Monday, February 1, 2010
Could Israel attack Iran with nuclear weapons?
USA ready to declare Iran a nuclear power
Sunday, January 31, 2010
Netanyahu failed on Iran
US concedes nuclear Iran
U.S. expanding missile defenses in Persian Gulf
The United States has been expanded land- and sea-based missile defense systems in and around the Persian Gulf to counter what it sees as Iran's growing missile threat, U.S. officials said.
The deployments include expanded land-based Patriot defensive missile installations in Kuwait, Qatar, UAE and Bahrain, as well as Navy ships with missile defense systems within striking distance in and around the Mediterranean, officials said.
General David Petraeus, who as head of U.S. Central Command is responsible for military operations across the Middle East, said this month that the United States has stationed eight Patriot missile batteries in four Gulf countries, which he did not identify.
The buildup began under the Bush administration, but has expanded under President Barack Obama, who is pushing for a new round of sanctions against Iran over its nuclear program.
Officials said the expansion was meant to increase protection for U.S. forces and key allies in the Gulf.
The chairman of the U.S. military's Joint Chiefs of Staff, Admiral Mike Mullen, said last month the Pentagon must have military options ready to counter Iran should Obama call for them.
"The chairman has made it clear many times that he remains concerned about the ballistic missile threat posed by Iran, but it would be inappropriate to discuss any mitigation or defense measures we might have in place to deter/defeat that threat," a spokesman for Mullen said.
Obama announced a revised missile defense system last year that included the deployment of Aegis ships equipped with missile interceptors to help defend Europe and U.S. forces against Iranian rockets.
The Pentagon said it envisioned keeping three ships at any given time in and around the Mediterranean and the North Sea to protect areas of interest, with the possibility of sending additional ships to the region as needed.
The Obama administration said the decision to change plans was based mainly on technological developments and a shift in intelligence assessments to meet short- and medium-range missile threats posed by Iran.
Pentagon officials said deploying ships with SM-3 interceptors, made by Raytheon Co., would provide the flexibility to move U.S. missile defense capabilities as may be needed.
Ships with Aegis interceptor systems are capable of blowing up ballistic missiles above the atmosphere. The system can track over 100 targets, military officials said.
Thursday, January 28, 2010
Libya buys S-300 air defence system
Libya is poised to pick up more than $2 billion worth of Russian arms, focusing mainly on a fleet of 200 fighter planes, Russia's Interfax news agency reports. The report comes hot on the heels of a key visit to Russia by Libya's defense minister, Gen. Abu-Bakr Yunis Jaber. The visit signals the latest show of renewed cooperation between Russia and the once pariah state of North Africa.
"Libya is ready to buy around 20 fighter planes, at least two divisions of S-300PMU2 air defense systems and several dozen T-90S tanks from Russia, and also to modernize more than 70 tanks and other weapons," Interfax reported citing unidentified military sources.
Officials on both sides have refused to openly concede the deal, which local media, including the reputable Vedomosti newspaper, put the contract at $2 billion.
The same newspaper reported that the deal would also include purchase of the sophisticated S-300 surface-to-air anti-missile systems, which Russia has also delivered to Iran.
Another part of the deal would focus on securing combat aircraft such as the SU-35, SU-30 and Yak-130. That purchase alone would absorb half of the funds Libya is set to allocate for its Russian arms design, the Interfax news agency said.
Relations between Russia and Libya have warmed in recent years following the latter's bid to shed its pariah status in 2003 when it renounced weapons of mass destruction and took responsibility for a 1988 airliner bombing over Lockerbie, Scotland that killed 270 people.
In 2008, also, during a visit to Tripoli by President Putin, Moscow agreed to cancel billions of dollars of Libyan Soviet-era debt in exchange for big contracts for Russian companies.
It was Putin's first visit to Tripoli since the 1980s.
It remained unclear whether the new, lucrative arms contract was signed during Jaber's Russia visit.
"We expect his visit will not just be of a political nature, but will also allow the signing of contracts on the delivery of arms and military hardware," Vyacheslav Dzirkaln, deputy head of the Federal Service for Military-Technical Cooperation, told the RIA-Novosti state news agency ahead of Jaber's visit.
The official, who oversees arms exports, did not elaborate. There was, also, no official confirmation or statement by Russia's powerful state-run arms exporter Rosoboronexport.
Local media suggested that details of the contract could be revealed during a news conference on Wednesday.
The arrival of the senior Libyan minister comes days after the Libyan Investment Authority snatched up the Hong Kong initial public offering of UC Rusal, the world's biggest aluminum producer.
In 2008 UC Rusal had signed a memorandum of understanding to create a joint venture to build an "energy and metals complex" in Libya.
"Libya is ready to buy around 20 fighter planes, at least two divisions of S-300PMU2 air defense systems and several dozen T-90S tanks from Russia, and also to modernize more than 70 tanks and other weapons," Interfax reported citing unidentified military sources.
Officials on both sides have refused to openly concede the deal, which local media, including the reputable Vedomosti newspaper, put the contract at $2 billion.
The same newspaper reported that the deal would also include purchase of the sophisticated S-300 surface-to-air anti-missile systems, which Russia has also delivered to Iran.
Another part of the deal would focus on securing combat aircraft such as the SU-35, SU-30 and Yak-130. That purchase alone would absorb half of the funds Libya is set to allocate for its Russian arms design, the Interfax news agency said.
Relations between Russia and Libya have warmed in recent years following the latter's bid to shed its pariah status in 2003 when it renounced weapons of mass destruction and took responsibility for a 1988 airliner bombing over Lockerbie, Scotland that killed 270 people.
In 2008, also, during a visit to Tripoli by President Putin, Moscow agreed to cancel billions of dollars of Libyan Soviet-era debt in exchange for big contracts for Russian companies.
It was Putin's first visit to Tripoli since the 1980s.
It remained unclear whether the new, lucrative arms contract was signed during Jaber's Russia visit.
"We expect his visit will not just be of a political nature, but will also allow the signing of contracts on the delivery of arms and military hardware," Vyacheslav Dzirkaln, deputy head of the Federal Service for Military-Technical Cooperation, told the RIA-Novosti state news agency ahead of Jaber's visit.
The official, who oversees arms exports, did not elaborate. There was, also, no official confirmation or statement by Russia's powerful state-run arms exporter Rosoboronexport.
Local media suggested that details of the contract could be revealed during a news conference on Wednesday.
The arrival of the senior Libyan minister comes days after the Libyan Investment Authority snatched up the Hong Kong initial public offering of UC Rusal, the world's biggest aluminum producer.
In 2008 UC Rusal had signed a memorandum of understanding to create a joint venture to build an "energy and metals complex" in Libya.
UK bank system no longer ranks among safest
The rating agency placed the UK's banking system in group 3 out of its 10 Banking Industry Country Risk Assessment (BICRA) categories on Dec 21 2009, alongside the banking system of the USA.
