August 28, 2013
The pending Syrian conflict is causing concern in the stock market “over the last 48 hours”, according to Jim Russell, senior equity strategist at US Bank Wealth Management (USBWM).
Demand for precious metals has climbed because of the military presence in the Middle East.
Bernard Sin, head of currency and metal trading at bullion refiner MKS (Switzerland) SA in Geneva, said : “We are seeing safe haven buying across the board. Geopolitical uncertainty triggered this buying interest.”
Menawhile, Capitol Hill is in accord in asking President Obama to demand for Congressional approval for a US Military intervention in Syra.
The reason for this display is the assumption that the Syrian government used chemical weapons.
House Representative Scott Rigell told Obama in a letter: “Engaging our military in Syria when no direct threat to the United States exists and without prior congressional authorization would violate the separation of powers that is clearly delineated in the Constitution. We stand ready to come back in to session, consider the facts before us, and share the burden of decisions made regarding the U.S. involvement in the quickly escalating Syrian conflict.”
Senator Rand Paul said : “We should ascertain who used the weapons and we should have an open debate in Congress over whether the situation warrants U.S. involvement. The Constitution grants the power to declare war to Congress, not the president.”
Obama declared that he has the authority legally to “conduct limited military intervention when it is deemed vital to national security interest.”
The UN Security Council (UNSC) has begun a draft of a document wherein they are placing the responsibility for chemical weapons on the Syrian government.
UK Prime Minister David Cameron said that this resolution would be “put forth at a meeting of the five permanent members of the Security Council.”
Cameron stress that this resolution would confirm “the chemical weapons attack by Assad” and authorize “necessary measures to protect civilian lives.”
Prime Minister Benjamin Netanyahu briefed his security cabinet on the perceived probability that Israel will be a Syrian target.
Deputy Foreign Minister Vladimir Titov remarked that the Russian Federation is in opposition to this UNSC resolution and will protect Syria by authorizing the use of “necessary measures” to ensure their promise.
Russian President Vladimir Putin said that the US is using human rights as a “pretext to support the ouster of Middle Eastern leaders Washington wants to remove from power for geopolitical reasons.”
Russian officials maintain that there is no proof that the Syrian government used chemical weapons and that this strike would cause “uncontrollable chaos in the greater Middle East and strengthen the position of extremists and terrorist groups including al Qaeda”.
Iranian government officials have announced that if there is a strike on Syria, they will attack Israel.
Fars, a state-funded media outlet stated : “In case of a U.S. military strike against Syria, the flames of outrage of the region’s revolutionaries will point toward the Zionist regime.”
Netanyahu said : “Following a security assessment held today (Wednesday), there is no reason for a change to normal routines. We are, in parallel, preparing for any scenario.”
Reservists have been called to duty, just in case.