Russia’s Gazprom to fall under new EU capital ban – sources
RT | September 6, 2014
Russia’s Gazprom Bank and oil producer Gazprom Neft will fall under new sanctions approved by the European Union on Friday, Reuters cited an EU diplomat as saying. The sanctions reportedly include a new ban on raising capital in the 28-nation bloc.
The sanctions were agreed against Russia for its alleged role in the Ukrainian crisis, the diplomatic source said.
According to The Financial Times, which managed to obtain a document outlining the sanctions, all Russian state-controlled companies with assets of more than one trillion rubles (US$27 billion) that receive more than half their revenue from “the sale or transportation of crude oil or petroleum products” will be hit by the ban.
In addition to Gazprom Neft, the oil subsidiary of Russian gas giant Gazprom, Russia’s largest oil group – Rosneft and Transneft pipeline company – would be potentially blacklisted. However, the sanctions will not apply to privately owned Russian oil groups such as Lukoil and Surgutneftegas, the Times said.
The sanctions will also include an expansion of the EU travel ban list against certain individuals, as well as asset freezes, credit restrictions against Russian companies, and export bans on dual use goods, the EU diplomat told the agency.
Chiefs of Russian companies will be added to the list, along with oligarchs and local authorities of Donbass and Crimea.
Moscow has already promised it will respond to the new round of sanctions if they are approved and imposed, according to a press release issued by the Russian Foreign Ministry on Saturday
“Instead of feverishly looking for ways of hitting harder the economies of its member-states and Russia, the EU would do better to start supporting the economic revival of the Donbass region and restoring normal life there,” the press release reads.
The EU’s implementation of the new sanctions was delayed until Monday, Itar-Tass quoted an EU source as saying. Although the sanctions are ready, “some touch up work will be completed during the weekend.”
European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso confirmed that the new sanctions will be revealed on Monday.
US President Barack Obama said on Friday that Washington and the European Union were prepared to impose sanctions against Russia if the crisis in Ukraine continues to escalate following the signing of a ceasefire agreement.
Obama said the ceasefire in eastern Ukraine – agreed upon only hours earlier – was a result of “both the sanctions that have already been applied and the threat of further sanctions, which are having a real impact on the Russian economy and have isolated Russia in a way we have not seen in a very long time.”
Kiev officials and representatives of the two self-proclaimed republics in southeastern Ukraine agreed to a ceasefire after the contact group met behind closed doors in Belarus.
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Argentina passes law to reclaim default debt from New York
RT | September 5, 2014
Argentina’s Senate has passed a law that will let the country continue paying off its default debt by transferring international bond payments from New York to local banks, which would let other investors buy Argentine debt.
The scheme, to get around a US judge’s order to immediately pay back $1.6 billion to “vulture” hedge funds in Manhattan, is the initiative of President Cristina Fernandez de Kirchner. The bill passed by a vote 39 to 27.
The initiative proposes to begin challenging payments through third parties, and allowing them to trade their bonds for new debt issued under Argentine law. Argentina’s state Banco de la Nacion could become the trustee for payments, replacing the Bank of New York Mellon. Another proposal is to make Paris a main destination for debt payments.
The US district court that ruled on Argentina’s debt maintains this is illegal.
Next week the law will be discussed in Argentina’s lower house Chamber of Deputies.
It is a brazen move against the ‘vulture’ funds that sent the country into default in July after demanding the immediate payment of $1.6 billion ($1.3 billion plus interest) in restructured debt, instead of the planned $539 million to bondholders. The ruling banned Argentina from making interest payment on restructured debt before settling with the New York hedge funds. The hedge funds had rejected Argentina’s requests to restructure the debt in 2005 and 2010.
“Sometimes there are court decisions that cannot be followed,” Miguel Angel Pichetto, head of the government’s Victory Front coalition in the Senate, said on Thursday.
Argentina has said it will take the US to the International Court of Justice for judicial malpractice.
“To pay the vulture funds would be very dangerous,” Pichetto said.