"The publication of this report is just providing more colour on what went into that decision making process," said Nigel Greenwood, analyst at Standard and Poor's.
While British banks are at the same rank as those from Portugal, Chile and Austria, the banking systems of Canada, France and Germany banks are ranked higher.
S&P said in its statement that the action was due to the Britain's weak economic environment, the reputational damage wrought upon the banking industry, and high dependence on state-support programs of a significant proportion of the industry.
The agency also said that the deleveraging process of households, government and companies would weigh on the economy and therefore the banks' financial performance.
British shares and sterling fell after the release of the report, with the FTSE 100 index <.FTSE> down 0.96 percent at 1624 GMT, and the pound trading almost a cent lower at $1.6143 from $1.6236 previously. Gilt futures also slipped. The report from S&P came just two days after the agency downgraded four Irish banks [ID:nLDE60P2E6] following a similar process. Irish banks are in BICRA group 4.
NATO-led forces kill Afghan cleric in Kabul
An Afghan civilian shot dead by NATO-led forces in the Afghan capital Kabul Thursday was a Muslim cleric, the alliance said in a statement.
Muhammad Yonus, who was imam of a mosque in central Kabul, was in a car when a convoy of troops from the NATO-led International Security Assistance Force (ISAF) shot him.
"In an unfortunate incident this morning, an ISAF convoy fired on what appeared to be a threatening vehicle. Regrettably, an Afghan civilian was killed ... He was initially wounded in the incident, but later died of his wounds," an ISAF statement said.
The incident triggered a protest outside a large U.S. military base in Kabul. ISAF have declined to comment on the nationality of the convoy involved.
The shooting could increase tensions between Afghans and foreign troops at a time when Washington and its allies want to limit civilian casualties and protect the population as part of their strategy to weaken the Taliban insurgency.
But a number of incidents over the past year involving ISAF air strikes on Afghan villages, which have led to large numbers of civilians being killed, have undermined efforts to reduce such casualties.
Elsewhere, a member of U.S. forces was killed in a bomb attack in southern Afghanistan, ISAF said in another statement.
There are more than 110,000 foreign troops in Afghanistan fighting the insurgency, which claimed record numbers of civilian and foreign troop lives in 2009.
More than 50 countries are meeting in London to produce a plan to strengthen Afghan security forces and the Kabul government and start engaging the Taliban in order to pave the way for a gradual withdrawal of U.S. forces.
Muhammad Yonus, who was imam of a mosque in central Kabul, was in a car when a convoy of troops from the NATO-led International Security Assistance Force (ISAF) shot him.
"In an unfortunate incident this morning, an ISAF convoy fired on what appeared to be a threatening vehicle. Regrettably, an Afghan civilian was killed ... He was initially wounded in the incident, but later died of his wounds," an ISAF statement said.
The incident triggered a protest outside a large U.S. military base in Kabul. ISAF have declined to comment on the nationality of the convoy involved.
The shooting could increase tensions between Afghans and foreign troops at a time when Washington and its allies want to limit civilian casualties and protect the population as part of their strategy to weaken the Taliban insurgency.
But a number of incidents over the past year involving ISAF air strikes on Afghan villages, which have led to large numbers of civilians being killed, have undermined efforts to reduce such casualties.
Elsewhere, a member of U.S. forces was killed in a bomb attack in southern Afghanistan, ISAF said in another statement.
There are more than 110,000 foreign troops in Afghanistan fighting the insurgency, which claimed record numbers of civilian and foreign troop lives in 2009.
More than 50 countries are meeting in London to produce a plan to strengthen Afghan security forces and the Kabul government and start engaging the Taliban in order to pave the way for a gradual withdrawal of U.S. forces.
German Minister: Weak Govt Finances Danger To Euro-Zone
The weak public finances of some euro-zone nations are a danger to the entire currency bloc, German Economics Minister Rainer Bruederle said Thursday without naming any country specifically.
He also told parliament that Germany must "remain the stability anchor in Europe" and criticized euro-zone nations with weak finances.
"A few European nations are exhibiting dangerous weaknesses," Bruederle said. "That could have a fatal impact on all countries in the euro zone."
Portugal's confirmation earlier this week that it's budget deficit was larger than expected has fueled fears that Greece isn't the only country in the euro zone with deep fiscal problems. Spain, Italy, and Ireland are also grappling with budget problems which have been compounded by weak growth and tax revenue.
While not naming any country specifically, Bruederle said there would be no bailout aid for problem nations. European governments should coordinate their recovery strategies, but they shouldn't rely on a "European economic government," he said.
Bruederle said U.S. President Barack Obama's proposals for bank regulation lend momentum to what is a critical process, but the best setting to design such measures internationally remains the Group of 20 industrialized and developing nations.
"The signal is important," Bruederle said of Obama's plan.
He also told parliament that Germany must "remain the stability anchor in Europe" and criticized euro-zone nations with weak finances.
"A few European nations are exhibiting dangerous weaknesses," Bruederle said. "That could have a fatal impact on all countries in the euro zone."
Portugal's confirmation earlier this week that it's budget deficit was larger than expected has fueled fears that Greece isn't the only country in the euro zone with deep fiscal problems. Spain, Italy, and Ireland are also grappling with budget problems which have been compounded by weak growth and tax revenue.
While not naming any country specifically, Bruederle said there would be no bailout aid for problem nations. European governments should coordinate their recovery strategies, but they shouldn't rely on a "European economic government," he said.
Bruederle said U.S. President Barack Obama's proposals for bank regulation lend momentum to what is a critical process, but the best setting to design such measures internationally remains the Group of 20 industrialized and developing nations.
"The signal is important," Bruederle said of Obama's plan.
Tehran warns off Gulf-based attack
GCC countries should not allow the use of US military bases in their territories against Iran, Speaker of Iranian Parliament Ali Larijani told reporters Wednesday at the Kuwaiti Parliament. “GCC nations must prevent the use of these military bases as a launching pad for an attack on Iran. We do not mean harm to any of these countries,” Larijani asserted in a press conference before his departure. Larijani said his country’s strategy is based on the respect of other countries’ sovereignties, and non-interference in their domestic affairs. Stating his two-day official visit to Kuwait was aimed at bolstering tries between the Kuwaiti and Iranian parliaments, Larijani revealed his visit led to the formation of the Kuwaiti-Iranian Friendship Committee to strengthen bilateral ties.
“Discussions during this visit focused on a number of topics, including financial, political, and commercial, as well as some sensitive issues related to regional and international affairs. There are many opportunities for commercial exchange between the two countries,” Larijani opined, adding that an agreement has been reached for the commercial and trade chambers of both countries to “broaden fields of cooperation”. Other issues tackled during Larijani’s visit include the transport of water and gas. He clarified “negotiations are still ongoing” regarding the disputed Al-Dorra gas field. On the demonstrations in Iran following the presidential elections, Larijani stressed “conflicts are quite natural for a country where popular political participation is taken seriously, but unusual in politically dead nations whose rulers have been in power for many decades. Media institutions have been publishing exaggerated reports on the recent developments in Iran. There is a big difference between what has been published and the actual events in the Islamic Republic.”
