Foreign Affairs

Sat, Nov 26, 2011 - 12:55pm

Next week is shaping up to be an extremely volatile and tense week. At the surface, there is the ongoing concern over the EU and the future of the euro. Bubbling below the surface is something far more dangerous.

First, on Wednesday, there was this:

Which was followed by this:

The only article I found concerning Medvedev's speech managed to minimize the concern by pointing out that all of the bluster was likely just "posturing before the next Russian presidential election". What the author failed to point out, however, is that Medvedev isn't running for re-election. Hmmm. So what do we make of it? What is going on here? Let's refer to the ageless wisdom of Admiral Painter:

Russians don't take a dump, son...

The Russians are clearly trying to send a signal to the U.S., NATO and the Arab League to NOT attack Syria and depose Assad the way they did Gaddafi. Syria is a longtime Russian ally in the region.

OK, so then we get this, from the media arm of The Mossad:

Why would the Turks or the Israelis go to the trouble of wiping out 6 of Syria's "top pilots" if they weren't planning on assuming control of Syrian airspace in the near future?

And then we get this, also from debka. Looks like the Russian "plan" is escalating, too:

Then, today, we are treated to this. Nothing like pissing off Pakistan, too, and at just the wrong time. You can bet your arse there will be mass rioting and anti-U.S. demonstrations in Pakistan over the next few days. Will there be sufficient chaos to unseat the ruling generals?

Just for a little background and color:

And, to top it all off, there's this:

And this:

So, enjoy the rest of your weekend. Rest and relax but keep an eye on the headlines. Perhaps this will all just blow over. Could we be so lucky? I fear the worst, however, so I'll leave you with one more bit of wisdom and experience from Admiral Painter.

We'll Be Lucky to Live Through It

About the Author

turd [at] tfmetalsreport [dot] com ()


Nov 27, 2011 - 10:17pm

He's the Universal Soldier

and he really is to blame, his orders come from far away no more. Donovan

These guys need to back off from being order following automatons. They are not above the law and need to be held accountable-as do our despicable leaders.

Don't know about the bible but "instant Karma is going to get you".

Israel seems to be a set-up; they're being used, poor ba**ards.

Oh, well, not the first and won't be the last.

AU/AG looking up!!

Love ya Turd, you belong here; thanks

Oh yeah,"Damn You Masters of War". Dylan

Nov 27, 2011 - 10:12pm

Bad News, Good News

First, the bad news. I think Turd is absolutely right that the headlines coming out of the Middle East are a prelude to, at a minimum, some tense moments next week and expanded coverage in an attempt to distract people from Europe. Combined with Obama's flagging poll numbers in New Hampshire (suggesting he could lose to just about any Republican by next Nov.) and TPTB have set things up perfectly for a little saber-rattling.

Meanwhile, the IMF is apparently going to guarantee north of $700B to Italy - coincidence? No way. Now people will be asking fewer questions about where that money is coming from. Has to be the Fed, doesn't it?

Next, the good news. While Obama is easily incompetent enough to draw us into a war, the odds are still long. Yes, it is unlikely the Republicans would use it against him in the campaign, and it may make him look more presidential. However, the course of such endeavors are unpredictable, and Obama won't willingly take the risk. Modern weapons are so complicated to build and operate, and so utterly lethal, that full scale "real" war would be over so quickly, and be so destructive, that no agenda could be served by starting one. In the mid 1980's the military gamed literally hundreds of conventional war scenarios between the US and Russia over Western Europe, and the longest such scenario only ran for 3 months. Not enough time to even institute a draft. Israel will win (or lose) a war in the Middle East in a matter of days, if not hours.

We have been somewhat dulled by our recent counter-terrorism and nation-building/occupation adventures - real shooting wars between nations can't serve the same purposes they did in the past - employ the masses, tool up factories, increase the public stomach for debt. An actual shooting war would serve no purpose for bankers or other traditional war profiteers that could possibly outweigh the harm that would be done to what is most dear to them - the average citizens' ability and willingness to repay debt.

Now, more bad news. The explanation above only reduces the odds it is in anyone's interest to actually fight a war, it doesn't explain away the possibility that we could be drug into another occupation by events beyond our control. I think despite their posturing the Russians and Iranians would both be happy to see us end up on the ground in Syria. Rather than fight it out with us, they will sit back and watch as we fail in a manner that would make Iraq look like the Spanish American War.

