The former president of Brazil, Lula de Silva, had his conviction on corruption charges upheld by an appeals court in Brasilia, the capitol city. His supporters vowed an appeal to the Supreme Court immediately following the news. Given that an election will be held this year to replace interim president Temer( also the target of an investigation), it is unlikely Mr. de Silva will prevail as a viable candidate. His Labor Party support seems to think that he will somehow be found not guilty. This is wishful thinking on their part. Mr. de SIlva was caught in the net of the "Car Wash" investigation that has ensnared over 100 law makers and elected officials in addition to members of the Oderbrecht Construction Company.
Mr. de Silva remains popular among lower class workers, especially in Sao Paolo. Many voters believe it is past time for him, having already served two terms as president and essentially handpicking his successor, Dilma Rousseff, who was impeached last year. A photo of the two recently has them embracing as old comrades who served the country.
The Supreme Court may choose not to hear the case. Observers around Latin America will be watching closely on developments in the largest country in South America and its largest economy.
Friday, January 26, 2018
Trump to Davos
President Donald Trump is in Switerland to attend the world economic forum in the snowy countryside of the Alpine state. Trade ministers from around the world will pay heed to his words as he explains the position of the US regarding international trade balance and how it will be addressed in the immediate future. China will especially take note as new sanctions targeted Chinese nationals this week. Some of those nationals have been instrumental in providing assistance to North Korea's access to international hard money. Some have had their assets and accounts in the USA seized by the Treasury Dept., or frozen as these individuals respond to inquiries about the activities involving North Korea's trade.
Early comments acknowledge that China's trading policies are patently unfair. A court ruling this week identified a Chinese company as one that has stolen propriety information and caused a US company to the brink of bankruptcy and the loss of hundreds of domestic jobs. Certainly, Mr. Xi, Chinese Premier, will take note. This week also saw Chinese Government officials seize a former Chinese national who is a citizen of a foreign country. It appears that the position of Chine is that once a Chinese, you are always a Chinese citizen and subject to arrest anywhere and anytime if you are the subject of an investigation for any trumped up reason, or any other suspicion found by Security agencies(of which there are many).
Welcome to Davos-Take notes, have fun.
Early comments acknowledge that China's trading policies are patently unfair. A court ruling this week identified a Chinese company as one that has stolen propriety information and caused a US company to the brink of bankruptcy and the loss of hundreds of domestic jobs. Certainly, Mr. Xi, Chinese Premier, will take note. This week also saw Chinese Government officials seize a former Chinese national who is a citizen of a foreign country. It appears that the position of Chine is that once a Chinese, you are always a Chinese citizen and subject to arrest anywhere and anytime if you are the subject of an investigation for any trumped up reason, or any other suspicion found by Security agencies(of which there are many).
Welcome to Davos-Take notes, have fun.
Russyan Winter Olympians Number 169
Well, so much for the IOC's ban on Russyan participation in the 2018 Winter Olympic Games in South Korea. The IOC announced that 169 athletes will be allowed to compete as " athletes from Russya" , as opposed to "athletes representing Russya". This is some Orwellian semantics meant to justify the IOC 's action. It has become another international laughing stock, especially after the scandal in gymnastics which has displayed to the world the corrupt practices by the governing bodies of various athletic organizations. The IOC ranks right up there with the National Football League of the USA and everyone's favorite, F.I.F.A., the governing body of international soccer. And it's no secret, it's all about the money. All one has to do is follow the money, like politics.
So, we'll be watching the Russyans again, knowing they are all on the "juice", and will eventually be stripped of any medals they might win in South Korea, representing their hometowns, home oblasts, home gulags, home kremlins, home orthodox churches.
So, we'll be watching the Russyans again, knowing they are all on the "juice", and will eventually be stripped of any medals they might win in South Korea, representing their hometowns, home oblasts, home gulags, home kremlins, home orthodox churches.
State of the State: 2018 with Jerry Brown
The old has-been Jesuit, Jerry Brown, Governor of California, gave his 16th state of the state speech yesterday, his final speech on this occasion. Praise the Lord! He will retire at the end of the year and go to his rural ranch retreat to contemplate his navel(meditate) and write about his vast experience in public life in various locations.
