From Forbes
By Steve Forbes
''A new gold standard is crucial. The disasters that the Federal Reserve
and other central banks are inflicting on us with their funny-money
policies are enormous and underappreciated. An unstable dollar is
wreaking havoc on our capital markets, depriving us of money for
productive enterprises and future enterprises while subsidizing
government debt on a scale never before seen in U.S. history. The
zero-interest-rate policy destroys capital by punishing savers and
enabling the central bank to allocate where capital goes. By definition
such central planning means subpar or negative returns. No one believes,
given the finances of the U.S. government, that a ten-year Treasury
bond should yield only 1.8%.''
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Thursday, October 4, 2012
Pepe Escobar: ''The $5 trillion question''
From Asia Times
"In his eagerness to spew out all matter of memorized talking points in virtually any intervention, as if he had a date with destiny (he actually had), 47% Mitt seems to have forgotten that for months he's been running a campaign in which one of the central planks is to lower the taxes of everyone in the US by 20%. Every worthy independent analysis in the US has concluded that this will mean a revenue deficit of $5 trillion over 10 years.
Here's what Mitt had to say about it when confronted by POTUS:
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"In his eagerness to spew out all matter of memorized talking points in virtually any intervention, as if he had a date with destiny (he actually had), 47% Mitt seems to have forgotten that for months he's been running a campaign in which one of the central planks is to lower the taxes of everyone in the US by 20%. Every worthy independent analysis in the US has concluded that this will mean a revenue deficit of $5 trillion over 10 years.
Here's what Mitt had to say about it when confronted by POTUS:
I don't have a $5 trillion tax cut. I don't have a tax cut of the scale you're talking about. I think we ought to provide tax relief to people in the middle class. But I won't reduce the share of tax paid by high-income people. … I'm not looking to cut massive taxes and to reduce revenues going to the government. My number one principal is, there will be no tax cut that adds to the deficit. I want to underline that no tax cut will add to the deficit.''
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''Back to gold - eventually''
From Asia Times
By Martin Hutchinson
''No less an authority than Goldman Sachs CEO Lloyd Blankfein said at the Clinton Global Initiative last week that the United States could risk its status as the world's reserve currency if congress fails to act and the "fiscal cliff" program of spending cuts and tax increases is enacted January 1.
Actually Blankfein's statement was the reverse of the truth; enaction of the "fiscal cliff" program, halving the US budget deficit at a stroke, is one of the few outcomes that could AVOID the US losing its reserve currency status. But on the assumption that the politicians continue to misbehave after November 6, that trillion-dollar deficits continue, and the US does indeed over time lose its reserve currency status, what will a world without a reserve currency look like?
There is no relatively recent historical parallel we can examine to answer that question. The world has had the dollar as undisputed reserve currency since 1945, or really since 1939. Between 1914 and 1939 there were two reserve currencies, the dollar and sterling, with sterling more used in the 1930s than the 1920s, because that decade, once Britain went off the Gold Standard, was a period of robust health for the British economy, while the United States was mired in depression and isolationism. For more than a century before 1914, the world's undisputed reserve currency was sterling, although there were various regional alternatives.''
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By Martin Hutchinson
''No less an authority than Goldman Sachs CEO Lloyd Blankfein said at the Clinton Global Initiative last week that the United States could risk its status as the world's reserve currency if congress fails to act and the "fiscal cliff" program of spending cuts and tax increases is enacted January 1.
Actually Blankfein's statement was the reverse of the truth; enaction of the "fiscal cliff" program, halving the US budget deficit at a stroke, is one of the few outcomes that could AVOID the US losing its reserve currency status. But on the assumption that the politicians continue to misbehave after November 6, that trillion-dollar deficits continue, and the US does indeed over time lose its reserve currency status, what will a world without a reserve currency look like?
There is no relatively recent historical parallel we can examine to answer that question. The world has had the dollar as undisputed reserve currency since 1945, or really since 1939. Between 1914 and 1939 there were two reserve currencies, the dollar and sterling, with sterling more used in the 1930s than the 1920s, because that decade, once Britain went off the Gold Standard, was a period of robust health for the British economy, while the United States was mired in depression and isolationism. For more than a century before 1914, the world's undisputed reserve currency was sterling, although there were various regional alternatives.''
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''US Households Face $3,446 Tax Increase From 2013 Fiscal Cliff''
From MoneyNews
''U.S. households are facing an average tax increase of $3,446 in 2013 if Congress doesn’t avert the so-called fiscal cliff, the nonpartisan Tax Policy Center said in a study released Monday in Washington.
The top 1 percent of households face some of the largest tax increases and would see their average federal tax rates hit 40.5 percent, up 7.2 percentage points from this year. That would translate to an average tax increase of $120,537.''
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''U.S. households are facing an average tax increase of $3,446 in 2013 if Congress doesn’t avert the so-called fiscal cliff, the nonpartisan Tax Policy Center said in a study released Monday in Washington.
The top 1 percent of households face some of the largest tax increases and would see their average federal tax rates hit 40.5 percent, up 7.2 percentage points from this year. That would translate to an average tax increase of $120,537.''
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''France begins debate on EU austerity treaty''
From The Local France
''The National Assembly debate comes after tens of thousands of left-wing protesters marched through Paris on Sunday denouncing EU-imposed belt-tightening, although they insisted they were not criticising the government of Socialist President Francois Hollande.
Prime Minister Jean-Marc Ayrault set the tone, saying France would not be sacrificing its "sovereignty" by ratifying the text.
"The treaty itself imposes no constraints on public spending," he said. "It does not specify how it should be distributed. It does not dictate the methods one has to take to balance public finances.''
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''The National Assembly debate comes after tens of thousands of left-wing protesters marched through Paris on Sunday denouncing EU-imposed belt-tightening, although they insisted they were not criticising the government of Socialist President Francois Hollande.
Prime Minister Jean-Marc Ayrault set the tone, saying France would not be sacrificing its "sovereignty" by ratifying the text.
"The treaty itself imposes no constraints on public spending," he said. "It does not specify how it should be distributed. It does not dictate the methods one has to take to balance public finances.''
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''Why Central Bankers Prefer a Long Depression''
a must read from 2011.....................From Daily Reckoning Australia
''Savers didn’t care how the bank was managing its loan book. They didn’t care they were helping to inflate the housing bubble. Savers just wanted the best interest rate. How many savers connect a higher savings rate with the possibility the bank is taking a higher risk with its loans?''
