Fareed Zakaria GPS – CNN 03-06-16

Salient to Investors:

Fareed Zakaria said:

A main cause of the rise of Islamic extremism is the cowardice of Muslim moderates.

The cyber war arms race is exploding, potentially more destructive than anything before.

Paul Krugman at the New York Times said:

We don’t know why economic recovery has been slow since the end of the Clinton boom.

Since saving the banks, everything has been moving in the wrong direction.

Vigorous public spending would work even better than tax cuts, which might not be spent, and we already have too much saving and too few private investment opportunities. The federal government can borrow for 30 years at 3 percent: adjusted for inflation, practically nothing.

Since 2007, construction spending has collapsed because states and municipalities have been financially strapped and because of the anti-public spending ideology, which is insane fundamentally.

Many advanced countries including the US have had higher debt ratios without anything terrible happening.

 

Phil Mudd says America’s civilian infrastructure is disturbingly vulnerable to cyber-terrorism.

Vali Nasr at Johns Hopkins said:

Iran’s election result was a humiliation for conservatives, not a victory for liberals but for Rouhani’s centrists who support engagement with the outside world and the nuclear deal.

Anti-Americanism is a pillar of Iran’s official state ideology so will take a very long time to go away.

Thomas Erdbrink at the New York Times said the Iranian election result was a big win for reformist, moderate, centrists over the hard-liners who have been in power for at least for the past decade.

Watch the video at http://globalpublicsquare.blogs.cnn.com/category/gps-episodes/ or read the full transcript at http://transcripts.cnn.com/TRANSCRIPTS/1603/06/fzgps.01.html

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Fareed Zakaria GPS – CNN 01-24-16

Fareed Zakaria said:

Lower oil prices are generally good for all countries except the major oil producers, but the size and speed of this drop could produce a credit crisis and deflationary spiral.

In periods like the present, open systems do better than closed ones. America’s transparency forces it to tackle its problems.

Sweden: Euro Monitor says that in 2015, 11% of the value of consumer transactions were made with cash versus 42% worldwide. The KTH Royal Institute of Technology says currency in circulation dropped by 25% in the last 6 years. Credit Suisse said between 2010 and 2012 over 500 Swedish bank branches went cashless and 900 cash machines were removed. The Swedish Bankers Assn says bank robberies in Sweden dropped from 110 in 2008 to 7 in 2015. The New York Times says e-fraud in Sweden more than doubled in 2015 versus 10 years ago.

The IAEA says that Iran has destroyed 98% of its enriched uranium and rendered inoperable its plutonium pathway – far more substantial than most military experts believed would have resulted from military strikes.

The World Economic Forum says that by 2050, the world’s oceans will contain more plastic than fish by weight and says the greatest global risk is the failure of climate change mitigation and adaptation.

Watch the video at http://globalpublicsquare.blogs.cnn.com/category/gps-episodes/ , listen at http://podcast.cnn.com/fareed-zakaria-gps/episode/all/TkwD3eujmTzNlz/fzgps-2016-01-17.html or read the full transcript at http://transcripts.cnn.com/TRANSCRIPTS/1601/17/fzgps.01.html

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Fareed Zakaria GPS – CNN 01-17-16

Fareed Zakaria said:

Cass Sunstein wrote in Bloomberg that a study of Facebook analyzing posts between 2010 and 2014 found that people mainly share information that confirms their prejudices, while paying little attention to facts and voracity. The result was the proliferation of biased narratives fomented by unsubstantiated rumors, mistrust and paranoia.

Elizabeth Colbert in the New Yorker cited a 1970 experiment that found that simply by talking to one another, bigoted students became more bigoted and tolerant students became more tolerant.

The hard liners in Iran have always been very powerful.

Iranian sanctions relief will be less dramatic than people realize because Iran needs oil at $145 a barrel to balance its budget.

Joe Cirincione at the Ploughshares Fund said:

Iran does not have the capability to build a nuclear bomb and it would take them at least a year to make the material even for one bomb and are years away from the capability of building a nuclear weapon.

If they had a secret facility, they would need a secret mine to get the uranium, a secret group of scientists, and a secret facility for building the centrifuges. It would be extraordinary if Iran could secretly break out of the nuclear deal without our knowledge.