Without ruling out external influences on the internal affairs of Iran, Larijani stated, “Some countries have been trying to realize their goals and implement their agendas in Iran, which explains the assassination of physicist Ali Mohamadi”. He added the Iranian revolution has overcome much tougher challenges.
Accusing some “regional, western and Zionist affiliations” of trying to instigate conflicts between Iran and countries in the region, Larijani affirmed Iran recognizes the right of nations to implement their own policies.
Narrating the history of ties between Iran and the Arab world, Larijani said the Iranian revolution never harmed any of the Arab states. “Our support to Hamas and Hezbollah does not mean interference in the internal affairs of other countries. We are doing this to advocate Islamic armed resistance to face Zionist aggression,” he argued. He went on to say if it was not for the Iranian support to Hamas, Israel would have belittled the whole region. “We are proud of supporting Hamas and those who pulled out should blame themselves,” he added.
Larijani lamented several countries have accused Iran of supporting Shiites when it backed up Hezbollah in its war against Israel in Southern Lebanon in 2006, while these countries held discreet talks with the Zionist side. “When Iran started supporting Hamas in Gaza, these voices can no longer claim we only support Shiites, so they started instigating conflicts between Iran and Arab nations,” he said. He also accused the US and Israel of trying to control more of the region’s wealth and military bases.
On the Iranian nuclear program, Larijani explained this has been in existence even prior to the Iranian revolution, during which Iran got assistance from many countries, including France and Germany. However, this assistance was cut off after the revolution, so Iran was forced to realize its nuclear goals on its own.
“The US imposed sanctions on us to stop working on our nuclear program, but we still succeeded. This is a major victory and the nuclear plant will be a base for the Islamic world since the West aims to hinder the Muslim world from having a nuclear plant. General Secretary of the European Union Javier Solana had earlier contended that if they approve the Iranian nuclear program, the other countries will follow suit, but we are determined,” Larijani said.
Larijani also rejected claims that Iran poses a grave threat to the region, asserting “the Zionist existence is the real threat” as Iran does not aim to own nuclear weapons. He added US President Barrak Obama has not changed the foreign policies of America and he had also failed in handling the Palestinian issue, citing the embargo on Gaza and the construction of Israeli settlements.
“Discussions during this visit focused on a number of topics, including financial, political, and commercial, as well as some sensitive issues related to regional and international affairs. There are many opportunities for commercial exchange between the two countries,” Larijani opined, adding that an agreement has been reached for the commercial and trade chambers of both countries to “broaden fields of cooperation”. Other issues tackled during Larijani’s visit include the transport of water and gas. He clarified “negotiations are still ongoing” regarding the disputed Al-Dorra gas field. On the demonstrations in Iran following the presidential elections, Larijani stressed “conflicts are quite natural for a country where popular political participation is taken seriously, but unusual in politically dead nations whose rulers have been in power for many decades. Media institutions have been publishing exaggerated reports on the recent developments in Iran. There is a big difference between what has been published and the actual events in the Islamic Republic.”
Without ruling out external influences on the internal affairs of Iran, Larijani stated, “Some countries have been trying to realize their goals and implement their agendas in Iran, which explains the assassination of physicist Ali Mohamadi”. He added the Iranian revolution has overcome much tougher challenges.
Accusing some “regional, western and Zionist affiliations” of trying to instigate conflicts between Iran and countries in the region, Larijani affirmed Iran recognizes the right of nations to implement their own policies.
Narrating the history of ties between Iran and the Arab world, Larijani said the Iranian revolution never harmed any of the Arab states. “Our support to Hamas and Hezbollah does not mean interference in the internal affairs of other countries. We are doing this to advocate Islamic armed resistance to face Zionist aggression,” he argued. He went on to say if it was not for the Iranian support to Hamas, Israel would have belittled the whole region. “We are proud of supporting Hamas and those who pulled out should blame themselves,” he added.
Larijani lamented several countries have accused Iran of supporting Shiites when it backed up Hezbollah in its war against Israel in Southern Lebanon in 2006, while these countries held discreet talks with the Zionist side. “When Iran started supporting Hamas in Gaza, these voices can no longer claim we only support Shiites, so they started instigating conflicts between Iran and Arab nations,” he said. He also accused the US and Israel of trying to control more of the region’s wealth and military bases.
On the Iranian nuclear program, Larijani explained this has been in existence even prior to the Iranian revolution, during which Iran got assistance from many countries, including France and Germany. However, this assistance was cut off after the revolution, so Iran was forced to realize its nuclear goals on its own.
“The US imposed sanctions on us to stop working on our nuclear program, but we still succeeded. This is a major victory and the nuclear plant will be a base for the Islamic world since the West aims to hinder the Muslim world from having a nuclear plant. General Secretary of the European Union Javier Solana had earlier contended that if they approve the Iranian nuclear program, the other countries will follow suit, but we are determined,” Larijani said.
Larijani also rejected claims that Iran poses a grave threat to the region, asserting “the Zionist existence is the real threat” as Iran does not aim to own nuclear weapons. He added US President Barrak Obama has not changed the foreign policies of America and he had also failed in handling the Palestinian issue, citing the embargo on Gaza and the construction of Israeli settlements.
Wednesday, January 27, 2010
Obama State of the Union speech
The State of the Union Wednesday, January 27, 2009 Washington, DC
Madame Speaker, Vice President Biden, Members of Congress, distinguished guests, and fellow Americans:
Our Constitution declares that from time to time, the President shall give to Congress information about the state of our union. For two hundred and twenty years, our leaders have fulfilled this duty. They have done so during periods of prosperity and tranquility. And they have done so in the midst of war and depression; at moments of great strife and great struggle.
It's tempting to look back on these moments and assume that our progress was inevitable - that America was always destined to succeed. But when the Union was turned back at Bull Run and the Allies first landed at Omaha Beach, victory was very much in doubt. When the market crashed on Black Tuesday and civil rights marchers were beaten on Bloody Sunday, the future was anything but certain. These were times that tested the courage of our convictions, and the strength of our union. And despite all our divisions and disagreements; our hesitations and our fears; America prevailed because we chose to move forward as one nation, and one people.
Again, we are tested. And again, we must answer history's call.
One year ago, I took office amid two wars, an economy rocked by severe recession, a financial system on the verge of collapse, and a government deeply in debt. Experts from across the political spectrum warned that if we did not act, we might face a second depression. So we acted - immediately and aggressively. And one year later, the worst of the storm has passed.
