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Daily Archives: January 25, 2014

Peak Oil Is Here Despite Industry Claims  |  Peak Oil News and Message Boards

Peak Oil Is Here Despite Industry Claims  |  Peak Oil News and Message Boards.

The oil industry wants us to believe that North America is sitting on an endless supply of natural gas and oil – and they want access to all of it.  But the truth is that there is barely enough fossil fuel in the ground to sustain the US. Ring of Fire’s Mike Papantonio speaks with author Michael Klare about how Peak Oil is still a very real threat.

Activist Post: Wolf Blitzer Gets SCHOOLED on Syria: ‘Do you think there’s real democracy in the US?’

Activist Post: Wolf Blitzer Gets SCHOOLED on Syria: ‘Do you think there’s real democracy in the US?’.

Youtube

Ukrainian opposition calls for snap elections, talks with govt continue — RT News

Ukrainian opposition calls for snap elections, talks with govt continue — RT News.

Heavyweight boxing champion and UDAR (Punch) party leader Vitaly Klitschko (C), head of the All-Ukrainian Union Svoboda (Freedom) Party Oleg Tyagnibok (R) and Ukrainian opposition leader Arseny Yatsenyuk (Reuters/Gleb Garanich)

Download video (31.04 MB)

Opposition leaders called for an early presidential election following a Saturday meeting with the government, where top administration posts were offered to protest leaders and a review of the constitution was promised.

Following the talks, the head of the Ukrainian Democratic Alliance for Reform party, Vitaly Klitschko, said that Yanukovich agreed to many demands. “But we do not step back and demand elections this year,” he told protesters.

“What is Yanukovich ready for? For release and amnesty of all those detained. To work on getting back to the constitution of 2004. Dismissal of government on certain conditions. [He] still does not agree to abolish dictatorial laws, but only to amend them,” Klitschko added.

“Our demands: get rid of those laws…have presidential elections this year. Negotiations are continuing and we must hold on. And we will not succumb to any provocations.

No deal @ua_yanukovych, we’re finishing what we started. The people decide our leaders, not you. #Євромайдан

— Arseniy Yatsenyuk (@Yatsenyuk_AP) January 25, 2014

The opposition is ready to head up the government and bring Ukraine into the EU, said Yatsenyuk.

“Our task – is a new Ukrainian government…Viktor Yanukovich…proposed for the opposition to head up the government. Are we afraid to carry responsibility? We are not afraid to take on responsibility for the country’s future. We accept that responsibility and we are ready to bring Ukraine into the EU, which calls for the release of Yulia Tymoshenko,” Yatsenyuk said.

Batkivschina leader Arseny Yatsenyuk continued:“Our country is put by those at power to the brink of falling apart …We demand that Yanukovich relieves the position of Ukraine’s president and we need a new constitution.”

Leader of the nationalist Svoboda opposition party, Oleg Tyagnibok, told the protesters that those in power are backing down and are changing their tune from two days ago. “To Maidan! To Maidan! Glory to Ukraine!”

Yatsenyuk: “draconian laws must be abolished in parliament on tuesday. this is our priority, and we will not back down”

— Alexey Yaroshevsky (@Yaro_RT) January 25, 2014

The government’s negotiations with the opposition have so far yielded no results, which could signal that the standoff between the two sides will continue for the next couple of days, RT’s Alexey Yaroshevsky explained.

Meanwhile rioters are storming the Ukrainian House international convention center, which reportedly has 150 riot police inside, RT’s Alexey Yaroshevsky reported.

During the Saturday meeting, Ukrainian President Viktor Yanukovich offered top government posts to protest leaders and promised a review of the constitution, aimed at giving more power to parliament.

Yanukovich proposed the post of prime minister to Arseny Yatsenyuk, justice minister Elena Lukash said after the president’s meeting with opposition leaders.