Not many we’d wager.
And that’s the ultimate reason why the banks were bailed out. A failure to bail them out would have destroyed faith in the banking system. And this would have made it hard for the surviving or new banks to attract depositors.
And naturally that would make it hard for those same banks to extend credit – which would be disastrous for them given the engorged size of their loan books. How would they keep the Australian housing Ponzi scheme going then?
They couldn’t.
That’s why banks worldwide had to be bailed out at all costs. Failure to do so would have resulted in the end of the current banking and money system. And when housing markets crashed overseas, the banks needed more bailouts.
Without it, it would have meant an end to the privileged position of the bankers and central bankers… no wonder they prefer a long rather than a short depression.''
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''Savers didn’t care how the bank was managing its loan book. They didn’t care they were helping to inflate the housing bubble. Savers just wanted the best interest rate. How many savers connect a higher savings rate with the possibility the bank is taking a higher risk with its loans?''
Not many we’d wager.
And that’s the ultimate reason why the banks were bailed out. A failure to bail them out would have destroyed faith in the banking system. And this would have made it hard for the surviving or new banks to attract depositors.
And naturally that would make it hard for those same banks to extend credit – which would be disastrous for them given the engorged size of their loan books. How would they keep the Australian housing Ponzi scheme going then?
They couldn’t.
That’s why banks worldwide had to be bailed out at all costs. Failure to do so would have resulted in the end of the current banking and money system. And when housing markets crashed overseas, the banks needed more bailouts.
Without it, it would have meant an end to the privileged position of the bankers and central bankers… no wonder they prefer a long rather than a short depression.''
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''Kissinger played key role in giving Diaoyutais to Japan''
From Phantom Report
''Asahi Shimbun, one of Japan’s five major newspapers, has offered evidence that the United States illegally handed over the disputed Senkaku (Diaoyu or Diaoyutai) islands over to Japanese administration along with Okinawa in 1972 by citing two declassified CIA reports, according to Duowei News, an outlet operated by overseas Chinese.
The two reports, regarding natural resources beneath the islands and the sovereignty dispute between China, Japan and Taiwan, were completed before the signing of Okinawa Reversion Agreement on Jun. 17, 1971. Though the Republic of China on Taiwan was at the time desperately trying to gain support from both the US and Japan to keep its seat at the United Nations, it was more aggressive than the People’s Republic of China to demand the return of the Diaoyutais, as Taiwan refers to the islands. The report indicated that the armed forces of the ROC might launch an amphibious assault against Japan if the sovereignty of the disputed islands was turned over to Tokyo.''
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''Asahi Shimbun, one of Japan’s five major newspapers, has offered evidence that the United States illegally handed over the disputed Senkaku (Diaoyu or Diaoyutai) islands over to Japanese administration along with Okinawa in 1972 by citing two declassified CIA reports, according to Duowei News, an outlet operated by overseas Chinese.
The two reports, regarding natural resources beneath the islands and the sovereignty dispute between China, Japan and Taiwan, were completed before the signing of Okinawa Reversion Agreement on Jun. 17, 1971. Though the Republic of China on Taiwan was at the time desperately trying to gain support from both the US and Japan to keep its seat at the United Nations, it was more aggressive than the People’s Republic of China to demand the return of the Diaoyutais, as Taiwan refers to the islands. The report indicated that the armed forces of the ROC might launch an amphibious assault against Japan if the sovereignty of the disputed islands was turned over to Tokyo.''
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''Power Struggle In East Asia''
From Eurasia Review
''The China-Japan conflict over the sovereignty of Diaoyu/Senkaku chain of islands in the East China Sea is almost over a month old now. Such confrontations are not new. But none before lasted so long. This time, the two countries clashed at the highest level. Both have started gathering support from friendly countries to their point of view. Neither side is willing to stand down even an inch. Full military show of flag has come into play.''
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''The China-Japan conflict over the sovereignty of Diaoyu/Senkaku chain of islands in the East China Sea is almost over a month old now. Such confrontations are not new. But none before lasted so long. This time, the two countries clashed at the highest level. Both have started gathering support from friendly countries to their point of view. Neither side is willing to stand down even an inch. Full military show of flag has come into play.''
read more
''Currency wars: China challenging dollar hegemony augurs geopolitical strains''
From Economic Times
''Fed up with what it sees as Washington's malign neglect of the dollar, China is busily promoting the cross-border use of its own currency, the yuan, also known as the renminbi, in trade and investment.
The aim is both narrowly commercial - to reduce transaction costs for Chinese exporters and importers - and sweepingly strategic.
Displacing the dollar, Beijing says, will reduce volatility in oil and commodity prices and belatedly erode the 'exorbitant privilege' the United States enjoys as the issuer of the reserve currency at the heart of a post-war international financial architecture it now sees as hopelessly outmoded.''
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''Fed up with what it sees as Washington's malign neglect of the dollar, China is busily promoting the cross-border use of its own currency, the yuan, also known as the renminbi, in trade and investment.
The aim is both narrowly commercial - to reduce transaction costs for Chinese exporters and importers - and sweepingly strategic.
Displacing the dollar, Beijing says, will reduce volatility in oil and commodity prices and belatedly erode the 'exorbitant privilege' the United States enjoys as the issuer of the reserve currency at the heart of a post-war international financial architecture it now sees as hopelessly outmoded.''
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''The Genesis of the LIBOR Crisis''
From GoldSeek
By Rob Kirby
''The roots of the LIBOR crisis can be found in the broad based sub-prime FRAUD in America circa 2000 - 2007. The sub-prime fraud involved American investment banks securitizing [bundling] poor mortgage credits into “pools” – then working hand-in-hand with credit rating agencies like S & P and Moodys – having these pooled securities rated AAA.''
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By Rob Kirby
''The roots of the LIBOR crisis can be found in the broad based sub-prime FRAUD in America circa 2000 - 2007. The sub-prime fraud involved American investment banks securitizing [bundling] poor mortgage credits into “pools” – then working hand-in-hand with credit rating agencies like S & P and Moodys – having these pooled securities rated AAA.''
read more
Chris Hedges: "US Elections: Pick Your Poison''
''CNN wants journalists to be propagandists, not watchdogs''
''China & Russia Allied Against NWO''
From American Free Press
By Ronald Ray
By Ronald Ray
''Russia and
China have radically reinforced their strategic alliance in the face of
increasingly militaristic United States imperialism. According to the
German newspaper National-Zeitung,
when Russian President Vladimir Putin visited Chinese President Hu
Jintao at the beginning of June this year, no fewer than 16 agreements
were signed by the parties regarding energy, industry, research and
foreign policy. In July, China announced plans
to double its investments in and aid to Africa* over the next three
years, to $20B, while continuing similar campaigns throughout the world.''