Of note yesterday, he highlighted the fiscal strength of the state, citing a $6.1 billion dollar surplus(projected). He said that these funds should be put into a "rainy day" fund, or in the political parlance of the day- a slush fund to be used as the party in office sees fit. How quaint! He went on to extol the virtues of the high speed train being developed in the Central Valley with the goal of linking Northern Caliornia with Los Angeles. Despite recent cast adjustments pushing the investment into the stratosphere of $67 billions, he firmly believes this is a good thing for taxpayers.
Jerry: "What about the pension fund deficits lurking in the weeds at the Yolo Causeway? What about the infrastucture upgrades and maintenance that has become a drag on the economy? What happens when tech companies finally realize they can relocate to less taxing states such as Texas, Florida, and Washington? Jerry didn't mention the net outflows of residents during his tenure. Of course not, he's a Democrat.
What can we hope for from his likely democratic replacement? More of the same: tax and spend, take from most to buy power and security among like minded liberals(progressives).
Highway 101 Reopens
After devastating mudflows in Santa Barbara that killed at least 17 residents, calTrans reopened the highway to traffic. Maybe some of the budget surplus could be used to prevent future mud flows.
Of note yesterday, he highlighted the fiscal strength of the state, citing a $6.1 billion dollar surplus(projected). He said that these funds should be put into a "rainy day" fund, or in the political parlance of the day- a slush fund to be used as the party in office sees fit. How quaint! He went on to extol the virtues of the high speed train being developed in the Central Valley with the goal of linking Northern Caliornia with Los Angeles. Despite recent cast adjustments pushing the investment into the stratosphere of $67 billions, he firmly believes this is a good thing for taxpayers.
Jerry: "What about the pension fund deficits lurking in the weeds at the Yolo Causeway? What about the infrastucture upgrades and maintenance that has become a drag on the economy? What happens when tech companies finally realize they can relocate to less taxing states such as Texas, Florida, and Washington? Jerry didn't mention the net outflows of residents during his tenure. Of course not, he's a Democrat.
What can we hope for from his likely democratic replacement? More of the same: tax and spend, take from most to buy power and security among like minded liberals(progressives).
Highway 101 Reopens
After devastating mudflows in Santa Barbara that killed at least 17 residents, calTrans reopened the highway to traffic. Maybe some of the budget surplus could be used to prevent future mud flows.
Wednesday, January 24, 2018
Snow in Them Hills
It appears that our winter will arrive shortly: snow in heavy amounts will fall today and tomorrow, finally giving the local skiers an opportunity to enjoy some powder skiing. Homewood resort should open up many runs at the top for visitors to try out. We look forward to the weather.
Tuesday, January 23, 2018
Davos: What Now For Mr. Putin
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| Look at those Boots-What Big Feet You Have, Mr. Putin |
This comes as a result of America's passage of the Countering America's Adversaries Through Sanctions Act (aka Caatsa), signed into law by President Trump last August. This is the law that requires the Treasury Dept. to issue a report that lists "senior foreign political figures and oligarchs in the Russian Federation," including individuals close to Russian President Vladimir Vladimirovich Putin, leader of the largest country in the world today, their estimated net worth, and known sources of income. This information will certainly cause a stir in the halls of the Kremlin where these rats congregate to sip tea from the golden samovar brewed by Mr. P.
There are reports that Russian lawyers are as thick as thieves in the halls of Washington DC's lobbying firms and other influence peddlers, known and unknown. "Please, Sir, " they say, "don't put my client's name on the list. He's just a simple Russian and wouldn't hurt a flea." My. my. And how are things in Crimea? How about Ukraine? How about the Russian athletes training for the Winter Olympics? Oh, they've been banned as Russians, but they can compete as cossacks, steppe peoples, and yurt builders of sorts. All this comes as earlier sanctions and a drop in the price of oil has stunted growth in Russya. The economy of the largest country in the world has been slowing dramatically since 2010 , but Vladimir still enjoys enough support and will undoubtedly be reelected this year for another endless presidency. He thinks that he'll convince the oligarchs that they should repatriate their business holdings(cash) to Russya to help the advance of GDP. Right. What are you smokin'?
