noworldsystem.com


Fed Auctions Another $75 Billion to Big Banks

Fed Auctions Another $75 Billion to Big Banks

AP
June 3, 2008

Battling to relieve stressed credit markets, the Federal Reserve said Tuesday it has provided a total of $435 billion in short-term loans to squeezed banks since December to help them overcome credit problems.

The central bank announced the results of its most recent auction — $75 billion in short-term loans — the 11th such auction since the program started in December.

It’s part of an ongoing effort by the Fed to help ease the credit crunch, which erupted last August, intensified in December and January and took another turn for the worst in March.

The housing, credit and financial crises have weakened the economy and threaten to push it into recession.

 

Fuel Protests In Paris and London

CNN
June 3, 2008

http://youtube.com/watch?v=2M6EzGHws-E

Truckers and taxi drivers slowed traffic around Paris’ business district to a crawl Tuesday in a protest over rising fuel prices, and hundreds of fishermen demonstrated in London to demand government help.

Dozens of trucks and taxis in Paris drove slowly toward and around the headquarters of oil giant Total in La Defense, site of the main financial district, to protest a new tax on heavily polluting vehicles.

Authorities said the operation snarled traffic on several highways.

Farmers elsewhere in France blocked ports and oil terminals as part of protests started by fishermen last month demanding government aid to help compensate for high fuel costs.

Fishermen from around the United Kingdom demonstrated in central London on Tuesday to demand their government’s help in coping with soaring fuel prices.

Hundreds of fishermen gathered outside the London headquarters of the department responsible for food, seeking financial support for an industry they say is especially vulnerable to rising fuel costs.

Barrie Deas, chief executive of the National Federation of Fishermen’s Organizations, said the cost of fuel for fishing boats was making it impossible for many in the industry to keep going.

“Boats are going out to sea and fish for five days in terrible conditions and we’re not getting enough to even pay our crews,” he said.

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Energy expert: Gas could reach $15 per gallon

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.

Watch The Video Here

 

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.

Read Full Article Here

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Buffett blames banks for credit crisis
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It’s Not An Oil Crisis It’s A Dollar Crisis
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Buffett Sees Deep U.S. Recession
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Food prices high for foreseeable future, says UN
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George Soros: rocketing oil price is a bubble
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Global Warming Bill Could Spike Gas $1.50 to $5 a Gallon
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Economist Challenges Government Data
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Gas Prices Could Top $5 A Gallon In Bad Economy
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Gas Could Go To $10
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Euro, Franc, Krona to Benefit From Oil Price, Barclays Says
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U.S. Economic Collapse News Archive

 



Ted Turner Confronted on Population Control


Ted Turner: World Needs a ’Voluntary’ One-Child Policy for the Next Hundred Years
Philly 9/11 Truth Confronts Eugenicist on Calls for 95% Population Reduction

Aaron Dykes
Jones Report
April 29, 2008

http://youtube.com/watch?v=1G72Sd6AqjE

Okay, so Ted Turner’s not a people person. But, he has a plan to bring the world’s population down to 2 billion– a figure substantially less than current numbers– that he says would allow for a better standard of living… for everyone.

Though it might be trying for the world to adopt the brutal one-child policy of China, it would, ideally, help humanity to avoid the nightmare cannibalism scenario Turner claims we otherwise face in the wake of global warming.

Ted Turner used his Southern charm to calm worries that he longed for 95% decline from current population levels during a question and answer session– as the billionaire eugenicist was quoted in Audubon magazine more than a decade ago.

“That’s not really true,” Turner told members of Philly 9/11 Truth. He instead cited 2 billion as the target– a mere 2/3 reduction of the human population — which he claims would allow ’everyone’ to have a decent standard of living, including a “refrigerator and air conditioner.”

The 9/11 Truth activists probed the billionaire on how he would achieve these population goals– citing policymakers like Henry Kissinger who advocate using ’food as weapon.’

