debt bailout Archives - The Automatic Earth

Julian calling into Sydney from Stansted airport last night (his day time).#AssangeJet #AssangeFree pic.twitter.com/KIz3cZp498

— Stella Assange #FreeAssangeNOW (@Stella_Assange) June 25, 2024

Julian

Julian is free!!!!

Words cannot express our immense gratitude to YOU- yes YOU, who have all mobilised for years and years to make this come true. THANK YOU. tHANK YOU. THANK YOU.

Follow @WikiLeaks for more info soon…pic.twitter.com/gW4UWCKP44

— Stella Assange #FreeAssangeNOW (@Stella_Assange) June 25, 2024

https://twitter.com/i/status/1805485661102772656

CNN gag order

CNN just slapped a gag order on The Trump campaign— days before the CNN debate.

We knew Trump’s mic would be muted during the debate, but we didn’t know his campaign’s mic would be muted before it. pic.twitter.com/8S6XlZ0VLB

— Jesse Watters (@JesseBWatters) June 25, 2024

CNN apology
https://twitter.com/i/status/1805282114255892876

Kim

I haven’t done any interview in years and this may be my last one as the world is on the brink of nuclear war. Here’s why we are facing the abyss.pic.twitter.com/OU8gVaNraX

— Kim Dotcom (@KimDotcom) June 24, 2024

Orban

The @EPP, the leftists and the liberals have agreed to create a pro-war coalition in the European Parliament, with the leadership of @ManfredWeber. This is not what European citizens voted for on June 9! pic.twitter.com/v2FAgz3cFG

— Orbán Viktor (@PM_ViktorOrban) June 24, 2024

Stop it!
https://twitter.com/i/status/1805415390819824083

Disguise

Here’s The Uncut Version Of The CIA Chief Of Disguise Confirming They Use “Full Face Masks” To “Walk around as someone else”

This is why Joe Biden needs both a drug test and a DNA test before the CNN Debate with Donald Trump

“I was Chief of Disguise. The office I worked in was… pic.twitter.com/pHX1UK2Scb

— Wall Street Apes (@WallStreetApes) June 24, 2024

“Julian Assange is free. He left Belmarsh maximum security prison on the morning of 24 June, after having spent 1901 days there..”

• Assange Leaves UK Prison To Finalize Plea Deal With US (RT)

WikiLeaks co-founder Julian Assange was released from a UK prison on Tuesday morning, his team has said. He has spent five years in the Belmarsh Prison in London while fighting extradition to the US, where he was indicted on 18 counts of disseminating classified information. According to the newly filed court documents, Assange will soon strike a plea deal in order to avoid further time behind bars. “Julian Assange is free. He left Belmarsh maximum security prison on the morning of 24 June, after having spent 1901 days there,” WikiLeaks wrote on X (formerly Twitter). “He was granted bail by the High Court in London and was released at Stansted airport during the afternoon, where he boarded a plane and departed the UK.” WikiLeaks said that the international campaign to free Assange has created “the space for a long period of negotiations with the US Department of Justice, leading to a deal that has not yet been formally finalized.”

“As he returns to Australia, we thank all who stood by us, fought for us, and remained utterly committed in the fight for his freedom,” WikiLeaks wrote. According to a letter from the DOJ, Assange will appear in court in Saipan, in the Northern Mariana Islands, a US territory in the Pacific, at 9 am local time on Wednesday. “We anticipate that the defendant will plead guilty to the charge… of conspiring to unlawfully obtain and disseminate classified information relating to the national defense of the United States,” the letter said. The DOJ said it expects Assange to return to his home country of Australia after the proceedings. Under Assange’s helm, WikiLeaks published multiple top secret files, including documents related to the US wars in Iraq and Afghanistan, as well a trove of US diplomatic cables.

In 2010, the organization published a video of a US military helicopter attacking civilians in Baghdad in 2007 after mistaking them for insurgents. Fearing extradition to the US, Assange spent seven years hiding inside the Ecuadorian Embassy in London. He was ejected from the premises in 2019, when Ecuador revoked his asylum status. The activist was immediately arrested by British police and subsequently spent five years in Belmarsh after being found guilty of jumping bail. Assange’s legal team, family and associates have repeatedly described the conditions in Belmarsh as “torture” and warned that his health had significantly deteriorated behind bars.

“Both ATACMS variants have cluster warheads, prohibited by the international Convention on Cluster Munitions — which the US declined to sign.”

• US Escalated Ukraine Conflict to New Level in Sevastopol (Sp.)