Can't wait to read the names in the report and see how much these folks are really worth.
Patriots Clinch Division
In what seems like destiny, the New England Patriots came from behind to beat the Jacksonville Jaguars, 24-20. Down 20-10 at the start of the 4th Quarter, it became a contest of how Tom Brady, nursing a hand injury, would carve out victory over the upstart Jags.
Trouble Down South: II
Tomorrow an appeals court in Brasilia, capitol of Brazil, will rule on whether former president Inazio Luis Lula de Silva's conviction for corruption and his 10 year jail sentence(house arrest) will stand. Certainly, he hopes that it will not so he can then run for president again. Should he lose on appeal, he will take the appeal to the Supreme Court for a ruling. He is currently the front runner, and the 72year old former labor party founder hopes to regain lost power and prestige of high office.
His case is the result of the "Car Wash" investigation that has brought numerous politicians and businessmen throughout Brasil and its neighbors to trial that sent many to prison. All this happened while former President Dilma Rousseff was brought down when she was found to have violated the constitution when she moved funds around to cover severe financial losses in government. She had been Lula's hand -picked successor.
Serious crime continues to plague the largest cities in Brazil, including the coastal city of Rio de Janiero.
Tomorrow's decision is eagerly awaited by our Minister of Latin American Affairs.
His case is the result of the "Car Wash" investigation that has brought numerous politicians and businessmen throughout Brasil and its neighbors to trial that sent many to prison. All this happened while former President Dilma Rousseff was brought down when she was found to have violated the constitution when she moved funds around to cover severe financial losses in government. She had been Lula's hand -picked successor.
Serious crime continues to plague the largest cities in Brazil, including the coastal city of Rio de Janiero.
Tomorrow's decision is eagerly awaited by our Minister of Latin American Affairs.
Sunday, January 21, 2018
Trouble Down South, Down Mexico Way
No, it's not about the "Wall"; no, it's not about NAFTA or jobs. It's about danger to travelers who are not aware of the crime wave sweeping the country. The U.S. Dept. of State, the department charged with continuous observation of conditions within the borders of every foreign country, has issued a rare warning in Category 4-its highest alert to travelers. This is the result of increased risk to travelers from widespread homicide, kidnapping, carjacking and robbery. The five Mexican states named are Tamaulipason the US border, and Colima, Michoacan, Guerrero, and Sinaloa.
Violence in Mexico claimed 22,409 lives in 2017(11 mos), the most in 20 years. The warning level in Baja and Quintana Roo were unchanged at 2. 11 other states had their level raised to 3. By comparison, the level 4 warnings are identical to the war-torn countries of Syria, Yemen, and Somalia.
The head of State Tourism acknowledged that there is a problem, but said that tourists should not be afraid to travel. Yea, right. The drug cartels are taking over the country from top to bottom. Unless the government gets a handle on this lawlessness, the entire population will suffer the consequences. Frustrated residents in Michoacan state rose up against the gangs as vigilantes because the government would not take action. It is a sad testimony to a lack of concern for average Mexicans.
Violence in Mexico claimed 22,409 lives in 2017(11 mos), the most in 20 years. The warning level in Baja and Quintana Roo were unchanged at 2. 11 other states had their level raised to 3. By comparison, the level 4 warnings are identical to the war-torn countries of Syria, Yemen, and Somalia.
The head of State Tourism acknowledged that there is a problem, but said that tourists should not be afraid to travel. Yea, right. The drug cartels are taking over the country from top to bottom. Unless the government gets a handle on this lawlessness, the entire population will suffer the consequences. Frustrated residents in Michoacan state rose up against the gangs as vigilantes because the government would not take action. It is a sad testimony to a lack of concern for average Mexicans.
Thursday, January 18, 2018
Book Review: Lucky 666,
World war II has provided an endless stream of stories owing to the millions of individuals who shared in that experience. Lucky 666 is one of those stories that identifies a few individuals who served in the US Army Air Force in the South Pacific as part of Gen. Douglas MacArthur's army as it began the long road back from Australia to Tokyo. That road back was paved with the blood, sweat, and lives of thousands of soldiers, sailors and Marines who fought and died in many a God-forsaken place.
