from KingWorldNews:
Today John Hathaway told King World News that “$2,000 gold will happen quickly.” The four decade veteran and prolific manager of the Tocqueville Gold Fund also believes gold will continue to surge, “I just don’t think $2,000 is a convenient stopping point.”
Hathaway went on to cover silver, but first, here is what he had to say about what is taking place in the gold market: “We’ve had a very strong move off the lows in gold. Bernanke has been saying all year long, ‘No more QE.’ What do we have? More QE, with no end in sight. I’m amazed that people are surprised by all of this. That’s the way the shares and the metals have been acting.”
Hathaway continues @ KingWorldNews.com
A World On The Verge Of War?
Here is a summary of where the world stands:- Unable to reach a compromise over the weekend, South Africa is now in an all out labor strike, with the police again firing rubber bullets at miners with lethal escalation guaranteed
- Back from vacation, the once again penniless citizens of Spain, Greece, and Portugal have resumed protesting austerity
- US embassies attacked, in many cases with numerous casualties, in Egypt, Libya, Tunisia, Morocco, Sudan, Lebanon, India, Balgadesh, Indonesia, and others.
- Japan "appropriating" China-contested islands provoking a firestorm of retaliation including demands for "war with Japan"
- The Japanese ambassador to China dying mysteriously
- Netanyahu telling Meet the Press Iran will have a nuke in six-seven months and must be stopped beforehand
- Warships from more than 25 countries, including the United States, Britain, France, Saudi Arabia and the UAE, launching a military exercise in the Straits of Hormuz
- A third US aircraft - the CVN-74 Stennis - carrier is en route to Iran with an ETA of about 10 days
- And finally, a potential catalyst to light this whole mess on fire, Iran's Revolutionary Guard announcing that its troops are now on the ground in Syria.
More details emerge on U.S. ambassador’s last moments
by Arwa Damon, CNN:
Three days before the deadly assault on the United States consulate in
Libya, a local security official says he met with American diplomats in
the city and warned them about deteriorating security.
Jamal Mabrouk, a member of the February 17th Brigade, told CNN that he and a battalion commander had a meeting about the economy and security.
He said they told the diplomats that the security situation wasn’t good for international business. “The situation is frightening, it scares us,” Mabrouk said they told the U.S. officials. He did not say how they responded.
Mabrouk said it was not the first time he has warned foreigners about the worsening security situation in the face of the growing presence of armed jihadist groups in the Benghazi area.
The main building in the compound is in charred ruins.
Read More @ CNN.com
by Arwa Damon, CNN:
Three days before the deadly assault on the United States consulate in
Libya, a local security official says he met with American diplomats in
the city and warned them about deteriorating security.Jamal Mabrouk, a member of the February 17th Brigade, told CNN that he and a battalion commander had a meeting about the economy and security.
He said they told the diplomats that the security situation wasn’t good for international business. “The situation is frightening, it scares us,” Mabrouk said they told the U.S. officials. He did not say how they responded.
Mabrouk said it was not the first time he has warned foreigners about the worsening security situation in the face of the growing presence of armed jihadist groups in the Benghazi area.
The main building in the compound is in charred ruins.
Read More @ CNN.com
The One Chart To Explain The Real Effect Of QE3
Much
has been written over the course of the last few days/weeks about what
Bernanke could do, has done, and the efficacy of said actions.
Inflation, unintended 'energy' consequences, debasement, financial
repression, scarcity transmission mechanisms all come to mind but
realistically they are all just symptoms of what is really going on. As
the following chart from Barclays shows, the real effect of LSAPs is to suppress the signaling effect of macro data from the real economy.
During periods of extreme monetary policy, the stock market's beta to
macro-economic data surprises is dampened massively - and hence the
forced mal-investment and mis-allocation of funds occurs. However,
given the now open-ended nature of QE3, this may change with the 'good
news/bad news' logic leading to a stronger market (higher beta)
response (since all bad news is automatically attenuated by QEternity and thus all the good news is out there).Richard Koo Explains It's Not The Fed, Stupid; It's The Fiscal Cliff!
While
Koo-nesianism is only one ideological branch removed from
Keynesianism, Nomura's Richard Koo's diagnosis of the crisis the
advanced economies of the world faces has been spot on. We have
discussed the concept of the balance sheet recession many times and this
three-and-a-half minute clip from Bloomberg TV provides the most
succinct explanation of not just how we got here but why the Fed is now
impotent (which may come as a surprise to those buying stocks) and why
it is the fiscal cliff that everyone should be worried about. As Koo
notes, the US "is beginning to look more like Japan... going through the same process that Japan went through 15 years earlier." The
Japanese experience made it clear that when the private sector is
minimizing debt (or deleveraging) with very low interest rates, there is
little that monetary policy can do.
