Monthly Archives: June 2021

Bitcoin falls on fear of Weibo suspending some crypto accounts – Economic Times

Posted: June 6, 2021 at 7:48 pm

Bitcoin continued its decline on Saturday after potentially positive catalysts from El Salvador and Square Inc. were unable to assuage investor concerns over Chinese regulatory risks.

The worlds largest digital coin slipped to trade around $35,220 as of 6:31 p.m. in New York, down 5.3 per cent in the past 24 hours. The move extends its downtrend for a second day after a cryptic tweet from Elon Musk that hinted at a potential split with the cryptocurrency.

Weibo, a Chinese social-media service, appears to have blocked some crypto influencer accounts on Saturday, citing violation of unspecified laws and Weibo community rules. While Weibo has cracked down on various crytocurrency-related accounts in the past years, the news came on top of recent harsh Chinese regulatory rhetoric that have already led to a plunge in prices for many digital coins.

Square Inc. said Saturday it will invest $5 million to build a solar-powered Bitcoin mining facility at a Blockstream Mining site in the U.S. through a partnership with the blockchain technology provider.

Weekends in recent months have been rocky for crypto, which trade every day of the week. Before this weekend, Bitcoins average swing on Saturdays and Sundays this year comes in at 5.35 per cent .

Musk has agitated Bitcoin and other digital coins with his social media posts. On Saturday, he tweeted that Goods & Services are the real economy, any form of money is simply the accounting thereof.

Bitcoin is struggling to break above its 20-day moving average -- it failed to do so on Thursday and Friday -- and is having a hard time advancing toward $40,000. If the coin were to breach that round-number level, it would probably test its 200-day moving average of around $41,500, something many chartists would consider a bullish catalyst.

However, as Bitcoin continues to fluctuate in a narrow range, a retest of the $30,000 level could also be in play until more positive catalysts emerge.Still, many point out that the crypto space has always been volatile. Its price swings -- up and down -- are a characteristic of the market, they argue, and many of its long-term investors are undaunted by its fickle day-to-day swings.

Our investor base has experienced market volatility many times and they know that this comes with the territory -- the ability for there to be pretty pronounced movements in price are native to investing in crypto, particularly at this point in cryptos life cycle, said Michael Sonnenshein, CEO at Grayscale Investments. Investors dont really get phased.

Its very difficult to make a fundamental case sometimes for some of these, and so I think thats your primary risk, JJ Kinahan, chief market strategist at TD Ameritrade, said by phone.

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Why Bitcoins wild ride bodes well for the future of digital cash – Business Standard

Posted: at 7:48 pm

Bitcoins wild gyrations in 2021 have made sure of one thing: The future of money will be electronic, but it wont remotely resemble a cyberpunk utopia. Peoples power will bow to sovereigns might.

The mania and panic that have gripped decentralized cryptocurrencies are heightening the attraction of their coming rivals: digital cash, issued by central banks. These tokens will be staid, centralized and state-controlled. Thats exactly what users will want in an Internet of Things world where machines need to settle claims with one another all the time, instantaneously, but without contributing to global warming.

Official electronic coins will be a new type of central bank liability alongside physical cash, though for investors betting on the future value of the dollar, yen or the euro, they wont be a novel asset class.

That has clear advantages. To avoid becoming a lightning rod for fresh speculation means that a global economy powered by FedCoin, digital euro and Chinas e-CNY will make far less onerous demands on energy resources than cryptocurrencies. In the absence of a trusted intermediary, the mining, or proof-of-work protocol that keeps the blockchain secure from double-spending attacks, requires power-guzzling hardware. Between Bitcoin and Ethereum, the electricity consumed can light up 16 million American households.

Not so for the distributed ledgers that will verify transfers of official coins. These ledgers will only be held by a select group of intermediaries with the central banks permission. Instead of being in a race to solve puzzles faster than malicious actors, as we see with decentralized cryptocurrencies, the nodes in the network can lock their own funds to back legitimate transactions.

This approach, known as proof-of-stake, will require a fraction of the energy proof-of-work needs. Ethereum intends to switch. The cryptocurrency Ether will replace hardware and electricity as the investment needed to secure the network. Validators will earn fees by locking up at least 32 Ether. (Thats a $72,000 commitment as I write.) If they misbehave, go offline or fail to do their job, the processors can lose their collateral.