The president offered the post of prime minister to Arseny Yatsenyuk. In the case of the latter’s consent to take the post, the president of Ukraine will decide on the resignation of the government,” Lukash said.

Vitaly Klitchko was offered the post of deputy prime minister for humanitarian affairs.

The president’s offer came as the government struggles to cope with protests and violence that continue to grip the entire country.

Manitoba Pipeline Explosion Prompts Evacuation Of Homes (PHOTO, VIDEO)

Manitoba Pipeline Explosion Prompts Evacuation Of Homes (PHOTO, VIDEO).

ST. PIERRE-JOLYS, Man. – Five homes remain evacuated as TransCanada Piplelines deals with a natural gas pipeline fire about 25 kilometres south of Winnipeg.

TransCanada says it has shut down the Emerson Lateral portion of the Canadian Mainline natural gas pipeline system and is venting the gas. Roads leading to the site have also been closed.

It follows an explosion and fire at a valve site near St. Pierre-Jolys about 1:15 a.m. local time.

TransCanada says venting the system generates a loud noise that will gradually lessen over several hours. The company says there is no risk to anyone.

It says the fire is steadily decreasing in size and is being closely monitored by its staff and local emergency response crews. The Transportation Safety Board of Canada and the National Energy Board are also investigating.

There are no reported injuries.

The closed portion of the pipeline system provides Manitoba Hydro with natural gas for several communities in the region.

TransCanada says it’s working with the utility to determine if alternative sources of gas are needed.

Natural gas pipeline explodes near Otterburne – Manitoba – CBC News

Natural gas pipeline explodes near Otterburne – Manitoba – CBC News.

A natural gas pipeline was still burning Saturday morning after it exploded overnight near Otterburne, about 25 kilometres south of Winnipeg.

St-Pierre-Jolys RCMP responded around 1:05 a.m. to what they’re calling a “loud explosion.”

Witnesses who live close to the scene said it was massive. Paul Rawluklives nearby and drove to the site.

“As we got closer, we could see these massive 200 to 300 metre high flames just shooting out of the ground and it literally sounded like a jet plane,” he said. “And that’s the thing that really got us, was the sound of it.”

He said it was hard to describe the scale.

“Massive, like absolutely massive,” he said. “The police were by [Highway] 59 and you could just see little cars out there and you could see in comparison how big the flame was. It was just literally two to 300 metres in the air. And bright, I mean lit up the sky.”

Tyler Holigroski, who lives in the Otterburne area, remembers seeing a flickering, bright light in the sky.

“Thought it was the neighbours’ house or something like that,” he said. “I thought there was a fire, but the way it lit the sky, it was like the sun coming up. The only thing is it was flashing. It would get brighter, get dim, get brighter, go dim.

“It lit up the whole sky here for half an hour. The sky’s still glowing, actually,” Holigroski said.

Police have confirmed the fire is coming from the pipeline, but say the burning gas is non-toxic.

The pipeline, which is owned by TransCanada PipeLines, has been temporarily shutdown according to a statement from a company spokesman. The statement also said that nearby roads have been closed, and that the company is not aware of any reports of injuries.

However, five houses within the vicinity of the fire were evacuated by RCMP and St-Pierre-Jolys Fire Department.

Police and fire officials, along with TransCanada Pipelines, are investigating the cause of the explosion.

Bank Of America Caught Frontrunning Clients | Zero Hedge

Bank Of America Caught Frontrunning Clients | Zero Hedge.

Every time a TBTF bank releases its 10-Q, we head straight for the section, usually well over 100 pages in, that discloses the bank’s total profitable trading days.

