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German election's message to Greece: looks like Grexit is coming

Election result calls into question prospect of future Greek bailouts paving way for Grexit.

Alexander Mercouris

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One little debated consequence of Sunday’s German election is that it significantly increases the prospect of Grexit, i.e. of Greece leaving the eurozone.
The last bailout of Greece in 2015 was not uncontroversial.  The IMF bureaucracy has never made any secret of its doubts about it.  Some of the other creditor states of the EU – for example Slovakia and Finland – are known to have been unhappy, whilst economists in the US and Britain were outspoken in their opposition.
However the bailout agreement was in the end railroaded through because it had the backing of Germany, by far the strongest state in the EU.
The bailout agreement was however also controversial in Germany itself.  The Finance Ministry and the Bundesbank are known to have had their doubts, as did many members of Chancellor Merkel’s CDU party.
The best known skeptic was however Germany’s Finance Minister Wolfgang Schäuble, who proposed at the height of the bailout crisis that Greece leave the eurozone “temporarily” in return for a haircut of its debt.  Unofficially it is reported that he also proposed that Greece be given a 50 billion euro parting gift to tide it over the inevitable turbulence that would follow in the aftermath of its leaving the eurozone.
Chancellor Merkel is known to have given serious thought to Schäuble’s proposal, and he at least seems to have thought for a short time that it had her backing.
However in the end the proposal was ditched in favour of another bailout of Greece following strong objections to Schäuble’s proposal from France and Italy (who were worried for the future of the eurozone if one of its member states left) and above all from the US, which saw Greece’s continued membership of the eurozone and of the EU as vitally necessary for NATO’s continued presence in the eastern Mediterranean  It was in fact apparently a telephone call from US President Obama that finally persuaded Chancellor Merkel to drop Schäuble’s proposal and give instead the proposed bailout of Greece her backing.
Though there was some unhappiness in Germany that the country had again been pushed into bailing out Greece, in the absence of any parties in the Bundestag opposed to the bailout Merkel had no difficulty getting it through.
That position has however now changed.
The AfD was originally set up to oppose bailouts by Germany of the eurozone’s weakest states, and it is a certainty that if any further bailouts are ever proposed whether of Greece or of any other of the eurozone’s weaker states it will vehemently oppose them.  That means that unlike in 2015 if any further bailout of Greece is proposed in future, unlike in 2015 there will be a party in the Bundestag which is guaranteed to oppose it.
However of even greater importance than the opposition of the AfD is that the FDP – Merkel’s all but certain future coalition partner – has also clearly signalled its strong opposition to any future bailouts, whether of Greece or of anyone else.  In the words of the FDP’s leader Christian Lindner during the election campaign

If there was a debt cut for Greece, as the International Monetary Fund suggests, then we should be open-minded to finally solving the problem.  Greece gets a debt cut, the money is gone, but for that Greece has to leave the euro zone, gets a new currency of its own which it can devalue and increase its competitiveness in tourism

