Category Archives: European Banks International Monetary Fund

Terminate Germany’s Membership in NATO, Consider Georgia and Finland

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Defense Minister Annegret Kramp-Karrenbauer said Germany would spend 2% of its economic output on defense by 2031, belatedly reaching the goal set by NATO leaders at a 2014 summit, months after Russia’s annexation of Ukraine’s Crimea peninsula.

“NATO is and will remain the anchor of European security. But it is also clear that Europe must increase its own complementary ability to act,” Kramp-Karrenbauer told a private event to honor NATO Secretary-General Jens Stoltenberg on Wednesday night.

“This starts with the defense budget. We need (to spend) 1.5% by 2024 and 2% by 2031 at the latest,” she said.

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Germany has prohibited Estonia from shipping weapons to Ukraine. Is Germany agreeable to a Russia/Ukraine military conflict and the destruction of a country’s sovereignty while casualties and refugees are likely? Think about that. Did Germany ever criticize Germany for the poison deaths by Russia of those living in the U.S. and in Britain? How about when Russia shot down a commercial airliner killing all the passengers? What about the countless times Russia threatens allied naval vessels or buzzes military aircraft in sovereign airspace? We also cannot overlook Russian hackers when they struck Ukraine several times. Hello Germany…you out there?

Putin Targets Germany, NATO's Weakest Link - by Peter Rough source

Meanwhile, beginning with Chancellor Merkel and now with Olaf Scholz, Germany has gone more rogue if that is possible which means they are ‘all-in’ with Russia mostly due to needing energy. Under Merkel, Germany is terminating nuclear power as an energy resource and is going in with natural gas and bio-mass along with on shore and off shore wind. Fully going green including solar. Germany's Russia problem: Ukraine crisis tests new government | Financial Times source

Meanwhile, remember a few years ago when Germany took in millions of Syrian refugees? Germany has been facing a labor shortage for many years so rather than crafting a domestic policy for the good of Germans, it was decided that refugees and migrants were the solution and this is not a new phenomenon as it began years before with Turks. An aging workforce and a low birthrate caused Germany to go outside the country to get workers. Audi and Mercedes considered this move to be an economic miracle but while some of that has been positive, the larger picture tells another story. Language skills, education, work ethics, bureaucracy, culture and training has been a bigger problem.

Oh….exactly what countries are the best customers for German cars? Yup….Russia and especially China….go figure. That Chinese human rights violation of the million Uighurs in prison and working in slave conditions is not exclusive to China by the way….as German companies profit from exploiting Uighur slave labor. Ever heard of Hugo Boss or Aldi? Yup and then there are American companies doing much the same…such as Nike or Puma, Amazon and Abercrombie and Fitch. Details here.

For more details on the raw truths go here.

Germany’s economic condition relies fully on raw materials from foreign countries and it’s supply chain is much worse than most of Europe or the United States…for this reason, we see how Germany side-steps the NATO doctrine while a few other countries including Finland and Georgia would be good replacements if they meet the fundamental requirements, perhaps even Bosnia and Herzegovina and least of all Ukraine.

Fundamental NATO membership includes the following:

NATO membership is potentially open to all of Europe’s emerging democracies that share the alliance’s values and are ready to meet the obligations of membership.

There is no checklist for membership.

Candidates for membership must meet the following five requirements:

–New members must uphold democracy, including tolerating diversity.

–New members must be making progress toward a market economy.

–Their military forces must be under firm civilian control.

–They must be good neighbors and respect sovereignty outside their borders.

–They must be working toward compatibility with NATO forces.

Again, while these criteria are essential, they do not constitute a checklist leading automatically to NATO membership.

New members must be invited by a consensus of current members.

Decisions to invite new members must take into account the required ratification process in the member states. In the case of the United States, decisions are made in consultation with Congress.

The Pandora Papers are Exposing Corruption of World Leaders

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A HUGE hat tip to the investigative journalists over the intensive and dedicated work on exposing tax evaders and money laundering across the globe.The Big Picture: Real estate in some of the world’s most coveted neighborhoods is owned by anonymous companies registered in notoriously secretive jurisdictions, like the British Virgin Islands (BVI).

Behind many of these offshore firms are political elites — including heads of state — who are often trying to avoid taxes or, in some cases, launder money.

?? Dictator’s Family in London: Family and close associates of Azerbaijan’s president — including his teenage children — secretly purchased $700 million worth of London real estate. Read more.