This is what the most recent Bank of America 10-Q said on this topic:

The histogram below is a graphic depiction of trading volatility and illustrates the daily level of trading-related revenue for the three months ended September 30, 2013 compared to the three months ended June 30, 2013 and March 31, 2013. During the three months ended September 30, 2013, positive trading-related revenue was recorded for 97 percent, or 62 trading days, of which 69 percent (44 days) were daily trading gains of over $25 million and the largest loss was $21 million. These results can be compared to the three months ended June 30, 2013, where positive trading-related revenue was recorded for 89 percent, or 57 trading days, of which 67 percent (43 days) were daily trading gains of over $25 million and the largest loss was $54 million. During the three months ended March 31, 2013, positive trading-related revenue was recorded for 100 percent, or 60 trading days, of which 97 percent (58 days) were daily trading gains over $25 million.

In summary, so far in 2013, Bank of America lost money on 9 trading days out of a total 188.

Statistically, this result is absolutely ridiculous when one considers that the bulk of bank trading revenues are still in the form of prop positions disguised as “flow” trading to evade Volcker which means the only way a bank could make money with near uniform perfection is if it either i) consistently has inside information that it trades on or ii) it consistently front-runs its clients.

In related news, the only more absurd datapoint was JPMorgan’s announcement of how many trading day losses it had in the first nine months of 2013. For those who missed out succinct post on the matter, the answer was clear: zero. The absurdity becomes even clearer when one considers that in the pre-New Normal days, JPM had an almost normal profit/loss distribution in its trading days.

But back to Bank of America, where as we noted, the kind of trading result would only be possible if the bank was aggressively insider trading or just as aggressively frontrunning flow orders in its prop book (a topic we covered back in 2009 as relates to Goldman Sachs, and which the bank sternly rejected).

We now know that at least one of the two almost certainly happened after Reuters report from earlier today that it discovered on the FINRA BrokerCheck page of one of the bank’s former Managing Directors, Eric Beckwith, the following curious ongoing investigation:

WE UNDERSTAND THAT THE USAO (US Attorney Office) -WDNC IS INVESTIGATING WHETHER IT WAS PROPER FOR THE SWAPS DESK TO EXECUTE FUTURES TRADES PRIOR TO THE DESK’S EXECUTION OF BLOCK FUTURE TRADES ON BEHALF OF COUNTERPARTIES, AND WHETHER MR. BECKWITH PROVIDED ACCURATE INFORMATION TO THE CME IN CONNECTION WITH THE CME’S INVESTIGATION OF THE SWAPS DESK’S BLOCK FUTURES TRADING. WE ALSO UNDERSTAND THAT THE COMMODITY FUTURES TRADING COMMISSION IS CONDUCTING A PARALLEL INVESTIGATION INTO THE TRADING ISSUE.

More from Reuters:

The U.S. Department of Justice and the Commodity Futures Trading Commission have both held investigations into whether Bank of America engaged in improper trading by doing its own futures trades ahead of executing large orders for clients, according to a regulatory filing.

The June 2013 disclosure, which Reuters recently reviewed on a website run by the securities industry regulator FINRA, sheds light on the basis for a warning by the Federal Bureau of Investigation on January 8.

The warning, in the form of an intelligence bulletin to regulators and security officers at financial services firms, said that the FBI suspected swaps traders at an unnamed U.S. bank and an unnamed Canadian bank may have been involved in market manipulation and front running of orders from U.S. government-owned mortgage giants Fannie Mae and Freddie Mac.

Only this time it’s different, because a quick check on the background of Beckwith shows that his expertise is not trading MBS but a different product entirely.

First, it goes without saying that Eric would promptly scrap his LinkedIn Profile as the following URL shows.

What Eric, however, was unable to delete was the mention of his name as the Bank of America contact for an “innovative new product created [by the CME and the banks] based on client demand” –Deliverable Interest Rate Swaps Futures, or as some call them Deliverable Interest Rate Products.

