• Today Devotional Massage:
    -Walk in the Way of Love-
    SCRIPTURE READING — EPHESIANS 4:29-5:2
    Follow God’s example, therefore . . . and walk in the way of love, just as Christ loved us and gave himself up for us as a fragrant offering and sacrifice to God. Ephesians 5:1-2
    These “trail aliases” don’t reveal much, but they may hint at traits or preferences. Most of my conversations with hikers centered on miles hiked, the next stream, weather, gear, or the trail itself. Some conversations took place for a few minutes while resting along the trail; others took place over a few evenings at the same campsite. Sadly, those fellow hikers and our conversations are now fast becoming wisps of fading memories.
    https://ispringmedia.blogspot.com/2023/12/walk-in-way-of-love.html
    Read complete massage via above link
    Thanks and God bless you more.


    #prayerofthanks #thankgod #goodnessofgod #loveofgod #godislove #god #church #bible #christian #belief #faith #jesus #faithworksfriday #christianlife #christianliving #christianfaith #christianinspiration
    #christianmotivation #christianity #christianquotes #keepthefaith #jesusheals #christianhealing #christianblogger #beliefingod #faithinaction #beliefinjesus #faithinjesus #godlovesyou #thewordofgod #christianprayer

    #meditantespodcast #meditantes #podcast #meditação #meditation

    stephan.daub nicodemus.morfaw peter.gregory neil.miles.1 nestoras.kiosoglou ionel.cernatescu
    lesley.badcock lewis.wade stephen.blubaugh yira.gonzalez Mackemacchiato accountsvalorantigv Achilihu6823 andy88890 nikolairusev Hunt.Renno sandra.renda provenriskfree.business
    Today Devotional Massage: -Walk in the Way of Love- SCRIPTURE READING — EPHESIANS 4:29-5:2 Follow God’s example, therefore . . . and walk in the way of love, just as Christ loved us and gave himself up for us as a fragrant offering and sacrifice to God. Ephesians 5:1-2 These “trail aliases” don’t reveal much, but they may hint at traits or preferences. Most of my conversations with hikers centered on miles hiked, the next stream, weather, gear, or the trail itself. Some conversations took place for a few minutes while resting along the trail; others took place over a few evenings at the same campsite. Sadly, those fellow hikers and our conversations are now fast becoming wisps of fading memories. https://ispringmedia.blogspot.com/2023/12/walk-in-way-of-love.html Read complete massage via above link Thanks and God bless you more. #prayerofthanks #thankgod #goodnessofgod #loveofgod #godislove #god #church #bible #christian #belief #faith #jesus #faithworksfriday #christianlife #christianliving #christianfaith #christianinspiration #christianmotivation #christianity #christianquotes #keepthefaith #jesusheals #christianhealing #christianblogger #beliefingod #faithinaction #beliefinjesus #faithinjesus #godlovesyou #thewordofgod #christianprayer #meditantespodcast #meditantes #podcast #meditação #meditation [stephan.daub] [nicodemus.morfaw] [peter.gregory] [neil.miles.1] [nestoras.kiosoglou] [ionel.cernatescu] [lesley.badcock] [lewis.wade] [stephen.blubaugh] [yira.gonzalez] [Mackemacchiato] [accountsvalorantigv] [Achilihu6823] [andy88890] [nikolairusev] [Hunt.Renno] [sandra.renda] [provenriskfree.business]
    ISPRINGMEDIA.BLOGSPOT.COM
    Walk in the Way of Love
    -Walk in the Way of Love- SCRIPTURE READING — EPHESIANS 4:29-5:2 Follow God’s example, therefore . . . and walk in the way of love, just as Christ
    0 التعليقات 0 المشاركات 12213 مشاهدة
  • Quote of the Day:
    Walking with grit
    About 3 million people hike along the Appalachian Trail each year. About 3,000 people try to walk the entire trail—from Springer Mountain in Georgia to Mount Katahdin in Maine. But only about 25 percent of those manage to finish. It takes grit to hike 5 million steps!
    Genesis 6:22
    https://ispringmedia.blogspot.com/2023/11/walking-with-grit.html
    Read complete massage on the above Link
    #meditantespodcast #meditantes #podcast #meditação #meditation
    stephan.daub nicodemus.morfaw peter.gregory neil.miles.1 nestoras.kiosoglou

    Quote of the Day: Walking with grit About 3 million people hike along the Appalachian Trail each year. About 3,000 people try to walk the entire trail—from Springer Mountain in Georgia to Mount Katahdin in Maine. But only about 25 percent of those manage to finish. It takes grit to hike 5 million steps! Genesis 6:22 https://ispringmedia.blogspot.com/2023/11/walking-with-grit.html Read complete massage on the above Link #meditantespodcast #meditantes #podcast #meditação #meditation [stephan.daub] [nicodemus.morfaw] [peter.gregory] [neil.miles.1] [nestoras.kiosoglou]
    ISPRINGMEDIA.BLOGSPOT.COM
    Walking with Grit
    Start your day with a biblical perspective you can carry with you no matter what lies ahead. Receive practical application for life.
    0 التعليقات 1 المشاركات 2775 مشاهدة
  • Tamil movies releasing on 28th July 2023 full movie https://shorturl.at/eiHZ8


    »Šæœˆæã„た絵を晒そう
    #JACKANDJOKER
    #HappyBdayVivekVenkataswami
    #TelanganaAssemblyElections
    #MaiBhiKejriwal
    #ExitPolls
    #Modiji_Railway_Vacancy_DoNo
    #Tamil
    #IndianCricketTeam
    #movie
    Tamil movies releasing on 28th July 2023 full movie https://shorturl.at/eiHZ8 #今月描いた絵を晒そう #JACKANDJOKER #HappyBdayVivekVenkataswami #TelanganaAssemblyElections #MaiBhiKejriwal #ExitPolls #Modiji_Railway_Vacancy_DoNo #Tamil #IndianCricketTeam #movie
    0 التعليقات 0 المشاركات 4634 مشاهدة
  • https://www.newsadvertisment.com/2023/11/plan-launched-to-hike-it-exports-to.html
    https://www.newsadvertisment.com/2023/11/plan-launched-to-hike-it-exports-to.html
    WWW.NEWSADVERTISMENT.COM
    Plan launched to hike IT exports to $18bn in five years
    News advertisment is information, about current events, and all the news in the world's, news here you know, and we know,
    0 التعليقات 0 المشاركات 519 مشاهدة
  • A Planned US-Israeli Attack on Iran is Contemplated
    The U.S. led War on the People of Palestine and the Middle East is a Criminal Undertaking


    Introduction

    We stand in Solidarity with Palestine. But we must recognize that the United States Military and Intelligence apparatus is firmly behind Israel’s genocide directed against the People of Palestine.

    .

    And this must be part of the solidarity campaign, namely to Reveal the Truth regarding Washington’s insidious role, which is part of a carefully planned military agenda directed against Palestine and the broader Middle East. Netanyahu is a proxy, with a criminal record. He has the unbending support of Western Europe’s “Classe politique”.

    .

    The U.S. led War on the People of Palestine and the Middle East is a Criminal Undertaking

    Israel and the Zionist lobby in the U.S. are NOT exerting undue influence AGAINST U.S. Foreign Policy as outlined by numerous analysts.

    Quite the opposite. The Zionist lobby is firmly aligned with U.S. foreign policy, and Vice Versa. It targets those who are opposed to war, who call for a cease fire. It exerts influence in favour of the conduct of the U.S. military agenda in support of Israel.



    The US military-intelligence establishment in coordination with powerful financial interests is calling the shots in regards to Israel’s genocidal intent to “Wipe Palestine off the Map”.

    .

    America’s Military Doctrine: Deliberately Targeting and Killing Civilians

    The targeting of civilians and the killing of children in Gaza is modelled on numerous US sponsored massacres of civilians (1945-2023) including the 2004 attack on Fallujah. (More than 30 Million mainly civilian deaths in US-led wars in what is euphemistically called the “post War Era”).
    .

    Veteran War correspondent Felicity Arbuthnot reflected on the indescribable barbarity of the 2004 Fallujah massacre, which resulted in countless deaths and destruction. It was a genocide conducted by the U.S military:
    .

    “The Americans invaded, chillingly: “house to house, room to room”, raining death and destruction on the proud, ancient “City of Mosques.”

    Marines killed so many civilians that the municipal soccer stadium had to be turned into a graveyard …

    One correspondent wrote: “There has been nothing like the attack on Fallujah since the Nazi invasion and occupation of much of the European continent – the shelling and bombing of Warsaw in September 1939, the terror bombing of Rotterdam in May 1940.”



    Fallujah, 2004

    .

    The U.S. is supportive of the Israeli genocide directed against the people of Palestine. Prime Minister Netanyahu is a criminal. He is Washington’s proxy, unreservedly endorsed and supported by the Biden Administration as well as the U.S. Congress.

    .

    Zionism constitutes the ideological underpinnings of contemporary U.S. imperialism and its unending war against the people of the Middle East.

    .

    The Zionist “Greater Israel” dogma –as in all wars of religion since the dawn of mankind– is there to mislead people Worldwide as to “who is really pulling the strings”.

    .

    Zionism has become a useful instrument which is embodied in U.S. military doctrine. The “Promised Land” broadly coincides with America’s hegemonic agenda in the Middle East, namely what the U.S. military has designated as the “New Middle East”.

    .

    Cui Bono: “To Whom Does it Benefit”

    There are strategic, geopolitical and economic objectives behind Israel’s genocide directed against the people of Palestine. “Crimes are often committed to benefit their perpetrators”: Israel’s War against the People of Palestine serves the interests of Big Money, the Military Industrial Complex, Corrupt Politicians…

    The Genocide is implemented by Netanyahu on behalf of the United States.

    The US military and intelligence apparatus are behind Israel’s criminal bombing and invasion of Gaza. The unfolding Middle East War is largely directed against Iran.

    .

    .

    Iran and the Nuclear Issue

    Historical Antecedents. Using Israel As a Means to Attacking Iran

    In 2003, the war on Iran project (Operation Theatre Iran Near Term, TIRANNT)) was already Déjà Vu. It had been on the drawing board of the Pentagon for more than 15 years.

    Let us recall that at the outset of Bush’s Second Term, Vice President Dick Cheney dropped a bombshell, hinting, in no uncertain terms, that Iran was “right at the top of the list” of the rogue enemies of America. And that Israel would, so to speak,

    “be doing the bombing for us” [paraphrase] , without US military involvement and without us putting pressure on them “to do it”. For further details see my article below was first published by Global Research in May 2005, as well as PBS Interview with Z. Brzezinski

    This Dick Cheney-style option is currently (November 2023) once more on the drawing board of the Pentagon, namely the possibility that Israel which is already bombing Lebanon and Syria, would be incited to wage an attack on Iran (acting on behalf of the United States).

    US Congress Resolution (H. RES. 559) Accuses Iran of Possessing Nuclear Weapons

    Careful timing: In June 2023, the US House of Representatives adopted Resolution (H. RES. 559) which provides a “Green Light” to wage war on Iran.

    The US House passed a resolution that allows the use of force against Iran, intimating without a shred of evidence that Iran has Nuclear Weapons:

    Resolved, That the House of Representatives declares it is the policy of the United States—

    (1) that a nuclear Islamic Republic of Iran is not acceptable;

    (2) that Iran must not be able to obtain a nuclear weapon under any circumstances or conditions;

    (3) to use all means necessary to prevent Iran from obtaining a nuclear weapon; and

    (4) to recognize and support the freedom of action of partners and allies, including Israel, to prevent Iran from obtaining a nuclear weapon.

    Click below to access the complete text of H. RES 559



    Israel’s Undeclared Nuclear Weapons Arsenal

    Whereas Iran is tagged (without evidence) as a Nuclear Power by the U.S. House of Representatives, Washington fails to acknowledge that Israel is an undeclared nuclear power.

    In recent developments, Israeli Heritage Minister Amichai Eliyahu, “admitted to the world that Israel has nuclear weapons ready to be used against Palestinians”

    The Times of Israel reported that: “Amichai Eliyahu said Sunday [November 5, 2023] that one of Israel’s options in the war against Hamas was to drop a nuclear bomb on the Gaza Strip”

    Video on Israel’s Nuclear Weapons Facility

    English subtitles



    .

    .

    The War on Energy

    Unspoken Objective of a US-NATO-Israel War against Iran: Natural Gas

    Reserves of Natural Gas: Iran ranks Second after Russia. Russia, Iran and Qatar possess 54.1 percent of the World’s reserves of natural gas.

    -Russia 24.3%,

    -Iran 17.3%,

    -Qatar, 12.5 % (in partnership with Iran)

    versus

    -5.3 % for the US

    President Joe Biden ordered to “blow up” (September 2022) the Nordstream Pipeline, which constitutes a U.S. Act of War against the European Union.

    In the words of Joe Biden:

    “There will be no longer a Nord Stream 2”. Statement at White House Press Conference (February 7, 2022)

    America’s strategic objective was, despite its meagre reserves of natural gas:

    To Force the European Union to buy LNG “Made in America”.

    What this implies is that America’s military agenda against Russia and Iran constitutes a means to hike up EU energy prices, which is an act economic warfare against the People of Europe.






    The Iran-Qatar Natural Gas Partnership

    The maritime gas reserves of the Persian Gulf are under a (joint ownership) partnership between Qatar and Iran (See diagram below).





    The Biden Administration is Intent upon Destabilizing the Iran-Qatar Partnership

    This partnership is supportive of the People of Palestine.

    In March 2022, “President Joe Biden following a meeting with Qatar’s Emir Sheik Tamim “designated Qatar as a major non-NATO ally of the United States, fulfilling the promise that he had made to Qatar earlier this year [2022], the White House said” Reuters



    “The designation is granted by the United States to close, non-NATO allies that have strategic working relationships with the U.S. military.

    Biden promised Qatar’s emir, Sheikh Tamim bin Hamad al-Thani, in January [2022] during a meeting at the White House that he would grant Qatar the special status.” Reuters See also followup Reuters article.

    What is at stake are cross-cutting coalitions. Qatar is a “Partner” of Iran in relation to the strategic reserves of maritime gas in the Persian Gulf. There is no formaI military cooperation between the two countries.

    Washington’s unspoken agenda is to break and/or destabilize Qatar’s Partnership with Iran, by integrating Qatar into the US-NATO military orbit.

    It is worth noting that a few days prior to the October 7, 2023 Hamas operation, the Emir of Qatar Sheik Tamim bin Hamad Al Thani “laid the foundation stone for the Northern Dome expansion project” in Iran’s Pars South Field (See map above).

    “the Emir of Qatar said the groundbreaking for the Northern Dome expansion project was laid today, which is in line with Qatar’s strategy to strengthen its position as a global LNG producer …

    This joint gas field, known as “South Pars” in Iran, is the largest natural gas field in the world and contains 50.97 trillion cubic meters of gas and about 7.9 billion cubic meters of natural gas condensate.

    At the time of writing, the implications of Qatar’s “Special Status” Military Alliance with the U.S. remain unclear.

    America’s Al-Udeid military base in Qatar (left) is the largest US base in the Middle East.

    Have the status and functions of Al Udeid changed since the signing of the March 2022 agreement designating Qatar as a “Major Non NATO Ally of the US”

    Qatar is both A Partner of Iran as well as a Major Non NATO Ally of the U.S. Reports confirm the development of a close relationship between the commanders of the US Air Force and the Qatari Emiri Air Force.

    Qatar is a “Powder Keg”?

    The U.S. foreign policy objective is to ultimately destroy and undermine that “friendship” with Iran which is highly valued and supported by Qatari citizens.

    The export of gas from South Pars North Dome transits through Iran, Turkey and Russia.

    Qatar, Russia and Iran (the 3 largest holders Worldwide of natural gas reserves) reached an agreement in 2009 to create a ‘Gas Troika’, a trilateral gas cooperation entity including the development of joint projects.

    A large number of countries including South Korea, India, Japan, China are importing LNG from Qatar.

    Last year (November 2022), “QatarEnergy signed a 27-year deal to supply China’s Sinopec with liquefied natural gas”. Qatar has also a strategic alliance with China.

    Washington’s objective under the disguise of America’s “Major Non-NATO Alliance” with Qatar is to:

    Break the Qatar-Iran Partnership
    Exclude Iran from the Joint Maritime Gas Field
    Exert US Control over the Maritime Gas Field in the Persian Gulf
    Weaken and Disable the “Gas Troika” (Russia, Iran, Qatar)
    Create Chaos in the Global Energy Market,
    Undermine the Trade in Liquid Natural Gas (LNG) to Numerous Countries
    .

    Iran. Third Largest Reserves of Oil Worldwide

    Iran is not only second in terms of its gas reserves after Russia, it ranks third Worldwide in relation to its oil reserves (12% of Worldwide oil reserves) versus a meagre 4% for the U.S.








    The Ben Gurion Canal Project

    .

    U.S. Seeks Dominance over Strategic International Waterways

    The Ben Gurion Canal Project was initially a “secret” (classified) U.S. project formulated in 1963 by the Lawrence Livermore National Laboratory LLNG, a strategic think tank (focussing on nuclear radiation) on contract with the U.S Department of Energy. The LLNG project was formulated in response to the nationalization of the Suez Canal in July 1956 by President Gamal Abdel Nasser (1956-1970). Its intent was to bypass the Suez Canal.

    The Ben Gurion Canal project is currently contemplated as means control the channels of international maritime trade to the detriment of the people of the Middle East. It also seeks to destabilize China’s maritime commodity trade.



    In the context of the broader US-led Middle East War, the Ben Gurion Canal Project is part of America’s hegemonic military agenda. It is consistent with Netanyahu’s “Plan to Wipe Palestine Off the Map”.

    According to Yvonne Ridley:

    “The only thing stopping the newly-revised [Ben Gurion Canal] project from being revived and rubber-stamped is the presence of the Palestinians in Gaza. As far as Netanyahu is concerned they are standing in the way of the project” (Yvonne Ridley, November 10, 2023, emphasis added)

    The U.S led war is intent upon confiscating all Palestinian territories, which would be appropriated by the State of Israel, acting as a strategic “Anglo-American Hub” in the Middle East:

    The Ben Gurion Canal will give Israel in particular and other friendly nations the freedom from blackmail arising out of access to the Suez Canal.

    Arab states have been leveraging the Red Sea to pressure Israel and in response, Israel has decided to gain more control of the Red Sea. These African countries have cultural and economic affinities with the Arab states. One of the main military benefits for Israel is that it gives Israel the strategic options as the Ben Gurion Canal will totally take away the importance of Suez for the US military if needed in the aid for Israel.

    Israel aims to push Egypt further into a corner by eliminating Suez in the global trade and energy corridor and becoming a global trade and energy logistics center.

    Experts are of the opinion that this situation will shake the strategic-energy balance of China’s Belt and Road Project initiative in the Mediterranean, along with the Strait of Hormuz, which is the transfer point of 30 percent of the world’s energy. The Ben Gurion Canal would have the solid backing of the West. (Eurasia Review, November 7, 2023, emphasis added)

    .

    “Greater Israel”.

    Strategic “Anglo-American Hub”

    The Promised Land of Greater Israel coincides with America’s Colonial Design in the Middle East

    The Greater Israel design is not strictly a Zionist Project for the Middle East, it is an integral part of US foreign policy, its strategic objective is to extend US hegemony as well as fracture and balkanize the Middle East.

    In this regard, Washington’s strategy consists in destabilizing and weakening regional economic powers in the Middle East including Turkey and Iran. This policy –which is consistent with the Greater Israel– is accompanied by a process of political fragmentation.



    Since the Gulf war (1991), the Pentagon has contemplated the creation of a “Free Kurdistan” which would include the annexation of parts of Iraq, Syria and Iran as well as Turkey



    “The New Middle East”: Unofficial US Military Academy Map by Lt. Col. Ralph Peters

    .

    “America’s Promised Land”. Global Warfare

    When viewed in the current context, including the siege on Gaza, the Zionist Plan for the Middle East coincides with America’s long war against the Middle East. As we mentioned earlier the Zionist agenda provides an ideological and religious justification of America’s long war against the Middle East.

