Kurdistan’s Oil Exports Could Be Shut For Another Week

Kurdistan’s Oil Exports Could Be Shut For Another Week

By Charles Kennedy of Oilprice.com

Kurdistan’s oil exports could be suspended for several more days as officials from Kurdistan are set to return to Baghdad next week for a new round of talks on the resumption of crude exports from Kurdistan via a pipeline to the Turkish Mediterranean port of Ceyhan.

The Kurdistan Regional Government hopes that talks next week could result in the resumption of Kurdistan’s oil exports, commodity analyst Giovanni Staunovo says, quoting the head of foreign media affairs for the Kurdish government.  

Kurdistan’s crude oil exports – around 400,000 bpd shipped through an Iraqi-Turkey pipeline to Ceyhan and then on tankers to the international markets – were halted late last week by the federal government of Iraq.

Last week, the International Chamber of Commerce ruled in favor of Iraq against Turkey in a dispute over crude flows from Kurdistan. Iraq had argued that Turkey shouldn’t allow Kurdish oil exports via the Iraq-Turkey pipeline and Ceyhan without approval from the federal government of Iraq.

Talks between officials from Kurdistan and from the Iraq federal government have failed in recent days.

Next week could see a breakthrough in talks, but oil companies operating in the semi-autonomous region of Kurdistan have already started to shut down oil fields as storage capacity is limited while they had been instructed to temporarily cease deliveries to the Iraq-Turkey Pipeline destined for the port of Ceyhan.

The company pumping a quarter of Kurdistan’s crude oil exports, Norway-based DNO ASA, said on Wednesday that it had started an orderly shutdown of its oil fields following the suspension of oil exports.

“It is unfortunate it has come to this given the likely impact of a continuing supply disruption on oil prices and at a fragile time in global financial markets,” DNO’s Executive Chairman Bijan Mossavar-Rahmani said.

Another operator in Kurdistan, London-listed Gulf Keystone Petroleum, said on Monday that its facilities “have storage capacity that allow continued production at a curtailed rate over the coming days after which the Company will suspend production.”

Tyler Durden
Fri, 03/31/2023 – 03:30

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Saudi Arabia Joins China-Led Economic And Security Bloc – Russia Also A Member

Saudi Arabia Joins China-Led Economic And Security Bloc – Russia Also A Member

In the latest evidence of major shifts in global power dynamics, the Saudi government has approved the kingdom’s partial membership in a Chinese-led economic, political and security bloc.    

Saudi Arabia will join the Shanghai Cooperation Organization with the initial status of a “dialogue partner.” Formed in 2001, the SCO’s full members are China, Russia, India, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.

Iran is expected to become a full member later this year, while other dialogue partners include two more countries that have traditionally been in the U.S. sphere of influence: Qatar and Egypt. Underscoring the group’s security component, SCO members will conduct a joint “counter-terrorism exercise” in Russia’s Chelyabinsk region — north of Kazakhstan — in August.   

“By engaging with these U.S. rivals, it really does seem like this multipolarity is in full-bore here now,” Atlantic Council fellow Jonathan Fulton tells The Wall Street Journal

Saudi Arabia’s decision comes three months after China President Xi Jinping visited Saudi Arabia, and just days after state-owned Saudi Aramco made two world-surprising announcements signaling a huge push into ChinaThe Saudi petrochemical giant will build a $10 billion refinery in China and acquire a 10% stake in a leading Chinese oil refinery.

China recently brokered a rapprochement between longtime Middle East rivals Saudi Arabia and Iran. The two countries announced they will restore full diplomatic ties, and the kingdom credited China for serving as a “bridge” that made it possible. Xi said the dialogue will “play a major role in strengthening regional unity and cooperation.”

Speaking of regional cooperation, Saudi Arabia is also close to restoring diplomacy with the Syrian government, which was targeted for regime change by the United States with heavy assistance from Saudi Arabia, and which is still enduring the ongoing presence of US soldiers. 

These developments all point to the waning influence of the United States, and the waxing clout of China. Ominously, the SCO’s growing membership rolls pave the way for the next phase of de-dollarization, a trend that threatens to obliterate a principal cornerstone of American power.  

