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An Unprecedented Mountain of Debt

Written by Sultan Knish

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Since Obama is rather attached to describing everything he does as "unprecedented", "I have achieved an unprecedented level of transparency", "I played an unprecedented amount of golf this year" and "I just wasted an unprecedented amount of money"... in honor of the Liar in Chief, we can make "unprecedented" the word of the day.

First up is Obama's unprecedented deficit. The current real cost of ObamaCare is up to 2.5 Trillion dollars and rising.

The Senate Republicans' chart demonstrates that the total for all of these costs -- based on CBO projections for the bill's true first 10 years -- is $2.5 trillion. And costs would only skyrocket from there, as the chart's trajectory suggests. In the 5 years to follow (2024-28), spending on "expansions in insurance coverage" alone would be $1.7 trillion, making the bill's total costs in its real first 15 years well over $4 trillion -- based on CBO projections.


A trillion here, a trillion there, and pretty soon you're looking at real money.

Just by way of comparison, the cost of ObamaCare is more than the entire US national debt during the Reagan Administration, which Democrats repeatedly criticized for being wasteful and running up the national debt.

That's right, one bill by Obama and the Democratic congress alone outweighs all of Ronald Reagan's national debt. Under wasteful ole Ron, the national debt was below 50 percent of the Gross Domestic Product. Under Obama we're now set to have the national debt pass 100 percent of the GDP, at which point we've pretty much sold America to the People's Republic of China.

From Clinton to Bush, the National Debt jumped by 12 percent of the GDP. Under Obama is jumped by 20 percent in only one year, and is set to make that 30 percent pretty soon.

Unprecedented? You betcha.

Oh but there's some good news, because the crunch isn't just hitting us, it's hitting Obama's buddies too, with Dubai in big trouble.

Just a year after the global downturn derailed Dubai's explosive growth, the city is now so swamped in debt that it's asking for a six-month reprieve on paying its bills - causing a drop on world markets Thursday and raising questions about Dubai's reputation as a magnet for international investment.

The fallout came swiftly and was felt globally after Wednesday statement that Dubai's main development engine, Dubai World, would ask creditors for a "standstill" on paying back its $60 billion debt until at least May. The company's real estate arm, Nakheel - whose projects include the palm-shaped island in the Gulf - shoulders the bulk of money due to banks, investment houses and outside development contractors.


Now keep in mind that Dubai World is run by the Dubai government which is in turn run by the family of the region's biggest headchopping family, which in this case is Sheikh Mohammed.

Dubai's prosperity was built on slave labor imported from abroad and by convincing stupid Westerns that Dubai was a happening place by hiring foreign architects to create insane skyscrapers and customized islands. Now Dubai World is bleeding badly and the Dhimmis who rushed to sink their money into a brutal oil rich totalitarian dictatorship are thinking twice, not because of morals or ethics, but because of finances.

And here's what helped break the camel's back

The straw that broke the Dubai camel's back is a $3.5 billion sukuk bond. It had been due to be repaid on December 14. It won't be.


Sukuk is of course Sharia finance. A lot of Western banks jumped on the Sharia finance bandwagon, only to get burned by Dubai.

Investors also face legal risk. If investors seek redress under English law, any ruling may be unenforceable as it is likely to be subject to review by the Dubai courts -- who may take a different view. The Dubai courts will never have dealt with a restructuring on this scale, and Dubai law may not allow for creditors to claim government assets. This may also test the Sukuk, or Islamic bond, structure, under which the investors are effectively the owners of the underlying assets, but may find it difficult to enforce their rights.

Dubai has spent the last few years seeking to build a reputation as a modern, international financial center. Much of that work has been undone by Wednesday's shock announcement. The need now is to start to repair the damage: and that means fair, transparent and equal treatment of all creditors.


That of course is delusional, considering that fair and transparent is not the way things are done in Dubai and the Muslim world. The irony here is that Islamic finance is not fundamentally different than what Madoff was doing, and Dubai is a great example of an attempt to turn worthless desert into desirable real estate through hype and promotion.

Meanwhile Dubai is still raising money through Sukuks vowing that it has come out strong from the financial crisis. Uh huh.

Citing Al Mal Capital fund manager, the Gulf News said "the market expects Dubai to raise another USD 5 billion soon which will take care of some of Dubai's debt and lift the confidence of the investors".


Once again another can't fail plan.

But investors worrying about transparency, need to remember that this is how debt collection works in the UAE.

A video tape smuggled out of the United Arab Emirates shows a member of the country's royal family mercilessly torturing a man with whips, electric cattle prods and wooden planks with protruding nails.

A man in a UAE police uniform is seen on the tape tying the victim's arms and legs, and later holding him down as the Sheikh pours salt on the man's wounds and then drives over him with his Mercedes SUV.

In a statement to ABC News, the UAE Ministry of the Interior said it had reviewed the tape and acknowledged the involvement of Sheikh Issa bin Zayed al Nahyan, brother of the country's crown prince, Sheikh Mohammed.