New EU economic sanctions to hit Russian oil, defense investments – report
RT | September 4, 2014
The European Union is looking at introducing more economic sanctions against Russia over its alleged role in Ukrainian conflict, targeting the country’s oil and defense industries with investment bans, according to a new report.
EU diplomats have started drawing up new economic sanctions in Brussels, indicating that they could be passed as soon as Friday, The Telegraph reported, citing a three-page document.
The confidential document was reportedly handed over to ambassadors from several European countries this week.
It calls to “prohibit debt financing (through bonds, equities and syndicated loans) to defense companies and to all companies whose main activity is the exploration, production and transportation of oil and oil products and in which the Russian state is the majority shareholder.”
The new wave of sanctions could potentially ban state-controlled Russian oil and defense companies from raising funds in European capital markets, cutting off foreign investment.
“This extension would significantly increase the burden placed on the Russian state to finance its companies,” the document suggests.
The sanctions would affect Rosneft – Russia’s largest oil producer – in turn impacting British energy company BP, which has a 20 percent stake in the company.
Moreover, Russia’s oil prospectors could be blocked off from accessing exploration, production and refinery services.
“Measures could be extended… to provision of future associated services (such as seismic campaign-related services, drilling, well testing, logging and completion services, supply of floating vessels etc) for deep water, oil exploration and production, Arctic oil exploration and production or shale oil projects in Russia,” said the paper.
That may even include “prohibiting the provision of new additional technologies, for instance refining technologies needed to upgrade crude oil to EURO 4 standards.”
The banking sector will also be targeted further, making borrowing money from the EU even more difficult for Russian state-owned companies.
“Possible measures [include] prohibiting EU persons from participating in syndicated loans to major Russian State owned banks and other entities with a view to further restraining access to capital and closing a possible gap in the current regulation,” said the EU document. “[Also] lowering the maturity beyond which certain debt instruments are restricted bringing it form the current 90 days to 30 days.”
READ MORE: France says it cannot deliver Mistral warship to Russia over Ukraine
Some of the measures not being considered at this time, but reportedly being held in reserve, include bans on the purchase of newly issued Russian government bonds and a boycott of non-industrial diamonds.
Aside from the economic measures, other forms of sanctions are also being considered.
“Beside economic measures, thought could be given to taking coordinated action within the G7 and beyond to recommend suspension of Russian participation in high profile international cultural, economic or sports events (Formula One races, UEFA football competitions, 2018 World Cup etc),” according to the document.
AFP reported, citing a source, that the World Cup boycott idea is being considered as a “possibility for later on, not now.”
On Wednesday the president of FIFA, Sepp Blatter, said there was no chance of the 2018 World Cup being taken away from Russia.
“We are not placing any questions over the World Cup in Russia,” the head of world football’s governing body said at an event near Kitzbuehel, Austria, according to the DPA news agency. “We are in a situation in which we have expressed our trust to the organizers of the 2018 and 2022 World Cups.”
“[A boycott] has never achieved anything,” Blatter stressed.
Meanwhile, President Putin has outlined a seven-point plan to stabilize the situation in the crisis-torn region of eastern Ukraine.
Putin also expressed hope that final agreements between Kiev and the militia in southeastern Ukraine could be reached and secured at the coming meeting of the so-called contact group on September 5.
The military conflict has killed 2,593 people since mid-April and displaced over a million Ukrainians, most of whom sought refuge in Russia.
So far, attempts at temporary ceasefires between Kiev and self-defense forces in the past months have failed to improve the situation in southeastern Ukraine. The fighting has continued, with both sides blaming each other for breaking the truce.
Wall Street wins again: Bank of America settlement with US government is insufficient, critics say
RT | August 22, 2014
While the US government touted its “record” settlement reached this week with Bank of America for mortgage fraud that helped fuel the 2008 recession, the details of the agreement indicate yet another light punishment for an offending Wall Street titan.
Bank of America agreed to a $16.65 billion settlement with federal authorities for selling toxic mortgages and misleading investors, the US Justice Department announced Thursday.
