Month: August 2014

When President Obama explained so eloquently on Friday that the US "tortured some folks," we got an eery sense of deja vu about his phrasing. Sure enough, as The Washington Post reports, it was very much not the first time that he'd used the word "folks."

 

March 2014. Folks discussed: Hardworking folks, folks cooking meals for the troops, folks at the top, chairless folks, folks who need a raise.

Talking to an audience in Connecticut, Obama discussed income inequality — "there are folks at the top who are doing better than ever" — but "we understand that some folks are going to earn more than others." But he was fighting to give "hardworking folks" a pay increase. Folks like the "folks who are cooking the meals of our troops, or washing their dishes, or cleaning their clothes."

He also apologized because he knew "the folks here don't have chairs."

 

February 2014. Folks discussed: Folks who worked at Costco, folks who earned tips, folks with pockets.

This one is pretty easy to piece together.

 

October 2012. Folks discussed: Rich folks, middle class folks, Chinese folks, gangbanger folks, folks who mess with Americans.

During a presidential debate, Obama says that Mitt Romney wants "to make sure that folks at the top play by a different set of rules." He, on the other hand wants "give middle-class families and folks who are striving to get into the middle-class some relief." Different folks.

He later accuses Romney of investing in companies that "are building surveillance equipment for China to spy on its own folks." And he makes his case on immigration: "What I've also said is if we're going to go after folks who are here illegally, we should do it smartly and go after folks who are criminals, gang bangers."

On Benghazi, he reminded Americans of his longstanding plan. "[O]ne of the things that I've said throughout my presidency is when folks mess with Americans, we go after them."

 

August 2011. Folks discussed: Korean folks, folks outside machine shops, non-farm folks.

Obama's weekly address was about putting Americans (American folks) back to work. He wanted to "see folks in Korea driving Fords, Chevys and Chryslers," he said. He wanted folks in Washington to put country before party, lessons he learned from having "shaken hands with folks outside machine shops and churches, corner stores and farms." (Folks who are outside of farms are not farmers, for the record.)

 

August 2011. Folks discussed: Folks who clean our water, folks in hats, folks who don't talk about patent reform, anxious folks, folks familiar with corn-based ethanol, folks in Washington.

A town hall in Minnesota. The president, kicking into reelection mode defends government workers, the FEMA folks, "the folks who keep our water clean and our air clean to breathe … And when you go to a national park, and those folks in the hats."

Folks in Minnesota, he knew, were familiar with ethanol additives, but maybe those folks weren't as familiar with patent reform. Anyway, folks were "feeling a little anxious and distressed" about the economy, and he would fix it (was his argument).

 

August 2009. Folks discussed: Folks being crushed, critical folks, folks with signs, folks who created a mess.

Campaigning in Virginia, Obama rails against the folks, critics, who say the economy is a mess. He doesn't want to hear the "folks who created the mess do a lot of the talking." He also notes that sometimes there are folks outside with signs. Meanwhile, Virginia folks are being crushed by health premiums. What a world!

 

But no folks have been discussed by Obama as much or with as much derision as the folks in Washington, the folks across the aisle, the folks in Congress. Those folks are the folks that make folks in Minnesota so anxious, was what he hoped to get across.

Anyway, the point is: Folks contain multitudes.

Source: The Washington Post

*  *  *

We are all Obama's "folks" now…

via Zero Hedge http://ift.tt/1opm6sH Tyler Durden

When President Obama explained so eloquently on Friday that the US "tortured some folks," we got an eery sense of deja vu about his phrasing. Sure enough, as The Washington Post reports, it was very much not the first time that he'd used the word "folks."

 

March 2014. Folks discussed: Hardworking folks, folks cooking meals for the troops, folks at the top, chairless folks, folks who need a raise.

Talking to an audience in Connecticut, Obama discussed income inequality — "there are folks at the top who are doing better than ever" — but "we understand that some folks are going to earn more than others." But he was fighting to give "hardworking folks" a pay increase. Folks like the "folks who are cooking the meals of our troops, or washing their dishes, or cleaning their clothes."

He also apologized because he knew "the folks here don't have chairs."

 

February 2014. Folks discussed: Folks who worked at Costco, folks who earned tips, folks with pockets.

This one is pretty easy to piece together.

 

October 2012. Folks discussed: Rich folks, middle class folks, Chinese folks, gangbanger folks, folks who mess with Americans.