The government cannot tell the private sector don't repay your balance
sheets because private sector must repair its balance sheets. In Koo's
words: "the only thing the government can do is to spend the money that
the private sector has saved and put that back into the income stream" -
which (rightly or wrongly) places the US economy in the hands of the US Congress (and makes the Fed irrelevant). I Go To The NY Fed To Illustrate The Lies Perpetrated By The Fed Chairman Himself
09/16/2012 - 15:06
Since
2009, outside of the megabanks in Europe, the bulk of the rest of the
financial system has been completely shut out of the unsecured financing
markets. One of the workarounds to this liquidity problem was
the reclamation or retention of covered bonds issued by the Eurozone
banks themselves, but these are constrained by strict
allocation rules. Once the bank reaches that defined upper bound, where
it is already close to exhausting this route, the bank will be forced to
find a further alternate means for funding its existing loan portfolio.
We discussed the issuance of self-referential or ponzi bonds previously
since - can you really “own” your own liabilities? Since
by Carrick Mollenkamp, Reuters:
The Office of the Comptroller of the Currency, an independent branch within the Treasury Department, is examining JPMorgan’s systems that are designed to monitor and filter such transactions, said the source, who is familiar with the situation.
The exact scope of the inquiry and the size of potential liabilities for the bank could not be learned.
JPMorgan spokesman Joseph Evangelisti declined to comment on Saturday.
In its quarterly filing with the U.S. Securities and Exchange Commission last month, JPMorgan said it expected heightened scrutiny by regulators of its compliance with new and existing regulations, including anti-money laundering laws.
Read More @ Reuters
by Ben Traynor, Gold Seek:
Negative real interest rates show no signs of going away…
AFTER months of “quanticipation“, the Federal Reserve has finally done it. Ben Bernanke yesterday announced another round of asset purchases.
The much-vaunted third round of quantitative easing (QE3) is now a reality. And this time it’s permanent (or, at least, open-ended).
First, let’s get the details out of the way:
Read More @ GoldSeek.com
Donations will help maintain this goal and defray the operational costs. Paypal, a leading provider of secure online money transfers, will handle the donations. Thank you for your contribution.
Negative real interest rates show no signs of going away…AFTER months of “quanticipation“, the Federal Reserve has finally done it. Ben Bernanke yesterday announced another round of asset purchases.
The much-vaunted third round of quantitative easing (QE3) is now a reality. And this time it’s permanent (or, at least, open-ended).
First, let’s get the details out of the way:
· The Fed will buy $40 billion of mortgage-backed securities per month. This policy will continue indefinitely, depending on the state of the economy.As you might expect, gold rallied following the announcement. Euro gold prices set a new all-time high above €1359 an ounce at this morning’s London gold fix. In Dollar terms though, gold didn’t quite reach this year’s high seen back in February.
· The Fed will continue Operation Twist, aimed at lowering longer-term Treasury yields, until the end of the year, while also continue its policy of rolling over maturing mortgage-backed securities. As a result, Fed asset purchases will total around $85 per month between now and the end of the year.
· Fed policymakers extended their guidance for near zero policy rates to at least mid-2015
Read More @ GoldSeek.com
Donations will help maintain this goal and defray the operational costs. Paypal, a leading provider of secure online money transfers, will handle the donations. Thank you for your contribution.
I'm PayPal Verified
from Prison Planet:
In a reversal of earlier statements, Republican candidate Mitt Romney “opened fire on Friday after the Fed began an open-ended third round of quantitative easing (QE3), under which it will buy $40bn of mortgage-backed securities a month,” the Financial Times reports.
The Federal Reserve’s decision to flood the economy with a fresh influx of fiat money eight weeks before the election is widely viewed as a way to save the flagging presidency of Barack Obama.
Despite the best efforts of the establishment media to characterize the third round of QE as a sorely needed boost to jumpstart the economy, Egan-Jones reduced its rating of U.S. government debt from “AA” to “AA-,” stating the obvious – $40 billion-per-month of seriously devalued money dumped by the Fed will put a serious hurt on the economy.
“Recognize that, as the Federal Reserve keeps on trying to stimulate the economy by printing more money, that there’s a cost to that,” Romney said at a fundraiser.