Many historians observe that the Battle of Midway was the pivot point for the beginning of the turnaround of the Japanese advances and successes. While the US victory in the Battle of Midway did, in fact, put the Japanese Navy on notice that they had awakened the "sleeping giant", this battle was between ships at sea that never encountered each other, and no troops were engaged on terra firma. That job would fall to land-based troops who would fight it out as infantry has done for millennia.
The two authors, Bob Drury and Tom Clavin are New York Times bestselling authors of The Heart of Everything That Is, Halsey's Typhoon, Last Men Out, and The Last Stand of Fox Company. Together, they know their way around a military milieu. Careful research, attention to detail, and a thoughtful appreciation for the characters involved in the many incidents and battles that include in the narrative contribute to the telling.
Many readers are familiar with the exploits of pilots from Europe's 8th Air Force that helped the Allies in their march to Berlin. Less well known is the 5th Air Force whose aircraft ranged far and wide over the wide Pacific Ocean. Innumerable sorties covered the boundless seas with names such as the Coral Sea, the Bismarck Sea, the Solomon Sea, the Arafura Sea, the South China Sea, and the Philippine Sea. If a plane went down over these waters for any reason, chances of being found were slim. Navigation aids were next to nil, and crews had to depend on the on board navigator. Even a small error could result in missing the target and expending too much precious fuel.
Lucky 666 was the B-17 flown by a crew of men who found themselves together at a time when few aircraft were available for every mission. The aircraft involved had actually been taken out of the squadron as unfit for service. Lt. Jay Zeamer thought otherwise, and under his leadership, the aircraft was given a new life after spare parts were found and the plane made airworthy again. In June, 1943, Zeamer and his 8 man crew was assigned a recon mission to photograph the shoreline of Bougainville in preparation for an amphibious landing by Allied forces. This was a solo mission without fighter cover in either direction. Intelligence indicated few Japanese fighters were available at the time for defense.
As they arrived over the island at dawn on June 16th, they observed 20 Japanese fighters newly arrived and ready to attack the solo intruder. For the next forty minutes, Old 666 was subjected to continuous attacks by these Japanese planes. The B-17 was punished relentlessly, taking hit after hit from the Zeros. Soon, the situation became a battle of survival. With the photo shoot finished, it was time to go. There were wounded crewmen on board, and at least 1 dead: navigator Lt. Joe Sarnowski, Jay's best friend. Firing the on board .50 Cal machine guns, the crew managed to shoot down 7 Zeros, causing the rest to avoid attacking from the rear and the sides. With a smoking engine, the bomber made for Port Moresby and home. As they struggled to maintain altitude, pilot Zeamer began to lose consciousness from loss of blood, and turned the plane over to the wounded copilot.
He realized they could not make it all the way back. He decided to make for a makeshift landing strip on the north shore; a grass field only 7000' long, barely long enough. After a tense 2 hour flight, they skidded to a stop at the far end of the field.
Jay was taken to a field hospital along with the other wounded. Eventually he would spend the next 15 months in various hospitals recovering from his wounds. He and navigator Sarnowski(posthumously) were awarded the Medal of Honor. The other crewmen were awarded the Distinguished Flying Cross.
It's a great story, well told and worth a read by history buffs, flyers, those interested in a the South Pacific.
Five Stars *****
Many historians observe that the Battle of Midway was the pivot point for the beginning of the turnaround of the Japanese advances and successes. While the US victory in the Battle of Midway did, in fact, put the Japanese Navy on notice that they had awakened the "sleeping giant", this battle was between ships at sea that never encountered each other, and no troops were engaged on terra firma. That job would fall to land-based troops who would fight it out as infantry has done for millennia.
The two authors, Bob Drury and Tom Clavin are New York Times bestselling authors of The Heart of Everything That Is, Halsey's Typhoon, Last Men Out, and The Last Stand of Fox Company. Together, they know their way around a military milieu. Careful research, attention to detail, and a thoughtful appreciation for the characters involved in the many incidents and battles that include in the narrative contribute to the telling.