Uneasy American officials have cautioned its Middle East affiliates that some forms of cooperation with China could undermine their standing with the US…

…but these admonitions from the fading US empire ring increasingly hollow.  

Tyler Durden
Fri, 03/31/2023 – 02:45

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3 Reasons Why Hungary Didn’t Vote For Sweden’s NATO Membership

3 Reasons Why Hungary Didn’t Vote For Sweden’s NATO Membership

Via Remix News,

Sweden’s supposedly conservative prime minister has called for Hungary’s conservative government to be removed from power in the past…

State Secretary for International Communications Zoltán Kovács.

After the Hungarian Parliament approved Finland’s NATO application with an overwhelming majority, on Monday, State Secretary for International Communications Zoltán Kovács gave three reasons why the same did not happen for Sweden.

Kovács wrote that “Sweden is constantly undermining (international) relations,” its “throne of moral superiority is crumbling,” and the country has shown a lack of “care and respect” towards Hungary.

The state minister for international communications stressed that:

“As the war in Ukraine ravages, the ongoing strife is punching holes in Europe’s former security fabric.”

Kovács said it is therefore commendable and understandable that Finland and Sweden are sitting at the negotiating table to secure their positions in the new geopolitical environment. However, in the case of Sweden, Kovács said there is a “copious amount of grievances” to be dealt with before its accession to NATO is ratified.

Borrowing the ideas of Balázs Orbán, who is Prime Minister Viktor Orbán’s political director, Kovács wrote that Swedish MPs have repeatedly used diplomatic means to attack Hungary and used their political influence to “damage Hungarian interests.” In Sweden’s case, it is not “the usual interference of Brussels bureaucrats,” and the problem is not limited to the “Swedish left.” In his view, this is a case of declared and open hostility that has been going on for years.

Among other things, he cited the statement made by the current right-wing prime minister, Ulf Kristensen, in 2021. At the time, he said that the EU “must break Hungary.” Kristensen was putting pressure on the EU to support the left-wing opposition to oust Hungary’s conservative government.

The examples Kovács cites suggest a “perceived moral superiority that is ridiculous at best,” if only because it was not the “xenophobic” Hungarian state or its “repressive regime” that allowed a right-wing activist to openly burn the Quran in the middle of Sweden’s NATO accession talks, which included a Muslim power, Turkey.

Kovács also wrote that it was not Hungary that excused this “provocation against all human reason” by claiming it was an “expression of freedom.”

“The relations between our countries have deteriorated over the years, which makes bridging the gap even more challenging in these difficult times,” Kovács wrote. He said this was why the Hungarian government felt it necessary to send a parliamentary delegation to Sweden.

However, the Swedish government is simply not interested, according to Kovács, which is why their officials have described the Hungarian government’s intention to negotiate as “blackmail tactics.” The state minister said that, given Turkey’s concerns, there was now little room to maneuver for Sweden, at least until “they start to change their tune and help heal the wounds.”

Tyler Durden
Fri, 03/31/2023 – 02:00

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Vatican Repudiates “Discovery Doctrine”

Last month, Chief Justice Marshall’s opinion in Johnson v. McIntosh turned 200 years old. Most 1Ls read this case in property. In this canonical decision, Marshall explained that European explorers “acquired” land in the Americas pursuant to the discovery doctrine.  Of course, indigenous people already resided on this territory, but those “fierce savages,” as Marshall called them, did not have any property rights. Thus, European explorers could “discover” these new lands, as if they were uninhabited.

Here is how Marshall described the discovery doctrine:

Discovery is the foundation of title, in European nations, and this overlooks all proprietary rights in the natives… All the proprietary rights of civilized nations on this continent are founded on this principle. The right derived from discovery and conquest, can rest on no other basis; and all existing titles depend on the fundamental title of the crown by discovery….

