Yeni Safak – July 20, 2024
Israeli forces ambushed in southern Gaza, say Al-Qassam Brigades
The Al-Qassam Brigades, the armed wing of Palestinian group Hamas, said Saturday that they ambushed Israeli forces in the southern Gaza Strip.Al-Qassam said on Telegram that their fighters "lured an Israeli foot force into a tunnel that had been booby-trapped in advance and blew it up with members of the force, causing casualties."It indicated that the operation took place in the "Tel al-Sultan neighborhood, west of the city of Rafah in the southern Gaza Strip.
"There was no comment from the Israeli army on the Al-Qassam Brigades statement as of 12.17 p.m. local time (0917GMT).There has been no response from the Israeli side to the statement, but they usually limit themselves to occasionally updating data on soldier casualties in the war on Gaza.Israel, flouting a UN Security Council resolution demanding an immediate cease-fire, has faced international condemnation amid its continued brutal offensive on Gaza since an Oct. 7 attack by Hamas
.More than 38,900 Palestinians have since been killed, mostly women and children, and over 89,600 injured, according to local health authorities.Over nine months into the Israeli onslaught, vast tracts of Gaza lie in ruins amid a crippling blockade of food, clean water and medicine.Israel is accused of genocide at the International Court of Justice, whose latest ruling ordered it to immediately halt its military operation in the southern city of Rafah, where more than 1 million Palestinians had sought refuge from the war before it was invaded on May 6.
https://www.yenisafak.com/en/news/israeli-forces-ambushed-in-southern-gaza-say-al-qassam-brigades-3687768
Gaza death toll surpasses 38,900 as Israel kills 37 more Palestinians
The Israeli army killed 37 more Palestinians in attacks on the Gaza Strip, taking the overall death toll to 38,919 since last Oct. 7, the enclave's Health Ministry said on Saturday.
A statement by the ministry added that some 89,622 others have been injured in the ongoing offensive."Israeli forces killed 37 people and injured 54 others in four 'massacres' against families in the last 24 hours," the ministry said.
"Many people are still trapped under rubble and on the roads as rescuers are unable to reach them," it added.
Flouting a UN Security Council resolution demanding an immediate cease-fire, Israel has faced international condemnation amid its continued brutal offensive on Gaza since an Oct. 7, 2023 attack by Palestinian group Hamas.
Over nine months into the Israeli war, vast tracts of Gaza lie in ruins amid a crippling blockade of food, clean water and medicine.Israel stands accused of genocide at the International Court of Justice, whose latest ruling ordered Tel Aviv to immediately halt its military operation in the southern city of Rafah, where over a million Palestinians had sought refuge from the war before it was invaded on May 6.
https://www.yenisafak.com/en/news/gaza-death-toll-surpasses-38900-as-israel-kills-37-more-palestinians-3687766
20 Palestinians killed as Israel pounds besieged Gaza
Israeli airstrikes target areas in central, northern Gaza Strip
Dozens of Palestinians, including children, were killed and injured Saturday in a series of overnight airstrikes conducted by Israeli warplanes targeting homes in various areas of the Gaza Strip.
"Five Palestinians were martyred and several others were injured by an Israeli airstrike targeting the Ayad family's home in the Sheikh Radwan neighborhood of Gaza City," the Civil Defense Service in Gaza said in a statement."Israeli warplanes targeted a house belonging to the Shraihi family in the new camp in Nuseirat, central Gaza Strip, killing four Palestinians, including children and women," it added.
Another Israeli airstrike targeted the Abu Jaser family's home in the Al-Alami area of the Jabalia refugee camp, killing four Palestinians and injuring several others, according to the Civil Defense.
Three more Palestinians were killed and others were injured in an Israeli airstrike on the Batran family's home in the Al-Bureij refugee camp of the central Gaza Strip.Eyewitnesses told Anadolu that Israeli warplanes bombed a populated dwelling belonging to the Abu Sidra family in the Nuseirat refugee camp, resulting in several Palestinian casualties.
In a statement, the Al-Awda Hospital reported receiving "four martyrs and 15 injured Palestinians following an airstrike near the Tala'a Mosque in the Nuseirat camp."Israel, flouting a UN Security Council resolution demanding an immediate cease-fire, has faced international condemnation amid its continued brutal offensive on Gaza since an Oct. 7 attack by Hamas.
More than 38,800 Palestinians have since been killed, mostly women and children, and nearly 89,400 injured, according to local health authorities.
