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Tag: US & Canada

  • US Senate approves $12bn for Ukraine in government funding bill

    US Senate approves $12bn for Ukraine in government funding bill

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    Joe Biden says US will ‘never, never, never’ recognise Russian claims to Ukrainian territories amid looming annexation.

    The United States Senate has passed a short-term government funding bill that provides $12.3bn in aid to Ukraine, as the Biden administration promises to maintain financial support for Kyiv to battle the Russian invasion.

    The legislation, passed by a 72-25 Senate vote on Thursday, is expected to be approved in the House of Representatives before making it to President Joe Biden’s desk.

    The bill would fund the US government until mid-December, avoiding a looming shutdown before the fiscal year ends at midnight on Friday.

    It also authorises the transfer of $3.7bn in US weapons to Ukraine — the latest in a series of substantial Congressional packages that American legislators say aim to bolster Ukraine’s defences against Russia.

    In May, Congress approved $40bn in assistance to Ukraine, and earlier this year it allocated $13.6bn for Kyiv to respond to the invasion.

    The Biden administration has been dispensing the money through periodic packages of humanitarian and military aid.

    Russia launched the invasion of its neighbour in February after a months-long standoff that saw Putin demand an end to NATO expansion into former Soviet republics.

    But Moscow’s military campaign has been mired by setbacks. In recent weeks, Ukrainian forces — backed by US weaponry — recaptured large swaths of territory in a counteroffensive in the east of the country.

    This week, Russia is preparing to annex four occupied regions in eastern Ukraine after Moscow-installed officials in the territories held widely condemned votes to join Russia.

    The US and its allies have denounced the so-called “referendums” and rejected Russia’s annexation plans as a violation of the United Nations charter.

    “I want to be very clear about this, [the] United States will never, never, never recognise Russia’s claims on Ukraine sovereign territory,” Biden said on Thursday.

    US officials also have promised to impose new sanctions on Russia if it goes through with the annexation.

    On Wednesday, the White House said the annexation push has “no legal significance whatsoever”.

    Washington also pledged to “impose additional economic costs on Russia and individuals and entities inside and outside of Russia that provide support to this action“.

    Aid for Ukraine has so far enjoyed overwhelming bipartisan support in Congress, but a vocal contingency of right-wing legislators has been questioning the assistance ahead of US midterm elections in November.

    “Ukraine aid is turning into a monthly subscription cost for the United States,” Republican Congressman Andy Biggs wrote on Twitter earlier this week. “There must be limits and oversight with American taxpayer dollars.”

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  • Trump’s the butt of a joke, but might still have the last laugh

    Trump’s the butt of a joke, but might still have the last laugh

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    Last week, American talk show hosts had a field day with Donald Trump, ridiculing his claim to FOX News that he had the right to keep classified government records found in his Florida residence — because as president at the time, he could declassify documents by merely thinking it.

    Truly hilarious. However, while liberal mainstream media outlets are so focused on Trump’s comical wonders, his influence at home and abroad is no laughing matter.

    Despite the former US president’s personal failings and the ongoing legal investigations against him, Trump’s populist brand is making headway, both nationally and internationally. From Europe to Latin America and from North Africa to southeast Asia, more and more leaders are following in Trump’s footsteps.

    Some are winning elections, as Giorgia Meloni did in Italy last Sunday. Some are threatening hell on earth if they lose elections, as Brazil’s Jair Bolsonaro has warned. And others are waging successful political campaigns and gaining ground fast, as Marine Le Pen has done in France. Even Tunisia’s populist president, Kais Saied, has taken a few pages from Trump’s playbook, attacking the system that propelled him to power, dissolving parliament, and demonising and repressing the opposition, all in the name of “the people”.

    America, of course, is the big jackpot. And thus far, Trump has defied the odds and all the political obituaries by maintaining his control over the Republican Party. Last spring, the United States editor of the Financial Times claimed that Trump was “losing his stranglehold on Republicans”. Yet by the end of the summer, the usually sober newspaper’s editorial warned that “Donald Trump now owns the Republicans” — only weeks ahead of the midterm elections.

    Indeed, according to recent polls, almost three-quarters of US Republican voters deny that Joe Biden is the country’s legitimately elected president. Many of the party’s candidates believe — or at least claim — that the 2020 presidential elections were stolen. If as predicted, they win either or both the Senate and House of Representatives come November, the Republicans are sure to derail or defund Biden’s ambitious social, economic and environmental programmes, and help pave the way for a potential Trump comeback in 2024.

    Despite his impeachment, not once but twice, and despite him losing the 2020 incumbency, Trump’s brand has remained strong around the world. Many have proudly followed in his footsteps, earning the titles of “Brazil’s Trump” (Bolsonaro), “Britain’s Trump” (Boris Johnson), the “Philippine Trump” (Rodrigo Duterte), “Israel’s Trump” (Benjamin Netanyahu) and so on.

