On 16 July 2012, the Organization of Petroleum Exporting Countries (OPEC) reported that Iran’s oil revenues for 2011 jumped 59%!
Revenue from Iran’s 2011 exported oil and other petroleum products hit $114.8 billion USD. In 2010 Iran’s oil revenue was $72.2 billion.
“We are ready to sacrifice our lives for our country!”-Hasan Nasrallah
18 July 2012, Hasan Nasrallah says the United States and Europe have given up on using sanctions, and it is clear the U.S./Israeli supported civil war in Syria is failing, so total war by the West is inevitable.
Says Lebanon will not fall into another civil war instigated by the West, such as what happened in Libya, and what the West is trying to do in Syria. Says Lebanon is united, Hezbollah has made alliances with other political groups within Lebanon.
Nasrallah calling on Palestinians, and other Arab peoples, to come together and prepare for final war. Warning Arabs to not allow western supported regimes to regain power, if that happens the Palestinian people “…will be lost forever!”
He also announced that Iran is ready to offer lines of credit to the Lebanese Army.
Announced policy of religious tolerance in Lebanon. Shi’a Muslims of Lebanon ordered to respect other religions!
Says Muslims have been divided for decades because of Western propaganda, calling for all Muslims, regardless of ethnicity, to unite.
Hezbollah accepts responsibility for all repercussions against Lebanon, for any actions blamed on Hezbollah, whether those accusations are real or made up by the United States or Israel!
“Despite major policy actions, financial markets in parts of the region remain under acute stress, raising questions about the viability of the monetary union itself.”-IMF statement
18 July 2012, the International Monetary Fund has declared the European Union (EU) economy as “critical”.
The IMF is also pushing for the creation of a single banking union for the EU. Germany is so far opposed to such an idea.
IMF officials say one of the reasons for the critical economic situation in the EU, is that people are pulling their money out of banks. Example: Some wealthy Greeks pulled their money out of Greek banks and put it into banks of other European countries that were more financially sound. By creating a single EU banking system it would prevent that.
Despite being “critical” the economy of the EU is still bigger than that of the United States, and directly affects U.S. business, which is why so many U.S. investors are glued to news from Europe.
“The problem of the Iranian LCs [Letters of Credit] created by the U.S. and western states’ sanctions against the banking system (of Iran) can be solved by using the banks operating in the Russian regions.”-Alexander Vitalivic, Russian Head of the Iran-Russia Regional Cooperation Workgroup
17 July 2012, Russian officials announced, at the Iran-Russia Regional Cooperation Workgroup meeting, that Russia is willing and able to help Iran avoid any bad economic effects from U.S. and European Union sanctions!
“The presence of small and medium size banks and financial institutions of the (Russian) regions (on the scene of transactions with Iran) will be useful for motivating an increase in exchanges and preventing decrease in exports.”-Alexander Vitalivic
Also, Russian Head of Iran-Russia Joint Trade Council, Yuri Papoyev, announced that Central Bank of Russia (CBR) is ready to make due payments to Iranian parties: “After meetings with the Russian Central Bank officials, they agreed to make due payments and open LCs [Letters of Credit] for Iran in the least time possible.”
“…unprecedented degree of government intervention in the financial system…..not the first time LIBOR had come up….It didn’t seem an inappropriate action given that it was coming from the Bank of England.”-Jerry del Missier, statements made to U.K. Parliament
16 July 2012, former chief operating officer of Barclays, Jerry del Missier, told a parliamentary committee that the ‘order’ to manipulate interest and currency rates came directly from the Bank of England!
The Bank of England (BoE) is the central bank of the United Kingdom, similar to the U.S. Federal Reserve Bank. Missier referred to the “lowballing” order from central banks as “…a time when governments were tangibly calling the shots“.
Missier, from Canada, quit his job at Barclays just hours after chief executive, Bob Diamond, resigned.
The LIBOR scandal now involves dozens of Too Big to Fail banks around the western world, and Japan’s TIBOR and European Union’s EURIBOR. The scandal involves banks in North America, Europe and Japan (the regional members of the Trilateral Commission).
And don’t blame Obama, this started under the Bush Jr administration!
Check my blog for other LIBOR reports.
15 July 2012, the Arab Peninsula principalities, known as United Arab Emirates (UAE), announced the operation of a pipeline avoiding the Strait of Hormuz (which could be shut down).
The 400 kilometer (248.5 mile) long Abu Dhabi Crude Oil pipeline connects the Habshan oil fields on the Persian Gulf side of the Strait of Hormuz, with the port city of Fujairah, which is on the Indian Ocean side of the Strait.