Washington’s involvement in the Ukrainian missile strike on Sevastopol is undeniable, given that it was conducted with the US-made ATACMS missiles programmed by American specialists, while a US RQ-4 Global Hawk reconnaissance drone was operating near Crimea that day, Russia’s Foreign Ministry stated on June 24. “The US is very complicit in this,” Earl Rasmussen, a retired US Army lieutenant colonel and international consultant, told Sputnik, commenting on the Ukrainian missile attack. “It had cluster bombs as munitions as well. Typically, for most countries it is not acceptable.” The expert said it was “highly likely the Global Hawk was providing reconnaissance, targeting information and potentially guidance information for the ATACMS itself. “ATACMS… essentially needs to coordinate with something. So, typically a lot of times drones’ or satellite information are used to help guide the target and guide the missile,” Rasmussen explained.

“ATACMS is pre-programed to some degree. But to ensure that it gets to its destination, there’s definitely communication of some type with an aerial drone system.” On Sunday at 12:15 pm local time, Ukraine attacked the Russian city of Sevastopol with five ATACMS missiles equipped with cluster bomblets. Russian air defenses intercepted four missiles, but the explosion of the fifth cluster warhead led to the death of four civilians with 153 more injured, according to local authroirties. The US government admitted in October 2023 that it had covertly provided Ukraine with a model of ATACMS with a range 165 kilometers. Longer-range ATACMS, capable of striking targets at a distance of up to 300 kilometers, were secretly included in the $300 million aid package and delivered to Ukraine in April. Both ATACMS variants have cluster warheads, prohibited by the international Convention on Cluster Munitions — which the US declined to sign.

In May, Politico reported that after Ukraine received ATACMS missiles, it also expressed interest in obtaining MQ-9 Reaper spy drones from the US, stressing that it needs new surveillance capabilities to strike Russian targets “deep behind the front lines.” EurasianTimes commentators suggested that “with the acquisition of the 300-kilometer-range variant of ATACMS, the thinking in Ukraine is that pairing it with an established unmanned combat aerial vehicle (UCAV) is the only way to attain some gains in the large artillery and ground systems-centric war.” The Defense Post also reported that US-made ATACMS and MQ-9 Reapers “could work in tandem in Ukraine, with the Reaper collecting target information and the ATACMS ensuring precision strikes.”

“Are they going to twiddle their thumbs and walk away? They might – for a day or two – ponder it, but there will be something that they’re going to do.”

• Russia ‘Can’t Not Respond’ To Crimea Attack – Ron Paul (RT)

There is tremendous popular pressure on Moscow to retaliate against the US over Sunday’s ATACMS missile strike on a beach near Sevastopol, former US Congressman Ron Paul has said. Five civilians were killed and over 150 injured by cluster munitions from a US-supplied missile launched by Ukrainian forces. Among the dead were at least two children. Paul, a retired lawmaker from Texas, described the strike as “a Ukrainian and American attack on Russia” on Monday’s Ron Paul Liberty Report. He added that some kind of escalation was inevitable after the US supplied long-range missiles to Ukraine and gave Kiev permission to use them for strikes deep inside Russia. “What’s Russia going to do about this?” Paul asked. “Are they going to twiddle their thumbs and walk away? They might – for a day or two – ponder it, but there will be something that they’re going to do.”

While Moscow might prefer a “minimal response,” Paul continued, “They can’t not respond.” The Russian public simply demands that something be done, he added. Russian Foreign Ministry officials summoned US Ambassador Lynne Tracy on Monday and told her that the “bloody atrocity” in Crimea would “not go unpunished.” According to the Russian Defense Ministry, the Ukrainian military fired five ATACMS missiles at Crimea. While Russian air defense systems destroyed four of the projectiles mid-air, the fifth was damaged, veered off course, and exploded over a packed beach.

The Kremlin has described the beach bombing as an act of terrorism that the US was as responsible for as Ukraine. The attack happened while a US drone loitered over the Black Sea, and ATACMS launches rely on targeting and intelligence provided by the Americans, Moscow’s ambassador in Washington, Anatoly Antonov, said. Paul and his co-host, Daniel McAdams, wondered if the missile attack was a deliberate escalation to justify further direct involvement of NATO inside Ukraine. They approvingly quoted Congresswoman Marjorie Taylor Greene, a Georgia Republican, who on Monday condemned the attack as something the US military should not be doing. “The only border our American military should be defending is our own border,” Greene wrote on X (formerly Twitter).

“..the Special Military Operation is not in fact a war, and that Russian war tactics and strategy should be limited to retaliation, not to the defeat and demilitarization of the US and NATO on the Ukrainian battlefield.”

• Between Kremlin Cup And General Staff Lip After Sunday Attacks (Helmer)

A salvo of five ATACMS (Army Tactical Missile System) missiles was intercepted over the Uchkuevka beach at Sevastopol just after midday. In celebration of the 30-degree sunshine and the Orthodox Trinity holiday, there were a large number of people in the water and on the sand. The missiles were intercepted in the air, but shrapnel from the detonating warheads struck the beach. At latest count, four people were killed, two of them children; 151 people, including 27 children, were wounded; 82 were hospitalized, 13 of them in serious condition. Boris Rozhin, editor in chief of the Colonel Cassad military blog, was in Sevastopol and he reported from one of the hospitals to which the casualties were taken. His reports started at 12:23 local time and continued for almost twelve hours. Rozhin is one of the independent Russian war correspondents calling on the Kremlin to remove the limit which has been placed on attacking the US Air Force (USAF) drones and other NATO aircraft which operate over the Black Sea, in international waters off the Crimean shore, to provide flight course, evasion of Russian air defence units, and target coordinates to the American and Ukrainian ground crews operating the ATACMS batteries and executing the fire orders.