A central authority can perhaps run such a network better. After all, those who are vouchsafing transactions must have skin in the game, as they claim and somebody trustworthy must ensure that they do. As Chi Lo, an economist at BNP Paribas Asset Management Asia, says: A holders identity is inevitably required for verification of balances on a digital ledger.

Who has the legal identity of coin holders? The government!

Central banks that arent constrained by how much fiat money they can create out of thin air use that flexibility to avoid catastrophe, as they did recently during the Covid-19 pandemic. By contrast, a bitcoin-ized economy can be dangerous because of finite money supply. As Lo says, if you fix nominal variables, real output has to adjust violently to absorb any economic shocks.

Besides, perfect anonymity of cryptocurrencies is impractical. It comes with unacceptably high risks of money laundering and terror financing. Governments do not want to pry into all or even most online transactions. But they wont give up their right to lift the veil of pseudonyms when they want. Hence, the interest worldwide in digital cash. Chinas plans are most advanced, but other central banks are also in the fray.

If cryptocurrency adoption is a headache for governments, an overwhelming popularity of digital cash could also be an issue. Banks could lose deposits should customers prefer having a direct claim on their monetary authorities. Lenders financing long-term loans with short-term market liquidity might get into trouble later. These risks arent new. But by ignoring them to a point where subprime mortgage-linked banking losses had to be socialized, authorities created a trust gap with the public: Techno-anarchists burst through it with the template for an electronic payment system based on cryptographic proof instead of trust.

More than a decade later, the cyberpunk movements success is to be measured not by the highly volatile, speculative asset class it has helped spawn and popularize, but by the rising influence of blockchain technology within the traditional financial system. Digital cash with in-built, self-executing software code will alter the future of money in a way that cryptocurrencies never could. Tokens will win. But trust won't lose.

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View: Elon Musk is pulling Bitcoin where it loathed to go – Economic Times

Posted: at 7:48 pm

By Elaine OuBitcoin uses a lot of electricity. So do electric cars, space travel and civilization in general, but few things burn energy so shamelessly.

To assuage critics, Elon Musk and Michael Saylor announced late last month that Bitcoin miners in North America had agreed to form the Bitcoin Mining Council, an organization that would promote energy transparency and sustainable mining practices.A noble effort, to be sure, but one that drew much criticism. Participants in a decentralized currency tend to be skeptical of efforts at cooperation, which is just a politically correct term for collusion. To them, a Bitcoin mining council sounds a lot like OPEC or, worse, the Federal Reserve.

The idea of Bitcoin mining was originally imagined as one-CPU-one-vote, where individuals around the world could run the Bitcoin software and participate in recording transactions. Mining is essentially a lottery, where computational power is proportional to the chance of winning the right to record a new block.

As with most things, however, Bitcoin mining benefits from economies of scale. Large companies can invest in custom silicon chips, or pool computational resources to amortize mining revenue. As a result, a small number of companies dominate the vast majority of Bitcoin mining. When crypto mining is performed in massive data centers with specialized hardware, a single CPU doesnt stand a chance.

Earlier this year, Marathon Digital Holdings, one of the largest Bitcoin mining companies in North America and member of the newly formed Mining Council, announced that it would be fully compliant with U.S. protocols, including anti-money laundering practices and the Office of Foreign Asset Controls standards. As a result, Marathons mining pools began excluding noncompliant transactions from their mined blocks.

In theory, economically rational Bitcoin miners outside of North America could pick up the dropped transactions and place them in the next block, collecting transaction fees along the way. However, a colluding council could choose to ignore subsequent blocks that dont adhere to their rules. The software protocol dictates that users must always follow the longest chain, so a group with majority hash power will eventually overtake any offshoots.

Theres a saying that Bitcoin is for enemies. Not only does the protocol accommodate mutually hostile participants; it thrives on mutual hostility.

Bitcoins single value proposition is its ability to resist human arbitration, made possible by the fact that participants are unable to cooperate and add changes to the software. If Russia, Iran and North Korea contribute significant hash power to the network, it is unlikely that U.S. banking regulations will ever be enforced by the Bitcoin protocol.

Last weekend, the Bitcoin network prepared for a privacy-enhancing software upgrade. Though Marathons mining pool had attracted attention for its initial refusal to signal support, its CEO changed course, amid pressure from the Bitcoin community. The company released a statement announcing that the companys mining pools would cease to filter future transactions.