''Obama in the era of Afghan realism''
From Indian Punchline
MK Bhadrakumar
''The New York Times report Tuesday titled “US Abandoning Hopes for Taliban Peace Deal” is a good sign that realism is finally dawning on the Barack Obama administration. A military victory over the Taliban was never on the cards and the US had come to accept it sometime ago already. But the desperate efforts to broker a peace deal with the Taliban, with Pakistan playing the role of an honest broker, continued up until recently. ''
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MK Bhadrakumar
''The New York Times report Tuesday titled “US Abandoning Hopes for Taliban Peace Deal” is a good sign that realism is finally dawning on the Barack Obama administration. A military victory over the Taliban was never on the cards and the US had come to accept it sometime ago already. But the desperate efforts to broker a peace deal with the Taliban, with Pakistan playing the role of an honest broker, continued up until recently. ''
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''The Waning of American Power in the Middle East''
From CounterPunch
Patrick Cockburn
The US is obviously weaker than it was between 1979, when the then Egyptian president, Anwar Sadat, signed the Camp David agreement and allied Egypt with the US, and 2004/05, when it became obvious to the outside world that the Iraq war was a disaster for America. At the time, General William Odom, a former head of the National Security Agency, the biggest US intelligence agency, rightly called it “the greatest strategic disaster in American history”.''
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Patrick Cockburn
''Are the days of American predominance in the Middle East coming to an
end or is US influence simply taking a new shape? How far is
Washington, after refusing to try to keep Hosni Mubarak in power in
Egypt, facing the same situation as the Soviet Union in 1989, when the
police states it had sustained in Eastern Europe were allowed to
collapse?
The US is obviously weaker than it was between 1979, when the then Egyptian president, Anwar Sadat, signed the Camp David agreement and allied Egypt with the US, and 2004/05, when it became obvious to the outside world that the Iraq war was a disaster for America. At the time, General William Odom, a former head of the National Security Agency, the biggest US intelligence agency, rightly called it “the greatest strategic disaster in American history”.''
read more
''Eight New Accords Tighten Venezuelan, Russian Relationship''
From Venezuelan Analysis
''A total eight accords signed Thursday further strengthened the relationship between Venezuela and Russia in energy cooperation.
At Miraflores presidential palace, in Caracas, the Russian delegation met with Venezuelan president Hugo Chavez, together with a committee coordinated by Petroleum and Mining Minister Rafael Ramirez, also president of state oil company PDVSA.''
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''A total eight accords signed Thursday further strengthened the relationship between Venezuela and Russia in energy cooperation.
At Miraflores presidential palace, in Caracas, the Russian delegation met with Venezuelan president Hugo Chavez, together with a committee coordinated by Petroleum and Mining Minister Rafael Ramirez, also president of state oil company PDVSA.''
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Wednesday, October 3, 2012
''Keiser Report: Debt Erasers (E348)''
''How foreclosures ate America: Incredible interactive map shows wave of property repossession over the past five years''
From Daily Mail
''A new map that illustrates foreclosure rates across the country from January 2007 to July 2012 makes uncomfortable reading for President Obama and his team who insist that Americans are better off than they were four years ago.
Charting the collapse of the housing boom in 2007, through the election of President Obama and the world financial crisis, the map shows vast swaths of the Southeast, Midwest and West turn purple indicating extremely high numbers of foreclosures.''
see the map
''A new map that illustrates foreclosure rates across the country from January 2007 to July 2012 makes uncomfortable reading for President Obama and his team who insist that Americans are better off than they were four years ago.
Charting the collapse of the housing boom in 2007, through the election of President Obama and the world financial crisis, the map shows vast swaths of the Southeast, Midwest and West turn purple indicating extremely high numbers of foreclosures.''
see the map
UK: "The Big Brother Scenario''
From Big Brother Watch
''New high definition CCTV cameras that are capable of identifying and tracking a person’s face from half a mile away are being rolled out across UK cities without public consultation.
The Independent has highlighted the use of the increasingly sophisticated cameras which they claim may be in breach of human rights laws. Andrew Rennison, the new surveillance camera commissioner, has predicted that there will be a public outcry if facial recognition systems and HD cameras are allowed to loom over our public areas.''
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''New high definition CCTV cameras that are capable of identifying and tracking a person’s face from half a mile away are being rolled out across UK cities without public consultation.
The Independent has highlighted the use of the increasingly sophisticated cameras which they claim may be in breach of human rights laws. Andrew Rennison, the new surveillance camera commissioner, has predicted that there will be a public outcry if facial recognition systems and HD cameras are allowed to loom over our public areas.''
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''Obama Moves Two Aircraft Carrier Battle Groups Into the Middle of South China Sea Dispute''
From 'There are no Sunglasses'
''TOKYO – It’s probably just a coincidence; no need to worry yet. But the U.S. has quietly assembled a powerful air, land and sea armada not far from where Japan and China are squaring off over disputed islands in the East China Sea.
Two Navy aircraft carrier battle groups and a Marine Corps air-ground task force have begun operating in the Western Pacific, within easy reach of the Senkaku Islands. That’s where Japanese and Chinese patrol boats are engaged in an increasingly tense standoff.''
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''TOKYO – It’s probably just a coincidence; no need to worry yet. But the U.S. has quietly assembled a powerful air, land and sea armada not far from where Japan and China are squaring off over disputed islands in the East China Sea.
Two Navy aircraft carrier battle groups and a Marine Corps air-ground task force have begun operating in the Western Pacific, within easy reach of the Senkaku Islands. That’s where Japanese and Chinese patrol boats are engaged in an increasingly tense standoff.''
read more
''No Joy on Wall Street as Biggest Banks Earn $63 Billion''
From Bloomberg
''Four years ago today, President George W. Bush signed into law the biggest corporate rescue in American history. Even as U.S. unemployment has remained above 8 percent for 43 months, the country’s biggest banks are making almost as much as they ever have.