Many readers are familiar with the exploits of pilots from Europe's 8th Air Force that helped the Allies in their march to Berlin. Less well known is the 5th Air Force whose aircraft ranged far and wide over the wide Pacific Ocean. Innumerable sorties covered the boundless seas with names such as the Coral Sea, the Bismarck Sea, the Solomon Sea, the Arafura Sea, the South China Sea, and the Philippine Sea. If a plane went down over these waters for any reason, chances of being found were slim. Navigation aids were next to nil, and crews had to depend on the on board navigator. Even a small error could result in missing the target and expending too much precious fuel.
Lucky 666 was the B-17 flown by a crew of men who found themselves together at a time when few aircraft were available for every mission. The aircraft involved had actually been taken out of the squadron as unfit for service. Lt. Jay Zeamer thought otherwise, and under his leadership, the aircraft was given a new life after spare parts were found and the plane made airworthy again. In June, 1943, Zeamer and his 8 man crew was assigned a recon mission to photograph the shoreline of Bougainville in preparation for an amphibious landing by Allied forces. This was a solo mission without fighter cover in either direction. Intelligence indicated few Japanese fighters were available at the time for defense.
As they arrived over the island at dawn on June 16th, they observed 20 Japanese fighters newly arrived and ready to attack the solo intruder. For the next forty minutes, Old 666 was subjected to continuous attacks by these Japanese planes. The B-17 was punished relentlessly, taking hit after hit from the Zeros. Soon, the situation became a battle of survival. With the photo shoot finished, it was time to go. There were wounded crewmen on board, and at least 1 dead: navigator Lt. Joe Sarnowski, Jay's best friend. Firing the on board .50 Cal machine guns, the crew managed to shoot down 7 Zeros, causing the rest to avoid attacking from the rear and the sides. With a smoking engine, the bomber made for Port Moresby and home. As they struggled to maintain altitude, pilot Zeamer began to lose consciousness from loss of blood, and turned the plane over to the wounded copilot.
He realized they could not make it all the way back. He decided to make for a makeshift landing strip on the north shore; a grass field only 7000' long, barely long enough. After a tense 2 hour flight, they skidded to a stop at the far end of the field.
Jay was taken to a field hospital along with the other wounded. Eventually he would spend the next 15 months in various hospitals recovering from his wounds. He and navigator Sarnowski(posthumously) were awarded the Medal of Honor. The other crewmen were awarded the Distinguished Flying Cross.
It's a great story, well told and worth a read by history buffs, flyers, those interested in a the South Pacific.
Five Stars *****
Tuesday, January 16, 2018
Uninvited Guests in Tahoma:2018
The Mayor got a call the other day(13th of January) to notify our office of a spate of trespassing in Tahoma. It seems a well known party thinks its Ok to avail himself and his friends of the amenities of neighbors when those neighbors are out of their homes.
My neighbor said that he was sleeping on a recent night when he awoke to hear voices from his deck, in the vicinity of his hot tub/spa located on the lower deck. He then got up and went to investigate. My friend is a very athletic individual and not one to shrink from an encounter in the middle of the night. When he switched on the lights, he discovered two women relaxing in the spa in the dark. Needless to say, they were stunned upon being discovered. They immediately offered excuses and apologies, explaining that they thought no one was at home(the gall!); and then extended the excuses by implicating others in their (group). They mentioned a known problem child on the Tahoma scene-one Dominic Nicora from Roseville, California. This man is a notorious drunk and carouser, responsible for many an encounter with the Highway Patrol. Here's a man who refuses to grow up, thinking that his boldness warrants admiration and praise, something akin to a 17 year old's thinking. The two women assured my friend that Mr. Nicora said that he had permission-a lie on both parties.
The El Dorado Sheriff was notified and the names of the trespassers was recorded in the report. The lesson here: increased security measures are warranted for all Tahoma residents and property owners. This problem does not exist in isolation, but is not an uncommon problem. Fortunately, new technology has made vigilance more affordable and less obvious to perps on the scene(see electric bear fences).
A word to the wise: do not rent your property to Dominic Nicora, the notorious drunk from Roseville, California-he's a loser. The women involved put their clothes back on their frames, and slinked off the property, like the losers they are. This event occurred in the Glenridge Subdivision, off Highway 89 near Meeks bay resort.
