoted by the shaded blue portions of the chart). The Commerce Department earlier reported a sharp drop in December orders for durable goods. In current dollars, durable goods orders are unchanged from a year ago, which is to say they are lower after inflation.

FRED Graph

This should be no surprise in retrospect, given two disastrous underlying trends. One is the decline of real median household income:

Graph of Real Median Household Income in the United States

The other is the collapse of the labor force participation rate, which is the flip side of the coin: if fewer adults are working, median household income will be lower.

Graph of Civilian Labor Force Participation Rate - Bachelor's Degree and Higher, 25 years and over

It’s even worse than it looks, because Americans who have jobs are working fewer hours.

FRED Graph

Average hours worked are down 1% from pre-recession levels. That doesn’t seem like a lot, but it’s the equivalent of 1.4 million jobs in a labor force of 140 million. The U.S. has restored 2.5 million jobs since the financial crash, but adjusted for hours worked, it’s the equivalent of just 1.1 million jobs.

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Danske Bank last week cut off banking business with Israel’s Bank Hapoalim on “legal and ethical grounds.”

What are Danske Bank’s ethics?

According to Wikileaks cables, Danske Bank helped finance Tanchon, a North Korean trading company that sold ballistic missiles to Iran:

Tanchon has been involved in financing ballistic missile sales from KOMID to Iran’s Shahid Hemmat Industrial Group (SHIG). SHIG is the Iranian organization charged with developing Iran’s liquid- fueled ballistic missile program and is designated under UNSCR 1737 for an asset freeze.

The same State Department cable adds:

We previously raised with you in March 2006 our concern (REF L) that Tanchon Commercial Bank maintained a correspondent account with Den Danske Bank AS- Copenhagen. According to April 2009 Bankers Almanac information, Tanchon still maintains that account.

The cable, dated May 12, 2009, has the ID 09STATE48525_a.

Danske Bank claimed to have stopped doing so business with Iran in 2010, which is an acknowledgement that it was doing so previously. It did not state that it was doing so on “legal and ethical grounds.”

soviet_guitar_big_1-29-14-1

I first heard Pete Seeger perform when I was five or six, when I was a red-diaper baby and he was blacklisted and drunk. What I recall most about the encounter was that the tip of his needle-nose glowed bright red. He was performing for a children’s group of some sort at a time when his Communist background kept him out of public venues. His records — not just the Weavers albums, but the early Asch 78′s of the Almanac Singers — were daily fare in my home, along with Woody Guthrie’s children’s songs. My parents knew Guthrie casually; my father once organized a concert for him at Brooklyn College, and my mother was Arlo Guthrie’s nursery-school teacher.

I was not just a Pete Seeger fan, but a to-the-hammer-born, born-and-bred cradle fan of Pete Seeger. With those credentials, permit me to take note of his passing with the observation that he was a fraud, a phony, a poseur, an imposter. The notion of folk music he espoused was a put-on from beginning to end.

There is no such thing as an American “folk.” We are a people summoned to these shores by an idea, not common ties of blood and culture. There is folk music in America where pockets of ethnicity resisted assimilation: African-American blues, for example, or the English songs frozen in amber in white Appalachia. That is why the best American popular music always came from black sources, performed either by black musicians or white emulators from George Gershwin on down.

Seeger’s (and Guthrie’s) notion of folk music had less to do with actual American sources than with a Communist-inspired Yankee version of Proletkult. The highly personalized style of a Robert Johnson and other Delta bluesmen didn’t belong in the organizing handbook of the “folk” exponents who grew up in the Communist Party’s failed efforts to control the trade union movement of the 1940s. The music of the American people grew out of their churches. Their instrument was the piano, not the guitar, and their style was harmonized singing of religious texts rather than the nasal wailing that Guthrie made famous. Seeger, the son of an academic musicologist and a classical violinist, was no mountain primitive, but a slick commercializer of “folk” themes with a nasty political agenda. His capacity to apologize for the brutalities of Communist regimes — including their repression of their own “folksingers” — remained undiminished with age, as David Graham reported in the Atlantic.

