Geopolitics

North Dakota Builds The First New Refinery In The U.S. Since 1976

"The U.S. has not opened a new oil refinery since Gerald Ford was in the White House. But that will change next year. So where will the next facility be? In North Dakota, where the locals aren't afraid to drill. When the Dakota Prairie refinery west of Bismarck, N.D., starts turning crude into usable — and essential — products in 2014, it will be the first to open in America since 1976. While much of the country is mired in joblessness, oil-flush North Dakota has openings to fill. The unemployment rate is 3.2%, the lowest in the country. Average weekly wages in the Bakken region have risen 40% since 2009." Continue reading →

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Supreme Court rules foreign citizens can’t sue in U.S. for rights violations

"The Supreme Court unanimously upheld a federal appeals court’s decision on Wednesday barring foreign citizens from suing corporations in American courts for human rights violations committed abroad. The Los Angeles Times reported that the 9-0 decision limits the scope of the Alien Tort Statute (ATS) of 1789 in rejecting a lawsuit brought against Royal Dutch Petroleum by a group of Nigerian citizens accusing the company of helping their country’s government in a series of human rights violations — including, murder, rape and torture — during the 1990s." Continue reading →

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Is Japan’s Devaluation an Attack on China?

"In an article yesterday we suggested that the reason Japan was embarking on a massive attempt at Keynesian-style stimulation was to promote the efficacy of Keynesian economic 'cures.' But there is another possibility as well. Perhaps the idea is to start a currency war aimed at least in part at China. Japan is a longtime ally of the US, which defeated it in World War II. It is certainly possible that Japan has allied itself with the US to serve Anglo-American interests in this regard. It is indeed possible to hypothesize that Japan's current policy is intended to confront China and therefore is being used as a monetary 'weapon of war.'" Continue reading →

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John Browne Explains the Great Game

"Of countries that have to make something, like the Swiss – the Swiss have got a heap of granite with icing on the top of it and yet they're one of the richest countries in the world. It's the people that do this stuff. It's the people and the leadership and if they believe in something they do it, and the Germans, too. They believe in hard work but what's more, they believe that the hard work of today's citizens should be kept intact so that those hard working people, when they retire, should be able to enjoy the fruits of their labor. The Anglo-Americans say the hell with the future, the hell with children, the hell with grandchildren. We want that money now." Continue reading →

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China mobilizing troops, jets near N. Korean border, US officials say

"China has placed military forces on heightened alert in the northeastern part of the country as tensions mount on the Korean peninsula following recent threats by Pyongyang to attack, U.S. officials said. Reports reveal the Chinese People's Liberation Army (PLA) recently increased its military posture in response to the heightened tensions, specifically North Korea's declaration of a 'state of war' and threats to conduct missile attacks against the United States and South Korea. According to the officials, the PLA has stepped up military mobilization in the border region with North Korea since mid-March, including troop movements and warplane activity." Continue reading →

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Post-Cyprus Blues: Confusion and an Erosion of Faith

"It may be misleading to project the crisis and resolution in Cyprus onto other quite different financial crises in other quite different economies. The common ground may be a rising fear of capital controls and the search for safe havens that won't implode or change the rules overnight. The sudden emergence of risk in what was perceived to be a safe haven will likely spark interest in non-banking safe havens, for example, precious metals, and what correspondent Mark G. calls the Glass Jar Bank, which he observes is still a popular alternative in Eastern Europe to entrusting one's cash to banks." Continue reading →

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Whom to Believe on Gold: Central Banks or Bloomberg?

"Based on current data, the net increase in central bank gold buying for 2012 was 14.8 million troy ounces – and that's before the final 2012 figures are in for all countries. This is a dramatic increase, one bigger than most investors probably realize. To put it in perspective, on a net basis, central banks added more to their reserves last year than since 1964. The net increase – so far – is 17% greater than what was added in 2011, which was itself a year of record buying. Whatever gold's price movements, positive or negative, central bank officials have continued adding a lot of ounces to their reserves." Continue reading →

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The Seeds of War Have Been Sown

"Unless the Troika backs off the weaker, heavily-indebted countries, which is not likely, yes, I believe Europe is headed toward massive civil unrest and war. Vladimir Putin is up in arms over the crisis in Cyprus. He will not stand idly by while Russian money is at risk in Europe. Keep in mind that Russia largely controls the European energy sector. If Putin feels Russian financial losses in Europe are unjust, I don’t doubt for one minute that he would threaten to retaliate by 'turning the lights out' in Europe. War and massive civil unrest in many parts of the world is a very real threat. And it’s already starting to impact the financial markets." Continue reading →

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Former US Treasury Official: ‘Banks Move To Enslave Humanity’

"What we are seeing, as in Greece, is the response to the effort to make the public responsible for the mistake of private banks. In Greece they forced the people to have wages cut, pensions cut, social services cut, public assets sold off, in order to cover the losses of banks. If they don’t stand with the people, there will be more political and social unrest and more discrediting of governments. What’s happening is governments are revealing that, even if they are democratically elected governments, they do not represent the people. They only represent a very few, very powerful folks. This of course destroys any confidence in democracy. That’s the biggest crisis.” Continue reading →

Continue ReadingFormer US Treasury Official: ‘Banks Move To Enslave Humanity’