My neighbor said that he was sleeping on a recent night when he awoke to hear voices from his deck, in the vicinity of his hot tub/spa located on the lower deck. He then got up and went to investigate. My friend is a very athletic individual and not one to shrink from an encounter in the middle of the night. When he switched on the lights, he discovered two women relaxing in the spa in the dark. Needless to say, they were stunned upon being discovered. They immediately offered excuses and apologies, explaining that they thought no one was at home(the gall!); and then extended the excuses by implicating others in their (group). They mentioned a known problem child on the Tahoma scene-one Dominic Nicora from Roseville, California. This man is a notorious drunk and carouser, responsible for many an encounter with the Highway Patrol. Here's a man who refuses to grow up, thinking that his boldness warrants admiration and praise, something akin to a 17 year old's thinking. The two women assured my friend that Mr. Nicora said that he had permission-a lie on both parties.
The El Dorado Sheriff was notified and the names of the trespassers was recorded in the report. The lesson here: increased security measures are warranted for all Tahoma residents and property owners. This problem does not exist in isolation, but is not an uncommon problem. Fortunately, new technology has made vigilance more affordable and less obvious to perps on the scene(see electric bear fences).
A word to the wise: do not rent your property to Dominic Nicora, the notorious drunk from Roseville, California-he's a loser. The women involved put their clothes back on their frames, and slinked off the property, like the losers they are. This event occurred in the Glenridge Subdivision, off Highway 89 near Meeks bay resort.
Thursday, January 11, 2018
Mutko Appeals Olympic Ban
Mr. Vitaly Mutko, Deputy Premier of the largest country in the world, has appealed his ban by the International Sports Federation after he was found to have colluded with personnel responsible for the blood doping scandal during the Sochi Olympic games in Ukraine. Why cannot these politicians accept their failings and move on? Because they are Russkies, and we know about them:paranoid about the outside world.
Oh, well. Perhaps Mr. Putin will sell the Far East provinces to China and all will be well in the Kremlin.
Oh, well. Perhaps Mr. Putin will sell the Far East provinces to China and all will be well in the Kremlin.
Tuesday, January 9, 2018
China Has Wind Machines for Sale But Wait
US Courts are on the verge of spanking a large Chinese company for the theft of intellectual property. It seems that an American manufacturer of wind turbine motors was shipping numerous units of its core machines to a Chinese company that incorporated the product(s) into their turbine. This relationship produced a high percentage of the copany's revenue and provided employment to hundreds of Americans. And then, the orders stopped coming; and this stoppage was unexplained as the Chinese company maintained their business model selling turbines.
And then, information leaked out that the Chinese company had started using pirated, home made controllers that were really from the architecture of the American company's patented design(s). This is the modern method of Chinese competition in the new global economy: buy little-sell a lot, steal all you can during the buying side of the transaction. It seems that this lawsuit and trial will give further credence to the argument that this is stock-in-trade for the Beijing lever pullers. Perhaps Mr. Trump is correct in his statements that China must be reined in immediately if not sooner.
And then, information leaked out that the Chinese company had started using pirated, home made controllers that were really from the architecture of the American company's patented design(s). This is the modern method of Chinese competition in the new global economy: buy little-sell a lot, steal all you can during the buying side of the transaction. It seems that this lawsuit and trial will give further credence to the argument that this is stock-in-trade for the Beijing lever pullers. Perhaps Mr. Trump is correct in his statements that China must be reined in immediately if not sooner.
PetroBras: Pay Up
The Carwash investigation in Brazil got some cred here last week. It was announced that the state oil giant company, PetroBras, will pay $3 billion to settle the US lawsuit against the company on behalf of US banks and investors(pension funds,etc). This amount finally has reached the level of pain that causes one to turn away, to seek help, to avoid repeating the mistake(s). Brazilian officials who have been ensnared in the Carwash web will no doubt be displaced from their positions of influence, if not imprisoned, or both.