On the discovery of this immense continent, the great nations of Europe were eager to appropriate to themselves so much of it as they could respectively acquire. Its vast extent offered an ample field to the ambition and enterprise of all; and the character and religion of its inhabitants afforded an apology for considering them as a people over whom the superior genius of Europe might claim an ascendency. The potentates of the old world found no difficulty in convincing themselves that they made ample compensation to the inhabitants of the new, by bestowing on them civilization and Christianity, in exchange for unlimited independence. But, as they were all in pursuit of nearly the same object, it was necessary, in order to avoid conflicting settlements, and consequent war with each other, to establish a principle, which all should acknowledge as the law by which the right of acquisition, which they all asserted, should be regulated as between themselves. This principle was, that discovery gave title to the government by whose subjects, or by whose authority, it was made, against all other European governments, which title might be consummated by possession. The exclusion of all other Europeans, necessarily gave to the nation making the discovery the sole right of acquiring the soil from the natives, and establishing settlements upon it. It was a right with which no Europeans could interfere. It was a right which all asserted for themselves, and to the assertion of which, by others, all assented.

The discovery doctrine was grounded, in part, on religion. Christians were superior and the native people were inferior. Indeed, according to the doctrine, Christians were helping the native people by bestowing “civilization and Christianity” on them. The Catholic Church, in particular, had endorsed these principles when it approved various European expeditions. Indeed, some of these papal decrees stretch back to the 1400s.

The doctrine was laid out in a series of papal “bulls,” or decrees; the first one was issued in 1452. They authorized colonial powers such as Spain and Portugal to seize lands and subjugate people in Africa and the “New World,” as long as people on the lands were not Christians.

Scholars widely note three bulls: Pope Nicholas V’s Dum diversas (1452) and Romanus Pontifex (1455); and Pope Alexander VI’s Inter caetera (1493).

Now, the Vatican has taken the action to repudiate these decrees. Or more precisely, the Vatican stated that these decrees were never actually part of the teachings of the Catholic church:

5. It is in this context of listening to indigenous peoples that the Church has heard the importance of addressing the concept referred to as the “doctrine of discovery.” The legal concept of “discovery” was debated by colonial powers from the sixteenth century onward and found particular expression in the nineteenth century jurisprudence of courts in several countries, according to which the discovery of lands by settlers granted an exclusive right to extinguish, either by purchase or conquest, the title to or possession of those lands by indigenous peoples. Certain scholars have argued that the basis of the aforementioned “doctrine” is to be found in several papal documents, such as the Bulls Dum Diversas (1452), Romanus Pontifex (1455) and Inter Caetera (1493).

6. The “doctrine of discovery” is not part of the teaching of the Catholic Church. Historical research clearly demonstrates that the papal documents in question, written in a specific historical period and linked to political questions, have never been considered expressions of the Catholic faith. At the same time, the Church acknowledges that these papal bulls did not adequately reflect the equal dignity and rights of indigenous peoples. The Church is also aware that the contents of these documents were manipulated for political purposes by competing colonial powers in order to justify immoral acts against indigenous peoples that were carried out, at times, without opposition from ecclesiastical authorities. It is only just to recognize these errors, acknowledge the terrible effects of the assimilation policies and the pain experienced by indigenous peoples, and ask for pardon. Furthermore, Pope Francis has urged: “Never again can the Christian community allow itself to be infected by the idea that one culture is superior to others, or that it is legitimate to employ ways of coercing others.”

7. In no uncertain terms, the Church’s magisterium upholds the respect due to every human being. The Catholic Church therefore repudiates those concepts that fail to recognize the inherent human rights of indigenous peoples, including what has become known as the legal and political “doctrine of discovery”.

Johnson v. McIntosh remains good law. If there is any reason to cancel John Marshall, this is it.

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Joan Biskupic Breaks Some News About Pavan v. Smith and Masterpiece Cakeshop

Earlier this week, I wrote about Joan Biskupic’s first article on her new book. Her exclusives were barely there. Biskupic’s second article, however, breaks some news. Now, these reveals are a bit dated, but they do shed some light on the Chief Justice.