During a presidential debate, Obama says that Mitt Romney wants "to make sure that folks at the top play by a different set of rules." He, on the other hand wants "give middle-class families and folks who are striving to get into the middle-class some relief." Different folks.

He later accuses Romney of investing in companies that "are building surveillance equipment for China to spy on its own folks." And he makes his case on immigration: "What I've also said is if we're going to go after folks who are here illegally, we should do it smartly and go after folks who are criminals, gang bangers."

On Benghazi, he reminded Americans of his longstanding plan. "[O]ne of the things that I've said throughout my presidency is when folks mess with Americans, we go after them."

 

August 2011. Folks discussed: Korean folks, folks outside machine shops, non-farm folks.

Obama's weekly address was about putting Americans (American folks) back to work. He wanted to "see folks in Korea driving Fords, Chevys and Chryslers," he said. He wanted folks in Washington to put country before party, lessons he learned from having "shaken hands with folks outside machine shops and churches, corner stores and farms." (Folks who are outside of farms are not farmers, for the record.)

 

August 2011. Folks discussed: Folks who clean our water, folks in hats, folks who don't talk about patent reform, anxious folks, folks familiar with corn-based ethanol, folks in Washington.

A town hall in Minnesota. The president, kicking into reelection mode defends government workers, the FEMA folks, "the folks who keep our water clean and our air clean to breathe … And when you go to a national park, and those folks in the hats."

Folks in Minnesota, he knew, were familiar with ethanol additives, but maybe those folks weren't as familiar with patent reform. Anyway, folks were "feeling a little anxious and distressed" about the economy, and he would fix it (was his argument).

 

August 2009. Folks discussed: Folks being crushed, critical folks, folks with signs, folks who created a mess.

Campaigning in Virginia, Obama rails against the folks, critics, who say the economy is a mess. He doesn't want to hear the "folks who created the mess do a lot of the talking." He also notes that sometimes there are folks outside with signs. Meanwhile, Virginia folks are being crushed by health premiums. What a world!

 

But no folks have been discussed by Obama as much or with as much derision as the folks in Washington, the folks across the aisle, the folks in Congress. Those folks are the folks that make folks in Minnesota so anxious, was what he hoped to get across.

Anyway, the point is: Folks contain multitudes.

Source: The Washington Post

*  *  *

We are all Obama's "folks" now…

via Zero Hedge http://ift.tt/1opm6sH Tyler Durden

As John Kenneth Galbraith famously stated, "The process by which money is created is so simple the mind is repelled." As Peak Prosperity's Chris Martenson explains (as part of his excellent Crash Course), essentially, money is lent into existence though fractional reserve banking. The dollars you deposit at the bank? They turn into nearly 10x that amount as your bank subsequently makes loans using that money as collateral. As simple as the process is, nearly every American remains ignorant of it and its massive implications. At the heart of the matter is this: our money supply and its related debt obligations MUST continue expanding (thereby devaluing the purchasing power of each dollar ad infinitum) — forever — or the entire system collapses upon itself. Prepare to be repelled…

 

For those who simply don't want to wait until the end of the year to view the entire new series, you can indulge your binge-watching craving by enrolling to PeakProsperity.com. The entire full new series, all 27 chapters of it, is available — now– to our enrolled users.

The full suite of chapters in this new Crash Course series can be found at http://ift.tt/VLldvm

And for those who have yet to view it, be sure to watch the 'Accelerated' Crash Course — the under-1-hour condensation of the new 4.5-hour series. It's a great vehicle for introducing new eyes to this material.

via Zero Hedge http://ift.tt/1uYQjDR Tyler Durden

As John Kenneth Galbraith famously stated, "The process by which money is created is so simple the mind is repelled." As Peak Prosperity's Chris Martenson explains (as part of his excellent Crash Course), essentially, money is lent into existence though fractional reserve banking. The dollars you deposit at the bank? They turn into nearly 10x that amount as your bank subsequently makes loans using that money as collateral. As simple as the process is, nearly every American remains ignorant of it and its massive implications. At the heart of the matter is this: our money supply and its related debt obligations MUST continue expanding (thereby devaluing the purchasing power of each dollar ad infinitum) — forever — or the entire system collapses upon itself. Prepare to be repelled…

 

For those who simply don't want to wait until the end of the year to view the entire new series, you can indulge your binge-watching craving by enrolling to PeakProsperity.com. The entire full new series, all 27 chapters of it, is available — now– to our enrolled users.