But the devastation remains. One in ten Americans still cannot find work. Many businesses have shuttered. Home values have declined. Small towns and rural communities have been hit especially hard. For those who had already known poverty, life has become that much harder.
This recession has also compounded the burdens that America's families have been dealing with for decades - the burden of working harder and longer for less; of being unable to save enough to retire or help kids with college.
So I know the anxieties that are out there right now. They're not new. These struggles are the reason I ran for President. These struggles are what I've witnessed for years in places like Elkhart, Indiana and Galesburg, Illinois. I hear about them in the letters that I read each night. The toughest to read are those written by children - asking why they have to move from their home, or when their mom or dad will be able to go back to work.
For these Americans and so many others, change has not come fast enough. Some are frustrated; some are angry. They don't understand why it seems like bad behavior on Wall Street is rewarded but hard work on Main Street isn't; or why Washington has been unable or unwilling to solve any of our problems. They are tired of the partisanship and the shouting and the pettiness. They know we can't afford it. Not now.
So we face big and difficult challenges. And what the American people hope - what they deserve - is for all of us, Democrats and Republicans, to work through our differences; to overcome the numbing weight of our politics. For while the people who sent us here have different backgrounds, different stories and different beliefs, the anxieties they face are the same. The aspirations they hold are shared. A job that pays the bills. A chance to get ahead. Most of all, the ability to give their children a better life.
You know what else they share? They share a stubborn resilience in the face of adversity. After one of the most difficult years in our history, they remain busy building cars and teaching kids; starting businesses and going back to school. They're coaching little league and helping their neighbors. As one woman wrote me, "We are strained but hopeful, struggling but encouraged."
So we face big and difficult challenges. And what the American people hope - what they deserve - is for all of us, Democrats and Republicans, to work through our differences; to overcome the numbing weight of our politics. For while the people who sent us here have different backgrounds, different stories and different beliefs, the anxieties they face are the same. The aspirations they hold are shared. A job that pays the bills. A chance to get ahead. Most of all, the ability to give their children a better life.
Madame Speaker, Vice President Biden, Members of Congress, distinguished guests, and fellow Americans:
Our Constitution declares that from time to time, the President shall give to Congress information about the state of our union. For two hundred and twenty years, our leaders have fulfilled this duty. They have done so during periods of prosperity and tranquility. And they have done so in the midst of war and depression; at moments of great strife and great struggle.
It's tempting to look back on these moments and assume that our progress was inevitable - that America was always destined to succeed. But when the Union was turned back at Bull Run and the Allies first landed at Omaha Beach, victory was very much in doubt. When the market crashed on Black Tuesday and civil rights marchers were beaten on Bloody Sunday, the future was anything but certain. These were times that tested the courage of our convictions, and the strength of our union. And despite all our divisions and disagreements; our hesitations and our fears; America prevailed because we chose to move forward as one nation, and one people.
Again, we are tested. And again, we must answer history's call.
One year ago, I took office amid two wars, an economy rocked by severe recession, a financial system on the verge of collapse, and a government deeply in debt. Experts from across the political spectrum warned that if we did not act, we might face a second depression. So we acted - immediately and aggressively. And one year later, the worst of the storm has passed.
But the devastation remains. One in ten Americans still cannot find work. Many businesses have shuttered. Home values have declined. Small towns and rural communities have been hit especially hard. For those who had already known poverty, life has become that much harder.
This recession has also compounded the burdens that America's families have been dealing with for decades - the burden of working harder and longer for less; of being unable to save enough to retire or help kids with college.
So I know the anxieties that are out there right now. They're not new. These struggles are the reason I ran for President. These struggles are what I've witnessed for years in places like Elkhart, Indiana and Galesburg, Illinois. I hear about them in the letters that I read each night. The toughest to read are those written by children - asking why they have to move from their home, or when their mom or dad will be able to go back to work.
For these Americans and so many others, change has not come fast enough. Some are frustrated; some are angry. They don't understand why it seems like bad behavior on Wall Street is rewarded but hard work on Main Street isn't; or why Washington has been unable or unwilling to solve any of our problems. They are tired of the partisanship and the shouting and the pettiness. They know we can't afford it. Not now.
So we face big and difficult challenges. And what the American people hope - what they deserve - is for all of us, Democrats and Republicans, to work through our differences; to overcome the numbing weight of our politics. For while the people who sent us here have different backgrounds, different stories and different beliefs, the anxieties they face are the same. The aspirations they hold are shared. A job that pays the bills. A chance to get ahead. Most of all, the ability to give their children a better life.
You know what else they share? They share a stubborn resilience in the face of adversity. After one of the most difficult years in our history, they remain busy building cars and teaching kids; starting businesses and going back to school. They're coaching little league and helping their neighbors. As one woman wrote me, "We are strained but hopeful, struggling but encouraged."
So we face big and difficult challenges. And what the American people hope - what they deserve - is for all of us, Democrats and Republicans, to work through our differences; to overcome the numbing weight of our politics. For while the people who sent us here have different backgrounds, different stories and different beliefs, the anxieties they face are the same. The aspirations they hold are shared. A job that pays the bills. A chance to get ahead. Most of all, the ability to give their children a better life.
Russian stealth fighter to fly by end-Jan
Russia will test fly by the end of January a new "fifth generation" stealth fighter that aims to challenge the United States for technical superiority, an aviation industry source told Reuters on Wednesday.
World | Russia
This would be the first all-new military aircraft Russia has built since the Soviet Union collapsed two decades ago and is crucial to showing that Moscow still has advanced technologies of its own, defense analysts said.
However, it would probably take five to seven years before Russia's military finally got to fly the first of these fighters, they said.
Fifth-generation jets are invisible to radar, have advanced on-board flight and weapons control systems and can cruise at supersonic speeds. Russia currently builds military aircraft based on designs dating from the Soviet era.
Asked when the new fighter, built by the Sukhoi company, would make its maiden flight, the industry source said: "By the end of this month."
Sukhoi is Russia's largest exporter of military planes and accounts for a quarter of the country's annual arms sales. It has foreign orders worth billions of dollars, with India its biggest client.
A spokesman for Sukhoi said the plane would fly "in the near future."
Interfax news agency quoted a source in the Far Eastern city of Komsomolsk-on-Amur, where the first prototype plane has been built, as saying its first flight could take place "in two or three days, depending on the actual weather."
DELAYED JET IS MOSCOW'S PRIDE
The warplane is seen as Moscow's challenge to the U.S.-built F-22 Raptor stealth fighter, which first flew in 1997.
"The importance of this project is huge. This is the first and principally new plane built in Russia after the fall of communism," said Alexander Khramchikhin, chief analyst at the Moscow-based Institute of Military and Political Analysis.
"This is good for Russia's defense capability, because so far only the United States has built such a jet."