Turner commented, “The way I think we should get there is have a voluntary one child per family for the next hundred years… like they do in China now.”

Despite the fact that Turner himself has 5 children, he has put forward this view a number of times before. “We’re too many people; that’s why we have global warming,” he told PBS’s Charlie Rose in April. “Too many people are using too much stuff.”

“On a voluntary basis, everybody in the world’s got to pledge to themselves that one or two children is it,” Turner added during the April 2008 interview.

China’s policies have been heavily criticized not only for the gross human rights violations against its dehumanized population, but also for its peer-pressure affect on the rest of the world to adopt similar polices. China, too, started with a so-called ’voluntary’ policy which then led to fines and only later to more extreme punishments for having more than one child.

In the name of global warming and environmentalism, children have now been blamed as ’part of the problem’ and calls to limit children have now saturated the Western World.

In the third world, Turner has contributed literally billions to population reduction, namely through United Nations programs , leading the way for the likes of Bill & Melinda Gates and Warren Buffett (Gates father, for one, has long been a leading board member of Planned Parenthood and a top eugenicist).

These same figures have also donated vast sums of money for vaccination programs that many have identified as part of the problem.

Members of Philly 9/11 Truth also asked Turner about being the largest land owner in North America. Turner suggested that his vast acreage– estimated at more than 2 million acres— was being put to good use, deflecting claims of hypocrisy.

Turner has also been criticized recently for advocating the production of corn-based ethanol, which has now been blamed by the U.N. and others for causing food shortages and increased poverty, particularly in the 3rd World.

Philly 9/11 Truth also confronted the unrepentant Turner after the event to further criticize his involvement with globalist agendas that continue to pursue drastic population reduction at the cost of dignity and respect for the masses of humanity.

In 1996, Turner stated in an interview with Audubon Magazine that a 95% population reduction would be ideal. Below is his quote.

“A total population of 250-300 million people, a 95% decline from present levels, would be ideal.”


Ted Turner Repeats Call For Population Curb

Says diminishing farmland will lead to food riots, despite being behind corn-based ethanol push

Paul Joseph Watson
Prison Planet
April 28, 2008

Billionaire Globalist Ted Turner, who earlier this month predicted that global warming would eventually lead to cannibalism, has repeated his call to curb population growth, claiming that disappearing farmland will cause food riots, despite the fact that Turner himself is behind the push to grow corn-based ethanol, an industry the UN has blamed for food shortages and increased poverty.

http://youtube.com/watch?v=3jgKodUUeTU

“There are a lot of different problems being caused by an ever-increasing number of people in a finite-sized world,” Turner told CNBC’s Bob Pisani. “The resources of the planet just can’t keep up with the demand and I’m afraid this going to be more commonplace. I’m afraid we’re just seeing the tip of the iceberg. It’s very complicated I do want to say.”

“We’ve had warnings for a number of years,” Turner said. “Grain stocks have been dropping every year for the last 10 years or pretty close to that – the reserves. And, the environment in so many different areas is being – the pressure being put on it by the ever-increasing number of people and the number of people using more stuff and more energy – that’s what ‘s leading to global climate change and the over-fishing of the oceans,” he added.

Turner cited increased vehicle usage as a reason for disappearing farmland.

“Agriculture is complicated anyway. For instance – China adds more cars, they need more roads and the only place to put more roads in China is over farmland. So you lose farmland as you increase development. We’re doing it even here in the United States.”

However, Turner failed to acknowledge the fact that one of the main reasons behind food shortages is global demand for biofuels, an industry that Turner has vigorously promoted and publicly supported in a 2006 WTO speech.

As the UN warned last year, “The global rush to switch from oil to energy derived from plants will drive deforestation, push small farmers off the land and lead to serious food shortages and increased poverty unless carefully managed”.

Earlier this month, Turner caused shockwaves when he stated that inaction on global warming “will be catastrophic” and those who don’t die “will be cannibals.”

