09/26/18

Beijing’s San Francisco Franchise: The Chinese Progressive Association

By: Trevor Loudon | New Zeal | The Epoch Times

Politically, San Francisco is now an outpost of Chinese Communist Party influence on American soil. Once a bastion of pro-Taiwan Chinese anti-communism, San Francisco’s Chinatown has since been hijacked by activists supportive of the communist People’s Republic of China (PRC). Due to this powerful influence, San Francisco is now led by Supervisors (the local name for City Councilors), who have made their peace with the Beijing regime’s local allies.

Part of the blame for this disturbing transition can be placed on the 46-year-old Chinese Progressive Association (CPA). When the CPA was founded in 1972 in San Francisco’s Chinatown, few thought the fledgling pro-PRC organization would survive.

The CPA was founded by cadre from I Wor Kuen (IWK), a New York/San Francisco-based group dedicated to the “application of the science of Marxism–Leninism–Mao Tsetung Thought to the U.S. revolution.” The local anti-communist forces did not take kindly to IWK or the CPA.

According to the document “Statements on the Founding of the League of Revolutionary Struggle (Marxist-Leninist), 1978”:

“IWK was also the first organization since the early 1950’s to openly declare its support within the Chinese community for the People’s Republic of China … IWK’s bold stand infuriated the KMT fascist reactionaries and anti-communists. They tried to intimidate the masses by firebombing IWK’s storefront several times, slandering IWK in their Chinese language newspapers and physically assaulting IWK members ….”

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09/26/18

$100 Oil Is A Distinct Possibility

By: Nick Cunningham | Oilprice.com

An oil price spike is starting to look increasingly possible, with a rerun of 2008 not entirely out of the question, according to a new report.

The outages from Iran are worse than most analysts expected, and bottlenecks in the U.S. shale patch could prevent non-OPEC supply from plugging the gap. To top it off, new regulations from the International Maritime Organization set to take effect in 2020 could significantly tighten supplies.

Put it all together, and “the likelihood of an oil spike and crash scenario akin to the one observed in 2008 has increased,” Bank of America Merrill Lynch wrote in a note. BofAML has a price target for Brent at $95 per barrel by the end of the second quarter 2019. In 2008, Brent spiked to nearly $150 per barrel.

The supply picture is looking increasingly worrying, with Venezuela and Iran the two principal factors driving up oil prices in the fourth quarter. Notably, the bank increased its estimate of supply losses from Iran 1 million barrels per day (mb/d), up from 500,000 bpd previously.

U.S. shale can partially make up the difference, but the explosive growth from shale drillers is starting to slow down, in part because of pipeline bottlenecks. BofAML sees U.S. supply growth of 1.4 mb/d in 2018 but only 1 mb/d of growth in 2019.

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