But Khramchikhin said he was not starry-eyed about the plane, recalling delayed deliveries to Russia's armed forces of much-publicized new diesel submarines and the formidable Iskander tactical missiles.
A series of failed tests of the newest, submarine-launched Bulava (Mace) intercontinental nuclear missile, touted by the Kremlin as a perfect weapon able to pierce any air defense, has only added to Moscow's embarrassment in recent years.
"In an optimistic scenario, Russian air forces meanwhile will probably rely strongly on supplies of the less advanced Sukhoi Su-35 jet fighter whose deliveries are due to start this year," the Moscow-based Center for Analysis of Strategies and Technologies (CAST) said in an analytical note sent to Reuters.
"It appears the new jet will take years to be fine-tuned, and its delivery to the armed forces would take between five and seven years at least." It said Russia was likely to produce the new jet jointly with its close partner India.
CAST said the mass output of the fifth-generation fighter and its future modifications would attract young engineers to the aviation sector and boost Moscow's military exports after the market for the current Su-30 had been saturated.
"The fifth-generation plane could easily occupy a niche of at least one third of the world market for this type of output," CAST said. "Europe is not building such jets, and China's would-be copycat planes will not match the high standards."
Potential exports of U.S. fifth-generation jets may be limited by Washington's security considerations, reducing sales to a narrow circle of close U.S. allies such as Israel, Saudi Arabia and Japan, CAST said.
World | Russia
This would be the first all-new military aircraft Russia has built since the Soviet Union collapsed two decades ago and is crucial to showing that Moscow still has advanced technologies of its own, defense analysts said.
However, it would probably take five to seven years before Russia's military finally got to fly the first of these fighters, they said.
Fifth-generation jets are invisible to radar, have advanced on-board flight and weapons control systems and can cruise at supersonic speeds. Russia currently builds military aircraft based on designs dating from the Soviet era.
Asked when the new fighter, built by the Sukhoi company, would make its maiden flight, the industry source said: "By the end of this month."
Sukhoi is Russia's largest exporter of military planes and accounts for a quarter of the country's annual arms sales. It has foreign orders worth billions of dollars, with India its biggest client.
A spokesman for Sukhoi said the plane would fly "in the near future."
Interfax news agency quoted a source in the Far Eastern city of Komsomolsk-on-Amur, where the first prototype plane has been built, as saying its first flight could take place "in two or three days, depending on the actual weather."
DELAYED JET IS MOSCOW'S PRIDE
The warplane is seen as Moscow's challenge to the U.S.-built F-22 Raptor stealth fighter, which first flew in 1997.
"The importance of this project is huge. This is the first and principally new plane built in Russia after the fall of communism," said Alexander Khramchikhin, chief analyst at the Moscow-based Institute of Military and Political Analysis.
"This is good for Russia's defense capability, because so far only the United States has built such a jet."
But Khramchikhin said he was not starry-eyed about the plane, recalling delayed deliveries to Russia's armed forces of much-publicized new diesel submarines and the formidable Iskander tactical missiles.
A series of failed tests of the newest, submarine-launched Bulava (Mace) intercontinental nuclear missile, touted by the Kremlin as a perfect weapon able to pierce any air defense, has only added to Moscow's embarrassment in recent years.
"In an optimistic scenario, Russian air forces meanwhile will probably rely strongly on supplies of the less advanced Sukhoi Su-35 jet fighter whose deliveries are due to start this year," the Moscow-based Center for Analysis of Strategies and Technologies (CAST) said in an analytical note sent to Reuters.
"It appears the new jet will take years to be fine-tuned, and its delivery to the armed forces would take between five and seven years at least." It said Russia was likely to produce the new jet jointly with its close partner India.
CAST said the mass output of the fifth-generation fighter and its future modifications would attract young engineers to the aviation sector and boost Moscow's military exports after the market for the current Su-30 had been saturated.
"The fifth-generation plane could easily occupy a niche of at least one third of the world market for this type of output," CAST said. "Europe is not building such jets, and China's would-be copycat planes will not match the high standards."
Potential exports of U.S. fifth-generation jets may be limited by Washington's security considerations, reducing sales to a narrow circle of close U.S. allies such as Israel, Saudi Arabia and Japan, CAST said.
Military coup in Turkey to start at 3 am
A number of PowerPoint slides published in the Taraf daily on Tuesday suggest that a planned coup d'état was to be launched at 3 a.m. on an undisclosed date in İstanbul, with tanks patrolling the larger neighborhoods of the city to destroy any “threat” that might attempt to block the military takeover.
The PowerPoint slides were retrieved from a 5,000-page plan allegedly drafted by active duty members of the Turkish Armed Forces (TSK) in March 2003. The plan, titled the “Balyoz [Sledgehammer] Security Operation Plan,” was drafted only a couple of months after the Justice and Development Party (AK Party) government came to power. The masterminds behind the plan were allegedly retired Gen. Çetin Doğan, who was then commander of the 1st Army, former Air Forces Commander Gen. İbrahim Fırtına and retired Gen. Ergin Saygun.
According to the slides, the major threat to the “secularist order of the Republic of Turkey” was posed by “internal targets.”
“As indicated by Great Leader [Mustafa Kemal] Atatürk, what is important is the internal front. Nothing can be achieved unless the internal front is strengthened. This main principle suggests that the elimination of the external threat could only be possible after the elimination of the internal threat.
What is problematic with the internal threat is the difficulty in the realistic determination of the ability and opportunities of the enemy. As we have witnessed in many countries, a small spark can bring together a massive crowd that displays unconscious reactions,” read one of the slides.
The document seems to refute a statement by the General Staff, which claimed that the Sledgehammer plan was part of a series of “scenarios” drafted by the armed forces against the possibility of an external threat. The plan was, however, mainly based on potential methods to “crush” internal threats.
The major internal threat, according to another slide, came from observant Muslims, who the military usually refers to as “reactionary.”
“To permanently get rid of the reactionary threat, necessary measures should occur as was done after the War of Independence and reactionary sympathizers should be assimilated,” stated the document. Another slide warned that reactionary activities had the potential to rapidly spread in İstanbul and southeastern Turkey unless “definite, quick and harsh” measures were taken.
Taraf reported last week that the armed forces had yet another plot to instigate chaos through bomb attacks on popular historic mosques in İstanbul to eventually lead to a military takeover. The plan would also have discharged hundreds of military officers after the coup.
The coup plotters planned to “make use of” the police force and soldiers to facilitate the staging of the coup. Police officers and soldiers would be used to establish special security teams, which would be deployed in various Turkish provinces for security reasons.