In other comments Lindner is also reported to have said that Greece should be given a payoff to help it through the expected turbulence it will suffer once it leaves the eurozone.
What Lindner is proposing is of course the same as what Wolfgang Schäuble proposed in 2015.  Moreover it appears that Lindner is angling to replace Schäuble as Finance Minister.
Here it is necessary to make a number of points.
Firstly, it is a certainty that sooner or later Greece will need a further bailout if it is to remain in the eurozone.
At the present time the official view in Greece is that the worst of the crisis has passed, and that the country is recovering.
I do not know anyone in Greece who shares that view.
What is for the moment sustaining Greece’s economy is a temporary revival of the eurozone economy caused by the European Central Bank’s bond buying and quantitative easing programme.
However it is debatable whether the European Central Bank will be able to continue with this programme for much longer.  Not only is opposition to the programme in Germany since the election certain to grow, but the general global tightening of monetary conditions as a result of the US Federal Reserve Board’s unwinding of its quantitative easing programme appears to make the European Central Bank’s own bond buying and quantitative easing programme unsustainable.
All it will take is a dip in the economy of the eurozone for Greece to fall back into crisis, and with the European Central Bank’s bond buying and quantitative easing programme certain to end before long I know scarcely anyone in Greece who is properly informed about the situation who doubts that sooner or later this is what will happen.
When it does Greece will need another bailout if it is to stay in the eurozone.
Secondly, though Lindner’s statements and those of the FDP could not be more emphatic, it is likely that if a further Greek bailout situation arises he and the FDP will come under strong pressure to reverse their stance.  The same economic and geopolitical factors that lay behind the 2015 Greek bailout will still be there, making it a certainty that Lindner and the FDP will face demands from the EU bureaucracy, from the European Central Bank, from the Atlanticist wing of the German establishment and from the US to soften their stance.
However it is doubtful they will do so.  The FDP lost its position in the Bundestag following the previous parliamentary elections of 2013 in part because as Chancellor Merkel’s junior coalition partner it went along with all her orthodoxies.  The FDP will not want to be put in the same position again.
Given the strong position against further a bailout that Lindner and the FDP have taken, and the likely popularity within Germany of that stance, there will be strong opposition within the FDP if Lindner shows any inclination to reverse it, and it must be unlikely he will do so.
The odds must therefore be that when the next demand from Greece for another bailout comes the FDP will oppose it, in which case Merkel will risk the future of her coalition if she insists on it.  Moreover she will do so in support of a policy which is unpopular, and which will be opposed in the Bundestag and in the country by the AfD, leading to a high probability that opposition to a further bailout within the CDU will also crystallise.
Indeed it is likely that as the crisis within Greece resumes – as sooner or later it will – the knowledge of the opposition to a further bailout in Germany will have a chilling effect, and will harden opposition to the bailout in other countries in the eurozone which would have to agree to it, like Slovakia and Finland.
In that case it becomes extremely difficult to see how a further bailout could take place, in which case despite the opposition of France, Italy, the EU bureaucracy, the US and the Greek elite, a Grexit (ie. Greece’s exit from the eurozone) will finally have to take place.
Whilst it is too soon at the moment to say that the German election has definitely paved the way for a Grexit, realistically that looks like the most likely outcome.
There is a commonly expressed view that if a Grexit takes place and Greece finally leaves the eurozone, the eurozone itself will unravel as it is exposed as nothing more than a currency union rather than a true single currency
I have never shared this view.  On the contrary I believe that the eurozone will continue better without Greece, which will remain in all other respects a member state of the EU.
Following the German election it now looks as if before long this opinion will be put to the test.

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Saudi Arabia’s version of events: Jamal Khashoggi died during a fist fight (Video)

The Duran Quick Take: Episode 5.

Alex Christoforou

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The BBC examines the stunning Saudi admission that Jamal Khashoggi was murdered from three angles:

What is Saudi Arabia’s version of events?

The kingdom says a fight broke out between Mr Khashoggi, who had fallen out of favour with the Saudi government, and people who met him in the consulate – ending with his death.

It says investigations are under way, and so far 18 Saudi nationals have been arrested.

Unnamed officials speaking to Reuters news agency and the New York Times say the Saudis did not know the whereabouts of the body after it was handed to a “local collaborator” to dispose of.

In addition to the arrests, two senior officials have been sacked over the affair – deputy intelligence chief Ahmad al-Assiri and Saud al-Qahtani, senior aide to Crown Prince Mohammed Bin Salman.

The Saudi authorities have yet to give evidence to support this version of events.

Observers are questioning whether Saudi Arabia’s Western allies will find their account of a “botched rendition” convincing – and whether it will persuade them not to take punitive action against them.

US President Donald Trump said what had happened was “unacceptable” but that the arrests were an important “first step”. The UK Foreign Office said it was considering its next steps after hearing the report.

What did Turkey say?

“Turkey will reveal whatever had happened,” said Omer Celik of Turkey’s ruling AKP party, according to Anadolu news agency.

“Nobody should ever doubt about it. We are not accusing anyone in advance but we don’t accept anything to remain covered [up].”

Publicly Turkey has so far stopped short of blaming Saudi Arabia for the killing.

Turkish investigators, however, say they have audio and video evidence which shows Mr Khashoggi was killed by a team of Saudi agents inside the consulate and dismembered. Reports in Turkish media this week gave gruesome details of what are said to be his final minutes.