Let’s flash back to 2017 when two cases that concerned gay rights reached the Court’s docket. First, Masterpiece Cakeshop was distributed for the January 13, 2017 conference. Second, Pavan v. Smith was distributed for conference on May 2, 2017. Both cases, however, would linger in docket purgatory for some time. In Masterpiece, the Court requested the record, then rescheduled the case, and then distributed the petition for fifteen consecutive conferences. Finally, on June 26, 2017, the Court granted the petition. That was the same day the Court handed down all of its remaining opinions, including Trinity Lutheran and Hernandez v. Mesa. And on that same day, the Court (per curiam) granted review in the travel ban cases, and stayed the lower court injunctions. Pavan v. Smith also lingered on the Court’s docket for some time. The Court also requested the record here, and then distributed the petition for four consecutive conferences. And, on June 26, 2017, the Court GVR’d the Arkansas Supreme Court.

There was special significance to this date. Judge Kennedy was confirmed on June 26, 1987; Lawrence v. Texas was decided on June 26, 2003; United States v. Windsor was decided on June 26, 2013; and Obergefell v. Hodges was decided on June 26, 2015. I’ve called June 26th St. Anthony’s day. (On June 25th, 2017, I asked on my blog, “What will happen on June 26, 2017?”).

I’ve long suspected that the Supreme Court (the Chief in particular) holds all of the controversial matters for the final day of the term, in part, to overload the public. If there are so many blockbuster cases in a short period of time, there simply is less time for the press to cover everything. June 26, 2017 was such a day. At 9:30 a.m., the Court’s order list reflected the grant in Masterpiece Cakeshop and the GVR in Pavan v. Smith, as well as the grant/stay in the travel ban case. And at 10:00 a.m., the Court began to hand down the remaining blockbuster cases. What an overload! You would have been forgiven for overlooking Pavan and the Masterpiece grant. Indeed, I checked my blog, and I only wrote about the travel ban case that day. I didn’t get to Pavan till July 1.

Back to Biskupic. On Thursday, she published another excerpt from her new book. Biskupic claims that it was not a coincidence that Pavan and Masterpiece were both granted on June 26. According to Biskupic, Chief Justice Roberts and Justice Kennedy reached some sort of arrangement: the Chief would vote to summarily reverse Pavan if Kennedy voted to grant in Masterpiece. Or something like that. Here is Biskupic’s account:

Here, Roberts would join Kennedy in favor of LGBTQ interests in ruling that Arkansas could not prevent two lesbians from both being named on their baby’s birth certificate.

Meanwhile, Kennedy would vote for the court to hear the appeal of the owner of Masterpiece Cakeshop in Colorado, who’d been sanctioned for refusing to bake a wedding cake for two gay men….

The justices’ public action in both cases was deliberately announced on the same day, June 26, 2017. That also reflected a pattern of Roberts’. The acceptance of an appeal from a baker who had refused to create a cake for a gay couple based on religious objections could easily have led to a public perception of new Supreme Court hostility toward gay rights. But announcing the Arkansas birth-certificate ruling countered that perception, at least in the moment.

Now this account, by itself, seems incomplete. It takes six votes to summarily reverse Pavan, so Kennedy would have needed Roberts’s vote. But certiorari only requires four votes. And for Masterpiece, there were already four: Roberts, plus Thomas, Alito, and Gorsuch. I suspect what is really going on here is that Roberts wanted Kennedy to vote to grant, which would signal that Kennedy would also to reverse the lower court, and rule for Jack Phillips. Roberts may have opposed casting the fourth vote to grant certiorari in Masterpiece unless he was certain there was a fifth vote on the merits. This alleged deal between Roberts and Kennedy would thus provide that support: Roberts commits to a sixth vote to summarily reverse Pavan on very narrow grounds, and Justice Kennedy wrote a very narrow opinion in Masterpiece on Free Exercise Clause grounds. (Now, nearly six years later, the Court will finally resolve the Free Speech Clause issue in 303 Creative.) Of course, this deal was risky. The SumRev came in June 2017, so Roberts’s vote was locked in. But Kennedy’s vote would be in flux until June 2018–in what would turn out to be his final sitting on the Court. Still, Roberts rolled the dice.

Moreover, we do know that Roberts ultimately assigned Kennedy the majority opinion in Masterpiece, which provides some support for Biskupic’s writing. Then again, St. Anthony wrote every opinion concerning gay rights:

During oral arguments in December 2017 and subsequent negotiations in the Masterpiece Cakeshop case, Kennedy continued to be torn. He was ready to side with Phillips but to a limited extent. Roberts assigned Kennedy to write the opinion for the court, aware of the fine line Kennedy traversed, and because of Roberts’ own interest in a decision that avoided the deep split of Obergefell.

