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Read today's News (below) on a daily basis, to stay well informed. Profit from economic uncertainty by understanding the times.
HEADLINE Economic, Financial & Global News...
Gold rebounds as dollar drops against yen
Prices are poised for their highest close in a week;
By Myra P. Saefong and Barbara Kollmeyer, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold futures rose sharply Thursday as the dollar dropped against the Japanese yen amid spectacular losses for stocks in Tokyo.
Hints of a tapering of stimulus efforts by the U.S. Federal Reserve in coming months and downbeat China data contributed to a Japan stock plunge.
Gold up sharply as dollar, stocks slide
By Carole Vaporean
NEW YORK, May 23 (Reuters) - Gold rose sharply on Thursday as investors sought its safe-haven status after the dollar and equity markets were hit by a slew of weak manufacturing data that indicated stagnant global economic growth.
Stock markets around the world fell, extending the previous day's sharp losses, on concerns about global economic growth and the timing of the ending of the U.S. Federal Reserve's stimulus program.
Two Storms Brewing: One Political, the Other Economic
By: Bob Pisani - CNBC.COM
Have two Pandora's Boxes been opened?Fed Chairman Ben Bernanke may have opened the first one. No matter that it is highly unlikely economic data will come in showing sufficient strong and sustained growth to justify tapering bond purchases any time soon — markets see it differently.
The bond market is wound so tight that even raising the remote possibility of ending tapering of bond purchases has thrown prices into a tizzy.
The Biggest Loser Wins
By: Peter Schiff - GoldSeek.com
While the world's economies jockey one another for the lead in the currency devaluation derby, it's worth considering the value of the prize they are seeking. They believe a weak currency opens the door to trade dominance, by allowing manufacturers to undercut foreign rivals, and to economic growth, by fighting deflation. On the other side of the coin, they believe a strong currency is an economic albatross that leads to stagnation. But the demonstrable effects of currency strength and weakness reveal the emptiness of their theory.
GoldSeek Radio - May 17, 2013
[ft Peter Schiff & Chaplain Lindsey Williams]
If Corporate Profits Are at an All-Time High,
Why Are Corporate Taxes Near a 60-Year Low?
Business income is escaping the U.S. corporate income tax. We might not be able to stop it.
DEREK THOMPSON - TheAtlantic.com
Apple is a unique company in many ways, but when it comes to the cavernous difference between its historically high profits and its relatively low corporate tax rate, the company isn't an outlier. It's a microcosm. In fact, corporate profits have been rising as a share of the economy since the early 1980s ... just as corporate income taxes' share has hovered near its 20th-century lows. Here's that sentence in a graph, via The Economist:
Why is this happening? I went back to the tax experts who walked me through the Apple congressional report. They both gave the same answer: Basically, it's all about globalization and pass-throughs.
Rand Paul slams 'show trial' hearing over Apple's tax practices
By Betsi Fores - DailyCaller.com
Kentucky Republican Sen. Rand Paul chastised his Senate colleagues Tuesday for conducting a "show trial" against Apple. Lawmakers were holding hearings about offshore tax avoidance by the maker of Mac computers.
Tim Cook, Apple's CEO, defended his company's corporate tax practices at the Senate subcommittee hearing.
"Frankly, I'm offended by the tone and tenor of this hearing," Paul said. "I'm offended by a $4 trillion government bullying, berating, and badgering one of America's greatest success stories."
Sen. Paul Defends Apple
Against HSGAC Subcommittee - 05/21/2013 PART 1
Published on May 21, 2013
Sen. Rand Paul attends the Homeland Security and Government Affairs Subcommittee hearing that called for executives of Apple to testify on the companies tax practices. In the hearing, Sen. Paul defended the job-creating efforts Apple has made and lambasted his fellow Members for perpetuating a U.S. tax code that hinders corporate growth and productivity. PART 1
Sen. Paul Defends Apple
Against HSGAC Subcommittee - 05/21/2013 PART 2
Apple and the Idiocy of Taxing Profits
Want Apple to stop dodging taxes?
Then scrap the foolish corporate income tax.
