Pepe Escobar

Uncle Marx never thought about this one: history repeating itself as double tragedy after already being a farce in the first place. Let's examine the case in hand. First of all, take a close look at this Wall Street Journal op-ed from September 2002, in the hysterical run-up towards the invasion of Iraq.

Title: The Case for Toppling Saddam. Author: Benjamin "Bibi" Netanyahu - then out of the Israeli government. It's all here:

[a] "dictator who is rapidly expanding his arsenal of biological and chemical weapons" and "who is feverishly trying to acquire nuclear weapons"; the Saddam equals Hitler parallel; the portrayal of (de facto nuclear power) Israel as helpless victims of Palestinian "terror"; the claim that Saddam could produce nuclear fuel "in centrifuges the size of washing machines that can be hidden throughout the country - and Iraq is a very big country"; the cheerleading of a unilateral pre-emptive strike; and the inevitable conclusion that "nothing less than dismantling his regime will do''.

Fast-forward over 10 years to this week in Israel. The scene: press conference of Israeli Prime Minister Bibi Netanyahu and visiting US President Barack Obama. Anyone watching it live on al-Jazeera, from the Middle East to East Asia, must have thought they were watching a geopolitical Back to the Future - and frankly, Michael J Fox at least oozed charm. No charm here; this was more like an eerie, suit-and-tie Return of the Living Dead. Bibi and Obama were at pains to stress the US-Israel bond was "eternal".

More »

Stephen Lendman

Protesters chant slogans outside the Cypriot parliament against a
plan to seize a part of depositors' bank savings, in central Nicosia.

Stephen Lendman: Grand Theft Cyprus (Part I)

Cypriot legislators rejected Plan A. At issue was taxing savings accounts over 100,000 euros 9.9% and small depositors 6.75%. Plan B followed.

On March 21, the Financial Times headlined "Cyprus targets big depositors in bank plan," saying:

On Friday, Cypriot legislators will "debate a 61-page bill on the banking system….(L)awmakers (say) they need more time…."

Seven other bills were tabled. One included banking activity restrictions. Issues regarding check cashing and other transactions were addressed.

The Wall Street Journal headlined "Clock Ticks on Cyprus," saying:

Legislators will consider a plan "to restrict noncash transactions, curtail check checking, limit withdrawals and even convert checking accounts into fixed-term deposits…."

Time is short. On March 21, the ECB said emergency liquidity (ELA) ends Monday. It'll do if agreement isn't reached on raising billions of euros internally.

More »

Ellen Brown

If these worries become really serious,...[s]mall savers will take their money out of banks and resort to household safes and a shotgun. ~ Martin Hutchinson on the attempted EU raid on deposits in Cyprus banks

The deposit confiscation scheme has long been in the making. US depositors could be next...

On Tuesday, March 19, the national legislature of Cyprus overwhelmingly rejected a proposed levy on bank deposits as a condition for a European bailout. Reuters called it “a stunning setback for the 17-nation currency bloc,” but it was a stunning victory for democracy. As Reuters quoted one 65-year-old pensioner, “The voice of the people was heard.”

The EU had warned that it would withhold €10 billion in bailout loans, and the European Central Bank (ECB) had threatened to end emergency lending assistance for distressed Cypriot banks, unless depositors – including small savers – shared the cost of the rescue. In the deal rejected by the legislature, a one-time levy on depositors would be required in return for a bailout of the banking system. Deposits below €100,000 would be subject to a 6.75% levy or “haircut”, while those over €100,000 would have been subject to a 9.99% “fine.”

The move was bold, but the battle isn’t over yet. The EU has now given Cyprus until Monday to raise the billions of euros it needs to clinch an international bailout or face the threatened collapse of its financial system and likely exit from the euro currency zone.

More »