Editor's Pick
Biden Administration Rejects Global Tax on Billionaires

US Stance Contrasts with Support for Global Minimum Corporate Tax
By Kasim Abdulkadir:
The Biden administration opposes a global tax on billionaires’ assets, a proposal supported by several G20 nations. Treasury Secretary Janet Yellen emphasizes progressive taxation but rejects international wealth taxation schemes.
A proposal under consideration by some G20 nations to impose a worldwide tax on the assets of billionaires lacks support from the Biden administration, according to U.S. Treasury Secretary Janet Yellen. Speaking to The Wall Street Journal, Yellen reaffirmed the U.S.’s commitment to progressive taxation, where the wealthy pay a larger share of their income. However, she clarified that the U.S. does not support a global arrangement for taxing billionaires, stating, “We’re not supportive of a process to try to achieve that. That’s something we can’t sign on to.”
Without U.S. backing, the proposal faces slim chances of implementation, despite support from leaders of large economies like France and Brazil. The U.S. stance on this issue contrasts sharply with its endorsement of a global minimum tax on international businesses, an agreement Yellen helped broker early in President Joe Biden’s tenure.
The Global Billionaire Tax Proposal
The aim of a global tax on billionaires is to curb tax evasion by the ultra-wealthy, who often move assets across borders to tax havens, avoiding domestic tax authorities. Unlike income tax, which can be minimized through various investment strategies, a wealth tax targets the total assets of billionaires.
Economist Gabriel Zucman, director of the EU Tax Observatory, highlighted the regressive nature of the current global taxation system at a G20 finance ministers meeting in February. Zucman’s research shows that billionaires often pay a lower effective tax rate than average taxpayers. He advocates for international coordination to establish a common minimum standard, arguing that it would prevent the ultra-wealthy from relocating to low-tax jurisdictions.
According to Zucman’s organization, a 2% annual tax on the wealth of approximately 3,000 billionaires worldwide could generate $250 billion in revenue each year.
Moral and Economic Arguments
Prominent economists have voiced support for the global billionaire tax. MIT professor and Nobel Prize-winning economist Esther Duflo, addressing a G20 meeting in Washington, backed the 2% tax and a global tax on international businesses. Duflo argued that the revenue should aid poor nations in adapting to climate change, framing it as a “moral debt” owed by wealthy individuals and corporations whose activities contribute significantly to global carbon emissions.
Duflo emphasized, “Rich people and rich corporations are making their income from selling their products everywhere in the world, including in poor countries. We are not talking about extortion; we are talking about paying your fair share.”
Brazilian Finance Minister Fernando Haddad also defended the proposal, highlighting the need for international taxation to address economic inequality and support the United Nations Sustainable Development Goals. Haddad stressed that individual national efforts are insufficient without international cooperation to prevent tax evasion by the wealthy.
French Finance Minister Bruno Le Maire and International Monetary Fund Managing Director Kristalina Georgieva echoed these sentiments, advocating for fairness and efficiency in global tax systems. Le Maire stated, “You can count on France’s absolute support. It is a matter of efficiency and justice.”
Georgieva pointed out that in many countries, the wealthy pay fewer taxes than the middle class and even the poor. She called for closing loopholes and preventing tax evasion through international agreements that facilitate tax information sharing.
In conclusion, the Biden administration’s rejection of a global tax on billionaires highlights a significant divergence in approaches to international taxation. While the U.S. supports a global minimum tax on corporations, it remains opposed to a wealth tax on billionaires. This stance underscores the complexities and challenges in achieving international consensus on taxing the ultra-wealthy.
As the debate continues, the future of global taxation will likely depend on broader international cooperation and the willingness of major economies to align their tax policies to address growing economic inequalities and the pressing needs of climate change adaptation.
Editor's Pick
Raila’s Next Move: Join Ruto, Lead ODM, or Carve a New Path?

