Europe is "playing with fire" and its future is in doubt if it doesn't "get serious," the boss of the Italian car giant Fiat has warned, as ratings agency Fitch put Italy on notice of a credit downgrade.
Sergio Marchionne, chief of Fiat and Chrysler, said the European debt crisis was likely to flatten his business for the next two years. Speaking at the Detroit motor show, Marchionne said he was looking at adding a new partner to his car alliance as Europe's debt woes drag down Fiat's business.
Marchionne said: "We are playing with fire. One of the things we need to realise is that the world is fundamentally interconnected. We have ended up being accountable to a lot of people who financed our public debt.
"Europe is being called to task to solve a number of issues. If we don't acquire the confidence of the financial markets, the future of Europe is doubtful."
His strongly worded warning to Europe's politicians came as Fitch said Italy could see its A+ rating cut by the end of the month, despite new prime minister Mario Monti's insistence that his latest austerity measures would bring the country's finances under control.
David Riley, Fitch's head of global sovereign ratings, speaking in London, said Italy was on the "frontline" of the mounting eurozone debt crisis. "The future of the euro will be decided at the gates of Rome," he said.
Italy has seen its borrowing costs rise to eye-watering levels as confidence in the future of the single currency has been rocked. Yields on 10-year Italian bonds, which determine the interest rate Rome has to pay to borrow, stood at 7.14%. A rate of 7% is widely viewed as unsustainable and was the point at which Portugal, Greece and the Irish Republic were forced to seek a bailout.
Fitch's warning came as Europe's leaders began a punishing schedule of meetings in the run-up to a crucial summit at the end of this month.
After Greece's warning last week that it will be forced to drop out of the single currency unless it receives the €130bn second bailout it was promised in October, German chancellor Angela Merkel and Christine Lagarde, the managing director of the International Monetary Fund, held talks in Berlin.
Lagarde will be in Paris on Wednesday to meet French president Nicolas Sarkozy, amid reports that the IMF is losing patience with Athens. The Greek government is being urged to crack down on tax avoidance, sell off state assets and implement a series of economic reforms before it can receive the new rescue loan.
Also on the agenda for eurozone leaders is the new "fiscal compact", to tighten the rules on tax and spending for euro members, and how to boost the euro bailout fund, the European Financial Stability Facility.
Fresh evidence of the scale of the continuing crisis in Greece also emerged, with news that bank deposits in the recession-hit state declined by 2% in November alone. During the first eleven months of 2011, nervous Greek consumers and businesses withdrew €36.7bn from the country's shaky banking sector, 17.5% of the total cash on account.
The IMF is also due to pronounce on Ireland's progress on tackling its deficit. Enda Kenny, the Irish prime minister, expressed confidence that the "troika" of the European Central Bank, the European commission and the IMF would give the republic a positive report after their officials' 10-day fact-finding mission to Dublin.
The taoiseach and the Irish government played down comments from Citigroup's chief economist, Willem Buiter, that Ireland might need another international bailout by the end of the year. The European commission said that talk of a second round of international aid to Ireland was "not helpful".
Responding to Buiter's remarks, Amadeu Altafaj, spokesman for Olli Rehn, the EU economic commissioner, said that Ireland had made strong progress in export growth, banking sector reform, structural reform and in its general fiscal position. "It is not particularly useful to open a public debate on a successor programme when the first programme is delivering," he said.
The talks in Berlin and Paris were lent fresh urgency by news that struggling banks deposited a record €481.9bn in the European Central Bank's overnight facility on Monday.
These deposits receive a rock bottom interest rate of 0.25%, so the sharp rise suggests banks are increasingly anxious about lending among themselves, and instead are parking their cash in Frankfurt.
Meanwhile Britain's status as a relatively safe haven amid the turmoil on the continent was underlined as investors snapped up £700m-worth of inflation-linked government bonds, driving the real yield below zero for only the second time.
Back in Detroit, where American carmakers are banking on a revival in the world's largest economy, Marchionne predicted that Fiat could lose 500,000 vehicle sales annually as a result of the European debt crisis. "We need to get serious, really serious," he said.
