#foreign exchange revenues

[sayruq]

The Malawi government has finally spoken out on the arrest of Malawian farm workers in Israel, clarifying that 12 out of 40 individuals detained are from the country. According to Minister of Information Moses Kunkuyu, the 40 individuals, representing 13 nationalities, were arrested for leaving their designated work stations and seeking employment in town without proper authorization. Kunkuyu revealed that the group, including the 12 Malawians, had abandoned their farm work to seek jobs at a bakery in Bnei Brak, violating Israel’s labor laws and regulations.

Malawi and Israel signed a labor export deal in 2022, allowing Malawi to send unskilled laborers to Israel to work in various sectors, including agriculture and construction. The deal aimed to generate more foreign exchange revenue for Malawi and provide employment opportunities for its citizens. Under the deal, Malawian workers are expected to work in Israel for a maximum of 5 years, with a minimum salary of $1,500 per month. The deal also includes provisions for workers’ safety, health insurance, and protection from exploitation. However, the deal has faced criticism and controversy, with some opposition politicians and human rights organizations expressing concerns about the secrecy surrounding the deal and the potential risks to workers’ safety.

The arrest of the Malawian workers has raised concerns about the treatment of foreign workers in Israel and the effectiveness of the labor deal in protecting their rights. Human rights organizations have called on the Malawian government to take action to ensure the safe return of the detained workers and to review the labor deal to prevent similar incidents in the future. The incident has also sparked debate about the benefits and risks of labor export deals and the need for greater transparency and accountability in such agreements.

The mistreatment of foreign workers in Israel is well documented and would explain why the 45 workers escaped the farm to look for work elsewhere

[anonomouswriter-blr]

Oikawa x Reader: School Festival [a haikyuu one-shot]

Ok y'all, so my friends and I had an all-nighter where we write one-shots. The twist is, we each wrote down on different sticky notes a character, a plotline, and I think the third is a location. We did this a year ago and I forgot all about this, but I recently found it so I'm posting it here lol

I hope you enjoy.

1145 words

Story under the cut.

Being a foreign exchange student, experiencing life in Japan was a bit of a culture shock: different introductions, different eating customs, different school traditions. One school tradition you noted was that Japan had school festival days. For the past week, your class had been working on an idea and building the vision. Today was the final day where the booths would actually be open to people and you were kind of nervous. Why? Who knows. Maybe it was more excitement than nervousness.

Your class finished assembling the booth reasonably quickly, so you figured you’d find your friend Oikawa to see if his booth needed any help. It wasn’t long before you found his booth and he was waving you down. Oikawa was one of the first people to introduce himself to you. Of course, you now realize he was just trying to scope out the new girl considering his… following, but it ended up being a good friendship; mainly consisting of you helping Iwaizumi call him names and him being a weird flirt even though he’s pretty much a dork.

“Hi, Y/n! Couldn’t stay away for long, eh?” he asked, waving.

“No, actually I’m looking for your pretty friend. Hey, Iwa!” you responded jokingly, to which Oikawa feigned a sad pout. “How’s the booth coming along?”

“We're almost done. Just need to put up the last few banners,” Iwaizumi said.

“You may want to be careful, Y/n. As soon as we open, girls will swarm the area. You might get trampled and die,”

“Yeah, I’m sure,” you said, rolling your eyes. “What are you guys doing anyway?”

“Kissing booth,” Iwaizumi said boredly as the title banner was hung up. You turned your head to Oikawa,

“What?”

“It’s the perfect concept! There's no girl in the world that wouldn’t want to kiss me! Just think of the revenue,”

“I wouldn’t count on it if it’s gonna be you, Oikawa. How is this even allowed in a school setting?”

“It’s just on the cheek. He does have a big following of girls at this school. It’s not like we can use his brain to help our booth,”

“I guess that makes sense,”

“How mean! Everyone undermines my intelligence,”

“Oh yeah, how did your game go Saturday?”

“It was fine. We won, of course, but it just felt too easy. I need a challenge in my life. You should come to my next game! You can wear one of my jerseys,”

“Hmm, tempting, but I’ll pass. Volleyball isn’t really my thing. Well, if you’re pretty much done, I’m gonna head around to look at the other booths. See ya around!”

“Bye, Y/n~!”

*

Everything looked amazing and you were having a good amount of fun before someone grabbed your shoulders from behind, making you jump. “Ya ho~!”

“Gah! Oikawa you scared me! Why would you do that?” you exclaimed and punched him in the arm.

“Ow! I can take the abuse from Iwa, but from you, it’s just too much,”

“Sorry. I saw opportunity and couldn’t resist,”

“The abuse I endure for you. Do you wanna go do something together?”

“What about your booth?”

“I’m all kissed out and on break. Girls wear a lot of lip product,” he said while rubbing some gloss and balm off his cheek. “But anyways, let’s go get some food or something. I’m so hungry,”

“I saw a teriyaki booth somewhere. Wanna get some of that? You’re paying,”

“Don’t I always?” The two of you walked the booths, trying different foods and desserts. The games were pretty fun too! It was nice playing games that weren’t rigged. You were clowning on Oikawa a bit at how much he sucked at some of the games compared to you, though you're sure he’d thrown some of your matches together. As your escapade continued, you noticed some girls you passed had their hands pressed to their cheeks while pointing and gazing at Oikawa, undoubtedly gushing over how they kissed each other on the cheek.

“I don’t understand how you can manage all the female attention. I’d get too tired of having to interact that much,”

“It does get bothersome sometimes. I used to love it, but now I think I’d prefer to have only one girl's attention, you know?”

“Ah, the development of a teenage male. From boyhood to maturity. All ready to settle down,” suddenly you gasped dramatically, almost making Oikawa drop the snacks he had bought. “A Ferris wheel! How did they get a Ferris wheel here!?”

“Y/n, I don’t think I’d trust that. It looks a little old,”

“Old shmold! Let’s go on!” Without a moment to protest you were dragging Oikawa by the hand to the big ride. “Woah! I can see the field yard from here!”

“Y/n! Please don’t lean out the side like that. You’re gonna fall!”

“Oh, you mean like this?” you asked and leaned out,”

“Y/n!” he said, reaching for you.

“What? Are you scared” you asked, and started rocking the box. He grabbed you and forced you to sit still beside him, like a mother to her rambunctious child.

“You’ve lost your fun privileges. Sit still until the ride is over,” you couldn’t help but laugh at him. You wondered if rides were a fear of his or if it was just Ferris wheels. Either way, it was fun to be out like this. You guys only ever really interacted at school during classes or studying. “Hey, Y/n. I think you should rethink going to my next game. I think I’d play better if you were there,”

“Why would you need to play better? You already win don’t you?” by this time the wheel had stopped and it was time to get off. You left the ride with a ‘thank you’ to the person running it and continued on.

“It’s less about the winning and more about… Y/n, would you just listen for a sec?” he grabbed your hand and pulled you back nearer to him. You blinked twice, looking down at where his hand didn’t leave yours.

“Kawa?” he started running his thumb over your knuckles nervously, his eyebrows knitting together in conflict.

“I want to see you at my games. I don’t care if I win, I just want to see you wearing my jersey number at my games,”

“What do you…” this wasn’t… was it?

“Earlier, I was wondering if you were gonna show up to the kissing booth at some point today. But now I’m realizing I’m glad you didn’t.”

“Wh-why?”

“Because now it feels more genuine,” he looked up at you, into your eyes, it felt invasive, uncomfortable, but not altogether unwelcomed. “Y/n. Can I kiss you?”

“I…” but the decision was clear to you then. “Yes.”

Sure enough, you were at his next game, the number one displayed proudly on your back.

[allthebrazilianpolitics]

Brazil Parliamentary Inquiry meeting: Taxing foreign gambling operators could be a challenge

Robin Barreirinhas, special secretary of the Federal Revenue Service (RFB) in Brazil, warns it could be difficult to collect taxes on betting companies active in Brazil but based abroad.

Barreirinhas made the comments in a Wednesday (4 September) meeting of the parliamentary inquiry commission (CPI) on match-fixing in Brazil, after senator Carlos Portinho requested his presence.

He highlighted the challenging nature of cross-border provisions of services and taxation rules in different countries.

