Filed under: AGW, Al Gore, Alex Jones, anti-human, Ben Santer, cap-and-tax, carbon credit system, carbon credits, carbon dioxide, Carbon Tax, China, climate change, climate cult, climate science, climategate, Co2, common currency, Communism, Conditioning, cop15, copenhagen, Copenhagen treaty, corruption, cult, darwinists, depopulation, Dictatorship, Dollar, dollar collapse, dollar dump, Empire, environmentalist, environmentalists, Eugenics, Euro, Fascism, george hunt, global currency, global government, Global Warming, global warming hoax, Greenback, greenpeace, Hoax, hypocrisy, imf, indoctrination, ipcc, jesse ventura, kyoto, Lord Monckton, man made global warming, manipulation, maurice strong, monckton, Nazi, New World Order, NWO, Oil, oil companies, One World Government, Population Control, rothschild, scam, scandal, SDR, SDRs, single currency, truTV, UN, united nations, Whistleblowers, World Bank, world currency, world government | Tags: hara
Conspiracy Theory With Jesse Ventura: Global Warming
Airs Wednesdays at 10PM on TruTV
Filed under: Barack Obama, bernanke, Big Banks, China, Credit Crisis, death of u.s. economy, DEBT, deflation, devaluation, Dollar, dollar collapse, dollar dump, Economic Collapse, economic depression, Economy, economy collapse, Euro, Federal Reserve, fiat currency, food market, global economy, gold, gold standard, Great Depression, Greenback, housing market, hyperinflation, imf, Inflation, interest rate cuts, job market, latin america, liquidity, obama, Oppression, peter schiff, private banks, rate cut, silver, stock exchange, Stock Market, subprime, subprime lending, unemployment, US Economy, Wall Street, weimar republic, World Bank, Yen, Zimbabwe
Peter Schiff: Get out of the U.S. Dollar NOW
Filed under: comex, Credit Crisis, DEBT, deflation, Dollar, dollar collapse, Economic Collapse, economic depression, Economy, Euro, gas prices, global economy, gold, Great Depression, Greenback, hyperinflation, Inflation, Oil, Petrol, silver, Stock Market, US Economy, Wall Street
ECONOMY: Oil hits $82, Gold $1061, Dollar $1.50 against Euro
Reuters Canada
October 21, 2009
Gold prices clawed back above $1,060 an ounce Wednesday as oil rallied and the euro rose above $1.50 for the first time in 14 months.
The metal continued to take heart from a steadily falling dollar. Investors were turning to gold as the depreciation of global currencies threatened the value of paper assets.
Weak physical demand among jewelers and exchange-traded funds has put gold at the mercy of the currency markets, traders said.
Spot gold was at $1,062.70 an ounce at 3:07 p.m. EDT compared with $1,054.00 late Tuesday in New York.
U.S. December gold futures settled up $4.80 at $1,063.40 an ounce on the COMEX division of the New York Mercantile Exchange.
Prices have been tracking the euro-dollar exchange rate, with gold reaching record highs of $1,070.40 last week as the dollar hit its lowest level in over a year versus the single currency.
“Gold does not seem to have a mind of its own,” said Afshin Nabavi, head of trading at MKS Finance in Geneva. “It all depends on the euro.”
The dollar touched a one-month low against sterling and the euro broke above $1.50 as expectations for low U.S. interest rates weighed on the greenback.
Oil jumped more than 3 percent toward $82 a barrel on Wednesday, its highest level in a year, due to a drawdown in U.S. refined oil inventories and as a rise in U.S. equities which showed optimism about the economy and a potential rebound in energy demand.
However, physical demand for gold remained slow as high prices put off buyers. In India, the world’s biggest gold consumer last year, buyers stuck to the sidelines as demand linked to last week’s festival period petered out.
Among other precious metals, spot silver was at $17.75 an ounce against $17.45.
Filed under: Bolivia, China, common currency, Credit Crisis, Cuba, DEBT, deflation, Dictatorship, Dollar, dollar collapse, dollar dump, Economic Collapse, economic depression, Economy, Ecuador, Empire, Euro, evo morales, Fascism, fiat currency, France, g20, gas prices, gasoline, global bankers, global central bank, global currency, global economy, global elite, global government, global treasury, Globalism, globalist elite, Great Depression, Greenback, Honduras, Hugo Chavez, hyperinflation, imf, IMF bonds, Inflation, internationalist, internationalists, Iran, Japan, Jose Antonio de Sucre, latin america, market manipulation, middle east, New World Order, Nicaragua, NWO, Oil, One World Government, Petrol, putin, ruble, Russia, SDR, SDRs, Simon Bolivar, single currency, socialism, spain, Stock Market, super currency, tax, Taxpayers, Tehran, UN, united nations, US Economy, Venezuela, Wall Street, World Bank, world currency, world government, yuan
Russia and Iran Now OFFICIALLY Talking of Dumping Dollar for International Trade
Washington’s Blog
October 18, 2009
After the Independent reported that Middle Eastern oil producers, plus China, Japan and France have all agreed to start trading oil using a basket of currencies – instead of the dollar – starting in 9 years, spokesmen for those governments denied it.
The Independent’s reporter explained why the governments were denying the rumor.
But now the governments themselves are starting to admit that they are switching out of the dollar.
For example, Russian Prime Minister Vladimir Putin said Wednesday that Russia is ready to consider using the Russian and Chinese national currencies instead of the dollar in bilateral oil and gas dealings. As Russia’s newspaper RIA Novosti writes:
Russia is ready to consider using the Russian and Chinese national currencies instead of the dollar in bilateral oil and gas dealings, Prime Minister Vladimir Putin said on Wednesday.
The premier, currently on a visit to Beijing, said a final decision on the issue can only be made after a thorough expert analysis.
“Yesterday, energy companies, in particular Gazprom, raised the question of using the national currency. We are ready to examine the possibility of selling energy resources for rubles, but our Chinese partners need rubles for that. We are also ready to sell for yuans,” Putin said.
And Iran’s Press TV reports that Iran wants to completely drop the dollar from its foreign exchange:
Since October 2007, Iran has received 85 percent of its oil revenues in currencies other than the US dollar and Tehran is determined to find a substitute for the US dollar for the rest of its 15 percent of oil revenues, the report added.
This story is confirmed by the Tehran Times, which notes:
As I have repeatedly noted, many countries have been moving out of the dollar for years. The process is simply accelerating.
In line with this plan, Iran has informed Japan that it should use the yen instead of dollars to pay for the oil it buys from the Islamic Republic.
In addition, Iran has decided to open a bourse for oil and gas transactions in currencies other than the U.S. dollar, especially the euro.
Latin America plans US dollar replacement
Press TV
October 17, 2009
Leftist Latin American leaders have agreed on using a new intra- regional trading currency, dubbed as Sucre, instead of the US dollar.
Bolivian President Evo Morales, who hosted leaders of the Bolivarian Alternative for Latin America and the Caribbean (ALBA), said that the “document is approved.”
During the seventh ALBA summit, the leaders agreed on the currency reform as well as approving plans to impose economic sanctions against the coup leaders in Honduras, AFP reported.
The currency, Sucre, is named after Jose Antonio de Sucre who fought for Spain’s independence alongside Venezuelan hero Simon Bolivar in the early 19th century.
Sucre is scheduled to be rolled out in 2010 in a non-paper form.
The nine members of ALBA, conceived by Venezuelan President Hugo Chavez, are Cuba, Dominica, Venezuela, Ecuador, Nicaragua, Honduras, Saint Vincent and Antigua, Bolivia and Barbuda.
The bloc also agreed to replace the International Center for Settlement of Investment Disputes, which is in charge of arbitrating international disputes and has probed a large number of contract disputes between Western energy firms and members of ALBA.
ALBA, which has already lost many of its members, including Ecuador, is echoing the moves of the European Union and its introduction of euro.
Filed under: 2009 bilderberg, american union, Amero, asian union, Asian-Pacific Union, Barack Obama, bilderberg, blair, Britain, Canada, centralization, China, Colonialism, common currency, Continuity of Government, Control Grid, Credit Crisis, DEBT, Dictatorship, Dollar, Economic Collapse, economic depression, economic world order, Economy, Empire, environmental taxation, Euro, Europe, european union, Fascism, Federal Reserve, g20, global currency, global economy, global elite, global government, global tax, global treaty, Globalism, globalists, Great Depression, Greenback, hyperinflation, imf, IMF bonds, Inflation, internationalist, internationalists, ireland, Japan, jim tucker, lisbon treaty, Martial Law, Mexico, NAFTA, NAU, Nazi, New World Order, North American Union, NWO, obama, obama stimulus, One World Government, private bank, Russia, SDR, SDRs, single currency, socialism, sovereignty, Soviet Union, SPP, stimulus, Stock Market, super currency, UN, United Future World Currency, United Kingdom, united nations, US Economy, US Treasury, Wall Street, World Bank, world currency, world government | Tags: international criminal court, james steinberg
Russian Scholar Says US Will Collapse By 2010 – Re-Colonization of America Before 2011
NoWorldSystem.com
October 3, 2009
Russian Professor Igor Panarin predicts that the United State will completely collapse due to the faltering economy in 2010 much like the Soviet Union did in 1991, he also warns Barack Obama will order Martial Law during the economic depression that will create total chaos for Americans while the still-standing nations take over the country. According to the professor the states will split into six rump-states before 2011 where Russia, China, European Union, Canada, Japan and Mexico will re-colonize what’s left of the United States.
“In my opinion, the probability of the U.S. ceasing to exist by June, 2010 exceeds 50%. At this point,” warns Panarin, a doctor and professor of Russian Diplomatic Academy Ministry of Foreign Affairs.