By Matthew Yglesias - Slate.com
How does a company earn almost $30 billion over four years with no employees and no physical office? That's the miraculous tale of Apple Operations International, an Ireland-based shell company established by Apple for the purpose of making profits disappear from the prying eyes of the tax man. Every large international firm has lots of fungible money, and tax law varies substantially from place to place, so companies shift that money around in tricky ways to minimize taxes. Viewed from the United States, Apple Operations International looks like an appalling tax dodge. The company, such as it is, is not registered in the United States, so the IRS can't tax it even though it has no employees, no physical presence in Ireland, and has held 32 of its last 33 board meetings in Cupertino, Calif. Viewed from Ireland, it also looks like an appalling dodge. It's exempt from Irish taxation, too, on the grounds that it's not managed in Ireland.
Apple's Made-in-USA Mac Will Be Built in Texas
By John Paczkowski - AllThingsD.com
When Apple announced its intention to manufacture one of its existing Mac lines exclusively in the U.S. last December, the company didn't say which line, or where in the country it planned to build it. Now, some five months later, the answer to one of those questions has finally emerged.
During a Tuesday appearancebefore the Senate Permanent Subcommittee on Investigations, Apple CEO Tim Cook revealed the state in which its Made-in-USA Mac will be manufactured: Texas.
"We're investing $100 million to build a Mac product line here in the U.S.," Cook said. "The product will be assembled in Texas, include components made in Illinois and Florida, and rely on equipment produced in Kentucky and Michigan."
The Fed Squeezes the Shadow-Banking System
[Google title for free article access]
The central bank's purchases of Treasurys are leading to collateral shortages in the vital, $4-trillion repo market.
By Andy Kessler - WSJ.com $$
Here is the great economic paradox of our time: Despite the Federal Reserve's vast, 4½-year program of quantitative easing, the economy is still weak, with unemployment still high and labor-force participation down. And with all the money pumped into the economy, why is there no runaway inflation?
Federal Reserve Chairman Ben Bernanke told Congress on Wednesday, that "We are pushing real hard at this point but there are a lot of headwinds." But the usual excuses—commercial banks not lending, not enough government spending, weak retail sales, Europe in disarray—are straw men. The Fed has even discussed an exit strategy from its asset purchases, but without ever explaining why its buying spree led to so little economic growth.
Why the whole banking system is a scam - Godfrey Bloom
Williams Says Fed Could Step Up QE Pace Again After Tapering
By Aki Ito - Bloomberg.com
Federal Reserve Bank of San Francisco President John Williams, emphasizing the need for policy flexibility, said any move to reduce the pace of the central bank's bond buying could be followed by an increase should the economy weaken again.
"Even if we do adjust downward our purchases, it doesn't mean we're now in some autopilot of moving in the same direction," Williams, 50, said in an interview yesterday in San Francisco. "You could even imagine a scenario where we adjust it downward based on good data and then adjust it back" if the economy weakened.
As the market panic demonstrates,
central banks are stuck on a treadmill of money printing
By Jeremy Warner - Telegraph.co.uk
Oh what a tangled web central bankers weave when they practice to deceive… Last night's panic in Tokyo, where the Nikkei dropped a stomach churning 7 per cent, demonstrates just how difficult it's going to be for the world's central banks to exit their loose money policies.
It's not even as if Ben Bernanke, chairman of the Fed, said he was planning to exit; in fact, initially he said the reverse in testimony to Congress. It was only in the Q & A, and in minutes to the last meeting of the Fed's Open Markets Committee, that a clear bias emerged to slow the pace of asset purchases "in the next few meetings", so long as the economic data was strong enough.
Keiser Report - Episode 448
Published on May 23, 2013
In this episode of the Keiser Report, Max Keiser and Stacy Herbert look at the narcissists' rally as we drown in central banking -- their currency wars and their quantitative easing without wealth creation. In the second half, Max talks to 'Currency Wars' author Jim Rickards about why we don't need to worry about a recession: Because we're in a depression! They also discuss US Federal Reserve Chair Ben Bernanke's plan to not Beggar Thy Neighbor, but Enrich They Neighbor by jumping out of the printing plane together with simultaneous devaluations. And, in terms of gold, Keiser and Rickards suggest maybe it's the Chinese manipulating the price of gold... not the Fed!
Japan plunge spooks global markets
By Alanna Petroff - CNN.com
A global rally in stocks came to an abrupt halt Thursday as a 7% plunge on Japan's Nikkei index unnerved investors in Europe and set the tone for a weak opening on Wall Street.
European markets fell by 2% and U.S. stock opened lower in the wake of the biggest one-day drop on the Nikkei since the 2011 earthquake and nuclear disaster. Germany's DAXlost 2.4% and France's CAC 40 was down 2.1%.