The full suite of chapters in this new Crash Course series can be found at http://ift.tt/VLldvm

And for those who have yet to view it, be sure to watch the 'Accelerated' Crash Course — the under-1-hour condensation of the new 4.5-hour series. It's a great vehicle for introducing new eyes to this material.

via Zero Hedge http://ift.tt/1uYQjDR Tyler Durden

Despite the recent significant weakness in the broader European and US equity indices, European bank stocks are only just beginning to resume their larger downtrend (as the hopes of a Draghi put remained firm until the last few days of BES debacle). As such, BofA’s Macenil Curry believes, they are likely to be the catalyst for the next leg of “risk off” and in that environment EURUSD should continue to suffer.

 

Via BofAML,
Chart of the week: European bank stocks are rolling over

European bank stocks are resuming their downtrend. The 6 month topping formation (Head and Shoulders Top) points to further downside in the sessions and weeks ahead.

Downside targets seen to 130.52/126.83 (approximately 8%/11% lower from current levels) before renewed basing.

Stay bearish EURUSD

While intra-day and daily charts say that €/$ risks a further corrective squeeze higher, bounces must be sold.

The combination of vulnerable European bank stocks and poor price action say that €/$ should continue lower to 1.3104 and below.

via Zero Hedge http://ift.tt/1nipmRS Tyler Durden

Despite the recent significant weakness in the broader European and US equity indices, European bank stocks are only just beginning to resume their larger downtrend (as the hopes of a Draghi put remained firm until the last few days of BES debacle). As such, BofA’s Macenil Curry believes, they are likely to be the catalyst for the next leg of “risk off” and in that environment EURUSD should continue to suffer.

 

Via BofAML,
Chart of the week: European bank stocks are rolling over

European bank stocks are resuming their downtrend. The 6 month topping formation (Head and Shoulders Top) points to further downside in the sessions and weeks ahead.

Downside targets seen to 130.52/126.83 (approximately 8%/11% lower from current levels) before renewed basing.

Stay bearish EURUSD

While intra-day and daily charts say that €/$ risks a further corrective squeeze higher, bounces must be sold.

The combination of vulnerable European bank stocks and poor price action say that €/$ should continue lower to 1.3104 and below.

via Zero Hedge http://ift.tt/1nipmRS Tyler Durden

New normal diplomacy…

 

 

Source: Sunday Funnies

via Zero Hedge http://ift.tt/1uYqEvh Tyler Durden

In recent weeks France has defied US demands not to build Mistrals for Russia, has questioned dollar imperialism and the Petrodollar, and has blasted the US banking regulator's fines as "accelerating the decline of the dollar." So it is likely not a huge surprise that ahead of the G-20 meeting of world leaders later in the year, The FT reports, France has gathered support to challenge US regulators imposing heavy penalties on foreign banks. Berlin, London and Rome have backed Paris in its push to have its concerns about so-called US extraterritoriality discussed when leaders of the world’s top 20 economies meet hoping to bring "more proportionality" to bank fines. With allies like this…

 

As The FT reports, top regulators have been raising concerns about the impact of the long procession of fines on their efforts to strengthen banks’ finances.

France has gathered support to challenge US regulators imposing heavy penalties on foreign banks at a G20 meeting of world leaders later this year after the record $8.9bn fine levied on BNP Paribas last month.

 

Berlin, London and Rome have backed Paris in its push to have its concerns about so-called US extraterritoriality discussed when leaders of the world’s top 20 economies meet in Brisbane in Australia in November, according to French and other European officials.

 

…

 

“There should be co-ordination between regulators, as there should not be multiple jeopardy,” agreed one senior European official, who confirmed that there had been “informal discussions” about putting the issue of bank fines on the G20 agenda.

 

“It is an issue, but we have to be careful not to go into an area of saying ‘it is too much and we have got to lay off these guys’,” said the official, who added that the G20 could discuss how to bring more “proportionality” to bank fines.

 

French finance minister Michel Sapin sought support for France’s stance in recent meetings with Wolfgang Schäuble and Pier Carlo Padoan, his German and Italian counterparts, according to French officials. There was a “positive reception”, one said.

 

…

 

In Berlin, officials said Germany had agreed to back Paris, saying it supported a common EU approach to the US over extraterritorial jurisdiction. Berlin sees that a union-wide approach to Washington is more likely to bear fruit than case-by-case discussions.

As a gentle reminder, Brazil, Russia, India, China, and South Africa are all members of the G-20 and, we suspect, would not be too worried backing any such coordinated actions against US extraterritoriality.