Panarin also made it clear that President Obama has and will do nothing to stop the coming collapse of the U.S. economy and the U.S. dollar, he says can all begin to unfold as early as November 2009.
“Obama is “the president of hope”, but in a year there won’t be any hope,” said Panarin. “He’s practically another Gorbachev – he likes to talk but hasn’t really managed to do anything. Gorbachev at least had been a secretary of a regional communist party administration, whereas Obama was just a social worker. His mentality is totally different. He’s a nice person and talks nicely – but he’s not a leader and will take America to a crash. When Americans understand that – it will be like a bomb explosion.”
Obama has officially embraced the New World Order at the G20 meeting in New York, stating; “The time has come for the world to move into a new direction” and that the world must “embrace a new era of mutual interests”.
Basically the New World Order is a World Government agenda that will force all nation-states to be in favor of a World Government Dictatorship, under the auspices of the United Nation. The plan is to divide the world into 3 giant Continental Unions, each will have their own individual currency.
The goal is an “Asian-Pacific Union” and the “American Union” both modeled after the already established European Union (EU). The EU has its common currency, the euro, and a European Parliament that can impose laws and the once sovereign nations of Europe and a European Court superior to the highest courts of member states. The EU is effectively a single super-state.
The “American Union” is to evolve from the North American Free Trade Agreement, or NAFTA, as it extends throughout the Western Hemisphere. The common currency is to be the “amero”. Panarin previously stated that the U.S. dollar would eventually be replaced with “a common Amero currency as a new monetary unit”, referring to the Security and Prosperity Partnership agreement between the U.S., Canada and Mexico.
There has been a lot of talk about continental currencies, but there has also been talks about a world ‘super currency’ controlled by the IMF under the control of the United Nations. It remains to be seen and is open for debate what exactly will happen, regardless of the currency choice, national sovereignty will be given up if any of these new currencies are implemented.
A nation’s currency is a symbol of sovereignty, so when things like the euro are created it destroys the sovereignty of all the countries entrapped in the European Union. So the internationalists want to collapse America’s sovereignty because many of them know that if Americans knew of their plans to destroy U.S. sovereignty they would revolt against the United Nations and there would never be a New World Order without the U.S. just like there wouldn’t be a European Union without Ireland. The internationalists members of the Bilderberg group this year have discussed the desire for a short-but-painful depression in the United States that paves the way for their new sustainable economic world order, destroying America’s sovereignty and paving the way for World Dictatorship.
There are so many things that have already been accomplished for the creation of a World Government:
1) The enactment of the Lisbon Treaty that completes the European Union has been finalized, Ireland has voted ‘Yes’ to the treaty just recently and will create a seat for a new EU President (Tony Blair) who will be in control of the entire European continent. 2) The internationalists are planning to destroy the U.S. economy and the U.S. dollar through manipulation, debt and hyperinflation, the Federal Reserve has been successfully devaluing the dollar by printing money out of thin air to counter the effects of the crisis. The Fed’s destruction of the dollar will topple its dominance in the world market as the currency of choice. The recent election victory for Japan’s Democratic Party is another sign that the economic collapse of the dollar is coming, according to Panarin:
“Today I received another confirmation that the collapse of the dollar and the US is inevitable. Japan’s Democratic Party won the election, and I’d like to remind you that its leader [Yukio Hatoyama] has the snubbing of the dollar among his economic plans. In plainer words, he plans to transfer Japan’s monetary reserves from US dollars into another currency. The move will seriously accelerate the dollar’s exchange slump as early as this November. Disintegration will follow shortly,” he said, adding that next year China would also begin to massively dump the dollar and that Russia would begin to sell oil and gas for roubles.
The new Bilderberg-backed Japanese President fully supports the plan for an Asian-Pacific Union that will have its own regional currency like the EU.
Panarin forsees the U.S. breaking up into six large estates by 2011, roughly along the lines of the beginning of North American colonialism where British, French and Spanish settlers were the main countries that fought for Indian land.
Panarin sees all the states of the west including California will be part of China, the entire north including the central states with their large Native American populations will be under the influence of Canada (which is a British Commonwealth Nation), the majority of the eastern states may be taken over by the European Union, the Southern states including New Mexico and Florida will be under the influence of Mexico and Alaska would go to Russia and Hawaii would either go to China or Japan. (see map here)
America as we know it will cease to exist altogether if any of what Panarin says is true.
Russian Professor: Collapse Of America Could Begin In Two Months
Filed under: 7/7, 9/11, 9/11 Financiers, 9/11 put options, 9/11 Truth, 9/11 wargames, American Airlines, Big Banks, bin laden, Bin Laden Trades, Buzzy Krongard, CIA, dow jones, Euro, Europe, european union, fake terror threat, False Flag, Germany, inside job, london, put options, qui bono, State Sponsored Terrorism, Stock Market, United Airlines, United Kingdom, war games, World Trade Center | Tags: Jérôme Kerviel, Société Générale
“Rogue” Trader Highlights Possible 9/11 and 7/7 Insider Trading
“Best trading day in the history of Société Générale was September 11, 2001″
Steve Watson
Infowars.net
January 23, 2009
According to an article in The London Times today, Société Générale rogue trader Jérôme Kerviel profited enormously on the day of the 7/7 London bombings. He has also revealed how his company
made huge profits on September 11th 2001, prompting some to return to questions over insider foreknowledge of both terrorist attacks.
The article states:
“The best trading day in the history of Société Générale was September 11, 2001,” he said. “At least, that’s what one of my managers told me. It seems that profits were colossal that day.
“I had a similar experience during the London attacks in July 2005.”
A few days earlier he had bet on a fall in the share price of Allianz, the German insurance giant, he told Le Parisien. Everyone was losing money when the 7/7 bombings sent the insurance sector into a downward spiral “except for me”, he said. “Thanks to the positions I had, I earned €500,000 in a few minutes. It was the jackpot. I was jubilant.”
After the celebrations Mr Kerviel said he paused for thought. “I understood that I was having fun when people had just been hit by the bombs. I ran to the toilet and I was sick. But the moment of weakness did not last long. I went back into the trading room and I returned to work.”
Kerviel was charged almost exactly one year ago in the Société Générale trading loss incident which cost the financial services company an estimated €4.9 billion.
Until the Bernard Madoff fraud incident last month, it was reported to be the largest fraud in banking history.
Société Générale claimed that Kerviel worked the trades alone, and without its authorization. Kerviel told investigators that such practices are widespread and that huge profits routinely give the upper echelons of financial institutions cause to turn a blind eye.
Many questions have been raised regarding massive trades that foreshadowed the events of 9/11, with put options placed in large quantities against American and United Airliners in the days immediately prior to the attacks.
The investigation as to who was responsible for authorizing the transactions led directly back to former CIA director Buzzy Krongard.
In the case of the London bombings, the pound fell 6 per cent against the dollar for no apparent reason in the days before the attack.
“Currencies of established countries simply do not fall that fast based upon any kind of economic or financial analysis,” said a 35 year veteran economist. “Somebody – somewhere – knew something. Or maybe I should say ’somebodies.’”
It is considered that such anomalous activity betrays prior knowledge of the incidents.
We have since seen other suspicious trading incidents dovetailing with foiled terror attacks. Specifically, in August 2006, surrounding the infamous “liquid bomb plot” and one year later in August 2007 with the so-called “Bin Laden trades” when a mystery trader placed 245,000 put options on the Dow Jones Eurostoxx 50 index.
http://www.911blogger.com/node/19186
Filed under: AIG, bankruptcy, bernanke, Big Banks, Central Banks, CNN, Cold War, Congress, corporatism, Credit Crisis, DEBT, Dictatorship, Dollar, Economic Collapse, economic depression, Economy, Empire, Euro, fannie mae, Fascism, FDIC, Federal Reserve, foreign aid, freddie mac, George Bush, georgia, glenn beck, global economy, gold, Goldman Sachs, Great Depression, Greenback, henry paulson, House, housing market, hyperinflation, Inflation, Lehman Brothers, liquidation, Media, middle class, Military, morgan stanley, mortgage, mortgage companies, mortgage lenders, nationalization, Nazi, Paulson, real estate, Ron Paul, Russia, Senate, silver, Stock Market, subprime, subprime lending, Taxpayers, US Constitution, US Economy, US Treasury, Wall Street, war funding, WW3, ww4 | Tags: john roberts, run on banks
Ron Paul: This Bailout Won’t Be the Last
Ron Paul on CNN w/ John Roberts
Ron Paul Blasts “Secret Government” Running Economy
Filed under: bailout, Big Banks, central bank, Credit Crisis, DEBT, deficit, Dollar, Economic Collapse, economic depression, Economy, Euro, freddie mac, global economy, gold, Great Depression, Greenback, housing market, hyperinflation, Inflation, infrastructure, liquidation, Mexico, morgan stanley, mortgage companies, mortgage lenders, ohio, Oil, privatization, real estate, Stock Market, tax, Toll Roads, US Economy, Wall Street | Tags: highways, infrastructure transactions, investing, roads, run on banks
U.S. Roads, Airports Being Sold To Private Investors
Reuters
August 4, 2008
Cash-strapped U.S. state and city governments are likely to sell or lease more highways, bridges, airports and other assets to investors desperate for stable returns after being frazzled by the credit crisis.
The trend is set to pick up speed given worsening budget deficits in state capitals and city halls nationwide.
It will also be welcomed by Wall Street bankers hoping to help create and market so-called “infrastructure” transactions at a time many debt markets remain paralyzed, and after major U.S. stock indexes fell into bear market territory.