?? Czech PM in France: Czech Prime Minister Andrej Babiš set up a British Virgin Islands company in 2009 that secretly loaned €15 million to other shell companies he owned in the U.S. and Monaco. The money was eventually used to buy luxury French real estate. Read More.

?? Zelensky’s Offshore Network: Comedian Volodymyr Zelensky, who won Ukraine’s presidency on an anti-corruption platform, was co-owner of an offshore network. Even now, his family appears to still be able to profit from one of the companies. Read More.

?? Russian Money in Croatia: The family of a wealthy Croatian tycoon with ties to Vladimir Putin secretly took over a real estate developer. The family then funnelled suspicious funds from a Russian pipeline company to this real estate firm, using an opaque trust. Read More.

?? Kazakh Oligarchs and a ‘Tokal’: Two oligarchs are linked to $30 million worth of transfers to the alleged unofficial third wife (or tokal) of Kazakhstan’s former president, who remains arguably the most powerful man in the country. Read More.

?? Serbian PEP’s Properties: When our Serbian colleagues reported that Siniša Mali, then the mayor of Belgrade, had bought 24 properties on Bulgaria’s coast, he denied the allegations and offered a challenge: “If you determine I’m the owner of these apartments, they’re all yours…”

Well, the Pandora Papers prove he is the properties’ owner, without a shadow of doubt. We’re still waiting for the keys. Read More.

Other finds in the data: ?? A Slovenian cosmetics fraudster.

PANDORA PAPERS FROM PARTNERS

OCCRP was one of 150 media outlets to investigate leaked documents from 14 service providers. Here are some highlights from our colleagues outside of the OCCRP network. 

?? Tony Blair’s Taxes: Former U.K. Prime Minister Tony Blair and his wife saved hundreds of thousands of pounds in property taxes when acquiring a London office building from an offshore company. Read more in the Guardian.

?? Kenyan Dynasty: The family of Kenyan President Uhuru Kenyatta secretly owned a web of offshore companies in Panama and the BVI. Read more in Finance Uncovered. 

?? Pakistan PM’s Inner Circle: Pakistan’s Prime Minister Imran Khan has surrounded himself with people who have secret holdings hidden offshore. Read more in ICIJ. 

?? King of Jordan in the U.S. and U.K.: Jordan’s long-ruling monarch King Abdullah II has secretly owned 14 luxury homes in the U.K and the U.S., which he purchased through front companies registered in notorious tax havens. Read more in ICIJ.

? Latin American PEPs: One of Central America’s most prestigious law firms, Alcogal, set up offshore companies for 160 politicians and public officials — including some accused of looting their own countries. Read more at ICIJ.

IMPACT & RESPONSES

?? Pakistan: Prime Minister Khan welcomed the Pandora Papers in a tweet, vowing to investigate citizens named in the investigation.

?? Czech Republic: The Czech national police announced they will “act upon” the Pandora Papers’ revelations into the prime minister, who is up for reelection this week.

?? Sri Lanka: Sri Lanka’s anti-corruption commission will reportedly investigate the assets of any politician named in the Pandora Papers, which includes ex-minister Nirupama Rajapaksa.

Find more impact at ICIJ

The U.S. government has long condemned prominent offshore financial centers, where liberal rules and guarantees of discretion have drawn oligarchs, business tycoons and politicians.

But a burgeoning American trust industry is increasingly sheltering the assets of international millionaires and billionaires by promising levels of protection and secrecy that rival or surpass those offered in overseas tax havens. That shield, which is near-absolute, has insulated the industry from meaningful oversight and allowed it to forge new footholds in U.S. states.

Explore the latest stories in our groundbreaking Pandora Papers investigation:

Protests in Beirut over Possible Stolen Millions?

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238 people injured in Beirut protests » Breaking News ...

It is beginning to sound like some oligarch corruption out of Ukraine but read on.

Salamé became Governor of Lebanon’s central bank, on August 1, 1993. He was subsequently reappointed for four consecutive terms in 1999, 2005, 2011 and 2017. Salamé chairs the BDL Central Council, the Higher Banking Commission, the AML/CFT Special Investigation Commission and the Capital Markets Authority.

He is a member of the board of governors at the International Monetary Fund (IMF) and at the Arab Monetary Fund (AMF).

Le Commerce du Levant magazine économique libanais ...