After AUC Loss, Kenya’s Political Titan Faces Defining Choice—2027 Bid or Government Role?
Raila Odinga’s defeat in the African Union Commission (AUC) elections has reignited speculation over his next political move. For months, the veteran politician distanced himself from Kenya’s political scene, focusing on his continental bid. Now, with that chapter closed, the burning question is: what’s next for Raila?
One scenario suggests Raila could align with President William Ruto, capitalizing on growing calls to implement the National Dialogue Committee (NADCO) report, which proposes creating the position of Prime Minister. This move could secure him a powerful government role, offering influence without the bruising battle of a presidential contest. Pro-Ruto allies like Senator Samson Cherargei are already pushing for this constitutional amendment.
Alternatively, Raila could reassert dominance over ODM, setting the stage for another 2027 presidential bid. With ODM celebrating its 20th anniversary, party loyalists may pressure him to reclaim his leadership and mobilize opposition against Ruto’s administration. Figures like Kalonzo Musyoka and Peter Kaluma are already hinting at a revitalized opposition movement, positioning Raila as its figurehead.
Another possibility? Retirement. Some rivals, like Githunguri MP Gathoni Wamuchomba, argue that after this loss, Raila should bow out of politics and accept a state-backed retirement package. But history suggests otherwise—Raila thrives in political reinvention.
Whether he chooses reconciliation or resistance, his decision will reshape Kenya’s political landscape. If he embraces government cooperation, he could cement his legacy as a unifying statesman. But if he returns to opposition, he might once again lead a bruising battle toward 2027.
Why Djibouti’s Mahamoud Ali Youssouf Will Win the AU Chairmanship
Editor's Pick
The Billionaires Who Bankrolled Hitler—And Paid the Price

German oligarchs helped Hitler rise to power—only to end up in concentration camps. A cautionary tale for today’s corporate elite?
History is ruthless to those who believe they can control tyrants. In the early 1930s, German industrialists saw Adolf Hitler as a useful tool—a blunt instrument they could wield to crush unions, eliminate political instability, and create a business-friendly dictatorship. They financed his rise, thinking they were playing him. Instead, Hitler played them, and many of these same elites later found themselves stripped of power, imprisoned, or even executed.
Alfred Hugenberg, a media mogul who opened the floodgates for Hitler’s chancellorship, was warned of his mistake. He dismissed the danger—until he found himself fleeing for his life. Siemens, once a pillar of German industry, was forced into the Nazi war machine, employing 80,000 slave laborers in a system of mass murder and totalitarian rule.
Corporate greed and political arrogance have always been a volatile mix. Business leaders bet on Hitler to stabilize the economy. Instead, he shattered every norm, wiped out rivals, and ruled by fear. Today’s billionaire class—whether in Silicon Valley, Wall Street, or beyond—should take heed. History has a way of swallowing those who think they can harness the storm. Will they learn, or will they repeat the fatal mistake of the oligarchs who thought they could control a monster?
Editor's Pick
US agency scrambles to rehire nuclear safety staff it fired on Trump’s order

Trump’s cost-cutting purge backfires as US nuclear safety agency scrambles to rehire fired experts amid security crisis.
The Trump administration’s aggressive purge of federal workers has backfired spectacularly, forcing the National Nuclear Security Administration (NNSA) into a desperate scramble to rehire nuclear safety personnel it just fired. Among those axed were specialists overseeing America’s nuclear warhead stockpile, stationed at top-secret facilities. The layoffs, part of Trump’s broader cost-cutting drive, now pose a direct threat to US national security.
The chaos erupted after termination letters went out, axing key personnel from nuclear labs in Los Alamos, Livermore, and the Pantex Plant—critical sites for warhead development and maintenance. The NNSA, now struggling to contact and rehire these employees, admitted in an internal memo that they have “no good way” to reach them.
The firings stem from Trump’s push to gut the federal workforce, with over 10,000 layoffs last week alone. Energy officials warned of potential gaps in nuclear oversight, but the cuts proceeded anyway, adding to Trump’s growing list of controversial national security moves.
While Trump claims to want a global denuclearization push, his decision to cripple America’s nuclear security infrastructure is raising alarms. The fallout is already underway: a nuclear watchdog crisis, an embarrassed energy department, and a White House scrambling to contain yet another self-inflicted disaster. With nuclear safety on the line, America can’t afford another misstep.
Editor's Pick
EU Naval Forces Crush Somali Pirate Threat, Rescue Hijacked Yemeni Fishing Boat

