noworldsystem.com


Copenhagen Treaty Creates Global Government Tax

Copenhagen Treaty Creates Global Government Tax

Paul Joseph Watson
Prison Planet.com
December 9, 2009

Lord Christopher Monckton warns that the secretive draft version of the Copenhagen climate change treaty represents a global government power grab on an “unimaginable scale,” and mandates the creation of 700 new bureaucracies as well as a colossal raft of new taxes including 2 percent levies on both GDP and every international financial transaction.

Speaking with The Alex Jones Show, Monckton, who is in Copenhagen attending the UN climate summit, said that when he attempted to obtain a copy of the current draft of the negotiating text agreement, he was initially rebuffed before he threatened an international diplomatic incident unless the document was forthcoming.

“I insisted and it took about 10 minutes and they consulted each other with three or four of them arguing over it – none of them would produce the document….I said I know this treaty exists because this is what the conference is all about,” said Monckton.

Only after Monckton threatened repercussions was he handed the the current draft of the treaty, and the details it contained are perhaps a clue as to why the UN officials were so keen to keep it under wraps.

“Once again they are desperately trying to conceal from everybody here the magnitude of what they’re attempting to do – they really are attempting to set up a world government,” said Monckton, adding that the word “government” was no longer used but the process of further centralization of power into global hands was clearly spelled out in the treaty.

Monckton said that the new world government outlined in the treaty would be handed powers to, “Tax the American economy to the extent of 2 percent GDP, to impose a further tax of 2 percent on every financial transaction….and to close down effectively the economies of the west, transfer your jobs to third world countries – all of that is still in the treaty draft.”

As the leaked document out of Copenhagen reported on by the London Guardian revealed yesterday, this massive new system of global taxation will be paid not to the UN, but directly into the coffers of the World Bank.

“The draft hands effective control of climate change finance to the World Bank; would abandon the Kyoto protocol – the only legally binding treaty that the world has on emissions reductions; and would make any money to help poor countries adapt to climate change dependent on them taking a range of actions,” reported the Guardian.

Monckton illustrated the size of the new taxes being proposed by noting they amounted to at least half of the entire US defense budget.

“This is how they are going to fund this vast new government they’re setting up,” said Monckton, adding that he counted around 700 new bureaucracies that would be created as a result of the treaty, which would be bankrolled by taxpayers even outside of the raft of new taxes the treaty would create.

Monckton outlined how the new taxes would be enforced, stating, “They’re going to auction allowances to emit greenhouse gases and if you don’t buy an allowance to emit greenhouse gases, you won’t be allowed to emit them,” adding that the text contained a provision for a “uniform global levy of $2 dollars per ton of CO2 for all fossil fuel emissions,” as well as an additional tax on every commercial plane journey, except ones that go in or out of poorer countries.

There would also be a “global levy on international monetary transactions – that means every transfer of money across borders will be taxed,” said Monckton, adding that this would be on top of the GDP tax.

 

Lord Monckton: Obama may sign a “Copenhagen Agreement” instead of Treaty

LifeSiteNews
December 9, 2009

In a brief video released on the Internet, Lord Christopher Monkton is seen giving a speech today in Copenhagen warning that President Obama will try to use his Executive Authority to sign an agreement, rather than a treaty, to commit the United States to undertake measures against climate change that will seriously damage the freedoms and prosperity of America.

Monkton states, “President Obama is going to come here (Copenhagen) and sign the Copenhagen Agreement.” He says it’s no longer being called a treaty specifically because US Senators “know they can’t get a treaty through the US Senate.” Monkton continues explaining, “so, President Obama is going to sign this agreement by his executive authority and he will then put it through both houses of Congress by a vote of simple majority.”

Monkton states that this executive agreement will stand “with almost the same force as a treaty” under the US Constitution. The one large difference, Monkton however notes, is that an Executive Agreement can be repealed by a following president, but a treaty cannot be repealed. Therefore, The British Lord and science adviser to former British Prime Minister Margaret Thatcher noted, “one power that President Obama does not have is to commit the United States unilaterally to measures of a scale and horror envisaged in this treaty or agreement…”

The recent “climategate” revelations provided the basis for especially condemning closing comments from the internationally famous climate sceptic and campaigner against climate hysteria.