“The value of your savings goes down. People who are living on fixed incomes don’t see much interest income any more. And the value of the dollar goes down, and the risk for long-term inflation goes up.”
Read More @ Prison Planet
In a reversal of earlier statements, Republican candidate Mitt Romney “opened fire on Friday after the Fed began an open-ended third round of quantitative easing (QE3), under which it will buy $40bn of mortgage-backed securities a month,” the Financial Times reports.
The Federal Reserve’s decision to flood the economy with a fresh influx of fiat money eight weeks before the election is widely viewed as a way to save the flagging presidency of Barack Obama.
Despite the best efforts of the establishment media to characterize the third round of QE as a sorely needed boost to jumpstart the economy, Egan-Jones reduced its rating of U.S. government debt from “AA” to “AA-,” stating the obvious – $40 billion-per-month of seriously devalued money dumped by the Fed will put a serious hurt on the economy.
“Recognize that, as the Federal Reserve keeps on trying to stimulate the economy by printing more money, that there’s a cost to that,” Romney said at a fundraiser.
“The value of your savings goes down. People who are living on fixed incomes don’t see much interest income any more. And the value of the dollar goes down, and the risk for long-term inflation goes up.”
Read More @ Prison Planet
by Ethan A. Huff, Natural News:
A Virginia mother was recently interrogated four times by police, and visited twice by social services, after neighbors spotted the mother’s children playing in their own yard unsupervised, and decided to report the non-incident to local authorities. According to Lenore Skenazy of Free-Range Kids,
such hysteria and Stasi-style paranoia are becoming the norm in
America, where children are being excessively coddled, overprotected,
and treated as though they are always in grave danger of being kidnapped
or harmed.
During a recent interview with Alex Jones on The Alex Jones Show, Skenazy reflects on how the days when society’s youth could simply ride their bicycles to school or into the woods, climb their neighbors’ trees, or play at the local park by themselves without adult supervision are essentially gone. Today, it is practically considered abnormal in many areas for young children to even be outside at all, let alone to be exploring on their own or with their friends.
“What’s happening … is parents who let their children play outside, walk to school, or go to the grocery (store) for them often have neighbors who turn them in, supposedly out of concern … and what happens is Child Protective Services (CPS) is obligated to come and check out whether or not these parents are being negligent, or worse abusive,” says Skenazy, who receives calls all the time from parents that are being persecuted by law enforcement for allowing their kids to play outside.
Read More @ NaturalNews.com
[Ed. Note: The first 20-seconds of this video includes footage of the police massacre (from the police perspective) against the protesters which is a true horror in every way.]
from TheRealNews:
from endlessmountain
A Virginia mother was recently interrogated four times by police, and visited twice by social services, after neighbors spotted the mother’s children playing in their own yard unsupervised, and decided to report the non-incident to local authorities. According to Lenore Skenazy of Free-Range Kids,
such hysteria and Stasi-style paranoia are becoming the norm in
America, where children are being excessively coddled, overprotected,
and treated as though they are always in grave danger of being kidnapped
or harmed.During a recent interview with Alex Jones on The Alex Jones Show, Skenazy reflects on how the days when society’s youth could simply ride their bicycles to school or into the woods, climb their neighbors’ trees, or play at the local park by themselves without adult supervision are essentially gone. Today, it is practically considered abnormal in many areas for young children to even be outside at all, let alone to be exploring on their own or with their friends.
“What’s happening … is parents who let their children play outside, walk to school, or go to the grocery (store) for them often have neighbors who turn them in, supposedly out of concern … and what happens is Child Protective Services (CPS) is obligated to come and check out whether or not these parents are being negligent, or worse abusive,” says Skenazy, who receives calls all the time from parents that are being persecuted by law enforcement for allowing their kids to play outside.
Read More @ NaturalNews.com
[Ed. Note: The first 20-seconds of this video includes footage of the police massacre (from the police perspective) against the protesters which is a true horror in every way.]
from TheRealNews:
from RussiaToday:
Britain’s suffering its worst housing crisis in modern history – with the number of new households increasing faster than the number of homes it can build. Over 1.7 million families are waiting for a place to live.
Britain’s suffering its worst housing crisis in modern history – with the number of new households increasing faster than the number of homes it can build. Over 1.7 million families are waiting for a place to live.
by Bruce Krasting, Bruce Krasting Blog:
The most significant market adjustment since The Bernank used the
“Unlimited” word is not in stocks, bonds or PMs. It’s in inflation
expectations. Have a look at this chart. Focus on the incredible spike
in the past 24-hours.
