From Xinhuanet
''War-weary Iraq on Monday saw a wave of terror attacks raging across the country as nearly 30 incidents were reported and the casualties hit 145 dead and 379 injured, according to the statistics by international security group G4S.
Local analysts branded the al-Qaida dominated surge as a spill- over effect from the ongoing crisis in the neighboring country Syria.
Iraqi government leaders including Prime Minister Nuri al- Maliki on several occasions reiterated Iraq's concern that the violence and sectarian conflict that plagued Syria might spill over into the neighboring countries including Iraq.''
read more
Thursday, July 26, 2012
''Turkey threatens PKK with targeted strike on Syria turf''
From Voice of Russia via Strategic Culture
''Turkish Prime Minister Recep Tayyip Erdogan accused Syria of letting Turkey's Kurdish rebels operate inside the north of the country and warned that Ankara would not hesitate to strike against them.
"In the north, it (President Bashar al-Assad's regime) has allotted five provinces to the Kurds, to the terrorist organisation," Erdogan told Turkish television late Wednesday, referring to the Kurdistan Worker's Party (PKK).
Asked if Ankara would strike fleeing rebels after an attack on Turkish soil, Erdogan said "That's not even a matter of discussion, it is a given. That is the objective, that is what must be done."
read more
''Turkish Prime Minister Recep Tayyip Erdogan accused Syria of letting Turkey's Kurdish rebels operate inside the north of the country and warned that Ankara would not hesitate to strike against them.
"In the north, it (President Bashar al-Assad's regime) has allotted five provinces to the Kurds, to the terrorist organisation," Erdogan told Turkish television late Wednesday, referring to the Kurdistan Worker's Party (PKK).
Asked if Ankara would strike fleeing rebels after an attack on Turkish soil, Erdogan said "That's not even a matter of discussion, it is a given. That is the objective, that is what must be done."
read more
''Al-Qaeda gaining experience in Syria, eyes 'Islamic state to fight Israel and Iran''
From RT via Strategic Culture
''An Iraqi Al-Qaeda operative has admitted that his organization is taking part in the Syrian uprising against President Assad. The revelation comes amidst increasing evidence that Al-Qaeda is gaining a foothold in Syria.
Abu Thuha, a 56-year-old Al-Qaeda operative living near Kirkuk in northern Iraq, described the Islamist organization’s grand plans to an Iraqi reporter for The New York Times.
“We have experience now fighting the Americans, and more experience now with the Syrian revolution,” he noted.“Our big hope is to form a Syrian-Iraqi Islamic state for all Muslims, and then announce our war against Iran and Israel, and free Palestine.''
''Can the Saudis Purchase Nukes from Pakistan?''
From 'There are no Sunglasses'
RIYADH, Saudi Arabia, July 25 (UPI) – King Abdallah of Saudi Arabia met Pakistani Prime Minister Raja Pervez Ashraf in Jeddah a few days ago as Riyadh began sending its Special Forces to Pakistan for training.''
read more
''King Abdallah of Saudi Arabia met Pakistan’s prime minister, Raja Pervez Ashraf, in Jeddah a few days ago as Riyadh began sending its Special Forces to Pakistan for training.
RIYADH, Saudi Arabia, July 25 (UPI) – King Abdallah of Saudi Arabia met Pakistani Prime Minister Raja Pervez Ashraf in Jeddah a few days ago as Riyadh began sending its Special Forces to Pakistan for training.''
read more
''The world is closer to a food crisis than most people realise''
From The Guardian
''In the early spring this year, US farmers were on their way to planting some 96m acres in corn, the most in 75 years. A warm early spring got the crop off to a great start. Analysts were predicting the largest corn harvest on record.
The United States is the leading producer and exporter of corn, the world's feedgrain. At home, corn accounts for four-fifths of the US grain harvest. Internationally, the US corn crop exceeds China's rice and wheat harvests combined. Among the big three grains – corn, wheat, and rice – corn is now the leader, with production well above that of wheat and nearly double that of rice.''
read more
''In the early spring this year, US farmers were on their way to planting some 96m acres in corn, the most in 75 years. A warm early spring got the crop off to a great start. Analysts were predicting the largest corn harvest on record.
The United States is the leading producer and exporter of corn, the world's feedgrain. At home, corn accounts for four-fifths of the US grain harvest. Internationally, the US corn crop exceeds China's rice and wheat harvests combined. Among the big three grains – corn, wheat, and rice – corn is now the leader, with production well above that of wheat and nearly double that of rice.''
read more
''The Semi-Private Lottery''
From PewStates.org
''Last year, Illinois became the first state in the nation to semi-privatize its lottery operations, contracting with a management consortium, Northstar Lottery, to run things on a day-to-day basis. The state is hoping that this experiment will help it win the fiscal jackpot.
Other states are looking on with interest. Faced with a persistently rocky economy, and budgets straining at the seams, a number of them may soon follow the Illinois example. Partial privatization of lottery services is attractive to states looking to quickly develop new games, leverage technology — and shift the risks to the private sector. “This is a way that lotteries are looking at boosting sales,” says Kilsby, “without having to expend state resources.''
read more
''Last year, Illinois became the first state in the nation to semi-privatize its lottery operations, contracting with a management consortium, Northstar Lottery, to run things on a day-to-day basis. The state is hoping that this experiment will help it win the fiscal jackpot.
Other states are looking on with interest. Faced with a persistently rocky economy, and budgets straining at the seams, a number of them may soon follow the Illinois example. Partial privatization of lottery services is attractive to states looking to quickly develop new games, leverage technology — and shift the risks to the private sector. “This is a way that lotteries are looking at boosting sales,” says Kilsby, “without having to expend state resources.''
read more
''Senator unveils plan to refi 8 million underwater borrowers''
From Housing Wire
''Sen. Jeff Merkley, D-Ore., submitted a new plan Tuesday for the government to buy up to 8 million underwater mortgages and refinance them into lower rates.