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Don’t Cry for Argentina: Me

January 27th, 2014 - 7:56 pm

Cross Posted from Asia Times Online

By Spengler

I wish I had a nickel for every prediction of social unrest in China that I’ve read in the past year. Apart from the risk of stampedes at shopping malls before the Lunar New Year, China is tranquil. Meanwhile there are several dozen dead in Cairo overnight, central Bangkok remains under lockdown, street protests are out of control in Ukraine, Argentines are looting stores during power outages, and the stink of tear gas still overhangs the public squares of Istanbul from last year’s demonstrations.

There is social unrest in a lot of places other than China, and it goes together with the collapse of local currencies. The Chinese aren’t rioting because they are gainfully occupied and their wages are rising 15% to 20% a year. Other so-called emerging markets are in trouble because they are teeming with people who have nothing remunerative to do.

Most of the world’s people farm for a living, but we need perhaps 1% of the world’s population to grow crops at American standards of productivity. The rest are marking time. We will need less unskilled factory labor as automation takes hold, which implies dire consequences for most of the farmers who managed to get to a city and get an entry-level factory job.

Turkey was supposed to be the poster-boy for prosperity through Muslim democracy. Instead, it has become an object lesson in emerging market mediocrity, and its currency is collapsing because it pretended to be something better than that.

The Turks can spin polyester into sweaters for the Russian market, build washing machines for Southern Europe, and assemble cars for the Koreans. They can’t build a smart phone, let alone a modern aircraft, although their military has put some down-market drones in the air. There are a handful of fine universities that produce good engineers and financial types, but not enough to make a dent in the country’s overall economic backwardness.

Turkish Stock Market ETF, Past 12 Months

Turkish Lira to US Dollar

Argentine Peso to US Dollar

Turkey is in trouble because the Turks aren’t very good at anything in particular, but acted as if they were the next China. They borrowed vast sums from the international market against a glorious future that was never to be. Among all of the world’s big economies Turkey has the worst current account deficit, at nearly 8% of economic output, roughly where Greece was before its national bankruptcy. Investors reckoned that with high economic growth, Turkey would have no problem carrying its debt; what they did not take into account is that the growth itself was largely an illusion, a carnival of consumption and construction that depended on increasing debt in the first place.

Of all the so-called emerging markets only China addressed the problem of a sidelined population, by methods that appear cruel, even repugnant in Western eyes. The one-child policy, surely the worst intrusion by any state into personal life in modern history, stopped the growth of the peasant population.

By main force, China will move 700 million people – the equivalent of all Europe from the Urals to the Atlantic – to cities from the countryside within little more than a single generation. This great migration has great costs – separation of families, arbitrary removal of farmers from their land, and the occasional construction of a city in the wrong place. But Chinese household income has risen 16-fold since 1987 as a result. And the Chinese by and large do not riot because they are too busy working. There is no reserve of idle farmers to bus into the center of the capital for a few dollars a day apiece, as in Thailand.

Unrest, to be sure, has different proximate causes in different places. The Ukrainians want to join the European Community so that they can leave Ukraine and go to places where they can earn money. The Turks object to the ruling party’s stealth construction of an Islamic dictatorship with its attendant cronyism and corruption. But the common thread in all the financial and social crises which broke out during the past several months is this: the world economy has left behind large parts of the world’s people.

The Egyptians, with 40% illiteracy and a more than 90% rate of female genital mutilation, dependent on imports for half their food while 70% of the population languishes in rural poverty, are the worst off. The Turks have a future, but it is a humbler and poorer one than their leaders have promised them. The adjustment of expectations will be wrenching, perhaps violent.

Argentina, whose currency collapsed last week, is another case in point. Blessed with great natural wealth, the Argentines have resented the oligopolies who control their resources, and try to vote themselves rich with depressing regularity. One government after another offers handouts to the querulous voters, who have learned that this practice breeds inflation and currency devaluation. The Argentine game is to be first in line at the public trough, and first in line at the foreign exchange counter to get out of local currency before it collapses yet again.

The industrial countries have the same kind of problem just below the surface. In America, fewer than half of adults available to work with a high school education or less actually are working.

US Labor Force – High-School Graduates

That is, only 58% of the noninstitutional adult civilian population with only a high school degree is counted in the labor force. For adults with less than a high school diploma, the labor participation rate falls to just 44%. Deduct the unemployed, and the result is that less than half of Americans without college are at work. That’s why 60 million Americans are on food stamps, and why a third of all American households have at least one member receiving means-tested government subsidies.

