Saudi Arabia borrows $4bn

Saudi Arabia has borrowed $4bn from local markets in the past year, selling its first bonds for eight years as part of efforts to sustain high levels of public spending as oil prices slump. Fahad al-Mubarak, the governor of the Saudi Arabian Monetary Agency, said the government would use a combination of bonds and reserves […]

Iraq gets first funding to rebuild war-struck regions

Iraq and the World Bank signed a $350 million loan agreement on Sunday to fund emergency reconstruction in towns recaptured from Islamic State militants, a deal Baghdad said marked the first international help to rebuild areas devastated by war. Finance Minister Hoshiyar Zebari said around a third of the money would go toward repairing roads […]

Russia says to support Greece recovery by deepening energy cooperation

Russia intends to support an economic recovery in Greece by expanding cooperation in the energy sector, Russian Energy Minister Alexander Novak said on Sunday. Novak said in a statement sent to reporters that Russia was considering the possibility of organizing direct energy supplies to Greece and hoped to reach an agreement on this within the […]

Iran Blames US for Delays on Nuclear Deal

As nuclear negotiations in Vienna grind on through deadline after deadline, Iranian officials have begun a public campaign to blame the United States in the event that the talks fail. Iran’s public diplomacy has long been geared toward selling a possible deal to hard-liners at home. But as an interim agreement between Iran and the […]

Pentagon Concludes America Not Safe Unless It Conquers The World

The Pentagon has released its “National Military Strategy of the United States of America 2015,” June 2015. http://news.usni.org/2015/07/02/document-2015-u-s-national-military-strategy The document announces a shift in focus from terrorists to “state actors” that “are challenging international norms.” It is important to understand what these words mean. Governments that challenge international norms are sovereign countries that pursue policies […]

Neither Crowdfunding, Nor Oxi, Nor Anything Else Can Stave Off Greece’s Systemic Collapse

In case you missed the media hubbub, a one-week Indiegogo crowdfunding campaign was started back on June 29th with the goal of raising €1.6 billion to pay off Greece’s most recent debt repayment and set it back on the road to prosperity. The campaign of course came nowhere near the repayment amount, and although it […]

Yemen: Bombing and heavy fighting

By Mohammed Ghobari and Mohammed Mukhashaf Witnesses say airstrikes continue despite Yemeni truce (01:30) Saudi-led air strikes and heavy shelling between warring factions shook several cities in Yemen on Saturday, residents said, violating a United Nations humanitarian truce which took effect just before midnight. The U.N.-brokered pause in the fighting was meant to last a […]

China, Russia and India are joining forces

This month, as Newsweek goes to print, an international organisation all but unknown in the West is set to announce that its membership will soon include countries representing half the world’s population. If the hopes of its leading backers – particularly Russia – are realised, the 15th annual summit of the Shanghai Cooperation Organisation (SCO) […]

Donald Trump: ‘I’d bomb the hell out of the oil fields’

Real estate mogul and 2016 GOP presidential candidate Donald Trump said he would “bomb the hell” out of oil sites he says are controlled by the Islamic State terrorist group and then get oil companies to go in and rebuild them. “The situation with [Islamic Stat] has to be dealt [with] firmly and strongly when […]

What Greece, Cyprus, and Puerto Rico Have in Common

We all know one thing that Greece, Cyprus, and Puerto Rico have in common–severe financial problems. There is something else that they have in common–a high proportion of their energy use is from oil. Figure 1 shows the ratio of oil use to energy use for selected European countries in 2006. Greece and Cyprus are […]

Kunstler: Welcome to Blackswansville

While the folks clogging the US tattoo parlors may not have noticed, things are beginning to look a little World War one-ish out there. Except the current blossoming world conflict is being fought not with massed troops and tanks but with interest rates and repayment schedules. Germany now dawdles in reply to the gauntlet slammed […]

Islamic State suicide bombers strike Iraqi refinery

Islamic State suicide bombers and fighters attacked the center of Iraq’s northern oil refinery town of Baiji overnight, forcing the army and Shi’ite fighters to pull back, military sources and the local mayor said on Sunday. The town of Baiji and its refinery – Iraq’s largest – have been a battlefront for more than a […]

Greece referendum: ‘No’ vote ahead

With more than a third of votes counted, results from the Greek referendum suggest voters have rejected the terms of an international bailout. Results published by the interior ministry showed about 60% of those whose ballots had been counted voting “No”, against some 40% voting “Yes”. Greece’s governing Syriza party campaigned for a “No”, saying […]

Americans Show Why USA Is The #1 Country In The World

The United States is the #1 exporter of freedom – and all this other stuff.