However, the lack of regulatory compliance will not last. The Joe Biden administration is already reportedly discussing cryptocurrency guardrails. Even if North American Bitcoin miners intended to follow the tenets of censorship resistance, the formation of a council presents a tempting target for regulators. Congress will have warm bodies to drag in for testimony and tongue-lashing.

Without pressure from legal tender laws, Bitcoins value comes from a shared belief in its resistance to censorship. In earlier days, the prospect of centralized mining would be enough to turn participants away. In 2014, one Bitcoin mining pool briefly gained 51% of the total hashing power, prompting a global selloff.

Even though it might have been possible to exploit the majority hash power for profit, the possibility of shattering the illusion of decentralized trust motivated the pools operators to back off. The company issued a statement promising to keep future power below 40% and urged others to do the same.

Now that Bitcoin has achieved institutional support, participants are not as hasty to head for the exits over a loss of decentralization. Instead, investors will lean on Bitcoins potential for subsidizing clean energy and adherence to sustainability as its primary source of value. Bitcoin purists will need to decide whether the price increase is worth it.

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Few, if any, financial advisers expected to recommend bitcoin and dogecoin to clients — here’s how many now suggest buying crypto – MarketWatch

Posted: at 7:48 pm

Despite Bitcoin BTCUSD, -0.46%, Ethereum ETHUSD, -0.01% and Dogecoins DOGEUSD, -0.16% wild ride last month, more financial advisers than ever are recommending their clients have some crypto in their portfolios.

Some 14% of financial advisers have already added cryptocurrencies to their clients portfolios or are recommending it to them, according to a survey released Tuesday of 529 financial advisers conducted by the Financial Planning Association in March.

Some 14% of financial advisers have already added cryptocurrencies to their clients portfolios or are recommending it to them

Thats up by 13 percentage points from last year when less than 1% of advisers were recommending it, the poll found. More than a quarter (26%) of advisers are planning to recommend or add crypto to their clients portfolios in the coming year.

Last year however none of the 242 respondents to the same survey anticipated that theyd recommend crypto to their clients in 2021, the survey commissioned by Onramp Invest, a crypto portfolio management software company concluded.

So why the change of heart? Clients appear to be less concerned about asset market volatility this year compared to last, despite the rollercoaster ride in cryptocurrencies in recent months.

More than half (52%) of advisers said their clients inquired about market volatility over the past six months, whereas last year some 76% of advisers fielded questions from their clients about it over a six-month period.

Investors may also be drawn to cryptocurrencies lately because they view them as a hedge against inflation, which in the U.S. is hovering at a 13-year high.

Whereas stock-market investors will effectively earn less on any gains they realize this year due to inflation, investors in cryptocurrencies like bitcoin, which has a limited supply like gold GC00, +0.03% or silver SI00, -0.04%, could have a better shot at earning more money as investors flock to them. Or not.

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(BTC USD) Bitcoin, Crypto Unlikely to Escape Regulation: Riksbank Governor – Bloomberg

Posted: at 7:48 pm

Follow us @crypto for our full coverage.

Bitcoin and other cryptocurrencies are unlikely to escape regulatory oversight as supervisory authorities respond to the sheer popularity of the phenomenon, according to the governor of Swedens central bank.

Though monetary policy officials have voiced near universal skepticism toward Bitcoin and its rivals, cryptocurrencies have continued to build an enthusiastic following. Thats prompted some of the biggest names in finance to move in, as Wall Street banks such as Goldman Sachs Group Inc. offer trading services tied to crypto.

Read More: Kuroda Joins Chorus of Central Bankers Casting Doubt on Bitcoin

When something gets big enough, things like consumer interests and money laundering come into play, Riksbank Governor Stefan Ingves said on Monday. So theres good reason to believe that [regulation] will happen. Erik Thedeen, the head of Swedens financial regulator, said on Tuesday that its quite evident that some form of regulation is needed.

Photographer: Mikael Sjoberg/Bloomberg

Swedens financial markets minister, Asa Lindhagen, said the government is already in the process of tightening standards for crypto exchange platforms. But she called it a work in progress at the international level. She also said that addressing the risk of money laundering that cryptocurrencies represent is a very important issue that will require cross-border work.