“We’re too many people; that’s why we have global warming,” he said. “Too many people are using too much stuff,” adding that “on a voluntary basis, everybody in the world’s got to pledge to themselves that one or two children is it.”

Turner himself failed to live up to such a pledge, having fathered five children, but continues to lecture the rest of us on how we should limit our procreation.

Some would find Turner’s zeal to “thin” the human population hard to reconcile with his leadership of a UN initiative to combat malaria.

When one considers Turner’s past comments about the supposed need to drastically cut world population levels by up to 95%, his involvement in any kind of program run under the guise of “improving health” in third world countries should be examined with severe caution.

“A total population of 250-300 million people, a 95% decline from present levels, would be ideal,” Turner stated in 1996.

As the Baltimore Sun reported, “Most of [Ted Turner’s first donation to the United Nations Foundation of] $22 million went to programs that seek to stall population growth.”

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Destroying the Rainforest to Fight Global Warming

Destroying the Amazon Rainforest to Fight Global Warming
Biofuel industry to destroy valuble wetlands, grasslands and forests to cash-in on the global warming trend

Time
March 30, 2008

From his Cessna a mile above the southern Amazon, John Carter looks down on the destruction of the world’s greatest ecological jewel. He watches men converting rain forest into cattle pastures and soybean fields with bulldozers and chains. He sees fires wiping out such gigantic swaths of jungle that scientists now debate the “savannization” of the Amazon. Brazil just announced that deforestation is on track to double this year; Carter, a Texas cowboy with all the subtlety of a chainsaw, says it’s going to get worse fast. “It gives me goose bumps,” says Carter, who founded a nonprofit to promote sustainable ranching on the Amazon frontier. “It’s like witnessing a rape.”

The Amazon was the chic eco-cause of the 1990s, revered as an incomparable storehouse of biodiversity. It’s been overshadowed lately by global warming, but the Amazon rain forest happens also to be an incomparable storehouse of carbon, the very carbon that heats up the planet when it’s released into the atmosphere. Brazil now ranks fourth in the world in carbon emissions, and most of its emissions come from deforestation. Carter is not a man who gets easily spooked–he led a reconnaissance unit in Desert Storm, and I watched him grab a small anaconda with his bare hands in Brazil–but he can sound downright panicky about the future of the forest. “You can’t protect it. There’s too much money to be made tearing it down,” he says. “Out here on the frontier, you really see the market at work.”

This land rush is being accelerated by an unlikely source: biofuels. An explosion in demand for farm-grown fuels has raised global crop prices to record highs, which is spurring a dramatic expansion of Brazilian agriculture, which is invading the Amazon at an increasingly alarming rate.

Propelled by mounting anxieties over soaring oil costs and climate change, biofuels have become the vanguard of the green-tech revolution, the trendy way for politicians and corporations to show they’re serious about finding alternative sources of energy and in the process slowing global warming. The U.S. quintupled its production of ethanol–ethyl alcohol, a fuel distilled from plant matter–in the past decade, and Washington has just mandated another fivefold increase in renewable fuels over the next decade. Europe has similarly aggressive biofuel mandates and subsidies, and Brazil’s filling stations no longer even offer plain gasoline. Worldwide investment in biofuels rose from $5 billion in 1995 to $38 billion in 2005 and is expected to top $100 billion by 2010, thanks to investors like Richard Branson and George Soros, GE and BP, Ford and Shell, Cargill and the Carlyle Group. Renewable fuels has become one of those motherhood-and-apple-pie catchphrases, as unobjectionable as the troops or the middle class.

But several new studies show the biofuel boom is doing exactly the opposite of what its proponents intended: it’s dramatically accelerating global warming, imperiling the planet in the name of saving it. Corn ethanol, always environmentally suspect, turns out to be environmentally disastrous. Even cellulosic ethanol made from switchgrass, which has been promoted by eco-activists and eco-investors as well as by President Bush as the fuel of the future, looks less green than oil-derived gasoline.

