THE GLOBAL INSURRECTION AGAINST WESTERN OCCUPATION
NEW DOLLAR SWAP WINDOW (MADE BY CHINA) China is dumping USTreasurys by way of the Europe, using a back door whose design was handed to them. Their support of the Greek Govt debt jammed that door wide open. Thus the rising Euro currency without justification, one of a few factors. Usage of the window has led to an indirect Chinese forced devaluation of the USDollar, an extremely clever action. China has never appreciated being improperly called a currency manipulator. From 1999 to 2005, the USGovt gave full support to the Chinese Govt, as the Yuan currency was pegged to the USDollar. The USGovt saw the policy as providing stability to the USDollar at a time when foreign investment by US firms in the Middle Kingdom was brisk and strong. In a three-year period, the US multi-national firms invested $23 billion in Chinese industrial plants, like the 160 Wal-Mart plants. The dimwitted USGovt and nitwit US economists eagerly awaited the great bounty from Low-Cost solutions that exploited cheaper Chinese labor, lower tax structure, even absent regulations. A decade wave of corporate profits evaporated, amidst giant executive bonuses and the housing bust. The US economists did not plan ahead, to a time when the Chinese Govt would accumulate $2.5 trillion in savings, held as USTreasurys for over $800 billion. Suddenly, China is a currency manipulator. However, the vast monetization initiatives enacted by the USGovt and its partner USFed with $1.5 trillion in freshly printed money to support the US$-based bonds which few foreign creditors wanted, that action is highly manipulative to currencies!! The missing piece is that the Wall Street maestros have tossed gasoline on the currency bonfire is the multi-lateral agreement by USGovt creditors. They have never been consulted on monetary inflation, debt monetization, and austerity measures. The United States acts unilaterally with great privilege, as they claim some of sort of glorified mission to defraud the world. The Chinese apparently have a plan to swap their USDollars for Euros, using the Greek back door. The Greeks have always favored backdoors socially, whether for tax evasion or preservation of certain orientations. A well placed banker source in Europe passed an opinion along. The Jackass was aware of the Chinese nibbling with purchases of Greek debt. However, the initiative had a clever motive for an expanded role. The German Euro supporters have been caught flat-footed, inattentive to guard the door. By refusing to permit a default in Southern Europe of sovereign debt, the Euro Central Bank and EU leaders have exposed a vulnerable pathway soon possibly to turn into a highway. The banker source wrote, "After having de-facto bought Greece, the Chinese are now members of the Euro system or Greece is now a member of two currency systems, to be used at will. So China will now use its USTreasury Bonds to buy Euros, which will be used to buy Greek Govt bonds. These bonds will be guaranteed by Germany. This is very clever and no one saw the dual usage of the system, except a few very clever people. The politicians in Berlin and bankers in Frankfurt were sleeping at the wheel as usual and now will pay a heavy price." It goes deeper. Greece has agreed to support EU recognition of full market economy status for China, while China has agreed to support the call by Greece for UN mediation over Cyprus. The Greek narcotics routes to US-run NATO bases will continue. Whereas the Chinese have essentially created a Dollar Swap Window, soon to be extended to Spain, Portugal, Italy and even France.http://www.marketoracle.co.uk/Article23652.html
That was one of the best videos i've seen in a long time. David Duke gives it to us straight from the shoulder. No lies, no obfuscation. Let the goyim stand up now and be counted. Or perhaps the goyim are happy enough to be cattle to their Jewish masters so long as the consumer society still goes strong?
The Revolt Shaking France25.10.10Strikes and protests have spread to every corner of France as President Nicolas Sarkozy pushes for a final vote in parliament on his proposal to ‘reform’ the country's national pension system. Every day last week has seen strikes, blockades and demonstrations. Police attempted to break up blockades at oil refineries and supply facilities after weeks of oil workers and their supporters stopping fuel deliveries, but the actions frequently resumed after police left. Almost all of the country's ports are still struck – according to reports, 52 oil tankers are at anchor off the coast of Marseilles, still waiting to unload.(Nick, one of your predecessors tried this 'screw the people to feed the bankers' crap. Guy by the name of Louis XVI. Look him up.)
Another aspect of the workings of the Jewish Empire Israel Calls To Attack America - 25.10.10AL QAEDA SPOKESMAN ADAM GADAHN WORKS FOR THE ISRAELI GOVERNMENT, END OF STORYAdam Gadahn, the "American Taliban," the lisping, overweight bungler continually calling for the murder of Americans is really named Adam Perlman from a family highly influential in the Anti-Defamation League. The group distributing his threats, SITE Intelligence, contracted to the American government, is run by a former IDF member whose father was executed in Iraq as a Mossad terrorist. SITE Intelligence is the source of the Osama bin Laden tapes long proven to be, not only the wrong voice, but to resemble bin Laden so little as to have become a joke.
14:01 - The French strike costs the country 400 million euros per day. Not bad. Getting the job done. Hope it lasts and lasts and lasts.
Israel slams 'political attacks' by Catholic bishops (26.10.10)Palestinians welcome Catholic support for end of Israeli occupation of their territories. Middle East Online 'An anti-Israel majority' JERUSALEM - Israel on Sunday slammed critical remarks made by Middle East Catholic bishops after a meeting chaired by Pope Benedict XVI as "political attacks" on the Jewish state. "We express our disappointment that this important synod has become a forum for political attacks on Israel in the best history of Arab propaganda," Deputy Foreign Minister Danny Ayalon said in a statement. "The synod was hijacked by an anti-Israel majority," he added. Bishops and patriarchs from across the Middle East on Saturday called on the international community to end the occupation of Arab lands in an official statement following a two-week synod held at the Vatican. "Recourse to theological and biblical positions which use the Word of God to wrongly justify injustices is not acceptable," the synod said. Archbishop Cyril Salim Bustros, head of the commission which drew up the statement, went one step further, saying: "The theme of the Promised Land cannot be used as a basis to justify the return of the Jews to Israel and the expatriation of the Palestinians." "For Christians, one can no longer talk of the land promised to the Jewish people," the Lebanese-born head of the Greek Melkite Church in the United States said, because the "promise" was "abolished by the presence of Christ." Ayalon said he was "especially appalled" at those remarks. "We call on the Vatican to (distance) themselves from Archbishop Bustros's comments, which are a libel against the Jewish people and the state of Israel and should not be construed as the Vatican's official position."
From GEAB 48, an interesting view on the coming econ situation:From the world leaders’ side, the next four years’ global sequence can be summarized quite simply: last US attempts to "return to the world before the crisis" (stimulating consumption, maintaining deficits, debt monetization) that will all fail last Western attempts to deal with the crisis using "Washington consensus" methods (limiting deficits by reducing social spending, no tax increases on high incomes, privatization of public services, ...) which will generate growing socio-political chaos, acceleration of the BRIC countries’ exit from the majority of Western financial and monetary markets (especially the two financial pillars of Wall Street and London) which will increase monetary instability, rising intensity of trade wars (coextensive with currency wars, the coming to power from 2012 of groups of leaders who have decided to try new solutions to exit the social, economic and political consequences of the crisis, taking note of the fact that the “Washington consensus” is dead ... because there is no consensus anymore and because Washington is a moribund world power.As for the rest, the keeping the US debt’s Triple-A rating belongs to the same virtual world as the recent declaration by US economic authorities of the end of recession: the growing disconnect between the words of a collapsing system’s key players and the reality perceived by the majority of citizens and socio-economic players is an infallible indication of systemic decline. But the financial markets are not mistaken because with the soaring cost of insuring US debt hot on the heels of Ireland and Portugal with a 28% third quarter increase in cost, the United States has become the third country for which the debt markets fear some very unpleasant surprises.