Brett Stephens at the Wall Street Journal said:

The enthusiasm about the Iran nuclear deal is reminiscent of that for the Yongbyon deal in 1994 when the same promises were made about North Korea’s nuclear program. Historically we have been surprised by nuclear development developments: like India’s surprise bomb test in 1998 which started a nuclear arms race in South Asia, and North Korea in the 2000s. The pathways to proliferation are multiplying and what we don’t know is vast.

The biggest Iranian hostage of all is the nuclear deal itself, as exhibited by US removal of the sanctions for Iran test firing two ballistic missiles.

The US must make sure that its allies understand that we will remain committed allies despite obvious defects in their social and political systems.

Wendy Sherman at Harvard said the US will proceed with sanctions for Iran’s missile violations: it takes time to gather the evidence.

Karim Sadjadpour at the Carnegie Endowment for International Peace said:

The nuclear deal was not signed by the Iranians because of geopolitics but because of economics.

Iranians overwhelmingly want change and we should not underestimate their will for change, but we should not underestimate the will of their hardliners to crush change.

Iranian expectations that their quality of life will significantly improve post-sanctions may be disappointed.

Iran is the largest population isolated from the global economy, so attracts huge interest from Asian and Western businessmen.

The last remaining Iranian-American hostage in Iran is an energy consultant, which sends the message to Western businesses that Iran is not yet ready for change.

Watch the video at http://globalpublicsquare.blogs.cnn.com/category/gps-episodes/ , listen at http://podcast.cnn.com/fareed-zakaria-gps/episode/all/TkwD3eujmTzNlz/fzgps-2016-01-17.html or read the full transcript at http://transcripts.cnn.com/TRANSCRIPTS/1601/17/fzgps.01.html

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Fareed Zakaria GPS – CNN 09-27-15

Salient to Investors:

Fareed Zakaria said the Syrian civil war will not end any time soon.

Bill Clinton said:

  • Without a nuclear agreement with Iran 1 to 4 other states would get nuclear power in the Middle East. 10 years is a long time: from 1979-1989, the Berlin wall fell, the Warsaw Pact collapsed, the Soviet Union ended.
  • Ukraine is very resource rich and can do much with agriculture.

Watch the video at http://globalpublicsquare.blogs.cnn.com/category/gps-episodes/

or read the full transcript at http://transcripts.cnn.com/TRANSCRIPTS/1509/27/fzgps.01.html

Fareed Zakaria GPS – CNN 09-20-15

Fareed Zakaria said:

  • The US is more dominant globally than at any point since the Clinton era, with growth almost 2 times the Eurozone and 4 times Japan, and unemployment the lowest in 7 years. European businessmen are concerned with American dominance from technology to entertainment to finance. America’s big banks are more dominant than ever.
  • WSJ says JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs, and Morgan Stanley have increased their total value by $254.6 billion in the last 5 years versus $9.5 billion total increased value for Barclays, Credit Suisse, Deutsche Bank, UBS and RBS.
  • Japan is the poster child for economic stagnation and political paralysis.
  • Every Western country is experiencing greater anti-immigrant feeling.
  • We should not interfere in Syria.
  • The most serious place in politics remains the center because that is where the majority is.
  • Iran will accept the nuclear deal because Rouhani is the most popular figure there and Khamenei would not want to dash the people’s enormous sense of hope and expectation.

Ruchir Sharma at Morgan Stanley said:

  • The US has emerged from the 2008 crisis better than anyone, has reduced its debt more than Europe, and has outperformed all other equity markets. 9 of the 10 most valuable companies in the world are US. The US dollar is the currency of choice.
  • China’s debt is at extremely dangerous levels.

David Frum at the Atlantic said:

  • There is no end to the huge migration of people from all over the world. Migration in moderation could strengthen Europe but it is not happening in moderation and will transform Europe.
  • You cannot neatly distinguish between refugees fleeing for their lives and immigrants fleeing for better opportunities. You cannot screen out the danger to Europe because it has come from the second generation and from radicalization caused by unemployment, alienation and the inability to assimilate.
  • Germany’s decision on migrants was emotional, not thought through and has unanticipated consequences.
  • Europe has had very bad experiences with migrants: migrants have much higher levels of long-term unemployment, much more dependency on the state, and European prisons have a disproportion of second generation migrants.
  • European governments owe their first duty to their own citizens.