Meanwhile, by diverting grain and oilseed crops from dinner plates to fuel tanks, biofuels are jacking up world food prices and endangering the hungry. The grain it takes to fill an SUV tank with ethanol could feed a person for a year. Harvests are being plucked to fuel our cars instead of ourselves. The U.N.’s World Food Program says it needs $500 million in additional funding and supplies, calling the rising costs for food nothing less than a global emergency. Soaring corn prices have sparked tortilla riots in Mexico City, and skyrocketing flour prices have destabilized Pakistan, which wasn’t exactly tranquil when flour was affordable.

Biofuels do slightly reduce dependence on imported oil, and the ethanol boom has created rural jobs while enriching some farmers and agribusinesses. But the basic problem with most biofuels is amazingly simple, given that researchers have ignored it until now: using land to grow fuel leads to the destruction of forests, wetlands and grasslands that store enormous amounts of carbon.

Backed by billions in investment capital, this alarming phenomenon is replicating itself around the world. Indonesia has bulldozed and burned so much wilderness to grow palm oil trees for biodiesel that its ranking among the world’s top carbon emitters has surged from 21st to third according to a report by Wetlands International. Malaysia is converting forests into palm oil farms so rapidly that it’s running out of uncultivated land. But most of the damage created by biofuels will be less direct and less obvious. In Brazil, for instance, only a tiny portion of the Amazon is being torn down to grow the sugarcane that fuels most Brazilian cars. More deforestation results from a chain reaction so vast it’s subtle: U.S. farmers are selling one-fifth of their corn to ethanol production, so U.S. soybean farmers are switching to corn, so Brazilian soybean farmers are expanding into cattle pastures, so Brazilian cattlemen are displaced to the Amazon. It’s the remorseless economics of commodities markets. “The price of soybeans goes up,” laments Sandro Menezes, a biologist with Conservation International in Brazil, “and the forest comes down.”

Deforestation accounts for 20% of all current carbon emissions. So unless the world can eliminate emissions from all other sources–cars, power plants, factories, even flatulent cows–it needs to reduce deforestation or risk an environmental catastrophe. That means limiting the expansion of agriculture, a daunting task as the world’s population keeps expanding. And saving forests is probably an impossibility so long as vast expanses of cropland are used to grow modest amounts of fuel. The biofuels boom, in short, is one that could haunt the planet for generations–and it’s only getting started.

Read Full Article Here

Biofuel Scam: Ship fuel over the Atlantic twice, pocket US subsidies, undercut local vendors
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Middle Class May Be Subject To Food Rations, Warns UN


Middle Class May Be Subject To Food Rations, Warns UN
Experts warn of food riots as foreign troops cleared to patrol American cities

Paul Joseph Watson
Prison Planet
February 25, 2008

The UN is warning of a food shortage crisis and drawing up plans for food rations which will hit even middle-class suburban populations as inflation and economic uncertainty causes the prices of staple food commodities to skyrocket.

The United Nation’s World Food Programme cautions today that if it doesn’t receive more funding, it will have to halt food aid to developing countries like Mexico and China.

“The WFP crisis talks come as the body sees the emergence of a “new area of hunger” in developing countries where even middle-class, urban people are being “priced out of the food market” because of rising food prices,”reports the Financial Times.

The warning coincides with a speech by William Lapp, of US-based consultancy Advanced Economic Solutions, who cautioned that rising agricultural raw material prices would translate this year into sharply higher food inflation.

It also parallels a prediction by Don Coxe, a Chicago-based global portfolio strategist for BMO Financial Group who correctly forecast the fall of the dollar and the rise in price of gold and oil years in advance, who last week spoke of a “global food crisis” which will cause the world to enter into, “A period of food shortages and swiftly rising prices,” leading to government embargoes.