For the coming weeks, GEAB has also predicted an unprecedented socio-economic crisis in UK and a Quantitive Easing effort on the part of the US which will fall flat on its face.
re: 12:06The Jackass from the Market Oracle is well named. He obscures what is really going on like a fool.Basically, America has been lauching speculative finanical attacks on the EURO in order to prevent its challenge to the Dirty Fiat Dollar, and China helped to block that American attack."China Blocks US-UK Attack On EuroThe Anglo-American hedge fund attack, as we have documented here, employed credit default swaps as the primary weapon against Greek, Portuguese, and Spanish government bonds. The failure of London and New York to induce a panic flight out of the euro during the May-June timeframe was partly results of the German self-defense measures, involving bans on naked credit default swaps and bans on naked shorting of German equities. In addition to this, Chinese support for the euro has played a decisive role."from:http://tarpley.net/2010/08/25/china-buys-euros/Ultimately, America's game is to perpetuate its predatory, criminal financial system that it has benefited from for nearly 40 years: American Dollar Imperialism.The fact that most Americans (including people here) deny even the reality of US Dollar Imperialism shows how deceptive they are:"Super Imperialism: The Economic Strategy of American Empire" http://www.globalresearch.ca/index.php?context=va&aid=14195
Hey, thanks, 21.35, for a corrective to the China-Greek bonds story. It's interesting how the same set of facts, financial or political, can be interpreted in so many different ways. But whichever approach is right, one thing is clear: China is the clever one and comes out ahead of its US rivals.
James, you've made an elegant transition to the kind of blog we can manage now that our NBN master has gone missing. I salute your courage and skill. We'll all have to work a bit harder now so that the new formula brings good results. I, for one, hereby promise to do my best. Thank you, James.
Update on the ongoing wars: AfghanistanHolbrooke: " We cannot win this war militarily..."! - 26.10.10Richard Holbrooke, the U.S. special envoy to Pakistan and Afghanistan, is downplaying news reports of American “peace talks” with Taliban leaders, but he acknowledges that a “pure military victory” in Afghanistan “is not possible.”(The last military commander to successfully conquer Afghanistan and hang onto it was Alexander the Great, and he only managed to keep it for three years.?Iraq - Tariq Aziz has received a death sentence from a Kangaroo Court.Pakistan - Now that the rhetoric against Iran has simmered down, it's full speed ahead for war on Pakistan in order to capture their nuclear capabilities. They have a hope in hell of any full-fledged military attack on either country!
Econ News in bits and pieces - 26.10.10- UK: Spending review cuts will hit poorest harder, says IFS: Thinktank warns that George Osborne's spending cuts are the deepest since the second world war and will hit the poorest harder than the better off- Food Stamp Usage Soars Among Working Families : "They're doing everything we want: they're working, paying all their bills, taking care of their kids, and they still don't have enough money at the end of the month to put food on the table."- Nation's Biggest Banks Each Hold over $20B in -Foreclosures: Report: New data released this week shows that the nation’s largest banks are holding monstrous volumes of soured home loans. Not only has the housing crisis left major lenders knee-deep in an ocean of non-performers, but added exposure to early delinquencies means they could sink even deeper.
Political upheaval rocks eurozone debt marketsThe simmering crisis on the eurozone fringes has erupted again as the full impact of debt deflation hits home, testing political solaridity and raising fresh doubts about the workability of Europe’s austerity policies. By Ambrose Evans-Pritchard - 27.10.10Hopes of a budget deal in Portugal collapsed after marathon talks between the minority government of socialist premier Jose Socrates and conservative leaders ended in acrimony. Finance minister Fernando Texeira dos Santos said failure to agree on budget cuts will "plunge the country into a very deep financial crisis". Meanwhile, Ireland has announced fiscal retrenchement of €15bn over the next four years, twice the original plan. It is already cutting public wages by 13pc. John Fitzgerald from Ireland’s Economic and Social Research Institute said there is a risk that austerity tips the economy into a downward spiral, comparing it to an overdose of "chemotherapy" that does more harm than good. Finance minister Brian Lenihan said the country had no choice. "The cost of borrowing is high and rising, and if we do not act soon to live within our means, people may stop lending to us. We will not fool the markets for an instant if we seek to defer any longer what evidently needs to be done now. The Irish people will have to accept cuts in public expenditures and higher taxes," he said. In Greece, yields on 10-year bonds surged 67 points to 10.26pc, the biggest jump since the turmoil in June. The sell-off came after permier George Papandreou warned that the country was still in danger, and threatened to call early elections.
IMF, the Villain of the PieceWe've despised and hated the IMF (and its sister criminal the WB) since time immemorial. Today, however, we are forced to acknowledge that these corrupt functionaires may be talking a bit of sense at long last when in their most recent publications, World Economic Outlook, they make no bones about the death of slow suffocaton of the whole of Southern Europe, adding at the same time that fiscal disaster will maintain North Europe, Britain and US in its grip for many years to come. That is IMF language. We who have learnt to be more lucid in such matters know better how to translate such pronouncements: permanent terminal econ prolapse is what it's all about, the end of west and the rise of the Freeworld.
America continues to get what it deserves in the Gulf Oil Disaster:BP's Environmental Disaster: Fishermen Report Louisiana Bays Filled With Oilhttp://www.globalresearch.ca/index.php?context=va&aid=21653
11.34, you completed in timely fashion the IMF predictions summed up in 10:49. May the Gulf Oil submerge every coastal area in US. They deserve no less for all the havoc they have wrought upon the entire world.
11:34 - The Gulf Oil SpillBP dispersants 'causing sickness' says one commentator: "The dispersants are being added to the water and are causing chemical compounds to become water soluble, which is then given off into the air, so it is coming down as rain, in addition to being in the water and beaches of these areas of the Gulf." At this rate, US health costs are going to skyrocket in days to come.
There is a flood of information coming out on the Gulf oil spill.Why?The reappearance of huge plumes of oil is making it hard to pretend that it has all gone away.Here's a roundup of some of the Gulf oil headlines from just the last 4 days:http://georgewashington2.blogspot.com/2010/10/gulf-oil-spill-news-update.html#comment-form
China makes fastest ever computer Tianhe-1A capable of 2.507 petaflops a second – 1.4 times faster than the US's Cray XT5 Jaguar (We're winning the technological race! Hope the Freeworld keeps it up. Lose your inferiority complex. Go for the jugular.)
Nicolas Sarkozy warned by German Chancellor not to unveil £150m 'bling' presidential jet28,10,10With riots in the streets and poll ratings in the basement, French President Nicolas Sarkozy is under pressure from both home and abroad to delay delivery of a refitted jet that will cost the taxpayer £151million.German Chancellor Angela Merkel is among those who have apparently told the luxury loving Sarkozy that now might not be the best time to take charge of the aircraft that is said to be dripping with 'bling'.
E.U. rules let Iran import, export oil, creating possible split from U.S. policy (28.10.10)The European Union issued regulations this week that went well beyond a U.N. Security Council resolution passed in June, outlining tough restrictions on the sale of equipment and technology to the Iranian oil and gas industry, as well as on investment in those sectors. But the regulations - unlike legislation passed by the U.S. Congress - allow for the import and export of oil and gas to the Islamic republicSo much for "sanctions that bite": the EU and China havecreated an opening so big in these alleged sanctions that you could drive a convoy through it!
