The "Islamic NATO" Masterplan: How MBS and Erdogan Just Completely Isolated Abu Dhabi
Money Lines Exposed
Mar 19, 2026 #saudiarabia #mbs #erdogan
The Middle East has never had a unified military alliance. For decades, rivalries, sectarian divisions, and competing ambitions made the idea impossible. But something unprecedented is now taking shape — a quiet strategic convergence between two of the region's most powerful and historically antagonistic leaders. Mohammed bin Salman and Recep Tayyip Erdogan are building something that looks, in its earliest form, like the framework of an Islamic military bloc. And its first casualty may be Abu Dhabi.
The Saudi-Turkish rivalry has defined regional politics for years. From Qatar to Libya to the Muslim Brotherhood, Riyadh and Ankara have consistently found themselves on opposite sides. But MBS has made a calculated decision — that a controlled rapprochement with Erdogan serves Saudi strategic interests far more than continued confrontation. Together, they bring the Arab world's largest economy and the Muslim world's most powerful standing army into potential alignment.
For the UAE, this is an alarming development. Abu Dhabi has built its regional influence on being the alternative to political Islam, the anchor of pragmatic Arab statehood, and Washington's most reliable Gulf partner. A Saudi-Turkish axis — even an informal one — directly threatens each of these positions and leaves the Emirates increasingly exposed and strategically isolated.
The geography makes the threat even more acute. Saudi Arabia sits at the heart of the Arab world. Turkey commands NATO's eastern flank and the critical waterways connecting Europe to Asia. Together, they create a strategic arc that stretches from the Bosphorus to the Arabian Sea — an arc that Abu Dhabi sits uncomfortably outside of, with diminishing ability to shape what happens within it.
In this video, we examine the full architecture of this emerging Islamic NATO framework, the strategic logic driving MBS and Erdogan together, why Abu Dhabi is watching this realignment with growing alarm, and what it means for the future balance of power across the Muslim world
Transcript
Transcript
Abu Dhabi is burning. Not metaphorically, literally. The Ruway's refinery, where one of the largest oil processing facilities on the entire
secondsplanet, is on fire. Dubai International Airport, the single busiest aviation hub in the whole Middle East, has been struck. Fuel storage tanks across the
secondsEmirate are in flames. And while all of this is happening, while Abu Dhabi is absorbing the most devastating single night in its modern history, Saudi
secondsArabia is completely silent. No emergency statement, no military scramble, no phone call from Riad to the UN Security Council demanding
secondsaccountability, no GCC solidarity declaration, nothing. That silence, that cold, calculated, entirely deliberate
secondssilence is the most important story that nobody is talking about right now.
secondsBecause here is what you need to understand before we go anywhere else in this story. Abu Dhabi was not randomly caught in the crossfire of a US Iran
secondsconfrontation that spiraled out of control. Abu Dhabi was not collateral damage and a war it had nothing to do with. Abu Dhabi was isolated
minutedeliberately, surgically, strategically by the very governments, the very alliances and the very regional framework it had spent years
minute, secondsdepending on for its security and its survival. By the time you reach the final minutes of this video, you will see not just how it was done, but who
minute, secondsgave the orders, who made the phone calls, and who signed the documents that left Abu Dhabi standing completely alone when the missiles started falling. and
minute, secondsstay locked in because the final piece of this story, the piece about Pakistan,
minute, secondsabout nuclear deterrence, about what a new Islamic security alliance means for every single person on Earth who pays an energy bill or buys groceries or has
minute, secondssavings in a bank. That piece is coming and it reframes everything that came before it. Here is where it starts. The United States launched a series of air
minute, secondsstrikes against Iranian military infrastructure. The official justification delivered from Washington podiums was preeemption. Stop Iran before it crosses the nuclear threshold.
minute, secondsprotect American allies, maintain regional stability, clean language,
minute, secondsconfident language, the kind of language designed to make a catastrophic decision sound like a responsible one. But within hours of those strikes landing on
minutes, secondsIranian soil, something happened inside the American government itself that the major networks buried so fast most people never even heard about it. Joe
minutes, secondsKent, a senior counterterrorism official with deep roots inside the US national security apparatus, resigned. And in his
minutes, secondsresignation, he did not stay quiet. He went on record and said something that should have stopped every conversation in Washington cold. He said the United
minutes, secondsStates had no verified intelligence confirming an immediate Iranian threat.
