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And, yes, I DO take it personally: What's going on here?
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Friday, June 06, 2008

What's going on here?

i'm not sure i believe any of these official stories... somethin's up... each one of these is big news all by itself but, in every one, the story is either being underplayed or the explanation seems fishy - or both...

why is gates firing top generals...? yeah, i know what it SAYS, but there's more to this than meets the eye...

Gates ousts Air Force leaders in historic shake-up

Defense Secretary Robert Gates ousted the Air Force's top military and civilian leaders Thursday, holding them to account in a historic Pentagon shake-up after embarrassing nuclear mix-ups.

Gates announced at a news conference that he had accepted the resignations of Air Force Chief of Staff Gen. Michael Moseley and Air Force Secretary Michael Wynne — a highly unusual double firing.

Gates said his decision was based mainly on the damning conclusions of an internal report on the mistaken shipment to Taiwan of four Air Force electrical fuses for ballistic missile warheads. And he linked the underlying causes of that slip-up to another startling incident: the flight last August of a B-52 bomber that was mistakenly armed with six nuclear-tipped cruise missiles.

this next one is equally explosive and, natch, hasn't even been covered in u.s. news media...
US issues threat to Iraq's $50bn foreign reserves in military deal

The US is holding hostage some $50bn (£25bn) of Iraq's money in the Federal Reserve Bank of New York to pressure the Iraqi government into signing an agreement seen by many Iraqis as prolonging the US occupation indefinitely, according to information leaked to The Independent.

US negotiators are using the existence of $20bn in outstanding court judgments against Iraq in the US, to pressure their Iraqi counterparts into accepting the terms of the military deal, details of which were reported for the first time in this newspaper yesterday.

Iraq's foreign reserves are currently protected by a presidential order giving them immunity from judicial attachment but the US side in the talks has suggested that if the UN mandate, under which the money is held, lapses and is not replaced by the new agreement, then Iraq's funds would lose this immunity. The cost to Iraq of this happening would be the immediate loss of $20bn. The US is able to threaten Iraq with the loss of 40 per cent of its foreign exchange reserves because Iraq's independence is still limited by the legacy of UN sanctions and restrictions imposed on Iraq since Saddam Hussein invaded Kuwait in the 1990s. This means that Iraq is still considered a threat to international security and stability under Chapter Seven of the UN charter. The US negotiators say the price of Iraq escaping Chapter Seven is to sign up to a new "strategic alliance" with the United States.

The threat by the American side underlines the personal commitment of President George Bush to pushing the new pact through by 31 July. Although it is in reality a treaty between Iraq and the US, Mr Bush is describing it as an alliance so he does not have to submit it for approval to the US Senate.

Iraqi critics of the agreement say that it means Iraq will be a client state in which the US will keep more than 50 military bases. American forces will be able to carry out arrests of Iraqi citizens and conduct military campaigns without consultation with the Iraqi government. American soldiers and contractors will enjoy legal immunity.

The US had previously denied it wanted permanent bases in Iraq, but American negotiators argue that so long as there is an Iraqi perimeter fence, even if it is manned by only one Iraqi soldier, around a US installation, then Iraq and not the US is in charge.

The US has security agreements with many countries, but none are occupied by 151,000 US soldiers as is Iraq. The US is not even willing to tell the government in Baghdad what American forces are entering or leaving Iraq, apparently because it fears the government will inform the Iranians, said an Iraqi source.

then, there's this last one which only serves to tell me that the financial/economic collapse that seemed imminent only a couple of months ago hasn't gone away...
Banks fear new $5,000bn balance burden

Accounting changes could force US banks to take thousands of billions of dollars back on to their balance sheets in the coming months in a move that is likely to curb further their lending and could push them into new capital raisings, analysts have warned.

Analysts at Citigroup said a planned tightening of the rules regarding off-balance sheet vehicles would force banks to reconsider arrangements and could result in up to $5,000bn of assets coming back on to the books.

The off-balance sheet vehicles have been used by financial institutions to keep some assets off their balance sheets, thereby avoiding the need to hold regulatory capital against them.

i was hoping the article would give me some more information about these "accounting changes" other than broad general strokes... ('course, if it had, i probably wouldn't have understood it anyway...)

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