Jewish racism, arrogance, mendacity, treachery, cowardice and cruelty know no end. The Talmud instructs Jews to behave with contempt and cruelty to the Goyim. I strongly recommend that you read Israel Shahak’s books. Jewish Fundamentalismhttp://www.amazon.com/Jewish-Fundamentalism-Israel-Eastern-Studies/dp/0745312764Shahak explains lucidly and provides copious examples of Jewish racism. With Israel Shahak’s Death, A Prophetic Voice Is Stilledhttp://www.wrmea.com/archives/october01/0110071.htmlProfessor Israel ShahakaboutJewish "Religion" http://www.biblebelievers.org.au/jewhis.htm
Anon 29/10/10 10:31Fantastic news, how can anyone doubt the intellectually strength of the Freeworld? No doubt US and Western commentators, academics and propaganda outlets will scream PLAGIRISM or IP theft. It’s nauseating listening to and watching Westerners self-aggrandize themselves over how technologically great they are and smarter than everyone else.The Western ego needs to be knocked down several pegs. Congrats to the Chinese on their wonderful achievement! I, and the Freeworld expect great things from China, in the years to come.
James W., So do we, so do we, expect giant strides from the Freeworld as we go along. For medicine, I'd bet on Cuba, for weapons, etc, Russia, for IT, China, Malaysia, etc. (I don't know where Japan will stand when the end game has played itself out.) And on and on.Thanks, too, for the link to Prof Israel Shahak's writings. Shall certainly go and read what he's written. P.S. I don't let west self-aggrandizement get my goat now, knowing that soon it will be all remaining them, their illusions about their own superiority.
French protesters call for bank run on december 7 2010 - goes viral on EU-websFacebook groups all over Europe springing up.German, Italian, Greek groups getting big support.Certainly a thing to watch. Hot debate in EU-forums about this. Dutch lawmakers have already considered laws to outlaw calls for bank runsIt could devastate the economy, but more importantly it could make clear to the banks that we have them by the balls. It's just that so few people know we do. http://stopbanque.blogspot.com/http://www.facebook.com/event.php?eid=137793666269183http://www.facebook.com/event.php?eid=165061130188137
Berlin and Paris join forces to push through permanent mechanism to resolve eurozone debt crises The leaders of 26 European countries bowed resentfully today to German determination to rewrite the EU's Lisbon Treaty to shore up the euro.Under the new system, to be in place by 2013, the Germans insist that highly indebted eurozone countries struggling to repay will be forced to restructure their debt in a process of "managed insolvency" and that their creditors will need to take large "haircuts". "The inclusion of private institutions is very important to me," Merkel said. "We won't allow only the taxpayers to bear all the costs of a future crisis."In May, the EU and the IMF put up an €860bn umbrella to protect Greece and defend the currency. Those emergency funds lapse in 2013.The new rules, entailing possible financial penalties for fiscal sinners and big losses for banks in the event of orderly insolvency, will favour the strong dictating to the weak on budget, debt and public finances discipline, while also entrenching eurozone exposure to the pressures of the bond and financial markets.Jean-Claude Trichet, the head of the European Central Bank, objected to Merkel's formula.Trichet told the EU leaders that they did not understand the gravity of the euro crisis.
So, have you heard the latest false flag just prior to the US midterm elections? Packages from Yemen containing explosives addressed to synagogues in Chicago being discovered in airport after airpost? I tell you: those who never used a brain cell in their entire lives are shivering in terror. O, my Gawd, the Muslim terrorists are at it again! That's how low we've come to in this fading month of October 2010.
Yup, another HOAX, stage prop-not a bomb.,another attempt at a false flag, another Set Up. for the war mongers who wish to divert the Public’s attention and anger from the Banksters who have been financially bleeding them dry and and politically killing their countrymen for all the wars for the “Jewish Racist Entity known as “Israel”!!1. target the American people2. and most importantly for them, target the Synagogues, the poor eternal Jewish Victims, so we can hear more CHANTINGS of ANTI SEMITICISM, their favourite Ruse Mantra, against the real Semites, Muslim Arabs.
Now take a look at this from today's ICH. One must have fallen on one's head at birth and repeatedly afterwards to believe any of it.- Yemen says UPS planes never take off or land in it: No UPS cargo planes left Yemen to other countries in the last days and there are no direct flights from Yemen to the United Kingdom or the United States, a Yemeni official said, after allegations that British and U.S. officials had found suspicious packages on planes that originated in Yemen- Suspicious Package to U.S. not from Yemen; Yemenia Air Cargo Director: Air Cargo Director for Yemenia Airways said to Yemen Post, "No UPS cargo plane left Yemeni lands over the land 48 hours. These accusations are false and baseless." He added, "No UPS or DHL cargo packages heading to Chicago through Yemen took place in the last 48 hours as well.- Yemen arrests woman over parcel bombs sent to U.S. synagogues: Yemen's President Ali Abdullah Saleh said earlier that security forces had surrounded a house at an undisclosed location where a woman believed to be involved in the apparent plan to attack targets in the United States was taking refuge. - Manufacturing Consent For Attack On Yemen? Explosive package bore al-Qaida hallmarks, Dubai police say: A US-bound package intercepted on a plane in Dubai contained explosives and bore the hallmarks of al-Qaida, Dubai police said today as international security services continued to investigate the terrorist threat.- UK cargo plane device was bomb - British Government: "The target may have been an aircraft and, had it detonated, the aircraft could have been brought down," she said.- Manufacturing Consent For Attack On Yemen? Explosive packages reflect new Yemen terror threat: The discovery of two explosive-laden packages sent from Yemen and aimed at U.S. and Western interests represents a new escalation in the terror threat emanating from this violence-wracked, poverty-stricken Mideast country.
Speaking of racism, Fascist America does the only thing it's good at: demonize other nations.Pathetic, ain't it?But typically American behavior."China Emerges as a Scapegoat in Campaign Ads"http://redantliberationarmy.wordpress.com/2010/10/10/china-emerges-as-a-scapegoat-in-campaign-ad
Econ News from Post-Sanctions Iran- Iran's exports to US more than double in 1st half: Iran state television on Friday reported that exports to the United States more than doubled to $77 million in the first half of the Iranian calendar year.- 'Europe Iran oil imports twice as 2008': The report added that according to the International Energy Agency in Paris, “Europe imports about 1.2 million barrels of Iranian crude per day, which is double the amount in 2008.” - Iran to help Bolivia build peaceful nuclear power plant: Bolivian President Evo Morales said on Friday that Bolivia and Iran will work together to build a nuclear power plant in Bolivia.
There we go. Russia's joined the party:- Karzai condemns Russian raid: Afghan leader says Moscow's involvement in joint anti-drugs operation "violated sovereignty".- US deal brings Russia to Afghanistan: It is not clear when and how many Russian troops have been deployed in Afghanistan. However, experts say up to hundreds of Russian troops have participated in the drug raid.
Bank Watch: Regulators Close Seven Banks: Regulators closed another seven banks in the past week, bringing the total number of failures for 2010 to 136 banks -- just four banks shy of the 140 closed in 2009. (Nov 1, 2010)
Good news. Continuity in Brazil can be expected now and no slipping back to good old days of yesmanship to US masters.Rousseff wins Brazil election: The 62 year-old former guerilla leader will be sworn in as the country's president on January 1 after running a campaign that highlighted her links to outgoing president Luiz Inacio Lula da Silva.
