Trump: U.S. Will Provide "Risk Insurance" For All Shipping in the Gulf

(Tankers are not moving thru the Strait of Hormuz because Iran is now threatening to lite them on fire if they do and insurance companies are understandable pulling their coverage of any vessel moving thru that area. So what do TrumpyBear do? He tells them he will use navy ships as escorts for tankers and offer companies re-insurance coverage at a low price backed by... wait for it... yep... backed by the U.S. taxpayers. That's right. YOU! You are now the insurer of last resort for BIG OIL and you will be on the hook for every dollar lost if someone tries to get thru the Strait and gets wrecked. And by the way, a couple companies have already contacted the navy asking about those escorts and were told they do not have the ships available to do it... so they are on their own. How bout that? Now these oil companies can pressure the crews on these ships to run the gauntlet and if they get sank... the company STILL MAKES A PROFIT AND YOU PAY FOR IT!!!!! Holy shit... talk about EVERYTHING FOR BIG BUSINESS, right?!?)

from the Maritime Executive

One day after leading marine insurance underwriters decided to withdraw war risk cover for the Persian Gulf and Strait of Hurmuz, the White House has ordered a foreign-aid policy bank to begin offering "guarantees" for shipping of all nations through the strategic waterway. The decision, if implemented, would relieve pressure on foreign-flag shipowners and allow overseas energy buyers - particularly in China - to continue to purchase Mideast oil and gas. 

In a statement, President Donald Trump said that he has ordered the U.S. Development Finance Corporation (DFC) to provide "political risk insurance and guarantees" for the financial security of all maritime trade - especially petroleum - in the Gulf region. 

He added that if it becomes necessary, the U.S. Navy will be tasked with escorting tankers through the Strait of Hormuz, a mission reminiscent of Operation Earnest Will (the "Tanker Wars") in the late 1980s. During Earnest Will, participating foreign tankers were required to reflag into the U.S. registry to obtain protection. 

"No matter what, the United States will ensure the free flow of energy to the world," Trump promised. "The United States' economic and military might is the greatest on earth."...

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