Danielle Pietka at the American Enterprise Institute said:

  • Western Europe must help the migrants, and Merkel has done the right thing, but there needs to be EU wide to make sure the people passing the screening are not shoved in voiliers in Paris or Saudi-run mosques in Hamburg.
  • Russia believes the US is not going to do anything over their involvement with Syria and are there to help Assad.
  • Letting hundreds of thousands of Syrians fight and kill each other is unconscionable, especially for the most powerful and richest country in the world.

David Milband at the International Rescue Committee said:

  • It is harder to get to the United States as a refugee than under any other program.
  • Employment for refugees up to 5 years is higher than for the rest of the population.
  • Merkel is responding to the reality that 350,000 refugees had already arrived this year and that the best way to get a burden sharing arrangement was to take the lead.
  • Migrants should not be confused with refugees, who have a well-founded fear of persecution and a right to international law.
  • The danger is that Britain thinks Russia is a declining power and Russia thinks Britain is a declining power.
  • Russia’s elevated support for Assad is a sign of his weakened position from a year ago. Russia could pull the rug from under Assad because he has become a problem for Russian concern over Islamic radicalism emanating from Syria.
  • In the solution for Lebanon, every community had a stake in government, which is impossible for Syria at the moment.

 

Thomas Erdbrink at the New York Times said:

  • It is getting harder to figure what Iran’s leaders want and which direction the country is heading.
  • Iran feels it was taken to the cleaners by the nuclear deal but will accept it. The bigger issue for them is whether or not to cooperate with the US in the region. Iran is the only stable state in a divided and troubled Middle East and a weakened Saudi Arabia.

Karim Sadjadpour at the Carnegie Endowment said:

  • Both Iranian supporters and the opponents of the nuclear deal believe their supreme leader agrees with their position. In the end, Iran will accept the nuclear deal because Khamenei does not want to stand between Iranians and economic deliverance.
  • Khamenei’s MO is to wield power without accountability and have a president with accountability but without power, so he will blame Rouhani when popular expectations of the deal are not met. Khamenei has emasculated Iran’s previous 4 presidents.

Gillian Tett at the Financial Times said:

  • Despite living in a hyper-connected world, we are as fragmented, if not more so, than ever before. We fool ourselves into thinking we are no longer captive to our social and cultural rules anymore, but we are.
  • Hyper specialization produces people who cannot see opportunities or risks.
  • Sony is an example of a company filled with bright individuals who did some really dumb things. Different departments did not collaborate with each other and instead cannibalized each other. The result is we now carry iPods and not digital Walkmans.
  • Every company says it wants employees to think outside the box yet almost every company deepens and makes those boxes more rigid. In the name of streamlining everything, companies eliminate opportunities for employees to stop, think, roam mentally or collide with each other. Facebook deliberately moves employees around and recognizes that a box or a boundary can also be dangerous without stepping back to think about the social structure created.
  • Having a background in cultural anthropology helps make sense of how modern companies or modern institutions exist.

Watch the video at http://globalpublicsquare.blogs.cnn.com/category/gps-episodes/

or read the full transcript at http://transcripts.cnn.com/TRANSCRIPTS/1509/20/fzgps.01.html

Fareed Zakaria GPS – CNN 08-23-15

Salient to Investors:

Fareed Zakaria said:

  • The last time oil fell more than 50% in less than a year, in the 1980s, the Soviet Union collapsed.
  • Saudi Arabia wants to put American shale and tight oil producers out of business, but they have survived using technology and smart business practices.
  • Major oil-producing countries everywhere face a fiscal reckoning.
    • Oil is 96% of Venezuela’s exports, so its economy is expected to shrink by 7% in 2015.
    • Russia’s economy is expected to shrink by 3.4% in 2015 as oil and gas revenues are 50% of its budget.
    • Oil is 90% of Iraq’s budget. With limited resources, Iraq’s Shiite government is hard-pressed to pay the Sunnis.
    • The IMF estimates that Iran needs almost $100 oil to balance its budget.
  • Cato Institute says Chile, Canada, Sweden and Germany are all freer than the US, which was 20th versus 17th in 2008.
  • The NOAA says half1, 2015 was the warmest period on record. NASA says July was the hottest ever recorded.
  • In 2015, Gallup found that only 8% of American full-time workers work less than 40 hours a week, 42% work 40 hours, and 50% work more than 40 hours a week.