"The incidents depicted in the video tapes were not part of a pattern of behavior," the Interior Ministry's statement declared.

The Minister of the Interior is also one of Sheikh Issa's brother.

The government statement said its review found "all rules, policies and procedures were followed correctly by the Police Department."


Anyone investing in this oil dungeon of a hellhole that is Dubai while signing on to Sharia finance deserves exactly what they get.

Meanwhile back to our own mad Sheikh Hussein Obama, Michael Goldfarb at the Weekly Standard points out that it's now better to have destroyed the WTC than given a terrorist a fat lip

They could've executed him in the desert and left him in a shallow grave for all I care, but the SEALs are professionals, and so they brought the man behind the 2004 murder of four American contractors in Fallujah to the Green Zone, where one SEAL told investigators that he "had showered after the mission, gone to the kitchen and then decided to look in on the detainee."

Maybe there's a whole lot more to this story than is currently being reported, but it'd have to be pretty terrible stuff to convince me that three Navy SEALs who successfully captured a high-value target now deserve to be court martialed for their service. A fat lip? That's enough to get you rough military justice from the Obama administration, but blow up the World Trade Center and you get all the due process rights of the civilian criminal justice system. Sounds fair, right?

And back to the Gulf, Phyllis Chesler asks reasonably enough, Why is America Still Allied with Saudi Arabia?

The Saudi mutawas ("morality police") are terrifying. Like vultures, they swoop down on their vulnerable prey, especially women, and then send them straight to Hell. The "long beards" curse and beat their female prisoner, totally terrify her; then, they throw her into a dark, medieval dungeon, (assume the worst here). They remove her only in order to gang-rape and torture her-all presumably in the name of Islam. Her crime? In one instance, although the woman was a foreign national, she dared to take a taxi downtown without a male escort.

Remind me: Why are we still allies with Saudi Arabia? Why did President Obama bow to the King who presides over such Hell? Can we find no oil elsewhere, no other sources of energy? Do Americans really understand what goes on in Saudi Arabia? Have we forgotten that the Saudis have single-handedly exported Wahhabi fundamentalism and propaganda that has poisoned both westerners and those in the east-and have funded western universities and media as well? Does anyone remember that 15 of the 19 9/11 hijackers came from Saudi Arabia? Or that Osama bin Laden is a Saudi? Do we not understand that the Kingdom has funded bin Laden? And that they have funded many influential Islamic "charities" in North America?

...

Al Rabaa tells the story of Karin (presumably a pseudonym), a German woman who took a taxi downtown and got arrested for doing so. Thrown into a dungeon, beaten, raped, traumatized, no one knew where she was. Finally, a married Saudi man (alas, one to whom she was already attracted), moved heaven and earth to rescue her. He got her released after having her German husband deported and after marrying her without Karin even being present. A well connected Saudi man can rescue his wife from prison. Satam moved Karin into the home he shared with his first wife Fatima and their children. Satam soon lost interest in Karin and spent long hours away from home. But Karin was already pregnant. Here's how Fatima handled the situation.

First, around midnight, while Karin was sleeping, Fatima put on loud Arabic music, came into Karin's room and "slammed a massive stick down onto my stomach...I screamed for help. 'No one is going to hear you, Gahba (whore)!'" The first wife kept swinging the stick at her. Karin fled. Finally, Satam got Karin her own apartment. Whereupon, Fatima started calling her to "harass and terrorize me...she spread rumors that I had a boyfriend who secretly came to visit me." In fact, Fatima enlisted relatives in an elaborate scheme to entrap Karin and to report all such concocted suspicious doings to Satam.

But here is the most evil thing that Fatima did. Because Mimi, their housemaid, was helpful to Karin, Fatima reported Mimi to the mutawa for "fornication." The fact that this was totally untrue made no difference. Once Mimi was arrested, Prince Salman signed her death warrant. Satam could do nothing to reverse this decree. Thus, the following Friday, after prayers, the appropriate verses from the Qu'ran having been read, Mimi was stoned to death. The two Indian men she was accused of "fornicating" with (shopkeepers, where Mimi was shopping for Karin) each received one hundred lashes.

The graphic description of Mimi's stoning is too awful for me to repeat.

I am waiting for Secretary of State Clinton and President Obama to spell out precisely what American policy should be vis a vis Saudi Arabia given their barbaric record on human rights and their major role in funding and exporting Islamic Jihad globally.


I recommend a big tall fence to keep the Saudis in and everyone else out. If the Saudis want anything, they can pay for it in oil. Which they'll have to learn to pump themselves.

But oil money rules all. Case in point, after the Lockerbie Bombing release the UK's elite are still visibly partying with Kaddafi and his spawn.