Monkton emphasized, “there is no longer any basis whatsoever for saying that any action is required over the climate. We have seen now in the climategate that a couple of dozen bad and extremely malevolent and unpleasant scientists – this clique, this cabal, this conspiracy, because that is what it is, have tried to bend, fiddle and fudge the data, year after year and they’ve now been caught and exposed by the activities of one gallant whistleblower at this very moment when we now know that the climate fraud is the fraud that we all expected it to be.”

Monckton concluded with a warning that the president, “either unaware or aware and uncaring wishes to sign” American “freedom and prosperity away.”

See Lord Monkton’s detailed, one hour, fascinating expose of climate change

Also see Lord Monkton interview on Michael Coren television program

UK’s richest man could make more than £1bn from carbon trading scheme

Abbott warns of $400bn tax bill under draft Copenhagen agreement

 



ClimateGate CRU Sought Funds From Shell Oil

ClimateGate CRU Sought Funds From Shell Oil

News Busters
December 5, 2009

The Climatic Research Unit at the heart of the ClimateGate scandal sought funds from Shell Oil in the year 2000.

Other e-mail messages obtained from the University of East Anglia’s computers also showed officials at the school’s CRU solicited support from ExxonMobil and BP Amoco, although the nature of this support was not identified.

As climate alarmists and their media minions love to claim that global warming skeptics are all paid shills of Big Oil, it makes one wonder how the press will report these startling revelations discovered by Anthony Watts Friday:

Mick Kelley to Mike Hulme

    Mike
    Had a very good meeting with Shell yesterday. Only a minor part of the
    agenda, but I expect they will accept an invitation to act as a strategic
    partner and will contribute to a studentship fund
    though under certain
    conditions. I now have to wait for the top-level soundings at their end
    after the meeting to result in a response. We, however, have to discuss
    asap what a strategic partnership means, what a studentship fund is, etc,
    etc. By email? In person?
    I hear that Shell’s name came up at the TC meeting. I’m ccing this to Tim
    who I think was involved in that discussion so all concerned know not to
    make an independent approach at this stage without consulting me!
    I’m talking to Shell International’s climate change team but this approach
    will do equally for the new foundation as it’s only one step or so off
    Shell’s equivalent of a board level. I do know a little about the Fdn and
    what kind of projects they are looking for. It could be relevant for the
    new building, incidentally, though opinions are mixed as to whether it’s
    within the remit.
    Regards
    Mick

Earlier that same year, the recipient of this e-mail message, Mike Hulme, sent a message of his own concerning getting “support” from a number of entities (emphasis added):

Mike Hulme to Simon Shackley

    Simon,

    I have talked with Tim O’Riordan and others here today and Tim has a wealth of contacts he is prepared to help with. Four specific ones from Tim are:

    – Charlotte Grezo, BP Fuel Options (possibly on the Assessment Panel. She is also on the ESRC Research Priorities Board), but someone Tim can easily talk with. There are others in BP Tim knows too.
    – Richard Sykes, Head of Environment Division at Shell International
    – Chris Laing, Managing Director, Laing Construction (also maybe someone at Bovis)
    – ??, someone high-up in Unilever whose name escapes me.
    […]
    >SPRU has offered to elicit support from their energy programme
    >sponsors which will help beef things up. (Frans: is the Alsthom
    >contact the same as Nick Jenkin’s below? Also, do you have a BP
    >Amoco
    contact? The name I’ve come up with is Paul Rutter, chief
    >engineer, but he is not a personal contact]
    >
    >We could probably do with some more names from the financial sector.
    >Does anyone know any investment bankers?
    >
    >Please send additional names as quickly as possible so we can
    >finalise the list.
    >
    >I am sending a draft of the generic version of the letter eliciting
    >support and the 2 page summary to Mike to look over. Then this can be
    >used as a basis for letter writing by the Tyndall contact (the person
    >in brackets).
    >
    >Mr Alan Wood CEO Siemens plc [Nick Jenkins]
    >Mr Mike Hughes CE Midlands Electricity (Visiting Prof at UMIST) [Nick
    >Jenkins]
    >Mr Keith Taylor, Chairman and CEO of Esso UK (John
    >Shepherd]
    >Mr Brian Duckworth, Managing Director, Severn-Trent Water
    >[Mike Hulme]
    >Dr Jeremy Leggett, Director, Solar Century [Mike Hulme]
    >Mr Brian Ford, Director of Quality, United Utilities plc [Simon
    >Shackley]
    >Dr Andrew Dlugolecki, CGU [Jean Palutikof]
    >Dr Ted Ellis, VP Building Products, Pilkington plc [Simon Shackley]
    >Mr Mervyn Pedalty, CEO, Cooperative Bank plc [Simon Shackley]
    >
    >
    >Possibles:
    >Mr John Loughhead, Technology Director ALSTOM [Nick Jenkins]
    >Mr Edward Hyams, Managing Director Eastern Generation [Nick
    >Jenkins]
    >Dr David Parry, Director Power Technology Centre, Powergen
    >[Nick Jenkins]
    >Mike Townsend, Director, The Woodland Trust [Melvin
    >Cannell]
    >Mr Paul Rutter, BP Amoco [via Terry Lazenby, UMIST]
    >
    >With kind regards
    >
    >Simon Shackley

Now who is the shill for Big Oil again? Next time somebody brings up that ridiculous argument about skeptics, show them this.

Read Full Article Here

Exxon Calls for a Carbon Tax, Again.

Oil Companies Support Global Warming Hoax, Not Skeptics!

Shell calls for derivatives on carbon trading

 



Exxon Calls for a Carbon Tax, Again.

Exxon Calls for a Carbon Tax, Again.

TreeHugger
August 17, 2009

Exxon, the largest oil company in the world has stated that it prefers a carbon tax to a cap and trade system–again–this time, specifically in Australia. This comes on the heels of news last week that Australia’s parliament rejected a cap and trade system for curbing emissions–there won’t be another vote on the bill for at least 3 months (Aussies voted ‘no’ again!). So what’s behind Exxon’s vocal pro-carbon tax stance?

From Bloomberg:

    “A carbon tax is more transparent to consumers, will achieve greater environmental benefits and is more difficult to manipulate than a cap-and-trade program,” John Dashwood, chairman of Exxon’s Australian unit, said in speech notes e- mailed ahead of an address today in Melbourne.

A little puzzling is the fact that Australia’s proposed carbon cap featured relatively low emission reduction targets–as low as 5% reduction from 2000 levels by 2020. Hardly a demanding commitment, at least in the short term (this is why many members of Australia’s own Green party voted against the cap and trade themselves–it wasn’t strict enough).

Nonetheless, some economists, along with experts like James Hansen and Al Gore, prefer the carbon tax option. Throw in Exxon Mobil, and you’ve got yourself an eclectic band of misfits. Economists (and presumably Exxon) argue that the tax is a more efficient and inexpensive way to curb carbon. From Bloomberg:

    Imposing a global carbon tax would ease pressure on the climate more cheaply than emissions trading, according to a study released last week by Danish professor Bjoern Lomborg. A $0.50 tax for each ton of emissions may generate $1.51 in avoided climate damage, compared with costs as high as $68 per ton, resulting in 2 cents of avoided damage, under some emissions-mitigations models, the study said.

Another possible reason for Exxon’s sudden support could be good old fashioned political gamesmanship–the idea of a carbon tax is potentially extremely unpopular (as is anything that includes the word “tax” in its moniker). If the company has reason to believe a carbon tax is very unlikely to actually pass Australian parliament, it can voice support for it and appear environmentally inclined without having to make any actual adjustments. However, Exxon makes for a powerful voice of support, and having the oil giant in favor could draw other businesses’, politicians’, and citizen support for a carbon tax, which could eventually create stricter regulations on the oil giant than a cap would.