Nick Butler at Kings College says we are in for a longer and more sustained period of low oil prices than occurred in the late 1980s; because of the perfect storm of substantially increased supplies. Revenues of Gazprom, which finances Putin’s clique, is estimated to fall by almost 30% in 2015.

Leonardo Maugeri at Harvard says there is no way to stop falling oil prices to possibly $35 in 2016, largely because Saudi Arabia will keep pumping in the hope it hurts everyone else more than itself.

General Wesley Clark said:

  • Putin wants less US pressure on Ukraine in exchange for cooperation on Iran.
  • The territorial integrity of Ukraine is non-negotiable.
  • NATO bases should be in the east. The US created NATO and has always been its leader.

Radek Sikorski said:

  • Putin has largely misspent the oil boom’s money, but has invested heavily in his armed forces.
  • Putin should be told that the NATO area is out-of-bounds for Russian military adventurism.
  • NATO bases should be where they are needed, in the east.

Larry Cohler-Esses at The Forward said:

  • Iranian hard-liners rigidly compartmentalize Jews who they consider people of the book under Islam from Zionists.
  • Iran has between 9,000 and 20,000 Jews versus 80,000 to 100,000 before the revolution in 1979.

Derek Thompson at the Atlantic said:

  • The grand narrative of technological change in economics is creative destruction. 200 years ago we were an agrarian economy, 60 years ago a manufacturing economy, and now a services economy. Youngstown, Ohio experienced something very much like the end of work when an enormous steel mill shut down in September 1977. People are still leaving.
  • Many jobs can be replaced by technologies right on the horizon.
    • Driving is the most common occupation among American men, so self-driving automobiles are a serious threat to employment in the US.
    • The four most common occupations in the US economy are retail salesperson, cashier, food and beverage worker, and office clerk, all of which, according to Oxford university, are extremely automatable.
  • Government today could not enact universe basic income – a government check for everybody – which is absolutely essential for people to use technological change and technological unemployment to push toward a better future.

Zeynep Ton at MIT said:

  • Corporate America should not be cutting staff, salaries and benefits to improve the balance sheet, just the opposite. The trade-off between low prices and good jobs is actually forced trade-offs.
  • Most retail companies see labor as a cost so try to have as few people as possible on the selling floor. Under-staffing creates lots of problems: long checkout lines, products are in the wrong place, inaccurate prices, all of which increase costs and lower service. By investing in people, Toyota lowered costs and increased quality at the same time.
  • Investing in workers and making smart decisions drive great value for companies and their investors.
  • A good jobs strategy requires a long-term view, and people are wired to emphasize the short-term at the expense of the long-term; like smoking and not exercising.
  • Many companies do not see the whole picture and are stuck in silos and therefore mediocrity; they can still make money that way.

Watch the video at http://globalpublicsquare.blogs.cnn.com/category/gps-episodes/ or read the full transcript at http://www.cnn.com/TRANSCRIPTS/1508/23/fzgps.01.html

 

Fareed Zakaria GPS – CNN 08-16-15

Salient to Investors:

Fareed Zakaria said:

  • The Iran nuclear agreement is flawed, but has the toughest terms ever negotiated and sets back Iran’s nuclear program more than any serious military campaign would. Automatic re-imposition of sanctions can be triggered unilaterally by the US. Iran gets sanctions relief regardless because allies will not extend sanctions as they see Iran as having produced an acceptable agreement. Rejection of the agreement would see Iran ramp up its nuclear program without inspections or constraints, sanctions unraveling, and America isolated.
  • The Chinese devaluation means its economy is slowing and the country is moving away from some reform models and towards state control and mercantilism.
  • Pew reports a median of 30% of non-Russians view the country favorably,  a median of 24% have confidence that Putin is doing the right thing in world affairs.
  • Defeating ISIS is a priority for the all the world.
  • Singapore beats the US in life expectancy, unemployment, freedom from corruption, education. The US beats Singapore in press freedom, overall freedom.
  • The US generate more than 30% of global nuclear power. Nuclear provides 19% of US electricity, 75% of French electricity.
  • Russia and Putin have very serious problems.

Jon Huntsman said:

  • China is no longer an average player in the global economy as the world’s second largest economy, so a devaluation of 2 percent will have a major impact on the region. The Chinese people have very little belief in the long-term strength and well-being of their economy – all indicators suggest it is not a very smart thing for them to invest more in the future of their country.
  • Americans have been very angry at the political class for 2 or 3 election cycles now, so Trump represents the brash, big protest vote.