"There is no robust program that enables large numbers of families trapped in high- interest loans across America to refinance," Merkley writes in a paper detailing the plan. "The lack of such a program hurts our families, our communities, and our economy. That is unacceptable, especially because such a program is entirely feasible."
read more
''Sen. Jeff Merkley, D-Ore., submitted a new plan Tuesday for the government to buy up to 8 million underwater mortgages and refinance them into lower rates.
"There is no robust program that enables large numbers of families trapped in high- interest loans across America to refinance," Merkley writes in a paper detailing the plan. "The lack of such a program hurts our families, our communities, and our economy. That is unacceptable, especially because such a program is entirely feasible."
read more
Embry - ''Expect Shortages Of Gold As Soon As Next Month''
From King World News
''Today John Embry stunned King World News when he warned, “We are moving toward a fundamental shortage of gold, and I believe it may start as soon as next month.” Embry also cautioned, “The problem now is that the global economy is contracting at a time when the debt levels are catastrophically high.''
''The Oxygen Planet Struts Its Stuff''
From TomDispatch
''This summer's conditions may indeed be perfect for fire in the Southwest and West, but if you think of it as a “storm,” perfect or otherwise -- that is, sudden, violent, and temporary -- then you don’t understand what’s happening in this country or on this planet. Look at those 346 burnt homes again, or at the High Park fire that ate 87,284 acres and 259 homes west of Fort Collins, or at the Whitewater Baldy Complex fire in New Mexico that began in mid-May, consumed almost 300,000 acres, and is still smoldering, and what you have is evidence of the new normal in the American West.''
''This summer's conditions may indeed be perfect for fire in the Southwest and West, but if you think of it as a “storm,” perfect or otherwise -- that is, sudden, violent, and temporary -- then you don’t understand what’s happening in this country or on this planet. Look at those 346 burnt homes again, or at the High Park fire that ate 87,284 acres and 259 homes west of Fort Collins, or at the Whitewater Baldy Complex fire in New Mexico that began in mid-May, consumed almost 300,000 acres, and is still smoldering, and what you have is evidence of the new normal in the American West.''
Jim Sinclair: ''THE SYSTEM IS TOTALLY BROKEN!!''
From SilverDoctors
''The legendary Jim Sinclair sent the following missive to email subscribers today, warning that the system is totally broken, that anyone trading with any securities/commodities clearinghouse is risking their own financial life, and those with ‘fancy special tax treatment retirement accounts are sitting ducks‘.
Sinclair recommends PHYSICAL PRECIOUS METALS IN YOUR OWN PERSONAL POSSESSION as the only financial safety from what is coming here and now.''
read more
TPP secrets: ''Obama covertly granting more power to multinational corporations''
From RT.com
''Despite the White House’s efforts to keep a proposed free trade agreement concealed from the public — and even Congress — an excerpt from the TPP leaked Wednesday reveals that President Obama is prepared to bow to multinational corporations.
The United States has been engaged in discussion with eight Pacific nations to come to agreement on the terms of the proposed Trans-Pacific Partnership, a free trade contract that would allow for a more open system of exchange between the US and less developed nations. Critics have been concerned, however, over how provisions of the project could drive up the price of medications and other goods across the world. The White House’s reluctance to provide details to even leading lawmakers responsible for America’s trade plans has caused a rift within the president’s own political party as his administration remains adamant about protecting the items being heard.''
read more
''Despite the White House’s efforts to keep a proposed free trade agreement concealed from the public — and even Congress — an excerpt from the TPP leaked Wednesday reveals that President Obama is prepared to bow to multinational corporations.
The United States has been engaged in discussion with eight Pacific nations to come to agreement on the terms of the proposed Trans-Pacific Partnership, a free trade contract that would allow for a more open system of exchange between the US and less developed nations. Critics have been concerned, however, over how provisions of the project could drive up the price of medications and other goods across the world. The White House’s reluctance to provide details to even leading lawmakers responsible for America’s trade plans has caused a rift within the president’s own political party as his administration remains adamant about protecting the items being heard.''
read more
''Rep. Paul's Audit the Fed Bill Passes House, 327-98''
From The New American
''Texas Congressman Ron Paul's bill to audit the Federal Reserve Bank easily passed the House of Representatives July 25 by a vote of 327-98. Every House Republican voted for the "Federal Reserve Transparency Act of 2011" (H.R. 459) except freshman Rep. Bob Turner of New York, while Democrats were about evenly split.''
read more
''Texas Congressman Ron Paul's bill to audit the Federal Reserve Bank easily passed the House of Representatives July 25 by a vote of 327-98. Every House Republican voted for the "Federal Reserve Transparency Act of 2011" (H.R. 459) except freshman Rep. Bob Turner of New York, while Democrats were about evenly split.''
read more
''Redress for bank mis-selling victims''
From SLTN
''The prospect arose after the Financial Services Authority (FSA) announced it had found “serious failings” by four major banks in the sale of interest rate swap products to SMEs.
Interest rate swaps, also known as hedges or derivatives, are complex financial products sold by banks, including RBS, HSBC, Lloyds, Barclays and Clydesdale Bank, alongside business loans.
The products, which first emerged in 2001 and became commonplace in 2006, were sold to SMEs on the premise it could protect their borrowings against rises in interest rates.
They were typically offered to customers seeking to refinance their existing loan facilities, and became more aggressively sold as the banks and sales people who did the deals realised how lucrative they could be.''
read more
''The prospect arose after the Financial Services Authority (FSA) announced it had found “serious failings” by four major banks in the sale of interest rate swap products to SMEs.