Fiat is planning to merge with Chrysler by 2014. Under Marchionne the US car firm has bounced back from bankruptcy. Chrysler sales soared 26.2% last year and were up 37.1% in December. The US firm expects to report a profit of about $600m for 2011 and Marchionne has forecast Chrysler will make $3bn in operating profit in 2012.
The company recently announced it would add 1,100 jobs to the Detroit plant that makes the Grand Cherokee and Dodge Durango.
The Guardian
LONDON – Hedge funds are taking on the powerful International Monetary Fund over its plan to slash Greece’s towering debt burden as time runs out on the talks that could sway the future of Europe’s single currency.
The funds have built up such a powerful positions in Greek bonds that they could derail Europe’s tactic of getting banks and other bondholders to share the burden of reducing the country’s debt on a voluntary basis.
Bondholders need to give up some 100-billion euros (US$130-billion) of their investment in the planned bond swap, drawn up in October, but many hedge funds plan to stay out of it.
They either prefer letting the country go under, which would trigger the credit insurance they have bought, or hope to get paid out in full if enough others sign up. That puts them in direct conflict with the IMF, which wants to force Greece’s cost of financing down to an affordable level.
“The play is purely ‘they’ll be forced to pay me.’ Greece will want to avoid a wider default. so if it managed to restructure 80% of the deal and pay the rest that’s still better,” said Gabriel Sterne at securities firm Exotix.
Without a deal, the IMF, the European Union and the European Central Bank — the so-called troika of official lenders — will not pay out a second bail-out package Greece needs to survive.
EU Economic and Monetary Affairs Commissioner Olli Rehn said on Tuesday that negotiators were “about to finalize shortly.” But time is running out.
Without the money, the country is likely to default around March 20, when a 14.5 billion euro bond falls due. A deal needs to come well before that, because the paperwork alone takes at least six weeks.
On Monday German Chancellor Angela Merkel and French President Nicolas Sarkozy, the eurozone’s two leading powers, insisted private-sector bondholders must share in reducing Greece’s debt burden.
But the hedge funds are resisting, unlike European banks holding Greek bonds, who have been pressured to agree by politicians.
There are other barriers too.
Banks represented by the Institute of International Finance (IIF) agreed last year to write off the notional value of their Greek bondholdings by 50%, a deal designed to reduce Greece’s debt ratio to 120% of its Gross Domestic Product by 2020.
But they have been unable to agree on the fine print of the refinancing – the coupon, maturity and the credit guarantees. These will determine the bonds’ Net Present Value (NPV), and thereby the actual hit the banks need to take.
DANGEROUS GAME
There are 206-billion euros of Greek government bonds in private sector hands — banks, institutional investors, and hedge funds — and it is likely that hedge funds have been building up their positions in the past months.
They have been snapping up chunks of Greece’s next big maturing bond, the March 20, for around 40 US cents on the euro. Yields on the bond began to rise sharply in September and it was priced at 41-45.5 US cents in the euro on Tuesday.
The bet is that other creditors will sign up to a voluntary deal, and that Greece will pay out in full the hedge funds who do not to avoid a default and trigger pay-out of Credit Default Swaps, a form of credit protection.
“Time is on your side, since investors, until now, have received full repayment on Greek debt obligations,” said Kristian Flyvholm at asset manager Jyske Invest.
Sterne, whose firm Exotix specializes in illiquid bond investing and counts hedge funds among its clients, said the bet had already worked for some funds. Greece paid out smaller issues maturing in December and January.
But it is a dangerous strategy.
Europe is increasingly likely to force investors to take a cut on their Greek bondholdings if they do not voluntarily sign up to the deal, Reuters reported in November.
Also, Greece could change its laws, which for the largest part do not contain the so-called Collective Action Clauses (CAC) that force dissenting minorities into line when new conditions are imposed on outstanding bonds.
It is unclear how large hedge fund holdings of Greek debt are. About 20 to 25% of Greece’s creditors were unidentified, and half of these could be hedge funds, one source close to the creditors told Reuters.
Whatever the scale of the hedge fund threat, the proportion of creditors seen likely to sign up for their haircut has slipped. The hopes are now 60% can be convinced by the end of the month, the same source said, far less than the 90% take-up the IIF was targeting in June.