“When you are nervous about everything else, you put your money in a toll road,” said John Schmidt, a partner at the law firm Mayer Brown LLP in Chicago. “That’s the logic of infrastructure. Returns are stable and predictable. You won’t get fabulously rich, but you’ll get stable cash flow.”
The latest enthusiasm for at least partially privatizing infrastructure assets came on July 30 from New York Gov. David Paterson, who is trying to plug a budget deficit caused in part by lower tax revenue as Wall Street retrenches.
“We’re just looking at ways to be more efficient and that’s why I used the term public-private partnerships — trying to find some creative solutions,” Paterson said. “The reason I’m avoiding taxes is because I think taxes are addictive.”
Bankers and others in the industry say there is pent-up demand from dedicated infrastructure funds and public pension funds to invest in hard assets — perhaps $75 billion to $150 billion of equity capital — but not enough supply.
http://www.bloomberg.com/apps/news?pi…fQ0PVYvOgzI&refer=home
Dropping USD Makes Mexican Vacations Go Up
http://www.usatoday.com/news/world/2008-08-06-mexico_N.htm?csp=1
Dollar soars to 5-mth high vs euro as turnaround eyed
http://www.guardian.co.uk/business/feedarticle/7709840
list of ’fastest-dying’ cities includes four in Ohio
http://www.dispatch.com/live/content/busin../05/forbes.html?sid=101
Mexico’s Poor Forgo Goods as Income From U.S. Drops
http://www.bloomberg.com/apps/news?pid=20..A2CsXnpEac&refer=home
Freddie Mac’s negative net worth raises questions
http://www.reuters.com/article/news..geNumber=2&virtualBrandChannel=0
Gold sinks to $860
http://uk.reuters.com/article/goldMktRpt/idUKL144962020080808
Oil Falls To $118
http://biz.yahoo.com/ap/080805/oil_prices.html?.v=13&printer=1
Report: Freddie Mac Chief Disregarded Warnings
http://news.yahoo.com..g1D3M8_8.Si1pc1w4tgtv24cA
Roubini: Hundreds Of Banks Will Fail
http://www.reuters.com/article/bondsNews/idUSN0344130720080803?sp=true
No Change Expected In Fed Interest Rates
http://news.yahoo.com/s/ap/20080..1D3M8_8.Si1pc1w4tgtv24cA
Filed under: AOL, corporations, corporatism, Euro, european union, global elite, global government, Globalism, humor, New World Order, single currency | Tags: common currency, harvey birdman, NWO
Harvey Birdman Cartoon Talks About New World Order
Adult Swim’s “Harvey Birdman, Attorney at Law” pokes fun at the New World Order, world currency and “evil multinational corporations”.
Filed under: Amero, Australia, bailout, Bank of America, Big Banks, BIS, Britain, Canada, China, Congress, corporations, corporatism, Costa Rica, David Rockefeller, Ecuador, energy, Eugenics, Euro, Europe, european union, exxon mobil, fannie mae, FDIC, Federal Reserve, food market, food prices, food shortage, freddie mac, gas prices, general motors, George Bush, Germany, global economy, global elite, global government, Globalism, gold, housing market, hyperinflation, India, indymac, International Bankers, internationalist, Iran, Japan, job market, liquidation, malthusian catastrophe, Martial Law, Mexico, middle class, mortgage companies, mortgage lenders, mugabe, nationalization, neocons, New World Order, North American Union, Oil, Patriot Act, Petrol, Police State, Population Control, Posse Comitatus, private banks, real estate, rockefeller, rothschild, shell, silver, South America, spain, Stephen Harper, subprime, subprime lending, Taxpayers, United Kingdom, Venezuela, wells fargo, Zimbabwe | Tags: Deutsche Bank, george green, k-mart, run on banks, sears, silver shortage, spanish bank, wells fargo
Stressed banks borrow record amount from Fed
Reuters
July 31, 2008
Banks borrowed a record amount of funds from the Federal Reserve in the latest week as the year old credit crisis took a persistent toll, while the commercial paper market continued to contract, signaling tough conditions for short term borrowers.
Banks’ primary credit borrowings averaged $17.45 billion per day in the latest week, the second straight week this had hit a record and up from $16.38 billion the previous week, Fed data showed on Thursday.
Zimbabwe Devalues Currency
AP
July 30, 2008
Zimbabwe will drop 10 zeros from its hyper-inflated currency — turning 10 billion dollars into one — the country’s reserve bank said Wednesday. President Robert Mugabe threatened a state of emergency if businesses profiteer from the country’s economic and political unraveling.
Shop shelves are empty and there are chronic shortages of everything including medication, food, fuel, power and water. Eighty percent of the work force is unemployed and many who do have jobs don’t earn enough to pay for bus fare.
Inverview with George Green – (7/16/2008)
http://www.politico.com/news/stories/0708/12166.html
Soaring energy bills set to push inflation to 16-year high
http://www.dailymail.co.uk/news/ar..set-push-inflation-16-year-high.html
GM Has $15.5 Billion Loss on U.S. Sales Drop, Leases
http://www.bloomberg.com/apps/news?pid=20601087&sid=agMEuJ_r_yxA&refer=worldwide
Venezuela to Nationalize Spanish Bank
http://english.cri.cn/2947/2008/08/01/1821s388058.htm
IndyMAC Files For Bankruptcy Protection
http://www.nytimes.com/2008..2&ref=business&oref=slogin&oref=slogin
Jobless Claims Up Highest In Five Years
http://www.wnbc.com/news/17049831/detail.html
Inflation Could Hit 6% By Fall?
http://economictimes.indiatimes.com..Economist/articleshow/3307499.cms
Deutsche Bank Writedowns Exceed $11 Billion
http://moneynews.com/financenews/bank_writedowns/2008/07/31/117802.html
Shell reports 33% rise in profit
http://www.iht.com/articles/2008/07/31/business/31shellNEW.php
Exxon posts record $11.68 billion profit
http://money.cnn.com/2008/07/31/news/.._profits/?postversion=2008073109
Britons Skipping Meals Due To Money Worries
http://www.money.co.uk/article/100..-meals-due-to-money-worries.htm
IMF Calls For N. African Economic Integration
Greenspan: Housing No Where Near Bottom
Economic Rebound Not As Energetic As Hoped
Biggest dive for commodities in 28 years
Filed under: 2008 Election, Ahmadinejad, Alex Jones, Amero, Canada, central bank, Congress, Control Grid, Credit Crisis, DEBT, Dollar, Economic Collapse, economic depression, Economy, Euro, exxon mobil, Federal Reserve, gas prices, George Bush, global economy, global elite, global government, Globalism, Great Depression, Greenback, indonesia, Inflation, Iran, John McCain, Lindsey Williams, manipulated economy, manipulated oil prices, manipulated prices, Mexico, middle east, neocons, New World Order, North American Union, offshoring, Oil, OPEC, petro, Petrol, price fixing, Ron Paul, Russia, single currency, SPP, Stock Market, Tehran, US Economy | Tags: oil bourse, oilstorm, shell, Stanley Monteith, t-bills
Lindsey Williams: ’Price of crude oil is going down to $50 a barrel’ ’the dollar is going to zero’
http://www.youtube.com/watch?v=U9q9hYDmBeQ
Ahmadinejad: Oil Prices Are Fixed
http://news.yahoo.com/s/nm/20080617/ts_nm/iran_oil_ahmadinejad_dc
Traders manipulated oil prices – U.S.
http://money.cnn.com/2008/07/24/markets/cftc/index.htm?eref=rss_topstories
’Oil price may hit $500 a barrel’
http://www.presstv.ir/detail.aspx?id=64986§ionid=3510213
Pickens sees $300 oil unless U.S. cuts imports
http://www.canada.com/vancouversun/news/business/stor..f-a4325ad8691c
Filed under: ABC, abc news, alaska, central bank, China, Credit Crisis, DEBT, Dollar, dubai, Economic Collapse, economic depression, Economy, Euro, gas prices, George Bush, global economy, gold, Great Depression, Greenback, housing market, Inflation, Media, mortgage companies, mortgage lenders, neocons, Oil, Pakistan, Petrol, real estate, Stock Market, subprime, subprime lending, UAE, US Economy, Venezuela, yuan, Zimbabwe | Tags: george will
Friday Oil hit record lows of $128, Gold $982 on Tuesday and closed at $954 Friday, on Tuesday the Euro hit a new record of $1.6038 against the falling greenback.
The Euro Hit Record $1.60 Against U.S. Dollar
Reuters
July 18, 2008
The dollar sank to a new low against the euro on Tuesday, as markets worried about the ongoing U.S. lending crisis and the state of the country’s economy.
The 15-nation currency rose to an all-time high of $1.6038 in European trading, surpassing its previous record of $1.6018 set on April 22.
After reaching the record, the euro fell back to $1.5983 — still above the $1.5916 it bought in late New York trading Monday.
Gold makes another record, hits $982
The News
July 16, 2008
Gold once again broke all barriers on Tuesday and created a record high of Rs22,071 per 10 grams and yet remained under-cost compared to international markets leading to a cold local market and high selling in the UAE.
President All-Pakistan Supreme Council of Jewelers Association, Alhaj Haroon Rashid Chand said that the yellow metal had reached Rs25,750 per tola, which is a new record in Pakistan.
Chand recalled that gold had reached its highest of Rs20,657 per 10 grams and Rs24,100 per tola on March 17 in Pakistan when international yellow metal prices were US$1,032 an ounce four months earlier before creating new records over the past week.