Mapped: How the world became more violent

Since its publication in 2011, Steven Pinker’s “The Better Angels of our Nature: Why Violence has Declined” has sparked a rigorous debate between some of the world’s most prominent thinkers. Traversing from pre-history to hunter-gatherer times to the present, Pinker concludes that we are living in the most peaceful time in history. Compared to our […]

Greek bank closures may deplete supermarket shelves

A halt to international payments from Greek bank accounts is hurting Greek businesses and their foreign partners and threatening supplies of vital goods like food and clothing into the debt-crippled country. With banks closed, people limited to withdrawing 60 euros ($66.62) per day and Greece’s future in the euro possibly hinging on a referendum on […]

Syria rebels claim Aleppo victory

Syria rebels claim Aleppo victory

Citizens Can Sue Fracking Companies for Earthquake Damage, Says Oklahoma Supreme Court

Oklahoma almost never used to have earthquakes. But in the last six years they’ve increased so much that last year the state surged past California as the most seismically active state in the continental U.S. Prior to 2009, the state averaged two quakes of greater than 3.0 magnitude annually. By 2014 that number had soared […]

Chile Elects to Revolt

This week we take a look at the 6 plus year student revolt in Chile, plus ballot burning fury in Mexico and an interview with militants from Santiago who tell us about the anarchist scene there. On the music break we bring you Chilean rapper Portavoz with “Te Quieren”

Is Saudi Arabia Leaving The U.S. Behind For Russia?

The news from the recent St. Petersburg Economic Forum, which took place from June 18 to 20, inspired a torrent of speculation on the future direction of energy prices. But the real buzz at the conference was the unexpected but much publicized visit of the Saudi Deputy Crown Prince, as an emissary of the King. […]

Death of the Euro

Vindictive eurocrats, a happy Mario Draghi, a predictably exposed Christine Lagarde, and a wise but powerless DSK O Lucky Man HOW THE AMERICAN PENCHANT FOR REGIME-CHANGE DELIVERED US INTO DYSTOPIA It hasn’t taken long today for the strutting “We can handle a Greek default” faux-confidence to evaporate among the engorged egos of the euroélite. On the […]

Ukraine Halts Purchases of Russian Gas

Ukraine suspended its purchases of Russian natural gas after European Union-mediated price talks collapsed Tuesday. Russian Energy Minister Aleksandr Novak said he was “surprised” that Ukraine was demanding a much deeper discount than what he was offering. He said the price the Ukrainians wanted was out of line with current market conditions, and that the […]

Saudi jets bomb Yemen

Air strikes by Saudi-led forces hit military bases across Yemen on Friday, residents told Reuters, and the country’s foreign minister was quoted as saying there was no need to convene another peace summit after the first round of talks failed. Talks in Geneva last week ended without a resolution to the conflict, which has claimed […]

Greeks awake to no money and no certainty

The long queues for cash of the night before had given way to shuttered banks and unresponsive ATMs on Monday as Greeks woke up to a new period of uncertainty. “I’m worried, of course we are all extremely worried,” said Iason, 25, an environmental engineer who preferred not to give his surname; he had taken […]

Kunstler: Systemic Turmoil, Structural Reform

“The problem with the post-2007 world is that we are not in a cyclical recovery; we are in a structural depression defined as a sustained period of below-trend growth with no end in sight. The U.S. has caught the Japanese disease. Structural depressions are not amenable to monetary solutions, they require structural solutions.” –James Rickards […]

The Limits to Growth and Greece: systemic or financial collapse?

  The results of the “standard run” (or “base case”) scenario of “The Limits to Growth” 1972 study. Could it be that the ongoing Greek collapse is a symptom of the more general collapse that the model generates for the first two decades of the 21st century? So, we have arrived to an interesting point, […]

Key differences remain in Iran nuclear talks

U.S. SECRETARY OF STATE JOHN KERRY, SAYING: “Well I think it’s fair to say that we are hopeful. We have a lot of hard work to do. There are some very tough issues.” Disagreements remain between top U.S., European and Iranian diplomats… as they hammer out a deal to curb Iran’s nuclear program. But talks […]

Why are the government’s energy forecasts so bad?

In 2009, the federal government’s Energy Information Administration made a forecast for the next two decades: U.S. wind power would grow modestly, reaching 44 gigawatts of generating capacity in 2030, while solar power would remain scarce, inching up to 12 GW. Just six years later, U.S. wind capacity is already up to 66 GW, and solar […]

Russian Energy Sanctions have Backfired

Western sanctions on the Russian energy sector have so far not had the intended devastating impact on Russian energy companies. Sanctions certainly did restrict the flow of Western investment, equipment and technology necessary toward the development of oil and natural gas fields in Russia, and the overall impact on Russia’s energy sector was indeed significant. […]

Islamic State mints its own Currency

Islamic State of Iraq and the Levant (Isil) has begun minting its own “Islamic dinar” coins, Syrian activists claimed on Tuesday night. Pictures posted on social media showed a series of gold sovereigns bearing Isil inscriptions, and with a reported value of one gold dinar being with $139 (£89). An anti-Isil activist by the name […]

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