Meanwhile employers report shortages of skilled labor in numerous fields. It is hard to find skilled machine operators, who require the equivalent of a couple of years of college math to master the computer controls on industrial equipment, for example.

Spain’s unemployment rate remains at 26%. Spanish workers are now willing to take jobs at 700 euros (US$957) a month making clothing to compete with Chinese imports. That’s roughly what better-qualified Chinese workers earn with overtime. The low end of the European labor market, that is, already has converged with the high end of the Chinese labor market.

US Labor Force – High-School Dropouts

The risk is that the unproductive, unskilled and unemployable portions of the industrial world’s people will decide to vote themselves rich. Their leaders encourage this by focusing on income inequality. That is President Obama’s message as well as the consensus at the World Economic Forum last week at Davos, and it is nonsense.

The problem isn’t inequality of income, but inequality of knowledge. One pilot flying a modern military aircraft could destroy the whole of an ancient civilization. One farmer from Nebraska can replace a hundred in Egypt. A thousand years ago, everyone knew how a watermill worked; 200 years ago, most people knew how a steam engine works; how many people today know how a computer works?

East Asia is faring better than the rest of the world in this great transformation because its culture imposes a merciless meritocracy. The West should be able to do better than this. If we can’t, we can see our future in Argentina.

Common Traits Bind Jews and Chinese

January 11th, 2014 - 5:21 pm

Common traits bind Jews and Chinese
By Spengler

(Cross-posted from Asia Times Online)

JERUSALEM – The Chinese are connoisseurs of civilization. For thousands of years they have absorbed ethnicities into their own culture, eliminating on occasion tribes that proved too troublesome. They have watched other civilizations come and go; they have seen their younger neighbors adopt parts of their culture and then try to assert their superiority, and ultimately fail. They are the last people on earth to accept the liberal Western dogma that every culture is valid within its own terms of reference, for they have seen too many civilizations fail of their own flaws.

There is no greater compliment to any culture than to be admired
by Chinese, who with some justification regard their civilization as the world’s most ancient and, in the long run, most successful. The high regard that the Chinese have for Jews should be a source of pride to the latter. In fact, it is very pleasant indeed for a Jew to spend time in China. The sad history of Jew-hatred has left scars on every European nation, but it is entirely absent in the world’s largest country. On the contrary, to the extent that Chinese people know something of the Jews, their response to us is instinctively sympathetic.

“I am always surprised by the expressions of affection that the Chinese show for the Jews. Both cultures, the Chinese emphasize, share respect for family, learning and, yes, money,” wrote the journalist Clarissa Sebag-Montefiore last year. ‘”Most Chinese will think Jews are smart, clever or good at making money, and that they have achieved a great deal,’ Professor Xu Xin, director of the Institute of Jewish Studies at Nanjing University (one of over half a dozen centers in China dedicated to studying Judaism) told me last week,” she wrote. “This logic — that the Jews are admired for their success despite their small numbers and historical oppression — has also led to a burgeoning industry of self-help books that use Jewish culture and the Talmud to preach business tips.”

Family, learning, respect for tradition, business acumen: these are Jewish traits that the Chinese also consider to be their virtues. All this is true as far as it goes. One might also mention that China never has had reason to view the Jews as competitors for legitimacy.

Christianity began as a Jewish sect and has vacillated between the claim that is has superseded Judaism and the view that it is a daughter religion that should honor its parent. Islam claims that Jews and Christians falsified the revelations given to them and that their scriptures are a perversion of God’s true message, which Mohammed restored to its original integrity. But by no stretch of the imagination could China view the Jews as a threat to the legitimacy of its civilization.

The Chinese, in short, have no reasons to dislike or fear the Jews, and a number of reasons to admire them simply because Jews display traits that Chinese admire among themselves. A Jew visiting China, though, senses an affinity with Chinese people, more than can be explained by the commonality of traits. There is a common attitude towards life, and especially toward adversity.

A Chinese friend explained it to me this way: If you suffer a setback, even if through no fault of your own, and even if through the malicious acts of malevolent people, you must not feel sorry for yourself or blame others for your troubles. It is you who must take responsibility for overcoming them. You are required to redouble your efforts and work all the harder. Perseverance in the face of adversity is something Jews understand very well. Through two millennia of exile in the West, Jews maintained an autonomous high culture while succeeding at the highest level within Western culture, often despite persecution.