Angela Merkel consigns Ireland, Portugal and Spain to their fateGermany has had enough. Any eurozone state that spends its way into a debt crisis or cannot adapt to a monetary union set for Northern rhythms will face “orderly” bankruptcy. By Ambrose Evans-Pritchard - 31.10.10Angela Merkel needs a treaty change to prevent the German constitutional court from blocking the bail-out fund as a breach of the EU law Bondholders will discover burden-sharing. Debt relief will be enforced, either by interest holidays or haircuts on the value of the bonds. Investors will pay the price for failing to grasp the mechanical and obvious point that currency unions do not eliminate risk: they switch it from exchange risk to default risk. What were investors thinking when they bought Greek 10-year bonds at 26 basis points over Bunds in 2007, below the spread between British Columbia and Quebec? In the words of Bundesbank chief Axel Weber: “Next time there is a problem, (bondholders) should be part of the solution rather than part of the problem. So far the only ones who have paid for the solution are the taxpayers.” These were the terms imposed by Germany at Friday’s EU summit as the Quid Pro Quo for the creation of a permanent rescue fund in 2013. A treaty change will be rammed through under Article 48 of the Lisbon Treaty, a trick that circumvents the need for full ratification. Eurosceptics can feel vindicated in warning this “escalator” clause would soon be exploited for unchecked treaty-creep. Mrs Merkel needs a treaty change to prevent the German constitutional court from blocking the bail-out fund as a breach of the EU law, and a treaty change is what she will get. “This will strengthen my position with the Karlsruhe court,” she admitted openly. One might argue that bondholders should have been punished for their errors long ago. The stench of moral hazard has been sickening, on both sides of the Atlantic. An orderly bankruptcy along lines routinely engineered by the International Monetary Fund is exactly what Greece needs. It makes no sense to push Greece further into a debt compound spiral by raising public debt from 115pc of GDP at the outset of the “rescue” to 150pc at the end of the ordeal. If you strip out the humbug, the Greek package allows banks and funds to shift roughly €150bn of liabilities onto EU governments, or the European Central Bank, or the IMF. Greek citizens are being subjected to the full pain of austerity under false pretences, without being offered the cure of debt relief. Yet opening the door to bondholder haircuts at this delicate juncture -- with spreads reaching fresh records in Ireland last week, and Portugal struggling to pass a budget – is to toss a hand-grenade into the eurozone periphery.
IMF Tax Tribunals Coming to America Soon? 1.11.10The IMF also calls for “exhaustive checks regarding the payment of value-added tax.” Bankers and their cronies in government love the VAT because it legalizes theft at every stage of product manufacture and distribution. It disproportionately raises taxes on middle- and low-income earners. It is a sledgehammer used to wreck societies.
Iran shifted 15% of reserves into gold, says Central Bank Governor - 31.10.10IRAN. The Central Bank of Iran (CBI) has switched 15% of its national reserves into gold, reported the official news agency IRNA Saturday, citing the CBI governor."When the price of each ounce of gold worldwide was on average US$656, a few hundred tons of gold were imported," Mahmoud Bahmani was quoted as saying Saturday at a banking conference in Tehran"At present, the price of each ounce of gold is $1,230. Consequently, the value of the national reserves has risen by a few billion dollars," he said.(This is very clever on Iran's part. By putting out this news, Iran hopes to trigger a rush to gold. This will draw liquidity from the already stressed banks and stock market. No amount of central bank metal-dumping or propaganda will stem the tide. The only thing that will halt the rush to gold is if Obama passes a Roosevelt-esque ban on privately owned gold, which will only make it more apparent that the US Government will not and cannot fix the economy and is in totally defensive reaction mode.)
Econ tendencies - 2.11.10- China has begen loosenîng the serious hold German exporters have had so far on Eastern European economies.In Bulgaria, for instance, China is now active in the telecommunications, automobile and power plant sectors. A similar pattern is repeated in all Central and Eastern European economies. In Romania, Chinese companies are negotiating to build new wind power generators. In Poland up till 2007, China had an accumulated investment of 70 million euros; in 2010 its investment is projected to reach 500 million euros. In Hungary, Chinese companies are now given the red carpet with government funding going towards training Chinese businessmen in Hungarian. Give it a few more years and we'll have Germany out and China entrenched. Where Russia will be in all this is not quite clear yet.
QE2 risks currency wars and the end of dollar hegemony (1.11.10) A E-PAs the US Federal Reserve meets today to decide whether its next blast of quantitative easing should be $1 trillion or a more cautious $500bn, it does so knowing that China and the emerging world view the policy as an attempt to drive down the dollar. The Fed's "QE2" risks accelerating the demise of the dollar-based currency system, perhaps leading to an unstable tripod with the euro and yuan, or a hybrid gold standard, or a multi-metal "bancor" along lines proposed by John Maynard Keynes in the 1940s. China's commerce ministry fired an irate broadside against Washington on Monday. "The continued and drastic US dollar depreciation recently has led countries including Japan, South Korea, and Thailand to intervene in the currency market, intensifying a 'currency war'. In the mid-term, the US dollar will continue to weaken and gaming between major currencies will escalate," it said. Pious words from G20 summit of finance ministers last month calling for the world to "refrain" from pursuing trade advantage through devaluation seem most honoured in the breach. Taiwan intervened on Monday to cap the rise of its currency, while Korea's central bank chief said his country is eyeing capital controls as part of its "toolkit" to stem the flood of Fed-created money leaking out of the US and sloshing into Asia. Brazil has just imposed a 2pc tax on inflows into both bonds and equities – understandably, since the real has risen by 35pc against the dollar this year and the country has a current account deficit. (Globalisation is unravelling before our eyes. The 2006 nuking of the dollar hereby confirmed.)
End of the road for Pontiac cars as General Motors brand shuttered 1.11.10Pontiac, whose muscle cars drag-raced down boulevards and roared across movie screens, went out of business Sunday.
Re: GoldOne way to kill America's dirty Fiat Dollar is to promote the Islamic Gold Dinar as a substitute for trading among Muslim nations.There was talk about the Gold Dinar as a currency a few years, but haven't heard much about that recently, except for this:Use Of Gold Dinar Will Stop Currency War, Says Mahathirhttp://www.bernama.com.my/bernama/v5/newsbusiness.php?id=539907
04:26 - Excellent post above, thanks. Both Malaysia and, mainly, Indonesia, under Mahatir's influence, are already experimenting with the Gold Dinar. The Gulf States, too, have repeatedly spoken of joining the movement. But as with all things Muslim, this will take some time. I imagine when a bigwig like Iran takes the Gold Dinar into its hands things will begin to change at a lightening speed. But Iran, still under the menace of war (today it is reported a fourth US submarine has been stationed in the Gulf), has to proceed cautiously. Thanks for link.
So, friends, Demon-crazy has had its say in the US. House gone back to Republicans and a few Tea-partiers in. Great doings.Now all the talk is of Hawks overcoming the Doves. Huh? All the same party they are, but the Great Fuss has to take place time and time again.The wars are winding up whatever the rhetoric. Money, i.e. the lack thereof, will see to it inevitably.
America's "demon-crazy" is aptly named as it reflects the true malevolent nature of the United Satanists of America.
James ,Miss the nation by nation laughs!May I suggest a link to Market Skeptics website .Eric de carbonnel does a lot of original analysis on how the world economy and the dollar hegemony system works and on the developing world food crises caused by speculators in the Futures markets .The most recent being on how the US was able to finance its activities by deficit spending for many years.And the connection of the CIA to the drug trade in that. http://www.marketskeptics.com/The major by Eric his research on the US and its conspiracies is found here :http://www.thefinalfraud.com/
The Party Game Is Over. Stand And FightBy John PilgerRise like lions after slumberIn unvanquishable number.Shake your chains to earth like dew.Which in sleep has fallen on you.Ye are many – they are few.November 03, 2010 "Information Clearing House" -- These days, the stirring lines of Percy Shelley’s The Mask of Anarchy may seem unattainable. I don’t think so. Shelley was both a Romantic and political truth-teller. His words resonate now because only one political course is left to those who are disenfranchised and whose ruin is announced on a government spread sheet.Born of the “never again” spirit of 1945, social democracy in Britain has surrendered to an extreme political cult of money worship. This reached its apogee when £1 trillion of public money was handed unconditionally to corrupt banks by a Labour government whose leader, Gordon Brown, had previously described “financiers” as the nation’s “great example” and his personal “inspiration”. This is not to say Parliamentary politics is meaningless. They have one meaning now: the replacement of democracy by a business plan for every human activity, every dream, every decency, every hope, every child born. The old myths of British rectitude, imperial in origin, provided false comfort while the Blair gang, assisted by venal MPs, finished Thatcher’s work and built the foundation of the present “coalition”. This is led by a former PR man for an asset stripper and by a bagman who will inherit his knighthood and the tax-avoided fortune of his father, the 17th Baronet of Ballentaylor. David Cameron and George Osborne are essentially fossilised spivs who, in colonial times, would have been sent by their daddies to claim foreign terrain and plunder. Today, they are claiming 21st century Britain and imposing their vicious, antique ideology, albeit served as economic snake oil. Their designs have nothing to do with a “deficit crisis”. A deficit of 10 per cent is not remotely a crisis. When Britain was officially bankrupt at the end of the second world war, the government built its greatest public institutions, such as the National Health Service and the great arts edifices of London’s South Bank.There is no economic rationale for the assault described cravenly by the BBC as a “public spending review”. The debt is exclusively the responsibility of those who incurred it, the super-rich and the gamblers. However, that’s beside the point. What is happening in Britain is the seizure of an opportunity to destroy the tenuous humanity of the modern state. It is a coup, a “shock doctrine” as applied to Pinochet’s Chile and Yeltsin’s Russia.