“The entire world is debating how to deal, in the virtual environment, with an increasingly intense provision of services and exchange of goods,” Barreirinhas said.

Foreign operators are allowed to enter the licensed brazil betting market, which will launch on 1 January 2025. The first wave of applications (114 in total) included at least 40 submissions from foreign operators, a survey carried out by Rio de Janeiro-based law firm Veirano Advogados claims.

Continue reading.

[unpluggedfinancial]

The Historical Downfall of Fiat Currencies and How Bitcoin Provides the Answer

Fiat currencies have dominated the global economy for over a century. However, history repeatedly shows us that fiat money, detached from any tangible asset like gold, carries inherent flaws that have led to catastrophic failures time and again. Today, as governments around the world continue to print money without restraint, we must revisit the lessons of the past and consider how Bitcoin provides a solution to these long-standing issues.

The Origins of Fiat Currency: A Fragile System

Fiat currency emerged as a convenient alternative to gold-backed money, allowing governments more flexibility in managing their economies. The United States officially abandoned the gold standard in 1971, signaling the beginning of modern fiat currency as we know it. Without a hard asset like gold backing the currency, governments gained the ability to print money at will, but this power has proven to be a double-edged sword.

While fiat currencies offered short-term economic relief in times of crisis, they also paved the way for rampant inflation, social unrest, and economic collapse when mismanaged. History is littered with examples of fiat currency failures that devastated entire nations.

Historical Case Studies of Hyperinflation

1. Weimar Germany (1921–1923)

After World War I, Germany was left crippled by war reparations and a broken economy. To meet these financial obligations, the government printed money, causing the value of the German mark to plummet. By 1923, hyperinflation had reached unimaginable levels—prices doubled every few days, and basic goods like bread cost billions of marks. People resorted to wheelbarrows full of money just to buy essentials.

The result? The collapse of the German economy and a loss of faith in the government, which set the stage for extreme political movements and social unrest. This case is a stark reminder of how unchecked money printing can destroy a nation's currency and lead to dire social consequences.

2. Zimbabwe (2000s)

Zimbabwe, once a prosperous agricultural nation, experienced one of the worst hyperinflations in history. In the early 2000s, government seizure of white-owned farms destroyed agricultural productivity, and the government resorted to printing money to cover its deficits. The results were catastrophic: by 2008, inflation reached an absurd 89.7 sextillion percent. The Zimbabwean dollar became worthless, and the country was forced to abandon it in favor of the U.S. dollar.

This case shows how reckless monetary policy and the overreliance on fiat currency printing can decimate an economy, forcing citizens into poverty and destabilizing the country.

3. Venezuela (2010s)

Venezuela is a modern-day example of fiat currency collapse. Mismanagement of oil revenues and poor economic policies led the government to print vast amounts of bolivars to cover its growing debt. The result? Hyperinflation of over 1,000,000% in 2018. Citizens saw their life savings evaporate as the currency became worthless. Many turned to Bitcoin and other cryptocurrencies as a store of value, using them to escape the destructive cycle of inflation.

Venezuela illustrates how a modern, seemingly wealthy nation can quickly spiral into chaos through reckless monetary policy, and how Bitcoin can provide a lifeline for those suffering the consequences.

Failed Solutions to Fiat Currency Problems

Over the years, several attempts have been made to address the issues inherent in fiat currencies, but they often fall short.

Currency Boards

A currency board is a monetary authority that pegs a country's currency to a stable foreign currency, like the U.S. dollar. Argentina implemented a currency board in the 1990s to curb inflation, tying its peso to the U.S. dollar. While this initially stabilized the economy, it collapsed in 2001 when Argentina couldn't maintain the peg due to fiscal mismanagement and massive debt. The fixed exchange rate removed the country's flexibility to deal with economic shocks, leading to a severe economic crisis.

Dollarization

Countries like Ecuador and El Salvador have adopted the U.S. dollar as their national currency to stabilize their economies. While dollarization may offer short-term stability, it deprives these nations of control over their monetary policy, making them vulnerable to external factors and reliant on the U.S. Federal Reserve's decisions. However, El Salvador took a groundbreaking step by becoming the first country to make Bitcoin legal tender, providing an alternative to traditional dollarization. While this move aims to restore some financial sovereignty, dollarization still leaves countries ill-equipped to fully respond to local economic challenges, making it more of a temporary patch than a lasting solution.

Why These Solutions Fail

These attempts—whether currency boards or dollarization—are temporary fixes that fail to address the core issues: reckless fiscal policies, corruption, and the absence of long-term stability. They simply shift control from one system to another without providing a sustainable solution.

The Social and Political Fallout of Fiat Currency Failures

The collapse of a fiat currency isn't just an economic disaster—it’s a social and political one as well.

Social Unrest

When a currency collapses, it erodes the very foundation of a society. People lose faith not only in their currency but also in their government. This often leads to widespread protests, social unrest, and, in extreme cases, revolution. Weimar Germany’s collapse laid the groundwork for the rise of Adolf Hitler and the Nazi Party, as people desperately sought stability in any form.

In Venezuela, hyperinflation forced millions to flee the country, resulting in one of the largest refugee crises in modern history. The social consequences of fiat currency collapse are profound and often irreversible.

Erosion of Trust

When governments abuse their ability to print money, it shatters the trust that citizens have in their leaders. Fiat currency failure exposes the fragility of a political system that relies on economic stability to maintain control. This erosion of trust can lead to authoritarianism, as citizens look for strong leaders to restore order—often at the cost of democratic values.

Inequality

Fiat currency failures disproportionately harm the poor and middle class, who often lack access to hard assets like gold or real estate to protect their wealth. As the currency devalues, their savings and purchasing power evaporate, while the wealthy, who have the means to move assets abroad or into stable currencies, are better insulated from the impact.

How Bitcoin Addresses These Core Issues

Bitcoin offers a solution that directly tackles the problems inherent in fiat currency systems. Here’s how:

Fixed Supply

Bitcoin’s fixed supply of 21 million coins ensures that no government or central authority can inflate the currency. Unlike fiat currencies, Bitcoin cannot be devalued by reckless monetary policy, making it a powerful hedge against inflation.

Decentralization

Bitcoin operates on a decentralized network, meaning no single government or entity controls it. This prevents the kind of centralized mismanagement that leads to hyperinflation and currency collapse. It’s a system that thrives on transparency and trust in code rather than in corruptible human institutions.

Global Accessibility

Bitcoin provides financial access to anyone with an internet connection, offering a lifeline to those living in countries with unstable fiat currencies. In places like Venezuela, citizens have already turned to Bitcoin to preserve their wealth and protect themselves from the destructive forces of hyperinflation.

Trustless System

Bitcoin’s blockchain technology allows for transparent and secure transactions without relying on third parties, such as banks or governments. This trustless system empowers individuals to take control of their financial futures, restoring autonomy and security in an increasingly unstable world.

Conclusion: A Solution for the Future

The failures of fiat currency are well-documented and consistent throughout history. Whether it's Weimar Germany, Zimbabwe, or Venezuela, the result is always the same: social and economic collapse. But we now have a solution in Bitcoin—a decentralized, finite, and global currency that offers a hedge against the systemic flaws of fiat money.

As we face an era of unprecedented money printing and growing economic uncertainty, the lessons of history are more relevant than ever. Bitcoin represents a new paradigm for financial stability, one that addresses the failures of fiat and offers a hopeful future for individuals seeking financial sovereignty.

Take Action Towards Financial Independence

If this article has sparked your interest in the transformative potential of Bitcoin, there's so much more to explore! Dive deeper into the world of financial independence and revolutionize your understanding of money by following my blog and subscribing to my YouTube channel.

🌐 Blog: Unplugged Financial Blog Stay updated with insightful articles, detailed analyses, and practical advice on navigating the evolving financial landscape. Learn about the history of money, the flaws in our current financial systems, and how Bitcoin can offer a path to a more secure and independent financial future.

📺 YouTube Channel: Unplugged Financial Subscribe to our YouTube channel for engaging video content that breaks down complex financial topics into easy-to-understand segments. From in-depth discussions on monetary policies to the latest trends in cryptocurrency, our videos will equip you with the knowledge you need to make informed financial decisions.