Russian reports indicate the launch point for the Sevastopol beach attack was Nikolaev on the Ukrainian mainland. If so, the range of the missiles was at least 300 kilometres – longer than the US has publicly admitted. This also means that to be effective in defence against the repetition of such attacks against civilians, the proposed Russian demilitarized zone for the Ukraine, or “sanitary zone” as Putin has called it, must stretch from Nikolaev westward to Kiev. Rozhin has blamed the US explicitly in language repeated by other military bloggers. They mean to say, as they have been repeating in recent weeks, that the USAF drones used in the Sevastopol attacks should be destroyed. Just after 1600 Moscow time on Sunday, the Russian Defense Ministry issued its bulletin. The text, auto- translated into English, reads:

Note that that the Ministry, and the General Staff behind it, target the US as directly engaged in the operation of the missile attack. However, they start by calling the attack a “terrorist” strike, not an act of war. The wording of the statement also avoids identifying the USAF drones and other airborne electronic warfare systems offshore from Crimea. Instead, it refers to “satellite intelligence”. These are ideological references, not military ones. The distinction between Ukrainian acts of terrorism and war is Kremlin policy. By terming such attacks, including the Crocus City Hall attack in Moscow in March, terrorism but not war, the policy follows that the Special Military Operation is not in fact a war, and that Russian war tactics and strategy should be limited to retaliation, not to the defeat and demilitarization of the US and NATO on the Ukrainian battlefield.

At 1715 the Kremlin followed with a communiqué headlined: “The President reached out to the Government’s social bloc and the military following the attack by the Ukrainian Armed Forces against Sevastopol.” The two-paragraph statement said: “Vladimir Putin has been in touch with senior officials from the Government’s social ministries and agencies and healthcare institutions on an ongoing basis considering the urgency of providing care to the attack victims. The President has also been interacting with the military. The Ukrainian Armed Forces targeted Sevastopol with an intentional missile strike in the afternoon of June 23, using five ATACMS US-made tactical missiles. The attack left at least 124 people wounded or injured, to a varying degree of severity, including 27 children.”

The president’s statement was issued from the Kremlin in Moscow. Putin, who had returned from his visit to North Korea and Vietnam on June 20, has remained in the Moscow area. As he prepared to leave Vietnam on June 20, Putin was asked by a Kremlin pool reporter from Kommersant what he has meant by his threats to attack the US and NATO sources of the Ukrainian missile and drone attacks on Russian targets in Crimea, the Donbass, and the hinterland regions. “Andrei Kolesnikov: Kommersant newspaper, Andrei Kolesnikov. Can the use of Western long-range weapons be viewed as an act of aggression? Overall, can the shelling of Belgorod and Russian territory in general be viewed as an act of aggression? Vladimir Putin: This matter requires further investigation, but it is close. We are looking into it. What are we dealing with in this case? Those who supply these weapons believe that they are not at war with us.

As I have already said, including in Pyongyang, we reserve the right to supply our weapons to other regions of the world. I would not rule out this possibility in terms of our agreements with the Democratic People’s Republic of Korea. We can also adopt the same position on the question of where these weapons end up. Take the West, for example. They supply weapons to Ukraine, saying: We are not in control here, so the way Ukraine uses them is none of our business. Why cannot we adopt the same position and say that we supply something to somebody but have no control over what happens afterwards? Let them think about it. Therefore, at this stage, our primary objective is to defend against these strikes.”

“Putin dismisses devices such as ‘ceasefires’ or ‘freezes’. He is seeking something permanent..”

• Putin’s “War” To Re-shape The American Zeitgeist (Alastair Crooke)

The G7 and the subsequent Swiss ‘Bürgenstock Conference’ can – in retrospect – be understood as preparation for a prolonged Ukraine war. The three centrepiece announcements emerging from the G7 – the 10 year Ukraine security pact; the $50 ‘billion Ukraine loan’; and the seizing of interest on Russian frozen funds – make the point. The war is about to escalate. These stances were intended as preparation of the western public ahead of events. And in case of any doubts, the blistering belligerency towards Russia emerging from the European election leaders was plain enough: They sought to convey a clear impression of Europe preparing for war. What then lies ahead? According to White House Spokesman John Kirby: “Washington’s position on Kiev is “absolutely clear”: “First, they’ve got to win this war”. “They gotta win the war first. So, number one: We’re doing everything we can to make sure they can do that. Then when the war’s over … Washington will assist in building up Ukraine’s military industrial base”.