Pilger is OK in his own way, but has never gone far enough to touch greatness. That, of course, was left up to Shelley. What resounding words we could all take to heart.Where Pilger talks of "shock doctrine", we would say "terminal west prolapse". And we should be closer to the truth.
I second 08:18's request to James. E. Carbonell's link would be welcome addition to this blog.As for UK, here goes. The latest of their woes:- Strikes in the undergound section.- Gilts in danger.- Army slashes in view so that the famous Brit army will become a shadow of its former self. Not that anyone will ever choose to regret it after all the genocideing it's done the world over.- House prices down, new car sales down.That's what comes of falling fairly and squarely into the hands of people we once tended to despise. Slaves can expect no better.
Bernanke Confirms That The Key Goal Of The Fed, And QE2, Is To Boost Stock Prices - 4.11.10First, we had Bernanke’s predecessor Greenspan confirming in late July on Meet the Press what everyone knows: namely that the primary goal of the Fed is merely to encourage higher stock prices: “if the stock market continues higher it will do more to stimulate the economy than any other measure we have discussed here.” And now, courtesy of an Op-Ed by the current chairman, we get confirmation, again, just three months later, from the current chairman, that the Fed cares mostly about stimulating high stock prices, solely to create the completely artificial illusion of “wealth” for the few, the proud, the shareholders, and the banking oligarchy.
The latest from the western front: 5.11.10- Global financial crisis leaves two million Australians in poverty: Two studies have provided a damning picture of the immense social distress being caused by the restructuring of working and living conditions in Australia following the financial crash of 2008.- French Workers Block Cars Outside Airports in Pension Protest: French airline workers blocked traffic outside several airports Thursday to protest a new law that has raised the country's minimum retirement age from 60 to 62.- Ireland: Student protest brings chaos to Dublin streets: Dublin city centre was the scene of violent clashes yesterday during a student protest against a rise in registration fees.- Applications for jobless aid rise sharply: The Labor Department said Thursday that initial claims for unemployment aid rose by 20,000 to a seasonally adjusted 457,000 for the week ending Oct. 30.
Doubts grow over wisdom of Ben Bernanke 'super-put' - 4.11.10 The early verdict is in on the US Federal Reserve's $600bn of fresh money through quantitative easing. Yields on 30-year Treasury bonds jumped 20 basis points to 4.07pc. Mr Bernanke is targeting maturities of 5 to 10 years with purchases of Treasuries. Photo: GETTY It is the clearest warning shot to date that global investors will not tolerate Ben Bernanke's openly-declared policy of generating inflation for much longer. Soaring bourses may have stolen the headlines, but equities are rising for an unhealthy reason: because they are a safer asset class than bonds at the start of an inflationary credit cycle. Meanwhile, the price of US crude oil jumped $2.5 a barrel to $87. It is up 20pc since markets first concluded in early September that 'QE2' was a done deal. This amounts to a tax on US consumers, transferring US income to Mid-East petro-powers. Copper has behaved in much the same way. So have sugar, soya, and cotton. The dollar plunged yet again. That may have been the Fed's the unstated purpose. If so, Washington has angered the world's rising powers and prompted a reaction with far-reaching strategic consequences. Li Deshui from Beijing's Economic Commission said a string of Asian states share China's "deep bitterness" over dollar debasement, and are examining ways of teaming up to insulate themselves from the tsunami of US liquidity. Thailand said its central bank is already in talks with neighbours to devise a joint protection policy. Brazil's central bank chief Henrique Mereilles said the US move had created "excessive dollar liquidity which we are absorbing," forcing his country to restrict inflows. Mexico's finance minister warned of "more bubbles." These countries cannot easily shield themselves from the inflationary effect of QE2 by raising interest rates since this leads to further "carry trade" inflows in search of yield. They are being forced to eye capital controls, with ominous implications for the interwoven global system. In London and Frankfurt the verdict was just as harsh. "In our view, this is one of the greatest policy mistakes in the Fed's history," said Toby Nangle from Baring Asset Management.
The Dollar is pariah currency.America's strategy of "quantitative easing" (i.e. printing money) is just a way to shift the global recession onto other countries in Europe and Asia.
U.S. dollar printing is huge risk - China central bank adviser - 5.11.10Unbridled printing of dollars is the biggest risk to the global economy, an adviser to the Chinese central bank said in comments published on Thursday, a day after the Federal Reserve unveiled a new round of monetary easing.23.34 - You're absolutely right, the Dollar is pariah currency, the US is a pariah country.
Top Reason why QE won’t work is:It undermines the dollar’s world reserve currency role. That’s why gold keeps going up. If the US were Greece or Ireland, US would be in front of the International Monetary Fund in sackcloth and ashes right now. But they are the world’s "only superpower", and the central banks of the rest of the world have to hold their reserves in dollars. Why? Because there isn’t enough of anything else (unless the price of gold were to go to $10,000 an ounce, which I doubt) and because they hate each other more than they hate US — at least for the moment. With Obama shrinking America’s strategic footprint and the Fed behaving like the neighbor whose septic tank overflows onto everyone else’s lawn, Washington is testing the world’s patience. It will have consequences.Consequencs, sure. For the moment, though, QE is no more than the devaluation of the dollar.
Bank Holiday Rumors Swirl Amidst Currency Crisis 5.11.10With the world on the verge of a currency war as the Federal Reserve follows through on its dollar-killing quantitative easing program, rumors are once again swirling of a “bank holiday,” during which US citizens will be prevented from withdrawing money or at least limited in the amount of the withdrawal they can make.The bank holiday is rumored to be set for next week, with Tuesday November 11 pinpointed as the likeliest date.
(Note: Might is Right has ALWAYS been America's true credo since colonizers like George Washington and the USA's beloved Founding Fanatics stole the North American continent form the Indians.)The New American Credo: Might Is Righthttp://www.globalresearch.ca/index.php?context=va&aid=21746
Ireland has been desperately unlucky. It's running out of time, writes one analyst.The bond crisis is snowballing out of control before the country has had enough time to let its medical, pharma, IT, and financial services industries (don’t laugh, some of it is doing well) come to the rescue.Yields on 10-year Irish bonds surged this morning to a post-EMU high of 7.41pc.Yes, Ireland is fully-funded until April – and has another €12bn in pension reserves that could be tapped in extremis – but that is less reassuring than it looks. The spreads over German Bunds are mimicking the action seen in Greece in the final hours before the dam broke.