Biskupic writes that Breyer and Kagan, who joined the Kennedy opinion, “were willing to make a deal with Kennedy and, to some extent, Roberts.”

We learn a bit more from Biskupic’s reporting. Justice Alito prepared a draft dissent from the denial of certiorari in Masterpiece:

The pact had an additional result of keeping a testy draft from Justice Samuel Alito regarding the Masterpiece Cakeshop petition from becoming public….

Alito, focused on potential hostility toward the baker’s religious beliefs, began working on a dissenting opinion from the expected denial of the Masterpiece Cakeshop appeal. But that Alito dissent, circulated to his colleagues and described by court sources, never reached the public because the justices eventually agreed that the baker’s claim of religious discrimination should be heard.

It is not difficult to imagine what that dissental would have looked like. Think Storman’s Pharmacy.

The story also provides some insights into Justice Kennedy’s thinking concerning Pavan and Masterpiece:

[Kennedy] wanted to reverse the Arkansas state court, based on Obergefell’s protections for same-sex couples, and was joined by the four liberals who had helped compose the majority in Obergefell. They believed the Pavan v. Smith matter was straightforward enough to be done through a summary reversal opinion, without holding oral arguments or a full round of written briefs. . . .

Kennedy was reluctant to take up the baker’s case, so soon after the Obergefell decision and without significant lower-court consideration of such emerging issues. He’d previously told colleagues that he was skeptical of religious exemptions for retailers who would deny services to gay people. So Phillips’ petition languished.

Biskupic also opines on the horse-trading issue:

The justices abhor any suggestion of dealmaking, whether overt or implicit, but closed-door pacts occur, and Roberts has been at the center of them for years. In many instances, law clerks know about a deal struck between justices. But in others, only the two justices involved truly know. Sometimes various chambers have dueling accounts of what happened, or individual justices remain baffled about why a colleague voted the way he or she did in the end.

Roberts traded votes in NFIB: in order to get Breyer and Kagan to join his taxing power opinion, he voted to make the Medicaid expansion optional. And, according to Biskupic, he horse-traded votes in Pavan and Masterpiece. I’m sure there are more such cases. No matter how hard Roberts slices it, he is the most political Justice. He treats the law the same way a legislator would: casting votes to achieve as much of his agenda as possible while alienating as few constituents as possible. Now, with Breyer and Kennedy gone, the Chief has much less room to operate, but he will still try.

Finally, there is the question of sourcing. Who gave Biskupic this information? The story itself emerged in mid-2017, so I think it safe to say that Justices Kavanaugh, Barrett, and Jackson are not likely sources. It is possible that Justice Ginsburg may have been a source, and Biskupic was sitting on this story for a few years. Remember that Biskupic’s rate of inside scoops came to a halt after RBG died. The story also speaks about what Kennedy told “colleagues” about Masterpiece, so RBG may have been one of those colleagues. It is also possible that Justice Kennedy spoke to the press, perhaps in an attempt to rehabilitate his image post-Trump, though I am skeptical AMK would breach decorum. The source may also have been Justices Breyer or Sotomayor, but I too am doubtful they would talk to a reporter, especially after the Dobbs leak. My best guess is that this information is several years old.

Let’s see what the third story brings.

The post Joan Biskupic Breaks Some News About <i>Pavan v. Smith</i> and <i>Masterpiece Cakeshop</i> appeared first on Reason.com.

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Two Decades Later, US Senate Votes To Abolish Iraq War Authorization

Two Decades Later, US Senate Votes To Abolish Iraq War Authorization

Via The Cradle,

The US Senate voted 66-30 on 29 March to repeal the 2002 Authorization for the Use of Military Force (AUMF) that allowed former president George W. Bush to launch a military invasion of Iraq under false claims that the country possessed weapons of mass destruction (WMD). The bill is now headed to the Republican-led House of Representatives, where it remains unclear if lawmakers will put it on the floor for a vote.