Chinese Economy Enters Contraction
With First Sub-50 PMI Print Since October
by Tyler Durden - ZeroHedge.com
For the first time since October 2012, HSBC's China PMI (Flash) printed at a sub-50 level (49.6) missing expectations (50.4) quite notably. This is the worst two-month drop in 17 months. This is problematic for the PBoC who are being arbitraged left, right, and center and know that any stimulus will merely serve to exacerbate the problems they face (as we noted here that China simply cannot function with 'moderate' growth). Every one of the main index's 11 sub-indices is signaling 'problems' - from slower rates of output, slower new orders, employment dropping at a faster rate, stocks rising, and output prices falling. As HSBC notes, "The cooling manufacturing activities in May reflected slower domestic demand and ongoing external headwinds. A sequential slowdown is likely in the middle of 2Q, casting downside risk to China's fragile growth recovery." Of course, none of this should come as any surprise to ZH readers - as we noted here, Chinese power consumption grew at its slowest rate since May 2009.
Misreading the Global Economy
By Ashoka Mody - Project-Syndicate.org
PRINCETON – In April 2010, the International Monetary Fund's World Economic Outlook offered an optimistic assessment of the global economy, describing a multi-speed recovery strong enough to support roughly 4.5% annual GDP growth for the foreseeable future – a higher pace than during the bubble years of 2000-2007. But, since then, the IMF has steadily pared its economic projections. Indeed, this year's expected GDP growth rate of 3.3% – which was revised downward in the most recent WEO – will probably not be met.
IRS Takes The Fifth, But You Can't
By Robert W. Wood, Contributor - Forbes.com
IRS and Treasury officials surely don't like to appear before the House Committee on Oversight and Government Reform, chaired by Rep. Darrell Issa (R-CA). Who would? But despite all the hoopla and hearings, the IRS scandal just keeps on rolling. Remember Schulz on the old Hogan's Heroes TV show? "I know nothing!"
But Lois Lerner of the IRS–a key player in the IRS Tea Party scandal–must know a little more. She read a statement saying she did nothing wrong, but also invoked her constitutional rights under the Fifth Amendment. Isn't that like declining lunch but then bellying up to the table?
Fox News Poll: 56 percent want to go back
to pre-ObamaCare system
By Dana Blanton - FOXNews.com
Majorities of American voters say their family will be worse off under the Affordable Care Act, and think it would be better to go back to the pre-ObamaCare health care system.
A Fox News poll released Wednesday finds that while 26 percent of voters say their health care situation will be better under the new law, twice as many -- 53 percent -- say it will be worse. Another 13 percent say it won't make a difference.
The unwelcome role of the IRS in Obamacare
By Michael Gerson - WashingtonPost.com
Let us stipulate that now might not be the best time — with IRS officials exposed for abusing power, caught in self-serving deceptions, invoking their constitutional right against self-incrimination — to dramatically expand the authority and size of their agency. But this is what Obamacare requires. Thousands of new IRS agents will implement 40-odd provisions of the Patient Protection and Affordable Care Act — the exact number is a matter of dispute since the law itself is so confusing. The largest tax law and social policy change in a generation will be imposed on a skeptical public by a government agency whose credibility is in ruins.
Low-Skilled Workers Get Raw Deal Under Obamacare
By Michael Barone - PatriotPost.us
Would you like to have a "skinny" health insurance policy? Probably not. But if you're employed by a large company, you may get one, thanks to Obamacare.
That's the conclusion of Wall Street Journal reporters Christopher Weaver and Anna Wilde Mathews. They report that insurance brokers are pitching and selling "low-benefit" policies across the country.
You might be wondering what a "skinny" or "low-benefit" insurance plan is. The terms may vary, but the basic idea is that policies would cover preventive care, a limited number of doctor visits and perhaps generic drugs.
Pelosi vows there will be no ObamaCare for illegal immigrants
By Mike Lillis and Russell Berman - TheHill.com
House Minority Leader Nancy Pelosi (D-Calif.) vowed Thursday that taxpayers will not cover healthcare costs for illegal immigrants who gain a pathway to citizenship under immigration reform.
"It is stated very clearly in the Affordable Care Act, [and] it is our position in the immigration bill: no access to subsidies in the Affordable Care Act. Secondly, no access to Medicaid; no cost to the taxpayer," Pelosi told reporters in the Capitol. "That has always been the Democratic position."