Interest rate swaps, also known as hedges or derivatives, are complex financial products sold by banks, including RBS, HSBC, Lloyds, Barclays and Clydesdale Bank, alongside business loans.
The products, which first emerged in 2001 and became commonplace in 2006, were sold to SMEs on the premise it could protect their borrowings against rises in interest rates.
They were typically offered to customers seeking to refinance their existing loan facilities, and became more aggressively sold as the banks and sales people who did the deals realised how lucrative they could be.''
read more
''The War on Silver''
From SilverSeek
By Ted Butler
''So why did it take me so long to recognize a US government involvement in the decades-old silver manipulation? For one thing, I still don’t believe that the silver manipulation (which began in 1983) was a government creation from the get go. I know many believe the motive for the silver and gold manipulation is as a means for the US Government to help keep the dollar strong in currency markets. I don’t agree. Instead, I believe the origins of the manipulation can be traced to collusive and concentrated short selling for profit by large financial institutions, starting with Drexel Burnham, then on to AIG Trading, Bear Stearns and finally to JPMorgan. These were the firms at war with higher silver prices, which the US Government subsequently joined.''
read more
By Ted Butler
''So why did it take me so long to recognize a US government involvement in the decades-old silver manipulation? For one thing, I still don’t believe that the silver manipulation (which began in 1983) was a government creation from the get go. I know many believe the motive for the silver and gold manipulation is as a means for the US Government to help keep the dollar strong in currency markets. I don’t agree. Instead, I believe the origins of the manipulation can be traced to collusive and concentrated short selling for profit by large financial institutions, starting with Drexel Burnham, then on to AIG Trading, Bear Stearns and finally to JPMorgan. These were the firms at war with higher silver prices, which the US Government subsequently joined.''
read more
Wednesday, July 25, 2012
NSA whistleblowers: ''Government spying on every single American''
From RT.com
''The attacks September 11, 2001, were instrumental in enabling the US government to establish counterterrorism agencies to prevent future tragedies. Some officials say that they haven’t stopped there, though, and are spying on everyone in America — all in the name of national security.
Testimonies delivered in recent weeks by former employees of the National Security Agency suggest that the US government is granting itself surveillance powers far beyond what most Americans consider the proper role of the federal government.''
read more
''The attacks September 11, 2001, were instrumental in enabling the US government to establish counterterrorism agencies to prevent future tragedies. Some officials say that they haven’t stopped there, though, and are spying on everyone in America — all in the name of national security.
Testimonies delivered in recent weeks by former employees of the National Security Agency suggest that the US government is granting itself surveillance powers far beyond what most Americans consider the proper role of the federal government.''
read more
Jim Willie: ''Banker Brushfires Risk Jumps''
From Silver Doctors
''Major changes are coming. A return to a certain type of Gold Standard is right around the corner, awaiting the Western collapse that is in a late stage of pathogenesis. The jumping brush fires that the London, New York, and Western European bankers must contend with will eventually envelop them, doling out massive smoke inhalation. Worst of all, the jumps will expose new areas of corruption every few weeks, sufficient to bring down the system. After all, it is a fiat faith based system. The faith has long ago vanished. All that remains is power politics, arrogance, and corruption. The new system will force the Gold price above $5000 per ounce on a conservative basis. It is all part of the plan not yet revealed. The Gold/Silver Ratio will revert to 20:1 in time. That translates for the math impaired to a $250 per ounce Silver price. These are conservative figures.''
read more
''Al-Qaeda's role in Middle East conflicts''
From Voice of Russia
''You know, even before the Arab Spring, some experts now call it tsunami in the Middle East, there was the country, namely Iraq which for different reasons has become a hotbed, an open wound if you wish, in the Arab, if not in the entire Islamic world. And it is because of the American operation, we can argue whether it has been proven that there was something happening there that warranted American armed forces. But how was it done? It was done highly unprofessionally and this led to many victims among the US military. Unfortunately young boys were dying, and that’s why the domestic pressure on both presidents, Bush Jr. and of course Obama, was so strong, and it was one of the main pre-election slogans of Obama.''
read more
''You know, even before the Arab Spring, some experts now call it tsunami in the Middle East, there was the country, namely Iraq which for different reasons has become a hotbed, an open wound if you wish, in the Arab, if not in the entire Islamic world. And it is because of the American operation, we can argue whether it has been proven that there was something happening there that warranted American armed forces. But how was it done? It was done highly unprofessionally and this led to many victims among the US military. Unfortunately young boys were dying, and that’s why the domestic pressure on both presidents, Bush Jr. and of course Obama, was so strong, and it was one of the main pre-election slogans of Obama.''
read more
''John Williams on the Real Unemployment Numbers''
From Silver Doctors
ShadowStat’s John Williams was interviewed by Fox Business regarding the REAL state of the economy.
Williams states that actual unemployment (as used to be calculated prior to the adjustments) is up to 22%!