minutes, secondsHe said the decision to strike was driven not by genuine national security necessity, but by external lobbying pressure from interests that were not
minutes, secondsAmerican. He said that American military credibility and American soldiers were being committed to a conflict that served someone else's strategic agenda,
minutes, secondsnot the agenda of the American people.
minutes, secondsThat statement did not lead a single major broadcast. It did not trend. It was not debated in prime time, but it matters enormously because it tells you
minutes, secondssomething fundamental about the war you're now watching unfold. This was not a war of necessity. It was a war of choice. And wars of choice, wars made
minutes, secondsunder political pressure rather than genuine threat, have a tendency to produce consequences far larger, far messier, and far more durable than
minutes, secondsanyone in the room calculated when they made the decision. Iran's response came fast and it came in a form that stunned every military analyst, every
minutes, secondsintelligence agency, and every government that thought it understood how Iran operates under pressure. Every previous Iranian military retaliation in the modern era had followed a recognizable pattern, measured,
minutes, secondscalibrated, one target, one message.
minutes, secondsEnough pain delivered to signal that Iran was serious without crossing the threshold that would justify a total American military response. Strikes
minutes, secondsthrough proxies, precision attacks on individual bases. Houthi pressure in the Red Sea.
minutes, secondsHezbollah activations in Lebanon. Always enough to demonstrate capability, never enough to invite annihilation. That playbook was decades old. Everyone had
minutes, secondslearned to read it. This time, Iran did not use that playbook. This time, Iran activated a completely different doctrine. Military analysts watching the
minutes, secondsstrike pattern in real time started using a phrase that had only ever been theoretical before, horizontal escalation. Instead of one concentrated
minutes, secondsstrike against one country in retaliation for one act, Iran struck all six Gulf cooperation council members simultaneously in a single coordinated operational window in a single night.
minutes, secondsBahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, all of them at the same time. Read that again
minutes, secondsand let it register. For the first time in the entire modern history of the Middle East, every single Gulf state was struck simultaneously by Iranian
minutes, secondsmilitary action in one night. one operational plan, one message delivered to six governments at once. And the
minutes, secondsmessage was unambiguous. There's no safe harbor anymore. There's no flag that provides protection. There is no American base on your soil that makes
minutes, secondsyou untouchable. If your territory is used as a platform against Iran, your territory becomes a legitimate military target. The era of plausible neutrality
minutes, secondsfor Gulf states hosting American military infrastructure is finished. You are either standing aside completely or you are part of the conflict. There is
minutes, secondsno middle ground left. Now, when the strike assessments came in over the following hours, something in the pattern demanded explanation because not
minutes, secondsevery country suffered equally. Not every government woke up to the same level of destruction. The damage was deeply uneven, and the country that
minutes, secondsabsorbed the most. Disproportionate punishment was not the one with the largest American troop presence. It was not the one with the most vocal anti-Iran foreign policy. It was the UAE. Specifically, it was Abu Dhabi.
minutes, secondsADNOCH, the Abu Dhabi National Oil Company, the financial backbone of the entire Emirate, was forced to shut down its Rowways refinery after drone impacts triggered fires across the facility.
minutes, secondsDubai International Airport, which processes over million passengers annually and serves as the logistics nerve center for the entire Middle East
minutes, secondsand large parts of South Asia and Africa, was struck and paralyzed. fuel storage infrastructure across the emirate burned. And for several hours,
minutesthe city that had built its entire brand identity around being the definition of stability and security in an unstable region looked like every other war zone
minutes, secondsit had spent decades distinguishing itself from. So why Abu Dhabi? Walk through the logic with me because the answer is not complicated once you look
minutes, secondsat the actual decisions that Abu Dhabi's leadership made over the past decade.
minutes, secondsThrough the Abraham Accords brokered in Abu Dhabi made a choice that it understood was historically significant.
minutes, secondsIt normalized full diplomatic and economic relations with Israel. It opened its airspace to Israeli flights.
minutes, secondsIt opened its financial system to Israeli investment and commercial partnerships. It hosted joint military exercises with Israeli defense forces.
minutes, secondsIt integrated intelligence sharing infrastructure. It became, in practical operational terms, a forward partner of the Israeli American security access
minutes, secondsinside the Arabian Peninsula. Not a reluctant partner, an enthusiastic one.
