US Vice-President Dick Cheney has said the US wants to work with Azerbaijan on additional routes for exporting the region's oil reserves to the West. He also pledged support for US allies in the former Soviet Union. A BBC correspondent says the US sees the states as key allies in protecting access to the region's energy supplies. Mr Cheney - who will also visit Georgia and Ukraine - spoke as US officials revealed President Bush was to announce a $1bn (£0.5bn) aid package to Georgia.
US Vice-President Dick Cheney has said the US wants to work with Azerbaijan on additional routes for exporting the region's oil reserves to the West.
He also pledged support for US allies in the former Soviet Union.
A BBC correspondent says the US sees the states as key allies in protecting access to the region's energy supplies.
Mr Cheney - who will also visit Georgia and Ukraine - spoke as US officials revealed President Bush was to announce a $1bn (£0.5bn) aid package to Georgia.
And given that you only have a couple of hundred kilometers between Russia and Iran, it's going to be hard to find routes that don't cross either and are not close to Russian military hardware. In the long run, we're all dead. John Maynard Keynes
DERA ISMAIL KHAN, Pakistan: Two helicopters carrying NATO forces landed in a Pakistani village in South Waziristan near the border with Afghanistan early Wednesday morning and the soldiers opened fire on villagers, killing seven people, according to a spokesman for the Pakistani military. The account by the spokesman, Major General Athar Abbas, broadcast on Pakistani television Wednesday evening, described what appeared to be the first commando attack by NATO forces against the Taliban inside Pakistan. Pakistan has lodged a "strong protest" with the U.S. government and reserved the right of "self defense and retaliation," the general said. Local residents said most of the dead were women and children but this could not be immediately confirmed. The administration of President George W. Bush has accused Pakistan in recent months of not doing enough to curb attacks by the Taliban, who maintain bases inside the Pakistani tribal region and cross the border to attack American and coalition soldiers in Afghanistan.
DERA ISMAIL KHAN, Pakistan: Two helicopters carrying NATO forces landed in a Pakistani village in South Waziristan near the border with Afghanistan early Wednesday morning and the soldiers opened fire on villagers, killing seven people, according to a spokesman for the Pakistani military.
The account by the spokesman, Major General Athar Abbas, broadcast on Pakistani television Wednesday evening, described what appeared to be the first commando attack by NATO forces against the Taliban inside Pakistan.
Pakistan has lodged a "strong protest" with the U.S. government and reserved the right of "self defense and retaliation," the general said. Local residents said most of the dead were women and children but this could not be immediately confirmed.
The administration of President George W. Bush has accused Pakistan in recent months of not doing enough to curb attacks by the Taliban, who maintain bases inside the Pakistani tribal region and cross the border to attack American and coalition soldiers in Afghanistan.
but where did you see that I said that you said it was a good thing? ;-) In the long run, we're all dead. John Maynard Keynes
WANA: Pakistani government confirmed that 20 people were killed in coalition forces' attack at Angorada area of South Waiziristan on Wednesday morning.NWFP Governor Owais Ahmed Ghani strongly condemned the incident and termed it an attack on Pakistan's sovereignty. Earlier, Geo News correspondent Mushtaq Yousufzai tod four helicopters of coalition forces landed in Angaorada in the wee hours of Wednesday and started search operation.
Russia is not easy to deal with but the Bush administration has not dealt with Russia at all sensibly. It is perfectly obvious that Russia has launched a preemptive strike against Georgian membership of NATO, which America was promoting. America's bluff has been called. I think the problem is so often that American officials are overly academic. They have concepts and projects they want to implement, like spreading "democracy and the rule of law". But their mindset cannot fully engage with what is happening on the ground, or accept that the Russian point of view is not the same as theirs, but still has to be taken seriously because Russia is Georgia's neighbour. Because people believed Georgia ought to become an American military bastion, they forgot that Georgia as an American bastion is not a terribly practical idea, given the power and the thinking of the current regime in Moscow. As George Kennan said, Americans in foreign policy can sometimes be "moralistic in the demands placed on others, and self-righteous in the degree of rectitude they impute to themselves". After all, what made Georgia interesting to the United States as a place to implant "American values" was its importance as an energy transit country! The American policy that might have served Georgia better would have been to find a way to ensure that liberalising Georgia could be achieved without antagonising Russia. Instead, the Americans made Georgia more of a thorn in Russia's side through the prospect of NATO membership when they did not have any real will to protect Georgia in the event of a Russian attack. The western media often fails to appreciate that Russia is genuinely frightened by NATO expansion so close to its own borders, particularly if this involves the stationing of nuclear weapons. In the end, the only way this problem is going to be solved is by bilateral negotiations between Moscow and Washington. If you are not prepared to go to war, and the USA is not, then you have to negotiate. And there is no point in threatening Russia with a loss of respect around the world because the EU, China and the United States are going to continue to do business with Russia whatever happens to Georgia. My worry is that Washington does not really know how to do this kind of diplomacy. There has been a combination of reproaches, inaction and empty threats, when what is required from Washington is some tough negotiating that will safeguard the independence of the former Soviet satellites and at the same time, normalise Russia's relations with them.