At that low a level, it is unclear whether the troika of international lenders will consider the uptake big enough to warrant a pay-out of the second bail-out package.
IIF Managing Director Charles Dallara is due in Athens later this week for troika negotiations, and technical staff from the IMF are expected in the Greek capital from January 16.
IMF’S DOUBTS
The IMF itself seemed to throw doubt on the debt swap in an internal memo cited by German magazine Der Spiegel on Saturday.
According to the report, the IMF believes Greece will still be sinking under the burden of its debts even after a deal is struck, and that further measures may need to be taken if the country is to avoid default. Markets fear this could lead to reopening the October agreement.
In a leaked paper in October, the IMF already acknowledged that its the assumptions may need to be reassessed. That would mean lower interest rate payments by Greece, and an even more bitter hit for the banks.
The NPV loss for creditors could be near 65-70% and the coupon around 4.5%, bankers have indicated. Reuters reported in November Greece wanted a 75% NPV cut, a far higher number than the low 60s the banks had in mind.
Financial Post
Not having a television, I don’t watch too many sporting events, but athletic competition does interest me. There are numerous references to athletes and various sporting competitions in the Bible. God has used the image of a athlete as an example of the discipline and focus required by those who would follow Christ as His disciples.
II Timothy 2:5-7
If anyone competes as an athlete, he does not win the prize unless he competes according to the rules... Consider what I say, for the Lord will give you understanding in everything.
I Corinthians 9:24-27
Do you not know that those who run in a race all run, but only one receives the prize? Run in such a way that you may win. Everyone who competes in the games exercises self-control in all things. They then do it to receive a perishable wreath, but we an imperishable. Therefore I run in such a way, as not without aim; I box in such a way, as not beating the air; but I discipline my body and make it my slave, so that, after I have preached to others, I myself will not be disqualified.
The apostle Paul was quite familiar with athletic competition. He was writing during the time of the Roman Empire when Olympic competitions were renowned far and wide. Paul taught that even as there are characteristics of athletic champions, there are also traits that are common to those who would be overcomers in Christ. There are certain rules that must be adhered unto, or a person will be disqualified.
Some of the traits the apostle mentions are self-control, bodily discipline, and focus on the goal line.
Philippians 3:12-15
I press on so that I may lay hold of that for which also I was laid hold of by Christ Yahshua. Brethren, I do not regard myself as having laid hold of it yet; but one thing I do: forgetting what lies behind and reaching forward to what lies ahead, I press on toward the goal for the prize of the upward call of God in Christ Yahshua. Let us therefore, as many as are perfect (mature), have this attitude...
I have been following the remarkable career of Tim Tebow since he played quarterback at the University of Florida. Tim had a very successful career at Florida. Wikipedia summarizes his college years with the following words.
As a backup to starter Chris Leak and a key situational contributor, Tebow helped the Gators win the national championship during the 2006 college football season. Tebow was the Gators' starting quarterback during the 2007 season and became the first college football player to both rush and pass for 20 or more touchdowns in a single season. Consequently, he became the first college sophomore to win the Heisman Trophy. In 2008, Tebow led Florida to a 13-1 record and its second national championship in three years, and was named the offensive MVP of the national championship game. The Gators again went 13-1 and finished with a top- ranking in 2009, Tebow's senior year.
[Source: http://en.wikipedia.org/wiki/Tim_Tebow]
It was at Florida that Tim Tebow became renowned for his unabashed testimony of being a Christian. During every game he would paint a Scripture reference in the eye black on his face. After every game he would begin his interviews by saying, “First I would like to thank my Lord Jesus Christ.” There were more than a few detractors of his outspoken faith, but they never gained much ground for everyone loves a winner. The supporters of Tim Tebow were more numerous, and more vocal than those who criticized him.
Tim made quite an impact by these outward signs of his faith. Wikipedia states the following regarding his practice of painting Scripture references under his eyes.
