The Morning Brief - LignetConspiracy Theories Swirl Around Germany’s Gold Repatriation The Bundesbank, Germany’s central bank, recently declared its intention to repatriate all 412 tons of gold deposited in Paris and a further 330 tons of gold stored at the New York Federal Reserve over the next seven years. While the official rationale for Germany’s move is to verify the quality and standardize the size of the gold ingots, its action is open to varied interpretations, especially given that the Netherlands and Switzerland are also looking to bring their gold back home. The most intriguing is that the so-called bullion banks – primarily JP Morgan, Morgan Stanley, Deutsche Bank and UBS -- have effectively sold the title to the gold, and that Germany is recalling it to force the banks to reconcile their short positions and effectively reclaim it. |
Syria: Israeli Strike Raises Concerns of Wider Conflict
Israel's strike on convoys that were reportedly carrying SA-17 anti-aircraft
missiles from Syria to Lebanon underscores its long-standing commitment to
prevent the transfer of advanced weapons to terrorist groups like Hezbollah. But
while it was likely undertaken with the hope that the strike would discourage
further provocative actions by the Assad regime, the fact that Syria was
attempting the transfer raises troubling concerns about the stability of the
regime and the potential that Syria may in fact want to instigate a broader
regional conflict.
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A Stable Iraq Is Not Possible, Says Defense Expert
Michael Knights, a senior fellow with The Washington Institute, told LIGNET this
week in an exclusive interview that no army in the world could bring stability
to Iraq, and that the violence between Iraqi Sunnis and Shiites is likely to
continue.
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Spain: Will Exodus of Workers to Latin America Doom the Economy?
Skyrocketing unemployment and the enduring European debt crisis has forced
thousands of Spaniards to pack their bags for Latin America in search of jobs
and a brighter future. This exodus could help Spain in the short term by
reducing the need for services and driving down wages, but it could end up being
a brain drain that seriously harms the Spanish economy in the long run if these
workers do not return.
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Morocco Seeks Oil Expansion to Offset Poverty, Radicalism
In a bid to reduce heavy reliance on energy imports, Morocco is aggressively
pursuing offshore oil exploration, signing deals over the past month with
Chevron [NYSE: CVX] and Plains Exploration & Production Company [NYSE: PXP].
Other companies have jumped in despite unrest in the region, among them European
giants Repsol [OTC: REPYY] and Total [NYSE: TOT].
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Afghanistan: Kunar Province Becoming ‘Mother’ Al-Qaeda
Kunar, a rocky Afghanistan province on the Pakistan border, has become a
strategic territory for recruiting, breeding and training members of al-Qaeda
and its regional franchises. Al-Qaeda leader Ayman al-Zawahiri is believed to be
using this area to promote a new, decentralized al-Qaeda network. Recent
activity by al-Qaeda-linked groups in Mali, Algeria, Libya and Somalia suggest
this effort is expanding and could be boosted when coalition troops withdraw
from Afghanistan next year.
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Bankrupt and Mired in Violence, Honduras Pushes for National Overhaul
A continuing economic crisis, rampant corruption and a skyrocketing homicide
rate may be propelling Honduras toward a society-wide meltdown. In response, the
government has initiated an ambitious drive to avoid political paralysis and
repair the country’s weak institutions by passing a new mining law, a sales tax
and establishing “model cities” with independent tax and justice systems, even
as politicians gear up for November elections.
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