“Congress has abdicated its powers to the executive for too long,” said Senator Tim Kaine, who over the past several years has authored the Senate’s efforts to repeal the Iraq AUMF. “Presidents can do mischief if there are outdated authorizations on the books,” he added.

AFP via Getty Images

If the bill passes a vote on the House of floor — and is signed by President Joe Biden — it will be the first repeal of a war authorization since 1974.

Nonetheless, just last week, the US Senate overwhelmingly voted against repealing the original AUMF, which was signed into law on 18 September, 2001 by George W. Bush in response to the 11 September attacks.

As opposed to the Iraq AUMF, the 2001 AUMF is seen as a more sweeping, blank-check legislation that was passed to target the alleged perpetrators of the 11 September attacks.

According to the Congressional Research Service, the 2001 AUMF has been used to justify more than 40 military interventions in at least 22 countries without the approval of Congress.

In the years after 2001, the US Congress also approved so-called ‘security cooperation authorities‘ (SCA) that have allowed the Pentagon to covertly deploy troops and wage secret wars in dozens of countries across the globe.

According to a report by the New York University School of Law’s Brennan Center for Justice, the SCA allows the Pentagon to “train and equip foreign forces anywhere in the world” and to “provide support to foreign forces, paramilitaries, and private individuals who are in turn supporting US counterterrorism operations,” with a spending limit of $100,000,000 per fiscal year.

As a result of this, in dozens of countries, these programs have been used as a springboard for hostilities, with the Pentagon declining to inform Congress or the US public about their secret operations.

“Researchers and reporters uncovered [SCA] programs not only in Afghanistan and Iraq, but also in Cameroon, Egypt, Kenya, Lebanon, Libya, Mali, Mauritania, Niger, Nigeria, Somalia, Syria, Tunisia, and Yemen,” the report highlights.

Christopher C. Miller, a former acting head of the Pentagon, said in his memoir released last month that the US should be held accountable for the failed wars in Iraq and Afghanistan. “The US military-industrial complex has grown into a hydra-headed monster with almost no controls on the American war machine,” Miller writes.

In an interview with The Hill, Miller went on to say that, “We invaded a sovereign nation, killed and maimed a lot of Iraqis, and lost some of the greatest American patriots to ever live — all for a goddamned lie.”

Tyler Durden
Thu, 03/30/2023 – 23:40

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CFA Pass Rates Finally Tick Higher After Plunging To Record Lows During Pandemic

CFA Pass Rates Finally Tick Higher After Plunging To Record Lows During Pandemic

The pass rate for the first level of the chartered financial analyst (CFA) exam ticked up with zero pandemic related cancellations for the first time since 2021, Bloomberg reported this week

38% of those who took the Level I test passed it, which was up from 36% in November 2022 and 37% in August of last year. Despite the tick higher, the numbers still come in under the 41% average pass rate over the last decade, the report notes. 

The report says the pass rates are among “signs of improvement and waning impact from the pandemic”, which helped drive pass rates significantly lower coinciding with the onset of the pandemic. 

Record low pass rates were recorded last year across all levels of the CFA, the report says. In February, about 17,000 candidates sat for the exam, which was administered at 459 testing centers worldwide. 

And the CFA Institute did a bit of what public schools have been doing when pass rates drop: they reworked some of the exam earlier this month to “emphasize practical skills and reduce the amount of time candidates study, in the biggest reworking since the test was introduced in 1963”, Bloomberg wrote

The record low pass rates also (conspicuously?) coincide with the CFA Institute choosing to offer the exam via computer, instead of on paper, as a result of Covid protocols. There are currently 190,000 charterholders worldwide, who took an average of 4 years to complete all three levels of the exam. 

Tyler Durden
Thu, 03/30/2023 – 23:20

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Pozsar’s Warning Of Dollar’s Waning Sway Comes True

Pozsar’s Warning Of Dollar’s Waning Sway Comes True

By Ye Xie, Bloomberg Markets Live reporter and strategist

In a quick succession this week, Beijing unveiled ground-breaking deals to further its efforts to promote the yuan and ditch the US dollar. It’s the kind of thing money-market guru Zoltan Pozsar had in mind when he warned that the dollar’s centrality in the world financial system is slowly being whittled away.  