minutes, secondsAbu Dhabi's leadership believed this was the future. That alignment with the most technologically advanced military partnership in the region, backed by
minutesAmerican power, was the path to lasting security and economic dominance. Thran watched all of this. Thran tracked every normalization agreement, every joint drill, every intelligence relationship.
minutes, secondsAnd when the moment arrived to respond to American strikes on Iranian territory, Thran did not need to improvise a target list. The target list had been writing itself for years. Abu
minutes, secondsDhabi had made its position clear through its own actions. And Iran responded accordingly. But here is where the story opens into something far
minutes, secondslarger than a military exchange between Iran and the UAE. Because while Abu Dhabi was burning, Saudi state media was running a conversation that had nothing
minutes, secondsto do with GCC solidarity or Arab unity in the face of Iranian aggression. Saudi linked commentators, Saudi aligned
minutes, secondsacademics, Saudi approved voices because nothing appears on Saudi state- linked platforms without some level of government awareness or describing the UAE not as a victim but as a problem.
minutes, secondsOne Saudi academic speaking on a major regional platform during the very hours that Abu Dhabi's refinery was on fire used language that would have caused a
minutes, seconddiplomatic incident years ago. He described Abu Dhabi as operating in the service of Zionist interests in the Arab world. He accused the UAE's leadership
minutes, secondsof funding and supporting movements in Yemen that had actively worked against Saudi Arabia's own military campaign. He framed Abu Dhabi not as a fellow Gulf
minutes, secondsstate under attack, but as an actor that had made choices with predictable consequences. In the diplomatic culture of the Gulf, you do not say these things on a state- linked platform without
minutes, secondsauthorization. Those words were not a commentator's personal opinion. They were a message, a deliberately transmitted signal from a government
minutes, secondsthat wanted the world to understand where it stood. And where Saudi Arabia stood in that moment was not beside Abu Dhabi. Now we need to talk about the
minutes, secondsalliance that explains everything. The alliance that most western analysis has catastrophically underestimated, under reportported and failed to understand in
minutes, secondsits full strategic implications. The framework being constructed quietly,
minutes, secondsmethodically over the past months between Saudi Arabia, Turkey and Pakistan. Critics and analysts in the region have started calling it the
minutes, secondsIslamic NATO. And unlike most political labels, this one is not an exaggeration.
minutes, secondsThe framework contains formal mutual defense language, language that mirrors almost word for word article of the actual NATO treaty. The foundational
minutes, secondsprinciple that an attack against one member is treated as an attack against all members, triggering a collective response. This is not an informal
minutes, secondsunderstanding. This is a structured security architecture with defined obligations and defined capabilities assigned to each member. Saudi Arabia's
minutes, secondscontribution to this architecture is financial power on a scale that can reshape regional economies within months. Saudi Arabia has the fiscal firepower to fund military buildups,
minutes, secondsinfrastructure projects, political influence campaigns, and economic dependency networks across dozens of countries simultaneously. That financial
minutes, secondsleverage is the foundation of the entire framework. Turkey's contribution is military depth and geopolitical positioning that no other country in the
minutes, secondsIslamic world can replicate. Turkey's military is the second largest in NATO by personnel. It is battle tested across
minutes, secondsSyria, Libya, Azerbaijan, Somalia, and the broader Sahel region. Turkey's domestic defense industry, which barely
minutes, secondsexisted years ago, now produces worldclass combat drones that have changed the outcome of multiple conflicts across three continents. The Barackar drone alone has been deployed in Ukraine, Azerbaijan, Ethiopia,
minutes, secondsSomalia, and Libya, fundamentally altering ground combat wherever it has appeared. And uh Turkey carries something else into this alliance that
minutes, secondsis geopolitically priceless. It is still formerly a NATO member, which means Erdogon has access to Western intelligence networks, western military
minutes, secondsplanning frameworks, and Western diplomatic channels while simultaneously building an independent Islamic security architecture. He is inside both systems
minutes, secondsat the same time. That dual positioning gives Turkey and therefore this entire trilateral framework leverage that no single alliance member can match.
