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Luis Miguel Goitizolo

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RE: ARE WE NOW IN THE END TIMES?
9/10/2016 10:45:00 AM

US Ex-Drone Operators Join Yemeni Drone Victim In Court Challenge

"Choose a job you love and you will not have to work a day in your life" (Confucius)

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Luis Miguel Goitizolo

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RE: ARE WE NOW IN THE END TIMES?
9/10/2016 10:57:47 AM

Major Problems Announced At One Of The Largest Too Big To Fail Banks In The United States


By Michael Snyder

Do you remember when our politicians promised to do something about the “too big to fail” banks? Well, they didn’t, and now the chickens are coming home to roost. On Thursday, it was announced that one of those “too big to fail” banks, Wells Fargo, has been slapped with 185 million dollars in penalties. It turns out that for years their employees had been opening millions of bank and credit card accounts for customers without even telling them. The goal was to meet sales goals, and customers were hit by surprise fees that they never intended to pay. Some employees actually created false email addresses and false PIN numbers to sign customers up for accounts. It was fraud on a scale that is hard to imagine, and now Wells Fargo finds itself embroiled in a major crisis.

There are six banks in America that basically dwarf all of the other banks – JPMorgan Chase, Citibank, Bank of America, Wells Fargo, Morgan Stanley and Goldman Sachs. If a single one of those banks were to fail, it would be a catastrophe of unprecedented proportions for our financial system. So we need these banks to be healthy and running well. That is why what we just learned about Wells Fargo is so concerning…

Employees of Wells Fargo (WFC) boosted sales figures by covertly opening the accounts and funding them by transferring money from customers’ authorized accounts without permission, the Consumer Financial Protection Bureau, Office of the Comptroller of the Currency and Los Angeles city officials said.

An analysis by the San Francisco-headquartered bank found that its employees opened more than two million deposit and credit card accounts that may not have been authorized by consumers, the officials said. Many of the transfers ran up fees or other charges for the customers, even as they helped employees make incentive goals.

Wells Fargo says that 5,300 employees have been fired as a result of this conduct, and they are promising to clean things up.

Hopefully they will keep their word.

It is interesting to note that the largest shareholder in Wells Fargo is Berkshire Hathaway, and Berkshire Hathaway is run by Warren Buffett. There has been a lot of debate about whether or not this penalty on Wells Fargo was severe enough, and it will be very interesting to hear what he has to say about this in the coming days…

Wells Fargo is the most valuable bank in America, worth just north of $250 billion. Berkshire Hathaway (BRKA), the investment firm run legendary investor Warren Buffett, is the company’s biggest shareholder.

“One wonders whether a penalty of $100 million is enough,” said David Vladeck, a Georgetown University law professor and former director of the Federal Trade Commission’s Bureau of Consumer Protection. “It sounds like a big number, but for a bank the size of Wells Fargo, it isn’t really.”

After the last crisis, we were told that we would never be put in a position again where the health of a single “too big to fail” institution could threaten to bring down our entire financial system.

But our politicians didn’t fix the “too big to fail” problem.

Instead it has gotten much, much worse.

Back in 2007, the five largest banks held 35 percent of all bank assets. Today, that number is up to44 percent

Since 1992, the total assets held by the five largest U.S. banks has increased by nearly fifteen times! Back then, the five largest banks held just 10 percent of the banking industry total. Today, JP Morgan alone holds over 12 percent of the industry total, a greater share than the five biggest banks put together in 1992.

Even in the midst of the global financial crisis, the largest U.S. banks managed to increase their hold on total bank industry assets. The assets held by the five largest banks in 2007 – $4.6 trillion – increased by more than 150 percent over the past 8 years. These five banks went from holding 35 percent of industry assets in 2007 to 44 percent today.

Meanwhile, nearly 2,000 smaller institutions have disappeared from our financial system since the beginning of the last crisis.

So the problem of “too big to fail” is now larger than ever.

Considering how reckless these big banks have been, it is inevitable that one or more of them will fail at some point. When that takes place, it will make the collapse of Lehman Brothers look like a Sunday picnic.