In 2012, Salamé chaired the annual meetings of the International Monetary Fund (IMF) and the World Bank Group in Tokyo. So he is well connected and maybe a Middle East swamper,,,,but could something else be revealed?

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(Reuters) – Offshore companies linked to Lebanon’s central bank governor own assets worth nearly $100 million, a media group said in a report, as his role in Lebanon’s economic turmoil is under intense scrutiny.

The companies tied to Riad Salameh invested in real estate in Britain, Germany and Belgium over the past decade according to a report by a collective of European news outlets called the Organised Crime and Corruption Reporting Project (OCCRP), a nonprofit media organisation, and its Lebanese partner, Daraj.com.

The report by the Sarajevo-based OCCRP does not allege any wrongdoing by Salameh and Reuters has not reviewed any of the documents on which the report is based.

Responding to the report, Salemeh told Reuters he had declared during a TV interview in April his net worth prior to becoming a governor in 1993 and it was $23 million dollars.

“I have shown the supporting documents as a proof. This to eliminate doubts on the origin of my net worth and that it was prior to holding office,” he said.

He said he had previously stated that he asked professionals and trustees to manage his net worth. “The origin of my net worth is clear, this is the important matter,” he said.

Salameh, previously seen as a guarantor of financial stability in the country, has become a focus of anger for street protesters since Lebanon’s financial system collapsed earlier this year under the weight of one of the world’s biggest public debt burdens.

The report into his personal wealth comes at a sensitive time as Lebanon grapples with the aftermath of an enormous chemicals explosion that devastated the capital Beirut, fuelling public anger with the country’s leadership.

The OCCRP report also comes after central bank accounts seen by Reuters last month revealed that Lebanon’s central bank governor inflated the institution’s assets by over $6 billion in 2018, showing the extent of financial engineering used to help prop up the Lebanese economy.

The governor told Reuters last month that the central bank accounting was in line with policies approved by the board.

A Lebanese judge last month ordered a protective freeze on some assets held by the governor after ruling in favour of a complaint that he had allegedly undermined the financial standing of the state.

By the end of 2018, Salameh’s assets were worth more than $94 million, the report said, citing balance sheets of Luxembourg companies controlled by the governor.

Salameh said his declaration on his net worth demonstrated he was not trying to escape public scrutiny and was the proof he has “nothing to hide.” (Reporting by Davide Barbuscia and Laila Bassam; Editing by Tom Perry and Jon Boyle)

Erdogan/Turkey Floods Greece with Migrants

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Primer: Erdogan broke his pledge to Europe on the Syrian migrant issue.

Ankara opened the door for migrants last week after 33 of its soldiers were killed in a Syrian government airstrike in Idlib, north-west Syria.

President Recep Tayyip Erdogan launched a military offensive in the north of the war-torn country late last year, aimed at creating a safe zone to accommodate the 3.6 million Syrian refugees in Turkey.

The other aim was to oust from the Syrian Democratic Forces (SDF), which it considers an extension of the Kurdistan Workers’ Party (PKK). Turkey says the PKK — which launched an armed struggle against the Turkish government in the 1980s in a bid to form an independent Kurdish state within Turkey — is a terrorist organisation.

A fire broke out at a refugee center on the Greek island of Lesbos Saturday night amid tensions with Turkey over the flow of tens of thousands of mostly Syrian migrants who’ve tried to cross into Greece by land and sea last week.

Flames engulfed the Swiss-run One Happy Family refugee center Saturday night, causing property damage but no injuries, according to Greece’s firefighting service.

The center is located outside the island’s capital Mitilini near the Kara Tepe refugee camp, where about 1,500 refugees live, Swissinfo reported. It served as a meeting place and offered school lessons, a hairdresser, a café and a library to hundreds of migrants daily.

Chaos on Chios: Tensions Rising as More Migrants Arrive ...

Residents on the Greek islands of Lesbos and Chios have been protesting government plans to build new migrant detention centers amid a renewed influx of refugees, mostly coming across the sea from Turkey. Dozens of police officers were injured when demonstrations turned violent last month with protesters attacking those guarding construction sites for new centers.

After years of living on the front line of the migrant crisis, residents on Greece’s Aegean islands oppose the government building any new migrant detention centers on their islands, and, instead, want asylum seekers relocated to the mainland while they’re processed or await deportation. Existing migrant camps on the islands are already several times over capacity.