Those who are not ShadowStats subscribers can get free access to William’s work with his full MUST WATCH report to Fox Business.''
watch video & read more
John Butler: "Caught in a Debt Trap''
From Financial Sense
''As with much of the euro area, the US is in a debt trap. All the politicking in DC does not change this economic fact. The federal debt is going to be devalued. Yet even now, amid a new economic slowdown, US consumer price inflation is set to remain positive following a large spike in global food prices. Few things damage economic confidence more than food price inflation. Combined with the escalating financial crises in the euro area and also now in US municipals, the global slowdown already underway is likely to accelerate, leading to a further deterioration of sovereign finances. The debt trap is deepening, with ominous consequences for monetary and price inflation. The dollar and most currencies remain severely overvalued; gold and most commodities, undervalued.''
read more
''As with much of the euro area, the US is in a debt trap. All the politicking in DC does not change this economic fact. The federal debt is going to be devalued. Yet even now, amid a new economic slowdown, US consumer price inflation is set to remain positive following a large spike in global food prices. Few things damage economic confidence more than food price inflation. Combined with the escalating financial crises in the euro area and also now in US municipals, the global slowdown already underway is likely to accelerate, leading to a further deterioration of sovereign finances. The debt trap is deepening, with ominous consequences for monetary and price inflation. The dollar and most currencies remain severely overvalued; gold and most commodities, undervalued.''
read more
''CIA’s favorite Saudi prince is laying the groundwork for a post-Assad Syria''
From 'There are no Sunglasses'
''Saudi Arabia’s Prince Bandar bin Sultan, 62, fell in love with the United States when he was still a pilot in his country’s air force and took aerobatics training on an American air base. The romance was renewed several years later when he was named his country’s ambassador to Washington, a tenure that lasted 22 years, during which he was a regular guest of both George Bushes and was the only ambassador who was guarded by the U.S. Secret Service.''
read more
''Saudi Arabia’s Prince Bandar bin Sultan, 62, fell in love with the United States when he was still a pilot in his country’s air force and took aerobatics training on an American air base. The romance was renewed several years later when he was named his country’s ambassador to Washington, a tenure that lasted 22 years, during which he was a regular guest of both George Bushes and was the only ambassador who was guarded by the U.S. Secret Service.''
read more
''Catalonia applies for Spanish aid like Murcia and Valencia''
From Ansamed
MADRID - ''Catalonia will seek aid from the government's 18 billion euro Liquidity Fund for ailing regions, Catalan government sources confirmed.
Murcia and Valencia have already applied for aid from the same fund. ''The current situation is that Catalonia has no other bank but the Spanish government,'' Catalan Economics Minister Andreu Mas Colell told the BBC on Tuesday. The news was confirmed by the regional government's spokesman Francesc Homs,even though he said there has not been a formal request, yet.''
read more
MADRID - ''Catalonia will seek aid from the government's 18 billion euro Liquidity Fund for ailing regions, Catalan government sources confirmed.
Murcia and Valencia have already applied for aid from the same fund. ''The current situation is that Catalonia has no other bank but the Spanish government,'' Catalan Economics Minister Andreu Mas Colell told the BBC on Tuesday. The news was confirmed by the regional government's spokesman Francesc Homs,even though he said there has not been a formal request, yet.''
read more
''The Center Crumbles; the Right Grows''
From Consortium News
''Ironically, the American Left has pined for the collapse of the Center, assuming that the outcome would be more progressive. But as the Center now crumbles, the result seems more likely to be a lurching toward an irrational Right under corporate dominance, writes Danny Schechter.''
read more
''Ironically, the American Left has pined for the collapse of the Center, assuming that the outcome would be more progressive. But as the Center now crumbles, the result seems more likely to be a lurching toward an irrational Right under corporate dominance, writes Danny Schechter.''
read more
''Turkey to lock up border with Syria''
From Voice of Russia
The Syrian government claims they are being attacked by well-armed militants who penetrate Syria from Turkey and Lebanon.''
read more
''According to the Reuters news agency, Turkey’s moves have been prompted by the fact that the militants of the so-called Free Syrian Army have repeatedly attacked the checkpoints on the Turkish border. Antigovernment protests have been going on in Syria for more than a year now.
The Syrian government claims they are being attacked by well-armed militants who penetrate Syria from Turkey and Lebanon.''
read more
''Anaheim Erupts: Anti-Police Demonstrators Riot''
From LAWeekly
''After the 20th anniversary of the L.A. riots this spring, many Angelenos looked back and marveled at how things have changed for the better and how much farther away from that precipice of chaos we've traveled.
Well, in Orange County, the sense that police are an occupying force in a minority community that sometimes feels oppressed by a mostly white local government has come to a head this week.
What started as clashes, rubber bullets and snarling dogs unleashed on families turned into a full-on riot last night''
read more
''After the 20th anniversary of the L.A. riots this spring, many Angelenos looked back and marveled at how things have changed for the better and how much farther away from that precipice of chaos we've traveled.
Well, in Orange County, the sense that police are an occupying force in a minority community that sometimes feels oppressed by a mostly white local government has come to a head this week.
What started as clashes, rubber bullets and snarling dogs unleashed on families turned into a full-on riot last night''
read more
''As Nato pullout looms, Afghan women face uncertain future''
From Dawn.com
''According to Shama, a female student at the University of Kabul, Afghan women face hardships throughout their lives. “A woman is trapped. As a child, when she is just 13or 14 she is given off in a forced marriage, mostly in exchange for money. Her husband beats her but she can’t run away or seek a divorce as it will then turn her into an outcast in the society and her children will be taken away from her. So instead, she burns herself or commits suicide,” she says. The average life expectancy for a woman in Afghanistan lingers at a meager 44 years – one of the lowest in the world.''
read more
''According to Shama, a female student at the University of Kabul, Afghan women face hardships throughout their lives. “A woman is trapped. As a child, when she is just 13or 14 she is given off in a forced marriage, mostly in exchange for money. Her husband beats her but she can’t run away or seek a divorce as it will then turn her into an outcast in the society and her children will be taken away from her. So instead, she burns herself or commits suicide,” she says. The average life expectancy for a woman in Afghanistan lingers at a meager 44 years – one of the lowest in the world.''
read more
''China stepping up military ties with Kabul''
From Indian PunchLine
''The visit by the Afghan Defence Minister Abdul Rahim Wardak to China and his talks with the Chinese Defence Minister Liang Guanglie in Beijing earlier today, Tuesday, will signify the shift to a new level in the military cooperation between the two countries. Liang is also a state councilor.
read more
''The visit by the Afghan Defence Minister Abdul Rahim Wardak to China and his talks with the Chinese Defence Minister Liang Guanglie in Beijing earlier today, Tuesday, will signify the shift to a new level in the military cooperation between the two countries. Liang is also a state councilor.