    The 1979-80. the so-called Soviet Afghan War, engineered by the CIA
    The 1980-88 Iraq-Iran War engineered by the U.S.
    The 1991 Gulf War against Iraq,
    The 2001 The US-NATO Invasion of Afghanistan,
    The 2003 Invasion of Iraq
    The 2006 War on Lebanon,
    The Arab Spring,
    The 2011 war on Libya,
    The 2015 war on Yemen
    Obama’s 2014-2017 “Counter-Terrorism” Operation against Iraq and Syria
    The ongoing wars against Syria, Iraq and Yemen
    The “Greater Israel” project consists in weakening and eventually fracturing neighboring Arab states as part of a US-Israeli expansionist project, with the support of NATO.

    Needless to day, the ideological and religious underpinnings of the “Greater Israel” project are consistent with America’s imperial design.

    While the Zionist agenda is not the driving force, it serves the useful purpose of misleading public opinion concerning America’s long war against the people of the Middle East.

    The Historical Context: A Sequence of Military Plans and Scenarios to Wage War on Iran

    Since the launching of the Theater Iran Near Term (TIRANNT) war games scenario in May 2003 (leaked classified doc), an escalation scenario involving military action directed against Iran and Syria had been envisaged, of which Syria was the first stage.

    TIRANNT was followed by a series of military plans pertaining to Iran. Numerous post 9/11 official statements and US military documents had pointed to an expanded Middle East war, involving the active participation of Israel.

    Israel is America’s ally. Military operations are closely coordinated. Israel does not act without Washington’s approval.

    U.S.-Israeli Air Defense

    Barely acknowledged by the media, the US and Israel have an integrated air defense system, which was set up in early 2009, shortly after the Israel invasion of Gaza under “Operation Cast Led”.

    The X-band radar air defense system set up by the US in Israel in 2009 would

    “integrate Israel’s missile defenses with the U.S. global missile detection network, which includes satellites, Aegis ships on the Mediterranean, Persian Gulf and Red Sea, and land-based Patriot radars and interceptors.” (Sen. Joseph Azzolina, Protecting Israel from Iran’s missiles, Bayshore News, December 26, 2008). )

    What this means is that Washington calls the shots. Confirmed by the Pentagon, the US military controls Israel’s Air Defense:

    ”This is and will remain a U.S. radar system,’ Pentagon spokesman Geoff Morrell said.

    ‘So this is not something we are giving or selling to the Israelis and it is something that will likely require U.S. personnel on-site to operate.’” (Quoted in Israel National News, January 9, 2009, emphasis added).

    At the outset of Obama’s Second Term, the US and Israel initiated discussions pertaining to a “US personnel on site” presence in Israel, namely the establishment of a “permanent” and “official” military base inside Israel.

    And on September 17, 2017, a US Air Defense base located in the Negev desert was inaugurated.

    According to the Israeli IDF spokesperson, the objective is to send a “message to the region, ” including Iran, Lebanon, Syria and Palestine.

    Of utmost relevance:

    Israel would not be able to act unilaterally against Iran, without a green light from the Pentagon which controls key components of Israel’s air defense system.

    In practice, a war on Iran, would be a joint US-NATO-Israeli endeavor, coordinated by US Strategic Command (STRATCOM) with America’s allies playing a key (subordinate) role.

    Michel Chossudovsky, October 31, 2017, November 11, 2023

    Planned US-Israeli Attack on Iran

    by

    Michel Chossudovsky

    May 2005

    At the outset of Bush’s second term, Vice President Dick Cheney dropped a bombshell. He hinted, in no uncertain terms, that Iran was “right at the top of the list” of the rogue enemies of America, and that Israel would, so to speak, “be doing the bombing for us”, without US military involvement and without us putting pressure on them “to do it”:

    “One of the concerns people have is that Israel might do it without being asked… Given the fact that Iran has a stated policy that their objective is the destruction of Israel, the Israelis might well decide to act first, and let the rest of the world worry about cleaning up the diplomatic mess afterwards,” (quoted from an MSNBC Interview Jan 2005)

    Israel is a Rottweiler on a leash: The US wants to “set Israel loose” to attack Iran. Commenting the Vice President’s assertion, former National Security adviser Zbigniew Brzezinski in an interview on PBS, confirmed with some apprehension, yes: Cheney wants Prime Minister Ariel Sharon to act on America’s behalf and “do it” for us:

    “Iran I think is more ambiguous. And there the issue is certainly not tyranny; it’s nuclear weapons. And the vice president today in a kind of a strange parallel statement to this declaration of freedom hinted that the Israelis may do it and in fact used language which sounds like a justification or even an encouragement for the Israelis to do it.”

    The foregoing statements are misleading. The US is not “encouraging Israel”. What we are dealing with is a joint US-Israeli military operation to bomb Iran, which has been in the active planning stage for more than a year. The Neocons in the Defense Department, under Douglas Feith, have been working assiduously with their Israeli military and intelligence counterparts, carefully identifying targets inside Iran (see Seymour Hersh)

    Under this working arrangement, Israel will not act unilaterally, without a green light from Washington. In other words, Israel will not implement an attack without the participation of the US.

    Covert Intelligence Operations: Stirring Ethnic Tensions in Iran

    Meanwhile, for the last two years, Washington has been involved in covert intelligence operations inside Iran. American and British intelligence and special forces (working with their Israeli counterparts) are involved in this operation.

    “A British intelligence official said that any campaign against Iran would not be a ground war like the one in Iraq. The Americans will use different tactics, said the intelligence officer. ‘It is getting quite scary.'” (Evening Standard, 17 June 2003)

    The expectation is that a US-Israeli bombing raid of Iran’s nuclear facilities will stir up ethnic tensions and trigger “regime change” in favor of the US. (See Arab Monitor).

    Bush advisers believe that the “Iranian opposition movement” will unseat the Mullahs. This assessment constitutes a gross misjudgment of social forces inside Iran. What is more likely to occur is that Iranians will consistently rally behind a wartime government against foreign aggression. In fact, the entire Middle East and beyond would rise up against US interventionism.

    Retaliation in the Case of a US-Israeli Aerial Attack

    Tehran has confirmed that it will retaliate if attacked, in the form of ballistic missile strikes directed against Israel (CNN, 8 Feb 2005). These attacks, could also target US military facilities in the Persian Gulf, which would immediately lead us into a scenario of military escalation and all out war.

    In other words, the air strikes against Iran could contribute to unleashing a war in the broader Middle East Central Asian region.

    Moreover, the planned attack on Iran should also be understood in relation to the timely withdrawal of Syrian troops from Lebanon, which has opened up a new space, for the deployment of Israeli forces. The participation of Turkey in the US-Israeli military operation is also a factor, following an agreement reached between Ankara and Tel Aviv.

    In other words, US and Israeli military planners must carefully weigh the far-reaching implications of their actions.

    Israel Builds up its Stockpile of Deadly Military Hardware

    A massive buildup in military hardware has occurred in preparation for a possible attack on Iran.

    Israel has recently taken delivery from the US of some 5,000 “smart air launched weapons” including some 500 BLU 109 ‘bunker-buster bombs. The (uranium coated) munitions are said to be more than “adequate to address the full range of Iranian targets, with the possible exception of the buried facility at Natanz, which may require the [more powerful] BLU-113 bunker buster“:

    “Given Israel’s already substantial holdings of such weapons, this increase in its inventory would allow a sustained assault with or without further US involvement.” (See Richard Bennett)

    Gbu 28 Guided Bomb Unit-28 (GBU-28)

    The Israeli Air Force would attack Iran’s nuclear facility at Bushehr using US as well Israeli produced bunker buster bombs. The attack would be carried out in three separate waves “with the radar and communications jamming protection being provided by U.S. Air Force AWACS and other U.S. aircraft in the area”. (See W Madsen)

    Bear in mind that the bunker buster bombs can also be used to deliver tactical nuclear bombs. The B61-11 is the “nuclear version” of the “conventional” BLU 113. It can be delivered in much same way as the conventional bunker buster bomb. (See Michel Chossudovsky, see also this)

    According to the Pentagon, tactical nuclear weapons are “safe for civilians”. Their use has been authorized by the US Senate. (See Michel Chossudovsky)

    Moreover, reported in late 2003, Israeli Dolphin-class submarines equipped with US Harpoon missiles armed with nuclear warheads are now aimed at Iran. (See Gordon Thomas)

    Even if tactical nuclear weapons are not used by Israel, an attack on Iran’s nuclear facilities not only raises the specter of a broader war, but also of nuclear radiation over a wide area:

    “To attack Iran’s nuclear facilities will not only provoke war, but it could also unleash clouds of radiation far beyond the targets and the borders of Iran.” (Statement of Prof Elias Tuma, Arab Internet Network, Federal News Service, 1 March 2005)

    Moreover, while most reports have centered on the issue of punitive air strikes on Iran’s nuclear facilities, the strikes would most probably extend to other targets.

    While a ground war is contemplated as a possible “scenario” at the level of military planning, the US military would not be able to wage a an effective ground war, given the situation in Iraq. In the words of former National Security Adviser Lawrence Eagelberger:

    “We are not going to get in a ground war in Iran, I hope. If we get into that, we are in serious trouble. I don’t think anyone in Washington is seriously considering that.” ( quoted in the National Journal, 4 December 2004).

    Iran’s Military Capabilities

    Despite its overall weaknesses in relation to Israel and the US, Iran has an advanced air defense system, deployed to protect its nuclear sites; “they are dispersed and underground making potential air strikes difficult and without any guarantees of success.” (Jerusalem Post, 20 April 2005).

    It has upgraded its Shahab-3 missile, which can reach targets in Israel. Iran’s armed forces have recently conducted high-profile military exercises in anticipation of a US led attack. Iran also possesses some 12 X-55 strategic cruise missiles, produced by Ukraine. Iran’s air defense systems is said to feature Russian SA-2, SA-5, SA-6 as well as shoulder-launched SA-7 missiles (Jaffa Center for Strategic Studies).

    The US “Military Road Map”

    The Bush administration has officially identified Iran and Syria as the next stage of “the road map to war”.

    Targeting Iran is a bipartisan project, which broadly serves the interests of the Anglo-American oil conglomerates, the Wall Street financial establishment and the military-industrial complex.

    The broader Middle East-Central Asian region encompasses more than 70% of the World’s reserves of oil and natural gas. Iran possesses 10% of the world’s oil and ranks third after Saudi Arabia (25 %) and Iraq (11 %) in the size of its reserves. In comparison, the US possesses less than 2.8 % of global oil reserves. (See Eric Waddell, The Battle for Oil)

    The announcement to target Iran should come as no surprise. It is part of the battle for oil. Already during the Clinton administration, US Central Command (USCENTCOM) had formulated “in war theater plans” to invade both Iraq and Iran:

    “The broad national security interests and objectives expressed in the President’s National Security Strategy (NSS) and the Chairman’s National Military Strategy (NMS) form the foundation of the United States Central Command’s theater strategy. The NSS directs implementation of a strategy of dual containment of the rogue states of Iraq and Iran as long as those states pose a threat to U.S. interests, to other states in the region, and to their own citizens. Dual containment is designed to maintain the balance of power in the region without depending on either Iraq or Iran. USCENTCOM’s theater strategy is interest-based and threat-focused. The purpose of U.S. engagement, as espoused in the NSS, is to protect the United States’ vital interest in the region – uninterrupted, secure U.S./Allied access to Gulf oil. (USCENTCOM, USPolicy , emphasis added)

    Main Military Actors

    While the US, Israel, as well as Turkey (with borders with both Iran and Syria) are the main actors in this process, a number of other countries, in the region, allies of the US, including several Central Asian former Soviet republics have been enlisted. Britain is closely involved despite its official denials at the diplomatic level. Turkey occupies a central role in the Iran operation. It has an extensive military cooperation agreement with Israel. There are indications that NATO is also formally involved in the context of an Israel-NATO agreement reached in November 2004.

    Planning The Aerial Attack on Iran

    According to former weapons inspector Scott Ritter, George W. Bush has already signed off on orders for an aerial attack on Iran, scheduled for June.(See this)

    The June cut-off date should be understood. It does not signify that the attack will occur in June. What it suggests is that the US and Israel are “in a state of readiness” and are prepared to launch an attack by June or at a later date. In other words, the decision to launch the attack has not been made.

    Ritter’s observation concerning an impending military operation should nonetheless be taken seriously. In recent months, there is ample evidence that a major military operation is in preparation:

    1) several high profile military exercises have been conducted in recent months, involving military deployment and the testing of weapons systems.

    2) military planning meetings have been held between the various parties involved. There has been a shuttle of military and government officials between Washington, Tel Aviv and Ankara.

    3) A significant change in the military command structure in Israel has occurred, with the appointment of a new Chief of Staff.

    4) Intense diplomatic exchanges have been carried out at the international level with a view to securing areas of military cooperation and/or support for a US-Israeli led military operation directed against Iran.

    5) Ongoing intelligence operations inside Iran have been stepped up.

    6) Consensus Building: Media propaganda on the need to intervene in Iran has been stepped up, with daily reports on how Iran constitutes a threat to peace and global security.

    Timeline of Key Initiatives

    In the last few months, various key initiatives have been taken, which are broadly indicative that an aerial bombing of Iran is in the military pipeline:

    November 2004 in Brussels: NATO-Israel protocol: Israel’s IDF delegation to the NATO conference to met with military brass of six members of the Mediterranean basin nations, including Egypt, Jordan, Algeria, Tunisia, Morocco, Algeria and Mauritania. NATO seeks to revive the framework, known as the Mediterranean Dialogue program, which would include Israel. The Israeli delegation accepted to participate in military exercises and “anti-terror maneuvers” together with several Arab countries.

    January 2005: the US, Israel and Turkey held military exercises in the Eastern Mediterranean, off the coast of Syria. These exercises, which have been held in previous years were described as routine.

    February 2005. Following the decision reached in Brussels in November 2004, Israel was involved for the first time in military exercises with NATO, which also included several Arab countries.

    February 2005: Assassination of former Lebanese Prime Minister Rafik Hariri. The assassination, which was blamed on Syria, serves Israeli and US interests and was used as a pretext to demand the withdrawal of Syrian troops from Lebanon.

    February 2005: Sharon fires his Chief-of-Staff, Moshe Ya’alon and appoints Air Force General Dan Halutz. This is the first time in Israeli history that an Air Force General is appointed Chief of Staff (See Uri Avnery)

    The appointment of Major General Dan Halutz as IDF Chief of Staff is considered in Israeli political circles as “the appointment of the right man at the right time.” The central issue is that a major aerial operation against Iran is in the planning stage, and Maj General Halutz is slated to coordinate the aerial bombing raids on Iran. Halutz’s appointment was specifically linked to Israel’s Iran agenda: “As chief of staff, he will in the best position to prepare the military for such a scenario.”

    March 2005: NATO’s Secretary General was in Jerusalem for follow-up talks with Ariel Sharon and Israel’s military brass, following the joint NATO-Israel military exercise in February. These military cooperation ties are viewed by the Israeli military as a means to “enhance Israel’s deterrence capability regarding potential enemies threatening it, mainly Iran and Syria.” The premise underlying NATO-Israel military cooperation is that Israel is under attack:

    “The more Israel’s image is strengthened as a country facing enemies who attempt to attack it for no justified reason, the greater will be the possibility that aid will be extended to Israel by NATO. Furthermore, Iran and Syria will have to take into account the possibility that the increasing cooperation between Israel and NATO will strengthen Israel’s links with Turkey, also a member of NATO. Given Turkey’s impressive military potential and its geographic proximity to both Iran and Syria, Israel’s operational options against them, if and when it sees the need, could gain considerable strength. ” (Jaffa Center for Strategic Studies, http://www.tau.ac.il/jcss/sa/v7n4p4Shalom.html )

    The Israel-NATO protocol is all the more important because it obligates NATO to align itself with the US-Israeli plan to bomb Iran, as an act of self defense on the part of Israel. It also means that NATO is also involved in the process of military consultations relating to the planned aerial bombing of Iran. It is of course related to the bilateral military cooperation agreement between Israel and Turkey and the likelihood that part of the military operation will be launched from Turkey, which is a member of NATO.

    Late March 2005: News leaks in Israel indicated an “initial authorization” by Prime Minster Ariel Sharon of an Israeli attack on Iran’s Natanz uranium enrichment plant “if diplomacy failed to stop Iran’s nuclear program”. (The Hindu, 28 March 2005)

    March-April 2005: The Holding in Israel of Joint US-Israeli military exercises specifically pertaining to the launching of Patriot missiles.

    US Patriot missile crews stationed in Germany were sent to Israel to participate in the joint Juniper Cobra exercise with the Israeli military. The exercise was described as routine and “unconnected to events in the Middle East”: “As always, we are interested in implementing lessons learned from training exercises.” (UPI, 9 March 2005).

    April 2005: Donald Rumsfeld (right) was on an official visits to Iraq, Afghanistan, Pakistan, Kyrgyzstan and Azerbaijan. His diplomatic endeavors were described by the Russian media as “literally circling Iran in an attempt to find the best bridgehead for a possible military operation against that country.”

    In Baku, Azerbaijan Rumsfeld was busy discussing the date for deployment of US troops in Azerbaijan on Iran’s North-Western border. US military bases described as “mobile groups” in Azerbaijan are slated to play a role in a military operation directed against Iran.

    Azerbaijan is a member of GUUAM, a military cooperation agreement with the US and NATO, which allows for the stationing of US troops in several of the member countries, including Georgia, Uzbekistan and Azerbaijan. The stated short term objective is to “neutralize Iran”. The longer term objective under the Pentagon’s “Caspian Plan” is to exert military and economic control over the entire Caspian sea basin, with a view to ensuring US authority over oil reserves and pipeline corridors.

    During his visit in April, Rumsfeld was pushing the US initiative of establishing “American special task forces and military bases to secure US influence in the Caspian region:

    “Called Caspian Watch, the project stipulates a network of special task forces and police units in the countries of the regions to be used in emergencies including threats to objects of the oil complex and pipelines. Project Caspian Watch will be financed by the United States ($100 million). It will become an advance guard of the US European Command whose zone of responsibility includes the Caspian region. Command center of the project with a powerful radar is to be located in Baku.” ( Defense and Security Russia, April 27, 2005)

    Rumsfeld’s visit followed shortly after that of Iranian President Mohammad Khatami’s to Baku.

    April 2005: Iran signs a military cooperation with Tajikistan, which occupies a strategic position bordering Afghanistan’s Northern frontier. Tajikistan is a member of “The Shanghai Five” military cooperation group, which also includes Kazakhstan, China, Kyrgyzstan, and Russia. Iran also has economic cooperation agreements with Turkmenistan.

    Mid April 2005: Israel Prime Minister Ariel Sharon meets George W Bush at his Texas Ranch. Iran is on the agenda of bilateral talks. More significantly, the visit of Ariel Sharon was used to carry out high level talks between US and Israeli military planners pertaining to Iran.

    Late April 2005. President Vladmir Putin is in Israel on an official visit. He announces Russia’s decision to sell short-range anti-aircraft missiles to Syria and to continue supporting Iran’s nuclear industry. Beneath the gilded surface of international diplomacy, Putin’s timely visit to Israel must be interpreted as “a signal to Israel” regarding its planned aerial attack on Iran.

    Late April 2005: US pressure in the International Atomic Energy Agency (IAEA) has been exerted with a view to blocking the re-appointment of Mohammed Al Baradei, who according to US officials “is not being tough enough on Iran…” Following US pressures, the vote on the appointment of a new IAEA chief was put off until June. These developments suggest that Washington wants to put forth their own hand-picked nominee prior to launching US-Israeli aerial attacks on Iran’s nuclear facilities. (See VOA). (In February 2003, Al Baradei along with UN chief weapons inspector Hans Blix challenged the (phony) intelligence on WMD presented by the US to the UN Security Council, with a view to justifying the war on Iraq.)

    Late April 2005. Sale of deadly military hardware to Israel. GBU-28 Buster Bunker Bombs: Coinciding with Putin’s visit to Israel, the US Defence Security Cooperation Agency (Department of Defense) announced the sale of an additional 100 bunker-buster bombs produced by Lockheed Martin to Israel. This decision was viewed by the US media as “a warning to Iran about its nuclear ambitions.”