In 2010, a new rule for the next NCAA football season, dubbed "The Tebow Rule" by media because it would have affected him, banned messages on eye paint. During his college football career, Tebow frequently wore references to biblical verses on his eye black. In the 2009 BCS Championship Game, he wore John 3:16 on his eye black and the verse became the highest-ranked Google search term over the next 24 hours, generating over 90 million searches. Additionally, later, when Tebow switched to another verse, there were 3.43 million searches of "Tim Tebow" and "Proverbs 3:5-6" together. Tebow stated of the searches "It just goes to show you the influence and the platform that you have as a student-athlete and as a quarterback at Florida."
[Source: http://en.wikipedia.org/wiki/Tim_Tebow]
For those of you wondering what Proverbs 3:5-6 says, I will provide the Scripture for you.
Proverbs 3:5-6
Trust in the LORD with all your heart and do not lean on your own understanding. In all your ways acknowledge Him, and He will make your paths straight.
Tim’s acknowledgment of Christ went beyond Scripture reference under his eyes, and opening statements at press conferences. An Internet mania arose from what came to be referred to as “Tebowing.” Tim would regularly take a knee on the field, and bow his head in prayer at the end of a game, win or lose (though he did not have many losses).
Tebowing
When Tim was drafted in the first round of the NFL draft in 2010, there was already a rule in place forbidding messages in eye black. However, there was no prohibition against bowing in the end zone and saying a silent prayer and this became his signature way of expressing his devotion to Jesus Christ.
Tebowing Again
Claiming to be a Christian, or even mouthing words of faith or gratitude to Christ are one thing, but many people’s lives speak quite a different testimony. I have been impressed that Tim has manifested in his character various traits that are what one would hope to see in a disciple of Christ. One characteristic that has impressed me most in one who has had such success and acclaim is his humility. In a realm where the media and fanatic legions of sports addicts make idols out of champions, Tim has remained very down to earth. Although Tim is passionate about football, he is quick to tell reporters that there are more important things. Tim has been in the news frequently regarding the sincere compassion he shows to others.
When reporters ask Tim the games he has won, or the players that are on his team, or those against him, his humility always shines through. After last night’s game in which the Broncos beat the Pittsburgh Steelers, a game Denver was expected to lose, Tim was asked about the play his wideout made to end the game. The humble Tebow described Thomas as someone "who makes me look a lot better than I really am." Though Tim is a fierce competitor, he does not demonize those whom he competes against. When asked about others, he praises their athleticism. When asked about himself, he gives praise to Christ.
Tim was born in the Philippines to parents who were Missionaries, serving there at the time. While pregnant, Tim’s mother suffered a life-threatening infection. Due to complications doctors advised her to have an abortion. She refused to abort the child she was carrying. During Superbowl XLIV Tim and his mother were featured in a pro-life commercial that was sponsored by Focus on the Family, the ministry started by James Dobson. This sparked national controversy as pro-abortion groups condemned Tebow, while pro-life groups rallied around him. The commercial did not mention the word abortion, but it upset many that it ended by inviting people to visit the Focus on the Family website to read about the full Tim Tebow story.
Since then Tim Tebow has become a very polarizing figure. Yet, his humble and enthusiastic spirit has continued to gain him admirers. A recent poll was conducted by the website Zillow asking people what celebrity they would most like to have for their neighbor. Tim Tebow came in first place on the survey.
All of these things are interesting, but it is the parable I have observed concerning Tim Tebow’s career with the Denver Broncos this year that is the reason for my writing this post. Although he was drafted by the Broncos in 2010, Tim saw limited playing time last year, and was not the starting quarterback. The Broncos had a dismal season in 2010, winning only four games while losing twelve. Under starting quarterback Kyle Orton, the Broncos had one win and four losses this year when Orton was benched and Tebow was made the starting quarterback. Orton was replaced by Tebow at halftime during a home game against the San Diego Chargers in the fifth week of the season. Tebow nearly led the Broncos back from a 16-point deficit, as he passed and ran for a touchdown in the fourth quarter. There was little expectation for success, or hope that the season might be salvaged, but the Broncos went on to win the next seven out of eight games. But it was the way in which they won that garnered such attention.