Student Loan Problems:
One Third Of Millennials Regret Going To College
By Halah Touryalai, Forbes Staff
Here's an indication of how burdensome student loans have become: About one-third of millennials say they would have been better off working, instead of going to college and paying tuition.
That's a according to a new Wells Fargo study which surveyed 1,414 millennials between the ages of 22 and 32. More than half of them financed their education through student loans, and many say the if they had $10,000 the "first thing" they'd do is pay down their student loan or credit card debt.
The End of Retail: Sears Loses $279 Million
By Matthew Yglesias - Slate.com
Another day, another retailer posts a bad earnings result even as the economy improves. Today's victim is Sears Holdings Corp—i.e. both Sears and K-Mart—which has suffered declining sales for years. This year "sales at stores open at least a year fell 3.6 percent" and even more striking they lost $279 million in the quarter. A year ago Sears turned a $189 million profit.
Save A Small Fortune By Forming Your Own Retirement Village
by Robert Lenzner, Forbes Staff
There is no place like home for Victor King McElheny, a visiting scholar at MIT's School of Humanities, Arts and Sciences, and former director of the M.I.T Science Writing Program. At 70 years of age, he knew damned well that he didn't want to go into any assisted living facility, group housing project for retired folk, or a continuing care facility, or heaven forbid, a nursing home.
No. McElheny wanted to remain independent in his own Cambridge, Mass., home that he shares with his wife, Ruth. He also wanted to establish a life care community, what he calls a "virtual retirement community" of like-minded folk in Cambridge who would practice the newly minted virtue of "medical citizenship." The goal would be to "postpone the heavy social costs of late-life institutional care at a time when medical costs are so crucial."
Boy Scouts vote to lift ban on gay youth
By Miranda Leitsinger and Jason White, NBC News
GRAPEVINE, Texas -- The Boy Scouts of America voted on Thursday to end its controversial policy banning gay kids and teens from joining one of the nation's most popular youth organizations, ditching membership guidelines that had roiled the group in recent years.
Over 60 percent of the The National Council of 1,400 delegates from Scouting across the country voted to lift the ban, BSA officials said.
The Colorado River, The High Plains Aquifer
And The Entire Western Half Of The U.S. Are Rapidly Drying Up
By Michael Snyder - TheEconomicCollapseBlog.com
What is life going to look like as our precious water resources become increasingly strained and the western half of the United States becomes bone dry? Scientists tell us that the 20th century was the wettest century in the western half of the country in 1000 years, and now things appear to be reverting to their normal historical patterns. But we have built teeming cities in the desert such as Phoenix and Las Vegas that support millions of people. Cities all over the Southwest continue to grow even as the Colorado River, Lake Mead and the High Plains Aquifer system run dry. So what are we going to do when there isn't enough water to irrigate our crops or run through our water systems? Already we are seeing some ominous signs that Dust Bowl conditions are starting to return to the region. In the past couple of years we have seen giant dust storms known as "haboobs" roll through Phoenix, and 6 of the 10 worst years for wildfires ever recorded in the United States have all come since the year 2000. In fact, according to the Los Angeles Times, "the average number of fires larger than 1,000 acres in a year has nearly quadrupled in Arizona and Idaho and has doubled in every other Western state" since the 1970s. But scientists are warning that they expect the western United States to become much drier than it is now. What will the western half of the country look like once that happens?
House passes bill approving Keystone pipeline
By ANDREW RESTUCCIA | Politico.com
The House approved legislation Wednesday to green-light the Keystone XL oil pipeline, giving Republicans a messaging victory heading into the Memorial Day recess.
The legislation, which was authored by Rep. Lee Terry (R-Neb.), was approved on a 241-175 vote.
Every Republican who attended voted in favor the bill except for Rep. Justin Amash (Mich.), who voted present. They were joined by 19 Democrats, a smaller number than had supported previous pro-Keystone bills.
Red State Dems Defect on Keystone
Heitkamp, Landrieu signal support for pro-Keystone XL bill
BY: Lachlan Markay - FreeBeacon.com
Two red state Democratic senators signaled support Thursday for legislation authorizing the Keystone XL pipeline opposed by President Barack Obama, Democratic Party leaders, and influential Democratic donors.