Last but not least, the final good news. The military establishment is not stupid, and they are giving Obama the following assessment: involvement in Syria is a lose-lose proposition. Even if the Israelis are drawn in by Syrian aggression, even if the Iranians step up their involvement, stay the hell away. I think they may also be quietly counseling Obama that our time in Pakistan is up. The latest incident cannot be overcome, and we risk causing political turmoil if we press the issue of continued presence further. We need to leave or we condemn the country to rule by extremists. Without our resupply route through the Khyber Pass, we're then all but done in Afghanistan. Good thing Obama has already telegraphed our Afghan exit, otherwise the political price to be paid by leaving Pakistan would be too damn high.

All of this will support lower, not higher paper PM prices, IMO. It will drive safe haven buying into crude, to the extent it isn't driven into Treasuries. I think it all comes down to how the equities markets react to the BS numbers on Black Friday retail sales released this weekend. If they buy the hype, that will be the story. If they don't, then look for international intrigue as Plan B, which will at least remove the spotlight from the European bailout being cooked up.

Nov 27, 2011 - 10:04pm

Israel is the only free nation in the middle east

the rest are varying shades of Islamic dictatorships that hate the west, Israel & each other

we're on the same side

Hold over
Nov 27, 2011 - 9:55pm

Who the hell is Israel? Why

Who the hell is Israel? Why does anyone care?

During the cold war , Israel was our doorway to Mid East , in case the SHTF with Russia.

Now, We have several doorways into the Mid East. We don't get oil from them, We don't get food from them , We don't get Natural resources from them, We don't have any American bases there. they have no strategic value anymore. and Israel hasn't spilled a drop of blood in our wars.

These are facts, I'm not being anti-semetic at all . More people live in New York city than Israel . We have states bigger than their country . I don't see why they are any more important than Albania or Morocco.

Not to be callous, but I dont give a rats ass about a few thousand hectares of desert on the other side of world.

Anyone care to explain the vital national interest Israel is to the US? without referencing a bible, please dont say Allie's, they didn't fight with us in Korea, Vietnam nor any present wars .

RoscoJeremiah Jr
Nov 27, 2011 - 9:31pm

You bring up some valid points, Jeremiah...

I do give credence to those in the Torah-believing, Ultra-Orthodox Jewish community who contend that the Zionist-led "premature" reestablishment of a secular state in what was regarded as the Promised Land, to be a grave sin against God, and one that they believe will bring a dire judgment against them.

I don't believe that God obligated Himself, in perpetuity, to grant rights to this land to the Jewish people. God did fulfill His end of the covenant with Israel, at a specific point in time to a specific people.

Joshua 21:43-45 43 So the LORD gave Israel all the land he had sworn to give their ancestors, and they took possession of it and settled there. 44 The LORD gave them rest on every side, just as he had sworn to their ancestors. Not one of their enemies withstood them; the LORD gave all their enemies into their hands. 45 Not one of all the LORD’s good promises to Israel failed; every one was fulfilled.

But this covenant relationship was conditional on their righteousness and continued obedience to His commands. These included, interestingly:

Lev 19:33-34 "'When an alien lives with you in your land, do not mistreat him. The alien living with you must be treated as one of your native-born. Love him as yourself, for you were aliens in Egypt. I am the LORD your God."

Deut 19:14 "Do not move your neighbor's boundary stone set up by your predecessors in the inheritance you receive in the land the LORD your God is giving you to possess."

Lev 18:28 "And if you defile the land, it will vomit you out as it vomited out the nations that were before you."

Lev 25:23-24 "The land must not be sold permanently, because the land is mine and you are but aliens and my tenants."

God entered into a new covenant, based on mercy and grace, and sealed by Christ's shed blood, grafting all peoples of the world, Jew and Gentile, into His eternal Kingdom and family. With the old covenant no longer in effect, all unrepentant covenant breakers were violently purged from that territory in 70 AD, scattering to the four corners of the earth, in exile until such time that their Messiah would restore them, not to an earthly Jerusalem, but I believe, to a new Jerusalem as part of an end of time new Heaven and a new Earth.

Hold over
Nov 27, 2011 - 9:08pm

""It leads me to conclude

""It leads me to conclude that the Obama Administration is being complicit in the cover-up.""


John Pardo tell him what hes won!

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Nov 27, 2011 - 8:57pm

Sunday, November 27,

Sunday, November 27, 2011

The Stench From MF Global Gets Worse - Should James Giddens (Bankruptcy Trustee) Recuse Himself?

