Niall Green

Reports of scores of deaths in the Syrian village of Tremseh Thursday, in the course of violent clashes between government forces and opposition militia, have been seized upon by the United States and its allies to ramp up their campaign to overthrow the regime of President Bashar al-Assad.

Tremseh is located near the central Syrian city of Hama, an area that has been a focal point of fighting between the Free Syrian Army (FSA) and government forces for over a year.

In a press statement issued Friday, US Secretary of State Hillary Clinton asserted that the Syrian regime had carried out “yet another massacre,” claiming there was “indisputable evidence that the regime deliberately murdered innocent civilians.”

However, no sooner had the US-sanctioned account of events been released than it fell apart. Syrian opposition spokesmen had initially claimed that pro-Assad militiamen had entered the village and killed unarmed civilians. They then claimed that the Syrian army had carried out a rampage aimed at civilians. But it quickly became clear that almost all of the deaths were the result of fighting between government troops and foreign-armed anti-Assad militia.

Though there are still conflicting accounts of the events in Tremseh, it appears that “rebel” fighters attacked an army convoy passing through the village on Thursday. Government troops then launched a sustained counterattack, resulting in opposition forces being routed and suffering heavy casualties.

Major General Robert Mood, the Norwegian commander of the United Nations mission in Syria, told a press conference in Damascus that observers under his command had witnessed prolonged fighting in the area, including the use of army mechanized units and helicopters.

The UK-based pro-opposition Syrian Observatory for Human Rights reported that “several dozen rebel fighters were among those killed” in the battle in and around Tremseh. Reuters reported that the fighting was part of a campaign by the Syrian air force over recent days directed against opposition activities near Hama.

“At this stage, though we do not yet have the final count, the number of civilians killed by shelling is not more than seven,” said a spokesman from the pro-opposition Sham News Network. “The rest were members of the [US-backed] Free Syrian Army,” he added.

More »

Paul Craig Roberts

According to news reports, UK banks fixed the London interbank borrowing rate (Libor) with the complicity of the Bank of England (UK central bank) at a low rate in order to obtain a cheap borrowing cost. The way this scandal is playing out is that the banks benefitted from borrowing at these low rates. Whereas this is true, it also strikes us as simplistic and as a diversion from the deeper, darker scandal.

Banks are not the only beneficiaries of lower Libor rates. Debtors (and investors) whose floating or variable rate loans are pegged in some way to Libor also benefit. One could argue that by fixing the rate low, the banks were cheating themselves out of interest income, because the effect of the low Libor rate is to lower the interest rate on customer loans, such as variable rate mortgages that banks possess in their portfolios. But the banks did not fix the Libor rate with their customers in mind. Instead, the fixed Libor rate enabled them to improve their balance sheets, as well as help to perpetuate the regime of low interest rates. The last thing the banks want is a rise in interest rates that would drive down the values of their holdings and reveal large losses masked by rigged interest rates.

Indicative of greater deceit and a larger scandal than simply borrowing from one another at lower rates, banks gained far more from the rise in the prices, or higher evaluations of floating rate financial instruments (such as CDOs), that resulted from lower Libor rates. As prices of debt instruments all tend to move in the same direction, and in the opposite direction from interest rates (low interest rates mean high bond prices, and vice versa), the effect of lower Libor rates is to prop up the prices of bonds, asset-backed financial instruments, and other “securities.” The end result is that the banks’ balance sheets look healthier than they really are.

On the losing side of the scandal are purchasers of interest rate swaps, savers who receive less interest on their accounts, and ultimately all bond holders when the bond bubble pops and prices collapse.

More »

Gilad Atzmon

A Book Review

William A. Cook’s ‘Decade of Deceit’ is a collection of spectacular articles written by a man who has gradually awakened to the disastrous meaning of the Zionification of our universe. Being an authentic and unique poetic voice, Cook manages, layer by layer, of to unravel the hypocrisy that has contaminated every aspect of our life – morally, culturally, spiritually and politically.

But Cook is not only a superb poet, he is also an English Professor and it is this synthesis between the aesthetic and the academic that makes this book such a staggering and fascinating spiritual text. It is this unique shift between scientific precision and creative beauty that makes ‘Decade of Deceit’ a must-read.

Collections of articles can be tedious, but sometimes they can also provide us with a glimpse into the workings of a sharp and astute prophetic mind. ‘Decade of Deceit’ introduces us to an ethical thinker and the ways in which he has formed his thoughts about Israel, Palestine, the USA, contemporary politics, and ourselves – the witnesses of our own emerging tragedy.

Cook is a natural wordsmith with the rare capacity to deliver, by way of beauty, a very poignant message. This American English scholar clearly knows how to turn his pen into a sword, yet he aims only at peace, harmony and reconciliation. In December 2002 he writes to Osama Bin Laden “vengeance is a disease that multiplies, divides, and becomes the scourge of humankind; it is anathema to creation because it destroys what exists.” But then, just a few pages later, as hell is about to break loose, we are captivated by Cook’s search for harmony. In March 2003 as America went to war he wrote “I went to the lake to find peace, this being the week the president gave one of his rare prime time press conferences, the only opportunity we, the public, get to see him perform. It’s also the week America goes to war.”

It takes courage to look evil in the eye but it takes even more courage to pose the following questions in free America. “What fuels slavery, ethnic cleansing, land theft, and genocide? What enables a mind to justify imprisoning another without cause, without trial, without rights of due process and assumption of innocence until proven guilty? What enables a soul to accept dominance over another, to degrade and humiliate other humans, to participate in or acquiesce to genocide?” And Cook doesn’t shy away from answering his question: “Genocides and holocausts arise out of unchecked zeal, unquestioned duty, and silent acquiescence. They are fueled by blind belief, personal fear, and a sense of superiority that gives license to slaughter.” This is clearly an astute reading of both Israeli and American exceptionalism – the combination of fear, superiority and dogmatism are indeed lethal.

More »