And with each passing day, the rumblings of a new financial crisis grow louder. For example, this week we learned that commercial bankruptcy filings in the United States in August were up a whopping 29 percent compared to the same period a year ago…

In August, US commercial bankruptcy filings jumped 29% from a year ago to 3,199, the 10th month in a row of year-over-year increases, the American Bankruptcy Institute, in partnership with Epiq Systems, reported today.

There’s money to be made. While stockholders and some creditors get raked over the coals, lawyers make a killing on fees. And some folks on the inside track, hedge funds, and private equity firms can make a killing picking up assets for cents on the dollar.

Companies are going bankrupt at a rate that we haven’t seen since the last financial crisis, but nobody seems concerned.

Back in 2007 and early 2008, Federal Reserve Chair Ben Bernanke, President Bush and a whole host of “experts” assured us that everything was going to be just fine and that a recession was not coming.

Today, Federal Reserve Chair Janet Yellen, Barack Obama and a whole host of “experts” are assuring us that everything is going to be just fine and that a recession is not coming.

I hope that they are right.

I really do.

But there is a reason why so many firms are filing for bankruptcy, and there is a reason why so many Americans are getting behind on their auto loans.

Our giant debt bubble is beginning to burst, and this is going to cause a tremendous amount of financial chaos.

Let us just hope that the “too big to fail” banks can handle the stress this time around.

Michael Snyder is a writer, speaker and activist who writes and edits his own blogs The American Dream and Economic Collapse Blog. Follow him on Twitter here.


(activistpost.com)

"Choose a job you love and you will not have to work a day in your life" (Confucius)

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Luis Miguel Goitizolo

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RE: ARE WE NOW IN THE END TIMES?
9/10/2016 11:16:33 AM

TO SHOW OUR RESOLVE, WE MAY HAVE TO SINK AN IRANIAN SHIP

In Cuba and in the Gulf, America's enemies are exposing the weakness of Obama's foreign policy.

BY ON 9/9/16 AT 5:20 AM


This article first appeared on the Council on Foreign Relations site.

Two almost simultaneous events in recent days have shed even more light on the Obama administration’s treatment of America’s enemies.

In Cuba, a Marxist, pro-Russian, anti-American tyranny, the administration pressed hard to abandon decades of policy in exchange for nothing. Human rights conditions there are awful, but the United States did not bargain to end the embargo in exchange for improvements.

And since Barack Obama’s announcement of a new policy, which was a simple free gift to the Castros, human rights conditions have deteriorated further.

The most recent event was the first commercial flight to Cuba in decades, from Fort Lauderdale, Florida, to Santa Clara. Santa Clara is the residence of Guillermo Fariñas.

Who is Fariñas, and why does he matter? He is one of Cuba’s bravest human rights advocates, a recipient of the Sakharov Prize from the European Parliament in 2010.

Among other things, the citation says this:

A Cuban doctor of psychology, independent journalist and political dissident, Guillermo Fariñas has over the years conducted 23 hunger strikes with the aim of achieving peaceful political change and freedom of expression in Cuba....

For his activism, Fariñas has in recent years been threatened with death and confinement in a psychiatric hospital, beaten and hospitalised, and repeatedly arrested and detained, including at the funeral of Oswaldo Payá, another Sakharov Prize laureate and Cuban dissident.


Cuban political prisoner Guillermo Fariñas, currently on a hunger strike in protest of Cuba's imprisonment of political dissidents, talks on the phone next to his daughter Diosangeles at his house in Santa Clara on July 29, 2010. Elliott Abrams writes that when a commercial flight from the U.S. to Cuba landed last week, the Obama administration celebrated it but has not said one word about Fariñas. Nor has any American diplomat sought to visit him.
ENRIQUE DE LA OSA/REUTERS

Fariñas has been on hunger strike for more than 50 days and was hospitalized on September 5. I write of all this because when that JetBlue flight landed last week, the Obama administration celebrated it—but has not said one word about Fariñas. Nor has any American diplomat sought to visit him.

(And by the way, that flight was chock-full of journalists, as the website Capitol Hill Cubans points out, and not a single one of them (or the foreign correspondents from Havana who went to Santa Clara) sought to visit and speak with him. They were too busy celebrating, it seems. Capitol Hill Cubans quotes Martin Luther King: “In the end, we will remember not the words of our enemies but the silence of our friends.”)