What is this newly promoted product, and why is there demand for it? This is what the CME had to say about the benefits of “DIRPs” (even though the technical acronyms is DSFs):

  • Capital efficient way to access interest rate swap exposure
  • Flexible execution via CME Globex, Block trades, EFRPs and Open Outcry
  • Allows participants to trade in an OTC manner:
    • Ability to block calendar spreads
    • Lower block thresholds and longer reporting times
    • No block surcharges

But, as in the case of CDS, and all other novel products, the main reason for DIRPs is simple: an even lower margin requirement compared to Interest Rate Swaps and Treasury Futures (margined together), allowing one to express a position, or better, manipulate the market in Interest Rate products, using the least amount of margin (initial capital) possible.

The following chart explains just this:

Bottom line: if you want to manipulate Treasurys in a reflexive market, where the derivatve almost always drives the price of the underlying (as perhaps explained best by none other than the then-member of the Fed Dino Kos), this is the best product as you get even more firepower for your buck.

Only in this case, anyone trading with the Bank of America DIRPs desk was apparently also being frontrun on a consistent basis.

We are relatively comfortable with alleging that BofA did indeed allow this to happen (whether it neither admits nor denies guilt at the end of the day), because a few weeks after the notice appears in Beckwith’s Brokercheck profile on June 14,2013, he promptly “left” Bank of America in July as Reuters reports: not exactly the course of action an innocent man would take.

In other words, while Reuters is focused on the Fannie and Freddie frontrunning angle, it appears the frontrunning activity spread substantially to involve the entire Treasury curve as well!

So while HFTs frontrun all equity retail trades in open markets, major banks frontrun all institutional block equity orders in their own dark pools, we find out that bankers also just happen to frontrun clients in “you name it” over the counter product, where the only reason to be involved is to take advantage of the low margin – something JPM’s CIO did quite aggressively and quite well until it blew up of course.

But the best news: we finally know how it is possible that every bank reports quarter after quarter of near uniform trading perfection and close to zero trading day losses.

Finally, our question for the regulators: in a Volcker world in which banks are supposedly not allowed to trade ahead of their clients, why are banks, well, trading ahead of their clients!?

* * *

Appendix 1 – the CMEs overview of Deliverable IR Swap Futures

Appendix 2 – Eric Beckwith’s Brokercheck profile

Jean Chretien Hints Neil Young Should Stick To Music, Says ‘We’re Not About To Not Need Oil’

Jean Chretien Hints Neil Young Should Stick To Music, Says ‘We’re Not About To Not Need Oil’.

Jean Chretien apparently thinks Neil Young should stick to music.

The former prime minister recently sat down with George Stroumboulopoulos and, in an interview that will air Monday night, he compared the Canadian rock icon weighing in on complex oilsands issues with Chretien suddenly joining the entertainment business.

“He’s a great artist but I would not become a singer tomorrow,” Chretien said. “It will be a disaster.”

While Chretien said Young is entitled to express himself as he sees fit, it’s clear the Liberal legend believes developing the oilsands makes sense.

“I think it’s a resource that has to be eventually developed. And protecting the environment – that’s very important,” he said. “But oil is oil and we still have cars and we’re not about to not need oil. We have oil that God put in the ground in Canada. We have to develop it in a responsible way.”

The former prime minister also suggested that with advancements in technology, he is not put off by the idea of pipelines.

“If we can put a man on the moon, you can get oil out of the ground and put it safely into a pipe,” he said.

Chretien, who also served as minister of Indian affairs and northern development under Pierre Trudeau for “for six years, two months, three days and four hours,” also briefly addressed some concerns expressed by First Nations communities.

“Of course the natives were living there, so they have to be compensated,” Chretien said. “They lived a different way, but the natives don’t live anymore from hunting and trapping. It’s not a way to live anymore. It’s a new reality that they face.”

Young launched a blistering attack on the Harper Conservatives and Alberta’s oilsands this week as part of his “Honour the Treaties” tour to raise funds for a northern Alberta reserve’s fight against oilsands development.

At a press conference in Toronto last Sunday with members of the Athabasca Chipewyan First Nation, Young accused the Harper government of ignoring science to drive corporate profits.