Turkish President Recep Tayyip Erdogan spoke to Saudi King Salman on Friday evening, and the two agreed to continue co-operating in the investigation.

How have Saudi’s Western allies reacted?

President Trump praised the kingdom for acting quickly and said the official explanation was “credible”, despite many US lawmakers expressing disbelief over the Saudi account.

Mr Trump stressed the importance of Saudi Arabia as a counterbalance to Iran in the Middle East, and pushed back against the need for sanctions against the country in light of the new information, talking about the effect of such a move on the US economy.

Earlier this week he warned of “very severe” consequences if Saudi Arabia was proved to have killed the journalist.

A number of US lawmakers, including a Republican highly critical of the Saudis, Senator Lindsey Graham, said they were sceptical about the report on the journalist’s death.

The UK Foreign Office described it as “a terrible act” and said the people behind the killing “must be held to account”.

RT CrossTalk host Peter Lavelle and The Duran’s Alex Christoforou take a quick look at Saudi Arabia’s admission to killing journalist Jamal Khashoggi during a fist fight inside the Istanbul consulate…a story that the Trump White House has so far accepted, but many US Congressmen and mainstream media pundits outright reject.

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Meanwhile Reuters floated this story on turmoil inside the Saudi Kingdom as a trial balloon to see if anyone has the might to challenge a very unstable crown prince, by appealing to the frail King and his western allies.

Since he acceded to the throne in January 2015, the king has given MbS, his favorite son, increasing authority to run Saudi Arabia. But the king’s latest intervention reflects growing disquiet among some members of the royal court about MbS’s fitness to govern, the five sources said.

MbS, 33, has implemented a series of high-profile social and economic reforms since his father’s accession, including ending a ban on women driving and opening cinemas in the conservative kingdom.

But he has also marginalized senior members of the royal family and consolidated control over Saudi’s security and intelligence agencies.

His reforms have been accompanied by a crackdown on dissent, a purge of top royals and businessmen on corruption charges, and a costly war in Yemen.

Khashoggi’s disappearance has further tarnished the crown prince’s reputation, deepening questions among Western allies and some Saudis about his leadership.

“Even if he is his favorite son, the king needs to have a comprehensive view for his survival and the survival of the royal family,” said a fourth Saudi source with links to the royal court.

“In the end it will snowball on all of them.”

Saudi officials did not immediately respond to Reuters requests for comment.

MISCALCULATION

Saudi Arabia has repeatedly denied any role in Khashoggi’s disappearance. But the sources familiar with the royal court said the reaction from the United States, an ally for decades, had contributed to the king’s intervention.

“When the situation got out of control and there was an uproar in the United States, MbS informed his father that there was a problem and that they have to face it,” another source with knowledge of the royal court said.

The crown prince and his aides had initially thought the crisis would pass but they “miscalculated its repercussions”, this source said.

Turkish officials have made clear they believe Khashoggi was killed inside the consulate, and two Turkish sources have told Reuters police have audio recordings to back up that assertion.

U.S. Senator Lindsey Graham, a Republican close to President Donald Trump, on Tuesday accused MbS of ordering Khashoggi’s murder and called him a “wrecking ball” who is jeopardizing relations with the United States. He did not say what evidence he was basing the allegation on.

Trump said on Thursday he presumed Khashoggi was dead but that he still wanted to get to the bottom of what exactly happened. Asked what would be the consequences for Saudi Arabia, Trump said: “Well, it’ll have to be very severe. I mean, it’s bad, bad stuff. But we’ll see what happens.”

Trump has previously said “rogue killers” may have been responsible and has ruled out cancelling arms deals worth tens of billions of dollars. On Tuesday, Trump said he had spoken with MbS and that the crown prince told him he did not know what had happened in the consulate where Khashoggi went missing.

The case poses a dilemma for the United States, as well as Britain and other Western nations. Saudi Arabia is the world’s top oil exporter, spends lavishly on Western arms and is an ally in efforts to contain the influence of Iran.