Sen. Heidi Heitkamp (D., N.D.) told the Washington Free Beacon in a statement that she will support legislation passed by the House on Wednesday to approve construction of the pipeline if it comes to the Senate floor.
May 25 'March Against Monsanto' planned for over 30 countries
By Global Research News
May 25 'March Against Monsanto' planned for over 30 countries
SEATTLE, Wash. (May 1, 2013) – March Against Monsanto has announced that on May 25, tens of thousands of activists around the world will "March Against Monsanto." Currently, marches are being planned on six continents, in 36 countries, totaling events in over 250 cities, and in the US, events are slated to occur simultaneously at 11 a.m. Pacific in 47 states.
Researchers find more versions
of digitally signed Mac OS X spyware
The malware is connected to Indian cyberespioange operation and has been active since at least December 2012, researchers say
By Lucian Constantin - Computerworld.com
IDG News Service - Security researchers have identified multiple samples of the recently discovered "KitM" spyware for Mac OS X, including one dating back to December 2012 and targeting German-speaking users.
KitM (Kumar in the Mac), also known as HackBack, is a backdoor-type program that takes unauthorized screen shots and uploads them to a remote command-and-control (C&C) server. It also opens a reverse shell that allows attackers to execute commands on the infected computers.
NOAA predicts wildly active hurricane season
out of Atlantic and Caribbean
Scientists say three to six major hurricanes will hit US, some in areas far beyond those typically associated with extreme storms
By Suzanne Goldenberg - Guardian.co.uk
Americans were warned on Thursday to brace for an extremely active hurricane season – less than a year after the devastation of Sandy, which hit the east coast in October 2012 – with 13 to 20 named storms, including seven to 11 hurricanes.
The National Oceanic and Atmospheric Administration, releasing its annual forecast, said 2013 would be prolific in raising storms out of the Atlantic and Caribbean. Of the predicted hurricanes, Noaa predicted that three to six could be major hurricanes, rated category three and packing winds of 111mph or higher.
Technion Scientists Develop an Advanced Biological Computer
Molecular computer was built entirely of biomolecules.
By Arutz Sheva Staff - IsraelNationalNews.com
Technion scientists developed and constructed a molecular transducer, which is an advanced computing machine. This molecular computer was built entirely of biomolecules, such as DNA and enzymes that can manipulate genetic codes.
This unprecedented device can compute iteratively, namely, it uses the output as a new input for subsequent computations. Furthermore, it produces outputs in the form of biologically meaningful phenomena, such as resistance of bacteria to various antibiotics.
Thomas Pickering to tell more on Benghazi
By KEVIN CIRILLI | Politico.com
House Oversight Committee Chairman Rep. Darrell Issa (R-Calif.) has lifted a subpoena against retired U.S. ambassador Thomas Pickering after the Benghazi investigator agreed to a closed-door transcribed interview with lawmakers about the Sept. 11, 2012, attack at the U.S. post in Libya.
Pickering and retired Adm. Mike Mullen were behind the State Department's own probe into the attack, in which U.S. ambassador Christopher Stevens and three others were killed. Republicans and others have criticized the findings of that report as not laying enough blame on President Barack Obama's administration — including former Secretary of State Hillary Clinton.
Obama rhetorically ends the 'war on terror'
... while vowing it will go on by other means.
By Dan Murphy - CSMonitor.com
President Barack Obama's sprawling national security speech this afternoon veered from the controversial drone program that has killed at least 3,000 alleged militants overseas since 2002 to the legality and ethics of his justice department snooping into reporter's emails.
But if the speech is remembered for anything years hence it will be as the moment when the president declared "The war on terrorism is dead! Long live the open-ended game of whack-a-mole against diffuse networks!"
Obama to bring US drone programme
out from 'legal shadows' of the CIA
President expected to move drone policy to Pentagon in major counter-terrorism speech outlining new legal guidelines
By Dan Roberts in Washington - Guardian.co.uk
The White House was due to announce a series of measures aimed at moving the controversial US drone killings programme out of the "legal shadows" on Thursday.
In a major counter-terrorism speech billed as marking the end of an unfettered "war" on terror, Barack Obama was expected to reveal that he will move responsibility for future drone operations from the CIA to the Pentagon so they can be more closely monitored by Congress.