Nick Butler at the Financial Times wrote:

  • Russia’s GDP will drop 3.5% in 2015 because of its dependence on oil. Trading Economics says energy provides 20% to 25% of Russia’s GDP, 30% of budget revenues, and 65% of total exports. IEA reports global oil supplies are growing at a breakneck pace.
  • The book “Restless Empire” says Russia is weaker than at almost any time in the last 300 years.

Lawrence Lessig at Harvard Law School said:

  • The problem is our government can no longer govern.
  • Climate change legislation will not pass in the US until we end corrupt campaign funding – the most unequal and corrupt system in the world and the leading issue among voters.
  • The NY Times reports that 400 families have contributed 50% of the presidential election funding so far. Wall Street is the largest contributor to congressional campaigns.

Dexter Filkins at The New Yorker said:

  • The Iraqi state is broken in 3 pieces – Shiite, Kurd, and Sunni, which has irreparably broken away. The national feeling is gone.
  • The Iraqi army, built using billions of US dollars, fell apart the moment that ISIS swept in from Syria – one push and it fell apart.

Michele Flournoy at The Center for a New American Security said Iraq’s Shia leaders must re-include the Sunnis by devolving more authority and resources down to the provinces or risk losing Iraq as a single state.

Watch the video at http://globalpublicsquare.blogs.cnn.com/category/gps-episodes/ or read the full transcript http://www.cnn.com/TRANSCRIPTS/1508/16/fzgps.01.html

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Fareed Zakaria GPS – CNN 08-09-15

Salient to Investors:

Fareed Zakaria said:

  • Obama is an optimist about the world and America’s place in it – historically, optimists have tended to be right.
  • Iran’s Gulf enemies outspend it militarily by 8 to 1, America by 40 to 1. Iran is being forced to fight on two fronts to preserve its security – not a sign of strength.
  • The US has made many mistakes when it acted out of fear, but when it has patiently organized allies, negotiated agreements with adversaries, built its internal strength, it has prevailed in the end. The US has outlasted monarchy, fascism, revolution and communism, and will outlast radical Islam andcope with Iran.
  • The UN the global population will increase 2.4 billion to 9.7 billion by 2050. Before then India’s population will surpass China. By 2050, Nigeria will be the world’s third most populous country, and its 9th largest economy in the world by 2050 , up from 20th in 2014, according to PWC.

Watch the video at globalpublicsquare.blogs.cnn.com/category/gps-episodes/ or read the full transcript

at http://transcripts.cnn.com/TRANSCRIPTS/1508/09/fzgps.01.html

Fareed Zakaria GPS – CNN 07-19-15

Salient to Investors:

Fareed Zakaria said:

  • History shows that the more countries integrate within the global community, the less incentives they have to be spoilers.
  • Iran and the US share common interests on the threat from ISIS, the stability of Iraq and Afghanistan.
  • The most successful and dominating countries in the Middle East are all non-Arab: Iran, Turkey and Israel.
  • In 2014, the number of global refugees reached 60 million: 20 million had to leave their own countries, 40 million had to move within their own county.

Robin Wright at the Wilson Center said:

  • The majority of Iranian people and voters in Iran were born after the revolution, and very much want to be part of the 21st century.
  • Diplomacy failed to prevent the last four countries from joining the nuclear club – Pakistan, India, Israel and North Korea.
  • Iran is one of the most stable states in the region.

Bret Stephens at the Wall Street Journal said:

  • Iran put its 2009 midlife crisis in jail. We are not dealing with the Iranian people but an Iranian regime that thinks it is winning regionally and internationally on many fronts.
  • The nuclear deal will turbocharge Sunni-Shia competition – the Saudis are not going to take this lying down. Expect more radicalism and more regional confrontation as a consequence of the Iran nuclear deal.

Vali Nasr at Johns Hopkins said:

  • Iran’s major headache in the region is ISIS. Iran is very much in a defensive mode and why they wanted the nuclear deal.
  • Iran spends less in absolute terms per capita on defense than all of its neighbors who have much more technologically advanced weaponry.
  • Want ISIS defeated but not by the Iranians or for the benefit of the Iranians.

Patrick Radden Keefe at The New Yorker said the escape of El Chapo will be a huge problem for security cooperation between Mexico and the US.