But in a sign of the damage, a succession of international banking and business chiefs, including IMF Managing Director Christine Lagarde, JP Morgan Chief Executive Jamie Dimon and Ford Chairman Bill Ford, have pulled out of a high-profile investment conference in Saudi Arabia this month.

U.S. Treasury Secretary Steven Mnuchin on Thursday also abandoned plans to attend, as did Britain’s trade minister and the French and Dutch finance ministers, putting the event in question.

Saudi officials have said they plan to move forward with the conference, scheduled for Oct. 23-25, despite the wave of cancellations.

Neither JP Morgan nor Ford would elaborate on the reasons for the decision not to attend and did not comment on whether concerns about the disappearance of Khashoggi were a factor.

Lagarde had previously said she was “horrified” by media reports about Khashoggi’s disappearance. An IMF spokesperson did not give a reason for her deferring her trip to the Middle East.

TAKING CONTROL

Before the king’s intervention, Saudi authorities had been striking a defiant tone, threatening on Sunday to retaliate with greater action against the U.S. and others if sanctions are imposed over Khashoggi’s disappearance. A Saudi-owned media outlet warned the result would be disruption in Saudi oil production and a sharp rise in world oil prices.

“Reaction and threats to the possible sanctions of the last 24 hours were still (coming) from the crown prince,” the businessman close to royal circles said on Monday. “The king is now holding the file personally … and the tone is very different.”

The king has spoken directly with Erdogan and Trump in recent days. Both the king and his son met U.S. Secretary of State Mike Pompeo when he visited Riyadh on Tuesday.

King Salman, 82, spent decades as part of the inner circle of the Al Saud dynasty, which long ruled by consensus. In four decades as governor of Riyadh, he earned a reputation as a royal enforcer who punished princes who were out of line.

Whether he is willing or able to resume that role in this crisis remains unclear, palace insiders say. One source with links to the royal court said the king was “captivated” by MbS and ultimately would protect him.

Still, there is precedent for the king’s intervention.

He stepped in this year to shelve the planned listing of national oil company Saudi Aramco, the brainchild of MbS and a cornerstone of his economic reforms, three sources with ties to government insiders told Reuters in August. Saudi officials have said the government remains committed to the plans.

And when MbS gave the impression last year that Riyadh endorsed the Trump administration’s still nebulous Middle East peace plan, including U.S. recognition of Jerusalem as Israel’s capital, the king made a public correction, reaffirming Riyadh’s commitment to the Arab and Muslim identity of the city.

Despite these rare instances of pushback, several of the sources close to the royal family said that King Salman had grown increasingly detached from decisions taken by MbS.

“He has been living in an artificially-created bubble,” said one of the sources. Lately, though, the king’s advisers have grown frustrated and begun warning him of the risks of leaving the crown prince’s power unchecked.

“The people around him are starting to tell him to wake up to what’s happening,” the source said.

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Kiev ‘Patriarch’ prepares to seize Moscow properties in Ukraine

Although Constantinople besought the Kiev church to stop property seizures, they were ignored and used, or perhaps, complicit.

Seraphim Hanisch

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The attack on the Eastern Orthodox Church, brought about by the US State Department and its proxies in Constantinople and Ukraine, is continuing. On October 20, 2018, the illegitimate “Kyiv (Kiev) Patriarchate”, led by Filaret Denisenko who is calling himself “Patriarch Filaret”, had a synodal meeting in which it changed the commemoration title of the leader of the church to include the Kyiv Caves and Pochaev Lavras.

This is a problem because Metropolitan Onuphry of the Ukrainian Orthodox Church which is canonically accepted and acts as a very autonomous church under the Moscow Patriarchate has these places under his pastoral care.

This move takes place only one week after Patriarch Bartholomew I of Constantinople unilaterally (and illegally) lifted the excommunications, depositions (removal from priestly ranks as punishment) and anathemas against Filaret and Makary that were imposed on them by the hierarchy of the Moscow Patriarchate.

These two censures are very serious matters in the Orthodox Church. Excommunication means that the person or church so considered cannot receive Holy Communion or any of the other Mysteries (called Sacraments in the West) in a neighboring local Orthodox Church. Anathema is even more serious, for this happens when a cleric disregards his excommunication and deposition (removal from the priesthood), and acts as a priest or a bishop anyway.