Its far from clear how to regulate a product thats designed to evade the scrutiny of national authorities. But governments are already trying, with China in particular stepping up pressure on crypto loyalists. The Peoples Bank of China recently told financial institutions that theyre not allowed to accept cryptocurrencies for payment, which followed a crackdown on crypto mining. There are signs, though, that traders are still active, underscoring the scale of the challenge.

In the U.S., Federal Reserve officials are in the process of studying the various ways to address this issue, Randal Quarles, the Feds vice chairman of supervision said in May. But federal agencies need time to ponder the right regulatory approach before they can then create a framework for oversight, he added.

In the European Union, the commission has put the matter to a hearing as it tries to figure out how best to create a regulatory framework for crypto assets. In September, it proposed a pilot regime for market infrastructures interested in trading crypto assets. Thedeen said an EU regulatory framework for cryptocurrencies is now under way.

On Tuesday, Riksbank Deputy Governor Per Jansson underscored concerns that Bitcoin and its peers continue to fluctuate extremely, with nothing concrete or substantial underpinning their actual value.

Sweden, like China, is one of the more advanced countries in its efforts to develop a central bank digital currency. Thats as monetary authorities try to prepare for the disappearance of cash as a payment form, and try to ensure that cryptocurrencies dont fill the void. Ingves has previously estimated Sweden might have its own central bank e-krona in about five years.

Read More: Carpe Diem - Central Banks in a Digital Future

Regulation of cryptocurrencies will probably come at different times in different areas, Ingves said.

Fears of a digital dollarization with a gradual loss of control over monetary conditions is one reason for central banks to introduce digital currencies of their own (as an alternative to private cryptocurrencies). As central banks accelerate moves toward a public digital payments option, its also likely that they will step up efforts to keep the volatile cryptocurrencies in check.

--Johanna Jeansson, Nordic economist

With assistance by Rafaela Lindeberg, and Love Liman

(Adds comment from head of Swedens financial regulator)

Before it's here, it's on the Bloomberg Terminal.

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North Atlantic Treaty Organization (NATO) – WorldAtlas

Posted: at 7:48 pm

NATO, which stands for North Atlantic Treaty Organization, is a political and military alliance of 30 North American and European countries. The purpose of NATO is to guarantee the security and freedom of its member countries through both political and military means. In terms of politics, NATO strives to promote democratic values and enable its members to consult and cooperate on matters related to defense and security in order to solve problems, build trust, and prevent conflict.

The NATO flag consists of a white compass rose on a dark blue field, with white lines stretching out from the four points of the compass. The navy blue represents the Atlantic Ocean. The compass rose and the four white lines emanating from its points symbolize the movement towards the path of peace. The dark blue and white colors of the flag represent the shared desire of NATO member states to maintain peace. The basic design of the flag is attributed to a member of the organizations International Staff.

The whole idea of NATO revolves around the concept of collective security, which is a term used to describe countries coming together in the face of a common threat. After World War II ended, the countries of Western Europe, the United States, and Canada perceived the Soviet Union as a common threat to the basic principles of freedom and democracy that all these countries supposedly stood for. Thus, the leaders of the aforementioned countries decided to create a defensive alliance in order to counter the threat that the Soviet Union and its European satellite states posed to their countries freedom and sovereignty.

The agreement that created NATO is known as the North Atlantic Treaty, hence the organizations acronym. The treaty was signed by NATOs 12 founding members on April 4, 1949, in Washington DC, which is why the agreement is sometimes referred to as the Washington Treaty. The treaty derives its legitimacy and authority from Article 51 of the United Nations Charter, which affirms the right of countries to defend themselves both individually and collectively.

Under the terms of the Washington Treaty, each member state of NATO commits to assuming the risks, responsibilities, and benefits of the collective defense that the organization provides. The treaty also states that NATOs members form a unique community with common values, which include democracy, individual liberty, human rights, and the rule of law.

NATOs commitment to the collective security of all of its members is best exemplified in Article 5 of the Washington Treaty. This article stipulates that if one of the member states is attacked, that attack will be perceived by other member states as an attack on all of NATOs member states. It would be a long time, however, before this article of the treaty would actually be invoked after the first signing of the treaty. Also, Article 5 does not automatically commit NATO members to declare war when one member state is attacked. Rather, it is up to each country to decide how to respond should an attack on a fellow NATO member occur.