The sick part of this is that if The Bernank saw this graph, he would cry with tears of happiness. This is exactly what he was praying for. The Bernank thinks that inflation is a good thing. That it will cause demand to be pulled forward as people realize that things are going to cost more tomorrow than they do today.
I suspect The Bernank is right. Higher inflation expectations in the US will filter around the globe. Post the extraordinary steps The Bernank took yesterday, people will be stocking up on “stuff”. Things like rice, flour, cooking oil, soy, wheat and sugar. If you can eat it, buy it now. It will be more expensive in a month. While your at it, fill up the gas tank, the price is going up next week and every week for the next few months.
The Bernank doesn’t care about that stuff. He ignores this altogether. Maybe he’s right, after all, food and energy are really not so important to the 7Bn folks who happen to be passing through this decade, right?
Read More @ BruceKrasting.blogspot.com
The most significant market adjustment since The Bernank used the
“Unlimited” word is not in stocks, bonds or PMs. It’s in inflation
expectations. Have a look at this chart. Focus on the incredible spike
in the past 24-hours.The sick part of this is that if The Bernank saw this graph, he would cry with tears of happiness. This is exactly what he was praying for. The Bernank thinks that inflation is a good thing. That it will cause demand to be pulled forward as people realize that things are going to cost more tomorrow than they do today.
I suspect The Bernank is right. Higher inflation expectations in the US will filter around the globe. Post the extraordinary steps The Bernank took yesterday, people will be stocking up on “stuff”. Things like rice, flour, cooking oil, soy, wheat and sugar. If you can eat it, buy it now. It will be more expensive in a month. While your at it, fill up the gas tank, the price is going up next week and every week for the next few months.
The Bernank doesn’t care about that stuff. He ignores this altogether. Maybe he’s right, after all, food and energy are really not so important to the 7Bn folks who happen to be passing through this decade, right?
Read More @ BruceKrasting.blogspot.com
from endlessmountain
from TF Metals Report:
I tried to warn you that this week was going to be wild. I expected the pressure and intensity to ramp up with each successive day and it most certainly did. By Friday, everyone was ready for the weekend. That’s fine but, come Monday, you’d better be ready.
What a fantastic week we had. Made even more special by the fact that we were set up for a disaster. Recall that I had been warning you for about 10 days that a Cartel Raid seemed on the horizon. They looked like they were once again setting everyone up for a massive beatdown. By the looks of the CoT yesterday, I was exactly right.
The situation, as it turned out, was eerily similar. Let’s take a look:
December 2011: The price of gold bottomed late in December 2011 at $1525. The CoT also “bottomed” at a total gross Cartel short position of 325,960 and a net short ratio (gross shorts divided by gross longs) of 1.98:1. The price of silver bottomed at $26.40. The silver CoT bottomed with 55,356 gross shorts and a net short ratio of 1.34:1.
Read More @ TF Metals Report.com
I tried to warn you that this week was going to be wild. I expected the pressure and intensity to ramp up with each successive day and it most certainly did. By Friday, everyone was ready for the weekend. That’s fine but, come Monday, you’d better be ready.
What a fantastic week we had. Made even more special by the fact that we were set up for a disaster. Recall that I had been warning you for about 10 days that a Cartel Raid seemed on the horizon. They looked like they were once again setting everyone up for a massive beatdown. By the looks of the CoT yesterday, I was exactly right.
The situation, as it turned out, was eerily similar. Let’s take a look:
December 2011: The price of gold bottomed late in December 2011 at $1525. The CoT also “bottomed” at a total gross Cartel short position of 325,960 and a net short ratio (gross shorts divided by gross longs) of 1.98:1. The price of silver bottomed at $26.40. The silver CoT bottomed with 55,356 gross shorts and a net short ratio of 1.34:1.
Read More @ TF Metals Report.com
by Anthony Wile, The Daily Bell:
The Daily Bell is pleased to present this exclusive interview with David Morgan (left).
Daily Bell: We’ve interviewed you before but give us background on your publication and interest in silver.
David Morgan: Our publication is called “The Morgan Report” and can be found on the web at www.TheMorganReport.com. We publish at three different levels, one for buy and hold investors, the next level is aimed at market timing and the last is for hedge funds or high net worth investors.
Daily Bell: How are silver and gold performing these days?