Meanwhile, half a world away, the Iranian navy is making a laughingstock of the U.S. Navy, taunting it with small-boat actions that endanger our ships, get within about 100 yards of them and have forced them to take evasive action to avoid collisions. Reuters reported:

A U.S. Navy coastal patrol ship changed course after a fast-attack craft from Iran’s Islamic Revolutionary Guard Corps came within 100 yards (91 meters) of it in the central Gulf on Sunday, U.S. Defense Department officials said on Tuesday. It was at least the fourth such incident in less than a month. U.S. officials are concerned that these actions by Iran could lead to mistakes.

One U.S. Navy official said, “This type of incident would have led NAVCENT to recommend that the State Department deliver a diplomatic message of protest if this interaction had been with a country with which the United States had an official diplomatic relationship.” Wrong: The time for a “diplomatic message of protest” is long gone.

Here’s an August 25 report from The New York Times:

Iranian naval boats made dangerous maneuvers around United States warships in the Persian Gulf area on at least four occasions this week, Pentagon officials said Thursday, including one episode in which the Americans fired warning shots from a 50-caliber deck gun to prevent a collision.

It was unclear whether the confrontations — one near the Strait of Hormuz on Tuesday and three in the northern Persian Gulf on Wednesday — were deliberate efforts to send a hostile message about American naval activity….

The Iranians came within about 300 yards of the Nitze before veering off, Commander Raines said. Unsure of their intentions, the Nitze changed course several times to try to keep a safe distance from offshore oil rigs in the area.

“We assessed the interaction as unsafe and unprofessional due to the Iranian vessels’ not abiding by international law and internationally recognized maritime rules of the road, as well as their high rate of closure of Nitze and disregard of multiple warnings by the ship’s whistle and flares,” he said.

And of course all these incidents this summer follow the January capture of 10 American sailors.

But the Times is dead wrong: It is crystal clear that these confrontations were deliberate efforts to send a hostile message. It is crystal clear that Iran is showing the world, as it did in January with the sailors’ capture, that the United States no longer runs the Gulf and is in fact afraid of Iran.

What has been the American response? What has the White House decided? To do nothing, and to tell the Navy to bob and weave and duck.

The administration remains committed to its nuclear deal above all and is willing to allow these dangerous and humiliating maneuvers against the Navy without reply. It is engaged in covering up Iran’s violations of the nuclear deal, denying them and allowing secret exemptions. Meanwhile, Iran increases its presence and activity in Iraq and Syria and uses the nuclear deal to build its economy.

It would be easy to show the Cuban regime, and the Cuban people, that we care more about freedom than JetBlue; all that was required was a visit to Fariñas. Still, the Obama administration won’t do it, refusing to undermine its message that Cuba is changing and is our new friend.

It is not so easy to show the world that we are not cowed by Iran and that our Navy will not be abused by the Iranian navy; that will actually require sinking an Iranian vessel. But here again, the administration will not undermine its message that the nuclear deal will bring peace and moderation.

So it will be up to our next president to distinguish between friends and enemies. If he or she wants to send the world a message that the Obama era is over and America is back, visits to Cuban dissidents like Fariñas, and one sinking of an Iranian ship that is illegally and dangerously harassing a U.S. Navy vessel, would be the best and likely the cheapest way to do so.

Elliott Abrams is a senior fellow for Middle Eastern Studies at the Council on Foreign Relations.

(newsweek)

"Choose a job you love and you will not have to work a day in your life" (Confucius)

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Luis Miguel Goitizolo

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RE: ARE WE NOW IN THE END TIMES?
9/10/2016 4:34:12 PM

North Korea conducts fifth nuclear test, claims it has made warheads with ‘higher strike power



North Korea defiantly celebrated its fifth nuclear test Friday, claiming that it can now make warheads small enough to fit onto a missile and warning its "enemies" — specifically the United States — that it has the ability to counter any attack.

Although the North’s proclaimed advancements could not be verified — and Pyongyang has a track record of exaggeration — the test appeared to mark another step toward North Korea’s goal of putting a nuclear warhead on a weapon capable of reaching the mainland United States.

Friday’s test — the North’s second this year — underscored the ability of Kim Jong Un’s regime to make progress on its nuclear and missile programs despite waves of international sanctions and isolation.

The test also appeared to be much bigger than North Korea's previous four detonations since its first in 2006.