If that was not plain, the U.S. intent to prolong and take the war deep into Russia was underlined by National Security Adviser Jake Sullivan: “Authorization for Ukrainian use of American weapons for cross-border attacks extends to anywhere [from which] Russian forces are coming across the border”. He affirmed, too, that Ukraine can use F-16s to attack Russia and use U.S. supplied air defence systems “to take down Russian planes – even if in Russian airspace – if they’re about to fire into Ukrainian airspace”. Ukrainian pilots have the latitude to judge ‘the intent’ of Russian fighter aircraft? Expect the parameters of this ‘authorisation’ to widen quickly – deeper to air bases from which Russian fighter bombers launch. Understanding that the war is about to transform radically – and extremely dangerously – President Putin (in his speech to the Foreign Ministry Board) detailed just how the world had arrived at this pivotal juncture – one which could extend to nuclear exchanges.

The gravity of the situation itself demanded the making of one ‘last chance’ offer to the West, which Putin emphatically said was “no temporary ceasefire for Kiev to prepare a new offensive; nor was it about freezing the conflict”; but rather, his proposals were about the war’s final completion.= “If, as before, Kiev and western capitals refuse it – then at the end, that’s their business”, Putin said. Just to be clear, Putin almost certainly never expected the proposals to be received in the West other than by the scorn and derision with which they, in fact, were met. Nor would Putin trust – for a moment – the West not to renege on an agreement, were some arrangement to be reached on these lines. If so, why then did President Putin make such a proposal last weekend, if the West cannot be trusted and its reaction was so predictable?

Well, maybe we need to search for the nesting inner Matryoshka doll, rather than fix on the outer casing: Putin’s ‘final completion’ likely will not credibly be achieved through some itinerant peace broker. In his Foreign Ministry address, Putin dismisses devices such as ‘ceasefires’ or ‘freezes’. He is seeking something permanent: An arrangement that has ‘solid legs’; one that has durability. Such a solution – as Putin before has hinted – requires a new world security architecture to come into being; and were that to happen, then a complete solution for Ukraine would flow as an implicit part to a new world order. That is to say, with the microcosm of a Ukraine solution flowing implicitly from the macrocosm agreement between the U.S. and the ‘Heartland’ powers – settling the borders to their respective security interests.

“..an attack on one is an attack on all” does not automatically trigger a US military response.”

• Article 5 Won’t Save Ukraine if It Joins NATO (Sp.)

As NATO members prepare to celebrate the alliance’s 75th anniversary in Washington next month, the US and key allies including the UK and Germany are debating how strongly to commit to Ukraine’s NATO bid. Washington and Berlin rejected a European plan to provide Ukraine with an “irreversible” path to the organization earlier this week, instead offering a “lighter commitment” with no concrete timeline, according to British newspaper The Telegraph. The Kiev regime has repeatedly urged the West to accept it into NATO. However, even if Ukraine were admitted, it would not be guaranteed NATO boots on the ground or greater assistance than it already receives. It is widely believed that Article 5 of the North Atlantic Treaty unquestionably commits NATO members to provide military support should one of them be attacked. In reality it doesn’t, according to US academics, legal experts and lawmakers.

Article 5 reads: “The Parties agree that an armed attack against one or more of them . . . shall be considered an attack against them all and consequently they agree that, if such an armed attack occurs, each of them, in exercise of the right of individual or collective self-defense recognized by Article 51 of the Charter of the United Nations, will assist the Party or Parties so attacked by taking . . . such action as it deems necessary, including the use of armed force, to restore and maintain the security of the North Atlantic area. But Article 11 further explains that the treaty’s “provisions [shall be] carried out by the Parties in accordance with their respective constitutional processes.” The treaty’s language actually means that it’s up to NATO member-states and their respective legislatures to determine whether and how to come to the rescue of their peers.

“It is possible for the US and other Western countries to stay out of a conflict that involves a NATO country without having to break their alliance commitments,” Dan Reiter, a professor of political science at Emory University, and Brian Greenhill, an associate professor of political science at the University at Albany of the State University of New York wrote for The Conversation earlier this week. “The NATO treaty’s language contains loopholes that let member countries remain out of other members’ wars in certain situations.” The political scientists draw attention to the fact that whereas the treaty envisions the possibility of using military force in the event of an external attack it “does not include a clear definition of what an ‘armed attack’ actually is.” Previously that allowed NATO to argue that a violent act against a member wasn’t necessarily “enough” to define it as an “armed attack,” the academics note. According to Reiter and Greenhill, NATO members “have only formally invoked Article 5 once” in the aftermath of the September 11, 2001 terror attacks on the World Trade Center and the Pentagon, helping Washington patrol its skies from mid-October 2001 to mid-May 2002.