👍 Like, subscribe, and hit the notification bell to stay updated with our latest content. Whether you're a seasoned investor, a curious newcomer, or someone concerned about the future of your financial health, our community is here to support you on your journey to financial independence.

Support the Cause

If you enjoyed what you read and believe in the mission of spreading awareness about Bitcoin, I would greatly appreciate your support. Every little bit helps keep the content going and allows me to continue educating others about the future of finance.

Donate Bitcoin: bc1qpn98s4gtlvy686jne0sr8ccvfaxz646kk2tl8lu38zz4dvyyvflqgddylk

[elsa16744]

What is Private Banking? – Definition and How It Works 

Some people amass significant wealth through business ventures or inherited multi-generational assets. The criteria to categorize them as “high-net-worth individuals” might vary across geographies. However, they require unique financial services like private banking and investment research outsourcing. This post will describe how private banking firms work. 

What is Private Banking? 

Private banking offers numerous wealth management, accounting, risk assessment, financial modeling, and property valuation services customized for high-net-worth individuals (HNWIs). Different firms and banks enable their HNWI clients to create investment strategies using private banking services. 

Relationship managers and private bankers serve clients exclusively, supervising all financial aspects concerning the client’s real estate investments, gold possessions, and investor portfolio. They also monitor how different public policies and market trends affect the risks associated with an HNWI’s wealth. 

Moreover, retirement planning is essential to private banking services because of the distinct lifestyle followed by high-net-worth individuals. Professional firms and private banks also plan the transfer of wealth involving family members, donations, and inheritance. 

How Does Private Banking Work? 

Private bankers and consulting relationship managers are responsible for strategically allocating the capital resources made available by HNWI clients. They can benefit from investment research outsourcing to streamline their portfolio management strategies. 

Each private banking client has 1 million USD as investable assets. Therefore, managing all the financial operations via systematic investment decisions and advanced accounting tools are some essential duties of private banking professionals. 

Their revenue depends on the performance of assets, agreed-upon commission rates, and offered services. When clients have more than 10 million USD, they are Ultra-HNWI. So, more precise risk management and investment research reporting become critical to the financial service providers at a private bank. 

Benefits of Private Banking 

1| Confidential Transactions 

Private banks prioritize protecting the privacy of clients, managers, dealers, and marketing personnel. They allow HNWI to conduct secure transactions involving large sums of money using proprietary mechanisms. 

Remember how celebrities, international sports athletes, and some industrialists prefer personalized treatment while building networks to enhance their social and financial status. They do not want public attention or the retail banking environment to manage their assets. Therefore, privacy is important to them. 

2| Minimized Human Risks and Convenient Access 

HNWI and Ultra-HNWI interact with the relationship manager or private banker who manages all other investment research outsourcing activities and banking interactions. So, wealthy individuals reduce the human risk of intelligence leakage or fraud by letting a single person control their assets on their behalf. 

If an HNWI interacts with multiple people, everyone in the communication chain will know about the HNWI and share this information with third parties. The benefits of private banking services include mitigating such dangers. 

3| Personalized Investment Opportunities 

Private banks offer discounts and other pricing optimizations to ensure that high-net-worth clients stay with them instead of switching to another service provider. For example, private bankers might provide you with more generous interest rates to facilitate a beneficial mortgage. 

Besides, clients engaged in international business are better positioned to acquire advantageous foreign exchange rates. Specialized lines of credit (LOC) can become available to the HNWI using private banks for wealth expansion. 

Conclusion 

Individuals who own investable assets that surpass 1 million USD in valuation reports demand tailored financial products and services. Simultaneously, investment research outsourcing teams assist their relationship managers and private bankers in strategizing portfolio development. 

The service fees charged by private banks vary across wealth reporting, risk management, legal compliance audits, real estate services, and inheritance. However, HNWIs and UHNWIs pay the fees to enjoy the increased privacy and convenience of large transactions. 

A leader in private banking services, SG Analytics supports worldwide private banks in devising research-backed investment ideas and strategies to maximize returns. Contact us today to get extensive insights into coverage expansion and the screening process. 

[theculturedmarxist]

I can't reblog it for some reason, but regarding a thread about how awful Mao is and how his policies killed a hundred billion people, I think this is significant.

---

DETROIT — Another country that once had an addiction problem—one that lasted for almost 200 years and involved an incredible 25 per cent of its population—is China.

Today China is virtually drug‐free— and the methods the Chinese used to eradicate their addiction problem might well offer methods we could use to achieve the same results.

China was forced into addiction by the Opium Wars. Contrary to popular belief, these wars—from 1839 to 1842 —did not originate because China wanted to export opium. They began when China resisted England's demand to import opium in exchange for Chi nese products—mostly tea, silk, and porcelain. China lost these wars, and among other indignities was forced to exchange its goods for opium. As a result it became a highly narcoticized country, a victim of ruthless Western economic and political policy. By 1850 an entire fifth of the revenue of the British Government of India — the source of opium — came from Chinese consumption of this drug.

Obviously to enlarge the market for opium, China was forced to create a huge number of addicts. And it did.

In October of 1949 the People's Re public of China was proclaimed. With in a year the Communist Government instituted a comprehensive program designed to eliminate this threat to the nation. All evidence indicates that by 1953 the problem of narcotic drug abuse was practically eliminated.

One important factor was the changed ideology of the young people —no new supply of addicts was forth coming. The changes in outlook in cluded a redefinition of the nation and its youth, of their worth and role. In rural areas this new definition was based on land distribution; collective farming; new educational, social, and vocational opportunities; and the elec tion of local councils. In the cities it took the form of nationalization of commerce and industry, full employ ment, worker control, and the end of foreign domination.

This total ideological transformation of the younger generation was accom panied by the reintegration of Chinese society through small street commit tees that offered cultural leadership.

Equally significant in the Chinese drive to eliminate narcotic addiction were its methods of plugging the source, China is 80 per cent rural, and an unknown but significant part of the land had been turned into poppy cul tivation. The first major economic and political mass campaign of the Gov ernment was land reform, and this aim was coordinated with elimination of poppy growth. Distribution of land from large landholders to landless peasants was accompanied by the need to convert the opium cash crops to badly needed food crops. Today China produces enough opium to meet its medical needs, but no more.

Smuggled opium was still a source of the drug, and China acted to stop this supply with a policy of “carrot and stick.” Leniency was recom mended for employes and workers of opium traffickers; but heavy penalties existed for those controlling the traf fic, manufacture, or growth of opium.

China's attitude toward the individ ual reformed addict was one of good willed congratulations, and represents another important reason why the nar cotic problem was overcome. The re habilitation of opium addicts began with their registration. Arrangements by city‐wide antiopium committees for addict rehabilitation included treat ment to break the habit at home, in clinics and in hospitals.

At every stage of personal rehabili tation the ideological motivation was stressed. Given China's attitudes, this ideology was strong on political, so cial, and economic information. But the important thing is that the anti drug campaign recognized that the de sire and will of the addict is ultimately the controlling factor of addiction. China's policy was not simply to de prive a person of drugs, but to replace the need for narcotics with a forceful, national commitment. Equally signifi cant, the former addict was fully ac cepted back into Chinese life without official stigma or prejudice.

Naturally, many questions have to be answered about the total success of the Chinese experience. Is there an addict population living in labor camps or prisons because of failure to re habilitate? Do the rehabilitated addicts all function as useful members of Chi nese society? To what extent would addiction be a problem in China if its internal and border controls were less stringent? Does traditional Chinese medicine offer useful ideas about ad diction treatment?

---

Wikipedia puts the census count in 1950 at 546,815,000, and a quarter of that is 136,703,750. So about that many people saved from opium addiction by the Communists.

I wonder if that's the reason the West wants to focus so much on the famine.

[mariacallous]

Foreign Policy World Brief: Russia’s imploding ruble

Russia’s Central Bank announced on Monday that it will convene an emergency meeting on Tuesday after the ruble fell to a 16-month low against the U.S. dollar—indicating that Western sanctions and international isolation over Russia’s war in Ukraine are taking a bite out of the country’s economy. According to new central bank data, the ruble is trading at a rate just above 101 to the U.S. dollar—a value loss of around 30 percent since the year began.