According to a Xinhua report, Liang said at the meeting with Wardak, ”The military-to-military exchanges are increasing, the high-level interactions are going on and the pragmatic cooperation in terms f personnel training and military aid… are going ahead in a stable way.”
He then added, “The Chinese side is willing to cement and enhance the current cooperation between the two militaries based on mutual respect and win-win reciprocity to advance the military ties in a sustainable way.” Liang said said the China and Afghanistan should play an active role in safeguarding their national interests as well as regional security and stability.''read more
''Richard Russell: Bear Market to Last Another 15 Years to 2027''
From King World News
''Today the Godfather of newsletter writers, Richard Russell, shocked King World News when he made this remarkable and extremely dire prediction to his subscribers: “The primary bear market -- the leveraging and inflation and lying and cheating and shenanigans lasted from 1945 to 2007, about 62 years. My guess is that it will require maybe one-third of that time or roughly 20 years to clean out the economic stupidity and nonsense of those 62 years. That could take this bear market out to the year 2027.''
''Mexican official: CIA ‘manages’ drug trade''
From "There are no Sunglasses'
''The US Central Intelligence Agency and other international security forces “don’t fight drug traffickers”, a spokesman for the Chihuahua state government in northern Mexico has told Al Jazeera, instead “they try to manage the drug trade”.
Allegations about official complicity in the drug business are nothing new when they come from activists, professors, campaigners or even former officials. However, an official spokesman for the authorities in one of Mexico’s most violent states – one which directly borders Texas – going on the record with such accusations is unique.''
read more
''The US Central Intelligence Agency and other international security forces “don’t fight drug traffickers”, a spokesman for the Chihuahua state government in northern Mexico has told Al Jazeera, instead “they try to manage the drug trade”.
Allegations about official complicity in the drug business are nothing new when they come from activists, professors, campaigners or even former officials. However, an official spokesman for the authorities in one of Mexico’s most violent states – one which directly borders Texas – going on the record with such accusations is unique.''
read more
''UK economy contracts by a shock 0.7pc''
From The Telegraph
''The figures from the Office for National Statistics are much worse than forecasts for a 0.2pc contraction.
''The Gilded Age of Bankers or Banksters''
From Market Oracle..........read more
''Between 1865 and 1898 the US economy grew at the fastest rate in its history with real wages, wealth, GDP, and capital formation all increasing rapidly:
''Between 1865 and 1898 the US economy grew at the fastest rate in its history with real wages, wealth, GDP, and capital formation all increasing rapidly:
- Wheat production increased by 256%
- Corn production increased by 222%
- Coal production increased by 800%
- Miles of railway track increased by 567% - railroad mileage tripled between 1860 and 1880 and had tripled again by 1920
- American steel production surpassed the combined total of Britain, Germany, and France''
Chris Hedges: "The Careerists''
From TruthDig
''The greatest crimes of human history are made possible by the most colorless human beings. They are the careerists. The bureaucrats. The cynics. They do the little chores that make vast, complicated systems of exploitation and death a reality. They collect and read the personal data gathered on tens of millions of us by the security and surveillance state. They keep the accounts of ExxonMobil, BP and Goldman Sachs. They build or pilot aerial drones. They work in corporate advertising and public relations. They issue the forms. They process the papers. They deny food stamps to some and unemployment benefits or medical coverage to others. They enforce the laws and the regulations. And they do not ask questions.''
read more
''The greatest crimes of human history are made possible by the most colorless human beings. They are the careerists. The bureaucrats. The cynics. They do the little chores that make vast, complicated systems of exploitation and death a reality. They collect and read the personal data gathered on tens of millions of us by the security and surveillance state. They keep the accounts of ExxonMobil, BP and Goldman Sachs. They build or pilot aerial drones. They work in corporate advertising and public relations. They issue the forms. They process the papers. They deny food stamps to some and unemployment benefits or medical coverage to others. They enforce the laws and the regulations. And they do not ask questions.''
read more
Neil Barofsky: ''Washington's Ties to Wall Street Caused TARP's Failure''
From The Take Away
''Appointed by the Bush Administration as Special Inspector General in charge of the Troubled Asset Relief Program (TARP), Neil Barofsky assumed his position in the wake of the 2008 financial crisis when Americans households collectively lost $19.2 trillion.
As chronicled in his new book, "Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street," Barofsky thought the Bush and Obama Administrations wanted a tough regulator, an inspector general who would aggressively oversee the hundreds of billions of dollars loaned to the banks, the institutions that helped cause the immense financial crisis.''
read more
''Appointed by the Bush Administration as Special Inspector General in charge of the Troubled Asset Relief Program (TARP), Neil Barofsky assumed his position in the wake of the 2008 financial crisis when Americans households collectively lost $19.2 trillion.
As chronicled in his new book, "Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street," Barofsky thought the Bush and Obama Administrations wanted a tough regulator, an inspector general who would aggressively oversee the hundreds of billions of dollars loaned to the banks, the institutions that helped cause the immense financial crisis.''
read more
Tuesday, July 24, 2012
Roseanne Barr on Keiser Report
From RT.com
''In this episode, Max Keiser and co-host, Stacy Herbert, discuss feeding frenzies on Wall Street, drug money laundering in the City and Javier Bardem pays a little visit to the bankers. In the second half of the show, Max talks to comedian, actress, writer and Presidential candidate, Roseanne Barr about the mainstreaming of calls to 'hang bankers' and about ridding our democracies of politicians owned by bankers."