    The sale pertains to the larger and more sophisticated “Guided Bomb Unit-28 (GBU-28) BLU-113 Penetrator” (including the WGU-36A/B guidance control unit and support equipment). The GBU-28 is described as “a special weapon for penetrating hardened command centers located deep underground. The fact of the matter is that the GBU-28 is among the World’s most deadly “conventional” weapons used in the 2003 invasion of Iraq, capable of causing thousands of civilian deaths through massive explosions.

    The Israeli Air Force are slated to use the GBU-28s on their F-15 aircraft. (See text of DSCA news release)

    Late April 2005- early May: Turkey’s Prime Minister Recep Tayyip Erdogan (right) in Israel for follow-up talks with Ariel Sharon. He was accompanied by his Defense Minister Vecdi Gonul, who met with senior Israeli military officials. On the official agenda of these talks: joint defense projects, including the joint production of Arrow II Theater Missile Defense and Popeye II missiles. The latter also known as the Have Lite, are advanced small missiles, designed for deployment on fighter planes. Tel Aviv and Ankara decide to establish a hotline to share intelligence.

    May 2005: Syrian troops scheduled to withdraw from Lebanon, leading to a major shift in the Middle East security situation, in favor of Israel and the US.

    Iran Surrounded

    The US has troops and military bases in Turkey, Pakistan, Azerbaijan, Afghanistan, and of course Iraq.

    In other words, Iran is virtually surrounded by US military bases. (see Map below). These countries as well as Turkmenistan, are members of NATO`s partnership for Peace Program and have military cooperation agreements with NATO.



    Copyright Eric Waddell, Global Research, 2003

    In other words, we are dealing with a potentially explosive scenario in which a number of countries, including several former Soviet republics, could be brought into a US led war with Iran. IranAtom.ru, a Russian based news and military analysis group has suggested, in this regard:

    “since Iranian nuclear objects are scattered all over the country, Israel will need a mass strike with different fly-in and fly-out approaches – Jordan, Iraq, Turkey, Azerbaijan, and other countries… Azerbaijan seriously fears Tehran’s reaction should Baku issue a permit to Israeli aircraft to overfly its territory.” (Defense and Security Russia, 12 April 2005).

    Concluding remarks

    The World is at an important crossroads.

    The Bush Administration has embarked upon a military adventure which threatens the future of humanity.

    Iran is the next military target. The planned military operation, which is by no means limited to punitive strikes against Iran’s nuclear facilities, is part of a project of World domination, a military roadmap, launched at the end of the Cold War.

    Military action against Iran would directly involve Israel’s participation, which in turn is likely to trigger a broader war throughout the Middle East, not to mention an implosion in the Palestinian occupied territories. Turkey is closely associated with the proposed aerial attacks.

    Israel is a nuclear power with a sophisticated nuclear arsenal. (See text box below). The use of nuclear weapons by Israel or the US cannot be excluded, particularly in view of the fact that tactical nuclear weapons have now been reclassified as a variant of the conventional bunker buster bombs and are authorized by the US Senate for use in conventional war theaters. (“they are harmless to civilians because the explosion is underground”)

    In this regard, Israel and the US rather than Iran constitute a nuclear threat.

    The planned attack on Iran must be understood in relation to the existing active war theaters in the Middle East, namely Afghanistan, Iraq and Palestine.

    The conflict could easily spread from the Middle East to the Caspian sea basin. It could also involve the participation of Azerbaijan and Georgia, where US troops are stationed.

    An attack on Iran would have a direct impact on the resistance movement inside Iraq. It would also put pressure on America’s overstretched military capabilities and resources in both the Iraqi and Afghan war theaters. (The 150,000 US troops in Iraq are already fully engaged and could not be redeployed in the case of a war with Iran.)

    In other words, the shaky geopolitics of the Central Asia- Middle East region, the three existing war theaters in which America is currently, involved, the direct participation of Israel and Turkey, the structure of US sponsored military alliances, etc. raises the specter of a broader conflict.

    Moreover, US military action on Iran not only threatens Russian and Chinese interests, which have geopolitical interests in the Caspian sea basin and which have bilateral agreements with Iran. It also backlashes on European oil interests in Iran and is likely to produce major divisions between Western allies, between the US and its European partners as well as within the European Union.

    Through its participation in NATO, Europe, despite its reluctance, would be brought into the Iran operation. The participation of NATO largely hinges on a military cooperation agreement reached between NATO and Israel. This agreement would bind NATO to defend Israel against Syria and Iran. NATO would therefore support a preemptive attack on Iran’s nuclear facilities, and could take on a more active role if Iran were to retaliate following US-Israeli air strikes.

    Needless to say, the war against Iran is part of a longer term US military agenda which seeks to militarize the entire Caspian sea basin, eventually leading to the destabilization and conquest of the Russian Federation.

    The Antiwar Movement

    The antiwar movement must act, consistently, to prevent the next phase of this war from happening.

    This is no easy matter. The holding of large antiwar rallies will not in itself reverse the tide of war.

    High ranking officials of the Bush administration, members of the military and the US Congress have been granted the authority to uphold an illegal war agenda.

    What is required is a grass roots network, a mass movement at national and international levels, which challenges the legitimacy of the military and political actors, and which is ultimately instrumental in unseating those who rule in our name.

    War criminals occupy positions of authority. The citizenry is galvanized into supporting the rulers, who are “committed to their safety and well-being”. Through media disinformation, war is given a humanitarian mandate.

    To reverse the tide of war, military bases must be closed down, the war machine (namely the production of advanced weapons systems) must be stopped and the burgeoning police state must be dismantled.

    The corporate backers and sponsors of war and war crimes must also be targeted including the oil companies, the defense contractors, the financial institutions and the corporate media, which has become an integral part of the war propaganda machine.

    Antiwar sentiment does not dismantle a war agenda. The war criminals in the US, Israel and Britain must be removed from high office.

    What is needed is to reveal the true face of the American Empire and the underlying criminalization of US foreign policy, which uses the “war on terrorism” and the threat of Al Qaeda to galvanize public opinion in support of a global war agenda.

    Israel’s Nuclear Capabilities

    With between 200 and 500 thermonuclear weapons and a sophisticated delivery system, Israel has quietly supplanted Britain as the World’s 5th Largest nuclear power, and may currently rival France and China in the size and sophistication of its nuclear arsenal. Although dwarfed by the nuclear arsenals of the U.S. and Russia, each possessing over 10,000 nuclear weapons, Israel nonetheless is a major nuclear power, and should be publicly recognized as such.

    Today, estimates of the Israeli nuclear arsenal range from a minimum of 200 to a maximum of about 500. Whatever the number, there is little doubt that Israeli nukes are among the world’s most sophisticated, largely designed for “war fighting” in the Middle East. A staple of the Israeli nuclear arsenal are “neutron bombs,” miniaturized thermonuclear bombs designed to maximize deadly gamma radiation while minimizing blast effects and long term radiation- in essence designed to kill people while leaving property intact.(16) Weapons include ballistic missiles and bombers capable of reaching Moscow…

    The bombs themselves range in size from “city busters” larger than the Hiroshima Bomb to tactical mini nukes. The Israeli arsenal of weapons of mass destruction clearly dwarfs the actual or potential arsenals of all other Middle Eastern states combined, and is vastly greater than any conceivable need for “deterrence.”

    Many Middle East Peace activists have been reluctant to discuss, let alone challenge, the Israeli monopoly on nuclear weapons in the region, often leading to incomplete and uninformed analyses and flawed action strategies. Placing the issue of Israeli weapons of mass destruction directly and honestly on the table and action agenda would have several salutary effects. First, it would expose a primary destabilizing dynamic driving the Middle East arms race and compelling the region’s states to each seek their own “deterrent.”

    Second, it would expose the grotesque double standard which sees the U.S. and Europe on the one hand condemning Iraq, Iran and Syria for developing weapons of mass destruction, while simultaneously protecting and enabling the principal culprit. Third, exposing Israel’s nuclear strategy would focus international public attention, resulting in increased pressure to dismantle its weapons of mass destruction and negotiate a just peace in good faith. Finally, a nuclear free Israel would make a Nuclear Free Middle East and a comprehensive regional peace agreement much more likely. Unless and until the world community confronts Israel over its covert nuclear program it is unlikely that there will be any meaningful resolution of the Israeli/Arab conflict, a fact that Israel may be counting on as the Sharon era dawns.