Meanwhile on the mainland, the European Union, in an effort to curb rising tensions at its borders, announced Saturday it is allocating nearly $800 million in funding for Greece to be used for establishing and keeping up “infrastructure” at the border.

The dramatic move came amid a sharply escalating crisis after Turkey opened the country’s border to Greece as part of an apparent push to make Europe offer more support in dealing with the fallout of the Syrian war. Late last month, Turkish President Recep Tayyip Erdogan’s government said it would no longer prevent migrants and refugees from crossing over to EU countries, prompting thousands to flock to the country’s land border with Greece.

The mass movement of migrants and refugees to Greece’s borders appears to be organized. Buses, cars and cabs were organized in Istanbul to ferry people to the border, while some of those who managed to cross have said they were told by Turkish authorities to go to Greece and that the border was open.

Meanwhile on the mainland, the European Union, in an effort to curb rising tensions at its borders, announced Saturday it is allocating nearly $800 million in funding for Greece to be used for establishing and keeping up “infrastructure” at the border.

The dramatic move came amid a sharply escalating crisis after Turkey opened the country’s border to Greece as part of an apparent push to make Europe offer more support in dealing with the fallout of the Syrian war. Late last month, Turkish President Recep Tayyip Erdogan’s government said it would no longer prevent migrants and refugees from crossing over to EU countries, prompting thousands to flock to the country’s land border with Greece.

Thousands of migrants clash with police in Lesbos as tear ... source

The mass movement of migrants and refugees to Greece’s borders appears to be organized. Buses, cars and cabs were organized in Istanbul to ferry people to the border, while some of those who managed to cross have said they were told by Turkish authorities to go to Greece and that the border was open.

Greece deployed riot police and border guards to repel people trying to enter the country. The border area has seen violent confrontations between the migrants and Greek security forces, with officers in Greece firing tear gas to block the migrants and Turkish police firing tear gas back at their Greek counterparts, according to the Associated Press.

Erdogan said his decision to open the border has pushed more than 100,000 people to cross into Greece so far. That estimate is higher than those of Greek authorities, who on Wednesday said 32,000 people have attempted to cross the border. About 230 people, mostly from Afghanistan, had been arrested.

On Saturday, youths threw rocks at Greek police and tried to break down a border fence in a desperate attempt to enter Greece. At least two migrants were injured in the skirmishes.

Erdogan will travel to Brussels on Monday to talk with top EU officials about a 2016 Turkey-EU agreement, which has now collapsed, on containing the refugee flows to Europe. The two sides have accused each other of failing to respect their commitments. More here.

Nunes Should Subpoena General Abizaid

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So much was been said in testimonies on The Hill during the impeachment inquiries about President Trump placing a hold on military assistance to Ukraine for various reasons as asserted by Democrats. President Trump has questioned foreign funding going all the way back to his campaign days and still he continues to question the investment(s) and use of that aid not only for Ukraine but for Lebanon, Pakistan and Afghanistan. IN 2018, Trump delivered a speech at the United Nations on this very issue that for some countries and non-government agencies caused some panic and rightly so.

But for Ukraine we need to travel back in time, a short time, in 2016 when Defense Secretary Ashton Carter along with his Ukrainian counterpart Stepan Poltorak signed a partnership agreement in London that would increase the defense capability of the Armed Forces of Ukraine, promote the defense sector and strengthen military-technical cooperation. This was all in an effort to further Ukraine’s ability to protect its territory. It was during this time that Secretary Carter assigned then retired General Abizaid to be the manager of Ukraine with his counterpart to bring reforms, meet new standards, strengthen democratic civilian control over the armed forces and transition personnel structure making it compatible with NATO standards including corruption.

Now, 3 years prior to this, the Obama White House provided a FACT SHEET detailing support for Ukraine. In the fact sheet, there are some key items:

1. The U.S. government has provided $291 in assistance as well as a $1 billion loan guarantee. The breakdown is described as $7 million in humanitarian aid for those affected by the conflict. $46 million in security assistance for Ukraine’s military and border guards.  This assistance includes the provision of body armor, helmets, vehicles, night and thermal vision devices, heavy engineering equipment, advanced radios, patrol boats, rations, tents, counter-mortar radars, uniforms, and other related items.

2. Obama assigned Commerce Secretary Penny Pritzker to lead the US delegation for Ukrainian government and business leaders to discuss economic reforms to attract foreign investment capital.

