RUTHFULLY YOURS

It’s a hostile world. Global economies are in a funk. Central bankers offer “free” money, yet economies stagnate. The benefits of capitalism and globalization, which have done so much to eradicate poverty and enhance living standards, are debunked. Cyber threats menace our defense systems, electric grid, as well as our aviation and banking industries. Drones, which can be used to carry explosives, threaten commercial airlines. Failed policies in the Middle East have created a refugee crisis in Europe. The Middle East has devolved into two apparently irreconcilable camps – Shia Iran and Sunni Saudi Arabia. From the Baltic to the South China Sea, Russia and China are testing the United States. Islamic terrorism poses threats on four continents, bringing with it (not unnaturally) xenophobic fears of Muslims. Anti-Semitism is resurgent in Europe. Amidst this fusillade, leading candidates for President of the United States are turning toward protectionism and away from globalization.

Protectionism refers not only to international trade. It was the reason behind Teddy Roosevelt’s dismemberment of “Trusts.” It is manifested in Washington, where cronyism places the interests of politicians (and their business and union counterparts) above that of the people. Protectionism, the antithesis of free trade, inhibits growth, keeps prices high and produces stagnation. Wherever it appears, it fails the long-term economic well-being of the nation. The ghost of Smoot-Hawley should frighten us all, as its signing in 1930 preceded a downward spiral into a world-wide depression. Former Presidential candidate Jon Huntsman once noted: “When America closes its doors, so does everybody else. We are the primary engine of growth in the world; we are the only beacon of free trade and open markets.” Amen!

Robert Kaplan, a contributing editor to The Atlantic, has just published a piece on Islam and the future of Europe. He claims, startlingly, that Europe “was essentially defined by Islam,” by which he means that before Islam swept across North Africa, Europe consisted of a single civilization, on both banks of the Mediterranean — that of the Roman Empire — and that Islam’s arrival severed “the Mediterranean region into two civilizational halves.” It is true that Muslim conquerors swept across North Africa in the seventh and eighth centuries, but not quite true, pace Kaplan, that they “extinguished Christianity there.” Millions of Coptic Christians remained a majority in Egypt until the 14th century (that is, for at least 700 years after the time that Kaplan claims Muslim armies “virtually extinguished Christianity” in North Africa). And while it is true that the Roman Empire was sundered, it was not only by the forces of Islam, as Kaplan appears to believe: before the Arab armies arrived, others had been seizing territory from Roman control, including the Visigoths in Spain and the Vandals, who conquered the Roman province of Africa in 433 and held it till 539.

Kaplan quotes with evident approval Jose Ortega y Gasset that “all European history has been a great migration toward the North.” Is that true? The Roman Empire fell because of a great migration of the Germanic tribes from the north and northeast to the South; it was they, the Barbarians, who beat down the steady Roman legions and seized Rome in 476 A.D., with the Germanic warrior Odoacer placed on the throne. And even before the Fall of Rome, the Roman Empire had divided into Eastern and Western Empires, one ruled from Rome, the other from Constantinople. Surely that split was just as significant, for the future of European civilization, with the Western empire embracing Latin Catholicism, and the Eastern empire Orthodox Christianity, as the loss of North Africa to Islam.

Ibrahim Barda’aya had turned 54 and he was still single so he decided to go out and kill some Jews. But Ibrahim wasn’t just a violent anti-Semitic racist. He was also lonely. According to his Imam, he wanted to die and get his 72 virgins in the afterlife. And he had stayed single to avoid the temptations of earthly women so that he could enjoy the 72 virgins who are 90 feet tall and so “white” that you can see the “marrow of their bones,” who never urinate or menstruate, get pregnant or complain.

In Pakistan, an arrested suicide bomber last year when asked if he wanted to marry, retorted that he wanted to die. “72 virgins are waiting for me in paradise, so why I should prefer only one here?”

Muslim men are encouraged to view their marriages to Muslim women as temporary. A Hadith has the Houri virgin admonishing the Muslim wife, “Do not annoy him, may Allah ruin you. He is with you as a passing guest. Very soon, he will part with you and come to us.” That is what Muslim terrorists strive for.

According to Saudi cleric Muhammad Al-Munajid, the 90-foot-tall Islamic virgins are vastly preferable to actual Muslim women. “Whereas the women of this world may suffer, for days and nights, from menstruation, from blood for 40 days after childbirth, from vaginal bleeding and from diseases – the women of Paradise are pure, unblemished, menstruation-free, free of feces, urine, phlegm, children.”