The massive bribery schemes were part of a business model that has flourished in Latin America for generations. If one wanted to do business, palms had to be greased every step of the way. And so it was in Brazil where oil executives used the state company to bribe other country's executives to make business deals both lucrative and many. The influence on the central government was easily detected as once modest wealth became fabulous wealth among politicians whose short stay in power seemed to coincide with the rise in their wealth. Mr. Luis De Silva is one example as is that of his chosen successor, the ousted Dilma Rousseff.
The low price of oil per barrel has not been kind to Venezuela and others, and Brazil has not been exempt. The anticipated bonanza has not materialized due to a lack of foreign investment. This may change as new government regulations will allow more foreign investment in exploration and development, both precursors to future returns.
There is some hope in Brazil-look at Boeing's offer to buy aircraft builder Embraer. But this single move does not necessarily mark an overall surge from without. The Carwash effort will continue to catch scofflaws within the largest Latin American economy, but much more has to be done before a land rush begins.
The massive bribery schemes were part of a business model that has flourished in Latin America for generations. If one wanted to do business, palms had to be greased every step of the way. And so it was in Brazil where oil executives used the state company to bribe other country's executives to make business deals both lucrative and many. The influence on the central government was easily detected as once modest wealth became fabulous wealth among politicians whose short stay in power seemed to coincide with the rise in their wealth. Mr. Luis De Silva is one example as is that of his chosen successor, the ousted Dilma Rousseff.
The low price of oil per barrel has not been kind to Venezuela and others, and Brazil has not been exempt. The anticipated bonanza has not materialized due to a lack of foreign investment. This may change as new government regulations will allow more foreign investment in exploration and development, both precursors to future returns.
There is some hope in Brazil-look at Boeing's offer to buy aircraft builder Embraer. But this single move does not necessarily mark an overall surge from without. The Carwash effort will continue to catch scofflaws within the largest Latin American economy, but much more has to be done before a land rush begins.
Friday, January 5, 2018
Book Review: With the Old Breed-E.B. Sledge
The late Professor E. B. Sledge wrote this memoir almost 40 years after his separation from the U.S. Marine Corps. He had seen service with the 1st Marine Division in the Pacific in WW II. He had dropped out of college where he had been enrolled in an Officer candidate program and enlisted as a private. After basic and advanced training, he was ordered to join the 1st Marine Division in West Pacific.
First, let's define the word: infantry. The root goes way back, to the Latin infant-small child. lit. one unable to speak. equiv. to in-+ -fans, past participle of fari- to speak. Interpreted as one who cannot walk or talk.
By the time Sledge arrived in the South Pacific, Gen. MacArthur and Admiral Chester Nimitz were getting a handle on the Japanese. The expansion of Empire was over, and the push back to Tokyo was under way. The Allied Forces began their island hopping campaign that would take these forces across the Pacific, using islands as stepping stones on the long march north.
After the victory on Guadalcanal and Bougainville in the Solomon Islands, the First Marine Division was sent to Australia to regroup and refit for its next operation. That next "big show" would take place in the Palau group of islands, on a high coral atoll called Peleliu. To this day, the clash on Peleliu remains controversial: was it really necessary? Was the little airstrip that significant? Was the operation unstoppable after it was set in motion? Was the intelligence accurate? Were Japanese tactics and strategy properly evaluated? Most answers to these questions are mixed and unanswerable.
But for those Marines who waded ashore on D-Day, the questions will always be: was it worth the lives of so many young American infantrymen?
First, let's define the word: infantry. The root goes way back, to the Latin infant-small child. lit. one unable to speak. equiv. to in-+ -fans, past participle of fari- to speak. Interpreted as one who cannot walk or talk.
By the time Sledge arrived in the South Pacific, Gen. MacArthur and Admiral Chester Nimitz were getting a handle on the Japanese. The expansion of Empire was over, and the push back to Tokyo was under way. The Allied Forces began their island hopping campaign that would take these forces across the Pacific, using islands as stepping stones on the long march north.
After the victory on Guadalcanal and Bougainville in the Solomon Islands, the First Marine Division was sent to Australia to regroup and refit for its next operation. That next "big show" would take place in the Palau group of islands, on a high coral atoll called Peleliu. To this day, the clash on Peleliu remains controversial: was it really necessary? Was the little airstrip that significant? Was the operation unstoppable after it was set in motion? Was the intelligence accurate? Were Japanese tactics and strategy properly evaluated? Most answers to these questions are mixed and unanswerable.