The PowerPoint slides also indicated that around 200,000 people residing in the duty zone of the 1st Army were deemed to “pose a threat” to the planned military takeover. Other documents published by Taraf last week suggested that the armed forces planned to detain and then arrest at least 200,000 individuals on charges of reactionary activities in İstanbul after the coup. Individuals who stood up against the coup were to be taken into custody and brought to large sports facilities for interrogation. Among the facilities mentioned were the Burhan Felek sports complex and Fenerbahçe Stadium. The suspects would be questioned by security forces there and then sent to prisons. If the prisons were unable to accommodate all the arrestees, military barracks would temporarily be turned into jails.
In order to prevent a public revolt against the coup, the armed forces planned to patrol several of İstanbul’s larger neighborhoods with tanks and armored vehicles. Among these neighborhoods were Gazi, Eyüp, Fatih and Sultanbeyli. Thousands of security forces would be deployed in İstanbul streets, as they were after the Sept. 12, 1980 military coup. The Hasdal Military Barracks would be turned into a command center to control the military takeover.
The armed forces also hoped to end transmission of many TV and radio stations, which they categorized as “extreme right,” “extreme left” and “missionary.” Among such stations were Radyo 7, Kanal 7, Yön FM and Mega FM.
The documents also suggested that the police was to be brought under the control of the military, that the National Intelligence Organization (MİT) would be restructured and that the new organization would be headed by an army general on active duty.
After the declaration of martial law, a curfew would be imposed and the prisoners at the Metris Prison in İstanbul would be transferred to other prisons in Thrace to open up more space for individuals to be arrested in İstanbul after the coup.
The PowerPoint slides were retrieved from a 5,000-page plan allegedly drafted by active duty members of the Turkish Armed Forces (TSK) in March 2003. The plan, titled the “Balyoz [Sledgehammer] Security Operation Plan,” was drafted only a couple of months after the Justice and Development Party (AK Party) government came to power. The masterminds behind the plan were allegedly retired Gen. Çetin Doğan, who was then commander of the 1st Army, former Air Forces Commander Gen. İbrahim Fırtına and retired Gen. Ergin Saygun.
According to the slides, the major threat to the “secularist order of the Republic of Turkey” was posed by “internal targets.”
“As indicated by Great Leader [Mustafa Kemal] Atatürk, what is important is the internal front. Nothing can be achieved unless the internal front is strengthened. This main principle suggests that the elimination of the external threat could only be possible after the elimination of the internal threat.
What is problematic with the internal threat is the difficulty in the realistic determination of the ability and opportunities of the enemy. As we have witnessed in many countries, a small spark can bring together a massive crowd that displays unconscious reactions,” read one of the slides.
The document seems to refute a statement by the General Staff, which claimed that the Sledgehammer plan was part of a series of “scenarios” drafted by the armed forces against the possibility of an external threat. The plan was, however, mainly based on potential methods to “crush” internal threats.
The major internal threat, according to another slide, came from observant Muslims, who the military usually refers to as “reactionary.”
“To permanently get rid of the reactionary threat, necessary measures should occur as was done after the War of Independence and reactionary sympathizers should be assimilated,” stated the document. Another slide warned that reactionary activities had the potential to rapidly spread in İstanbul and southeastern Turkey unless “definite, quick and harsh” measures were taken.
Taraf reported last week that the armed forces had yet another plot to instigate chaos through bomb attacks on popular historic mosques in İstanbul to eventually lead to a military takeover. The plan would also have discharged hundreds of military officers after the coup.
The coup plotters planned to “make use of” the police force and soldiers to facilitate the staging of the coup. Police officers and soldiers would be used to establish special security teams, which would be deployed in various Turkish provinces for security reasons.
The PowerPoint slides also indicated that around 200,000 people residing in the duty zone of the 1st Army were deemed to “pose a threat” to the planned military takeover. Other documents published by Taraf last week suggested that the armed forces planned to detain and then arrest at least 200,000 individuals on charges of reactionary activities in İstanbul after the coup. Individuals who stood up against the coup were to be taken into custody and brought to large sports facilities for interrogation. Among the facilities mentioned were the Burhan Felek sports complex and Fenerbahçe Stadium. The suspects would be questioned by security forces there and then sent to prisons. If the prisons were unable to accommodate all the arrestees, military barracks would temporarily be turned into jails.
In order to prevent a public revolt against the coup, the armed forces planned to patrol several of İstanbul’s larger neighborhoods with tanks and armored vehicles. Among these neighborhoods were Gazi, Eyüp, Fatih and Sultanbeyli. Thousands of security forces would be deployed in İstanbul streets, as they were after the Sept. 12, 1980 military coup. The Hasdal Military Barracks would be turned into a command center to control the military takeover.
The armed forces also hoped to end transmission of many TV and radio stations, which they categorized as “extreme right,” “extreme left” and “missionary.” Among such stations were Radyo 7, Kanal 7, Yön FM and Mega FM.
The documents also suggested that the police was to be brought under the control of the military, that the National Intelligence Organization (MİT) would be restructured and that the new organization would be headed by an army general on active duty.
After the declaration of martial law, a curfew would be imposed and the prisoners at the Metris Prison in İstanbul would be transferred to other prisons in Thrace to open up more space for individuals to be arrested in İstanbul after the coup.
U.S. unprepared to defend against nuke, bio attacks
As terrifying as the Christmas Day plot was, as close as the underwear bomber got to bringing down that jet, Umar Farouk Abdulmutallab and the damage he might have wrought are nothing compared with what Al Qaeda has in store.
Two reports make clear that America's mortal enemy remains viciously focused on nuclear or biological attacks and that Washington is falling far short in its duty to protect the public.
First comes Rolf Mowatt-Larssen, former chief of the CIA's Weapons of Mass Destruction Department, now at Harvard. He dissects Al Qaeda's "decade-long effort to steal or construct an improvised nuclear device," fueled by "their perception of the benefits of producing the image of a mushroom cloud rising over a U.S. city, just as the 9/11 attacks have altered the course of history."
And, contrary to those who use the foiled Christmas plot as evidence of the terrorists' diminished capabilities ("The Decline of Al Qaeda," read one headline), he concludes that Al Qaeda's quiet these past eight years is not good news. Not at all.
Instead, Mowatt-Larssen paints a picture of an organization that is likely lying back on purpose.
He writes: "Events have shown that the Al Qaeda leadership does not choose weapons based on how easy they are to acquire and use, be they conventional or unconventional weapons. They choose them based on the best means of destroying the specific targets that they have in mind."
We haven't even gotten to the truly disturbing part yet. This is it: While Al Qaeda is determinedly plotting, the U.S. government's counterterrorism gears are barely spinning.
That is the conclusion of the Commission on the Prevention of Weapons of Mass Destruction Proliferation and Terrorism, headed up by former Sens. Bob Graham and Jim Talent.
Two reports make clear that America's mortal enemy remains viciously focused on nuclear or biological attacks and that Washington is falling far short in its duty to protect the public.