He explained that the upward trend had resumed for the yellow metal following rupees further depreciating against US dollars and crude oil reaching fresh records per barrel.
He also informed that gold was being sold across the sea to Dubai markets in great amounts as the precious yellow metal was under cost in the local market by Rs580 compared to the Dubai bullion market.
Chand said that the trend of selling gold in UAE markets through smuggling or other illegal means, was adversely affecting Pakistan as the same gold was melted and then was reverted back to Pakistan at higher prices through the green channel. This, he added, led to a great imbalance in the country’s Balance of Trade.
He said that despite several appeals to the government to take note of the matter, it continued to remain ignored, while gold traders had also ceased to trust the Karachi Chamber of Commerce and Industry (KCCI) as the official representative body, for it had also disappointed them.
The jewelers association’s president said that KCCI was now dominated by industrialists who looked after their own benefits and raised personal points in front of the government rather than equally representing the small traders, leading to disharmony amongst businessmen and traders and moreover, heavy losses to the gold traders.
Dealers at the Kharadar Sarafah bazaar informed that there was absolutely no purchasing in the markets across Pakistan and small traders feared the continuity of their businesses.
They explained that both investors and customers were opting for alternative solutions rather than buying gold. While investors had slowly ventured into other commodities and investments, gold markets remained deserted as customers looked the other way towards artificial jewelry.
Many jewelry traders said that they had been compelled to reduce their profit margins to keep gold jewelry within affordable rates, but now could not further reduce their ‘making charges’ as that would mean higher losses for them.
The international bullion market recorded an upward rise of $23 to $982 per ounce on Tuesday, against $959 an ounce a day earlier.
Oil prices tumble to below $129
AP
July 20, 2008
The price of oil recorded its biggest weekly drop ever, and a gallon of gas finally pulled back from its record high. So is it time to declare the energy bubble popped? Experts won’t go that far just yet.
‘‘It’s too early to say we’ve seen the worst of it,’’ said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service in Wall, N.J.
Light, sweet crude for August delivery fell 41 cents Friday to settle at $128.88 on the New York Mercantile Exchange – well below its trading record of more than $147 a week earlier.
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Filed under: Bank of America, Bear Stearns, bernanke, Big Banks, Britain, central bank, copper, Credit Crisis, DEBT, Dollar, Dow, Economic Collapse, economic depression, Economy, energy, Euro, Europe, european union, fannie mae, Federal Reserve, food market, food prices, freddie mac, gas prices, George Bush, global economy, gold, Great Depression, Greenback, housing market, Illegal Immigration, imf, Immigration, Inflation, Israel, Mexico, mortgage companies, nymex, Oil, Petrol, real estate, silver, stimulus, Stimulus Package, Stock Market, tax, tax rebates, UAE, United Kingdom, US Economy, US Treasury, World Bank | Tags: soybeans, wheat, with corn
Oil Hit Record $147, Gold $969, Euro $1.59
On Friday Oil hit record of $147.27, Gold $969, Euro $1.5972 against the greenback, Today July 14, 2008 11:31 AM EDT Crude price sinks to $145, Gold $969, Euro 1.5859.
AP
July 12, 2008
Gold prices rose Friday, making their largest advance since first hitting $1,000 earlier this year, after another record crude rally and a tumbling stock market led jittery investors to the safety of hard assets.
Other commodities traded mostly higher, with corn, soybeans, wheat and other agriculture futures rising.
Gold’s rally suggests investors are increasingly concerned about rising inflation as Americans struggle with $4 gasoline and the U.S. dollar continues to lose ground against its main rivals.
After a week of volatile trading in the commodities complex, a myriad of dour economic developments pushed gold prices skyward: Oil soared above $147 for the first time, stocks dove on concerns that mortgage companies Freddie Mac and Fannie Mae might collapse and the dollar tumbled further against the euro.
“All of these things are a pretty good recipe for safe-haven buying into bullion,” said James Steel, analyst with HSBC in New York. “You’re really spoiled for choice on a day like this.”
Gold for August delivery added $18.60 to settle at $960.60 an ounce on the New York Mercantile Exchange, after earlier rising as high as $969.10. That was gold’s highest trading level since first cracking the $1,000 threshold on March 13 after the collapse of Bear Stearns & Co.
Nervousness about the U.S. economy, record energy prices and the falling dollar have helped propel gold 34 percent higher in the past year, but it’s not clear if the current climate is gloomy enough to push gold back into record territory.
“The $1,000 mark accompanied a bank failure the last time so it’s questionable whether the situation now is as severe, but that doesn’t mean it won’t go back to that level,” Steel said.
Other precious metals also traded higher. September silver prices added 50 cents to settle at $18.82 an ounce on the Nymex, while September copper gained 2.15 cents to settle at $3.74 a pound.
Euro falls one cent vs dollar from day’s highs
Reuters
July 14, 2008
The euro fell over one cent from the day’s highs against the dollar on Monday, after the U.S. Treasury and Federal Reserve launched emergency steps to restore investor confidence in U.S. mortgage lenders Fannie Mae (FNM.N: Quote, Profile, Research) and Freddie Mac.
The euro fell to as low as $1.5866 on trading platform EBS, down from an intraday high of $1.5972.
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Emirates calls on GCC countries to depeg currencies from US dollar to curb inflation
Pension plans suffer huge losses
Filed under: asia, Big Banks, Britain, California, central bank, China, citigroup, Condoleezza Rice, Credit Crisis, DEBT, Dollar, Economic Collapse, economic depression, Economy, Euro, Europe, european union, Federal Reserve, florida, food crisis, food prices, forclosure, gas prices, general motors, george soros, global economy, Great Depression, Greenback, housing market, Inflation, LA, london, Los Angeles, Miami, New York, Oil, Petrol, real estate, Stock Market, United Kingdom, US Economy | Tags: Wen Jiabao, Zhou Xiaochuan
Citigroup: Euro May Approach $1.69 by September
Bloomberg
July 2, 2008
The euro may be nearing an “explosive breakout,’’ reaching record levels against the U.S. dollar, according to a Citigroup Global Markets Inc. research note.
The trading pattern, including a so-called double-bottom that tested lows, resembles the one before Feb. 26 that preceded the surge to $1.6019 per euro, analysts Tom Fitpatrick in New York and Shyam Devani in London wrote in the note today.
“ We cannot help but feel that things might be about to get very bad again,’’ the analysts said, referring to the possible combination of falling bond yields and rising oil prices.
The exchange rate may approach $1.69 per euro by September if previous patterns are duplicated, the report said.
The dollar fell to a two-month low, trading at $1.5864 at 12:35 p.m. in New York, down 0.5 percent from $1.5793 yesterday. It earlier touched $1.5887, the weakest since April 24. The dollar reached an all-time low of $1.6019 per euro on April 22.
China’s premier urges US to stabilise dollar
AFP
July 1, 2008
Chinese Premier Wen Jiabao has again called on the United States to stabilise the dollar, warning the greenback’s decline was posing threats to the global economy.
“China is taking measures to safeguard its stable economic development,” Wen said during a meeting with visiting US Secretary of State Condoleezza Rice on Monday, according to a statement posted on the foreign ministry’s website.
“(We) hope the US will overcome its subprime crisis soon and stabilise the exchange rate of the US dollar, which is significant to the whole world,” he said, according to the transcript posted late on Monday.
The Chinese currency, the yuan, has appreciated about 20 percent against the dollar over the past three years, which has placed enormous pressure on China’s exporters and forced some out of business.
China’s foreign exchange reserves, by far the largest in the world, hit 1.80 trillion dollars at the end of May, meaning even a small decline in the value of the dollar could cause a big loss to the Chinese treasury’s coffers.
It was the second time this year that Wen had spoken out against the weak dollar and problems in the US economy, and the impacts for China.
“The impact of the US subprime mortgage crisis is expanding, (and) the value of the dollar is continuing to fall,” Wen told China’s annual meeting of parliament in March.
“China is now in a critical period in its reform and development, and we must be fully prepared for changes in the international environment and become better able to defuse risks.”
Central bank governor Zhou Xiaochuan last month spoke out at the falling US dollar, saying it was driving up oil and other commodity prices, stoking inflation and causing pain for developing nations.
Factories hit worldwide as commodity prices soar
Reuters
July 1, 2008
Soaring commodity costs are denting manufacturing activity in Asia and Europe and the outlook looks bleak as new orders drop off in the face of rising prices, surveys showed on Tuesday.
Manufacturing activity in the euro zone contracted in June for the first time in three years while business confidence in Asia’s largest export markets is buckling and output has likely contracted further in the United States.
Purchasing managers indices showed manufacturing activity in the euro zone fell to 49.2 in June, China saw its index fall to a near three-year low of 52.0 while in Britain it contracted at its sharpest rate since December 2001.
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Filed under: Alan Greenspan, bernanke, central bank, Credit Crisis, DEBT, Dollar, Economic Collapse, economic depression, Economy, energy, Euro, Federal Reserve, GDP, Germany, gold, Great Depression, greece, Greenback, housing market, hyperinflation, Inflation, interest rate cuts, job market, rate cut, silver, Stock Market, US Economy, WW2 | Tags: hennecke
Hennecke Says U.S. Faces ’Hyperinflationary Depression’
Filed under: bernanke, Big Banks, BIS, Britain, central bank, Credit Crisis, DEBT, Dollar, Dow, ECB, Economic Collapse, economic depression, Economy, Euro, Europe, european central bank, european union, Federal Reserve, food prices, Fox News, gas prices, GDP, general motors, global economy, gold, Great Depression, Greenback, imf, Inflation, interest rate cuts, Iran, job market, neil cavuto, Oil, Paulson, peter schiff, Petrol, rate cut, Ron Paul, Saudi Arabia, Stock Market, United Kingdom, US Economy, US Treasury, utah, World Bank | Tags: indymac, inland empire, starbucks
Fed Auctions $75 Billion to Big Banks
AP
July 1, 2008
The Federal Reserve has auctioned another $75 billion in loans to squeezed banks to help them overcome credit problems and announced it will provide a fresh batch of the loans this month.