The U.S. Geological Survey detected an artificial 5.3-magnitude earthquakenear North Korea's nuclear test site at 9 a.m. local time on Friday, a national holiday marking the 68th anniversary of the formation of the communist regime by Kim Il Sung, the current leader’s grandfather.

“This is clearly a nuclear test,” said Jeffrey Lewis, director of the East Asia nonproliferation program at the James Martin Center for Nonproliferation Studies in Monterey, Calif. He estimated the size at between 10 and 20 kilotons. The North’s last nuclear test, carried out in January, was about six kilotons.

The test happened just a few hours after President Obama's plane stopped in Japan to refuel on his way home from Laos, where he attended a summit of the Association of Southeast Asian Nations (ASEAN). The president talked to South Korea's president, Park Geun-hye, who was still in Laos, and Japanese Prime Minister Shinzo Abe, said White House press secretary Josh Earnest.

In a White House statement Friday, Obama called the test “a grave threat” to regional and international security and noted Pyongyang’s claims to be developing nuclear warheads capable of hitting the United States and its allies.

“The United States does not, and never will, accept North Korea as a nuclear state,” Obama said. “Far from achieving its stated national security and economic development goals, North Korea’s provocative and destabilizing actions have instead served to isolate and impoverish its people through its relentless pursuit of nuclear weapons and ballistic missile capabilities.” He said the latest test shows that North Korea “has no interest in being a responsible member of the international community.”

After consulting by phone with the South Korean and Japanese leaders, Obama said they would work with the U.N. Security Council and international community to impose “significant” penalties, including new sanctions. He also vowed to push ahead with deployment of a Terminal High Altitude Area Defense (THAAD) battery in South Korea and pledged to provide “extended deterrence, guaranteed by the full spectrum of U.S. defense capabilities.”

At a news conference Thursday in Laos, Obama dismissed China’s objections to the THAAD deployment, saying he told Chinese President Xi Jinping “that we cannot have a situation where we’re unable to defend either ourselves or our treaty allies against increasingly provocative behavior and escalating capabilities by the North Koreans.” Obama added: “And I indicated to him that if the THAAD bothered him, particularly since it has no purpose other than defensive and does not change the strategic balance between the United States and China, that they need to work with us more effectively to change Pyongyang’s behavior.”

China, the closest thing North Korea has to an ally, issued a statement “resolutely” opposing the test, which it said took place “despite the widespread objection of the international community.”

“We strongly urge North Korea to keep its promise to denuclearize, to abide by relevant resolutions from the U.N. Security Council and to stop making any moves that worsen the situation,” the statement from China's Foreign Ministry said.

In its official announcement of what it said was a “nuclear warhead explosion test,” North Korea claimed that it had been able to make “smaller, lighter and diversified nuclear warheads of higher strike power.”

“This has definitely put on a higher level the [country’s] technology of mounting nuclear warheads on ballistic rockets,” said the statement, carried by the official Korean Central News Agency.

Kim has been ordering speedy progress on missile development — as evidenced by recent salvos of medium-range missiles — and has been making observable gains with nuclear devices. But there remains no clear evidence that North Korea's scientists have been able to put the two together to make a warhead that can be delivered to a target.

However, a growing number of analysts and American military chiefs believe it is just a matter of time until North Korea masters this technology.

This test seemed to have a dual purpose, said Yang Moo-jin, a professor at the University of North Korean Studies in Seoul.

“Domestically, Kim Jong Un wants to present himself as a strong leader standing strong against the U.S.,” he said. He suggested that this could be because Kim, at 32, is young but also perhaps because recent high-level defections have raised speculation of cracks in the regime.

“Internationally, this test is designed to show that sanctions imposed against North Korea and international pressure are not working. They’re urging the world to accept its failure and revise its North Korea policy,” Yang said.

Friday’s test highlights North Korea’s continued defiance, but also the ineffectiveness of even the most recent waves of tough sanctions imposed after the nuclear test in January, analysts said.

“The whole expectation eight or nine months ago was that sanctions were finally going to bring North Korea to heel, but clearly that is not the case,” said David Kang, a professor of international relations at the University of Southern California. “Clearly they respond to pressure with pressure of their own.”

Still, the international community is expected to look for ways to inflict more pain on North Korea, which is already under sweeping sanctions.