Also they are “restricted to tents” and “locked up” so, like the ideal Saudi woman, they never leave the house. They are “hairless” and never get older than their “tender age.” Their skin is so “bright that it causes confusion” and actually doubles as a mirror so that “one can see one’s image in her cheek.”

Unsurprisingly for a death cult, Islamic scholars appear to be obsessed with the bones of these giant women and assure Jihadists that “the marrow of the bones of their legs” of their promised virgin brides “will be seen through the bones and the flesh.”

April 24 marks the “Great Crime,” that is, the Armenian genocide that took place under Turkey’s Islamic Ottoman Empire, during and after WWI. Out of an approximate population of two million, some 1.5 million Armenians died. If early 20th century Turkey had the apparatuses and technology to execute in mass—such as 1940s Germany’s gas chambers—the entire Armenian population may well have been annihilated. Most objective American historians who have studied the question unequivocally agree that it was a deliberate, calculated genocide:

More than one million Armenians perished as the result of execution, starvation, disease, the harsh environment, and physical abuse. A people who lived in eastern Turkey for nearly 3,000 years [more than double the amount of time the invading Islamic Turks had occupied Anatolia, now known as “Turkey”] lost its homeland and was profoundly decimated in the first large-scale genocide of the twentieth century. At the beginning of 1915 there were some two million Armenians within Turkey; today there are fewer than 60,000…. Despite the vast amount of evidence that points to the historical reality of the Armenian Genocide, eyewitness accounts, official archives, photographic evidence, the reports of diplomats, and the testimony of survivors, denial of the Armenian Genocide by successive regimes in Turkey has gone on from 1915 to the present.

Indeed, evidence has been overwhelming. U.S. Senate Resolution 359 from 1920 heard testimony that included evidence of “[m]utilation, violation, torture, and death [which] have left their haunting memories in a hundred beautiful Armenian valleys, and the traveler in that region is seldom free from the evidence of this most colossal crime of all the ages.” In her memoir, Ravished Armenia, Aurora Mardiganian described being raped and thrown into a harem (which agrees with Islam’s rules of war).

Unlike thousands of other Armenian girls who were discarded after being defiled, she managed to escape. In the city of Malatia, she saw 16 Christian girls crucified: “Each girl had been nailed alive upon her cross, spikes through her feet and hands, only their hair blown by the wind, covered their bodies.” Such scenes were portrayed in the 1919 documentary film Auction of Souls, some of which is based on Mardiganian’s memoirs.

Well, well, well:

Austria’s far right made big wins in the latest round of voting in the country’s presidential election. Norbert Hofer, candidate of the anti-immigration Freedom Party (FPOe), took home almost 37 percent of the vote out of five candidates in Sunday’s polls.

The election will now go to a runoff that will take place on May 22, when Hofer will face either Green Party candidate Alexander Van der Bellen, who gained 19.7 percent of the vote this round, or independent candidate Irmgard Griss, who won 18.8 percent. For an all-out win a candidate must obtain more than 50 percent of votes to become the country’s head of state, which is a largely ceremonial role.

But the results do reflect Austrians’ frustration with their leaders’ response to Europe’s refugee crisis, and mean that, for the first time since 1945, Austria will not have a president from either the center-left Social Democrats or the center-right People’s Party. Hofer sailed past the candidates from those two parties — the Social Democrats and the People’s Party – who gained only 11.2 percent of the vote each.

Sunday’s results were the biggest victory that Hofer’s Freedom Party has seen since the party’s inception after World War II.

Guilt and the Immigrants

Angela Merkel’s chickens — which she generously distributed up and down the European continent in her suicidal attempt to change the very nature of Europe itself — are coming home to roost.

Hofer, who says he almost always packs a Glock in order to protect himself from refugees, is considered by German media to be the friendlier face of the Freedom Party over its more aggressive leader, Heinz-Christian Strache.

“The truth is, I suspect, that Trudeau’s public performances in the physical and intellectual domains, as well as his documented appeal to female effusiveness, is a vivid expression of his followers’ utter lack of political sobriety, intellectual acumen and emotional maturity. That a country could give its support and a 66 per cent approval rating to a preening charlatan boggles the mind and beggars the imagination—or would, if Americans had not done the same with a smooth-talking ignoramus like Barack Obama, who thinks the U.S. consists of 57 states and that Austrians speak Austrian.”