However, we leave it to the French to express their anti-dollar-imperialism…

Single whammy:

• NOYER: BNP CASE WILL ENCOURAGE ‘DIVERSIFICATION’ FROM DOLLAR

Here is the full google translated segment:

Q. Doesn't the role of the dollar as an international currency create systemic risk?

 

Noyer: Beyond [the BNP] case, increased legal risks from the application of U.S. rules to all dollar transactions around the world will encourage a diversification from the dollar. BNP Paribas was the occasion for many observers to remember that there has been a number of sanctions and that there would certainly be others in the future. A movement to diversify the currencies used in international trade is inevitable. Trade between Europe and China does not need to use the dollar and may be read and fully paid in euros or renminbi. Walking towards a multipolar world is the natural monetary policy, since there are several major economic and monetary powerful ensembles. China has decided to develop the renminbi as a settlement currency. The Bank of France was behind the popular ECB-PBOC swap and we have just concluded a memorandum on the creation of a system of offshore renminbi clearing in Paris. We have very strong cooperation with the PBOC in this field. But these changes take time. We must not forget that it took decades after the United States became the world's largest economy for the dollar to replace the British pound as the first international currency. But the phenomenon of U.S. rules expanding to all USD-denominated transactions around the world can have an accelerating effect.

In other words, the head of the French central bank, and ECB member, Christian Noyer, just issued a direct threat to the world's reserve currency (for now), the US Dollar.

 

Double whammy:

• Total’s de Margerie Sees No Need for Dollars in Oil Purchases

Oil major Total's chief executive Christophe de Margerie was responding to questions about calls by French policymakers to find ways at EU level to bolster the use of the euro in international business following a record U.S. fine for BNP.

"There is no reason to pay for oil in dollars," he said. He said the fact that oil prices are quoted in dollars per barrel did not mean that payments actually had to be made in that currency.

So even a major beneficiary of the status quo appears to see the end in sight for the Petrodollar.

And now The Triple Whammy

• *FRANCE SAYS INCREASING EURO USE IS ISSUE OF 'GLOBAL BALANCE'
• *SAPIN SAYS EURO AREA NEEDS TO LEAD DISCUSSION ON DOLLAR USE
• *FRANCE NOT FIGHTING 'DOLLAR IMPERIALISM,' SAPIN SAYS (wo shy mention it?)

French Finance Minister Michel Sapin says that now is the right time to bolster the use of the euro in transactions outside the U.S. Sapin speaks in an interview with Bloomberg News in Aix-en-Provence, France.

“We sell ourselves aircraft in dollars. Is that really necessary? I don’t think so,” Sapin says, adding "I think a rebalancing is possible and necessary, not just regarding the euro but also for the big currencies of the emerging countries, which account for more and more of global trade."

 

“We can avoid the exchange rate risk, and that’s always useful. We can diminish financing costs in pricing more in other currencies,” Sapin says.

 

“This is not a fight against dollar imperialism,” Sapin says.

 

“It’s up to Europe, to the euro zone in particular, to lead this argument,” Sapin says.

 

As The FT reports, Mr Sapin said he would raise the need for a weightier alternative to the dollar with fellow eurozone finance ministers when they meet in Brussels on Monday, although he declined to go into detail about what practical steps might emerge.

As we joked previously, nope – no anti-dollar-imperialism here at all…

*  *  *

As we showed recently…(and have ever since 2010)… nothing lasts forever

Meanwhile, somewhere Putin is still laughing.

via Zero Hedge http://ift.tt/1kg57JH Tyler Durden

In recent weeks France has defied US demands not to build Mistrals for Russia, has questioned dollar imperialism and the Petrodollar, and has blasted the US banking regulator's fines as "accelerating the decline of the dollar." So it is likely not a huge surprise that ahead of the G-20 meeting of world leaders later in the year, The FT reports, France has gathered support to challenge US regulators imposing heavy penalties on foreign banks. Berlin, London and Rome have backed Paris in its push to have its concerns about so-called US extraterritoriality discussed when leaders of the world’s top 20 economies meet hoping to bring "more proportionality" to bank fines. With allies like this…

 

As The FT reports, top regulators have been raising concerns about the impact of the long procession of fines on their efforts to strengthen banks’ finances.

France has gathered support to challenge US regulators imposing heavy penalties on foreign banks at a G20 meeting of world leaders later this year after the record $8.9bn fine levied on BNP Paribas last month.