“Canada is trading integrity for money,” he said. “That’s what’s happening under the current leadership in Canada, which is a very poor imitation of the George Bush administration in the United States and is lagging behind on the world stage. It’s an embarrassment to any Canadians.”

He also said he was “shattered” after visiting a Fort McMurray industrial site, comparing it to the atomic bomb-devastated wreckage of Hiroshima, Japan.

Residents of Fort McMurray responded by posting beautiful pictures from around town to Twitter.

Jason MacDonald, Harper’s top spokesperson, hit back with a press release.

“Even the lifestyle of a rock star relies, to some degree, on the resources developed by thousands of hard-working Canadians every day,” MacDonald said in a statement. “Our government recognizes the importance of developing resources responsibly and sustainably and we will continue to ensure that Canada’s environmental laws and regulations are rigorous.”

And a pro-oil pressure group with ties to the Harper government launched an attack site, NeilYoungLies.ca, to discredit the musician.

In addition to sparking plenty of debate, Young’s concert series raised more than $550,000 this week for the Athabasca Chipewyan First Nation’s legal fund.

Liberal Leader Justin Trudeau, who feted Chretien at a tribute dinner this week, also supports oilsands development and the proposed Keystone XL pipeline. Yet, Trudeau says a lack of sound climate change policies from the Harper government is preventing the project from moving forward.

Chretien’s full interview with Stroumboulopoulos airs Monday, January 27 at 7 p.m. and 11:30 p.m. on CBC.

With files from The Canadian Press

Are you opposed to fracking? Then you might just be a terrorist | Nafeez Ahmed | Environment | theguardian.com

Are you opposed to fracking? Then you might just be a terrorist | Nafeez Ahmed | Environment | theguardian.com.

From North America to Europe, the ‘national security’ apparatus is being bought off by Big Oil to rout peaceful activism
Climate and anti-fracking activists blocade site

Are the hundreds of peaceful protesters who blockaded the Cuadrilla oil drilling site outside Balcombe, West Sussex, dangerous “extremists”? Photograph: Leon Neal/AFP/Getty Images

Over the last year, a mass of shocking evidence has emerged on the close ties between Western government spy agencies and giant energycompanies, and their mutual interests in criminalising anti-fracking activists.

Activists tarred with the same brush

In late 2013, official documents obtained under freedom of information showed that Canada‘s domestic spy agency, the Canadian Security Intelligence Service (CSIS), had ramped up its surveillance of activists opposed to the Northern Gateway pipeline project on ‘national security’ grounds. The CSIS also routinely passed information about such groups to the project’s corporate architect, Calgary-based energy company, Enbridge.

The Northern Gateway is an $8 billion project to transport oil from the Alberta tar sands to the British Columbia coast, where it can be shipped to global markets. According to the documents a Canadian federal agency, the National Energy Board, worked with CSIS and the Royal Canadian Mounted Police to coordinate with Enbridge, TransCanada, and other energy corporations in gathering intelligence on anti-fracking activists – despite senior police privately admitting they “could not detect a direct or specific criminal threat.”

Now it has emerged that former cabinet minister Chuck Strahl – the man appointed by Canadian prime minister Stephen Harper to head up the CSIS’ civilian oversight panel, the Security Intelligence Review Committee (SIRC) – has been lobbying for Enbridge since 2011.

But that’s not all. According to CBC News, only one member of Strahl’s spy watchdog committee “has no ties to either the current government or the oil industry.” For instance, SIRC member Denis Losier sits on the board of directors of Enbridge-subsidiary, Enbridge NB, while Yves Fortier, is a former board member of TransCanada, the company behind the proposed Keystone XL pipeline.