Oil Companies Support Global Warming Hoax, Not Skeptics

Shell calls for derivatives on carbon trading

 



Why Global Warming is a Hoax

Why Global Warming is a Hoax

http://www.youtube.com/watch?v=Sb-1Qfcy0fY

http://www.youtube.com/watch?v=3BFKI2hjsPE

http://www.youtube.com/watch?v=fIt_LQeslL4

 



Al Gore Set To Make Billions On Carbon Tax Scam

Al Gore Set To Make Billions On Carbon Tax Scam


Obama to help Gore’s pocketbook by signing the ‘global climate treaty’ in Copenhagen, Denmark on Dec.7-18

Paul Joseph Watson
Prison Planet.com
November 3, 2009

The New York Times has lifted the lid on how Al Gore stands to benefit to the tune of billions of dollars if the carbon tax proposals he is pushing come to fruition in the United States, while documenting how he has already lined his pockets on the back of exaggerated fearmongering about global warming.

As is to be expected, the article is largely a whitewash and takes an apologist stance in defense of Gore.

However, the NY Times‘ John M. Broder does reveal how one of the companies Gore invested in, Silver Spring Networks, recently received a contract worth $560 million dollars from the Energy Department to install “smart meters” in people’s homes that record (and critics fear could eventually regulate) energy usage.

“Kleiner Perkins and its partners, including Mr. Gore, could recoup their investment many times over in coming years,” states the report, highlighting the fact that Gore is “well positioned to profit from this green transformation, if and when it comes.”

“Critics, mostly on the political right and among global warming skeptics, say Mr. Gore is poised to become the world’s first “carbon billionaire,” profiteering from government policies he supports that would direct billions of dollars to the business ventures he has invested in,” writes Broder.

Since he left office, Gore’s personal net worth has skyrocketed on the back of his advocacy for global warming issues and the financial dividends this has reaped. Gore’s assets totaled less than $2 million in 2001 and although he refuses to give a figure for his current net worth, a recent single investment of $35 million in Capricorn Investment Group, a private equity fund, illustrates just how fast Gore has enriched himself from his climate change bandwagon.

The Times report notes how Gore “has a stake in the world’s pre-eminent carbon credit trading market.” As we reported back in March, before he became President Barack Obama also helped fund the profiteers of the carbon taxation program that he is now seeking to implement as law.

The Chicago Climate Exchange (CCX) has direct ties to both Al Gore and Maurice Strong, two figures intimately involved with a long standing movement to use the theory of man made global warming as a mechanism for profit and social engineering. Gore’s investment company, Generation Investment Management, which sells carbon offset opportunities, is the largest shareholder of CCX.

Read Full Article Here

http://www.youtube.com/watch?v=NGN8_YvQdbM

 

ClimateGate: Phil Jones has collected a staggering $22.6 million in grants

IceAge Now
November 21, 2009

Excerpts from a post by Michael Shedlock – “It’s now official. Much of the hype about global warming is nothing but a complete scam. The global warming thesis was completely fabricated.

“Inquiring minds are reading Hacked: Hadley CRU FOI2009 Files on The Reference Frame by Luboš Motl, a physicist from the Czech Republic.

“So far, the most interesting file I found in the “documents” directory is pdj_grant_since1990.xls which shows that since 1990, Phil Jones has collected a staggering 13.7 million British pounds ($22.6 million) in grants.

“Phil Jones, the main criminal according to this correspondence, has personally confirmed that the website was hacked and that the documents are authentic. See Briefing Room.

 



Oil Companies Support Global Warming Hoax, Not Skeptics

Oil Companies Support Global Warming Hoax, Not Skeptics

Paul Joseph Watson
Prison Planet.com
November 3, 2009

A common charge leveled against global warming skeptics is that they are on the payroll of transnational oil companies, when in fact the opposite is true, oil companies are amongst the biggest promoters of climate change propaganda, emphasized recently by Exxon Mobil’s call for a global carbon tax.