 

Berlin, London and Rome have backed Paris in its push to have its concerns about so-called US extraterritoriality discussed when leaders of the world’s top 20 economies meet in Brisbane in Australia in November, according to French and other European officials.

 

…

 

“There should be co-ordination between regulators, as there should not be multiple jeopardy,” agreed one senior European official, who confirmed that there had been “informal discussions” about putting the issue of bank fines on the G20 agenda.

 

“It is an issue, but we have to be careful not to go into an area of saying ‘it is too much and we have got to lay off these guys’,” said the official, who added that the G20 could discuss how to bring more “proportionality” to bank fines.

 

French finance minister Michel Sapin sought support for France’s stance in recent meetings with Wolfgang Schäuble and Pier Carlo Padoan, his German and Italian counterparts, according to French officials. There was a “positive reception”, one said.

 

…

 

In Berlin, officials said Germany had agreed to back Paris, saying it supported a common EU approach to the US over extraterritorial jurisdiction. Berlin sees that a union-wide approach to Washington is more likely to bear fruit than case-by-case discussions.

As a gentle reminder, Brazil, Russia, India, China, and South Africa are all members of the G-20 and, we suspect, would not be too worried backing any such coordinated actions against US extraterritoriality.

However, we leave it to the French to express their anti-dollar-imperialism…

Single whammy:

• NOYER: BNP CASE WILL ENCOURAGE ‘DIVERSIFICATION’ FROM DOLLAR

Here is the full google translated segment:

Q. Doesn't the role of the dollar as an international currency create systemic risk?

 

Noyer: Beyond [the BNP] case, increased legal risks from the application of U.S. rules to all dollar transactions around the world will encourage a diversification from the dollar. BNP Paribas was the occasion for many observers to remember that there has been a number of sanctions and that there would certainly be others in the future. A movement to diversify the currencies used in international trade is inevitable. Trade between Europe and China does not need to use the dollar and may be read and fully paid in euros or renminbi. Walking towards a multipolar world is the natural monetary policy, since there are several major economic and monetary powerful ensembles. China has decided to develop the renminbi as a settlement currency. The Bank of France was behind the popular ECB-PBOC swap and we have just concluded a memorandum on the creation of a system of offshore renminbi clearing in Paris. We have very strong cooperation with the PBOC in this field. But these changes take time. We must not forget that it took decades after the United States became the world's largest economy for the dollar to replace the British pound as the first international currency. But the phenomenon of U.S. rules expanding to all USD-denominated transactions around the world can have an accelerating effect.

In other words, the head of the French central bank, and ECB member, Christian Noyer, just issued a direct threat to the world's reserve currency (for now), the US Dollar.

 

Double whammy:

• Total’s de Margerie Sees No Need for Dollars in Oil Purchases

Oil major Total's chief executive Christophe de Margerie was responding to questions about calls by French policymakers to find ways at EU level to bolster the use of the euro in international business following a record U.S. fine for BNP.

"There is no reason to pay for oil in dollars," he said. He said the fact that oil prices are quoted in dollars per barrel did not mean that payments actually had to be made in that currency.

So even a major beneficiary of the status quo appears to see the end in sight for the Petrodollar.

And now The Triple Whammy

• *FRANCE SAYS INCREASING EURO USE IS ISSUE OF 'GLOBAL BALANCE'
• *SAPIN SAYS EURO AREA NEEDS TO LEAD DISCUSSION ON DOLLAR USE
• *FRANCE NOT FIGHTING 'DOLLAR IMPERIALISM,' SAPIN SAYS (wo shy mention it?)

French Finance Minister Michel Sapin says that now is the right time to bolster the use of the euro in transactions outside the U.S. Sapin speaks in an interview with Bloomberg News in Aix-en-Provence, France.

“We sell ourselves aircraft in dollars. Is that really necessary? I don’t think so,” Sapin says, adding "I think a rebalancing is possible and necessary, not just regarding the euro but also for the big currencies of the emerging countries, which account for more and more of global trade."

 

“We can avoid the exchange rate risk, and that’s always useful. We can diminish financing costs in pricing more in other currencies,” Sapin says.

 

“This is not a fight against dollar imperialism,” Sapin says.

 

“It’s up to Europe, to the euro zone in particular, to lead this argument,” Sapin says.

 

As The FT reports, Mr Sapin said he would raise the need for a weightier alternative to the dollar with fellow eurozone finance ministers when they meet in Brussels on Monday, although he declined to go into detail about what practical steps might emerge.