The idea of countries coming together to counter a common threat is not new. It has existed for about as long as there have been nation-states. History is filled with conflicts in which countries come together to protect themselves against what they perceive to be threats to their security, sovereignty, and values. The idea for the creation of NATO came shortly after WWII came to a close. The leaders of Western Europe were growing worried as they observed the Soviet Union asserting their control over the Eastern European countries that they had occupied during the war. They were concerned that the Soviet Union would soon try to impose its ideology on the rest of Europe. At the same time, the countries of Western Europe were dismantling much of their defense capabilities following the brutality of the Second World War.

In January of 1948, British Foreign Secretary Ernest Bevin suggested the drafting of a treaty that would create a regionally-based military alliance to provide collective security, based on the principles of the UN Charter. The US was willing to lend military support to Western Europe, but only under the condition that Western Europe was united. The European countries of France, Belgium, Luxembourg, the Netherlands, and the United Kingdom responded to this stipulation by creating what was known as the Western Union, which was designed to strengthen ties between the five countries and provide a mechanism of mutual defense. This Western Union formed the basis for the negotiations that took place in order to establish what became NATO.

For about 40 years, NATOs main objective was to counter the threat posed by the Soviet Union and its satellite states in Eastern Europe, which were united under what could be described as the communist version of NATO, the Warsaw Pact. But in 1989, communism in Europe was coming to an end. The fall of the Berlin Wall represented the fall of the Iron Curtain that had divided Europe between east and west since the end of WWII. Two years later, the Soviet Union, which led the communist bloc, ceased to exist. Thus, NATO was left without an adversary. Indeed, after the collapse of communism and the end of the Cold War, some wondered if NATO could endure in the absence of the threat it was made to counter.

NATO did endure. In fact, it was not during the Cold War that military forces under the banner of NATO became active, but after. In 1995, for example, NATO forces were activated in order to implement the Dayton Peace Accord that ended the civil war in Bosnia and Herzegovina. In 1999, the organization took military action to protect ethnic Albanians in the Serbian province of Kosovo.

Two years later, Article 5 of the Washington Treaty was invoked for the first time following the 9/11 terrorist attacks on the US. This led to NATOs first counterterrorism operation, which involved aircraft patrols in the skies over the US. Another counterterrorism operation was undertaken by NATO in the form of Operation Active Endeavour, which involved NATO forces patrolling the Mediterranean Sea in an effort to prevent terrorist activities that could disrupt one of the worlds busiest trade routes.

In 2003, NATO took command of the peacekeeping force in Afghanistan, which was established after the US invasion of the country in response to the 9/11 attacks. Between 2009 and 2016, NATO was involved in counter-piracy operations in the Gulf of Aden and the Horn of Africa. In 2011, following a popular uprising in Libya against its ruler, Moammar Gadhafi, NATO forces took charge of enforcing UN resolutions to protect Libyan civilians. It began by enforcing an arms embargo and a no-fly zone in the country, but eventually undertook air and naval strikes against Libyan military forces.

As NATOs role in the world has grown, so has its membership. When the organization was founded, it had 12 member states. During the Cold War, three new countries joined the group. Turkey and Greece joined in 1952, and West Germany joined in 1955. In 1982, Spain became a member of the alliance. Thus, when the Cold War came to an end, NATOs membership had grown to 15 members.

By 2020, the number of countries that were part of NATO doubled to 30 countries. This great expansion began in 1999 when three countries that were formally part of the Warsaw Pact were admitted into the alliance. These countries were Poland, Hungary, and the Czech Republic. Five years later, seven additional countries from Eastern Europe were allowed to join. Croatia and Albania joined the alliance in 2009. The former Yugoslav republic of Montenegro would become a NATO member in 2017. In 2020, NATO welcomed its newest member, the former Yugoslav Republic of Macedonia, now known as North Macedonia.

Far from being a relic of the Cold War, NATO remains active around the world. In fact, the organization has just under 20,000 military personnel involved in NATO activities worldwide. These activities include NATOs leadership of operations in Kosovo, Afghanistan, and the Mediterranean Sea. They also include a training mission in Iraq, in which NATO is helping to develop the capacities of the countrys security forces. NATO also provides support to the African Union in its peacekeeping efforts. One of NATOs latest operations includes air policing in Eastern Europe. According to NATO, this air policing is being done in response to the Russian invasion of Ukraine in 2014. Indeed, NATO claims to have intercepted a number of Russian aircraft violating the airspace of its allies.