Broncos' head coach John Fox announced Tebow would start in the following game on the road against the Miami Dolphins. Tebow and the Broncos struggled in the first three-and-a-half quarters against the Dolphins, but rallied from a 15–0 deficit in the last three minutes to win the game, 18–15, in overtime. Denver became the first team in NFL history to win a game after being down by at least 15 points with three minutes to play in a game. When things occur that never have happened before, it arrests my attention. This first game in which Tebow started as quarterback became a signature feature of his games.
The Broncos rarely led in any of their games until the very end. Under Tebow’s leadership, the team was constantly falling behind early, to rally late in the game. As win after win was posted at the very last moments, and often in overtime, people began to call the phenomenon “Tebow Time.” Even when the team was behind late in the game, fans of the Broncos would say, “Don’t worry, we haven’t gotten to Tebow Time yet.”
For example, on October 23rd, Denver was facing the Miami Dolphins. Tim Tebow’s stats were disastrous through the first three quarters. Behind 15-0 to the winless Miami Dolphins, with five minutes left in the game, Tebow passed for two touchdowns and ran for a 2-point conversion, tying the game. They won in overtime on a field goal.
Although Tim was a rookie quarterback, veteran broadcasters were noting what maturity he was playing with. They were particularly effusive about his unwavering optimism. He never seemed to get disappointed, but persevered to the end, always believing the game could still be won. Seven games, and six wins later, Timothy and the Broncos were facing the Chicago Bears. The Broncos were down 10-0 in the final quarter of play. The Broncos never gave up. In the final 2 minutes and 8 seconds of play, they caught up, sending the game into overtime. Tim was to have 236 yards passing this game, and 192 of them came in the fourth quarter. With three seconds left in the fourth quarter, the Broncos kicker lined up to make a 59 yard field goal attempt. He had only made one in his entire career at this length. He sent the ball through the uprights, and the game into overtime. In overtime, Denver won the game, marking the third overtime victory in eight games for the rookie quarterback and his team.
It was Denver's sixth straight win and seventh in eight games since Tebow, dubbed the ''Mile High Messiah,'' was promoted to starter. The Broncos have trailed in the second half in six of those victories.
This latest comeback put Denver in sole possession of first place in the AFC West after Oakland's 46-16 drubbing at Green Bay.
''Never say never,'' wide receiver Eric Decker said. ''That's a great characteristic of this team. ... Again it wasn't pretty. But again in the fourth quarter, we found a way to make some plays. Matt Prater, man, the kid can boom it...''
''We're rewriting the book on 'keep fighting,''' coach John Fox said. ''Our guys never blink. They remain positive. As bad as it looked today ... we didn't play well; we had some drops. But the guy who dropped a couple of passes caught the ... touchdown. That's kind of the M.O. on this bunch.''
[Source: http://msn.foxsports.com/nfl/story/Tim-Tebow-Denver-Broncos-beat-Chicago-Bears-in-overtime-121111]
The message coming through this improbable string of victories is to have faith, and keep fighting. Don’t give up. Even if you have been pummeled and stymied for more than three quarters of the game, victory is till possible. To quit trying is to ensure defeat. To fight makes victory possible.
After winning seven of eight games, Denver hit a stretch of three games where they lost. Their worst loss came at the hands of the New England Patriots who beat them 41-23. Uncharacteristic turnovers and interceptions plagued the team, but they pressed on. The NFL’s website had this quote after the game.
His relentless attitude seems to still be rubbing off, a sentiment expressed to me when I asked Broncos cornerback Champ Bailey about it after the loss.
"It still felt like we had a chance at the end," Bailey said. "I think that's part of who we are. We've proven we will not quit until this thing is over."
[Source: www.nfl.com]
The Broncos qualified for the wildcard playoff game, which was played yesterday against the Pittsburgh Steelers. The Steelers were Superbowl champions in 2009, and made the playoffs again in 2010 with a 12-4 regular season record compared to Denvers 4-12 record. The Steelers made it all the way to the Superbowl again, where they lost against Green Bay. Most people did not hold out any hope that the Broncos and their rookie quarterback would beat a premium team such as the Steelers.