Counter-insurgency in the homeland

Investigative journalist Steve Horn reports that TransCanada has also worked closely with American law-enforcement and intelligence agencies in attempting to criminalise US citizens opposed to the pipeline. Files obtained under freedom of information last summer showed that in training documents for the FBI and US Department of Homeland Security (DHS), TransCanada suggested that non-violent Keystone XL protestors could be deterred using criminal and anti-terror statutes:

“… the language in some of the documents is so vague that it could also ensnare journalists, researchers and academics, as well.”

According to the Earth Island Journal, official documents show that TransCanada “has established close ties with state and federal law enforcement agencies along the proposed pipeline route.” But TransCanada is only one example of “the revolving door between state law enforcement agencies and the private sector, especially in areas where fracking and pipeline construction have become big business.”

This has had a tangible impact. In March last year, US law enforcement officials had infiltrated and spied on environmentalists attending a tar sands resistance camp in Oklahoma, leading to the successful pre-emptive disruption of their protest action.

Just last December, other activists in Oklahoma faced terror charges for draping an anti-fracking banner in the lobby of the offices housing US oil and gas company, Devon Energy. The two protestors were charged with carrying out a “terrorism hoax” for using gold glitter on their banner, some of which happened to scatter to the floor of the building – depicted by a police spokesman as a potentially “dangerous or toxic” substance in the form of a “black powder,” causing a panic.

But Suzanne Goldenberg reports a different account:

“After a few uneventful minutes, [the activists] Stephenson and Warner took down the banner and left the building – apologising to the janitor who came hurrying over with a broom. A few people, clutching coffee cups, wandered around in the lobby below, according to Stephenson. But she did not detect much of a response to the banner. There wasn’t even that much mess, she said. The pair had used just four small tubes of glitter on their two banners.”

The criminalisation of peaceful activism under the rubric of ‘anti-terrorism’ is an escalating trend linked directly to corporate co-optationof the national security apparatus. In one egregious example, thousands of pages of government records confirm how local US police departments, the FBI and the DHS monitored Occupy activists nationwide as part of public-private intelligence sharing with banks and corporations.

Anti-fracking activists in particular have come under increased FBI surveillance in recent years under an expanded definition of ‘eco-terrorism‘, although the FBI concedes that eco-terrorism is on the decline. This is consistent with US defence planning documents over the last decade which increasingly highlight the danger of domestic “insurgencies” due to the potential collapse of public order under various environmental, energy or economic crises.

Manufacturing “consensus”

In the UK, Scotland Yard’s National Domestic Extremism and Disorder Intelligence Unit (which started life as the National Extremism Tactical Co-ordination Unit and later became the National Domestic Extremism Unit), has had a long record of equating the spectre of “domestic extremism” with “single-issue protests, such as animal rights, anti-war, anti-globalisation and anti-GM crops.” Apart from animal rights, these movements have been “overwhelmingly peaceful” points out George Monbiot.

This has not prevented the police unit from monitoring almost 9,000 Britons deemed to hold “radical political views,” ranging from “anti-capitalists” to “anti-war demonstrators.” Increasingly though, according to a Guardian investigation, the unit “is known to have focused its resources on spying on environmental campaigners, particularly those engaged in direct action and civil disobedience to protest against climate change.”

Most recently, British police have gone so far as to conduct surveillance of Cambridge University students involved in social campaigns like anti-fracking, education, anti-fascism, and opposition to austerity, despite a lack of reason to suspect criminal activity.

This is no accident. Yesterday, senior Tory and ex-Cabinet minister Lord Deben, chairman of the UK government-sponsored Committee on Climate Change, characterised anyone suggesting that fracking is “devastatingly damaging” as a far-left “extremist,” holding “nonsensical” views associated with “Trotskyite” dogma. In contrast, he described “moderate” environmentalists as situated safely in the legitimate spectrum of a “broad range of consensus” across “all political parties.”

In other words, if you are disillusioned with the existing party political system and its approach to environmental issues, you are an extremist.