As its operations around the world continue, NATO still strives to expand its membership. The organization even has a unique program designed to help countries that wish to join the alliance, known as the Membership Action Plan (MAP). Ten Eastern European countries were participants in this program before they became NATO members. At present, Bosnia and Herzegovina is participating in this program in the hopes of becoming a full member state of NATO in the future.

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Biden Is Embracing Europe, but Then What? NATO and the E.U. Have Concerns. – The New York Times

Posted: at 7:48 pm

Still, Mr. Bidens visits to NATO on June 14 and then the European Union for brief summits, following his attendance at the Group of 7 in Britain, will be more than symbolic. The meetings are synchronized so that he can arrive in Geneva on June 16 with allied consultation and support for his first meeting as president with President Vladimir V. Putin of Russia.

The hopeful, optimistic view is that Biden is kicking off a new relationship, showing faith in Brussels and NATO, saying the right words and kicking off the key strategic process of renovating the alliance for the next decade, said Jana Puglierin, Berlin director of the European Council on Foreign Relations. But Biden also wants to see bang for the buck, and we need to show tangible results. This is not unconditional love, but friends with benefits.

Franois Heisbourg, a French defense analyst, sees only positives from the Biden trip.

The U.S. is back, Bidens back, theres nothing cynical here, said Mr. Heisbourg, a special adviser to the Foundation for Strategic Research in Paris. Biden has some strong views, and he is determined to implement them. International affairs are not his priority, but his basic positioning is, Lets be friends again, to reestablish comity and civility with allies.

But eventually, Mr. Heisbourg said, policy reviews have to become policy.

Ivo H. Daalder, who was U.S. ambassador to NATO under President Barack Obama, sees the whole trip as part of Were back, and important to show that alliances and partners matter, that we want to work with other countries and be nice to our friends. Even the G-7 will be like that.

But he and others note that Mr. Biden has not yet named ambassadors to either NATO or the European Union or to most European countries, for that matter let alone had them confirmed. For now, officials insist, that absence is not vital, and many of the most likely candidates are well-known.

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Advocacy Groups Call on NATO Member States to Protect Afghan Civilians During Withdrawal of Forces – Human Rights First

Posted: at 7:48 pm

WASHINGTON - Today, Human Rights First and 16 partner organizations from seven countries published a letter calling on governments to act urgently to protect Afghan locally employed civilians (LECs) of NATO member states. With the imminent completion of the withdrawal of NATO and U.S. forces, Human Rights First and its partners call on NATO member states to provide immediate protection to Afghan staff and their families who are facing threats due to their affiliation with member states.

Our collective security rests on our nations doing right by our Afghan allies who put so much faith in us over the last two decades, said Chris Purdy, Director of the Veterans for American Ideals, a project of Human Rights First. We cannot abandon them without consequence, we would lose so much if we do. This is our responsibility, we must act now.

In the letter, Human Rights First and its partners note that threats against Afghan employees are increasing in light of the ongoing withdrawal. The organizations demand that NATO member states must apply flexible criteria for relocation schemes in light of the threats that LECs face, increase processing of relocation requests, and evacuate LECs when required by the security situation and volume of requests.

The signatory organizations are human rights advocates, advocates for Afghan interpreters, and trade associations for translators and interpreters. They work in Australia, Canada, France, Germany, the Netherlands, the United Kingdom, the United States, and internationally.

Click here to read signatory organizations statements.

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B-52s Fly Over All NATO Nations for Second Time – Air Force Magazine

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B-52 aircraft deployed to Europe flew over all NATO nations in a single day, the second time in less than a year that U.S. bombers have flown this show of strength over the continent and North America.

The B-52s, which are deployed to Moron Air Base, Spain, flew over all 30 allied nations May 31, integrating with more than 20 allied militaries across two combatant commands as part of Operation Allied Sky, according to a U.S. European Command release.

The first leg of the mission included a flyover of all NATO nations in Europe, during which bombers conducted aerial refueling and flew with several ally aircraft. In the second leg, stateside-based bombers flew with U.S. and Canadian aircraft. The release did not specify how many B-52s participated.