First comes Rolf Mowatt-Larssen, former chief of the CIA's Weapons of Mass Destruction Department, now at Harvard. He dissects Al Qaeda's "decade-long effort to steal or construct an improvised nuclear device," fueled by "their perception of the benefits of producing the image of a mushroom cloud rising over a U.S. city, just as the 9/11 attacks have altered the course of history."
And, contrary to those who use the foiled Christmas plot as evidence of the terrorists' diminished capabilities ("The Decline of Al Qaeda," read one headline), he concludes that Al Qaeda's quiet these past eight years is not good news. Not at all.
Instead, Mowatt-Larssen paints a picture of an organization that is likely lying back on purpose.
He writes: "Events have shown that the Al Qaeda leadership does not choose weapons based on how easy they are to acquire and use, be they conventional or unconventional weapons. They choose them based on the best means of destroying the specific targets that they have in mind."
We haven't even gotten to the truly disturbing part yet. This is it: While Al Qaeda is determinedly plotting, the U.S. government's counterterrorism gears are barely spinning.
That is the conclusion of the Commission on the Prevention of Weapons of Mass Destruction Proliferation and Terrorism, headed up by former Sens. Bob Graham and Jim Talent.
Obama approved secret operations in Yemen
President Barack Obama approved secret joint U.S. military and intelligence operations with Yemeni troops that began six weeks ago and killed six regional al Qaeda leaders, The Washington Post reported.
Obama approved a December 24 strike against a compound where a U.S. citizen, Anwar al-Aulaqi, was believed to be meeting with regional al Qaeda leaders, the newspaper said in its Wednesday editions.
He was not the target and was not killed but since has been added to a short list of U.S. citizens to be killed or captured by the U.S. military's clandestine Joint Special Operations Command, military officials told the Post.
The American advisers do not take part in raids in Yemen but help plan missions, develop tactics and provide weapons, the paper said.
The United States is also sharing highly sensitive intelligence with Yemeni forces, including electronic and video surveillance, three-dimensional terrain maps and analysis of the al Qaeda network, the Post said.
"We are very pleased with the direction this is going," a senior administration official was quoted as saying about the cooperation with Yemen.
A Yemeni official was quoted as saying the two countries maintained a "steadfast cooperation in combating AQAP (al Qaeda in the Arabian Peninsula), but there are clear limits to the U.S. involvement on the ground. Information sharing has been a key in carrying out recent successful counterterrorism operations."
Obama approved a December 24 strike against a compound where a U.S. citizen, Anwar al-Aulaqi, was believed to be meeting with regional al Qaeda leaders, the newspaper said in its Wednesday editions.
He was not the target and was not killed but since has been added to a short list of U.S. citizens to be killed or captured by the U.S. military's clandestine Joint Special Operations Command, military officials told the Post.
The American advisers do not take part in raids in Yemen but help plan missions, develop tactics and provide weapons, the paper said.
The United States is also sharing highly sensitive intelligence with Yemeni forces, including electronic and video surveillance, three-dimensional terrain maps and analysis of the al Qaeda network, the Post said.
"We are very pleased with the direction this is going," a senior administration official was quoted as saying about the cooperation with Yemen.
A Yemeni official was quoted as saying the two countries maintained a "steadfast cooperation in combating AQAP (al Qaeda in the Arabian Peninsula), but there are clear limits to the U.S. involvement on the ground. Information sharing has been a key in carrying out recent successful counterterrorism operations."
Israel will not probe Gaza war
Israel will not establish a commission of inquiry into allegations of war crimes committed during last winter's Gaza war, a minister said on Tuesday.
The decision would mean a rejection of a demand in a United Nations report on the three-week Gaza offensive. That report was mandated by the UN Human Rights Council and authored by South African judge Richard Goldstone.
The decision would mean a rejection of a demand in a United Nations report on the three-week Gaza offensive. That report was mandated by the UN Human Rights Council and authored by South African judge Richard Goldstone.
National debt will make the United States a second-rate power
A half-dozen or so groups have tried to snap Congress into tackling the growing national debt. The latest entrant, unveiled Monday, is a bipartisan effort led by an all-star cast of political elders.
Inaction, they warned, will make the United States a second-rate power within a generation or two, as mounting debt payments overtake any potential government revenue.
But obstacles remain, mirroring those in Congress itself.
There's no agreement on the right combination of tax hikes and spending cuts. Some think that raising taxes should not be considered at all. And there's no way to force actual lawmakers or the White House to follow their advice.
This much is certain, though.
"Sacrifice is going to be built into this," said former Sen. Pete Domenici, R-N.M., former chairman of the Senate budget committee.
Domenici will co-chair the task force created by the Bipartisan Policy Center, one of a half-dozen or more high-profile efforts aimed at pressuring Congress to confront the nation's record-setting $12 trillion debt.
There were few words of reassurance that these solutions would be simple or politically palatable.
"Raising taxes causes real pain. Cutting spending, especially entitlement benefits that people have counted on, will cause real pain," said co-chairwoman Alice Rivlin, the Clinton-era budget director.
But such steps – in some combination that so far has eluded policymakers – will be required, because the explosion of debt is unsustainable, she said.
"It's fantasy. We couldn't borrow that much money. No one would lend it to us. And the interest rates that we would have to pay would sink our economy," she said.
The Senate will vote today on whether to create a bipartisan task force empowered to devise ways to tackle the national debt. President Barack Obama has embraced the idea. He has also considered creating a panel of his own, though such an entity would not be able to force lawmakers into voting on a package of tax hikes and spending cuts.
But many conservatives view the president's call for a commission as a smokescreen for a tax-raising agenda.
On Monday, Republican Rep. Jeb Hensarling of Dallas, a leading fiscal conservative, derided Obama as a "spendaholic" in search of political cover.
"It seems to me that the president is really saying, 'Quick, stop me before I spend again,' " he told Fox News. "What we really need is a spending commission, not a deficit commission. The deficit is the symptom. It's spending that's the disease."
Domenici said that for his commission and for Congress itself, everything, including tax increases, must be on the table. But even some of his own commission members don't buy that.
"Conservatives like me would never agree that tax increases should be on the table," said Frank Keating, a former GOP governor of Oklahoma.
Keating said he would welcome an overhaul of the tax code, perhaps shifting from income taxes to service and sales taxes. He tried without success to enact such a change when he was governor from 1995 to 2003.
Federal debt levels are attracting alarm from several quarters and could be a hot election year issue.
The Pew Charitable Trusts and the Peter G. Peterson Foundation joined forces in December to publish a report called "Red Ink Rising" urging the government to begin reducing the debt by 2012.
Earlier this month, a branch of the National Academy of Sciences completed a two-year study called "Choosing the Nation's Fiscal Future" that suggested four ways to start reducing the debt.
These and other studies have all warned that economic growth will not be enough to fund government programs and start reducing the debt.
The Domenici-Rivlin team, mindful of the politics, vows to release its report this year, but not until after the November elections.
