BAGHDAD -- The Iraqi government stumbled once again on Tuesday in its frequently delayed effort to award development rights to its most valuable oil fields. In a public auction it largely failed to attract the lucrative offers it sought from dozens of international oil companies invited to the bidding.After the daylong event, which was broadcast live on national television, the government came away with just a single deal struck from among the six giant oil fields and two gas fields it had put up for bid. The single successful contract went to a joint venture of BP and the China National Petroleum Corporation for the largest field offered: Rumaila, near the southern city of Basra, which has proven reserves of more than 17 billion barrels.
After the daylong event, which was broadcast live on national television, the government came away with just a single deal struck from among the six giant oil fields and two gas fields it had put up for bid.
The single successful contract went to a joint venture of BP and the China National Petroleum Corporation for the largest field offered: Rumaila, near the southern city of Basra, which has proven reserves of more than 17 billion barrels.
Again, there will be no meaningful investment in Iraqi oil as long as there is no legitimate Iraqi government, ie as long as there are US occupation forces.
(Note: "occupation forces" is voluntrily ambiguous. It is conceivable to there might be a legitimate government and US bases, like in many other places) In the long run, we're all dead. John Maynard Keynes
The EU is no longer qualified to take part in talks on Iran's nuclear programme, Iran's military chief says.Maj Gen Hassan Firouzabadi, Iran's chief of staff, accused the EU of "interference" in riots which followed June's disputed presidential elections. EU states, meanwhile, are considering withdrawing their ambassadors from Iran in a growing diplomatic row. Britain proposed the step after Iran detained nine of its embassy staff last week. Eight have since been released. The BBC's European affairs correspondent Oana Lungescu says senior officials from EU capitals will discuss the request in Stockholm on Thursday. But diplomats say that Germany and Italy - Iran's biggest trading partners in the EU - oppose it, arguing that channels of dialogue with Iran should be kept open.
The EU is no longer qualified to take part in talks on Iran's nuclear programme, Iran's military chief says.
Maj Gen Hassan Firouzabadi, Iran's chief of staff, accused the EU of "interference" in riots which followed June's disputed presidential elections.
EU states, meanwhile, are considering withdrawing their ambassadors from Iran in a growing diplomatic row.
Britain proposed the step after Iran detained nine of its embassy staff last week. Eight have since been released.
The BBC's European affairs correspondent Oana Lungescu says senior officials from EU capitals will discuss the request in Stockholm on Thursday.
But diplomats say that Germany and Italy - Iran's biggest trading partners in the EU - oppose it, arguing that channels of dialogue with Iran should be kept open.
The ousted president of Honduras has said that he will return to the country at the weekend in an attempt to reclaim power. Manuel Zelaya's statement, issued in Panama on Wednesday, came after the Organisation of American States (OAS) gave Honduras a 72-hour deadline to restore him to the presidency or face expulsion from the group. "My return to Honduras is scheduled for the weekend," Zelaya said in Panama City, without specifying an exact day. He had earlier said that he planned to return to Honduras on Thursday, but he now appears to be waiting to see if the interim government is going to abide by the OAS demands to reinstate him. The OAS is a group of 35 independent states of the Americas.
The ousted president of Honduras has said that he will return to the country at the weekend in an attempt to reclaim power.
Manuel Zelaya's statement, issued in Panama on Wednesday, came after the Organisation of American States (OAS) gave Honduras a 72-hour deadline to restore him to the presidency or face expulsion from the group.
"My return to Honduras is scheduled for the weekend," Zelaya said in Panama City, without specifying an exact day.
He had earlier said that he planned to return to Honduras on Thursday, but he now appears to be waiting to see if the interim government is going to abide by the OAS demands to reinstate him.
The OAS is a group of 35 independent states of the Americas.
Coup leaders in Honduras today defied an international deadline for President Manuel Zelaya to return to power within 72 hours and said only a foreign invasion could reinstate him. Roberto Micheletti, the interim leader of a government that forced Zelaya into exile on Sunday, said his predecessor would be arrested if he returned to the central American country. Arrest warrants have been issued accusing the ousted leader of 18 crimes, including treason and abuse of authority, and Interpol will be asked to detain him. Zelaya said he planned to return to Honduras, accompanied by Latin American leaders, this weekend.