    From John Steinbach, Israel’s Nuclear Arsenal, Global Research



    https://www.globalresearch.ca/planned-us-israeli-attack-on-iran-2/5615443
    A Planned US-Israeli Attack on Iran is Contemplated The U.S. led War on the People of Palestine and the Middle East is a Criminal Undertaking Introduction We stand in Solidarity with Palestine. But we must recognize that the United States Military and Intelligence apparatus is firmly behind Israel’s genocide directed against the People of Palestine. . And this must be part of the solidarity campaign, namely to Reveal the Truth regarding Washington’s insidious role, which is part of a carefully planned military agenda directed against Palestine and the broader Middle East. Netanyahu is a proxy, with a criminal record. He has the unbending support of Western Europe’s “Classe politique”. . The U.S. led War on the People of Palestine and the Middle East is a Criminal Undertaking Israel and the Zionist lobby in the U.S. are NOT exerting undue influence AGAINST U.S. Foreign Policy as outlined by numerous analysts. Quite the opposite. The Zionist lobby is firmly aligned with U.S. foreign policy, and Vice Versa. It targets those who are opposed to war, who call for a cease fire. It exerts influence in favour of the conduct of the U.S. military agenda in support of Israel. The US military-intelligence establishment in coordination with powerful financial interests is calling the shots in regards to Israel’s genocidal intent to “Wipe Palestine off the Map”. . America’s Military Doctrine: Deliberately Targeting and Killing Civilians The targeting of civilians and the killing of children in Gaza is modelled on numerous US sponsored massacres of civilians (1945-2023) including the 2004 attack on Fallujah. (More than 30 Million mainly civilian deaths in US-led wars in what is euphemistically called the “post War Era”). . Veteran War correspondent Felicity Arbuthnot reflected on the indescribable barbarity of the 2004 Fallujah massacre, which resulted in countless deaths and destruction. It was a genocide conducted by the U.S military: . “The Americans invaded, chillingly: “house to house, room to room”, raining death and destruction on the proud, ancient “City of Mosques.” Marines killed so many civilians that the municipal soccer stadium had to be turned into a graveyard … One correspondent wrote: “There has been nothing like the attack on Fallujah since the Nazi invasion and occupation of much of the European continent – the shelling and bombing of Warsaw in September 1939, the terror bombing of Rotterdam in May 1940.” Fallujah, 2004 . The U.S. is supportive of the Israeli genocide directed against the people of Palestine. Prime Minister Netanyahu is a criminal. He is Washington’s proxy, unreservedly endorsed and supported by the Biden Administration as well as the U.S. Congress. . Zionism constitutes the ideological underpinnings of contemporary U.S. imperialism and its unending war against the people of the Middle East. . The Zionist “Greater Israel” dogma –as in all wars of religion since the dawn of mankind– is there to mislead people Worldwide as to “who is really pulling the strings”. . Zionism has become a useful instrument which is embodied in U.S. military doctrine. The “Promised Land” broadly coincides with America’s hegemonic agenda in the Middle East, namely what the U.S. military has designated as the “New Middle East”. . Cui Bono: “To Whom Does it Benefit” There are strategic, geopolitical and economic objectives behind Israel’s genocide directed against the people of Palestine. “Crimes are often committed to benefit their perpetrators”: Israel’s War against the People of Palestine serves the interests of Big Money, the Military Industrial Complex, Corrupt Politicians… The Genocide is implemented by Netanyahu on behalf of the United States. The US military and intelligence apparatus are behind Israel’s criminal bombing and invasion of Gaza. The unfolding Middle East War is largely directed against Iran. . . Iran and the Nuclear Issue Historical Antecedents. Using Israel As a Means to Attacking Iran In 2003, the war on Iran project (Operation Theatre Iran Near Term, TIRANNT)) was already Déjà Vu. It had been on the drawing board of the Pentagon for more than 15 years. Let us recall that at the outset of Bush’s Second Term, Vice President Dick Cheney dropped a bombshell, hinting, in no uncertain terms, that Iran was “right at the top of the list” of the rogue enemies of America. And that Israel would, so to speak, “be doing the bombing for us” [paraphrase] , without US military involvement and without us putting pressure on them “to do it”. For further details see my article below was first published by Global Research in May 2005, as well as PBS Interview with Z. Brzezinski This Dick Cheney-style option is currently (November 2023) once more on the drawing board of the Pentagon, namely the possibility that Israel which is already bombing Lebanon and Syria, would be incited to wage an attack on Iran (acting on behalf of the United States). US Congress Resolution (H. RES. 559) Accuses Iran of Possessing Nuclear Weapons Careful timing: In June 2023, the US House of Representatives adopted Resolution (H. RES. 559) which provides a “Green Light” to wage war on Iran. The US House passed a resolution that allows the use of force against Iran, intimating without a shred of evidence that Iran has Nuclear Weapons: Resolved, That the House of Representatives declares it is the policy of the United States— (1) that a nuclear Islamic Republic of Iran is not acceptable; (2) that Iran must not be able to obtain a nuclear weapon under any circumstances or conditions; (3) to use all means necessary to prevent Iran from obtaining a nuclear weapon; and (4) to recognize and support the freedom of action of partners and allies, including Israel, to prevent Iran from obtaining a nuclear weapon. Click below to access the complete text of H. RES 559 Israel’s Undeclared Nuclear Weapons Arsenal Whereas Iran is tagged (without evidence) as a Nuclear Power by the U.S. House of Representatives, Washington fails to acknowledge that Israel is an undeclared nuclear power. In recent developments, Israeli Heritage Minister Amichai Eliyahu, “admitted to the world that Israel has nuclear weapons ready to be used against Palestinians” The Times of Israel reported that: “Amichai Eliyahu said Sunday [November 5, 2023] that one of Israel’s options in the war against Hamas was to drop a nuclear bomb on the Gaza Strip” Video on Israel’s Nuclear Weapons Facility English subtitles . . The War on Energy Unspoken Objective of a US-NATO-Israel War against Iran: Natural Gas Reserves of Natural Gas: Iran ranks Second after Russia. Russia, Iran and Qatar possess 54.1 percent of the World’s reserves of natural gas. -Russia 24.3%, -Iran 17.3%, -Qatar, 12.5 % (in partnership with Iran) versus -5.3 % for the US President Joe Biden ordered to “blow up” (September 2022) the Nordstream Pipeline, which constitutes a U.S. Act of War against the European Union. In the words of Joe Biden: “There will be no longer a Nord Stream 2”. Statement at White House Press Conference (February 7, 2022) America’s strategic objective was, despite its meagre reserves of natural gas: To Force the European Union to buy LNG “Made in America”. What this implies is that America’s military agenda against Russia and Iran constitutes a means to hike up EU energy prices, which is an act economic warfare against the People of Europe. The Iran-Qatar Natural Gas Partnership The maritime gas reserves of the Persian Gulf are under a (joint ownership) partnership between Qatar and Iran (See diagram below). The Biden Administration is Intent upon Destabilizing the Iran-Qatar Partnership This partnership is supportive of the People of Palestine. In March 2022, “President Joe Biden following a meeting with Qatar’s Emir Sheik Tamim “designated Qatar as a major non-NATO ally of the United States, fulfilling the promise that he had made to Qatar earlier this year [2022], the White House said” Reuters “The designation is granted by the United States to close, non-NATO allies that have strategic working relationships with the U.S. military. Biden promised Qatar’s emir, Sheikh Tamim bin Hamad al-Thani, in January [2022] during a meeting at the White House that he would grant Qatar the special status.” Reuters See also followup Reuters article. What is at stake are cross-cutting coalitions. Qatar is a “Partner” of Iran in relation to the strategic reserves of maritime gas in the Persian Gulf. There is no formaI military cooperation between the two countries. Washington’s unspoken agenda is to break and/or destabilize Qatar’s Partnership with Iran, by integrating Qatar into the US-NATO military orbit. It is worth noting that a few days prior to the October 7, 2023 Hamas operation, the Emir of Qatar Sheik Tamim bin Hamad Al Thani “laid the foundation stone for the Northern Dome expansion project” in Iran’s Pars South Field (See map above). “the Emir of Qatar said the groundbreaking for the Northern Dome expansion project was laid today, which is in line with Qatar’s strategy to strengthen its position as a global LNG producer … This joint gas field, known as “South Pars” in Iran, is the largest natural gas field in the world and contains 50.97 trillion cubic meters of gas and about 7.9 billion cubic meters of natural gas condensate. At the time of writing, the implications of Qatar’s “Special Status” Military Alliance with the U.S. remain unclear. America’s Al-Udeid military base in Qatar (left) is the largest US base in the Middle East. Have the status and functions of Al Udeid changed since the signing of the March 2022 agreement designating Qatar as a “Major Non NATO Ally of the US” Qatar is both A Partner of Iran as well as a Major Non NATO Ally of the U.S. Reports confirm the development of a close relationship between the commanders of the US Air Force and the Qatari Emiri Air Force. Qatar is a “Powder Keg”? The U.S. foreign policy objective is to ultimately destroy and undermine that “friendship” with Iran which is highly valued and supported by Qatari citizens. The export of gas from South Pars North Dome transits through Iran, Turkey and Russia. Qatar, Russia and Iran (the 3 largest holders Worldwide of natural gas reserves) reached an agreement in 2009 to create a ‘Gas Troika’, a trilateral gas cooperation entity including the development of joint projects. A large number of countries including South Korea, India, Japan, China are importing LNG from Qatar. Last year (November 2022), “QatarEnergy signed a 27-year deal to supply China’s Sinopec with liquefied natural gas”. Qatar has also a strategic alliance with China. Washington’s objective under the disguise of America’s “Major Non-NATO Alliance” with Qatar is to: Break the Qatar-Iran Partnership Exclude Iran from the Joint Maritime Gas Field Exert US Control over the Maritime Gas Field in the Persian Gulf Weaken and Disable the “Gas Troika” (Russia, Iran, Qatar) Create Chaos in the Global Energy Market, Undermine the Trade in Liquid Natural Gas (LNG) to Numerous Countries . Iran. Third Largest Reserves of Oil Worldwide Iran is not only second in terms of its gas reserves after Russia, it ranks third Worldwide in relation to its oil reserves (12% of Worldwide oil reserves) versus a meagre 4% for the U.S. The Ben Gurion Canal Project . U.S. Seeks Dominance over Strategic International Waterways The Ben Gurion Canal Project was initially a “secret” (classified) U.S. project formulated in 1963 by the Lawrence Livermore National Laboratory LLNG, a strategic think tank (focussing on nuclear radiation) on contract with the U.S Department of Energy. The LLNG project was formulated in response to the nationalization of the Suez Canal in July 1956 by President Gamal Abdel Nasser (1956-1970). Its intent was to bypass the Suez Canal. The Ben Gurion Canal project is currently contemplated as means control the channels of international maritime trade to the detriment of the people of the Middle East. It also seeks to destabilize China’s maritime commodity trade. In the context of the broader US-led Middle East War, the Ben Gurion Canal Project is part of America’s hegemonic military agenda. It is consistent with Netanyahu’s “Plan to Wipe Palestine Off the Map”. According to Yvonne Ridley: “The only thing stopping the newly-revised [Ben Gurion Canal] project from being revived and rubber-stamped is the presence of the Palestinians in Gaza. As far as Netanyahu is concerned they are standing in the way of the project” (Yvonne Ridley, November 10, 2023, emphasis added) The U.S led war is intent upon confiscating all Palestinian territories, which would be appropriated by the State of Israel, acting as a strategic “Anglo-American Hub” in the Middle East: The Ben Gurion Canal will give Israel in particular and other friendly nations the freedom from blackmail arising out of access to the Suez Canal. Arab states have been leveraging the Red Sea to pressure Israel and in response, Israel has decided to gain more control of the Red Sea. These African countries have cultural and economic affinities with the Arab states. One of the main military benefits for Israel is that it gives Israel the strategic options as the Ben Gurion Canal will totally take away the importance of Suez for the US military if needed in the aid for Israel. Israel aims to push Egypt further into a corner by eliminating Suez in the global trade and energy corridor and becoming a global trade and energy logistics center. Experts are of the opinion that this situation will shake the strategic-energy balance of China’s Belt and Road Project initiative in the Mediterranean, along with the Strait of Hormuz, which is the transfer point of 30 percent of the world’s energy. The Ben Gurion Canal would have the solid backing of the West. (Eurasia Review, November 7, 2023, emphasis added) . “Greater Israel”. Strategic “Anglo-American Hub” The Promised Land of Greater Israel coincides with America’s Colonial Design in the Middle East The Greater Israel design is not strictly a Zionist Project for the Middle East, it is an integral part of US foreign policy, its strategic objective is to extend US hegemony as well as fracture and balkanize the Middle East. In this regard, Washington’s strategy consists in destabilizing and weakening regional economic powers in the Middle East including Turkey and Iran. This policy –which is consistent with the Greater Israel– is accompanied by a process of political fragmentation. Since the Gulf war (1991), the Pentagon has contemplated the creation of a “Free Kurdistan” which would include the annexation of parts of Iraq, Syria and Iran as well as Turkey “The New Middle East”: Unofficial US Military Academy Map by Lt. Col. Ralph Peters . “America’s Promised Land”. Global Warfare When viewed in the current context, including the siege on Gaza, the Zionist Plan for the Middle East coincides with America’s long war against the Middle East. As we mentioned earlier the Zionist agenda provides an ideological and religious justification of America’s long war against the Middle East. The 1979-80. the so-called Soviet Afghan War, engineered by the CIA The 1980-88 Iraq-Iran War engineered by the U.S. The 1991 Gulf War against Iraq, The 2001 The US-NATO Invasion of Afghanistan, The 2003 Invasion of Iraq The 2006 War on Lebanon, The Arab Spring, The 2011 war on Libya, The 2015 war on Yemen Obama’s 2014-2017 “Counter-Terrorism” Operation against Iraq and Syria The ongoing wars against Syria, Iraq and Yemen The “Greater Israel” project consists in weakening and eventually fracturing neighboring Arab states as part of a US-Israeli expansionist project, with the support of NATO. Needless to day, the ideological and religious underpinnings of the “Greater Israel” project are consistent with America’s imperial design. While the Zionist agenda is not the driving force, it serves the useful purpose of misleading public opinion concerning America’s long war against the people of the Middle East. The Historical Context: A Sequence of Military Plans and Scenarios to Wage War on Iran Since the launching of the Theater Iran Near Term (TIRANNT) war games scenario in May 2003 (leaked classified doc), an escalation scenario involving military action directed against Iran and Syria had been envisaged, of which Syria was the first stage. TIRANNT was followed by a series of military plans pertaining to Iran. Numerous post 9/11 official statements and US military documents had pointed to an expanded Middle East war, involving the active participation of Israel. Israel is America’s ally. Military operations are closely coordinated. Israel does not act without Washington’s approval. U.S.-Israeli Air Defense Barely acknowledged by the media, the US and Israel have an integrated air defense system, which was set up in early 2009, shortly after the Israel invasion of Gaza under “Operation Cast Led”. The X-band radar air defense system set up by the US in Israel in 2009 would “integrate Israel’s missile defenses with the U.S. global missile detection network, which includes satellites, Aegis ships on the Mediterranean, Persian Gulf and Red Sea, and land-based Patriot radars and interceptors.” (Sen. Joseph Azzolina, Protecting Israel from Iran’s missiles, Bayshore News, December 26, 2008). ) What this means is that Washington calls the shots. Confirmed by the Pentagon, the US military controls Israel’s Air Defense: ”This is and will remain a U.S. radar system,’ Pentagon spokesman Geoff Morrell said. ‘So this is not something we are giving or selling to the Israelis and it is something that will likely require U.S. personnel on-site to operate.’” (Quoted in Israel National News, January 9, 2009, emphasis added). At the outset of Obama’s Second Term, the US and Israel initiated discussions pertaining to a “US personnel on site” presence in Israel, namely the establishment of a “permanent” and “official” military base inside Israel. And on September 17, 2017, a US Air Defense base located in the Negev desert was inaugurated. According to the Israeli IDF spokesperson, the objective is to send a “message to the region, ” including Iran, Lebanon, Syria and Palestine. Of utmost relevance: Israel would not be able to act unilaterally against Iran, without a green light from the Pentagon which controls key components of Israel’s air defense system. In practice, a war on Iran, would be a joint US-NATO-Israeli endeavor, coordinated by US Strategic Command (STRATCOM) with America’s allies playing a key (subordinate) role. Michel Chossudovsky, October 31, 2017, November 11, 2023 Planned US-Israeli Attack on Iran by Michel Chossudovsky May 2005 At the outset of Bush’s second term, Vice President Dick Cheney dropped a bombshell. He hinted, in no uncertain terms, that Iran was “right at the top of the list” of the rogue enemies of America, and that Israel would, so to speak, “be doing the bombing for us”, without US military involvement and without us putting pressure on them “to do it”: “One of the concerns people have is that Israel might do it without being asked… Given the fact that Iran has a stated policy that their objective is the destruction of Israel, the Israelis might well decide to act first, and let the rest of the world worry about cleaning up the diplomatic mess afterwards,” (quoted from an MSNBC Interview Jan 2005) Israel is a Rottweiler on a leash: The US wants to “set Israel loose” to attack Iran. Commenting the Vice President’s assertion, former National Security adviser Zbigniew Brzezinski in an interview on PBS, confirmed with some apprehension, yes: Cheney wants Prime Minister Ariel Sharon to act on America’s behalf and “do it” for us: “Iran I think is more ambiguous. And there the issue is certainly not tyranny; it’s nuclear weapons. And the vice president today in a kind of a strange parallel statement to this declaration of freedom hinted that the Israelis may do it and in fact used language which sounds like a justification or even an encouragement for the Israelis to do it.” The foregoing statements are misleading. The US is not “encouraging Israel”. What we are dealing with is a joint US-Israeli military operation to bomb Iran, which has been in the active planning stage for more than a year. The Neocons in the Defense Department, under Douglas Feith, have been working assiduously with their Israeli military and intelligence counterparts, carefully identifying targets inside Iran (see Seymour Hersh) Under this working arrangement, Israel will not act unilaterally, without a green light from Washington. In other words, Israel will not implement an attack without the participation of the US. Covert Intelligence Operations: Stirring Ethnic Tensions in Iran Meanwhile, for the last two years, Washington has been involved in covert intelligence operations inside Iran. American and British intelligence and special forces (working with their Israeli counterparts) are involved in this operation. “A British intelligence official said that any campaign against Iran would not be a ground war like the one in Iraq. The Americans will use different tactics, said the intelligence officer. ‘It is getting quite scary.'” (Evening Standard, 17 June 2003) The expectation is that a US-Israeli bombing raid of Iran’s nuclear facilities will stir up ethnic tensions and trigger “regime change” in favor of the US. (See Arab Monitor). Bush advisers believe that the “Iranian opposition movement” will unseat the Mullahs. This assessment constitutes a gross misjudgment of social forces inside Iran. What is more likely to occur is that Iranians will consistently rally behind a wartime government against foreign aggression. In fact, the entire Middle East and beyond would rise up against US interventionism. Retaliation in the Case of a US-Israeli Aerial Attack Tehran has confirmed that it will retaliate if attacked, in the form of ballistic missile strikes directed against Israel (CNN, 8 Feb 2005). These attacks, could also target US military facilities in the Persian Gulf, which would immediately lead us into a scenario of military escalation and all out war. In other words, the air strikes against Iran could contribute to unleashing a war in the broader Middle East Central Asian region. Moreover, the planned attack on Iran should also be understood in relation to the timely withdrawal of Syrian troops from Lebanon, which has opened up a new space, for the deployment of Israeli forces. The participation of Turkey in the US-Israeli military operation is also a factor, following an agreement reached between Ankara and Tel Aviv. In other words, US and Israeli military planners must carefully weigh the far-reaching implications of their actions. Israel Builds up its Stockpile of Deadly Military Hardware A massive buildup in military hardware has occurred in preparation for a possible attack on Iran. Israel has recently taken delivery from the US of some 5,000 “smart air launched weapons” including some 500 BLU 109 ‘bunker-buster bombs. The (uranium coated) munitions are said to be more than “adequate to address the full range of Iranian targets, with the possible exception of the buried facility at Natanz, which may require the [more powerful] BLU-113 bunker buster“: “Given Israel’s already substantial holdings of such weapons, this increase in its inventory would allow a sustained assault with or without further US involvement.” (See Richard Bennett) Gbu 28 Guided Bomb Unit-28 (GBU-28) The Israeli Air Force would attack Iran’s nuclear facility at Bushehr using US as well Israeli produced bunker buster bombs. The attack would be carried out in three separate waves “with the radar and communications jamming protection being provided by U.S. Air Force AWACS and other U.S. aircraft in the area”. (See W Madsen) Bear in mind that the bunker buster bombs can also be used to deliver tactical nuclear bombs. The B61-11 is the “nuclear version” of the “conventional” BLU 113. It can be delivered in much same way as the conventional bunker buster bomb. (See Michel Chossudovsky, see also this) According to the Pentagon, tactical nuclear weapons are “safe for civilians”. Their use has been authorized by the US Senate. (See Michel Chossudovsky) Moreover, reported in late 2003, Israeli Dolphin-class submarines equipped with US Harpoon missiles armed with nuclear warheads are now aimed at Iran. (See Gordon Thomas) Even if tactical nuclear weapons are not used by Israel, an attack on Iran’s nuclear facilities not only raises the specter of a broader war, but also of nuclear radiation over a wide area: “To attack Iran’s nuclear facilities will not only provoke war, but it could also unleash clouds of radiation far beyond the targets and the borders of Iran.” (Statement of Prof Elias Tuma, Arab Internet Network, Federal News Service, 1 March 2005) Moreover, while most reports have centered on the issue of punitive air strikes on Iran’s nuclear facilities, the strikes would most probably extend to other targets. While a ground war is contemplated as a possible “scenario” at the level of military planning, the US military would not be able to wage a an effective ground war, given the situation in Iraq. In the words of former National Security Adviser Lawrence Eagelberger: “We are not going to get in a ground war in Iran, I hope. If we get into that, we are in serious trouble. I don’t think anyone in Washington is seriously considering that.” ( quoted in the National Journal, 4 December 2004). Iran’s Military Capabilities Despite its overall weaknesses in relation to Israel and the US, Iran has an advanced air defense system, deployed to protect its nuclear sites; “they are dispersed and underground making potential air strikes difficult and without any guarantees of success.” (Jerusalem Post, 20 April 2005). It has upgraded its Shahab-3 missile, which can reach targets in Israel. Iran’s armed forces have recently conducted high-profile military exercises in anticipation of a US led attack. Iran also possesses some 12 X-55 strategic cruise missiles, produced by Ukraine. Iran’s air defense systems is said to feature Russian SA-2, SA-5, SA-6 as well as shoulder-launched SA-7 missiles (Jaffa Center for Strategic Studies). The US “Military Road Map” The Bush administration has officially identified Iran and Syria as the next stage of “the road map to war”. Targeting Iran is a bipartisan project, which broadly serves the interests of the Anglo-American oil conglomerates, the Wall Street financial establishment and the military-industrial complex. The broader Middle East-Central Asian region encompasses more than 70% of the World’s reserves of oil and natural gas. Iran possesses 10% of the world’s oil and ranks third after Saudi Arabia (25 %) and Iraq (11 %) in the size of its reserves. In comparison, the US possesses less than 2.8 % of global oil reserves. (See Eric Waddell, The Battle for Oil) The announcement to target Iran should come as no surprise. It is part of the battle for oil. Already during the Clinton administration, US Central Command (USCENTCOM) had formulated “in war theater plans” to invade both Iraq and Iran: “The broad national security interests and objectives expressed in the President’s National Security Strategy (NSS) and the Chairman’s National Military Strategy (NMS) form the foundation of the United States Central Command’s theater strategy. The NSS directs implementation of a strategy of dual containment of the rogue states of Iraq and Iran as long as those states pose a threat to U.S. interests, to other states in the region, and to their own citizens. Dual containment is designed to maintain the balance of power in the region without depending on either Iraq or Iran. USCENTCOM’s theater strategy is interest-based and threat-focused. The purpose of U.S. engagement, as espoused in the NSS, is to protect the United States’ vital interest in the region – uninterrupted, secure U.S./Allied access to Gulf oil. (USCENTCOM, USPolicy , emphasis added) Main Military Actors While the US, Israel, as well as Turkey (with borders with both Iran and Syria) are the main actors in this process, a number of other countries, in the region, allies of the US, including several Central Asian former Soviet republics have been enlisted. Britain is closely involved despite its official denials at the diplomatic level. Turkey occupies a central role in the Iran operation. It has an extensive military cooperation agreement with Israel. There are indications that NATO is also formally involved in the context of an Israel-NATO agreement reached in November 2004. Planning The Aerial Attack on Iran According to former weapons inspector Scott Ritter, George W. Bush has already signed off on orders for an aerial attack on Iran, scheduled for June.(See this) The June cut-off date should be understood. It does not signify that the attack will occur in June. What it suggests is that the US and Israel are “in a state of readiness” and are prepared to launch an attack by June or at a later date. In other words, the decision to launch the attack has not been made. Ritter’s observation concerning an impending military operation should nonetheless be taken seriously. In recent months, there is ample evidence that a major military operation is in preparation: 1) several high profile military exercises have been conducted in recent months, involving military deployment and the testing of weapons systems. 2) military planning meetings have been held between the various parties involved. There has been a shuttle of military and government officials between Washington, Tel Aviv and Ankara. 3) A significant change in the military command structure in Israel has occurred, with the appointment of a new Chief of Staff. 4) Intense diplomatic exchanges have been carried out at the international level with a view to securing areas of military cooperation and/or support for a US-Israeli led military operation directed against Iran. 5) Ongoing intelligence operations inside Iran have been stepped up. 6) Consensus Building: Media propaganda on the need to intervene in Iran has been stepped up, with daily reports on how Iran constitutes a threat to peace and global security. Timeline of Key Initiatives In the last few months, various key initiatives have been taken, which are broadly indicative that an aerial bombing of Iran is in the military pipeline: November 2004 in Brussels: NATO-Israel protocol: Israel’s IDF delegation to the NATO conference to met with military brass of six members of the Mediterranean basin nations, including Egypt, Jordan, Algeria, Tunisia, Morocco, Algeria and Mauritania. NATO seeks to revive the framework, known as the Mediterranean Dialogue program, which would include Israel. The Israeli delegation accepted to participate in military exercises and “anti-terror maneuvers” together with several Arab countries. January 2005: the US, Israel and Turkey held military exercises in the Eastern Mediterranean, off the coast of Syria. These exercises, which have been held in previous years were described as routine. February 2005. Following the decision reached in Brussels in November 2004, Israel was involved for the first time in military exercises with NATO, which also included several Arab countries. February 2005: Assassination of former Lebanese Prime Minister Rafik Hariri. The assassination, which was blamed on Syria, serves Israeli and US interests and was used as a pretext to demand the withdrawal of Syrian troops from Lebanon. February 2005: Sharon fires his Chief-of-Staff, Moshe Ya’alon and appoints Air Force General Dan Halutz. This is the first time in Israeli history that an Air Force General is appointed Chief of Staff (See Uri Avnery) The appointment of Major General Dan Halutz as IDF Chief of Staff is considered in Israeli political circles as “the appointment of the right man at the right time.” The central issue is that a major aerial operation against Iran is in the planning stage, and Maj General Halutz is slated to coordinate the aerial bombing raids on Iran. Halutz’s appointment was specifically linked to Israel’s Iran agenda: “As chief of staff, he will in the best position to prepare the military for such a scenario.” March 2005: NATO’s Secretary General was in Jerusalem for follow-up talks with Ariel Sharon and Israel’s military brass, following the joint NATO-Israel military exercise in February. These military cooperation ties are viewed by the Israeli military as a means to “enhance Israel’s deterrence capability regarding potential enemies threatening it, mainly Iran and Syria.” The premise underlying NATO-Israel military cooperation is that Israel is under attack: “The more Israel’s image is strengthened as a country facing enemies who attempt to attack it for no justified reason, the greater will be the possibility that aid will be extended to Israel by NATO. Furthermore, Iran and Syria will have to take into account the possibility that the increasing cooperation between Israel and NATO will strengthen Israel’s links with Turkey, also a member of NATO. Given Turkey’s impressive military potential and its geographic proximity to both Iran and Syria, Israel’s operational options against them, if and when it sees the need, could gain considerable strength. ” (Jaffa Center for Strategic Studies, http://www.tau.ac.il/jcss/sa/v7n4p4Shalom.html ) The Israel-NATO protocol is all the more important because it obligates NATO to align itself with the US-Israeli plan to bomb Iran, as an act of self defense on the part of Israel. It also means that NATO is also involved in the process of military consultations relating to the planned aerial bombing of Iran. It is of course related to the bilateral military cooperation agreement between Israel and Turkey and the likelihood that part of the military operation will be launched from Turkey, which is a member of NATO. Late March 2005: News leaks in Israel indicated an “initial authorization” by Prime Minster Ariel Sharon of an Israeli attack on Iran’s Natanz uranium enrichment plant “if diplomacy failed to stop Iran’s nuclear program”. (The Hindu, 28 March 2005) March-April 2005: The Holding in Israel of Joint US-Israeli military exercises specifically pertaining to the launching of Patriot missiles. US Patriot missile crews stationed in Germany were sent to Israel to participate in the joint Juniper Cobra exercise with the Israeli military. The exercise was described as routine and “unconnected to events in the Middle East”: “As always, we are interested in implementing lessons learned from training exercises.” (UPI, 9 March 2005). April 2005: Donald Rumsfeld (right) was on an official visits to Iraq, Afghanistan, Pakistan, Kyrgyzstan and Azerbaijan. His diplomatic endeavors were described by the Russian media as “literally circling Iran in an attempt to find the best bridgehead for a possible military operation against that country.” In Baku, Azerbaijan Rumsfeld was busy discussing the date for deployment of US troops in Azerbaijan on Iran’s North-Western border. US military bases described as “mobile groups” in Azerbaijan are slated to play a role in a military operation directed against Iran. Azerbaijan is a member of GUUAM, a military cooperation agreement with the US and NATO, which allows for the stationing of US troops in several of the member countries, including Georgia, Uzbekistan and Azerbaijan. The stated short term objective is to “neutralize Iran”. The longer term objective under the Pentagon’s “Caspian Plan” is to exert military and economic control over the entire Caspian sea basin, with a view to ensuring US authority over oil reserves and pipeline corridors. During his visit in April, Rumsfeld was pushing the US initiative of establishing “American special task forces and military bases to secure US influence in the Caspian region: “Called Caspian Watch, the project stipulates a network of special task forces and police units in the countries of the regions to be used in emergencies including threats to objects of the oil complex and pipelines. Project Caspian Watch will be financed by the United States ($100 million). It will become an advance guard of the US European Command whose zone of responsibility includes the Caspian region. Command center of the project with a powerful radar is to be located in Baku.” ( Defense and Security Russia, April 27, 2005) Rumsfeld’s visit followed shortly after that of Iranian President Mohammad Khatami’s to Baku. April 2005: Iran signs a military cooperation with Tajikistan, which occupies a strategic position bordering Afghanistan’s Northern frontier. Tajikistan is a member of “The Shanghai Five” military cooperation group, which also includes Kazakhstan, China, Kyrgyzstan, and Russia. Iran also has economic cooperation agreements with Turkmenistan. Mid April 2005: Israel Prime Minister Ariel Sharon meets George W Bush at his Texas Ranch. Iran is on the agenda of bilateral talks. More significantly, the visit of Ariel Sharon was used to carry out high level talks between US and Israeli military planners pertaining to Iran. Late April 2005. President Vladmir Putin is in Israel on an official visit. He announces Russia’s decision to sell short-range anti-aircraft missiles to Syria and to continue supporting Iran’s nuclear industry. Beneath the gilded surface of international diplomacy, Putin’s timely visit to Israel must be interpreted as “a signal to Israel” regarding its planned aerial attack on Iran. Late April 2005: US pressure in the International Atomic Energy Agency (IAEA) has been exerted with a view to blocking the re-appointment of Mohammed Al Baradei, who according to US officials “is not being tough enough on Iran…” Following US pressures, the vote on the appointment of a new IAEA chief was put off until June. These developments suggest that Washington wants to put forth their own hand-picked nominee prior to launching US-Israeli aerial attacks on Iran’s nuclear facilities. (See VOA). (In February 2003, Al Baradei along with UN chief weapons inspector Hans Blix challenged the (phony) intelligence on WMD presented by the US to the UN Security Council, with a view to justifying the war on Iraq.) Late April 2005. Sale of deadly military hardware to Israel. GBU-28 Buster Bunker Bombs: Coinciding with Putin’s visit to Israel, the US Defence Security Cooperation Agency (Department of Defense) announced the sale of an additional 100 bunker-buster bombs produced by Lockheed Martin to Israel. This decision was viewed by the US media as “a warning to Iran about its nuclear ambitions.” The sale pertains to the larger and more sophisticated “Guided Bomb Unit-28 (GBU-28) BLU-113 Penetrator” (including the WGU-36A/B guidance control unit and support equipment). The GBU-28 is described as “a special weapon for penetrating hardened command centers located deep underground. The fact of the matter is that the GBU-28 is among the World’s most deadly “conventional” weapons used in the 2003 invasion of Iraq, capable of causing thousands of civilian deaths through massive explosions. The Israeli Air Force are slated to use the GBU-28s on their F-15 aircraft. (See text of DSCA news release) Late April 2005- early May: Turkey’s Prime Minister Recep Tayyip Erdogan (right) in Israel for follow-up talks with Ariel Sharon. He was accompanied by his Defense Minister Vecdi Gonul, who met with senior Israeli military officials. On the official agenda of these talks: joint defense projects, including the joint production of Arrow II Theater Missile Defense and Popeye II missiles. The latter also known as the Have Lite, are advanced small missiles, designed for deployment on fighter planes. Tel Aviv and Ankara decide to establish a hotline to share intelligence. May 2005: Syrian troops scheduled to withdraw from Lebanon, leading to a major shift in the Middle East security situation, in favor of Israel and the US. Iran Surrounded The US has troops and military bases in Turkey, Pakistan, Azerbaijan, Afghanistan, and of course Iraq. In other words, Iran is virtually surrounded by US military bases. (see Map below). These countries as well as Turkmenistan, are members of NATO`s partnership for Peace Program and have military cooperation agreements with NATO. Copyright Eric Waddell, Global Research, 2003 In other words, we are dealing with a potentially explosive scenario in which a number of countries, including several former Soviet republics, could be brought into a US led war with Iran. IranAtom.ru, a Russian based news and military analysis group has suggested, in this regard: “since Iranian nuclear objects are scattered all over the country, Israel will need a mass strike with different fly-in and fly-out approaches – Jordan, Iraq, Turkey, Azerbaijan, and other countries… Azerbaijan seriously fears Tehran’s reaction should Baku issue a permit to Israeli aircraft to overfly its territory.” (Defense and Security Russia, 12 April 2005). Concluding remarks The World is at an important crossroads. The Bush Administration has embarked upon a military adventure which threatens the future of humanity. Iran is the next military target. The planned military operation, which is by no means limited to punitive strikes against Iran’s nuclear facilities, is part of a project of World domination, a military roadmap, launched at the end of the Cold War. Military action against Iran would directly involve Israel’s participation, which in turn is likely to trigger a broader war throughout the Middle East, not to mention an implosion in the Palestinian occupied territories. Turkey is closely associated with the proposed aerial attacks. Israel is a nuclear power with a sophisticated nuclear arsenal. (See text box below). The use of nuclear weapons by Israel or the US cannot be excluded, particularly in view of the fact that tactical nuclear weapons have now been reclassified as a variant of the conventional bunker buster bombs and are authorized by the US Senate for use in conventional war theaters. (“they are harmless to civilians because the explosion is underground”) In this regard, Israel and the US rather than Iran constitute a nuclear threat. The planned attack on Iran must be understood in relation to the existing active war theaters in the Middle East, namely Afghanistan, Iraq and Palestine. The conflict could easily spread from the Middle East to the Caspian sea basin. It could also involve the participation of Azerbaijan and Georgia, where US troops are stationed. An attack on Iran would have a direct impact on the resistance movement inside Iraq. It would also put pressure on America’s overstretched military capabilities and resources in both the Iraqi and Afghan war theaters. (The 150,000 US troops in Iraq are already fully engaged and could not be redeployed in the case of a war with Iran.) In other words, the shaky geopolitics of the Central Asia- Middle East region, the three existing war theaters in which America is currently, involved, the direct participation of Israel and Turkey, the structure of US sponsored military alliances, etc. raises the specter of a broader conflict. Moreover, US military action on Iran not only threatens Russian and Chinese interests, which have geopolitical interests in the Caspian sea basin and which have bilateral agreements with Iran. It also backlashes on European oil interests in Iran and is likely to produce major divisions between Western allies, between the US and its European partners as well as within the European Union. Through its participation in NATO, Europe, despite its reluctance, would be brought into the Iran operation. The participation of NATO largely hinges on a military cooperation agreement reached between NATO and Israel. This agreement would bind NATO to defend Israel against Syria and Iran. NATO would therefore support a preemptive attack on Iran’s nuclear facilities, and could take on a more active role if Iran were to retaliate following US-Israeli air strikes. Needless to say, the war against Iran is part of a longer term US military agenda which seeks to militarize the entire Caspian sea basin, eventually leading to the destabilization and conquest of the Russian Federation. The Antiwar Movement The antiwar movement must act, consistently, to prevent the next phase of this war from happening. This is no easy matter. The holding of large antiwar rallies will not in itself reverse the tide of war. High ranking officials of the Bush administration, members of the military and the US Congress have been granted the authority to uphold an illegal war agenda. What is required is a grass roots network, a mass movement at national and international levels, which challenges the legitimacy of the military and political actors, and which is ultimately instrumental in unseating those who rule in our name. War criminals occupy positions of authority. The citizenry is galvanized into supporting the rulers, who are “committed to their safety and well-being”. Through media disinformation, war is given a humanitarian mandate. To reverse the tide of war, military bases must be closed down, the war machine (namely the production of advanced weapons systems) must be stopped and the burgeoning police state must be dismantled. The corporate backers and sponsors of war and war crimes must also be targeted including the oil companies, the defense contractors, the financial institutions and the corporate media, which has become an integral part of the war propaganda machine. Antiwar sentiment does not dismantle a war agenda. The war criminals in the US, Israel and Britain must be removed from high office. What is needed is to reveal the true face of the American Empire and the underlying criminalization of US foreign policy, which uses the “war on terrorism” and the threat of Al Qaeda to galvanize public opinion in support of a global war agenda. Israel’s Nuclear Capabilities With between 200 and 500 thermonuclear weapons and a sophisticated delivery system, Israel has quietly supplanted Britain as the World’s 5th Largest nuclear power, and may currently rival France and China in the size and sophistication of its nuclear arsenal. Although dwarfed by the nuclear arsenals of the U.S. and Russia, each possessing over 10,000 nuclear weapons, Israel nonetheless is a major nuclear power, and should be publicly recognized as such. Today, estimates of the Israeli nuclear arsenal range from a minimum of 200 to a maximum of about 500. Whatever the number, there is little doubt that Israeli nukes are among the world’s most sophisticated, largely designed for “war fighting” in the Middle East. A staple of the Israeli nuclear arsenal are “neutron bombs,” miniaturized thermonuclear bombs designed to maximize deadly gamma radiation while minimizing blast effects and long term radiation- in essence designed to kill people while leaving property intact.(16) Weapons include ballistic missiles and bombers capable of reaching Moscow… The bombs themselves range in size from “city busters” larger than the Hiroshima Bomb to tactical mini nukes. The Israeli arsenal of weapons of mass destruction clearly dwarfs the actual or potential arsenals of all other Middle Eastern states combined, and is vastly greater than any conceivable need for “deterrence.” Many Middle East Peace activists have been reluctant to discuss, let alone challenge, the Israeli monopoly on nuclear weapons in the region, often leading to incomplete and uninformed analyses and flawed action strategies. Placing the issue of Israeli weapons of mass destruction directly and honestly on the table and action agenda would have several salutary effects. First, it would expose a primary destabilizing dynamic driving the Middle East arms race and compelling the region’s states to each seek their own “deterrent.” Second, it would expose the grotesque double standard which sees the U.S. and Europe on the one hand condemning Iraq, Iran and Syria for developing weapons of mass destruction, while simultaneously protecting and enabling the principal culprit. Third, exposing Israel’s nuclear strategy would focus international public attention, resulting in increased pressure to dismantle its weapons of mass destruction and negotiate a just peace in good faith. Finally, a nuclear free Israel would make a Nuclear Free Middle East and a comprehensive regional peace agreement much more likely. Unless and until the world community confronts Israel over its covert nuclear program it is unlikely that there will be any meaningful resolution of the Israeli/Arab conflict, a fact that Israel may be counting on as the Sharon era dawns. From John Steinbach, Israel’s Nuclear Arsenal, Global Research https://www.globalresearch.ca/planned-us-israeli-attack-on-iran-2/5615443
    WWW.GLOBALRESEARCH.CA
    A Planned US-Israeli Attack on Iran is Contemplated
    Introduction We stand in Solidarity with Palestine. But we must recognize that the United States Military and Intelligence apparatus is firmly behind Israel’s genocide directed against the People of Palestine. . And this must be part of the solidarity campaign, namely to Reveal the Truth regarding Washington’s insidious role, which is part of a carefully planned military agenda directed against Palestine …
    0 التعليقات 0 المشاركات 30146 مشاهدة
  • https://www.newsadvertisment.com/2023/11/ecc-approves-quarterly-tariff-hike-for.html
    https://www.newsadvertisment.com/2023/11/ecc-approves-quarterly-tariff-hike-for.html
    WWW.NEWSADVERTISMENT.COM
    ECC approves quarterly tariff hike for K-Electric consumers
    News advertisment is information, about current events, and all the news in the world's, news here you know, and we know,
    0 التعليقات 0 المشاركات 506 مشاهدة
  • The Age of Megathreats
    Nouriel RoubiniNov 4, 2022
    op_roubini3_Getty Images_worlddisaster Getty Images
    NEW YORK – Severe megathreats are imperiling our future – not just our jobs, incomes, wealth, and the global economy, but also the relative peace, prosperity, and progress achieved over the past 75 years. Many of these threats were not even on our radar during the prosperous post-World War II era. I grew up in the Middle East and Europe from the late 1950s to the early 1980s, and I never worried about climate change potentially destroying the planet. Most of us had barely even heard of the problem, and greenhouse-gas emissions were still relatively low, compared to where they would soon be.