The combined $63 billion in profit reported by the six largest U.S. lenders over the four quarters through June is more than they earned in any calendar year since the peak in 2006.''
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''Four years ago today, President George W. Bush signed into law the biggest corporate rescue in American history. Even as U.S. unemployment has remained above 8 percent for 43 months, the country’s biggest banks are making almost as much as they ever have.
The combined $63 billion in profit reported by the six largest U.S. lenders over the four quarters through June is more than they earned in any calendar year since the peak in 2006.''
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''White House widening covert war in North Africa''
i thought we were broke..........From Houston Chronicle
''Small teams of special operations forces arrived at American embassies throughout North Africa in the months before militants launched the fiery attack that killed the U.S. ambassador in Libya. The soldiers' mission: Set up a network that could quickly strike a terrorist target or rescue a hostage.''
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''Small teams of special operations forces arrived at American embassies throughout North Africa in the months before militants launched the fiery attack that killed the U.S. ambassador in Libya. The soldiers' mission: Set up a network that could quickly strike a terrorist target or rescue a hostage.''
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''The Gold Standard and Fractional-Reserve Banking''
this article is from 1975....................From The Freeman
By Joe Cobb
''There is little doubt that a gold-oriented monetary system is superior to a fiat monetary system, from the perspective of the average citizen and businessman. Monetary systems which are managed by central banks or governments, as opposed to systems which arise in the market and are self-equilibrating, are prone to inflation and repudiation. The arguments against "managed" currency are clearly set forth in the Theory of Money and Credit by Ludwig von Mises, and it is not our purpose to argue against the gold standard.''
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By Joe Cobb
''There is little doubt that a gold-oriented monetary system is superior to a fiat monetary system, from the perspective of the average citizen and businessman. Monetary systems which are managed by central banks or governments, as opposed to systems which arise in the market and are self-equilibrating, are prone to inflation and repudiation. The arguments against "managed" currency are clearly set forth in the Theory of Money and Credit by Ludwig von Mises, and it is not our purpose to argue against the gold standard.''
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Big'' Changes Are Coming, But The World Will Not End''
a good read.................From King World News
By Robert Fitzwilson
''After a review of much of the last 2,600 years, we have concluded that we are not the historic anomaly that we surmised at the beginning of the journey. In fact, we are simply repeating the same cycles and mistakes that all of our ancestors have made before us. Every culture throughout history has done exactly what we are doing now. The only difference is that this time it involves the entire planet.''
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By Robert Fitzwilson
''After a review of much of the last 2,600 years, we have concluded that we are not the historic anomaly that we surmised at the beginning of the journey. In fact, we are simply repeating the same cycles and mistakes that all of our ancestors have made before us. Every culture throughout history has done exactly what we are doing now. The only difference is that this time it involves the entire planet.''
read more
''Australian leader faces bases blowback''
From Asia Times Online
''When the first contingent of 250 US Marines flew into Darwin last April, they were greeted on the tarmac with a personal handshake by Australian Defense Minister Stephen Smith and welcomed to the city by the chief minister of the Northern Territory (NT), Paul Henderson. Both men are members of the Australian Labor Party (ALP).
When the Marines' rotation finished in August, US Ambassador Jeffery L Bleitch and the Commandant of US Marines, General James Amos, came to Darwin to do a PR jig and celebrate its success - a success measured, it seems, as the absence of riots and major crime. But there was another notable absence: crowing ALP politicians.''
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''When the first contingent of 250 US Marines flew into Darwin last April, they were greeted on the tarmac with a personal handshake by Australian Defense Minister Stephen Smith and welcomed to the city by the chief minister of the Northern Territory (NT), Paul Henderson. Both men are members of the Australian Labor Party (ALP).
When the Marines' rotation finished in August, US Ambassador Jeffery L Bleitch and the Commandant of US Marines, General James Amos, came to Darwin to do a PR jig and celebrate its success - a success measured, it seems, as the absence of riots and major crime. But there was another notable absence: crowing ALP politicians.''
read more
Iraq: ''Ten Years, a Million Lives and Trillions of Dollars Later''
From HuffPo
By Dennis Kucinich
''Ten years ago today the debate over the Iraq War came to Congress in the form of a resolution promoted by the Bush administration. The war in Iraq will cost the United States as much as $5 trillion. It played a role in spurring the global financial crisis. Four thousand, four hundred, eighty eight Americans were killed. More than 33,000 were injured.
As many as 1,000,000 innocent Iraqi civilians were killed. The monetary cost of the war to Iraq is incalculable. A sectarian civil war has ravaged Iraq for nearly a decade. Iraq has become home to al Qaeda.''
continue reading
By Dennis Kucinich
''Ten years ago today the debate over the Iraq War came to Congress in the form of a resolution promoted by the Bush administration. The war in Iraq will cost the United States as much as $5 trillion. It played a role in spurring the global financial crisis. Four thousand, four hundred, eighty eight Americans were killed. More than 33,000 were injured.
As many as 1,000,000 innocent Iraqi civilians were killed. The monetary cost of the war to Iraq is incalculable. A sectarian civil war has ravaged Iraq for nearly a decade. Iraq has become home to al Qaeda.''
continue reading
Faber: ''Romney's Fed Chairmen Will Likely Print Trillions''
From Seeking Alpha
By Jared Cummans
''Marc Faber, also known as “Dr. Doom”, feels that the next Fed Chairman will be no different than Mr. Bernanke.
“Bernanke is a money printer and, believe me, if Romney wins the election the next Fed Chairman will also be a money printer” he told Bloomberg TV. If the next Chairman is anything like Bernanke, then we can expect trillions in printing and probably a few more QE programs to go along with that, though it may not reach the QE18 that Faber once predicted. But this statement also helps justify his investment in everyone’s favorite commodity: gold.''
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By Jared Cummans
''Marc Faber, also known as “Dr. Doom”, feels that the next Fed Chairman will be no different than Mr. Bernanke.
“Bernanke is a money printer and, believe me, if Romney wins the election the next Fed Chairman will also be a money printer” he told Bloomberg TV. If the next Chairman is anything like Bernanke, then we can expect trillions in printing and probably a few more QE programs to go along with that, though it may not reach the QE18 that Faber once predicted. But this statement also helps justify his investment in everyone’s favorite commodity: gold.''
read more
''Who is Buying Gold?''