What occurred in Beijing this week was easy to overlook, but it could just as easily have a place in future history books. On Wednesday, Banco BOCOM BBM became the first Latin American bank to sign up as a direct participant in CIPS, a Chinese alternative to the US-dominated global payment system. The two countries also agreed to settle trade in their own currencies.

Earlier this week, Saudi Aramco agreed to buy a stake in Rongsheng Petrochemical, one of China’s refining giants, in its biggest-ever foreign acquisition to expand its presence in the world’s biggest energy importer. A day later, China National Offshore Oil Corporation and France’s TotalEnergies completed China’s first yuan-settled liquefied-natural-gas trade through the Shanghai Petroleum and Natural Gas Exchange.

These developments followed an earlier warning by Pozsar, a former Fed and US Treasury Department official, that we could be witnessing the dusk for the petro-dollar and the dawn of the “petro-yuan.” He flagged the so-called BRICS — Brazil, Russia, India, China and South Africa — in particular in an essay in December:

“China is proactively writing a new set of rules as it replays the “Great Game,” creating a new type of globalization with new institutions like the Belt and Road Initiative, BRICS+, and the SCO  (Shanghai Cooperation Organization)

…the one thing that the BRICS are most aligned on is the de-dollarization of their fast-growing, bilateral trade flows…the drive to de-dollarize intra-BRICS trade and soon intra -BRICS+ trade will speed up.  Don’t tell me that doesn’t threaten the dollar’s supremacy, or that it won’t hurt the “exorbitant privilege”

…the U.S. dollar and Treasury securities will likely be dealing with issues they never had to deal with before: less demand, not more; more competition, not less.  

To be sure, the yuan’s market share in the global system remains minuscule. But the direction is clear. As Victor Xing at Kekselias Inc. put it: “The key characteristic of the present geopolitical development is ideological, rather than based on economic calculus. Therefore, it is harder to de-escalate, and it means the disruptions and decoupling has momentum to go on for a longer period of time.”

Tyler Durden
Thu, 03/30/2023 – 23:00

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WHO Now Says COVID Vaccines Not Recommended For Healthy Kids & Teens

WHO Now Says COVID Vaccines Not Recommended For Healthy Kids & Teens

Yet another leading health institution has unveiled a significant Covid policy reversal this week… this time it’s none other than the World Health Organization (WHO) saying something that might have gotten an individual suspended from social media or publicly “canceled” a mere one or two years ago:

The revision in guidelines was put out this week by the WHO’s Strategic Advisory Group of Experts on Immunization (SAGE) – a group of scientists and officials which said they no longer recommend the Covid vaccine for “healthy” children ages 6 months to 17 years.

“The public health impact of vaccinating healthy children and adolescents is comparatively much lower than the established benefits of traditional essential vaccines for children – such as the rotavirus, measles, and pneumococcal conjugate vaccines,” SAGE wrote.

The new policy identifies three priority groups — high, medium and low — and puts children and teens in the low category. The definitions assess categories for “risk of severe disease and death”. The WHO still recommends that “Children who have compromised immune systems or existing health conditions should still get the vaccine.”

SAGE Chair Dr. Hanna Nohyn stated in explaining the updated guidelines, “Updated to reflect that much of the population is either vaccinated or previously infected with COVID-19, or both, the revised roadmap reemphasizes the importance of vaccinating those still at-risk of severe disease, mostly older adults and those with underlying conditions, including with additional boosters.”

The United States CDC currently recommends Covid vaccines for children 6 months and up

It’s unclear whether the US Center of Disease Control and Prevention (CDC) will follow in adapting its recommendations to this revised WHO policy, but what is clear is that those parents who remained skeptical of putting hastily developed “Authorized for Emergency Use” mRNA vaccines into their children have been clearly vindicated… and this time by no less than the WHO.