Deben’s comments demonstrate the regressive mindset behind the British government’s private collaboration with shale gas industry executives to “manage the British public’s hostility to fracking,” as revealed in official emails analysed by Damien Carrington.

The emails exposed the alarming extent to which government is “acting as an arm of the gas industry,” compounding earlier revelations that Department of Energy and Climate Change employees involved in drafting UK energy policy have been seconded from UK gas corporations.

Public opinion is the enemy

The latest polling data shows that some 47% of Britons “would not be happy for a gas well site using fracking to open within 10 miles of their home,” with just 14% saying they would be happy. By implication, the government views nearly half of the British public as potential extremists merely for being sceptical of shale gas.

This illustrates precisely why the trend-line of mass surveillance exemplified in the Snowden disclosures has escalated across the Western world. From North America to Europe, the twin spectres of “terrorism” and “extremism” are being disingenuously deployed by an ever more centralised nexus of corporate, state and intelligence power, to suppress widening public opposition to that very process of unaccountable centralisation.

But then, what’s new? Back in 1975, the Trilateral Commission – a network of some 300 American, European and Japanese elites drawn from business, banking, government, academia and media founded by Chase Manhattan Bank chairman David Rockerfeller – published an influential study called The Crisis of Democracy.

The report concluded that the problems of governance “stem from an excess of democracy” which makes government “less powerful and more active” due to being “overloaded with participants and demands.” This democratic excess at the time consisted of:

“… a marked upswing in other forms of citizen participation, in the form of marches, demonstrations, protest movements, and ’cause’ organizations… [including] markedly higher levels of self-consciousness on the part of blacks, Indians, Chicanos, white ethnic groups, students, and women… [and] a general challenge to existing systems of authority, public and private… People no longer felt the same compulsion to obey those whom they had previously considered superior to themselves in age, rank, status, expertise, character, or talents.”

The solution, therefore, is “to restore the prestige and authority of central government institutions,” including “hegemonic power” in the world. This requires the government to somehow “reinforce tendencies towards political passivity” and to instill “a greater degree of moderation in democracy.” This is because:

“… the effective operation of a democratic political system usually requires some measure of apathy and noninvolvement on the part of some individuals and groups… In itself, this marginality on the part of some groups is inherently undemocratic, but it has also been one of the factors which has enabled democracy to function effectively.”

Today, such official sentiments live on in the form of covert psychological operations targeted against Western publics by the CIAPentagon andMI6, invariably designed to exaggerate threats to manipulate public opinion in favour of government policy.

As the global economy continues to suffocate itself, and as publics increasingly lose faith in prevailing institutions, the spectre of ‘terror’ is an increasingly convenient tool to attempt to restore authority by whipping populations into panic-induced subordination.

Evidently, however, what the nexus of corporate, state and intelligence power fears the most is simply an “excess of democracy”: the unpalatable prospect of citizens rising up and taking power back.

Dr Nafeez Ahmed is executive director of the Institute for Policy Research & Development and author of A User’s Guide to the Crisis of Civilisation: And How to Save It among other books. Follow him on Twitter @nafeezahmed

Dozens dead as Egypt marks revolution – Middle East – Al Jazeera English

Dozens dead as Egypt marks revolution – Middle East – Al Jazeera English.

Cairo  At least 29 people have been killed across Egypt amidst nationwide protests on the third anniversary of the 2011 revolution, with unofficial reports of a death toll nearly twice as high.

The worst violence was directed at supporters of deposed President Mohamed Morsi, who staged dozens of rallies across the country. Witnesses reported deadly clashes in Minya, Giza, Alexandria and several other governorates, and the health ministry said that 29 people were dead and more than 170 wounded by 8:30pm (1830GMT).

There were reports of numerous deaths in Alf Maskan, a neighbourhood in eastern Cairo, though the exact number could not be confirmed. Two witnesses in the area took photos that seemed to show at least nine dead bodies wrapped in shrouds.