Pace of U.S. bank failures not seen in 2 decades 6.11.10Regulators shut down four more banks Friday, bringing the 2010 total to 143, topping the 140 shuttered last year and the most in a year since the savings-and-loan crisis two decades ago.The Federal Deposit Insurance Corp. took over K Bank, based in Randallstown, Maryland, with $538.3 million in assets, and Pierce Commercial Bank, based in Tacoma, Washington, with $221.1 million in assets. The FDIC also seized two California banks: Western Commercial Bank in Woodland Hills, with $98.6 million in assets, and First Vietnamese American Bank in Westminster, with assets of $48 million.(One cannot use the phrase "economic recovery" with a straight face, looking at numbers like this. Another "might is right" strategy in action, the big Jewish banks going after all the smaller non Jewish banks in US?)
Might is Right and Scam is Glam!America Is Now Officially for SaleIt's the Tea Party spirit distilled: pose as the champion of Joe America, while actually ripping him offBy Johann HariNovember 06, 2010 "The Independent" - -The laws and policies of the legislature of the United States of America are now effectively on e-Bay, for sale to the highest bidder. Are you a Wall Street boss who wants to party like it's 2007? Are you a Big Coal baron who wants to burn, baby, burn? Are you an insurance company that wants to be able to kick sick people off your rolls? Meet John Boehner, the most powerful Republican and soon-to-be Speaker of the House. But - of course! - you already have.Here's an example of how you have worked together. In 1995, the House was going to finally repeal subsidies for growing tobacco, because an addictive cancer-causing drug didn't seem like the most deserving recipient of tax-payers' cash - until Boehner walked the floor of the House handing out checks from tobacco lobbyists to his fellow elected representatives. They changed their minds. The subsidy stayed. Explaining his check-dispensing, Boehner says: "It's gone on here for a long time." So get your bids in: the House is open for business.http://www.informationclearinghouse.info/article26759.htm
QE - Last rites for the dollarThe Fed is at war; that's the truth of the matter. QE is a form of financial aggression or"monetary terrorism" (moneterrorism). QE is flooding emerging markets with cheap capital that's forcing their leaders to take defensive action to protect their economies. But emerging markets aren't taking it laying down. They're throwing up protectionist barriers and monitoring capital flows. If Bernanke's going to print more money, they'll print, too. Mass competitive devaluation will ignite a full-blown currency war that leaves the present trade regime in tatters and the dollar in the dustbin. The currency wars are on full swing: This is why we see statements like “The US will win this war: it will either inflate the rest of the world or force their exchange rates up against the dollar” (Wolf 2010). But there is a potential downside for the US. Substantial dollar depreciation will weaken the global position of the dollar, as it did in the late 1970s. (Chinn and It's about power. It's about who is going to dictate policy to the rest of the world. Bernanke wants emerging markets to bear the costs of a financial crisis that originated on Wall Street and was nurtured every step of the way by the easy money policies of the Federal Reserve. His plan will put the dollar under severe pressure and trigger a flight from dollar-backed assets, particularly US Treasuries. That would spark the Doomsday Scenario:"The Fed's "QE2" risks accelerating the demise of the dollar-based currency system... a chorus of Chinese officials and advisers is demanding that China switch reserves into gold or forms of oil. As this anti-dollar revolt gathers momentum worldwide, the US risks losing its "exorbitant privilege" of currency hegemony." (QE risks currency wars and the end of dollar hegemony, Ambrose-Evans Pritchard, Telegraph)Joseph Stiglitz writes: "The world is on the verge of moving to another regime of managed exchange rates and fragmented capital markets....A new global reserve system or an expansion of IMF "money" (called special drawing rights, or SDRs) will be central to this co-operative approach. With such a system, poor countries would no longer need to put aside hundreds of billions of dollars to protect themselves from global volatility, and these would add to global aggregate demand.... with such a system, the US would no longer enjoy the extraordinarily cheap borrowing that comes with being the minter of the most important global reserve currency. Michael Hudson believes that the rising powers Brazil, Russia, India and China (BRIC) will challenge the current dollar-dominated regime leading the way to a new multi-polar world order. "The most decisive counter-strategy to U.S. QE II policy is to create a full-fledged BRIC-centered currency bloc that would minimize use of the dollar....A BRIC-centered system would reverse the policy of open and unprotected capital markets put in place after World War II. ... In September, China supported a Russian proposal to start direct trading using the yuan and the ruble rather than pricing their trade or taking payment in U.S. dollars or other foreign currencies. China then negotiated a similar deal with Brazil. And on the eve of the IMF meetings in Washington on Friday, Premier Wen stopped off in Istanbul to reach agreement with Turkish Prime Minister Erdogan to use their own currencies in a planned tripling Turkish-Chinese trade to $50 billion over the next five years, effectively excluding the dollar."It won't happen overnight, but the transition away from the dollar has already begun. The financial crisis has greatly eroded US moral authority and the trust that's needed to preserve America's role as the steward of the world's reserve currency. Bernanke's misguided hyper-monetarism is merely hastening the dollar's decline. QE2 could very well be the straw that breaks the camel's back.
More on America's finanical currency wars and the Dirty Dollar becoming a pariah currency.Hudson, Democracy Now on Currency Warshttp://michael-hudson.com/2010/11/hudson-democracy-now-on-currency-wars/
The rest of the world goes West when America prints more moneyLast Wednesday was a hinge point in history. The United States decided to drop all pretence of being interested in leading – or even being part of – a coordinated global policy response to the most serious economic crisis in more than 70 years. - 6.11.10 America is now isolated and the rest of the world is furious. The widespread use of capital controls and even a lurch into 1930s-style protectionism are both far more likely than just a few days ago. By announcing another round of "quantitative easing", America is rightfully incurring the wrath not only of the emerging giants of the East, but the eurozone too. US had hoped China would use the forthcoming G20 summit in Seoul to accept America's proposal that net exporters should limit their current account surpluses to 4pc of GDP. Any prospect of that is now gone. In the aftermath of the Fed's QE2 announcement, rather than agreeing to measures that would ease pressure on the US economy, China gave the States a public tongue-lashing. Measures to cap trade surpluses would "hark back to the days of planned economies", said Cui Tiankai, who will be one of China's lead negotiators in Seoul. "We believe a discussion about a current account target misses the whole point, not least because if you look at the global economy, there are many issues that merit more attention – such as quantitative easing". Germany also waded in, using industrial-strength language to describe the Fed's latest move. "With all due respect, US policy is clueless," remarked the finance minister, Wolfgang Schäuble. The Fed's plan to expand QE by $600bn (£370bn), on top of the $1,700bn already implemented, caused the diplomatic fur to fly – from Thailand to Australia. An official statement from South Africa, a key member of the G20's powerful emerging market bloc, said America had "undermined the spirit of multilateral co-operation that G20 leaders have fought so hard to maintain".
Some of us do still know how the dollar was nuked in May 2006 when Putin told the Duma Russia would henceforth trade its oil in local currencies. All the econ posts here give us facts and figures to add update to the almost mythical original nuking.
US missile defense systems They do not WORK at all. So why Russia should want to join them as reported by some media is beyond understanding. Anyway, here is more media shit: "Geographically Turkey is the closest to Iran, while politically it is one of Iran's enemies" Now look at some trade figuresIran/Turkey volume of tradeThe volume of trade between Iran and Turkey in the years: 2000: $1 billion 2005: $4 billion 2008: $10 billion And today, two years later much. much higer.
Foreclosure Scam in the Might is Right scenario:- People paid their mortgage interests. some banks deliberately failed to record the payments, proceeding straightaway to proclaim foreclosure. And going ahead with it even.- Bank of America is pretending to be poorer than it is so as to grab hold of the lion's share of the latest QE venture. - Not everyone gets taken in. In the US, yes, in SKorea no. The G20 meeting scheduled to be held in Seoul soon has been preceded by major demonstrations against the economic powers. Let's hope the Koran labour unions squeeze the life out of all those high flying idiots. - Ah, yes, one more thing: That pigmy Boehner has made a grandios statement to the effect that "To finance the wars, the retirement age must be raised to 70". How about turning it the other way round: To maintain the present retirement age, we must end the wars? But that would be asking too much from the perpetual-war- for-perpetual peace USans. I tell you these are the most villainous of all villains, the illiterates with a university degree to their name.