Roberto Micheletti, the interim leader of a government that forced Zelaya into exile on Sunday, said his predecessor would be arrested if he returned to the central American country.
Arrest warrants have been issued accusing the ousted leader of 18 crimes, including treason and abuse of authority, and Interpol will be asked to detain him. Zelaya said he planned to return to Honduras, accompanied by Latin American leaders, this weekend.
[M]edia coverage of the recent military coup in Honduras is often misleading; even when it is presenting a critical standpoint towards the events. Concentrating on which words are used to characterize the policies conducted by President Zelaya might seem trivial at first sight. But any familiarity to the notion of `manufacturing of consent', and how slight semantic tricks can be used to manipulate public opinion and support, is enough to realize the magnitude of certain omissions. Such oversights rely on the public's widespread ignorance about some apparently minor legal intricacies in the Honduran Constitution. For example, most reports have stated that Manuel Zelaya was ousted from his country's presidency after he tried to carry out a non-binding referendum to extend his term in office. But this is not completely accurate. Such presentation of "facts" merely contributes to legitimizing the propaganda, which is being employed by the coup-makers in Honduras to justify their actions. This interpretation is widespread in US-American liberal environments, especially after Secretary of State Hillary Clinton said that the coup is unacceptable, but that "all parties have a responsibility to address the underlying problems that led to [Sunday]'s events." However, President Zelaya cannot be held responsible for this flagrant violation of the Honduran democratic institutions that he has tried to expand. This is what has actually happened:... President Zelaya intended to perform a non-binding public consultation, about the conformation of an elected National Constituent Assembly. To do this, he invoked article 5 of the Honduran "Civil Participation Act" of 2006. According to this act, all public functionaries can perform non-binding public consultations to inquire what the population thinks about policy measures. This act was approved by the National Congress and it was not contested by the Supreme Court of Justice, when it was published in the Official Paper of 2006. That is, until the president of the republic employed it in a manner that was not amicable to the interests of the members of these institutions....
For example, most reports have stated that Manuel Zelaya was ousted from his country's presidency after he tried to carry out a non-binding referendum to extend his term in office. But this is not completely accurate. Such presentation of "facts" merely contributes to legitimizing the propaganda, which is being employed by the coup-makers in Honduras to justify their actions. This interpretation is widespread in US-American liberal environments, especially after Secretary of State Hillary Clinton said that the coup is unacceptable, but that "all parties have a responsibility to address the underlying problems that led to [Sunday]'s events." However, President Zelaya cannot be held responsible for this flagrant violation of the Honduran democratic institutions that he has tried to expand. This is what has actually happened:...
President Zelaya intended to perform a non-binding public consultation, about the conformation of an elected National Constituent Assembly. To do this, he invoked article 5 of the Honduran "Civil Participation Act" of 2006. According to this act, all public functionaries can perform non-binding public consultations to inquire what the population thinks about policy measures. This act was approved by the National Congress and it was not contested by the Supreme Court of Justice, when it was published in the Official Paper of 2006. That is, until the president of the republic employed it in a manner that was not amicable to the interests of the members of these institutions....
"We believe that the coup was not legal and that President Zelaya remains the democratically elected president there," Obama said. "It would be a terrible precedent if we start moving backward into the era in which we are seeing military coups as a means of political transition rather than democratic elections." Secretary of State Hillary Rodham Clinton said Sunday that the ouster "should be condemned by all." When contacted for comment by The Hill on Tuesday, the office of Senate Foreign Relations Committee Chairman John Kerry (D-Mass.) said the senator was reserving comment until the situation in Honduras becomes clearer.... "Manuel Zelaya trampled the Honduran Constitution by pushing for his illegal referendum to allow him to rule indefinitely, and by firing the top military official, General Romeo Vasquez Velasquez, when he refused to comply with Zelaya's unconstitutional orders," Rep. Connie Mack* (R-Fla.) said in a statement to The Hill on Tuesday. "There is little doubt that Zelaya, in his blatant power grab, has moved Honduras down a dangerous path toward less freedom, less security, and less prosperity. He consistently ignored the checks and balances which are essential to a democratic government."... Former House Speaker Newt Gingrich accused Obama of siding with Castro and Chavez on his Twitter feed Tuesday. "Sadly the obama administration has joined castro and chavez attacking honduran supreme court and congress for defending their constitution," Gingrich tweeted. "Having castro call for defending democracy should convince any reasonable person that honduras was on the edge of a leftist dictatorship."
