Free Republic

An audacious Ukrainian drone attack against multiple airbases across Russia is a humiliating security breach for Vladimir Putin that will doubtless trigger a furious response. Pro-Kremlin bloggers have described the drone assault - which Ukrainian security sources said hit more than 40 Russian warplanes - as "Russia's Pearl Harbor" in reference to the Japanese attack against the US in 1941 that prompted Washington to enter the Second World War. The Ukrainian operation - which used small drones smuggled into Russia, hidden in mobile sheds and launched off the back of trucks - also demonstrated how technology and imagination have transformed...

A special European Union initiative to protect trade with Iran against newly reimposed U.S. sanctions faces possible collapse with no EU country willing to host the operation for fear of provoking U.S. punishment.

Quasi-fiscal scoundrels 4: helping banks When I hear or read the words ‘off-balance-sheet financing’ or ’special purpose vehicle’, warning lights begin to flash and I grab for my obfuscatometer. Off-balance-sheet financing is any form of funding that avoids placing the owners’ equity, liabilities or assets on the balance sheet of a firm or other legal entity. The most common way to achieve this is by placing those items on some other entity’s balance sheet. A standard approach is to create a special purpose vehicle (SPV) and place assets and liabilities on its balance sheet. An SPV is a firm or...