The pipeline can flow up to 1.8 million barrels of oil daily, about 70% of UAE’s production.
Japanese officials are happy, because the UAE is Japan’s second biggest source of petroleum. Saudi Arabia is number one, Iran number three.
“As much as $800 trillion in financial products are pegged to LIBOR, so any manipulation of this rate is of serious concern!”-U.S. Representative Randy Neugebauer, House Financial Services Subcommittee on Oversight and Investigations
14 July 2012, current United States Secretary of the Treasury, Timothy Franz Geithner, knew of illegal interest and currency manipulation by LIBOR while he was chairman of the Federal Reserve Bank of New York (a privately run bank).
According to recent reports, in 2008 a Barclays employee told Geitner “…we know that we’re not posting um, an honest…” rate. The unnamed employee then went on to explain that Barclays just wanted to “…fit in with the rest of the crowd.”
An interesting statement since Barclays is actually an international banking leader!
“I wish I could say I’m shocked, because it is shocking. But regulators have not been particularly effective or aggressive in the past two decades of finance.”-Frank Partnoy, University of San Diego School of Law
The latest reports say officials with the U.S. Federal Reserve Bank knew of such rate fixing back in 2007: “In the context of our market monitoring following the onset of the financial crisis in late 2007, involving thousands of calls and e-mails with market participants over a period of many months, we received occasional anecdotal reports from Barclays of problems with LIBOR.”-New York Federal Reserve Bank statement
In April 2008, a Barclays employee told the New York Federal Reserve: “…where I would be able to borrow without question it would be higher than the rate that I’m actually putting in.”
Geitner notified government officials, including the U.S. Department of the Treasury (then run by Hank Merritt “Hank” Paulson Jr under President George Bush Jr). Seemingly no one was concerned, because nothing was done to stop it.
On 13 July 2012, the Bank of England (BoE) admitted to getting a letter from Geitner, back in June 2008. The letter kindly asks the British controlled LIBOR to “…eliminate incentive to misreport.”
BoE responded simply by saying Geitner’s request “seem sensible”.
Since last year, the number of Too Big to Fail banks being investigated has grown to several dozen! The scandal involves banks in North America, Europe and Japan (the regional members of the Trilateral Commission).
“The story is quite shocking and brings us back to the banking industry’s most irresponsible behavior of the past!”– Joaquin Almunia, Vice-President of the European Commission, and Commissioner responsible for competition
14 July 2012, a top European Union official has admitted that the recent LIBOR scandal involving top British & U.S. banks, also involves top Japaneses and European banks, and government officials knew about it.
LIBOR, or London Interbank Offered Rate, is an interest rate charged to other banks, and is done on behalf of the British Bankers’ Association in London, England, U.K.
As of 2008 there were 60 international banks, including U.S. banks, beholden to the LIBOR.
Japan has their own version called TIBOR (Tokyo Interbank Offered Rate). The European Union has their version called EURIBOR (Euro Interbank Offered Rate).
EURIBOR is based in Belgium and involves at least 43 international banks.
EU Vice President, Joaquin Almunia, says his investigation into international interest rate fixing, as well as currency value fixing, began last year. It’s starting to look like the Too Big to Fails formed illegal cartels to favor a few and screw over the rest of us: “The alleged rate rigging is a major competition concern. This is why we started investigating a number of banks last year for their possible concerted manipulation of (interest rate) benchmarks such as LIBOR, EURIBOR and TIBOR, the Tokyo rate, for several currencies. The investigations have top priority because this sort of collusion can seriously harm competition worldwide and on our continent, in particular.”
In Japan the TIBOR scandal is making waves. On 06 July 2012, it was revealed that in June the Royal Bank of Scotland (RBS) pulled out of TIBOR. RBS is one of the banks under investigation.
UBS and Citigroup also withdrew from TIBOR earlier this year. They are also suspects. As of 06 July there were three non-Japanese banks still involved with TIBOR; JP Morgan, BNP Paribas and Deutsche Bank.
On 13 July, it was reported in the Japanese news media that the Japanese Bankers Association began investigating how interest rates and currency manipulations are arrived at by TIBOR.
It was also revealed that Japan’s Financial Services Agency fined Citigroup and UBS for such manipulations, last year! Japanese officials are saying that there’s no proof (so far) that Japanese banks were directly involved in illegal activities.
However, a top Japanese bank has put their London, U.K., employees on notice. Bank of Tokyo-Mitsubishi UFJ has essentially put its two currency traders in London under house arrest! The reason is that they are suspected of involvement in the British based LIBOR scandal.