“This historic resolution – the largest such settlement on record – goes far beyond ‘the cost of doing business,’” Attorney General Eric Holder said in a statement.
“Under the terms of this settlement, the bank has agreed to pay $7 billion in relief to struggling homeowners, borrowers, and communities affected by the bank’s conduct. This is appropriate given the size and scope of the wrongdoing at issue,” Holder added.
Yet the $7 billion in “relief” is considered a “soft money” fine, in which the bank will reduce some homeowners’ mortgages. Very few homeowners are eligible for the refinancing pursuant to the settlement, AP reported. Those who are eligible may need to wait years to see any settlement aid, as payouts will be ongoing through 2018.
Those already in the hole following a lost home due to foreclosure or a short sale – when a lender takes less money for a home than what the borrower owes – are unlikely to benefit from the terms of the settlement.
Outside of the $7 billion for consumers, the Bank of America settlement includes a $5 billion cash penalty and $4.6 billion in remediation payments. Large portions of the deal will be eligible to claim as business expenses, allowing the mega bank to treat them as tax write-offs.
The Bank of America settlement includes the appointment of an independent monitor to review the consumer relief portion of the agreement. It is yet to be determined when the monitor will be named.
The deal echoes similar agreements the government reached with other Wall Street players, like JPMorgan Chase and Citigroup, for crimes committed surrounding the recent economic recession.
JPMorgan Chase came to a $13 billion settlement in November. The $4 billion supposedly offered to homeowner relief has yet to benefit many in need, according to the advocacy group Home Defenders League. Citigroup reached a $7 billion deal with the government.
Critics of these deals have blasted the US government for its ongoing, lax attitude regarding mass crimes committed by powerful banks that, they say, are not adequately punished for wrongdoing.
“[T]he latest round of settlements deals with misconduct that even though the banks are getting off on the cheap again, the underlying abuses don’t strike at the heart of the too big to fail mortgage securitization complex,” said Yves Smith at Naked Capitalism.
“So the [Obama] Administration can feign being a little more bloody-minded. Even so, the greater and greater proportion in recent deals of funny money relative to real dough show that this is simply another variant of an exercise in optics.”
No major bank executive has faced criminal charges following the mortgage crisis. Without significant retribution for banks and executives that knowingly passed off fraudulent mortgages, Wall Street players will continue to act with impunity, argued Dean Baker, economist and director of the Center for Economic & Policy Research.
“Knowingly packaging and selling fraudulent mortgages is fraud. It is a serious crime that could be punished by years in jail,” Baker wrote. “The risk of jail time is likely to discourage bankers from engaging in this sort of behavior.”
William D. Cohan, a former senior mergers and acquisitions banker, wrote in the New York Times that, not only has the government barely punished those on the hook for Wall Street crimes, the Justice Department has also offered “sanitized” versions of events that led up to the crimes in its accounts given to the public following investigations.
“The American people are deprived of knowing precisely how bad things got inside these banks in the years leading up to the financial crisis, and the banks, knowing they will be saved the humiliation caused by the public airing of a trove of emails and documents, will no doubt soon be repeating their callous and indifferent behavior,” Cohan wrote.
Bank of America resisted the settlement at first, claiming nearly all bad mortgage securities under scrutiny came from Countrywide and Merrill Lynch. Both firms were purchased by Bank of America amid the 2008 financial crisis.
A federal judge in Manhattan ruled in a separate case that Bank of America was liable for the pre-merger mortgages, issuing a penalty of $1.3 billion. The ruling pushed the bank to agree to the settlement. Bank of America CEO Brian Moynihan said Thursday that the deal is “in the best interests of our shareholders and allows us to continue to focus on the future.”
Meanwhile, consumers advocates said the faulty mortgages will continue to haunt homeowners and their own vision of the future.
“It is hard to see how these settlements provide relief commensurate with the harm caused,” said Kevin Stein, associate director of the California Reinvestment Coalition, according to AP. “Countless families and communities have been devastated by predatory loans that should not have been made.”