Secretary of State Hillary Rodham Clinton said Sunday that the ouster "should be condemned by all."
When contacted for comment by The Hill on Tuesday, the office of Senate Foreign Relations Committee Chairman John Kerry (D-Mass.) said the senator was reserving comment until the situation in Honduras becomes clearer....
"Manuel Zelaya trampled the Honduran Constitution by pushing for his illegal referendum to allow him to rule indefinitely, and by firing the top military official, General Romeo Vasquez Velasquez, when he refused to comply with Zelaya's unconstitutional orders," Rep. Connie Mack* (R-Fla.) said in a statement to The Hill on Tuesday.
"There is little doubt that Zelaya, in his blatant power grab, has moved Honduras down a dangerous path toward less freedom, less security, and less prosperity. He consistently ignored the checks and balances which are essential to a democratic government."...
Former House Speaker Newt Gingrich accused Obama of siding with Castro and Chavez on his Twitter feed Tuesday. "Sadly the obama administration has joined castro and chavez attacking honduran supreme court and congress for defending their constitution," Gingrich tweeted. "Having castro call for defending democracy should convince any reasonable person that honduras was on the edge of a leftist dictatorship."
*The Mack dynasty (Connie I, Connie II, Connie III and ConnieIV) is All-American scholars, yo. Diversity is the key to economic and political evolution.
The White House has refrained from pledging federal aid to California, after politicians in the state missed a deadline to agree on moves towards a balanced budget. Legislators in the western US state failed to reach consensus on balancing the budget by the start of its fiscal year on Wednesday, meaning the state will now probably suspend payments of its bills. "We continue to watch the situation and we'll see as it develops," Robert Gibbs, the White House spokesman, said after the news emerged
The White House has refrained from pledging federal aid to California, after politicians in the state missed a deadline to agree on moves towards a balanced budget.
Legislators in the western US state failed to reach consensus on balancing the budget by the start of its fiscal year on Wednesday, meaning the state will now probably suspend payments of its bills.
"We continue to watch the situation and we'll see as it develops," Robert Gibbs, the White House spokesman, said after the news emerged
It's going to take:
Two paths:
The underlying problem is: California is badly organized.
The spin-off from that is: California is badly managed.
These, plus Term Limits, have created a situation where political power is in the hands of people unresponsive to democratic accountability. The real "rulers" of California are the leaders of the various political parties, voting organizations, and the wealthy funders of both. California government responds to these entities not the people. This leads to the situation where Tax Policy, for instance, is controlled by those who control the actual, instead of the formal, means of power within the state.
Secondly, California government does not completely control Tax ... or any other Public Policy. The US Federal government - Congress - has been passing unfunded mandates, as they are called, which requires expenditures to achieve certain goals or ends but without Federal monies.
During times of inflation (see The Long Cycle by Fischer) the wealthy are able to maintain and extend their financial position by imposing the tax burden(s) on the poor and middle class.
Thus, what needs to happen in California is a complete overhaul of Public Policy to a 'reasonable' alternative which may, or may not, create a tax increase for the majority of the citizens but which certainly would lead to a tax increase on the upper 2% as well as businesses.
The GOP is absolutely controlled by corporate shills and anti-tax zealots. (One of the "special interests" mentioned above.) And has a blocking minority in the state legislature.
The wealthy, having de-facto control of the state government necessarily control Tax policy and so can and have fobbed-off tax increases onto the poor and middle class to the point these groups just can't afford to divert any more of their income to taxes. The GOP won't raise taxes on wealth.
Result: Public Policy impasse and state insolvency.