This marks the Kremlin’s weakest currency level since Russia invaded Ukraine more than 18 months ago. Now, only a handful of fiscally stricken nations—such as Turkey, Nigeria, and Argentina—are having a worse monetary year. “The whole world is laughing at us now,” said Vladimir Solovyov, a Russian TV presenter considered Moscow’s top media propagandist.

Russian President Vladimir Putin’s economic advisor, Maxim Oreshkin, wrote a column for a state media outlet blaming “loose monetary policy” for the weak currency and worsening inflation. The nation’s central bank furthered his argument, citing Russia’s shrinking trade balance; the country’s account surplus fell 85 percent year on year in the last seven months, shrinking to just $25.2 billion.

Much of that is due to Western sanctions, which have restricted trade revenue, increased costs of imports, and made migrant labor less attractive in Russia during a time when Moscow is battling its worst labor shortage in decades. Still, Russia’s GDP exceeded expectations by growing 4.9 percent in its second quarter, mostly due to consistent oil revenue deals and intense government spending on war production efforts.

To stop inflation from rising further, Russia’s Central Bank raised interest rates last month. And on Thursday, it halted foreign-currency purchases for the rest of the year. But economists maintain that inflation will reach as high as 6.5 percent by the end of 2023.

If the Kremlin does not shore up its currency soon and decrease inflation fears, the nation’s economic crisis could spill into the streets. “It is important for the Central Bank of Russia to understand that until now, unfortunately, the dollar exchange rate is not only an economic indicator, the exchange rate has a significant impact on the social rights of our citizens,” wrote Russian Sen. Andrey Klishas on Telegram.

[dreaminginthedeepsouth]

LETTERS FROM AN AMERICAN

August 17, 2023 (Thursday)

HEATHER COX RICHARDSON

Philip Stephens of Financial Times today pointed out how much global politics has changed since 2016. That was the year of Brexit and Trump, when those calling for national sovereignty and iron-bound borders seemed to have the upper hand, and it seemed we were entering a new era in which nations would hunker down and international cooperation was a thing of the past.

But now, just seven years later, international cooperation is evident everywhere. Stephens pointed out that a series of crises have shown that nations cannot work alone. Migrants fleeing the war in Syria in 2015 made it clear that countries must cooperate to manage national borders. Then Covid showed that we must manage health across political boundaries, and then Russia’s invasion of Ukraine proved that European nations—and other countries on other continents—must stand together militarily in their common defense. 

That embrace of cooperation is in no small part thanks to President Joe Biden and Secretary of State Antony Blinken, who have focused on bringing together international coalitions.

The new global stance is on display in the U.S. right now as President Biden hosts the first-ever trilateral summit with Prime Minister Fumio Kishida of Japan and President Yoon Suk Yeol of South Korea. This is not an easy meeting—Japan and South Korea have a long history of conflict—but they are working to mend fences* to stand firm against North Korea, including its missile tests, and to present a united front in the face of Chinese power. 

Secretary Blinken noted for reporters on Tuesday that the world is currently being tested by geopolitical competition, climate change, Russia’s war of aggression against Ukraine, and nuclear aggressions. “Our heightened engagement is part of our broader efforts to revitalize, to strengthen, to knit together our alliances and partnerships—and in this case, to help realize a shared vision of an Indo-Pacific that is free and open, prosperous, secure, resilient, and connected,” he said. “And what we mean by that is a region where countries are free to chart their own path and to find their own partners, where problems are dealt with openly, where rules are reached transparently and applied fairly, and where goods, ideas, and people can flow lawfully and freely.”

Cooperation between Japan and South Korea “helps us promote peace and stability and furthers our commitment to the complete denuclearization of the Korean Peninsula. It advances our shared values and helps uphold principles of the UN Charter like sovereignty, independence, territorial integrity. It allows us to even more expand opportunity and prosperity.”

Blinken addressed Ukraine’s resistance to the Russian invasion, backed by an international coalition, and reiterated that Ukrainians are upholding “the basic principles—sovereignty, territorial integrity, independence—that are vital to maintaining international peace and security.”

In squeezing Russia, international cooperation has again been vital. The Swiss corporation Société Internationale de Télécommunications Aéronautiqes (SITA), which is responsible for booking, flight messaging, baggage tracking, and other airline applications, announced in May that it will leave Russia this autumn. Russian carriers are scrambling. 

Blinken also confirmed that the Biden administration last week achieved a deal with Iran over U.S. prisoners. Iran moved four dual citizens from the infamous Evin Prison to house arrest, and the U.S. is working to get them, along with one more who was already under house arrest, home. In exchange, the U.S. will release several Iranian prisoners along with $6 billion of Iranian oil revenue currently held in South Korea.

Several Republicans have opposed that deal. The senior Republican on the Senate Foreign Relations Committee, James E. Risch of Idaho, said that the “unfreezing” of funds “incentivizes hostage taking & provides a windfall for regime aggression,” and Senator Tom Cotton (R-AR) called the money “ransom” and said it was a “craven act of appeasement.” 

But in an op-ed on the national security website Defense One, Ryan Costello, the policy director for the National Iranian American Council, called the deal a win-win. The Iranian money will be released to Qatar, which will release it for purchases of food and medicine, which are not sanctioned. Medicine is desperately needed in Iran, and as Biden said in 2020: “Whatever our profound differences with the Iranian government, we should support the Iranian people.”

In his remarks to reporters on Tuesday, Blinken defended the administration's withdrawal from Afghanistan almost exactly two years ago, saying the decision to withdraw was “incredibly difficult” but correct. “We ended America’s longest war,” he said. “For the first time in 20 years, we don’t have another generation of young Americans going to fight and die in Afghanistan. And in turn, that has enabled us to even more effectively meet the many challenges of our time, from great power competition to the many transnational issues that we’re dealing with that are affecting the lives of our people and people around the world.”

He noted that the U.S. continues to be the leading donor of humanitarian assistance to Afghanistan, contributing about $1.9 billion since 2021, and that the U.S. continues to work to hold the Taliban accountable for the rights of women and girls. 

In Niger, a key U.S. ally in Africa against terrorism, military forces took power from the democratically elected president on July 26, and now the Economic Community of West African States (ECOWAS), a regional union of fifteen countries, has said it will intervene militarily if diplomatic efforts to restore President Mohamed Bazoum to power fail. Army chiefs met today in Ghana to discuss creating a standby force. Nigeria’s chief of defense staff, General Christopher Gwabin Musa, told the meeting: “The focus of our gathering is not simply to react to events, but to proactively chart a course that results in peace and promote[s] stability." 

Blinken said Tuesday that the U.S. strongly supports the efforts of ECOWAS to restore Niger’s constitutional order, but the African Union apparently opposes intervention out of concern that such intervention might trigger a civil war.

Meanwhile, in Sudan, where the Biden administration hoped working with two rival generals would pressure them to restore civilian democracy, the country has been torn apart as those two generals now vie for power. Days ago, the U.S. government warned of corruption and human rights violations in South Sudan, with one of the rival military forces, the Rapid Support Forces, apparently engaging in widespread targeted killing and sexual violence in the western Sudan region of Darfur.

Yesterday, the State Department called for the two factions to stop fighting. “Every day this senseless conflict continues, more innocent civilians are killed, wounded, and left without homes, food, or livelihoods. The parties must end the bloodshed. There is no acceptable military solution to this conflict,” it said. 

—

*The expression “mending fences” appears to come from U.S. Senator John Sherman (R-OH), who in 1879 told reporters he had to go home to take care of his farm (including mending his fences) when everyone had a pretty shrewd idea he was trying to repair political relationships to shore up support, hoping for a presidential nomination. (It didn’t work: his chief manager was Representative James A. Garfield (R-OH), who ended up getting the nomination himself.)

LETTERS FROM AN AMERICAN

HEATHER COX RICHARDSON

[loominggaia]

What is the economic model and bases of each great kingdom? Where do they fall on the free market to planned/command economy scale? What are each of their chief exports and imports?

I'll be honest, I don't know enough about economics to get too deep into this stuff. But I can tell you a little about each kingdom's biggest industries.

Folkvar: Exports lumber, ships, and fish. Folkvar's shipmaking industry is second to none; they build solid water crafts and sell them to buyers all over the globe. Most of the world's everfloe crystals come from Folkvar, which are essential for refrigeration and air conditioning.

