🇺🇸 🇮🇱 The liberal international order is slowly coming apart

⬛️ Its collapse could be sudden and irreversible

🔶️ For years the order that has governed the global economy since the second world war has been eroded. Today it is close to collapse. A worrying number of triggers could set off a descent into anarchy, where might is right and war is once again the resort of great powers. Even if it never comes to conflict, the effect on the economy of a breakdown in norms could be fast and brutal.

🔶️ The decline of the system threatens to slow that progress, or even throw it into reverse. Once broken, it is unlikely to be replaced by new rules. Instead, world affairs will descend into their natural state of anarchy that favours banditry and violence. Without trust and an institutional framework for co-operation, it will become harder for countries to deal with the 21st century’s challenges, from containing an arms race in artificial intelligence to collaborating in space. Problems will be tackled by clubs of like-minded countries. That can work, but will more often involve coercion and resentment, as with Europe’s carbon border-tariffs or China’s feud with the imf. When co-operation gives way to strong-arming, countries have less reason to keep the peace.

🔶️ The institutions that safeguarded the old system are either already defunct or fast losing credibility. The World Trade Organisation turns 30 next year, but will have spent more than five years in stasis, owing to American neglect. The imf is gripped by an identity crisis, caught between a green agenda and ensuring financial stability. The un security council is paralysed. And, as we report, supranational courts like the International Court of Justice are increasingly weaponised by warring parties. Last month American politicians including Mitch McConnell, the leader of Republicans in the Senate, threatened the International Criminal Court with sanctions if it issues arrest warrants for the leaders of Israel, which also stands accused of genocide by South Africa at the International Court of Justice.

https://www.economist.com/leaders/2024/05/09/the-liberal-international-order-is-slowly-coming-apart

https://archive.ph/1KEtO

🇨🇱 PUNTA ARENAS - CHILE

🌌 Thousands of reports of Northern Lights coming in from multiple locations across Europe. A severe G4 geomagnetic storm is currently affecting Earth. Truly the most stunning aurora show in years. Currently visible as far south as northern Italy.

📎 WxNB

🇦🇷 Southern Lights spotted in Valle Alto Guadiato, North of Córdoba, Argentina

🇦🇷 Southern Lights spotted in South of Santa Cruz, Argentina

📸 : Jorge Andres (X)

WEF "agenda contributor", Yuval Noah Harari: "When I look at Bitcoin... I don't like it because this is a money built on distrust."

"We don't trust the banks, the governments, so we don't want to give them the ability to create as much money as they like, so we create this Bitcoin."

"I do think that the future belongs to electronic money, but what we have seen over the last centuries is that it's actually a good idea to give banks and governments the ability to create more and more money, in order to build more trust within society."


https://twitter.com/wideawake_media/status/1788927485364552139

Very high temptation to publish a sticker after this post.

🇸🇦 Saudi Aramco Loses Part of Profit Despite Higher Oil Prices

Saudi Aramco, the world's largest oil company, saw its net profit for the first quarter drop by 14.5% year-on-year to $27.27 billion, according to its financial statements.

Last year, the company reported a net profit of $31.9 billion in the same quarter. Despite the decline, the average realized oil price in the first quarter of 2024 was higher than the previous year, averaging $83 per barrel compared to $81 per barrel.

Earnings before interest and tax (EBIT) also fell, decreasing by 9.1% to $53.7 billion. Additionally, free cash flow dropped from $30.9 billion to $22.8 billion.

Capital expenditures rose to $10.83 billion, up from $8.75 billion in the January-March period of 2023. For the first-quarter base dividend, the company will allocate $20.3 billion and pay an additional $10.8 billion to shareholders. Saudi Aramco expects to declare total dividends of $124.3 billion in 2024, including base dividends of $81.2 billion and performance-linked dividends of $43.1 billion.

Saudi Aramco adheres to Saudi authorities' decisions to reduce oil production. In the first quarter, Saudi Arabia cut its output by an additional 1 million barrels per day beyond its quota under the OPEC+ agreement.

#SaudiAramco #oil
@songofoil