Following the Thursday announcement of the settlement, Bank of America’s stock rose more than 4 percent.
Russia launches China UnionPay credit card
RT | August 15, 2014
Forget Visa and MasterCard. After the two American credit system payment companies froze accounts without notice in March, Russia has been looking for an alternative in China UnionPay.
China UnionPay plans to have 2 million cards in Russia in the next three years.
Instead of seeing the small Visa and MasterCard logo on credits cards, ATMs, and retail outlets, Russians will start to see the three words “China. Union. Pay.”
China UnionPay first emerged in 2002 on the domestic Chinese market as an alternative to Visa and MasterCard, but quickly expanded internationally, and now is already number one in terms of quantity of cards in the world.
Russia’s biggest banks – VTB- Gazprombank, Promsvyazbank, Alfa Bank, MTS, and Rosbank- are already making technical preparations, running tests on Union Bank cards.
“VTB24 already serves China UnionPay cards in its ATM network and now the bank is in negotiations with this payment system to start acquiring retail merchants,” VTB24’s press office said in a statement.
Most banks just began their relationship with China by offering clients corresponding services- none of the bankers imagined that they would be issuing Chinese credit cards.
In March, both Visa and MasterCard blocked the accounts of cardholders at BankRossiya and SMF Bank, both which were sanctioned by the US over Russia’s involvement in Crimea.
Russian financiers who used to keep their assets in dollars and euros were shocked by the event, and moved their capital back to Russia out of fear one day all their assets would be blocked by politicians in Washington DC.
“Visa and MasterCard have 100 percent trust, but right now, there is no trust in the system, and many, even our clients, have shifted their transactions from American dollar and Euro to Yuan. They are eager to receive this card- we already have a big list of people waiting to get this card instead of MasterCard and Visa,” Denis Fonov, Deputy Chairman at LightBank, a small Moscow-based bank, told RT.
LightBank was working with UnionPay long before it knew the cards would be coming to the Russian market – and ordered 10,000 cards pre-emptively as a side service for clients.
As a result of the freeze, Visa and MasterCard will now have to pay a security deposit to Russia’s Central Bank, which is estimated to be billions for each company. Similarly, once UnionPay begins operating in Russia, it will also put down a security deposit with Russia’s Central Bank, about $3-4 billion, Fonov said.
$5.3 trillion in payments
There are already 20,000 cards in circulation in Russia, and a second order of 100,000 cards is planned for September. In Russia many banks accept UnionPay cards, but not merchants, that’s the next step.
By the beginning of 2014, the payment system had already issued 4.2 billion cards, mostly in China.
In terms of total world trade turnover, China UnionPay is the leader in debt cards, with over $5.3 trillion in payments, or about 47 percent of the market share, whereas Visa has 40.6 percent, and MasterCard only 12.2 percent, according to the Nilson Report.
In overall transactions, Visa is still the leader with $4.6 trillion, and China UnionPay comes in second with $2.5 trillion in transactions in the first half of last year.
UnionPay already successfully operates in Australia and Canada, with their deposits tied to both the local currency and the yuan. In total, UnionPay operates in 142 countries.
China’s UnionPay will be a temporary solution for Russia to detach from the West while it prepares to launch its own payment system, which officially isn’t slated to begin operating for another 16 months, and according to sources in the industry, it could even be 2-3 years out.
US refuses to recognize UN court jurisdiction on Argentina’s debt
RT | August 9, 2014
Washington has refused to allow the UN International Court of Justice (IJC) to hear Argentina’s claims that US court decisions on the country’s debt have violated Argentina’s sovereignty.
“We do not view the ICJ as an appropriate venue for addressing Argentina’s debt issues, and we continue to urge Argentina to engage with its creditors to resolve remaining issues with bondholders,” the US State Department told Reuters in an email.
The State Department sent an email with the same content to one of Argentina’s leading newspapers, the Clarin.
Argentina complained against Washington’s decisions on its debt to the International Court of Justice in The Hague on Thursday.