From Market Oracle
''A look at the gold market over the last few months shows that the pattern of price movements has changed from the traditional patterns. If you take the time factor out of charts on the gold price, the pattern of behavior becomes simple. It is a strong rise followed by a narrow, short consolidation pattern before a further move forward. This is unlike the saw tooth pattern we are used to as buyers and sellers reassess price prospects constantly, giving rise to more extended consolidation patterns over longer periods.''
read more
''A look at the gold market over the last few months shows that the pattern of price movements has changed from the traditional patterns. If you take the time factor out of charts on the gold price, the pattern of behavior becomes simple. It is a strong rise followed by a narrow, short consolidation pattern before a further move forward. This is unlike the saw tooth pattern we are used to as buyers and sellers reassess price prospects constantly, giving rise to more extended consolidation patterns over longer periods.''
read more
Tuesday, October 2, 2012
''NSA Whistle-Blower Tells All - Op-Docs: The Program''
Related Article: http://nyti.ms/STdGJz
''Qatar says worried about value of dollar, euro''
From Reuters
''Sheikh Hamad said the central banks were right to act to prevent worse crises, but added: "With more printing money, without having a strategy, I believe the value of the money will go down very soon."
He did not give details of the economic measures which he believed Western countries should be taking, but said the risk of further volatility in markets was making investors such as Qatar cautious. Analysts have estimated the size of Qatar's sovereign wealth fund at around $100 billion.''
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''Sheikh Hamad said the central banks were right to act to prevent worse crises, but added: "With more printing money, without having a strategy, I believe the value of the money will go down very soon."
He did not give details of the economic measures which he believed Western countries should be taking, but said the risk of further volatility in markets was making investors such as Qatar cautious. Analysts have estimated the size of Qatar's sovereign wealth fund at around $100 billion.''
read more
Concerns Mount that ECB Bond-Buying Program Is Illegal
From Der Spiegel
''The markets have celebrated Mario Draghi's announcement that the European Central Bank will embark on unlimited purchases of sovereign bonds from crisis stricken countries. But are such purchases really legal? Draghi's own justification for the program leaves plenty of room for doubt.''
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''The markets have celebrated Mario Draghi's announcement that the European Central Bank will embark on unlimited purchases of sovereign bonds from crisis stricken countries. But are such purchases really legal? Draghi's own justification for the program leaves plenty of room for doubt.''
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Teri Buhl: ''How the NY AG built his MBS case against JP Morgan for Bear Stearns Sins''
great work Teri!!................From Teri Buhl.com
''One documentary film maker, one investigative journalist, and one law firm willing to take a risk led to the lawsuit the New York Attorney General just filed against JP Morgan for a system wide effort to defraud mortgage investors by Bear Stearns.''
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''One documentary film maker, one investigative journalist, and one law firm willing to take a risk led to the lawsuit the New York Attorney General just filed against JP Morgan for a system wide effort to defraud mortgage investors by Bear Stearns.''
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''Ron Hera on why QE3 is really a bank bailout''
''QE3 aims to keep the prices of bank collateral elevated in order to prevent debt deflation. The Fed is also hoping that banks will lend the money into the economy to stimulate growth and jobs. However, Hera states that there is no way that Fed policy can boost employment because banks won't increase lending in a declining economy.''
''By 2050 World’s Elderly to Reach 2 Billion''
From Tripoli Post
''Every ninth person in the world is aged 60 and above and their numbers will increase to one in five by 2050, numbering two billion elderly, a UN agency has concluded.
Those over 100 years of age too will witness an exponential 10-time growth from 316,600 in 2011 to 3.2 million by 2050, the ‘Ageing in the Twenty-First Century : A Celebration and A Challenge’ report said.
Khaleej TimesIn the report, the United Nations Population Fund India (UNFPA) as well as other UN entities and international organisations like HelpAge International said the population of the world’s aged was growing steadily, leading to increased concern over their income security. The world population in 2012 is just over seven billion.''
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''Every ninth person in the world is aged 60 and above and their numbers will increase to one in five by 2050, numbering two billion elderly, a UN agency has concluded.
Those over 100 years of age too will witness an exponential 10-time growth from 316,600 in 2011 to 3.2 million by 2050, the ‘Ageing in the Twenty-First Century : A Celebration and A Challenge’ report said.
Khaleej TimesIn the report, the United Nations Population Fund India (UNFPA) as well as other UN entities and international organisations like HelpAge International said the population of the world’s aged was growing steadily, leading to increased concern over their income security. The world population in 2012 is just over seven billion.''
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Ron Paul: ''Gold is Good Money''
From GoldSeek
''Last year the Chairman of the Federal Reserve told me that gold is not money, a position which central banks, governments, and mainstream economists have claimed is the consensus for decades. But lately there have been some high-profile defections from that consensus. As Forbes recently reported, the president of the Bundesbank (Germany's central bank) and two highly-respected analysts at Deutsche Bank have praised gold as good money.''
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''Last year the Chairman of the Federal Reserve told me that gold is not money, a position which central banks, governments, and mainstream economists have claimed is the consensus for decades. But lately there have been some high-profile defections from that consensus. As Forbes recently reported, the president of the Bundesbank (Germany's central bank) and two highly-respected analysts at Deutsche Bank have praised gold as good money.''
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''Thousands protest against French austerity budget''
From EU Observer
''French President Francois Hollande faced his first serious public backlash after up to 50,000 lined the streets of Paris on Sunday (30 September) in protest against his €37 billion austerity budget.
Organisers of the event, which brought together around 60 left-wing groups, claimed that 50,000 protestors took to the streets to denounce the cuts programme.''
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''French President Francois Hollande faced his first serious public backlash after up to 50,000 lined the streets of Paris on Sunday (30 September) in protest against his €37 billion austerity budget.
Organisers of the event, which brought together around 60 left-wing groups, claimed that 50,000 protestors took to the streets to denounce the cuts programme.''
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''Germany will keep paying for the Greek “black hole”
From New Europe
''As long as Greece’s partners are looking at the Greek crisis as pragmatic accountants, the chances of Greece remaining in the Euro currency are minimal, if any. Greece accounts for less than 3% of the Eurozone and in the past two years Germany and France have intelligently managed to help their banks pass the Greek toxic papers in their portfolios to the Central European Bank. So, after Berlin and Paris secured their banks, the European accountants thought that they could easily send Greece to hell.''