Nonetheless most NATO member states chose not to send troops to Afghanistan when the US declared war on the Taliban*. The academics point out that NATO states who didn’t join Washington’s “war on terror” were neither seen as breaking the alliance’s treaty nor sanctioned or ejected from the alliance. Additionally, NATO members have also used the issue of geography to stay out of their peers’ conflicts, according to the academics. Thus when the UK and Argentina went to war over the Falkland Islands in 1982, the US and other NATO states referred to the fact that the treaty provides for restoring and maintaining security in “the North Atlantic area.” The Falkland Islands – also known as the Islas Malvinas – are a South Atlantic archipelago. Last June, Senator Rand Paul addressed the issue of Article 5’s common defense provision to underscore that “an attack on one is an attack on all” does not automatically trigger a US military response.

“The Constitution grants to Congress the sole authority to determine where and when we send our sons and daughters to fight. We cannot delegate that responsibility to the president, the courts, an international body, or our allies,” Paul said. The senator condemned those he claimed deceive the public about what America’s commitments under Article 5 of the North Atlantic Treaty really are.

On December 6, 2023, US President Joe Biden urged American lawmakers to green-light a US aid package for Ukraine by claiming that otherwise “we’ll have something that we don’t seek and that we don’t have today: American troops fighting Russian troops — American troops fighting Russian troops if [Russia] moves into other parts of NATO.” “We’ve committed as a NATO member that we’d defend every inch of NATO territory,” Biden insisted. Moscow has resolutely rejected the idea of attacking any NATO member state as absurd. However, even if such a scenario occurred, it would be up to US lawmakers, not President Biden, to decide whether the US would put boots on the ground to protect its ally. “Any military confrontation between Russia and NATO would surely be of a substantial nature, scope, and duration — and would therefore require congressional authorization,” the Brennan Center for Justice (BCJ), a nonprofit law and public policy institute at New York University’s School of Law, explains.

Bottomless.

• Desperate Ukraine Needs Massive Debt Bailout (Miles)

With Kiev’s gloomy financial prospects showing no sign of improving, one British newspaper is insisting that Western bondholders must forgive a substantial portion of the country’s arrears. “Kiev was already in a complex debt situation going into the war, having restructured its private debt in 2015,” noted the Financial Times broadsheet in an editorial published Sunday. “The country must now balance borrowing to fund the war with managing old debt obligations.” “Doing so is a tricky juggling act,” the paper’s editorial board observed, claiming substantial Western investment would be needed as the country rebuilds. At stake in current negotiations is $20 billion owed to private bondholders, just a small portion of the government’s $152 billion in overall outstanding debt. Ukraine’s debt payments have been paused since the outbreak of the Russo-Ukraine conflict but are scheduled to resume in August.

A recent G7-backed deal to reduce the amount owed by 60% was rejected by investors last week, who counteroffered a 20% write-down. “The war has gone on longer than expected,” the paper noted. Multiple reports have revealed the United States intervened to quash peace talks between Moscow and Kiev early on in the conflict, with Volodymyr Zelensky eventually issuing an edict preventing the country from negotiating with Russia. Washington’s sabotage of efforts to end the war was finally acknowledged by The New York Times and other mainstream outlets earlier this month. The editorial proposes three options for Ukraine – a default, another pause of payments, and continued insistence on a more significant debt reduction. Another pause would see the interest on the debt continue to balloon, while a default would further damage the country’s reputation and distract from the country’s efforts on the battlefield as Moscow appears poised to deliver a knockout blow.

Kiev was widely acknowledged as a perilous environment for foreign investors for decades before the current conflagration, with British newspaper The Guardian calling Ukraine “the most corrupt nation in Europe.” Corruption has remained endemic among government officials since the country’s independence from the Soviet Union in the early 1990s. Last year, defense minister Oleksii Reznikov was fired after millions of dollars of fraud was uncovered in procurement deals for the country’s armed forces. Ukraine has meanwhile relied on aid from Western countries merely to continue funding basic government services, a fact that has created controversy as increasing numbers of Americans tell pollsters they believe the US is spending too much money propping up the Kiev regime. Controversial investment firms like BlackRock and JPMorganChase are set to receive billions of dollars in profit from reconstruction efforts, with Ukraine’s indebtedness set to perpetuate Western influence in the country for years to come.

“I’m not happy about the way things are going,” Orban said. “We have a structural problem.”

• Von der Leyen Must Go – Orban (RT)

Hungarian Prime Minister Viktor Orban has called for Ursula von der Leyen to be replaced as president of the European Commission, describing the five years of her tenure as the “worst” in the history of the EU. He told reporters from the German media group Funke on Sunday that the EU’s green transition had gone against the economic and industrial interests of the bloc, while its migration package had also proven entirely unsuccessful. “The past five years have been perhaps the worst five years in the history of the EU. The successes of the European Commission and the Brussels elite are weak,” Orban said. The EU needs efficient leadership and there are “plenty” of talented politicians “capable of doing this job,” the Hungarian prime minister said. He claimed that the results of the recent European Parliament elections had also shown that people want change in Brussels.