It is perfectly obvious that Russia has launched a preemptive strike against Georgian membership of NATO, which America was promoting. America's bluff has been called. I think the problem is so often that American officials are overly academic. They have concepts and projects they want to implement, like spreading "democracy and the rule of law". But their mindset cannot fully engage with what is happening on the ground, or accept that the Russian point of view is not the same as theirs, but still has to be taken seriously because Russia is Georgia's neighbour. Because people believed Georgia ought to become an American military bastion, they forgot that Georgia as an American bastion is not a terribly practical idea, given the power and the thinking of the current regime in Moscow. As George Kennan said, Americans in foreign policy can sometimes be "moralistic in the demands placed on others, and self-righteous in the degree of rectitude they impute to themselves". After all, what made Georgia interesting to the United States as a place to implant "American values" was its importance as an energy transit country! The American policy that might have served Georgia better would have been to find a way to ensure that liberalising Georgia could be achieved without antagonising Russia. Instead, the Americans made Georgia more of a thorn in Russia's side through the prospect of NATO membership when they did not have any real will to protect Georgia in the event of a Russian attack. The western media often fails to appreciate that Russia is genuinely frightened by NATO expansion so close to its own borders, particularly if this involves the stationing of nuclear weapons.
In the end, the only way this problem is going to be solved is by bilateral negotiations between Moscow and Washington. If you are not prepared to go to war, and the USA is not, then you have to negotiate. And there is no point in threatening Russia with a loss of respect around the world because the EU, China and the United States are going to continue to do business with Russia whatever happens to Georgia. My worry is that Washington does not really know how to do this kind of diplomacy. There has been a combination of reproaches, inaction and empty threats, when what is required from Washington is some tough negotiating that will safeguard the independence of the former Soviet satellites and at the same time, normalise Russia's relations with them.
Thank you for posting my comment. Actually in The Times the former British Ambassador to Washington (of all people) has also said that the NATO membership for the former Soviet Union countries was not a sensible idea. I used to think of him as the American Ambassador to Great Britain because he was always back in London for TV appearances trying to win support for the invasion of Iraq. His remarks about the European Union are very silly. These people remind me slightly of minor characters in "The Remains of the Day". Still it might interest you. http://www.timesonline.co.uk/tol/comment/columnists/guest_contributors/article4656255.ece I really respect what your President is trying to do. I hope the Americans will give him their support. I am actually pro-American in the end (not very pro-Bush though) but I also love "the old Europe"!
I really respect what your President is trying to do. I hope the Americans will give him their support. I am actually pro-American in the end (not very pro-Bush though) but I also love "the old Europe"!
I'm not sure I'd fully agree with the last comment on Sarkozy, given that most of what he does is for show rather than substantial, but it's true that he has been a moderating rather than a worsening force on that particular crisis, in his eagerness to get "peace" headlines. In the long run, we're all dead. John Maynard Keynes
Ouch! A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
Rabbis: Light rail train 'a disaster for Judaism' Ultra-Orthodox Rabbinical Transportation Committee strongly opposes new form of transportation in Jerusalem, saying it constitutes `a huge step backwards on a worldly, spiritual level alike'
Ultra-Orthodox Rabbinical Transportation Committee strongly opposes new form of transportation in Jerusalem, saying it constitutes `a huge step backwards on a worldly, spiritual level alike'
All very islamic if you ask me, should they request support from Saudi Arabia ? keep to the Fen Causeway
It also has sparked a row over who may lay claim to the legacy of Rosa Parks, the African-American civil rights activist who famously refused to obey an Alabama bus driver's order to give her seat to a white passenger. Opponents of segregation say the mantle is theirs. But enthusiasts for segregation have begun to argue that by making their way to the back of the bus, they are actually Parks's heirs. "I see Haredi women who sit at the back as being the Israeli Rosa Parks," said writer Shira Leibowitz Schmidt, one of the leading proponents of segregation. "We see it as a stand against the deterioration of standards in the public arena, and view the chance to sit at the back without men gazing at us as a form of empowerment."