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''As long as Greece’s partners are looking at the Greek crisis as pragmatic accountants, the chances of Greece remaining in the Euro currency are minimal, if any. Greece accounts for less than 3% of the Eurozone and in the past two years Germany and France have intelligently managed to help their banks pass the Greek toxic papers in their portfolios to the Central European Bank. So, after Berlin and Paris secured their banks, the European accountants thought that they could easily send Greece to hell.''
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''In Syrian shadow, Iraq's Maliki juggles Tehran, Washington''
From Today's Zaman
''Nine years after US forces ousted Iraq's Sunni dictator Saddam Hussein, and nine months after they finally pulled out of the country, Maliki is heavily reliant on Tehran, Washington's enemy. He leans on Iran for political support at home and for backing in a Sunni-dominated region where he has few friends.
But he still needs the Americans, too -- for military aid, in part, but also as Iraq seeks global investment and trading access for an oil industry it is struggling to rebuild.''
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''Nine years after US forces ousted Iraq's Sunni dictator Saddam Hussein, and nine months after they finally pulled out of the country, Maliki is heavily reliant on Tehran, Washington's enemy. He leans on Iran for political support at home and for backing in a Sunni-dominated region where he has few friends.
But he still needs the Americans, too -- for military aid, in part, but also as Iraq seeks global investment and trading access for an oil industry it is struggling to rebuild.''
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BRICS: ''The building block for global governance''
From Russia & India Report
''On September 25, 2012, the BRICS foreign ministers met on the sidelines of the United Nations General Assembly. Among issues of deliberations, one that prominently came into focus was the issue of reform of the United Nations in general, and the expansion of the United Nations Security Council in particular. Russian Foreign Minister reiterated his country’s position in supporting India’s candidature for permanent membership of the Council. During the UN sessions, another multilateral forum comprising India, Brazil, Germany and Japan (G4) also harped on the expansion of the UN Security Council towards making the body truly representative of the united nations of the world.''
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''On September 25, 2012, the BRICS foreign ministers met on the sidelines of the United Nations General Assembly. Among issues of deliberations, one that prominently came into focus was the issue of reform of the United Nations in general, and the expansion of the United Nations Security Council in particular. Russian Foreign Minister reiterated his country’s position in supporting India’s candidature for permanent membership of the Council. During the UN sessions, another multilateral forum comprising India, Brazil, Germany and Japan (G4) also harped on the expansion of the UN Security Council towards making the body truly representative of the united nations of the world.''
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''A strategic triangle pointing East''
From Russia & India Report
By Andrei Kislyakov
''China has already surpassed the United States in terms both of industrial production and export volume. The country will catch up with the US in terms of GDP by 2016-2018 and in military spending by 2025. The United States has been trying to adapt to a polycentric world after its efforts to consolidate a unipolar world failed.
The United States is overstretched at the moment. It is withdrawing troops from Iraq and preparing for a pullout from Afghanistan. America is also facing a huge budget deficit. According to estimates, the U.S. will have to borrow 30 cents on every dollar of public spending for the 2013 fiscal year. The majority of this borrowing will be from China.''
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By Andrei Kislyakov
''China has already surpassed the United States in terms both of industrial production and export volume. The country will catch up with the US in terms of GDP by 2016-2018 and in military spending by 2025. The United States has been trying to adapt to a polycentric world after its efforts to consolidate a unipolar world failed.
The United States is overstretched at the moment. It is withdrawing troops from Iraq and preparing for a pullout from Afghanistan. America is also facing a huge budget deficit. According to estimates, the U.S. will have to borrow 30 cents on every dollar of public spending for the 2013 fiscal year. The majority of this borrowing will be from China.''
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''Obama’s America: 2016 – a Debate between Dinesh D’Souza and Chris Hedges''
From Uprising Radio
''Hedges: I don’t support Obama. You know, I wish somebody would make a documentary on what Obama’s done. I just sued the president in federal court over the National Defense Authorization Act, the assault on civil liberties under the Obama administration. This should not be a left-right divide. It has been far worse under Obama than it was under George W. Bush. And yet none of that is in the film.''
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''Hedges: I don’t support Obama. You know, I wish somebody would make a documentary on what Obama’s done. I just sued the president in federal court over the National Defense Authorization Act, the assault on civil liberties under the Obama administration. This should not be a left-right divide. It has been far worse under Obama than it was under George W. Bush. And yet none of that is in the film.''
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''Paul Craig Roberts: The Israel - Iran Conflict is Not About Nukes, but Water!''
''1971 War: How Russia sank Nixon’s gunboat diplomacy''
From Russia & India Report
Washington, December 10, 1971, 10:51am.
''A week later the war is not going very well for Pakistan, as Indian armour scythes through East Pakistan and the Pakistan Air Force is blown out of the subcontinent’s sky. Meanwhile, the Pakistani military in the west is demoralised and on the verge of collapse as the Indian Army and Air Force attack round the clock.''
Nixon: Our desire is to save West Pakistan. That's all.
Kissinger: That's right. That is exactly right.
Nixon: All right. Keep those carriers moving now.
Kissinger: The carriers—everything is moving. Four Jordanian planes have already moved to Pakistan, 22 more are coming. We're talking to the Saudis, the Turks we've now found are willing to give five. So we're going to keep that moving until there's a settlement.
Nixon: Could you tell the Chinese it would be very helpful if they could move some forces or threaten to move some forces?
Kissinger: Absolutely.
Nixon: They've got to threaten or they've got to move, one of the two. You know what I mean?
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Washington, December 10, 1971, 10:51am.
''A week later the war is not going very well for Pakistan, as Indian armour scythes through East Pakistan and the Pakistan Air Force is blown out of the subcontinent’s sky. Meanwhile, the Pakistani military in the west is demoralised and on the verge of collapse as the Indian Army and Air Force attack round the clock.''
Nixon: Our desire is to save West Pakistan. That's all.
Kissinger: That's right. That is exactly right.
Nixon: All right. Keep those carriers moving now.
Kissinger: The carriers—everything is moving. Four Jordanian planes have already moved to Pakistan, 22 more are coming. We're talking to the Saudis, the Turks we've now found are willing to give five. So we're going to keep that moving until there's a settlement.
Nixon: Could you tell the Chinese it would be very helpful if they could move some forces or threaten to move some forces?
Kissinger: Absolutely.