Voters shifted significantly to the right in the elections earlier this month, with ruling coalitions in Germany and France being comprehensively trounced by right-wing parties. “But as it looks now, the same ruling coalition will remain in power. I’m not happy about the way things are going,” Orban said. “We have a structural problem.” Centrist parties retained a majority in the European Parliament, with von der Leyen’s European People’s Party (EPP) winning 190 seats. She is seeking a second term as European Commission president, declaring that her goal is to “build a broad majority for a strong Europe,” and to keep Brussels on a “pro-Ukraine path.”

Members of the European Parliament will have their say in confirming the next Commission president in a vote scheduled for 18 July. Von der Leyen will have to win a majority of MEPs’ votes. Orban also said that if Europeans want to “keep pace with the Americans,” they will have to “rise up again.” He lauded former US President Donald Trump, saying he has “101% confidence” in him, and described him a “man of peace” because he “didn’t start a single war.” Orban has long been a vocal critic of the West’s approach to the Ukraine conflict, particularly its arms shipments to Kiev.

“..the bloc’s workaround was “sophisticated as every legal decision, but it flies.”

• EU To Bypass Hungarian Veto On Tapping Russian Assets – FT (RT)

The European Union has developed a scheme to use profits from frozen Russian assets to secure a $50 billion loan for Ukraine, which will be used to purchase arms, the Financial Times reported on Monday, citing the bloc’s top diplomat, Josep Borrell and other sources. The loophole effectively bypasses Hungary’s opposition to legislation that would have allowed the EU to hand over interest accrued on Russian funds to Ukraine. In an interview with the FT, Borrell said that since Budapest had opposed an EU agreement to transfer revenue to Ukraine, it “should not be part of the decision to use this money.” He added that the bloc’s workaround was “sophisticated as every legal decision, but it flies.” The West froze around $300 billion in Russian sovereign assets when the Ukraine conflict escalated, trapping around $280 billion in the EU.

Earlier this year, Brussels proposed seizing the interest earned on the assets to acquire weapons for Ukraine. The suggestion faced resistance from Hungary, a vocal critic of the West’s approach to the Ukraine conflict, particularly its arms shipments to Kiev. Under the US-led initiative, proceeds generated by Russia’s frozen assets from next year will be used to pay off the loan. The legal loophole allowing the EU to tap Russian assets is likely to suffice in guaranteeing the payout of the loan, the outlet said, citing officials familiar with the matter. However, Budapest can still block an EU decision to extend sanctions on Russian funds, which has to be renewed every six months by the bloc’s 27 members, the officials added.

To placate Hungary, the EU proposed a deal under which its share of the bloc’s funds would not be used to purchase weapons for Ukraine in exchange for not vetoing other members transferring the revenue to Kiev, according to Borrell. “We have offered Hungary: your money will not be used to support Ukraine in any means. Not just lethal, but on anything,” Borrell said. The proposal, however, has been rejected by Budapest. Moscow has denounced the decision to transfer profits from its assets to Ukraine as a blatant and illegal “expropriation.”

Note the Pacific Ocean in the cover. And Canada.

• The Land that Law Forgot: SCOTUS and the New York Legal Wasteland (Turley)

In 1976, Saul Steinburg’s hilarious “View of the World from 9th Avenue” was published on the cover of the New Yorker. The map showed Manhattan occupying most of the known world with wilderness on the other side of the Hudson River between New York and San Francisco. The cartoon captured the distorted view New Yorkers have of the rest of the country. Roughly 50 years later, the image has flipped for many. With the Trump trial, Manhattan has become a type of legal wilderness where prosecutors use the legal system to hunt down political rivals and thrill their own supporters. New York Attorney General Letitia James (D) ran on a pledge to bag former president Donald Trump. (She also sought to dissolve the National Rifle Association.) Manhattan District Attorney Alvin Bragg also pledged to get Trump. Neither specified how they would do it, but both were elected and both were lionized for bringing controversial cases against Trump.

Just beyond the Hudson River, the response to these cases has been far less positive. James secured an obscene civil penalty of almost half a billion dollars without having to show there was a single victim or dollar lost from alleged overvaluation of assets. Through various contortions, Bragg converted a dead misdemeanor case into 34 felonies in an unprecedented prosecution. New Yorkers and the media insisted that such selective prosecution was in defense of the “rule of law.” This week in the Supreme Court, a glimpse of the legal landscape outside of Manhattan came more sharply into view. It looked very different as the Supreme Court, with a strong conservative majority, defended the rights of defendants and upheld core principles that are being systematically gutted in New York. In Gonzalez v. Trevino, the court held in favor of Sylvia Gonzalez, who had been arrested in Castle Hills, Texas in 2019 on a trumped-up charge of tampering with government records. She had briefly misplaced a petition on a table at a public meeting.