Term Limits [...] have created a situation where political power is in the hands of people unresponsive to democratic accountability
The question is: what then? Is there any precedent for state insolvency in the U.S.?
John Chiang, state controller, could now issue "IOU"-style notes by Thursday to the state's vendors, local agencies overseeing health programmes and recipients of state aid - including the elderly, the disabled and college students. It is the first time in 17 years that the state's government will have to utilise such a measure.
It is the first time in 17 years that the state's government will have to utilise such a measure.
NYT.com: California May Be Forced to Issue I.O.U.'s (June 24, 2009)
If the i.o.u.'s are issued as threatened, it would be the first time since 1992 -- when Gov. Pete Wilson paid roughly 100,000 state employees with them -- that the warrants were used to hold over those to whom the state owed money. Before that budget crisis, California last issued the warrants during the Depression. ... Before even broaching the tax increase -- which Republican legislators said they would not accept and Gov. Arnold Schwarzenegger, a Republican, vowed to veto -- Democrats failed to get enough Republican votes in the Assembly or Senate for the first of 20 proposed budget bills, which contained $11 billion in cuts. After the vote, the Senate president, Darrell Steinberg, dismissed lawmakers until Thursday. ... In 1992, Governor Wilson, a Republican, issued the i.o.u.'s to state workers; the workers immediately brought a lawsuit, contending that the state had violated the federal Fair Labor Standards Act. A federal judge approved a $558 million settlement, and some workers received additional vacation time.
...
Before even broaching the tax increase -- which Republican legislators said they would not accept and Gov. Arnold Schwarzenegger, a Republican, vowed to veto -- Democrats failed to get enough Republican votes in the Assembly or Senate for the first of 20 proposed budget bills, which contained $11 billion in cuts. After the vote, the Senate president, Darrell Steinberg, dismissed lawmakers until Thursday.
In 1992, Governor Wilson, a Republican, issued the i.o.u.'s to state workers; the workers immediately brought a lawsuit, contending that the state had violated the federal Fair Labor Standards Act. A federal judge approved a $558 million settlement, and some workers received additional vacation time.
It may take the spectacle of watching "the beast" starve to provide the motivation to undo this. Nursing homes may close, dumping tens of thousands of frail elderly back onto family, if any. Welfare assistance will evaporate during the worst employment market since the '30s. Schools are taking a big hit already--there is no summer school pretty much state wide, and educational requirements are being "upgraded" to offer a means of eliminating teachers, class sizes are being increased, etc.
The problem is that all of the initiative driven restrictions on state government's ability to tax has left the state heavily reliant on volatile revenue sources and this is highly pro-cyclical. This current crisis MIGHT provide an opportunity to undo all of this, but I haven't seen anyone step up to publicly explain all of this in an intelligible manner. That would be like Obama taking on Wall Street. So I will believe in sensible reform of state revenue when I see it.
My own view is that the best prospect for change is via a new Progressive Party. It has been said that the times call forth the man. May it be so. As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
Well, the chickens & roosting.
When granny comes marching home they will find out just how much it costs to keep the old biddy alive. When their kids can't get a public education they will find out how much it costs to private/home school the little brat ...
and so on and so forth.
Personally, I find it all highly gratifying amusing.
A hundred thousand Randian crazies will continue to hold the state hostage because they're either living in the proverbial parental basement, or too rich to notice. Either way they won't be personally affected.
The problem is the canyon-sized disconnect between egotism and consequences among the other voters on the centre and the right. If no one explains how one leads to the other, they still won't understand.
The Right has funders willing to pocketbook the process. The Left doesn't. It's really quite that simple.
The most dramatic impact was on local government as Prop 13 capped tax rates at 1%--the ultimate anti-Georgist measure. Then, IIRCC, SCOTUS rulings about equality of educational funding between rich and poor districts led to most funding for school districts being shifted to the state. The two thirds majority requirement for tax increases has led to the Cave Men blocking any tax increases except the most regressive, such as sales tax, which are also the most pro-cyclical, dropping rapidly during recessions. The Gann initiative required that, during boom times, money could not be spent on capital improvements, as spending was limited to a formula based on population growth, with adjustments for shifts of responsibility among governmental agencies. Doing anything other than returning money to taxpayers required legislative action, which, again, was blocked by the Cave Men. As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
This is not at all like the (near) New York City bankruptcy back in the 1970s, except in one respect: No one thinks they will be affected.