According to Exxon Mobil chief executive Rex Tillerson, the cap and trade nightmare being primed for passage in the Senate doesn’t go far enough – Tillerson wants a direct tax on carbon dioxide emissions, essentially a tax on breathing since we all exhale this life-giving gas.

In a speech last month, Tillerson brazenly called out the cap and trade agenda for what it was, an effort to impose a carbon tax camouflaged only by a slick sales pitch and deceptive rhetoric.

“It is easier and more politically expedient to support a cap-and-trade approach, because the public will never figure out where it is hitting them,” said Tillerson. “They will just know they hurt somewhere in their pocketbook,” he added, pointing out that he disagreed with this convoluted method of introducing a carbon tax, arguing instead that it would be more successful to openly propose a straight carbon tax.

Tillerson firmly expressed Exxon’s support for climate change alarmists in stating, “I firmly believe it is not too late for Congress to consider a carbon tax as the better policy approach for addressing the risks of climate change.”

Exxon’s push for a carbon tax was restated last week by its vice president for public affairs Ken Cohen, who told a conference call that he wants a climate policy that creates “certainty and predictability, which is why we advocate a carbon tax.”

Exxon Mobil and their ilk are not concerned about a carbon tax eating into their profits because they know they won’t have to pay it – the tab will be picked up by the ignorant taxpayer at the fuel pump at an inflated cost which if anything will hand the transnational oil cartels an even bigger cut.

Ideologically, Al Gore and Exxon Mobil are on exactly the same page – the only difference between the oil companies and global warming alarmists is the squabble over who will get to sink their teeth into the taxpayer and reap the dividends of the climate change scam.

Read Full Article Here

 



Broun: Man Made Climate Change Is A Hoax

Broun: Man Made Climate Change Is A Hoax

http://www.youtube.com/watch?v=a0JOMCro6pk

 



Americans Oppose Paying Global Warming Gas Taxes

Americans Oppose Paying Global Warming Gas Taxes, New Poll Finds

National Center For Public Policy Research
March 21, 2008

Washington, D.C.: Forty-eight percent of Americans are unwilling to spend even a penny more in gasoline taxes to help reduce U.S. greenhouse gas emissions, according to a new nationwide survey released today by the National Center for Public Policy Research.

The poll found just 18% of Americans are willing to pay 50 cents or more in additional taxes per gallon of gas to reduce greenhouse emissions. U.S. Representative John Dingell (D-MI), chairman of the Committee on Energy and Commerce, has called for a 50 cent per gallon increase in the gas tax.

According to the U.S. Environmental Protection Agency, transportation accounts for 33% of the U.S.’s man-made carbon dioxide emissions. Over 60% of these emissions – or about 20% of all U.S. carbon dioxide emissions – result from burning gasoline in personal automobiles.

“With one-fifth of all U.S. CO2 emissions coming from light trucks and cars, any serious effort to significantly reduce U.S. emissions would have to encourage fuel conservation in personal automobiles,” said David A. Ridenour, vice president of the National Center for Public Policy Research. “But almost half of all Americans oppose spending more for gasoline, despite polls indicating wide public concern over global warming. These results suggest Americans’ concern may not be as deep as we’ve been led to believe.”

Opposition to increased gasoline taxes was especially strong among minorities, with 53% of African-Americans indicating they are unwilling to pay higher gas taxes in any amount. Eighty-four percent of blacks and 78% of Hispanics opposed paying an additional 50 cents or more for their gasoline.

“It’s not surprising that minorities oppose higher gas taxes in large numbers, as such taxes are sharply regressive, harming the economically-disadvantaged disproportionately,” said Ridenour. “An extra $300 per year in taxes means little to someone making $100,000 annually. When you’re just getting by, it can mean not having enough for food, rent or utility bills.”

Voters were told: “Congress is currently considering legislation that would raise the tax on gasoline in an attempt to motivate Americans to conserve fuel and reduce greenhouse gas emissions.” They were asked to indicate how much more they’d be willing to pay on top of what they already pay in gasoline taxes. They were given seven choices: nothing, less than 50 cents, 50 cents, one dollar, two dollars, five dollars, eight dollars or more.