"We're beyond the level of frustration," said former Democratic Senate leader Tom Daschle. He warned that debt payments will soon crowd out spending on education, health care and various entitlements.
"We're nearing the level of fear."
Inaction, they warned, will make the United States a second-rate power within a generation or two, as mounting debt payments overtake any potential government revenue.
But obstacles remain, mirroring those in Congress itself.
There's no agreement on the right combination of tax hikes and spending cuts. Some think that raising taxes should not be considered at all. And there's no way to force actual lawmakers or the White House to follow their advice.
This much is certain, though.
"Sacrifice is going to be built into this," said former Sen. Pete Domenici, R-N.M., former chairman of the Senate budget committee.
Domenici will co-chair the task force created by the Bipartisan Policy Center, one of a half-dozen or more high-profile efforts aimed at pressuring Congress to confront the nation's record-setting $12 trillion debt.
There were few words of reassurance that these solutions would be simple or politically palatable.
"Raising taxes causes real pain. Cutting spending, especially entitlement benefits that people have counted on, will cause real pain," said co-chairwoman Alice Rivlin, the Clinton-era budget director.
But such steps – in some combination that so far has eluded policymakers – will be required, because the explosion of debt is unsustainable, she said.
"It's fantasy. We couldn't borrow that much money. No one would lend it to us. And the interest rates that we would have to pay would sink our economy," she said.
The Senate will vote today on whether to create a bipartisan task force empowered to devise ways to tackle the national debt. President Barack Obama has embraced the idea. He has also considered creating a panel of his own, though such an entity would not be able to force lawmakers into voting on a package of tax hikes and spending cuts.
But many conservatives view the president's call for a commission as a smokescreen for a tax-raising agenda.
On Monday, Republican Rep. Jeb Hensarling of Dallas, a leading fiscal conservative, derided Obama as a "spendaholic" in search of political cover.
"It seems to me that the president is really saying, 'Quick, stop me before I spend again,' " he told Fox News. "What we really need is a spending commission, not a deficit commission. The deficit is the symptom. It's spending that's the disease."
Domenici said that for his commission and for Congress itself, everything, including tax increases, must be on the table. But even some of his own commission members don't buy that.
"Conservatives like me would never agree that tax increases should be on the table," said Frank Keating, a former GOP governor of Oklahoma.
Keating said he would welcome an overhaul of the tax code, perhaps shifting from income taxes to service and sales taxes. He tried without success to enact such a change when he was governor from 1995 to 2003.
Federal debt levels are attracting alarm from several quarters and could be a hot election year issue.
The Pew Charitable Trusts and the Peter G. Peterson Foundation joined forces in December to publish a report called "Red Ink Rising" urging the government to begin reducing the debt by 2012.
Earlier this month, a branch of the National Academy of Sciences completed a two-year study called "Choosing the Nation's Fiscal Future" that suggested four ways to start reducing the debt.
These and other studies have all warned that economic growth will not be enough to fund government programs and start reducing the debt.
The Domenici-Rivlin team, mindful of the politics, vows to release its report this year, but not until after the November elections.
"We're beyond the level of frustration," said former Democratic Senate leader Tom Daschle. He warned that debt payments will soon crowd out spending on education, health care and various entitlements.
"We're nearing the level of fear."
Traders Aggressively Buying Credit Default Swap Protection Against Sovereign Debt Defaults
Credit default swap (CDS) protection buying against sovereign debt default has spiked to five times the level of similar protection bought for corporate bonds, as the potential for a wave of sovereign debt defaults intensifies.
CDS notional amounts for 54 governments around the world jumped 14.2% since October 9th 2009 according to Depository Trust & Clearing Corp.
Outstanding CDS amounts for all other kinds of debt only rose 2.6% over the same period.
Demand for default protection has been particularly strong for Europe's fiscally disastrous nations:
Bloomberg: European countries led the jump, with the amount of protection on Portugal rising 23 percent, Spain 16 percent and Greece 5 percent.
...
The cost to protect against a default by Greece has more than doubled to 325 basis points since Sept. 30 as the government struggles to reduce a budget deficit that’s 12.7 percent of gross domestic product, CMA DataVision prices show.
CDS notional amounts for 54 governments around the world jumped 14.2% since October 9th 2009 according to Depository Trust & Clearing Corp.
Outstanding CDS amounts for all other kinds of debt only rose 2.6% over the same period.
Demand for default protection has been particularly strong for Europe's fiscally disastrous nations:
Bloomberg: European countries led the jump, with the amount of protection on Portugal rising 23 percent, Spain 16 percent and Greece 5 percent.
...
The cost to protect against a default by Greece has more than doubled to 325 basis points since Sept. 30 as the government struggles to reduce a budget deficit that’s 12.7 percent of gross domestic product, CMA DataVision prices show.
Obama could be killed like Kennedy
Libyan leader Muammar Gaddafi Tuesday called Barack Obama a "flicker of hope in the middle of the imperialist darkness," but said he feared the president could be assassinated.
"I fear that they could liquidate this young man or force him to submit to their imperialist policies," Gaddafi told a university gathering of his supporters in Sirte, without specifying who might put Obama under pressure.
"Obama is a flicker of hope in the middle of the imperialist darkness," the Libyan leader said, adding: "There is a fear that they would liquidate him as they liquidated Kennedy, Martin Luther King and Abraham Lincoln."
Gaddafi, who is the African Union chairman, had offered to work with Obama to sustain security, stability and prosperity in Africa and elsewhere.
Gaddafi praised Obama for breaking with what he said was the previous American foreign policy that dictated to the rest of the world what to do to serve U.S. interests.
"I fear that they could liquidate this young man or force him to submit to their imperialist policies," Gaddafi told a university gathering of his supporters in Sirte, without specifying who might put Obama under pressure.
"Obama is a flicker of hope in the middle of the imperialist darkness," the Libyan leader said, adding: "There is a fear that they would liquidate him as they liquidated Kennedy, Martin Luther King and Abraham Lincoln."
Gaddafi, who is the African Union chairman, had offered to work with Obama to sustain security, stability and prosperity in Africa and elsewhere.
Gaddafi praised Obama for breaking with what he said was the previous American foreign policy that dictated to the rest of the world what to do to serve U.S. interests.
September 11 Pentagon video
This video doesn't show an airliner crashing against the Pentagon.Why is there only one camera at the Pentagon and with low quality?
Mubarak Tells World to Treat Iran like Israel
Egyptian President Hosni Mubarak said Tuesday night that any international decision on Iran's nuclear program must be applied equally to Israel. "All international efforts to deal with Iran's program must include a similar treatment of Israel's nuclear program," Mubarak told an Egyptian publication on the occasion of Egyptian "Police Day." Mubarak added that Iran has the right to develop nuclear capabilities but that the onus is on the Islamic regime to show that its nuclear program is designed for peaceful purposes only.
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