Author: Spencer

On Feb. 16, French Defense Minister Jean-Yves Le Drian and Egyptian President Abdel Fattah el-Sisi signed a series of arms deals, including the sale of 24 Rafale fighter jets. The signing took place at the presidential palace in Cairo, and came as the Egyptian army conducted airstrikes against Islamic State (IS) targets in Libya, including training camps and arms depots, after the group published a video showing the beheadings of 21 Coptic Christians it had abducted in Libya.

French President François Hollande said the agreement — clinched in only three months of negotiations — provided Cairo with “quality aircraft” and was important for Egypt, “taking into account the threats existing around the country.” Le Drian, during the ceremony, said: “Our two countries are pursuing a common struggle against terrorism” and “this is a new era of bilateral cooperation between Paris and Cairo.”

“Egypt’s stability is an important element in the stability of the countries overlooking the Mediterranean Sea, especially your country that has witnessed recent terrorist events,” Egyptian Defense Minister Sedki Sobhi told Le Drian.

Egypt asked for three of the planes to be sent immediately. Repainted in Egyptian colors, the planes are to be shown at the huge display organized in August for the opening of the new Suez Canal.

The deal consists of five contracts, three of which are major: besides the 24 Rafale jet fighters, there is a multi-mission frigate FREMM, MICA air-to-air missiles, and Scalp cruise missiles.  The French state guaranteed half the loans from a consortium of banks that include Crédit Agricole, BNP Paribas, and Société Générale. The EU500 million down payment will be made by Saudi Arabia.

Reflecting the French neo-con freak-out over this development, Le Monde immediately had an article denouncing Cairo’s ‘frightening dictatorship.’ In response, the French government, in an unprecedented action, had the Defense Ministry suspend the accreditation of Le Monde‘s correspondent in Cairo.

LaRouchePAC Science team members Megan Beets, Jason Ross and Liona Fan-Chiang discuss the role of the Chinese space program in the light of Kepler’s discoveries and its relevance in the context of the current turbulent strategic crisis. 

LaRouchePAC Science team members Megan Beets, Jason Ross and Liona Fan-Chiang discuss the role of the Chinese space program in the light of Kepler’s discoveries and its relevance in the context of the current turbulent strategic crisis. 

Join LaRouchePAC Science team members Megan Beets, Jason Ross and Liona Fan-Chiang for a discussion of the leading issues in Science, at 12:00 Eastern. 

Be sure to join us at 8PM tonight, as Jeffrey Steinberg, Ben Deniston and host Matthew Ogden discuss the most significant developments of the day, from the battle now ensuing between the Troika and Greece, the potential for a Thermonuclear conflict between the U.S. and Russia, and the fundamental distinction of mankind from the beasts. The broadcast tonight was prerecorded.

Be sure to join us at 8PM tonight, as Jeffrey Steinberg, Ben Deniston and host Matthew Ogden discuss the most significant developments of the day, from the battle now ensuing between the Troika and Greece, the potential for a Thermonuclear conflict between the U.S. and Russia, and the fundamental distinction of mankind from the beasts. The broadcast tonight was prerecorded.

In a speech yesterday before Greece’s Parliament, which greeted him warmly, Prime Minister Alexis Tsipras announced, categorically, that he would not request an extension of the bailout, which EU governments had demanded, stating instead that it was the “irrevocable decision” of his government to implement its campaign promises “in their entirety.”

Preliminary reports of the speech quote the Greek Prime Minister firmly stating that an extension of the bailout is unacceptable, as this would constitute “an extension of mistakes and disaster.” His government, he said, would instead request some kind of “bridging loan” with its creditors, to tide the country over, until a “mutually acceptable agreement” can be reached with creditors, ekathimerini.com reported yesterday evening.

The government’s chief priority, Tsipras stated,
“is tackling the big wounds of the bailout, tackling the humanitarian crisis, just as we promised to do before the elections.”
The bailout failed, he said.

Reuters reported him as saying. Greece would achieve balanced budgets, he added, but would no longer produce unrealistic primary budget surpluses.

The British news service, by the way, grumbled that Tsipras “showed little intent to heed warnings from EU partners to stick to commitments in the 240 billion-euro bailout.” The London Guardian characterized his speech as “defiant,” while the Huffington Post said he was setting himself up for an “EU Clash.”

According to ekathimerini.com, Tsipras announced a series of steps to begin to reverse the “barbarous measures” imposed by the Troika. These include offering free electricity and food to poor households and immediately rehiring civil servants who had been fired. Violating reforms made by the previous government as a condition for receiving bailout money, Tsipras announced that collective bargaining would be restored, and the minimum wage raised to 751 euros a month from 586 euros, although this would happen gradually into 2016.

As a revenue-raising measure, he announced a new tax on large properties, a crackdown on tax evasion and corruption, and cutting the use of government cars and planes by ministers and MPs. He intends to raise the tax-free income threshold to 12,000 euros from the current level of 5,000, and to introduce a fair tax system. Other measures include reopening ERT public television, which was abruptly closed in 2013 as a “cost cutting” measure. He vowed to launch a parliamentary investigation to determine how Greece entered the Memorandum. While he indicated that the government welcomed private investment, ekathimerini.com reported, he announced that privatizations were off the table, emphasizing that utilities were not for sale.