David Morgan: Since August the precious metals have performed well. On the basic plus service I provide my own trades, bonds, gold, silver and the US dollar. Recently, I put on a trade for long silver basis $28.00 on the spot market.
Daily Bell: Is silver money?
David Morgan: Silver is both an industrial commodity and money. The word for silver and money is the same in the Romance languages. Anyone interested can do a simple search on Google – some of my articles will come up. The point, however, is 1.2 million references will be made in response to that search query.
Read More @ TheDailyBell.com
Dear CIGAs,
First: Coordinated attack against embassies of the West in the Middle East .
Second: Assassination of US Ambassador and personnel in Libyan US Embassy considered an invasion of US territory. Usually in tense spots the ambassador is the ambassador and more.
Third: MSM speculation that Israel will Attack Iran.
Fourth: Israel to be used as the pawn for an attack on Iran.
Now all that is required for a massive invasion and leveling of Iran is one Israeli jet to wind up the compressors, introduce fuel at 80%, compress to 100% and trigger the afterburners on takeoff. That will be interpreted as Israel’s opening attack against Iran and therefore a threat against the Strait of Hormuz. A 25 nation armada has gathered, which means the USA and GB plus a few row boats. The armada will not wait for confirmation that Iran has been hit or is taking action against the Strait of Hormuz. They would be nuts to wait.
Maybe Iran has finally overplayed its hand. If a war before the election to make Iran glow in the dark for the next thousand years is desirable, for many reasons it certainly is now coming.
Armada of British naval power massing in the Gulf as Israel prepares an Iran strike
An armada of US and British naval power is massing in the Persian Gulf in the belief that Israel is considering a pre-emptive strike against Iran’s covert nuclear weapons programme. By Sean Rayment, Defence Correspondent
10:00PM BST 15 Sep 2012
Battleships, aircraft carriers, minesweepers and submarines from 25 nations are converging on the strategically important Strait of Hormuz in an unprecedented show of force as Israel and Iran move towards the brink of war.
Western leaders are convinced that Iran will retaliate to any attack by attempting to mine or blockade the shipping lane through which passes around 18 million barrels of oil every day, approximately 35 per cent of the world’s petroleum traded by sea.
A blockade would have a catastrophic effect on the fragile economies of Britain, Europe the United States and Japan, all of which rely heavily on oil and gas supplies from the Gulf.
The Strait of Hormuz is one of the world’s most congested international waterways. It is only 21 miles wide at its narrowest point and is bordered by the Iranian coast to the north and the United Arab Emirates to the south.
In preparation for any pre-emptive or retaliatory action by Iran, warships from more than 25 countries, including the United States, Britain, France, Saudi Arabia and the UAE, will today begin an annual 12-day exercise.
More…
http://www.telegraph.co.uk/news/worldnews/middleeast/iran/9545597/Armada-of-British-naval-power-massing-in-the-Gulf-as-Israel-prepares-an-Iran-strike.html
Iran says will hit Hormuz, US bases, Israel if attacked
TEHRAN — The head of Iran’s powerful Revolutionary Guards on Sunday warned of retaliation against the Gulf’s strategic Strait of Hormuz, US bases in the Middle East and Israel if his country was to be attacked.
General Mohammad Ali Jafari, speaking in a very rare news conference in Tehran, also said that he believed Iran would abandon the nuclear Non-Proliferation Treaty should it be targeted for military action.
The warnings underlined the high tensions surrounding Iran and its disputed nuclear programme, which Israel has threatened it could seek to disrupt with air strikes, with or without US help.
Jafari said the Strait of Hormuz, the narrow channel at the entrance of the Gulf through which a third of the world’s traded oil passes, would be a legitimate target for Iran should it be attacked.
"This is a declared policy by Iran that if war occurs in the region and the Islamic republic is involved, it is natural that the Strait of Hormuz as well as the energy (market) will face difficulties," he said.
Jafari suggested that US military bases — such as those in Bahrain, Kuwait, the United Arab Emirates and Saudi Arabia — would also be fair game for retaliation by Iranian missiles or proxy forces.
More…
http://www.timesofoman.com/innercat.aspx?detail=12200
Donations will help maintain this goal and defray the operational costs. Paypal, a leading provider of secure online money transfers, will handle the donations. Thank you for your contribution.
The Daily Bell is pleased to present this exclusive interview with David Morgan (left).
Daily Bell: We’ve interviewed you before but give us background on your publication and interest in silver.