Lord Mandelson, was there, and also Lord Rothschild's country neighbour, Cherie Blair. Neither of them picked up a gun. Various young friends of Nat with double-barrelled or European princely names were shooting. But the keenest shot was Saif Al-Islam Gaddafi, son of the Libyan dictator, and the man who escorted the Lockerbie bomber, Al Megrahi, home to a hero's welcome in Libya in August.

Now that Libya has made its strange bargain with the West, Saif has taken up our traditional upper-class sport with delight. Near Tripoli, he has laid down 40,000 partridges.


How wonderful that Khaddafi's kids enjoy the sport of shooting birds in the UK. Pity Dick Cheney wasn't invited along to show off his hunting skills. I suspect he could have bagged something bigger than a partridge.

And more good news from the EU, its new Foreign Secretary will be a Soviet agent.

Baroness Ashton of Upholland's past came back to haunt her yesterday when the European Union's new foreign affairs chief was forced to deny taking funds from the Soviet Union during her days as treasurer for the Campaign for Nuclear Disarmament.

Lady Ashton, a surprise choice for her post, was challenged to deny that she had contact with Russian sources while she was in charge of its accounts at the height of the Cold War.

The Times has learnt that concerns about her CND involvement are felt across countries from the former Iron Curtain now in the EU and that MEPs plan to question her about it when she appears before them for the hearing to confirm her in her post.


But don't worry, finally no mercy will be shown to humans, the WHO promises.

Margaret Chan, of the World Health Organisation, warned that "no mercy" would be shown for humans' mistakes over climate change.


And back to Sheikh Hussein Obama, Israpundit has Ken Timmerman's interview which charges that Obama is obstructing the progress of Iranian pro-democracy groups

In the interview, Rahman Haj Ahmadi accuses the Obama administration of thwarting negotiations among Iranian pro-democracy groups that were on the verge of creating a united opposition front that could have led to the collapse of the Islamic regime during this summer's post-election turmoil.

Those negotiations were on the verge of success, Haj Ahmadi told me - until the Obama administration inexplicably placed his group on the terrorism list on Feb. 4, 2009. The U.S. action "made the other groups afraid to work with us, for fear of U.S. government reprisals."

You will also find in the story a link to some of my earlier reporting from the PJAK training camps in northern Iraq. Far from being a terrorist group, PJAK is dedicated to the overthrow of the Islamic Republic regime in Iran and its replacement by a pro-Western, secular, united Iran that recognizes the rights of all its citizens.

At the Copenhagen Post, a study shows that Muslim immigrants are importing anti-semitic attitudes into Europe. Shocker.

Of course the same thing is happening in the US as well, and not just with Muslims either.

Meanwhile Mikey Weinstein is back. Back in the day I caught some flack for taking Mikey Weinstein apart and demonstrating that he was actually a left wing activist, trying to tout his time in the Reagan Administration and supposed defense of Jews in the military to mainstream his credentials. In fact Weinstein is part of a left wing agenda, and now part of a pro-Muslim agenda too, piggybacking on the Fort Hood shootings to try and give Nidal Hassan some help with his alibi.

Weinstein, founder and president of the Military Religious Freedom Foundation, says that Maj. Nidal Malik Hasan's alleged killing of 13 soldiers at Fort Hood is inexcusable and reprehensible. But he believes that it's important to investigate reports of harassment that Hasan said he faced as a Muslim in the military, which might have contributed to his mental state.

"There's enough out there" to look into, said Weinstein. "I'm not excusing him, but did it affect him, or was he just a maniac to begin with?"

Weinstein cited media reports quoting Hasan's family, saying that someone had put a diaper in his car and told him, "That's your headdress," and that a camel was drawn on his car with the words, "Camel jockey, get out!"

Weinstein also provided a letter, with the name withheld, from a Muslim woman and wife of a member of the military, in which she described how her best friend on the base, immediately after the shooting, told her that "Muslims shouldn't even be allowed in the U.S. Army," and that she repeatedly heard things like, "Go back to your country" and "F---ing Muslims," as she shopped at the base commissary.

Weinstein, who spent 10 years in the Air Force as a military attorney, or JAG, said that he also doesn't believe that Hasan's colleagues hesitated to report his changes in behavior because of political correctness. In fact, he claimed, Hasan's superiors would have been sympathetic to hearing such charges because of their strong Christian beliefs.

Weinstein would like to see military leaders make an "unadulterated clarion call" that Americans shouldn't "paint all of Islam with a broad brush," as well as emphasize a "zero tolerance policy" of any religious harassment.

Any Jewish newspaper that runs Mikey Weinstein's op eds slash infomercials should know exactly what they're getting into. His organization is backed by non-Jewish left wing activists. It is not about religious freedom, but about promoting their agenda. It is not a Jewish organization, but another tentacle of the myriad of left wing organizations strangling America.

Meanwhile at Joshuapundit, my article Obama Goes Mao, on Obama's betrayal of Taiwain, was nominated for the watcher's council. Header cartoon comes courtesy of Jew With a View.

And with that we close this week's roundup. An unprecedented roundup.

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