The central bank on Tuesday released the results of its most recent auction — the 15th since the program began in December. It’s part of an ongoing effort to ease financial turmoil and credit stresses.
In the latest auction, commercial banks paid an interest rate of 2.340 percent for the 28-day loans. There were 77 bidders. The Fed received bids for $90.88 billion worth of the loans. The auction was conducted on Monday with the results made public on Tuesday.
The Fed also said it will conduct two auctions in July. Banks will have an opportunity to bid on a slice of $75 billion in short-term loans in each auction.
In mid-December the Fed announced it was creating an auction program that would give banks a new way to get short-term loans from the central bank and to help them over the credit hump. A global credit crunch has made banks reluctant to lend to each other, which has crimped lending to individuals and businesses.
Europe May Push The Fed To Raise Rates
CNN
July 1, 2008
The fireworks may come a day early for the financial markets if the European Central Bank, as expected, raises interest rates on Thursday.
If the ECB, Europe’s counterpart to the Federal Reserve, hikes rates, that could put even further pressure on the anemic dollar and send commodity prices even higher.
The ECB will announce its decision on interest rates early the morning of July 3 and will hold a press conference shortly thereafter to discuss the decision.
Global economy faces deep slowdown and deflation threat, BIS warns
Telegraph
July 1, 2008
The global economy may be heading for a far deeper crisis than is expected and a bout of deflation in the world’s biggest economies is now a possibility, according to one of the world’s most highly regarded economic institutions.
The Bank for International Settlements has warned that many in the City and elsewhere may have underestimated the scale of the coming economic downturn in one of its most sombre portraits yet of the international financial system.
The Swiss institution – known as the central bankers’ bank – issued the alert in its annual report, released today.
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Filed under: central bank, Credit Crisis, DEBT, Dollar, ECB, Economic Collapse, economic depression, Economy, energy, Euro, european central bank, Federal Reserve, gas prices, Great Depression, Greenback, Inflation, interest rate cuts, Oil, OPEC, Petrol, rate cut, Saudi Arabia, spain, Stock Market, US Economy, Venezuela | Tags: Jean-Claude Trichet, Rafael Ramirez
OPEC Leader Says Dollar Will Drive Oil to $170
Bloomberg
June 28, 2008
OPEC President Chakib Khelil predicted that the price of oil will climb to $170 a barrel before the end of the year, citing the dollar’s decline and political conflicts.
“Oil prices are expected to reach $170 as demand for fuel is growing in the U.S. during the summer period and the dollar continues to weaken against the euro,’’ Khelil said today in a telephone interview. The leader of the Organization of Petroleum Exporting Countries also serves as Algeria’s oil minister.
Political pressure on Iran and the depreciation of the U.S. currency have caused a surge in oil prices, Khelil said. New York- traded crude has more than doubled in a year and touched a record $142.99 a barrel yesterday on the New York Mercantile Exchange.
OPEC ministers generally say that oil output is sufficient, even as Saudi Arabia, the biggest producer, pledged to pump an extra 200,000 barrels a day next month to calm the market. “The market is completely supplied,’’ Venezuelan Oil Minister Rafael Ramirez said yesterday. Libya announced possible production cuts, calling the market oversupplied.
The rising cost of crude is not linked to supply, Khelil said today. “There is more than enough oil in the market to meet the international demand,’’ added the OPEC president, who will take part June 30 in an international energy forum in Madrid.
Prices, which are up 38 percent this quarter, are heading for the biggest quarterly gain since the first three months of 1999, when oil traded between $11 and $17.
Declining Dollar
“The decisions made by the U.S. Federal Reserve and the European Central Bank helped the devaluation of the dollar, which pushed up oil prices,’’ Khelil said.
Oil may extend gains if the ECB boosts rates on July 3, further weakening the U.S. currency. The dollar has declined 15 percent against the euro in 12 months.
ECB President Jean-Claude Trichet reiterated June 25 that policy makers may increase the main refinancing rate by a quarter-percentage point next month to contain inflation. The Federal Reserve left the benchmark U.S. rate at 2 percent on June 25. On Sept. 18 the Fed began cutting rates to bolster an economy already reeling from the credit crisis.
Filed under: belgium, bernanke, Big Banks, biofuels, Britain, brussels, central bank, Central Banks, citigroup, Credit Crisis, DEBT, Dollar, Dow, Economic Collapse, economic depression, Economy, energy, Euro, Europe, european union, Federal Reserve, gas prices, general motors, global economy, gold, Great Depression, Greenback, housing market, Inflation, marc faber, Merrill Lynch, middle class, netherlands, Oil, Petrol, Protest, real estate, Stock Market, United Kingdom, US Economy | Tags: Jean-Paul Votron, Maurice Lippens
3rd largest bank predicts U.S. financial market meltdown within weeks
DFT
June 28, 2008
Fortis expects within the next few days to weeks to complete the collapse of the U.S. financial markets. That explains the bank insurers interventions of the series Thursday at dealing with € 8 billion. “We are ready at the last minute. It goes in the United States much worse than thought, “said Fortis chairman Maurice Lippens, who maintains that CEO Votron to live. Fortis expects bankruptcies of 6000 U.S. banks that now lack coverage. “But Citigroup, General Motors, there begins a complete meltdown in the U.S..”
Fortis took yesterday € 1.5 billion with a share issue. At the end of last year was the Belgian-Dutch group € 13 billion of new shares for the takeover of ABN Amro, for which it paid € 24 billion. Lippens bases its concern on interviews with bankers. “Two months ago we knew not so bad that it is in America. And it will be much worse. We have a thick mattress needed for the next eighteen months to come when we can bring to ABN Amro. “
Two weeks ago reported the U.S. investment bank and adviser to Fortis Merrill Lynch certainly € 6.2 billion in additional capital was needed. The VEB yesterday demanded clarification of Fortis: CEO Jean-Paul Votron stopped in late april Fortis maintains that after the purchase of ABN Amro does not need on the capital market. In one year € 30 billion in market capitalization destroyed. After Votron last confession kelderde the share price by 19.4%, although yesterday climbed by 4.4% to € 10.65.
The massive unrest around the bank insurers, especially with our neighbours in Belgium as a bomb broken. While the fuss arose in the Netherlands to the limited financial world, it is with our neighbours the call of the day. Not only is the bank dominates the streetscape, but by the mokerslag for the Belgian volksaandeel are also hundreds of thousands of small investors hit hard.
All Belgian newspapers opened yesterday with real rampenkoppen, where the free fall of the bank insurers was wide coverage. ’Fortis crashes, “” Rampdag for Fortis’ and’ Fortis loses 5.3 billion, “opened three leading newspapers.
The panic around the group across the border so great that the national regulator CFBA has had reassuring words to speak to the desperate savers. “The emergency of Fortis is no reason to bank run and money to get off,” said a CFBAwoordvoerder. “The bank complies with all legal requirements, but has itself just very sharp targets.”
Maurice Lippens claims that all major shareholders yesterday “unanimously support” have pledged.
Like arrows in the Netherlands focus mainly on CEO Jean-Paul Votron, who are heavily vertild appears to have complied with the takeover of ABN Amro. But while the Netherlands in Brussels calling his bonus of € 2.5 million to be paid back in Belgium is demanding his departure.
Who makes such big mistakes, must bear the consequences and therefore resign, “said Huybregtse chairman of the Flemish federation of Investment and Investors. The fall of the share is for him a confirmation that the takeover of ABN Amro far too expensive and was poorly timed.
“The former shareholders of ABN Amro are now taking a bath in champagne”, stressed Huybrechts. “Who makes major mistakes, must go. Fortis is a really volksaandeel and with confidence that you can not cope reckless. ”
The Belgian newspaper the Standard is tough on the CEO: “The kredietcrisis has affected all banks, but it is no excuse. Fortis is much sharper fall, “says the commentator. “Fortis has always denied that there was still a capital increase. They were therefore either lies or ignorance. Both are equally bad, so must Votron the honour to itself. He is the only one who has earned something to the whole operation. ”
According to Belgian media wanted Fortis announce Thursday that the bonus Votron would be removed, but this is at the last moment not yet happened. Also, all press speculation about his succession, with the name of Filip Dierckx.
Votron itself will of being firm. “The shareholders are behind me and also in the top of the group, I only support for this I have put in operation,” said the under fire lying Fortis chief executive.
The refund of the now controversial bonus points he resolutely. “What I do with my money, my case. The bonus had nothing to do with ABN Amro, but was about the year 2007, “said Votron. The CEO is a willing part of his salary in Fortis documents.
Votron may also still rely entirely on chairman Lippens, who denies that the bank itself on the takeover of ABN Amro has completed. “Votron remains simply the CEO. At present intervention, which is difficult, that’s really show leadership. “
Barclays warns of disaster as Fed loses all credibility
Telegraph
June 28, 2008
US central bank accused of unleashing an inflation shock that will rock financial markets, reports Ambrose Evans-Pritchard
Barclays Capital has advised clients to batten down the hatches for a worldwide financial storm, warning that the US Federal Reserve has allowed the inflation genie out of the bottle and let its credibility fall “below zero”.
