Calamity Upon Calamity

Yesterday we discussed how we feel the North Korean issue is not business as usual and President Trump’s speech yesterday confirmed our fears that indeed North Korea could be the most important geopolitical issue right now.

Today’s edition is a longer one. We often get feedback from readers that we should have shorter summaries. Unfortunately, today’s topics can’t easily be distilled into tweets. In life sometimes there are no CliffsNotes. We also are not briefing the President so we won’t have “killer graphics.”

Trump’s World View Evident in U.N. Address: Donald Trump’s 41 minute speechTuesday before the U.N. General Assembly was intended to encapsulate his worldview through the theme of “sovereignty,” suggesting that nations acting in their own self-interest would create a more stable world. “As President of the United States, I will always put America first, just like you, as the leaders of your countries, will always and should always put your countries first,” he said. Trump told world leaders that he would not insist their countries adopt U.S. values, adding “In America, we do not seek to impose our way of life on anyone.” But in contrast to these benign statements, Trump could not resist delivering verbal blows to Iran, Venezuela, Cuba, and North Korea in classic Trumpian style – bellicose, bombastic, taunting, and contradictory. Meanwhile, John Kelly, Trump’s Chief of Staff sat in the assembly hall but didn’t seem to be watching Trump. We can’t tell if he was in deep thought, deep mourning, or deeply disturbed.

The president described the Iran nuclear deal as an “embarrassment,” intimated it was all but dead and said the Iranian government “turned a wealthy country with a rich history and culture into an economically depleted rogue state whose chief exports are violence, bloodshed and chaos.” He revived a favorite campaign phrases, “radical Islamic terrorism,” and reiterated he would stamp out terrorists worldwide. He lambasted Venezuela’s Nicolas Maduro, saying “the Venezuelan people are starving and their country is collapsing.” He criticized free trade agreements and insisted that refugees are better resettled in their own regions than in the U.S.

North Korea received the brunt of Trump’s most ominous tongue-lashing. Trump also outed himself as an Elton John fan by calling the North Korean leader a Rocket Man. The president put Kim Jong-Un on notice that, if forced, the U.S. would “totally destroy North Korea.” “Rocket Man is on a suicide mission for himself,” he warned. He thanked members of the U.N. Security Council for passing U.S. promoted sanctions against Pyongyang, and admonished nations that would trade with, and “arm, supply and financially support a country that imperils the world.”

Major Earthquake hits Mexico City:  A 7.1 magnitude earthquake struck Mexico City killing at least 149. Thousands of people ran into the streets screaming as buildings collapsed around them. Cars were crushed by debris and electricity and phone lines were down in parts of the capital. News of the quake caused Mexican stocks and the peso to drop, and the Mexican stock exchange suspended trading. A second powerful earthquake struck southern Mexico September 7, killing at least 98. Tuesday’s quake hit exactly 32 years to the day after a devastating earthquake hit Mexico City in 1985, killing thousands. President Trump reached out by Twitter, saying “God bless the people of Mexico City. We are with you and will be there for you.”

Aung San Suu Kyi From Nobel Peace Prize to Chaos-In-Chief: In a televised address from the capital of Nyapyidaw, Myanmar’s de facto leader Aung San Suu Kyi bowed to international pressure and spoke about the Rohingya refugee crisis. Suu Kyi delivered her speech in English, widely taken to mean that it was “directed more at an international audience than her own people.” But those who expected Suu Kyi to acknowledge a people’s oppression were disappointed and dismayed. Suu Kyi, directly invited foreign listeners to “join us” in addressing Myanmar’s problems, yet steadfastly refused to criticize the Myanmar military, which has been accused of killing, rape, and destruction.

Suu Kyi claimed the Myanmar government needed time to find out “what the real problems are” in the Rakhine state and “to find out why this exodus is happening.”Her sole reference to the Rohingya was a mention of the Arakan Rohingya Salvation Army (ARSA) militant group, which she claimed was “responsible for acts of terrorism.” Her ambivalent position on the Rohingya crisis has disappointed and concerned many outside Myanmar. Her speech was met with applause and cheers from large crowds in Yangon, Myanmar’s largest city. Analysts surmised Suu Kyi may believe that speaking strongly on the Rohingya will cost her domestic support. “She’s no longer a peace campaigner, she’s evolved and transitioned into a full-time politician,” said Azeem Ibrahim, author of “The Rohingyas: Inside Myanmar’s Hidden Genocide.”

Puerto Rico Expecting Catastrophic Damage From Hurricane Maria: Category 5 Hurricane Maria is battering the Caribbean. It hit the Virgin islands Tuesday, Puerto Rico Wednesday. The storm obliterated parts of Dominica and killed at least one person in Guadeloupe. Maria could be the first Cat 5 hurricane to hit Puerto Rico in 80 years. Millions of permanent residents, newly displaced, and previously displaced owing to Hurricane Irma are just hoping to survive, and are taking refuge in the 500 shelters on the island. “No generation has seen a hurricane like this since San Felipe II in 1928,” Puerto Rico Gov. Ricardo Rosselló said Tuesday. Maria could bring up to 2 feet of rain and a storm surge of up to 9 feet, sparking flooding and mudslides.

Norway’s Giant Pension Fund Is Now Worth Over $1 Trillion: The managers of Norway’s oil fund announced Tuesday that currency shifts helped push its value above $1 trillion for the first time ($1 trillion is the approximate size of Mexico’s economy). Norway is a major oil producer and has placed its energy earnings into the fund in order to fund pensions and other government expenses. The fund is among the world’s biggest investors in stocks, owning $667 billion worth of shares in over 9,000 companies globally. On average, it owns 1.3% of all listed companies worldwide. Its largest holdings are in Apple, Nestle, Royal Dutch Shell, Novartis, Microsoft, and Alphabet, the owner of Google. The fund also owns large real estate portfolio. The fund’s value works out to over $190,000 for each of Norway’s 5.2 million citizens. Talk about a solid social safety net. And nice prisons to boot.

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