The march to South Waziristan. (photo: @Hassaan06)

Hello!

International Developments

? 2 US soldiers were killed in eastern Afghanistan on Saturday.

? “One person has been killed in an Israeli air strike over the southern part of the Gaza Strip, Palestinian medical sources say.” 5 people were hurt, two of them children.

? “Turkey’s military fired an artillery round into Syria on Sunday in immediate retaliation after a shell fired from Syria landed in the Turkish border town of Akcakale.”

? “Defense Secretary Leon Panetta warned Saturday that exchange artillery fire between Syria and Turkey could escalate and impact neighboring countries.”

? The march to South Waziristan as led by Imran Khan and joined by Code Pink to protest US drone strikes is 9-miles long. The Pakistan government and the Taliban have warned of suicide bombers. Khan said if they were not allowed into South Waziristan, they would hold a rally wherever they were stopped, which has occurred. Update is right here.

? While other newspapers in Israel are struggling to survive, Hayom is doing just great. The paper is owned by Sheldon Adelson, the US casino king and major Romney donor, who is a huge supporter of Prime Minister Benjamin Netanyahu. Hayom is free. Tee vee channels in Israel are also feeling the impact of big bucks.

International Finance

? “Europe, and its apparent Union, is rapidly fragmenting as tensions mount on large and small scales across all its regions and nations.” Already, independence is being spoken of in Venice, Sicily, Sardinia and Catalonia, and even Scotland and Flanders. Wealthier areas resent having to support the poorer ones and historical grievances are even being felt.

? “Over 6,000 Cops Will Protect Merkel On Her 6 Hour Visit to Athens”.

? “Tens of thousands of people marched in 56 Spanish cities Sunday to protest punishing austerity cuts . . ..” 20,000 in Madrid “behind a banner that said, “They want to ruin the country. We have to stop them.”

? Thousands of Foxconn workers in China are striking “over working conditions related to production of the iPhone5.

Money Matters USA

? “Investors Need To Realize The Machines Have Taken Over.” So-called high frequency trading (HFT) is conducted by machines and “HFT algorithms are responsible for 70% (!) of all complete transactions on [the] exchanges, and for 99.9% (!!!) of all exchange quotes.” They operate in the realm of milliseconds. (Sergey gave us our first glimpse of this phenomenon in 2009.)

? Surprise, surprise! The wealthiest members of Congress have prospered during the recession. The average US “median household net worth [dropped] 39 percent” between 2007-10, but Congress’ median wealth “rose 5 percent [with the] wealthiest one-third [gaining] 14 percent.

? In federal fiscal year 2011-12 the “federal deficit dipped to $1.1 trillion”, $200 billion less than in ffy 2010-11. That’s according to the Congressional Budget Office. [cond’t.]

David Dayen

David Dayen