minutes, secondsPakistan's contribution is the element that changes every strategic calculation in the region. Pakistan has nuclear weapons. Pakistan currently operates the
minutes, secondfastest growing nuclear arsenal of any country on earth. Pakistan has ballistic missiles with ranges that cover the entire Middle East. And Pakistan has now
minutes, secondsformally aligned itself inside a mutual defense framework with Saudi Arabia and Turkey. Process what that means in its full weight. The only Islamic nuclear
minutes, secondsdeterrent on the planet is now operating inside a collective security pact alongside the two most powerful non-uclear Sunni military states in the
minutes, secondsworld. For years, the central anxiety of American Middle East policy has been the spread of nuclear capability in the
minutes, secondsIslamic world. Entire diplomatic architectures, entire sanctions regimes,
minutes, secondsentire military postures have been built around preventing a nuclear armed Iran.
minutes, secondsAnd yet, while Washington was focused on Iranian centrifuges, a nuclear-backed Sunni trilateral security alliance was assembled by countries that are formerly
minutes, secondsAmerican allies. The strategic implication of that is almost too large to process in real time. But it will define the next decade and Abu Dhabi is
minutes, secondsnot in this alliance. Abu Dhabi was not invited. Abu Dhabi was deliberately, consciously, and strategically excluded.
minutes, secondsAnd that exclusion, that decision made in Riad and coordinated with Ankra is the master plan. And this video is built around. NBS did not exclude Abu Dhabi
minutes, secondsfrom this framework by accident or oversight. The rivalry between Riad and Abu Dhabi has been the defining undercurrent of Gulf politics for the better part of a decade. On the surface,
minutes, secondsthey are partners. Fellow GCC members,
minutes, secondsfellow Sunni monarchies, fellow recipients of American security guarantees, fellow massive oil producers. But beneath that surface, the
minutes, secondscompetition for dominance in the EU Arab world has been intense, expensive, and sometimes vicious. the UAE's normalization with Israel, its
minutes, secondsaggressive military expansion into Yemen's southern coast, its growing influence across the Horn of Africa and East Africa, its development of a
minutes, secondsgenuinely sophisticated domestic military-industrial base. All of this has been read in Riyad not as the actions of a junior partner growing into
minutes, secondsits potential, but as a direct challenge to Saudi, Arabia's claim to be the indispensable center of the Arab world.
minutes, secondsMBS decided that challenge needed to be answered, not with a confrontation, with a framework. a framework that made Saudi Arabia the irreplaceable anchor of a new
minutes, secondsIslamic security architecture and left Abu Dhabi standing outside it exposed and dependent on an American Israeli axis that the broader Islamic world was
minutes, secondsrapidly turning against. The timing of what happened in the last hours did not occur in isolation from that framework. It occurred precisely as that
minutes, secondsframework was solidifying and the result is exactly what a sophisticated geopolitical strategist would have designed. Abu Dhabi is isolated. Abu
minutes, secondsDhabi is damaged. Abu Dhabi's brand of stability is shattered and the countries that were building the alternative architecture are by comparison in
minutes, secondsstronger positions today than they were before the conflict started. Now let us talk about your money because everything described so far has a direct immediate
minutes, secondsmeasurable impact on every economy on Earth and most people have absolutely no idea how close the edge actually is. The straight of Hormuz is mi wide at its
minutes, secondsnarrowest navigable point. Through those miles, approximately % of all globally traded oil flows every single
minutes, secondsday. That is million barrels. Every morning before the sun rises, it includes the overwhelming majority of export crude from Saudi Arabia, Iraq,
minutes, secondsKuwait, the UAE, and Qatar. It is the most critical single choke point in the entire global energy system. There is no bypass. There is no alternative route
minutes, secondsthat can handle that volume. If the straight closes, even partially, even temporarily, the global energy system goes into shock. Iran controls the
minutes, secondsnorthern coastline of the straight of Hormuz entirely. Its missile batteries are positioned along every navigable kilometer of it. Its naval assets and
minutes, secondsits drone capabilities cover the water on both sides. And in the hours following its simultaneous strikes across the Gulf, Iranian military
minutes, secondscommanders made an announcement that every energy trader on Earth understood immediately. The strait would be subject to security controls. In diplomatic language, that is a measured, careful
minutes, secondsphrase. In energy market language, it meant one thing. The straight was closed. Oil prices did not gradually tick upward. They exploded in a single
minutes, secondssession at a speed that had not been recorded in peaceime trading in living memory. Brent crude surged to levels that made the post Ukraine spike
minutes, secondslook moderate by comparison. And the cascade through connected markets began within the same trading hour. Airlines immediately began calculating emergency
minutes, secondsfuel search charges. Several major global shipping companies announced they were rerouting all Gulfbound tankers around the Cape of Good Hope. a detour
minutes, secondsthat adds between two and three weeks to transit times and hundreds of millions of dollars to the cost of each delivery cycle. Insurance premiums for vessels
minutes, secondsattempting to enter the Gulf of Omen tripled overnight. Some underwriters refused to quote at any price. And then the Qatar situation compounded
minutes, secondseverything. Qatar hosts the Ross Lafon industrial city on its northeastern coast. Ros Lafan is not simply a large
minutes, secondsindustrial facility. It is the single largest liqufied natural gas export complex on the entire planet. It is the backbone of European energy security in
minutes, secondsthe post-Russia era. When European governments cut off Russian pipeline gas after the Ukraine invasion, they rebuilt their entire energy supply strategy around long-term Qatari LNG contracts.