“We see hope, dignity and pride returning to Greek citizens. Our obligation and duty is not to disappoint them… We realize that negotiations [with foreign creditors] won’t be easy… but we have faith in our struggle, because justice is on our side.”

Be sure to join us at 8PM tonight, as Paul Gallagher, Jason Ross and host Matthew Ogden to discuss the most significant developments of the day, from the battle now ensuing between the Troika and Greece, the bankruptcy in Wall Street, and the need for a new financial system.

Be sure to join us at 8PM tonight, as Paul Gallagher, Jason Ross and host Matthew Ogden discuss the most significant developments of the day, from the battle now ensuing between the Troika and Greece, the bankruptcy in Wall Street, and the need for a new financial system.

With Greeks massing in Syntagma Square to back the new government in holding to its proposed debt-renegotiation and anti-austerity program, the European Central Bank has cut off the Greek banking system and government from credit. The ECB’s Feb. 4 action, enforcing the EU “hard line” against Greece’s proposals, disqualified Greek government debt as collateral for ECB short-term loans to Greek banks, thus effectively terminating between 30 billion and 50 billion euros of ECB liquidity credit lines to those banks.

The only potential substitute available to these Greek banks is a very partial one—liquidity loans through the more expensive Emergency Liquidity Assistance (ELA) program by the Greek Central Bank, at higher interest rates, and only with the permission of the ECB. The Greek government said Feb. 5 that the ECB had allowed an increase of this Greek National Bank program, but only by 10 billion euros and for one week, pending the Feb. 12 “Eurogroup” meeting of Eurozone finance ministers.

And for the Greek government, the ECB on Feb. 4 did not allow any increase in government Treasury bill issuance which the Greek banks can buy (currently 3.5 billion euros); in consequence, Greece itself now cannot borrow, even short-term, from those banks. It also cannot borrow more from the European Monetary Fund.

The ECB decision was made after its president, Mario Draghi, met with Greek Finance Minister Yanis Varoufakis. Afterward Varoufakis said,

Varoufakis also met today with German Finance Minister Wolfgang Schäuble in Berlin, which went as one could expect. After the meeting Schäuble said he and Varoufakis “agreed to disagree,” which was not really true, since Varoufakis said, “We didn’t even agree to disagree, from where I’m standing.”

Speaking from Venice (quite appropriately), the director of Germany’s Bundesbank, Jens Weidmann, warned Greece against using the ELA to prop up its banks. “ELA should only be awarded for the short term and to solvent banks,” Weidmann, who also sits on the ECB’s Governing Council of decision makers, told business daily Börsen Zeitung. “As the banks and the state are closely bound in Greece, the economic and fiscal policy course that the Greek government follows plays an important role in this assessment,” he said.

Since this issue is not even on the table, it can only be seen as a threat, since the ECB has to approve any request from ELA.

The battle to force disclosure of the secret 28 pages of the Congressional Inquiry into the 9/11 attacks, has reached new heights over the past 48 hours, culminating with the lead story in what is arguably the country’s leading newspaper — the New York Times. The lead, upper right-hand story in yesterday’s Times was entitled “Claims Against Saudis Cast New Light on Secret Pages of 9/11 Report.”

It begins:

Times reporter Carl Hulse (who attended the LaRouchePAC Jan. 7 Capitol Hill press conference on the 28 pages) writes that the new claims by Zacarias Moussaoui have brought renewed attention to the withheld section of the Congressional report, and then quotes Rep. Stephen Lynch (D-Mass.) saying
“it is the right thing to do… Let’s put it out there,” and former Senator Bob Graham, who
“has repeatedly said that it shows Saudi Arabia was complicit in the Sept. 11 attacks.” Obama’s failure to follow through on his promise to declassify the 28 pages is highlighted by Bill Doyle, whose son was killed in the World Trade Center.

The Times then gives 9/11 Commission executive director Philip Zelikow a chance to argue against disclosure. To anyone familiar with the workings of the 9/11 Commission, Zelikow comes across as a blatant liar—claiming that the Commission fully investigated the leads about the Saudis and found no evidence that the Saudi government or senior Saudi officials funded Al Qaeda. In fact, Zelikow suppressed the 28-page section, firing one of its authors, who managed to access it after Zelikow had locked it up.

The Times then cites Rep. Walter Jones (R-NC) saying that the Moussaoui claims could give momentum to the declassification drive; Jones reported that on Wednesday, he was approached on the House floor by members wanting to know how they can view the 28 pages.

The new chair of the Senate Intelligence Committee, Sen. Richard Burr (R-NC), said he is skeptical of the value of releasing the 28 pages now, claiming that they are more of a “historical document”—a claim that was refuted by his predecessor, Sen. Graham, in the Jan. 7 press conference, when he said that they are as relevant as today’s headlines (which was at the time of the Charlie Hebdo attack in Paris).

The Times notes that Democrats were much more aggressive in pushing for disclosure when George W. Bush was President, than they are now. But now, as the result of the pressure applied by the LaRouchePAC and others, the pressure on Obama and the White House is much greater than it was a week or a month ago.