Tyler Durden
Thu, 03/30/2023 – 22:40

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More Biden Madness: Asking Black Americans On Census if They Are Slave Descendants

More Biden Madness: Asking Black Americans On Census if They Are Slave Descendants

By Mish Shedlock of MishTalk

Please note another ultra-Left mad proposal is underway: U.S. Considers Asking Black Americans on Census if They Are Slave Descendants

In a proposed update to how the government tracks Americans’ race and ethnicity, the Biden administration is asking the public for input on how it might go about differentiating Black people who are descendants of slaves in America from those whose families arrived more recently as immigrants from sub-Saharan Africa, the Caribbean or other countries.

Supporters of the change say one reason they are pushing it is to quantify who would be eligible to receive reparations for slavery should the government ever agree to pay them.

The Biden administration has proposed combining existing race and ethnicity questions so that “Hispanic or Latino” would no longer be a separate question, but instead would be one of several choices on the race question. It has also proposed creating a new race question category for Americans of Middle Eastern or North African heritage.

In its proposed rule on those broader changes, the administration asked whether the term “American Descendants of Slavery” or “American Freedmen” would be the best terms to describe the group. Some have suggested the term “Foundational Black Americans.”

The White House’s Office of Management and Budget, which is spearheading the race-category overhaul, declined to comment on the idea.

Last Living Slave

Sylvester Magee (claimed May 29, 1841 – October 15, 1971) claimed to be the last living former American slave. If this claim were true, Magee would not only have been the last surviving American Civil War veteran, but the oldest recorded person to have ever lived.

Assuming the claim is true, the last slave died 52 years ago. 

More realistically, assuming a very generous average age at death of 80 and not 130 years, nearly all slaves died 100 years or more ago. That means most of the direct descendants have passed as well.

Thus, we are talking about reparations to descendants of descendants of descendants all of which had the benefit of growing up in the greatest country on earth, with all of the associated benefits. 

Questions Abound

Let’s give reparations to descendants of slaves, but let’s not even call them slaves, let’s call them “Foundational Black Americans,” muting the reason for the reparation.

And what percentage ancestry fits the bill? 5%, 10%, 50.01%? 

Does an 88% descendent get twice as much as a 44% descendent? Was he or she twice as harmed? Harmed at all? 

Do we have everyone take genetic tests or do we take people’s word for it? If a boy can proclaim to be a girl, can I proclaim to be black? 

Does the process unite or further divide the United States? 

San Francisco Board Unanimously Supports $5 Million Per Person Reparation Payments

On March 17, I noted San Francisco Board Unanimously Supports $5 Million Per Person Reparation Payments

I did the math based on the number of households in San Francisco. The price tag would be $192 billion. The city budget is $13 billion.

But note the bill did not pass. It was “supported” unanimously. 

If the board actually approved this nonsense, I suspect everyone who voted in favor would immediately be voted out of office in special elections and the bill would be quickly struck down as unconstitutional.

Slave State Analysis

The 15 slave states were Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas, and Virginia.

Elsewhere, people who never owned slaves would make payments to people who never were slaves in states that never had slaves.

Political Race Baiting

One cannot undo a wrong of 200 years ago by taking money from people who had nothing to do with the problem and solve the wrong by giving money to people who were never harmed in process. 

Anyone sponsoring this idea knows reparations cannot possibly pass Congress. 

Expense bills need to garner 60 votes in the Senate. And many Democrats would not stomach a vote for it. Reparations would be  dead on arrival. 

Seriously Crazy?

The reparation idea seems seriously crazy. But is it? 

Team Biden knows reparations will never pass. The proposal is nothing but race-baiting, virtue-signaling meant to further divide the United States.

Blacks will not benefit from this. 

No one will benefit from this except perhaps the politicians who see a benefit in further dividing the county to enhance their political goals. 

This post originated at MishTalk.Com.

Addendum – Biden Declares Transgender Day of Visibility

“NOW, THEREFORE, I, JOSEPH R. BIDEN JR., President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim March 31, 2023, as Transgender Day of Visibility.”

https://www.whitehouse.gov/briefing-room/presidential-actions/2023/03/30/a-proclamation-on-transgender-day-of-visibility/

Tyler Durden
Thu, 03/30/2023 – 22:20

via ZeroHedge News https://ift.tt/IhBe4Oq Tyler Durden