“We’re in a nasty environment,” said Tim Bond, the bank’s chief equity strategist. “There is an inflation shock underway. This is going to be very negative for financial assets. We are going into tortoise mood and are retreating into our shell. Investors will do well if they can preserve their wealth.”
Barclays Capital said in its closely-watched Global Outlook that US headline inflation would hit 5.5pc by August and the Fed will have to raise interest rates six times by the end of next year to prevent a wage-spiral. If it hesitates, the bond markets will take matters into their own hands. “This is the first test for central banks in 30 years and they have fluffed it. They have zero credibility, and the Fed is negative if that’s possible. It has lost all credibility,” said Mr Bond.
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Filed under: Big Banks, central bank, citigroup, Credit Crisis, DEBT, Dollar, Dow, dow jones, Economic Collapse, economic depression, Economy, Euro, Federal Reserve, gas prices, gold, Great Depression, Greenback, Inflation, interest rate cuts, middle class, New York, Oil, OPEC, Petrol, rate cut, silver, Stock Market, US Economy
Oil Near $143
AP
June 27, 2008
Oil futures climbed to a new record near $143 a barrel Friday as the dollar weakened against the euro, confirming expectations that the falling greenback, a major factor in crude’s stratospheric rise, will extend its decline and add to oil’s appeal.
Retail gas prices inched lower overnight, but are likely to resume their own trek into record territory now that oil futures have broken out of the trading range where they had been for nearly 3 weeks.
Light, sweet crude for August delivery rose as high as $142.99 a barrel on the New York Mercantile Exchange before pulling back sharply in a spate of late-day profit-taking to settle up 57 cents at a record $140.21. On Thursday, the contract shot past $140 and rose more than $5 to a new settlement record.
The latest record came as the dollar fell against the euro in afternoon trading, having traded roughly unchanged for much of the day.
“The dollar was slightly stronger, and when it gave up its gains, that gave oil the green light,” said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.
The market now believes the Federal Reserve is unlikely to raise interest rates in the near future; since higher rates tend to strengthen the dollar, traders are anticipating that it will continue to fall and, consequently, that investors will keep turning to commodities including oil as a hedge against inflation.
“Oil’s back in favor, especially with people bailing out of the stock market,” said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill.
The stock market’s recent swoon is also sending investors in search of higher-yielding investments. On Thursday, the Dow Jones industrial average fell nearly 360 points, and in afternoon trading Friday was down more than 100 points.
OPEC chief sees oil at $150-170 in coming months
Reuters
June 27, 2008
Crude oil prices could rise to as high as $170 per barrel in the coming months but are unlikely to hit $200 and should ease towards the end of the year, OPEC President Chakib Khelil said in an interview on Thursday.
“I forecast prices probably between $150-170 during this summer. That will perhaps ease towards the end of the year,” he told France 24 television, according to a text of the interview released by the station.
Gold Futures Rise as Oil Surges, Dollar Falls
IBT Times
June 27, 2008
Gold futures rose above $930 an ounce on Friday to the highest price in a month as crude oil hit a record high and the U.S. dollar continued to weaken, boosting the investment appeal of the precious metal as a hedge against inflation.
Gold for August delivery rallied $16.20 to end at $931.30 an ounce on the Comex division on the New York Mercantile Exchange. The yellow metal hit an intra-day high of $933 an ounce, the highest for a most-active contract since May 27.
The precious metal posted a weekly gain of $27.60, or 3.1 percent from last Friday’s closing level of $903.70.
Gold is likely to regain $1,000 an ounce by the end of 2008 and work higher through 2009-2010, said John Hill, an analyst at Citigroup, in a research note.
Also on the Nymex, Silver futures for September delivery rose 49 cents, or 2.8 percent, to $17.71 an ounce. The metal climbed 1.8 percent this week and is up 19 percent this year.
http://www.guardian.co.uk/world/2008/jun/25/usa.subprimecrisis
Stocks Mostly Lower Again
http://biz.yahoo.com/ap/080627/wall_street.html?printer=1
The Shrinking Influence of the US Federal Reserve
http://www.spiegel.de/international/world/0,1518,562291,00.html
Money being pulled out of NYC banks: High demand for wire transfers
http://www.waynemadsenreport.com/articles/20080624
Dow Tumbles 360 Points
http://news.yahoo.com/s/ap/200..p7tkyjYvSV08ZQAF3YkzSNv24cA
Filed under: Britain, british columbia, Canada, carbon credit system, carbon credits, carbon dioxide, carbon ration, Carbon Tax, Co2, environmental taxation, Euro, Europe, european union, gas prices, global tax, Global Warming, Globalism, Inflation, kofi annan, Oil, Petrol, ration, United Kingdom, Vancouver
North America’s 1st carbon tax rolls out under fire
Allan Dowd
Reuters
June 27, 2008
Civic leader Scott Nelson says he is as worried as anyone about global warming, but that does not make him happy to be one of the first North Americans to pay a carbon tax to curb climate change.
Nelson, mayor of Williams Lake, British Columbia, says record high energy prices mean that the levy, for all its good intentions, could not come at a worst time for residents in his community, a lumber and ranching town about 525 km (340 miles) north of Vancouver.
“The last thing they need now is a tax on top of these soaring prices to add insult to injury,” said Nelson, predicting that a taxpayer revolt will eventually scuttle the new tax, which takes effect on July 1.
Carbon taxes already exist in Europe. But the tax on fossil fuels will make the Pacific province of British Columbia the first North American jurisdiction to bring in a broad-based levy designed to cut emissions of the greenhouse gases that are blamed for global warming.
The provincial government unveiled the tax in February, calling it a key element in a pledge to cut greenhouse gas emissions by 33 percent by 2020.
The tax applies to nearly all fossil fuels, including gasoline and home heating fuel, starting at C$10 per tonne of carbon emissions in 2008 and increasing by C$5 a tonne annually for the next four years.
For drivers that will mean an additional 2.41 Canadian cents on a liter of gasoline (about 9.13 cents per U.S. gallon) starting on Tuesday. The current gas price in Vancouver, British Columbia’s biggest city, is around C$1.40 a liter.
The government says the tax is designed to reduce carbon use, and not generate new revenue. It is cutting other taxes to offset the carbon tax take, and mailing a one-time C$100 rebate out to each British Columbia resident this week.
European airlines angered by EU ’CO2 tax’
AFP
June 27, 2008
European airlines complained Friday that new EU rules on carbon dioxide emissions will cost them 4.8 billion euros (7.6 billion dollars) a year and threaten their future.
Under an agreement reached Thursday, the European Union will set quotas on carbon dioxide, the main gas that causes global warming, on all airlines — those from Europe and abroad — from 2012.
They would then have to pay for these permits to pollute from 2013.
“This decision is going to cost us 4.8 billion euros a year,” said Francoise Herbert, spokeswoman at the Association of European Airlines (AEA), which represents 33 firms including Air France-KLM, British Airways and Lufthansa.
“It all has to be compared with the 3.7 billion euros profit that our companies made in 2007, which was a very good year. And 2008 is looking quite different with the hike in fuel prices,” she said.
The AEA believes the quota system is essentially a tax that will encourage foreign airlines to avoid the 27 nation EU whenever possible.
“Companies flying from New York to Hong Kong will transit by Dubai rather than Frankfurt,” Herbert said. “European airports are likely to suffer.”
Carbon dioxide emissions from aircraft in Europe are to be limited in 2012 to 97 percent of their levels in 2005, dropping further to 95 percent by 2020, under the EU agreement.
Air transport accounts for about three percent of the world’s greenhouse gas emissions.
http://uk.reuters.com/article/topNews/..e=RSS&feedName=topNews
Biofuel use ’increasing poverty’
http://news.bbc.co.uk/2/hi/europe/7472532.stm
Families facing an extra £260 on their annual energy bill to pay for £100bn green energy expansion
http://www.dailymail.co.uk/news/a..le-energy-plan.html
Annan Calls For Climate Justice
http://www.breitbart.com/article.php?id=0..1h&show_article=1
Ban Drive-Throughs To Fight Climate Change?