EUNAVFOR Atalanta successfully recovers Yemeni vessel Al Najma after Somali pirates hijack the boat off the coast of Eyl.
The European Union Naval Force (EUNAVFOR) Atalanta swiftly responded to a pirate hijacking off the Somali coast, successfully recovering the Yemeni fishing vessel Al Najma. The attack, which took place in the Eyl district of the Nugal region, was described as an armed robbery at sea, marking a resurgence of piracy in the region.
Somali Piracy Resurfaces: Armed Raiders Seize Fishing Boat Off Horn of Africa
Atalanta’s rapid naval and air deployment led to the successful seizure of the vessel, ensuring the safety of all 12 crew members. According to official reports, the pirates abandoned the ship after looting valuables, leaving the crew unharmed but shaken.
With piracy in the Horn of Africa resurging amid regional instability, this latest incident underscores the ongoing threat posed by criminal networks operating in Somali waters. Despite years of international naval patrols suppressing large-scale piracy, the collapse of security structures onshore has allowed rogue elements to reemerge, threatening commercial and fishing vessels.
EUNAVFOR Atalanta continues to conduct operations to deter maritime threats, gathering intelligence on the latest attack. As instability in the Red Sea intensifies due to regional conflicts, the fight against piracy is once again at the forefront of global security concerns. The successful rescue of Al Najma signals Europe’s continued commitment to protecting international waters and ensuring the safety of maritime trade routes.
Editor's Pick
Zimbabwe to Compensate Foreign White Farmers, But Local Displaced Farmers Still Left Waiting

Harare begins paying $146 million to foreign investors under land reform agreements, but Zimbabwean white farmers remain uncompensated.
Zimbabwe’s government has begun paying $146 million in compensation to foreign investors whose land was seized during the controversial land reforms of the early 2000s. Finance Minister Mthuli Ncube confirmed that 94 farmers from countries like Switzerland, Denmark, and Germany will receive payments, with $20 million allocated from both the 2024 and 2025 budgets. The move, linked to Zimbabwe’s efforts to rebuild international financial credibility, aims to clear the entire debt by 2028.
However, the decision has sparked outrage among displaced white Zimbabwean farmers, who were promised $3.5 billion under a 2020 compensation agreement that remains largely unpaid. Critics argue that the government’s selective payouts undermine trust and discourage foreign investment. Meanwhile, resettled black farmers will soon receive title deeds, raising concerns about overlapping claims on land still legally owned by its original titleholders.
As Zimbabwe seeks debt relief and economic revival, the land issue remains a political and financial powder keg. Without a comprehensive resolution, Harare risks further alienating investors and fueling legal battles that could stall economic progress.
Editor's Pick
Eritrea: Iran’s New Proxy and a Strategic Threat to Red Sea