    Moreover, after the US-Soviet détente and US President Richard Nixon’s visit to China in the early 1970s, I never really worried about another war among great powers, let alone a nuclear one. The term “pandemic” didn’t register in my consciousness, either, because the last major one had been in 1918. And I didn’t fathom that artificial intelligence might someday destroy most jobs and render Homo sapiens obsolete, because those were the years of the long “AI winter.”

    Similarly, terms like “deglobalization” and “trade war” had no purchase during this period. Trade liberalization had been in full swing since the Great Depression, and it would soon lead to the hyper-globalization that began in the 1990s. Debt crises posed no threat, because private and public debt-to-GDP ratios were low in advanced economies and emerging markets, and growth was robust. No one had to worry about the massive build-up of implicit debt, in the form of unfunded liabilities from pay-as-you-go social security and health-care systems. The supply of young workers was rising, the share of the elderly was still low, and robust, mostly unrestricted immigration from the Global South to the North would continue to prop up the labor market in advanced economies.

    Against this backdrop, economic cycles were contained, and recessions were short and shallow, except for during the stagflationary decade of the 1970s; but even then, there were no debt crises in advanced economies, because debt ratios were low. The kind of financial cycles that lead to crises were contained not just in advanced economies but even in emerging markets, owing to the low leverage, low risk-taking, solid financial regulation, capital controls, and various forms of financial repression that prevailed during this period. The advanced economies were strong liberal democracies that were free of extreme partisan polarization. Populism and authoritarianism were confined to a benighted cohort of poorer countries.

    Goodbye to All That

    Fast-forward from this relatively “golden” period between 1945 and 1985 to late 2022, and you will immediately notice that we are awash in new, extreme megathreats that were not previously on anyone’s mind. The world has entered what I call a geopolitical depression, with (at least) four dangerous revisionist powers – China, Russia, Iran, and North Korea – challenging the economic, financial, security, and geopolitical order that the United States and its allies created after WWII.

    There is a sharply rising risk not only of war among great powers but of a nuclear conflict. In the coming year, Russia’s war of aggression in Ukraine could escalate into an unconventional conflict that directly involves NATO. And Israel – and perhaps the US – may decide to launch strikes against Iran, which is on its way to building a nuclear bomb.


    Subscribe to PS Digital now to read all the latest insights from Nouriel Roubini.

    Digital subscribers enjoy access to every PS commentary, including those by Nouriel Roubini, plus our entire On Point suite of subscriber-exclusive content, including Longer Reads, Insider Interviews, Big Picture/Big Question, and Say More.

    For a limited time, save $15 with the code ROUBINI15.

    Subscribe Now

    With Chinese President Xi Jinping further consolidating his authoritarian rule, and with the US tightening its trade restrictions against China, the new Sino-American cold war is getting colder by the day. Worse, it could all too easily turn hot over the status of Taiwan, which Xi is committed to reuniting with the mainland, and which US President Joe Biden is apparently committed to defending. Meanwhile, nuclear-armed North Korea has once again been seeking attention by firing rockets over Japan and South Korea.

    Cyberwarfare occurs daily between these revisionist powers and the West, and many other countries have adopted a non-aligned posture toward Western-led sanctions regimes. From our contingent vantage point in the middle of all these events, we don’t yet know if World War III has already begun in Ukraine. That determination will be left to future historians – if there are any.

    Even discounting the threat of nuclear Armageddon, the risk of an environmental Apocalypse is becoming increasingly serious, especially given that most of the talk about net-zero and ESG (environment, social, and governance) investing is just greenwashing – or greenwishing. The new greenflation is already in full swing, because it turns out that amassing the metals needed for the energy transition requires a lot of expensive energy.

    There is also a growing risk of new pandemics that would be worse than biblical plagues, owing to the link between environmental destruction and zoonotic diseases. Wildlife, carrying dangerous pathogens, are coming into closer and more frequent contact with humans and livestock. That is why we have experienced more frequent and virulent pandemics and epidemics (HIV, SARS, MERS, swine flu, bird flu, Zika, Ebola, COVID-19) since the early 1980s. All the evidence suggests that this problem will become even worse in the future. Indeed, owing to the melting of Siberian permafrost, we may soon be confronting dangerous viruses and bacteria that have been locked away for millennia.

    Moreover, geopolitical conflicts and national-security concerns are fueling trade, financial, and technology wars, and accelerating the deglobalization process. The return of protectionism and the Sino-American decoupling will leave the global economy, supply chains, and markets more balkanized and fragmented. The buzzwords “friend-shoring” and “secure and fair trade” have replaced “offshoring” and “free trade.”

    But on the domestic front, advances in AI, robotics, and automation will destroy more and more jobs, even if policymakers build higher protectionist walls in an effort to fight the last war. By both restricting immigration and demanding more domestic production, aging advanced economies will create a stronger incentive for companies to adopt labor-saving technologies. While routine jobs are obviously at risk, so, too, are any cognitive jobs that can be unbundled into discrete tasks, and even many creative jobs. AI language models like GPT-3 can already write better than most humans and will almost certainly displace many jobs and sources of income. In due course, some scientists believe that Homo sapiens will be rendered entirely obsolete by the rise of artificial general intelligence or machine super-intelligence – though this is a highly contentious subject of debate.

    Thus, over time, economic malaise will deepen, inequality will rise even further, and more white- and blue-collar workers will be left behind.

    Hard Choices, Hard Landings

    The macroeconomic situation is no better. For the first time since the 1970s, we are facing high inflation and the prospect of a recession – stagflation. The increased inflation in advanced economies wasn’t “transitory.” It is persistent, driven by a combination of bad policies – excessively loose monetary, fiscal, and credit policies that were kept in place for too long – and bad luck. No one could have anticipated how much the initial COVID-19 shock would curtail the supply of goods and labor and create bottlenecks in global supply chains. The same goes for Russia’s brutal invasion of Ukraine, which caused a sharp spike in energy, food, fertilizers, industrial metals, and other commodities. Meanwhile, China has continued its “zero-COVID” policy, which is creating additional supply bottlenecks.

    While both demand and supply factors were in the mix, it is now widely recognized that the supply factors have played an increasingly decisive role. This matters for the economic outlook, because supply-driven inflation is stagflationary and thus increases the risk that monetary-policy tightening will produce a hard landing (increased unemployment and potentially a recession).

    What will follow from the US Federal Reserve and other major central banks’ current tightening? Until recently, most central banks and most of Wall Street belonged to “Team Soft Landing.” But the consensus has rapidly shifted, with even Fed Chair Jerome Powell recognizing that a recession is possible, that a soft landing will be “very challenging,” and that everyone should prepare for some “pain” ahead. The Federal Reserve Bank of New York’s model shows a high probability of a hard landing, and the Bank of England has expressed similar views about the United Kingdom. Several prominent Wall Street institutions have also now made a recession their baseline scenario (the most likely outcome if all other variables are held constant).

    History, too, points to deeper problems ahead. For the past 60 years in the US, whenever inflation has been above 5% (it is above 8% today), and unemployment has been below 5% (it is now 3.5%), any attempt by the Fed to bring inflation down toward its 2% target has caused a recession. Thus, a hard landing is much more likely than a soft landing, both in the US and across most other advanced economies.

    Sticky Stagflation

    In addition to the short-term factors, negative supply shocks and demand factors in the medium term will cause inflation to persist. On the supply side, I count eleven negative supply shocks that will reduce potential growth and increase the costs of production. Among these is the backlash against hyper-globalization, which has been gaining momentum and creating opportunities for populist, nativist, and protectionist politicians, and growing public anger over stark income and wealth inequalities, which is leading to more policies to support workers and the “left behind.” However well-intentioned, such measures will contribute to a dangerous wage-price spiral.

    Other sources of persistent inflation include rising protectionism (from both the left and the right), which has restricted trade, impeded the movement of capital, and heightened political resistance to immigration, which in turn has put additional upward pressure on wages. National-security and strategic considerations have further restricted flows of technology, data, and talent, and new labor and environmental standards, as important as they may be, are hampering both trade and new construction.

    This balkanization of the global economy is deeply stagflationary, and it is coinciding with demographic aging, not just in developed countries but also in large emerging economies such as China. Because young people tend to produce and save more, whereas older people spend down their savings and require many more expensive services in health care and other sectors, this trend, too, will lead to higher prices and slower growth.

    Today’s geopolitical turmoil further complicates matters. The disruptions to trade and the spike in commodity prices following Russia’s invasion were not just a one-off phenomenon. The same threats to harvests and food shipments that arose in 2022 may well persist in 2023. Moreover, if China does finally end its zero-COVID policy and begin to restart its economy, a surge in demand for many commodities will add to the global inflationary pressures. There is also no end in sight for Sino-Western decoupling, which is accelerating across all dimensions of trade (goods, services, capital, labor, technology, data, and information). And, of course, Iran, North Korea, and other strategic rivals to the West could soon contribute in their own ways to the global havoc.

    Now that the US dollar has been fully weaponized for strategic and national-security purposes, its position as the main global reserve currency could eventually begin to decline, and a weaker dollar would of course add to inflationary pressures in the US. More broadly, a frictionless world trading system requires a frictionless financial system. But sweeping primary and secondary sanctions have thrown sand in what was once a well-oiled machine, massively increasing the transaction costs of trade.