Since last year, the number of Too Big to Fail banks being investigated has grown to several dozen! The scandal involves banks in North America, Europe and Japan (the regional members of the Trilateral Commission).
Check my blog for other LIBOR reports.
11 July 2012
“Unfortunately four of our brave local police were killed and two others injured in this cowardly attack.”-Hekmatullah Kochi, Zhari district police spokesman
In Kandahar Province, Afghan police turned on each other. Four people killed after two cops began shooting at other cops. Local officials are saying the Mujahideen infiltrated local police units.
International Security Assistance Force (ISAF) says a U.S. led occupying soldier was killed by an explosion: “An International Security Assistance Force service member died following an improvised explosive device attack in southern Afghanistan today.”
At least 237 U.S. led occupying personnel have died in Afghanistan since the beginning of this year.
ISAF claims to have captured two Islamic Movement of Uzbekistan leaders. The capture actually took place on 07 July 2012.
10 July 2012
In Kunduz Province, local police officials are reporting that German troops ran over children with their armored vehicle. They say one child was killed and two wounded. The U.S. puppet German government has not commented.
While in Japan raising more international taxpayer money for his country, President Hamid Karzai told reporters that Mujahideen were involved with current peace talks. However, Mujahideen groups around Afghanistan immediately denied that they were involved with peace talks with the Afghan government.
09 July 2012
In Paktiya and Nuristan provinces, local officials are reporting fire fights with Mujahideen. In Paktiya about 400 Mujahideen attacked a local government compound. At least one cop and two Mujahideen were killed. In Nuristan, local officials claim residents repelled an attack by so called Mujahideen.
Afghan government officials are also claiming that residents in the provinces of Ghazni and Faryab repelled so called Mujahideen attacks.
In Kandahar Province, five people were killed. Some reports say three of those killed were suicide bombers. Their car bomb went off too soon according to local police. The other two killed were children.
In Maidan Wardak Province, Mujahideen claim they killed five U.S. Marines. Reports say NATO confirmed the attack, but not the identity of those killed.
What Economic Recovery? A 92 year old Afghan newspaper, Etifaq-e-Islam, has finally called it quits. This after surviving the Soviet occupation, Civil War and Taliban government. Apparently working under U.S. occupation was too much financially. The newspaper had been relying on subsidies from local supporters, but the last few financial backers called it quits.
In Helmand Province, five people killed, 13 wounded, when a motorcycle bomb exploded: “An explosive laden motorbike was detonated through a remote control device near an Afghan Local Police checkpoint in Mirmandab area of Gereshk district Sunday evening, as a result two ALP policemen and three civilians lost their lives.”-Daud Ahmadi, local government spokesman
A former Chicago State University professor, who specializes in studying Afghanistan, Mohammed Duad Miraki, says the majority of the billions of USD in aid money does not go to the Afghan government. Regarding some $60 billion USD in aid, only 23% made it to the Afghan government, “…the rest has been used by international corporations and donors and over priced experts.”
Miraki added: “None of the $60 billion that have come to Afghanistan in any shape and form has affected the Afghan people in a positive way.”
Recently the international community, led by the U.S., has agreed to give Afghanistan another $16 billion USD, and of course it’s coming from taxpayers!
In Samangan Province, a traffic accident involving Afghan soldiers who just completed basic training, left 11 dead and 19 injured. It took place on Kabul-Mazar-e-Sharif highway. Local officials say reckless driving is to blame. This comes as the Afghan government recently admitted that many deadly traffic accidents are being caused by reckless driving by police!
In Kandahar Province, a series of coordinated explosions killed three people, and wounded two children.
ISAF claims to have captured another leader, along with several suspects, this time in Khost Province.
08 July 2012
70 countries pledged $16 billion USD to Afghanistan at the Tokyo Conference.
In Ghazni Province, the provincial prosecutor was assassinated. He was shot, and no one claims responsibility.
In Kandahar Province: “This morning a tractor and small truck hit roadside bombs in Arghistan district, killing 14 people and wounding three.”-Abdul Raziq, local police chief
In Helmand Province, local officials say Mujahideen attacked and killed five cops. Local police say they killed 22 Mujahideen.
ISAF reports eight U.S. led NATO occupying troops killed by a Mujahideen attack. The attack took place on 07 July.
An unnamed U.S. official confirmed the ISAF/NATO report, and added that six of the occupying personnel killed in southern Afghanistan were U.S. troops.
NATO also reported that two other occupying troops were killed on 07 July, but their nationality has not been released. This makes 07 July 2012 the deadliest day for NATO, so far.