-Much has been made of Canadian PM Justin Trudeau’s recent exploits, avidly devoured by the press and lapped up by his dazzled acolytes. The latest installment in the Trudeau saga involves a photo just circulated of Trudeau balancing on a conference table in the advanced yogic Mayurasana or “peacock” pose, which has sent the media into yet another Trudeau frenzy and his fans swooning with adoration. Take a look at the image above.

One admirer tweets: “This guy is just too good to be true.” Another: “I’m so happy to be Canadian.” As CBC News puts it: “Photo of Justin Trudeau doing yoga makes the internet freak out — again.” In my estimation, this is not a posture befitting a head of state—but maybe that’s just me.

A few days earlier, media focus was on Trudeau’s apparently uncanny brain power, to wit, a “stunning” riff on the topic of quantum computing. The media, of course, failed to report that Trudeau’s Wikipedia stunt was set up by Trudeau himself, who asked to be asked so he could reel off a couple of boilerplate lines he had obviously memorized. According to the Daily Mail, “Justin Trudeau stuns room full of reporters and scientists with perfect answer to complex quantum computing question.” Here is Trudeau’s reply to a journalist’s stuttering query (“I was going to ask you about quantum computing, but …”):

“Very simply, normal computers work by …,” he began before he was interrupted by the crowd’s shocked laughter. “No, no, don’t interrupt me, when you walk out of here you will know more — well no, some of you will know far less — about quantum computing. Normal computers work by … either the power going through a wire or not. It’s 1 or a 0. They’re binary systems. What quantum states allow for is much more complex information to be encoded into a single bit. A regular computer bit is either a 1 or 0 — on or off. A quantum state can be much more complex than that because as we know, things can be both particles and waves at the same time. And the uncertainty around quantum states allows us to encode more information into a much smaller computer.”

So far as I can see, the question is neither “complex” nor the answer “perfect.” Note how Trudeau says nothing about the real problem, namely quantum indeterminacy and how to manage the superposition of incompatible states reliably and practically. Nor does he explain how the principle of uncertainty would allow us to compress and encode information, which is precisely the issue in question.

Ever since the inception of the European Economic Community, British politicians across the entire political spectrum have been perceptive enough to realize that Britain will lose its sovereignty and turn into a vassal of the France-Germany axis.

This month, in March, an official audit reported that EU auditors refuse to sign off more than £100 billion ($144 billion) of EU spending. The Brussels accounts have not been given the all-clear for 19 years in a row.

There is a joke going around the internet it how the European Union works (or doesn’t):

Pythagoras’s theorem – 24 words.
Lord’s Prayer – 66 words.
Archimedes’s Principle – 67 words.
10 Commandments – 179 words.
Gettysburg address – 286 words.
U.S. Declaration of Independence – 1,300 words.
U.S. Constitution with all 27 Amendments – 7,818 words.

EU regulations on the sale of cabbage – 26,911 words.

Why are EU Regulations so long? Maybe because they have to be translated into the 18 official languages? Interpreters also have to be found who can work into and from those languages at the European Parliament. The translation budget is massive. One of the official languages currently is Irish. It can confidently be said that there is no one in the Republic of Ireland who does not speak English; many Irish do not even speak or understand Irish, and certainly none of Ireland’s politicians will be fluent only in Irish. But all of the “acquis,” the body of regulations that are already part of the EU body of laws, also have to be translated into the languages of candidates for EU membership, such as Turkey, thus adding more languages to the tally each time a new regulation is passed. If Catalonia breaks away from Spain and remains a member of the EU, Catalan will need to be added, even though Catalan politicians all speak perfect Spanish.

If the opinion polls are correct, in under two weeks Labour’s Sadiq Khan will be elected Mayor of London. This is extremely troubling. Despite his noisy denunciations of terrorism and the Jew-hatred infecting his party, questions about his attitude to extremism continue to mount.

In 2003, he spoke at a London conference where he criticised anti-terror legislation for targeting Muslim groups. He spoke alongside Yasser al Siri, charged in 2002 and convicted in 2005 for assisting the man behind the 1993 World Trade Centre bombing in New York, and Sajeel abu Ibrahim, who ran a terrorist camp which trained the ringleader of the 2005 London bomb attacks.

Khan’s people say he was only doing what was required as a human rights lawyer and, at the time, chairman of the human rights group Liberty. He spoke out for these men because it was “quite literally his job”.

