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Generational Dynamics Web Log for 16-Dec-2014
16-Dec-14 World View -- Desperate Russia raises interest rates to 17%, as ruble and oil prices collapse

Web Log - December, 2014

16-Dec-14 World View -- Desperate Russia raises interest rates to 17%, as ruble and oil prices collapse

China: 300 Chinese citizens join ISIS in Iraq and Syria

This morning's key headlines from GenerationalDynamics.com

China: 300 Chinese citizens join ISIS in Iraq and Syria
Desperate Russia raises interest rates to 17%, as ruble and oil prices collapse
Russia builds a road connecting Dagestan to Georgia

China: 300 Chinese citizens join ISIS in Iraq and Syria

ISIS fighters (AFP)

ISIS fighters (AFP)

As we've reported in the past, young men from Asia are flocking to Syria and Iraq to pledge allegiance to the Islamic State / of Iraq and Syria (IS or ISIS or ISIL). ( "6-Oct-14 World View -- ISIS influence spreads in Asia, as Pakistan Taliban pledges support") Young jihadists throughout Asia, including China, Pakistan, India, Indonesia and Australia, have been drawn by the youthful ISIS leader Abu Omar al-Baghdadi to Syria to join the jihad.

The horrific terrorist attack in Sydney on Sunday and Monday have reminded Australian authorities that some 60 young men from Australia have gone to Syria to join ISIS.

China rarely releases similar figures about Chinese citizens, but did so on Monday, when state media reported that some 300 Chinese people are fighting alongside ISIS in Iraq and Syria. According to the report, these are Uighurs who have joined the East Turkestan Islamic Movement (ETIM), and traveled through Turkey to Syria, where they join the Turkistan Islamic Party (TIP). Chinese media blame "ambiguous policies" by Turkey's government that allow easy access to Turkey through southeastern Turkey's Sanliurfa Province, and then to join ISIS:

"The fact that these extremists can easily enter Turkey and later travel to Syria and Iraq to join IS is a direct consequence of the Turkish government's ambiguous policies."

Turkey's embassy in Beijing called the claims "ridiculous," saying that they only issue passports to Turkish citizens. They blamed the governments of China and other Asian countries:

"The illegal issuance of passports and visas and customs loopholes in some Southeast Asian countries have allowed extremists to travel to Turkey and then go on to join the jihadists. If there weren't so many illegal passports and visas available, there would not be so many members of ETIM in Syria and Iraq."

Reuters and Global Times (Beijing)

Desperate Russia raises interest rates to 17%, as ruble and oil prices collapse

A desperate Russian central bank raised interest rates to 17% from 10.5% early Tuesday morning to halt the collapse of the ruble currency. On Monday, the ruble fell 10% in one day against the dollar, for a total of 49% fall this year, resulting in rampant inflation.

Prices of West Texas Intermediate oil took another plunge on Monday to less than $56 per barrel. It was just a few months ago that it was priced at over $100 per barrel.

Russia's economy appears to be spiraling out of control, in the same way that Greece's economy did a couple of years ago. The reasons for Russia's crisis are:

52% of Russia's economy depends on oil revenues.

Russia's president Vladimir Putin has been overspending and going into debt for years, assuming that oil prices would remain high.

Russia's invasion, occupation and annexation of Crimea, and its invasion and partial occupation of eastern Ukraine, have turned out to be very expensive, and are a continuing expense as they require a great deal of military and humanitarian aid.

The western sanctions on Russia have made it almost impossible for Russian banks to manage their debts by borrowing money overseas.

Reuters and Nasdaq

Russia builds a road connecting Dagestan to Georgia

Russia is rushing at breakneck speed to complete a road connecting Dagestan, its province in the North Caucasus, across the Caucasus mountain ridge to Georgia. The road construction is raising alarm in Georgia, as it will allow Russia to invade Georgia rapidly. Russia invaded Georgia in 2008, and occupied two Georgian provinces, Abkhazia and South Ossetia. The road would also establish a land corridor with Armenia, Russia’s ally in the South Caucasus, and cut off the Caspian and the Central Asian region, which is rich in energy resources, from international markets. The highway is expected to be completed by March 2015. Jamestown

(Comments: For reader comments, questions and discussion, see the 16-Dec-14 World View -- Desperate Russia raises interest rates to 17%, as ruble and oil prices collapse thread of the Generational Dynamics forum. Comments may be posted anonymously.) (16-Dec-2014) Permanent Link
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Generational Dynamics Web Log for 16-Dec-2014 16-Dec-14 World View -- Desperate Russia raises interest rates to 17%, as ruble and oil prices collapse

China: 300 Chinese citizens join ISIS in Iraq and Syria

Desperate Russia raises interest rates to 17%, as ruble and oil prices collapse

Russia builds a road connecting Dagestan to Georgia

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Generational Dynamics Web Log for 16-Dec-2014
16-Dec-14 World View -- Desperate Russia raises interest rates to 17%, as ruble and oil prices collapse