Civilizations fail when they become despondent, when they lose confidence in their history and their future, when their citizens cease to feel pride in and draw inspiration from their culture. Somehow, for thousands of years, Jews and Chinese kept their confidence in their civilization and preserved it through war and foreign conquest. Surely that helps explain their present success. The confidence to redouble one’s efforts in the face of adversity, even malevolence, cannot be explained by simple stubbornness. The grit required to excel even when the game is rigged against you is not only a cultural trait, but the trait of a culture, that is, a personal characteristic that draws on a culture’s self-confidence.

It may seem odd to compare the largest of peoples with one of the world’s smallest, but Chinese and Jews have something in common that helps explain their success and longevity. That is the ability to rise above ethnic conflicts.

Tribal warfare is the bane of human society. During the 40,000 years before the dawn of civilization, some anthropologists estimate, two-fifths of males who survived infancy died in warfare. The great empires of the Near East and the West failed because they enslaved the peoples they conquered rather than integrate them. European Christianity offered a compromise: the ethnicities that occupied Europe after the collapse of the Roman Empire would join a universal Church in the spirit, but keep their ethnic nature in the flesh. Ultimately the flesh overwhelmed the spirit, and ethnocentric nationalism provoked the terrible wars of the 20th century.

Chinese civilization offered a different model: it integrated innumerable ethnic minorities into a unified culture centered on a written language and literary tradition, and offered the opportunity for advancement to everyone who came under the umbrella of this culture. Unlike Rome, it did not enslave subject populations to work giant estates, but emphasized the extended family as the fundamental unit of society.

Unlike Christianity, where the unifying language of Europe (Latin) was understood by a tiny elite, Chinese culture propagated a unifying written language. Literacy in ancient China was extremely high in comparison to the ancient and medieval West, between 20% and 30% by most estimates. China still has 55 ethnic minorities and a wide variety of spoken languages. The only people with a higher literacy rate in the ancient world were the Jews, who began a program of compulsory universal education during the 1st century BCE.

What distinguishes Israel from all the other peoples of the ancient world west of the Indus River? Uniquely, the ancient Hebrews believed that their nation was defined not by ethnicity and geographic origin but rather by a code of practice given by divine mandate.

Jewish Scripture describes the founding father of the Jewish people, Abraham, as a wandering Babylonian summoned by the single Creator God to leave his homeland and come to a land–the present-day Israel–where his descendants would multiply and endure forever. The generation of his great-grandchildren migrated to Egypt, and their descendants were enslaved. God’s intervention freed the Hebrews from slavery, and gave them the Torah (“teachings”) at Mount Sinai, instructing them to conquer the future Land of Israel.

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Turkey is coming apart. The Islamist coalition that crushed the secular military and political establishment–between Tayip Erdogan’s ruling AK Party and the Islamist movement around Fethullah Gulen–has cracked. The Gulenists, who predominate in the security forces, have arrested the sons of top government ministers for helping Iran to launder money and circumvent sanctions, and ten members of Erdogan’s cabinet have resigned. Turkey’s currency is in free fall, and that’s just the beginning of the country’s troubles: about two-fifths of corporate debt is in foreign currencies, so the cost of servicing it jumps whenever the Turkish lira declines. Turkish stocks have crashed (and were down another 5% in dollar terms in early trading Friday). As the charts below illustrate, so much for Turkey’s miracle economy.

Two years ago I predicted a Turkish economic crash. Erdogan’s much-vaunted economic miracle stemmed mainly from vast credit expansion to fuel an import boom, leaving the country with a current account deficit of 7 % of GDP (about the same as Greece before it went bankrupt) and a mushrooming pile of short-term foreign debt. The Gulf states kept financing Erdogan’s import bill, evidently because they wanted to keep a Sunni power in business as a counterweight to Iran; perhaps they have tired of Turkey’s double-dealing with the Persians. And credulous investors kept piling into Turkish stocks.

I reiterated my warning that Turkey would unravel at regular intervals, for example here.