''The currency debasement fallacy''
From GoldMoney
''In Frédéric Bastiat’s 1850 essay Ce qu'on voit et ce qu'on ne voit pas, the famous economist introduced the parable of the broken window. He illustrated the principle that intentionally breaking a window just so that someone can subsequently fix it did not actually represent an increase in the net wealth of an economy. Today we will examine a similarly misguided fallacy that has been the foundation of an equally disastrous pattern of economic policy. We will call this the fallacy of the debased currency.''
read more
''In Frédéric Bastiat’s 1850 essay Ce qu'on voit et ce qu'on ne voit pas, the famous economist introduced the parable of the broken window. He illustrated the principle that intentionally breaking a window just so that someone can subsequently fix it did not actually represent an increase in the net wealth of an economy. Today we will examine a similarly misguided fallacy that has been the foundation of an equally disastrous pattern of economic policy. We will call this the fallacy of the debased currency.''
read more
''Canada Shifts Toward China With $15 Billion Nexen Deal''
From Business Week
Canada’s oil sands reserves, the third-largest recoverable crude deposits in the world, were developed in part by U.S. money as companies such as California’s Richfield Oil Corp. brought technology to extract bitumen from boreal peat bogs half a century ago. Now, for the first time, a Chinese company will own and operate oil-sands crude production as well as Nexen’s shale-gas assets in British Columbia, along with leases in other parts of the world.''
read more
''Cnooc Ltd. (883)’s $15.1 billion cash takeover bid for Nexen Inc. (NXY) (NXY) signals a Canadian shift toward China and away from the U.S. as the nation’s traditional oil and natural-gas partner and main export market.
Canada’s oil sands reserves, the third-largest recoverable crude deposits in the world, were developed in part by U.S. money as companies such as California’s Richfield Oil Corp. brought technology to extract bitumen from boreal peat bogs half a century ago. Now, for the first time, a Chinese company will own and operate oil-sands crude production as well as Nexen’s shale-gas assets in British Columbia, along with leases in other parts of the world.''
read more
''Human rights disaster unfolding in Libya''
From URUKNET
''Nine months after the U.S./NATO-led overthrow of the Muammar Gaddafi government in Libya, the country remains entrenched in violence and disorder; human rights abuses are rampant.
In fact, according to Nasser al-Hawary of the Libyan Observatory for Human Rights, "The human rights situation in Libya now is far worse than under the late dictator Muammar Gaddafi." (Inter Press Service, July 14) This statement is telling, especially given that its source is a political opponent of the former government.''
read more
''Nine months after the U.S./NATO-led overthrow of the Muammar Gaddafi government in Libya, the country remains entrenched in violence and disorder; human rights abuses are rampant.
In fact, according to Nasser al-Hawary of the Libyan Observatory for Human Rights, "The human rights situation in Libya now is far worse than under the late dictator Muammar Gaddafi." (Inter Press Service, July 14) This statement is telling, especially given that its source is a political opponent of the former government.''
read more
''Putin’s Geopolitical Chess Game with Washington in Syria and Eurasia''
From Voltaire Net
By F William Engdahl
''For blocking a UN resolution that could have led to military intervention in Syria, Russia has been accused by the Orwellian West of putting its national interests ahead of the lives of millions of Syrians. By scrutinizing Vladimir Putin’s actions since his reelection, William Engdahl shows that Russia is indeed pursuing her national interests which are best served by fostering a just and peaceful world environment and by thwarting the US-Israeli agenda for a Greater Middle East.''
read more
By F William Engdahl
''For blocking a UN resolution that could have led to military intervention in Syria, Russia has been accused by the Orwellian West of putting its national interests ahead of the lives of millions of Syrians. By scrutinizing Vladimir Putin’s actions since his reelection, William Engdahl shows that Russia is indeed pursuing her national interests which are best served by fostering a just and peaceful world environment and by thwarting the US-Israeli agenda for a Greater Middle East.''
read more
Pepe Escobar: "Syrian blood etches a new line in the sand''
From Asia Times
"Once upon a time, early in the previous century, a line in the sand was drawn, from Acre to Kirkuk. Two colonial powers - Britain and France - nonchalantly divided the Middle East between themselves; everything north of the line in the sand was France's; south, it was Britain's.
Many blowbacks - and concentric tragedies - later, a new line in the sand is being drawn by Saudi Arabia and Qatar. Between Syria and Iraq, they want it all. Talk about the return of the repressed; now, as part of the North Atlantic Treaty Organization-Gulf Cooperation Council compound, they're in bed with their former colonial masters."
read more
"Once upon a time, early in the previous century, a line in the sand was drawn, from Acre to Kirkuk. Two colonial powers - Britain and France - nonchalantly divided the Middle East between themselves; everything north of the line in the sand was France's; south, it was Britain's.
Many blowbacks - and concentric tragedies - later, a new line in the sand is being drawn by Saudi Arabia and Qatar. Between Syria and Iraq, they want it all. Talk about the return of the repressed; now, as part of the North Atlantic Treaty Organization-Gulf Cooperation Council compound, they're in bed with their former colonial masters."
read more
''Russians advised not to visit Syria''
From Voice of Russia
''Russia’s Foreign Ministry has released a warning advising its citizens not to visit Syria, where clashes between pro-government forces and the opposition have continued since March, 2011.
The warning also says that the situation in Syria remains very tense, with fights taking place in different areas of the country.
One of Russia`s largest carrier airlines, Aeroflot, is temporarily suspending flights from Moscow to Damascus starting from August 6.''