A few days ago I opined that the stench coming from MF Global had taken on the distinct and nauseous odor of dog shit. Well now the smell has elevated to the level of the kennel area at the Westminster Dog Show. It turns out that the law firm of James Giddens - who is the very highly paid bankruptcy trustee - just so happens to do legal work for both Price Waterhouse, MF Globals' audit firm, and JP Morgan, MF Global's largest creditor. Quite frankly, I find it extremely hard to believe that the bankruptcy court would appoint and allow Gidden to be the bankruptcy trustee in this case, as the conflict of interest has the smell of dog shit all over it.

But it runs even deeper. I find it very interesting that no one has mentioned Refco or Goldman Sachs in this whole ordeal. After all, MF Global purchased the assets of Refco after it tanked in colossal fashion. However, there were many questions which were conveniently swept under the rug and buried. For instance, Refco filed for bankruptcy literally two months after Goldman Sachs took it public. Typically, when a large company like Refco is taken public, the underwriter and audit firm involved, Grant Thornton, perform very detailed and thorough legal and accounting due diligence. The fact that Refco filed bankruptcy literally 60 days after it went public raises all kinds of questions, all of which were neatly and conveniently dismissed. If memory serves me correctly, Goldman threw out about $300 million in "nuisance" settlement money, thereby somehow avoiding billions in liability actions. It also made a lot more money off of Refco and it's IPO than the$300 million in "hush" money that it coughed up. Goldman Sachs' audit firm: Price Waterhouse, the client of the MF Global bankruptcy trustee James Gidden.

Bloomberg writer, Jonathan Weil raises some interesting questions about the credibility of Price Waterhouse and its competence as an auditor of MF Global and ultimately Goldman Sachs. Kudos to the commenter who provided the link, which you can read HERE

I don't know about anyone else, but I find it quite fascinating and intriguing that ultimately there is a direct connection from MF Global to Goldman Sachs that goes beyond the Jon Corzine connection. And there is a direct connection to MF Global, Corzine and the ability of the Government to cover up a lot of this mess via Gary Gensler, Corzine's butt-buddy at Goldman Sachs and the Chairman of the CFTC, the regulatory body of the U.S. Government that was in charge of monitoring and regulating MF Global.

Quite frankly, among James Gidden and his law firm, Hughs Hubbard & Reed, Goldman Sachs, JP Morgan, the CFTC, Price Waterhouse and the ashes of Refco, there is far too much "coziness" and conflict for me to believe that there is not one massive cover-up going on here. At the very least the Obama Administration should step in and force Gidden to step aside as bankruptcy trustee. In addition, Attorney General Eric Holder should open up a wide-ranging inquiry into this whole dog shit show, including appointing an independent audit firm responsible for conducting a very thorough forensic audit of every party mentioned above. Gary Gensler should also be removed at Chairman of the CFTC. This is the very least that the President who got elected on the promise of cleaning up DC and creating a more level playing field for all should do.

Don't hold your breath on that, but make sure you keep your nose covered, because the smell of dog shit emanating from Wall Street and DC has become unbearable.
This thing stinks worse than a bunch of rotting dead bodies covered in rat shit and I find it quite appalling that the Obama Administration has issued no meaningful statements nor is it taking any meaningful actions to enforce the laws and investigate this matter. It leads me to conclude that the Obama Administration is being complicit in the cover-up.

Posted by Dave in Denver at 10:07 AM

Nov 27, 2011 - 8:52pm


The state of Israel is NOT our friend. Why do we continue to insist they are????? They are also not a just democratic society. Why do we continue to insist they are?????

Educate yourselves on the USS Liberty. IN 1967 Israel PURPOSELY attacked an unarmed US naval vessel and killed 34 of our finest heros in a sequence of attacks. They SAID it was a mistake. BS! The ship was on radio frequency intercepting radio transmissions and issuing mayday calls on the same frequencies, while flying the largest US flag the naval fleet owned. It was an indisputable act of war against the United States. They did it because they did not want Johnson to know they were preparing for an attack on the Sinai which they promised Johnson they would not do. The story was buried by the media, and we ignored it. With friends like that we need no enemies.

In 2009 Israel attacked Gaza for lobbing mortars into Israel (mortars that, by the way, killed no one) the kill ratio in that 'action' was 100 to one. A 100 to one kill ratio is not a battle, it's not a skirmish, it's not a retaliation, it's a massacre!!!!! These people are not our friends and they are not a 'civilized' society. Just the facts.



Nov 27, 2011 - 8:46pm


You may have to educate me as well, but don't you mean Ashkenazi Jews, that are not necessarily viewed the same Khazar Jews. Sorry sixdollar, back soon to metals.

Nov 27, 2011 - 8:40pm

@ sixdollarsilver

no, it's like this: anyone? Bueller?

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