Monthly Archives: November 2011

Iran Update: Six (Or Eight) UK Embassy Staff Taken Hostage: Iran Contra Redux?

From ZeroHedge…

Even more mysterious update #2:

  • IRANIAN CENTRAL TV CONFIRMS THAT EIGHT UK EMBASSY STAFF TAKEN HOSTAGE

Mysterious update confirming that something very fishy is going on here:

  • IRAN’S MEHR NEWS AGENCY REMOVES REPORT OF HOSTAGE TAKING FROM ITS WEBSITE – NO EXPLANATION GIVEN

Today’s developments are rapidly turning into a repeat of Iran-Contra:

  • SIX UK EMBASSY STAFF TAKEN HOSTAGE BY PROTESTERS IN NORTHERN COMPOUND OF TEHRAN EMBASSY – MEHR NEWS AGENCY

Expect a very formal, and very forceful UK response imminently.

Once again – got Brent?

Iranian protesters storm British embassy

From Reuters…

(Reuters) – Iranian protesters stormed two British Embassy compounds in Tehran Tuesday, smashing windows, hurling petrol bombs and burning the British flag in a protest against sanctions imposed by Britain, live Iranian television showed.

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Iranian protesters storm UK embassy

”]From Al Jazeera English…

The agency referred to the protesters as students who were chanting “Death to America”, “Death to England” and “Death to Israel” among other slogans.

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Fitch Keeps U.S. Credit Rating at ‘AAA’, Cuts Outlook to Negative

From FBN…

Fitch Ratings kept its pristine AAA rating on the U.S. on Monday, but the credit-ratings company downgraded its outlook to “negative” in the wake of the Supercommittee’s failure to find $1.2 trillion in spending cuts.

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Satellite Images Show Iranian Missile Base Destroyed

From TheBlaze…

A Washington-based research group has released satellite images showing extensive damage to an Iranian nuclear site two weeks after a mysterious explosion destroyed the facility.

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The eurozone really has only days to avoid collapse

From Financial Times…

In virtually all the debates about the eurozone I have been engaged in, someone usually makes the point that it is only when things get bad enough, the politicians finally act – eurobond, debt monetisation, quantitative easing, whatever. I am not so sure. The argument ignores the problem of acute collective action.

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Germany told to act to save Europe

Polish foreign minister Radek Sikorski: 'I will probably be the first Polish foreign minister in history to say so, but here it is: I fear German power less than I am beginning to fear German inactivity'

From Financial Times…

Germany is the only country in Europe that can act to save the eurozone and the wider European Union from “a crisis of apocalyptic proportions”, the Polish foreign minister warned on Monday in a passionate call for more drastic action to prevent the collapse of the European monetary union.

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Senators Demand the Military Lock Up American Citizens in a “Battlefield” They Define as Being Right Outside Your Window

From ACLU…

While nearly all Americans head to family and friends to celebrate Thanksgiving, the Senate is gearing up for a vote on Monday or Tuesday that goes to the very heart of who we are as Americans. The Senate will be voting on a bill that will direct American military resources not at an enemy shooting at our military in a war zone, but at American citizens and other civilians far from any battlefield — even people in the United States itself.

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Prepare for riots in euro collapse, Foreign Office warns

The Treasury confirmed earlier this month that contingency planning for a collapse is now under way

From The Telegraph…

British embassies in the eurozone have been told to draw up plans to help British expats through the collapse of the single currency, amid new fears for Italy and Spain.

As the Italian government struggled to borrow and Spain considered seeking an international bail-out, British ministers privately warned that the break-up of the euro, once almost unthinkable, is now increasingly plausible.

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Banks Build Contingency for Breakup of the Euro

Chancellor Angela Merkel of Germany and the nation's finance minister, Wolfgang Schäuble.

From New York Times…

PARIS — For the growing chorus of observers who fear that a breakup of the euro zone might be at hand, Chancellor Angela Merkel of Germany has a pointed rebuke: It’s never going to happen.

But some banks are no longer so sure, especially as the sovereign debt crisis threatened to ensnare Germany itself this week, when investors began to question the nation’s stature as Europe’s main pillar of stability.

On Friday, Standard & Poor’s downgraded Belgium’s credit standing to AA from AA+, saying it might not be able to cut its towering debt load any time soon. Ratings agencies this week cautioned that France could lose its AAA rating if the crisis grew. On Thursday, agencies lowered the ratings of Portugal and Hungary to junk.

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