US defense secretary Robert Gates reported Thursday, June 17 that the US had overhauled its missile defense plans following intelligence that Iran could fire "scores or hundreds" of short- and medium-range missiles against Europe -in salvoes rather than one or two at a time. The new US program, designed to protect NATO allies, uses sea and land-based interceptors. He did not mention Israel, but these figures mean it has fallen back sharply in the regional balance of strength, even before adding on the thousands of Hizballah rockets.
Former Federal Reserve Chairman Alan Greenspan said the U.S. may soon face higher borrowing costs on its swelling debt and called for a “tectonic shift” in fiscal policy to contain borrowing.
“Perceptions of a large U.S. borrowing capacity are misleading,” and current long-term bond yields are masking America’s debt challenge, Greenspan wrote in an opinion piece posted on the Wall Street Journal’s website. “Long-term rate increases can emerge with unexpected suddenness,” such as the 4 percentage point surge over four months in 1979-80, he said.
Turkey will lead a campaign for a worldwide boycott of Israel. Wednesday, Ankara cancelled 16 contracts covering military and intelligence cooperation.
Israel has countered by declaring the IHH a terrorist entity, exposing this bulwark of the Ankara government to Israeli covert operations. In Washington, Democratic and Republican members of Congress announced there would be a price to pay for Ankara's continuing hate campaign against Israel and tight ties with Tehran.
And then there is the on-going saga in the Gulf with the oil spill.
On Wednesday, the Obama administration revealed that Feinberg would take charge of a $20 billion escrow fund to compensate people and businesses harmed by the BP oil spill in the Gulf of Mexico.
It is also interesting to note he is only working "part time!"
"I'm confident he will assure that claims are administered as quickly, as fairly and as transparently as possible," President Obama said in a speech at the White House.
It really is a "good day to fly."
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