''Yuan role expands its Africa presence''
From Asia Times
''For decades, Africa's traders have demanded US dollars or, more recently, euros when closing a deal; now China's yuan is being adopted across the continent by businesses and banks to settle debts, raise loans and pay for imports and exports.
Until recently, few people in Africa would have been able to name China's currency. This has changed with stunning speed over the past few years, boosted by the 2008 global crisis when the ability to borrow dollars by importers and exporters was substantially reduced.''
read more
''For decades, Africa's traders have demanded US dollars or, more recently, euros when closing a deal; now China's yuan is being adopted across the continent by businesses and banks to settle debts, raise loans and pay for imports and exports.
Until recently, few people in Africa would have been able to name China's currency. This has changed with stunning speed over the past few years, boosted by the 2008 global crisis when the ability to borrow dollars by importers and exporters was substantially reduced.''
read more
''Forced Assad departure unacceptable'' – Putin
From Voice of Russia
''President Putin believes a forced ouster of Bashar Assad would perpetuate civil war in Syria, and the international community must apply mitigating pressure to both sides of the Syrian conflict.''
read more
''Shrinking Wall Street''
From CounterPunch
''The most remarkable thing about Wall Street is that while it flourishes, working people wither. How can this be? The reason for this is the near-zero-interest-rates policy of Ben Bernanke, the chairman of the Fed. A five year Certificate of Deposit pays now on average less than 1% a year and that has made it impossible for savers to save, except by putting their savings into stocks; this is why the prices of stocks are high. The ones who benefit from these high prices the most are the executives, because they use these bloated stock prices to justify their outlandish “compensation.” As social policy, however, forcing people to buy stocks has no justification.''
read more
''The most remarkable thing about Wall Street is that while it flourishes, working people wither. How can this be? The reason for this is the near-zero-interest-rates policy of Ben Bernanke, the chairman of the Fed. A five year Certificate of Deposit pays now on average less than 1% a year and that has made it impossible for savers to save, except by putting their savings into stocks; this is why the prices of stocks are high. The ones who benefit from these high prices the most are the executives, because they use these bloated stock prices to justify their outlandish “compensation.” As social policy, however, forcing people to buy stocks has no justification.''
read more
''The End of Growth Through Currency Wars''
From Money Morning Australia
''Today, there is no one currency against which all others can strengthen to everyone’s mutual benefit. Competitive devaluations have become a zero sum game, always costing one country jobs and exports. This is why Brazilian Finance Minister Guido Mantega said in 2010 that the world was in a new currency war. He knew that interest rates were being used by central banks as a weapon to deal with domestic debt problems and boost export competitiveness.
Effectively, everyone in the world is trying to boost their own economic growth by weakening their currency so they can sell their goods to other countries. This has led Europe, Japan, and the US all to the same place: zero real interest rates.''
read more
''Today, there is no one currency against which all others can strengthen to everyone’s mutual benefit. Competitive devaluations have become a zero sum game, always costing one country jobs and exports. This is why Brazilian Finance Minister Guido Mantega said in 2010 that the world was in a new currency war. He knew that interest rates were being used by central banks as a weapon to deal with domestic debt problems and boost export competitiveness.
Effectively, everyone in the world is trying to boost their own economic growth by weakening their currency so they can sell their goods to other countries. This has led Europe, Japan, and the US all to the same place: zero real interest rates.''
read more
''The Geopolitics of the Financial Crisis''
From New Left Project
''Much analysis of the 2008 financial crisis sees it in purely economic terms. You've emphasised, in addition, the geopolitical factors, in particular the way in which imbalances between China and the U.S. developed and were mediated through the U.S. mortgage system to create the housing bubble, the collapse of which then triggered the crisis. Why did those imbalances develop and how did they contribute to the conditions for the crisis?''
read more
''Much analysis of the 2008 financial crisis sees it in purely economic terms. You've emphasised, in addition, the geopolitical factors, in particular the way in which imbalances between China and the U.S. developed and were mediated through the U.S. mortgage system to create the housing bubble, the collapse of which then triggered the crisis. Why did those imbalances develop and how did they contribute to the conditions for the crisis?''
read more
Book Review: 'Bailout' lifts the veil on Wall Street rescue'
From STLToday
''Neil Barofsky is not a household name, but he knows as much about what went wrong with the taxpayer bailout of Wall Street brokerages and national banks as anybody. In his scathing new book, Barofsky says taxpayers got shafted while the rich got richer.
In “Bailout,” Barofsky writes that when he became the official watchdog for taxpayers, “I hadn’t yet understood the degree to which the entire crisis was unleashed by the greed of a small handful of executives who exploited a financial system that guaranteed no matter what risks they took, they’d be able to keep the profits ...
“I had no idea that the U.S. government had been captured by the banks and that those running the bailout program I’d been charged with overseeing would come from the very same institutions that had both caused the crisis and then become the beneficiaries of the generous terms of their bailout.”
''Neil Barofsky is not a household name, but he knows as much about what went wrong with the taxpayer bailout of Wall Street brokerages and national banks as anybody. In his scathing new book, Barofsky says taxpayers got shafted while the rich got richer.
In “Bailout,” Barofsky writes that when he became the official watchdog for taxpayers, “I hadn’t yet understood the degree to which the entire crisis was unleashed by the greed of a small handful of executives who exploited a financial system that guaranteed no matter what risks they took, they’d be able to keep the profits ...
“I had no idea that the U.S. government had been captured by the banks and that those running the bailout program I’d been charged with overseeing would come from the very same institutions that had both caused the crisis and then become the beneficiaries of the generous terms of their bailout.”