“North Korea’s desperate dependence on nuclear development is testimony to Kim Jong Un’s fanatical recklessness,” said Park, the South Korean president, who cut short her visit to Laos to return to Seoul. North Korea’s provocations will do nothing but accelerate its self-destruction.”

In Tokyo, prime minister Abe also struck an angry tone."If North Korea conducted a nuclear test, I can’t absolutely tolerate it," he said. "We have to strongly protest."

After North Korea's nuclear test in January — which the regime claimed was of a hydrogen bomb — and a long-range ballistic missile test in February, the U.N. Security Council imposed tough new sanctions.

It ordered a ban on mineral exports from North Korea, a major source of income for the regime, and strict inspections of all cargo going in and out of the country. The United States followed with new financial sanctions and by designating Kim Jong Un by name for human rights abuses. South Korea has also taken a strident approach, closing an inter-Korean industrial park that had been a major source of revenue for the regime.

But Kim has not wavered, testing a range of missiles this year and apparently making some technological progress, including on a submarine-launched ballistic missile.

“There’s now obvious progress in North Korea’s nuclear and missile programs. They seem to be making precisely the technical progress that people don’t want,” said Euan Graham, a security expert at the Lowy Institute in Sydney who once served as a British diplomat in Pyongyang. “North Korea is obviously prepared to take the economic pain and is able to continue to materially supply the two programs.”

A day after those launches, the Security Council issued its latest condemnation.

“The members of the Security Council deplore all the Democratic People’s Republic of Korea’s ballistic missile activities, including these launches, noting that such activities contribute to [its] development of nuclear weapons delivery systems and increase tension,” the council said in statement Tuesday, using North Korea’s official name.

Analysts expect another round of discussions on ways to put pressure on North Korea.

"Sanctions and targeted financial measures may take time to have an impact on the regime’s financial condition," said Bruce Klingner, a northeast Asia specialist at the Heritage Foundation, a conservative Washington-based think tank.

The difficulty, Klingner said, would be in maintaining international resolve. Sanctions can not be effectively implemented without the support of China.

China's implementation of sanctions has been patchy in the past, and some analysts are concerned that Beijing, angered by South Korea's decision to host an American anti-missile battery, might lose its appetite for enforcement.

William Branigin in Washington, Yoonjung Seo in Seoul, Gu Jinglu in Beijing and Yuki Oda in Tokyo contributed to this report.

Anna Fifield is The Post’s bureau chief in Tokyo, focusing on Japan and the Koreas. She previously reported for the Financial Times from Washington DC, Seoul, Sydney, London and from across the Middle East.
Follow @annafifield



(The Washington Post)

"Choose a job you love and you will not have to work a day in your life" (Confucius)

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Luis Miguel Goitizolo

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RE: ARE WE NOW IN THE END TIMES?
9/10/2016 5:58:03 PM

US, Russia seal Syria cease-fire, new military partnership

U.S. Secretary of State John Kerry and Russian Foreign Minister Sergey Lavrov hold a press conference following their meeting in Geneva, where they discussed the crisis in Syria, Friday, Sept. 9, 2016. (Kevin Lamarque/Pool Photo via AP)

GENEVA (AP) — The United States and Russia early Saturday announced a breakthrough agreement on Syria that foresees a nationwide cease-fire starting on Monday, followed a week later by an unexpected new military partnership targeting the Islamic State and al-Qaida as well as the establishment of new limits on President Bashar Assad's forces.

After a daylong final negotiating session in Geneva, U.S. Secretary of State John Kerry said shortly after midnight Saturday that the plan could reduce violence in Syria and lead to a long-sought political transition, ending more than five years of bloodshed. He called the deal a potential "turning point" in a conflict that has killed as many as 500,000 people, if complied with by Syria's Russian-backed government and U.S.-supported rebel groups.

The cease-fire begins at sundown Sept. 12, Kerry said, coinciding with the Muslim Eid al-Adha holiday.

"Today the United States and Russia are announcing a plan which we hope will reduce violence, ease suffering and resume movement toward a negotiated peace and a political transition in Syria," Kerry said. "We are announcing an arrangement that we think has the capability of sticking, but it is dependent on people's choices."