"I see Haredi women who sit at the back as being the Israeli Rosa Parks," said writer Shira Leibowitz Schmidt, one of the leading proponents of segregation. "We see it as a stand against the deterioration of standards in the public arena, and view the chance to sit at the back without men gazing at us as a form of empowerment."
No manufacturing. No new ideas. What's our economy based on? More than 75 years ago, confidence in the market economy got a rude shock as the world sank into the Great Depression. Adam Smith had said that the market led the economy, as if by an invisible hand, to economic efficiency and societal wellbeing. It was hard to believe that Smith was right when one in four Americans was out of a job. Some economists held true to their faith in self-regulating markets; they said, just be patient, in the long run the market's restorative forces will take hold, and we will recover. But Keynes's retort ruled the day: In the long run, we are all dead. We could not wait. Today, even conservatives believe that government should intervene to maintain the economy at or near full employment. ... In short, the problem with the U.S. economy is not that we have allocated too many resources to the "soft" areas and too few to the "hard." It is not necessarily that we have allocated too many resources to the financial sector and rewarded it too generously--though a strong argument could be put forward to that effect. It is that too little effort was devoted to managing real risks that are important--enabling ordinary Americans to stay in their homes in the face of economic vicissitudes--and that too much effort went into creating financial products that enhanced risk. Too much energy has been spent trying to make an easy buck; too much effort has been devoted to increasing profits and not enough to increasing real wealth, whether that wealth comes from manufacturing or new ideas. We have learned a painful lesson, both in the 1930s and today: The invisible hand often seems invisible because it's not there. At best, it's more than a little palsied. At worst, the pursuit of self-interest--corporate greed--can lead to the kind of predicament confronting the country today.
More than 75 years ago, confidence in the market economy got a rude shock as the world sank into the Great Depression. Adam Smith had said that the market led the economy, as if by an invisible hand, to economic efficiency and societal wellbeing. It was hard to believe that Smith was right when one in four Americans was out of a job. Some economists held true to their faith in self-regulating markets; they said, just be patient, in the long run the market's restorative forces will take hold, and we will recover. But Keynes's retort ruled the day: In the long run, we are all dead. We could not wait. Today, even conservatives believe that government should intervene to maintain the economy at or near full employment.
...
In short, the problem with the U.S. economy is not that we have allocated too many resources to the "soft" areas and too few to the "hard." It is not necessarily that we have allocated too many resources to the financial sector and rewarded it too generously--though a strong argument could be put forward to that effect. It is that too little effort was devoted to managing real risks that are important--enabling ordinary Americans to stay in their homes in the face of economic vicissitudes--and that too much effort went into creating financial products that enhanced risk. Too much energy has been spent trying to make an easy buck; too much effort has been devoted to increasing profits and not enough to increasing real wealth, whether that wealth comes from manufacturing or new ideas. We have learned a painful lesson, both in the 1930s and today: The invisible hand often seems invisible because it's not there. At best, it's more than a little palsied. At worst, the pursuit of self-interest--corporate greed--can lead to the kind of predicament confronting the country today.
Naked Capitalism [blog]: CFTC Investigating Whether Big Traders Lied About Oil Inventories (September 4, 2008)
Wow, what happened? The CFTC went from being a lapdog to developing teeth. A little late, now that oil prices are on a forced march downward, but the commission could have backed off as oil became less of a front-burner issue. (Of course, your cynical blogger wonders if there was a risk that this story might get to the media, completely undercutting its credibility). Note that the drift of the investigation is that inventories may have been underreported, which would lead to higher prices. No names yet, but this looks to be a serious investigation. Admittedly, this is consistent the with the thrust the CFTC said it would take earlier, looking into tankers and storage, but it looks like they are proceeding in a thorough, disciplined manner. I have a buddy who was the DA in a pretty rough and tumble town (Bridgeport, CT). He said that the FBI wasn't composed of the brightest bulbs, but they often got their man because they were relentless. People in the private sector like to look down on regulators, but many are very able, and like the FBI, they can be dogged as well.