Ben Roethlisberger, quarterback for the Steelers, has a much different reputation from that of Tim Tebow. In 2010 he was charged with sexually assaulting a female college student in Milledgeville, Georgia. As Roethlisberger was bar hopping, he was photographed wearing a t-shirt with an image of the devil on it.
Ben Roethlisberger
Although he was not convicted of the rape charge, the NFL suspended the Pittsburgh quarterback for four games during the 2010 season. The character of the two quarterbacks could hardly have been more different.
The Broncos scored early in the game, and at the end of four quarters the game was tied. Once more the Broncos were headed to overtime. It is in the late minutes, and extra periods of overtime that they have shined. They have played with great faith that victory is still in their grasp. The Broncos won the coin toss to see who have first possession of the ball. A new rule in effect states that if a touchdown is scored that the game is over. On the first play of overtime Tebow tossed the ball to Demaryious Thomas who ran all the way to the end zone, a distance of 80 yards. In one play, and a brief 11 seconds, the game was over. Denver had won.
The news has been reporting today on the strangely coincidental numbers that were put up during this game. No less of a newspaper than the Los Angeles Times reported that many were seeing the hand of God in the numbers. It was mentioned how Tim Tebow used to paint John 3:16 under his eyes. The article suggested that even now that Tebow is not permitted to display those numbers, that God seems to be doing so for him. Tim Tebow finished the game with 316 yards passing. He had ten pass completions, for a playoff record 31.6 yards per reception.
http://latimesblogs.latimes.com/nationnow/2012/01/tim-tebow-john-316.html
Another website added this further testimony. Due to Tebow’s huge popularity, the game brought in the highest sports viewer rating by a television network for a wildcard playoff game in 24 years. The ratings kept climbing throughout the game and during the final quarter hour of the televised broadcast. From 8:00-8:15, which included the winning score, it had a rating of 31.6. And to cap off this string of numbers, the lone interception thrown that night came from Ben Roethlisberger and it was on 3rd down with 16 yards to go. On third and sixteen the ball was given back into the hands of Tim Tebow and the Broncos.
In all of this, I see a message coming through. God is still using sports and athletics to serve as a type of those characteristics needed by the overcomers in Christ. Don’t give up. Keep persevering. He who endures to the end will be saved. Keep your life pure. Stay humble. In a very real sense, this victory for the Broncos was a moral victory. They persevered. They did not give up. They showed endurance. Their hope never failed.
After the game, the coach of the Pittsburgh Steelers was interviewed. His words seem to be filled with meaning that I am certain he did not intend.
"I'm proud of our guys and the way they fought, but obviously we're not in it for moral victories," said Steelers Coach Mike Tomlin...
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Over the weekend while fans were cheering Tebow and noticing the 316 yards that he tallied up in completed passes – some have likened this to John 3:16 – the Middle East moved closer to war. Now I ask you this, which of these two events will affect our lives more, Tebow’s “miraculous” win, or an all out war in the Middle East? For those of you who picked Tebow, please leave this BLOG immediately and google, Casey Anthony’s new hair cut. Just kidding…
I believe that there is a perfect storm that is fast approaching. We see the signs all around us – please scroll down to the In Other News Section and see for yourself – as the world continues to experience unprecedented weather ‘events.’ I believe that these are the birth pains that Yashua/Jesus warns us will preceded the Tribulation period. Note: We are seeing these signs now so this begs the question how much more will we see, before we are taken out?
About 8 months ago I posted a commentary on this BLOG about the Iranians closing the Straights of Hormuz. I also pointed out that the Iranians have sleeper cells in Yemen and that they could also attempt to close the Gate of Tears, which is another oil, “choke-point,” in the Red Sea. If they were to do this, they would halt about 60% of the world’s oil. What we see happening in the Middle East is a series of moves and counter moves. The elephant in the room is Russia as they are backing the Iranians and the Syrians. To me, this may be a warm up to the “hook in the jaw” that the prophet Ezekiel spoke of 2600 years ago. Only time will tell us what we are looking at as the future unfolds.