Over nine months into the Israeli onslaught, vast tracts of Gaza lie in ruins amid a crippling blockade of food, clean water and medicine.Israel is accused of genocide at the International Court of Justice, whose latest ruling ordered it to immediately halt its military operation in the southern city of Rafah, where more than 1 million Palestinians had sought refuge from the war before it was invaded on May 6.
https://www.yenisafak.com/en/news/20-palestinians-killed-as-israel-pounds-besieged-gaza-3687763
Israeli army claims bombing of Hezbollah military buildings in southern Lebanon
The Israeli army reported on Saturday that its warplanes bombed military buildings held by the Hezbollah group in southern Lebanon and intercepted a suspicious airborne target heading towards Israel.In a statement, the army said that on Saturday morning, "Air Force fighters bombed military buildings belonging to Hezbollah in the Hula region in southern Lebanon.""Israeli air defenses succeeded in intercepting a suspicious air target in the skies of Lebanon, which was on its way to Israel," it added.Earlier on Saturday morning, missile sirens sounded in the Manara area of northern Upper Galilee, the daily Yedioth Ahronoth reported.In a statement, Hezbollah claimed its fighters "targeted a gathering of Israeli enemy soldiers near the Manara military site with artillery shells, achieving direct hits."Fears have grown of a full-fledged war between Israel and Hezbollah amid an exchange of cross-border attacks.The escalation comes against the backdrop of a deadly Israeli onslaught on Gaza, which has killed over 38,800 people since last October, following an attack by the Palestinian resistance group Hamas.https://www.yenisafak.com/en/news/israeli-army-claims-bombing-of-hezbollah-military-buildings-in-southern-lebanon-3687764
'Israel' attacks Yemeni civilian facilities, Sanaa vows heavy price
Al Mayadeen's correspondent reports that civil defense teams continue to battle the blazing fires that erupted due to the Israeli aggression on oil storage facilities.
Israeli war jets launched a series of airstrikes on Saturday targeting Yemen's province of Hodeidah on the Red Sea coast.
The aggression targeted an oil refinery, leading to a massive fire that can be seen kilometers away.
Al Mayadeen's correspondent reported that the strikes targeted the Ras Kathib power station in Hodeidah, igniting the oil storage facilities.
The Yemeni Ministry of Health reported martyrs and wounded as a result of the aggression, confirming that civilians suffered severe burns due to the fires.
Israeli Kan 11 channel citing a US official reported that the Israelis conducted an attack in Yemen.
Civil defense teams are battling to extinguish the fires and flames engulfing the targeted zone, our correspondent added, noting that the size of the blaze is making the task extremely difficult.
Yemeni sources informed Al Mayadeen that these airstrikes were coordinated between US and Israeli forces, indicating that the nature of the targets hit by the aggression shows the blindness of the enemy.
They emphasized that there will be a response to the aggression.
Israeli media quoted official American sources stating that 25 F-35 fighters attacked multiple targets in Yemen in several attack waves.
Furthermore, an Israeli media platform mentioned that Italians assisted "Israel" with refueling aircraft in Yemeni airspace.
Following the Israeli aggression, the head of Yemen's negotiating delegation, Mohammad Abdul-Salam, affirmed that pressuring Yemen to cease supporting Gaza is "a dream that will not come true for the Israeli enemy."
"The brutal Israeli aggression will only increase the determination and the steadfastness of the Yemeni people and its brave armed forces in an escalating manner."
Global Research, July 19, 2024
Europe at the ‘Hot Gates’!
$300 Billion of Seized Russian Financial Assets
Like the 300 Spartans before them at Thermopylae, the West’s distribution to Ukraine of Russia’s $300 billion of assets will not be able to prevent eventual defeat.
By Dr. Jack Rasmus
2500 years ago, the myth goes, 300 Spartans faced a much larger military force from the East at Thermopylae, a small mountain pass in ancient central Greece. Thermopylae is the Latin word for ‘Hot Gates’, as the area featured hot springs. In European history the ‘hot gates’ battle ended with the 300 Spartans annihilated.
The Persians had opened a second front to the rear of the Spartan line which then collapsed, wiping them out to the man. The ‘hot gates’ was thus a defeat, although in later mythology it was spun as a strategic victory that bought time for the Greeks to mobilize to fight another day.
Having bought time at Thermopylae is debatable, however, given that the battle of the ‘hot gates’ lasted only three days! That’s not much of a delay. The Greeks then took another year to mobilize. Three days didn’t matter that much. So the loss of 300 Spartans at Thermopylae was really a waste of a valuable elite battalion of troops—and Thermopylae was by no means a ‘strategic victory’ that it is spun in western mythology to have been.