minutes, secondsThe infrastructure investments, the policy commitments, the political promises made to European citizens about energy independence, all of it was built
minutes, secondson a foundation of Qatari LNG flowing reliably to European terminals. And then inside this conflict, Ross Leafon was
minutes, secondsstruck. Multiple drone impacts, fires across the facility, emergency production shutdowns across multiple processing trains. European gas prices,
minutes, secondswhich had already surged on straight of Hormuz news, jumped % in a single trading session. A single session, %.
minutes, secondsIn Germany, which had already been fighting a slow motion de-industrialization crisis driven by elevated energy costs since the Russia cutoff, energyintensive industries,
minutes, secondssteel production, chemical manufacturing, heavy industrial processing began making emergency shutdown calculations within hours.
minutes, secondsPlant managers were on calls with government officials before European markets even opened for the morning session. In is France, emergency cabinet
minutes, secondsmeetings were convened. In the United Kingdom, where household energy bills had already destroyed the purchasing power of millions of working families during the previous cost of living
minutes, secondscrisis, Treasury officials were privately revising winter energy bill projections upward at figures they were not yet willing to release publicly because of the social and political
minutes, secondsconsequences of doing so. Japan, South Korea, and Taiwan, three economies almost entirely dependent on imported Gulf Energy, began simultaneous
minutes, secondsemergency assessments. Japan's central bank faced immediate yen pressure. South Korean industrial output forecasts were cut within hours. India was trapped in a
minutes, secondsthree-way contradiction. It needed Gulf oil to keep its economy growing. It needed stable energy prices to manage inflation. And it needed its carefully
minutes, secondsmaintained relationship with Iran to protect the Chabahar port corridor that gives it strategic access to Central Asia and Afghanistan without going
minutes, secondsthrough Pakistan. All three of those needs were now in direct and irreconcilable conflict. Global equity markets opened and confirmed what anyone
minutes, secondswith a basic understanding of energy economics already knew was coming.
minutes, secondsDefense contractors Rathon, Loheed Martin, Northrup Grumman, BAE systems surged. Everything else fell. Airlines
minutes, secondscollapsed because aviation fuel is directly indexed to crude oil prices.
minutes, secondsAutomobile manufacturers fell because every plastic component, every rubber seal, every synthetic fiber in every vehicle is a prochemical derivative.