    On top of it all, climate change, too, will create persistent stagflationary pressures. Droughts, heat waves, hurricanes, and other disasters are increasingly disrupting economic activity and threatening harvests (thus driving up food prices). At the same time, demands for decarbonization have led to underinvestment in fossil-fuel capacity before investment in renewables has reached the point where they can make up the difference. Today’s large energy-price spikes were inevitable.

    The increased likelihood of future pandemics also represents a persistent source of stagflation, especially considering how little has been done to prevent or prepare for the next one. The next contagious outbreak will lend further momentum to protectionist policies as countries rush to close borders and hoard critical supplies of food, medicines, and other essential goods.

    Finally, cyberwarfare remains an underappreciated threat to economic activity and even public safety. Firms and governments will either face more stagflationary disruptions to production, or they will have to spend a fortune on cybersecurity. Either way, costs will rise.

    The Worst of All Possible Economies

    When the recession comes, it will not be short and shallow but long and severe. Not only are we facing persistent short- and medium-term negative supply shocks, but we are also heading into the mother of all debt crises, owing to soaring private and public debt ratios over the last few decades. Low debt ratios spared us from that outcome in the 1970s. And though we certainly had debt crises following the 2008 crash – the result of excessive household, bank, and government debt – we also had deflation. It was a demand shock and a credit crunch that could be met with massive monetary, fiscal, and credit easing.

    Today, we are experiencing the worst elements of both the 1970s and 2008. Multiple, persistent negative supply shocks have coincided with debt ratios that are even higher than they were during the global financial crisis. These inflationary pressures are forcing central banks to tighten monetary policy even though we are heading into a recession. That makes the current situation fundamentally different from both the global financial crisis and the COVID-19 crisis. Everyone should be preparing for what may come to be remembered as the Great Stagflationary Debt Crisis.

    While central banks have been at pains to sound more hawkish, we should be skeptical of their professed willingness to fight inflation at any cost. Once they find themselves in a debt trap, they will have to blink. With debt ratios so high, fighting inflation will cause an economic and financial crash that will be deemed politically unacceptable. Major central banks will feel as though they have no choice but to backpedal, and inflation, the debasement of fiat currencies, boom-bust cycles, and financial crises will become even more severe and frequent.

    The inevitability of central banks wimping out was recently on display in the United Kingdom. Faced with the market reaction to the Truss government’s reckless fiscal stimulus, the BOE had to launch an emergency quantitative-easing (QE) program to buy up government bonds. That sad episode confirmed that in the UK, as in many other countries, monetary policy is increasingly subject to fiscal capture.

    Recall that a similar turnaround occurred in 2019, when the Fed, after previously signaling continued rate hikes and quantitative-tightening, stopped its QT program and started pursuing a mix of backdoor QE and policy-rate cuts at the first sign of mild financial pressures and a growth slowdown. Central banks will talk tough; but, in a world of excessive debt and risks of an economic and financial crash, there is good reason to doubt their willingness to do “whatever it takes” to return inflation to its target rate.

    With governments unable to reduce high debts and deficits by spending less or raising revenues, those that can borrow in their own currency will increasingly resort to the “inflation tax”: relying on unexpected price growth to wipe out long-term nominal liabilities at fixed interest rates.

    How will financial markets and prices of equities and bonds perform in the face of rising inflation and the return of stagflation? It is likely that, as in the stagflation of the 1970s, both components of any traditional asset portfolio will suffer, potentially incurring massive losses. Inflation is bad for bond portfolios, which will take losses as yields increase and prices fall, as well as for equities, whose valuations are hurt by rising interest rates.

    For the first time in decades, a 60/40 portfolio of equities and bonds suffered massive losses in 2022, because bond yields have surged while equities have gone into a bear market. By 1982, at the peak of the stagflation decade, the average S&P 500 firm’s price-to-earnings ratio was down to eight; today, it is closer to 20, which suggests that the bear market could end up being even more protracted and severe. Investors will need to find assets to hedge against inflation, political and geopolitical risks, and environmental damage: these include short-term government bonds and inflation-indexed bonds, gold and other precious metals, and real estate that is resilient to environmental damage.

    The Moment of Truth

    In any case, these megathreats will further contribute to rising income and wealth inequality, which has already been putting severe pressure on liberal democracies (as those left behind revolt against elites), and fueling the rise of radical and aggressive populist regimes. One can find right-wing manifestations of this trend in Russia, Turkey, Hungary, Italy, Sweden, the US (under Donald Trump), post-Brexit Britain, and many other countries; and left-wing manifestations in Argentina, Venezuela, Peru, Mexico, Colombia, Chile, and now Brazil (which has just replaced a right-wing populist with a left-wing one).

    And, of course, Xi’s authoritarian stranglehold has given the lie to the old idea that Western engagement with a fast-growing China would ineluctably lead that country to open itself up even more to markets and, eventually, to democratic processes. Under Xi, China shows every sign of becoming more closed off, and more aggressive on geopolitical, security, and economic matters.

    How did it come to this? Part of the problem is that we have long had our heads stuck in the sand. Now, we need to make up for lost time. Without decisive action, we will be heading into a period that is less like the four decades after WWII than like the three decades between 1914 and 1945. That period gave us World War I; the Spanish flu pandemic; the 1929 Wall Street crash; the Great Depression; massive trade and currency wars; inflation, hyperinflation, and deflation; financial and debt crises, leading to massive meltdowns and defaults; and the rise of authoritarian militarist regimes in Italy, Germany, Japan, Spain, and elsewhere, culminating in WWII and the Holocaust.

    In this new world, the relative peace, prosperity, and rising global welfare that we have taken for granted will be gone; most of it already is. If we don’t stop the multi-track slow-motion train wreck that is threatening the global economy and our planet at large, we will be lucky to have only a repeat of the stagflationary 1970s. Far more likely is an echo of the 1930s and the 1940s, only now with all the massive disruptions from climate change added to the mix.

    Avoiding a dystopian scenario will not be easy. While there are potential solutions to each megathreat, most are costly in the short run and will deliver benefits only over the long run. Many also require technological innovations that are not yet available or in place, starting with those needed to halt or reverse climate change. Complicating matters further, today’s megathreats are interconnected, and therefore best addressed in a systematic and coherent fashion. Domestic leadership, in both the private and public sector, and international cooperation among great powers is necessary to prevent the coming Apocalypse.

    Yet there are many domestic and international obstacles standing in the way of policies that would allow for a less dystopian (though still contested and conflictual) future. Thus, while a less bleak scenario is obviously desirable, a clear-headed analysis indicates that dystopia is much more likely than a happier outcome. The years and decades ahead will be marked by a stagflationary debt crisis and related megathreats – war, pandemics, climate change, disruptive AI, and deglobalization – all of which will be bad for jobs, economies, markets, peace, and prosperity.
    The Age of Megathreats Nouriel RoubiniNov 4, 2022 op_roubini3_Getty Images_worlddisaster Getty Images NEW YORK – Severe megathreats are imperiling our future – not just our jobs, incomes, wealth, and the global economy, but also the relative peace, prosperity, and progress achieved over the past 75 years. Many of these threats were not even on our radar during the prosperous post-World War II era. I grew up in the Middle East and Europe from the late 1950s to the early 1980s, and I never worried about climate change potentially destroying the planet. Most of us had barely even heard of the problem, and greenhouse-gas emissions were still relatively low, compared to where they would soon be. Moreover, after the US-Soviet détente and US President Richard Nixon’s visit to China in the early 1970s, I never really worried about another war among great powers, let alone a nuclear one. The term “pandemic” didn’t register in my consciousness, either, because the last major one had been in 1918. And I didn’t fathom that artificial intelligence might someday destroy most jobs and render Homo sapiens obsolete, because those were the years of the long “AI winter.” Similarly, terms like “deglobalization” and “trade war” had no purchase during this period. Trade liberalization had been in full swing since the Great Depression, and it would soon lead to the hyper-globalization that began in the 1990s. Debt crises posed no threat, because private and public debt-to-GDP ratios were low in advanced economies and emerging markets, and growth was robust. No one had to worry about the massive build-up of implicit debt, in the form of unfunded liabilities from pay-as-you-go social security and health-care systems. The supply of young workers was rising, the share of the elderly was still low, and robust, mostly unrestricted immigration from the Global South to the North would continue to prop up the labor market in advanced economies. Against this backdrop, economic cycles were contained, and recessions were short and shallow, except for during the stagflationary decade of the 1970s; but even then, there were no debt crises in advanced economies, because debt ratios were low. The kind of financial cycles that lead to crises were contained not just in advanced economies but even in emerging markets, owing to the low leverage, low risk-taking, solid financial regulation, capital controls, and various forms of financial repression that prevailed during this period. The advanced economies were strong liberal democracies that were free of extreme partisan polarization. Populism and authoritarianism were confined to a benighted cohort of poorer countries. Goodbye to All That Fast-forward from this relatively “golden” period between 1945 and 1985 to late 2022, and you will immediately notice that we are awash in new, extreme megathreats that were not previously on anyone’s mind. The world has entered what I call a geopolitical depression, with (at least) four dangerous revisionist powers – China, Russia, Iran, and North Korea – challenging the economic, financial, security, and geopolitical order that the United States and its allies created after WWII. There is a sharply rising risk not only of war among great powers but of a nuclear conflict. In the coming year, Russia’s war of aggression in Ukraine could escalate into an unconventional conflict that directly involves NATO. And Israel – and perhaps the US – may decide to launch strikes against Iran, which is on its way to building a nuclear bomb. Subscribe to PS Digital now to read all the latest insights from Nouriel Roubini. Digital subscribers enjoy access to every PS commentary, including those by Nouriel Roubini, plus our entire On Point suite of subscriber-exclusive content, including Longer Reads, Insider Interviews, Big Picture/Big Question, and Say More. For a limited time, save $15 with the code ROUBINI15. Subscribe Now With Chinese President Xi Jinping further consolidating his authoritarian rule, and with the US tightening its trade restrictions against China, the new Sino-American cold war is getting colder by the day. Worse, it could all too easily turn hot over the status of Taiwan, which Xi is committed to reuniting with the mainland, and which US President Joe Biden is apparently committed to defending. Meanwhile, nuclear-armed North Korea has once again been seeking attention by firing rockets over Japan and South Korea. Cyberwarfare occurs daily between these revisionist powers and the West, and many other countries have adopted a non-aligned posture toward Western-led sanctions regimes. From our contingent vantage point in the middle of all these events, we don’t yet know if World War III has already begun in Ukraine. That determination will be left to future historians – if there are any. Even discounting the threat of nuclear Armageddon, the risk of an environmental Apocalypse is becoming increasingly serious, especially given that most of the talk about net-zero and ESG (environment, social, and governance) investing is just greenwashing – or greenwishing. The new greenflation is already in full swing, because it turns out that amassing the metals needed for the energy transition requires a lot of expensive energy. There is also a growing risk of new pandemics that would be worse than biblical plagues, owing to the link between environmental destruction and zoonotic diseases. Wildlife, carrying dangerous pathogens, are coming into closer and more frequent contact with humans and livestock. That is why we have experienced more frequent and virulent pandemics and epidemics (HIV, SARS, MERS, swine flu, bird flu, Zika, Ebola, COVID-19) since the early 1980s. All the evidence suggests that this problem will become even worse in the future. Indeed, owing to the melting of Siberian permafrost, we may soon be confronting dangerous viruses and bacteria that have been locked away for millennia. Moreover, geopolitical conflicts and national-security concerns are fueling trade, financial, and technology wars, and accelerating the deglobalization process. The return of protectionism and the Sino-American decoupling will leave the global economy, supply chains, and markets more balkanized and fragmented. The buzzwords “friend-shoring” and “secure and fair trade” have replaced “offshoring” and “free trade.” But on the domestic front, advances in AI, robotics, and automation will destroy more and more jobs, even if policymakers build higher protectionist walls in an effort to fight the last war. By both restricting immigration and demanding more domestic production, aging advanced economies will create a stronger incentive for companies to adopt labor-saving technologies. While routine jobs are obviously at risk, so, too, are any cognitive jobs that can be unbundled into discrete tasks, and even many creative jobs. AI language models like GPT-3 can already write better than most humans and will almost certainly displace many jobs and sources of income. In due course, some scientists believe that Homo sapiens will be rendered entirely obsolete by the rise of artificial general intelligence or machine super-intelligence – though this is a highly contentious subject of debate. Thus, over time, economic malaise will deepen, inequality will rise even further, and more white- and blue-collar workers will be left behind. Hard Choices, Hard Landings The macroeconomic situation is no better. For the first time since the 1970s, we are facing high inflation and the prospect of a recession – stagflation. The increased inflation in advanced economies wasn’t “transitory.” It is persistent, driven by a combination of bad policies – excessively loose monetary, fiscal, and credit policies that were kept in place for too long – and bad luck. No one could have anticipated how much the initial COVID-19 shock would curtail the supply of goods and labor and create bottlenecks in global supply chains. The same goes for Russia’s brutal invasion of Ukraine, which caused a sharp spike in energy, food, fertilizers, industrial metals, and other commodities. Meanwhile, China has continued its “zero-COVID” policy, which is creating additional supply bottlenecks. While both demand and supply factors were in the mix, it is now widely recognized that the supply factors have played an increasingly decisive role. This matters for the economic outlook, because supply-driven inflation is stagflationary and thus increases the risk that monetary-policy tightening will produce a hard landing (increased unemployment and potentially a recession). What will follow from the US Federal Reserve and other major central banks’ current tightening? Until recently, most central banks and most of Wall Street belonged to “Team Soft Landing.” But the consensus has rapidly shifted, with even Fed Chair Jerome Powell recognizing that a recession is possible, that a soft landing will be “very challenging,” and that everyone should prepare for some “pain” ahead. The Federal Reserve Bank of New York’s model shows a high probability of a hard landing, and the Bank of England has expressed similar views about the United Kingdom. Several prominent Wall Street institutions have also now made a recession their baseline scenario (the most likely outcome if all other variables are held constant). History, too, points to deeper problems ahead. For the past 60 years in the US, whenever inflation has been above 5% (it is above 8% today), and unemployment has been below 5% (it is now 3.5%), any attempt by the Fed to bring inflation down toward its 2% target has caused a recession. Thus, a hard landing is much more likely than a soft landing, both in the US and across most other advanced economies. Sticky Stagflation In addition to the short-term factors, negative supply shocks and demand factors in the medium term will cause inflation to persist. On the supply side, I count eleven negative supply shocks that will reduce potential growth and increase the costs of production. Among these is the backlash against hyper-globalization, which has been gaining momentum and creating opportunities for populist, nativist, and protectionist politicians, and growing public anger over stark income and wealth inequalities, which is leading to more policies to support workers and the “left behind.” However well-intentioned, such measures will contribute to a dangerous wage-price spiral. Other sources of persistent inflation include rising protectionism (from both the left and the right), which has restricted trade, impeded the movement of capital, and heightened political resistance to immigration, which in turn has put additional upward pressure on wages. National-security and strategic considerations have further restricted flows of technology, data, and talent, and new labor and environmental standards, as important as they may be, are hampering both trade and new construction. This balkanization of the global economy is deeply stagflationary, and it is coinciding with demographic aging, not just in developed countries but also in large emerging economies such as China. Because young people tend to produce and save more, whereas older people spend down their savings and require many more expensive services in health care and other sectors, this trend, too, will lead to higher prices and slower growth. Today’s geopolitical turmoil further complicates matters. The disruptions to trade and the spike in commodity prices following Russia’s invasion were not just a one-off phenomenon. The same threats to harvests and food shipments that arose in 2022 may well persist in 2023. Moreover, if China does finally end its zero-COVID policy and begin to restart its economy, a surge in demand for many commodities will add to the global inflationary pressures. There is also no end in sight for Sino-Western decoupling, which is accelerating across all dimensions of trade (goods, services, capital, labor, technology, data, and information). And, of course, Iran, North Korea, and other strategic rivals to the West could soon contribute in their own ways to the global havoc. Now that the US dollar has been fully weaponized for strategic and national-security purposes, its position as the main global reserve currency could eventually begin to decline, and a weaker dollar would of course add to inflationary pressures in the US. More broadly, a frictionless world trading system requires a frictionless financial system. But sweeping primary and secondary sanctions have thrown sand in what was once a well-oiled machine, massively increasing the transaction costs of trade. On top of it all, climate change, too, will create persistent stagflationary pressures. Droughts, heat waves, hurricanes, and other disasters are increasingly disrupting economic activity and threatening harvests (thus driving up food prices). At the same time, demands for decarbonization have led to underinvestment in fossil-fuel capacity before investment in renewables has reached the point where they can make up the difference. Today’s large energy-price spikes were inevitable. The increased likelihood of future pandemics also represents a persistent source of stagflation, especially considering how little has been done to prevent or prepare for the next one. The next contagious outbreak will lend further momentum to protectionist policies as countries rush to close borders and hoard critical supplies of food, medicines, and other essential goods. Finally, cyberwarfare remains an underappreciated threat to economic activity and even public safety. Firms and governments will either face more stagflationary disruptions to production, or they will have to spend a fortune on cybersecurity. Either way, costs will rise. The Worst of All Possible Economies When the recession comes, it will not be short and shallow but long and severe. Not only are we facing persistent short- and medium-term negative supply shocks, but we are also heading into the mother of all debt crises, owing to soaring private and public debt ratios over the last few decades. Low debt ratios spared us from that outcome in the 1970s. And though we certainly had debt crises following the 2008 crash – the result of excessive household, bank, and government debt – we also had deflation. It was a demand shock and a credit crunch that could be met with massive monetary, fiscal, and credit easing. Today, we are experiencing the worst elements of both the 1970s and 2008. Multiple, persistent negative supply shocks have coincided with debt ratios that are even higher than they were during the global financial crisis. These inflationary pressures are forcing central banks to tighten monetary policy even though we are heading into a recession. That makes the current situation fundamentally different from both the global financial crisis and the COVID-19 crisis. Everyone should be preparing for what may come to be remembered as the Great Stagflationary Debt Crisis. While central banks have been at pains to sound more hawkish, we should be skeptical of their professed willingness to fight inflation at any cost. Once they find themselves in a debt trap, they will have to blink. With debt ratios so high, fighting inflation will cause an economic and financial crash that will be deemed politically unacceptable. Major central banks will feel as though they have no choice but to backpedal, and inflation, the debasement of fiat currencies, boom-bust cycles, and financial crises will become even more severe and frequent. The inevitability of central banks wimping out was recently on display in the United Kingdom. Faced with the market reaction to the Truss government’s reckless fiscal stimulus, the BOE had to launch an emergency quantitative-easing (QE) program to buy up government bonds. That sad episode confirmed that in the UK, as in many other countries, monetary policy is increasingly subject to fiscal capture. Recall that a similar turnaround occurred in 2019, when the Fed, after previously signaling continued rate hikes and quantitative-tightening, stopped its QT program and started pursuing a mix of backdoor QE and policy-rate cuts at the first sign of mild financial pressures and a growth slowdown. Central banks will talk tough; but, in a world of excessive debt and risks of an economic and financial crash, there is good reason to doubt their willingness to do “whatever it takes” to return inflation to its target rate. With governments unable to reduce high debts and deficits by spending less or raising revenues, those that can borrow in their own currency will increasingly resort to the “inflation tax”: relying on unexpected price growth to wipe out long-term nominal liabilities at fixed interest rates. How will financial markets and prices of equities and bonds perform in the face of rising inflation and the return of stagflation? It is likely that, as in the stagflation of the 1970s, both components of any traditional asset portfolio will suffer, potentially incurring massive losses. Inflation is bad for bond portfolios, which will take losses as yields increase and prices fall, as well as for equities, whose valuations are hurt by rising interest rates. For the first time in decades, a 60/40 portfolio of equities and bonds suffered massive losses in 2022, because bond yields have surged while equities have gone into a bear market. By 1982, at the peak of the stagflation decade, the average S&P 500 firm’s price-to-earnings ratio was down to eight; today, it is closer to 20, which suggests that the bear market could end up being even more protracted and severe. Investors will need to find assets to hedge against inflation, political and geopolitical risks, and environmental damage: these include short-term government bonds and inflation-indexed bonds, gold and other precious metals, and real estate that is resilient to environmental damage. The Moment of Truth In any case, these megathreats will further contribute to rising income and wealth inequality, which has already been putting severe pressure on liberal democracies (as those left behind revolt against elites), and fueling the rise of radical and aggressive populist regimes. One can find right-wing manifestations of this trend in Russia, Turkey, Hungary, Italy, Sweden, the US (under Donald Trump), post-Brexit Britain, and many other countries; and left-wing manifestations in Argentina, Venezuela, Peru, Mexico, Colombia, Chile, and now Brazil (which has just replaced a right-wing populist with a left-wing one). And, of course, Xi’s authoritarian stranglehold has given the lie to the old idea that Western engagement with a fast-growing China would ineluctably lead that country to open itself up even more to markets and, eventually, to democratic processes. Under Xi, China shows every sign of becoming more closed off, and more aggressive on geopolitical, security, and economic matters. How did it come to this? Part of the problem is that we have long had our heads stuck in the sand. Now, we need to make up for lost time. Without decisive action, we will be heading into a period that is less like the four decades after WWII than like the three decades between 1914 and 1945. That period gave us World War I; the Spanish flu pandemic; the 1929 Wall Street crash; the Great Depression; massive trade and currency wars; inflation, hyperinflation, and deflation; financial and debt crises, leading to massive meltdowns and defaults; and the rise of authoritarian militarist regimes in Italy, Germany, Japan, Spain, and elsewhere, culminating in WWII and the Holocaust. In this new world, the relative peace, prosperity, and rising global welfare that we have taken for granted will be gone; most of it already is. If we don’t stop the multi-track slow-motion train wreck that is threatening the global economy and our planet at large, we will be lucky to have only a repeat of the stagflationary 1970s. Far more likely is an echo of the 1930s and the 1940s, only now with all the massive disruptions from climate change added to the mix. Avoiding a dystopian scenario will not be easy. While there are potential solutions to each megathreat, most are costly in the short run and will deliver benefits only over the long run. Many also require technological innovations that are not yet available or in place, starting with those needed to halt or reverse climate change. Complicating matters further, today’s megathreats are interconnected, and therefore best addressed in a systematic and coherent fashion. Domestic leadership, in both the private and public sector, and international cooperation among great powers is necessary to prevent the coming Apocalypse. Yet there are many domestic and international obstacles standing in the way of policies that would allow for a less dystopian (though still contested and conflictual) future. Thus, while a less bleak scenario is obviously desirable, a clear-headed analysis indicates that dystopia is much more likely than a happier outcome. The years and decades ahead will be marked by a stagflationary debt crisis and related megathreats – war, pandemics, climate change, disruptive AI, and deglobalization – all of which will be bad for jobs, economies, markets, peace, and prosperity.
    0 التعليقات 0 المشاركات 25482 مشاهدة
  • The Age of Megathreats
    Nouriel RoubiniNov 4, 2022
    op_roubini3_Getty Images_worlddisaster Getty Images
    NEW YORK – Severe megathreats are imperiling our future – not just our jobs, incomes, wealth, and the global economy, but also the relative peace, prosperity, and progress achieved over the past 75 years. Many of these threats were not even on our radar during the prosperous post-World War II era. I grew up in the Middle East and Europe from the late 1950s to the early 1980s, and I never worried about climate change potentially destroying the planet. Most of us had barely even heard of the problem, and greenhouse-gas emissions were still relatively low, compared to where they would soon be.