But for those Marines who waded ashore on D-Day, the questions will always be: was it worth the lives of so many young American infantrymen?
Monday, January 1, 2018
Mutko Steps Down
Mr. Mutko, Deputy Prime Minister of V.V. Putin, has announced that he will no longer serve as the country's World Cup Director. This comes after F.I.F.A., the world Soccer administration body announced that Mr. Mutko would no longer serve the organization after it was revealed that Mr. Mutko was a participant in the doping deception in Sochi during the Winter Olympics in 2014. Numerous Russyan medal winners were stripped of their awards when it was revealed that they had been doping prior to their respective events. Mr. Mutko was found to have been complicit in the coverup and the deceptive events surrounding the laboratory charged with certifying blood samples taken at the Games.
The Doctor in charge of the lab is now living at an undisclosed location in the USA and is said to be in fear for his life. He has said that FSB agents are setting him up for assassination because of his revelations of the methods used by Russyans to falsify blood test results. Mr. Mutko is a hand-picked member of V.V. Putin's inner circle of trusted advisors. His resignation does not portend his demise, but it does send the message that even in the longest corridors of the Kremlin, the world of Sport can find those guilty of wrong doing. Perhaps the World Cup will take place as scheduled this year(2018), perhaps not.
What you think, Mr. Mutko?
The Doctor in charge of the lab is now living at an undisclosed location in the USA and is said to be in fear for his life. He has said that FSB agents are setting him up for assassination because of his revelations of the methods used by Russyans to falsify blood test results. Mr. Mutko is a hand-picked member of V.V. Putin's inner circle of trusted advisors. His resignation does not portend his demise, but it does send the message that even in the longest corridors of the Kremlin, the world of Sport can find those guilty of wrong doing. Perhaps the World Cup will take place as scheduled this year(2018), perhaps not.
What you think, Mr. Mutko?
Russyan Banks: Not All Good
Despite statements to the contrary, the Russyan banking world is suffering severe indigestion. This comes after a few years of actions by the Russyan Central Bank. The CBR has been given the job of cleansing the financial system of its problem banks. The number of banks in Russya was about 900 of all types. Now, there are less than 500. What's happening?
As the country's banking system transitioned from Soviet times, the private banks were running amok, amounting to cash cows for owners and investors. The results spoke for themselves: many banks were insolvent and needed rescuing. Enter the CBR. Since 2013, the CBR has been run by Elvira Nabiullina. She has over seen the elimination of 340 banks, and the rescue of 35 more. Recently, she has rescued Otkritie, once the country's largest private bank by assets, and B & N Bank, its 12th largest. According to Fitch ratings Agency, the CBR has spent over $46 Bn to rescued banks and to depositors. Hmmm. And Elvira is supported by Mr. Putin.
The Russyan State now controls about 65% of the banking system. Alexei Marei, a banking executive, says there is an enormous conflict of interest as the role of CBR is one of owner and regulator. In other words: "business as usual in Russya."
Wages in the Russya have shrunken by 30% in the last year or two, making Russya an attractive location for companies to set up operations. Can this fact salvage a country that is on the brink? It remains to be seen.
As the country's banking system transitioned from Soviet times, the private banks were running amok, amounting to cash cows for owners and investors. The results spoke for themselves: many banks were insolvent and needed rescuing. Enter the CBR. Since 2013, the CBR has been run by Elvira Nabiullina. She has over seen the elimination of 340 banks, and the rescue of 35 more. Recently, she has rescued Otkritie, once the country's largest private bank by assets, and B & N Bank, its 12th largest. According to Fitch ratings Agency, the CBR has spent over $46 Bn to rescued banks and to depositors. Hmmm. And Elvira is supported by Mr. Putin.
The Russyan State now controls about 65% of the banking system. Alexei Marei, a banking executive, says there is an enormous conflict of interest as the role of CBR is one of owner and regulator. In other words: "business as usual in Russya."
Wages in the Russya have shrunken by 30% in the last year or two, making Russya an attractive location for companies to set up operations. Can this fact salvage a country that is on the brink? It remains to be seen.
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