In The News: Abbas - Ill Cut Ties With Israel, U.S. Losing Economic War Against Russia Abbas: Ill Cut Ties With Israel If UN Move Fails Palestinian Authority President Mahmoud Abbas warned on Tuesday that his administration would “no longer deal” with Israel if a United Nations Security Council resolution calling for a final peace deal fails. “If the Arab-Palestinian initiative submitted to the Security Council to put an end to (Israeli) occupation doesn’t pass, we will be forced to take the necessary political and legal decisions,” Abbas was quoted as saying by the Algerian APS news agency. “If it fails, we will no longer deal with the Israeli government, which will then be forced to assume its responsibilities as an occupier,” he added. The Palestinian draft resolution sets a 12-month deadline for wrapping up negotiations on a final settlement and the end of 2017 as the timeframe for completing an Israeli withdrawal to the pre-1967 lines. A final peace deal would pave the way to the creation of a Palestinian state with Jerusalem as a shared capital, according to the text. Residents In South: Hamas Digging Near Gaza Border Sightings of what appear to be massive excavation operations along the Gaza Strip border fence have raised serious concerns among residents of the south, following reports that Hamas flags were placed by local Palestinians atop mounds of dirt at the digging sites. Over the past several days, residents of Netiv Ha’asara, a cooperative agricultural community located near Israel’s border with the Strip, reported a number of instances where bulldozers and trucks were spotted conducting heavy excavation activity close to the security fence, according to Israel Radio. The residents further reported that a 200-meter-long dirt mound had been raised in the area, with Palestinians workers periodically raising emblems of the Islamist terrorist group above it. Russian PM Admits Risk Of Deep Recession Russias prime minister has admitted the country is at risk of entering a period of deep recession, according to a news agency. Dmitry Medvedevs comments - quoted by RIA Novosti - were made as the country stepped up its efforts to shore up the rouble - battered in value through a toxic combination of weak oil prices alongside Western sanctions over Russias actions in Ukraine. Economists say the crisis risks a repeat of soaring inflation and mass protests - last seen in the countrys financial woes of 1998 which wiped out peoples savings. The Russian economys dependence on oil - and its failure to diversify - means it is particularly vulnerable to slides in world oil prices. There is no sign of an imminent increase as the Saudi oil minister, who has the most clout among the members of the powerful OPEC cartel, has said there will be no production cuts to boost prices even if Brent falls as low as $20. Mr Medvedev told a political gathering the Russian economy was in a worse place now than in the 2008 financial crisis because a number of countries are effectively hampering the development of our economy. Could Russia Back Its Currency With Gold? Russias government could still be pushed into using its gold reserves to bolster the falling ruble, currency experts have forecast. It was (and still is) in Russias power to adopt a gold standard, MacLeod told CNBC via email. There is no doubt that Russia and China, plus the other Eurasian states in their sphere of influence are all accumulating gold and the indications are they see it as central to replacing the U.S. dollar for cross border trade. Whether Russia would actually decide to do it was another matter, said MacLeod, and expected the countrys central bank to the lack the courage to act. However, he said that if Putin is provoked sufficiently he may judge it to be in Russias best interests and could overpower any reluctant officials at the bank. It is already in Russias interest to cast itself off from inflating western currencies and to base their economy on sound money, aka gold, he said. Countries that are indebted and provide substantial welfare for its citizens would be most threatened by any return to gold convertibility, according to MacLeod, who said Russia could therefore be building a weapon of mass financial destruction.
Posted on: Thu, 25 Dec 2014 02:03:16 +0000
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