Eighteen percent indicated they are willing to pay an additional 50 cents per gallon of gas or more; eight percent indicated they’re willing to spend a dollar or more and just 2% said they’re willing to spend $2 or more.

“Congressman Dingell’s proposal to raise gas taxes by 50 cents per gallon appears to be dead-on-arrival as far as the public is concerned. Even if it wasn’t, Dingell’s proposal is too modest to encourage any meaningful fuel conservation,” said Ridenour. “Europeans routinely pay between $4 and $5 per gallon of gas in taxes and their fuel appetite continues to grow nevertheless. Just 1% of Americans are willing to spend an additional $5 dollars or more. Republicans are willing to do so by a 3 to 1 margin over Democrats.”

Opposition to any gas tax hike was strongest in the Great Lakes, home of the automakers and Congressman John Dingell, at 56%, followed by New England (51%) and the Farm Belt (50%).

Opposition grew once respondents were informed that eliminating passenger cars in the United States altogether would only reduce world emissions by a fraction.

Among those who indicated they are willing to pay more for gasoline to reduce greenhouse gas emissions, 58% indicated that they are less willing to do so, and 42% much less willing, when informed their sacrifice would produce little positive results.

“Many global warming polls ask the wrong questions,” said Ridenour. “We shouldn’t ask Americans if action is needed on global warming, but how much more they’re willing to pay for that action. We need to also ask whether people would still be willing to pay more, given the almost certain futility of it.”

The poll was conducted February 24-26 by Wilson Research Strategies, which surveyed 800 registered voters who are likely to vote in the 2008 presidential election. The poll has a margin of error of 3.46% at a 95% confidence interval.

Full poll results may be found at http://www.nationalcenter.org/
NCPPR_Global_Warming_Poll_Questions_0208.pdf.

The National Center for Public Policy Research is a non-partisan, non-profit educational foundation established in 1982 that supports commonsense, market-based solutions to environmental problems.

Also See: 50 Cent Tax Hike On Each Gallon Of Gas?

Climate Change ’Experts’: We Will Need Camps
http://www.dailymail.co.uk/pages..le_id=541748&in_page_id=1770

The Sloppy Science of Global Warming
http://www.energytribune.com/articles.cfm?aid=828

Gore’s 10 Errors: Old and New. Scientific Mistakes and Exaggerations in an Interview in India Today
http://icecap.us/index.php/go/political-climate

NPR Snowjobs Evidence Of Global Cooling
http://www.prisonplanet.com/articles/march2008/200308_b_snowjobs.htm

EU threatens sanctions on CO2 rebels
http://www.presstv.ir/detail.aspx?..tionid=351020605

Global Warming Hoax News Archive

 



Top Economic Expert: We Are Already in a Recession

America is ALREADY in recession, say top economic global experts – and that spells trouble for the UK

Daily Mail
March 21, 2008


Experts have accused the International Monetary Fund of “driving the car using the rear view mirror” after the global body warned the U.S. was on the verge of a recession.

The world’s biggest economy is already in a recession, they claim, as a draft version of the IMF’s World Economic Outlook declared the U.S. economy is “very weak”. Nigel Gault, chief US economist at Global Insight, a worldwide economic forecasting and consultancy firm, said he believed the US was in recession already – and that spelt problems for other countries, including the UK.

He said: “The US has, for years, been the primary motor for growth in the global economy. However, now consumer spending in the US has seen a downturn, the tables are turned, and the US is looking to the rest of the world for support, through strong export growth, and cutting imports.

“This is happening, US exports are doing extremely well, but it’s not enough to keep the economy out of recession.

“We do not expect to see the problems in the housing market in the US bottoming out before 2009, and while spending will be helped by tax rebates to be given this summer, that may give only temporary relief, and in the first quarter next year growth may dip back close to zero.