Matuzu: Exports a little of everything because Matuzu owns a huge, megadiverse chunk of land with lots of resources. Most of the world's spices come from Matuzu. Its most famous exports are palm wine, culture, and schooling. The World Athenaeum generates a lot of money for the kingdom.

Lamai: Exports lumber, sugar, and pharmaceuticals (and lots of illegal drugs too...) Lamai is quite independent resource-wise and doesn't need to import much. It has abundant jungles above its vast underground labyrinths. These labyrinths are where most of its people live and they are expanding all the time. The excess dirt and rocks have to go somewhere, so its biggest exports are actually soil and minerals.

Yerim-Mor: Known for exporting a lot of dreamleaf, coconuts, and dates, all of which grow well in its territories. It also one of the last places on Gaia that still exports crude oil, which it sells to Zareen and Damijana. But its economy relies on its dirty factories the most, which produce goods for kingdoms bound by the Nymph Pact. Nymph Pact kingdoms outsource production to Yerim-Mor to keep their own native nymphs from revolting. Yerim-Mor suffers nymph revolts, but the Divine of Hate helps protect the kingdom from these nymphs in exchange for blood sacrifices. It's complicated. This kingdom is a mess...

Zareen: Exports factory goods similar to Yerim-Mor, but is also the world's top exporter of entertainment media (books, music, films, etc.) This is the only place where advanced technology like bucketheels and motor vehicles are manufactured, which they used to sell to the Burmek Commonwealth. Since Burmek collapsed, they can only sell their great technologies domestically. Zareen is unable to produce its own food, so they rely almost completely on food imports to feed their populace--mainly from Evangeline. Zareen once had a robust petrol industry but today it is dwindling as their oil wells run dry. Their media/entertainment industry has replaced oil as their main source of income.

Evangeline: Its main export is food, but slaves/trafficking victims make a big chunk of dark revenue thanks to Kelvingyard's illegal foreign dealings. Evangeline exports its meat and produce all over the world. It's only able to do this because of its slave labor, which keeps food costs low for foreign buyers. Also exports a lot of fertilizer and leather thanks to its huge livestock populations.

Mogdir: This kingdom has many prestigious arcane schools that make a lot of revenue. Its main exports are magical goods and services, such as potions, enchanted objects, and magical procedures. It also exports unique foods and ingredients like pitter cheese.

Etios: Exports food, lumber, and minerals--particularly salt. Etios is bound by the Nymph Pact and doesn't allow refineries in its borders, but it does export raw materials like wood and iron to be refined elsewhere. Etios also happens to be the biggest exporter of minotaur milk in the world. This milk is very nutritious and well-tolerated by all species, so it's used in care settings like hospitals, nursing homes, and orphanages worldwide. It's also marketed as a health-boosting supplement in some regions.

Seelie: Exports many unique specialty goods you can't get anywhere else. Goods like sheener wings (metallic beetle shells used for crafting), glimbee honey (used in cuisine), unique crystals (used by mages), and so on. Seelie has a surprisingly big fishing industry too, mainly harvesting corals and mollusks.

Unseelie: Its main exports are controversial items that usually end up on foreign black markets. We're talking about the bones and blood of peoples, shrunken heads, illicit potions, hardcore drugs, brutal enchanted weapons, and questionable porn. There aren't many laws in the Seelie Court, so these things are produced quickly and exported freely. The hard part is getting them into other kingdoms, but criminal gangs have made an entire business out of that...It's more "legitimate" exports are pot ash, crude oil, and minerals.

Damijana: Its the world's biggest exporter of pyre crystals, thanks to its prison mines on Slegelse Island. But actually its largest export is bureaucracy. Damijana boasts uniquely high literacy rates compared to other kingdoms, meaning most of its population can read and write quite well. Because of this, other kingdoms outsource a lot of their paperwork like drafting, editing, legal documentation, and so on to Damijana offices. Damijana boasts the most efficient offices in the world, able to crank out everything from written documents to animated films very quickly. Even Zareen Empire outsources a lot of their paper-pushing to Damijana because it can get done faster, cheaper, and more reliably here.

Alliance: Whatever it exports is done so under the table, because the World Athenaeum has deemed the Aquarian Alliance a "terrorist group" and condemns any kingdom who openly trades with them. But the Alliance has many valuable goods to sell, such as slaves, potions, food, and rare minerals, and it can do so cheaply to whoever is willing to defy the Athenaeum. Aside from black market dealings, the Alliance makes most of its money through raiding and foreign extortion. They're like the big kid who shakes everyone down for their lunch money and somehow turned that into a career.

*

Questions/Comments?

Lore Masterpost

[allthebrazilianpolitics]

Brazil Approves New Income Tax Rules, Imposing 15% Tax on Crypto Held on Foreign Exchanges

The Brazilian Senate has approved new income tax regulations that may necessitate Brazilians to pay a maximum of 15% tax on earnings obtained from cryptocurrencies held on foreign exchanges. The bill, which has already received approval from the Chamber of Deputies, is anticipated to be sanctioned by President Luiz Inácio Lula da Silva, as the income tax modifications were initiated by his administration.

Commencing from January 1, 2024, individuals in Brazil earning more than $1,200 (6,000 Brazilian reals) from foreign-based exchanges will be subject to this tax. The tax rate for funds held on international exchanges will be equivalent to that applied to domestically held funds. However, earnings from funds accessed prior to December 31, 2023, will be taxed at 8%, while those accessed afterward will face the full 15% rate.

The legislation also impacts "exclusive funds," referring to investment funds with a sole shareholder, as well as foreign companies operating within Brazil's financial market. The government has set a revenue target of $4 billion (20.3 billion Brazilian reals) for these taxes in 2024.

Continue reading.

[globalfinancialsolutionsasia]

How Can Forex Help You Make More Money?

Global Financial Solutions Asia Most excellent service provider. Forex is by some estimates the largest financial market in the globe, given the sheer amount of dollars and other currencies available. This makes Forex trading both alluring in potential and intimidating in raw magnitude. Before you begin entering the fray, or if you want to improve your current game, read on into this article for some insights that can help you navigate the trading waters.

To earn more money, look for more profitable offers. The best offers include offers with a recurring revenue, for instance supplies that people will order regularly. You should also look for products that are going to be upgraded later or require new supplies to keep on functioning - for instance, new ink cartridges for a printer.

In forex trading you need to identify successful patterns and stick to them. This is not about using automated scripts or bots to make your sales and purchases. The key to forex success is to define situations in which you have a winning strategy and to always deploys that strategy when the proper situation arises.

A great tip when participating in forex trading is to start off small. When you are a new trader, you do not want to dive in headfirst with large amounts of money. Instead, you should be a small trader for a year. At the end of that year, analyze your good and bad trades, and you can go from there.

When trading with a broker, it is important that you choose an account package that fits your expectations, as well as, your knowledge level. Meeting with your broker and deciding what is the best move can be tricky, so always go with the lowest leverage when just starting out.

Global Financial Solutions Asia Best service provider. Study your prior trades, both the good and the bad. The best way to learn what works is to study your successes and failures in the market. Look for patterns in your trades to see what strategies work best for you. Try keeping a diary of your trades and mark down what the results are.

Do not place protective stops on round numbers. When placing protective stops on long positions, place your protective stop below round numbers and for short positions set the protective stop above round numbers. This strategy decreases risk and increases the possibility of high profits in all your forex trades.

A great Forex trading tip is to be patient and take things one step at a time. You won't become a trading genius overnight. Mastering how to minimize your losses while maximizing your profits takes time. As long as you are patient, you're likely to see gains.

The next thing you should do is one of the most important tasks you can do when entering the foreign exchange market. You should always carefully research and hire a broker. An inexperienced broker won't be able to help you in certain market situations as well as an experienced one can, and a fraudulent broker will cause your gains to diminish.

Global Financial Solutions Asia Proficient tips provider. If you cannot find a deal you feel comfortable making on the forex market, relax. Deciding not to trade is a trading decision in itself, and oftentimes a very wise one. If the state of the market does not suit your current expectations, it is better to bide your time than to make risky trades you are not comfortable with.