No names yet, but this looks to be a serious investigation. Admittedly, this is consistent the with the thrust the CFTC said it would take earlier, looking into tankers and storage, but it looks like they are proceeding in a thorough, disciplined manner.
I have a buddy who was the DA in a pretty rough and tumble town (Bridgeport, CT). He said that the FBI wasn't composed of the brightest bulbs, but they often got their man because they were relentless. People in the private sector like to look down on regulators, but many are very able, and like the FBI, they can be dogged as well.
HiD could give you a more definitive view, but I think that WTI is the tail on the Brent dog these days.
I think we have seen a speculative bubble deflate by about $40.00 per barrel.
This bubble has been driven - like all bubbles - by gearing generally and geared off exchange positions in Brent in particular, I think.
WTI storage games is one aspect: another has been the recent collapse of crude tanker rates after a spike earlier this year when many tankers were essentially being used as floating storage.
I advocate not only a neutral utility
Transaction Registry
but also a "Title Registry" enabling regulators to easily check who has title to what oil. Such a registry is of course essential to electronic transfer of title, which has long been possible for oil and goods in transit, using
Bolero
but not easily for static oil and commodities. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
Less than seventy 600,000 barrel cargoes per month of Brent/BFOE (the price of which sets the market) have a market value between $4bn and $6bn in the recent "large volatility".
This is dwarfed by the money - most of it leverage - swilling around the market.
I have a lot of sympathy with your argument - which is essentially saying that we are seeing swings between a "seller's market" and a "buyer's market".
It's the wildness of the swing, and how we may characterise this, which is the issue.
IMHO "bubbles" are everywhere and always caused by leverage, and that's what we've seen here.
Moreover, I think we will see such "large volatilities" again and again until the market experiences a "meltdown" taking the single points of failure aka energy clearing houses with them.
This insanely leveraged market - run by intermediaries for intermediaries - can only have one outcome.
It's going to fuck itself, and sooner, rather than later. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
Sondhi Limthongkul says he is fighting to save Thai democracy from what he calls the corrupt politicians who have abused it to remain in power. But analysts say that the agenda pushed by Sondhi -- and his comrades who have occupied Bangkok's seat of government for a week -- would severely set back the country's fragile political system. The 61-year-old media mogul and protest leader for the People's Alliance For Democracy wants to abandon the Thailand's popularly elected Parliament for one in which a majority of members would be appointed.
But analysts say that the agenda pushed by Sondhi -- and his comrades who have occupied Bangkok's seat of government for a week -- would severely set back the country's fragile political system.
The 61-year-old media mogul and protest leader for the People's Alliance For Democracy wants to abandon the Thailand's popularly elected Parliament for one in which a majority of members would be appointed.
Thailand's Cabinet agreed Thursday to hold a referendum on a civic group's street campaign to oust the prime minister, which has paralyzed the government for the last 10 days and raised fears of violence and economic chaos. The decision came hours after a defiant Prime Minister Samak Sundaravej went on national radio and vowed he would not step down. His combative speech intensified the deadlock with the People's Alliance for Democracy, whose supporters have taken over the sprawling lawns of Samak's office in their thousands since storming through the gates on Aug. 26.
The decision came hours after a defiant Prime Minister Samak Sundaravej went on national radio and vowed he would not step down.
His combative speech intensified the deadlock with the People's Alliance for Democracy, whose supporters have taken over the sprawling lawns of Samak's office in their thousands since storming through the gates on Aug. 26.
Three families which lost seven of their members in the August 20 crash that killed 154 people at Madrid airport are suing Boeing and McDonnell Douglas for damages, their legal representative said Thursday. ... The legal complaint lodged in Illinois in the United States was based on electrical and handbook errors detected in analyses of 15 planes in the MD-80 series that had crashed, said Manuel von Ribbeck of the US firm Ribbeck Law. Three MD-80 planes had crashed over the past 11 months, von Ribbeck said. The accidents occurred in Phuket in Thailand, Isparta in Turkey, and Madrid.
The legal complaint lodged in Illinois in the United States was based on electrical and handbook errors detected in analyses of 15 planes in the MD-80 series that had crashed, said Manuel von Ribbeck of the US firm Ribbeck Law.
Three MD-80 planes had crashed over the past 11 months, von Ribbeck said. The accidents occurred in Phuket in Thailand, Isparta in Turkey, and Madrid.