Nixon: They've got to threaten or they've got to move, one of the two. You know what I mean?
continue reading
Monday, October 1, 2012
CSPAN: ''Ross Perot Interview with USA Today''
From CSPAN
''In a rare interview, Ross Perot sat down this past Thursday with USA Today Reporter Richard Wolf in his office in Plano, Texas. C-SPAN recorded the interview.
During the hour-long discussion, Mr. Perot talks about the current state of our economy and country, and how the issues he ran on in 1992 and 1996 are still relevant today – including addressing the debt and deficit spending, third party presidential runs, and the U.S. education system.
Joining Mr. Perot in the interview is David Walker. The former US Comptroller General has been working with Mr. Perot on initiatives to educate voters about economic issues in this upcoming election.
Richard Wolf’s article based on this interview will run in USA Today on Monday, October 1 and be available at their website www.usatoday.com ''
watch the video
''In a rare interview, Ross Perot sat down this past Thursday with USA Today Reporter Richard Wolf in his office in Plano, Texas. C-SPAN recorded the interview.
During the hour-long discussion, Mr. Perot talks about the current state of our economy and country, and how the issues he ran on in 1992 and 1996 are still relevant today – including addressing the debt and deficit spending, third party presidential runs, and the U.S. education system.
Joining Mr. Perot in the interview is David Walker. The former US Comptroller General has been working with Mr. Perot on initiatives to educate voters about economic issues in this upcoming election.
Richard Wolf’s article based on this interview will run in USA Today on Monday, October 1 and be available at their website www.usatoday.com ''
watch the video
''Russia Bans GMO Corn Over Cancer Fears as Pressure Builds on Monsanto''
From The New American
''Following an explosive French study suggesting a link between Monsanto’s controversial genetically engineered corn and cancer, Russian authorities have temporarily suspended all imports and use of the biotech GMO product until further safety testing can be performed. Officials worldwide are reportedly investigating the matter as well. ''
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''Following an explosive French study suggesting a link between Monsanto’s controversial genetically engineered corn and cancer, Russian authorities have temporarily suspended all imports and use of the biotech GMO product until further safety testing can be performed. Officials worldwide are reportedly investigating the matter as well. ''
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''Wake up, Poland!’: Thousands take to streets in Warsaw for antigovernment protest''
From RT.com
''Tens of thousands of people marched through the capital of Poland on Saturday in protest over government reforms and a new law that raises the retirement age, and in solidarity with the Catholic Church, which was recently stripped of its TV station.
Dubbed 'Wake Up, Poland,' the rally was organized by the country's conservative Law and Justice opposition party, led by Jaroslaw Kaczynski, the trade union Solidarity and other groups. The event was Poland's biggest demonstration in several months.''
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''Tens of thousands of people marched through the capital of Poland on Saturday in protest over government reforms and a new law that raises the retirement age, and in solidarity with the Catholic Church, which was recently stripped of its TV station.
Dubbed 'Wake Up, Poland,' the rally was organized by the country's conservative Law and Justice opposition party, led by Jaroslaw Kaczynski, the trade union Solidarity and other groups. The event was Poland's biggest demonstration in several months.''
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James Rickards: ''The US is the Greatest Currency Manipulator in the World''
''Julian Assange calls Obama a hypocrite'' - interview
From Voice of Russia
''In the ongoing dialogue between the countries, the Ecuadorian authorities are trying to find a solution for Julian Assange, aimed at granting him safe passage to Ecuador. The official spokesperson for WikiLeaks talked with the Voice of Russia about the continuing fight against the banking blockade and explains why Assange calls Obama a hypocrite.''
audio/text
''More Than 1-In-5 Students At For-Profit Colleges Default On Student Loans Within Three Years''
From The Consumerist
''For the first time, the Dept. of Education has provided stats for people three years into their student loan repayments, and the numbers don’t paint a pretty picture. The percentage of college students defaulting on their loans is on the rise, with 9.1% of recent students defaulting within two years of their first payment coming due, and a whopping 13.5% defaulting within three years. And at controversial for-profit colleges, that number is alarmingly higher.''
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''For the first time, the Dept. of Education has provided stats for people three years into their student loan repayments, and the numbers don’t paint a pretty picture. The percentage of college students defaulting on their loans is on the rise, with 9.1% of recent students defaulting within two years of their first payment coming due, and a whopping 13.5% defaulting within three years. And at controversial for-profit colleges, that number is alarmingly higher.''
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''Drug War Mexico: Politics, Neoliberalism and Violence in the New Narcoeconomy''
From Upside Down World
''A brief history of drug cultivation, use, and state power in Mexico opens the book, which then delves into anti-drugs initiatives in Mexico from the 1970s onwards. By the time of the presidency of Luis EcheverrÃa (1970-1976), write Watt and Zepeda, the government of Mexico was already associating "all types of political activism with criminality and frequently with drug trafficking." Watt and Zepeda set up the national and international context at the time, painting in broad strokes the Mexico where the CIA and the DEA began to set up a "permanent drug war."
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''A brief history of drug cultivation, use, and state power in Mexico opens the book, which then delves into anti-drugs initiatives in Mexico from the 1970s onwards. By the time of the presidency of Luis EcheverrÃa (1970-1976), write Watt and Zepeda, the government of Mexico was already associating "all types of political activism with criminality and frequently with drug trafficking." Watt and Zepeda set up the national and international context at the time, painting in broad strokes the Mexico where the CIA and the DEA began to set up a "permanent drug war."
read more
''Where’s all the money gone? How Britain spent £2bn on drones''
From The Bureau Investigates
''Britain has spent over £2bn on unmanned aircraft since 2007, according to Drone Wars UK.
Based on official documents the comprehensive report reveals just where all this money has gone. The
Bureau has mapped this data in an easy to understand infographic.
So just where has that £2bn gone?''
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''Britain has spent over £2bn on unmanned aircraft since 2007, according to Drone Wars UK.
Based on official documents the comprehensive report reveals just where all this money has gone. The
Bureau has mapped this data in an easy to understand infographic.
So just where has that £2bn gone?''
read more
''How Government Will Take Meat off Your Table''
From The New American
''The British pork industry is collapsing, and it’s a story that should serve as a warning to all of us. Why? Because the agents of its demise have the entire West in their crosshairs.