Bank Holiday: So we didn't even have to wait till the 11th as someone posted recently above. It's already upon us apparently. Take a look:Following rumors of a “bank holiday” that could limit or prevent altogether cash withdrawals later this week, Twitter and other Internet forums were raging yesterday about numerous ATMs across the country that crashed in the early hours of Sunday morning, preventing customers from performing basic transactions.It’s unknown whether the crashes were partly a result of a surge of people trying to withdraw their money in preparation for any feared bank shutdown, or if mere technical glitches were to blame. The fact that the problem affected numerous different banks in different parts of the U.S. would seem to indicate the former.The Orange County Register reported that the problems were “part of a national outage” which prevented people from performing simple transactions such as cashing checks and withdrawing money.“Computer issues” were blamed for similar issues in Phoenix Arizona, while in Birmingham Alabama, Wells Fargo customers’ online banking accounts and ATMs displayed incorrect balances.The banks primarily affected were Wells Fargo, Chase and Bank of America, but according to blogger Phil Brennan, who studied Twitter feeds and other Internet message boards that were alight with the story, numerous other financial institutions were also affected, including US Bank, Compass, USAA, Suntrust, Fairwinds Credit Union, American Express, BB&T on the East Coast and PNC.“Twitter is going crazy with reports of ATMs and online accounts going down as of 01:00 hours EST of the 7th of November 2010,” writes Brennan. “This is happening to many banks all across America. Some are trying to say that it is a computer glitch to do with the change in Daylight Savings Time, but I will call BS on this as we manage to put our clocks back over here in the UK without knocking out ATMs and online accounts nationally.”
If anyone is wondering what exactly Russia is up to in negotiating with NATO and by its sudden presence in Afghanistan, here's a reply form Dmitry Rogozin, permanent representative of Russia for NATO."Russia does not intend to immediately give Rasmussen answers to most questions of interest to the Alliance. We should carefully consider while making decisions, whether a particular proposal is attractive for us. It addresses issues such as joint missile defense and the withdrawal of troops from Transnistria.One thing is clear: we are ready to cooperate with NATO on Afghanistan in the fight against drug trafficking, because the heroin flow primarily threatens us. But the management of the alliance should clearly understand that we are not going to bring troops into Afghanistan. This is absolutely ruled out."Something that Rogozin failed to mention above: NATO has also obtained Russia's agreement to let its soldiers and equipment pass through Russian territory if ever they needed to beat a hasty retreat.
Big Lies, Little LiesBy Paul Craig RobertsIf we cannot trust what the government tells us about weapons of mass destruction, terrorist events, and the reasons for its wars and bailouts, can we trust the government’s statement last Friday that the US economy gained 151,000 payroll jobs during October?Then Chris Hedges chimes in:We believe, like the Spaniards in the 16th century who pillaged Latin America for gold and silver, that money, usually the product of making and trading goods, is real. The Spanish empire, once the money ran out and it no longer produced anything worth buying, went up in smoke. Today’s use in the United States of some $12 trillion in government funds to refinance our class of speculators is a similar form of self-deception. Money markets are still treated, despite the collapse of the global economy, as a legitimate source of trade and wealth creation. The destructive power of financial bubbles, as well as the danger of an unchecked elite, was discovered in ancient Athens and detailed more than a century ago in Emile Zola’s novel “Money.” But we seem determined to find out this self-destructive force for ourselves. And when the second collapse comes, as come it must, we will revisit wrenching economic and political tragedies forgotten in the mists of history.(Each in his own way is absolutely right.)
Beck's 15 days to an economic collapseDay 1 of Glenn Beck’s scenario begins with China announcing that they will no longer buy U.S. Treasury bonds. This is not such a far fetched idea, as they have certainly slowed their rate of bond purchases and have voiced public criticism of Ben Bernanke’s announcement this week of a second round of quantitative easing. Day 2 and 3 focuses on Wall Street which gets ’spooked’ by China’s announcement. The volume of stock sales is ultra low as rumors of instability abound. By Day 5, the world begins to react. Markets in Asia drop 10%. The American and European markets also decline a like amount. The European Central Bank reacts quickly, raising interest rates to attract capital as investors seek a ‘flight to safety’.Day 7 of Glenn Beck’s scenario has the U.S. stock markets closed while the Federal Reserve Board holds an emergency meeting. Needless to say the government is certainly participating in decisions during the next 48 hours. With some vague pledge of ‘a plan’, the markets reopen on Day 8. They may even rally a bit, gaining 500 points or so. On Day 9, things seem to be stable.Day 10 and the U.S. Dollar loses 10-15% of it’s value! The Fed’s quantitative easing has pushed a sudden burst of inflation as global banks try to divest themselves of the reserves of dollars. How possible is this? Again, following Bernanke’s statements on Wednesday, financial leaders in China, South Korea and Thailand have already said this week that they will act together, in concert, to protect themselves from a devalued dollar.Day 11, the Fed meets again. On Day 12, in Beck’s scenario, the Fed decides to follow the Euro Bank’s move of increasing interest rates. Far from securing stability and confidence, the sudden change in direction by the Fed has the opposite affect. Day 13, Lucky 13 — GLOBAL MELTDOWN! All of the world’s market begin to crash as confidence in ‘The System’ goes out the window. It’s every man (and lady) for themselves! The value of all paper securities, be they mortgages, stocks bonds, currency, is questionable. The markets go into total free-fall, losing perhaps 20% or more in a single day. On Day 14 of Glenn Beck’s scenario, the IMF (International Monetary Fund) and the G20 financial leaders meet. In a televised, joint announcement, they announce an emergency plan to restructure all ’sovereign debt’, the debt held by each nation. Perhaps even a new currency or basket of currencies for global trade to replace the U.S. dollar. The beginning of the New World Order.On Day 15, the public begins to panic. In the past two weeks, the value of their currency has declined some 20% or more. The cost of food, oil, etc, has jumped. Bank runs are televised as people get whatever cash they can and buy whatever is available from the shelves of grocery stores. The entire nation is behaving as if a hurricane is approaching. ‘The System’ is utterly swamped.Glenn Beck’s scenario for economic collapse is not all that far fetched. In polls taken earlier this year, more than 70% of Americans believe that things could get much worse. That another economic collapse could happen. As I wrote earlier today, a high-ranking finance official from China, Xia Bin, warned yesterday that the Federal Reserves plan for a second round of quantitative easing would not work and could lead to another collapse. Both of Glenn’s guests, authors Damon Vickers and Brad Thorn agree that the scenario is a very possible one. Beck said that during the course of researching his latest book, “BROKE”, some of the 30+ economists he talked with think that even 15 days may be optimistic. A sudden crash could happen in 3 days from an event such as China ending it’s purchase of U.S. bonds.
re: 18:28Russia is selling out to the American Evil Empire. No contrived rationalizations or excuses will hide this political reality much longer.Even some Russia elites have openly spoken about joining NATO.Disgusting.re: 11:21Glen Beck is an American nationalist (i.e. fascist) and deliberately obscures the fact that his beloved American Dollar Imperialist system deserves to be destroyed. The American parasites... sorry... people have extracted an economic free lunch from the world for decades thnaks to their precious Fiat Dollar.Yet, America apologists here on this website are still trying to cover this massive crime up--even as they masquerade as political dissidents.Too bad for you, the American Dollar Empire will also be exposed too--just like American lies about Iraqi WMDs, 9-11, Terrorism, and Freedom and Democracy. http://www.informationclearinghouse.info/article26764.htm
00:50, Thanks. Illuminating. About Russia, it does look like a sell-out on their part, but we've learnt to go beyond appearances in such cases and await the final results. With Russia one never really knows,About US, do you really find so many apologists on this website? My personal impression was that most here would would rather put their trust in an anaconda than any creature from that part of the world.