3. Obama instructed continued work at the congressional level to seek other opportunities of assistance including other defense and interoperability initiatives with Western forces.

4. The Obama administration was also seeking coordination with Ukraine to strengthen election integrity and security, an inclusive Constitutional reform, public outreach, defend human rights, social protection programs, energy subsidies to increase use among households but most of all technical assistance to restructure Ukraine’s national oil and gas company Naftogaz. (Naftogaz is a subsidiary of Burisma)

5. Retool media and expand the reach. The Broadcasting Board of Governors (BBG) will launch a daily, 30-minute Russian language television news program that will be a joint production of Radio Free Europe/Radio Liberty and the Voice of America. The program will be shown on television affiliates in Ukraine, as well as in Lithuania, Latvia, Estonia, Moldova, Georgia, and possibly other countries. BBG will seek to make the program available to Russian-speaking news-seekers worldwide via digital platforms.

6. Obama directed U.S. authorities to work closely with Ukrainian authorities to help recover stolen assets, processing activities and evidence collection. Additionally, the Obama administration directed U.S. agencies to aid Ukraine officials to develop laws and regulations to establish anti-corruption institutions to combat corruption more effectively. Further, the United States was directed by Obama to contribute to international efforts including through the OECD and the EBRD to deter bribery and improve the Ukraine business climate. (The OECD = the French based Organization for Economic Co-operation and Development and the EBRD = European Bank for Reconstruction and Development)

So, what do we have, the Obama admin plan, read Marshall plan for Ukraine failed. Then they had to rethink it all and send in other plan that sought to bolster military assistance for Ukraine using Secretary Carter and General Abizaid. Still, the military conflict manifested in Ukraine due to Russian forces. Interesting none of the witnesses expressed Obama failures.

Looking at Ukraine through President Trump’s view says he was proceeding with cooperation but wanted more reviews given the exceptional events since 2016 and rightly so including all things Biden, Burisma, corruption, theft, money-laundering and especially the change in the country’s leadership.

This brings us to NATO. Yes, President Trump did have some contempt for NATO not so much because it has been somewhat ineffective with regard to Russia but more due to NATO members not only not paying their mandated dues but member countries were not offering like assistance of that of the United States then or now. In 2018, President Trump with this envoy had a presentation in part dealing with Ukraine in the regard to the Nord Stram 11 gas pipeline.

Nord Stream II could cost Ukraine up to $2 billion annually in transit revenues, severely undermining our efforts to help secure an independent and economically sustainable Ukraine.

Ukraine continues its long journey to reforming its economy and achieving faster growth. Progress has been made on improving the governance and profitability of Naftogaz, the state-owned gas company, and improving oversight and resilience of the financial sector. Just last week, the Rada strengthened the anti-corruption process. But, Ukraine’s work – and the work of the U.S. and the EU in supporting reform efforts – is not complete. To grow, further progress is needed, including land reform, de-monopolization, natural gas price reforms, and further measures to counter corruption in the lending system.

Included in the remarks again was Naftogaz, once again it is a subsidiary of Burisma. Lots of corruption within Naftogaz as noted here. It is no wonder VP Biden was assigned the Ukraine portfolio and took advantage of circumstances.

In part from 2016:

“Russia criticizes our support of Ukraine. But Ukraine is an independent state and it asked for support. This is absolutely the legitimate right of every country, to ask for support and receive it. So there is no reason for criticism of the fact that we support a democratic government,” said Stoltenberg.

He recalled that NATO is providing support to Ukraine through a number of trust funds in the fields of logistics, management and reform of the military sector.

“We established a Commission Ukraine-NATO, which is a platform for our political and practical cooperation. But, of course, you can always do more. We work with the Ukrainians [to determine] what kind of support we can provide, policy and practice,” he added.

Stoltenberg noted that one of the biggest achievements of the summit in Warsaw was the fact that NATO formulated its policy towards Russia: a military fortification but also political dialogue.

So, to those Republicans on the Schiff Intelligence Committee, how about calling in General Abizaid for perspective and background to diffuse those Democrats that omit other Ukraine facts. Perhaps that would explain why poor Ukraine has lost 14,000 lives in the hot war with Russia. Add to the list of witnesses, Victoria Nuland, Susan Rice, Tom Donnilon, Ben Rhodes and Goesta Ljungman the onsite IMF representative in Ukraine. The investigations in Ukraine go way beyond Burisma and the Bidens.