Two and a half millennia later Europe is again at the ‘hot gates’! And 300 is once more the magic number!
300 today refers to the $300 billion of Russian financial assets that were seized by NATO countries in 2022 as part of US and EU sanctions imposed on Russia in February that year. According to European Central Bank director, Christine LaGarde, no less than $260 of the $300 billion is held in Europe, most of which is in Belgium near Brussels which is NATO’s home base. Another $5 billion was frozen in the USA. The rest distributed among banks of other G7 countries and friends.
Recently, NATO countries began the process of transferring the seized and previously frozen $300 billion Russian assets to Ukraine.
The $300 billion, it is argued, will ‘buy time’ for Ukraine to continue the war in 2025—much like the lives of the 300 Spartans in mythology supposedly bought time to mobilize a larger force.
Ukraine’s $200 Billion Per Year Price Tag
In the roughly two years since the Ukraine War began in February 2022, it’s estimated the USA has provided Ukraine with $200 to $220 billion in military and economic aid. European NATO countries provided at least another $100 billion or more depending on how one estimates the market value of former Soviet Union weapons that were given to Ukraine. Then there’s the IMF’s at least $18 billion to prop up Ukraine’s currency, along with the billions more in private loans and investments from private sources.
This past spring 2024, the US Congress passed a package of another $61 billion for Ukraine and Europe scrapped up another $5 billion. That combined amount is estimated to fund Ukraine’s war through the end of 2024.
Add all the foregoing items up and that’s roughly $200 billion a year cost to NATO countries to have funded the war in Ukraine. About half is in the form of weapons and another half to keep the Ukrainian economy afloat since Zelensky himself has estimated Ukraine’s economy and institutions need about $8B/mo. to keep going.
But that still leaves the question how NATO and the West can fund Ukraine’s war costs and keep its economy afloat into 2025 and beyond, since it is clear the US and NATO countries have no intention of agreeing to end the conflict anytime soon. On the contrary, the events of the past year in particular indicate a NATO strategy of continuing incremental escalation by providing Ukraine ever more lethal NATO weaponry, more NATO technical assistance on the ground, and NATO approval of increasingly provocative tactics by Ukraine—like missile strikes deep into Russia, attacks on Russian ballistic missile defense radars, use of cluster bombs on Russian civilian populations, and soon to be announced ‘no fly’ zones along Ukraine’s western border.
As a further indicator of US and NATO plans to continue the war longer term, the major NATO governments also recently signed long-term, minimum 10 year bilateral defense agreements with Ukraine. That’s designed to lock in whatever governments replace the current pro-war elites currently running the USA, UK, France and Germany…..
Dr. Rasmus is author of the books, ‘Central Bankers at the End of Their Ropes’, Clarity Press, 2017 and ‘Alexander Hamilton and the Origins of the Fed’, Lexington Books, 2020. Follow his commentary on the emerging banking crisis on his blog, https://jackrasmus.com; on twitter daily @drjackrasmus; and his weekly radio show, Alternative Visions on the Progressive Radio Network every Friday at 2pm eastern and at https://alternativevisions.podbean.com.
https://www.globalresearch.ca/europe-hot-gates/5863036
Saudi Arabia could break the West’s financial architecture
Seeing efforts to seize Russian assets in the US and the EU, rich Gulf investors are getting worried about the safety of their own wealth
By Murad Sadygzade
Private property has always been regarded as something sacred for humanity. Today, however, this sanctity and inviolability of private property are under threat. In the modern world, where economic and political instability are becoming increasingly common, the legal systems and international agreements designed to protect property rights are facing new challenges. Asset confiscation, economic sanctions, and political pressure threaten the traditional notions of property inviolability, forcing people to reassess their beliefs and seek new ways to safeguard their interests.
Last week, global media outlets reported that at the beginning of this year, Saudi Arabia hinted at the possibility of selling some of its European debt holdings if the G7 countries moved forward with plans to confiscate nearly $300 billion of Russia’s frozen assets. This information came from sources familiar with the situation, adding a layer of complexity to the already tense geopolitical landscape.
Saudi Arabia’s Ministry of Finance communicated to some G7 partners its strong disapproval of the proposed measure, which was intended to support Ukraine in its conflict with Russia. One insider described the communication as a veiled threat, highlighting the kingdom’s serious intent to protect its financial interests. The Saudis specifically mentioned French Treasury-issued debts, underscoring their strategic approach to leveraging their economic influence.