“The longer either the recession or period of weak growth goes on, the longer the US market is going to be weak, and very difficult for anybody trying to sell goods to it.”

Jeremy Batstone, head of research at stockbrokers Charles Stanley, said the IMF “has a history of driving the car using the rear view mirror”.

He added: “For the whole of 2007, it was not looking through the windscreen, it was merely reporting what the prevailing economic data releases were telling it.

“This report suggests nothing has changed, the IMF using backward-looking data is taking the view that the US economy might be in recession.

“Recent economic releases make it entirely clear that the US economy is already in recession, it’s confirmed by diverse economic statistics, including retail sales, sharply falling house prices, rising unemployment, deteriorating industrial production and manufacturing output.

“The 64,000-dollar question, indeed the 64-trillion dollar question, is not what happened in the first quarter, but what might happen in the second quarter, and beyond that.

“The hope among economists is that radical action by the US Federal Reserve might be enough to nip this crisis in the bud, and maybe there can be gradual recovery in the second quarter of the year, but at the moment we just don’t know.

“I do find myself becoming a little more hopeful, as the hour is darkest before the dawn. Just maybe radical action will prove that in the second quarter – or the third quarter if we are unlucky – that the storm abates.”

The draft version of the International Monetary Fund’s World Economic Outlook concluded the US economy “remains very weak, certainly close to a possible recession”.

The report is due to be published ahead of a meeting next month, and was leaked to Italian news agency Ansa.

The verdict comes after the cash crisis and cut-price rescue of troubled US investment bank Bear Stearns sent markets plummeting at the beginning of the week.

The Federal Reserve, the US central bank, dropped its main interest rate by three quarter-points on Wednesday – the latest in a series of cuts which have seen the rate trimmed by 2 per cent in the first three months of this year – and 3 per cent since the credit crunch first erupted in global markets last August.

The moves come as the Fed attempts to rescue the world’s biggest economy from the brink of recession and ease the pressure on the banking system.

Read Full Article Here

 

IMF: Think The Unthinkable

CNBC
March 19, 2008

The International Monetary Fund (IMF) today warned authorities worldwide to “think the unthinkable” in planning to cope with a mounting crisis in the global financial system.

John Lipsky, IMF first deputy managing director, called for “decisive policy action” amid a credit crunch that stems from the US real estate meltdown and is spreading throughout the financial markets.

The coordinated actions by the US Federal Reserve and other global central banks on Tuesday to further pump billions of dollars of liquidity into financial markets were “helpful” but stronger measures may be necessary.

Policy actions worldwide to date “may not prove to be adequate” to deal with the “low-probability but high-impact events” that may materialize and undermine global financial stability, Lipsky said in an address at the Peterson Institute for International Economics, a Washington think tank.

“Policy makers as a matter of course need to ’think the unthinkable,’ and to consider how they would plan to react if contingencies arise. The need to prepare more systematically for potential risks has been demonstrated amply during the past few months,” he said.

“By now, there is little doubt that risks of further escalation of this crisis are rising and decisive policy action will be required to put the global financial system and economy on a firmer footing.” He said the first priority was to reverse the spreading strains in global financial markets and to restore the normal functioning of the financial system in advanced economies.

If contingent risks materialize, the central banks together with financial supervisors and regulators will be the first line of defence. The second line of defence lies with fiscal authorities. Finally, public intervention will be considered as a third line of defence, Lipsky said. The IMF “stands ready to use its record liquidity if needed to help cushion the global economy,” Lipsky said, adding, “we must keep all options on the table.”