Bomber missions demonstrate the credibility of our forces to address a global security environment that is more diverse and uncertain than at any other time in our history, said Gen. Jeffrey L. Harrigian, NATO Allied Air Command and U.S. Air Forces in Europe-Air Forces Africa commander, said in the release. Todays mission is an awesome demonstration of NATO air superiority and together there is no challenge we cannot tackle.

In August 2020, six B-52s conducted a similar mission. Four bombers, deployed to RAF Fairford, United Kingdom, flew over all European member nations while two B-52s from Minot Air Force Base, North Dakota, flew over the U.S. and Canada.

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How the Soviet Union planned to crush NATO in a week – Russia Beyond

Posted: at 7:48 pm

The Black Sea Fleet in exercises.

Moscow was sure it could break its main enemy and still avoid the outbreak of a full-scale nuclear apocalypse.

During the Cold War era, two rival superpowers - the USSR and the U.S. - were at any second ready for the outbreak of a hot war between them. Everybody was sure World War III would be the nuclear one and would ensure a mutually assured destruction (MAD).

However, in 1979, the Soviets developed a plan on how to crush their bitterest enemy and avoid the general nuclear apocalypse. The Seven Days to the River Rhine plan(which was only made public by the Polish Defense Ministry in 2005) promised that NATO forces in Europe would be smashed in just a week.

A Military Parade on Red Square to celebrate the fifty-fifth anniversary of the October revolution.

Moscow believed that NATO would strike first. According to the plan, the alliance would nuke 25 objects in Poland along the Vistula River with nuclear bombs, turning the country into a devastated polluted area and effectively cutting off the Soviet troops in Eastern Germany, Hungary and Czechoslovakia from its main bases in the USSR.

This, however, would immediately trigger the Warsaw Pact into action. Soviet nuclear forces would strike Germany, Belgium, Netherlands, Denmark and northern Italy. Thus, the NATO headquarters in Brussels would be destroyed.

Combat exercises of Guards paratroopers.

By not nuking the U.S., France and the United Kingdom the Soviets wanted to create division between the Western allies. They knew that not NATO general command, but the U.S., French and British leadership decided separately how and when to use their nuclear weapons. By such a maneuver, the USSR would give them a hard choice: whether to use their nuclear weapons against the Soviets and be certainly nuked in return, to fight with no use of nuclear capabilities or even to stay outside the conflict. With Frances complicated relations with NATO, which it left in 1966 (although continuing to cooperate with it), such a perspective wasnt quite unbelievable.

After the nuclear strikes were done, the Soviet and Czechoslovakian armies planned to break through the enemy lines towards the River Rhine. Since, in tanks, they outnumbered the alliance several times, they were sure of success. At the same time, the neutral, but strategically important Austria, had to be also attacked and occupied by the Hungarians.

While Soviet landing parties would capture important bridges over rivers, the Warsaw Pact aviation was destined to terminate NATOs european airfields and military bases.

The important mission was entrusted to the Soviet Navy. Its task was no less than cutting all communications between the United States and Europe in the Atlantic and preventing Americans from sending reinforcements to its allies. Soviet submarines would hunt down and destroy the U.S. main trump card - aircraft carrier strike groups. Meanwhile, Soviet nuclear submarines in the Arctic Ocean had to be ready to respond to a possible nuclear strike by the U.S.

Moscow believed that if everything went according to the plan, the main NATO forces in Europe would be crushed during seven days. If necessary, the Soviet Army would continue its advance towards France. The shocked and distracted leadership of the Western countries would have no choice but to sit at the negotiation table and the full-scale nuclear war could be avoided.

Combat exercises of Guards paratroopers.

The Soviet command completely ignored the collective defense doctrine of NATO, proclaimed in the 1949 The North Atlantic Treaty, which stated that an attack of one member of the alliance was an attack on all of them. NATO was ready to escalate the full-scale nuclear war in the event of just one member state getting nuked, no matter if it possessed its own nuclear weapons or not.

Even the closest Soviet allies in the Warsaw Pact considered the Seven Days to the River Rhine plan too optimistic and almost impossible to carry out. Still, the Soviets held secret drills based on this plan for 10 years until the late 1980s.

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How the Soviet Union planned to crush NATO in a week - Russia Beyond

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