    Moreover, after the US-Soviet détente and US President Richard Nixon’s visit to China in the early 1970s, I never really worried about another war among great powers, let alone a nuclear one. The term “pandemic” didn’t register in my consciousness, either, because the last major one had been in 1918. And I didn’t fathom that artificial intelligence might someday destroy most jobs and render Homo sapiens obsolete, because those were the years of the long “AI winter.”

    Similarly, terms like “deglobalization” and “trade war” had no purchase during this period. Trade liberalization had been in full swing since the Great Depression, and it would soon lead to the hyper-globalization that began in the 1990s. Debt crises posed no threat, because private and public debt-to-GDP ratios were low in advanced economies and emerging markets, and growth was robust. No one had to worry about the massive build-up of implicit debt, in the form of unfunded liabilities from pay-as-you-go social security and health-care systems. The supply of young workers was rising, the share of the elderly was still low, and robust, mostly unrestricted immigration from the Global South to the North would continue to prop up the labor market in advanced economies.

    Against this backdrop, economic cycles were contained, and recessions were short and shallow, except for during the stagflationary decade of the 1970s; but even then, there were no debt crises in advanced economies, because debt ratios were low. The kind of financial cycles that lead to crises were contained not just in advanced economies but even in emerging markets, owing to the low leverage, low risk-taking, solid financial regulation, capital controls, and various forms of financial repression that prevailed during this period. The advanced economies were strong liberal democracies that were free of extreme partisan polarization. Populism and authoritarianism were confined to a benighted cohort of poorer countries.

    Goodbye to All That

    Fast-forward from this relatively “golden” period between 1945 and 1985 to late 2022, and you will immediately notice that we are awash in new, extreme megathreats that were not previously on anyone’s mind. The world has entered what I call a geopolitical depression, with (at least) four dangerous revisionist powers – China, Russia, Iran, and North Korea – challenging the economic, financial, security, and geopolitical order that the United States and its allies created after WWII.

    There is a sharply rising risk not only of war among great powers but of a nuclear conflict. In the coming year, Russia’s war of aggression in Ukraine could escalate into an unconventional conflict that directly involves NATO. And Israel – and perhaps the US – may decide to launch strikes against Iran, which is on its way to building a nuclear bomb.


    Subscribe to PS Digital now to read all the latest insights from Nouriel Roubini.

    Digital subscribers enjoy access to every PS commentary, including those by Nouriel Roubini, plus our entire On Point suite of subscriber-exclusive content, including Longer Reads, Insider Interviews, Big Picture/Big Question, and Say More.

    For a limited time, save $15 with the code ROUBINI15.

    Subscribe Now

    With Chinese President Xi Jinping further consolidating his authoritarian rule, and with the US tightening its trade restrictions against China, the new Sino-American cold war is getting colder by the day. Worse, it could all too easily turn hot over the status of Taiwan, which Xi is committed to reuniting with the mainland, and which US President Joe Biden is apparently committed to defending. Meanwhile, nuclear-armed North Korea has once again been seeking attention by firing rockets over Japan and South Korea.

    Cyberwarfare occurs daily between these revisionist powers and the West, and many other countries have adopted a non-aligned posture toward Western-led sanctions regimes. From our contingent vantage point in the middle of all these events, we don’t yet know if World War III has already begun in Ukraine. That determination will be left to future historians – if there are any.

    Even discounting the threat of nuclear Armageddon, the risk of an environmental Apocalypse is becoming increasingly serious, especially given that most of the talk about net-zero and ESG (environment, social, and governance) investing is just greenwashing – or greenwishing. The new greenflation is already in full swing, because it turns out that amassing the metals needed for the energy transition requires a lot of expensive energy.

    There is also a growing risk of new pandemics that would be worse than biblical plagues, owing to the link between environmental destruction and zoonotic diseases. Wildlife, carrying dangerous pathogens, are coming into closer and more frequent contact with humans and livestock. That is why we have experienced more frequent and virulent pandemics and epidemics (HIV, SARS, MERS, swine flu, bird flu, Zika, Ebola, COVID-19) since the early 1980s. All the evidence suggests that this problem will become even worse in the future. Indeed, owing to the melting of Siberian permafrost, we may soon be confronting dangerous viruses and bacteria that have been locked away for millennia.

    Moreover, geopolitical conflicts and national-security concerns are fueling trade, financial, and technology wars, and accelerating the deglobalization process. The return of protectionism and the Sino-American decoupling will leave the global economy, supply chains, and markets more balkanized and fragmented. The buzzwords “friend-shoring” and “secure and fair trade” have replaced “offshoring” and “free trade.”

    But on the domestic front, advances in AI, robotics, and automation will destroy more and more jobs, even if policymakers build higher protectionist walls in an effort to fight the last war. By both restricting immigration and demanding more domestic production, aging advanced economies will create a stronger incentive for companies to adopt labor-saving technologies. While routine jobs are obviously at risk, so, too, are any cognitive jobs that can be unbundled into discrete tasks, and even many creative jobs. AI language models like GPT-3 can already write better than most humans and will almost certainly displace many jobs and sources of income. In due course, some scientists believe that Homo sapiens will be rendered entirely obsolete by the rise of artificial general intelligence or machine super-intelligence – though this is a highly contentious subject of debate.

    Thus, over time, economic malaise will deepen, inequality will rise even further, and more white- and blue-collar workers will be left behind.

    Hard Choices, Hard Landings

    The macroeconomic situation is no better. For the first time since the 1970s, we are facing high inflation and the prospect of a recession – stagflation. The increased inflation in advanced economies wasn’t “transitory.” It is persistent, driven by a combination of bad policies – excessively loose monetary, fiscal, and credit policies that were kept in place for too long – and bad luck. No one could have anticipated how much the initial COVID-19 shock would curtail the supply of goods and labor and create bottlenecks in global supply chains. The same goes for Russia’s brutal invasion of Ukraine, which caused a sharp spike in energy, food, fertilizers, industrial metals, and other commodities. Meanwhile, China has continued its “zero-COVID” policy, which is creating additional supply bottlenecks.

    While both demand and supply factors were in the mix, it is now widely recognized that the supply factors have played an increasingly decisive role. This matters for the economic outlook, because supply-driven inflation is stagflationary and thus increases the risk that monetary-policy tightening will produce a hard landing (increased unemployment and potentially a recession).

    What will follow from the US Federal Reserve and other major central banks’ current tightening? Until recently, most central banks and most of Wall Street belonged to “Team Soft Landing.” But the consensus has rapidly shifted, with even Fed Chair Jerome Powell recognizing that a recession is possible, that a soft landing will be “very challenging,” and that everyone should prepare for some “pain” ahead. The Federal Reserve Bank of New York’s model shows a high probability of a hard landing, and the Bank of England has expressed similar views about the United Kingdom. Several prominent Wall Street institutions have also now made a recession their baseline scenario (the most likely outcome if all other variables are held constant).

    History, too, points to deeper problems ahead. For the past 60 years in the US, whenever inflation has been above 5% (it is above 8% today), and unemployment has been below 5% (it is now 3.5%), any attempt by the Fed to bring inflation down toward its 2% target has caused a recession. Thus, a hard landing is much more likely than a soft landing, both in the US and across most other advanced economies.

    Sticky Stagflation

    In addition to the short-term factors, negative supply shocks and demand factors in the medium term will cause inflation to persist. On the supply side, I count eleven negative supply shocks that will reduce potential growth and increase the costs of production. Among these is the backlash against hyper-globalization, which has been gaining momentum and creating opportunities for populist, nativist, and protectionist politicians, and growing public anger over stark income and wealth inequalities, which is leading to more policies to support workers and the “left behind.” However well-intentioned, such measures will contribute to a dangerous wage-price spiral.

    Other sources of persistent inflation include rising protectionism (from both the left and the right), which has restricted trade, impeded the movement of capital, and heightened political resistance to immigration, which in turn has put additional upward pressure on wages. National-security and strategic considerations have further restricted flows of technology, data, and talent, and new labor and environmental standards, as important as they may be, are hampering both trade and new construction.

    This balkanization of the global economy is deeply stagflationary, and it is coinciding with demographic aging, not just in developed countries but also in large emerging economies such as China. Because young people tend to produce and save more, whereas older people spend down their savings and require many more expensive services in health care and other sectors, this trend, too, will lead to higher prices and slower growth.

    Today’s geopolitical turmoil further complicates matters. The disruptions to trade and the spike in commodity prices following Russia’s invasion were not just a one-off phenomenon. The same threats to harvests and food shipments that arose in 2022 may well persist in 2023. Moreover, if China does finally end its zero-COVID policy and begin to restart its economy, a surge in demand for many commodities will add to the global inflationary pressures. There is also no end in sight for Sino-Western decoupling, which is accelerating across all dimensions of trade (goods, services, capital, labor, technology, data, and information). And, of course, Iran, North Korea, and other strategic rivals to the West could soon contribute in their own ways to the global havoc.

    Now that the US dollar has been fully weaponized for strategic and national-security purposes, its position as the main global reserve currency could eventually begin to decline, and a weaker dollar would of course add to inflationary pressures in the US. More broadly, a frictionless world trading system requires a frictionless financial system. But sweeping primary and secondary sanctions have thrown sand in what was once a well-oiled machine, massively increasing the transaction costs of trade.

    On top of it all, climate change, too, will create persistent stagflationary pressures. Droughts, heat waves, hurricanes, and other disasters are increasingly disrupting economic activity and threatening harvests (thus driving up food prices). At the same time, demands for decarbonization have led to underinvestment in fossil-fuel capacity before investment in renewables has reached the point where they can make up the difference. Today’s large energy-price spikes were inevitable.

    The increased likelihood of future pandemics also represents a persistent source of stagflation, especially considering how little has been done to prevent or prepare for the next one. The next contagious outbreak will lend further momentum to protectionist policies as countries rush to close borders and hoard critical supplies of food, medicines, and other essential goods.

    Finally, cyberwarfare remains an underappreciated threat to economic activity and even public safety. Firms and governments will either face more stagflationary disruptions to production, or they will have to spend a fortune on cybersecurity. Either way, costs will rise.

    The Worst of All Possible Economies

    When the recession comes, it will not be short and shallow but long and severe. Not only are we facing persistent short- and medium-term negative supply shocks, but we are also heading into the mother of all debt crises, owing to soaring private and public debt ratios over the last few decades. Low debt ratios spared us from that outcome in the 1970s. And though we certainly had debt crises following the 2008 crash – the result of excessive household, bank, and government debt – we also had deflation. It was a demand shock and a credit crunch that could be met with massive monetary, fiscal, and credit easing.

    Today, we are experiencing the worst elements of both the 1970s and 2008. Multiple, persistent negative supply shocks have coincided with debt ratios that are even higher than they were during the global financial crisis. These inflationary pressures are forcing central banks to tighten monetary policy even though we are heading into a recession. That makes the current situation fundamentally different from both the global financial crisis and the COVID-19 crisis. Everyone should be preparing for what may come to be remembered as the Great Stagflationary Debt Crisis.

    While central banks have been at pains to sound more hawkish, we should be skeptical of their professed willingness to fight inflation at any cost. Once they find themselves in a debt trap, they will have to blink. With debt ratios so high, fighting inflation will cause an economic and financial crash that will be deemed politically unacceptable. Major central banks will feel as though they have no choice but to backpedal, and inflation, the debasement of fiat currencies, boom-bust cycles, and financial crises will become even more severe and frequent.

    The inevitability of central banks wimping out was recently on display in the United Kingdom. Faced with the market reaction to the Truss government’s reckless fiscal stimulus, the BOE had to launch an emergency quantitative-easing (QE) program to buy up government bonds. That sad episode confirmed that in the UK, as in many other countries, monetary policy is increasingly subject to fiscal capture.

    Recall that a similar turnaround occurred in 2019, when the Fed, after previously signaling continued rate hikes and quantitative-tightening, stopped its QT program and started pursuing a mix of backdoor QE and policy-rate cuts at the first sign of mild financial pressures and a growth slowdown. Central banks will talk tough; but, in a world of excessive debt and risks of an economic and financial crash, there is good reason to doubt their willingness to do “whatever it takes” to return inflation to its target rate.

    With governments unable to reduce high debts and deficits by spending less or raising revenues, those that can borrow in their own currency will increasingly resort to the “inflation tax”: relying on unexpected price growth to wipe out long-term nominal liabilities at fixed interest rates.

    How will financial markets and prices of equities and bonds perform in the face of rising inflation and the return of stagflation? It is likely that, as in the stagflation of the 1970s, both components of any traditional asset portfolio will suffer, potentially incurring massive losses. Inflation is bad for bond portfolios, which will take losses as yields increase and prices fall, as well as for equities, whose valuations are hurt by rising interest rates.

    For the first time in decades, a 60/40 portfolio of equities and bonds suffered massive losses in 2022, because bond yields have surged while equities have gone into a bear market. By 1982, at the peak of the stagflation decade, the average S&P 500 firm’s price-to-earnings ratio was down to eight; today, it is closer to 20, which suggests that the bear market could end up being even more protracted and severe. Investors will need to find assets to hedge against inflation, political and geopolitical risks, and environmental damage: these include short-term government bonds and inflation-indexed bonds, gold and other precious metals, and real estate that is resilient to environmental damage.

    The Moment of Truth

    In any case, these megathreats will further contribute to rising income and wealth inequality, which has already been putting severe pressure on liberal democracies (as those left behind revolt against elites), and fueling the rise of radical and aggressive populist regimes. One can find right-wing manifestations of this trend in Russia, Turkey, Hungary, Italy, Sweden, the US (under Donald Trump), post-Brexit Britain, and many other countries; and left-wing manifestations in Argentina, Venezuela, Peru, Mexico, Colombia, Chile, and now Brazil (which has just replaced a right-wing populist with a left-wing one).

    And, of course, Xi’s authoritarian stranglehold has given the lie to the old idea that Western engagement with a fast-growing China would ineluctably lead that country to open itself up even more to markets and, eventually, to democratic processes. Under Xi, China shows every sign of becoming more closed off, and more aggressive on geopolitical, security, and economic matters.

    How did it come to this? Part of the problem is that we have long had our heads stuck in the sand. Now, we need to make up for lost time. Without decisive action, we will be heading into a period that is less like the four decades after WWII than like the three decades between 1914 and 1945. That period gave us World War I; the Spanish flu pandemic; the 1929 Wall Street crash; the Great Depression; massive trade and currency wars; inflation, hyperinflation, and deflation; financial and debt crises, leading to massive meltdowns and defaults; and the rise of authoritarian militarist regimes in Italy, Germany, Japan, Spain, and elsewhere, culminating in WWII and the Holocaust.

    In this new world, the relative peace, prosperity, and rising global welfare that we have taken for granted will be gone; most of it already is. If we don’t stop the multi-track slow-motion train wreck that is threatening the global economy and our planet at large, we will be lucky to have only a repeat of the stagflationary 1970s. Far more likely is an echo of the 1930s and the 1940s, only now with all the massive disruptions from climate change added to the mix.

    Avoiding a dystopian scenario will not be easy. While there are potential solutions to each megathreat, most are costly in the short run and will deliver benefits only over the long run. Many also require technological innovations that are not yet available or in place, starting with those needed to halt or reverse climate change. Complicating matters further, today’s megathreats are interconnected, and therefore best addressed in a systematic and coherent fashion. Domestic leadership, in both the private and public sector, and international cooperation among great powers is necessary to prevent the coming Apocalypse.