This was a blatant case of selective prosecution by officials whom Gonzalez had criticized. She was the only person charged in the last 10 years under the state’s records laws for temporarily misplacing a document. She argued that virtually every one of the prior 215 felony indictments involved the use or creation of fake government IDs. Although the charges were later dropped, the case reeked of political retaliation and selective prosecution. There is no evidence that anyone else has faced such a charge in similar circumstances. Yet when she sued, the appellate court threw her case out, requiring Gonzales to shoulder an overwhelming burden of proof to establish selective prosecution for her political speech. The justices, on the other hand, reduced that burden, allowing Gonzalez to go back and make the case for selective prosecution.

Unlike the Trump case, the criminal charges against Gonzales were thrown out before trial. For Trump, selective prosecution claims were summarily dismissed, even though no case like Bragg’s appears to have ever been brought before. The Bragg case is raw political prosecution. No one seriously argues that Bragg would have brought this case against anyone other than Trump. Indeed, his predecessor rejected the case. Yet people were literally dancing in the streets when I came out of the courthouse after the verdict against Trump. In fact, the selectivity of the prosecution was precisely why it was so thrilling for New Yorkers. [..] It all comes down to the legal map. As even CNN senior legal analyst Elie Honig observed, this case of contorting the law for a selective prosecution would not have succeeded outside of an anti-Trump district. On the New Yorker map circa 2024, once you cross the Hudson River eastward, you enter a legal wilderness.

“..FAA investigators found dozens of quality-control shortcomings, including the use of dish soap and a hotel key card as makeshift tools.”

• Boeing Faces Possible Criminal Indictment – Reuters (RT)

The US Department of Justice (DOJ) is reportedly considering a criminal indictment of aerospace giant Boeing for allegedly violating the terms of a 2021 settlement that shielded the company from charges over airliner crashes that killed 346 people. Prosecutors have recommended to senior DOJ officials that charges be filed against Boeing, Reuters reported on Sunday, citing unnamed people familiar with the department’s deliberations. A decision on whether to prosecute the company is due by July 7. The DOJ claimed in a court filing last month that Boeing had breached a 2021 agreement over allegations that the company defrauded federal aviation authorities in connection with fatal 737 MAX airliner crashes in 2018 and 2019. Under the settlement, the aircraft maker avoided prosecution by agreeing to pay a $2.5 billion fine and implement new compliance and ethics practices to prevent violations of US fraud laws.

Boeing responded by arguing that it had honored the terms of the 2021 agreement. However, the company has suffered a spate of safety incidents in recent months, including an inflight blowout of a door panel on a 737 MAX 9 operated by Alaska Airlines. The Alaska scare occurred just two days before the DOJ settlement was scheduled to expire. Prosecutors had previously agreed to seek formal dismissal of the deferred fraud charge as long as Boeing complied with the deal’s terms over a three-year period. Apart from the legal compliance issues, Boeing has reportedly failed a federal safety audit of its manufacturing processes in the wake of the midair door blowout. The New York Times reported in March that Federal Aviation Administration (FAA) investigators found dozens of quality-control shortcomings, including the use of dish soap and a hotel key card as makeshift tools.

The FAA also launched a probe of possible falsification of inspection records at a Boeing factory in South Carolina. No final decision has been made by the DOJ on indicting Boeing, and internal discussions remain ongoing, Reuters said. Potential charges could go beyond the scope of the 2021 fraud settlement. One of the sources said other options include extending the earlier settlement agreement or imposing stricter compliance terms on Boeing. While the manufacturer might accept having an outside compliance monitor or paying a financial penalty, facing criminal charges or being forced to enter a guilty plea could be “too damaging” to its business, Reuters said. Boeing is a major defense contractor, and its government revenue might be jeopardized by a criminal conviction.

“..when its economic foundation has eroded, it can only be maintained for so long by bluster and smoke and mirrors.”

• Death Of The Petrodollar: What Really Happened Between The US and Saudis? (RT)

It is said that works of fiction can often convey certain truths better than a newswire. That is perhaps the light in which to view reports circulating around the internet recently about the expiration of a 50-year ‘petrodollar’ treaty between the US and Saudi Arabia. The agreement is a piece of fiction. The spurious reports appear to have originated in India or in the murky tangle of websites aimed at crypto investors. There was an official agreement between the US and Saudi Arabia signed in June of 1974 and another, secret one reached later that year according to which the Saudis were promised military aid in exchange for recycling their oil proceeds into US Treasuries. The deal whereby Riyadh would sell its oil in dollars was informal, and there was no expiration date. The petrodollar system as we have come to known largely grew organically.

However, this fiction points to an underlying truth: the petrodollar has entered a long twilight from which there will be no return. No other economic arrangement has done more to ensure American preeminence over the last half-century. Yet in its essence it represented an implicit oil backing to the dollar that would be maintained. To borrow an idea originally expressed by financial analyst Luke Gromen, it is ultimately America’s inability and unwillingness to maintain this backing that is gradually dooming the system.