Leading Chinese credit rating agency downgrades USA government bonds November 9th, 2010One of China’s leading credit rating agencies has downgraded United States of America government debt in response to what it sees as deliberate devaluation of the dollar by quantitative easing and other means.If China, now the second biggest economy in the world, stops buying US government bonds this could have a very negative effect on the global recovery. The Dagong Global Credit Rating Company analysis is highly critical of American attempts to borrow their way out of debt. It criticises competitive currency devaluation and predicts a “long-term recession”.Dagong Global Credit says: “In order to rescue the national crisis, the US government resorted to the extreme economic policy of depreciating the U.S. dollar at all costs and this fully exposes the deep-rooted problem in the development and the management model of national economy.
[No, US apologist me. Just relishing the end days of the E.E. (Evil Empire)]Bernanke Confirms That The Key Goal Of The Fed, And QE2, Is To Boost Stock PricesSo much for the Fed's two mythical mandates of promoting "maximum employment" and maintaining "price stability." First, we had Bernanke's predecessor Greenspan confirming in late July on Meet the Press what everyone knows: namely that the primary goal of the Fed is merely to encourage higher stock prices: "if the stock market continues higher it will do more to stimulate the economy than any other measure we have discussed here." And now, courtesy of an Op-Ed by the current chairman, we get confirmation, again, just three months later, from the current chairman, that the Fed cares mostly about stimulating high stock prices, solely to create the completely artificial illusion of "wealth" for the few, the proud, the shareholders, and the banking oligarchy.(It's more fundamental than that. After decades of "plunge protection" the Federal Reserve holds large blocks of stock on their balance sheet. If the stock market is allowed to drop, the Fed would immediately be insolvent past the point that any printing press could ever overcome. So Bernanke has to keep the stock market puffed up to keep the balance sheets looking like they are in the black.)
re: 6:33Well, pardon me. But if one does not address the fact that America has looted its way to the greatest economic lunch in history through the American Fiat Currency, then one is not a real political opposition in my book.This issue is the million pound American gorilla in the living room.Notice how many of these American and Western "alternative" media websites carefully avoid even using the term American Dollar Imperialism.Indeed, if you read between the lines of the increasingly anxious rhetoric of American parasite class (i.e. financial investors), they are paranoid about both maintaining the United Snakes' Fiat Dollar--even as they minimize its very existence.
09:40, Every word of what you say is true. USans are always finding excuses for themselves. Time was when all this would be put in a proper perspective for us. For the time being, however, all we can do is to post them saying ouch, ouch as they get hit right, left and centre. What is left unsaid, it's upto people like you and me and other bloggers to add it on, in words or mentally. But I certainly find it extremely pleasurable to read them telling the story of their downfall in their own words.
Mysterious Missile Launched in Southern California and PhoenixA mysterious missile launch in Southern California on Nov 4 has created an uproar after it was filmed by a local news helicopter. The Pentagon CANNOT, "confirm anything." On Nov. 5th a missile was apparently spotted in Phoenix Arizona. Two missiles in two days?Pentagon officials have asked all personal to go back and make sure that all missiles are accounted for. Military officials are apparently leaning towards the theory that it was a jet aircraft due to the fact that they can not explain it as anything else.A new false flag in the making? With this lot one never can tell.
The nuking of the dollar slowly being recongised by others as well.Has the Dollar ALREADY Lost Its Status As World Reserve Currency? These are headlines from the past 2 days:* Is China's Renminbi Already The New Reserve Currency?* World Bank chief calls for new gold standard* China Downgrades US Again, From AA To A+, Outlook Negative, Sees "Long-Term Recession", Blasts QE2, Expects Creditor Retaliation * Citi: Central Banks Are Going To Start Dumping Dollars In The Coming Weeks* ICE Starts Accepting Gold As Initial Margin Collateral For All Energy And CDS Trades
Pentagon calls mystery missile 'unexplained,' cannot rule out threat: THE Pentagon said a missile launch off the southern coast of California remained "unexplained" and that its mysterious origins meant that it was not possible to rule out any threat to the homeland. (Someone posted this above as well. Now we see the false flag shaping up. The E.E. thinks it's so clever and actually all it's doing is pushing the world, itself included, helter-skelter towards an end-days scenario.)
Irish bonds sink as Europe's debt fears grow11.11.2010 DUBLIN – Anxiety over heavy government debts in Europe flared up again Wednesday, as investors questioned whether countries like Ireland, Greece or Portugal can cut their budget deficits without choking off desperately needed economic growth. Markets were increasingly betting that Ireland might be next in line for a massive financial bailout from its partners in the euro currency, after Greece's euro110 billion rescue from the brink of bankruptcy in May. The interest rate, or yield, on Ireland's 10-year bonds jumped above 8 percent for the first time since the euro was introduced in 1999, reaching 8.64 percent in afternoon trading. Portugal managed to raise euro1.25 billion ($1.74 billion) in 6- and 10-year bonds, but at significantly higher interest costs than in September and August. The fall in Irish bonds was accompanied by an announcement from London-based LCH.Clearnet Group, the world's second-largest bond clearing house, that it is significantly increasing the cash deposits it requires from traders dealing in those bonds. The concerns over Irish debt rise comes as European Commissioner Olli Rehn visited Dublin in an effort to convince opposition lawmakers to support a further euro15 billion in painful government spending cuts. As the commissioner for economic and monetary affairs, Rehn is in charge of making sure that euro zone nation's debts and deficits aren't spiraling out of control. Together with eurozone governments, he would also have to sign off on an Irish request to get money from Europe's euro750 billion emergency fund — a possibility investors think is increasingly likely. But current market concerns go beyond governments' immediate ability to slash their budget deficit. More and more analysts are wondering how countries like Ireland and Portugal can get their economies growing fast enough to pay off their debts. "The focus is now shifting from fiscal consolidation towards economic growth," said Carsten Brzeski, chief economist for ING in Brussels. Europe's highly indebted countries find themselves in a downward spiral of budget cuts and economic stagnation.(Just to keep our hand in regarding the European terminal prolapse.)
The G20 is not going as well as US expected. Didn't a Chinese negotiator recently say: "US is like a pig preeening in front of a mirror"? Exquisitely put, to my mind.Less poetically, here is Russia offering its own version of a solution to current prolapse problems:Russia Asks G-20 to Cut Investment Barriers to Offset Hot Money - 11.11.10Russia will urge Group of 20 policy makers to remove barriers to long-term investment in developed countries to help emerging economies counter capital inflows as the U.S. pumps $600 billion into its economy.The proposal would offset the money flooding into emerging markets by creating an “oncoming flow” of capital to industrialized nations, said Arkady Dvorkovich, senior economic adviser to President Dmitry Medvedev, at a Moscow briefing before the G-20 summit, which begins today in Seoul.“Large-scale, cross-border investments can serve exactly to stabilize the situation,” Dvorkovich said. “They will, in effect, replace investments into sovereign securities of the developed countries and help regulate the imbalances that appear as a result of high deficits and surpluses.”(Translation: thanks to Bernake's "quantitative easing", the US dollar is about to become the kryptonite of the currency trade.)
Sorry to be gone for a while. I forgot my damn password and username. I’m going be posting some Michael Hudson videos soon. I’ll finish reading up on all your posts on this thread later. I'm gonna have my dinner first.
Thanks, James. Hope the dinner was tasty. Hudson vds above not watched yet. But, boy, they do look scrumptious! More later.