As we joked previously, nope – no anti-dollar-imperialism here at all…

*  *  *

As we showed recently…(and have ever since 2010)… nothing lasts forever

Meanwhile, somewhere Putin is still laughing.

via Zero Hedge http://ift.tt/1kg57JH Tyler Durden

With the world’s attention focused on the ongoing death and destruction in Gaza most have forgotten that just two months ago a vicious Al-Qaeda spinoff, after taking over the north of Iraq and a third of Syria’s territory including its oil production facilities, proclaimed the creation of an Islamic State caliphate a few hundred kilometers north of Baghdad. The reason why the ISIS story fell off the front pages is that while the jihadists were consolidating their power in the caliphate region, it was believed that they have no chance of advancing onto Baghdad and the energy-rich Iraq regions south of Baghdad (and thus have little impact on the price of Brent). And yet there was one major “weakest link” – recall that a month ago we reported that “Baghdad May Lose Its Drinking Water As ISIS Approaches Dam“, an outcome which would put Iraq’s capital, and its 8 million residents, at the mercy of ISIS.

According to Al Arabia it is this “weakest link” that is now in play after ISIS took over Iraq’s biggest dam unopposed by Kurdish fighters, who also lost three towns and an oilfield on Sunday to the Sunni militant group, witnesses said cited by Reuters.

Iraqi security officials said Wednesday that fighters for the
Islamic State in Iraq and Syria were advancing on the Haditha Dam, the
second-largest in Iraq.

VOA confirms:

Islamic State fighters seized control of Iraq’s biggest dam, an oilfield and two more towns on Sunday after inflicting their first major defeat on Kurdish forces since sweeping through the region in June

 

Local officials said militants with the extremist group Islamic State took control of the towns of Zumar and Sinjar near the city of Mosul on Sunday, waging fierce clashes with Kurdish forces.

 

The French news agency AFP quoted a United Nations spokesman saying 200,000 people have fled Sinjar and said there are grave concerns for their safety.

It gets worse: control of the dam could give ISIS, which has threatened to march on Baghdad, the ability to flood major cities. This in turn will merely serve to further facilitate the expansion of ISIS as it approaches Baghdad from the north…

Meanwhile, ISIS also seized two small towns in northern Iraq after driving out Kurdish security forces, officials and residents said, according to the Associated Press.

 

The fresh gains by the Sunni extremist militants have forced dozens of residents to flee from the religiously mixed towns of Zumar and Sinjar, near the militant-held city of Mosul, to the northern self-ruled Kurdish region.

 

Earlier on Sunday, ISIS militants have successfully captured an oil field close to the Iraqi town of Zumar after fighting with Kurdish forces who had control of the area.

 

ISIS, which had a lightning advance through northern Iraq in June, warned residents in nearby villages along the border with Syria to leave their homes, suggesting they were planning an assault, witnesses said. ISIS fighters killed 16 Kurdish troops in attacks in northern Iraq, while 30 pro-government forces died battling the jihadists on other frontlines, officials said Saturday.

 

Zumar is a small Kurdish-majority outpost northwest of Mosul, which used to be under federal government control but was taken over by the Peshmerga in June.

 

In other attacks on Saturday, five would-be volunteer fighters were killed and 16 wounded in a suicide car bomb attack on a Shiite militia recruitment center in the town of Balad, north of Baghdad, police said.

… and from the south.

In equally intense overnight fighting on the main front south of Baghdad, at least 23 pro-government forces were killed by relentless mortar shelling of their positions in Jurf al-Sakhr.

 

ISIS militants began attacking the town late Friday, killing 11 soldiers and 12 members of the Asaib Ahl al-Haq militia, an officer and army medic said.

 

Another seven soldiers were wounded during a subsequent government operation against jihadist fighters in Jurf al-Sakhr, Al-Hamya and Latifiya, the sources said, claiming 37 IS fighters were killed.

 

Using the western city of Fallujah as a rear base, jihadists have repeatedly attacked Jurf al-Sakhr, where pro-government forces are keen to prevent a foray that would expose the nearby holy Shiite city of Karbala and further encircle Baghdad by cutting the main road to the south.

And if Baghdad does indeed fall, all those recent Crude shorts will be less than happy.

Finally, here is a visual summary of all the most recent clashes as ISIS approaches Baghdad, courtesy of the ISW:

via Zero Hedge http://ift.tt/1kwjYjD Tyler Durden