Eric Holder Admits To First Americans Killed By Drone Strikes
by Tyler Durden - ZeroHedge.com
n a letter to Congress (below), AG Eric Holder admitted that the administration deliberately killed American Anwar al-Awlaki (the radical Muslim cleric) in a drone strike in September 2011 adding, asthe NY Times reports, "the decision to target Anwar al-Awlaki was lawful, it was considered, and it was just." As RT notes, there was collateral damage, as it has been widely reported but rarely acknowledged in Washington that two other US citizens - Samir Khan, and al-Awlaki's teenage son, Abdulrahman al-Awlaki - were executed in that same Yemen strike. With Holder's latest admission, however, a fourth American - Jude Mohammed - has also been officially named a casualty of America's continuing drone war; bringing the total 'known' Americans killed under the US Drone War to 4 since 2009.
Via NY Times,
One day before President Obama is due to deliver a major speech on national security, hisadministration on Wednesday formally acknowledged that the United States had killed four American citizens in drone strikes in Yemen and Pakistan.
In letter to Congress,
Holder discloses drone attacks killed four Americans
By Jordy Yager - TheHill.com
The U.S. has killed four Americans with drone attacks, Attorney General Eric Holder told lawmakers in a letter made public on Wednesday.
The revelation of the fourth death, which was not previously known, came the day before President Obama was slated to spell out the legal rationale for drone attacks in a speech at the National Defense University in Washington.
Pastor Lankford & Steve Quayle
The Hagmann & Hagmann Report - 23 May 2013
US pushes Europe to amend arms embargo on Syrian rebels
John Kerry seeks support for British-led move as means of pressuring Bashar al-Assad to enter into peace negotiations
By Ian Black, Middle East editor - Guardian.co.uk
The United States is lobbying European governments to back a British-led call to amend the EU arms embargo on Syria to put pressure on President Bashar al-Assad to enter into talks with the opposition.
John Kerry, the US secretary of state, has been urging the EU to reach consensus on a change that would allow weapons to be delivered to the rebels – though without any decision to do so at this stage.
Syrian Army Advances Signal Assad May Survive for Years
By Caroline Alexander - Bloomberg.com
Syria's President Bashar al-Assad, whose government was last year described as close to collapse by groups ranging from the North Atlantic Treaty Organization to the armed opposition, may remain in power for years to come.
"The regime is still in place, strong and not going anywhere," Julien Barnes-Dacey, a senior policy fellow at the European Council on Foreign Relations, said in an interview. Widespread predictions of his demise reflected an "unwillingness to assess the regime's strength, wishful thinking, a desire for a swift end, and a failure to recognize this is a civil war."
Israeli general warns air force
will strike Syrian weapons facilities if nation collapses
BY: Abraham Rabinovich - FreeBeacon.com
JERUSALEM — Israel's air force commander, Maj. Gen. Amir Eshel, said yesterday that the sudden collapse of Syria would oblige Israel to undertake a massive attack "within hours."
Missions would include the demolition of the vast stores of conventional and unconventional weapons in Syria to prevent their falling into the hands of militants, he said.
IAF Chief: S-300 is En Route to Syria; Surprise War is Possible
IAF Commander Eshel says IAF can deal with all weapon systems. "The question is only -- at what cost."
By Gil Ronen - IsraelNationalNews.com
IAF Commander, Major General Amir Eshel, spoke Wednesday about the IAF's preparedness for a surprise war scenario with Syria, and said that the S-300 anti-aircraft system is on its way to Syria.
"A surprise war can come about through many scenarios at present," he said at a conference of the Fisher Institute for National Security in Herzliya. Isolated incidents can escalate very quickly, he explained, and added that "we are committed to being ready in a matter of hours and to operate up to the end of the spectrum."
Israel Air Force Commander: We May Not Have
Even Two Weeks to Prepare for War
Iran could use a nuclear weapon
against Israel and get away with it
By David Meyers - DailyCaller.com
Wednesday's IAEA report offered more proof than ever that Iran is racing toward a nuclear weapon. Even President Obama acknowledges this fact. Yet Obama has refused to endorse the tough approach advocated by Israeli Prime Minister Netanyahu. The reason is simple: Israel faces an existential threat of an Iranian nuclear attack, while the United States does not.
With diplomacy and sanctions failing, world leaders still give lip service to the dangers of a nuclear Iran. But they often dismiss the idea that Iran would actually use a nuclear weapon against Israel. They believe that Iran is a rational actor, and that Israel's strong nuclear deterrent is sufficient to safeguard the Jewish state. It is not.
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