The Muslim Brotherhood said in a statement that more than 50 people have been killed nationwide, though casualty figures released by the group have often been exaggerated in the past.

Armed groups also staged three attacks on security forces, the most spectacular of which reportedly brought down a military helicopter in North Sinai.

Two explosions rocked Cairo early on Saturday and a third followed in Suez, targeting a police base.

Activists opposed to both the army and the Brotherhood also tried to lay claim to the streets, with a rally in the Mohandiseen district around noon. They were chased off, only to regroup several hours later downtown, blocks away from Tahrir, where security forces fired tear gas and live ammunition.

The April 6 youth movement said one of its members was killed by gunfire, and by mid-afternoon the violence had prompted several revolutionary groups to urge supporters to go home.

But the main pro-military event in Tahrir Square was peaceful, protected by a heavy deployment of soldiers and police. The crowds gathered in the square made little mention of the 2011 uprising that toppled President Hosni Mubarak.

Instead they came to celebrate General Abdel Fattah el-Sisi who deposed morsi in July.

‘We refuse to submit’

Army helicopters orbited overhead, dropping Egyptian flags and coupons for free blankets. Crowds arrived throughout the afternoon, many of them chanting “the people demand the execution of the Brotherhood.” Others called for the “affirmation of the regime,” a play on the revolutionary slogan calling for its downfall.

“We want to show that we won’t go back to the Brotherhood, and we won’t be scared by their terrorism,” said Mohamed Salama, entering Tahrir Square with a group of about 20 people. “This is about correcting the path of the revolution.”

For many, the next step on that path should be electing Sisi to the presidency.

“Look around, he has our support. If he does not run, who will?” asked Amer Ali Said, an engineer.

Analysts say it is still unclear whether the general will run, though today’s rallies certainly seem to push him in that direction.

Thousands of Sisi’s supporters also gathered in other sites across the capital, and in governorates outside of Cairo. State television showed large crowds in Alexandria, Sohag, Fayoum and other cities. “We aren’t scared. All the people of Port Said, of Egypt, we are down in the streets today,” one man from Port Said told a state television reporter.

Sinai attack

Local media reported that an army helicopter was shot down near the town of Sheikh Zuweid in North Sinai, possibly by a missile. A military spokesman confirmed the helicopter crash, but would not comment on the cause.

The interior ministry confirmed a bombing outside a security barracks in Suez, which injured at least nine people. And a small explosion at a police building in eastern Cairo around 8am injured one person.

There were no claims of responsibility for Saturday’s attacks, which followed a series of four bombings across the capital on Friday. The deadliest, a car bomb, tore through the security directorate downtown, killing four people and injuring more than 70. Prosecutors said on Saturday that the vehicle used in the bombing had been stolen from the electricity ministry.

Ansar Bait al-Maqdis, a Sinai-based armed group, claimed responsibility for all four.

TSX Down More Than 200 Points After 2 Nasty Days On Wall Street

TSX Down More Than 200 Points After 2 Nasty Days On Wall Street.

TORONTO — The Toronto stock market plunged over 200 points as emerging market worries persuaded investors to avoid riskier assets like equities and commodities.

The S&P/TSX composite index dropped 215.18 points to 13,717.79. The Canadian dollar was ahead 0.21 of a cent to 90.31 cents US.

The Dow Jones industrials fell 318.24 points to 15,879.11 after plunging 176 points on Thursday. The Nasdaq was 90.7 points lower to 4,128.17 while the S&P 500 index was down 38.17 points to 1,790.29.

Investors are worried about sharp drops in the values of currencies in several emerging markets, including Turkey, Russia, South Africa and Argentina.

These drops were sparked by moves by the U.S. Federal Reserve to cut back on its massive bond purchases, a key stimulus measure that kept long-term rates low.

But U.S. bond yields have risen as the Fed moves to taper its purchases, and investors have responded by taking their money out of emerging markets.

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