''Dodd-Frank needs to be amended to stop another meltdown''
From The Hill
By Senator Ted Kaufman
''The “living wills” Dodd-Frank required the major banks to write, spelling out how they would be wound down in a crisis, were released on July 3. Their hypothetical scenarios would be of little use in the real world. Each of the wills depends on that bank’s ability to sell assets in an orderly manner to another large financial institution. But given how interconnected they are, if one megabank is in trouble, the probability is they will all be in the same boat. “Orderly” is not what happens in a meltdown.''
read more
By Senator Ted Kaufman
''The “living wills” Dodd-Frank required the major banks to write, spelling out how they would be wound down in a crisis, were released on July 3. Their hypothetical scenarios would be of little use in the real world. Each of the wills depends on that bank’s ability to sell assets in an orderly manner to another large financial institution. But given how interconnected they are, if one megabank is in trouble, the probability is they will all be in the same boat. “Orderly” is not what happens in a meltdown.''
read more
''China to deploy new military garrison in West Philippine Sea''
From GMA News
''The People’s Liberation Army, China’s central military authority, has approved the deployment of a military garrison in the newly declared Sansha City in the sparsely populated West Philippine Sea, said a report posted on China’s Ministry of National Defense website.
China's announcement is just the latest in a series of recent actions that have expanded its physical presence in the vast disputed waters and defied condemnation around the region.''
read more
''The People’s Liberation Army, China’s central military authority, has approved the deployment of a military garrison in the newly declared Sansha City in the sparsely populated West Philippine Sea, said a report posted on China’s Ministry of National Defense website.
China's announcement is just the latest in a series of recent actions that have expanded its physical presence in the vast disputed waters and defied condemnation around the region.''
read more
Aquino: ''Manila isn’t backing off in the West PHL Sea''
From GMA News
''Despite China’s increasing attempts to control the resource-rich West Philippine Sea, President Benigno Aquino III said on Monday the Philippines will continue to pursue and defend its sovereign rights over the territory.
Aquino, in his third State of Nation Address, said the Philippines is also seeking to expand its defense capability to protect its territories in the area against foreign intrusions.''
''US drones killed 2,800 civilians in Pakistan in 7 years''
From PressTV
''A Pakistani human rights lawyer says over 2,800 of the 3,000 people killed over the past seven years in non-UN-sanctioned US assassination drone strikes in Pakistan were civilians, Press TV reports.''
''Corruption allegations, major fraud inquiries, a senate probe into deals with drug-running gangsters in Mexico ... and a luxury yacht. Welcome to the world of banking 2012''
From Herald Scotland
By Ian Fraser
''Thames Valley Police has already handed evidence to the Crown Prosecution Service. The papers have since been reviewed by the director of public prosecutions, Keir Starmer and Attorney General Dominic Grieve. The Sunday Herald has learned that the charges – that could include corruption – could be pressed within weeks.
The probe, code-named "Operation Hornet", is described by a police officer involved as "the largest fraud investigation of its type in the UK". Under way since June 2010, it has been led by Thames Valley Police and the Serious Organised Crime Agency.''
read more
By Ian Fraser
''Thames Valley Police has already handed evidence to the Crown Prosecution Service. The papers have since been reviewed by the director of public prosecutions, Keir Starmer and Attorney General Dominic Grieve. The Sunday Herald has learned that the charges – that could include corruption – could be pressed within weeks.
The probe, code-named "Operation Hornet", is described by a police officer involved as "the largest fraud investigation of its type in the UK". Under way since June 2010, it has been led by Thames Valley Police and the Serious Organised Crime Agency.''
read more
''Western Campaign To Isolate China, Russia Over Syria To Fail''
From Global Times via 'Stop NATO Blog'
''China and Russia are facing a new round of finger pointing since their double veto of a UN resolution threatening to impose new sanctions on Syria Thursday.
The US-led West loudly touts slogans of democracy and human rights during their grand strategic deployment in the Middle East. But the key target is still their geopolitical interests in this region.''
read more
''China and Russia are facing a new round of finger pointing since their double veto of a UN resolution threatening to impose new sanctions on Syria Thursday.
The US-led West loudly touts slogans of democracy and human rights during their grand strategic deployment in the Middle East. But the key target is still their geopolitical interests in this region.''
read more
''A world without Libor or interest-rate derivatives''
From IFR
"IS LIBOR FINISHED as a benchmark? Maybe. Are composite rates created using short-term interbank loans the most relevant benchmarks on which to base non-bank borrowing in the capital markets? Not necessarily. What would happen if there were no floating rates and everything was based on spreads over official policy rates? Not sure. Would the world come to an end if there were no interest-rate derivatives? No."
read more
"IS LIBOR FINISHED as a benchmark? Maybe. Are composite rates created using short-term interbank loans the most relevant benchmarks on which to base non-bank borrowing in the capital markets? Not necessarily. What would happen if there were no floating rates and everything was based on spreads over official policy rates? Not sure. Would the world come to an end if there were no interest-rate derivatives? No."
read more
''Homeowners Having Difficulty Collecting on Foreclosure Fraud Settlement''
From FireDogLake
''A little over five months after the inking of the foreclosure fraud settlement, and around three months since a federal judge blessed it and allowed it to go forward, people have begun to wonder whether the signature piece, the money pledged toward “credits” for a variety of actions, including principal reduction, has gotten off the ground. I have heard scattered but haphazard reports of some principal reductions, without much rhyme or reason as to the beneficiary.''
read more
''A little over five months after the inking of the foreclosure fraud settlement, and around three months since a federal judge blessed it and allowed it to go forward, people have begun to wonder whether the signature piece, the money pledged toward “credits” for a variety of actions, including principal reduction, has gotten off the ground. I have heard scattered but haphazard reports of some principal reductions, without much rhyme or reason as to the beneficiary.''
read more
Subscribe to:
Posts (Atom)