Filaret Denisenko received all these censures in 1992, and Patriarch Bartholomew accepted this decision at the time, as stated in a letter he sent to Moscow shortly after the censures. However, three years later, Patriarch Bartholomew received a group of Ukrainian autocephalist bishops called the Ukrainian Orthodox Church in the USA, who had been in communion with Filaret’s group. While this move may have been motivated by the factor of Bartholomew’s almost total isolation within Istanbul, Turkey, it is nonetheless non-canonical.

This year’s moves have far exceeded previous ones, though, and now the possibility for a real clash that could cost lives is raised. With Filaret’s “church” – really an agglomeration of Ukrainian ultranationalists and Neo-Nazis in the mix, plus millions of no doubt innocent Ukrainian faithful who are deluded about the problems of their church, challenging an existing arrangement regarding Ukraine and Russia’s two most holy sites, the results are not likely to be good at all.

Here is the report about today’s developments, reprinted in part from OrthoChristian.com:

Meeting today in Kiev, the Synod of the schismatic “Kiev Patriarchate” (KP) has officially changed the title of its primate, “Patriarch” Philaret, to include the Kiev Caves and Pochaev Lavras under his jurisdiction.

The primate’s new official title, as given on the site of the KP, is “His Holiness and Beatitude (name), Archbishop and Metropolitan of Kiev—Mother of the cities of Rus’, and Galicia, Patriarch of All Rus’-Ukraine, Svyaschenno-Archimandrite of the Holy Dormition Kiev Caves and Pochaev Lavras.”

…Thus, the KP Synod is declaring that “Patriarch” Philaret has jurisdiction over the Kiev Caves and Pochaev Lavras, although they are canonically under the omophorion of His Beatitude Metropolitan Onuphry of Kiev and All Ukraine, the primate of the canonical Ukrainian Orthodox Church.

Philaret and his followers and nationalistic radicals have continually proclaimed that they will take the Lavras for themselves.

This claim to the ancient and venerable monasteries comes after the Holy Synod of the Ecumenical Patriarchate announced that it had removed the anathema placed upon Philaret by the Russian Orthodox Church and had restored him to his hierarchical office. Philaret was a metropolitan of the canonical Church, becoming patriarch in his schismatic organization.

Representatives of the Ecumenical Patriarchate have clarified that they consider Philaret to be the “former Metropolitan of Kiev,” but he and his organization continue to consider him an active patriarch, with jurisdiction in Ukraine.

Constantinople’s statement also appealed to all in Ukraine to “avoid appropriation of churches, monasteries, and other properties,” which the Synod of the KP ignored in today’s decision.

The KP primate’s abbreviated title will be, “His Holiness (name), Patriarch of Kiev and All Rus’-Ukraine,” and the acceptable form for relations with other Local Churches is “His Beatitude Archbishop (name), Metropolitan of Kiev and All Rus’-Ukraine.”

The Russian Orthodox Church broke eucharistic communion and all relations with the Ecumenical Patriarchate over this matter earlier this week. Of the fourteen local Orthodox Churches recognized the world over, twelve have expressed the viewpoint that Constantinople’s move was in violation of the canons of the Holy Orthodox Church. Only one local Church supported Constantinople wholeheartedly, and all jurisdictions except Constantinople have appealed for an interOrthodox Synod to address and solve the Ukrainian matter in a legitimate manner.

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Claims of Khashoggi death by fistfight expose Saudi brutality

The brutality of both state claims and unproven allegations in Khashoggi’s death raise serious questions about American alliances.

Seraphim Hanisch

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On October 2, 2018, Muslim Brotherhood member and Washington Post journalist Jamal Khashoggi entered the Saudi Arabian embassy in Turkey, never to be seen or heard from again.

This chilling report has been answered with some horrifying and grisly stories about what happened – that he was dismembered while still alive, that his body parts were dissolved completely in acid, leaving nothing left.

Now after two weeks, the Saudi official word on what happened came out: He died in an unexpected fistfight in the embassy.