[..] We are now accustomed to the proliferation of unbacked currencies, so it’s hard to appreciate just how unusual the petrodollar arrangement was for a world long used to dealing with some form of gold standard. It’s one thing for a government to insist that a currency be accepted within its own borders, but to propose that another country part with real goods – such as oil – for money backed by absolutely nothing would have been a tough sell in past eras. Yet the US managed to do that and more. But such an arrangement would never have been sustainable for so long – longer than the gold-backed Bretton Woods lasted – based on military power and backroom dealings by cabals of diplomats alone. While Washington has always acted with a certain sense of impunity, believing there to be no viable alternative to the dollar, for the several-decade-long golden age of the petrodollar there was at least an economic justification for it. It worked well enough for the rest of the world that, until recently, no major bloc emerged to oppose it. There also was the long shadow of Paul Volcker to give it credibility.

However, just as the US reneged in 1971 on its obligation to convert dollars into gold, it later reneged on its implicit obligation to maintain the value of the dollar against oil. Since then, Washington has shed all semblances of fiscal restraint and any pretense of managing the dollar in the best interests of everyone. Instead, it now wields the greenback as a weapon in a desperate bid to roll back the very events it helped set in motion by not preserving the integrity of the currency in the first place.The US is now fighting to maintain all the benefits of this broken system, the responsibility for which it is neither equipped nor willing to take any longer. If the dollar isn’t pegged to gold and isn’t even implicitly backed by oil, and Washington won’t preserve its integrity, then it is hardly up to the task of facilitating trade in critical resources. A system as deeply entrenched as the petrodollar won’t disappear overnight, but when its economic foundation has eroded, it can only be maintained for so long by bluster and smoke and mirrors.

“A decision against the government should lead to the release of many J-6 prisoners and perhaps lawsuits for malicious prosecution under the Federal Tort Claims Act..”

• Here It Comes (Kunstler)

Did you entertain feelings of doom during last week’s brain-withering heat-wave? The sheer anxious waiting and wishing for it to end was a nice analog to the stifling psycho-political miasma oppressing this nation — alternately known as the republic (for which we stand) and “our democracy,” as “Joe Biden” likes to style his regime of lawfare, warfare, and garish state-sponsored depravity. Well, rejoice and ring them bells! The political weather is breaking. The week ahead looks like an all-you-can-eat, steam-table banquet of consequence. The Supreme Court (SCOTUS) teased last week with an opening round of lesser decisions on bump stocks for rifles, abortion pills for women inconvenienced by motherhood, and a few other interesting cases. The court’s term draws to a close with the end of June. Pending are several cases liable to rattle the windows and shake down the walls.

One is the question as to whether the government can use private company proxies to censor constitutionally protected free speech (Murthy v. Missouri). The case has been simmering for years, with lower court actions that took a dim view of the intel blob’s coercive intrusions into social media. Probably the most galling part of the story is that virtually every act of censorship and de-platforming was committed against those telling the truth about some vital public issue, whether it was the danger and ineffectiveness of the Covid vaccines, or the probity of the 2020 elections, or the existence of Hunter Biden’s laptop and its dastardly contents. That is, the government’s actions were entirely in the service of lying to the American people. This raises a greater question that redounds from the courts onto the November election: just why is the US government so deeply invested in all that lying?

The answer is obvious: it has been engaged in nefarious activities that it seeks to hide and deny. And all of that has served to wreck the country. Even worse, the government has gaslit half of the public into cheerleading and rolling over for all that dishonesty, so as to keep them “safe” from hobgoblins such as “misinformation.” Considering “Joe Biden’s” cratering poll numbers, it looks like the public is tired of this incessant lying and is fixing to vote his regime out of office. We begin to see evidence that even some hardcore regime hacks are breaking out of that consensus trance, for instance, the Cuomo brothers denouncing the lies around lawfare and Covid. Andrew, once the New York state AG himself, told the shocked studio audience on Bill Maher’s HBO gabfest, beloved by Wokesters, that the Alvin Bragg case never should have been brought to trial. His brother Chris has been telling his podcast followers that Covid policy was a fiasco and the vaccines were harmful, and he apologized for his prior shifty reporting on all that when he had a CNN show.

Also upcoming at SCOTUS: Fischer v the United States, as to whether the DOJ tortured a federal statute on shredding financial records to overcharge J-6 rioters. In 2015 the court limited the scope of that law (part of the 2002 Sarbanes-Oxley Act), but Attorney General Merrick Garland used it anyway as an all-purpose dragnet to prosecute hundreds of people who merely paraded through the US Capitol — which provided legal footing for the House J-6 committee to color that event dishonestly as “an insurrection.” A decision against the government should lead to the release of many J-6 prisoners and perhaps lawsuits for malicious prosecution under the Federal Tort Claims Act (FTCA). It would also toss out the pertinent charges in Special Counsel Jack Smith’s DC case against Donald Trump for supposedly fomenting an “insurrection.”