No more. Turkey is a mediocre economy at best with a poorly educated workforce, no high-tech capacity, and shrinking markets in depressed Europe and the unstable Arab world. Its future might well be as an economic tributary of China, as the “New Silk Road” extends high-speed rail lines to the Bosporus.

For the past ten years we have heard ad nauseum about the “Turkish model” of “Muslim democracy.” The George W. Bush administration courted Erdogan even before he became prime minister, and Obama went out of his way to make Erdogan his principal pal in foreign policy. I have been ridiculing this notion for years, for example in this 2010 essay for Tablet.

The whole notion was flawed from top to bottom. Turkey was not in line to become an economic power of any kind: it lacked the people and skills to do anything better than medium-tech manufacturing. Its Islamists never were democrats. Worst of all, its demographics are as bad as Europe’s. Ethnic Turks have a fertility rate close to 1.5 children per family, while the Kurdish minority is having 4 children per family. Within a generation half of Turkey’s young men will come from families where Kurdish is the first language.

Chart forUSD/TRY (TRY=X)

Chart foriShares MSCI Turkey (TUR)

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It’s About the Settlements, Stupid

December 17th, 2013 - 8:33 am

Jewish settlements in Judea and Samaria, the misnamed occupied territories, are not the obstacle to peace between Israelis and Palestinians. They are the acid test of peace. To argue that peace is conceivable unless the bulk of the settlements remain in place constitutes stupidity or hypocrisy. Leave aside the issue of whether Jews have the right to live in the historic homeland of the Jewish people. Ignore the fact that the settlers live overwhelmingly on what was waste land and turned into gardens, vineyards, and industries which have uplifted the lives of Palestinian Arabs more than all the aid that has passed through (or rather stuck to) the fingers of the kleptocrats of the PA. Leave aside also Israel’s requirement for defensible borders: that is a critical issue but not identical to the continued presence of settlements.

Accepting the settlements is the sine qua non of any viable peace agreement. It does Israel no good to defend Israel’s right to exist but to condemn the settlers, as does Alan Dershowitz, not to mention the leaders of liberal Jewish denominations.

I believe in land for peace. That is a tautology: In territorial disputes the two main variables always are land and peace. But that implies more land for more peace and less land for less peace. The Palestinian Arabs had an opportunity to accept an Israeli state on just 5,500 square miles of land in 1947, and refused to do so. The armistice lines of 1948 left Israel with 8,550 square miles, and the Arab side refused to accept that. In 1967 Israel took an additional 5,628 square miles of land in dispute under international law; Jordan does not claim it, and no legal Arab authority exists to claim it. It is not “illegally occupied.” It has never been adjudicated by a competent authority.

To demand the 1948 armistice lines (the so-called 1967 borders) is to refuse any penalty for refusing to make peace in the past. That is the same as refusing any peace at all. Wars end when one side accepts defeat, and abandons the hope of restoring the status quo ante by force of arms. 1947 was a catastrophe (“Nakba”) for the Palestinian Arabs, to be sure, but it was a catastrophe of their own making; until they accept at least some degree of responsibility for the catastrophe, they will not be reconciled to any peace agreement. That is precisely what Palestine’s negotiator Saeb Erekat meant when he eschewed any recognition of Israel as a Jewish nation-state because “I cannot change my narrative.” The “narrative” is that the Jews are an alien intrusion into the Muslim Middle East and eventually must be eliminated by one means or another.

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The Dead’s Envy for the Living

November 26th, 2013 - 4:24 am

chamberlain-obama1

Many commentators, most eloquently Bret Stephens at the Wall Street Journal, draw a parallel between the appeasement of Hitler at Munich in 1938 and the appeasement of Iran at Geneva. There is another, more chilling parallel: Iran’s motive for proposing to annihilate the Jewish State is the same as Hitler’s, and the world’s indifference to the prospect of another Holocaust is no different today than it was in 1938. It is the dead’s envy for the living.

Dying civilizations are the most dangerous, and Iran is dying. Its total fertility rate probably stands at just 1.6 children per female, the same level as Western Europe, a catastrophic decline from 7 children per female in the early 1980s. Iran’s present youth bulge will turn into an elderly dependent problem worse than Europe’s in the next generation and the country will collapse. That is why war is likely, if not entirely inevitable.