The numbers are staggering. With a pig herd halved during the last decade, Britain has gone from producing 110 percent of its domestic consumption of pork to only 40 percent. This is due to many of the nation’s pig farmers having left the business, and they’re poised to be joined by 100 more this year, which represents “10% of Britain's small to medium-sized producers,” reports the Guardian. Consequently, it’s predicted that domestic production will decline another 20 percent by Christmas.''
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''The British pork industry is collapsing, and it’s a story that should serve as a warning to all of us. Why? Because the agents of its demise have the entire West in their crosshairs.
The numbers are staggering. With a pig herd halved during the last decade, Britain has gone from producing 110 percent of its domestic consumption of pork to only 40 percent. This is due to many of the nation’s pig farmers having left the business, and they’re poised to be joined by 100 more this year, which represents “10% of Britain's small to medium-sized producers,” reports the Guardian. Consequently, it’s predicted that domestic production will decline another 20 percent by Christmas.''
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Greg Palast: ''Robert Mundell, evil genius of the euro''
From The Guardian
''The idea that the euro has "failed" is dangerously naive. The euro is doing exactly what its progenitor – and the wealthy 1%-ers who adopted it – predicted and planned for it to do.
That progenitor is former University of Chicago economist Robert Mundell. The architect of "supply-side economics" is now a professor at Columbia University, but I knew him through his connection to my Chicago professor, Milton Friedman, back before Mundell's research on currencies and exchange rates had produced the blueprint for European monetary union and a common European currency.''
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''The idea that the euro has "failed" is dangerously naive. The euro is doing exactly what its progenitor – and the wealthy 1%-ers who adopted it – predicted and planned for it to do.
That progenitor is former University of Chicago economist Robert Mundell. The architect of "supply-side economics" is now a professor at Columbia University, but I knew him through his connection to my Chicago professor, Milton Friedman, back before Mundell's research on currencies and exchange rates had produced the blueprint for European monetary union and a common European currency.''
read more
''Blatant Violation of Mortgage Settlement Elicits Predictable Limp-Wristed Response From Mortgage Monitor''
From NakedCapitalism
By Yves Smith
''One of the ways banks can earn credits toward the remainder of the balance is by extinguishing first and second liens. But the banks look to be taking debts that were uncollectable, from a legal perspective, and claiming credit nevertheless. The most egregious version is the one fingered by Morgenson, that of debts that were already erased in bankruptcy. Morgenson has unearthed multiple instances where the banks have sent out cheery letters saying they are wiping out consumers’ debts, when those debts in fact are long gone. And to add injury to insult, these servicers are also reporting these phony extinguishments of debt to the IRS as if they were actual debt forgiveness, so the consumers will have an uphill battle proving that the banks have done them a dirty by misreporting for fun and profit.''
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By Yves Smith
''One of the ways banks can earn credits toward the remainder of the balance is by extinguishing first and second liens. But the banks look to be taking debts that were uncollectable, from a legal perspective, and claiming credit nevertheless. The most egregious version is the one fingered by Morgenson, that of debts that were already erased in bankruptcy. Morgenson has unearthed multiple instances where the banks have sent out cheery letters saying they are wiping out consumers’ debts, when those debts in fact are long gone. And to add injury to insult, these servicers are also reporting these phony extinguishments of debt to the IRS as if they were actual debt forgiveness, so the consumers will have an uphill battle proving that the banks have done them a dirty by misreporting for fun and profit.''
read more
''WaMu appraisal company settles with New York''
From Reuters
''A company accused of inflating home appraisals under pressure from Washington Mutual Inc before the housing crisis agreed to pay $7.8 million on Thursday to settle with the New York attorney general.''
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''A company accused of inflating home appraisals under pressure from Washington Mutual Inc before the housing crisis agreed to pay $7.8 million on Thursday to settle with the New York attorney general.''
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ZeroHedge: ''Exposing China's Shadow Banking System''
From ZeroHedge
''Today, however, courtesy of AsiaFinanceNews we get a report as close as possible to the most comprehensive overview of what may soon be (especially if rumors of tumbling Chinese municipal dominoes are correct) the most talked about subject in the financial world: China's Shadow Banking empire.''
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''Today, however, courtesy of AsiaFinanceNews we get a report as close as possible to the most comprehensive overview of what may soon be (especially if rumors of tumbling Chinese municipal dominoes are correct) the most talked about subject in the financial world: China's Shadow Banking empire.''
read more
''Sleeping With the Devil: How U.S. and Saudi Backing of Al Qaeda Led to 9/11''
From Washington's Blog via Global Research
''Indeed, the U.S. started backing Al Qaeda’s forefathers even before the Soviets invaded Afghanistan. As
Brzezinski told Le Nouvel Observateur in a 1998 interview:
Question: The former director of the CIA, Robert Gates, stated in his memoirs ["From the Shadows"], that American intelligence services began to aid the Mujahadeen in Afghanistan 6 months before the Soviet intervention. In this period you were the national security adviser to President Carter. You therefore played a role in this affair. Is that correct?Brzezinski: Yes. According to the official version of history, CIA aid to the Mujahadeen began during 1980, that is to say, after the Soviet army invaded Afghanistan, 24 Dec 1979. But the reality, secretly guarded until now, is completely otherwise Indeed, it was July 3, 1979 that President Carter signed the first directive for secret aid to the opponents of the pro-Soviet regime in Kabul. And that very day, I wrote a note to the president in which I explained to him that in my opinion this aid was going to induce a Soviet military intervention.''
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''Indeed, the U.S. started backing Al Qaeda’s forefathers even before the Soviets invaded Afghanistan. As
Brzezinski told Le Nouvel Observateur in a 1998 interview:
Question: The former director of the CIA, Robert Gates, stated in his memoirs ["From the Shadows"], that American intelligence services began to aid the Mujahadeen in Afghanistan 6 months before the Soviet intervention. In this period you were the national security adviser to President Carter. You therefore played a role in this affair. Is that correct?Brzezinski: Yes. According to the official version of history, CIA aid to the Mujahadeen began during 1980, that is to say, after the Soviet army invaded Afghanistan, 24 Dec 1979. But the reality, secretly guarded until now, is completely otherwise Indeed, it was July 3, 1979 that President Carter signed the first directive for secret aid to the opponents of the pro-Soviet regime in Kabul. And that very day, I wrote a note to the president in which I explained to him that in my opinion this aid was going to induce a Soviet military intervention.''
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