http://www.madison.com/tct/news/stories/293046
Alcoa and Shell Want Carbon Cap System
http://www.bloomberg.com/apps/..18AJaMkk&refer=us
Filed under: Ahmadinejad, airstrikes, Alan Greenspan, Big Banks, Britain, California, central bank, Coup, Credit Crisis, DEBT, Dictatorship, Dollar, Economic Collapse, economic depression, Economy, Empire, energy, Euro, Europe, european union, euros, False Flag, Federal Reserve, florida, gas prices, Great Depression, Greenback, imf, Inflation, Iran, Iraq, kuwait, LA, london, Los Angeles, Media, Media Fear, military strike, nation building, national debt, New York, Nuke, occupation, Oil, OPEC, Petrol, Preemptive Strike, preemptive war, Propaganda, Saddam Hussein, Saudi Arabia, Senate, Shock and Awe, Stock Market, Tehran, United Kingdom, US Economy, War Crimes, War On Terror, Washington D.C., White House, WMD, World Bank, WW3, ww4
OPEC dumping the dollar could be the real reason for a war with Iran
Recent News:
http://uk.reuters.com/article/motorin..NOA62976920080626
Federal Reserve leaves key interest rate at 2%
http://www.latimes.com/news/nationworld..un26,0,7851841.story
Kuwait Buying Up U.S. Infrastructure
http://biz.yahoo.com/ap/080624/kuwait_fund_us_banks.html?.v=1
U.S. Senate To Pass Bank Bailout Bill
http://apnews.myway.com/article/20080625/D91H2TT80.html
Bad economy cancels central Florida city’s 4th of July fireworks display
http://www.local6.com/money/16709180/detail.html
Utilities Cutting Off More Customers
http://www.usatoday.com/money/indu..ff-disconnect_N.htm
Suburbia Life Tougher Because Of Gas Prices
http://www.iht.com/articles/2008/06/24/business/exurbs.php
Oil prices ’will not come down’ says OPEC boss
http://www.telegraph.co.uk/mone..06/24/bcnoil124.xml
LA Seeing More People Living In Cars
http://www.breitbart.com/article.php?id=D91FV1E80&show_article=1
Economy on brink of recession, Greenspan says
http://www.reuters.com/article/businessNew..s&rpc=23&sp=true
OPEC talks: Saudi Arabia to boost oil output
http://www.telegraph.co.uk/news/m..oost-oil-output.html
IMF sees zero US growth in 2008
http://www.gulf-news.com/business/Economy/10222823.html
Few people are conscious of how the United States can use food as a political weapon
Big Shots Jump at Bilderberg’s Oil Orders
Paulson & Co. Says Writedowns May Reach $1.3 Trillion
Japan Offers Helping Hand To World Banks
Bush administration wants to give Federal Reserve more power
Filed under: 2008 Election, Argentina, Arizona, Barack Obama, bernanke, Bill Clinton, Bolivia, brazil, Britain, CAFTA, Canada, Central Banks, CFR, Chile, colombia, Euro, Europe, european union, FARC, Federal Reserve, George Bush, global elite, global government, Globalism, Hugo Chavez, i-69, John McCain, Mexico, Military, NAFTA, NAFTA Superhighway, NAU, New World Order, North American Union, paraguay, Peru, Real ID, Ronald Reagan, single currency, South America, South American Union, SPP, trans texas corridor, TTC, United Kingdom, uruguay, us sovereignty, Venezuela | Tags: Luiz Inacio Lula da Silva
South American Union To Have Single Currency
Natural News
June 21, 2008
Brazilian President Luiz Inacio Lula da Silva recently revealed that the South American countries are planning for a common currency as part of the integration of the individual countries into the Union of South American Nations. This integration is patterned after the formation of the European Union, and parallels the plan for the North American Union.
The union of South American nations would create a trade block designed to be competitive with the European and North American trade blocks. Central to the formation of the union is the creation of a central bank to oversee the new common currency that would replace the currencies of the individual countries in the block. In a recent broadcast, President Lula stated that he sees the implementation of this plan as not being a fast one.
In his message, the president stressed the need to help the countries of South America that are economically weak, such as Paraguay, Uruguay and Bolivia. “We have to help them because the stronger the countries in South America economically are, the more tranquility, peace, democracy, trade, companies, jobs, incomes and development”, he is quoted at ((http://www.nuwireinvestor.com/articles/…) .
Another unfolding feature of the South American Union similar to that of the North American Union is its dependence on newly created infrastructure. The South American alliance will promote the cross-nation construction of railroads, highways, bridges and transmission lines that will connect the entire region resulting in smooth interaction and movement within the trading block. The NAFTA and CAFTA Superhighways epitomize the infrastructural development of the North American Union trading block.
The union plan also calls for a regional defense council, apparently the beginning of the imposition of a regional government. This council would resolve regional conflicts, promote military cooperation and allow for the regional coordination of weapons production, much as the military integration of Canada and the U.S. initiates the unification of governments in the North American Countries.
The plan to establish a new common currency for the Union of South American Nations is the latest development in the initiation of common currencies representative of multi-country trading blocks. The euro was the first trade block currency, established as part of the European Union. The amero is the name of what may be the North American Union’s counterpart to the euro, debuting after economic integration and homogenization of Mexico, the U.S. and Canada have been completed, at exchange rates that represent the lowered standard of living of the Americans and the Canadians.
Critics of the Union of South American Nations’ efforts to establish a common currency see it as playing right into the hands of the world banking cartel. The clustering and assimilation of currencies facilitates the eventual merger into a one world currency promoted by the Council on Foreign Relations and its political puppets. They see the move toward the South American Union with its single currency as easily fitting with the European Union and current efforts to establish the North American Union. Once the formation of these major trading blocks is completed, the next step would be the unification of the blocks into a one world government.
This one world government is sometimes referred to as the New World Order. The Council on Foreign Relations has openly stated that its intentions are to bring about the surrender of the sovereignty of the national independence of the U.S. with the aim of creating a one world government. The Council, referred to as CFR, has influence in all vital areas of American life and around the world. Members have run or are running the major media outlets including NBC, CBS, the New York Times, the Washington Post, and many other publications.
CFR members dominate the political world. U.S. presidents since Franklin Roosevelt have been CFR members, with the exception of Ronald Reagan. CFR members also dominate the academic world, top corporations, unions and the military. They are on the board of directors of the Federal Reserve. Barack Obama and John McCain are CFR members, as well as the Bushes and the Clintons. There are many corporate members of the CFR. CFR plans are not subject to the scrutiny, debate, or vote of the people. Discussion of the plans has been conspicuously absent from the endless debating of the presidential candidates.
http://news.bbc.co.uk/2/hi/americas/7417896.stm
Arizona Governor Approves Prohibition on Real ID
http://www.freedomsphoenix.com/Feature-Article.htm?InfoNo=034608
Bill C-51 Codex & The SPP
http://intelstrike.com/?p=277
SuperCorridor Defeat? Don’t Bet On It
http://sjlendman.blogspot.com/2008/06/supercorridor-defeat-dont-bet-on-it.html
Comments At 4th Annual North America Forum
http://www.agoracosmopolitan.com/home/Frontpage/2008/06/13/02404.html
North American Union agenda whether Canadians want it, or not, is a top priority for elite interests
http://www.agoracosmopolitan.com/home/Frontpage/2008/06/13/02404.html
Filed under: alaska, BP, brazil, central bank, CFR, chevron, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, Euro, exxon mobil, famine, food market, food prices, food shortage, gas prices, GDP, george soros, global elite, global government, Global Warming, gold, Great Depression, Greenback, Hoax, Inflation, Iraq, Kurdish, lindsay williams, Lindsey Williams, Mexico, middle east, MSNBC, nation building, New World Order, occupation, Oil, OPEC, peak oil, Petrol, Stock Market, US Economy, War On Terror, Warren Buffett | Tags: robert hirsch
Experts Push “Peak Oil” Scam to Predict $15 a Gallon Gas Prices
Infowars
May 26, 2008
Editor’s Note: The following video is a prime example of hysterical “Peak Oil” scaremongering. In fact, there is no shortage of oil — the reserves are increasing, not decreasing. Consider the following examples: In 2006, Chevron announced a huge oil discovery in the the Lower Tertiary zone of the Gulf of Mexico, described as “one of the nation’s biggest oil discoveries in decades,” and Brazil discovered giant new offshore oil fields in 2005 (expected to produce 773 million barrels of oil by 2025). Add to this BP’s discovery of new oil fields near the Shetland Islands, recent discoveries in the Timor Sea, Yemen, Tunisia, Libya, offshore Trinidad, in Pakistan, Angola, in the Ordovician Red River Strata of southeastern Saskatchewan, and elsewhere. Earlier this month, the Kurds of northern Iraq announced a major oil find, estimated at about 2 billion barrels. In the last 20 years, known reserves have doubled. Currently there are somewhere in the neighborhood of 680 billion barrels of Middle East reserve oil alone.
Add to this an “intriguing theory now permeating oil company research staffs suggests that crude oil may actually be a natural inorganic product, not a stepchild of unfathomable time and organic degradation. The theory suggests there may be huge, yet-to-be-discovered reserves of oil at depths that dwarf current world estimates,” writes Chris Bennett (see Lindsey Williams interview below). “Deeply entrenched in our culture is the belief that at some point in the relatively near future we will see the last working pump on the last functioning oil well screech and rattle, and that will be that. The end of the Age of Oil. And unless we find another source of cheap energy, the world will rapidly become a much darker and dangerous place.” It is a meticulously nurtured myth.
Peak Oil takes a page from publicly available CFR and Club of Rome strategy manuals that say global government needs to control the world population through neo-feudalism by creating artificial scarcity that will result in massive social unrest, widespread famine, and endless war. $15 a gallon gas will most certainly help this agenda along.
http://www.youtube.com/watch?v=U7IJEEIBwrE
http://www.youtube.com/watch?v=80XMKbnHuEs
From David Edwards and Raw Story, May 24:
Robert Hirsch, senior advisor for Science Applications International Corporation, sat down with MSNBC’s Alex Witt to discuss the possibility of an upcoming oil crisis. Hirsch says that gas could reach $15/gallon within a few years because it is “essentially certain” the world has reached the maximum levels of oil production.
“The problem is that there’s not that much oil left in the ground,” Hirsch says. “What we’ve done is been very fortunate to have oil production increase as our economies have developed over the past decades. And now we’re reaching a point where we’re about to get, or we may be, at the maximum world oil production. After that, oil production will then decline and prices, of course, will continue to do what they’ve been doing recently. So what we’ve got today may be the ‘good old days.’”
Hirsch addressed the timeframe in which the US could see $15/gallon gas: “It could happen within a matter of months. It could happen within a matter of a few years. But it’s essentially certain that we are at the maximum of world oil production. And after that, we’ll go into decline, and when there’s much less oil available, then, of course, the price of oil is going to increase dramatically.”
Fuels, heating oil, and consumer products that rely on petroleum will all be impacted by the decline in world oil production. Hirsch estimates the world GDP declining at the same rate as oil production.