In closing today’ post: I received lots of emails and comments on the Sunday go to Meeting Bun, all of which thanking me for taking a stand and alerting the folks as to what is going on. If Russia throws her weight militarily behind Iran and Syria then the ante is raised. Last summer the Russians moved the S300 anti-missile system into Georgia, which acted as a deterrent, blocking the Israelis’ from attacking Iran from the North and bombing Iran’s reactors. Now with Russian ships off the coast of Syria, it seems plain that the Russians are in the game for keeps. This latest move is a wake up call for the United States, as this is not going to be another Shock and Awe lopsided war that we fought with Iraq. The stakes are clearly much higher, as the former super power is throwing her weight on the side of Iran and Syria. Waiting in the wings is Pakistan, which has nukes, as well as China, and India. I have never seen the situation so tenuous as it is now. If you don’t have food and water it would be a good time to begin to stash some of these essential items now in preparation for what may be coming. We should also be praying for the peace of Jerusalem, as the real target in all of this is Israel. We can choose to sit back and relax as we watch the Sunday game and believe that all is well, and it’s business as usual, or we can understand the signs of the times that are screaming at us and like the wise virgins have oil in our lamps. Prepare now!
L.A. Marzulli
An Iranian attack on Israel would be tantamount to attacking the United States, US Senator Daniel Inouye (D-HI) told an auditorium full of high school students in Jerusalem on Monday.
Inouye, introduced to the students by former AIPAC president Robert Asher as the best friend Israel has in Congress, said he discussed the Iranian threat in a meeting earlier in the day with Prime Minister Binyamin Netanyahu.
“We in the US are deeply concerned with the activities in Iran,” said Inouye, who is America’s senior senator, having served continuously since 1963. “If the Iranians should ever develop a nuclear device or bomb, that could mean the end of the world as we know it in the Middle East. It would have an impact on all countries, not just Israel. As a result, our position is that if you attack Israel, you are attacking the United States.”
Inouye is the president pro tempore of the US Senate, making him third in line to succeed the US president, following the vice president and speaker of the house. He is also chairman of the powerful senate appropriations committee, and is here
leading a delegation from that committee that also includes Thad Cochran (R-MS) and Barbara Mikulski (D-MD).
Asked to explain the close US-Israel relationship, Inouye said that “if one looks at most of this world, especially the Middle East, one country stands out as a foundation of stability and as a pillar of democracy. And at a time like this, when you have revolution in Yemen, Bahrain, Syria, Egypt, Tunisia and Jordan, thank God we have Israel.”
Inouye, who lost an arm while fighting in Europe during World War II, and was later decorated with a Congressional Medal of Honor for his service, traced his interest in Jews and Judaism to his rehabilitation in a military hospital in New Jersey in 1945.
Inouye said that in the next bed over was another soldier recuperating from his wounds. When Inouye asked the man about his wounds, the “blonde, blue-eyed officer” said it happened after he liberated a prison camp “where there were ovens, and people cooked in the ovens, and bodies stacked up” like kindling wood.
“I asked him what kind of prison it was, was it for murderers?” Inouye retold the tale in his deep, bass voice.
“‘No,’ he said, ‘they were Jews.’ I asked what crime they committed, and his answer changed my life. He said, ‘Well you know, Dan, people don’t like Jews.’” Inouye said this left a lasting impression on him, and that a few years later, when the honor society at his law school, George Washington University, refused to accept two students because they were Jewish, he said he told the group that if the Jews were blackballed, “then kick me out, too.”
Inouye dated his concrete connection to Israel back to 1951, when he was a salesman in Hawaii for Israel bonds. He quipped that he was the first person in his state to buy an Israeli bond, and still has it framed in his office, along with a mezuzah on the door and “menorahs all over the place.”
“There was a time I considered conversion,” he said.
“But I decided not to because my mother was such a devout Christian, she might not get over it.”
Asked where he thought Israel-US relations would be a century from now, Inouye said it was difficult to predict relations 100 years down the line. As proof, he said, just look at America’s close alliance with Great Britain, once its colonial masters, and with Japan, once the US’s worst enemy.
But, he said, “In the case of Israel, because of the unusual situation in this area, the relationship will be strengthened because of our mutual interests. As long as the mutual interest remains, I’d say we will remain good friends.”
Jerusalem Post
