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Global Organizations & Accords

For OPEC news, see Energy Commodities
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NATO

30 Nov 2022
Better late than never: NATO chief warns against repeating Russian mistake with China
NATO chief Jens Stoltenberg, perhaps the strongest alliance leader since General Alexander Haig back in the 1970s, warned member-states that the critical mistake of relying too heavily on Russia for necessary supplies must not be repeated with China. Of course, that ship has already sailed; for anyone who doubts it, go to the store of your choice and look at the labels on the goods. If it were possible to place an origin sticker on the active pharmaceutical ingredients (APIs) found in our lifesaving drugs, 86% of them would be stamped “Made in China.” Not the drugs, mind you, just the needed ingredients for the drugs. But at least someone in a leadership role is finally standing up and sounding the alarm. On CNBC this week, the astute reporter Brian Sullivan made the following statement: “It is amazing how many CEOs of American companies have no problem wading into domestic politics but are completely silent with respect to (what is going on in) China. Amen, Brian. Stoltenberg told a group of foreign ministers that, “Over-dependence of resources on authoritarian regimes like Russia makes us vulnerable and we should not repeat that mistake with China. We should assess our vulnerabilities and reduce them.” US Secretary of State Antony Blinken echoed his comments following the meeting. The NATO chief went even further and brought up the topic China “forbids” being discussed. “China’s behavior toward Taiwan is aggressive, coercing, and threatening,” and “any conflict around Taiwan would be in nobody’s best interest.” Could we etch his words in stone and force American CEOs to hang them in their offices?  We have a high level of respect for the likes of Apple’s Cook, Walmart’s McMillon, and Nike’s Donahoe, but they can and should be doing more to migrate away from Chinese manufacturing facilities. Of course, they will tell you they are, but the shelves and the tags still tell a different story. Here’s to Stoltenberg—we will hunt down a Norwegian beer and drink a toast to his leadership.      

NATO
Obstacle falls: Turkey agrees to full NATO membership for Sweden and Finland
(29 Jun 2022) Considering his deranged mental capacity, Vladimir Putin will never admit to the enormous tactical error he made by invading Ukraine, but it is clearly evident to the rest of the world. Based on the false narrative that Ukraine posed a threat to Russia, he invaded with the expectation of killing the country’s leader, Volodymyr Zelenskyy, and installing his own puppet regime. He has obviously failed in that attempt, but the unintended consequences of his barbaric act can be summed up with one stunning development: NATO is coming to Russia’s northwestern doorstep. The one obstacle holding back Sweden and Finland’s membership into the military alliance was Turkey, which has been in the group since 1952. Based on the group’s bylaws, any expansion required approval by all member-states. Turkey had opposed the Nordic countries’ ambitions to join due to their respective governments’ support for Kurdish “terrorists” allegedly residing within the two nations. Now, according to Turkish President Recep Tayyip Erdogan, those concerns have been assuaged, leaving a clear path toward membership. Erdogan’s announcement came at the alliance’s Madrid Summit, which can now focus on its plan to rebuild forces in Europe to counter the increased Russian threat. That country has threatened to station nuclear weapons along its border with Finland if the nations were admitted to NATO. Back in the 1990s, following the fall of the Soviet Union, many misguided critics questioned the need for NATO to remain in existence. Today, it is once again as important as it was during the height of the Cold War. The final straw which ultimately brought about the fall of the Soviet Union was Ronald Reagan’s Strategic Defense Initiative and the communist nation’s attempt to counter the program. History may well repeat itself: Russia is ill-equipped to counter a strengthened NATO on its border, but Putin will spend critical capital trying to do just that.  

NATO

Turkey
Turkey’s objection to Sweden and Finland joining NATO is all about personal gain
(17 May 2022) Turkey has never been a faithful ally to the West. While desiring to be considered a mainstream Western European country, it has acted in the best interest of the Middle East. While demanding arms from the United States, it gladly accepts a missile defense system from Russia. President Recep Erdogan “massages” the country’s constitution to remain firmly ensconced in power while political opponents are dealt with swiftly and harshly. Now, as two truly European countries, Sweden and Finland, begin their application for formal membership into NATO, Erdogan runs interference, knowing full well that all current members must approve their entry. Erdogan’s position, as usual, has nothing to do with the common good and everything to do with his own greed and self-enrichment. While claiming that the two Nordic countries need to clamp down on “Kurdish terrorist activities” in the region, he has no problem inciting—or outright approving—terrorist activities at home. Knowing full well that his approval is needed, expect this would-be dictator to successfully milk a host of concessions out of Europe before bestowing his magnanimous blessing on a strengthened NATO. While his good friend Putin won’t be happy with this ultimate decision, Erdogan will have enriched himself, yet again, by playing the dirty merchant of Europe. On a scale of 1-9 on the democracy meter, Turkey has an abysmal rating of 4.35—more in the proximity of a Russia or a China as opposed to those of its Western neighbors. This won’t change as long as Erdogan is in power, and we don’t see him loosening his grip on that power any time soon.

NATO
​Putin, his own worst enemy, is pushing historically-neutral Finland and Sweden into the arms of a welcoming NATO
(18 Apr 2022) While Norway has been a member of NATO since its inception in 1949, neighboring Nordic countries Sweden and Finland have historically and steadfastly remained nonaligned with any military organization or group. It appears that is all about to change. Especially with respect to Finland, which borders Russia to its east, it is easy to understand this geopolitical balancing act. For Finnish Prime Minister Sanna Marin, however, "Everything changed when Russia invaded Ukraine." Prime Minister Magdalena Andersson of Sweden was just as succinct with her analysis: "There is a before and after the 24th of February." Both women lead countries on the verge of deciding whether or not to apply for NATO membership, with its "an invasion of one is an invasion of all" canon. Finland has paved its path toward membership with a new security-policy report clearly outlining the threat posed by its eastern neighbor. For the fiercely-independent citizens of both countries, Putin's aggressive actions have had a clear impact, with majorities now favoring membership. With decisions from both countries imminent, the autocratic leader of Russia has already issued an ultimatum. Dmitry Medvedev, once Putin's puppet president and now the country's prime minister, has said that a nuclear-free Baltic region would no longer be possible if Finland and Sweden become NATO member-states. Lithuanian Prime Minister Ingrida Simonyte dismissed the threats, noting that Russia has already armed the region with nuclear weapons. The death and destruction brought about by the invasion has been a tragedy for Europe and for the civilized world. At least it appears to be crystallizing the resolve of Europe to a rare degree. We would put money on Finland and Sweden joining the alliance, which will lead to more saber-rattling by Putin. We applaud the leadership being exercised in the region, which will certainly manifest itself through larger defense budgets.

Content copyright 2022, Penn Wealth Publishing, LLC.  All rights reserved.

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Any opinions expressed are those of Penn Wealth Publishing, LLC and are current only through the date posted.  We reserve our First Amendment right to use parody, sarcasm, satire, and irreverent humor to analyze the current state of business, finance, domestic issues, and global affairs; and to speak freely, outside the zeitgeist of political correctness.  These views are subject to change at any time based on market and other conditions, and no forecasts can be guaranteed.  Past performance is no guarantee of future results.  Always consult your investment professional before investing any money. All attempts to ensure accuracy in the data provided have been made, but always verify at the source before investing. This site is for informational purposes only; Penn Wealth Publishing, LLC is not responsible for any losses incurred. 

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