This is absurd. The extremists he has spoken alongside or associated with were not always his clients. His support for them far exceeds any professional relationship or MP’s duty to his constituents.

Atma Singh, who was Asian affairs adviser to the former London Mayor Ken Livingstone, has accused him of being “far too willing to turn a blind eye to terrorism”.

For a decade, said Singh, Khan campaigned for terrorists Babar Ahmad and Talha Ahsan.Ahmad, convicted of conspiracy and providing material to support terrorism, was a key radicaliser in London. Yet before his trial, Khan declared his childhood friend Ahmad to be “innocent”.

Khan has said he’s “embarrassed and sorrowful” about antisemitism in the Labour party and wants Jeremy Corbyn to “take a tougher stance”.Yet he has chosen to sanitise Islamist Jew-haters, as well as officiate in an organisation with ideological roots in Jew-bashing radical Islam.

Former Democratic senator Bob Graham upped pressure on the White House to make public 28 pages of a congressional investigation into the Sept. 11 terrorist attacks that specifically focuses on the alleged role of Saudi Arabia in the plot.

The Obama administration has said it will decide by June whether or not to declassify these documents. But, in private, senior U.S. officials have indicated the White House will move ahead with making the documents public.

Mr. Graham, a former head of the Senate Intelligence Committee who co-chaired the bipartisan congressional investigation into the attacks, has been a major critic of Saudi Arabia since the 2001 al Qaeda attacks on New York and Washington.

The three-term Florida senator appeared on NBC’s “Meet the Press” Sunday and again claimed the 28 documents would show high-level Saudi support for the al Qaeda operation.

“The most important unanswered question of 9/11 is, did these 19 people conduct this very sophisticated plot alone, or were they supported?” Mr. Graham said. “So who was the most likely entity to have provided them that support? And I think all the evidence points to Saudi Arabia.”

Mr. Graham again said he believed the highest levels of the Saudi government knew of the plot, a charge repeatedly denied by the Saudi monarchy. “I think it covers a broad range, from the highest ranks of the kingdom through these, what would be private entities,” Mr. Graham said.

The debate over the release of the documents is coming at a particularly delicate time in U.S.-Saudi relations.
President Barack Obama, in an interview with The Atlantic released last month, suggested Saudi governments were “free riders” for their dependence on the U.S. military for their security.

Relations between Washington and Riyadh have also been strained by the nuclear agreement reached last year between the U.S. and Iran, Saudi Arabia’s principal rival in the Middle East. The deal slowed Iran’s nuclear program but removed most international sanctions on Tehran. CONTINUE AT SITE

On April 22, a unique chapter in the history of the international bond market drew to a close when the Republic of Argentina settled with the largest remaining holders of the bonds unresolved from its 2001 default on more than $80 billion. Elliott Management, the firm I founded and manage, was one of these holders, having purchased bonds both before and after the default.

The 15-year saga has generated reams of articles about what lessons should be drawn to improve the sovereign-debt restructuring process. Now that the Argentina story is winding down, we would like to add our perspective to the debate.

When we first invested in these bonds in 2001, we believed that a negotiated restructuring could help Argentina avoid default. We also believed that if we participated in a negotiation, we could help achieve a good deal for all of the country’s bondholders.

As it turned out, Argentina chose to default, and its leaders refused to negotiate. Normally, sovereign restructurings are completed quickly—a 2013 study by the Moody’s rating agency put the average at around 10 months. But it was nearly three years before Argentina’s leaders even put an offer on the table.

When they finally did, bondholders—including many individual Argentines—were given a take-it-or-leave-it offer of new bonds worth just 30 cents for every dollar owed on the old bonds. Argentina’s leaders even took the extraordinary step of passing a law prohibiting payment to any bondholder that rejected the offer.

Despite these coercive tactics, more than half of Argentina’s foreign bondholders rejected Argentina’s unilateral terms. Five years later, in 2010, Argentina repeated the 30-cent offer. Many participants in this second exchange were bondholders who were worn down by the financial crisis or just tired of waiting.

At that point, Argentina’s leaders could have easily negotiated a settlement with the remaining bondholders and put the 2001 default behind them. We tried again, as we had in the past, to initiate a settlement discussion with Argentina.

Our entreaties were again refused. Instead, Argentina’s leaders chose to use us as scapegoats for the country’s mounting economic problems, insisting that bondholders like us would never be paid a single peso. CONTINUE AT SITE