"It has the ability to stick, provided the regime and the opposition both meet their obligations, which we — and we expect other supporting countries — will strongly encourage them to do," he added.

Kerry's negotiating partner, Russian Foreign Minister Sergey Lavrov, confirmed the agreement and said it could help expand the counterterrorism fight and aid deliveries to Syrian civilians under U.N. auspices that have been stalled for weeks. He said Syrian President Bashar Assad's government was informed of the accord, and prepared to comply.

"The United States is going the extra mile here because we believe that Russia, and my colleague, have the capability to press the Assad regime to stop this conflict and to come to the table and make peace," Kerry said, citing a number of recent meetings with Lavrov.

"This is just the beginning of our new relations," Lavrov said.

The deal culminates months of frenetic diplomacy that included four meetings between Kerry and Lavrov since Aug. 26, and a lengthy face-to-face in China between Presidents Barack Obama and Vladimir Putin. The arrangement hinges on Moscow pressuring Assad's government to halt all offensive operations against Syria's armed opposition in specific areas, which were not detailed. Washington must persuade U.S.-backed rebels to break ranks with Fath al-Sham, an al-Qaida-linked group previously known as the Nusra Front, and other extremist groups.

The military deal would go into effect after both sides abide by the truce for a week and allow unimpeded humanitarian deliveries. Then, the U.S. and Russia would begin intelligence sharing and targeting coordination, while Assad's air and ground forces would no longer be permitted to target Nusra any longer; they would be restricted to operations against the Islamic State.

The arrangement would ultimately aim to step up and concentrate the firepower of two of the world's most powerful militaries against Islamic State and Nusra, listed by the United Nations as terrorist groups.

Both sides have failed to deliver their ends of the bargain over several previous truces.

But the new arrangement goes further by promising a new U.S.-Russian counterterrorism alliance, only a year after Obama chastised Putin for a military intervention that U.S. officials said was mainly designed to keep Assad in power and target more moderate anti-Assad forces.

Russia, in response, has chafed at America's financial and military assistance to groups that have intermingled with the Nusra Front on the battlefield. Kerry said it would be "wise" for opposition forces to separate completely from Nusra, a statement Lavrov hailed.

"Going after Nusra is not a concession to anybody," Kerry said. "It is profoundly in the interests of the United States."

Getting Assad's government and rebel groups to comply with the deal may now be more difficult as fighting rages around Aleppo, Syria's most populous city and the new focus of a war that has killed as many as 500,000 people.

Assad's government appeared to tighten its siege of the former Syrian commercial hub in the last several days, seizing several key transit points. Forty days of fighting in Aleppo has killed nearly 700 civilians, including 160 children, according to a Syrian human rights group.

The proposed level of U.S.-Russian interaction has upset several leading national security officials in Washington, including Defense Secretary Ash Carter and National Intelligence Director James Clapper, and Kerry only appeared at the news conference after several hours of internal U.S. discussions.

After the Geneva announcement, Pentagon secretary Peter Cook offered a guarded endorsement of the arrangement and cautioned, "We will be watching closely the implementation of this understanding in the days ahead."

At one point, Lavrov said he was considering "calling it a day" on talks, expressing frustration with what he described as an hours-long wait for a U.S. response. He then presented journalists with several boxes of pizza, saying, "This is from the U.S. delegation," and two bottles of vodka, adding, "This is from the Russian delegation."

The Geneva negotiating session, which lasted more than 13 hours, underscored the complexity of a conflict that includes myriad militant groups, shifting alliances and the rival interests of the U.S. and Russia, Saudi Arabia and Iran, and Turkey and the Kurds.

Kerry outlined several steps the government and rebels would have to take. They must now pull back from demilitarized zones, and allow civilian traffic and humanitarian deliveries — notably into Aleppo.

"If Aleppo is at peace, we believe that the prospects for a diplomatic solution will brighten," he said. "If Aleppo continues to be torn apart, the prospects for Syria and its people are grim."

But as with previous blueprints for peace, Saturday's plan appears to lack enforcement mechanisms. Russia could, in theory, threaten to act against rebel groups that break the deal. But if Assad bombs his opponents, the U.S. is unlikely to take any action against him given Obama's longstanding opposition to entering the civil war.

(Yahoo News)


"Choose a job you love and you will not have to work a day in your life" (Confucius)

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