David Morgan: Our publication is called “The Morgan Report” and can be found on the web at www.TheMorganReport.com. We publish at three different levels, one for buy and hold investors, the next level is aimed at market timing and the last is for hedge funds or high net worth investors.
Daily Bell: How are silver and gold performing these days?
David Morgan: Since August the precious metals have performed well. On the basic plus service I provide my own trades, bonds, gold, silver and the US dollar. Recently, I put on a trade for long silver basis $28.00 on the spot market.
Daily Bell: Is silver money?
David Morgan: Silver is both an industrial commodity and money. The word for silver and money is the same in the Romance languages. Anyone interested can do a simple search on Google – some of my articles will come up. The point, however, is 1.2 million references will be made in response to that search query.
Read More @ TheDailyBell.com
Dear CIGAs,
First: Coordinated attack against embassies of the West in the Middle East .
Second: Assassination of US Ambassador and personnel in Libyan US Embassy considered an invasion of US territory. Usually in tense spots the ambassador is the ambassador and more.
Third: MSM speculation that Israel will Attack Iran.
Fourth: Israel to be used as the pawn for an attack on Iran.
Now all that is required for a massive invasion and leveling of Iran is one Israeli jet to wind up the compressors, introduce fuel at 80%, compress to 100% and trigger the afterburners on takeoff. That will be interpreted as Israel’s opening attack against Iran and therefore a threat against the Strait of Hormuz. A 25 nation armada has gathered, which means the USA and GB plus a few row boats. The armada will not wait for confirmation that Iran has been hit or is taking action against the Strait of Hormuz. They would be nuts to wait.
Maybe Iran has finally overplayed its hand. If a war before the election to make Iran glow in the dark for the next thousand years is desirable, for many reasons it certainly is now coming.
Armada of British naval power massing in the Gulf as Israel prepares an Iran strike
An armada of US and British naval power is massing in the Persian Gulf in the belief that Israel is considering a pre-emptive strike against Iran’s covert nuclear weapons programme. By Sean Rayment, Defence Correspondent
10:00PM BST 15 Sep 2012
Battleships, aircraft carriers, minesweepers and submarines from 25 nations are converging on the strategically important Strait of Hormuz in an unprecedented show of force as Israel and Iran move towards the brink of war.
Western leaders are convinced that Iran will retaliate to any attack by attempting to mine or blockade the shipping lane through which passes around 18 million barrels of oil every day, approximately 35 per cent of the world’s petroleum traded by sea.
A blockade would have a catastrophic effect on the fragile economies of Britain, Europe the United States and Japan, all of which rely heavily on oil and gas supplies from the Gulf.
The Strait of Hormuz is one of the world’s most congested international waterways. It is only 21 miles wide at its narrowest point and is bordered by the Iranian coast to the north and the United Arab Emirates to the south.
In preparation for any pre-emptive or retaliatory action by Iran, warships from more than 25 countries, including the United States, Britain, France, Saudi Arabia and the UAE, will today begin an annual 12-day exercise.
More…
http://www.telegraph.co.uk/news/worldnews/middleeast/iran/9545597/Armada-of-British-naval-power-massing-in-the-Gulf-as-Israel-prepares-an-Iran-strike.html
Iran says will hit Hormuz, US bases, Israel if attacked
TEHRAN — The head of Iran’s powerful Revolutionary Guards on Sunday warned of retaliation against the Gulf’s strategic Strait of Hormuz, US bases in the Middle East and Israel if his country was to be attacked.
General Mohammad Ali Jafari, speaking in a very rare news conference in Tehran, also said that he believed Iran would abandon the nuclear Non-Proliferation Treaty should it be targeted for military action.
The warnings underlined the high tensions surrounding Iran and its disputed nuclear programme, which Israel has threatened it could seek to disrupt with air strikes, with or without US help.
Jafari said the Strait of Hormuz, the narrow channel at the entrance of the Gulf through which a third of the world’s traded oil passes, would be a legitimate target for Iran should it be attacked.
"This is a declared policy by Iran that if war occurs in the region and the Islamic republic is involved, it is natural that the Strait of Hormuz as well as the energy (market) will face difficulties," he said.
Jafari suggested that US military bases — such as those in Bahrain, Kuwait, the United Arab Emirates and Saudi Arabia — would also be fair game for retaliation by Iranian missiles or proxy forces.
More…
http://www.timesofoman.com/innercat.aspx?detail=12200
Donations will help maintain this goal and defray the operational costs. Paypal, a leading provider of secure online money transfers, will handle the donations. Thank you for your contribution.
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