During the period from May to June, G7 countries deliberated over various options concerning the Russian Central Bank’s assets. The discussions were intense and multifaceted, considering both the legal and economic ramifications. Ultimately, the group reached a consensus to utilize only the earnings generated from these assets, leaving the principal intact. This cautious approach was adopted despite considerable pressure from the United States and the United Kingdom, which advocated for more assertive measures, including the direct confiscation of Russian assets.
The proposal to confiscate Russian assets outright faced significant resistance, particularly from some Eurozone member countries. These nations expressed concerns about the potential negative repercussions on their own currencies and broader economic stability. This internal opposition within the G7 highlighted a notable division among its members, revealing that not all were prepared to endorse radical measures. This divide persists even as the conflict in Ukraine continues and the necessity to support its beleaguered economy grows more urgent.
Additionally, the broader implications of Saudi Arabia’s stance cannot be ignored. The kingdom’s potential sale of European debt holdings could have a ripple effect across global financial markets, potentially destabilizing the delicate balance of international debt and equity markets. Such a move would also signify a significant geopolitical shift, demonstrating Saudi Arabia’s willingness to use its economic power as a tool of political influence.
The G7’s cautious decision to utilize only the earnings from Russian assets reflects a broader hesitation to escalate financial sanctions to the point of asset confiscation. This decision underscores the complexity of international financial diplomacy, where economic decisions are intricately tied to political and strategic considerations. As the situation evolves, the international community will be closely watching how these financial and geopolitical strategies unfold, particularly in the context of the conflict in Ukraine and the global economic landscape.
Riyadh has serious clout
Against the backdrop of escalating international tensions and economic sanctions, Saudi Arabia’s reaction to the potential measures by G7 countries to confiscate Russian assets has garnered significant attention. The kingdom not only voiced its discontent but also hinted at possible economic countermeasures, highlighting its growing influence on the global stage and its strategic intentions.
Saudi Arabia’s active investments in Western markets through its sovereign wealth fund, the Public Investment Fund (PIF), underscore its significant financial clout. The PIF is a cornerstone of the ambitious Vision 2030 program, which aims to diversify the economy and reduce dependence on oil revenues.
By the end of 2023, PIF managed assets totaling approximately $925 billion, with plans to increase this to $1.07 trillion by 2025. Additionally, the Saudi Arabian Monetary Authority (SAMA) holds substantial foreign reserves, estimated at $423.7 billion as of April this year.
The PIF’s investment strategy spans various sectors and regions. For example, the fund invested $45 billion in the UK-based SoftBank Vision Fund, focusing on technological innovations. In 2023, PIF announced plans to invest $40 billion in US infrastructure projects, with $20 billion already allocated to a joint project with Blackstone. According to Gulf Business, in 2021, the fund acquired significant stakes in American video game companies such as Electronic Arts and Activision Blizzard, and in 2022, it purchased a 5% stake in the Japanese company Nintendo.
Beyond the technology sector, PIF is actively investing in real estate, infrastructure, and financial services. In November 2023, the fund acquired a 10% stake in Heathrow Airport, and in December, it purchased a 49% stake in the Rocco Forte hotel chain, valued at $1.8 billion. This year, the fund also acquired a 38% stake in the German company HOLON GmbH.
Riyadh’s concerns are well-founded, as the authorities are anxious about the potential fate of their Western assets, which are estimated to be worth up to $600 billion. Currently, Saudi Arabia’s relations with the West are strained, both with Washington and Brussels, which continuously exert pressure on the kingdom due to its reluctance to join in isolating Russia and to pursue a pro-Western foreign policy.
Regardless of the motives, Saudi Arabia’s actions underscore its growing influence on the global stage and the challenges Western countries face in garnering support from the Global South for their anti-Russian policies. Under the leadership of Crown Prince Mohammed bin Salman, the de facto ruler of Saudi Arabia, Riyadh is increasingly positioning itself as a diplomatic force and diversifying its foreign policy and economic ties with Moscow, Beijing, and other non-Western power centers.
The end of the dollar era?
In recent months, the world has witnessed significant shifts in the global economic landscape. Saudi Arabia, long a key player in maintaining the US dollar as the dominant currency in global trade, is taking steps that could radically alter this dynamic. The kingdom’s decision to not renew the 50-year-old petrodollar agreement with the US and its active participation in de-dollarization raise critical questions: Will these actions herald the end of the dollar era, and what could be the consequences for the global economy?