Oil Expert: By Summer, Oil To Hit $200 Per Barrel
This is reality, energy is in the hands of profiteers and has lost touch with the real expenses. There is no logic here, says Davor Stern.
Javno
May 23, 2008
Oil prices have once again crashed through the ceiling with a record price of 135 dollars per barrel because of the concerning fall in American reserves of crude oil with 5.32 million barrels. The fact is that this is only a continuation of the crisis; food is getting more and more expensive, petrol and diesel are rising in price every other week in Croatia (as well as in many countries around the world), and there is no end in sight to the price hikes.
This is reality, energy is in the hands of profiteers and has lost touch with the real expenses. There is no logic here – Davor Stern told us in a telephone conversation. Davor is the former director of Croatia’s largest oil company INA, as well as an oil expert.
Record earnings by oil companies
He added that oil companies earn a lot. Igor Dekanic from the faculty of mining, geology and oil, said that European oil companies are breaking the borders of profitability.
– The largest companies like IBP, Shell, Exxon, the French Total and the Italian Enia have the largest profits in history. That is a general trend with privatized companies in the world – says professor Dekanic.
Stern stresses that the market itself has some sort of logic, however, the current situation is in a state of psychosis.
– By summer we can expect oil prices of 200 dollars per barrel, and that is not the opinion of the trade, but my own prediction. It is impossible to give any projections of the prices, but one thing is certain, the sky is the limit – says Stern.
Recent News:
http://www.guardian.co.uk/busi..y/23/oil.commodities1
Gold Hits Over $930, Oil $135, Euro $1.57
http://www.reuters.com/article..er=2&virtualBrandChannel=10005
OPEC: Oil market is going ’crazy’
http://www.presstv.ir/detail.aspx?id=56937§ionid=3510213
Buffett blames banks for credit crisis
http://www.reuters.com/article/ousiv/idUSL2561340920080525
It’s Not An Oil Crisis It’s A Dollar Crisis
http://www.321gold.com/editorials/schiff/schiff052308.html
Alaska Drilling Would Only Save 75 Cents Per Barrel
http://www.mcclatchydc.com/251/story/38223.html
Buffett Sees Deep U.S. Recession
http://news.yahoo.com/s/nm/200805..oENIM35QA3Eqb.HQA
Food prices high for foreseeable future, says UN
http://www.guardian.co.uk/world/2008/may/23/unitednations.food
George Soros: rocketing oil price is a bubble
http://www.telegraph.co.uk/money/ma..2008/05/26/cnsoros126.xml
Global Warming Bill Could Spike Gas $1.50 to $5 a Gallon
http://www.businessandmedia…/20080515172437.aspx
Economist Challenges Government Data
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/05/25/BU6K10JTEF.DTL
Gas Prices Could Top $5 A Gallon In Bad Economy
http://cbs2chicago.com/consumer/gas.prices.oil.2.719683.html
Gas Could Go To $10
http://www2.nysun.com/article/75363
Euro, Franc, Krona to Benefit From Oil Price, Barclays Says
Economy Slows To A Crawl
Government Green Lights Gulf Dollar Abandonment
Federal Reserve May Want Inflation
Fed Cuts Key Interest Rate By A Quarter Point
U.S. Economic Collapse News Archive
Filed under: Alan Greenspan, central bank, Chicago, China, citigroup, Credit Crisis, DEBT, dollar peg, Economic Collapse, economic depression, Economy, Euro, Federal Reserve, gas prices, george soros, gold, Great Depression, Greenback, henry paulson, imf, Inflation, Oil, Paulson, Petrol, platinum, silver, south africa, Stock Market, UAE, US Economy, washington mutual
Gold hits highs of $940, Current Price is $924
IBT Times
April 11, 2008
Gold pushed as high as $940 just before the open of the New York session on Thursday, then fell off until the noon hour, but then reversed field once again, moving higher to finish at $929.40/oz., down $4.60. Overnight, gold has edged lower.
Platinum was higher in the European markets, but declined in New York, to end at $2026/oz., unchanged. Overnight, platinum has slipped lower.
Silver peaked at $18.40 in early London trading, fell off until mid-morning in New York, then traded sideways for the rest of the day, closing at $17.95, down 22 cents. Overnight, silver has been flat.
It was a mixed day for the precious metals, with early weakness giving way to a spate of buying later in the day, and no major changes by the end.
Oil Prices Above $112 As Supplies Fall, Current Price $110
AP
April 9, 2008
The price of oil has surged to a new record, with a barrel a crude trading above $112 a barrel on the New York Mercantile Exchange.
A government report that oil and fuel supplies were lower than expected last week gave crude a push past its latest milestone. But months of buying by speculators and by investors seeking refuge from a falling dollar have also lifted oil to its new heights.
Light, sweet crude for May delivery has traded as high as $112.16, surpassing the previous trading record of $111.80 set ast month.
US Dollar Hits New Record Low Against Euro
RTT
April 10, 2008
The US dollar declined against its major counterparts in early deals on Thursday, hitting a fresh record low against the euro. Against its other major counterparts, the dollar weakened to new multi-day low during this time period.
The US trade balance, initial jobless and continuing claims are the major economic events slated for release later in New York morning.
The US dollar plummeted to new record low of 1.5915 against the euro at about 5:10 am ET Thursday, compared to yesterday’s closing value of 1.5832.
The dollar may face $1.65 against the euro by October
Bloomberg
April 7, 2008
Optimism for a dollar rebound that pervaded the currency market at the start of the year is fading.
Futures traders doubled bets against the greenback in the past two months, data from the Commodity Futures Trading Commission in Washington show. Citigroup Inc., Deutsche Bank AG and Royal Bank of Scotland Group Plc, which handle almost 40 percent of global foreign exchange trading, say the currency may slump to $1.65 per euro by October.
Recent News:
http://www.reuters.com/article/topNews/idUSWBT00874120080410
Fed: Severe Downturn Possible
http://www.reuters.com/article/ousiv/idUSTRS00005820080409?sp=true
South Africa: Analysts Say Gold Can Top $1000 Again
http://allafrica.com/stories/200804100124.html
Greenspan: I have no regrets on Federal Reserve’s past policies
http://news.yahoo.com/s/nm/20080408/bs_nm/usa_economy_greenspan_dc
The Great Chinese Crash of 2008
http://www.fool.com/investing/in..reat-chinese-crash-of-2008.aspx
Soros: USD Won’t Be World’s Reserve Currency
http://www.nytimes.com/2008..Y&pagewanted=print
Soros sounds the alarm again on world economy
http://www.iht.com/articles/2008/04/11/business/11soros.php
Federal Credit Cards Misused
http://www.washingtonpost.com/wp-dy../ST2008040803504.html
U.S. Economy: Consumer Sentiment Drops to 26-Year Low
http://www.bloomberg.com/apps/n..=af8M_eEjb_QY&refer=home
Gas, Diesel Prices Hit New Records
http://www.bloomberg.com..087&sid=af8M_eEjb_QY&refer=home
Gas Tops $4 In Chicago
http://cbs2chicago.com/consumer/gas.prices.milestone.2.697232.html
G24: IMF Regulatory Failures Caused Crisis
http://news.yahoo.com/s..bNmbqT52QemoOrgF
Official: UAE to maintain dollar-peg policy
http://news.xinhuanet.com/english/2008-04/08/content_7940355.htm
WaMu gets $7 billion infusion, cuts jobs, sees big loss
IMF: Mortgage Crisis May Cost $945 Billion
Dollar Falls Against Euro, Heads for Weekly Decline, Before G-7
US Fed prepares to replenish war chest
US trade deficit jumps despite weak dollar
Pound falls to 80p against the euro
IMF Says U.S. Crisis Biggest Since 1930s
IMF: Global Intervention Needed On Credit Crisis
Current crisis is worst since Great Depression: Soros
Soros Predicts End Of Easy Borrowing
Govt Expects Gas To Hit $4
Filed under: California, central bank, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, Euro, Federal Reserve, gold, Great Depression, Greenback, Inflation, Stock Market, US Economy, us mint
Gold hits 2-month low below $880 on metals sell-off
Reuters
April 1, 2008
Gold prices tumbled to a two-month low below $880 an ounce on Tuesday as a dollar rise and de-leveraging amid a U.S. stock rally triggered a heavy sell-off in all precious metals.
Gold ..> hit a low of $872.90 and was at $884.20/885.4 an ounce at 2:15 p.m. EDT, against $916.20/917.00 late in New York on Monday, when it had fallen 2 percent.
The yellow metal has fallen about 15 percent since hitting a record high of $1,030.80 two weeks ago.
“Given the elevated level of speculative interest, we would not rule out a deepening of the current correction in prices,” said Suki Cooper, precious metals analyst at Barclays Capital.
“However, the overall environment for gold remains positive over the forthcoming months,” she said, adding the dollar was not expected to rise markedly against the euro in the short term, given the likelihood of poor U.S. economic data this week.
Jonathan Jossen, an independent floor trader in New York, said that gold was pummeled as funds were leaving all commodities in droves.
“We watched heavy fund selling in the futures all day yesterday. Nobody looked and said ’OK, here is the bottom and let’s get back into the gold market,’” Jossen said.
Jossen also cited a negative gold lease rate last week, which signaled possible central bank selling.
http://cryptome.org/usm033108.htm
How the Fed Buys an Ounce of Gold for 10¢
http://www.inteldaily.com/?c=172&a=5651
High prices spark fresh gold rush in California
http://www.ft.com/cms/s/0/4b243..e-000077b07658.html
Gold falls 2 percent in broad commodities sell-off
http://www.reuters.com/article/hotStocksNews/idUSSP16595020080328
noworldsystem.com 