    Yet unlike, say, Barack Obama, who inspired young leaders around the world, Trump has influence that stems mainly from the power of his office, as the former and potentially future leader of the world’s sole superpower.

    This is important, because what we call Trumpism today has long preceded Trump and will long outlast him. Europe’s nationalist right-wing groups had jeered the liberal establishment, immigration and globalisation and cheered traditional Christian family and social values decades before populist Trump entered the political scene with bluster and bravado.

    In fact, Russian President Vladimir Putin championed these causes and supported far-right parties across Europe well before Trump entered politics – lest we forget that it was Putin who supported Trump’s candidacy in the 2016 elections, leading to his first impeachment.

    At the time, Trump’s ideologue, Steve Bannon, was influenced by “Putin’s Rasputin”, Alexander Dugin, whose ideas on nationalism and traditionalism he admired and embraced. Ideas that are rooted in the thinking of the likes of the 20th-century Italian philosopher Julius Evola. Ideas that metastasised into Italian fascism and into today’s European far-right ideologies, including that of the Brothers of Italy, the party that won Sunday’s parliamentary elections.

    Of course, if you believe that Trump read Evola or any thinker of the 20th — or any other — century, I have a bridge in Washington to sell you. Obviously, Bannon did the reading and Trump did the leading. But does Trump believe what he preaches?

    In a tell-all conversation with Bob Woodward for the book, Fear, Bannon portrays Trump as a lying cynic, who is more concerned with power than principle, preoccupied with victory not values, ready to change positions to suit his interests. Bannon, who thinks of himself as a true believer, is also a charlatan.

    And make no mistake, it was his killer instinct and his unabashed unapologetic demeanour that has earned Trump the support of the Christian right and other conservatives like Bannon. He may not be a “stable genius”, but he continues to provide momentum, drive and prestige to conservative and far-right movements in America, Europe and beyond.

    Today, the US — indeed the world — “stands at an inflection point”, to use Biden’s overused term. It could swing towards harsher conservative authoritarianism or towards gentler liberal social democracy. That’s a cause for hope but also for alarm.

    A Republican victory in 2022 followed by a Trump victory in 2024 would be no less than cataclysmic for the liberal order. A triumphant and vengeful Trump would consider such a victory as vindication to do what he pleases, turning ever more reckless at home and ever more influential abroad. And even if he does not run, a younger, smarter and possibly more capable heir like Florida Governor Ron DeSantis is impatiently waiting in the wings.

    Smug American liberals busy ridiculing Trump must remember: They who laugh last laugh loudest.

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  • Victims of Bernard Madoff’s Ponzi scheme to get another $372m

    Victims of Bernard Madoff’s Ponzi scheme to get another $372m

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    Bernie Madoff’s fraud, estimated as high as $64.8bn, went undiscovered for years until he confessed to his sons in December 2008.

    Bernard Madoff’s victims will soon receive another $372m to help cover their losses, nearly 14 years after the swindler’s capture for running a massive Ponzi scheme, the United States Department of Justice (DOJ) has said.

    The payout from the government’s Madoff Victim Fund will go to 27,219 victims, including more than 400 who had yet to recoup a penny from any source, the DOJ said on Wednesday.

    Following the payout, the fund will have distributed about $4.08bn in one or more payments to 40,454 individuals, schools, charities, pension plans and others.

    “People getting these cheques are not hedge funds,” Richard Breeden, the former US Securities and Exchange Commission chairman who oversees the government fund, said in an interview. “They’re real people, and it helps families around the world.”

    An additional $14.54bn has been recouped for customers of the former Bernard L Madoff Investment Securities LLC by Irving Picard, the trustee liquidating that firm in bankruptcy. That boosts the total payout to about $18.6bn.

    Madoff’s fraud, estimated as high as $64.8bn, went undiscovered for many years until he confessed to his sons in December 2008, one day after his firm’s annual Christmas party.

    After pleading guilty to 11 criminal counts, Madoff was sentenced to 150 years in prison. He died behind bars at age 82 in April 2021.

    Wednesday’s payout is the eighth from the government fund, with victims recouping an average 88.35 percent of their losses.

    Another 2,265 victims with valid claims have received nothing from the fund, but many have been made whole by Picard or other sources.

    The fund was created in 2013, mainly from settlements between the DOJ and Madoff’s former bank JPMorgan Chase & Co, and between Picard and the estate of former Madoff investor Jeffry Picower.

    It originally held $4.05bn, but has grown because the DOJ has recovered additional assets.

    Breeden said about $200m remains available, and a ninth payout next year will “almost certainly be the last”.

    He also cautioned investors not to let their guard down and chase higher returns, to combat falling stock prices and elevated inflation.

    “People start looking for alternatives, and that’s when fraudsters thrive,” he said. “People like Madoff are always happy to throw their lures in the water and offer deals too good to be true.”

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