The petrodollar agreement, signed by Saudi Arabia and the US on June 8, 1974, became a cornerstone of America’s global economic influence. This agreement established joint commissions for economic cooperation and meeting Saudi Arabia’s military needs. In return, the kingdom committed to selling oil exclusively in US dollars, bolstering the American currency’s position on the world stage and maintaining high demand for the dollar.
On June 9 of this year, Saudi Arabia decided not to renew this pivotal agreement. The kingdom now has the flexibility to sell oil and other commodities using various currencies, such as the yuan, euro, or yen, instead of the US dollar. Additionally, the possibility of using digital currencies like Bitcoin for transactions is being explored. This move opens new avenues for diversifying economic relations and reducing dependence on the US dollar, thereby accelerating the global trend toward using alternative currencies in international trade.
Particular attention should be given to the role of the BRICS group of countries, of which Saudi Arabia became a member on January 1, 2024. The BRICS nations actively promote the use of national currencies in international transactions and are developing their own financial institutions. De-dollarization is becoming increasingly relevant, especially for emerging economies seeking to reduce their reliance on the US currency and financial system.
Saudi Arabia’s decision and the BRICS countries’ push for de-dollarization could have significant repercussions for the global economy. If de-dollarization continues to gain momentum, it could lead to a decreased demand for the dollar, impacting its value. A weakening dollar might challenge the United States’ ability to maintain its financial stability and global influence.
Despite significant strides toward de-dollarization, declaring the end of the dollar as the world’s primary currency is premature. The dollar still holds a central place in international transactions and the reserve assets of central banks worldwide. However, Saudi Arabia’s actions and the BRICS’ ambitions indicate a growing movement toward a multipolar currency system, where the dollar is no longer the sole dominant player.
One-way road to destruction
Amid global economic and political uncertainty, the G7 countries find it increasingly challenging to identify ways to support Ukraine and counteract Russia. Their decisions have far-reaching implications, influencing global economic relations and financial stability. In June, after extended discussions at the summit in Italy, a decision was made to establish a financial structure that would provide Ukraine with approximately $50 billion in new aid.
The seven participating countries and the EU agreed to extend loans to be repaid from the profits generated by around $280 billion in frozen Russian assets, most of which are held in Europe. This decision was a compromise, as there is no consensus even among Western states, given the potentially catastrophic consequences of confiscating Russian assets.
Firstly, the seizure of Russian assets sets a dangerous precedent in the international financial system. Traditionally, state reserves held abroad were considered untouchable. Their confiscation could undermine the confidence of nations in the safety of their funds stored in foreign banks and financial institutions. This might lead countries to reconsider their reserve placement policies and result in a mass withdrawal of assets from foreign financial systems, causing turbulence in financial markets and weakening the stability of the international financial system.
Moreover, such actions could push nations to seek alternative financial institutions and instruments independent of the G7 countries. This could strengthen regional economic blocs, foster the development of new financial systems such as China’s CIPS, and support BRICS initiatives to use national currencies, thereby reducing the influence of Western financial institutions and the US dollar in the global economy.
The seizure of Russian assets also raises serious questions regarding international law. Fundamental principles of international law, such as the sovereign equality of states and the inviolability of property, could be violated by such actions. Sovereign equality implies that all states have equal rights and sovereignty, and their assets cannot be confiscated without legal grounds. The inviolability of property is a fundamental right protecting states’ assets from unlawful seizure.
The situation surrounding the potential confiscation of Russian assets remains tense and reflects the breakdown of the old world order. Saudi Arabia’s decision to sell European debt obligations could significantly impact financial markets, especially if it occurs amid existing economic problems in Europe. Additionally, other concerned regional investor states like the UAE, Qatar, Kuwait, and others might follow Riyadh’s lead in selling off European bonds.
The modern global economy faces new challenges that require a reevaluation of existing mechanisms and strategies. The decision of the G7 leaders at the summit in Italy is seen as an attempt to balance interests and find compromise solutions amid global instability. However, the seizure of Russian assets and possible retaliatory measures from Saudi Arabia and other countries could significantly alter the balance of power in the international financial system. In these conditions, it is crucial to seek new paths for cooperation and stability to avoid destructive consequences for the global economy. Therefore, as the old world order, dominated by the West for decades, fades, an increasing number of countries from the global majority are interested in new mechanisms of global governance based on non-Western institutions, particularly BRICS.
Murad Sadygzade is the President of the Middle East Studies' Center in Moscow, a research institution dedicated to understanding the complexities of the Middle East.
https://www.rt.com/news/601267-saudi-break-west-financial-architecture/
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