    Yet there are many domestic and international obstacles standing in the way of policies that would allow for a less dystopian (though still contested and conflictual) future. Thus, while a less bleak scenario is obviously desirable, a clear-headed analysis indicates that dystopia is much more likely than a happier outcome. The years and decades ahead will be marked by a stagflationary debt crisis and related megathreats – war, pandemics, climate change, disruptive AI, and deglobalization – all of which will be bad for jobs, economies, markets, peace, and prosperity.
    The Age of Megathreats Nouriel RoubiniNov 4, 2022 op_roubini3_Getty Images_worlddisaster Getty Images NEW YORK – Severe megathreats are imperiling our future – not just our jobs, incomes, wealth, and the global economy, but also the relative peace, prosperity, and progress achieved over the past 75 years. Many of these threats were not even on our radar during the prosperous post-World War II era. I grew up in the Middle East and Europe from the late 1950s to the early 1980s, and I never worried about climate change potentially destroying the planet. Most of us had barely even heard of the problem, and greenhouse-gas emissions were still relatively low, compared to where they would soon be. Moreover, after the US-Soviet détente and US President Richard Nixon’s visit to China in the early 1970s, I never really worried about another war among great powers, let alone a nuclear one. The term “pandemic” didn’t register in my consciousness, either, because the last major one had been in 1918. And I didn’t fathom that artificial intelligence might someday destroy most jobs and render Homo sapiens obsolete, because those were the years of the long “AI winter.” Similarly, terms like “deglobalization” and “trade war” had no purchase during this period. Trade liberalization had been in full swing since the Great Depression, and it would soon lead to the hyper-globalization that began in the 1990s. Debt crises posed no threat, because private and public debt-to-GDP ratios were low in advanced economies and emerging markets, and growth was robust. No one had to worry about the massive build-up of implicit debt, in the form of unfunded liabilities from pay-as-you-go social security and health-care systems. The supply of young workers was rising, the share of the elderly was still low, and robust, mostly unrestricted immigration from the Global South to the North would continue to prop up the labor market in advanced economies. Against this backdrop, economic cycles were contained, and recessions were short and shallow, except for during the stagflationary decade of the 1970s; but even then, there were no debt crises in advanced economies, because debt ratios were low. The kind of financial cycles that lead to crises were contained not just in advanced economies but even in emerging markets, owing to the low leverage, low risk-taking, solid financial regulation, capital controls, and various forms of financial repression that prevailed during this period. The advanced economies were strong liberal democracies that were free of extreme partisan polarization. Populism and authoritarianism were confined to a benighted cohort of poorer countries. Goodbye to All That Fast-forward from this relatively “golden” period between 1945 and 1985 to late 2022, and you will immediately notice that we are awash in new, extreme megathreats that were not previously on anyone’s mind. The world has entered what I call a geopolitical depression, with (at least) four dangerous revisionist powers – China, Russia, Iran, and North Korea – challenging the economic, financial, security, and geopolitical order that the United States and its allies created after WWII. There is a sharply rising risk not only of war among great powers but of a nuclear conflict. In the coming year, Russia’s war of aggression in Ukraine could escalate into an unconventional conflict that directly involves NATO. And Israel – and perhaps the US – may decide to launch strikes against Iran, which is on its way to building a nuclear bomb. Subscribe to PS Digital now to read all the latest insights from Nouriel Roubini. Digital subscribers enjoy access to every PS commentary, including those by Nouriel Roubini, plus our entire On Point suite of subscriber-exclusive content, including Longer Reads, Insider Interviews, Big Picture/Big Question, and Say More. For a limited time, save $15 with the code ROUBINI15. Subscribe Now With Chinese President Xi Jinping further consolidating his authoritarian rule, and with the US tightening its trade restrictions against China, the new Sino-American cold war is getting colder by the day. Worse, it could all too easily turn hot over the status of Taiwan, which Xi is committed to reuniting with the mainland, and which US President Joe Biden is apparently committed to defending. Meanwhile, nuclear-armed North Korea has once again been seeking attention by firing rockets over Japan and South Korea. Cyberwarfare occurs daily between these revisionist powers and the West, and many other countries have adopted a non-aligned posture toward Western-led sanctions regimes. From our contingent vantage point in the middle of all these events, we don’t yet know if World War III has already begun in Ukraine. That determination will be left to future historians – if there are any. Even discounting the threat of nuclear Armageddon, the risk of an environmental Apocalypse is becoming increasingly serious, especially given that most of the talk about net-zero and ESG (environment, social, and governance) investing is just greenwashing – or greenwishing. The new greenflation is already in full swing, because it turns out that amassing the metals needed for the energy transition requires a lot of expensive energy. There is also a growing risk of new pandemics that would be worse than biblical plagues, owing to the link between environmental destruction and zoonotic diseases. Wildlife, carrying dangerous pathogens, are coming into closer and more frequent contact with humans and livestock. That is why we have experienced more frequent and virulent pandemics and epidemics (HIV, SARS, MERS, swine flu, bird flu, Zika, Ebola, COVID-19) since the early 1980s. All the evidence suggests that this problem will become even worse in the future. Indeed, owing to the melting of Siberian permafrost, we may soon be confronting dangerous viruses and bacteria that have been locked away for millennia. Moreover, geopolitical conflicts and national-security concerns are fueling trade, financial, and technology wars, and accelerating the deglobalization process. The return of protectionism and the Sino-American decoupling will leave the global economy, supply chains, and markets more balkanized and fragmented. The buzzwords “friend-shoring” and “secure and fair trade” have replaced “offshoring” and “free trade.” But on the domestic front, advances in AI, robotics, and automation will destroy more and more jobs, even if policymakers build higher protectionist walls in an effort to fight the last war. By both restricting immigration and demanding more domestic production, aging advanced economies will create a stronger incentive for companies to adopt labor-saving technologies. While routine jobs are obviously at risk, so, too, are any cognitive jobs that can be unbundled into discrete tasks, and even many creative jobs. AI language models like GPT-3 can already write better than most humans and will almost certainly displace many jobs and sources of income. In due course, some scientists believe that Homo sapiens will be rendered entirely obsolete by the rise of artificial general intelligence or machine super-intelligence – though this is a highly contentious subject of debate. Thus, over time, economic malaise will deepen, inequality will rise even further, and more white- and blue-collar workers will be left behind. Hard Choices, Hard Landings The macroeconomic situation is no better. For the first time since the 1970s, we are facing high inflation and the prospect of a recession – stagflation. The increased inflation in advanced economies wasn’t “transitory.” It is persistent, driven by a combination of bad policies – excessively loose monetary, fiscal, and credit policies that were kept in place for too long – and bad luck. No one could have anticipated how much the initial COVID-19 shock would curtail the supply of goods and labor and create bottlenecks in global supply chains. The same goes for Russia’s brutal invasion of Ukraine, which caused a sharp spike in energy, food, fertilizers, industrial metals, and other commodities. Meanwhile, China has continued its “zero-COVID” policy, which is creating additional supply bottlenecks. While both demand and supply factors were in the mix, it is now widely recognized that the supply factors have played an increasingly decisive role. This matters for the economic outlook, because supply-driven inflation is stagflationary and thus increases the risk that monetary-policy tightening will produce a hard landing (increased unemployment and potentially a recession). What will follow from the US Federal Reserve and other major central banks’ current tightening? Until recently, most central banks and most of Wall Street belonged to “Team Soft Landing.” But the consensus has rapidly shifted, with even Fed Chair Jerome Powell recognizing that a recession is possible, that a soft landing will be “very challenging,” and that everyone should prepare for some “pain” ahead. The Federal Reserve Bank of New York’s model shows a high probability of a hard landing, and the Bank of England has expressed similar views about the United Kingdom. Several prominent Wall Street institutions have also now made a recession their baseline scenario (the most likely outcome if all other variables are held constant). History, too, points to deeper problems ahead. For the past 60 years in the US, whenever inflation has been above 5% (it is above 8% today), and unemployment has been below 5% (it is now 3.5%), any attempt by the Fed to bring inflation down toward its 2% target has caused a recession. Thus, a hard landing is much more likely than a soft landing, both in the US and across most other advanced economies. Sticky Stagflation In addition to the short-term factors, negative supply shocks and demand factors in the medium term will cause inflation to persist. On the supply side, I count eleven negative supply shocks that will reduce potential growth and increase the costs of production. Among these is the backlash against hyper-globalization, which has been gaining momentum and creating opportunities for populist, nativist, and protectionist politicians, and growing public anger over stark income and wealth inequalities, which is leading to more policies to support workers and the “left behind.” However well-intentioned, such measures will contribute to a dangerous wage-price spiral. Other sources of persistent inflation include rising protectionism (from both the left and the right), which has restricted trade, impeded the movement of capital, and heightened political resistance to immigration, which in turn has put additional upward pressure on wages. National-security and strategic considerations have further restricted flows of technology, data, and talent, and new labor and environmental standards, as important as they may be, are hampering both trade and new construction. This balkanization of the global economy is deeply stagflationary, and it is coinciding with demographic aging, not just in developed countries but also in large emerging economies such as China. Because young people tend to produce and save more, whereas older people spend down their savings and require many more expensive services in health care and other sectors, this trend, too, will lead to higher prices and slower growth. Today’s geopolitical turmoil further complicates matters. The disruptions to trade and the spike in commodity prices following Russia’s invasion were not just a one-off phenomenon. The same threats to harvests and food shipments that arose in 2022 may well persist in 2023. Moreover, if China does finally end its zero-COVID policy and begin to restart its economy, a surge in demand for many commodities will add to the global inflationary pressures. There is also no end in sight for Sino-Western decoupling, which is accelerating across all dimensions of trade (goods, services, capital, labor, technology, data, and information). And, of course, Iran, North Korea, and other strategic rivals to the West could soon contribute in their own ways to the global havoc. Now that the US dollar has been fully weaponized for strategic and national-security purposes, its position as the main global reserve currency could eventually begin to decline, and a weaker dollar would of course add to inflationary pressures in the US. More broadly, a frictionless world trading system requires a frictionless financial system. But sweeping primary and secondary sanctions have thrown sand in what was once a well-oiled machine, massively increasing the transaction costs of trade. On top of it all, climate change, too, will create persistent stagflationary pressures. Droughts, heat waves, hurricanes, and other disasters are increasingly disrupting economic activity and threatening harvests (thus driving up food prices). At the same time, demands for decarbonization have led to underinvestment in fossil-fuel capacity before investment in renewables has reached the point where they can make up the difference. Today’s large energy-price spikes were inevitable. The increased likelihood of future pandemics also represents a persistent source of stagflation, especially considering how little has been done to prevent or prepare for the next one. The next contagious outbreak will lend further momentum to protectionist policies as countries rush to close borders and hoard critical supplies of food, medicines, and other essential goods. Finally, cyberwarfare remains an underappreciated threat to economic activity and even public safety. Firms and governments will either face more stagflationary disruptions to production, or they will have to spend a fortune on cybersecurity. Either way, costs will rise. The Worst of All Possible Economies When the recession comes, it will not be short and shallow but long and severe. Not only are we facing persistent short- and medium-term negative supply shocks, but we are also heading into the mother of all debt crises, owing to soaring private and public debt ratios over the last few decades. Low debt ratios spared us from that outcome in the 1970s. And though we certainly had debt crises following the 2008 crash – the result of excessive household, bank, and government debt – we also had deflation. It was a demand shock and a credit crunch that could be met with massive monetary, fiscal, and credit easing. Today, we are experiencing the worst elements of both the 1970s and 2008. Multiple, persistent negative supply shocks have coincided with debt ratios that are even higher than they were during the global financial crisis. These inflationary pressures are forcing central banks to tighten monetary policy even though we are heading into a recession. That makes the current situation fundamentally different from both the global financial crisis and the COVID-19 crisis. Everyone should be preparing for what may come to be remembered as the Great Stagflationary Debt Crisis. While central banks have been at pains to sound more hawkish, we should be skeptical of their professed willingness to fight inflation at any cost. Once they find themselves in a debt trap, they will have to blink. With debt ratios so high, fighting inflation will cause an economic and financial crash that will be deemed politically unacceptable. Major central banks will feel as though they have no choice but to backpedal, and inflation, the debasement of fiat currencies, boom-bust cycles, and financial crises will become even more severe and frequent. The inevitability of central banks wimping out was recently on display in the United Kingdom. Faced with the market reaction to the Truss government’s reckless fiscal stimulus, the BOE had to launch an emergency quantitative-easing (QE) program to buy up government bonds. That sad episode confirmed that in the UK, as in many other countries, monetary policy is increasingly subject to fiscal capture. Recall that a similar turnaround occurred in 2019, when the Fed, after previously signaling continued rate hikes and quantitative-tightening, stopped its QT program and started pursuing a mix of backdoor QE and policy-rate cuts at the first sign of mild financial pressures and a growth slowdown. Central banks will talk tough; but, in a world of excessive debt and risks of an economic and financial crash, there is good reason to doubt their willingness to do “whatever it takes” to return inflation to its target rate. With governments unable to reduce high debts and deficits by spending less or raising revenues, those that can borrow in their own currency will increasingly resort to the “inflation tax”: relying on unexpected price growth to wipe out long-term nominal liabilities at fixed interest rates. How will financial markets and prices of equities and bonds perform in the face of rising inflation and the return of stagflation? It is likely that, as in the stagflation of the 1970s, both components of any traditional asset portfolio will suffer, potentially incurring massive losses. Inflation is bad for bond portfolios, which will take losses as yields increase and prices fall, as well as for equities, whose valuations are hurt by rising interest rates. For the first time in decades, a 60/40 portfolio of equities and bonds suffered massive losses in 2022, because bond yields have surged while equities have gone into a bear market. By 1982, at the peak of the stagflation decade, the average S&P 500 firm’s price-to-earnings ratio was down to eight; today, it is closer to 20, which suggests that the bear market could end up being even more protracted and severe. Investors will need to find assets to hedge against inflation, political and geopolitical risks, and environmental damage: these include short-term government bonds and inflation-indexed bonds, gold and other precious metals, and real estate that is resilient to environmental damage. The Moment of Truth In any case, these megathreats will further contribute to rising income and wealth inequality, which has already been putting severe pressure on liberal democracies (as those left behind revolt against elites), and fueling the rise of radical and aggressive populist regimes. One can find right-wing manifestations of this trend in Russia, Turkey, Hungary, Italy, Sweden, the US (under Donald Trump), post-Brexit Britain, and many other countries; and left-wing manifestations in Argentina, Venezuela, Peru, Mexico, Colombia, Chile, and now Brazil (which has just replaced a right-wing populist with a left-wing one). And, of course, Xi’s authoritarian stranglehold has given the lie to the old idea that Western engagement with a fast-growing China would ineluctably lead that country to open itself up even more to markets and, eventually, to democratic processes. Under Xi, China shows every sign of becoming more closed off, and more aggressive on geopolitical, security, and economic matters. How did it come to this? Part of the problem is that we have long had our heads stuck in the sand. Now, we need to make up for lost time. Without decisive action, we will be heading into a period that is less like the four decades after WWII than like the three decades between 1914 and 1945. That period gave us World War I; the Spanish flu pandemic; the 1929 Wall Street crash; the Great Depression; massive trade and currency wars; inflation, hyperinflation, and deflation; financial and debt crises, leading to massive meltdowns and defaults; and the rise of authoritarian militarist regimes in Italy, Germany, Japan, Spain, and elsewhere, culminating in WWII and the Holocaust. In this new world, the relative peace, prosperity, and rising global welfare that we have taken for granted will be gone; most of it already is. If we don’t stop the multi-track slow-motion train wreck that is threatening the global economy and our planet at large, we will be lucky to have only a repeat of the stagflationary 1970s. Far more likely is an echo of the 1930s and the 1940s, only now with all the massive disruptions from climate change added to the mix. Avoiding a dystopian scenario will not be easy. While there are potential solutions to each megathreat, most are costly in the short run and will deliver benefits only over the long run. Many also require technological innovations that are not yet available or in place, starting with those needed to halt or reverse climate change. Complicating matters further, today’s megathreats are interconnected, and therefore best addressed in a systematic and coherent fashion. Domestic leadership, in both the private and public sector, and international cooperation among great powers is necessary to prevent the coming Apocalypse. Yet there are many domestic and international obstacles standing in the way of policies that would allow for a less dystopian (though still contested and conflictual) future. Thus, while a less bleak scenario is obviously desirable, a clear-headed analysis indicates that dystopia is much more likely than a happier outcome. The years and decades ahead will be marked by a stagflationary debt crisis and related megathreats – war, pandemics, climate change, disruptive AI, and deglobalization – all of which will be bad for jobs, economies, markets, peace, and prosperity.
    0 التعليقات 0 المشاركات 23913 مشاهدة
  • The key reason for the rise in capital market interest rates is the central banks’ interest rate hikes—a direct response to sky-high #inflation (caused by the central banks themselves, following a huge increase in the quantity of money).
    The key reason for the rise in capital market interest rates is the central banks’ interest rate hikes—a direct response to sky-high #inflation (caused by the central banks themselves, following a huge increase in the quantity of money).
    WWW.ACTIVISTPOST.COM
    The Interest Rate Shock Will Blow Up the Government’s Ponzi Game - Activist Post
    By Dr. Thorsten Polleit In the international fixed-income markets, interest rates are rising, and the decades-long trend of declining bond yields has undoubtedly been broken....
    Like
    1
    0 التعليقات 0 المشاركات 1230 مشاهدة

  • Uttarakhand Tour Packages: Budget-Friendly Tours and Packages

    Uttarakhand, also known as Devbhoomi, is a state in North India known for its stunning natural beauty and spiritual significance. It is home to the Himalayas, the sacred Ganges River, and several important Hindu pilgrimage sites such as Haridwar, Rishikesh, and Kedarnath. Uttarakhand tour package also offers a variety of other attractions, including hill stations, wildlife sanctuaries, and adventure sports destinations. No matter what your interests are, you're sure to find a Uttarakhand tour package that's perfect for you. Book your dream vacation today and experience the magic of Uttarakhand.

    https://ajaymodi.com/india/uttarakhand-tour-packages/

    Uttarakhand Tour Packages: Budget-Friendly Tours and Packages Uttarakhand, also known as Devbhoomi, is a state in North India known for its stunning natural beauty and spiritual significance. It is home to the Himalayas, the sacred Ganges River, and several important Hindu pilgrimage sites such as Haridwar, Rishikesh, and Kedarnath. Uttarakhand tour package also offers a variety of other attractions, including hill stations, wildlife sanctuaries, and adventure sports destinations. No matter what your interests are, you're sure to find a Uttarakhand tour package that's perfect for you. Book your dream vacation today and experience the magic of Uttarakhand. https://ajaymodi.com/india/uttarakhand-tour-packages/
    AJAYMODI.COM
    Ajay Modi Travels | Honeymoon Tour Packages | Couple Tour Packages
    Discover amazing holidays to top destinations for 2022.Click here to find your dream holidays with Ajay Modi Travels. Book at best price Experience a hassle-free vacation with Ajay Modi Travel
    0 التعليقات 0 المشاركات 4130 مشاهدة
  • Uttarakhand Tour Packages: Best Deals for 2023

    Uttarakhand, a state in northern India, is known for its stunning Himalayan scenery, including snow-capped mountains, alpine meadows, and lush forests. It is also home to several important Hindu pilgrimage sites, such as Haridwar, Rishikesh, and Kedarnath. Uttarakhand tour packages offers a variety of tour packages to cater to different interests and budgets. Some of the most popular tour packages include: Adventure Packages: These packages offer activities such as trekking, rafting, and mountain biking. Uttarakhand has the perfect tour package for you.

    #uttarakhandtourpackages #uttarakhandtour #uttarakhand

    https://ajaymodi.com/india/uttarakhand-tour-packages/
    Uttarakhand Tour Packages: Best Deals for 2023 Uttarakhand, a state in northern India, is known for its stunning Himalayan scenery, including snow-capped mountains, alpine meadows, and lush forests. It is also home to several important Hindu pilgrimage sites, such as Haridwar, Rishikesh, and Kedarnath. Uttarakhand tour packages offers a variety of tour packages to cater to different interests and budgets. Some of the most popular tour packages include: Adventure Packages: These packages offer activities such as trekking, rafting, and mountain biking. Uttarakhand has the perfect tour package for you. #uttarakhandtourpackages #uttarakhandtour #uttarakhand https://ajaymodi.com/india/uttarakhand-tour-packages/
    AJAYMODI.COM
    Ajay Modi Travels | Honeymoon Tour Packages | Couple Tour Packages
    Discover amazing holidays to top destinations for 2022.Click here to find your dream holidays with Ajay Modi Travels. Book at best price Experience a hassle-free vacation with Ajay Modi Travel
    0 التعليقات 0 المشاركات 5693 مشاهدة
  • Cool pic i took on a hike. Who can name that plant? Comment below!
    Cool pic i took on a hike. Who can name that plant? Comment below!
    Like
    Love
    27
    3 التعليقات 0 المشاركات 1943 مشاهدة
  • We took a long hike up looking through the valley was quite stunning!
    We took a long hike up looking through the valley was quite stunning!
    Like
    Wow
    12
    0 التعليقات 0 المشاركات 787 مشاهدة