Really. That is the Saudi’s explanation. A fistfight. In an embassy. With 18 people detained as suspects in the investigation.

And apparently the Saudi government expects the world to accept this explanation and just let it go.

This situation has just exposed the true nature of this “ally” of the United States. Even Rush Limbaugh, a staunch supporter of all conservative positions in America, has spoken from time to time about the amazing disconnect in American foreign policy with regards to Saudi Arabia. He continued that on his radio programs on both October 18th and 19th, 2018, as shown in this excerpted transcript, with emphasis added:

I’m simplifying this, folks, but generally that’s what happens. So, by the same token, you could say that this militant terrorist Islam that we’ve known since 9/11 and maybe 10, 15 years prior, that has been sponsored by Saudi Arabia, by the Saudi royal family. It’s why so many people have been upset with so many American presidents being buddy-buddy with the king, whoever he happens to be. The Saudis always fund former presidents’ libraries. I mean, the Saudis had a good thing going. They had relationships with every president, former president and so forth.

And while they were selling us oil, sometimes. Cooperative or uncooperative, depending on the time, with price. But during all of that, they were the primary thrust for Wahhabi Islam. Now, here comes MbS (Mohammed bin Salman, the Crown Prince of Saudi Arabia), and he wants to just reform the hell out of the country, get rid of Wahhabism, bring in petrodollars competitors such as Hollywood and Silicon Valley and basically bring Saudi Arabia into the twenty-first century instead of the seventh. And there’s some people that don’t want that to happen.

And from the 19th:

Wahhabi Islam is where the really radical clerics and Imams are who are welcoming anybody they can into their mosques and just literally converting them into suicide bombers, terrorists, and what have you, under the auspices of Islam. And the Saudi royal family stood by and let it all happen. Whether they were instrumental in advocating it, don’t know, but Saudi-funded charities all over the world promoted Wahhabism.

And that’s when I went back to Mr. Buckley and said, “I don’t see how the Saudi royal family, the Saudi government can be separated from these 19 hijackers.”

Now in the rest of these transcripts, which are very interesting, Rush explains that Khashoggi was a Muslim Brotherhood member, and as such, stood opposed to MbS’ reform plans and actions. However the brutality of the alleged murder of Mr. Khashoggi, and the official “State version” account of his death are almost equally brutal. Death by fists? How is it that the United States considers such people allies?

President Trump is on record as saying that this explanation by the Saudi government is “credible.” However, this statement alone is out of context, so we bring you the entire statement:

This is not to be misunderstood as a Trump endorsement of belief. He points out that this is a first step, and that in his view it is a good one, but that is all.

Still, these events throw the real nature of the Saudi kingdom into sharp relief. They are the number one customer for US military equipment, now considered allies against Iran. In the complicated field of Middle East relations, the president’s caution is probably very wise for the moment. However, this is a nation which produced most of the 9/11 hijackers, which is said to be the last voice in what Islam is, and so promotes a very violent interpretation of an already violent faith.

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The news and information media got a great lesson in following something like “due process” with this matter, and while the President is doing that, this situation still invites some strong speculation. Allies that simultaneously seek an allied nation’s destruction do not seem like allies much at all. And embassies are usually held to be very safe places for people, not places where they meet their death in any way at all, let alone the cruel means alleged and later claimed.

This event may actually be very damaging to the Saudi Crown Prince’s effort to bring his nation out of Wahhabism and into some more kind interpretation of Islam, and indeed the West’s assessment of Khashoggi has taken to calling him a “teddy bear” when he is a Muslim Brotherhood member. Former US President Obama supported the Muslim Brotherhood in Egypt, and these people were so violent, killing Christians and destroying homes and businesses, that the Muslim Brotherhood’s uprising was followed by a second uprising from the more reasonable people in Egypt (which Obama promptly dropped).

If reports are to be believed, Mohammed bin Salman wants to end Wahhabism. It would seem to logically make sense that his agencies were involved in what happened to Kashoggi, who is a known critic of bin Salman. But if it really is true that the Saudi royals were not involved, then whoever it was certainly succeeded in stopping bin Salman’s efforts to modernize his country, at least for now.

 

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