But according to existing norms, Buenos Aires needs Washington to voluntarily accept the ICJ’s jurisdiction for the proceedings to begin.
The US withdrew from compulsory jurisdiction back in 1986 after the UN court ruled that America’s covert war against Nicaragua was in violation of international law.
Since then, Washington accepts International Court of Justice jurisdiction only on a case-by-case basis.
On Friday, US District Judge Thomas Griesa, who oversees Argentina’s legal battle with hedge funds, threatened that a contempt of court order may be implemented.
Griesa said it will be put forward if Argentina continues to “falsely” insist that it has made a required debt payment on restructured sovereign bonds.
The warning caused confusion, as the judge didn’t specify who will face the punishment – Argentina or its lawyers.
It will be quite difficult to sanction the Argentinean state, as US federal law largely protects the assets of foreign governments held in the US, said Michael Ramsey, a professor of international law at the University of San Diego.
“You can’t put Argentina in jail, so I’m not sure what he’d have in mind besides monetary sanctions,” Ramsey said.
Later on Friday, Argentina’s economy ministry issued another statement, accusing the US judge of “clear partiality in favor of the vulture funds.”
“Judge Griesa continues contradicting himself and the facts by saying that Argentina did not pay,” the statement said.
Previously, Argentina announced the restructuring of 93 percent of its 2001 debt, but creditors holding the other seven percent of the bonds demanded full payment and initiated a legal battle.
A New York court ruled that Argentina had to pay $1.33 billion to the hedge funds, blocking the transfer of $590 million that Buenos Aires forwarded in order to cover its restructured debt.
The judge said Argentina had to start talks with the lenders that didn’t approve the debt restructuring and negotiate to postpone the payment with those who did agree.
With lenders unable to receive payment, international regulators and rating agencies announced Argentina’s ‘selective’ default.
Tony Blair ‘to advise’ Egyptian dictatorship
RT | July 2, 2014
Tony Blair has reportedly agreed to advise coup-appointed Egyptian President, Abdel Fattah el-Sisi, as part of a United Arab Emirates-funded program which promises lucrative “business opportunities” to those involved.
Blair is set to give Sisi advise on economic reform in tandem with a UAE financed taskforce in Cairo, the Guardian reported on Wednesday. According to the daily, the taskforce is being run by the management consultancy Strategy&, formerly Booz and Co, now part of PricewaterhouseCoopers. The group hopes to attract foreign direct investment to Egypt’s crisis racked economy at an upcoming Egypt donors’ conference, which is being sponsored by oil-rich UAE, Kuwait and Saudi Arabia.
The former prime minister and Middle East peace envoy supported the coup against Egypt’s democratically elected president Mohamed Morsi last July and continues to generate controversy with his complicated dealings in the region.
A spokeswoman for Blair told the Guardian that his attempts to garner support for Egypt from the international community were not being done “for any personal gain whatsoever.”
“He is giving advice, he will have meetings, that’s all,” she said, stressing that neither Blair nor any organizations associated with him would make money out of Egypt.
She added that he believes the Sisi government “should be supported in its reform agenda and he will help in any way he can, but not as part of a team.”
When pressed on the lucrative “business opportunities” the Egypt project and its Gulf backers promised, she said: “We are not looking at any business opportunities in Egypt.”
A former close political associate, however, told the Guardian that Blair’s role in advising the Egyptian regime would cause “terrible damage to him, the rest of us and New Labour’s legacy.”
The associate said that Blair was able to kill two birds with one stone in Egypt, battling the threat of Islamism while sinking his teeth into “mouth-watering business opportunities” in return for Bush-era advocacy.
He added that it would be a very lucrative business model, but one Blair should not be involving himself with.
“He’s putting himself in hock to a regime that imprisons journalists. He’s digging a deeper and deeper hole for himself and everyone associated with him.”