Iran’s Elderly Dependent Ratio

Year Elderly Dependent Ratio
2010 7.4
2015 8.8
2020 10.5
2025 12.8
2030 15.7
2035 18.8
2040 22.7
2045 28.4
2050 34
2055 37.5
2060 39.2

Source: UN “Low Variant”

The table above is drawn from United Nations projections. It probably underestimates Iran’s predicament: the UN’s “low variant” puts the country’s total fertility rate at 1.9 children as of 2015, but it already has fallen to just 1.6. This means in simple arithmetic that a generation hence, there will be two elderly dependents for every three workers, compared to 7 elderly dependents for every 93 workers today. That is a death sentence for a poor country, and at this point it is virtually irreversible.

As the United States Institute of Peace wrote in its April 2013 “Iran Primer”:

“Iran’s low fertility rate has produced a rapidly aging population, according to a new U.N. report. The rate has declined from 2.2 births per woman in 2000 to 1.6 in 2012. This has pushed the median age of Iranians to 27.1 years in 2010, up from 20.8 years in 2000. The median age could reach 40 years by 2030, according to the U.N. Population Division. An elderly and dependent population may heavily tax Iran’s public health infrastructure and social security network.”

In 2005 and 2006, I was the first Western analyst to draw strategic conclusions from this trend, the steepest decline in fertility in the history of the world. Iran must break out and establish a Shiite zone of power, or it will break down.

Iran’s theocracy displays the same apocalyptic panic about its demographic future that Hitler expressed about the supposed decline of the so-called Aryan race. Unlike Hitler, whose racial paranoia ran wild, Iran’s presentiment of national death is well founded on the facts. That is not to understate Iran’s paranoia. In 2013 Iran’s vice president alleged that Jews ran the international drug trade. In a June 2013 Facebook post earlier this year Iran’s Supreme Leader Ayatollah Khamenei  wrote, “U.S. President is being elected [sic] only from two parties while Zionist regime is controlling everything from behind the scenes.” That captions a cartoon showing fat men with moneybags for heads under a Star of David.  Iranian officials routinely threaten to “annihilate the Zionist regime.”

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The Cost of America’s Abdication of Power

November 21st, 2013 - 3:07 pm

From today’s Algemeiner:

On a state visit to Moscow Wednesday, Israeli Prime Minister Benjamin Netanyahu reportedly asked Russian President Vladimir Putin to assert himself over U.S. President Barack Obama as the main peacekeeper in the Iranian nuclear negotiations, just as Putin did over the chemical weapons in Syria, according to a report on Thursday in Russia’s Kommersant that cited unnamed diplomatic sources.

Kommersant said the deal on the table today from the world powers in Geneva stipulates a six-month suspension of work on Iran’s nuclear facilities, in exchange for releasing $3 billion of frozen assets in international banks and a reduction in sanctions that would provide Tehran with an another $10 billion.

The newspaper cited a source close to the Israeli government as saying, “Netanyahu understands that the deal, insisted on by the United States, will be concluded,” and he sees no way to influence Washington any further in the matter.

“The looming agreement with Iran would have been acceptable two years ago, but not now,” a source close to Netanyahu told Kommersant. “Sometimes a bad agreement is worse than none. North Korea, for example, turned out to acquire nuclear weapons within a month after a written contract” was signed, saying that they wouldn’t.

Its sources said Netanyahu’s goal in the visit to Moscow was to convince the Russian leadership to achieve the maximum possible from Tehran with real concessions formalized in a binding agreement.

“We hope that Russia, as a key member of the negotiating process in Geneva, will be able to change the situation,” the Israeli diplomatic source said, adding that the key concession would be to get tougher control over Iranian nuclear facilities and opportunities to peer within the “secrets of the enterprise.”Iran has said it would not allow full transparency in terms of inspections to its nuclear facilities.

Benny Briskin, director of the Russian Jewish Congress (RJC) and an adviser to Netanyahu for a decade, told Kommersant, ”Moscow has well-developed links with Iran, as well as economic instruments that remain, despite international sanctions.”

 

All of this and more could have been anticipated years ago, as I’ll explain on the next page.

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Best Obama Takedown Ever

November 15th, 2013 - 12:53 am

A senior statesman of an Asian government qualified Barack Obama as “the NGO president” in private conversation. Just thought I’d share.