Paul Krugman at the New York Times said:

  • The Greek bailout deal humiliates Greece and does not end the crisis. The strategy of cut, cut, and austerity your way back to solvency remains unchanged: it was not working, has never worked in this kind of situation, and will not work. The trap that the euro has turned into, along with the austerity policies imposed to try to keep Greece in the euro, are really responsible for the disaster.
  • In the end, Greece will get either the enormous debt relief it is not getting now or have to exit the euro, which would have huge implications for the future of the EU. Greece would start to recover, which would encourage other challenges to he euro. But no repeat of 2008.
  • This is not a Lehman-like crisis. A Lehman event would not cause a Lehman-like event now because of buffers since erected.
  • Despite the holes, Greece collects a lot of taxes – a higher share of GDP than the US. Greece is not as overregulated and problematic an economy as it once was and has done far more reform than people think.

David Miliband at the Intl Rescue Committee said:

  • World political fragility is not surprising given that a country like Niger, twice the size of France, has an average per capita income of $1 a day.
  • 30 to 35 fragile states in the world cannot contain ethnic and political and religious difference within peaceful boundaries and lack the anchor of either regional or international sponsors to keep order. Globalization is operating with an assertion of local, ethnic, religious identity.
  • There is no real poliitical power that will bring a diplomatic solution in Syria. This is has become a Syria and Iraq problem and is worse than a year ago and will be worse again in a year because the humanitarian catastrophe is feeding the political instability.

Nicholas Kristof at the New York Times said:

  • The rise in world refugees reflects the decline of the Cold War where states are no longer pawns to be supported in a larger game.
  • There is a weariness, an exhaustion, with these crises around the world.
  • US food aid programs are not based on saving people from starvation but are essentially US agriculture support programs and US shipping programs.

Watch the video at http://globalpublicsquare.blogs.cnn.com/category/gps-episodes/ or read the full transcript at  http://transcripts.cnn.com/TRANSCRIPTS/1507/19/fzgps.01.html

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All Praise To Barack Obama For Stiffing The War Party – Peace Is Finally Being Given A Chance – David Stockman’s Contra Corner 07-17-15

Salient to Investors:

David Stockman  writes:

  • Obama’s Keynesian policies are deplorable.
  • The Iranian nuclear deal could mark a decisive turning point in rolling back US destructive interventionism and imperial pretensions in the Middle East and the world.
  • Iran is not hell-bent on obtaining nuclear weapons as shown by the 2007 National Intelligence Estimates report – that the small-scale Iranian weapons research effort was abandoned in 2003 and never restarted – and evidenced several times since. The overwhelming evidence over more than three decades is that Iran’s primary aim has been to obtain enrichment capacity for its civilian reactors.
  • The nuclear deal’s containment machinery keeps Iran far away from anything even remotely resembling an A-bomb capability, and virtually suffocates even Iran’s civilian nuclear industry which it entitled to under the Nuclear Non-Proliferation Treaty, which excludes only India, Pakistan, South Sudan and Israel.
  • Israel can thank its lucky stars that Obama and Rouhani have transcended 30 years of lies and enmities on both sides in order to give peace a chance. Netanyahu fashioned the giant lie that Iran is a fount of terrorism dedicated to the destruction of Israel and other treacherous purposes. Iran is no better or worse than any other major power in the Middle East, and far less of a threat to regional peace and stability than Egypt and Saudi Arabia – the Saudis have funded more terrorists throughout the region than Iran has ever imagined.
  • US archives prove that the CIA overthrew Iran’s democratically elected government in 1953 and installed Mohammad Reza Shah to rule as a puppet on behalf of US security and oil interests.
  • Iranian support of Syria is a long-standing alliance that is rooted in the historic confessional politics of the Islamic world.
  • Assad’s Alawite regime has protected all of Syria’s minority sects, including Christians, against a majority-Sunni ethnic cleansing, which would occur if the Saudi supported rebels, led by ISIS, were to take power.
  • Yemen has been racked by civil war since the early 1970s, driven by confessional differences between the Sunni south and the Shiite north.

Read the full article at http://davidstockmanscontracorner.com/all-praise-to-barrack-obama-hes-giving-peace-a-chance/?utm_source=wysija&utm_medium=email&utm_campaign=Mailing+List+Mid+Day+Friday

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