Alastair Campbell, Blair’s former press secretary who resigned in 2003 over the Iraq Dossier scandal, is also a paid advisor consulting the Sisi government on its public image. When asked by the Guardian on Wednesday if he had been working with Strategy&, Campbell refused to say who he had been working with. Like Blair, Campbell also visited Cairo earlier this year as part of the Gulf-funded program to prop up the regime. Another former Blair employee, Darren Murphy, a so-called special advisor in the Blair government who has traded off the former PM’s name for years, has also been working on the program.
In June, Sisi, Egypt’s former army, won 96.9 percent of the votes in a presidential poll that had all the hallmarks of a dictatorial election.
Saudi King Abdullah bin Abdulaziz was the first international leader to congratulate Sisi on his election victory.
King Abdullah hailed Sisi’s ’win as a “historic day” for Egypt, calling for donors a donors conference to help Egypt through its economic troubles.
“To the brothers and friends of Egypt… I invite all to a donors conference… to help it overcome its economic crisis,” he said.
Since the Morsi government was toppled, hundreds of alleged supports of the ex-president and his Muslim Brotherhood movement have been sentenced to death. The persecution of political opponents and crackdown on journalists has pushed US congressional leaders to consider withholding $1.3 billion in military support to Cairo.
Since stepping down as prime minister in 2007, Blair and his companies have worked with a variety of repressive and dictatorial regimes across the world. Blair’s Middle East interest appear to be expanding, with aids confirming last month he was considering opening an office in the UAE capital Abu Dhabi. His work in Egypt could be viewed as even more contentious, due to the bloody nature of the coup and his work as a mediator in the region.
In June, retired diplomats and political enemies came together to demand that Blair be fired as the envoy to the Quartet on the Middle East– the UN, US, Russia and EU – after failing to bring Israel and Palestine closer to a peace deal.
EU sanctions on Crimea lead to deadlock – Republic’s head
RT | June 24, 2014
SergeyAksyonov, Acting Head of the Republic of Crimea and Chairman of the Crimea Council of Ministers (RIA Novosti / Andrey Iglov)
The head of the Crimean government has stressed rejoining Russia is irreversible. Sergey Aksyonov said an EU ban on imports from Crimea and Sevastopol deprives Europe of a market and it must “realise that the regime of pressure leads to nothing good.”
Aksyonov characterized the EU sanctions targeting the new Russian territory as “a deadlock situation, including for the European Union. They [EU states] deprive themselves of markets to sell their products and of the opportunity to participate in the investment program of Crimea”.
The peninsula head suggests the EU decision to prohibit imports from Crimea was influenced by the US government.
”General agitation over Crimea’s accession to Russia has calmed down in the EU. As far as I understand in this case the US authorities have pushed this stance,” he said.
The EU Commission imposed a ban on imported goods from Crimea following its position of not recognizing Crimea’s accession to Russia.
However Crimean officials say EU sanctions won’t have any serious impact on the region’s economy.
“I do not envisage any major crisis. I do not even know which economic sector might be affected by it. Most of our exports were to Russia; now this is no longer export but domestic operations,” said Vitaly Nakhlupin, the head of the Crimean State Council’s Economic Commission.
China and Russia to establish joint rating agency
RT | June 3, 2014
No more Fitch, Moody’s, or Standard & Poor’s for Russia and China, as they have agreed to establish a rating agency on joint projects, and later, international services, Russian Finance Minister Anton Siluanov said Tuesday.
“The establishment of an independent rating system is being discussed. Many countries would like to have more objectivity in the assessment of rating agencies,” Siluanov said.
“There will be a Russian-Chinese rating agency, which will use the same tools and criteria for assessing countries and regional investments that existing rating agencies use,” the minister said.
Obscene wealth: World’s 85 richest have same wealth as 3.5 billion poorest
RT | January 20, 2014
The world’s 85 wealthiest people have as much money as the 3.5 billion poorest people on the planet – half the Earth’s population. That’s according to Oxfam’s latest report on the risks of the widening gap between the super-rich and the poor.
The report, titled “Working for the Few,” was released Monday, and was compiled by Oxfam – an international organization looking for solutions against poverty and injustice.