Eritrea’s deepening ties with Iran and silence on Houthi aggression expose a growing security threat in the Red Sea.
Eritrea has become Tehran’s silent enforcer in the Horn of Africa, turning a blind eye to Iran’s destabilizing agenda while emerging as a direct security risk to Israel and the U.S. The regime of President Isaias Afwerki, long isolated and despised by its own people, has now fully aligned itself with Iran—giving the Islamic Republic a strategic foothold on the Red Sea’s western shore.
The evidence is mounting. Eritrea’s refusal to condemn Houthi attacks on international shipping, despite these incidents occurring within its territorial waters, speaks volumes. Tehran is leveraging this partnership to enhance its asymmetric warfare tactics, using the Houthis as frontline disruptors while Eritrea provides strategic depth. Iran’s goal is clear: cement Red Sea dominance, disrupt Israeli trade routes, and project power beyond the Persian Gulf.
The latest signal of Eritrea’s shifting allegiance came in November 2024, when Eritrean authorities detained three Azerbaijani ships. The vessels, forced into Eritrean waters due to severe weather, were targeted not because of any legitimate security concerns, but because of Azerbaijan’s deep ties with Israel. This move, almost certainly orchestrated under Iranian influence, sends a chilling message—Eritrea is willing to act against Israel’s allies at Iran’s behest.
Eritrea has the military capability to help stabilize Yemen, yet its continued silence on Houthi violations suggests a deeper collusion. The same Eritrean military that has historically deployed forces in neighboring conflicts could, under Tehran’s direction, be repurposed as an extension of Iran’s proxy network. This shift has profound implications for Israel’s security, U.S. military operations, and the future of Red Sea stability.
Israel and its allies must act swiftly. Strengthening Eritrea’s opposition movements, disrupting Tehran’s economic lifelines to Asmara, and reinforcing naval dominance in the Red Sea should be immediate priorities. Eritrea cannot be allowed to become the next Hezbollah-like stronghold, where Iran operates with impunity.
The warning signs are clear—Eritrea is no longer just an isolated dictatorship. It is now a key player in Iran’s global strategy, and if left unchecked, it could become the next major flashpoint in the Middle East’s evolving shadow war.
Editor's Pick
Mogadishu Police Raid Mothers’ House: Women’s Leaders Arrested Amid Property Dispute

Somali police seize Mothers’ House, detain women’s association leaders as PM Barre faces allegations of selling the historic building to private interests.
Mogadishu witnessed a dramatic escalation on Saturday as Somali police stormed the Mothers’ House compound, forcibly evicting the Somali National Women’s Association (SNWA) and arresting its deputy leaders. The crackdown, allegedly ordered by Prime Minister Hamza Abdi Barre, has ignited a political firestorm, with accusations that the government is handing over the historic property to private business interests.
The operation—conducted under the cover of dawn—has sparked outrage. Why the urgency? Why now? SNWA leaders claim Barre’s administration has sold out to well-connected elites, eager to commercialize the site for profit. If true, this move exposes the government’s willingness to dismantle national institutions for economic gain, with little regard for historical and social significance.
The raid raises disturbing questions about Somalia’s governance. If the Prime Minister can override due process, seize property, and jail respected female leaders at will, what does that mean for civil society? Is this the future of Somalia’s democracy?
A legal battle is now underway at the Banadir Regional Court, but given Somalia’s notorious corruption, will justice prevail? Or will power and money decide the fate of Mothers’ House?
Editor's Pick
Ruto’s 2027 Conspiracy: Is Kenya’s Security Being Traded for Somali Votes?

As President Ruto courts Somali votes ahead of 2027, fears rise over national security, Al-Shabaab threats, and the Kenyan passport’s credibility.
Kenya’s President William Ruto is taking an unprecedented gamble—securing his 2027 re-election bid at any cost. His latest move? Removing security vetting for Somali Kenyans seeking identification, a long-standing safeguard against foreign infiltration, terrorism, and electoral fraud.
By lifting vetting requirements, Ruto has thrown open the floodgates to undocumented individuals who can now seamlessly acquire Kenyan IDs and passports—without scrutiny. Who will be holding these documents? Al-Shabaab operatives? Foreign voters? Somali nationalists reviving the irredentist dream of a “Greater Somalia”?
The 1963–1967 Shifta War may have ended, but Somali nationalism never died. For decades, regional governments have resisted the push to unify all Somali people into one nation—yet Ruto’s move breathes new life into this dangerous ambition. Will Kenya’s northeastern frontier become the next flashpoint?
Even more alarming, Kenya’s global counterterrorism reputation is at stake. With the Kenyan passport now more easily accessible, expect stricter travel restrictions from Western allies wary of compromised security. Will Kenya trade its credibility for ballot numbers?
The 2027 elections are still three years away, but Ruto’s reckless pursuit of votes could rewrite Kenya’s national identity. If security concerns are sidelined for political convenience, Kenya may find itself paying a catastrophic price—long after the ballots are counted.
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