With the U.S. on the verge of a recession and, as many analysts have warned, a potential second great depression, those long scoffed at for hoarding vast quantities of storable food may unfortunately be able to say “I told you so” if the dollar continues to deteriorate and people begin to be priced out of the food market.

Global food prices have skyrocketed by as much as 60 per cent in the past year, while UN officials warn of the likelihood of food riots.

“If prices continue to rise, I would not be surprised if we began to see food riots,” said Jacques Diouf, director-general of the UN’s Food and Agriculture Organisation, last October.

Many see the food shortages, whether real or manufactured, as simply another pretext for the implementation of martial law and the introduction of foreign troops to patrol major U.S. cities.

A recent announcement by Northcom confirmed that U.S. and Canadian troops will be allowed to patrol each other’s countries in the event of a national emergency.

“U.S. Air Force Gen. Gene Renuart, commander of North American Aerospace Defense Command and U.S. Northern Command, and Canadian Air Force Lt.-Gen. Marc Dumais, commander of Canada Command, have signed a Civil Assistance Plan that allows the military from one nation to support the armed forces of the other nation during a civil emergency,” reads a Northcom press release.

 

Shoppers Warned Food Prices Set To Rise

Financial Times
February 25, 2008

When William Lapp, of US-based consultancy Advanced Economic Solutions, took the podium at the annual US Department of Agriculture conference, the sentiment was already bullish for agricultural commodities boosted by demand from the biofuels industry and emerging countries.

He added a twist – that rising agricultural raw material prices would translate this year into sharply higher food inflation.

“I hope you enjoy your meal,” Mr Lapp told delegates during a luncheon. “It is the cheapest one you are going to have at this forum for a while.”

His warning that a strong wave of food inflation is heading towards the world economy was met by nods from agriculture traders, food industry executives and western’s government officials at the USDA’s annual Agricultural Outlook Forum.

Larry Pope, chief executive of Smithfield Foods, the largest US pork processor, warned delegates of a wave of “real food inflation” just at the time central banks were under pressure to cut interest rates.

“I think we need to tell the American consumer that [prices] are going up,” he said. “We’re seeing cost increases that we’ve never seen in our business.”

The comments highlighted one of the conference’s main concerns – that rising agricultural prices have reached a stage at which the impact will be felt not only on fresh food but will also filter through the supply chain and raise the cost of processed food.

Read Full Article Here

Food shortages loom as wheat crop shrinks and prices rise
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‘Panic’ wheat buying across the US; World wheat prices surge 5pc overnight
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Iraq to Curb Food Rations, Spurring Fear of Hunger
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Inflation Creating Food Riots In Middle East
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Biofuels Will Not Feed The Hungry
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Wheat Hits Record Levels On Inventory Report
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Traitor Greenspan Urges Gulf States To Abandon Dollar


Traitor Greenspan Urges Gulf States To Abandon Dollar

Former Fed chief’s insistence that Arab nations dump greenback peg could lead to economic chaos in America

Paul Joseph Watson
Prison Planet
February 26, 2008

Alan Greenspan has again exposed himself as a traitor working against the interests of the American people by urging Gulf states to abandon the dollar peg, a move that could result in financial chaos and an economic depression in America.

The dollar peg mandates Gulf nations to price their assets in U.S. dollars and follow U.S. monetary policy at a time when the Fed is cutting interest rates, a system that has produced a boom in oil revenues but led to high inflation as the dollar weakens.

“It [de-pegging] is probably the most useful thing that can be done to stop the increasing influence of foreign assets on the monetary system and therefore the monetary base which is basically the major force in inflationary pressures,” Greenspan told the Abu Dhabi Corporate Leadership Forum yesterday.

“In the short term free floating … will not fully dissipate inflationary pressure, although it would significantly do so,” added Greenspan, giving a green light for Gulf states to drop the dollar peg.