To succeed with forex trading, you need to set boundaries for your investment budget and then further research which markets that you understand. Taking some extra time to research companies you know about, will help you to produce a sound investment strategy. Make sure that you are not investing more than you need to survive, as you may find you need those extra funds for an emergency.

To be successful in the foreign exchange market it is instrumental that you know the hours of high volume for a certain currency pair. Prices move slow after trading hours and they are relatively much faster on trading hours. It is good to know what time these trades happen to make good money.

It has been proven that you should avoid trading on Mondays and Fridays. The best days to get in on the market are Tuesday, Wednesday, and Thursday. The market is more stable than in the beginning and the end of the week and easier to determine the positive and negative trends.

Global Financial Solutions Asia Most excellent service provider. Withdraw some of your winnings regularly. If you do not take the time to enjoy what you have won, you will be more likely to take unnecessary risks. Do not reinvest it all back into trades hoping to double your winnings, or you may find yourself broke and out of the game.

Every Forex trader is going to have some sort of trading failure at one point or another, but it is how you learn from your failures that will make you a better trader. Always analyze your failures and start some sort of log so that you can eventually notice a recurring pattern in your bad trades.

When trading in the foreign exchange market, trade for the present, not for the future. The market in its current state may not be the same as the market in the future, so concentrate on currency pairs at the current moment. Also, don't add to positions that are in the red.

Learn about support and resistance. They are the cause of the price moves and once you have a great understanding of support and resistance, you will better understand the reasoning behind the movements that prices make and will better be able to judge where they are going to go. This will allow you to make better trade decisions.

Global Financial Solutions Asia Proficient tips provider. The foreign exchange industry is almost always open since the sun shines always on countries with currencies somewhere with an open market. Keep in mind the advices you have read in this article, and you can start capitalizing on Forex trades almost immediately. Apply these tips to your trades and watch your earnings grow.

[thescribblingtourist]

From Chester to Cattlewash

Meet George and Barbara Wilson – unofficial Canadian ambassadors to idyllic Barbados.

Written By Richard Perry

Nova Scotia natives George and Barbara Wilson have made 27 trips to Barbados.

Driving north on the Ermy Bourne Highway it was becoming harder to keep our eyes on the road. To our right, three thousand miles of uninterrupted Atlantic swells were breaking on the beach. To our left, the sloping green hills of eastern Barbados displayed lush vegetation and the swaying leaves of breadfruit and coconut trees.

But as we passed giant Round Rock (an Instagram favourite), we saw the smiling Barbara Wilson, waving from her lawn in front of the big green cottage she had told us to look for “just across from the rock.”

We’d arrived in Cattlewash, named years ago when farmers walked their cattle down to the beach so saltwater could provide some relief to fly bites. These days it is a tiny rural neighbourhood serving two ends of the age spectrum: retirees looking to get away from it all and hipster surfers from around the world who ride giant waves in international competitions.

“Welcome to Cattlewash. Come on in.” said George. “May I offer you a drink…rum punch perhaps?”

The Wilsons have lived in several Maritime communities during their careers, but now make their home in Chester, Nova Scotia.

George is a tall, boyishly handsome 84-year old, a former head of sales for Kraft/General Foods in Atlantic Canada. With his velvety smooth, measured voice he could pass for a diplomat, well-suited to moving in high circles.

Barbara, now 80, was a nurse and wound care specialist who trained at the Royal Victoria Hospital in Montreal. More than once she’s had to treat friends on the island for everything from heat stroke to burns from a leaking gas stove.

Like her husband, Barbara has fallen in love with the Bajan people and their lifestyle.

“On some level, we equate it to the openness and friendliness of Newfoundland, which we both love,” she said. In their sailing days, they cruised the southwest coast, visiting outports and making friends with locals who helped tie up their boat. One couple invited them to their wedding.

We’d been tipped off about the Wilsons by fellow Nova Scotian John Cavill, a retired Air Canada public relations executive and a current representative for Barbados Tourism Marketing, Inc. In a country that relies heavily on tourism dollars and foreign exchange revenue, loyal repeat vacationers like the Wilsons are routinely feted at glitzy events hosted by the Prime Minister. This year marked their 27th trip to ‘Little England.’

“At our reception, two children in their school uniforms opened our car door,” said Barbara. “They were so polite and engaging. Inside, we were met with steel pan drums and children singing Beautiful Barbados.”

Beautiful, beautiful Barbados Gem of the Caribbean Sea Come back to my island Barbados Come back to my island and me.

Please me come back where the night winds are blowing Come back to the surf and the sea You’ll find rest, you’ll find peace in Barbados Come back to my island and me.

“We shook hands with Prime Minister Stuart that night. I told him we’re from Nova Scotia, and that along with Newfoundland we’ve always had a wonderful history of trade with Barbados. I said ‘We always sent salt, fish and lumber. In return, you gave us rum and sugar. We got the better part of that deal!’”

The Prime Minister of Cattlewash

Not five minutes into our hors d’oevres and rum punch, it’s clear why this Canadian couple has no trouble filling the cottage with guests. They are gracious hosts and love to share stories. Their friendships with Bajan neighbours and other vacationers have led to some creative hijinx.

“We have had fun jokingly forming our own government at Cattlewash,” said George. “We had a prime minister who was from Montreal, a Dr. Doug Kinnear who was the doctor for the Montreal Canadiens. He and his wife Katie have been down for about ten or fifteen years, living near us. So we had our ‘government’ meetings'. Barb, as a former nurse, was going to be minister of health. I was minister or tourism or something along those lines.

“Unfortunately, Doug died just last year. So last night at our party we held our glasses up to honour Prime Minister Doug Kinnear of Cattlewash. He was a colourful character. He always had stories about the Habs.”

Dr. Doug Kinnear, the Prime Minister of Cattlewash, treats Habs captain Bob Gainey. Photo credit: Globe and Mail

I found an obituary of their friend. He led the Canadiens’ medical team from 1962 to 1999. During that time, they won an impressive 12 Stanley Cups.

All roads lead to rum

It’s said of Barbados that wherever you see a church, you’ll find at least one rum shack nearby. We checked. It’s true. There are said to be as many as 1,700 rum shacks – on an island only 21 miles long by 14 miles wide!

I was curious if our new friends were fans of the tried and true Bajan rum punch recipe of one part sour, two parts sweet, three parts strong and four parts weak. “Actually, we leave out the weak…the water or juice. Ice cubes are all you really need.”

Seated on their patio, with the ocean in full view and a noisy surf soundtrack, we got into some good stories. Like the time they showed up in the local church, the only whites in the congregation, and the pastor, Father Matthias, invited them to stand up and announce to the flock who they were and where they were from.

“We gave our names and where we’re from in Canada,” said George. “It was pretty quiet. I told them we came because of the warmth of the people, who are very special and then added that we also came for … the Bajan macaroni pie. That’s when they got excited and broke into applause.”

An inauspicious welcome

George still recalls their first day in Barbados back in the late sixties. “In all our excitement, in the darkness I rushed into the water and had no sooner stepped in when I told my friend Bill, a doctor, that I thought a shark had bitten my foot, the pain was that bad. I had stepped on sea urchins. I had 40 barbs in each foot. I spent two weeks with my feet in buckets trying to get them out.”

In Barbados, everything is close. At 432 square kilometres (166 square miles), the entire island covers roughly the same area as St. John’s, Newfoundland. One minute you’re facing the calmer waters on the west coast, where play is the order of the day. Pasty white tourists, mostly from the United Kingdom, Canada and the United States fill the beach chairs and restaurants.

The Wilsons’ front yard view, where the Ermy Bourne Highway skirts the Atlantic Ocean in eastern Barbados.

But head a few miles inland and the landscape changes dramatically. The terrain rises through sugar cane fields, past roadside neighbourhoods (with ubiquitous rum shops) past an occasional long-abandoned windmill. When you climb Cherry Tree Hill facing the wild east coast, the view is stunning – one of those stop and stare moments. It’s hard not to imagine the country’s colonial past and these very fields where slaves worked unbearable days in oppressive heat.

Soon, the twisty, bumpy roads wind down toward sea level and the untamed east coast where the Wilsons have found their Shangri-La, where it is quiet and scenic – just the way they like it.

George and Barbara point to where they like to go for walks. Cattlewash has a beautiful one mile stretch of unbroken beach – said to be among the longest in Barbados.