The document focuses on the extent of global economic inequality caused by rapidly increasing wealth of the richest people that poses the threat to the “human progress.”
A total of 210 people became billionaires last year, joining the existing 1,426 billionaires with a combined net worth of $5.4 trillion.
“Instead of moving forward together, people are increasingly separated by economic and political power, inevitably heightening social tensions and increasing the risk of societal breakdown,” the report stated.
Also, according to the Oxfam data, the richest 1 percent of people across the globe have $110 trillion, or 65 times the total wealth of the bottom half of the planet’s population – which effectively “presents significant threat to inclusive political and economic systems.”
“It is staggering that, in the 21st century, half of the world’s population — that’s three and a half billion people — own no more than a tiny elite whose numbers could all fit comfortably on a double-decker bus,” Oxfam chief executive Winnie Byanyima told a news conference.
And the number of the rich is steadily growing: for example, in India the number of billionaires skyrocketed from six to 61 in the past 10 years, and their combined net worth is currently $250 billion.
The report comes ahead of the World Economic Forum in Davos which begins later this week, and urges the world leaders to discuss how to tackle this pressing issue.
Among the solutions presented by Oxfam are measures to avoid tax dodging and using economic wealth to pressure governments, looking for political benefits. Also, the organization calls for “making public all the investments in companies and trusts for which they are the ultimate beneficial owners,” as well as “challenging governments to use tax revenue to provide universal healthcare, education and social protection for citizens.”
Oxfam also said that there are many laws that favor the rich, which were lobbied for in a “power grab” by the world’s wealthiest people.
Since the late 1970s, tax rates for the richest have fallen in 29 out of 30 countries for which data are available, according to Oxfam.
“A survey in six countries (the US, UK, Spain, Brazil, India and South Africa) showed that a majority of people believe that laws are skewed in favor of the rich,” the report said.
For instance, almost 80 percent of the Spanish and the Indians, as well as over 60 per cent of the US and the UK residents, either agree or strongly agree that “the rich have too much influence over where this country is headed.”
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Revisionist History Books Banned by Amazon
By Michael Hoffman • Unz Review • August 25, 2018
On August 13, 2018 Amazon banned Judaism’s Strange Gods: Revised and Expanded, which was published in 2011 and sold by Amazon for the past seven years. Along with the much larger study, Judaism Discovered, (sold by Amazon since 2008), it has had an international impact both as a softcover volume as well as a digital book circulating on the Amazon Kindle.
Sales to India, Japan and the Middle East were rapidly growing. The digital Kindle format is particularly important for the free circulation of books because it bypasses borders and customs and hurdles over the prohibitive cost of shipping which the US Postal Service imposed on mail to overseas destinations several years ago (eliminating economical surface mail).
Amazon has also banned The Great Holocaust Trial: The Landmark Battle for the Right to Doubt the West’s Most Sacred Relic (sold by Amazon since 2010).
These volumes maintain a high standard of scholarly excellence, had a majority of favorable reviews by Amazon customers, are free of hatred and bigotry and have sold thousands of copies on Amazon. Out of the blue we were told that suddenly “Amazon KDP” discovered that the books are in violation of Amazon’s “content guidelines.” Asking for documentation of the charge results in no response. It is enough that the accusation has been tendered. The accused are guilty until proved innocent, although how proof of innocence is presented is anyone’s guess. There is no appeals process. This is what is known as “Tech Tyranny.”
There is a nationwide purge underway that amounts to a new McCarthyism — blacklisting and banning politically incorrect speech and history books under the rubric of “hate speech” accusations, initiated in part by two Zionist thought police organizations, the Southern Poverty Law Center (SPLC) and the Anti-Defamation League (ADL). It’s a flimsy pretext for censoring controversial scholarly books that can’t be refuted.
In addition to our books being hate-free, we note that there are hundreds of hate-filled Zionist and rabbinic books brimming with ferocious bigotry for Palestinians, Germans and goyim in general, which are sold by Amazon. … continue
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