minutes, secondsRetail stocks fell because every product on every shelf in every store arrives on a truck powered by diesel. The economic impact of a gulf. Energy shock does not
minutes, secondsstay in the energy sector. It propagates through the entire supply chain architecture of the global economy like electricity through a circuit fast in
minutes, secondstotal. And the critical context that makes this particular shock uniquely dangerous is the state in which the global economy entered it. This did not
minutes, secondshappen to a strong, well- capitalized resilient global economic system. This happened to a system that had been weakened by years of post-pandemic debt
minutes, secondsaccumulation, that was still fighting inflation that had never fully been defeated, that had absorbed two years of elevated interest rates, that compressed
minutes, secondscorporate margins and household budgets simultaneously, and that had central banks with essentially no room to cut rates aggressively because cutting into
minutes, secondsundefeated inflation risks reigniting it. There was no buffer. There was no reserve of policy capacity sitting ready to absorb a shock of this scale. The
minutes, secondsglobal economy entered this crisis. The way an exhausted person enters a fight,
minutes, secondsalready depleted, already running on reserves that were nearly gone. The economists who were already publishing recession probability models before any
minutes, secondsof this began are now running scenario analyses they have not yet released publicly because the numbers in those scenarios are alarming enough that
minutes, secondsreleasing them without a careful communications strategy risks accelerating the very financial panic they're designed to measure. This is not a sixweek price spike that corrects when
minutes, secondsthe situation stabilizes. This is a structural energy disruption arriving into a structurally vulnerable global economic system. The combination of
minutes, secondsthose two things, a severe supply shock and a fragile absorptive capacity is the definition of a systemic crisis. Now,
minutes, secondslet us bring it home. Let us come back to Abu Dhabi one final time and close the complete picture. Abu Dhabi made three bets over years. The first bet
minutes, secondswas on Israel that the Abraham Accords would deliver security, economic dividends, and a seat at the most powerful table in the region. What it
minutes, secondsalso delivered was a permanent target designation in the eyes of Thran and a permanent credibility problem in the broader Islamic world. The second bet
minutes, secondswas on neutrality as a brand that Dubai and Abu Dhabi could be the Switzerland of the Middle East, open to everyone,
minutes, secondssafe for everyone, business before geopolitics. That brand collapsed the moment the gap between the UAE's public neutrality and its actual intelligence
minutes, secondsand military posture became operationally relevant to Iran's targeting decisions. The third bet, the most painful one, was on GCC solidarity,
minutes, secondsthe assumption that Saudi Arabia would be there if things went catastrophically wrong. That bet did not just fail. It failed in a way that was engineered. NBS
minutesbuilt the Islamic NATO framework. NBS excluded Abu Dhabi from it. And Saudi state media ran the editorial framing that positioned Abu Dhabi as a problem
minutes, secondsrather than a victim. That sequence was not coincidental. It was deliberate.
minutes, secondsPower vacuums do not stay empty. The strategic space that a damaged,
minutes, secondsisolated, credibility depleted UAE occupied in the Middle East will be filled. Saudi Arabia wants to fill it.
minutes, secondsTurkey wants to fill it. Both of them are stronger and more aligned today than at any point in this decade. The competition to absorb the influence, the
minutes, secondsfinancial networks, the trade relationships, and the diplomatic positioning that Abu Dhabi built over years has already begun. The straight of
minutes, secondsHormuz does not care about any of this strategic calculation. It does not care about trilateral packs or Abraham Accords or Islamic NATO frameworks or
minutes, secondsthe rivalry between MBS and MBZ. It cares about million barrels a day.
minutes, secondsAnd right now, those barrels are not moving. And every hour, they do not move. The bill being calculated in the world's finance ministries and central
minutes, secondsbanks gets larger. And that bill is not paid only by governments. It is paid by every household on earth that heats its home, fills a tank, buys food, or hold
minutes, secondssavings in a financial system connected to the global economy. What happened in the last hours is not a temporary crisis that will resolve itself when the
minutes, secondsdiplomats find a quiet room and make a deal. What happened is the visible surface of a fundamental restructuring.
minutes, secondsThe Middle East that existed for years, built on American military primacy, on dollar denominated energy markets, on Gulf states that traded
minutes, secondssovereignty and foreign policy for security guarantees from Washington.
minutes, secondsThat Middle East is over. What is replacing it is more multipolar, more contested and governed by a new set of actors with a new set of rules. The
minutes, secondsphone calls were made. The alliance documents were signed. The framework was built. Abu Dhabi was excluded. And the missiles confirmed what the diplomacy
minutes, secondshad already decided months, possibly years before the first strike was ever launched. History is not always written by wars. Sometimes it is written by the
minutes, secondsquiet decisions that precede wars. The alliance meetings that nobody covered,
minutes, secondsthe editorial choices on state television that everyone missed, the security framework documents signed in rooms that cameras were not allowed into. Those decisions were made. Those
minutes, secondsrooms existed. Those documents were signed. And Abu Dhabi just paid the first installment of the price for not being in any of those rooms. The rest of
minutes, secondsthe world is now slowly beginning to calculate exactly what it collectively owes on the next