Recent News:

Bank pumps another £5billion into money markets as financial jitters after HBOS scandal fail to ease
http://www.khaleejtimes.com/DisplayArtic..h591.xml&section=business

Banks Plot Public Bailout
http://www.ft.com/cms/s/0/a233faa2-f789…html?nclick_check=1

Federal Reserve, commodities could lift dollar next week
http://www.iht.com/articles/ap/2008/..-MKT-US-Dollar-Rally.php

Yuan sets new record against dollar
http://www.chinadaily.com.cn/china/2008-03/20/content_6553269.htm

Inflation Is Americans Top Concern
http://money.cnn.com/2008/03/18/news/economy/cnn_poll_inflation/index.htm

50 Cent Tax Hike On Each Gallon Of Gas?
http://www.foxnews.com/story/0,2933,339589,00.html

Cheese, flour prices soar
http://www.sacbee.com/103/story/793144.html

Paulson Admits U.S. Economy In Sharp Decline
http://biz.yahoo.com/rb/080318/usa_economy_paulson.html?printer=1

Dow fell nearly 300 points after rising 420
http://biz.yahoo.com/ap/080319/wall_street.html

Investment banks are borrowing from Fed
http://www.reuters.com/article/ousiv/idUSN1954536520080319

Here Comes Worldwide Currency Debasement
http://www.telegraph.co.uk/mo..money/2008/03/17/ccview117.xml

Three Gulf states cut rates to defend dollar peg
http://www.khaleejtimes.com/DisplayA..March591.xml&section=business

Fed Cuts Rates By 3/4 Percentage Point
http://biz.yahoo.com/ap/080318/fed_credit_crisis.html?printer=1

Commodity Prices Head for Biggest Weekly Decline Since 1956
http://www.bloomberg.com/apps/new..HC5TmVaEq8&refer=home

Jobless Claims Jump Up 22,000
http://ap.google.com/article/ALeqM5..V6WhHKQD8VHA9I00

High Oil Prices To Keep USD On The Ropes
Oil Falls on Concern Potential U.S. Recession May Limit Demand
Venezuela’s state-run oil company begins demanding payment in euros as US dollar weakens
Gold Plunges, Leads Commodity Slump on Outlook for Fed, Dollar
A financial crisis unmatched since the Great Depression, say analysts
Dollar Falls on Speculation Fed’s Rate Cuts Won’t Stem Losses
Bernanke’s Home Has Lost $260K In Value
Numerous Countries Have Recently Dropped The Dollar as Their Reserve Currency
Paulson’s Gift to His Bankster Buddies: Winding Up Bear
Trade-weighted pound at 11-year low
The looming global food shortage
Is Britain heading for a Great Depression?
Cairo grappling with bread crisis
Retailers Accept Foreign Currency as Dollar Withers

U.S. Economic Collapse News Archive

 



Greenspan Joins Firm That Bet Against US Housing Market

Greenspan joins firm that made billions betting against the housing market

Reuters
January 15, 2008

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Hedge fund manager John Paulson, who earned billions of dollars last year by betting against the housing market, said on Tuesday that former Federal Reserve board chairman Alan Greenspan will advise his firm.

Greenspan, whose words can still move financial markets, will advise Paulson on the global economy for an undisclosed amount of money, the hedge fund said in a statement.

By joining the New York-based fund, Greenspan becomes the latest former Washington insider to work in the fast growing $2 trillion hedge fund industry. Former Treasury Secretaries Lawrence Summers and John Snow provide advice to D.E. Shaw and Cerberus.

 

Goldman Sachs Hints at $1000 Gold and $135 Oil

24/7 Wallstreet
January 16, 2008

Goldman Sachs is RAISING ITS 2008 GOLD FORECASTS factoring for a recession in the U.S. in both Q2 and Q3 2008, leading to a weaker U.S. Dollar target of $1.51/Euro (up from $1.35) over the next six months. The prior $800/ounce gold target is now put at an average of $915/ounce for all of 2008, with an exit 2008 commodity price of $850 (up from $825 prior). The call is based on support from investment demand, purchases from emerging market central banks, and the ongoing declining mine supplies.

Goldman Sachs is also raising its 2009 and 2010 gold prices:

2009 prices are now expected to be $870/ounce (up from $852);
2010 prices are now expected to be $940/ounce (up from $907);

Near-term Goldman Sachs notes a possibility of a spike past $1,000.00 that could be the effect of further credit events and increases in oil prices.

Read Full Article Here

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U.S. Economic Collapse News Archive