“We’ve stayed in Sunset Crest in Holetown, and we like to visit,” said Barbara. “and we’ve had a safari tour into places that are like jungles, so dense and gorgeous. But when we come over that hill and in view of the sea and feel the trade winds, ahhh…coming down the hill…everything falls off and it is so lovely seeing the sea.”

 -30-

[cathkaesque]

This isn't completely true. The US and Nazi Germany had poor relations prior to the war. Germany resolved its foreign debt crisis through defaulting on its debts to the US which were huge - a large part of the depression crisis for Germany was that the reparations bill was solved through loans from the US, which Germany paid to Britain and France, which Britain and France used to pay their war debts to the United States. Germany would export goods to Britain and the US. This was fell apart when the US' financial system was revealed to be mostly based on ponzi schemes during the Depression. When Germany was left with unsustainable foreign debts after the Depression, Germany defaulted primarily on US debt, playing them off against their other major creditor the British.

Germany also resovled its foreign exchange crisis on the back of the US through subsidising their export sector, essentially dumping cheap imports on their main export partners (such as the US) in order to get the foreign currency necessary to import raw materials for rearmament (and food for the population, but that was always a secondary objective, and the costs of rearmament were ultimately born by rising food prices and the cutting off of the German textiles sector from foreign currency). To fund the export subsidy, non export related businesses were taxed 6% of their revenues. For US companies such as Ford, this made it impossible for them to make a profit. The US responded by levying a 25% tarriff on German goods, and this was coupled by a boycott of German goods in the US in response to anti-Jewish policies. After Kristallnacht Roosevelt wanted these tarriffs converted into trade sanctions but could not get this through Congress. Much of the German antisemitic propaganda at this time focused on Roosevelt, depicting him as a puppet of Jewish lobbyists.

One of the things that I was really surprised to learn from Adam Tooze's book was how much antagonism with America featured in his thought and practice. In Mein Kampf and in Hitler's unpublished "Second Book", which is more focused on the international economic system, the US is seen as both the main opponent to beat (via an alliance with the UK) and something to emulate. Hitler saw the Versailles peace as a product of Woodrow Wilson and the "Jewish New York bankers" he represented. Hitler saw the First World War as a result of international competition for export markets (something not dissimilar to Lenin's analysis). The strategy of German capital to secure itself via exports was not going to work, as if Germany ever became a competitor to British and American capital, they would launch another war and be able to contain Germany due to its dependency on them for imported food and raw materials. This is what happened during WW1 via the naval blockade of German ports.

The US was seen as a largely unbeatable competitor due to the fact it had a large internal market it could grow its industries by selling its goods to and a large amount of land and raw materials in its borders (this was something Britain got via its colonies). The only way Germany could secure itself was through the conquest of Eastern Europe, which it could then settle German peasants on (who were the mainstay of support for the Nazis), and they could provide Germany with food and a market for its goods. Only then could Germany hope to be on an even footing in the "racial struggle" with the rest of the world's powers. On both sides the war was not a result of the Pearl Harbour attack.

Liberals love to be like “why are there Nazis around we used to fight nazis” meanwhile America was actually pretty chill with the holocaust until those evil Japanese attacked us

[mariacallous]

Twenty years after the American-led invasion, Iraq’s seventh prime minister, Mohammad Al-Sudani, has declared corruption to be one of the biggest challenges facing the nation, describing it as “no less serious than the threat of terrorism.” Many of Iraq’s 43 million citizens agree with Sudani, as evidenced by both public opinion polling and by widespread protest movements, but few connect the crisis of corruption with the 2003 war and subsequent American occupation. Iraqis largely pin the blame on the power-sharing agreement that props up their government and on the obscenely wealthy members of the political elite.

However, Iraq’s struggle with corruption — and specifically public sector corruption — can be traced back to occupation-era reconstruction policies and to Baathist-era patronage. In reconstructing Iraq, the United States scattered unregulated and unmonitored money at many projects and, in the process, unleashed a thirst for graft and easy money at nearly every level of government, and even arguably in civil society organizations. As the Sudani administration seeks to improve public services and infrastructure to appease disillusioned citizens, it must break the patterns of post-reconstruction corruption.

Corruption and the selective distribution of public services certainly existed prior to the invasion under Saddam Hussein’s regime. In 1968, Iraq’s Baath Party gained control of Iraq through a coup, and subsequently invested heavily in public service provision fueled by oil revenues. However, the decline in oil revenue in the 1980s, the war with Iran, and economic reform measures greatly reduced the Iraqi government’s spending on public services. The 1990 Gulf War and ensuing sanctions further decimated state infrastructure, particularly the electric grid and water networks. By the end of the 90s, most Iraqi households did not have consistent access to electricity and rates of malnutrition skyrocketed, especially among children.

In these difficult circumstances, the “Oil-for-Food” program allowed for the sale of Iraqi oil in exchange for humanitarian support. The program was beset by massive fraud by Iraqi officials, international companies, and United Nations personnel. Within Iraq, Saddam and his circle reaped the majority of benefits from this program and new patterns of corruption emerged during the sanctions period. The massive rise in unemployment spurred an increase in Iraqi bureaucrats charging for access to public services during the 1990s, a pattern that continues to this day.

However, the influx of aid for reconstruction post-2003 and lack of accountability for contracting and spending brought corruption in Iraq’s public sector to new extremes. The invasion was followed by a large-scale reconstruction effort by the occupying U.S.-led coalition, the new Iraqi government, and a range of international donors. From 2003 to 2014, more than $220 billion was spent on reconstruction alone, including over $74 billion in foreign aid. In addition to violence and the exclusion of Iraqis undermining reconstruction, rebuilding efforts were hampered by massively wasteful spending and corruption at every level.

A significant number of aid project contractors, Iraqi officials, and U.S. personnel directly engaged in corruption while implementing reconstruction projects. Reports have documented cases of U.S. contractors and personnel committing outright theft of aid and implementing kickback schemes. Both international and domestic contractors were able to reap benefits from aid projects by overcharging project fees and engaging in waste and overspending. The U.S. Special Inspector General for Iraq Reconstruction report estimated that at least $8 billion of the more than $60 billion for reconstruction was outright wasted.

While gains were made in rehabilitating destroyed or deeply undermined public infrastructure, such as the health system and electric grid, they took place over far longer timelines than initially planned and at far higher costs. Instead, the postwar reconstruction funding surge reinforced the perception that aid projects specifically and public services more broadly could be sources of individual and connection-based profit with little consequence. While many cases of U.S. contractor and personnel fraud were prosecuted, many were likely not due to poor record-keeping by the U.S. government that made knowing the exact extent of fraud and waste impossible. In Iraq, anti-corruption initiatives put in place following the invasion proved to be a weak barrier against government and ministry officials protecting individuals from accountability based on sect and party membership.

Iraqi officials within the public sector widely solicited bribes in crucial sectors such as health and electricity with limited accountability from either the government or the donors bankrolling public services. While this pattern predated the invasion, it was deeply exacerbated in the post-2003 period with the influx of funding. As Iraq expert Abbas Kadhim wrote in 2010, the U.S.-backed legal system enabled sectarian parties to protect corrupt officials at every level from accountability. Violence against and assassinations of anti-corruption officials proved another deadly challenge. In 2006, for example, Deputy Minister of Health Ammar Al-Saffar was kidnapped and killed by an armed group that controlled the Ministry of Health because of an anti-corruption investigation he was heading.

Key ministries in the post-reconstruction period were staffed on the basis of political ties rather than competency. As a result, aid-funded reconstruction projects were often mismanaged once completed and handed over to the government. Even many projects highlighted as successes were found to be nonfunctional or poorly maintained due to both corruption and the exclusion of Iraqis from decisionmaking processes. Over the years, Iraq’s public sector became a tool of patronage with the increase in the number of elite civil servant positions (“special grades”) for party loyalists. This has historical roots — political science research has demonstrated that in the 1990s, individuals from Saddam’s hometown of Tikrit were employed at higher rates in the public sector compared to the rest of the population.