According to Economist editor Pam Woodall, Greenspan’s comments heralded the beginning of the end for the US dollar as the currency of choice for foreign exchange reserves.

“If Asian central banks hold today more than 80 per cent of the global foreign exchange reserves, which indicates the shift of the global economy domination towards Asia, it seems quite awkward that the UAE still maintains the peg of its currency to the US dollar,” she told Gulf News.

Greenspan’s zeal to destroy the dollar is evident in numerous public statements he has made predicting the replacement of the dollar with the Euro as the world reserve currency.

The former Fed chairman has repeatedly badmouthed the dollar and hyped the inevitability of economic chaos at a time when market confidence is in the toilet. Greenspan’s rhetoric matches that of the IMF, who in October of last year bizarrely slammed the dollar as “overvalued” at the same time the greenback hit its all time low against the Euro.

A decision on behalf of the Gulf states to abandon the dollar peg would have disastrous consequences for the greenback and the American economy.

Such a move could lead the likes of the United Arab Emirates and Saudi Arabia to diversify their foreign exchange holdings out of dollars. This would amount to a vote of “no confidence” in the dollar and may cause other countries with large dollar reserves, such as China and Japan, to follow suit and begin dumping the greenback en masse.

China has threatened repeatedly to use the “nuclear option” and liquidate its vast holding of US treasuries in response to continued pressure on the Communist state to force a yuan revaluation. According to a widely-read London Telegraph report, such an event “could trigger a dollar crash” and also “cause a spike in US bond yields, hammering the US housing market and perhaps tipping the economy into recession.”

Runaway inflation would also ensue, making the cost of living unaffordable to even middle class Americans as food prices skyrocket and international aid organizations like the World Food Programme predict rationing and food riots.

The dollar has held firm against the Euro and recovered some losses against Sterling over the past two months, but it has still lost 12 per cent of its value against the trade-weighted index over the last two years and has plunged by a whopping 60 per cent against the Euro since Bush entered the White House.

 

Stiglitz Blames Greenspan For Recession
Former World Bank Chief Economist says US probably already in recession

Steve Watson
Infowars.net
February 26, 2008

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Former chief economist of the World Bank, Joseph Stiglitz, has said that the US economy is already in recession and is pointing the finger of blame directly towards former Federal Reserve chairman Alan Greenspan.

Remarking that the economy is “probably” now in recession, Stiglitz told Bloomberg Television that “There is a very significant slowdown in the U.S. economy… The housing bubble has broken and housing prices are coming down. Most experts think they will have to come down substantially more.”

Stiglitz stressed that Alan Greenspan “is right that this downturn is going to be the worst downturn in a quarter century, but he’s largely to blame,” adding “It’s not just that he was asleep at the wheel, he actively looked the other way”.

Stiglitz’s comments come on the back of news that Greenspan has been actively urging Gulf states to abandon the dollar peg, a move that could result in financial chaos and a further economic depression in America. We have previously reported on Greenspan’s penchant for working to destroy the US economy.

Stiglitz also took a swipe at current Fed chairman Ben S. Bernanke, charging him with failing to counter the deterioration of the real-estate market by procrastinating over interest rate cuts.

“The dramatic lowering of the main interest rate by 75 basis points [last month] was a panic not a prudent measure.” Stiglitz said.

The Nobel-prize winning economist also cited the $3 trillion cost of the Iraq war as a key factor in the economic downturn, saying it has increased the budget deficit and consumed resources that would otherwise promote growth.

In contrast, the president last week stated that the war in Iraq has had no bearing on the economic slump.

Stiglitz is no stranger to speaking out against the establishment on the economy. In October 2001 he caused controversy when he exposed rampant corruption within the IMF and blew the whistle on their nefarious methods of inducing countries to fall under their debt before stripping them of sovereignty and hollowing out their economies.

Sixteen months ago, on the nationally syndicated Alex Jones radio show, Stiglitz predicted a global economic crash would occur within 2 years.