To go off topic: That was an interesting time. I was living on Long Island, where not so much as a single donut exists without passing through New York to get there, yet Long Islanders were unanimous in their opinion that New York should be allowed to go down. Well, we never found out how that would have played out. But that was then, and in those days the entire country was not insolvent.
Post Katrina, it all gets more interesting. CA may yet be the first state of the Union to become a "failed" "state". The Fates are kind.
Maori tribes may be given legal title to parts of the foreshore and seabed separately or jointly with the Crown if the Government adopts the suggestions of its ministerial review panel. The panel's report, issued yesterday, describes the Foreshore and Seabed Act as severely discriminatory to Maori and "the single biggest land nationalisation statute enacted in New Zealand history". It recommends immediate repeal of the act and vesting of foreshore ownership "in trust" with the Crown while questions over the extent of iwi rights and how they can be recognised are resolved.
The panel's report, issued yesterday, describes the Foreshore and Seabed Act as severely discriminatory to Maori and "the single biggest land nationalisation statute enacted in New Zealand history".
It recommends immediate repeal of the act and vesting of foreshore ownership "in trust" with the Crown while questions over the extent of iwi rights and how they can be recognised are resolved.
Background here.
There is one final consideration that shouldn't be forgotten. Two Democrats, Ted Kennedy and Robert Byrd, are extremely ill. In fact, it is conceivable either one might be in the hospital at the time of a cloture vote, although Byrd was just discharged yesterday. In both cases having them be wheeled into the Senate on stretchers in order to vote on a cloture motion is well within the realm of possibility.
Bedridden senators have been wheeled in to vote in the past; it could happen again. According to Senate rules, however, wheeling in a senator only counts if the senator is alive.
Oh, wait.
Israel inflicted "wanton destruction" in the Gaza Strip during its 22-day war on the coastal enclave in December and January, Amnesty International, the London-based human rights group has said. In a 117-page report released on Thursday, Amnesty cited evidence that Israeli troops put children and other civilians in harm's way "by forcing them to remain in or near houses which they took over and used as military positions". Accusing Israel of "breaching laws of war", Amnesty said: "Much of the destruction was wanton and deliberate, and was carried out in a manner and circumstances which indicated that it could not be justified on grounds of military necessity." The organisation also criticised Hamas, the movement in control of the territory, for rocket attacks on Israel, which it called "war crimes".
Israel inflicted "wanton destruction" in the Gaza Strip during its 22-day war on the coastal enclave in December and January, Amnesty International, the London-based human rights group has said.
In a 117-page report released on Thursday, Amnesty cited evidence that Israeli troops put children and other civilians in harm's way "by forcing them to remain in or near houses which they took over and used as military positions".
Accusing Israel of "breaching laws of war", Amnesty said: "Much of the destruction was wanton and deliberate, and was carried out in a manner and circumstances which indicated that it could not be justified on grounds of military necessity."
The organisation also criticised Hamas, the movement in control of the territory, for rocket attacks on Israel, which it called "war crimes".
Business is back on Wall Street. If the good times continue to roll, lofty pay packages may be set for a comeback as well. Based on analysts' earnings forecasts for 2009, Goldman Sachs Group Inc. is on track to pay out as much as $20 billion this year, or about $700,000 per employee. That would be nearly double the firm's $363,000 average last year, and slightly higher than the $661,000 for the average Goldman employee in fiscal 2007, according to analyst estimates reviewed by The Wall Street Journal.
Based on analysts' earnings forecasts for 2009, Goldman Sachs Group Inc. is on track to pay out as much as $20 billion this year, or about $700,000 per employee. That would be nearly double the firm's $363,000 average last year, and slightly higher than the $661,000 for the average Goldman employee in fiscal 2007, according to analyst estimates reviewed by The Wall Street Journal.
If the good times continue to roll...
What is Goldman Sachs doing so good that it can feast while the rest of the world goes on austerity regimes?