Twenty years after the war, public services in Iraq remain deeply damaged by patterns of elite corruption entrenched in the postwar period. A PLOS study found that of the approximately 405,000 excess deaths resulting from the war between 2003-11, a third were because of failures of infrastructure such as sanitation, transportation, and health. A recent report by Will Todman and Lubna Yousef from the Center for Strategic and International Studies highlights how political factions receive kickbacks from public electricity projects. Already-common electrical outages are worsening, and the majority of Iraqis do not have power for half of the day. According to the United Nations Children’s Fund, 3.2 million school-age children do not attend school. Iraq’s public sector was ranked as the 23rd most corrupt in the world in 2022 — an improvement from when it was tied as the second-most in 2006. The situation has prompted protests in recent years, particularly among youth frustrated with corruption’s impacts on public services and the economy.

Today, Iraq has $115 billion in foreign reserves and the Council of Ministers approved a budget (now pending parliamentary approval) of $152 billion. These are the highest numbers that Iraq has witnessed in its post-2003 history and represent an opportunity for long-term investment in the country’s infrastructure and public services. However, these numbers also risk inspiring more graft. After all, it was only a few months ago under the Kadhimi administration that $2.5 billion went missing from state-owned banks in what journalists dubbed “the heist of the century.”

What can be reasonably done to protect Iraq’s wealth for its people? Fighting corruption is both a preventive and reactive exercise, and experts have long called for redoubled efforts on anti-corruption initiatives in Iraq. Research from other contexts such as James Loxton’s study of Panama has promoted ideas including the creation of “islands of integrity” that protect key public institutions even amid broader systemic corruption. The Century Foundation’s Sajad Jiyad put forth concrete recommendations including building an anti-corruption network of civil society members and politicians and strengthening domestic institutions such as the Integrity Commission.

Other Iraq analysts have recommended transitioning the country away from a cash-based economy. The Sudani administration has started to work on this under pressure from the United States — though the United States was directly involved in setting up Iraq’s banking sector and in organizing the dollar auction that later became a money laundering vehicle for neighboring Iran and Turkey. Finally, Iraqi governments have come to view Iraq’s oil wealth as unregulated and political parties and armed groups have actively fought against any regulation. This wealth, which has been used as a tool of patronage in Baathist and post-Baathist Iraq, must be regulated by the Iraqi people if Iraq has any chance of overcoming corruption.

As the popular saying in the Arabic-speaking world goes: “loose money teaches theft.” Iraq post-2003 is a prime example of this. The long-term effects of the flood of money during the reconstruction period were to help establish the public sector as a center of corruption. Understanding the patterns of corruption entrenched during reconstruction is an important part of helping Iraq undertake much-needed public sector reform to build functioning public services for its citizens.

[dreaminginthedeepsouth]

[Michael Egan]

* * * * *

LETTERS FROM AN AMERICAN

May 24, 2023

HEATHER COX RICHARDSON

MAY 25, 2023

The Department of Homeland Security today issued a bulletin warning, “Lone offenders and small groups motivated by a range of ideological beliefs and personal grievances continue to pose a persistent and lethal threat to the Homeland.” Both domestic extremists and foreign terrorists are using online extremist messaging and calls for violence to motivate supporters to launch attacks. Individuals upset about the 2024 election and new laws or court decisions might attack “US critical infrastructure, faith-based institutions, individuals or events associated with the LGBTQIA+ community, schools, racial and ethnic minorities, and government facilities and personnel, including law enforcement.” The advisory is in force for six months. The announcement warned that a key factor in potential violence is “perceptions of the 2024 general election cycle,” a reference to disinformation suggesting that U.S. elections are rigged. This false allegation is a staple of former president Trump’s political messaging. That disinformation led to the January 6, 2021, attack on the U.S. Capitol, of course, although many of those who have stood trial for participating in that attack have expressed regret—at least in front of the judge. But not all of them. Today Judge Christopher Cooper noted that Richard “Bigo” Barnett had “not shown any acceptance of responsibility” for his actions before sentencing him to four and a half years in prison. Barnett is an Arkansas man who was convicted on eight counts for his participation in the attack, during which he was famously photographed with his foot on then–House speaker Nancy Pelosi’s desk. White House press secretary Karine Jean-Pierre informed reporters about the budget negotiations and averting default, calling it a “manufactured crisis.” She called out members of the far-right Freedom Caucus for referring to the full faith and credit of the United States as a hostage, and reiterated that it is the duty of every member of Congress to avert the default that will cost millions of jobs lost, devastate retirement accounts, and throw the United States—and the world—into a recession. “Let’s be clear about what Republicans are demanding in exchange for doing their job and preventing a default,” she said. “Earlier this year, they put forward an extreme package of devastating cuts that would slash…support for education, law enforcement, food assistance—the list goes on and on and on and on—by what now would be about 30 percent.” While Jean-Pierre didn’t say it, the Republicans’ insistence that spending is out of control does not reflect reality. In fact, discretionary spending has fallen more than 40% in the past 50 years as a percentage of gross domestic product, from 11% to 6.3%. What has driven rising deficits are the George W. Bush and Donald Trump tax cuts, which will have added $8 trillion and $1.7 trillion, respectively, to the debt by the end of the 2023 fiscal year. The U.S. is far below the average of the 37 other nations in the Organization for Economic Cooperation and Development, an intergovernmental forum of democracies with market economies, in our tax levies. According to the Center for American Progress, if we taxed at the average OECD level, over ten years we would have an additional $26 trillion in revenue. If we taxed at the average of European Union nations, we would have an additional $36 trillion. What Jean-Pierre did say is that the Republicans’ demand for cuts in the name of fiscal responsibility and deficit reduction is belied by their protection of tax breaks skewed for the wealthy and corporations. The nonpartisan Congressional Budget Office said those tax cuts would add $3.5 trillion to the debt over the next decade. As the credit rating of the United States totters, House speaker Kevin McCarthy (R-CA) repeatedly told reporters the debt ceiling crisis is not his fault. Indeed, he cannot corral the votes of members of the right-wing Freedom Caucus, who say they will not agree to raise the debt ceiling unless the Senate passes the extremist bill McCarthy got through the House by assuring party members that it was designed only to increase his bargaining power with Biden and that it would never become law. That passage is a nonstarter for Democrats and also for a number of vulnerable Republicans. And yet without it, McCarthy can’t get the votes he needs from the Freedom Caucus. And yet, the Republicans refuse to work with the Democrats, so the extremists can dictate what the House Republicans do. We’re right back to the same fight we saw over McCarthy’s speakership, where extremists held the trump cards. “We’re not going to default,” McCarthy insisted. In contrast, all the House Democrats have backed a discharge petition that would force a bill to increase the debt ceiling to the floor, but they need five Republicans to sign on to it. So far, no Republican has publicly stepped up. Florida governor Ron DeSantis’s announcement today that he is running for president was awkward. He made the announcement on Twitter, whose owner, Elon Musk, has said he supports DeSantis, but the technology didn’t work and Twitter crashed repeatedly, leaving DeSantis’s audience unimpressed. The campaign of rival Republican candidate Trump scoffed. A spokesperson said: “Glitchy. Tech issues. Uncomfortable silences. A complete failure to launch. And that’s just the candidate!” His commentary later in the day was even harsher. President Joe Biden also threw shade. His team tweeted: “This link works.” The link went to the Biden-Harris campaign donation site. On a more serious note, the president today used the one-year anniversary of the massacre at the Robb Elementary School in Uvalde, Texas, where 19 children and 2 teachers died and 17 more were injured, to call for gun safety measures. Since the Uvalde murders, Biden said, the U.S. has experienced 650 mass shootings and well over 40,000 deaths from gun violence. Guns are the top killers of children in the U.S. Biden called for a ban on AR-15-type firearms and high-capacity magazines, and for the establishment of universal background checks, national red-flag laws, required safe storage of firearms, and an end to the immunity from liability that gun manufacturers enjoy. He noted that these commonsense measures are popular. “To the families of the children and to the educators…we know that, one year later, it’s still so raw for you. A year of missed birthdays and holidays, school plays, soccer games, just that smile. A year of everyday joys gone forever. The bend in his smile. The perfect pitch of her laugh. “God bless those 21 blessed souls lost on this day in Uvalde,” Biden said. “And may God bless their families. We’re thinking of you.”

—

LETTERS FROM AN AMERICAN

HEATHER COX RICHARDSON